REG - Airtel Africa PLC - 3rd Quarter Results
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RNS Number : 0021R Airtel Africa PLC 30 January 2026
Airtel Africa plc
Results for nine-month period ended 31 December 2025
30 January 2026
Continuing to demonstrate the business’s growth potential, delivering
another strong quarterly performance
Operating highlights
· Our customer-centric strategy continues to underpin strong operating
momentum, with increased network investment, digitisation and innovative new
partnerships, demonstrating tangible progress in delivering our strategic
priorities. Our total customer base increased by 10% to 179.4 million, with
data customers of 81.8 million, growing 14.6%. Smartphone penetration rose
another 3.9% to 48.1%, with data ARPU's growing by 16.6% in constant
currency(( 1 )) as data usage per customer increased to 8.6GB per month from
6.9GB in prior period, facilitated by the enhanced network investment.
· Airtel Money continues to scale, with two major milestones reached
this quarter. The first milestone saw the business exceed 50 million
subscribers, reaching 52.0 million customers up 17.3%. Secondly, annualised
total processed value(( 2 )) (TPV) for Q3'26 surpassed the $200bn threshold,
with an increase of 36% to over $210bn. A broader ecosystem and stronger
digital adoption contributed to a 9.8% increase in constant currency ARPU.
Financial performance
· Revenues of $4,667m increased by 24.6% in constant currency and 28.3%
in reported currency as currency appreciation supported the strong underlying
fundamentals of the business. The strong execution of our strategy delivered
constant currency revenue growth acceleration to 24.7% in Q3'26, which was
further supported by currency appreciation resulting in 32.9% reported
currency revenue growth.
· Mobile services revenue grew by 23.3% in constant currency. Data
revenues, the largest contributor to group revenues, increased 36.5% with
voice revenues growing by 13.5%. Mobile money revenues continue to benefit
from the strong operating momentum to deliver 29.4% growth in constant
currency.
· EBITDA grew by 35.9% in reported currency to $2,283m with
EBITDA margins expanding further to 48.9% from 46.2% in the prior period.
Q3'26 saw a further sequential increase in EBITDA margins to 49.6%, driving
EBITDA growth of 31.0% in constant currency and 40.8% in reported currency.
The margin performance has been driven by the strong revenue growth and
sustained benefits from our cost efficiency programme.
· Profit after tax of $586m improved from $248m in the prior period.
Higher profit after tax in the current period was driven by higher operating
profit and derivative and foreign exchange gains of $99m, as compared to $153m
derivative and foreign exchange losses in the prior period.
· Basic EPS of 13.1 cents compares to 4.4 cents in the prior period,
predominantly reflecting the growth in operating profit and derivative and
foreign exchange gains in the current period compared to losses in the prior
period. EPS before exceptional items increased from 6.2 cents in the prior
period to 13.1 cents, largely reflecting the increased operating profits and
derivative and foreign exchange gains in the current period.
Capital allocation
· Given the significant opportunity across our markets, we have
accelerated our investment in-line with our revised capex guidance as
previously communicated. Capex of $603m increased by 32.2% over the prior
period as we rolled out approx. 2,500 new sites and expanded our fibre network
by approx. 4,000kms to 81,500+ km to enhance both coverage and capacity,
supporting a strong customer experience. Overall population coverage has
reached 81.7% - an increase of 0.6% from a year ago.
· Leverage has improved from 2.4x to 1.9x, with lease-adjusted leverage
also improving to 0.7x from 1.1x a year ago, primarily driven by the
improvement in EBITDA.
Sunil Taldar, chief executive officer, on the trading update:
"These results highlight the strength of our strategy, with strong operating
and financial trends across the business. During the quarter, we accelerated
investment to enhance coverage and data capacity while also expanding our
fibre network. Coupling this investment with innovative partnerships,
strengthens our customer proposition and positions us to capture the
considerable growth opportunity across our markets. Digitisation, technology
innovation and embedding AI in our processes will also optimise the customer
experience with increased digital offerings and closer integration of GSM and
Airtel Money services allowing us to unlock the strong demand across our
markets. Smartphone adoption continues to increase with penetration of 48.1%,
and we are seeing solid progress in the development of our home broadband
business, reflecting the need for reliable, high-speed connectivity across our
markets.
Our push to enhance financial inclusion across the continent continues to gain
momentum with our Mobile Money customer base expanding to 52 million,
surpassing the 50 million milestone. Annualised total processed value of
over $210bn in Q3'26 underscores the depth of our merchants, agents and
partner ecosystem, and remains a key player in driving improved access to
financial services across Africa. We remain on track for the listing of Airtel
Money in the first half of 2026.
Disciplined execution on cost efficiency, alongside accelerating revenue
growth has enabled another sequential improvement in our quarterly EBITDA
margin to 49.6%, - underpinning constant currency EBITDA growth of 31% - and
we remain focussed on driving further incremental margin improvements. Our
strategic priorities remain clear: to keep investing in best‑in‑class
connectivity, accelerate financial inclusion through our mobile money platform
and deliver a great customer experience. These results reinforce our
confidence in the long‑term potential of our markets and our ability to
create value for all our stakeholders."
