Airtel Africa (AAF) Q2 2026 earnings summary

Executive summary

• Revenue grew 25.8% year-over-year to $2,982m, with constant currency growth of 24.5%, supported by stable macroeconomic and currency environments and strong demand across all segments.

• EBITDA margin expanded to 48.5% for the half-year and 49% in Q2, driven by cost efficiency and operating leverage.

• Free cash flow generation was robust, enabling a 9.2% increase in the interim dividend.

• Strategic investments accelerated in network expansion, digital platforms, and data centers, underpinning growth.

• Customer base expanded 11% to 173.8 million, with data customers up 18.4% and mobile money customers up 20% to 49.8 million.

Financial highlights

• Revenue reached $2,982m, up 25.8% in reported currency and 24.5% in constant currency year-over-year.

• EBITDA grew by up to 33.2% to $1,447m, with margin improvement of 268bps to 48.5%.

• Basic EPS rose to 8.3 cents from 0.8 cents, aided by derivative and FX gains.

• Operating free cash flow increased 46.5% to $1,129m.

• Interim dividend declared at 2.84 cents per share, up 9.2%; $100m share buyback program ongoing.

Outlook and guidance

• CapEx guidance for FY'26 raised to $875–900m to accelerate network expansion and data capacity.

• Confident in continued growth, with focus on network investment, customer acquisition, digital services, and further margin improvement, subject to macroeconomic stability.

• Mobile money IPO planned for H1 2026.