Airtel Africa Plc has reported a remarkable surge in profitability for the half year ended September 30, 2025, driven by strong data and mobile money performance, along with favorable currency movements across its 14 operating markets.
The group’s financials showed one of its strongest half-year results in recent years, highlighting a decisive shift in its business model from traditional voice services to digital and financial technology platforms.
The company said revenue rose to $2.98 billion, representing a 25.8% increase compared with the same period last year, while operating profit jumped 35.9% to $959 million. Profit before tax soared 269% to $656 million, while profit after tax climbed 375% to $376 million. Earnings per share stood at 8.3 cents, up from 0.8 cents a year earlier. Airtel also declared an interim dividend of 2.84 cents per share, up 9.2%, reflecting confidence in its financial position.
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According to the telecom group, the sharp improvement in profitability reflects higher operating income, naira appreciation, and a stronger CFA franc, and reduced finance costs following last year’s heavy foreign exchange losses. Operating cash flow also rose 46.5% to $1.13 billion, while net debt improved to $5.5 billion, bringing leverage down to 2.1 times from 2.3 times a year earlier.
Data Now Airtel’s Biggest Revenue Driver
For the first time in its history, Airtel Africa’s data business overtook voice as the company’s largest revenue contributor, generating $1.16 billion in the half-year, up 37% in constant currency. Data users grew 18.4% to 78.1 million, while smartphone penetration reached 46.8%. Average monthly data usage per customer increased to 8.2GB, underlining rising demand for digital connectivity and entertainment across Africa.
Voice revenue grew 13.2% in constant currency, buoyed by an 11% rise in total subscribers to 173.8 million. Average revenue per user (ARPU) climbed 14.8% to $2.9, driven by pricing adjustments and increased user engagement.
Airtel Money Powers Fintech Expansion
Airtel’s mobile money arm, Airtel Money, continued its strong momentum, with revenue up 30.2% in constant currency to $623 million. The customer base expanded by 20% to 49.8 million, and total processed value (TPV) reached an annualized $193 billion, marking a 35.9% rise. The fintech segment now contributes 21% of total group revenue, underscoring Airtel’s growing diversification beyond its core telecoms business.
The company also reiterated that the planned initial public offering (IPO) of Airtel Money remains on track for the first half of 2026, a move expected to unlock additional shareholder value and attract strategic partners for its fintech operations.
Regional Performance
Nigeria, Airtel’s largest market, posted exceptional growth, with revenue climbing 49% in constant currency to $697 million. Data revenue grew 62%, while EBITDA margin improved to 56%, indicating better pricing and operational efficiency.
In East Africa, revenue rose 15.6% to $1.05 billion, with an EBITDA margin of 48%, while Francophone Africa recorded a 14.5% revenue increase to $749 million, with an EBITDA margin of 39.5%. The group attributed these gains to currency appreciation across East and Francophone Africa, as well as pricing adjustments and network expansion in Nigeria.
Cost Discipline and Balance Sheet Strength
Finance costs fell to $304 million, compared with $528 million a year ago, following the absence of exceptional FX losses. Airtel said 95% of its operating company debt is now denominated in local currency, significantly reducing exposure to foreign exchange volatility. Lease-adjusted leverage improved to 0.8 times, compared with 1.0 times a year earlier.
The EBITDA margin expanded by 268 basis points to 48.5%, supported by cost efficiency initiatives and a strong revenue mix from high-margin services such as data and mobile money.
Network Expansion and Capital Investment
Airtel Africa continued its aggressive infrastructure rollout, adding more than 2,350 new sites in the period, bringing its total to 38,300. It now covers 98.5% of its markets with 4G and has begun expanding 5G services in five countries. Fiber infrastructure also grew by 4,000 kilometers to exceed 81,000 kilometers across the continent.
To support this continued expansion, Airtel raised its capital expenditure guidance for FY2026 to between $875 million and $900 million, up from earlier projections, as it deepens investments in data centers and digital infrastructure to sustain long-term growth.
In a statement, the telco’s CEO, Sunil Taldar, said: “Our strategy has been focused on providing a superior customer experience and the strength of these results is testament to the initiatives we have been implementing across the business. The strength of our revenue performance—up 24.5% in constant currency—and further cost efficiency initiatives have continued to support a further increase in EBITDA margins to 49% in Q2 2026.”
Taldar added that the strong results give Airtel the confidence to raise its capital spending guidance as it accelerates investments across its markets to capture new opportunities in data, fintech, and digital services.
Outlook
Airtel Africa’s strong half-year performance underscores its successful transition into a more diversified digital services provider. With data and fintech now anchoring growth, the company is believed to be well-positioned to sustain earnings momentum into FY2026. However, management cautioned that macroeconomic and foreign exchange pressures in certain markets could still weigh on future earnings.
For now, the company’s blend of digital expansion, operational discipline, and capital efficiency appears to be paying off, making Airtel Africa one of the continent’s most profitable telecom groups.