REG - Airtel Africa PLC - Final Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260508:nRSH5063Da&default-theme=true
RNS Number : 5063D Airtel Africa PLC 08 May 2026
Airtel Africa plc
Results for year ended 31 March 2026
8 May 2026
A year of standout growth powered by strong fundamentals and disciplined
execution
Operating highlights
· Through our sustained commitment to enhancing the customer experience,
backed by continued investment in our network and the integration of
digitisation across the business, we delivered a very strong performance. Our
customer base increased by 10.5% to 183.5 million, marking the highest net
additions to date. Data customers grew by 14.8% to 84.2 million as smartphone
penetration rose another 4.7% to 49.5%. Data demand remains robust with data
usage per customer increasing to 8.9 GB per month from 7.0 GB in the prior
period, underpinning constant currency( 1 ) growth of 16.2% in data ARPUs,
reflecting the strength of our digital focus and customer first approach.
· Airtel Money continued to scale and deepen engagement, with an expanded
customer base of 54.1 million, up by 21.3% year‑on‑year. Broader use cases
and higher adoption across the digital platform drove 49% growth in annualised
total processed value (TPV) to over $215bn in reported currency in Q4'26. This
ongoing ecosystem expansion and increased customer activity supported an 8.6%
uplift in constant‑currency ARPU, underscoring Airtel Money's growing role
as a trusted digital financial services platform.
Financial performance
· We achieved a strong 24.0% growth in constant currency revenues in
FY'26, with reported currency revenues increasing by 29.5% to $6,415m,
reflecting attractive industry fundamentals and focused operational execution,
further supported by tariff adjustments in Nigeria and macroeconomic
tailwinds. Francophone Africa and Nigeria constant currency growth was
particularly encouraging, increasing by 17.1% and 47.5% respectively. In
constant currency, the mobile services segment grew by 22.6%, with data
revenues - now the largest component of Group revenues - increasing by 35.2%,
while mobile money continues to see strong operating momentum, up by 28.4%. In
Q4'26, constant currency revenues grew by 22.3% as Nigerian tariff benefits
partially lapped during the quarter.
· The strong revenue performance and continued benefits from our cost
efficiency programme resulted in underlying EBITDA 2 margins of 49.3%, with
all-time high margins of 50.3% in Q4'26 (Q4'25: 47.3%). Underlying EBITDA of
$3,162m grew by 37.2% in reported currency and 30.4% in constant currency.
· Profit after tax of $813m improved from $328m 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 $127m compared to $179m
derivative and foreign exchange losses in the prior period.
· Basic EPS of 18.6 cents compares to 6.0 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 was driven by the same underlying
factors, increasing from 8.2 cents to 18.6 cents.
Capital allocation
· Capex for the year increased by 31.9% to $884m, in line with our
revised guidance. During the year, we rolled out 3,250+ new sites and expanded
our fibre network by approximately 3,200 kms to 81,900 kms, strengthening
network reach and resilience while supporting improved service quality.
Capex guidance for FY'27 is approximately $1.1bn, reflecting accelerated
investment to expand coverage and capacity, while also investing in home
broadband (HBB) and data centres, as we reinforce our strategy to scale
digital infrastructure to meet rising demand.
· Leverage has improved from 2.3x to 1.8x, with lease-adjusted leverage
also improving to 0.5x from 1.0x in the previous year, primarily driven by the
improvement in underlying EBITDA.
· The Board has recommended a final dividend of 4.26 cents per share,
making the total dividend for the full year 7.1 cents per share, a 9.2% growth
from the previous year, in line with our dividend policy.
Sunil Taldar, chief executive officer, on the trading update:
"This year delivered a very strong performance across both operating and
financial metrics, reflecting the attractive industry fundamentals and
structural growth drivers across our footprint. This backdrop, and the
continued success of our strategy contributed to our highest level of customer
additions, revenue and EBITDA growth. Adoption of new digital technologies and
AI has been pivotal in unlocking growth opportunities and driving
efficiencies, with wide‑ranging rollouts enhancing customer experience
through site‑level network optimisation, streamlined onboarding and
accelerating the rollout of myAirtel app, a single-touchpoint customer
interface designed to streamline service adoption and deliver a more intuitive
digital journey. This focused strategy has contributed to a further 22%
increase in smartphone customers to 91 million, driving an almost 50% increase
in data traffic and, together with another strong Airtel Money performance,
supported a step-up in constant‑currency revenue growth to 24.0%.
Airtel Money has made strong progress across digital adoption, ecosystem
expansion and product innovation this year. Customer engagement continues to
deepen, with app transacting customers up 74% and annualised TPV of over
$215bn in Q4'26. Market conditions following recent geopolitical developments
have affected the anticipated timing of the Airtel Money IPO. We have made
good progress and remain committed to the listing as market conditions allow,
with the intention of undertaking the IPO in the second half of 2026.
Our ongoing cost efficiency programme and strong top-line performance both
contributed to underlying EBITDA margins of 49.3%, peaking at 50.3% in Q4'26.
The recent increase in energy costs arising from the ongoing geopolitical
events will likely lead to increased cost inflation, resulting in EBITDA
margin pressure in the near-term. However, with a strong growth outlook, and
an enhanced focus on cost efficiencies, we will look to limit the overall
impact on our business.
Our accelerated investment strategy remains focused on maximising value from
our core growth businesses, while investing in new and fast‑growing areas,
including enterprise, that will further advance both digital and financial
inclusion and help transform communities across our footprint. I want to say a
particular thank-you to our customers, governments, regulators and partners
for their support and our employees for their ongoing contribution to our
continued successes."
GAAP measures
(Year ended)
Description Mar-26 Mar-25 Reported
currency
$m $m change
Revenue 6,415 4,955 29.5%
Operating profit 2,115 1,457 45.1%
Profit after tax 813 328 147.4%
Basic EPS ($ cents) 18.6 6.0 212.2%
Net cash generated from operating activities 3,195 2,266 41.0%
Alternative performance measures (APM) 3
(Year ended)
Description Mar-26 Mar-25 Reported Constant
currency
currency
$m $m change change
Revenue 6,415 4,955 29.5% 24.0%
Underlying EBITDA 3,162 2,304 37.2% 30.4%
Underlying EBITDA margin 49.3% 46.5% 280 bps 240 bps
EPS before exceptional items ($ cents) 18.6 8.2 127.7%
Operating free cash flow 2,278 1,634 39.4%
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
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 8 May 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.it/DiamondPassRegistration/register?confirmationNumber=3685152&linkSecurityString=ad3923740)
Key consolidated financial information
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported currency Constant currency Mar-26 Mar-25 Reported currency Constant currency
change %
change %
change %
change %
Profit and loss summary
Revenue (1) $m 6,415 4,955 29.5% 24.0% 1,748 1,317 32.7% 22.3%
Voice revenue $m 2,318 1,964 18.0% 12.8% 613 508 20.6% 10.9%
Data revenue $m 2,530 1,804 40.3% 35.2% 705 498 41.5% 31.8%
Mobile money revenue (2) $m 1,355 994 36.3% 28.4% 369 263 40.2% 25.7%
Other revenue $m 480 417 15.2% 12.0% 131 108 20.4% 13.5%
Expenses $m (3,280) (2,673) 22.7% 18.4% (873) (699) 24.9% 16.9%
Underlying EBITDA (3) $m 3,162 2,304 37.2% 30.4% 879 623 41.0% 27.8%
Underlying EBITDA margin % 49.3% 46.5% 280 bps 240 bps 50.3% 47.3% 295 bps 214 bps
Depreciation and amortisation $m (1,047) (831) 26.1% 21.7% (290) (231) 25.9% 18.0%
Operating exceptional items (4) $m - (16) - (16)
Operating profit $m 2,115 1,457 45.1% 36.8% 589 376 56.6% 39.4%
Other finance cost - net of finance income (5) $m (713) (735) (3.1%) (207) (221) (6.5%)
Finance cost - exceptional items (6) $m - (87) - -
Total finance cost $m (713) (822) (13.3%) (207) (221) (6.5%)
Net monetary gain relating to hyperinflationary accounting $m 17 26 (36.1%) 15 12 19.0%
Profit before tax $m 1,419 661 114.5% 396 167 136.9%
Tax $m (606) (363) 67.1% (169) (87) 95.0%
Tax - exceptional items (6) $m - 30 - -
Total tax charge $m (606) (333) 82.0% (169) (87) 95.0%
Profit after tax $m 813 328 147.4% 227 80 183.3%
Non-controlling interest $m (134) (108) 24.5% (28) (24) 20.1%
Profit attributable to owners of the company - before exceptional items $m 679 302 124.4% 199 72 174.5%
Profit attributable to owners of the company $m 679 220 207.7% 199 56 253.6%
EPS - before exceptional items cents 18.6 8.2 127.7% 5.5 2.0 176.4%
Basic EPS cents 18.6 6.0 212.2% 5.5 1.5 256.2%
Weighted average number of shares million 3,650 3,703 (1.4%) 3,645 3,672 (0.7%)
Capex $m 884 670 31.9% 281 214 31.3%
Operating free cash flow $m 2,278 1,634 39.4% 598 409 46.1%
Net cash generated from operating activities $m 3,195 2,266 41.0% 889 643 38.1%
Net debt $m 5,590 5,363 5,590 5,363
Leverage (net debt to underlying EBITDA) times 1.8x 2.3x 1.8x 2.3x
Lease-adjusted leverage times 0.5x 1.0x 0.5x 1.0x
Return on capital employed % 23.1% 19.6% 355 bps 23.1% 19.4% 376 bps
Operating KPIs
ARPU $ 3.1 2.6 17.8% 12.8% 3.2 2.7 20.6% 11.1%
Total customer base million 183.5 166.1 10.5% 183.5 166.1 10.5%
Data customer base million 84.2 73.4 14.8% 84.2 73.4 14.8%
Mobile money customer base million 54.1 44.6 21.3% 54.1 44.6 21.3%
All commentary in the footnotes refers to the year ended 31 March 2026 and the
prior period (31 March 2025) unless otherwise stated.
(1) Revenue includes inter-segment eliminations of $268m and $224m for
the prior period.
(2) Mobile money revenue post inter-segment eliminations with mobile
services were $1,087m and $770m for the prior period.
(3) Underlying EBITDA includes other income of $27m and $22m for the
prior period.
(4) Operating exceptional items of $16m in the prior period relates to
a provision for settlement of a legal dispute in a former Group subsidiary.
(5) Other finance cost: net of finance income includes derivative and
foreign exchange gains of $127m in the current period and losses of $92m in
the prior period which has not been treated as exceptional items.
(6) Exceptional items in the prior period of $87m relate 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.
Financial review for the year ended 31 March 2026
Revenue
Group revenue in reported currency increased by 29.5% to $6,415m, with constant currency growth of 24.0%. Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation across most markets. In Q4'26, constant currency revenue growth of 22.3% was lower than the previous quarter (Q3'26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4'25. FY'26 constant currency revenue growth was driven by Nigerian revenue growth of 47.5%, East Africa growth of 17.8% and a strong performance in Francophone Africa, which saw revenue growth accelerate to 17.1% in the current financial year compared to 9.5% reported in 2024/25.
Mobile services revenue of $5,350m increased by 27.6% in reported currency and by 22.6% in constant currency. Constant currency growth was led by voice revenue growth of 12.8% and data revenue growth of 35.2%. Mobile money revenues grew by 36.3% in reported currency and by 28.4% in constant currency, driven by strong growth in East Africa and Francophone Africa.
