Airtel Africa delivers strong growth in revenue and customer base in half 2026/27

LONDON: AIRTEL Africa plc, a leading provider of telecommunications and mobile money services across Africa, has reported strong operating and financial performance for the six months ended 30 September 2026, supported by continued investment in network infrastructure, digital capabilities and customer experience.

The Group’s total customer base grew by 11.6% to 193.9 million, compared with 173.8 million in the corresponding period last year. Data customers increased by 15% to 89.9 million, while Airtel Money customers grew by 22.4% to 60.9 million, reflecting sustained demand for connectivity and digital financial services across its markets.

Commenting on the performance, Sunil Taldar, Chief Executive Officer of Airtel Africa plc, said the results reflected strong underlying demand across the Group’s markets and consistent execution of its strategy.

“Over the first half we have delivered another strong operating and financial performance, reflecting the depth of underlying demand across our markets and consistent execution of our strategy, with total customer growth remaining strong and stable,” he said.

Smartphone penetration increased to 51.6%, supporting higher data consumption. Average smartphone data usage per customer rose to 13.3 GB per month, compared with 10.1 GB in the corresponding period last year. Increased data usage, alongside improvements in customer experience, contributed to a 10.7% increase in data average revenue per user (ARPU) on a constant currency basis.

Revenue for the half year reached $3.823 billion, representing growth of 28.2% in reported currency and 20.8% in constant currency. Growth was recorded across all operating regions, with Nigeria delivering 27% growth, East Africa 18.2% and Francophone Africa 19.2% on a constant currency basis.

Mobile services revenue increased by 18.9% in constant currency to $3.141 billion, supported by data revenue growth of 28% and voice revenue growth of 11.1%.

Airtel Money revenue grew by 25.8% in constant currency, supported by a 22.4% increase in its customer base to 60.9 million and a 2.6% rise in ARPU to $2.5. The annualised total processed value of transactions reached $275 billion in the second quarter of the financial year, reflecting continued growth in the adoption and use of mobile financial services.

Underlying EBITDA increased by 32.8% in reported currency to $1.921 billion, while growth in constant currency stood at 23.5%. The underlying EBITDA margin improved by 172 basis points to 50.3%, reflecting continued operating efficiencies and the benefits of scale.

Taldar said the Group maintained its strong margins despite inflationary pressures arising from higher fuel costs.

“Despite rising fuel costs continuing to exert inflationary pressure on our cost base, we delivered a record underlying EBITDA margin of 50.4% in Q2’27 through a combination of operational discipline, ongoing cost efficiency programmes and continued scale benefits,” he added.

Profit after tax rose to $452 million, compared with $376 million in the corresponding period last year. Basic earnings per share increased to 10.2 US cents from 8.3 US cents.

Capital expenditure increased to $657 million, more than double the $318 million recorded in the prior period, reflecting the Group’s commitment to accelerating investment in network capacity, expanding coverage and supporting sustainable growth. Operating free cash flow increased by 6.8% to $972 million, compared with $910 million in the corresponding period last year.

Airtel Money lists on the London Stock Exchange

A significant milestone for the Group following the reporting period was the admission of Airtel Mobile Commerce N.V., the holding company for Airtel Money, to the Main Market of the London Stock Exchange on 14 October 2026.

As part of the listing, existing minority shareholders sold 270 million shares, representing 10% of the issued share capital, at £1.96 ($2.63) per share per share. No new capital was raised through the listing, and Airtel Africa retained its 77.85% shareholding in the business.

Taldar described the listing as an important step in the Group’s mobile money growth strategy.

“The recent IPO of Airtel Money represents a significant milestone for the Group. We retained our shareholding through the IPO and remain a long-term strategic shareholder, with significant exposure to Airtel Money’s future growth and value creation,” he said.

The listing provides Airtel Money with an independent listed platform to support its long-term ambitions and strengthen its profile among global investors, while Airtel Africa remains a significant shareholder in the business.

The Board approved an interim dividend of 3.1 US cents per ordinary share for the half year ended 30 September 2026. The dividend will be paid on 11 December 2026 to shareholders on the register at the close of business on 13 November 2026.

Taldar expressed confidence in the Group’s growth prospects, supported by its financial position and continued expansion of digital services.

“Supported by a strong balance sheet and robust cash generation, Airtel remains confident in the opportunities ahead. As more customers embrace digital services and financial inclusion, our continued focus on execution and customer experience positions us to deliver sustainable growth at scale and long-term value for shareholders.”

During the period, Airtel Africa also completed the first tranche of its share buy-back programme, repurchasing approximately 24.5 million shares and returning $108.7 million to shareholders.