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Airtel Africa Plc reported a 20.5% increase in profit after tax to $452 million for the six months ended September 30, 2026, as revenue and operating profit grew across its telecommunications and mobile money businesses.
The results, released on October 30, 2026, also showed higher network investment, growth in data services and an increase in the interim dividend.
However, rising finance costs continued to weigh on the company’s financial performance.
The company’s revenue rose by 28.2% in reported currency to $3.823 billion, from $2.982 billion in the corresponding period of 2025.
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Operating profit increased by 34.2% to $1.286 billion, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 32.8% to $1.921 billion.
Data services drive growth in Nigeria
Airtel Africa’s Nigerian business recorded revenue growth of 24.4% in constant currency during the second quarter of its 2027 financial year, supported by growth across its telecommunications and mobile money operations.
Across the group, data revenue grew by 28% in constant currency, accounting for approximately half of total mobile services revenue, compared with 46.5% in the corresponding period a year earlier.
The growth reflected a 15% increase in the data customer base to 89.9 million and a 10.7% rise in data average revenue per user (ARPU) in constant currency. The total customer base increased by 11.6% to 193.9 million, from 173.8 million a year earlier.
Smartphone penetration increased to 51.6%, while smartphone data usage per customer rose to 13.3GB per month from 10.1GB.
- “The investment case remains as compelling as ever, supported by favourable demographic and economic trends, strong demand for data and financial services, and smartphones on our network increasing to over 100 million, with substantial headroom for further adoption,” Airtel Africa’s Chief Executive Officer, Sunil Taldar said.
Taldar also highlighted the company’s use of artificial intelligence to improve customer experience and strengthen its operations.
Revenue and operating profit increase
Revenue grew by 20.8% in constant currency, while underlying EBITDA increased by 23.5%, reflecting growth across the group’s markets.
The underlying EBITDA margin improved to 50.3% from 48.5%, an increase of 172 basis points. In the second quarter of the 2027 financial year, the margin reached 50.4%, compared with 50.1% in the preceding quarter.
Profit before tax rose to $814 million from $656 million. Basic earnings per share increased to 10.2 US cents from 8.3 US cents, while earnings per share before exceptional items rose to 11.7 US cents from 8.3 US cents.
Higher finance costs weigh on earnings
Despite the improvement in operating performance, Airtel Africa’s net finance costs increased to $477 million from $304 million in the corresponding period of 2025.
The current period included a $37 million cost relating to an in-principle settlement of a commercial dispute involving one of the group’s subsidiaries. The company also recorded lower derivative and foreign-exchange gains than in the prior period.
Derivative and foreign-exchange gains amounted to $2 million, compared with $90 million a year earlier. Excluding these gains and exceptional items, finance costs increased to $442 million from $394 million, primarily reflecting higher interest on lease liabilities following the rollout of network sites.
The group’s total tax charge also increased to $362 million from $280 million, largely reflecting higher profit before tax and withholding taxes on dividends paid by subsidiaries. Profit after tax consequently rose to $452 million from $376 million.
Airtel Money expands as listing boosts visibility
Airtel Africa’s mobile money business continued to expand, with its customer base increasing by 22.4% to 60.9 million during the half year.
Mobile money revenue grew by 25.8% in constant currency. Payments and transfers revenue increased by 29.8%, while financial services revenue rose by 56.9%. The business also recorded more than 2.5 million active agents, an increase of 25.3% year-on-year, while active merchants rose by 85.5% to more than 587,000.
- The growth comes as Airtel Mobile Commerce N.V., the holding company for Airtel Africa’s mobile money operations, was admitted to the Main Market of the London Stock Exchange on October 14, 2026.
- The listing involved an offering of 270 million existing shares, representing 10% of the issued share capital, at £1.96 per share. Airtel Africa did not sell shares in the offering and retained its 77.85% shareholding.
The transaction did not raise fresh capital for Airtel Africa, while the group recorded $19 million in exceptional operating expenses associated with the listing during the half year.
Interim dividend rises 9.2%
Airtel Africa’s board approved an interim dividend of 3.1 US cents per share for the half year ended September 30, 2026, representing an increase of 9.2%.
The dividend is payable on December 11, 2026, to shareholders on the register at the close of business on November 13, 2026.
The company also returned $108.7 million to shareholders through the repurchase of 24.5 million shares under its share buyback programme. The completed tranche used 0.67% of the 1% share repurchase authority approved by the board.
Taldar said the company remained confident in the opportunities ahead, supported by its strong balance sheet and robust cash generation.