GAAP measures
(Nine-month period ended)
Description Dec-25 Dec-24 Reported
currency
$m $m change
Revenue 4,667 3,638 28.3%
Operating profit 1,526 1,081 41.3%
Profit after tax 586 248 136.6%
Basic EPS ($ cents) 13.1 4.4 198.2%
Net cash generated from operating activities 2,306 1,623 42.1%
Alternative performance measures (APM) 3
(Nine-month period ended)
Description Dec-25 Dec-24 Reported Constant
currency
currency
$m $m change change
Revenue 4,667 3,638 28.3% 24.6%
EBITDA 2,283 1,681 35.9% 31.4%
EBITDA margin 48.9% 46.2% 272 bps 250 bps
EPS before exceptional items ($ cents) 13.1 6.2 112.9%
Operating free cash flow 1,680 1,225 37.2%
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
Nelly Apaka
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 (GMT) on Friday 30 January 2026, 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.eu/DiamondPassRegistration/register?confirmationNumber=8773360&linkSecurityString=155d5b3750)
Key consolidated financial information
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported currency Constant currency Dec-25 Dec-24 Reported currency Constant currency
change %
change %
change %
change %
Profit and loss summary
Revenue (1) $m 4,667 3,638 28.3% 24.6% 1,685 1,268 32.9% 24.7%
Voice revenue $m 1,705 1,456 17.1% 13.5% 605 496 22.0% 14.1%
Data revenue $m 1,825 1,306 39.8% 36.5% 664 461 44.0% 35.5%
Mobile money revenue (2) $m 986 731 34.9% 29.4% 362 265 36.7% 28.0%
Other revenue $m 349 308 13.3% 11.4% 123 104 18.4% 12.2%
Expenses $m (2,407) (1,974) 21.9% 19.0% (858) (679) 26.3% 19.5%
EBITDA (3) $m 2,283 1,681 35.9% 31.4% 836 594 40.8% 31.0%
EBITDA margin % 48.9% 46.2% 272 bps 250 bps 49.6% 46.9% 278 bps 237 bps
Depreciation and amortisation $m (757) (600) 26.1% 23.2% (269) (219) 22.5% 15.4%
Operating profit $m 1,526 1,081 41.3% 35.9% 567 375 51.2% 40.3%
Other finance cost - net of finance income (4) $m (506) (514) (1.6%) (202) (217) (6.6%)
Finance cost - exceptional items (5) $m - (87) - 144
Total finance cost $m (506) (601) (15.8%) (202) (73) 179.2%
Net monetary gain relating to hyperinflationary accounting $m 2 14 2 14
Profit before tax (6) $m 1,023 494 107.2% 367 316 16.2%
Tax $m (437) (276) 58.3% (157) (97) 61.4%
Tax - exceptional items (5) $m - 30 - (50)
Total tax charge $m (437) (246) 77.4% (157) (147) 6.7%
Profit after tax $m 586 248 136.6% 210 169 24.4%
Non-controlling interest $m (106) (84) 25.9% (33) (36) (7.5%)
Profit attributable to owners of the company - before exceptional items $m 480 230 109.2% 177 48 271.6%
Profit attributable to owners of the company $m 480 164 193.3% 177 133 33.1%
EPS - before exceptional items cents 13.1 6.2 112.9% 4.9 1.3 275.5%
Basic EPS cents 13.1 4.4 198.2% 4.9 3.6 34.5%
Weighted average number of shares million 3,652 3,713 (1.7%) 3,647 3,686 (1.1%)
Capex $m 603 456 32.2% 285 140 103.4%
Operating free cash flow $m 1,680 1,225 37.2% 551 454 21.4%
Net cash generated from operating activities $m 2,306 1,623 42.1% 918 644 42.6%
Net debt $m 5,653 5,268 5,653 5,268
Leverage (net debt to EBITDA) times 1.9x 2.4x 1.9x 2.4x
Lease-adjusted leverage times 0.7x 1.1x 0.7x 1.1x
Return on capital employed % 21.5% 19.2% 237 bps 21.5% 20.2% 134 bps
Operating KPIs
ARPU $ 3.0 2.6 16.7% 13.4% 3.2 2.7 20.2% 12.8%
Total customer base million 179.4 163.1 10.0% 179.4 163.1 10.0%
Data customer base million 81.8 71.4 14.6% 81.8 71.4 14.6%
Mobile money customer base million 52.0 44.3 17.3% 52.0 44.3 17.3%
All commentary in the footnotes refers to the nine months ended 31 December
2025 and the prior period (31 December 2024), unless otherwise stated.
(1) Revenue includes inter-segment eliminations of $198m and $163m for
the prior period.
(2) Mobile money revenue post inter-segment eliminations with mobile
services were $788m and $568m for the prior period.
(3) EBITDA includes other income of $23m and $17m for the prior
period.
(4) Other finance cost: net of finance income includes derivative and
foreign exchange gains of $99m in the current period and a losses of $66m in
the prior period which has not been treated as exceptional items.
(5) Exceptional items in the prior period of $87m relates to
derivative and foreign exchange losses due to the devaluation of the Nigerian
naira in Q1'25 and Q2'25 partially offset by exceptional derivative and
foreign exchange gains in Q3'25 due to Nigerian Naira and Tanzanian Shilling
appreciation, which resulted in an exceptional tax gain of $30m.
(6) Profit before tax in current period includes 'Share of profit of
associate and joint venture' of $1m.
Financial review for the nine-month period ended 31 December 2025
Revenue
Group revenue in reported currency increased by 28.3% to $4,667m, with constant currency growth of 24.6%. Reported currency revenue growth at a premium to constant currency growth reflects currency appreciation in key markets. In Q3'26, constant currency revenue growth improved to 24.7% from 24.2% in the previous quarter (Q2'26). Constant currency revenue growth was supported by tariff adjustments driving a 50.6% growth in Nigeria and a strong performance in Francophone Africa, which saw revenues accelerate to 17.0% in the nine-month period.
Mobile services revenue at $3,894m grew by 26.6% in reported currency and by 23.3% in constant currency. Constant currency growth was led by voice revenue growth of 13.5% and data revenue grew by 36.5%. Mobile money revenue grew by 34.9% in reported currency and by 29.4% in constant currency, driven by strong growth both in East Africa and Francophone Africa.
Francophone Africa reported currency revenue growth was 20.8% - a premium to the constant currency revenue growth of 17.0%, primarily due to CFA appreciation. In East Africa, reported currency revenue grew 23.0% also higher as compared to 18.5% constant currency growth due to appreciation in Zambian kwacha, Ugandan and Tanzanian shilling. Naira appreciated significantly from a weighted average NGN/USD rate of 1,627 in Q3'25 to NGN/USD 1,456 in Q3'26 resulting in Nigeria revenues growing 71.0% in reported currency and 53.0% in constant currency. During the nine-month period reported currency revenues grew 52.2% in Nigeria, 50.6% in constant currency.