Francophone Africa reported currency revenue growth was 21.5% - higher than constant currency revenue growth of 17.1%, primarily due to CFA appreciation. In East Africa, reported currency revenue grew by 24.0% which is also higher as compared to 17.8% constant currency growth due to appreciation in Zambian kwacha, Ugandan shilling and Tanzanian shilling. In Nigeria, reported currency revenues grew by 52.9%, and by 47.5% in constant currency. In Q4'26, the Nigerian naira appreciated significantly from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386, resulting in Nigeria revenues growing by 54.8% in reported currency and by 40.3% in constant currency.
Underlying EBITDA 4
Reported currency underlying EBITDA grew by 37.2% to $3,162m, while in constant currency underlying EBITDA increased by 30.4%. Reflecting a more favourable operating environment and the continued success of our cost efficiency programme, underlying EBITDA margins have increased by 280 bps in the current period to reach 49.3%. In Q4'26 underlying EBITDA margins expanded further, crossing the 50% mark and reaching 50.3%, an increase of 295 bps.
Mobile services underlying EBITDA increased by 30.8% in constant currency with underlying EBITDA margins of 48.8%, an increase of 327 bps. Mobile money underlying EBITDA margins of 50.8% declined by 196 bps in reported currency, primarily due to the renegotiation of intra-group agreements that were disclosed in our H1'26 results, which had no impact on the consolidated Group's margin.
Operating profit
Operating profit in reported currency increased by 45.1% to $2,115m, largely
driven by underlying EBITDA growth of 37.2% in reported currency.
Finance costs
Total finance costs for the year ended 31 March 2026 were $713m, compared to
$822m in the prior period. Prior period finance costs were 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 an exceptional item. For the
year ended 31 March 2026, finance costs included $127m of derivative and
foreign exchange gains largely on account of naira appreciation. As a result,
finance costs, excluding derivative and foreign exchange gains/(losses),
increased from $643m in the prior period to $840m in the current period,
primarily reflecting the full-year impact of interest on lease liabilities
following the tower contract renewals in September 2024 (which had a neutral
to positive impact on cashflows).
The Group ended the current financial year with a weighted average interest
rate of 10.6%, which has decreased by 240 bps from 13.0% in the prior period.
Exceptional items
Finance cost - exceptional items of $87m in the prior period was related 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. These losses resulted in an exceptional tax gain of $30m. There
were no exceptional items in the current period.
Profit before tax
Profit before tax was $1,419m for the year ended 31 March 2026 as compared to
$661m in the prior period. Higher profit before tax in the current period as
compared to the prior period was on account of higher operating profit and
derivative and foreign exchange gains of $127m in the current period as
compared to $179m derivative and foreign exchange losses in the prior period.
Taxation
Total tax charges were $606m as compared to $333m 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 $243m 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 40.1% compared to 41.0% in the previous financial
year.
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.
Profit after tax
Profit after tax was $813m during the year ended 31 March 2026 as compared to
$328m in the prior period.
Earnings per share (EPS)
Basic EPS of 18.6 cents compares to 6.0 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 also increased from 8.2 cents in the prior
period to 18.6 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 costs 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 9.8 cents in the prior period to 16.2 cents in
the current period.
Net cash generated from operating activities
Net cash generated from operating activities was $3,195m, which is 41.0%
higher compared to $2,266m in the prior period, primarily reflecting strong
operating performance with underlying EBITDA growth of 37.2% in reported
currency.
Operating free cash flow
Operating free cash flow was $2,278m, up by 39.4%, as a result of higher
underlying EBITDA during the current period.
Leverage
Lease-adjusted leverage improved to 0.5x (from 1.0x) and leverage to 1.8x
(from 2.3x), primarily driven by the improvement in underlying EBITDA.
Other significant updates
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 was 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. The second tranche
($55m) of the buyback programme was completed on 24 March 2026 following the
purchase of a further 18.7 million shares. In aggregate, the company returned
$100m to the shareholders as part of second share buyback programme by
purchasing 45 million shares.
Conclusion 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, overseen by the Audit and Risk Committee. On 10 March 2026, Airtel
Africa plc announced that following the conclusion of the tender process, it
intends to appoint Ernst & Young LLP as external auditor for the financial
year ending 31 March 2028 onwards. The appointment will be subject to
shareholder approval at Airtel Africa's 2027 Annual General Meeting.
Deloitte will continue as the Group's external auditor for the financial years
ending 31 March 2026 and 31 March 2027, with the latter appointment subject to
shareholder approval.
Directorate changes
On 25 March 2026, Sunil Bharti Mittal has informed the Board of his intention
to retire as Chair of the Board at the conclusion of this year's AGM in July
2026. Following his retirement, the Board has announced that Gopal Vittal will
be appointed Non‑Executive Chair of the Board with effect from the same
date. Mr. Vittal's appointment is by nomination of the controlling shareholder
pursuant to the terms of the relationship agreement dated 17 June 2019 between
the Company, Bharti Airtel, Airtel Africa Mauritius Limited, the majority
shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom.
He was appointed a non-executive director of Airtel Africa in October 2024.
Furthermore, Shravin Bharti Mittal will assume the role of Deputy Chair with
effect from the same date.
On 25 March 2026, the company announced that as part of the ongoing succession
planning in respect of the Company's Non-Executive Directors, Annika
Poutiainen will also retire at the conclusion of the July AGM, at which point
she will have served for over seven years.
On 11 November 2025, the company announced that Andrew Green had 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 and serves on
the Nomination committee, was 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. Cynthia Gordon was previously serving on
the Group's Remuneration Committee following her appointment as an independent
non-executive director on 1 April 2025.
Following the conclusion of AGM on 9 July 2025, Jaideep Paul, chief financial
officer (CFO) 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.
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.
Directorate declaration
The company announced that Sunil Bharti Mittal, chair, and Gopal Vittal,
non-executive director of Airtel Africa plc, were 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.
Dividend payment timetable
The board has recommended a final dividend of 4.26 cents for the financial
year ended 31 March 2026, payable on 24 July 2026 to shareholders recorded in
the register at the close of business on 19 June 2026.
London Stock
Exchange
Nigerian Stock Exchange
Last day to trade shares cum dividend 17
June
2026
17 June 2026
Shares commence trading ex-dividend 18 June
2026
18 June 2026
Record date (NGX settlement
date) 19 June
2026
19 June 2026
Last date for currency
election 6
July
2026
6 July 2026
Payment
date
24 July
2026
24 July 2026
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)
Strategic overview
The Group provides telecom and mobile money services in 14 emerging markets of
sub-Saharan Africa. Our markets are characterised by a young and rapidly
growing population, low smartphone penetration and a large unbanked
population. 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 us to enhance both
digital and financial inclusion in the communities we serve, enriching and
transforming their lives through digitalisation, while 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 OpCos.
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 strategy puts our customers at the core of our strategy. We believe that
by ensuring great customer experience, we continue to deliver on our corporate
purpose of transforming lives across Africa. Our consumer centric strategy is
anchored on our six 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 sustainability strategy and the ongoing 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 supports our goals and commitments to
foster financial inclusion, bridge the digital divide and serve more customers
in some of the least penetrated telecoms markets in the world.
Strengthen 'Go-to-market'
We continue to strengthen our distribution footprint, especially our exclusive
channels of kiosks/mini-shops and Airtel Money branches (AMB) along with
multi-brand outlets in both urban and rural areas. During the year, the Group
added over 660,000 Airtel Money agents and 130,000 activating outlets with
emphasis on building a robust distribution network in towns and villages with
new coverage investments, 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 sales team members as well as our channel partners.
We continue to accelerate our data revenue growth through a combination of
smartphone adoption and improving ARPUs. Our smartphone penetration stands at
49.5%, an increase of 4.7% from last year, driven by our expansion of the
4G/5G network and strong execution. In Q4'26, our data consumption has
increased to 9.8 GB per data user, growing 37% year-over-year, driven by
improved network experience and customer lifecycle management programmes. We
continue to focus on improving our network reach through our new strategic
partnership with Starlink where we will provide coverage in existing
unconnected rural areas, further stepping up our network experience.
Brilliant 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, such as Nigeria, Zambia, Kenya, Tanzania, Uganda and Malawi.
Reaching underserved communities is a key priority and we continue to expand
rural coverage through new site rollouts and investing in spectrum and
technologies to support increased capacity to facilitate our corporate purpose
of transforming lives.
We've rolled out more than 3,250 infrastructure sites during the year and over
3,600 4G sites: 98.5% of our sites are now 4G-enabled and we have more than
3,100 5G operational sites in six markets.
As part of ensuring our services are future ready, in addition to purchasing
spectrum, we grew our fibre infrastructure and 5G capabilities while remaining
committed to our investment into data centres to further support digital
inclusion across our markets. We continued to strengthen our fibre business
which is delivering encouraging revenue growth. During the year, we added a
further approximately 3,200 km of fibre, with a total of 81,900 km now
deployed.
Must win markets
Winning customers across all our markets through micro-marketing using network
and digital tools is fundamental to our strategy and continues to 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' we 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 a seamless customer experience by enhancing our
network through principles of community of interest. We are enhancing our
in-store experience and increasing our own store footprint, while
strengthening 5G coverage in these markets to cater for rising home broadband
(HBB) demand. This will allow us to strengthen our position as a reliable
network provider, attract new customers and lower churn.
Rural markets present a big growth opportunity to us, given the low
penetration of both telecoms and financial services. To tap the opportunity,
our focus remain on improving coverage and distribution expansion across all
markets. 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
Digitisation remains a core strategic priority, anchored on expanding digital
adoption, simplifying customer journeys, and driving operational efficiency at
scale. Over FY'26, we continued to execute against this agenda, strengthening
our digital platforms as primary engagement channels for both mobile services
and Airtel Money services.
MyAirtel app continues to serve as the cornerstone of our single-app strategy,
delivering a unified experience across both the telecom and Airtel Money
segments. During FY'26, digitally engaged users grew by 55% year-on-year,
while transacting users increased by 74% year-on-year, reflecting strong
customer migration to digital self-service and improving frequency of use.
Customers are increasingly engaging across multiple use cases within a single
journey, with seamless cross-usage between telecoms and Airtel Money services
enabling more convenient and integrated experiences.
Digital channels have also continued to scale as a significant transactional
platform. TPV on our app grew by 79% year-on-year to reach $8.3 billion in
FY'26, compared to $4.6 billion in FY'25, underscoring the growing role of
digital channels in driving high-volume, high-frequency customer interactions
across the Group.
To further expand reach and engagement, WhatsApp has been launched as an
additional digital channel for customer interaction and service delivery.
Through our digital platforms, customers are able to perform a wide range of
everyday use cases, including peer-to-peer transfers, bill payments,
international and merchant payments as well as convenient recharges across
multiple mobile lines and HBB services, including off-net users. These
experiences are further enhanced through multi-language support, including
English, Swahili and French, helping us serve our diverse customer base across
multiple markets.
Alongside customer-facing growth, we've continued to make progress in
simplifying and digitising operations. Automation of key journeys, including
HBB self-service and wallet PIN management, has reduced friction and improved
service efficiency. Investments in data and analytics are enabling automated
lifecycle management, more targeted engagement and continuous optimisation of
digital journeys.
Digital has also become a material productivity and efficiency lever. Through
integrated marketing, shared platforms and a build-once/deploy-many approach
to feature development, we're accelerating time-to-market while reducing
duplication across operating companies. These efficiencies support sustainable
growth while maintaining disciplined cost management.
Overall, our progress in FY'26 reflects the continued evolution of Airtel
Africa into a digital-first, scalable organisation, with digital channels
playing a central role in enhancing customer experience, driving transactional
scale and supporting operational excellence across our markets.
Accelerate Airtel Money
Limited access to formal financial services, constrained banking
infrastructure and continued reliance on cash across our markets present a
significant opportunity to accelerate financial inclusion. Airtel Money is
addressing this through a digital-first, mobile-led platform. Our focus
remains on scaling digital adoption, expanding our ecosystem, including
merchant payments, and strengthening access across our markets.
