Strong data and mobile money growth drive Airtel Africa profits to record $586 million

• Airtel Africa saw its total customer base climb to 179.4 million in the nine months ended December 2025, with mobile money users exceeding 50 million.
• Strategic capex acceleration and currency tailwinds supported a dramatic improvement in profitability and leverage ratios.
• A landmark partnership with SpaceX for satellite connectivity underscores Airtel’s commitment to bridging Africa’s digital divide.

Airtel Africa has delivered a strong performance for the nine months to December 2025, with surging demand for data and mobile financial services powering growth in net earnings and underpinning a massively strengthened balance sheet.

The pan-African telecoms leader, operating across 14 countries, reported a profit after tax of $586 million, which was a staggering 136.6 per cent increase from the $248 million recorded in the prior period.

This dramatic leap was propelled by strong revenue growth and a significant swing in derivative and foreign exchange movements, from a loss of $153 million last year to a gain of $99 million this period.

“These results highlight the strength of our strategy, with strong operating and financial trends across the business,” said Chief Executive Officer Sunil Taldar. His statement underscored a quarter where disciplined execution and strategic investment converged to create exceptional shareholder value.

Airtel Africa revenue up 24.6% to $4,667 million

Group revenue surged by 24.6 per cent in constant currency to $4,667 million. This growth accelerated in the crucial third quarter (Q3’26), hitting 24.7 per cent in constant currency and an even more impressive 32.9 per cent in reported currency, buoyed by favourable forex translations.

The engine of this expansion was the telco’s data business, which is now the largest revenue contributor. Data revenues soared 36.5 per cent in constant currency as customers consumed an average of 8.6GB per month, up from 6.9GB, facilitated by improved network investment. Smartphone penetration, a key enabler, rose to 48.1 per cent during the period under focus.

At the same time, Airtel Money, the group’s mobile financial services arm, reached two critical milestones. It surpassed 50 million active customers, growing the base to 52 million—a 17.3 per cent increase.

Additionally, its annualised Total Processed Value (TPV) breached the $200 billion threshold in Q3, exceeding $210 billion. This scale translated to a 29.4 per cent constant-currency revenue growth for the segment, now contributing over a fifth of group revenue.

CEO Taldar highlighted emphasised this achievement, noting it “underscores the depth of our merchants, agents and partner ecosystem, and remains a key player in driving improved access to financial services across Africa.”

The firm’s revenue growth flowed directly to the bottom line with remarkable efficiency. During the period, EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) jumped 35.9 per cent to $2,283 million.

CAPEX funds 2,500 new sites, expands fibre network to over 81,500 km

More significantly, the EBITDA margin expanded by 272 basis points to 48.9 per cent, reaching 49.6 per cent in Q3. Taldar linked this directly to strategic execution: “Disciplined execution on cost efficiency, alongside accelerating revenue growth has enabled another sequential improvement in our quarterly EBITDA margin to 49.6 per cent, underpinning constant currency EBITDA growth of 31 per cent.”

Airtel Africa’s financial heft has empowered a more aggressive growth investment strategy and a rapidly de-risked balance sheet. Capital expenditure (capex) accelerated by 32.2 per cent to $603 million, funding approximately 2,500 new sites and expanding the fibre network to over 81,500 km.

Crucially, this investment is being supported by much stronger internal cash generation, not debt as the pperating free cash flow grew 37.2 per cent to $1,680 million.

Consequently, leverage ratios have improved strongly with disclosurers showing net debt to EBITDA (leverage) fell from 2.4x to a comfortable 1.9x, while lease-adjusted leverage improved even more sharply to 0.7x from 1.1x. “Leverage has improved from 2.4x to 1.9x,” the statement stated, “primarily driven by the improvement in EBITDA.”

Geographically, Nigeria led the charge with explosive growth. Constant-currency revenue there skyrocketed 50.4 per cent, driven by tariff adjustments and voracious data demand, with data usage per customer hitting 10.7GB/month.

East Africa and Francophone Africa regions also posted robust, double-digit constant-currency revenue growth of 14.4 per cent and 15.0 per cent, respectively, highlighting the breadth of Airtel’s operational strength.

SpaceX, Aitel Africa to introduce Starlink Direct-to-Cell satellite connectivity

Looking forward Airtel Africa announced a groundbreaking partnership with SpaceX to introduce Starlink Direct-to-Cell satellite connectivity across its footprint, aiming to serve customers in areas without terrestrial coverage. This move, making Airtel the first African mobile operator to partner with SpaceX for such a service, reinforces its commitment to ubiquitous connectivity.

Furthermore, the company confirmed it remains on track for the listing of Airtel Money in the first half of 2026, a move poised to unlock further value from its fast-growing fintech asset.

In an environment often characterised by macroeconomic headwinds, Airtel Africa’s latest results paint a picture of a company in command of its strategy. By successfully monetising the dual engines of data connectivity and financial inclusion, while maintaining rigorous cost discipline, the telco has not only generated record profits but also fortified its financial foundation for the next phase of growth.

As Sunil Taldar stated, “These results reinforce our confidence in the long-term potential of our markets and our ability to create value for all our stakeholders.”

Read also: Airtel Africa, Vodacom infrastructure sharing deal seeks to narrow digital divide

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