EBITDA 4
Reported currency EBITDA grew by 35.9% to $2,283m, while in constant currency, EBITDA increased by 31.4%. Following a more stable operating environment and the continued success of our cost efficiency programme, EBITDA margins have increased by 272bps in the current period to reach 48.9%. Q3'26 EBITDA margin also expanded, reaching 49.6%, an increase of 278bps.
Mobile services EBITDA increased by 31.4% in constant currency with EBITDA margins of 48.4% expanding 308bps. Mobile money EBITDA margins of 51.2% declined by 183bps in reported currency primarily due to the renegotiation of intra-group agreements that were disclosed in the H1'26 results, which had no impact on the consolidated Group's margin.
Operating profit
Operating profit in reported currency increased by 41.3% to $1,526m, largely
driven by EBITDA growth of 35.9% in reported currency.
Finance costs
Total finance costs for the nine-month period ended 31 December 2025 were
$506m as compared to $601m in the prior period. Prior period finance costs
were impacted by $153m 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 an
exceptional item (due to losses on account of Nigerian naira devaluation in
H1'25 partially offset by gains in Q3'25 due to naira as well as Tanzanian
shilling appreciation). Current period finance cost had $99m of derivative and
foreign exchange gains largely on account of Nigerian naira appreciation in
Q3'26 and Q2'26 and CFA appreciation in Q1'26. As a result, finance costs
excluding derivative and foreign exchange (gains)/losses increased from $448m
in prior period to $605m in the current period reflecting an increase in
interest on lease liabilities due to tower contract renewals (tower contract
renewals had neutral to positive impact on cashflows) and increased OpCo
market debt.
The Group's effective interest rate decreased to 11.2% compared to 13.2% in
the prior period.
Exceptional items
Finance cost - exceptional items of $87m in prior period was related to $231m
derivative and foreign exchange losses following the devaluation of 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. These losses resulted in an exceptional tax gain of $30m.
Profit before tax
Profit before tax was $1,023m for the nine-month period ended 31 December 2025
as compared to $494m in the prior period. Higher profit before tax in current
period as compared to prior period was on account of higher operating profit
and derivative and foreign exchange gains of $99m in current period as
compared to $153m derivative and foreign exchange losses in the prior period.
Taxation
Total tax charges were $437m as compared to $246m in the prior period. Total
tax charges in the prior period reflected an exceptional gain of $30m, arising
from the exceptional derivative and foreign exchange losses. Excluding
exceptional items, tax charges increased by $161m which was largely driven by
the higher profit before tax in the current period and withholding taxes on
dividends paid by subsidiaries.
The effective tax rate was 39.6% compared to 41.0% in the previous financial
year (FY'25). The effective tax rate is higher than 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.
Profit after tax
Profit after tax was $586m during the nine-month period ended 31 December 2025
as compared to $248m in the prior period.
Earnings per share
Basic EPS of 13.1 cents compares to 4.4 cents in the prior period,
predominantly reflecting higher operating profits and derivative and foreign
exchange gains in the current period compared to derivative and foreign
exchange losses in the prior period.
EPS before exceptional items 5 (#_ftn5) also increased from 6.2 cents in the
prior period to 13.1 cents as higher operating profits due to strong revenue
growth and margin expansion, as well as derivative and foreign exchange gains
due to currency appreciation in the current period, more than offset the
impact of higher finance cost arising on account of tower contract renewals,
which had a neutral to positive impact on cashflows.
EPS before exceptional items and derivative and foreign exchange
(gains)/losses increased from 7.4 cents in the prior period to 11.6 cents in
the current period.
Net cash generated from operating activities
Net cash generated from operating activities was $2,306m, 42.1% higher
compared to $1,623m in the prior period, primarily reflecting the strong
operating performance with EBITDA growth of 35.9%.
Operating free cash flow
Operating free cash flow was $1,680m, up by 37.2%, as a result of higher
EBITDA during the current period.
Leverage
Over the year we have continued to improve our debt structure and continued
with the debt localisation programme. The proportion of local currency OpCo
debt (excluding lease liabilities) on our balance sheet increased to 95.2% as
of 31 December 2025 from 91.7% a year ago.
Lease-adjusted leverage improved to 0.7x (from 1.1x) and leverage to 1.9x
(from 2.4x), primarily driven by the improvement in EBITDA.
Other significant updates
Partnership with SpaceX to launch Starlink Direct-to-cell connectivity
On 16 December 2025, Airtel Africa plc (or the 'company') announced its
partnership with SpaceX to introduce Starlink Direct-to-Cell satellite
connectivity across its 14 markets, serving those customers with compatible
handsets. This service will enable data for certain apps and text messaging in
areas without terrestrial coverage, with future upgrades delivering high-speed
connectivity via next-generation satellites. Airtel Africa becomes the first
mobile operator in Africa to partner with SpaceX for Direct-to-cell
connectivity, reinforcing its commitment to bridging the digital divide and
expanding connectivity across the continent. The rollout will proceed in line
with country-specific regulatory approvals.
Furthermore, in May 2025, the company announced a collaboration with SpaceX to
bring next generation satellite connectivity offerings and augment
connectivity for enterprises, businesses and socio-economic communities like
schools and health centres in some of the most rural parts of Africa.
Commencement of audit tender process
On 3 December 2025, Airtel Africa plc announced that it has commenced a
formal, independent competitive tender process for the role of external
auditor which will be overseen by the Audit and Risk Committee. A resolution
to appoint the successful firm will be proposed to the shareholders at the
2027 Annual General Meeting, with the selected auditor expected to take office
to perform the Company's audit for the financial year ending 31 March 2028.
The decision to conduct the competitive audit tender earlier, aligns Airtel
Africa with our controlling shareholder, Bharti Airtel Limited, which is
subject to mandatory auditor rotation in India, and is not driven by any
disagreement with the incumbent auditors nor by any concerns over the quality
of the audit. A further announcement will be made following the conclusion of
the tender process in the coming months.
Directorate changes
On 11 November 2025, the company announced that Andrew Green has informed the
Board of his intention to retire as Senior independent non-executive director
following the conclusion of the Q3'26 Board meeting. Upon Andrew's retirement,
Tsega Gebreyes, who currently chairs the Remuneration Committee as well as
serves on the Nomination committee, will be appointed as Senior independent
non-executive director. She will continue to be a member of the Remuneration
committee while Cynthia Gordon will succeed Tsega as chair of the Remuneration
committee and will join the Nominations committee.