· Digital adoption: Our digital-first strategy continues to drive
product innovation and customer engagement. Enhancements to MyAirtel app and a
strong focus on self-service have improved customer experience and engagement.
In March 2026, Airtel Money's smartphone penetration increased to 51%+ from
48% last year, supporting higher activity and improved unit economics.
MyAirtel app adoption continues to scale, with app transacting customers
increasing by 74% year-on-year, reflecting strong traction in digital
journeys. Customers migrating from feature phones to smartphones consistently
deliver materially higher ARPU, reinforcing our transition into a scaled
digital financial services platform.
· Ecosystem expansion: We continue to deepen our ecosystem by scaling
key use cases across payments, including digital lending, savings, merchant
payments and card-linked solutions, while expanding international money
transfer corridors and strengthening strategic partnerships. Adoption across
these services remains strong, reflecting clear product/market fit. Merchant
payments remain a key growth pillar, enabling businesses to accept digital
payments and accelerating the transition from cash. Multi-service users
deliver significantly higher ARPU compared to single-service customers,
underscoring the value of deeper ecosystem engagement.
· Access and distribution: Our extensive retail footprint, comprising
49,000 exclusive outlets, continues to enhance market reach and service
delivery. Continued investments in distribution, alongside a streamlined
digital agent onboarding process, have driven a 39% increase in our
non-exclusive agent base, further strengthening last-mile access.
These initiatives contributed to a 21.3% growth in our mobile money customer
base, crossing 54 million users, alongside continued strong growth in constant
currency revenues. Mobile money remains a key growth engine for the Group,
delivering sustained revenue momentum. We remain committed to building
Africa's most accessible, inclusive and scalable digital financial services
platform, driving meaningful impact and long-term value for our customers and
stakeholders.
Scale home broadband (HBB) and enterprise
We are unlocking significant growth opportunities by scaling HBB and
enterprise services by strengthening our 5G and fibre networks to deliver
reliable, resilient connectivity. The demand for this high-speed connectivity
and digital services remains strong with the HBB customer base growing by 86%,
with an average per customer consumption of 195 GB per month across our
footprint. We've invested extensively in ensuring customers have a seamless
onboarding to the home broadband service with MyAirtel app, driving an
improved customer convenience, particularly in the product use and recharges
available across multiple integrated payment channels.
Enterprise services remain a key opportunity. Nxtra by Airtel, the data centre
division of Airtel Africa, broke ground in September 2025 on their second
hyperscale data centre in Tatu City, Nairobi, Kenya, as part of our B2B
strategy to boost data centre capacity across Africa. Anticipated to go live
in Q1 2027, this is expected to be the biggest data centre in East Africa at
44 MW capacity and will have high density and high capacity ready in
anticipation of hosting the new generation of servers. This construction
follows the commencement of construction of a 38-megawatt data centre in
Lagos, Nigeria.
Financial review for the year ended 31 March 2026
Nigeria - mobile services
Description Unit of Year ended Quarter ended
measure
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,598 1,045 52.8% 47.4% 475 307 54.7% 40.2%
Voice revenue (1) $m 614 448 36.9% 32.2% 182 133 36.5% 23.7%
Data revenue $m 820 483 69.8% 63.6% 244 139 75.5% 59.1%
Other revenue(2) $m 164 114 44.2% 38.8% 49 35 41.2% 27.8%
Underlying EBITDA $m 924 522 76.8% 70.3% 284 162 75.1% 58.7%
Underlying EBITDA margin % 57.8% 50.0% 785 bps 776 bps 59.7% 52.8% 695 bps 696 bps
Depreciation and amortisation $m (306) (217) 41.1% 36.1% (89) (67) 32.2% 19.7%
Operating profit $m 543 304 78.5% 70.8% 184 85 115.7% 94.6%
Capex $m 249 168 48.6% 48.6% 83 64 29.0% 29.0%
Operating free cash flow $m 675 354 90.3% 80.7% 201 98 105.5% 78.6%
Operating KPIs
Total customer base million 58.3 53.3 9.4% 58.3 53.3 9.4%
Data customer base million 31.4 29.1 8.1% 31.4 29.1 8.1%
Mobile services ARPU $ 2.4 1.7 41.6% 36.7% 2.8 1.9 42.9% 29.6%
((1) )
Voice revenue includes inter-segment revenue of $1m in the year ended 31 March
2026. Excluding inter-segment revenue, voice revenue was $613m in year ended
31 March 2026.
((2) )
Other revenue includes inter-segment revenue of $2m in the year ended 31 March
2026 and in the prior period. Excluding inter-segment revenue, other revenue
was $162m in year ended 31 March 2026 and $112m in the prior period.
Revenue grew by 47.4% in constant currency, largely driven by continued
strength in the demand for data services and supported by tariff adjustments.
The constant currency revenue growth was driven by ARPU growth of 36.7% and
customer base growth of 9.4%. In Q4'26, constant currency growth slowed
compared to Q3'26 as we lapped the impact of tariff adjustments which were
implemented in Q4'25.
In reported currency, revenue grew by 52.8% to $1,598m with Q4'26 revenue
growth at 54.7% (40.2% in constant currency). Higher reported currency growth
during Q4'26 compared to constant currency growth was due to the appreciation
in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4'25
to NGN/USD 1,386 in Q4'26.
Voice revenue grew by 32.2% in constant currency, driven by voice ARPU growth
of 22.5% primarily reflecting the tariff adjustments made during Q4'25.
Data revenue grew by 63.6% in constant currency as a function of both data
customer and data ARPU growth of 8.1% and 49.2% respectively. Data usage per
customer increased by 30.8% to 11.0 GB per month (from 8.4 GB in the prior
period), with smartphone penetration increasing by 5.3% to reach 54.9%.
Smartphone data usage per customer reached 13.7 GB per month compared to 11.1
GB per month in the prior period.
Underlying EBITDA of $924m improved by 76.8% in reported currency and by 70.3%
in constant currency. The underlying EBITDA margin increased 785 basis points
to 57.8%, with Q4'26 margins reaching 59.7%, driven by strong revenue growth
and continued benefits arising from our cost efficiency programme, supported
by stable fuel prices.
Operating free cash flow was $675m, up by 80.7% in constant currency and 90.3%
in reported currency. This was driven primarily by the strong underlying
EBITDA growth, partially offset by higher capex.
East Africa - mobile services (1)
Description Unit of Year ended Quarter ended
measure
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
operations
Revenue $m 2,192 1,843 18.9% 13.8% 577 477 20.9% 12.4%
Voice revenue(2) $m 1,069 906 18.0% 12.5% 274 232 18.2% 8.8%
Data revenue $m 930 755 23.1% 18.0% 253 200 26.5% 18.0%
Other revenue(3) $m 193 182 6.2% 3.3% 50 45 10.4% 5.8%
Underlying EBITDA $m 1,063 877 21.3% 14.9% 277 227 22.1% 11.2%
Underlying EBITDA margin % 48.5% 47.6% 93 bps 42 bps 48.0% 47.5% 46 bps (49) bps
Depreciation and amortisation $m (427) (349) 22.7% 19.0% (118) (95) 24.1% 18.3%
Operating profit $m 576 472 22.1% 12.9% 142 118 20.3% 4.0%
Capex $m 331 292 13.3% 13.3% 98 74 33.7% 33.7%
Operating free cash flow $m 732 585 25.1% 15.6% 179 153 16.7% 0.3%
Operating KPIs
Total customer base million 84.3 77.6 8.7% 84.3 77.6 8.7%
Data customer base million 36.5 31.5 15.7% 36.5 31.5 15.7%
Mobile services ARPU $ 2.2 2.1 8.1% 3.5% 2.3 2.1 10.9% 3.1%
((1) ) The East Africa business region consists of Kenya, Malawi, Rwanda,
Tanzania, Uganda and Zambia.
((2) )
Voice revenue includes inter-segment revenue of $2m in the year ended 31 March
2026 and in the prior period. Excluding inter-segment revenue, voice revenue
was $1,067m in year ended 31 March 2026 and $904m in the prior period.
((3) )
Other revenue includes inter-segment revenue of $18m in the year ended 31
March 2026 and $13m in the prior period. Excluding inter-segment revenue,
other revenue was $175m in year ended 31 March 2026 and $169m in the prior
period.
East Africa revenue grew by 18.9% in reported currency to $2,192m and by 13.8%
in constant currency. Higher reported currency revenue growth as compared to
constant currency was primarily due to appreciation in the Zambian kwacha,
Ugandan shilling and Tanzanian shilling. The constant currency growth was made
up of voice revenue growth of 12.5% and data revenue growth of 18.0%.
Voice revenue growth was supported by customer base growth of 8.7% and voice
ARPU growth of 2.2%. Customer base growth was largely driven by expansion of
both network coverage and our distribution network.
Data customer base growth of 15.7% and data traffic growth of 50.3% were the
primary drivers of data revenue growth. We continue to invest in our network
and expand our 4G and 5G network services in the region. Over 2,200 sites are
5G enabled across five key markets, following the rollout in Malawi in Q4'26.
Data usage per customer increased to 8.0 GB per customer per month, up by
28.0%, with smartphone penetration increasing by 4.3% to reach 46.6%.
Smartphone data usage per customer reached 9.8 GB per month compared to 7.8 GB
per month in the prior period.
Underlying EBITDA increased to $1,063m, up by 21.3% in reported currency and
by 14.9% in constant currency. Underlying EBITDA margins of 48.5% compared to
47.6% in the prior period, up by 93 bps.
Operating free cash flow was $732m, up by 15.6% in constant currency, largely
due to underlying EBITDA growth, although partially offset by higher capex.
Francophone Africa - mobile services (1)
Description Unit of Year ended Quarter ended
measure
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of
Operations
Revenue $m 1,550 1,300 19.2% 14.8% 400 332 20.4% 14.3%
Voice revenue (2) $m 639 614 4.0% (0.8%) 158 144 9.5% 2.3%
Data revenue $m 780 566 37.9% 33.8% 208 159 30.7% 25.3%
Other revenue (3) $m 131 120 8.6% 5.7% 34 29 18.2% 13.4%
Underlying EBITDA $m 618 505 22.4% 18.1% 162 132 22.4% 16.6%
Underlying EBITDA margin % 39.9% 38.8% 105 bps 111 bps 40.5% 39.8% 65 bps 82 bps
Depreciation and amortisation $m (261) (231) 12.9% 8.2% (71) (59) 20.1% 13.1%
Operating profit $m 304 219 38.8% 33.7% 78 59 31.2% 25.3%
Capex $m 225 159 40.9% 40.9% 71 55 29.8% 29.8%
Operating free cash flow $m 393 346 13.9% 7.7% 91 77 17.1% 7.5%
Operating KPIs
Total customer base million 40.9 35.2 16.3% 40.9 35.2 16.3%
Data customer base million 16.4 12.8 27.6% 16.4 12.8 27.6%
Mobile services ARPU $ 3.4 3.2 5.7% 1.8% 3.3 3.2 4.8% (0.5%)
( (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 year ended 31 March
2026 and $2m in the prior period. Excluding inter-segment revenue, voice
revenue was $638m in the year ended 31 March 2026 and $612m in the prior
period.
((3) )
Other revenue includes inter-segment revenue of $9m in the year ended 31 March
2026 and $3m in the prior period. Excluding inter-segment revenue, other
revenue was $122m in year ended 31 March 2026 and $117m in the prior period.
Revenue grew by 19.2% in reported currency and by 14.8% in constant currency.
Higher reported currency revenue growth compared to constant currency was due
to an appreciation in the CFA. This year's growth of 14.8% in constant
currency demonstrates significant improvement from 7.9% in the prior year.
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 0.8% in constant currency as customer base growth of
16.3% was more than offset by a decline in voice ARPU reflecting interconnect
rate reductions.
