Airtel Africa (LSE:AAF) delivered strong results for the year ended 31 March 2026, supported by increasing demand for mobile data and digital financial services across its operating markets. The company’s customer base grew 10.5% to 183.5 million users, while data subscribers increased 14.8% and Airtel Money customers rose 21.3%.
The growth in digital adoption also contributed to higher data consumption and a 49% increase in mobile money transaction values during the year.
Revenue and Profitability Strengthen Across Key Segments
Group revenue increased 24.0% in constant currency terms, or 29.5% on a reported basis, reaching $6.4 billion. Data services became the company’s largest revenue contributor, while mobile money operations also recorded strong expansion.
Underlying EBITDA rose 30.4% in constant currency to $3.2 billion, helping margins improve to 49.3%. Profit after tax climbed sharply to $813 million, supporting a 9.2% increase in the annual dividend. Airtel Africa also increased capital expenditure to expand network infrastructure, home broadband capabilities and data centre capacity, although management noted that rising energy costs could create near-term pressure on margins.
Strong Cash Generation Balanced by Leverage and Technical Weakness
Airtel Africa’s outlook continues to benefit from strong operating profitability and healthy cash flow generation, supported by a positive earnings outlook and improving financing metrics discussed during its latest results presentation.
However, the company still faces challenges linked to balance sheet leverage and historical earnings volatility. Technical indicators also remain relatively weak, with the shares trading below key moving averages, while valuation metrics are less supportive due to a relatively high price-to-earnings ratio and only a modest dividend yield.
More about Airtel Africa Plc
Airtel Africa Plc is a major telecommunications and mobile money services provider operating across 14 countries in sub-Saharan Africa. The company delivers integrated mobile voice, data and digital financial services, with a strategic focus on improving customer experience while expanding digital and financial inclusion throughout its markets.
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