Airtel achieves 25.8% growth in revenue to $2.98 billion
Airtel has delivered an impressive performance for the first half of 2026, consolidating its leadership position across its 14 operating markets with strong financial results, expanding customer base, and sustained strategic investments. The Group recorded a 25.8% year-on-year (y/y) growth in revenue to $2.98 billion (H1 2025: $2.37 billion) and a 10.7% quarter-on-quarter (q/q) increase in reported currency. This robust growth was achieved despite the full implementation of the 50% tariff increase in Nigeria—its largest market—demonstrating the company’s pricing resilience, customer loyalty, and improved service quality.
The growth momentum was broad-based across Airtel’s regional segments, with Francophone Africa rebounding strongly by 16.1%, East Africa maintaining a steady expansion of 19.8%, and Nigeria sustaining its upward trajectory. Notably, data services emerged as the leading revenue driver, growing 37.0% y/y and overtaking voice, which rose 13.2%. Mobile Money revenue also strengthened significantly by 33.9%, reflecting Airtel’s deepening digital financial inclusion strategy. In total, mobile services revenue advanced 23.9% y/y, underpinned by a 17.4% increase in data subscribers and accelerating smartphone adoption.
Revenue growth was further buoyed by greater macroeconomic stability and foreign exchange improvements across key markets. In Nigeria, the Naira traded within a narrower range of N1,541.94/US$ to N1,475.35/US$ between October 2024 and September 2025, contributing to stronger reported earnings and predictable cash flows.
Earnings and Margin Expansion
Earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 33.1% y/y and 13.1% q/q to $1.45 billion, pushing margins up to 48.5% from 45.9% in the same period last year. The improvement highlights Airtel’s disciplined cost management, enhanced operating leverage, and efficiency gains from network modernisation and regional synergies. Operating profit (EBIT) rose 35.8% y/y and 15.0% q/q to $959 million, signalling strong momentum in underlying profitability despite inflationary pressures across some markets.
Finance costs declined sharply to $304 million (H1 2025: $528 million), reflecting favourable foreign exchange movements. The previous period had included $260 million in derivative and FX losses, primarily due to Naira devaluation. In contrast, Airtel recorded $90 million in FX and derivative gains in H1 2026 following currency appreciation in the Naira and CFA Franc. Excluding these currency effects, underlying finance costs rose from $268 million to $394 million, driven by higher interest on lease obligations and local currency debt. Nonetheless, the effective interest rate improved to 12.4% from 13.2%, supported by better debt management and refinancing efficiency.
Profitability and Shareholder Value Creation
Airtel Africa’s profit before tax (PBT) soared by 268.5% y/y to $656 million (H1 2025: $178 million), reflecting strong operational execution, margin expansion, and currency tailwinds. After a higher tax charge of $280 million (versus $99 million in the prior year), profit after tax (PAT) grew 375.9% y/y to $376 million, representing a 40.4% q/q increase. Earnings per share (EPS) climbed sharply to 8.3 cents, compared to just 0.8 cents in the corresponding period last year—an impressive tenfold increase underscoring robust earnings recovery.
The company’s total customer base expanded 11.0% y/y to 173.8 million, with data subscribers increasing 18.3% to 78.1 million. Smartphone penetration rose by 3.8 percentage points to 46.8%, fuelling a 45% rise in data traffic across Airtel’s networks. This strong growth in digital usage underscores Airtel’s success in capturing Africa’s fast-growing demand for broadband and mobile internet connectivity.
Capital expenditure (Capex) for the period was steady at $318 million, consistent with prudent capital allocation. However, Airtel raised its full-year Capex guidance to between $875 million and $900 million to accelerate network rollout, capacity expansion, and fibre infrastructure upgrades across multiple markets.
Balance Sheet Strength and Financial Discipline
Airtel Africa’s financial position strengthened considerably, with total equity up 42.1% y/y to $3.1 billion and total assets increasing 21.3% y/y to $12.9 billion, reflecting sustained business expansion and reinvestment. Net debt rose 6.9% y/y to $5.5 billion due mainly to tower-related obligations, but leverage ratios improved, with net debt/EBITDA moderating to 3.8x and lease-adjusted leverage falling to 0.8x. These metrics affirm Airtel’s improved balance sheet flexibility and capacity to fund long-term growth initiatives.
The company continued to prioritise shareholder value through its ongoing $100 million share buyback programme. Having completed the first $45 million tranche in April 2025, Airtel executed an additional $34.7 million of the $55 million second tranche by September 2025. The remaining $20.3 million is scheduled for completion by March 2026 under the management of Barclays Bank, which is executing the buybacks independently—even during closed trading periods. In addition, Airtel returned $16.9 million directly to shareholders during the quarter, reflecting its strong commitment to capital return.
Strategic Partnerships and Market Expansion
Airtel Africa continues to strengthen its position as a leading pan-African connectivity provider through partnerships and infrastructure sharing. The company partnered with SpaceX’s Starlink to deploy satellite-based internet services—already licensed in 9 of its 14 operating markets—enhancing broadband access in remote and underserved regions. Airtel also entered infrastructure-sharing agreements with Vodacom and MTN across Tanzania, the Democratic Republic of Congo (DRC), Uganda, and Nigeria, aimed at accelerating fibre and tower rollout to improve coverage and cost efficiency.
From a governance perspective, Sunil Bharti Mittal, Chairman of Airtel Africa Plc, and Gopal Vittal, Non-Executive Director, were appointed as Non-Independent Non-Executive Directors of BT Group Plc, effective 15 September 2025, highlighting Airtel’s increasing global presence and leadership influence in the telecommunications industry.
Dividend Declaration and Outlook
The Board declared an interim dividend of 2.84 cents per share for H1 2026, payable on 12 December 2025 to shareholders on record as of 7 November 2025. This payout reaffirms Airtel’s consistent dividend policy and robust cash flow generation.
Looking ahead, Airtel Africa remains well-positioned for sustained growth, supported by continued network investment, digital innovation, and expanding mobile money adoption. With stabilising exchange rates, deepening smartphone penetration, and rising demand for data-driven services, the company is set to maintain its growth trajectory in FY 2026.
Conclusion
Airtel Africa’s first-half 2026 performance demonstrates strong operational momentum, resilient earnings, and strategic foresight amid a dynamic macroeconomic environment. With broad-based regional growth, rising digital adoption, and a solid balance sheet, the company is poised to deliver enhanced shareholder value through sustained profitability, strategic investments, and disciplined capital management.
