Airtel Africa Plc has posted an incredible 375% increase in half-year profit to $376 million for the period ended September 30, 2025, powered by strong data usage, mobile money growth, and currency appreciation across its 14 markets.
The performance marks one of the company’s strongest half-year earnings to date, reflecting the resilience of its diversified business model amid persistent macroeconomic headwinds in key regions such as Nigeria and Francophone Africa.
Revenue climbed 25.8% to $2.98 billion, driven by rising data and fintech usage, while operating profit jumped 35.9% to $959 million. Profit before tax surged 269% to $656 million, supported by improved exchange rates and lower finance costs following last year’s heavy foreign exchange losses.
EBITDA rose 33.2% to $1.45 billion, pushing the EBITDA margin to 48.5% from 45.8% a year earlier, reflecting better cost management and operational efficiency. Operating cash flow increased by 46.5% to $1.13 billion, while net debt fell to $5.5 billion, with leverage improving to 2.1x from 2.3x.
Data Becomes Airtel’s Growth Engine
Data services overtook voice for the first time, becoming Airtel Africa’s largest revenue contributor with sales up 37% in constant currency to $1.16 billion.
The number of data customers rose 18.4% to 78.1 million, driven by deeper smartphone penetration, which reached 46.8%, and average usage hitting 8.2GB per user per month.
Voice revenue still delivered steady growth, rising 13.2% in constant currency, buoyed by an 11% expansion in the subscriber base to 173.8 million.
Average revenue per user (ARPU) grew 14.8% to $2.9, reflecting pricing adjustments and improved customer engagement across regions.
Airtel Money
Airtel’s fintech arm, Airtel Money, maintained its strong growth trajectory, with revenue rising 30.2% in constant currency to $623 million.
Its customer base expanded 20% to 49.8 million, and total processed value (TPV) reached an annualized $193 billion, up 35.9% year-on-year.
Airtel Money now contributes 21% of group revenue, underscoring the firm’s strategic diversification beyond traditional voice services.
The company confirmed that preparations for the Airtel Money initial public offering (IPO) remain on schedule for the first half of 2026, highlighting confidence in the business’s long-term prospects.
Regional Performance
Nigeria, Airtel’s largest market, delivered a standout performance with revenue up 49% in constant currency to $697 million, led by a 62% surge in data revenue. EBITDA margin in Nigeria rose to 56%, reflecting strong operational leverage and tariff adjustments.
In East Africa, revenue climbed 15.6% to $1.05 billion with an EBITDA margin of 48%, while Francophone Africa posted revenue of $749 million, up 14.5%, and an EBITDA margin of 39.5%.
The appreciation of the naira and CFA franc, alongside disciplined cost control, boosted overall group profitability.
Lower Finance Costs and Strengthened Balance Sheet
Finance costs dropped to $304 million from $528 million last year, following the absence of one-off foreign exchange losses that hit 2024 earnings.
According to Airtel, 95% of its operating company debt is now denominated in local currencies, significantly reducing exposure to forex volatility.
EBITDA margin expansion of 268 basis points reflected continued efficiency gains from cost-optimization measures. Lease-adjusted leverage also improved to 0.8x, from 1.0x a year ago, signaling a stronger balance sheet and healthier liquidity position.
Network Expansion
The group added more than 2,350 new network sites in the period, bringing total sites to 38,300, with 98.5% 4G coverage and ongoing 5G rollouts in five countries.
Airtel also expanded its fibre network by 4,000 kilometers to over 81,000 kilometers, strengthening its data infrastructure backbone.
Capital expenditure for the full year is projected to rise to between $875 million and $900 million, supporting network expansion and data centre investments aimed at sustaining long-term growth.
CEO Comments
“Our strategy has been focused on providing a superior customer experience and the strength of these results is testament to the initiatives that we have been implementing across the business. The strength of our revenue performance up 24.5% in constant currency, and further cost efficiency initiatives has continued to support a further increase in EBITDA margins to 49% in Q2’26. This strong performance gives us the confidence to increase our capex guidance as we accelerate investments to capture the full potential across our markets and deliver long-term value for all stakeholders,” said Chief Executive Officer Sunil Taldar.
Outlook
Airtel Africa’s first-half results highlight its successful pivot from a voice-heavy business model to a data and fintech-led ecosystem. With improving currency conditions, lower finance costs, and strong digital adoption across its markets, the company is well-positioned for sustained earnings growth heading into FY2026.