Data revenue grew by 33.8% in constant currency, supported by data customer
base growth of 27.6%. Our continued 4G network rollout supported an increase
in total data traffic of 62.2%, with data usage per customer growing by 25.3%.
Furthermore, 93.6% of sites are now on 4G as compared to 87.7% in the prior
period. Data usage per customer increased to 6.8 GB per month (up from 5.4 GB
in the prior period), with smartphone penetration increasing by 4.6% to reach
47.7% as of 31 March 2026. Smartphone data usage per customer reached 8.1 GB
per month compared to 6.5 GB per month in the prior period.
Underlying EBITDA of $618m increased by 22.4% and 18.1% in reported and
constant currency, respectively. The underlying EBITDA margin improved to
39.9%, an increase of 105 basis points, driven by continued strong revenue
growth.
Operating free cash flow of $393m increased by 7.7% in constant currency, due
to the increase in underlying EBITDA, partially offset by higher capex.
Mobile services
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue(1) $m 5,350 4,193 27.6% 22.6% 1,456 1,117 30.3% 20.8%
Voice revenue $m 2,318 1,964 18.0% 12.8% 613 508 20.6% 10.9%
Data revenue $m 2,530 1,804 40.3% 35.2% 705 498 41.5% 31.8%
Other revenue $m 502 425 18.1% 14.7% 138 111 25.0% 17.6%
Underlying EBITDA $m 2,612 1,910 36.7% 30.8% 729 517 40.9% 29.4%
Underlying EBITDA margin % 48.8% 45.6% 327 bps 305 bps 50.0% 46.3% 375 bps 329 bps
Depreciation and amortisation $m (1,004) (797) 26.1% 21.7% (279) (221) 26.2% 18.1%
Operating profit $m 1,420 1,001 41.8% 34.1% 408 259 57.9% 42.0%
Capex $m 810 619 30.9% 30.9% 256 193 32.5% 32.5%
Operating free cash flow $m 1,802 1,291 39.5% 30.8% 473 324 45.9% 27.6%
Operating KPIs
Customer KPIs:
Total customer base million 183.5 166.1 10.5% 183.5 166.1 10.5%
Data customer base million 84.2 73.4 14.8% 84.2 73.4 14.8%
ARPU KPIs:
Voice ARPU $ 1.1 1.0 7.3% 2.6% 1.1 1.0 9.6% 0.8%
Data ARPU $ 2.7 2.2 20.6% 16.2% 2.8 2.3 23.8% 15.3%
((1) ) Mobile service revenue after
inter-segment eliminations was $5,328m in the year ended 31 March 2026 and
$4,185m in the prior period.
Overall revenue from mobile services increased by 27.6% in reported currency
and by 22.6% in constant currency, with growth evident across all regions and
services.
Voice revenue grew by 12.8% in constant currency, supported primarily by
growth in the customer base of 10.5% as we continued to invest in our network
and distribution infrastructure. Voice ARPU grew by 2.6%. Total minutes on the
network grew by 5.3% while voice usage per customer was 287 minutes.
Data revenue grew by 35.2% in constant currency, driven by both data customer
base growth of 14.8% and data ARPU growth of 16.2%. The customer base growth
was recorded across all regions and data traffic across our network continued
to see strong growth of 48.5%. Data usage per customer increased to 8.9 GB per
customer per month (from 7.0 GB in the prior period), with smartphone
penetration increasing 4.7% to reach 49.5%. Smartphone data usage per customer
reached 10.9 GB per month compared to 8.8 GB per month in the prior period. As
of 31 March 2026, 5G is operational across six markets following the rollout
in Malawi in Q4'26, with 3,116 sites deployed across our network. Data revenue
contributed to 47.3% of total mobile services revenue, up from 43.0% in the
prior period.
Underlying EBITDA was $2,612m, up 36.7% in reported currency and 30.8% in
constant currency. The underlying EBITDA margin improved by 327 basis points
year-on-year to 48.8%, following our strong revenue performance, a more stable
operating environment and continued benefits from our ongoing cost efficiency
programme.
Operating free cash flow was $1,802m, up by 30.8% in constant currency, due to
the increased constant currency underlying EBITDA partially offset by higher
capex during the period.
Mobile money
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Summarised statement of operations
Revenue(1) $m 1,355 994 36.3% 28.4% 369 263 40.2% 25.7%
Wallet services(2) $m 648 475 36.5% 28.9% 174 122 42.3% 27.8%
Payment and transfers(2) $m 573 421 36.3% 28.3% 159 113 40.8% 26.9%
Financial services(2) $m 61 35 73.0% 61.1% 17 11 59.2% 39.0%
Others(2) $m 73 63 15.5% 7.3% 19 17 9.2% (5.5%)
Underlying EBITDA $m 689 525 31.3% 22.9% 184 137 34.2% 18.0%
Underlying EBITDA margin % 50.8% 52.8% (196) bps (227) bps 49.9% 52.1% (222) bps (318) bps
Depreciation and amortisation $m (29) (23) 27.7% 25.1% (8) (6) 27.5% 18.0%
Operating profit $m 645 489 32.1% 23.2% 174 128 35.9% 18.9%
Capex $m 45 32 41.4% 41.4% 16 17 (9.1%) (9.1%)
Operating free cash flow $m 644 493 30.7% 21.7% 168 120 40.3% 21.9%
Operating KPIs
Mobile money customer base million 54.1 44.6 21.3% 54.1 44.6 21.3%
Total processed value (TPV) $bn 195.9 136.5 43.5% 35.2% 54.0 36.3 49.0% 34.3%
Mobile money ARPU $ 2.3 2.0 15.3% 8.6% 2.3 2.0 17.7% 5.6%
((1) ) Mobile money service revenue post inter-segment eliminations with
mobile services were $1,087m in the year ended 31 March 2026 and $770m 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 retention revenues.
For a full description refer to glossary on page 60.
Mobile money revenue grew by 36.3% in reported currency, with constant
currency revenues growing by 28.4%. During the period, East Africa revenue
grew 26.1% and Francophone Africa revenue grew by 34.3% in constant currency.
In Q4'26, Francophone Africa revenues grew by 38.9% in constant currency as we
focused on key opportunities across the region. The expansion of our
distribution network underpinned our 21.3% customer base growth, while ARPU
growth of 8.6% in constant currency reflects the increased range of services
on offer as we continue to expand the ecosystem.
A 14.4% increase in total processed value (TPV) per customer to $332 per
customer per month reflects both the enhanced ecosystem and increased user
engagement. Q4'26 annualised TPV exceeded $215bn in reported currency, with
mobile money revenue contributing 21.1% 6 of total Group revenue during the
year ended 31 March 2026.
Regional split:
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,355 994 36.3% 28.4% 369 263 40.2% 25.7%
Nigeria $m 9 4 113.4% 102.9% 3 2 94.7% 76.4%
East Africa $m 1,009 747 35.1% 26.1% 273 197 38.5% 21.0%
Francophone Africa $m 337 243 38.6% 34.3% 93 64 44.9% 38.9%
Mobile money customers million 54.1 44.6 21.3% 54.1 44.6 21.3%
Nigeria million 2.7 1.7 60.7% 2.7 1.7 60.7%
East Africa million 40.9 35.3 15.8% 40.9 35.3 15.8%
Francophone Africa million 10.5 7.6 38.0% 10.5 7.6 38.0%
Mobile money underlying EBITDA was $689m, up by 31.3% and 22.9% in reported
and constant currency, respectively. The underlying EBITDA margin of 50.8%,
declined by 227 basis points in constant currency and 196 basis points in
reported currency, primarily reflects the renegotiation of intra-group
agreements as previously disclosed in our H1'26 results.
The impact arising from intra-group agreement revisions will occur in phases.
Adjusting for the impact of the revised intra‑group agreements, mobile money
constant currency revenue growth would have been 31.6%, with underlying EBITDA
margins of 53.1% in the year ended 31 March 2026. As these are intra-group
arrangements, they will have no impact on the consolidated revenue, underlying
EBITDA or growth outlook for the Group.
Operating free cash flow was $644m, up by 21.7% in constant currency, due to
the increased underlying EBITDA, partially offset by higher capex.
Regional performance
Nigeria
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,603 1,048 52.9% 47.5% 477 308 54.8% 40.3%
Voice revenue $m 614 448 36.9% 32.2% 182 133 36.5% 23.7%
Data revenue $m 820 483 69.8% 63.6% 244 139 75.5% 59.1%
Mobile money revenue $m 9 4 113.4% 102.9% 3 2 94.7% 76.4%
Other revenue $m 164 114 44.3% 38.9% 49 35 41.2% 27.7%
Underlying EBITDA $m 922 521 77.0% 70.5% 283 162 74.4% 58.1%
Underlying EBITDA margin % 57.5% 49.7% 782 bps 774 bps 59.3% 52.6% 667 bps 668 bps
Operating KPIs
ARPU $ 2.4 1.7 41.8% 36.8% 2.8 1.9 43.0% 29.6%
East Africa
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 3,015 2,432 24.0% 17.8% 801 632 26.7% 15.8%
Voice revenue $m 1,069 906 18.0% 12.5% 274 232 18.2% 8.8%
Data revenue $m 930 755 23.1% 18.0% 253 200 26.5% 18.0%
Mobile money revenue $m 1,009 747 35.1% 26.1% 273 197 38.5% 21.0%
Other revenue $m 180 176 2.2% (0.2%) 46 44 4.6% 0.7%
Underlying EBITDA $m 1,602 1,284 24.8% 17.3% 424 333 27.4% 13.7%
Underlying EBITDA margin % 53.1% 52.8% 34 bps (23) bps 52.9% 52.7% 26 bps (97) bps
Operating KPIs
ARPU $ 3.1 2.7 12.7% 7.1% 3.2 2.7 16.2% 6.2%
Francophone Africa
Description Unit of measure Year ended Quarter ended
Mar-26 Mar-25 Reported Constant Mar-26 Mar-25 Reported Constant
currency currency currency currency
change
change
change
change
Revenue $m 1,786 1,469 21.5% 17.1% 465 376 23.8% 17.7%
Voice revenue $m 639 614 4.0% (0.8%) 158 144 9.5% 2.3%
Data revenue $m 780 566 37.9% 33.8% 208 159 30.7% 25.3%
Mobile money revenue $m 337 243 38.6% 34.3% 93 64 44.9% 38.9%
Other revenue $m 123 119 3.6% 0.8% 31 28 9.5% 5.0%
Underlying EBITDA $m 786 637 23.5% 19.4% 204 167 22.0% 16.5%
Underlying EBITDA margin % 44.0% 43.3% 70 bps 82 bps 43.7% 44.4% (66) bps (43) bps
Operating KPIs
ARPU $ 3.9 3.6 7.8% 3.9% 3.9 3.6 7.8% 2.4%
Consolidated performance
Description UoM Year ended - March 2026 Year ended - March 2025
Mobile services Mobile money Unallocated(1) Eliminations Total Mobile services Mobile money Unallocated(1) Eliminations Total
Revenue $m 5,350 1,355 - (290) 6,415 4,193 994 - (232) 4,955
Voice revenue $m 2,318 - - 2,318 1,964 - - 1,964
Data revenue $m 2,530 - - 2,530 1,804 - - 1,804
Other revenue $m 502 - (22) 480 425 - (8) 417
Underlying EBITDA $m 2,612 689 (139) - 3,162 1,910 525 (131) - 2,304
Underlying EBITDA margin % 48.8% 50.8% 49.3% 45.6% 52.8% 46.5%
Depreciation and amortisation $m (1,004) (29) (14) - (1,047) (797) (23) (11) - (831)
Operating exceptional items $m - - - - - - - (16) - (16)
Operating profit $m 1,420 645 50 - 2,115 1,001 489 (33) - 1,457
((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 our Annual Report and Accounts.
