REG - Airtel Africa PLC - Final Results
Thu 07:01
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250508:nRSH8559Ha&default-theme=true
RNS Number : 8559H Airtel Africa PLC 08 May 2025
Airtel Africa plc
Results for year ended 31 March 2025
8 May 2025
Operating highlights
· Our total customer base grew 3 (#_ftn1) by 8.7% to 166.1 million,
with our focus on digital inclusion supporting a 4.3% increase in smartphone
penetration to 44.8%. Data customers increased by 14.1% to 73.4 million, with
data usage per customer increasing by 30.4% to 7.0 GB, supporting data ARPU
growth of 15.4% in constant currency1 (#_ftn2) .
· Our continued investment in our Airtel Money agent network, enhanced
digital offerings and expanded use cases contributed to a 17.3% increase in
mobile money subscribers to 44.6 million and a 11.4% growth in constant
currency ARPU. In Q4'25, transaction value increased by 34% in constant
currency with annualised transaction value of $145bn.
· Our strategic focus on great customer experience was underpinned by
sustained network investment with the rollout of 2,583 new sites and
approximately 3,300 kms of fibre, supporting increased data capacity across
the region.
Financial performance
· Revenues of $4,955m grew by 21.1% in constant currency but declined
by 0.5% in reported currency as currency devaluation impacted reported
revenues. Strong execution and the tariff adjustments in Nigeria contributed
to a further quarter of accelerating growth, with Q4'25 revenue growth of
23.2% in constant currency, and 17.8% in reported currency as currency
headwinds eased.
· Across the Group, mobile services revenue grew by 19.6% in constant
currency, driven by voice revenue growth of 10.6% and data revenue growth of
30.5%. Mobile money revenue grew by 29.9% in constant currency.
· For the year ended 31 March 2025, underlying EBITDA declined by 5.1%
in reported currency to $2,304m with underlying EBITDA margins of 46.5%
compared to 48.8% in the prior year, impacted by increased fuel prices and the
lower contribution of Nigeria to the Group. However, following a more stable
operating environment and benefits from our cost efficiency programme,
underlying EBITDA margins have expanded from 45.3% in Q1'25 to 47.3% in
Q4'25.
· Profit after tax of $328m improved from a $89m loss in the prior
period. The prior period was significantly impacted by derivative and foreign
exchange losses, primarily in Nigeria.
· Basic EPS of 6.0 cents compares to negative (4.4 cents) in the prior
period, predominantly reflecting lower derivative and foreign exchange losses
in the current period. EPS before exceptional items declined from 10.1 cents
in the prior period to 8.2 cents largely due to higher finance cost arising on
account of tower contract renewals, which had a neutral to positive impact on
cashflows, and a deferred impact of prior period currency devaluation.
Capital allocation
· Capex of $670m was below our guidance, primarily reflecting a
deferral of data centre investment. Capex guidance for the next year is
between $725m and $750m as we continue to invest for future growth.
· We have been consistently reducing our foreign currency debt
exposure, having paid down $702m of foreign currency debt over the year.
Furthermore, 93% of our OpCo debt (excl. lease liabilities) is now in local
currency, up from 83% a year ago.
· Leverage has increased from 1.4x to 2.3x, primarily reflecting the
$1.3bn increase in lease liabilities arising from tower contract renewals.
Lease-adjusted leverage increased from 0.7x in the prior period to 1.0x as of
31 March 2025, reflecting the impact of lower lease-adjusted underlying EBITDA
given the translation impact arising from currency devaluation, and an
increase in lease-adjusted net debt.
· The Board has recommended a final dividend of 3.9 cents per share,
making the total dividend for the full year 6.5 cents per share, a 9.2% growth
from the previous year, in line with the dividend policy. In addition, during
the year we returned $120m to shareholders through share buyback programmes.
Sunil Taldar, chief executive officer, on the trading update:
We have reported another strong operating performance as our strategy
continues to deliver against the significant opportunity that exists across
our markets. The focus on our refreshed strategy has seen continued investment
in the network while also driving improvements in our digital platforms and
offerings to further enhance the customer experience. This has enabled
increased digital inclusion with a further 20% growth in our smartphone
customers to 74.4m, contributing to a 47.5% increase in data traffic over the
year. Furthermore, Airtel Money continues to support financial inclusion with
customers increasing 17.3% to 44.6 million and an expanding ecosystem
underpinning the $136bn transaction value, which increased 32% in constant
currency.
An improving operating environment and focussed execution contributed to
strong momentum in our financial results with constant currency revenue growth
peaking at 23.2% in Q4'25. Part of this acceleration in the last quarter has
also been driven by the Nigerian tariff adjustments.
This accelerating revenue growth and cost optimisation programme has supported
quarterly EBITDA margin expansion during the year. Underlying EBITDA margins
increased by 200bps from 45.3% in Q1'25 to 47.3% in Q4'25, and we remain
focussed on further EBITDA margin improvements subject to macroeconomic
stability. This, combined with our robust capital structure and disciplined
capital allocation, puts us in a strong position to continue investing in
network capacity to deliver continued growth.
We are making significant progress in our preparations for the Airtel Money
IPO and remain committed to this objective. However, we are also mindful of
evolving market conditions. Therefore, subject to these conditions, we
anticipate a listing event in the first half of calendar year 2026.
The recent stability in the operating environment is encouraging, however we
remain conscious of global developments that may impact our business. We will
remain focussed on delivering our strategy to transform the lives of our
customers and support economic prosperity across our markets. I want to say a
particular thank-you to our customers, partners, governments and regulators
for their support and our employees for their unrelenting contribution to the
business."
GAAP measures
(Year ended)
Description Mar-25 Mar-24 Reported
currency
$m $m change
Revenue 4,955 4,979 (0.5%)
Operating profit 1,457 1,640 (11.1%)
Profit/(loss) after tax 328 (89) 468.2%
Basic EPS ($ cents) 6.0 (4.4) 235.1%
Net cash generated from operating activities 2,266 2,259 0.3%
Alternative performance measures (APM)2 (#_ftn3)
(Year ended)
Description Mar-25 Mar-24 Reported Constant
currency
currency
$m $m change change
Revenue 4,955 4,979 (0.5%) 21.1%
Underlying EBITDA 2,304 2,428 (5.1%) 18.1%
Underlying EBITDA margin 46.5% 48.8% (228) bps (120) bps
EPS before exceptional items ($ cents) 8.2 10.1 (19.2%)
Operating free cash flow 1,634 1,691 (3.4%)
About Airtel Africa
Airtel Africa is a leading provider of telecommunications and mobile money
services, with operations in 14 countries in sub-Saharan Africa. Airtel
Africa provides an integrated offer to its subscribers, including mobile
voice and data services as well as mobile money services both nationally and
internationally.
The company's strategy is focused on providing a great customer experience
across the entire footprint, enabling our corporate purpose of transforming
lives across Africa.
Enquiries
Airtel Africa - Investor Relations
Alastair Jones +44 7464 830 011
Investor.relations@africa.airtel.com +44 207 493 9315
(mailto:Investor.relations@africa.airtel.com)
Hudson Sandler
Nick Lyon
Emily Dillon
airtelafrica@hudsonsandler.com (mailto:airtelafrica@hudsonsandler.com) +44 207 796 4133
Conference call
Management will host an analyst and investor conference call at 13:00pm UK
time (BST) on Thursday 8 May 2025, including a Question-and-Answer session.
To receive an invitation with the dial in numbers to participate in the event,
please register beforehand using the following link:
Conference call registration link
(https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=6559873&linkSecurityString=1cf9a3df9b)
Key consolidated financial information
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported currency Constant currency Mar-25 Mar-24 Reported currency Constant currency
change %
change %
change %
change %
Profit and loss summary (1)
Revenue (2) $m 4,955 4,979 (0.5%) 21.1% 1,317 1,118 17.8% 23.2%
Voice revenue $m 1,964 2,179 (9.8%) 10.6% 508 472 7.8% 13.2%
Data revenue $m 1,804 1,734 4.0% 30.5% 498 391 27.3% 33.5%
Mobile money revenue (3) $m 994 837 18.7% 29.9% 263 206 27.6% 30.4%
Other revenue $m 417 417 (0.1%) 21.7% 108 97 11.7% 17.5%
Expenses $m (2,673) (2,572) 4.0% 23.9% (699) (600) 16.5% 20.9%
Underlying EBITDA (4) $m 2,304 2,428 (5.1%) 18.1% 623 520 19.8% 26.4%
Underlying EBITDA margin % 46.5% 48.8% (228) bps (120) bps 47.3% 46.5% 80 bps 120 bps
Depreciation and amortisation $m (831) (788) 5.4% 29.7% (231) (173) 32.9% 40.2%
Operating exceptional items (5) $m (16) - - - (16) - - -
Operating profit $m 1,457 1,640 (11.1%) 11.2% 376 347 8.4% 14.7%
Other finance cost - net of finance income (6) $m (735) (896) (18.0%) (221) (142) 55.8%
Finance cost - exceptional items (7) $m (87) (807) (89.3%) - (323) -
Total finance cost $m (822) (1,703) (51.7%) (221) (465) (52.4%)
Net monetary gain relating to hyperinflationary accounting $m 26 - 12 -
Profit/(loss) before tax $m 661 (63) 1147.8% 167 (118) 241.1%
Tax $m (363) (284) 27.5% (87) (77) 11.6%
Tax - exceptional items (7) $m 30 258 (88.5%) - 104 -
Total tax charge $m (333) (26) 1176.0% (87) 27 (420.3%)
Profit/(loss) after tax $m 328 (89) 468.2% 80 (91) 187.6%
Non-controlling interest $m (108) (76) 41.8% (24) (13) 82.4%
Profit attributable to owners of the company - before exceptional items $m 302 380 (20.3%) 72 115 (36.7%)
Profit/(loss) attributable to owners of the company $m 220 (165) 233.4% 56 (104) 154.1%
EPS - before exceptional items cents 8.2 10.1 (19.2%) 2.0 3.0 (35.2%)
Basic EPS cents 6.0 (4.4) 235.1% 1.5 (2.8) 155.3%
Weighted average number of shares million 3,703 3,751 (1.3%) 3,672 3,750 (2.1%)
Capex $m 670 737 (9.1%) 214 243 (11.8%)
Operating free cash flow $m 1,634 1,691 (3.4%) 409 277 47.5%
Net cash generated from operating activities $m 2,266 2,259 0.3% 643 493 30.5%
Net debt $m 5,363 3,505 5,363 3,505
Leverage (net debt to underlying EBITDA) times 2.3x 1.4x 2.3x 1.4x
Lease-adjusted leverage (8) times 1.0x 0.7x 1.0x 0.7x
Return on capital employed % 19.6% 23.0% (341) bps 19.4% 23.9% (455) bps
Operating KPIs
ARPU $ 2.6 2.8 (7.6%) 12.4% 2.7 2.4 8.6% 13.6%
Total customer base million 166.1 152.7 8.7% 166.1 152.7 8.7%
Data customer base million 73.4 64.4 14.1% 73.4 64.4 14.1%
Mobile money customer base million 44.6 38.0 17.3% 44.6 38.0 17.3%
All commentary in the footnotes refers to the year ended 31 March 2025, and
the prior period (31 March 2024), unless otherwise stated.
(1) During the year ended 31 March 2025, the Group has adopted
hyperinflationary accounting for the Malawi operations (see page 6 for further
details).
(2) Revenue includes inter-segment eliminations of $224m and $188m for
the prior period.
(3) Mobile money revenue post inter-segment eliminations with mobile
services were $770m and $649m for the prior period.
(4) Underlying EBITDA includes other income of $22m and $21m for the
prior period.
(5) Operating exceptional items of $16m relates to a provision for
expected settlement of a legal dispute in a former Group subsidiary.
(6) Other finance cost - net of finance income includes derivative and
foreign exchange losses of $92m and $452m in the prior period which have not
been treated as exceptional items.
(7) Exceptional items in the current period were predominantly driven
by the devaluation of the Nigerian naira partially offset by Tanzanian
shilling appreciation in Q3'25. The prior period exceptional item was driven
by both the Nigerian naira and Malawian kwacha devaluation.
(8) In Q3'25, the Group included 'Lease-adjusted leverage' as an
additional APM which reduces the volatility in the leverage ratio associated
with lease accounting under IFRS16, improves comparability between periods and
reflects the Group's financial market debt position. For the detailed
discussion on the new APM, see page 50. For definitions see page 59.
Financial review for the year ended 31 March 2025
Revenue
Group revenue in reported currency declined by 0.5% to $4,955m, with constant currency growth of 21.1%. Group mobile services revenue grew by 19.6% in constant currency, supported by voice revenue growth of 10.6% and data revenue growth of 30.5%. In Q4'25, constant currency revenue growth accelerated to 23.2% from 21.3% in Q3'25, primarily driven by the growth in Nigeria partially contributed by the initial impact of the tariff adjustments, and Francophone Africa revenue growth of 13.7%. In East Africa, constant currency growth remained strong at 20.7% in Q4'25, with 22.6% growth in reported currency. Reported currency revenue growth of 17.8% in Q4'25 reflects a more stable currency environment across our markets. In the full year ended 31 March 2025, mobile money revenue grew by 29.9% in constant currency, primarily driven by continued strong growth in East Africa.
Reported currency revenue growth was particularly impacted by significant currency devaluations in Nigeria, Malawi and Zambia. In particular, the Nigerian naira devalued from a weighted average NGN/USD rate of 781 in the prior year to NGN/USD 1,531 in the current period.
Underlying EBITDA
Reported currency underlying EBITDA declined by 5.1% to $2,304m reflecting the impact of currency devaluation over the period, particularly in Nigeria. In constant currency, underlying EBITDA increased by 18.1%. Underlying EBITDA margins of 46.5% declined by 228bps in reported currency primarily reflecting the lower contribution of Nigeria following the significant prior year naira depreciation, and a significant increase in fuel prices (mainly in Nigeria). Following a more stable operating environment and reflecting the initial successes of our cost efficiency programme, underlying EBITDA margins have increased by 200bps through the year with Q1'25 underlying EBITDA margins of 45.3% rising to 47.3% in Q4'25.
Mobile services underlying EBITDA increased by 14.6% in constant currency with underlying EBITDA margin at 45.6%, while mobile money underlying EBITDA margins of 52.8% increased 70bps in constant currency, supporting growth of 31.6%.
Finance costs
Total finance costs for the year ended 31 March 2025 were $822m, impacted by
$179m of derivative and foreign exchange losses (reflecting the revaluation of
US dollar balance sheet liabilities and derivatives following currency
devaluations), of which $87m was classified as exceptional following the
Nigerian naira devaluation in H1'25 which has been partially offset by
Nigerian naira and Tanzanian shilling appreciation in Q3'253 (#_ftn4) .
Finance costs excluding derivative and foreign exchange losses increased from
$444m to $643m in the current period on account of tower contract renewals
with ATC and I.H.S, which had neutral to positive impact on cashflows.
Increased OpCo market debt and the shift of foreign currency debt to local
currency debt, which carries a higher average interest rate, also contributed
to an in increase in finance cost in the current period.
Profit before tax
Profit before tax at $661m during the year ended 31 March 2025 was largely
impacted by the $179m derivative and foreign exchange losses, lower underlying
EBITDA largely due to the translation impact of significant currency
devaluation in the prior period and the impact of the tower contract renewals.
Taxation
Total tax charges were $333m as compared to $26m in the prior period. Total
tax charges in the current period reflected an exceptional gain of $30m and
$258m in the prior period, arising from the exceptional derivative and foreign
exchange losses. Tax charges, excluding exceptional items, were $363m in the
year ended 31 March 2025 as compared to $284m in the prior period. Tax charges
increased by $79m which was largely a result of a change in profit mix between
the OpCos, the application of hyperinflationary accounting related to Malawi
operations and a one-off deferred tax benefit in the prior period.
Profit after tax
Profit after tax of $328m during the year ended 31 March 2025 reflects $131m
of derivative and foreign exchange losses (net of tax), lower underlying
EBITDA due to the translation impact of significant currency devaluation in
the prior period and the impact of the tower contract renewals. The
introduction of hyperinflationary accounting related to Malawi operations also
resulted in a $12m loss to profit after tax (see page 6 for further details).
EPS before exceptional items
EPS before exceptional items declined from 10.1 cents in the prior period to
8.2 cents, primarily due to higher finance cost arising on account of tower
contract renewals with ATC and I.H.S, which had neutral to positive impact on
cashflows and a deferred impact of prior period currency devaluation.
Leverage
Over the period we have continued to improve our debt structure following the
repayment of the outstanding $550m of HoldCo debt in May 2024 and have also
increased the proportion of local currency OpCo debt (excluding lease
liabilities) on our balance sheet to 93% as of 31 March 2025 from 83% a year
ago. In total, we have paid down $702m of US dollar debt over the year.
As previously disclosed, the Group introduced a new APM, lease-adjusted
leverage which reduces the volatility in the leverage ratio associated with
lease accounting under IFRS16, improves comparability between periods and
reflects the Group's financial market debt position. The lease-adjusted
leverage increased from 0.7x in the prior period to 1.0x as of 31 March 2025.
Of the 0.3x increase, 0.1x was due to the decrease in reported currency
lease-adjusted underlying EBITDA following the naira devaluation in the prior
period and an increase in lease-adjusted net debt.
Leverage over the period has increased from 1.4x to 2.3x, primarily reflecting
the impact of tower contract renewals and the decline in reported currency
underlying EBITDA following the naira devaluation.
For a full summary of how lease-adjusted leverage is calculated, refer to page
55.
Hyperinflationary accounting in Malawi
During the quarter ended 31 December 2024, Malawi met the requirements to be
designated as a hyperinflationary economy under IAS 29 'Financial Reporting in
Hyperinflationary Economies'. The Group has, therefore, applied
hyperinflationary accounting, as specified in IAS 29, to its Malawi operations
where the functional currency is the Malawian kwacha for the reporting period
commencing 1 April 2024.
The application of hyperinflationary accounting has resulted in a $18m
reduction to operating profit, a $26m net monetary gain relating to
hyperinflationary accounting and a $20m increase in deferred tax, resulting in
a $12m net decrease in profit after tax for the period ended 31 March 2025. On
the balance sheet, non-monetary net assets and correspondingly equity has
increased by $514m (including an opening balance sheet adjustment of $308m as
of 1 April 2024).
GAAP measures
Revenue
Reported revenue of $4,955m declined by 0.5% in reported currency and grew by
21.1% in constant currency driven by both customer base growth of 8.7% and
ARPU growth of 12.4%. The gap between constant currency and reported currency
revenue growth was due to the average currency devaluations between the
periods, mainly in the Nigerian naira, the Malawian kwacha and the Zambian
kwacha.
Mobile services revenue at $4,193m declined 3.3% in reported currency and grew
by 19.6% in constant currency. Mobile money revenue grew by 18.7% in reported
currency. In constant currency, mobile money revenue grew by 29.9%, driven by
revenue growth in East Africa of 31.9% and Francophone Africa of 22.2%.
Operating profit
Operating profit in reported currency declined by 11.1% to $1,457m as currency
headwinds and a one-time provision of $16m for an expected settlement of a
legal dispute in a former Group subsidiary offset the 11.2% growth of
operating profit in constant currency.
