Airtel Africa (AAF) Q3 2025 earnings summary

Executive summary

• Sustained demand for services despite macroeconomic volatility, with recent signs of stabilization in the environment.

• Strategy focused on digital and financial inclusion, driving strong customer and revenue growth; total customer base grew 7.9% YoY to 163.1 million, with data customers up 13.8% and mobile money subscribers up 18.3%.

• Data usage per customer rose 32.3% YoY, and smartphone penetration reached 44.2%.

• Mobile money customer base grew 18% to over 44 million, reflecting successful financial services expansion.

• Profit after tax was $248m, impacted by $57m in exceptional derivative and FX losses.

Financial highlights

• Quarterly revenue reached $1.27 billion, up 21.3% in constant currency year-over-year; reported currency revenue grew 2.5% due to FX headwinds; full-year group revenue was $3,638m, up 20.4% constant, down 5.8% reported.

• Reported EBITDA for the nine months was $1.68 billion, with 15.3% constant currency growth; EBITDA margin at 46.2%.

• Basic EPS for the quarter was $0.036; EPS before exceptionals was $0.013; full-year basic EPS was 4.4 cents, before exceptionals 6.2 cents.

• Operating free cash flow was $1,225m, down 13.4% YoY; net cash from operating activities was $1,623m, down 8.1% YoY.

• EBITDA margin recovered from 45.3% in Q1 to 46.9% in Q3, driven by cost optimization.

Outlook and guidance

• Confident in long-term growth due to low customer penetration and increasing smartphone adoption.

• CapEx guidance for FY remains $725–$750 million, expected at the lower end of the range.

• Continued focus on network expansion, digitalization, cost optimization, and margin improvement.

• Mobile money IPO preparation on track for July, with further updates expected at year-end.

• Recent tariff adjustments in Nigeria and currency stabilization are expected to support improved market conditions.