Following the conclusion of AGM on 9 July 2025, Jaideep Paul, chief financial
officer (CFO) has retired from his position as executive director and CFO.
Kamal Dua became an executive director and assumed the role of CFO following
his appointment at the 2025 AGM.
On 9 July 2025, Akhil Gupta retired as a non-executive director of Airtel
Africa plc in accordance with the announcement made on 13 May 2025.
On 1 April 2025, Cynthia Gordon was appointed as an independent non-executive
director who will serve on the Group's Remuneration Committee.
Update on share buyback programme
On 23 December 2024, Airtel Africa plc (or the 'company') announced the
commencement of a second share buyback programme that will return up to $100m
to shareholders. This programme is to be phased in two tranches. The company
completed the first tranche on 24 April 2025, returning $45m to shareholders
following the purchase of 26.3 million ordinary shares.
Following the completion of the first tranche, on 14 May 2025, the company
announced the commencement of the second tranche of the $100m share buy-back
amounting to a maximum of $55m.
As of 31 December 2025, the company has returned $36.2m to shareholders
through purchase of 14.6m shares as part of this second tranche. During Q3'26,
revised arrangements took effect for a discretionary buyback programme which
include irrevocable, non-discretionary instructions to Barclays to continue to
operate the buy-back programme during closed periods. Barclays will therefore
operate the buy-back programme autonomously during those periods.
Directorate declaration
The company announced that Sunil Bharti Mittal, chair, and Gopal Vittal,
non-executive director of Airtel Africa plc, have been appointed as
non-independent non-executive directors of BT Group plc with effect from 15
September 2025.
Network infrastructure agreement with Vodacom
In August 2025, the company announced a strategic infrastructure sharing
agreement with Vodacom Group in key markets, including Tanzania and the
Democratic Republic of Congo (the DRC) along with access to international
bandwidth infrastructure in Mozambique, subject to regulatory approvals in the
various countries. The agreement marks a transformative milestone in promoting
digital inclusion and expanding access to reliable connectivity across Africa
and will initially focus on sharing fibre networks and tower infrastructure to
accelerate the rollout of digital services in these markets.
The announcement follows the announcement in March 2025 when Airtel Africa and
MTN announced network infrastructure sharing agreements in Uganda and Nigeria.
Update on Airtel Money shareholder put option
On 1 August 2025, the company announced that it and its affiliates have agreed
with The Rise Fund, the impact investment platform of TPG and Mastercard, both
minority shareholders in Airtel Mobile Commerce B.V. ('Airtel Money), to defer
the exercisable date of their put options under their respective agreements by
12 months.
Migration of customers to advanced system verification platform in Nigeria
In May 2025, the Nigerian Communications Commission (NCC) directed Airtel
Nigeria and other operators to transfer all verified unique subscriber records
in the SIM registration database from the existing NIN token system to a more
advanced and secure platform, the High Availability NIMC Verification Service
(HA-NVS). The initial cut-off date for transfer was 27 May 2025 which was
subsequently extended multiple times to address the critical outstanding
issues with respect to the transfer.
Subsequently, the existing NIN token platform was shut down on 26 June 2025
and on 3 July 2025, the NCC released the framework required for HA-NVS
integration.
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)
Financial review for the nine-month period ended 31 December 2025
Nigeria - mobile services
Description Unit of Nine-month period ended Quarter ended
measure
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,123 738 52.1% 50.4% 426 249 70.9% 52.9%
Voice revenue $m 432 315 36.9% 35.8% 164 106 53.9% 37.7%
Data revenue $m 576 344 67.4% 65.4% 219 115 91.2% 70.9%
Other revenue(1) $m 115 79 45.5% 43.7% 43 28 52.6% 36.9%
EBITDA $m 640 360 77.6% 75.5% 247 122 103.4% 82.1%
EBITDA margin % 57.0% 48.8% 821 bps 815 bps 58.1% 48.8% 926 bps 929 bps
Depreciation and amortisation $m (217) (150) 45.1% 43.4% (79) (58) 36.0% 21.6%
Operating profit $m 359 219 64.0% 61.6% 123 64 93.8% 70.0%
Capex $m 166 103 60.9% 60.9% 92 28 224.6% 224.6%
Operating free cash flow $m 474 257 84.4% 81.5% 155 94 65.7% 41.5%
Operating KPIs
Total customer base million 56.2 52.1 7.8% 56.2 52.1 7.8%
Data customer base million 30.5 28.2 8.0% 30.5 28.2 8.0%
Mobile services ARPU $ 2.3 1.6 41.1% 39.6% 2.6 1.7 56.9% 40.4%
((1) )Other revenue includes inter-segment revenue of $2m in the nine-month
period ended 31 December 2025 and in the prior period. Excluding inter-segment
revenue, other revenue was $113m in nine-month period ended 31 December 2025
and $77m in the prior period.
Revenue grew by 50.4% in constant currency, largely driven by continued
strength in the demand for data services further supported by the tariff
adjustments. The constant currency revenue growth was driven by ARPU growth of
39.6% and customer base growth of 7.8%.
In reported currency, revenue grew by 52.1% to $1,123m with Q3'26 revenue
growth accelerating to 70.9% compared to constant currency growth of 52.9%.
Significantly higher reported currency growth during the quarter compared to
constant currency growth was due to the appreciation in Nigerian naira from a
weighted average NGN/USD rate of 1,627 in the Q3'25 to NGN/USD 1,456 in the
current quarter.
Voice revenue grew by 35.8% in constant currency, driven by voice ARPU growth
of 26.0% reflecting the tariff adjustments earlier in the year.
Data revenue grew by 65.4% in constant currency, as a function of both data
customer and data ARPU growth of 8.0% and 49.7%, respectively. Data usage per
customer increased by 26.2% to 10.7 GB per month (from 8.4 GB in the prior
period), with smartphone penetration increasing 4.6% to reach 54.1%.