Total finance costs
Total finance costs of $822m for the year ended 31 March 2025 were lower by
$881m over the prior period. Current and prior period finance costs reflected
$87m and $807m, respectively, of exceptional derivative and foreign exchange
losses. Current period exceptional items relate to $231m of derivative and
foreign exchange losses following the devaluation of the Nigerian naira in
H1'25, partially offset by derivative and foreign exchange gains of $144m in
Q3'25 on account of Nigerian naira and Tanzanian shilling appreciation in the
quarter. Prior period exceptional items were related to derivative and foreign
exchange losses in Nigeria and Malawi, following the significant currency
devaluation during the prior period. Excluding exceptional items, finance
costs were lower by $161m primarily on account of lower derivative and foreign
exchange losses, partially offset by tower contract renewals with ATC and
I.H.S, which had neutral to positive impact on cashflows. Increased OpCo
market debt and the shift of foreign currency debt to local currency debt,
which carries a higher average interest rate, also contributed to an in
increase in finance cost in the current period.
The Group's effective interest rate increased to 13.0% compared to 10.1% in
the prior period, largely driven by higher local currency debt at the OpCo
level, in line with our strategy of localising debt, and the repayment of the
outstanding $550m HoldCo debt which carried a lower-than-average interest
rate.
Taxation
Total tax charges of $333m compares to $26m in the prior period. Total tax
charges in the current period reflected an exceptional gain of $30m and $258m
in the prior period, arising from the exceptional derivative and foreign
exchange losses. Tax charges, excluding exceptional items, were $363m in the
year ended 31 March 2025 as compared to $284m in the prior period.
Basic EPS
Basic EPS of 6.0 cents compares to negative (4.4 cents) in the prior period,
predominantly reflecting lower derivative and foreign exchange losses in the
current period.
Net cash generated from operating activities
Net cash generated from operating activities was $2,266m, marginally higher
compared to $2,259m in the prior period.
Alternative performance measure 4 (#_ftn5)
Underlying EBITDA
Underlying EBITDA of $2,304m declined by 5.1% in reported currency, and increased by 18.1% in constant currency. Growth in constant currency underlying EBITDA was led by revenue growth and supported by continued improvement in operating efficiencies, offset by the impact of inflationary cost pressures in several markets. The underlying EBITDA margin declined by 228 basis points in reported currency to 46.5% reflecting the impact of the lower contribution of Nigeria following significant naira devaluation and inflationary cost pressures.
The gap between constant currency and reported currency underlying EBITDA growth was due to the currency devaluations between the periods, mainly in the Nigerian naira, the Malawian kwacha and the Zambian kwacha.
Tax
The effective tax rate was 41.0%, compared to 38.4% in the prior period. The
effective tax rate is higher than the weighted average statutory corporate tax
rate of approximately 32%, largely due to the profit mix between various OpCos
and withholding taxes on dividends paid by subsidiaries.
Exceptional items
Operating exceptional items in the current year of $16m related to a provision
for the expected settlement of a legal dispute in a former Group subsidiary in
Q4'25.
Non-operating exceptional items were $87m in the current period and $807m in
the prior period. Current period exceptional items relate to $231m derivative
and foreign exchange losses following the devaluation of the Nigerian naira in
H1'25, partially offset by derivative and foreign exchange gains of $144m in
Q3'25 on account of Nigerian naira and Tanzanian shilling appreciation in the
quarter. Prior period exceptional items were related to derivative and foreign
exchange losses in Nigeria and Malawi, following the significant currency
devaluation during the prior period.
Non-operating exceptional items resulted in an exceptional tax gain of $30m in
the current period and $258m in the prior period.
EPS before exceptional items
EPS before exceptional items declined from 10.1 cents in the prior period to
8.2 cents, reflecting the incremental impact on account of tower contract
renewals with ATC and I.H.S, which had neutral to positive impact on cashflows
and a deferred impact of prior period currency devaluation.
Operating free cash flow
Operating free cash flow was $1,634m, lower by 3.4%, as a result of lower
underlying EBITDA due to the continued impact of currency devaluation in the
prior period, particularly in Nigeria, partially offset by lower capex during
the current period.
Other significant updates
Tariff adjustments approval from the Nigerian Communications Commission (NCC)
On 20 January 2025, the NCC granted approval for tariff adjustments following
requests from the telecom operators in Nigeria in response to the prevailing
market conditions. The adjustments are capped at a maximum of 50% of current
tariffs, with requests reviewed on a case-by-case basis by the NCC. The tariff
adjustments were implemented in Q4'25.
Nigeria is a market with enormous potential for future growth in
telecommunications services, with a vibrant economy and youthful population
that will continue to benefit from Airtel Nigeria's investment ambitions. The
tariff adjustments reflect a balanced approach to ensuring the sustainability
of the telecommunications sector while safeguarding the interests of
consumers.
Directorate changes
On 24 March 2025, the Group announced the appointment of Cynthia Gordon as an
independent non-executive director with effect from 1 April 2025 and will
serve on the Group's Remuneration Committee.
On 9 January 2025, the Group announced that Jaideep Paul, chief financial
officer (CFO), had informed the Board of his decision to retire from his
position as executive director and CFO with effect from the end of the 2025
July AGM.
Kamal Dua, currently deputy CFO, will become an executive director and assume
the role of CFO following his appointment at the 2025 AGM.
On 28 October 2024, the Group announced the appointment of Gopal Vittal as a
non-executive director of Airtel Africa with immediate effect.
On 3 July 2024, following the conclusion of the AGM, John Danilovich retired
as an independent non-executive director of Airtel Africa plc.
On 9 May 2024, the Group announced the appointment of Paul Arkwright, CMG, as
an independent non-executive director, with immediate effect.
Completion of first tranche of the second buyback programme
On 23 December 2024, the Company announced the commencement of a second share
buyback programme that will return up to $100m to shareholders. This programme
is expected to be phased in two tranches. The company completed the first
tranche on 24 April 2025, returning $45m to shareholders following the
purchase of 26,275,872 ordinary shares in aggregate at a volume weighted
average price of GBP135.1 per ordinary share.
This follows the completion of the first share buyback programme which ended
on 28 October 2024. This buyback programme, which commenced on 1 March 2024,
returned $100m to shareholders following the purchase of 68,834,800 ordinary
shares in aggregate, at a volume weighted average price of GBP112.30 per
ordinary share.
Network sharing in Uganda and Nigeria
The Group and MTN Group entered into an agreement to share network
infrastructure in Uganda and Nigeria, while ensuring compliance with local
regulatory and statutory requirements. These sharing agreements target
improved network cost efficiencies, expanded coverage and the provision of
enhanced mobile services to millions of customers, particularly those in
remote and rural areas who do not yet fully enjoy the benefits of a modern
connected life.
Following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel
Africa are exploring various opportunities in other markets, including
Republic of the Congo, Rwanda and Zambia. Among the types of agreements
considered are RAN sharing and those aimed at establishing commercial and
technical agreements for fibre infrastructure sharing and, if necessary, the
construction of fibre networks.
Renewal of tower lease agreements with American Tower Corporation and I.H.S
During the year we renewed tower lease agreements with ATC and I.H.S for
approximately 8,300 sites across Nigeria, Uganda, Kenya, Zambia and Niger for
a period of 10 to 12 years. The renewals ensure we continue to benefit from
contract structures, including the proportion that is linked to foreign
currency. Under IFRS16 accounting standards, the extension of these lease
agreements resulted in a $1.3bn increase in lease liabilities.
Kenya licence extension
On 6 September 2024, Airtel Kenya received confirmation from the regulator on
extension of existing Network Facility Provider, Application Service Provider,
Content Service Provider and Internationally Gateway Station and Service
licence as well as its spectrum in 900 MHz, 1800 MHz and 2100 MHz that were
due for renewal in January 2025 for a period of 24 months effective from
January 2025.
Madagascar licence acquisition
In March 2025 Airtel Madagascar acquired a global operating licence for a term
of 15 years for €30m (approximately $32.5m) payable in local currency. The
payment will be in five annual instalments, with the first instalment made in
March 2025. The existing telecom licence would have expired in September 2025.
Repayment of remaining $550m bond achieving a zero-debt position at HoldCo
On 20 May 2024, the Group announced that it has repaid in full the 5.35%
Guaranteed Senior Notes maturing in May 2024. This bond repayment of $550m was
made exclusively out of the cash reserves at the HoldCo and is a continuation
of its strategy to reduce external foreign currency debt.
Retirement of the CEO of Airtel Africa plc and appointment of successor
On 2 January 2024, the Group announced the retirement of Chief Executive
Officer Olusegun "Segun" Ogunsanya and the appointment of Sunil Taldar. Sunil
Taldar was appointed to the Board as an executive director and assumed the
role of CEO on 1 July 2024, at which time Segun retired from the Board and
Airtel Africa plc.
Nigerian Communications Commission directive on subscriber registration
compliance
In December 2023, the Nigerian Communications Commission (NCC) informed Airtel
Nigeria, in an industry-wide directive, to undertake full network barring of
all SIMs that have failed to submit their National Identity Numbers (NIN) on
or before 28 February 2024 (which was subsequently delayed). This directive is
part of the ongoing Federal Government NIN-SIM harmonisation exercise
requiring all subscribers to provide valid NIN information to update SIM
registration records.
Airtel Nigeria has complied with the directives issued and barred all
customers without NINs as well as customers with more than four active SIMs
which had a negligible impact on revenue.
Chad licence renewal
In July 2024, Airtel Tchad S.A ('Airtel Tchad'), a subsidiary of the Group,
was issued with a National Telecom Operator licence for 2G/3G and 4G network.
This licence renewal is with effect from April 2024 and is for a period of 10
years for a gross consideration of CFA54bn (approximately $90m).
Dividend payment timetable
The board has recommended a final dividend of 3.9 cents for the financial year
ended 31 March 2025, payable on 25 July 2025 to shareholders recorded in the
register at the close of business on 20 June 2025.
London Stock
Exchange
Nigerian Stock Exchange
Last day to trade shares cum dividend 18
June 2025
17 June 2025
Shares commence trading ex-dividend 19 June
2025
18 June 2025
Record
date
20 June 2025
20 June 2025
Last date for currency
election 7
July 2025
7 July 2025
Payment
date
25 July 2025
25 July 2025
Information on additional KPIs
An investor relations pack with information on the additional KPIs and balance
sheet is available to download on our website at www.airtel.africa
(http://www.airtel.africa/investors)
Strategic overview
The Group provides telecom and mobile money services in 14 emerging markets of
Sub-Saharan Africa. Our markets are characterised by young and rapidly growing
population, low smartphone penetration and relatively large unbanked
populations. Unique mobile user penetration across the Group's footprint is
around 50% and banking penetration remains under 50%. These indicators
illustrate the significant opportunity still available to Airtel Africa to
enhance both digital and financial inclusion in the communities we serve,
enriching and transforming their lives through digitalisation, whilst at the
same time growing our revenues profitably across each of our key services of
voice, data and mobile money.
The Group continues to invest in its network and distribution infrastructure
to enhance both mobile connectivity and financial inclusion across our
countries of operation. In particular, we continue to invest in expanding our
4G and 5G network to increase data capacity, deploy new sites - especially in
rural areas - thereby enhancing coverage and connectivity.
Our refreshed strategy puts the customer at the core of our strategy. We
believe that by ensuring great customer experience, we will deliver on our
corporate purpose of transforming lives across Africa. Our consumer centric
strategy is anchored on our 6 new strategic pillars - strengthening our
'go-to-market', delivering best in class network experience, winning more in
key markets, digitising and simplifying processes across the business,
accelerating Airtel Money and scaling our home broadband business (HBB) and
enterprise offerings.
Underpinning the Group's business strategy is our focus on cost optimisation,
our ongoing sustainability strategy and the investment into our people to
build and retain talent. Our sustainability strategy supports our
well-established corporate purpose of transforming lives, our continued
commitment to driving sustainable development and acting as a responsible
business. Our sustainability strategy sets out our goals and commitments to
foster financial inclusion, bridge the digital divide and serve more customers
in some of the least penetrated telecommunication markets in the world.
Strengthen 'Go-to-market'
We continue to strengthen our distribution footprint, especially our exclusive
channel of kiosks/mini-shops and Airtel Money Branches (AMB) along with
multi-brand outlets in both urban and rural markets. During the period, the
Group added over 320,000 Airtel money agents, around 28,000 activating outlets
and around 1,000 exclusive franchise stores, enabling continued expansion of
our customer base and strong growth in overall revenues.
In addition to building on-ground distribution infrastructure, we also focused
on building and leveraging digital tools to simplify the processes and enhance
efficiencies for our own exclusive agents, as well as our channel partners.
We also continue to accelerate our data revenue growth through a combination
of smartphone adoption and improving ARPUs. Our smartphone penetration stands
at 44.8%, an increase of 4.3% points from last year driven by our expansion of
the 4G network and stronger execution. Our data consumption has increased to
7.0 GB per data user, growing by over 30% in FY'25 driven by improved network
experience and customer life-cycle management programs. A notable development
is our initiative in Rwanda where we partner with the Rwandan Government to
break barriers of affordability on both smartphone devices and data tariffs,
thereby enabling accelerated adoption of data services during the period.
Best in class network experience
The Group remains focused on delivering best-in-class services, enhancing our
4G network availability, along with expanding newly launched 5G technology in
key markets like Kenya, Nigeria, Tanzania, Uganda and Zambia. Reaching
underserved communities is a key priority and we continue to expand rural
coverage through new site rollouts and continue investing in spectrum and
technologies to support increased capacity to facilitate our corporate purpose
of transforming lives.
We have rolled out around 2,600 sites during the year and close to 3,400 4G
sites. 97.4% of our sites are now 4G enabled compared to 95.0% in prior period
and we have close to 1,500 5G operational sites in five markets.
As part of ensuring our services are future ready, in addition to purchasing
spectrum, we grew our fibre infrastructure and 5G capabilities and remain
committed to our investment into data centres to further support digital
inclusion across our markets. We continued to strengthen our fibre business,
which is now delivering encouraging revenue growth. During the year we added a
further around 3,300 km of fibre, with a total of 78,700+ km now deployed.
Must win markets
Winning customers across all the markets through micro-marketing using network
and digital tools is fundamental to our strategy and will enable us to drive
both financial and digital inclusion. We aim to win in every micro segment by
optimising our network to improve customer experience - or strengthen our
distribution where our network is already strong - so that we can acquire new
customers with speed and precision. There are clusters of opportunities which
have been identified across all opcos which have been called out as "must win
markets". To ensure that we win across all must win markets there is stepped
up investment on building people capabilities and driving a culture of
collaborative working across functions.
In the broader urban areas, including smaller towns and emerging suburban
peripheries, some micro-marketing actions include improving indoor coverage,
network quality and delivering seamless experience by stitching our network
experience through principles of community of interest. This will allow us to
strengthen our position as a reliable network provider, attracting new
customers and retaining our existing base.
Rural markets present a big growth opportunity given low penetration of both
telecom and financial services. To tap the opportunity, our focus is on
improving coverage and distribution expansion across all formats. With
intensified network investment and focus on distribution excellence, we are
confident that rural markets will contribute to a significant portion of our
overall customer additions going forward.
Digitise and simplify
In line with our strategic pillar of "Digitise and Simplify," we have made
significant strides in streamlining our digital offerings and improving
customer experiences through innovative technologies. Our focus remains on
enhancing digital adoption and driving operational efficiencies to simplify
user journeys and unlock growth across all digital touchpoints.
The My Airtel App differentiates through a single-app strategy for both
telecommunications and wallet use cases and as a result has achieved
significant digital adoption and transaction growth. Over the last year we
have seen a 81% growth in monthly active users of the My Airtel App, with
transaction value on the app increasing by 91%. This illustrates the growth
in customer self-service in performing core telecoms and wallet related use
cases such as airtime recharges, bundle purchase, peer-to-peer and bill
payments.
We believe continued investments in digital infrastructure will enable us to
accelerate productivity, while also improving experience for all stakeholders
positioning Airtel for greater scalability and faster growth.
Accelerate Airtel Money
Across our footprint, the limited penetration of formal banking continues to
present a significant opportunity to expand financial access through mobile
money. Our strategy focuses on driving digital adoption, broadening our
financial ecosystem and strengthening governance and execution across all
markets.
Over the year, we made strong progress on these fronts. We accelerated digital
adoption by deepening the functionality of the Airtel Money app and promoting
self-recharge. The result is accelerating adoption and greater penetration. In
2024/25, transaction values on the MyAirtel app reached 4.7bn, a 91% growth
year on year. Monthly users have grown by 2.1 million, while penetration among
smartphone customers has increased to 21% from 14% since 2023/24.These gains
supported higher customer activity and improved unit economics across key
markets.
Our ecosystem expanded significantly. We introduced new use cases, including
loans, savings, and card-linked products while also adding new international
money transfer corridors and onboarding new partners. This widened the
relevance of Airtel Money for both retail and business customers.
Access was strengthened through targeted investment in our physical footprint.
Airtel Money kiosks and mini shops increased by approximately 1,000. A key
enabler was our digital agent onboarding process, which helped scale the
non-exclusive agent base by 23%. These efforts supported a 17.3% increase in
our customer base, reaching 44.6 million users and representing 26.8% of the
Group's total customers.
Mobile money continues to be a key growth engine for the Group. Annual
transaction value reached $145 billion, while Airtel Money revenues grew by
~30%, contributing 20%+ 3 (#_ftn6) to overall Group revenues.
We remain focused on building Africa's most accessible and inclusive digital
financial services platform-one that delivers both impact and sustainable
value for Airtel Africa.
Scale HBB and enterprise
Airtel's investment in 5G networks has helped power capacity to service
customer need for unlimited internet service across key cities in 5 markets.
The demand for these services is evident in the scale of usage, with customers
consuming, on average 250GB per month across Nigeria, Tanzania, Kenya, Uganda
and Zambia.
During the period we have increased our investment into dedicated outbound
sales teams which are focussed on attracting high value customers on unlimited
offers, utilising our expansive 4G network. Further investment in ensuring
customers have a seamless on-boarding to the home broadband service with the
My Airtel App has helped improve customer convenience, particularly in the
product use and recharges available across multiple integrated payment
channels.
Enterprise services remains a key opportunity and focus. In particular, Nxtra
by Airtel - our new data centre business - has commenced construction in
Nigeria and is expected to deliver 38 megawatts of total capacity and host
high density racks, incorporating the latest best practice in construction
design. This is the first of five hyperscale data centres to be developed by
Airtel Africa on the continent. In addition, the launch of 'Telesonic' will
leverage its fibre infrastructure across the continent to meet the growing
demand for wholesale data in Africa by offering comprehensive fibre and
submarine cable solutions.