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 tensions and changes in macroeconomic conditions
have the potential to impact our business both directly and indirectly. These
impacts include potential increases in the cost of our inputs and negative
effects on the disposable incomes of our customers, which could, in turn,
affect 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. This risk is increasing as AI-enabled attacks such as
automated phishing, bot-driven threats, and other AI-augmented intrusions grow
more sophisticated and harder to defend against.
5. Supply chain disruptions, whether affecting the Group directly or its
key suppliers and partners, have the potential to materially impact our
ability to deliver products and services, increase operating costs and
negatively affect profitability. Risks arising from disruptions across global
supply chains whether driven by geopolitical instability, trade restrictions,
natural disasters, or logistical constraints can cascade through our supply
chain and affect our operational continuity.
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. The resilience of our financial services platform is fundamental to
achieving our strategic objectives and advancing financial inclusion across
our operating footprint. With the increasing scale of our financial services
business and the level of integration with third-party products, services and
platforms, disruptions to platform availability whether caused by technical
failures, cybersecurity incidents, third-party system outages, or
infrastructure constraints can result in service interruptions that undermine
customer trust, impact transaction processing, and expose the Group to
reputational and regulatory risk.
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 across diverse and dynamic legal, tax and regulatory
environments. Adverse changes in the political, macroeconomic and policy
environment could negatively impact our ability to achieve our objectives.
While the Group makes every effort to comply with its legal and regulatory
obligations across all operating jurisdictions in line with its risk appetite,
it remains continually exposed to an uncertain and evolving legal, regulatory
and policy environment in a number of its markets.
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.
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 $60m-$62m on revenues, $29m-$31m on underlying EBITDA and $27m-$29m
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.
Airtel Africa plc
Results for the year ended 31 March 2026
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income
Notes For the year ended
31 March 2026 31 March 2025
$m $m
Income
Revenue 5 6,415 4,955
Other income 27 22
6,442 4,977
Expenses
Network operating expenses 1,183 974
Access charges 261 236
Licence fee and spectrum usage charges 293 263
Employee benefit expenses 360 302
Sales and marketing expenses 852 650
Impairment loss on financial assets 11 7
Other operating expenses 320 257
Depreciation and amortisation 1,047 831
4,327 3520
Operating profit 2,115 1,457
Finance costs
- Derivative and net foreign exchange (gains)/losses
Nigerian naira (149) 118
Other currencies 22 61
- Other finance costs 867 663
Finance income (27) (20)
Net monetary gain relating to hyperinflationary accounting 6 (17) (26)
Share of profit of associate and joint venture accounted for using equity (0) (0)
method
Profit before tax 1,419 661
Income tax expense 8 606 333
Profit for the year 813 328
Profit before tax (as presented above) 1,419 661
Add: Exceptional items 7 - 103
Underlying profit before tax 1,419 764
Profit after tax (as presented above) 813 328
Add: Exceptional items 7 - 73
Underlying profit after tax 813 401
Notes For the year ended
31 March 2026 31
Ma
rc
h
20
25
$m $m
Profit for the year (continued from previous page) 813 328
Other comprehensive income ('OCI')
Items to be reclassified subsequently to profit or loss:
Gain due to foreign currency translation differences 252 219
Gain on debt instruments at fair value through other comprehensive income - 0
Share of OCI of associate and joint venture accounted for using equity method 0 0
(Loss)/gain on cash flow hedges (0) 0
Cash flow hedges reclassified to profit or loss (0) (0)
Tax on above 0 1
252 220
Items not to be reclassified subsequently to profit or loss:
Re-measurement gain on defined benefit plans 0 1
Tax on above (0) (0)
0 1
Other comprehensive income for the year 252 221
Total comprehensive income for the year 1,065 549
Profit for the year attributable to: 813 328
Owners of the company 679 220
Non-controlling interests 134 108
Other comprehensive income for the year attributable to: 252 221
Owners of the company 237 179
Non-controlling interests 15 42
Total comprehensive income for the year attributable to: 1,065 549
Owners of the company 916 399
Non-controlling interests 149 150
Earnings per share cents cents
Basic 9 18.6 6.0
Diluted 9 18.6 6.0
Consolidated Statement of Financial Position
Notes As of
31 March 2026 31 March 2025
$m $m
Assets
Non-current assets
Property, plant and equipment 10 2,425 2,086
Capital work-in-progress 10 265 194
Right-of-use assets 3,569 3,029
Goodwill 11&12 3,238 3,008
Other intangible assets 871 810
Intangible assets under development 25 8
Investment accounted for using equity method 6 5
Financial assets
- Investments 0 0
- Derivative instruments 0 0
- Others 17 10
Income tax assets (net) 8 8
Deferred tax assets (net) 428 509
Other non-current assets 206 195
11,058 9,862
Current assets
Inventories 16 19
Financial assets
- Investments 20 -
- Derivative instruments 1 1
- Trade receivables 193 203
- Cash and cash equivalents 13 646 552
- Other bank balances 13 197 81
- Balance held under mobile money trust 14 1,395 952
- Others 90 67
Other current assets 341 286
Assets classified as held for sale 6 -
2,905 2,161
Total assets 13,963 12,023
As of
Notes 31 March 2026 31 March 2025
$m $m
Liabilities
Current liabilities
Financial liabilities
- Borrowings 16 1,019 1,095
- Lease liabilities 329 231
- Put option liability 515 542
- Derivative instruments 7 10
- Trade payables 612 485
- Mobile money wallet balance 1,310 928
- Others 486 383
Employee benefit obligations 64 66
Provisions 35 45
Deferred revenue 173 135
Current tax liabilities (net) 174 89
Other current liabilities 268 233
4,992 4,242
Net current liabilities (2,087) (2,081)
Non-current liabilities
Financial liabilities
- Borrowings 16 1,169 1,226
- Lease liabilities 3,895 3,430
- Derivative instruments 0 0
- Others 201 216
Employee benefit obligations 33 23
Provisions 2 2
Deferred revenue 43 0
Deferred tax liabilities (net) 136 106
Other non-current liabilities 4 3
5,483 5,006
Total liabilities 10,475 9,248
Net Assets 3,488 2,775
Equity
Share capital 15 1,827 1,835
Reserves and surplus 1,321 651
Equity attributable to owners of the company 3,148 2,486
Non-controlling interests ('NCI') 340 289
Total equity 3,488 2,775
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 2026
Consolidated Statement of Changes in Equity
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
$m $m $m $m $m $m $m $m
As of 1 April 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((1)) - - - - 246 246 246 62 308
Transactions with owners of equity
Employee share-based payment reserve - - (4) - (1) (5) (5) - (5)
(Purchase)/issue of treasury shares (net) - - - - 8 8 8 - 8
Ordinary shares buy-back programme (80,231,773) (40) (120) - 60 (60) (100) - (100)
Transactions with NCI((2)) - - - 7 - 7 7 (1) 6
Dividend to owners of the company - - (229) - - (229) (229) - (229)
Dividend (including tax) to NCI((3)) - - - - - - - (62) (62)
As of 31 March 2025 3,670,529,876 1,835 4,924 (831) (3,442) 651 2,486 289 2,775
Profit for the year - - 679 - - 679 679 134 813
Other comprehensive income - - 0 - 237 237 237 15 252
Total comprehensive income - - 679 - 237 916 916 149 1,065
Transactions with owners of equity
Employee share-based payment reserve - - 1 - 2 3 3 - 3
(Purchase)/issue of treasury shares (net) - - - - 12 12 12 - 12
Ordinary shares buy-back programme (refer to note 4(b)) (15,648,848) (8) (44) - (1) (45) (53) - (53)
Transactions with NCI((2)) - - - 30 - 30 30 1 31
Dividend to owners of the company (refer to note 4(a)) - - (246) - - (246) (246) - (246)
Dividend (including tax) to NCI((3)) - - - - - - - (99) (99)
As of 31 March 2026 3,654,881,028 1,827 5,314 (801) (3,192) 1,321 3,148 340 3,488
( )
((1) ) Opening hyperinflationary adjustment as at 1 April 2024
relates to Malawi operations (refer to note 6).
((2) ) This primarily relates to:
- Reversal of put option liability by $27m (31 March 2025:
$15m) 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),
- $6m (31 March 2025: Nil) pertains to remeasurement of
put option liability due to deferment of exercisable date of put options by 12
months. Refer to note 4(c)
- During the year ended 31 March 2025, it includes 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 and adjusted by $17m pertaining to the settlement of dispute with
non-controlling interest holders in one of the subsidiaries of the Group.
((3) ) Dividend to non-controlling interests includes tax of $4m
(31 March 2025: $4m).
For the year ended
Consolidated Statement of Cash Flows
31 March 2026 31 March 2025
$m $m
Cash flows from operating activities
Profit before tax 1,419 661
Adjustments for -
Depreciation and amortization 1,047 831
Finance income (27) (20)
Net monetary gain relating to hyperinflation accounting (17) (26)
Finance costs
-Derivative and net foreign exchange (gains)/losses
Nigerian naira (149) 118
Other currencies 22 61
-Other finance costs 867 663
Share of profit of associate and joint venture accounted for using equity (0) (0)
method
Other non-cash adjustments ((1)) 27 14
Operating cash flow before changes in working capital 3,189 2,302
Changes in working capital
Decrease/(increase) in trade receivables 16 (30)
(Increase)/decrease in inventories (2) 1
Increase in trade payables 67 69
Increase in mobile money wallet balance 279 218
(Decrease)/increase in provisions and employee benefit obligations (4) 38
Increase in deferred revenue 70 15
Increase in other financial and non-financial liabilities 90 27
(Increase) in other financial and non-financial assets (115) (51)
Net cash generated from operations before tax 3,590 2,589
Income taxes paid (395) (323)
Net cash generated from operating activities (a) 3,195 2,266
Cash flows from investing activities
Purchase of property, plant and equipment and capital (753) (736)
work-in-progress
Purchase of intangible assets and intangible assets under development (122) (123)
Maturity of deposits with bank 325 392
Investment in deposits with bank (438) (123)
(Purchase)/sale of other short-term investment (21) 2
Interest received 23 26
Net cash used in investing activities (b) (986) (562)
Cash flows from financing activities
Purchase of shares under buy-back programme (74) (120)
Purchase of own shares by ESOP trust (net) (0) (0)
Proceeds from sale of shares to NCI - 10
Proceeds from borrowings 1,133 1,383
Repayment of borrowings (1,164) (1,400)
Repayment of lease liabilities (204) (222)
Dividend paid to non-controlling interests (105) (72)
Dividend paid to owners of the company (246) (229)
Payment of deferred spectrum liability (31) (29)
Interest on borrowings, lease liabilities and other liabilities (839) (670)
Outflow on maturity of derivatives (net) (61) (194)
Net cash used in financing activities (c) (1,591) (1,543)
Increase in cash and cash equivalents during the year (a+b+c) 618 161
Currency translation differences relating to cash and cash equivalents 107 (1)
Cash and cash equivalents as at beginning of the year 1,060 900
Cash and cash equivalents as at end of the year (refer to Note 13) ((2)) 1,785 1,060
((1)) For the year ended 31 March 2026 and 31 March 2025, this mainly includes
movements in impairment of trade receivable, expense related to employee stock
option plan and other provisions.
((2)) Includes balances held under mobile money trust of $1,394m (March 2025:
$952m) on behalf of mobile money customers which are not available for use by
the Group.
Notes to Consolidated Financial Statements
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, 15 Davies Street,
London, W1K 3DE, 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 2026 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 2026. 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 2026 and 2025 but is derived
from those accounts. Statutory accounts for March 2025 have been delivered to
the Registrar of Companies and those for 2026 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 2026.