Smartphone data usage per customer reached 13.4 GB per month compared to 11.2
GB per month in the prior period.
EBITDA of $640m improved by 77.6% in reported currency and increased by 75.5%
in constant currency. The EBITDA margin increased 821 basis points to 57.0%,
driven by the strong revenue growth and continued benefits arising from the
cost efficiency programme. The strong margin performance was also supported by
stable fuel prices and more favourable operating conditions.
Operating free cash flow was $474m, up by 81.5% in constant currency and 84.4%
in reported currency. This was driven primarily by the strong EBITDA growth,
partially offset by higher capex.
East Africa - mobile services (1)
Description Unit of Nine-month period ended Quarter ended
measure
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
operations
Revenue $m 1,615 1,367 18.2% 14.4% 568 482 18.0% 12.1%
Voice revenue(2) $m 795 674 17.9% 13.7% 278 235 18.4% 12.2%
Data revenue $m 676 555 21.9% 18.0% 242 200 21.0% 15.2%
Other revenue(3) $m 144 138 4.4% 2.5% 48 47 2.5% (1.6%)
EBITDA $m 787 650 21.0% 16.1% 282 232 21.3% 14.1%
EBITDA margin % 48.7% 47.6% 112 bps 74 bps 49.6% 48.2% 137 bps 86 bps
Depreciation and amortisation $m (310) (253) 22.4% 19.2% (109) (95) 15.1% 10.6%
Operating profit $m 434 355 22.5% 15.9% 158 124 27.8% 17.7%
Capex $m 233 218 6.6% 6.6% 108 62 74.4% 74.4%
Operating free cash flow $m 554 432 28.2% 21.1% 174 170 2.1% (8.1%)
Operating KPIs
Total customer base million 83.7 76.5 9.5% 83.7 76.5 9.5%
Data customer base million 36.3 31.3 15.9% 36.3 31.3 15.9%
Mobile services ARPU $ 2.2 2.1 7.1% 3.6% 2.3 2.1 6.9% 1.6%
((1) ) The East Africa business region consists of Kenya, Malawi, Rwanda,
Tanzania, Uganda and Zambia.
((2))Voice revenue includes inter-segment revenue of $1m in the nine-month
period ended 31 December 2025 and in the prior period. Excluding inter-segment
revenue, voice revenue was $794m in nine-month period ended 31 December 2025
and $673m in the prior period.
((3)) Other revenue includes inter-segment revenue of $14m in the nine-month
period ended 31 December 2025 and $10m in the prior period. Excluding
inter-segment revenue, other revenue was $130m in nine-month period ended 31
December 2025 and $128m in the prior period.
East Africa revenue grew by 18.2% in reported currency to $1,615m and by 14.4%
in constant currency. Higher reported currency revenue growth as compared to
constant currency was primarily due to appreciation in the Zambian kwacha,
Ugandan and Tanzanian shilling. The constant currency growth was made up of
voice revenue growth of 13.7% and data revenue growth of 18.0%.
Voice revenue growth was supported by customer base growth of 9.5% and voice
ARPU growth of 3.1%. 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 15.9% and data usage growth of 48.1% was the
primary driver of the data revenue growth during the period. We continue to
invest in the network and expand our 4G and 5G network in the region. Over
2,000 sites are 5G enabled across four key markets. Data usage per customer
increased to 7.6 GB per customer per month, up by 25.3%, with smartphone
penetration increasing 3.6% to reach 45.2%. Smartphone data usage per customer
reached 9.4 GB per month compared to 7.6 GB per month in the prior period.
EBITDA increased to $787m, up by 21.0% in reported currency and up by 16.1% in
constant currency. EBITDA margins of 48.7% compared to 47.6% in the prior
period, up by 112bps.
Operating free cash flow was $554m, up by 21.1% in constant currency, largely
due to EBITDA growth, although partially offset by higher capex during the
current period.
Francophone Africa - mobile services (1)
Description Unit of Nine-month period ended Quarter ended
measure
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,150 968 18.8% 15.0% 402 332 21.1% 16.1%
Voice revenue (2) $m 480 469 2.4% (1.8%) 165 156 5.5% (0.0%)
Data revenue $m 573 407 40.8% 37.1% 203 147 38.5% 33.8%
Other revenue (3) $m 97 92 5.6% 3.2% 34 29 16.9% 13.4%
EBITDA $m 456 373 22.5% 18.7% 160 129 24.4% 19.5%
EBITDA margin % 39.7% 38.5% 118 bps 122 bps 39.9% 38.8% 105 bps 114 bps
Depreciation and amortisation $m (190) (172) 10.4% 6.5% (65) (57) 14.2% 8.8%
Operating profit $m 226 160 41.6% 36.9% 80 59 36.5% 31.0%
Capex $m 154 105 46.9% 46.9% 66 38 73.8% 73.8%
Operating free cash flow $m 302 268 12.8% 7.7% 94 91 3.5% (3.2%)
Operating KPIs
Total customer base million 39.5 34.5 14.5% 39.5 34.5 14.5%
Data customer base million 15.1 11.9 26.7% 15.1 11.9 26.7%
Mobile services ARPU $ 3.4 3.2 6.1% 2.7% 3.5 3.2 6.9% 2.4%
( (1)) The Francophone Africa business region consists of Chad, Democratic
Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo and the
Seychelles.
((2) )Voice revenue includes inter-segment revenue of $1m in the nine-month
period ended 31 December 2025 and in the prior period. Excluding inter-segment
revenue, voice revenue was $479m in the nine-month period ended 31 December
2025 and $468m in the prior period.
((3))Other revenue includes inter-segment revenue of $6m in the nine-month
period ended 31 December 2025 and $2m in the prior period. Excluding
inter-segment revenue, other revenue was $91m in nine-month period ended 31
December 2025 and $90m in the prior period.
Revenue grew by 18.8% in reported currency and by 15.0% in constant currency.
Higher reported currency revenue growth compared to constant currency was due
to an appreciation in the CFA. The constant currency growth has sustained its
momentum with 16.1% growth in Q3'26 from 3.6% in Q1'25. This follows a
recovery in market trends and the benefits of sustained network investment and
intensive focus on 'go-to-market' initiatives.