Financial review for the year ended 31 March 2025
Nigeria - Mobile services
Description Unit of Year ended Quarter ended
measure
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,045 1,503 (30.4%) 36.4% 307 266 15.5% 39.8%
Voice revenue (1) $m 448 711 (36.9%) 24.3% 133 124 7.5% 30.7%
Data revenue $m 483 654 (26.2%) 44.5% 139 116 19.9% 45.0%
Other revenue (2) $m 114 138 (17.4%) 59.7% 35 26 33.3% 59.3%
Underlying EBITDA $m 522 811 (35.6%) 26.7% 162 139 16.8% 42.6%
Underlying EBITDA margin % 50.0% 54.0% (402) bps (384) bps 52.8% 52.2% 59 bps 103 bps
Depreciation and amortisation $m (217) (264) (17.8%) 59.2% (67) (41) 62.9% 82.9%
Operating profit $m 304 509 (40.2%) 22.8% 85 89 (4.2%) 24.4%
Capex $m 168 252 (33.6%) (33.6%) 64 74 (13.4%) (13.4%)
Operating free cash flow $m 354 559 (36.6%) 92.2% 98 65 51.2% 113.1%
Operating KPIs
Total customer base million 53.3 50.9 4.7% 53.3 50.9 4.7%
Data customer base million 29.1 27.4 6.3% 29.1 27.4 6.3%
Mobile services ARPU $ 1.7 2.5 (32.3%) 32.7% 1.9 1.7 11.2% 34.7%
((1) )Voice revenue includes inter-segment revenue of $1m in the year
ended 31 March 2024. Excluding inter-segment revenue, voice revenue was $710m
in the prior period.
((2) ) Other revenue includes inter-segment revenue of $2m in the year ended
31 March 2025 and in the prior period. Excluding inter-segment revenue, other
revenue was $112m in year ended 31 March 2025 and $136m in the prior period.
Revenue grew by 36.4% in constant currency, largely driven by continued
strength in the demand for data services. In reported currency, revenues
declined by 30.4% to $1,045m on account of the significant devaluation of the
Nigerian naira. The constant currency revenue growth was driven by ARPU growth
of 32.7%, while our customer base grew by 4.7% despite the KYC directives
issued by the regulator resulting in the disconnection of some subscribers.
In January 2025, the NCC granted approvals for tariff adjustments of up to
50%. The tariff adjustments were implemented in Q4'25. Constant currency
revenue growth accelerated to 39.8% in Q4'25 from 34.1% in Q3'25, partially
contributed by these tariff adjustments. Reported currency revenues grew by
15.5% year-on-year in Q4'25.
Voice revenue grew by 24.3% in constant currency, driven by voice ARPU growth
of 20.9%.
Data revenue grew by 44.5% in constant currency, as a function of both data
customer and data ARPU growth of 6.3% and 32.1%, respectively. Data usage per
customer increased by 33.4% to 8.4 GB per month (from 6.3 GB in the prior
period), with smartphone penetration increasing 4.7% to reach 49.6%.
Smartphone data usage per customer reached 11.1 GB per month compared to 9.0
GB per month in the prior period.
Underlying EBITDA of $522m declined by 35.6% in reported currency but
increased by 26.7% in constant currency. The underlying EBITDA margin declined
by 402 basis points to 50.0%, although the prior year had a one-time opex
benefit of $7m in Q3'24. Adjusting for this one-time benefit in the prior
year, underlying EBITDA margins declined 355 basis points, reflecting
continued inflationary pressures across the business, particularly from an
approximate 45% increase in diesel prices. Q4'25 underlying EBITDA margins
increased from 48.8% in Q3'25 to 52.8% in Q4'25 reflecting the strong revenue
growth in the quarter, partially contributed by the tariff adjustments.
Operating free cash flow was $354m, up by 92.2% in constant currency, due to
underlying EBITDA growth and lower capex in current period. In reported
currency, operating free cash flow declined by 36.6% due to lower reported
currency underlying EBITDA following the significant Nigerian naira
devaluation.
East Africa - Mobile services (1)
Description Unit of Year ended Quarter ended
measure
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
operations
Revenue $m 1,843 1,622 13.6% 18.8% 477 395 20.6% 17.4%
Voice revenue (2) $m 906 851 6.3% 11.9% 231 200 15.7% 13.2%
Data revenue $m 755 621 21.6% 26.2% 200 156 28.3% 24.1%
Other revenue (3) $m 182 150 21.8% 27.1% 45 39 15.0% 11.8%
Underlying EBITDA $m 877 788 11.4% 17.1% 227 185 22.7% 19.5%
Underlying EBITDA margin % 47.6% 48.6% (96) bps (69) bps 47.5% 46.7% 83 bps 86 bps
Depreciation and amortisation $m (349) (287) 21.3% 24.1% (95) (72) 32.9% 29.0%
Operating profit $m 472 452 4.4% 12.2% 118 101 16.5% 13.4%
Capex $m 292 284 2.7% 2.7% 74 107 (30.9%) (30.9%)
Operating free cash flow $m 585 504 16.3% 26.0% 153 78 95.9% 84.5%
Operating KPIs
Total customer base million 77.6 69.4 11.7% 77.6 69.4 11.7%
Data customer base million 31.5 26.6 18.4% 31.5 26.6 18.4%
Mobile services ARPU $ 2.1 2.0 2.8% 7.5% 2.1 1.9 8.3% 5.3%
((1) ) The East Africa business region includes Kenya, Malawi, Rwanda,
Tanzania, Uganda and Zambia.
((2) )Voice revenue includes inter-segment revenue of $2m in the year ended
31 March 2025 and $1m in the prior period. Excluding inter-segment revenue,
voice revenue was $904m in year ended 31 March 2025 and $850m in the prior
period.
((3) ) Other revenue includes inter-segment revenue of $13m in the year
ended 31 March 2025 and $12m in the prior period. Excluding inter-segment
revenue, other revenue was $169m in year ended 31 March 2025 and $138m in the
prior period.
East Africa revenue grew by 13.6% in reported currency to $1,843m and by 18.8%
in constant currency. The constant currency growth was made up of voice
revenue growth of 11.9%, data revenue growth of 26.2% and other revenue growth
of 27.1%.
Voice revenues were supported by customer base growth of 11.7% and voice ARPU
growth of 1.3%. The customer base growth was largely driven by expansion of
both increased network coverage and the increasing scale of the distribution
network.
Data customer base growth of 18.4% and data ARPU growth of 9.0% drove the
strong performance in data revenues. Our continued investment in the network
and expansion of 4G network infrastructure resulted in 99.5% of our East
Africa network sites enabled for 4G, compared to 96.4% in the prior period.
Furthermore, 1,231 sites are 5G enabled across four key markets. Data usage
per customer increased to 6.2 GB per customer per month, up by 30.2%, with
smartphone penetration increasing 3.9% to reach 42.3%. Smartphone data usage
per customer reached 7.8 GB per month compared to 6.3 GB per month in the
prior period.
Underlying EBITDA increased to $877m, up by 11.4% in reported currency and up
by 17.1% in constant currency. Underlying EBITDA margins of 47.6% declined by
96 basis points as a result of rising fuel prices in key markets.
Operating free cash flow was $585m, up by 26.0% in constant currency, due
largely to underlying EBITDA growth.
The differential in growth rates (between constant currency and reported
currency) is primarily driven by the devaluation in the Zambian kwacha and the
Malawian kwacha, partially offset by the Kenyan shilling appreciation.
Francophone Africa - Mobile services (1)
Description Unit of Year ended Quarter ended
measure
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,300 1,213 7.2% 7.9% 332 300 10.6% 12.5%
Voice revenue (2) $m 614 622 (1.3%) (0.6%) 145 149 (3.1%) (1.1%)
Data revenue $m 566 459 23.4% 24.1% 159 119 33.2% 35.1%
Other revenue (3) $m 120 132 (8.9%) (8.4%) 29 32 (10.1%) (8.8%)
Underlying EBITDA $m 505 512 (1.5%) (0.8%) 132 118 12.3% 14.3%
Underlying EBITDA margin % 38.8% 42.2% (342) bps (341) bps 39.8% 39.2% 60 bps 62 bps
Depreciation and amortisation $m (231) (209) 10.4% 11.2% (59) (54) 9.8% 11.9%
Operating profit $m 219 255 (14.0%) (13.3%) 59 51 15.5% 18.0%
Capex $m 159 157 1.6% 1.6% 55 48 15.1% 15.1%
Operating free cash flow $m 346 355 (2.8%) (1.9%) 77 70 10.3% 13.7%
Operating KPIs
Total customer base million 35.2 32.3 8.8% 35.2 32.3 8.8%
Data customer base million 12.8 10.4 23.5% 12.8 10.4 23.5%
Mobile services ARPU $ 3.2 3.3 (2.4%) (1.8%) 3.2 3.1 1.1% 2.9%
((1)) The Francophone Africa business region includes Chad, Democratic
Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo, and
Seychelles.
((2) ) Voice revenue includes inter-segment revenue of $2m in the
year ended 31 March 2025 and $3m in the prior period. Excluding inter-segment
revenue, voice revenue was $612m in year ended 31 March 2025 and $619m in the
prior period.
((3) ) Other revenue includes inter-segment revenue of $3m in the year
ended 31 March 2025 and in the prior period. Excluding inter-segment revenue,
other revenue was $117m in year ended 31 March 2025 and $129m in the prior
period.
Revenue grew by 7.2% in reported currency and by 7.9% in constant currency. In
Q4'25, constant currency revenue growth accelerated to 12.5% from 8.5% in the
prior quarter following a recovery in market trends and the benefits of
sustained network investment and intensive focus on 'go-to-market'
initiatives.
Voice revenue declined by 0.6% in constant currency, as customer base growth
of 8.8% was more than offset by a decline in voice ARPU reflecting
interconnect rate reductions and increased competitive intensity during the
period.
Data revenue grew by 24.1% in constant currency, supported by customer base
growth of 23.5%. Our continued 4G network rollout resulted in an increase in
total data usage of 44.2% and per customer data usage growth of 24.3%. Data
usage per customer increased to 5.4 GB per month (up from 4.4 GB in the prior
period), with smartphone penetration increasing 4.7% to reach 43.1%.
Smartphone data usage per customer reached 6.5 GB per month compared to 5.4 GB
per month in the prior period.
Underlying EBITDA at $505m declined by 1.5% and 0.8% in reported and constant
currency, respectively. The underlying EBITDA margin declined to 38.8%, a
decline of 342 basis points, reflecting an increase in fixed frequency fees in
one market, rising energy costs combined with revenue growth pressure in some
markets. The strong revenue performance in Q4'25 supported an increase in
underlying EBITDA margins to 39.8% from 39.2% in Q4'24.
Operating free cash flow of $346m declined by 1.9% in constant currency, due
to the decline in underlying EBITDA and marginally higher capex.
Mobile services
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue (1) $m 4,193 4,338 (3.3%) 19.6% 1,117 962 16.1% 21.9%
Voice revenue $m 1,964 2,179 (9.8%) 10.6% 508 472 7.8% 13.2%
Data revenue $m 1,804 1,734 4.0% 30.5% 498 391 27.3% 33.4%
Other revenue $m 425 425 0.0% 21.8% 110 99 12.0% 17.7%
Underlying EBITDA $m 1,910 2,115 (9.7%) 14.6% 517 443 16.8% 23.8%
Underlying EBITDA margin % 45.6% 48.8% (320) bps (199) bps 46.3% 46.0% 27 bps 72 bps
Depreciation and amortisation $m (797) (760) 4.7% 28.7% (221) (166) 32.9% 37.3%
Operating profit $m 1,001 1,219 (17.9%) 8.9% 259 243 6.5% 15.9%
Capex $m 619 693 (10.8%) (10.8%) 193 229 (15.6%) (15.6%)
Operating free cash flow $m 1,291 1,422 (9.1%) 31.4% 324 214 51.5% 66.2%
Operating KPIs
Mobile voice
Customer base million 166.1 152.7 8.7% 166.1 152.7 8.7%
Voice ARPU $ 1.0 1.2 (16.3%) 2.7% 1.0 1.0 (0.6%) 4.4%
Mobile data
Data customer base million 73.4 64.4 14.1% 73.4 64.4 14.1%
Data ARPU $ 2.2 2.4 (8.1%) 15.4% 2.3 2.1 11.0% 16.3%
((1) ) Mobile service revenue after
inter-segment eliminations was $4,185m in the year ended 31 March 2025 and
$4,330m in the prior period.
Overall revenue from mobile services declined by 3.3% in reported currency
with growth of 19.6% in constant currency. In Q4'25, constant currency revenue
growth accelerated to 21.9% from 19.6% in the prior quarter. The constant
currency growth was evident across all regions and services.
Voice revenue grew by 10.6% in constant currency, supported primarily by the
continued growth in the customer base as we continue to invest in our network
and enhance our distribution infrastructure. The voice ARPU growth of 2.7% was
supported by an increase in voice usage per customer of 4.9%, reaching 300
minutes per customer per month, with total minutes on the network increasing
by 13.0%.
Data revenue grew by 30.5% in constant currency, driven by both customer base
growth of 14.1% and data ARPU growth of 15.4%. The customer base growth was
recorded across all the regions supported by the expansion of our 4G network.
97.4% of our total sites are now on 4G, compared with 95% in the prior period.
5G is operational across five countries, with 1,466 sites deployed. Data usage
per customer increased to 7.0 GB per customer per month (from 5.4 GB in the
prior period), with smartphone penetration increasing 4.3% to reach 44.8%.
Smartphone data usage per customer reached 8.8 GB per month compared to 7.2 GB
per month in the prior period. Data revenue contributed to 43.0% of total
mobile services revenue, up from 40.0% in the prior period.
Underlying EBITDA was $1,910m, down 9.7% in reported currency and up by 14.6%
in constant currency. The underlying EBITDA margin declined by 320 basis
points year on year to 45.6%, a decline of 199 basis points in constant
currency, largely due to increases in fuel prices across key markets. In
Q4'25, underlying EBITDA margins of 46.3% improved from 45.7% in previous
quarter (Q3'25).
Operating free cash flow was $1,291m, up by 31.4% in constant currency, due to
the increased constant currency underlying EBITDA and lower capex.
Mobile money
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue (1) $m 994 837 18.7% 29.9% 263 206 27.6% 30.4%
Nigeria $m 4 2 - - 2 0 - -
East Africa $m 747 635 17.5% 31.9% 198 154 28.2% 31.2%
Francophone Africa $m 243 200 21.6% 22.2% 64 52 23.8% 25.5%
Underlying EBITDA $m 525 436 20.2% 31.6% 137 109 25.6% 28.8%
Underlying EBITDA margin % 52.8% 52.1% 66 bps 70 bps 52.1% 52.9% (83) bps (66) bps
Depreciation and amortisation $m (23) (18) 22.5% 36.3% (6) (4) 50.8% 57.0%
Operating profit $m 489 405 20.5% 31.9% 128 102 25.3% 28.5%
Capex $m 32 27 20.7% 20.7% 17 10 73.9% 73.9%
Operating free cash flow $m 493 409 20.3% 32.4% 120 99 20.8% 24.3%
Operating KPIs
Mobile money customer base Million 44.6 38.0 17.3% 44.6 38.0 17.3%
Transaction value $bn 136.5 112.3 21.5% 32.0% 36.3 27.7 31.0% 34.0%
Mobile money ARPU $ 2.0 2.0 1.8% 11.4% 2.0 1.8 7.8% 10.2%
((1)) Mobile money service revenue post inter-segment eliminations with mobile
services was $770m in the year ended 31 March 2025 and $649m in the prior
year.
Mobile money revenue grew by 18.7% in reported currency, with constant
currency growth of 29.9%. The constant currency mobile money revenue growth
was driven by revenue growth in both East Africa and Francophone Africa of
31.9% and 22.2%, respectively. In Nigeria, we continue to focus on customer
acquisitions with 1.7 million active customers registered for mobile money
services at the end of March 2025.
The constant currency revenue growth of 29.9% was driven by both our customer
base growth of 17.3% and mobile money ARPU growth of 11.4%. The expansion of
our distribution network, particularly our multi brand agent network,
supported the customer base growth of 17.3%. The mobile money ARPU growth of
11.4% was primarily driven by transaction value per customer growth of 13.3%
in constant currency, to $273 per customer per month.
Q4'25 annualised transaction value amounted to $145bn in reported currency.
Mobile money revenue contributed 20.1% 4 (#_ftn7) of total Group revenue
during the year ended 31 March 2025.
Underlying EBITDA was $525m, up by 20.2% and 31.6% in reported and constant
currency, respectively. The underlying EBITDA margin reached 52.8%, an
improvement of 70 basis points in constant currency and 66 basis points in
reported currency, driven by continued operating leverage.
The differential in growth rates (between constant currency and reported
currency) is primarily as the result of devaluation in the Zambian kwacha and
the Malawi kwacha.
Regional performance
Nigeria
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,048 1,504 (30.3%) 36.7% 308 266 15.7% 40.1%
Voice revenue $m 448 711 (36.9%) 24.3% 133 124 7.5% 30.7%
Data revenue $m 483 654 (26.2%) 44.5% 139 116 19.9% 45.0%
Mobile money revenue $m 4 2 - - 2 0 - -
Other revenue $m 114 138 (17.4%) 59.6% 35 26 33.3% 59.2%
Underlying EBITDA $m 521 805 (35.3%) 27.2% 162 138 17.7% 43.7%
Underlying EBITDA margin % 49.7% 53.5% (385) bps (369) bps 52.6% 51.8% 86 bps 130 bps
Operating KPIs
ARPU $ 1.7 2.5 (32.2%) 33.0% 1.9 1.7 11.5% 35.0%
East Africa
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 2,432 2,125 14.4% 21.8% 632 516 22.6% 20.7%
Voice revenue $m 906 851 6.3% 11.9% 231 200 15.7% 13.2%
Data revenue $m 755 621 21.6% 26.2% 200 156 28.3% 24.2%
Mobile money revenue $m 747 635 17.5% 31.9% 198 154 28.2% 31.2%
Other revenue $m 176 145 21.8% 26.9% 44 38 14.5% 11.3%
Underlying EBITDA $m 1,284 1,134 13.3% 21.8% 333 270 23.3% 22.2%
Underlying EBITDA margin % 52.8% 53.3% (54) bps (1) bps 52.7% 52.3% 31 bps 62 bps
Operating KPIs
ARPU $ 2.7 2.6 3.6% 10.2% 2.7 2.5 10.0% 8.4%
Francophone Africa
Description Unit of measure Year ended Quarter ended
Mar-25 Mar-24 Reported Constant Mar-25 Mar-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,469 1,350 8.8% 9.5% 376 336 11.9% 13.7%
Voice revenue $m 614 622 (1.3%) (0.6%) 145 149 (3.1%) (1.1%)
Data revenue $m 566 459 23.4% 24.1% 159 119 33.2% 35.1%
Mobile money revenue $m 243 200 21.6% 22.2% 64 52 23.8% 25.5%
Other revenue $m 119 131 (9.2%) (8.7%) 28 32 (10.5%) (9.1%)
Underlying EBITDA $m 637 620 2.6% 3.3% 167 146 14.6% 16.5%
Underlying EBITDA margin % 43.3% 46.0% (263) bps (263) bps 44.4% 43.4% 105 bps 104 bps
Operating KPIs
ARPU $ 3.6 3.7 (0.9%) (0.3%) 3.6 3.5 2.3% 4.0%
Consolidated performance
Description UoM Year ended - March 2025 Year ended - March 2024
Mobile services Mobile money Unallocated Eliminations Total Mobile services Mobile money Unallocated Eliminations Total
Revenue $m 4,193 994 - (232) 4,955 4,338 837 - (196) 4,979
Voice revenue $m 1,964 - - 1,964 2,179 - - 2,179
Data revenue $m 1,804 - - 1,804 1,734 - - 1,734
Other revenue $m 425 - (8) 417 425 - (8) 417
Underlying EBITDA $m 1,910 525 (131) - 2,304 2,115 436 (123) - 2,428
Underlying EBITDA margin % 45.6% 52.8% 46.5% 48.8% 52.1% 48.8%
Depreciation and amortisation $m (797) (23) (11) - (831) (760) (18) (10) - (788)
Operating $m - - (16) - (16) - - - -
exceptional items
Operating profit $m 1,001 489 (33) - 1,457 1,219 405 16 - 1,640
Risk factors
The risk factors summarised below relate to the Group's business and industry
in which it operates. Additional risks and uncertainties relating to the Group
that are currently unknown to the Group, or those the Group currently deems
immaterial, may, individually or cumulatively, also have a material adverse
impact on the Group's business, results of operations and financial position.
