Airtel Africa (LSE:AAF) reported a strong start to the financial year, driven by continued customer growth and rising demand for mobile data and digital financial services. The group’s total customer base increased 11.6% to 189 million, while data subscribers grew 15.5% to 87.3 million as smartphone adoption and data consumption continued to accelerate across its markets. Airtel Money also maintained strong momentum, with annualised transaction value exceeding $245 billion and its customer base expanding 23.3%, strengthening the company’s position in Africa’s fast-growing mobile payments sector.
Revenue and profitability improve as investment continues
Revenue rose 31.0% to $1.853 billion on a reported currency basis, supported by double-digit growth across voice, data and mobile money services. EBITDA increased 24.4% on a constant-currency basis, with the EBITDA margin improving to 50.1%.
The company invested $389 million in capital expenditure during the quarter to expand network capacity and improve service quality. Airtel Africa also reduced leverage to 1.7 times, launched a share buyback programme covering up to 1% of its issued share capital, and reaffirmed London as the preferred listing venue for Airtel Money in 2026, reflecting confidence in the long-term growth prospects of its fintech business despite increasing energy costs.
Strong fundamentals support outlook despite cost pressures
Airtel Africa’s outlook remains underpinned by healthy profitability, robust cash generation and positive management commentary, alongside favourable technical momentum in the shares. However, investors continue to monitor balance sheet leverage, earnings volatility and a valuation that appears relatively full. Higher energy costs and elevated capital expenditure plans also present potential pressure on margins over the near term.
About Airtel Africa
Airtel Africa Plc is a leading telecommunications and mobile money provider serving customers across 14 countries in sub-Saharan Africa. The company offers mobile voice, data and digital financial services to both consumers and businesses, with a strategy focused on expanding network coverage, increasing smartphone penetration and promoting financial inclusion through its Airtel Money platform.
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