Airtel Africa has posted a powerful rebound in its financial performance for the first quarter of the 2025/2026 financial year, ending June 30, 2025, recording a pre-tax profit of $273 million, marking a 269% surge from the same period last year.
The group’s profit before tax in just this quarter represents 41% of its total earnings for the full year ended March 31, 2025—an early signal that this fiscal year may outperform market expectations.
Net profit after tax came in even stronger at $156 million, a year-on-year growth of 408%, and already accounts for 48% of the group’s full-year earnings posted three months earlier. The exceptional results come amid a recovery in macroeconomic conditions across Airtel’s key African markets, especially Nigeria, where recent tariff adjustments sharply lifted revenue.
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Revenue Hits $1.415 Billion as Tariff Adjustments and Digital Expansion Pay Off
Group revenue rose to $1.415 billion, showing a 24.9% growth in constant currency and 22.4% in reported currency, reflecting easing currency pressures, stronger mobile data uptake, and a customer-focused growth strategy. According to the company’s earnings report, the acceleration in revenue growth from the previous quarter was “driven by tariff adjustments in Nigeria and a strong performance in Francophone Africa.”
The Nigerian business remains a significant growth engine. Revenue in Nigeria alone rose 35.2% in constant currency, largely due to the implementation of new mobile tariffs and increased data penetration. Francophone Africa also delivered strong numbers, growing 15.7% year-on-year.
Customer Base Grows to 151.2 Million as Data Usage Surges
The company’s total customer base grew by 9%, reaching 151.2 million, driven largely by increased demand for data services. Data customers now stand at 75.6 million, up 17.4% compared to the same period in 2024. The growth comes amid the company’s continued focus on digitization and expansion of 4G and 5G networks.
CEO Sunil Taldar said the result was a reflection of “sustained demand for our services and the strength of our business model to meet these demands.” He added that Airtel Africa’s performance was driven by “relentless focus on digitization and simplifying the customer experience.”
Operating Profit Up 29%, Margins Improve Despite Spending on Expansion
Airtel’s operating profit rose by 29% to $446 million, while the EBITDA margin for mobile services improved to 46.8%, up 240 basis points. The company maintained tight control of costs even as it increased marketing spend and network investments across multiple markets.
Its capital expenditure for the quarter stood at $121 million, down 18% from the same period a year ago. However, the company said it would maintain full-year capex guidance between $725 million and $750 million, indicating continued investment in infrastructure and service delivery.
Currency Gains and Tax Credits Add to Profit Surge
Airtel Africa also recorded $42 million in tax credits following the revaluation of the naira and recognition of deferred tax assets in Nigeria. Additionally, a $22 million foreign exchange gain was booked from the appreciation of the Central African CFA franc, reversing losses suffered last year due to currency devaluation across several markets.
In recent years, currency depreciation in Nigeria, Malawi, Zambia, and Kenya has created major headwinds. But over the last three quarters, those pressures have eased considerably, helping to stabilize the company’s balance sheet and income statement.
Interest Costs and Debt Position
Finance costs rose by 8.2% year-on-year due to increased OpCo and lease-related borrowings. However, the company noted that 95% of its operational debt is now denominated in local currencies, a strategic shift aimed at minimizing exchange rate risks that had previously eroded earnings.
The group’s net debt stood at $3.3 billion, a moderate figure relative to cash flows, as Airtel continues to balance aggressive expansion with debt discipline.
With nearly half of last year’s net profit already matched in just the first quarter, analysts expect Airtel Africa to comfortably outperform its previous earnings benchmarks if current macroeconomic and operational trends continue. The company is also optimistic about growth in mobile money and data services, especially as smartphone penetration in its markets remains low, at about 46%.