The Group's principal and emerging risks and risk management process are
described in our Annual Report and Accounts. Based on the Group's assessment,
there has been no changes to the group's principal risks in the period.
Summary of principal risks
The Group continually monitors its external and internal environment to
identify risks which have the ability to impact its operations, financial
performance or the achievement of its objectives.
1. We operate in a competitive environment with the potential for
aggressive competition by existing players, or the entry of new players, which
could both put a downward pressure on prices, adversely affecting our revenue
and profitability.
2. Failure to innovate through simplifying the customer experience,
developing adequate digital touchpoints in line with changing customer needs
and competitive landscape could lead to loss of customers and market share.
3. Global geopolitical and regional tensions have the potential to
impact our business directly and indirectly due to the interconnectedness of
the global supply chain. Relatedly, adverse macroeconomic conditions such as
rising inflation and increased cost of living not only puts pressure on the
disposable income of our customers but also increases the cost of inputs for
our business negatively impacting sales and profitability.
4. Cybersecurity threats through internal or external sabotage or system
vulnerabilities could potentially result in customer data breaches and/or
service downtimes.
5. Adverse changes in our external business environment and
macro-economic conditions such as supply chain disruptions, increase in global
commodity prices and inflationary pressures could lead to a significant
increase in our operating cost structure while also negatively impacting the
disposable income of consumers. These adverse economic conditions therefore
not only put pressure on our profitability but also on customer usage for our
services.
6. Shortages of skilled telecommunications professionals in some markets
and the inability to identify and develop successors for key leadership
positions could both lead to disruptions in the execution of our corporate
strategy.
7. Our internal control environment is subject to the risk that controls
may become inadequate due to changes in internal or external conditions, new
accounting requirements, delays, or inaccuracies in reporting.
8. Our ability to provide quality of service to our customers and meet
quality of service (QoS) requirements depends on the robustness and resilience
of our technology stack and ecosystem encompassing hardware, software,
products, services, applications and our ability to respond appropriately to
any disruptions. However, telecommunications networks are subject to the risks
of technical failures, aging infrastructure, human error, wilful acts of
destruction or natural disasters.
9. We operate in a diverse and dynamic legal, tax and regulatory
environment. Adverse changes in the political, macro-economic and policy
environment could have a negative impact on our ability to achieve our
strategy. While the group makes every effort to comply with its legal and
regulatory obligations in all its operating jurisdictions in line with the
group's risk appetite, we are however continually faced with an uncertain and
constantly evolving legal, regulatory, and policy environment in some of the
markets where we operate.
10. Our multinational footprint means we are constantly exposed to the risk
of adverse currency fluctuations and the macroeconomic conditions in the
markets where we operate. We derive revenue and incur costs in local
currencies where we operate, but we also incur costs in foreign currencies,
mainly from buying equipment and services from manufacturers and technology
service providers. That means adverse movements in exchange rates between the
currencies in our OpCos and the US dollar could have a negative effect on our
liquidity and financial condition. In some markets, we face instances of
limited supply of foreign currency within the local monetary system. This not
only constrains our ability to fully benefit at Group level from strong cash
generation by those OpCos but also impacts our ability to make timely foreign
currency payments to our international suppliers.
Given the severity of this risk, specifically in some of our OpCos, the Group
management continuously monitors the potential impact of this risk of exchange
rate fluctuations based on the following methodology:
a) Comparing the average devaluation of each currency in the markets in
which the Group operates against US dollar on a ten-year historic basis, and
onshore forward exchange rates over a one-year period, if available.
Additionally, for our Nigerian operations, management uses different
sensitivity analysis for scenario planning purposes which includes the recent
impact of the naira devaluation.
With respect to currency devaluation sensitivity going forward, on a 12-month basis assuming that the USD appreciation occurs at the beginning of the period, a further 1% USD appreciation across all currencies in our OpCos would have a negative impact of $46m - $48m on revenues, $22m - $24m on underlying EBITDA and $25m - $27m on foreign exchange loss (excluding derivatives). Our largest exposure is to the Nigerian naira, for which on a similar basis, a further 1% USD appreciation would have a negative impact of $12m - $13m on revenues, $6m - $7m on underlying EBITDA and $14m - $15m on foreign exchange loss (excluding derivatives).
This does not represent any guidance and is being used solely to illustrate
the potential impact of further currency devaluation on the Group for the
purpose of exchange rate risk management, and assumes all other variables
remain constant. The accounting under IFRS is based on exchange rates in line
with the requirements of IAS 21 'The Effect of Changes in Foreign Exchange'
and does not factor in the devaluation mentioned above.
Based on above-mentioned specific methodology for the identified OpCos,
management evaluates specific mitigation actions based on available mechanisms
in each of the geographies. For further details on such mitigation action,
refer to the risk section of the Annual Report and Accounts which can be
downloaded from our website www.airtel.africa (http://www.airtel.africa)
Forward looking statements
This document contains certain forward-looking statements regarding our
intentions, beliefs or current expectations concerning, amongst other things,
our results of operations, financial condition, liquidity, prospects, growth,
strategies and the economic and business circumstances occurring from time to
time in the countries and markets in which the Group operates.
These statements are often, but not always, made through the use of words or
phrases such as "believe," "anticipate," "could," "may," "would," "should,"
"intend," "plan," "potential," "predict," "will," "expect," "estimate,"
"project," "positioned," "strategy," "outlook", "target" and similar
expressions.
It is believed that the expectations reflected in this document are
reasonable, but they may be affected by a wide range of variables that could
cause actual results to differ materially from those currently anticipated.
All such forward-looking statements involve estimates and assumptions that are
subject to risks, uncertainties and other factors that could cause actual
future financial condition, performance and results to differ materially from
the plans, goals, expectations and results expressed in the forward-looking
statements and other financial and/or statistical data within this
communication.
Among the key factors that could cause actual results to differ materially
from those projected in the forward-looking statements are uncertainties
related to the following: the impact of competition from illicit trade; the
impact of adverse domestic or international legislation and regulation;
changes in domestic or international tax laws and rates; adverse litigation
and dispute outcomes and the effect of such outcomes on Airtel Africa's
financial condition; changes or differences in domestic or international
economic or political conditions; the ability to obtain price increases and
the impact of price increases on consumer affordability thresholds; adverse
decisions by domestic or international regulatory bodies; the impact of market
size reduction and consumer down-trading; translational and transactional
foreign exchange rate exposure; the impact of serious injury, illness or death
in the workplace; the ability to maintain credit ratings; the ability to
develop, produce or market new alternative products and to do so profitably;
the ability to effectively implement strategic initiatives and actions taken
to increase sales growth; the ability to enhance cash generation and pay
dividends and changes in the market position, businesses, financial condition,
results of operations or prospects of Airtel Africa.
Past performance is no guide to future performance and persons needing advice
should consult an independent financial adviser. The forward-looking
statements contained in this document reflect the knowledge and information
available to Airtel Africa at the date of preparation of this document and
Airtel Africa undertakes no obligation to update or revise these
forward-looking statements, whether as a result of new information, future
events or otherwise. Readers are cautioned not to place undue reliance on such
forward-looking statements.
No statement in this communication is intended to be, nor should be construed
as, a profit forecast or a profit estimate and no statement in this
communication should be interpreted to mean that earnings per share of Airtel
Africa plc for the current or any future financial periods would necessarily
match, exceed or be lower than the historical published earnings per share of
Airtel Africa plc.
Financial data included in this document are presented in US dollars rounded
to the nearest million. Therefore, discrepancies in the tables between totals
and the sums of the amounts listed may occur due to such rounding. The
percentages included in the tables throughout the document are based on
numbers calculated to the nearest $1,000 and therefore minor rounding
differences may result in the tables. Growth metrics are provided on a
constant currency basis unless otherwise stated. The Group has presented
certain financial information on a constant currency basis. This is calculated
by translating the results for the current financial year and prior financial
year at a fixed 'constant currency' exchange rate, which is done to measure
the organic performance of the Group. Growth rates for our reporting regions
and service segments are provided in constant currency as this better
represents the performance of the business.
Airtel Africa plc
Results for the year ended 31 March 2025
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
(All amounts are in US$ millions unless stated otherwise)
Notes For the year ended
31 March 2025 31 March 2024
Income
Revenue 5 4,955 4,979
Other income 22 21
4,977 5,000
Expenses
Network operating expenses 974 926
Access charges 236 314
License fee and spectrum usage charges 263 244
Employee benefits expense 302 301
Sales and marketing expenses 650 576
Impairment loss on financial assets 7 5
Other operating expenses 257 206
Depreciation and amortisation 831 788
3,520 3,360
Operating profit 1,457 1,640
Finance costs
- Derivative and foreign exchange losses
Nigerian naira 118 1,070
Other currencies 61 189
- Other finance costs 663 482
Finance income (20) (38)
Net monetary gain relating to hyperinflationary accounting (26) -
Share of profit of associate and joint venture accounted for using equity (0) (0)
method
Profit/ (loss) before tax 661 (63)
Income tax expense 7 333 26
Profit/ (loss) for the year 328 (89)
Profit/ (loss) before tax (as presented above) 661 (63)
Add: Exceptional items 6 103 807
Underlying profit before tax 764 744
Profit/ (loss) after tax (as presented above) 328 (89)
Add: Exceptional items 6 73 549
Underlying profit after tax 401 460
Notes For the year ended
31 March 2025 31
Ma
rc
h
20
24
Profit/ (loss) for the year (continued from previous page) 328 (89)
Other comprehensive income ('OCI')
Items to be reclassified subsequently to profit or loss:
Gain/ (loss) due to foreign currency translation differences 219 (1,181)
Gain on debt instruments at fair value through other comprehensive income 0 0
Share of OCI of associate and joint venture accounted for using equity method 0 (0)
Gain on cash flow hedges 0 -
Cash flow hedges reclassified to profit or loss (0) -
Tax on above 1 8
220 (1,173)
Items not to be reclassified subsequently to profit or loss:
Re-measurement gain on defined benefit plans 1 0
Tax on above (0) (0)
1 (0)
Other comprehensive gain/ (loss) for the year 221 (1,173)
Total comprehensive gain/ (loss) for the year 549 (1,262)
Profit/ (loss) for the year attributable to: 328 (89)
Owners of the company 220 (165)
Non-controlling interests 108 76
Other comprehensive gain/ (loss) for the year attributable to: 221 (1,173)
Owners of the company 179 (1,141)
Non-controlling interests 42 (32)
Total comprehensive gain/ (loss) for the year attributable to: 549 (1,262)
Owners of the company 399 (1,306)
Non-controlling interests 150 44
Earning/ (loss) per share
Basic 8 6.0 cents (4.4) cents
Diluted 8 6.0 cents (4.4) cents
Consolidated Statement of Financial Position
(All amounts are in US$ millions unless stated otherwise)
Notes As of
31 March 2025 31 March 2024
Assets
Non-current assets
Property, plant and equipment 9 2,086 1,827
Capital work-in-progress 9 194 232
Right of use assets 3,029 1,483
Goodwill 10&11 3,008 2,569
Other intangible assets 810 725
Intangible assets under development 8 4
Investment accounted for using equity method 5 5
Financial assets
- Investments 0 0
- Derivative instruments 0 0
- Others 10 30
Income tax assets (net) 8 5
Deferred tax assets (net) 509 543
Other non-current assets 195 146
9,862 7,569
Current assets
Inventories 19 26
Financial assets
- Investments - 2
- Derivative instruments 1 10
- Trade receivables 203 184
- Cash and cash equivalents 12 552 620
- Other bank balances 12 81 353
- Balance held under mobile money trust 952 737
- Others 67 106
Other current assets 286 254
2,161 2,292
Total assets 12,023 9,861
As of
Notes 31 March 2025 31 March 2024
Liabilities
Current liabilities
Financial liabilities
- Borrowings 14 1,095 1,426
- Lease liabilities 231 357
- Put option liability 542 -
- Derivative instruments 10 144
- Trade payables 485 422
- Mobile money wallet balance 928 722
- Others 383 440
Provisions 111 78
Deferred revenue 135 123
Current tax liabilities (net) 89 119
Other current liabilities 233 215
4,242 4,046
Net current liabilities (2,081) (1,754)
Non-current liabilities
Financial liabilities
- Borrowings 14 1,226 947
- Lease liabilities 3,430 1,732
- Put option liability - 552
- Derivative instruments 0 33
- Others 216 146
Provisions 25 22
Deferred tax liabilities (net) 106 67
Other non-current liabilities 3 16
5,006 3,515
Total liabilities 9,248 7,561
Net Assets 2,775 2,300
Equity
Share capital 13 1,835 1,875
Reserves and surplus 651 285
Equity attributable to owners of the company 2,486 2,160
Non-controlling interests ('NCI') 289 140
Total equity 2,775 2,300
The accompanying notes form an integral part of these consolidated financial
statements.
For and on behalf of the Board of Airtel Africa plc
Sunil Taldar
Chief Executive Officer
7 May 2025
Consolidated Statement of Changes in Equity
(All amounts are in US$ millions unless stated otherwise)
Equity attributable to owners of the company
Share Capital Reserves and Surplus Equity attributable to owners of the company
No. of shares Amount Retained earnings Transactions with NCI reserve Other components of equity Non-controlling interests (NCI) Total
equity
Total
As of 1 April 2023 6,839,896,081 3,420 3,902 (929) (2,758) 215 3,635 173 3,808
(Loss)/profit for the year - - (165) - - (165) (165) 76 (89)
Other comprehensive gain/(loss) - - 0 - (1,141) (1,141) (1,141) (32) (1,173)
Total comprehensive income/(loss) - - (165) - (1,141) (1,306) (1,306) 44 (1,262)
Transaction with owners of equity
Employee share-based payment reserve - - (1) - 2 1 1 - 1
Purchase of own shares (net) - - - - 1 1 1 - 1
Cancellation of deferred shares (3,081,744,577) (1,541) 1,541 - - 1,541 - - -
Ordinary shares buy back programme (refer note 4(d)) (7,389,855) (4) (9) - (37) (46) (50) - (50)
Transactions with NCI((3)) - - - 91 - 91 91 (12) 79
Dividend to owners of the company - - (212) - - (212) (212) - (212)
Dividend (including tax) to NCI((1)) - - - - - - - (65) (65)
As of 31 March 2024 3,750,761,649 1,875 5,056 (838) (3,933) 285 2,160 140 2,300
Profit for the year - - 220 - - 220 220 108 328
Other Comprehensive income - - 1 - 178 179 179 42 221
Total comprehensive income - - 221 - 178 399 399 150 549
Opening reserve adjustment for hyperinflation((2)) - - - - 246 246 246 62 308
Transactions with owners of equity
Employee share-based payment reserve - - (4) - (1) (5) (5) - (5)
Purchase of own shares (net) - - - - 8 8 8 - 8
Ordinary shares buy back programme (refer note 4(d)) (80,231,773) (40) (120) - 60 (60) (100) - (100)
Transactions with NCI((3)) - - - 7 - 7 7 (1) 6
Dividend to owners of the company (refer note 4(a)) - - (229) - - (229) (229) - (229)
Dividend (including tax) to NCI((1)) - - - - - - - (62) (62)
As of 31 March 2025 3,670,529,876 1,835 4,924 (831) (3,442) 651 2,486 289 2,775
( )
((1) ) Dividend to non-controlling interests include tax of $4m
(31 March 2024: $4m).
((2) ) Opening hyperinflationary adjustment as at 1 April 2024
relates to Malawi operations (refer to note 4(g))
((3) ) This primarily relates to:
- Reversal of put option liability by $15m (31 March 2024:
$24m) for dividend distribution to put option non-controlling interest holders
(any dividend paid to the put option non-controlling interest holders is
adjustable against the put option liability based on the put option
arrangement),
- Excess of consideration over proportionate net assets,
on sale of shares of Airtel Zambia to minority shareholders under free float
of Airtel Zambia amounting to $9m (31 March 2024: $0m).
- Adjustment of $17m pertaining to the settlement of
dispute with non-controlling interest holders in one of the subsidiaries of
the Group.
- During the year ended 31 March 2024, it includes the
excess of consideration over proportionate net assets on sale of 10.89% shares
of Airtel Uganda to minority shareholders under IPO of Airtel Uganda amounting
of $49m, and adjustment of $18m pertaining to Airtel Mobile Commerce BV on
account of completion of restructuring period and consequent release of escrow
shares as per agreement with non-controlling interest holders.
Consolidated Statement of Cash Flows For the year ended
(All amounts are in US$ millions unless stated otherwise)
31 March 2025 31 March 2024
Cash flows from operating activities
Profit/ (loss) before tax 661 (63)
Adjustments for -
Depreciation and amortization 831 788
Finance income (20) (38)
Net monetary gain relating to hyperinflation accounting (26) -
Finance costs
- Derivative and foreign exchange losses
Nigerian naira 118 1,070
Other currencies 61 189
- Other finance costs 663 482
Share of profit of associate and joint venture accounted for using equity (0) (0)
method
Other non-cash adjustments ((1)) 14 0
Operating cash flow before changes in working capital 2,302 2,428
Changes in working capital
Increase in trade receivables (30) (79)
Decrease/ (Increase) in inventories 1 (16)
Increase in trade payables 69 56
Increase in mobile money wallet balance 218 207
Increase in provisions 38 3
Increase in deferred revenue 15 21
Increase in other financial and non-financial liabilities 27 76
Increase in other financial and non-financial assets (51) (93)
Net cash generated from operations before tax 2,589 2,603
Income taxes paid (323) (344)
Net cash generated from operating activities (a) 2,266 2,259
Cash flows from investing activities
Purchase of property, plant and equipment and capital (736) (868)
work-in-progress
Purchase of intangible assets and intangible assets under development (123) (161)
Maturity of deposits with bank 392 731
Investment in deposits with bank (123) (961)
Sale/(purchase) of other short-term investment 2 (2)
Interest received 26 33
Net cash used in investing activities (b) (562) (1,228)
Cash flows from financing activities
Purchase of shares under buy-back programme (120) (9)
Purchase of own shares by ESOP trust (net) (0) (2)
Proceeds from sale of shares to NCI 10 53
Proceeds from borrowings 1,383 713
Repayment of borrowings (1,400) (550)
Repayment of lease liabilities (222) (324)
Dividend paid to non-controlling interests (72) (59)
Dividend paid to owners of the company (229) (212)
Payment of deferred spectrum liability (29) (21)
Interest on borrowings, lease liabilities and other liabilities (670) (440)
(Outflow)/inflow on maturity of derivatives (net) (194) 7
Net cash used in financing activities (c) (1,543) (844)
Increase in cash and cash equivalents during the year (a+b+c) 161 187
Currency translation differences relating to cash and cash equivalents (1) (128)
Cash and cash equivalents as at beginning of the year 900 841
Cash and cash equivalents as at end of the year (refer to Note 12) ((2)) 1,060 900
((1)) For the year ended 31 March 2025 and 31 March 2024, this mainly includes
movements in impairment of trade receivables and other provisions.
