Airtel Africa (AAF) Q1 2026 earnings summary

Executive summary

• Achieved strong constant currency revenue growth of 24.9% and EBITDA growth of up to 33% in Q1 2026, driven by robust demand for data and mobile money services across all regions.

• Customer base grew 9% year-over-year to 169.4 million, with data customers up 17.4% to 75.6 million and smartphone penetration at 46%.

• Airtel Money customers increased 16.1% to 45.8 million, with annualized transaction value up 35% to $162 billion.

• Profit after tax surged to $156 million from $31 million, reflecting improved operating profit and favorable FX movements.

• Stable macroeconomic conditions and effective cost efficiency programs contributed to improved financial performance and margin expansion.

Financial highlights

• Q1 revenues reached $1,415 million, up 24.9% in constant currency and 22.4% in reported currency, with acceleration from the previous quarter.

• EBITDA grew up to 32.7% in constant currency to $679 million, with margins rising to 48% from 45.3% a year ago.

• Basic EPS rose to $0.034 from $0.002 year-over-year.

• Net cash from operating activities was $568 million, up 37.4%.

• CapEx for the quarter was $121 million, down 17.7% year-over-year.

Outlook and guidance

• CapEx guidance for FY2026 reiterated at $725–$750 million, with continued investment in network expansion and digital capabilities.

• Confident in sustaining growth trajectory in Francophone and Nigeria markets, supported by ongoing investments and execution.

• Mobile Money IPO targeted for mid-2026, with listing venue under evaluation.

• Focus remains on network investment, customer experience, and expanding digital and financial services.

• Management confident in capturing growth potential, subject to macroeconomic stability.