Expanding Customer Base and Digital Inclusion
Airtel Africa’s total customer base increased by 8.7% to reach 166.1 million. This growth was bolstered by a strategic emphasis on digital inclusion, resulting in a 4.3 percentage point increase in smartphone penetration, now standing at 44.8%. The number of data customers rose by 14.1% to 73.4 million, with average data usage per user growing significantly by 30.4% to 7.0 GB. This helped drive data average revenue per user (ARPU) up by 15.4% in constant currency.
The company also made strides in financial inclusion through its mobile money platform, Airtel Money. Subscriber numbers grew by 17.3% to 44.6 million, while ARPU rose by 11.4% in constant currency. In the final quarter, transaction value surged by 34%, leading to an annualised transaction volume of $145 billion.
These advances were supported by continued network investments, including the deployment of 2,583 new sites and approximately 3,300 kilometers of additional fiber infrastructure, enabling greater data capacity across its operational footprint.
Financial Performance Reflects Resilience Amid Currency Pressures
In constant currency terms, Airtel Africa's revenue increased by 21.1% to $4,955 million. However, due to adverse currency movements, reported revenue saw a slight decline of 0.5%. The final quarter showed notable acceleration, with constant currency revenue growth reaching 23.2% and reported currency growth at 17.8%, driven partly by tariff revisions in Nigeria.
Mobile services revenue grew by 19.6% in constant currency, led by a 30.5% increase in data revenue and a 10.6% rise in voice revenue. Mobile money revenue also performed strongly, growing 29.9% year-on-year in constant currency.
Although underlying EBITDA fell by 5.1% in reported currency to $2,304 million, margin trends were encouraging. Margins declined to 46.5% from 48.8% the previous year, but recovered during the year from 45.3% in Q1’25 to 47.3% in Q4’25. This margin recovery was supported by a more stable operating environment and the ongoing cost efficiency programme.
Profit after tax improved significantly to $328 million, reversing a prior-year loss of $89 million, mainly due to reduced derivative and foreign exchange losses. Basic earnings per share (EPS) rose to 6.0 cents, compared to a loss of 4.4 cents per share previously.
Disciplined Capital Allocation and Financial Management
Capital expenditure for the year came in at $670 million, slightly below guidance due to deferred data centre investment. For the upcoming year, capex is expected to range between $725 million and $750 million, reflecting the company’s commitment to continued network enhancement.
Airtel Africa continued to reduce its foreign currency exposure, paying down $702 million in foreign currency debt. As a result, 93% of its operating company debt is now denominated in local currency, up from 83% a year earlier.
Leverage increased due to the $1.3 billion impact of renewed tower lease contracts, with lease-adjusted leverage rising to 1.0x from 0.7x. The Board has recommended a final dividend of 3.9 cents per share, bringing the full-year payout to 6.5 cents—a 9.2% increase in line with the company's dividend policy. Additionally, $120 million was returned to shareholders via share buybacks.
CEO Commentary: Strategy Execution Driving Strong Performance
Commenting on the results, CEO Sunil Taldar emphasised the company’s consistent delivery against strategic priorities, especially in expanding digital and financial inclusion. He highlighted a 20% year-on-year growth in smartphone users and a 47.5% increase in data traffic, alongside a 32% rise in Airtel Money transaction value.
Taldar also noted that cost optimisation and accelerating revenue growth—particularly in Q4—have led to quarterly EBITDA margin expansion, with the company well-positioned for continued investment and growth. He reaffirmed Airtel Africa’s intention to pursue the Airtel Money IPO in the first half of 2026, subject to market conditions.
He concluded with an expression of gratitude to customers, partners, governments, and employees, and reiterated the company’s commitment to its mission of transforming lives and enabling economic prosperity across its markets.