((2)) Includes balances held under mobile money trust of $952m (March 2024:
$737m) on behalf of mobile money customers which are not available for use by
the Group.
Notes to Consolidated Financial Statements
(All amounts are in US$ millions unless stated otherwise)
1. Corporate information
Airtel Africa plc ('the company') is a public company limited by shares
incorporated and domiciled in the United Kingdom (UK) under the Companies Act
2006 and is registered in England and Wales (registration number 11462215).
The registered address of the company is First Floor, 53/54 Grosvenor Street,
London, W1K 3HU, United Kingdom. The company is listed both on the London
Stock Exchange (LSE) and Nigerian Stock Exchange (NGX). The company is a
subsidiary of Airtel Africa Mauritius Limited ('the parent'), a company
registered in Mauritius. The registered address of the parent is c/o IQ EQ
Corporate Services (Mauritius) Ltd., 33, Edith Cavell Street, Port Louis,
11324, Mauritius.
The company together with its subsidiary undertakings (hereinafter referred to
as 'the Group') has operations in Africa. The principal activities of the
Group, its associates and its joint venture primarily consist of the provision
of telecommunications and mobile money services.
2. Basis of preparation
The results for the year ended 31 March 2025 are an abridged statement of the
full annual report which was approved by the Board of Directors and signed on
its behalf on 7 May 2025. The consolidated financial statements within the
full annual report are prepared in accordance with the requirements of the
Companies Act 2006 and International Financial Reporting Standards ('IFRS') as
issued by the International Accounting Standards Board ('IASB') and approved
for use in the United Kingdom (UK) by the UK Accounting Standards Endorsement
Board ('UKEB').
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 March 2025 and 2024, but is derived
from those accounts. Statutory accounts for March 2024 have been delivered to
the Registrar of Companies and those for 2025 will be delivered following the
company's annual general meeting.
The financial information included in this release announcement does not
itself contain sufficient information to comply with IFRS. The company will
publish full financial statements that comply with IFRS, in June 2025.
All the amounts included in the financial statements are reported in United
States dollars, with all values rounded to the nearest millions ($m) except
when otherwise indicated. Further, amounts which are less than half a million
are appearing as '0'.
The accounting policies used while preparing these financial statements have
been consistently applied by all the Group entities to all the periods
presented in these financial statements.
3. Going concern
These consolidated financial statements have been prepared on a going concern
basis. In making this going concern assessment, the Group has considered cash
flow projections to June 2026 (going concern assessment period) under both a
base case and reasonable worst-case scenarios including a reverse stress test.
This assessment takes into consideration its principal risks and uncertainties
including a reduction in revenue and EBITDA and a devaluation of the various
currencies in the countries in which the Group operates including the Nigerian
Naira. This assessment also takes into consideration the repayment of all
liabilities that fall due over the going concern period including the
repayment of borrowings and other liabilities. As part of this evaluation, the
Group has considered available ways to mitigate these risks and uncertainties
and has also considered committed undrawn facilities of $373m expiring beyond
the going concern assessment period, which will fulfil the Group's cash flow
requirement under both the base and reasonable worst-case scenarios. Having
considered all the above-mentioned factors impacting the Group's businesses,
the impact of downside sensitivities, and the mitigating actions available to
the group including a reduction and deferral of capital expenditure, the
directors are satisfied that the Group has adequate resources to continue its
operational existence for the foreseeable future. Accordingly, the directors
continue to adopt the going concern basis of accounting in preparing these
consolidated financial statements.
4. Significant transactions/new developments
a) On 8 May 2024, the directors recommended, and shareholders approved
on 3 July 2024, a final dividend of 3.57 cents per ordinary share for the year
ended 31 March 2024, which was paid on 26 July 2024 to the holders of ordinary
shares on the register of members at the close of business on 21 June 2024.
An interim dividend of 2.60 cents per share was also approved by the Board on
24 October 2024 which has been paid on 13 December 2024.
b) On 20 May 2024, Bharti Airtel International (Netherlands) B.V.,
subsidiary of the Company repaid in full the 5.35% Guaranteed Senior Notes
amounting to $550m on its maturity date. The bond repayment was made
exclusively out of the cash reserves of the Group.
c) During the year ended 31 March 2025, the Nigerian naira has
devalued against the US Dollar by approximately 18% (USD appreciation of 15%)
where the exchange rate moved to 1,542 naira per USD at the close of the
current year as against the rate of 1,303 naira per USD at the close of March
2024. This has resulted in a material impact on the Group's financial results
arising from the translation of monetary items at closing exchange rates in
addition to the impact on the valuation of derivatives.
In line with the Group's policy on exceptional items and alternative
performance measures, the impact of the devaluation pertaining to the quarters
ended June 2024, September 2024 and appreciation in quarter ended December
2024 for the Nigerian naira has been presented as an exceptional item with the
following impact:
• the net derivative and foreign exchange losses amounting to
$112m,
• the corresponding tax impact of $37m.
d) On 1 March 2024, the Company announced the commencement of its first
$100m share buy-back programme to be achieved in two tranches of maximum $50m
each. Following the completion of both the tranches of the first buy-back
programme, on 23 December 2024 the company has announced the commencement of
its second share buyback programme of $100m, to be achieved in two tranches of
maximum $50m each. As part of the second share buy-back programme, the
Company has entered into an agreement with Barclays Capital Securities Limited
("Barclays") to conduct the first tranche of the buy-back amounting to a
maximum of $50m and carry out on-market purchases of its ordinary shares, with
the Company subsequently purchasing its ordinary shares from Barclays. The
shares so purchased were being cancelled by the company.
Further, on 28 March 2025, the company announced that all shares repurchased
under the first tranche of the second share buy-back programme will be held
in treasury for use in connection with an employee share incentive scheme.
As at 31 March 2024, the company had cancelled 7,389,855 shares against the
first tranche of first buy-back programme. During the year ended 31 March
2025, the Company has completed buy-back under the first buy-back programme
and has commenced buy back under the first tranche of the second buy-back
programme. Accordingly, the Company has cancelled 80,231,773 shares
(61,444,945 shares against the first buy-back programme and 18,786,828 shares
against first tranche of the second buy-back programme), resulting in
3,670,529,876 ordinary shares outstanding as at 31 March 2025. The purchase
price of the shares bought-back during the year ended 31 March 2025 was $120m,
and the Company carries the liability of $21m relating to the first tranche of
the second buy-back programme as 'other financial liabilities' relating to the
remaining buy-back agreement with Barclays. The nominal value ($0.50 per
share) of the cancelled shares during the year ended 31 March 2025, amounting
to $40m, has been transferred to the capital redemption reserve.
e) During the year ended 31 March 2025, the Group has renewed the tower
lease agreements with American Tower Corporation ('ATC') across four of its
OpCos. The renewals relate to approximately 7,100 sites across Nigeria, Kenya,
Uganda and Niger which were set to expire over the next 12 to 24 months and
were renewed for a period of 12 years.
These material lease extensions of the tower lease agreements represents a
modification in accordance with IFRS 16, accordingly, the company has applied
modification accounting by remeasuring the lease liability using the updated
lease payments over the revised lease term with a corresponding adjustment to
the ROU asset. This has resulted in an increase in both lease liabilities and
ROU assets by $1,225m.
f) During the quarter ended December 2024, the Tanzania shilling has
appreciated against the US Dollar by approximately 10% (USD devalued of 12%)
where the exchange rate moved to 2,445 Tanzania shilling per USD as at 31
December 2024, against the rate of 2,730 Tanzania shilling per USD at the
close of September 2024. This resulted in a material impact on the Group's
financial results arising from the translation of monetary items at closing
exchange rates in addition to the impact on the valuation of derivatives.
In line with the Group's policy on exceptional items and alternative
performance measures, the impact of the appreciation pertaining to the quarter
ended December 2024 for the Tanzania shilling have been presented as an
exceptional item with the following impact:
• the derivative and foreign exchange gains amounting
to $25m, and
• the corresponding tax impact of $7m.
g) During the year ended 31 March 2025, Malawi met the requirements to
be designated as a hyperinflationary economy under IAS 29 'Financial Reporting
in Hyperinflationary Economies'. The Group has therefore applied
hyperinflationary accounting, as specified in IAS 29, at its Malawi operations
whose functional currency is the Malawian Kwacha for the reporting period
commencing 1 April 2024. This resulted in an opening balance adjustment of
$308m to consolidated equity. The uplift of the assets on initial adoption
resulted in the net asset value of Malawi exceeding it's estimated recoverable
amount. As a result of this, the initial adjustment was capped at the
recoverable amount.
The Group has selected the consumer price index (CPI) issued by the
International Monetary Fund/ National Statistical Office of Malawi, which we
have determined to be the most appropriate inflation index to reflect the
change in the purchasing power. During the period, the CPI has risen by 40%
and the average adjustment factor used to determine the impact on the income
statement for year ended 31 March 2025 was 1.01, which represents movement
between the average and closing CPI.
The main impact on the consolidated financial statements for the year ended 31
March 2025 of the above-mentioned adjustments are shown below:
For the year ended
31 March 2025
Increase in revenue 3
Operating loss (18)
Net monetary gain relating to hyperinflationary accounting 26
Loss after tax for the period (12)
As of
31 March 2025
Increase in non-monetary assets 514
Increase in equity 514
5. Segmental information
The Group's segment information is provided on the basis of geographical
clusters and products to the Group's Chief Executive Officer (chief operating
decision maker - 'CODM') for the purposes of resource allocation and
assessment of performance.
The Group's operating segments are as follows:
Nigeria mobile services - Comprising of mobile service operations in Nigeria;
East Africa mobile services - Comprising of mobile service operations in
Uganda, Zambia, Kenya, Tanzania, Malawi and Rwanda;
Francophone Africa mobile services - Comprising of mobile service operations
in Democratic Republic of the Congo, Gabon, Chad, Niger, the Republic of the
Congo, Madagascar and Seychelles;
Mobile money*- Comprising of mobile money services across the Group.
*Mobile money services segment consolidates the results of mobile money
operations from all operating entities within the Group. Airtel Money Commerce
B.V. (AMC BV) is the holding company for all mobile money services for the
Group, and as of 31 March 2025, it controls all mobile money operations
excluding operations in Nigeria. It is management's intention to continue work
to transfer the Nigerian mobile money services operations into AMC BV, subject
to local regulatory approvals.
Each segment derives revenue from the respective services housed within each
segment, as described above. Expenses, assets and liabilities primarily
related to the corporate headquarters and centralised functions of the Group
are presented as unallocated items.
The amounts reported to CODM are based on the accounting principles used in
the preparation of the financial statements. Each segment's performance is
evaluated based on segment revenue and segment result.
During the year ended 31 March 2025, the segment result is Underlying EBITDA
(defined as operating profit/(loss) for the period before depreciation,
amortisation and exceptional items relating to operating profit) as adjusted
for provision for settlement of legal dispute. This is the measure reported to
the CODM for the purpose of resource allocation and assessment of segment
performance. During the year ended 31 March 2024, the definition of EBITDA was
equal to underlying EBITDA since there were no exceptional items pertaining to
EBITDA and therefore EBITDA is presented in the segment information below for
the comparative year.
Inter-segment pricing and terms are reviewed and changed by management to
reflect changes in market conditions and changes to such terms are reflected
in the period in which the changes occur.
The 'Eliminations' column comprises inter-segment transactions eliminated upon
consolidation.
Segment assets and segment liabilities comprise those assets and liabilities
directly managed by each segment. Segment assets primarily include
receivables, property, plant and equipment, capital work in progress,
right-to-use assets, intangibles assets, inventories and cash and cash
equivalents. Segment liabilities primarily include operating liabilities.
Segment capital expenditure comprises investment in property, plant and
equipment, capital work in progress, intangible assets (excluding licenses)
and capital advances.
Investment elimination upon consolidation and resulting goodwill impacts are
reflected in the 'Eliminations' column.
Summary of the segmental information and disaggregation of revenue is as
follows:
For the year ended 31 March 2025
Mobile money Others
Nigeria mobile services East Africa mobile services Francophone Africa mobile services (unallocated) Total
Eliminations
Revenue from external customers
Voice revenue 448 904 612 - - - 1,964
Data revenue 483 755 566 - - - 1,804
Mobile money revenue ((1)) - - - 770 - - 770
Other revenue ((2)) 112 169 117 - 19 - 417
Total revenue from external customers 1,043 1,828 1,295 770 19 - 4,955
Inter-segment revenue 2 15 5 224 8 (254) -
Total revenue 1,045 1,843 1,300 994 27 (254) 4,955
Underlying EBITDA 522 877 505 525 (125) - 2,304
Less:
Depreciation and amortisation 217 349 231 23 11 (0) 831
Finance costs
- Derivative and foreign exchange losses
Nigerian naira 118
Other currencies 61
- Other finance costs 663
Finance income (20)
Net monetary gain relating to hyperinflationary accounting (26)
Share of profit of associate and joint venture accounted for using equity (0)
method
Exceptional items pertaining to operating profit 16
Profit before tax 661
Other segment items
Capital expenditure 168 292 159 32 19 - 670
As of 31 March 2025
Segment assets 2,592 2,960 1,994 1,534 20,551 (17,608) 12,023
Segment liabilities 2,856 3,127 2,681 1,145 4,447 (5,008) 9,248
Investment in associate accounted for using equity method (included in segment - - 5 - - - 5
assets above)
((1) ) Mobile money revenue is net of
inter-segment elimination of $224m mainly for commission on sale of airtime.
It includes $150m pertaining to East Africa mobile services, $73m pertaining
to Francophone Africa mobile services and balance $1m pertaining to Nigeria
mobile service.
((2) ) Other revenue includes messaging,
value added services, enterprise, site sharing and handset sale revenue.
For the year ended 31 March 2024
Mobile money Others
Nigeria mobile services East Africa mobile services Francophone Africa mobile services (unallocated) Total
Eliminations
Revenue from external customers
Voice revenue 710 850 619 - - - 2,179
Data revenue 654 621 459 - - - 1,734
Mobile money revenue ((1)) - - - 649 - - 649
Other revenue ((2)) 136 138 129 - 14 - 417
Total revenue from external customers 1,500 1,609 1,207 649 14 - 4,979
Inter-segment revenue 3 13 6 188 8 (218) -
Total revenue 1,503 1,622 1,213 837 22 (218) 4,979
EBITDA 811 788 512 436 (119) - 2,428
Less:
Depreciation and amortisation 264 287 209 18 10 - 788
Finance costs
- Derivative and foreign exchange losses
Nigerian naira 1,070
Other currencies 189
- Other finance costs 482
Finance income (38)
Share of profit of associate and joint venture accounted for using equity (0)
method
Loss before tax (63)
Other segment items
Capital expenditure 252 284 157 27 17 - 737
As of 31 March 2024
Segment assets 1,675 2,336 1,647 1,151 20,774 (17,722) 9,861
Segment liabilities 1,890 2,569 2,346 929 9,338 (9,511) 7,561
Investment in associate accounted for using equity method (included in segment - 5 - - - 5
assets above)
((1) ) Mobile money revenue is net of inter-segment elimination
of $188m mainly for commission on sale of airtime. It includes $126m
pertaining to East Africa mobile services and balance $62m pertaining to
Francophone Africa mobile services.
((2) ) Other revenue includes messaging, value added services,
enterprise, site sharing and handset sale revenue.
Geographical information disclosure based on the physical location of
non-current assets (PPE, CWIP, ROU, intangible assets including goodwill and
intangible assets under development):
As of
31 March 2025 31 March 2024
United Kingdom 1 0
Nigeria 2,260 1,320
Netherlands (including Goodwill) 2,955 2,517
Others ((1)) 3,919 3,003
Total 9,135 6,840
((1)) majorly includes other African countries where the Group operates.
6. Exceptional items
Underlying profit before tax excludes the following exceptional items
For the year ended
31 March 2025 31 March 2024
Profit/ (loss) before tax 661 (63)
Add: Exceptional items
Finance costs
- Derivative and foreign exchange losses/ (gains)
Nigerian naira (refer to note 4(c)) 112 770
Other currencies (refer to note 4(f)) (25) 37
Provision for settlement of legal dispute ((1)) 16 -
103 807
Underlying profit before tax 764 744
((1) ) Represents provision for expected settlement of a legal
dispute in one of Group's former subsidiary which is recognised in other
operating expenses.
Underlying profit after tax excludes the following exceptional items:
For the year ended
31 March 2025 31 March 2024
Profit/ (Loss) after tax 328 (89)
-Exceptional items (as above) 103 807
- Tax on above exceptional items
Nigerian naira (refer to note 4(c)) (37) (250)
Other currencies (refer to note 4(f)) 7 (8)
73 549
Underlying profit after tax 401 460
Profit attributable to non-controlling interests amounting to $108m (31 March
2024: $76m) includes a gain of $9m (31 March 2024: loss of $4m) during the
year ended 31 March 2025, relating to the above exceptional items.
7. Income tax
The major components of the income tax expense are:
For the year ended
31 March 2025 31 March 2024
Current income tax 297 332
Deferred tax 36 (306)
Income tax expenses 333 26
8. Earnings per share (EPS)
The details used in the computation of basic EPS:
For the year ended
31 March 2025 31 March 2024
Profit / (loss) for the year attributable to owners of the company 220 (165)
Weighted average ordinary shares outstanding for basic EPS 3,703,072,464 3,750,641,207
Basic earning/ (loss) per share 6.0 cents (4.4) cents
The details used in the computation of diluted EPS:
For the year ended
31 March 2025 31 March 2024
Profit / (loss) for the year attributable to owners of the company 220 (165)
Weighted average ordinary shares outstanding for diluted EPS((1)(2)) 3,707,789,495 3,750,641,207
Diluted earning/ (loss) per share 6.0 cents (4.4) cents
(1) The difference between the basic and diluted number of shares at the
end of March 2025 being 4,717,031 (31 March 2024: Nil) shares relates to
awards committed but not yet issued under the Group's share-based payment
schemes.