All the amounts included in the financial statements are reported in US
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 as set out in the following paragraphs of this note
have been consistently applied by all the Group's entities to all the periods
presented in these consolidated 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 2027 (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 $254m 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 7 May 2025, the directors recommended, and shareholders approved
on 9 July 2025, a final dividend of 3.90 cents per ordinary share for the year
ended 31 March 2025, which was paid on 25 July 2025 to the holders of ordinary
shares on the register of members at the close of business on 20 June 2025.
Further, an interim dividend of 2.84 cents per share was also approved by the
Board on 27 October 2025 which has been paid on 12 December 2025.
b) On 23 December 2024, the company announced the commencement of its
$100m second share buy-back programme to be achieved in two tranches.
Following the completion of its first tranche of the buy-back on 24 April
2025, the company has announced the commencement of its second tranche of the
programme on 14 May 2025. As part of the programme, the company has entered
into an agreement with Barclays Capital Securities Limited ('Barclays') to
conduct the second tranche of the buy-back amounting to a maximum of $55m and
carry out on-market purchases of its ordinary shares, with the company
subsequently purchasing its ordinary shares from Barclays. The second tranche
of the programme was completed on 24 March 2026.
During the year ended 31 March 2026, the company bought back 26,185,526 shares
(7,489,044 shares and 18,696,482 shares against first and second tranche
respectively) and has cancelled 15,648,848 shares against the second tranche
resulting in 3,654,881,028 ordinary shares outstanding as of 31 March 2026.
The purchase price of the shares bought back was $71m. The nominal value ($0.5
per share) of the cancelled shares, amounting to $8m, has been transferred to
the capital redemption reserve. Further, 6,177,028 shares bought back against
the first and second tranche, which have neither been cancelled nor issued to
employees, are being held as treasury shares in connection with an employee
share incentive scheme.
c) During the year ended 31 March 2022, the Group had completed a
transaction with TPG's The Rise Fund and Mastercard for sale of interests in
one of the Group's subsidiary, Airtel Mobile Commerce BV ('AMC BV'), pursuant
to which the Group had written a put option in favour of investors to buy back
their stock on fair value (subject to cap) at the end of 48 months from first
close date, in the event of no Initial Public Offering for the said
subsidiary.
During the current year, Group has agreed with The Rise Fund and Mastercard to
defer the exercisable date of their put options under their respective
agreements by 12 months. Accordingly, the Group has remeasured its put option
liability by $6m to reflect the said extension by a corresponding adjustment
to 'Transaction with NCI reserve'.
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, Kenya, Zambia, Tanzania, Malawi and Rwanda;
Francophone Africa mobile services - Comprising of mobile service operations
in Democratic Republic of the Congo, Chad, Niger, Gabon, 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 2026 it controls all mobile money operations
excluding operations in Nigeria.
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.
The segment result is Underlying EBITDA (defined as operating profit/(loss)
for the year before depreciation, amortisation and exceptional items relating
to operating profit, if any). 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 2026, 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 segmental information below. During the
year ended 31 March 2025, the segment result is Underlying EBITDA as there was
an exceptional item pertaining to EBITDA.
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 licences)
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:
Mobile money Others
Nigeria mobile services East Africa mobile services Francophone Africa mobile services (unallocated) Total
Eliminations
$m $m $m $m $m $m $m
For the year ended 31 March 2026
Revenue from external customers
Voice revenue 613 1,067 638 - - - 2,318
Data revenue 820 930 780 - - - 2,530
Mobile money revenue((1)) - - - 1,087 - - 1,087
Other revenue((2)) 162 175 122 - 21 - 480
Total revenue from external customers 1,595 2,172 1,540 1,087 21 - 6,415
Inter-segment revenue 3 20 10 268 16 (317) -
Total revenue 1,598 2,192 1,550 1,355 37 (317) 6,415
EBITDA 924 1,063 618 689 (132) 0 3,162
Less:
Depreciation and amortisation 306 427 261 29 24 - 1,047
Finance costs
- Derivative and net foreign exchange (gains)/losses
Nigerian naira (149)
Other currencies 22
- Other finance costs 867
Finance income (27)
Net monetary gain relating to hyperinflationary accounting (17)
Share of profit of associate and joint venture accounted for using equity (0)
method
Profit before tax 1,419
Other segment items
Capital expenditure 249 331 225 45 34 - 884
As of 31 March 2026
Segment assets 3,062 3,280 2,152 2,244 21,443 (18,218) 13,963
Segment liabilities 3,136 3,452 2,792 1,693 4,586 (5,183) 10,476
Investment in associate accounted for using equity method (included in segment - - 6 - - - 6
assets above)
((1) ) Mobile money revenue is net of
inter-segment elimination of $268m mainly for commission on sale of airtime.
It includes $170m pertaining to East Africa mobile services, $95m pertaining
to Francophone Africa mobile services and a balance of $3m pertaining to
Nigeria mobile service
((2) ) Other revenue includes messaging,
value added services, enterprise, site sharing and handset sale revenue.
Mobile money Others
Nigeria mobile services East Africa mobile services Francophone Africa mobile services (unallocated) Total
Eliminations
$m $m $m $m $m $m $m
For the year ended 31 March 2025
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 net 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 a balance of $1m pertaining to
Nigeria mobile service.
((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 2026 31 March 2025
$m $m
United Kingdom 1 1
Nigeria 2,738 2,260
Netherlands (including Goodwill) 3,184 2,955
Others ((1)) 4,470 3,919
Total 10,393 9,135
(1) majorly includes other African countries where the Group operates.
6. Hyperinflation
As at 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, at its Malawi operations
whose functional currency is the Malawian kwacha. This resulted in an opening
balance adjustment as of 1 April 2024 amounting to $308m to consolidated
equity in the previous year. The upliftment of the assets on initial adoption
resulted in the net asset value of Malawi exceeding its estimated recoverable
amount. As a result of this, the initial adjustment was capped at the
recoverable amount.
During the year ended 31 March 2026, the CPI has increased by 24% (31 March
2025: 40%) and the average adjustment factor used to determine the impact on
the income statement for the year ended 31 March 2026 was 1.01 (31 March 2025:
1.01), which represents the movement between the average and closing
CPI.
The main impact on these consolidated financial statements for the year ended
31 March 2026 and 31 March 2025 of the above-mentioned adjustments are shown
below:
For the year ended
31 March 2026 31 March 2025
$m $m
Increase in revenue 2 3
Operating loss (22) (18)
Net monetary gain relating to hyperinflationary accounting 17 26
Loss after tax for the year (11) (12)
As of
31 March 2026 31 March 2025
$m $m
Increase in non-monetary assets 687 514
Increase in equity 687 514
7. Exceptional items
Underlying profit before tax excludes the following exceptional items
For the year ended
31 March 2026 31 March 2025
$m $m
Profit before tax 1,419 661
Add: Exceptional items
Finance costs
- Derivative and net foreign exchange (gains)/losses
Nigerian naira - 112
Other currencies - (25)
Provision for settlement of legal dispute ((1)) 16
- 103
Underlying profit before tax 1,419 764
((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 2026 31 March 2025
$m $m
Profit after tax 813 328
- Exceptional items (as above) - 103
- Tax on above exceptional items
Nigerian naira - (37)
Other currencies - 7
- 73
Underlying profit after tax 813 401
Profit attributable to non-controlling interests amounting to $134m (31 March
2025: $108m) includes a gain of Nil (31 March 2025: $9m) during the year ended
31 March 2026, relating to the above exceptional items.
8. Income tax
The major components of the income tax expense are:
For the year ended
31 March 2026 31 March 2025
$m $m
Current income tax 483 297
Deferred tax 123 36
Income tax expenses 606 333
9. Earnings per share (EPS)
The details used in the computation of basic EPS:
For the year ended
31 March 2026 31 March 2025
Profit for the year attributable to owners of the company ($m) 679 220
Weighted average ordinary shares outstanding for basic EPS(number of shares) 3,650,256,377 3,703,072,464
Basic earning per share (cents) 18.6
6.0
The details used in the computation of diluted EPS:
For the year ended
31 March 2026 31 March 2025
Profit for the year attributable to owners of the company ($m) 679 220
Weighted average ordinary shares outstanding for diluted EPS ((1))(number of 3,657,400,713 3,707,789,495
shares)
Diluted earning per share (cents) 18.6 6.0
(1) The difference between the basic and diluted number of shares at the
end of March 2026 being 7,144,336 shares (31 March 2025: 4,717,031 shares)
relates to awards committed but not yet issued under the Group's share-based
payment schemes.
10. Property, plant and equipment ('PPE')
The following table presents the reconciliation of changes in the carrying
value of PPE for the years ended 31 March 2026 and 31 March 2025:
Leasehold Improvements Building Land Plant and Equipment((1)) Furniture & Fixture Vehicles Office Equipment Computer Total Capital work in progress ((2))
$m $m $m $m $m $m $m $m $m $m
Gross carrying value
Balance as of 1 April 2024 44 33 24 2,382 61 21 57 593 3,215 232
Opening hyperinflationary adjustment((3)) 1 13 0 204 4 1 4 46 273 0
Additions/capitalisation 0 - 0 576 6 1 20 72 675 651
Disposals/adjustments((4)) (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
Balance as of 1 April 2025 46 51 24 3,138 72 23 82 719 4,155 194
Additions/capitalisation 1 0 0 666 8 3 17 26 721 785
Disposals/adjustments((4)) (0) (1) - (54) (0) (0) (0) (400) (455) (730)
Foreign currency translation impact 2 3 1 285 5 1 6 39 342 16
Hyperinflationary impact for the year 0 5 0 100 3 0 3 11 122 0
Balance as of 31 March 2026 49 58 25 4,135 88 27 108 395 4,885 265
Accumulated Depreciation
Balance as of 1 April 2024 38 16 - 704 29 20 43 539 1,388 -
Opening hyperinflationary adjustment((3)) 1 8 - 175 3 1 4 46 238 -
Charge 1 3 - 341 13 0 16 38 412 -
Disposals/adjustments ((4)) (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 -
Balance as of 1 April 2025 41 30 - 1,236 46 22 63 631 2,069 -
Charge 1 3 - 415 12 1 17 17 466 -
Disposals/adjustments((4)) (0) (1) - (47) (0) (0) (0) (341) (389) -
Foreign currency translation impact 2 2 - 169 5 0 6 33 217 -
Hyperinflationary impact for the year 0 3 - 79 2 0 2 11 97 -
Balance as of 31 March 2026 44 37 - 1,852 65 23 88 351 2,460 -
Net carrying value
As of 1 April 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
As of 31 March 2026 5 21 25 2,283 23 4 20 44 2,425 265
((1)) Includes PPE secured against the Group's borrowings outstanding of $291m
and $292m as at 31 March 2026 and 31 March 2025 respectively.
((2)) The carrying value of capital work-in-progress as of 31 March 2026 and
31 March 2025 mainly pertains to plant and equipment.
((3)) Opening hyperinflationary adjustment as at 1 April 2024 related to
Malawi operations (refer to note 6).
((4)) 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. During the year ended 31 March 2026, the Group
has reclassified assets amounting to $59m (gross carrying value: $86m, and
accumulated amortisation: $27m) from property, plant and equipment to other
intangible assets.
11. Goodwill
The following table presents the reconciliation of changes in the carrying
value of goodwill for the year ended 31 March 2026 and 31 March 2025
Goodwill($m)
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
Balance as on 1 April 2025 3,008
Foreign currency translation impact 71
Hyperinflationary impact for the year 159
Balance as of 31 March 2026 3,238
((1) ) Opening hyperinflationary adjustment as at 1
April 2024 related to Malawi operations (refer to note 6)
12. 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 2026 31 March 2025
$m $m
Nigeria mobile services 299 269
East Africa mobile services 1,160 1,086
Francophone Africa mobile services 508 497
Mobile money services 1,271 1,156
3,238 ((1)) 3,008
((1) ) The increase of $230m in carrying amount of
goodwill during the year is due to hyperinflationary adjustment related
to Malawi operations ($159m) and foreign currency translation differences.
