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Safaricom (SCOM) investor relations material

Safaricom H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary6 Nov, 2025

Executive summary

  • Celebrated 25 years, surpassing 60 million customers group-wide, with strong commercial momentum in Kenya and Ethiopia and major initiatives including Fintech 2.0 and AI-powered solutions.

  • Marked robust financial and operational performance, with Kenya maintaining market leadership and Ethiopia showing rapid customer and revenue growth despite macroeconomic challenges.

  • Maintained commitment to Vision 2030 strategy, focusing on technology, customer-centricity, and sustainable growth.

Financial highlights

  • Group service revenue grew 11.1% YoY to KShs 199.9Bn; Kenya up 9.3% to KShs 194.0Bn, Ethiopia up 136.0% to KShs 6.2Bn.

  • Group EBIT rose 54.5% to KShs 65.2Bn; net income increased 52.1% to KShs 42.8Bn; Kenya net income up 22.6% to KShs 58.2Bn; Ethiopia net loss KShs 15.5Bn.

  • Group CapEx was KShs 34.2Bn, with Kenya at KShs 23.3Bn and Ethiopia at KShs 9.5Bn; CapEx intensity at 17.2%.

  • Net debt/EBITDA ratio improved to 0.69; net debt increased to KShs 141Bn, mainly due to Ethiopia funding.

  • Free cash flow declined 24% due to working capital and higher tax payments; operating free cash flow in Kenya fell 11.5% YoY to KShs 71.32Bn.

Outlook and guidance

  • FY26 guidance maintained for both group and Ethiopia, with break-even target for Ethiopia in FY27.

  • H2 focus: accelerating 4G+ access, scaling fintech and content, expanding financial and fixed broadband services, and addressing Ethiopia's operational and regulatory challenges.

Ethiopia price repair delay impact on FY27 breakeven?
AI's role in customer trust beyond fraud detection?
M-PESA's next key growth driver beyond payments?
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Frequently asked questions

Safaricom PLC is a leading telecommunications company based in Kenya, well known for its comprehensive range of services and solutions. These include mobile voice, messaging, data, financial, and converged services, alongside digital services that foster commercial and personal platforms as well as ecosystem partnerships. A flagship offering, M-PESA, is a mobile phone-based money transfer, financing, and micro-financing service launched in 2007, marking a significant milestone in mobile financial services not just in Kenya but across several other countries. Safaricom has also been at the forefront of technological innovation in telecommunications, being the first in Kenya to offer 3G and later 4G/LTE connectivity, and launching a live 5G network in select cities in 2021. The company is headquartered in Nairobi, Kenya, and its shares are listed on the Nairobi Stock Exchange.

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