(2) The 6,017,906 shares granted under different share-based plans are not
included in the calculation of diluted earnings per share for the year ended
31 March 2024 as these are anti-dilutive on account of losses during the year.
9. Property, plant and equipment ('PPE')
The following table presents the reconciliation of changes in the carrying
value of PPE for the year ended 31 March 2025 and 31 March 2024:
Leasehold Improvements Building Land Plant and Equipment((1)) Furniture & Fixture Vehicles Office Equipment Computer Total Capital work in progress ((2))
Gross carrying value
Balance as of 1 April 2023 49 43 25 3,249 70 22 61 696 4,215 212
Additions / capitalization 1 - 1 556 10 - 15 45 628 722
Disposals / adjustments ((3)) - (1) - (29) (5) - - (4) (39) (628)
Foreign currency translation impact (6) (9) (2) (1,394) (14) (1) (19) (144) (1,589) (74)
Balance as of 31 March 2024 44 33 24 2,382 61 21 57 593 3,215 232
Balance as of 1 April 2024 44 33 24 2,382 61 21 57 593 3,215 232
Opening hyperinflationary adjustment((4)) 1 13 0 204 4 1 4 46 273 0
Additions / capitalization 0 - 0 576 6 1 20 72 675 651
Disposals / adjustments ((3)) (0) - - (4) (0) (0) (1) (2) (7) (675)
Foreign currency translation impact (0) (1) (0) (135) (2) (0) (1) (15) (154) (14)
Hyperinflationary impact for the period 1 6 0 115 3 0 3 25 153 -
Balance as of 31 March 2025 46 51 24 3,138 72 23 82 719 4,155 194
Accumulated Depreciation
Balance as of 1 April 2023 42 19 - 1,137 30 20 39 633 1,920 -
Charge 2 2 - 341 12 0 15 34 406 -
Disposals / adjustments ((3)) (0) (0) - (35) (5) 1 3 1 (35) -
Foreign currency translation impact (6) (5) - (739) (9) (1) (14) (129) (903) -
Balance as of 31 March 2024 38 16 - 704 29 20 43 539 1,388 -
Balance as of 1 April 2024 38 16 - 704 29 20 43 539 1,388 -
Opening hyperinflationary adjustment((4)) 1 8 - 175 3 1 4 46 238 -
Charge 1 3 - 341 13 0 16 38 412 -
Disposals / adjustments ((3)) (0) - - (3) (0) (0) (1) (2) (6) -
Foreign currency translation impact (0) (1) - (70) (1) (0) (1) (12) (85) -
Hyperinflationary impact for the period 1 4 - 89 2 1 2 22 121 -
Balance as of 31 March 2025 41 30 - 1,236 46 22 63 631 2,069 -
Net carrying value
As of 1 April 2023 7 24 25 2,112 40 2 22 63 2,295 212
As of 31 March 2024 6 17 24 1,679 31 1 15 54 1,827 232
As of 31 March 2025 5 21 24 1,902 26 1 19 88 2,086 194
-
((1)) Includes PPE secured against the Group's borrowings outstanding of $292m
and $139m as at 31 March 2025 and 31 March 2024 respectively.
((2)) The carrying value of capital work-in-progress as of 31 March 2025 and
31 March 2024 mainly pertains to plant and equipment.
((3)) Related to the reversal of gross carrying value and accumulated
depreciation on retirement/ disposal of PPE and reclassification from one
category of asset to another.
((4)) Opening hyperinflationary adjustment as at 1
April 2024 related to Malawi operations (refer to note 4(g)).
10. Goodwill
The following table presents the reconciliation of changes in the carrying
value of goodwill for the year ended 31 March 2024 and 31 March 2025
Goodwill
Balance as of 1 April 2023 3,516
Foreign currency translation impact (947)
Balance as of 31 March 2024 2569
Balance as of 1 April 2024 2,569
Opening hyperinflationary adjustment ((1)) 270
Foreign currency translation impact (24)
Hyperinflationary impact for the period 193
Balance as of 31 March 2025 3,008
((1) ) Opening hyperinflationary adjustment as at 1
April 2024 related to Malawi operations (refer to note 4(g))
11. Impairment review
The carrying amount of goodwill is attributed to the following groups of CGUs,
which are also the Group's operating segments:
As of
31 March 2025 31 March 2024
Nigeria mobile services 269 318
East Africa mobile services 1,086 834
Francophone Africa mobile services 497 500
Mobile money services 1,156 917
3,008((1)) 2,569
((1) ) The increase of $439m in carrying amount of goodwill
during the year is due to hyperinflationary adjustment related to Malawi
operations ($463m) and foreign currency translation differences. Refer to note
4c, 4f and 4g.
The Group tests goodwill for impairment annually on 31 December. The carrying
value of goodwill as of 31 December 2024 was $269m, $1,044m, $489m and $1,113m
for Nigeria mobile services, East Africa mobile services and Francophone
Africa mobile services and Mobile money services, respectively. The
recoverable amounts of the above group of CGUs are based on value-in-use,
which are determined based on ten-year business plans that have been approved
by the Board.
Whilst the Board performed a long-term viability assessment over a three-year
period, for the purposes of assessing liquidity, the Group has adopted a
ten-year plan for the purpose of impairment testing due to the following
reasons:
• The Group operates in emerging markets where the
telecommunications and mobile money markets are underpenetrated when compared
to developed markets. In these emerging markets, short-term plans (for
example, five years) are not indicative of the long-term future prospects and
performance of the Group.
• The life of the Group's regulatory telecom
licences and network assets are at an average of ten years, the spectrum
renewals happen for a period of ten years or more and in general the
replacement of technology happens after a similar duration, and
• The potential opportunities of the emerging
African telecom and mobile money sectors, which is mostly a two-to-three
player market with lower smartphone penetration.
Accordingly, the Board approved that this planning horizon reflects the
assumptions for medium- to long-term market developments, appropriately covers
market dynamics of emerging markets and better reflects the expected
performance in the markets in which the Group operates.
While using the ten-year plan, the Group also considers external market data
to support the assumptions used in such plans, which is generally available
only for the first five years. Considering the degree of availability of
external market data beyond year five, the Group has performed sensitivity
analysis to assess the impact on impairment of using a five-year plan. The
results of this sensitivity analysis demonstrate that the initial five-year
plan with appropriate changes, including long-term growth rates applied at the
end of this period does not result in any impairment and does not decrease the
recoverable value by more than 4% in any of the group of CGUs as compared to
the recoverable value using the ten-year plan. Further, the Group is confident
that projections for years six to ten are reliable and can demonstrate its
ability, based on past experience, to forecast cash flows accurately over a
longer period. Accordingly, the Board has approved and the Group continues to
follow a consistent policy of using an initial forecast period of ten years
for the purpose of impairment testing.
The nominal cash flows used in the impairment tests reflect the Group's
current assessment of the impact of climate change and associated commitments
the Group has made. Based on the analysis conducted so far, the Group is
satisfied that the impact of climate change does not lead to an impairment as
of 31 December 2024 and is adequately covered as part of the sensitivities
disclosed below.
The nominal cash flows beyond the planning period are extrapolated using
appropriate long-term terminal growth rates. The long-term terminal growth
rates used do not exceed the long-term average growth rates of the respective
industry and country in which the entity operates and are consistent with
internal/external sources of information.
The inputs used in performing the impairment assessment as of 31 December 2024
were as follows:
Assumptions Nigeria Mobile Services East Africa Mobile Services Francophone Africa Mobile Services Mobile Money Services
Pre-tax discount rate 30.88% 20.86% 21.65% 22.53%
Average Capital expenditure (as a percentage of revenue) 9.68% 12.94% 11.85% 2.95%
Long term growth rate 13.30% 8.94% 6.69% 8.49%
As of 31 December 2024, the impairment testing did not result in any
impairment in the carrying amount of goodwill in any group of CGUs.
The key assumptions in performing the impairment assessment are as follows:
Assumptions Basis of assumptions
Discount Rate Nominal discount rate reflects the market assessment of the risks specific to
the group of CGUs and are estimated based on the weighted average cost of
capital for respective CGUs.
Capital expenditure The cash flow forecasts of capital and spectrum licences expenditure are based
on experience after considering the expenditure required to meet coverage,
licence and capacity requirements relating to voice, data and mobile money
services.
Long-term Growth rates The growth rates into perpetuity used are in line with the nominal long-term
average growth rates of the respective industry and country in which the
entity operates and are consistent with the internal / external sources of
information.
As of 31 December 2024, the impairment testing did not result in any
impairment in the carrying amount of goodwill in any group of CGUs. The
results of the impairment tests using these rates show that the recoverable
amount exceeds the carrying amount by $1,006m for Nigeria mobile services
(38%), $3,126m for East Africa mobile services (91%), $1,249m for Francophone
Africa mobile services (64%) and $4,941m for Mobile money (408%),
respectively. The Group, therefore, concluded that no impairment was required
to the goodwill held against each group of CGUs. Subsequent to December 2024,
the Group has also performed indicator testing for impairment of goodwill and
has concluded that there are no indicators of impairment.
Sensitivity in discount rate and capital expenditure
Management believes that no reasonably possible change in any of the key
assumptions would cause the difference between the carrying value and
recoverable amount for any cash-generating unit to be materially different
from the recoverable value in the base case. The table below sets out the
breakeven pre-tax discount rate for each group of CGUs, which will result in
the recoverable amount being equal with the carrying amount for each group of
CGUs:
Nigeria Mobile Services East Africa Mobile Services Francophone Africa Mobile Services Mobile Money Services
Pre-tax discount rate 37.03% 31.66% 30.37% 75.18%
No reasonably possible change in the terminal growth rate and capital
expenditure would cause the carrying amount to exceed the recoverable amount.
12. Cash and bank balances ('C&CE')
Cash and cash equivalents As of
31 March 2025 31 March 2024
Balances with banks
- On current accounts 269 190
- Bank deposits with original maturity of three months or less 116 311
- On settlement account 8 2
Balance held in wallets 156 111
Remittance in transit 2 5
Cash on hand 1 1
552 620
Other bank balances
As of
31 March 2025 31 March 2024
-Term deposits with banks with original maturity of 76 344
more than three months but less than 12 months
-Margin money deposits ((1)) 5 9
-Unpaid dividend 0 0
81 353
((1) ) Margin money deposits represent amount given as
collateral for legal cases and/or bank guarantees for disputed matters.
For the purpose of the statement of cash flows, cash and cash equivalents are
as follows:
As of
31 March 2025 31 March 2024
Cash and cash equivalents as per statement of financial position 552 620
Balance held under mobile money trust 952 737
Bank overdraft (444) (457)
1,060 900
13. Share capital
As of
31 March 2025 31 March 2024
Issued, subscribed and fully paid-up shares (refer to note 4(d))
3,670,529,876 ordinary shares of $0.50 each 1,835 1,875
(March 2024: 3,750,761,649)
1,835 1,875
Terms/rights attached to equity shares
· The company has only one class of ordinary equity shares having
par value of $0.50 per share. Each holder of equity shares is entitled to cast
one vote per share and carry a right to dividends.
14. Borrowings
Non-current
As of
31 March 2025 31 March 2024
Secured
Term loans((1)) 237 124
237 124
Unsecured
Term loans((1)) 989 823
989 823
1,226 947
Current
As of
31 March 2025 31 March 2024
Secured
Term loans((1)) 55 15
55 15
Unsecured
Non- convertible bonds((1)(2)) - 550
Term loans((1)) 596 404
Bank overdraft 444 457
1,040 1,411
1,095 1,426
((1)) Includes debt origination costs.
((2)) Includes impact of fair value hedges.
15. Contingent liabilities and commitments
(i) Contingent liabilities
As of
31 March 2025 31 March 2024
(a) Taxes, duties and other demands (under adjudication / appeal / dispute)
-Income tax 24 13
-Value added tax 25 20
-Customs duty & Excise duty 8 9
-Other miscellaneous demands 10 7
(b) Claims under legal and regulatory cases including arbitration matters 81 76
148 125
There are uncertainties in the legal, regulatory and tax environments in the
countries in which the Group operates and there is a risk of demands, which
may be raised based on current or past business operations. Such demands have
in the past been challenged and contested on merits with the relevant
authorities and appropriate settlements agreed.
The increase of $23m in contingent liabilities during the year ended 31 March
2025 is primarily on account of new tax demand on income tax, value added tax,
regulatory cases and other taxes in some of the subsidiaries of the group.
The company and its subsidiaries are currently and may become, from time to
time, involved in a number of legal proceedings, including inquiries from, or
discussions with, governmental authorities that are incidental to their
operations. As of 31 March 2025, the Group's key contingent liabilities
include the following:
Claims under legal and regulatory cases including arbitration matter
One of the subsidiaries of the Group is involved in a dispute with one of its
vendors, concerning invoices for services provided to the subsidiary under a
service contract valued at Central African Franc (CFA) 473.8m (approximately
$1m). After a dispute on the payable amount in 2014, the vendor-initiated
arbitration proceedings and was awarded CFA 1.9 billion (approximately $3m)
which was paid by the subsidiary's bank in 2015. The vendor fraudulently
claimed not to have received the payment, and after multiple court proceedings
dating from 2015, in May 2019, managed to obtain orders of late payment
penalties against the subsidiary amounting to CFA 35 billion (approximately
$58m), which was confirmed by the Court of Appeal in July 2019. Based on this,
third party garnishee proceedings were initiated by the vendor to recover the
debt, leading to certain banks of the subsidiary releasing some funds. The
subsidiary immediately appealed to the Supreme Court, but in 2022, the Supreme
Court referred the appeal to the CCJA, the regional court in Cote d Ivoire,
Abidjan, citing a lack of competence. The transferred file was received by the
CCJA in January 2024, where it issued its final decision on 4 September 2024,
citing a lack of competence to rule over issues of the penalties, which are
within the competence of the national judge. The subsidiary is in the process
of reintroducing the case before the national courts, the Supreme Court, for a
final determination.
Separately, in December 2020 the subsidiary initiated criminal proceedings
against the vendor for fraud and deceitful conduct and presented the bank
transfer which showed that the debt had been already paid. Testimony in the
criminal investigation case happened on 26 April 2022 before the criminal
chamber in the Court of Appeal where the honorable judge further re-examined
the facts from the representatives of the subsidiary against this case and
also visited the bank to confirm the authenticity of the bank transfer
documents. A stay of execution was issued on 30 May 2022 by the Chamber of
Accusation in favor of the subsidiary till the time criminal investigation is
completed. In October 2023, the criminal court ordered the discontinuation of
the investigations and did not retain Airtel Africa plc any criminal charges.
The subsidiary immediately appealed to the criminal chamber of the Supreme
Court, and a decision is awaited.
The vendor has continued with the attempts for recovery of the alleged late
payment penalties. On 2 April 2024, the vendor sent a demand to the
subsidiary, in the form of an injunction to pay CFA 54.7 billion
(approximately $87m). On that basis, multiple provisional enforcement measures
were instituted against the subsidiary in April 2024 including attachment of
transferable securities and negotiable instruments of the Group entity,
attachment for sale of movable assets, and attachment for sale of fixed
assets. The subsidiary opposed the attachments, but the judge allowed their
continuation, a decision which was further appealed on 17 June 2024, and 8
November 2024. A final decision is awaited. Further, on 2 December 2024, the
Court of Appeal allowed the vendor to proceed with the attachment orders dated
April 2021 that had been challenged by the subsidiary. The subsidiary is also
challenging this decision.
The Group still awaits the determination of the merits of the case, and the
outcome of the criminal investigations, and until that time has disclosed this
matter as Contingent Liability for $58m (included in the closing contingent
liability). No provision has been made against this claim.
In addition to the individual matters disclosed above, in the ordinary course
of business, the Group is a defendant or co-defendant in various litigations
and claims which are immaterial individually.
Guarantees:
Guarantees outstanding as of 31 March 2025 and 31 March 2024 amounting to $13m
and $12m respectively have been issued by banks and financial institutions on
behalf of the Group. These guarantees include certain financial bank
guarantees which have been given for sub-judice matters and the amounts with
respect to these have been disclosed under capital commitments, contingencies
and liabilities, as applicable, in compliance with the applicable accounting
standards.
Commitments
Capital commitments
The Group has contractual commitments towards capital expenditure (net of
related advances paid) of $303m and $317m as of 31 March 2025 and 31 March
2024 respectively.
16. Related Party disclosure
a) List of related parties
i) Parent company
Airtel Africa Mauritius Limited
ii) Intermediate parent entities
Network i2i Limited
Bharti Airtel Limited
Bharti Telecom Limited
iii) Ultimate controlling entity
Bharti Enterprises (Holding) Private Limited. It is held by private trusts of
Bharti family, with Mr. Sunil Bharti Mittal's family trust effectively
controlling the company.
iv) Associate
Seychelles Cable Systems Company Limited
v) Joint Venture
Mawezi RDC S.A.
vi) Other entities with whom transactions have taken place during the
reporting period
a. Fellow subsidiaries
Nxtra Data Limited
Bharti Airtel Services Limited
Bharti International (Singapore) Pte Ltd
Bharti Airtel (UK) Limited
Bharti Airtel (France) SAS
Bharti Airtel Lanka (Private) Limited (till June 2024)
Bharti Hexacom Limited
Xtelify Limited
b. Other related parties
Singapore Telecommunication Limited
Bharti Global Limited
Emtel Limited
vii) Key Management Personnel ('KMP')
a. Executive directors
Olusegun Ogunsanya (till June 2024)
Sunil Taldar (w.e.f 1 July 2024)
Jaideep Paul
b. Non-Executive directors
Sunil Bharti Mittal
Awuneba Ajumogobia
Douglas Baillie (till October 2023)
John Danilovich (retired w.e.f. 3 July 2024)
Andrew James Green
Akhil Gupta
Shravin Bharti Mittal
Annika Poutiainen
Ravi Rajagopal
Kelly Bayer Rosmarin (till October 2023)
Tsega Gebreyes
Paul Thomas Arkwright (since May 2024)
Gopal Vittal (since October 2024)
Cynthia Gordon (since April 2025)
c. Others
Ian Basil Ferrao
Michael Foley (till June 2023)
Razvan Ungureanu
Luc Serviant (till May 2023)
Daddy Mukadi Bujitu
Ramakrishna Lella
Edgard Maidou (till June 2023)
Rogany Ramiah
Stephen Nthenge
Anthony Shiner (since June 2024)
Apoorva Mehrotra
Oliver Fortuin (since June 2023)
Martin Frechette (since June 2023)
Carl Cruz (since May 2023 to November 2024)
Anwar Soussa (since August 2023)
Rohit Marwah (since April 2024)
Sunil Taldar (since October 2023 to June 2024)
Jacques Barkhuizen (since October 2023)
Dinesh Balsingh (since November 2024)
In the ordinary course of business, there are certain transactions among the
Group entities and all these transactions are on arm's length basis. However,
the intra-group transactions and balances, and the income and expenses arising
from such transactions, are eliminated on consolidation. The transactions with
remaining related parties for the years ended 31 March 2025 and 2024
respectively, are described below:
(b) The summary of transactions with the above-mentioned parties is as
follows:
For the year ended
31 March 2025 31 March 2024
Relationship Parent Intermediate parent entity Fellow subsidiaries Joint venture Associates Parent Intermediate parent entity Fellow subsidiaries Joint venture Associates
company company
Sale / rendering of services - 4 70 - - - 9 80 - -
Purchase / receiving of services - 15 46 - 0 - 16 57 - 1
Rent and other charges - 0 - - - - 1 - - -
Guarantee and collateral fee paid - 0 - - - - 2 - - -
Purchase of assets - 1 4 - - - 0 - - -
Dividend paid 130 - - - - 119 - - - -
(c) The outstanding balance of the above mentioned related parties are as
follows:
Relationship Intermediate parent entity Fellow subsidiaries Joint venture Associate
As of 31 March 2025
Trade payables 12 45 - -
Trade receivables 5 76 - -
Corporate guarantee fee payable - - - -
Guarantees and collaterals taken (including performance guarantees) - - - -
As of 31 March 2024
Trade payables 8 40 - 0
Trade receivables 4 70 - -
Corporate guarantee fee payable 1 - - -
Guarantees and collaterals taken (including performance guarantees)((1)) 2,000 - - -
((1) ) This guarantee (200% of the bond amount) relates to the $1
billion USD non-convertible bonds with original maturity of 2024. The Group
had prepaid a portion of these bonds and the outstanding amount as on 31 March
2024 is $550m. In accordance with the legal and regulatory requirements
pertaining to these bonds, the guarantee amount can be reduced only once these
are paid in full and thus the full guarantee amount (based on issued value of
guarantee) is disclosed in March 2024.