The Group tests goodwill for impairment annually on 31 December. The carrying
value of goodwill as of 31 December 2025 was $287m, $1,139m, $514m and $1,233m
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 (refer to long-term viability
statement), 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 a 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 result in a
decrease in the recoverable value 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 (refer to climate change disclosures). 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 2025 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 2025
were as follows:
Assumptions Nigeria Mobile Services East Africa Mobile Services Francophone Africa Mobile Services Mobile Money Services
Pre-tax discount rate 25.02% 20.36% 19.71% 21.54%
Average Capital expenditure (as a percentage of revenue) 12.85% 17.00% 15.86% 2.91%
Long term growth rate 13.00% 10.32% 7.27% 8.59%
As of 31 December 2025, 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 2025, 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 $4,334m for Nigeria mobile services
(143%), $4,978m for East Africa mobile services (130%), $1,315m for
Francophone Africa mobile services (61%) and $7,338m for Mobile money (540%),
respectively. The Group, therefore, concluded that no impairment was required
to the goodwill held against each group of CGUs. Subsequent to December 2025,
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 42.75% 32.82% 26.53% 83.18%
No reasonably possible change in the terminal growth rate and capital
expenditure would cause the carrying amount to exceed the recoverable amount.
13. Cash and bank balances
Cash and cash equivalents As of
31 March 2026 31 March 2025
$m $m
Balances with banks
- On current accounts 201 269
- Bank deposits with original maturity of three months or less 188 116
- On settlement account 25 8
Balance held in wallets 218 156
Remittance in transit 13 2
Cash on hand 1 1
646 552
Other bank balances
As of
31 March 2026 31 March 2025
$m $m
-Term deposits with banks with original maturity of 189 76
more than three months but less than 12 months
-Margin money deposits ((1)) 7 5
-Restricted balance in escrow account 1 0
-Unpaid dividend 0 0
197 81
(1) Margin money deposits represent amounts 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 2026 31 March 2025
$m $m
Cash and cash equivalents as per statement of financial position 646 552
Balance held under mobile money trust (with trust accounts) 1,394 952
Bank overdraft (255) (444)
1,785 1,060
14. Balance held under mobile money trust
As of
31 March 2026 31 March 2025
$m $m
Balances with banks
- on trust accounts 1,394 952
1,394 952
Balances with original maturity period more than 3 months but less than 12
months
- Investment in specified securities 1 -
1 -
1,395 952
15. Share capital
As of
31 March 2026 31 March 2025
$m $m
Issued, subscribed and fully paid-up shares (refer to note 4(b))
3,654,881,028 Ordinary shares of $0.50 each (March 2025: 3,670,529,876) 1,827 1,835
1,827 1,835
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.
16. Borrowings
Non-current
As of
31 March 2026 31 March 2025
$m $m
Secured
Term loans((1)) 194 237
194 237
Unsecured
Term loans((1)) 975 989
975 989
1,169 1,226
Current
As of
31 March 2026 31 March 2025
$m $m
Secured
Term loans((1)) 98 55
98 55
Unsecured
Term loans((1)) 666 596
Bank overdraft 255 444
921 1,040
1,019 1,095
(1) Includes debt origination costs.
17. Contingent liabilities and commitments
(i) Contingent liabilities
As of
31 March 2026 31 March 2025
$m $m
(a) Taxes, duties and other demands (under adjudication / appeal / dispute)
-Income tax 50 24
-Value added tax 33 25
-Customs duty and Excise duty 8 8
-Other miscellaneous demands 12 10
(b) Claims under legal and regulatory cases including arbitration matters 118 81
221 148
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 merit with the relevant
authorities and appropriate settlements agreed.
The increase of $73m in contingent liabilities during the year ended 31 March
2026 is primarily on account of new demands in income tax, value added tax,
legal case, regulatory cases and other taxes in some of the subsidiaries of
the Group offset by conclusion of one legal case in one 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 2026, the Group's key contingent liabilities
include the following:
Claims under legal and regulatory cases including arbitration matter
During the year ended 31 March 2026, one of the subsidiaries of the Group has
been informed by its banking partner of cancellation of its historical foreign
currency allocation by the central bank, which was swapped to spot at a fee
with this bank. Accordingly, during the current period the bank has
unilaterally charged the subsidiary's account $51m plus interest thereon due
to reversal of this allocation. The Group is of the view that the subsidiary's
liability ended upon the execution of the spot forex contract and any
repayment obligation not expressly agreed is un-enforceable under local
banking regulations. This view is also supported by the lawyers of the Group.
Accordingly, the subsidiary has initiated an arbitration proceeding and sought
a court injunction for any actions of recovery. The injunction has been
partially granted by the court. The Group has disclosed this matter as a
contingent liability. No provision has been made against this matter.
Further, the banking partner initiated proceedings before the Federal High
Court seeking to restrain the arbitration and challenge the arbitral tribunal,
which the subsidiary has contested as non‑maintainable. Similar objections
were raised before the arbitration centre which subsidiary has rebutted. The
subsidiary is in the process of filing its claim seeking a declaration that
all transactions were fully settled and no repayment obligation exists. Based
on legal advice, the matter continues to be disclosed as a contingent
liability, with no provision recognised.
In addition to the individual matter 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 2026 and 31 March 2025 amounting to $9m
and $13m 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.
(ii) Commitments
Capital commitments
The Group has contractual commitments towards capital expenditure (net of
related advances paid) of $760m and $303m as of 31 March 2026 and 31 March
2025 respectively.
18. 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 and
members of the Bharti family, with Mr. Sunil Bharti Mittal's family trust
controlling the said 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 Telecommunications Limited
Bharti Global Limited
Emtel Limited
Bharti Axa Life Insurance Company Limited
Oneweb Network Access Holdings Limited
vii) Key Management Personnel ('KMP')
a) Executive directors
Olusegun Ogunsanya (till June 2024)
Sunil Taldar (w.e.f. 1 July 2024)
Jaideep Paul (till 9 July 2025)
Kamal Dua (w.e.f. 9 July 2025)
b) Non-Executive directors
Sunil Bharti Mittal
Awuneba Ajumogobia
John Danilovich (retired w.e.f. 3 July 2024)
Andrew James Green (till 29 January 2026)
Akhil Gupta (till 9 July 2025)
Shravin Bharti Mittal
Annika Poutiainen
Ravi Rajagopal
Tsega Gebreyes
Paul Thomas Arkwright (since May 2024)
Gopal Vittal (since October 2024)
Cynthia Gordon (since April 2025)
c) Others
Ian Basil Ferrao
Razvan Ungureanu
Daddy Mukadi Bujitu
Ramakrishna Lella
Rogany Ramiah
Stephen Munyao Nthenge
Anthony Shiner (till June 2024)
Apoorva Mehrotra (till March 2026)
Carl Cruz (till November 2024)
Rohit Marwha (since April 2024)
Sunil Taldar (till June 2024)
Dinesh Balsingh (since November 2024)
Anwar Soussa
Martin Frechette
Oliver Fortuin
Jacques Barkhuizen
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 2026 and 31 March 2025
respectively, are described below:
(b) The summary of transactions with the above-mentioned parties is as
follows:
For the year ended
31 March 2026 31 March 2025
Relationship Parent Intermediate parent entities Fellow subsidiaries Associates Parent Intermediate parent entities Fellow subsidiaries Associates
company company
$m $m $m $m $m $m $m $m
Sale / rendering of services - 1 56 - - 4 70 -
Purchase / receiving of services - 18 50 0 - 15 46 0
Rent and other charges - - - - - 0 - -
Guarantee and collateral fee paid - - - - - 0 - -
Purchase of assets - - - - - 1 4 -
Dividend paid 154 - - - 130 - - -
(c) The outstanding balance of the above mentioned related parties are as
follows:
Relationship Intermediate parent entities Fellow subsidiaries
$m $m
As of 31 March 2026
Trade payables 12 58
Trade receivables 3 77
Relationship Intermediate parent entities Fellow subsidiaries
$m $m
As of 31 March 2025
Trade payables 12 45
Trade receivables 5 76
(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 KMPs were as follows:
For the year ended
31 March 2026 31 March 2025
$m $m
Short-term employee benefits 10 11
Performance linked incentive 3 4
Share-based payment 3 5
Other long term benefits 2 2
Other benefits 1 1
19 23
19. Fair Value of financial assets and liabilities
The category-wise 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 2026 31 March 2025 31 March 2026 31 March 2025
$m $m $m $m
Financial assets
FVTPL
Derivatives
- Forward and option Level 2 1 1 1 1
contracts
Investments Level 2 0 0 0 0
Amortised cost
Investments 20 - 20 -
Trade receivables 193 203 193 203
Cash and cash equivalents 646 552 646 552
Other bank balances 197 81 197 81
Balance held under mobile money trust 1,395 952 1,395 952
Other financial assets 107 77 107 77
2,559 1,866 2,559 1,866
Financial liabilities
FVTPL
Derivatives
- Forward and option Level 2 7 10 7 10
contracts
- Embedded derivatives Level 2 0 0 0 0
Amortised cost
Long term borrowings - fixed rate Level 2 597 592 589 588
Long term borrowings - floating rate 572 634 572 634
Short term borrowings - floating rate 1,019 1,095 1,019 1,095
Put option liability Level 3 515 542 517 544
Trade payables 612 485 612 485
Mobile money wallet balance 1,310 928 1,310 928
Other financial liabilities 687 599 687 599
5,319 4,885 5,313 4,883
The following methods/assumptions were used to estimate the fair values:
(· ) The carrying value of bank deposits, investments, 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 60 months (31 March 2025: 48 months), the
expected cash flows are estimated by determining the projected equity
valuation of the AMC BV at the end of 60 months expiring in July 2026
(previous year- Aug 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 2026 and year ended 31 March 2025 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 2026 and 31 March 2025:
Financial assets / liabilities Inputs used
- Currency swaps, forward and option contracts and other bank balances Forward foreign currency exchange rates, interest rates
- Interest rate swaps Prevailing / forward interest rates in market, interest rates
- 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) had 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 2026 31 March 2025
$m $m
Opening Balance - (155)
Recognized in finance costs in profit and loss - (32)
Repayment of cross currency swap & interest - 166
Foreign currency translation impact - 21
Closing Balance - -
• Put option liability
For the year ended
31 March 2026 31 March 2025
$m $m
Opening Balance (542) (552)
Remeasurement of liability (refer to note 4(c)) 6 -
Liability de-recognized by crediting transaction with NCI reserve((1)) 27 15
Recognized in finance costs in profit and loss (unrealized) (6) (5)
Closing Balance (515) (542)
((1) ) Put option liability was reduced by $27m (March 2025: $15m)
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.