Voice revenue declined by 1.8% in constant currency, as customer base growth
of 14.5% was more than offset by a decline in voice ARPU reflecting
interconnect rate reductions.
Data revenue grew by 37.1% in constant currency, supported by customer base
growth of 26.7%. Our continued 4G network rollout resulted in an increase in
total data usage of 61.8% and data usage per customer growth of 24.2%. 93.3%
of sites are now on 4G as compared to 85.7% in prior period. Data usage per
customer increased to 6.6 GB per month (up from 5.3 GB in the prior period),
with smartphone penetration increasing 3.9% to reach 45.9%. Smartphone data
usage per customer reached 7.8 GB per month compared to 6.4 GB per month in
the prior period.
EBITDA at $456m increased by 22.5% and 18.7% in reported and constant
currency, respectively. The EBITDA margin improved to 39.7%, an increase of
118 basis points, driven by continued strong revenue growth.
Operating free cash flow of $302m increased by 7.7% in constant currency, due
to the increase in EBITDA partially offset by higher capex spends during the
period.
Mobile services
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue(1) $m 3,894 3,077 26.6% 23.3% 1,399 1,063 31.6% 23.6%
Voice revenue $m 1,705 1,456 17.1% 13.5% 605 496 22.0% 14.1%
Data revenue $m 1,825 1,306 39.8% 36.5% 664 461 44.0% 35.5%
Other revenue $m 364 315 15.6% 13.6% 130 106 22.5% 16.0%
EBITDA $m 1,884 1,393 35.2% 31.4% 688 486 41.7% 32.3%
EBITDA margin % 48.4% 45.3% 308 bps 298 bps 49.2% 45.7% 350 bps 324 bps
Depreciation and amortisation $m (725) (575) 26.1% 23.1% (258) (210) 22.6% 15.2%
Operating profit $m 1,012 744 36.1% 31.4% 357 249 43.1% 31.3%
Capex $m 555 426 30.2% 30.2% 269 128 109.6% 109.6%
Operating free cash flow $m 1,329 967 37.4% 31.9% 419 358 17.3% 5.0%
Operating KPIs
Mobile voice
Customer base million 179.4 163.1 10.0% 179.4 163.1 10.0%
Voice ARPU $ 1.1 1.0 6.5% 3.3% 1.1 1.0 10.4% 3.2%
Mobile data
Data customer base million 81.8 71.4 14.6% 81.8 71.4 14.6%
Data ARPU $ 2.6 2.2 19.4% 16.6% 2.8 2.3 23.4% 16.2%
((1) )Mobile service revenue after inter-segment eliminations was $3,879m in
the nine-month period ended 31 December 2025 and $3,070m in the prior period.
Overall revenue from mobile services increased by 26.6% in reported currency
and by 23.3% in constant currency, with growth evident across all regions and
services.
Voice revenue grew by 13.5% in constant currency, supported primarily by the
continued growth in the customer base by 10.0% as we continue to invest in our
network and enhance our distribution infrastructure and voice ARPU growth of
3.3%. Total minutes on network grew by 6.7% while voice usage per customer at
291 minutes declined marginally.
Data revenue grew by 36.5% in constant currency, driven by both customer base
growth of 14.6% and data ARPU growth of 16.6%. The customer base growth was
recorded across all the regions supported by the expansion of our network, and
data traffic across our network continued to see strong growth of 45.6%. 5G is
operational across five countries, with 2,243 sites deployed. Data usage per
customer increased to 8.6 GB per customer per month (from 6.9 GB in the prior
period), with smartphone penetration increasing 3.9% to reach 48.1%.
Smartphone data usage per customer reached 10.6 GB per month compared to 8.8
GB per month in the prior period. Data revenue contributed to 46.9% of total
mobile services revenue, up from 42.4% in the prior period.
EBITDA was $1,884m, up 35.2% in reported currency and by 31.4% in constant
currency. The EBITDA margin improved by 308 basis points year on year to
48.4%, following the strong revenue performance, a more stable operating
environment and continued benefits from the ongoing cost efficiency programme.
Operating free cash flow was $1,329m, up by 31.9% in constant currency, due to
the increased constant currency EBITDA partially offset by higher capex during
the period.
Mobile money
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue(1) $m 986 731 34.9% 29.4% 362 265 36.7% 28.0%
Wallet services(2) $m 475 353 34.5% 29.3% 176 127 38.1% 29.9%
Payment and transfers(2) $m 414 308 34.5% 28.9% 151 114 33.2% 24.6%
Financial services(2) $m 43 24 78.8% 71.3% 16 9 81.8% 68.4%
Others(2) $m 54 46 17.8% 12.1% 19 15 23.8% 14.7%
EBITDA $m 504 387 30.3% 24.6% 182 140 29.6% 20.8%
EBITDA margin % 51.2% 53.0% (183) bps (195) bps 50.2% 52.9% (274) bps (298) bps
Depreciation and amortisation $m (21) (16) 32.6% 27.9% (8) (6) 27.8% 19.7%
Operating profit $m 472 361 30.6% 24.8% 170 131 30.0% 21.0%
Capex $m 29 15 97.2% 97.2% 6 5 21.6% 21.6%
Operating free cash flow $m 475 372 27.7% 21.6% 176 135 29.9% 20.8%
Operating KPIs
Mobile money customer base million 52.0 44.3 17.3% 52.0 44.3 17.3%
Total processed value (TPV) $bn 141.8 100.2 41.5% 35.5% 53.0 36.4 45.6% 36.0%
Mobile money ARPU $ 2.3 2.0 14.4% 9.8% 2.4 2.1 14.9% 7.7%
((1)) Mobile money service revenue post inter-segment eliminations with mobile
services were $788m in the nine-month period ended 31 December 2025 and $568m
in the prior year.
((2) )Wallet services comprise cash-in (deposits)/cash-out (withdrawals).
Payment and transfers comprise P2P money transfers, airtime and bundle
recharges, utility bill payments, merchant payments, cash collection,
corporate bulk payments, and international money transfers. Financial services
primarily include bank-to-wallet transfers, wallet-to-bank transfers, lending,
insurance, wealth management and savings. Others comprises of retention
revenues. For a full description refer to glossary on page 25.