(d) Key management compensation (KMP)
KMP are those persons having authority and responsibility for planning,
directing and controlling the activities of the Group, directly or indirectly,
including any director, whether executive or otherwise. For the Group, these
include executive committee members. Remuneration to KMP were as follows:
For the year ended
31 March 2025 31 March 2024
Short-term employee benefits 11 11
Performance linked incentive 4 4
Share-based payment 5 3
Other long term benefits 2 2
Other benefits 1 1
23 21
17. Fair Value of financial assets and liabilities
The details as to the carrying value, fair value and the level of fair value
measurement hierarchy of the group's financial instruments are as follows:
Carrying value as of Fair value as of
31 March 2025 31 March 2024 31 March 2025 31 March 2024
Financial assets
FVTPL
Derivatives
- Forward and option Level 2 1 10 1 10
contracts
Investments Level 2 0 0 0 0
FVTOCI
Investments Level 2 - 2 - 2
Amortised cost
Trade receivables 203 184 203 184
Cash and cash equivalents 552 620 552 620
Other bank balances 81 353 81 353
Balance held under mobile money trust 952 737 952 737
Other financial assets 77 136 77 136
1,866 2,042 1,866 2,042
Financial liabilities
FVTPL
Derivatives
- Forward and option Level 2 10 22 10 22
contracts
- Cross currency swaps Level 3 - 155 - 155
- Embedded derivatives Level 2 0 0 0 0
Amortised cost
Long term borrowings - fixed rate Level 2 592 271 588 257
Long term borrowings - floating rate 634 676 634 676
Short term borrowings - fixed rate Level 1 - 550 - 549
Short term borrowings 1,095 876 1,095 876
Put option liability Level 3 542 552 544 552
Trade payables 485 422 485 422
Mobile money wallet balance 928 722 928 722
Other financial liabilities 599 586 599 586
4,885 4,832 4,883 4,817
The following methods/assumptions were used to estimate the fair values:
(· ) The carrying value of bank deposits, trade receivables,
trade payables, balance held under mobile money trust, mobile money wallet
balance, short-term borrowings, other current financial assets and liabilities
approximate their fair value mainly due to the short-term maturities of these
instruments.
(· ) Fair value of quoted financial instruments is based on
quoted market price at the reporting date.
(· ) The fair value of non-current financial assets,
long-term borrowings and other financial liabilities is estimated by
discounting future cash flows using current rates applicable to instruments
with similar terms, currency, credit risk and remaining maturities.
(· ) The fair values of derivatives are estimated by using
pricing models, wherein the inputs to those models are based on readily
observable market parameters. The valuation models used by the Group reflect
the contractual terms of the derivatives (including the period to maturity),
and market-based parameters such as interest rates, foreign exchange rates,
volatility etc. These models do not contain a high level of subjectivity as
the valuation techniques used do not require significant judgement and inputs
thereto are readily observable. For details pertaining to valuation of cross
currency swaps, please refer to level 3 details below.
(· ) The fair value of the put option liability to buy back
the stake held by non-controlling interest in AMC BV is measured at the
present value of the redemption amount (i.e. expected cash outflows). Since,
the liability will be based on fair value of the equity shares of AMC BV
(subject to a cap) at the end of 48 months, the expected cash flows are
estimated by determining the projected equity valuation of the AMC BV at the
end of 48 months expiring in August 2025 and applying a cap thereon. The
figure in the above table reflects the maximum payable under the agreement.
During the year ended 31 March 2025 and year ended 31 March 2024 there were no
transfers between Level 1 and Level 2 fair value measurements, and no transfer
into or out of Level 3 fair value measurements.
The following table describes the key inputs used in the valuation (basis
discounted cash flow technique) of the Level 2 financial assets/liabilities as
of 31 March 2025 and 31 March 2024:
Financial assets / liabilities Inputs used
- Currency swaps, forward and option contracts and other bank balances Forward foreign currency exchange rates, Interest rate
- Interest rate swaps Prevailing / forward interest rates in market, Interest rate
- Embedded derivatives Prevailing interest rates in market, inflation rates
- Other financial assets / fixed rate borrowing / other financial liabilities Prevailing interest rates in market, Future payouts, Interest rates
Key inputs for level 3
The fair value of cross currency swap (CCS) has been estimated based on the
contractual terms of the CCS and parameters such as interest rates, foreign
exchange rates etc. Since the data from any observable markets in respect of
interest rates is not available, the interest rates are considered to be
significant unobservable inputs to the valuation of this CCS.
Reconciliation of fair value measurements categorised within level 3 of the
fair value hierarchy - Financial Assets/(Liabilities) (net)
• Cross Currency Swaps ('CCS')
For the year ended
31 March 2025 31 March 2024
Opening Balance (155) (43)
Recognized in finance costs in profit and loss (unrealised) (32) (284)
Repayment of cross currency swap & interest 166 32
Foreign currency translation impact recognized in OCI 21 140
Closing Balance - (155)
• Put option liability
For the year ended
31 March 2025 31 March 2024
Opening Balance (552) (569)
Liability de-recognized by crediting transaction with NCI reserve((1)) 15 24
Recognized in finance costs in profit and loss (unrealized) (5) (7)
Closing Balance (542) (552)
((1)) Put option liability was reduced by $15m (March 2024: $24m) for dividend
distribution to put option NCI holders. Any dividend paid to put option NCI
holders is adjustable against the put option liability based on put option
arrangements.
18. Events after the balance sheet date
No material subsequent events or transactions have occurred since the date of
statement of financial position except as disclosed below:
· The Board recommended a final dividend of 3.90 cents per share on
7 May 2025.
Appendix
Additional information pertaining to three months ended 31 March 2025
Condensed Consolidated Statement of Comprehensive Income
(All amounts are in US$ millions unless stated otherwise)
For three months ended
31 March 2025 31 March 2024
Income
Revenue 1,317 1,118
Other income 5 3
1,322 1,121
Expenses
Network operating expenses 266 210
Access charges 56 63
License fee and spectrum usage charges 70 61
Employee benefits expense 75 72
Sales and marketing expenses 168 140
Impairment loss on financial assets 0 -
Other operating expenses 80 55
Depreciation and amortisation 231 173
946 774
Operating profit 376 347
Finance costs
- Derivative and foreign exchange losses
Nigerian naira 6 323
Other currencies 20 33
- Other finance costs 199 120
Finance income (4) (11)
Net monetary gain relating to hyperinflationary accounting (12) -
Share of profit for associate and joint venture accounted for using equity (0) 0
method
Profit/ (loss) before tax 167 (118)
Income tax expense 87 (27)
Profit/ (loss) for the period 80 (91)
Profit/ (loss) before tax (as presented above) 167 (118)
Add: Exceptional items (net) 16 323
Underlying profit before tax 183 205
Profit/ (loss) after tax (as presented above) 80 (91)
Add: Exceptional items (net) 16 219
Underlying profit after tax 96 128
Other comprehensive income ('OCI')
Items to be reclassified subsequently to profit or loss:
Gain/ (loss) due to foreign currency translation differences 86 (180)
Share of OCI of associate and joint venture accounted for using equity method 0 (0)
Gain on cash flow hedges 0 -
Cash flow hedges reclassified to profit or loss (0) -
Tax on above 0 3
86 (177)
For three months ended
31 March 2025 31 March 2024
Items not to be reclassified subsequently to profit or loss:
Re-measurement gain/ (loss) on defined benefit plans 1 (0)
Tax on above 0 0
1 (0)
Other comprehensive gain/ (loss) for the period 87 (177)
Total comprehensive gain/ (loss) for the period 167 (268)
Profit/ (loss) for the period attributable to: 80 (91)
Owners of the company 56 (104)
Non-controlling interests 24 13
Other comprehensive gain/ (loss) for the period attributable to: 87 (177)
Owners of the company 75 (175)
Non-controlling interests 12 (2)
Total comprehensive gain/ (loss) for the period attributable to: 167 (268)
Owners of the company 131 (279)
Non-controlling interests 36 11
Alternative performance measures (APMs)
Introduction
In the reporting of financial information, the directors have adopted various
APMs. These measures are not defined by International Financial Reporting
Standards (IFRS) and therefore may not be directly comparable with other
companies APMs, including those in the Group's industry.
APMs should be considered in addition to, and are not intended to be a
substitute for, or superior to, IFRS measurements.
Purpose
The directors believe that these APMs assist in providing additional useful
information on the underlying trends, performance and position of the Group.
APMs are also used to enhance the comparability of information between
reporting periods and geographical units (such as like-for-like sales), by
adjusting for non-recurring or uncontrollable factors which affect IFRS
measures, to aid users in understanding the Group's performance. Consequently,
APMs are used by the directors and management for performance analysis,
planning, reporting and incentive-setting purposes.
The directors believe the following metrics to be the APMs used by the Group
to help evaluate growth trends, establish budgets and assess operational
performance and efficiencies. These measures provide an enhanced understanding
of the Group's results and related trends, therefore increasing transparency
and clarity into the core results of the business.
During the year, the Group has amended their basis of classification of
foreign exchange gains or losses which is disclosed as exceptional. While this
amendment does not change the existing APM, it has been made to ensure that
only significant foreign exchange movements are classified as exceptional
which will better align with current foreign exchange movements in the market.
This change has been applied prospectively but had it been applied in the year
ended 31 March 2024, an additional $282m of derivative and foreign exchange
losses relating to Nigeria and other OPCOs would have been classified as
exceptional in the prior period. The only APMs impacted by the classification
of foreign exchange movements as exceptional include underlying profit/(loss)
before tax, effective tax rate, underlying profit/(loss) after tax, earnings
per share before exceptional items and earnings per share before exceptional
items and derivative and foreign exchange losses.
Changes in APM
During the current period, the Group has included 'Lease-adjusted leverage' as
an additional APM which reduces the volatility in the leverage ratio
associated with lease accounting under IFRS16, improves comparability between
periods and reflects the leverage based on the Group's financial market debt
position.
The following metrics are useful in evaluating the Group's operating
performance:
APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose
Underlying EBITDA(1) and margin Operating profit · Depreciation and amortisation The Group defines underlying EBITDA as operating profit/(loss) for the period
before depreciation and amortisation and adjusted for exceptional items
· Exceptional items impacting operating profit/(loss), if any impacting operating profit/(loss), if any.
The Group defines underlying EBITDA margin as underlying EBITDA divided by
revenue.
Underlying EBITDA and margin are measures used by the directors to assess the
trading performance of the business and are therefore the measure of segment
profit that the Group presents under IFRS. Underlying EBITDA and margin are
also presented on a consolidated basis because the directors believe it is
important to consider profitability on a basis consistent with that of the
Group's operating segments. When presented on a consolidated basis, underlying
EBITDA and margin are APMs.
Depreciation and amortisation is a non-cash item which fluctuates depending on
the timing of capital investment and useful economic life. Directors believe
that a measure which removes this volatility improves comparability of the
Group's results period on period and hence is adjusted to arrive at underlying
EBITDA and margin.
Exceptional items are additional specific items that because of their size,
nature or incidence in the results, are considered to hinder comparison of the
Group's performance on a period-to-period basis and could distort the
understanding of our performance for the period and the comparability between
periods and hence are adjusted to arrive at underlying EBITDA and margin.
Underlying profit / (loss) before tax Profit / (loss) before tax · Exceptional items The Group defines underlying profit/(loss) before tax as profit/(loss) before
tax adjusted for exceptional items.
The directors view underlying profit/(loss) before tax to be a meaningful
measure to analyse the Group's profitability.
Effective tax rate Reported tax rate · Exceptional items The Group defines effective tax rate as reported tax rate (reported tax charge
divided by reported profit before tax) adjusted for exceptional items, foreign
· Foreign exchange rate movements exchange rate movements and one-off tax items of prior period adjustment, tax
settlements and impact of permanent differences on tax.
· One-off tax impact of prior period, tax litigation settlement and
impact of tax on permanent differences This provides an indication of the current on-going tax rate across the Group.
Foreign exchange rate movements are specific items that are non-tax deductible
in a few of the entities which are loss making and/or where DTA is not yet
triggered and hence are considered to hinder comparison of the Group's
effective tax rate on a period-to-period basis and therefore excluded to
arrive at effective tax rate.
One-off tax impact on account of prior period adjustment, any tax litigation
settlement and tax impact on permanent differences are additional specific
items that because of their size and frequency in the results, are considered
to hinder comparison of the Group's effective tax rate on a period-to-period
basis.
Underlying profit/(loss) after tax Profit/(loss) for the period · Exceptional items The Group defines underlying profit/(loss) after tax as profit/(loss) for the
period adjusted for exceptional items.
The directors view underlying profit/(loss) after tax to be a meaningful
measure to analyse the Group's profitability.
Earnings per share before exceptional items EPS · Exceptional items The Group defines earnings per share before exceptional items as profit/(loss)
for the period before exceptional items attributable to owners of the company
divided by the weighted average number of ordinary shares in issue during the
financial period.
This measure reflects the earnings per share before exceptional items for each
share unit of the company.
Earnings per share before exceptional items and derivative and foreign EPS · Exceptional items The Group defines earnings per share before exceptional items and derivative
exchange losses
and foreign exchange losses as profit/(loss) for the period before exceptional
· Derivative and foreign exchange losses items and derivative and foreign exchange losses (net of tax) attributable to
owners of the company divided by the weighted average number of ordinary
shares in issue during the financial period.
This measure reflects the earnings per share before exceptional items and
derivative and foreign exchange losses for each share unit of the company.
Derivative and foreign exchange losses are due to revaluation of US dollar
balance sheet liabilities and derivatives as a result of currency devaluation.
Operating free cash flow Cash generated from operating activities · Income tax paid The Group defines operating free cash flow as net cash generated from
operating activities before income tax paid, changes in working capital, other
· Changes in working capital non-cash items, non-operating income, exceptional items, and after capital
expenditures. The Group views operating free cash flow as a key liquidity
· Other non-cash items measure, as it indicates the cash available to pay dividends, repay debt or
make further investments in the Group.
· Non-operating income
· Exceptional items
· Capital expenditures
Net debt and leverage ratio · Borrowings · Lease liabilities
· Operating profit · Cash and cash equivalent The Group defines net debt as borrowings including lease liabilities less cash
and cash equivalents, term deposits with banks, deposits given against
· Term deposits with banks borrowings/non-derivative financial instruments, processing costs related to
borrowings and fair value hedge adjustments.
· Deposits given against borrowings/ non-derivative financial instruments
The Group defines leverage ratio as net debt divided by underlying EBITDA for
· Fair value hedges the preceding 12 months.
The directors view net debt and the leverage ratio to be meaningful measures
to monitor the Group's ability to cover its debt through its earnings.
Lease- adjusted leverage · Borrowings · Cash and cash equivalent The Group defines lease-adjusted leverage ratio as Lease-adjusted net debt
divided by Lease-adjusted underlying EBITDA (EBITDAaL) for the preceding 12
· Operating profit · Term deposits with banks months, where:
· Deposits given against borrowings/ non-derivative financial - Lease-adjusted net debt is defined as borrowings excluding lease
instruments liabilities less cash and cash equivalents, term deposits with banks, deposits
given against borrowings/non-derivative financial instruments, processing
· Fair value hedges costs related to borrowings and fair value hedge adjustments.
· Depreciation and amortisation - Lease-adjusted underlying EBITDA is defined as operating
profit/(loss) for the period before depreciation and amortisation adjusted for
· Exceptional items impacting operating profit/(loss), if any exceptional items impacting operating profit/(loss), if any, less principal
repayments due on right-of-use assets during the period and interest on lease
· Principal repayments due on right-of-use assets liabilities
· Interest on lease liabilities Lease-adjusted leverage is a prominent metric used by debt rating agencies and
the capital markets. This APM reduces the volatility in the leverage ratio
associated with lease accounting under IFRS16, improves comparability between
periods and reflects the Group's financial market debt position.
Accordingly, the Directors view lease adjusted leverage as a meaningful
measure to analyse the Group's performance.
Return on capital employed No direct equivalent · Exceptional items to arrive at EBIT The Group defines return on capital employed ('ROCE') as EBIT divided by
average capital employed.
The directors view ROCE as a financial ratio that measures the Group's
profitability and the efficiency with which its capital is being utilised.
The Group defines EBIT as operating profit/(loss) for the period.
Capital employed is defined as sum of equity attributable to owners of the
company (grossed up for put option provided to minority shareholders to
provide them liquidity as part of the sale agreements executed with them
during year ended 31 March 2022), non-controlling interests and net debt.
Average capital employed is average of capital employed at the closing and
beginning of the relevant period.
For quarterly computations, ROCE is calculated by dividing EBIT for the
preceding 12 months by the average capital employed (being the average of the
capital employed averages for the preceding four quarters).
(1)Underlying EBITDA was not disclosed in prior year (FY24) given that there
were no exceptional items impacting operating profit/(loss), therefore, EBITDA
was equal to underlying EBITDA. Thus, underlying EBITDA is not a new APM in
the current year.
Some of the Group's IFRS measures and APMs are translated at constant currency
exchange rates to measure the organic performance of the Group. In determining
the percentage change in constant currency terms, both current and previous
financial reporting period's results have been converted using exchange rates
prevailing as on 31 March 2024 for all countries. Reported currency percentage
change is derived based on the average actual periodic exchange rates for that
financial period. Variances between constant currency and reported currency
percentages are due to exchange rate movements between the previous financial
reporting period and the current period. The constant currency numbers only
reflect the retranslation of reported numbers into exchange rates as of 31
March 2024 and are not intended to represent the wider impact that currency
changes have on the business.
