Airtel Africa PLC

Latest Results (15.05.2026):

Airtel Africa PLC — results for the year ended 31 March 2026 (FY’26) and fourth quarter Q4’26: the company reported a very strong year driven by customer growth, higher data usage and mobile‑money expansion. Reported revenues were $6,415m (+29.5% reported, +24.0% constant currency), underlying EBITDA rose to $3,162m (+37.2% reported, +30.4% constant currency) with a 49.3% margin (Q4’26 margin 50.3%), profit after tax was $813m and basic EPS was 18.6 US cents. Total customers reached 183.5m and Airtel Money customers 54.1m; capex was $884m with FY’27 guidance ~ $1.1bn, and leverage improved to 1.8x (net debt / underlying EBITDA).

Revenue and growth

Group revenue: $6,415m in FY’26, +29.5% reported / +24.0% constant currency. Data is now the largest revenue component (data revenue $2,530m, +40.3% reported / +35.2% constant currency). Q4’26 constant‑currency revenue growth was 22.3%.

Customer and data traction

Total customers 183.5m (+10.5% YoY); data customers 84.2m (+14.8%). Smartphone penetration rose to 49.5% and data usage per customer increased to 8.9 GB/month (from 7.0 GB), supporting strong data ARPU growth (constant currency data ARPU +16.2%).

Airtel Money scale

Airtel Money customers 54.1m (+21.3%). Annualised TPV exceeded $215bn in Q4’26 (reported currency); mobile‑money revenue $1,355m in FY’26 (+36.3% reported / +28.4% constant currency) and ARPU up 8.6% in constant currency.

Profitability and margins

Underlying EBITDA $3,162m (+37.2% reported / +30.4% constant currency) with a record FY margin of 49.3% and Q4’26 margin of 50.3%. Operating profit rose to $2,115m (+45.1% reported).

Net profit and EPS

Profit after tax $813m vs $328m prior year; basic EPS 18.6 US cents (vs 6.0 cents). Improvement reflects higher operating profit and net derivative / FX gains in the period.

Cash flow, capex and leverage

Net cash from operations $3,195m (+41.0%). Operating free cash flow $2,278m (+39.4%). Capex was $884m (up 31.9%); FY’27 capex guidance ~ $1.1bn to expand coverage, HBB and data centres. Net debt / underlying EBITDA reduced to 1.8x (lease‑adjusted 0.5x).

Capital allocation and returns

Board recommended final dividend 4.26 US cents (total FY dividend 7.1 cents, +9.2% YoY). The company completed a $100m share buyback (45m shares purchased across two tranches).

Regional / Nigeria performance

Nigeria delivered particularly strong growth: revenue $1,603m (+52.9% reported / +47.5% constant currency) driven by tariff changes and data demand; Nigerian mobile services underlying EBITDA margin ~57.8% in the region. East Africa and Francophone Africa also posted solid constant‑currency growth (East Africa ~13.8% and Francophone ~14.8% FY’26).

Strategic and corporate updates

Key strategic moves: partnership with SpaceX to offer Starlink Direct‑to‑Cell services (rollout subject to approvals); continued digitalisation (myAirtel app, 74% increase in app transacting users); Airtel Money IPO timing affected by market conditions but intended in H2 2026; auditor tender concluded with Ernst & Young LLP proposed from FY ending Mar‑28; board succession announced ahead of the 2026 AGM.

Short‑term headwinds and risks

Management flagged near‑term margin pressure from increased energy costs (geopolitical-driven) and highlighted currency/FX volatility as an ongoing risk—FY’26 included a net $127m derivative/FX gain but prior year had losses; the company monitors currency sensitivity and maintains mitigation actions by market.