Mobile money revenue grew by 34.9% in reported currency, with constant
currency revenues growing by 29.4%. The constant currency growth was driven by
revenue growth across key products and geographies. During the period, East
Africa revenue grew 27.9% and Francophone Africa revenue grew 32.6% in
constant currency. In Q3'26, Francophone Africa revenues grew by 37.7% in
constant currency as we focussed on key opportunities across the region. The
expansion of our distribution network underpinned our 17.3% customer base
growth, whilst ARPU growth of 9.8% in constant currency reflects the increased
range of services on offer as we continue to expand the ecosystem.
A 15% increase in total processed value (TPV) per customer to $328 per
customer per month reflects both the enhanced ecosystem and increased user
engagement. Q3'26 annualised TPV exceeded $210bn in reported currency, with
mobile money revenue contributing 21.1% 6 (#_ftn6) of total Group revenue
during the nine-month period ended 31 December 2025.
Regional split:
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 986 731 34.9% 29.4% 362 265 36.7% 28.0%
Nigeria $m 6 3 124.3% 118.0% 2 1 107.6% 86.0%
East Africa $m 735 549 34.0% 27.9% 268 200 34.3% 24.5%
Francophone Africa $m 245 179 36.4% 32.6% 92 64 42.7% 37.7%
Mobile money customers million 52.0 44.3 17.3% 52.0 44.3 17.3%
Nigeria million 2.2 1.5 50.1% 2.2 1.5 50.1%
East Africa million 40.2 35.2 14.1% 40.2 35.2 14.1%
Francophone Africa million 9.6 7.7 25.6% 9.6 7.7 25.6%
Mobile money EBITDA was $504m, up by 30.3% and 24.6% in reported and constant
currency, respectively. The EBITDA margin at 51.2%, a decline of 195 basis
points in constant currency and 183 basis points in reported currency,
primarily reflecting the renegotiation of intra-group agreements as previously
disclosed in our H1'26 results. The impact arising from intra-group agreements
revisions will occur in phases, with EBITDA for the mobile money segment being
impacted by $28m in the nine-month period ended 31 December 2025. As these are
intra-group arrangements, they will have no impact on the consolidated
revenue, EBITDA or growth outlook for the Group.
Operating free cash flow was $475m, up by 21.6% in constant currency, due to
the increased EBITDA, partially offset by higher capex during the period.
Regional performance
Nigeria
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,126 740 52.2% 50.6% 427 250 71.0% 53.0%
Voice revenue $m 432 315 36.9% 35.8% 164 106 53.9% 37.7%
Data revenue $m 576 344 67.4% 65.4% 219 115 91.2% 70.9%
Mobile money revenue $m 6 3 124.3% 118.0% 2 1 107.6% 86.0%
Other revenue $m 115 79 45.6% 43.7% 43 28 52.9% 37.1%
EBITDA $m 639 359 78.2% 76.1% 247 121 103.6% 82.3%
EBITDA margin % 56.7% 48.5% 828 bps 823 bps 57.8% 48.6% 926 bps 930 bps
Operating KPIs
ARPU $ 2.3 1.6 41.2% 39.7% 2.6 1.7 57.0% 40.4%
East Africa
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 2,214 1,800 23.0% 18.5% 789 641 23.1% 16.1%
Voice revenue $m 795 674 17.9% 13.7% 278 235 18.4% 12.2%
Data revenue $m 676 555 21.9% 18.0% 242 200 21.0% 15.2%
Mobile money revenue $m 735 549 34.0% 27.9% 268 200 34.3% 24.5%
Other revenue $m 134 132 1.4% (0.6%) 44 46 (2.8%) (6.4%)
EBITDA $m 1,178 951 23.8% 18.6% 422 342 23.3% 15.1%
EBITDA margin % 53.2% 52.8% 37 bps 2 bps 53.5% 53.4% 7 bps (47) bps
Operating KPIs
ARPU $ 3.0 2.7 11.4% 7.4% 3.2 2.8 11.5% 5.2%
Francophone Africa
Description Unit of measure Nine-month period ended Quarter ended
Dec-25 Dec-24 Reported Constant Dec-25 Dec-24 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,320 1,093 20.8% 17.0% 466 377 23.7% 18.7%
Voice revenue $m 480 469 2.4% (1.8%) 165 156 5.5% (0.0%)
Data revenue $m 573 407 40.8% 37.1% 203 147 38.5% 33.8%
Mobile money revenue $m 245 179 36.4% 32.6% 92 64 42.7% 37.7%
Other revenue $m 92 91 1.8% (0.5%) 32 29 9.3% 6.0%
EBITDA $m 583 470 24.0% 20.4% 207 163 26.7% 22.0%
EBITDA margin % 44.1% 43.0% 117 bps 125 bps 44.3% 43.3% 106 bps 120 bps
Operating KPIs
ARPU $ 3.9 3.6 7.8% 4.4% 4.0 3.7 9.2% 4.7%
Consolidated performance
Description UoM Nine-month period ended December 2025 Nine-month period ended December 2024
Mobile services Mobile money Unallocated(1) Eliminations Total Mobile services Mobile money Unallocated(1) Eliminations Total
Revenue $m 3,894 986 - (213) 4,667 3,077 731 - (170) 3,638
Voice revenue $m 1,705 - - 1,705 1,456 - - 1,456
Data revenue $m 1,825 - - 1,825 1,306 - - 1,306
Other revenue $m 364 - (15) 349 315 - (7) 308
EBITDA $m 1,884 504 (105) - 2,283 1,393 387 (99) - 1,681
EBITDA margin % 48.4% 51.2% 48.9% 45.3% 53.0% 46.2%
Depreciation and amortisation $m (725) (21) (11) - (757) (575) (16) (9) - (600)
Operating profit $m 1,012 472 42 - 1,526 744 361 (24) - 1,081
((1) ) Unallocated in the above table represents 'Headquarter costs'.