Reconciliation between GAAP and Alternative Performance Measures
Table A: Underlying EBITDA and margin
Description Unit of measure Year ended
March 2025 March 2024
Operating profit $m 1,457 1,640
Add:
Depreciation and amortisation $m 831 788
Operating exceptional items $m 16 -
Underlying EBITDA $m 2,304 2,428
Revenue $m 4,955 4,979
Underlying EBITDA margin (%) % 46.5% 48.8%
Table B: Underlying profit / (loss) before tax
Description Unit of measure Year ended
March 2025 March 2024
Profit / (loss) before tax $m 661 (63)
Exceptional items $m 103 807
Underlying profit before tax $m 764 744
Table C: Effective tax rate
Description Unit of measure Year ended
March 2025 Mar
ch
202
4
Profit before taxation Income tax expense Tax rate % Profit before taxation Income tax expense Tax rate %
Reported effective tax rate (after EI) $m 661 333 50.3% (63) 26 (41.1%)
Exceptional items (provided below) $m 103 30 807 258
Reported effective tax rate (before EI) $m 764 363 47.5% 744 284 38.3%
Adjusted for:
Foreign exchange rate movement for loss making entity and/or non-DTA operating $m 35 - 57 -
companies & holding companies
One-off adjustment and tax on permanent differences $m (8) (39) - 24
Effective tax rate $m 791 324 41.0% 801 308 38.4%
Exceptional items
1. Derivative and foreign exchange losses $m 30 807 258 a
87
2. Provision for expected settlement of a $m 16 b - - -
contractual dispute
Total $m 103 30 807 258
1. Derivative and foreign exchange losses
$m
87
30
807
258 a
2. Provision for expected settlement of a
contractual dispute
$m
16 b
-
-
-
Total
$m
103
30
807
258
a. $258m exceptional tax gain in full year period ended 31 March
2024 is tax gain corresponding to $807m derivative and foreign exchange losses
following Nigerian naira and Malawian kwacha devaluation.
b. $16m exceptional items related to provision for expected
settlement of a legal dispute in a former Group subsidiary.
Table D: Underlying profit / (loss) after tax
Description Unit of measure Year ended
March 2025 March 2024
Profit / (loss) after tax $m 328 (89)
Operating exceptional items $m 16 -
Finance cost - exceptional items $m 87 807
Tax exceptional items $m (30) (258)
Underlying profit after tax $m 401 460
Table E: Earnings per share before exceptional items
Description Unit of Year ended
measure
March 2025 March 2024
Profit/(loss) for the period attributable to owners of the company $m 220 (165)
Operating exceptional items $m 16 -
Finance cost - exceptional items $m 87 807
Tax exceptional items $m (30) (258)
Non-controlling interest exceptional items $m 9 (4)
Profit for the period attributable to owners of the company- $m 302 380
before exceptional items
Weighted average ordinary shares outstanding million 3,703 3,751
Earnings per share before exceptional items Cents 8.2 10.1
Table F: Earnings per share before exceptional items and derivative and
foreign exchange losses
Description UoM Year ended
March 2025 March 2024
Profit/(loss) for the period attributable to owners of the company $m 220 (165)
Operating exceptional items 16 -
Finance cost - exceptional items $m 87 807
Tax exceptional items $m (30) (258)
Non-controlling interest exceptional items $m 9 (4)
Profit for the period attributable to owners of the company- before $m 302 380
exceptional items
Derivative and foreign exchange losses (excluding exceptional items) $m 92 452
Tax on derivative and foreign exchange losses (excluding exceptional items) $m (18) (130)
Non-controlling interest on derivative and foreign exchange losses (excluding $m (15) (17)
exceptional items) - net of tax
Profit for the period attributable to owners of the company- before $m 361 685
exceptional items and derivative and foreign exchange losses
Weighted average ordinary shares outstanding million 3,703 3,751
Earnings per share before exceptional items and derivative and foreign Cents 9.8 18.3
exchange losses
Table G: Operating free cash flow
Description Unit of measure Year ended
March 2025 March 2024
Net cash generated from operating activities $m 2,266 2,259
Add: Income tax paid $m 323 344
Net cash generation from operation before tax $m 2,589 2,603
Less: Changes in working capital
Increase in trade receivables $m 30 79
(Decrease)/Increase in inventories $m (1) 16
Increase in trade payables $m (69) (56)
Increase in mobile money wallet balance $m (218) (207)
Increase in provisions $m (38) (3)
Increase in deferred revenue $m (15) (21)
Increase in other financial and non-financial liabilities $m (27) (76)
Increase in other financial and non-financial assets $m 51 93
Operating cash flow before changes in working capital $m 2,302 2,428
Other non-cash adjustments $m (14) -
Operating exceptional items $m 16 -
Underlying EBITDA $m 2,304 2,428
Less: Capital expenditure $m (670) (737)
Operating free cash flow $m 1,634 1,691
Table H1: Net debt and leverage
Description Unit of measure As at As at
March 2025 March 2024
Non-current borrowing $m 1,226 947
Current borrowing $m 1,095 1,426
Add: Processing costs related to borrowings $m 9 8
Less: Fair value hedge adjustment $m - (1)
Less: Cash and cash equivalents $m (552) (620)
Less: Term deposits with banks $m (76) (344)
Add: Lease liabilities $m 3,661 2,089
Net debt $m 5,363 3,505
Underlying EBITDA $m 2,304 2,428
Leverage times 2.3x 1.4x
Table H2: Lease adjusted Net debt and leverage
Description Unit of measure As at As at
March 2025 March 2024
Non-current borrowing $m 1,226 947
Current borrowing $m 1,095 1,426
Add: Processing costs related to borrowings $m 9 8
Less: Fair value hedge adjustment $m - (1)
Less: Cash and cash equivalents $m (552) (620)
Less: Term deposits with banks $m (76) (344)
Add: Lease liabilities $m 3,661 2,089
Net debt $m 5,363 3,505
Less: Lease liabilities $m 3,661 2,089
Lease adjusted net debt $m 1,702 1,416
Description Unit of Year ended
measure
March 2025 March 2024
Operating profit $m 1,457 1,640
Add:
Depreciation and amortisation $m 831 788
Operating exceptional items $m 16 -
Underlying EBITDA $m 2,304 2,428
Less: Interest on lease liabilities $m 319 195
Less: Repayment of lease liabilities* $m 219 303
Total lease repayments $m 538 498
Lease-adjusted underlying EBITDA (EBITDAaL) $m 1,766 1,930
* Repayment of lease liabilities in the above table is inclusive of net lease
payables movement of ($3m) in the current period and ($21m) in the prior
period.
Description Unit of measure As at As at
March 2025 March 2024
Lease adjusted underlying EBITDA (EBITDAaL) $m 1,766 1,930
Lease adjusted Leverage times 1.0x 0.7x
Table I: Return on capital employed
Description Unit of Year ended
measure
March 2025 March 2024
Operating profit $m 1,457 1,640
Add:
Operating exceptional items $m 16 -
Underlying operating profit $m 1,473 1,640
Equity attributable to owners of the Company $m 2,486 2,160
Add: Put option given to minority shareholders $m 542 552
Gross equity attributable to owners of the Company $m 3,028 2,712
Non-controlling interests (NCI) $m 289 140
Net debt (refer Table H1) $m 5,363 3,505
Capital employed $m 8,680 6,357
Average capital employed (1) $m 7,518 7,130
Return on capital employed % 19.6% 23.0%
((1)) Average capital employed is calculated as average of capital employed at
closing and opening of relevant period.
Statement of Director's Responsibilities
We confirm that to the best of our knowledge:
a) the financial statements, prepared in accordance with the relevant
financial reporting framework, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the company and the
undertakings included in the consolidation taken as a whole.
b) the management report includes a fair review of the development and
performance of the business and the position of the company, and the
undertakings included in the consolidation taken as a whole, together with a
summary description of the principal risks and uncertainties that they face.
c) the financial statements include disclosure of related parties'
transactions that have taken place during the year and that have materially
affected the financial position or performance of the company.
This responsibility statement was approved by the board of directors on 07 May
2025 and is signed on its behalf by:
Sunil Taldar
Chief Executive Officer
07 May 2025
Glossary
Technical and Industry Terms
4G data customer A customer having a 4G handset and who has used at least 1 MB on any of the
Group's GPRS, 3G and 4G network in the last 30 days.
Airtel Money (mobile money) Airtel Money is the brand name for Airtel Africa's mobile money products and
services. The term is used interchangeably with 'mobile money' when referring
to our mobile money business, finance, operations and activities.
Airtel Money ARPU Mobile money average revenue per user per month. This is derived by dividing
total mobile money revenue during the relevant period by the average number of
active mobile money customers and dividing the result by the number of months
in the relevant period.
Airtel Money customer base Total number of active subscribers who have enacted any mobile money usage
event in last 30 days.
Airtel Money customer penetration The proportion of total Airtel Africa active mobile customers who use mobile
money services. Calculated by dividing the mobile money customer base by the
Group's total customer base.
Airtel Money transaction value Any financial transaction performed on Airtel Africa's mobile money platform.
Airtel Money transaction value per customer per month Calculated by dividing the total mobile money transaction value on the Group's
mobile money platform during the relevant period by the average number of
active mobile money customers and dividing the result by the number of months
in the relevant period.
Airtime credit service A value-added service where the customer can take an airtime credit and
continue to use our voice and data services, with the credit recovered through
subsequent customer recharge. This is classified as a Mobile Services product
(not a Mobile Money product).
ARPU Average revenue per user per month. This is derived by dividing total revenue
during the relevant period by the average number of customers during the
period and dividing the result by the number of months in the relevant period.
Average customers The average number of active customers for a period. Derived from the monthly
averages during the relevant period. Monthly averages are calculated using the
number of active customers at the beginning and the end of each month.
Capital expenditure An alternative performance measure (non-GAAP). Defined as investment in gross
fixed assets (both tangible and intangible but excluding spectrum and
licences) plus capital work in progress (CWIP), excluding provisions on CWIP
for the period.
Constant currency The Group has presented certain financial information that is calculated by
translating the results at a fixed 'constant currency' exchange rate, which is
done to measure the organic performance of the Group and represents the
performance of the business in a better way. Constant currency amounts and
growth rates are calculated using closing exchange rates as of 31 March 2024
for all reporting regions and service segments.
Customer Defined as a unique active subscriber with a unique mobile telephone number
who has used any of Airtel's services in the last 30 days.
Customer base The total number of active subscribers that have used any of our services
(voice calls, SMS, data usage or mobile money transaction) in the last 30
days.
Data ARPU Data average revenue per user per month. Data ARPU is derived by dividing
total data revenue during the relevant period by the average number of data
customers and dividing the result by the number of months in the relevant
period.
Data customer base The total number of subscribers who have consumed at least 1 MB on the Group's
GPRS, 3G or 4G network in the last 30 days.
Data customer penetration The proportion of customers using data services. Calculated by dividing the
data customer base by the total customer base.
Data usage per customer per month Calculated by dividing the total MBs consumed on the Group's network during
the relevant period by the average data customer base over the same period and
dividing the result by the number of months in the relevant period.
Digitalisation We use the term digitalisation in its broadest sense to encompass both
digitisation actions and processes that convert analogue information into a
digital form and thereby bring customers into the digital environment, and the
broader digitalisation processes of controlling, connecting and planning
processes digitally; the processes that effect digital transformation of our
business, and of industry, economics and society as a whole through bringing
about new business models, socio-economic structures and organisational
patterns.
Diluted earnings per share Diluted EPS is calculated by adjusting the profit for the year attributable to
the shareholders and the weighted average number of shares considered for
deriving basic EPS, for the effects of all the shares that could have been
issued upon conversion of all dilutive potential shares. The dilutive
potential shares are adjusted for the proceeds receivable had the shares
actually been issued at fair value. Further, the dilutive potential shares are
deemed converted as at beginning of the period, unless issued at a later date
during the period.
Earnings per share (EPS) EPS is calculated by dividing the profit for the period attributable to the
owners of the company by the weighted average number of ordinary shares
outstanding during the period.
Foreign exchange rate movements for non-DTA operating companies Foreign exchange rate movements are specific items that are non-tax deductible
in a few of our operating entities, hence these hinder a like-for-like
and holding companies comparison of the Group's effective tax rate on a period-to-period basis and
are therefore excluded when calculating the effective tax rate.
Indefeasible Rights of Use (IRU) A standard long-term leasehold contractual agreement that confers upon the
holder the exclusive right to use a portion of the capacity of a fibre route
for a stated period.
Information and communication technologies (ICT) ICT refers to all communication technologies, including the internet, wireless
networks, cell phones, computers, software, middleware, videoconferencing,
social networking, and other media applications and services.
Interconnect usage charges (IUC) Interconnect usage charges are the charges paid to the telecom operator on
whose network a call is terminated.
Lease liability Lease liability represents the present value of future lease payment
obligations.
Leverage An alternative performance measure (non-GAAP). Leverage (or leverage ratio) is
calculated by dividing net debt at the end of the relevant period by the
underlying EBITDA for the preceding 12 months.
Market Debt Market debt is defined as Borrowings from Banks or Financial Institutions and
debt capital market issuances in the form of Bonds.
Minutes of usage Minutes of usage refer to the duration in minutes for which customers use the
Group's network for making and receiving voice calls. It includes all incoming
and outgoing call minutes, including roaming calls.
Mobile services Mobile services are our core telecom services, mainly voice and data services,
but also including revenue from tower operation services provided by the Group
and excluding mobile money services.
Net debt An alternative performance measure (non-GAAP). The Group defines net debt as
borrowings including lease liabilities less cash and cash equivalents, term
deposits with banks, processing costs related to borrowings and fair value
hedge adjustments.
Net debt to underlying EBITDA (LTM) An alternative performance measure (non-GAAP) Calculated by dividing net debt
as at the end of the relevant period by underlying EBITDA for the preceding 12
months (from the end of the relevant period). This is also referred to as the
leverage ratio.
Lease-adjusted Net Debt An alternative performance measure (non-GAAP). The Group defines
Lease-adjusted net debt as borrowings excluding lease liabilities less cash
and cash equivalents, term deposits with banks, processing costs related to
borrowings and fair value hedge adjustments.
Lease adjusted leverage (LTM) An alternative performance measure (non-GAAP) Calculated by dividing
Lease-adjusted net debt as at the end of the relevant period by Lease-adjusted
underlying EBITDA (EBITDAaL) for the preceding 12 months (from the end of the
relevant period).
Net monetary gain relating to hyperinflationary accounting Net monetary gain relating to hyperinflationary accounting is computed as
difference resulting from the restatement of non-monetary net assets, equity
and items in the statement of comprehensive income due to application of IAS
29 hyperinflationary accounting.
Network towers or 'sites' Physical network infrastructure comprising a base transmission system (BTS)
which holds the radio transceivers (TRXs) that define a cell and coordinates
the radio link protocols with the mobile device. It includes all ground-based,
roof top and in-building solutions.
Operating company (OpCo) Operating company (or OpCo) is a defined corporate business unit, providing
telecoms services and mobile money services in the Group's footprint.
Operating free cash flow An alternative performance measure (non-GAAP). Calculated by subtracting
capital expenditure from underlying EBITDA.
Operating profit Operating profit is a GAAP measure of profitability. Calculated as revenue
less operating expenditure (including depreciation and amortisation and
operating exceptional items).
Other revenue Other revenue includes revenues from messaging, value added services (VAS),
enterprise, site sharing and handset sale revenue.
Reported currency Our reported currency is US dollars. Accordingly, actual periodic exchange
rates are used to translate the local currency financial statements of OpCos
into US dollars. Under reported currency the assets and liabilities are
translated into US dollars at the exchange rates prevailing at the reporting
date whereas the statements of profit and loss are translated into US dollars
at monthly average exchange rates.
Smartphone A smartphone is defined as a mobile phone with an interactive touch screen
that allows the user to access the internet and additional data applications,
providing additional functionality to that of a basic feature phone which is
used only for making voice calls and sending and receiving text messages.
Smartphone penetration Calculated by dividing the number of smartphone devices in use by the total
number of customers.
Total MBs on network Includes total MBs consumed (uploaded and downloaded) on the network during
the relevant period.
EBIT Defined as operating profit/(loss) for the period adjusted for exceptional
items.
Underlying EBITDA An alternative performance measure (non-GAAP). Defined as operating profit
before depreciation, amortisation and exceptional items.
Underlying EBITDA margin An alternative performance measure (non-GAAP). Calculated by dividing
underlying EBITDA for the relevant period by revenue for the relevant period.
Lease-adjusted underlying EBITDA (EBITDAaL) An alternative performance measure (non-GAAP). Defined as operating profit
before depreciation, amortisation and exceptional items, interest on lease
liabilities and repayment of lease liabilities due during the relevant period
Unstructured Supplementary Service Data Unstructured Supplementary Service Data (USSD), also known as "quick codes" or
"feature codes", is a communications protocol for GSM mobile operators,
similar to SMS messaging. It has a variety of uses such as WAP browsing,
prepaid callback services, mobile-money services, location-based content
services, menu-based information services, and for configuring phones on the
network.
Voice minutes of usage per customer per month Calculated by dividing the total number of voice minutes of usage on the
Group's network during the relevant period by the average number of customers
and dividing the result by the number of months in the relevant period.
Weighted average number of shares The weighted average number of shares is calculated by multiplying the number
of outstanding shares by the portion of the reporting period those shares
covered, doing this for each portion and then summing the total.
Abbreviations
2G Second-generation mobile technology
3G Third-generation mobile technology
4G Fourth-generation mobile technology
5G Fifth-generation mobile technology
ARPU Average revenue per user
bn Billion
bps Basis points
CAGR Compound annual growth rate
Capex Capital expenditure
CBN Central Bank of Nigeria
CSR Corporate social responsibility
DTA Deferred Tax Asset
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EBITDAaL Earnings before interest, tax, depreciation and amortisation after lease
payments
EPS Earnings per share
FPPP Financial position and prospects procedures
GAAP Generally accepted accounting principles
GB Gigabyte
HoldCo Holding company
IAS International accounting standards
ICT Information and communication technologies
ICT (Hub) Information communication technology (Hub) IFRS
IFRS International financial reporting standards
IMF International monetary fund
IPO Initial public offering
KPIs Key performance indicators
KYC Know your customer
LTE Long-term evolution (4G technology)
LTM Last 12 months
m Million
MB Megabyte
MI Minority interest (non-controlling interest)
NGO Non-governmental organisation
OpCo Operating company
P2P Person to person
PAYG Pay-as-you-go
QoS Quality of service
RAN Radio access network
SIM Subscriber identification module
Single RAN Single radio access network
SMS Short messaging service
TB Terabyte
Telecoms Telecommunications
UoM Unit of measure
USSD Unstructured supplementary service data
Unless otherwise stated, all growth rates represent YoY growth for the year
ended 31 March 2025.
1 (#_ftnref2) An explanation of constant currency growth is on page 52.
2 (#_ftnref3) Alternative performance measures (APM) are described on page 50.
3 (#_ftnref4) For future sensitivity on currency devaluation, refer to the
Risk section on page 20.
(#_ftnref5)
4 (#_ftnref6) Mobile money contribution is based upon mobile money
revenue including cross-charge revenue from mobile services which gets
eliminated upon consolidation.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR APMATMTJMMFARecent news on Airtel Africa
See all newsREG - Airtel Africa PLC - Final Results
AnnouncementREG - Airtel Africa PLC - Total Voting Rights
AnnouncementREG - Airtel Africa PLC - Transaction in Own Shares
AnnouncementREG - Airtel Africa PLC - Transaction in Own Shares
AnnouncementREG - Airtel Africa PLC - Transaction in Own Shares
Announcement