Robust customer gains, rising data usage, and expanding mobile money ecosystem drive strong results
Airtel Africa’s latest quarterly update underscores the business’s growth potential, delivering yet another strong performance driven by robust customer expansion, higher data consumption, and continued scaling of its mobile money platform. The company’s results highlight the effectiveness of its customer-focused strategy, supported by increased investment in network capacity and digital innovation.
Operating Highlights: Customer Growth and Data Momentum
Airtel Africa’s customer-centric strategy continued to drive strong operating momentum during the quarter. The company increased its network investment, accelerated digitisation, and formed new partnerships—showing tangible progress in delivering its strategic priorities.
The total customer base grew 10% to 179.4 million, while data customers increased 14.6% to 81.8 million. Smartphone penetration rose to 48.1%, up by 3.9 percentage points, reflecting strong adoption of smart devices across Airtel’s markets. Data usage per customer also rose significantly, reaching 8.6GB per month, up from 6.9GB in the prior period, supported by improved network capacity. As a result, data ARPU increased 16.6% in constant currency, reflecting stronger monetisation of data services.
Airtel Money continued its rapid expansion, achieving two major milestones this quarter. The business surpassed 50 million subscribers, reaching 52.0 million customers, a 17.3% increase. Additionally, annualised total processed value (TPV) for Q3’26 exceeded the $200 billion mark, rising 36% to over $210 billion. This growth was driven by a broader ecosystem and stronger digital adoption, which also contributed to a 9.8% increase in constant currency ARPU.
Financial Performance: Strong Revenue Growth and Margin Expansion
Airtel Africa delivered strong financial results, reporting revenues of $4,667 million, up 24.6% in constant currency and 28.3% in reported currency. The company’s strategy execution delivered accelerated revenue growth of 24.7% in constant currency in Q3’26, with currency appreciation further boosting reported revenue growth to 32.9%.
Mobile services revenue grew 23.3% in constant currency, while data revenues—the largest contributor to group revenue—increased 36.5%. Voice revenues grew 13.5%, and mobile money revenues rose 29.4% in constant currency, reflecting continued momentum in Airtel Money.
EBITDA grew 35.9% in reported currency to $2,283 million, with margins expanding to 48.9%, compared with 46.2% in the prior period. Q3’26 saw further sequential improvement, with EBITDA margins rising to 49.6%, supporting 31.0% constant currency EBITDA growth and 40.8% reported currency EBITDA growth. The improved margin performance was driven by strong revenue growth and ongoing benefits from the company’s cost efficiency programme.
Profit after tax increased to $586 million, up from $248 million in the prior period. This was driven by higher operating profit and derivative and foreign exchange gains of $99 million, compared to $153 million losses in the prior period.
Basic EPS increased to 13.1 cents, compared with 4.4 cents previously, reflecting stronger operating profit and favourable foreign exchange movements. EPS before exceptional items also improved from 6.2 cents to 13.1 cents, largely due to increased operating profits and derivative and foreign exchange gains.
Capital Allocation: Accelerated Investment and Improved Leverage
Airtel Africa accelerated its investment across markets in line with its revised capex guidance. Capital expenditure increased 32.2% to $603 million, supporting the rollout of approximately 2,500 new sites and expansion of the fibre network by around 4,000 km, bringing total fibre coverage to over 81,500 km. This investment enhanced both coverage and capacity, supporting a better customer experience. Overall population coverage reached 81.7%, up 0.6 percentage points from a year ago.
Leverage improved significantly, with net leverage decreasing from 2.4x to 1.9x, and lease-adjusted leverage improving to 0.7x, down from 1.1x a year ago, primarily driven by improved EBITDA performance.
CEO Commentary: Confidence in Long-Term Growth
Sunil Taldar, Chief Executive Officer, reflected on the trading update, noting that the results underline the strength of Airtel Africa’s strategy and the positive operating and financial trends across the business.
He highlighted that the quarter saw accelerated investment to enhance coverage and data capacity, alongside fibre network expansion. These investments, combined with innovative partnerships, strengthen Airtel’s customer proposition and position the company to capture growth opportunities across its markets.
Taldar also emphasised the role of digitisation, technology innovation and AI in improving the customer experience through more digital offerings and closer integration of GSM and Airtel Money services. He noted that smartphone adoption continues to rise, with penetration at 48.1%, and that the home broadband business is making strong progress, driven by growing demand for reliable, high-speed connectivity.
He further stated that Airtel’s push to enhance financial inclusion is gaining momentum, with the mobile money customer base reaching 52 million, surpassing the 50 million milestone. Annualised TPV of over $210 billion highlights the depth of the merchant, agent and partner ecosystem and reinforces Airtel Money’s role in improving access to financial services across Africa. Taldar confirmed that the company remains on track for the listing of Airtel Money in the first half of 2026.
On profitability, he noted that disciplined cost efficiency execution alongside accelerating revenue growth has driven another sequential improvement in quarterly EBITDA margin to 49.6%, supporting 31% constant currency EBITDA growth, and the company remains focused on further margin improvements.
Taldar reiterated that Airtel’s strategic priorities remain unchanged: investing in best-in-class connectivity, accelerating financial inclusion through mobile money, and delivering a superior customer experience. He concluded that the results reinforce the company’s confidence in the long-term potential of its markets and its ability to create value for all stakeholders.
“These results highlight the strength of our strategy, with strong operating and financial trends across the business. During the quarter, we accelerated investment to enhance coverage and data capacity while also expanding our fibre network. Coupling this investment with innovative partnerships, strengthens our customer proposition and positions us to capture the considerable growth opportunity across our markets. Digitisation, technology innovation and embedding AI in our processes will also optimise the customer experience with increased digital offerings and closer integration of GSM and Airtel Money services allowing us to unlock the strong demand across our markets. Smartphone adoption continues to increase with penetration of 48.1%, and we are seeing solid progress in the development of our home broadband business, reflecting the need for reliable, high-speed connectivity across our markets.
Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210bn in Q3’26 underscores the depth of our merchants, agents and partner ecosystem, and remains a key player in driving improved access to financial services across Africa. We remain on track for the listing of Airtel Money in the first half of 2026.
Disciplined execution on cost efficiency, alongside accelerating revenue growth has enabled another sequential improvement in our quarterly EBITDA margin to 49.6%, - underpinning constant currency EBITDA growth of 31% - and we remain focussed on driving further incremental margin improvements. Our strategic priorities remain clear: to keep investing in best in class connectivity, accelerate financial inclusion through our mobile money platform and deliver a great customer experience. These results reinforce our confidence in the long term potential of our markets and our ability to create value for all our stakeholders.”