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 the Annual Report and Accounts 2025. 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 by 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 sensitivity going forward, over a 12-month period and
assuming the movement occurs at the beginning of the period, a further 1%
movement of the USD against all OpCos currencies would result in an estimated
impact of $58m-$60m on revenues, $29m-$31m on EBITDA and $26m-$28m on foreign
exchange (excluding derivatives). Our largest exposure is to the Nigerian
naira, where a similar 1% USD movement would result in an estimated $14m-$15m
impact on foreign exchange (excluding derivatives).
This does not represent any guidance and is being used solely to illustrate
the potential impact of further currency movements 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 2025 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.
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.
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
EBITDA(1) and margin Operating profit · Depreciation and amortisation The Group defines EBITDA as operating profit/(loss) for the period before
depreciation and amortisation.
The Group defines EBITDA margin as EBITDA divided by revenue.
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. 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, 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 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, impact of hyperinflationary accounting and impact of permanent
· One-off tax impact of prior period, tax litigation settlement, impact differences on tax.
of hyperinflationary accounting 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, impact of hyperinflationary accounting 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 (gains)/losses
and foreign exchange (gains)/losses as profit/(loss) for the period before
· Derivative and foreign exchange (gains)/losses exceptional items and derivative and foreign exchange (gains)/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 (gains)/losses for each share unit of the
company.
Derivative and foreign exchange (gains)/losses are due to revaluation of US
dollar balance sheet liabilities and derivatives as a result of currency
movement.
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, current investments,
· Term deposits with banks deposits given against borrowings/non-derivative financial instruments,
processing costs related to borrowings and fair value hedge adjustments.
· Current investments
The Group defines leverage ratio as net debt divided by EBITDA for the
· Deposits given against borrowings/ non-derivative financial instruments preceding 12 months.
· Fair value hedges 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 EBITDA (EBITDAaL) for the preceding 12 months,
· Operating profit · Term deposits with banks where:
· Current investments - Lease-adjusted net debt is defined as borrowings excluding lease
liabilities less cash and cash equivalents, term deposits with banks, current
· Deposits given against borrowings/ non-derivative financial investments, deposits given against borrowings/non-derivative financial
instruments instruments, processing costs related to borrowings and fair value hedge
adjustments.
· Fair value hedges
- Lease-adjusted EBITDA is defined as operating profit/(loss) for
· Depreciation and amortisation the period before depreciation and amortisation less principal repayments due
on right-of-use assets during the period and interest on lease liabilities
· Principal repayments due on right-of-use assets
Lease-adjusted leverage is a prominent metric used by debt rating agencies and
· Interest on lease liabilities 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 for the
preceding 12 months 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 disclosed in prior year (FY25) instead of EBITDA
given that there were exceptional items impacting operating profit/(loss). In
nine-month period ended 31 December 2025 as well as prior period there are no
exceptional items impacting operating profit/(loss). Therefore, we have used
EBITDA instead of Underlying EBITDA, which is not a new APM.
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 2025 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 2025 and are not intended to represent the wider impact that currency
changes have on the business.
Statement of directors' responsibilities
We confirm that to the best of our knowledge:
a) the interim condensed 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;
and
c) the interim condensed financial statements include disclosure of
related parties' transactions that have taken place during the period and that
have materially affected the financial position or performance of the company.
This responsibility statement was approved by the board of directors on 29
January 2026 and is signed on its behalf by:
Sunil Taldar
Chief executive officer
Airtel Africa plc
29 January 2026
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 total processed value (TPV) Value of any financial transaction performed on Airtel Africa's mobile money
platform.
Airtel Money TPV 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.
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 2025
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 data 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 period 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.
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, current investments, deposits given against
borrowings/non-derivative financial instruments, processing costs related to
borrowings and fair value hedge adjustments.
Net debt to EBITDA (LTM) An alternative performance measure (non-GAAP) Calculated by dividing net debt
as at the end of the relevant period by 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, current investments, deposits
given against borrowings/non-derivative financial instruments, 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
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 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. For data and mobile money services smartphone
penetration, it is computed by dividing the smartphone devices using these
services to customers using these services.
Data Usage Includes total data consumed (uploaded and downloaded) on the network during
the relevant period.
EBIT Defined as operating profit/(loss) for the period adjusted for exceptional
items.
EBITDA An alternative performance measure (non-GAAP). Defined as operating profit
before depreciation and amortisation.
EBITDA margin An alternative performance measure (non-GAAP). Calculated by dividing EBITDA
for the relevant period by revenue for the relevant period.
Lease-adjusted EBITDA (EBITDAaL) An alternative performance measure (non-GAAP). Defined as operating profit
before depreciation, amortisation, interest on lease liabilities and repayment
of lease liabilities due during the relevant period
Unstructured supplementary service data (USSD) 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.
Mobile money - wallet services This includes cash-in (deposits)/cash-out (withdrawals) services for mobile
money customers.
Mobile money - payments and transfers This includes P2P money transfers, airtime and bundle recharges, utility bills
and merchant payments, cash collection, corporate bulk payments and
international money transfers.
Mobile money - financial services This includes bank-to-wallet (B2W) and wallet-to-bank (W2B) transfers,
lending, insurance, wealth management and savings products for mobile money
customers.
Mobile money - others revenue This relates to retention revenue received from mobile services.
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
B2W Bank to Wallet
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
TPV Total Processed Value
Telecoms Telecommunications
UoM Unit of measure
USSD Unstructured supplementary service data
W2B Wallet to Bank
(#_ftnref1) Unless otherwise stated, all growth rates represent YoY growth for
the nine-month period ending 31 December 2025
1 An explanation of constant currency growth is provided on page 21
2 The term 'transaction value' has been redefined as 'total processed
value'. There is no change to the underlying definition or method of
calculation.
(#_ftnref3) The reported currency growth rates incorporate currency movements
during the respective period, which are not necessarily indicative of future
growth rates. For currency sensitivity refer to page 17.
3 Alternative performance measures (APM) are described on page 19.
4 Alternative performance measures (APM) are described on page 19
5 Alternative performance measures (APM) are described on page 19
6 Mobile money contribution is based upon mobile money revenue, including
cross-charge revenue from mobile services which is eliminated upon
consolidation.
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