20. 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 4.26 cents per share on
7 May 2026.
Appendix
Additional information pertaining to three months ended 31 March 2026
Condensed Consolidated Statement of Comprehensive Income
For three months ended
31 March 2026 31 March 2025
$m $m
Income
Revenue 1,748 1,317
Other income 4 5
1,752 1,322
Expenses
Network operating expenses 312 266
Access charges 71 56
License fee and spectrum usage charges 78 70
Employee benefit expenses 97 75
Sales and marketing expenses 230 168
Impairment loss on financial assets 2 0
Other operating expenses 83 80
Depreciation and amortisation 290 231
1,163 946
Operating profit 589 376
Finance costs
- Derivative and net foreign exchange(gains)/ losses
Nigerian naira (61) 6
Other currencies 33 20
- Other finance costs 241 199
Finance income (6) (4)
Net monetary gain relating to hyperinflationary accounting (15) (12)
Share of loss/(profit) for associate and joint venture accounted for using 1 (0)
equity method
Profit before tax 396 167
Income tax expense 169 87
Profit for the period 227 80
Profit before tax (as presented above) 396 167
Add: Exceptional items (net) - 16
Underlying profit before tax 396 183
Profit after tax (as presented above) 227 80
Add: Exceptional items (net) - 16
Underlying profit after tax 227 96
Other comprehensive income ('OCI')
Items to be reclassified subsequently to profit or loss:
Gain due to foreign currency translation differences 72 86
Gain on debt instruments at fair value through other comprehensive income - -
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 0
72 86
For three months ended
31 March 2026 31 March 2025
$m $m
Items not to be reclassified subsequently to profit or loss:
Re-measurement (loss)/gain on defined benefit plans (0) 1
Tax on above 0 0
(0) 1
Other comprehensive income for the period 72 87
Total comprehensive income for the period 299 167
Profit for the period attributable to: 227 80
Owners of the company 199 56
Non-controlling interests 28 24
Other comprehensive income for the period attributable to: 72 87
Owners of the company 72 75
Non-controlling interests 0 12
Total comprehensive income for the period attributable to: 299 167
Owners of the company 271 131
Non-controlling interests 28 36
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
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, 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 The Group defines net debt as borrowings, including lease liabilities less
cash and cash equivalents, term deposits with banks, current investments,
· Operating profit · Cash and cash equivalent deposits from customers in payment service bank operations, deposits given
against borrowings/non-derivative financial instruments, processing costs
· Term deposits with banks related to borrowings and fair value hedge adjustments.
· Current investments The Group defines leverage ratio as net debt divided by underlying EBITDA for
the preceding 12 months.
· Deposits from customers in payment service bank operations
The directors view net debt and the leverage ratio to be meaningful measures
· Deposits given against borrowings/ non-derivative financial instruments to monitor the Group's ability to cover its debt through its earnings.
· Fair value hedges
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:
· Current investments - Lease-adjusted net debt is defined as borrowings excluding lease
liabilities less cash and cash equivalents, term deposits with banks, current
· Deposits from customers in payment service bank operations investments, deposits from customers in payment service bank operations,
deposits given against borrowings/non-derivative financial instruments,
· Deposits given against borrowings/ non-derivative financial processing costs related to borrowings and fair value hedge adjustments.
instruments
- Lease-adjusted underlying EBITDA is defined as operating
· Fair value hedges profit/(loss) for the period before depreciation and amortisation less
principal repayments due on right-of-use assets during the period and interest
· Depreciation and amortisation on lease liabilities
· Principal repayments due on right-of-use assets 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
· Interest on lease liabilities 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. During the
year ended 31 March 2026, while there are no exceptional items impacting
operating profit, there were exceptional items impacting operating profit in
prior period. Therefore, we have used underlying EBITDA instead of 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.
Reconciliation between GAAP and Alternative Performance Measures
Table A: Underlying EBITDA and margin
Description Unit of measure Year ended
March 2026 March 2025
Operating profit $m 2,115 1,457
Add:
Depreciation and amortisation $m 1,047 831
Operating exceptional items $m - 16
Underlying EBITDA $m 3,162 2,304
Revenue $m 6,415 4,955
Underlying EBITDA margin (%) % 49.3% 46.5%
Table B: Underlying profit before tax
Description Unit of measure Year ended
March 2026 March 2025
Profit before tax $m 1,419 661
Exceptional items $m - 103
Underlying profit before tax $m 1,419 764
Table C: Effective tax rate
Description Unit of measure Year ended
March 2026 Mar
ch
202
5
Profit before taxation Income tax expense Tax rate % Profit before taxation Income tax expense Tax rate %
Reported effective tax rate (after EI) $m 1,419 606 42.7% 661 333 50.3%
Exceptional items (provided below) $m - - 103 30
Reported effective tax rate (before EI) $m 1,419 606 42.7% 764 363 47.5%
Adjusted for:
Foreign exchange rate movement for loss making entity and/or non-DTA operating $m 11 - 35 -
companies & holding companies
One-off adjustment and tax on permanent differences $m 5 (30) (8) (39)
Effective tax rate $m 1,435 576 40.1% 791 324 41.0%
Exceptional items
1. Derivative and foreign exchange losses $m - - 87 30
2. Provision for expected settlement of a $m - - 16(a) -
contractual dispute
Total $m - - 103 30
a. $16m exceptional items related to provision for settlement of
a legal dispute in a former Group subsidiary.
Table D: Underlying profit after tax
Description Unit of measure Year ended
March 2026 March 2025
Profit after tax $m 813 328
Operating exceptional items $m - 16
Finance cost - exceptional items $m - 87
Tax exceptional items $m - (30)
Underlying profit after tax $m 813 401
Table E: Earnings per share before exceptional items
Description Unit of Year ended
measure
March 2026 March 2025
Profit for the period attributable to owners of the company $m 679 220
Operating exceptional items $m - 16
Finance cost - exceptional items $m - 87
Tax exceptional items $m - (30)
Non-controlling interest exceptional items $m - 9
Profit for the period attributable to owners of the company- $m 679 302
before exceptional items
Weighted average ordinary shares outstanding million 3,650 3,703
Earnings per share before exceptional items Cents 18.6 8.2
Table F: Earnings per share before exceptional items and derivative and
foreign exchange (gains)/losses
Description UoM Year ended
March 2026 March 2025
Profit for the period attributable to owners of the company $m 679 220
Operating exceptional items - 16
Finance cost - exceptional items $m - 87
Tax exceptional items $m - (30)
Non-controlling interest exceptional items $m - 9
Profit for the period attributable to owners of the company- before $m 679 302
exceptional items
Derivative and foreign exchange (gains)/losses (excluding exceptional items) $m (127) 92
Tax on derivative and foreign exchange (gains)/losses (excluding exceptional $m 45 (18)
items)
Non-controlling interest on derivative and foreign exchange (gains)/losses $m (4) (15)
(excluding exceptional items) - net of tax
Profit for the period attributable to owners of the company- before $m 593 361
exceptional items and derivative and foreign exchange (gains)/losses
Weighted average ordinary shares outstanding million 3,650 3,703
Earnings per share before exceptional items and derivative and foreign Cents 16.2 9.8
exchange (gains)/losses
Table G: Operating free cash flow
Description Unit of measure Year ended
March 2026 March 2025
Net cash generated from operating activities $m 3,195 2,266
Add: Income tax paid $m 395 323
Net cash generation from operation before tax $m 3,590 2,589
Less: Changes in working capital
(Decrease)/increase in trade receivables $m (16) 30
Increase/(decrease) in inventories $m 2 (1)
(Increase) in trade payables $m (67) (69)
(Increase) in mobile money wallet balance $m (279) (218)
Decrease/(increase) in provisions and employee benefit obligations $m 4 (38)
(Increase) in deferred revenue $m (70) (15)
(Increase) in other financial and non-financial liabilities $m (90) (27)
Increase in other financial and non-financial assets $m 115 51
Operating cash flow before changes in working capital $m 3,189 2,302
Other non-cash adjustments $m (27) (14)
Operating exceptional items $m - 16
Underlying EBITDA $m 3,162 2,304
Less: Capital expenditure $m (884) (670)
Operating free cash flow $m 2,278 1,634
Table H1: Net debt and leverage
Description Unit of measure As at As at
March 2026 March 2025
Non-current borrowing $m 1,169 1,226
Current borrowing $m 1,019 1,095
Add: Processing costs related to borrowings $m 8 9
Less: Cash and cash equivalents $m (646) (552)
Less: Term deposits with banks $m (189) (76)
Less: Current investments $m (20) -
Add: Deposit from customers in payment service bank operations $m 25 -
Add: Lease liabilities $m 4,224 3,661
Net debt $m 5,590 5,363
Underlying EBITDA $m 3,162 2,304
Leverage times 1.8x 2.3x
Table H2: Lease adjusted Net debt and leverage
Description Unit of measure As at As at
March 2026 March 2025
Non-current borrowing $m 1,169 1,226
Current borrowing $m 1,019 1,095
Add: Processing costs related to borrowings $m 8 9
Less: Cash and cash equivalents $m (646) (552)
Less: Term deposits with banks $m (189) (76)
Less: Current investments $m (20) -
Add: Deposit from customers in payment service bank operations $m 25 -
Add: Lease liabilities $m 4,224 3,661
Net debt $m 5,590 5,363
Less: Lease liabilities $m 4,224 3,661
Lease adjusted net debt $m 1,366 1,702
Description Unit of Year ended
measure
March 2026 March 2025
Operating profit $m 2,115 1,457
Add:
Depreciation and amortisation $m 1,047 831
Operating exceptional items $m - 16
Underlying EBITDA $m 3,162 2,304
Less: Interest on lease liabilities $m 467 319
Less: Repayment of lease liabilities* $m 195 219
Total lease repayments $m 662 538
Lease-adjusted underlying EBITDA (EBITDAaL) $m 2,500 1,766
* Repayment of lease liabilities in the above table is inclusive of net lease
payables movement of ($9m) in the current period and ($3m) in the prior
period.
Description Unit of measure As at As at
March 2026 March 2025
Lease adjusted underlying EBITDA (EBITDAaL) $m 2,500 1,766
Lease adjusted Leverage times 0.5x 1.0x
Table I: Return on capital employed
Description Unit of Year ended
measure
March 2026 March 2025
Operating profit $m 2,115 1,457
Add:
Operating exceptional items $m - 16
Underlying operating profit $m 2,115 1,473
Equity attributable to owners of the Company $m 3,148 2,486
Add: Put option given to minority shareholders $m 515 542
Gross equity attributable to owners of the Company $m 3,663 3,028
Non-controlling interests (NCI) $m 340 289
Net debt (refer Table H1) $m 5,590 5,363
Capital employed $m 9,593 8,680
Average capital employed (1) $m 9,136 7,518
Return on capital employed % 23.1% 19.6%
((1)) Average capital employed is calculated as average of capital employed at
closing and opening of relevant period.
Statement of Directors' 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
2026 and is signed on its behalf by:
Sunil Taldar
Chief executive officer
07 May 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.
Airtel Money app customers Total number of customers that have accessed Airtel Money segment of MyAirtel
app in past 30 days
Airtel Money app transacting customers Total number of customers that have accessed Airtel Money segment of MyAirtel
app and have done any revenue generating event in past 30 days
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.
MyAirtel app customers Total number of customers that have accessed MyAirtel app in last 30 days.
MyAirtel app total processed value (TPV) Value of any financial transaction performed on Airtel Africa's MyAirtel app.
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 from customers in payment
service bank operations, deposits given against borrowings/non-derivative
financial instruments, 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, current investments, deposits
from customers in payment service bank operations, 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
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. 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.
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 (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
Unless otherwise stated, all growth rates represent YoY growth for the year
ended 31 March 2026
1 An explanation of constant currency growth is provided on page 52
2 (#_ftnref2) 'Underlying EBITDA' adjusts for an operating exceptional item
recognised in the prior period.
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 20.
3 Alternative performance measures (APM) are described on page 50.
4 (#_ftnref4) Alternative performance measures (APM) are described on page
50.
5 (#_ftnref5) Alternative performance measures (APM) are described on page
50.
6 (#_ftnref6) Mobile money contribution is based upon mobile money revenue,
including cross-charge revenue from mobile services which is 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 ARMMTMTBMTRF
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Airtel Africa
See all newsREG - Airtel Africa PLC - Final Results
AnnouncementREG - Airtel Africa PLC - Total Voting Rights
AnnouncementREG - Airtel Africa PLC - Notice of Results
AnnouncementREG - Airtel Africa PLC - Total Voting Rights
AnnouncementREG - Airtel Africa PLC - Transaction in Own Shares
Announcement