Airtel Africa (AAF) Q3 2025 earnings summary

Executive summary

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

• Customer base grew 7.9% year-over-year to 163.1 million, with data customers up 13.8% to 71.4 million and mobile money subscribers up 18.3% to 44.3 million.

• Strategy focused on digital and financial inclusion, driving strong customer and revenue growth.

• Revenue for the nine months ended Dec 31, 2024, grew 20.4% in constant currency but declined 5.8% in reported currency due to significant devaluations in Nigeria, Malawi, and Zambia.

• EBITDA declined 11.9% in reported currency to $1,681m, with margins impacted by higher fuel costs and lower Nigeria contribution; constant currency EBITDA grew 15.3%.

Financial highlights

• Q3'25 revenue grew 21.3% in constant currency (2.5% in reported currency) to $1,268m; all segments delivered double-digit constant currency growth.

• EBITDA margin for nine months was 46.2% (down 323bps YoY); Q3'25 margin improved to 46.9% from 46.4% in Q2'25.

• Basic EPS for nine months was 4.4 cents, up from negative (1.6) cents YoY; EPS before exceptional items declined to 6.2 cents from 7.1 cents.

• Operating free cash flow for nine months was $1,225m, down 13.4% YoY.

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

Outlook and guidance

• Capex guidance for FY2025 remains $725m–$750m, with continued focus on network investment and digital expansion.

• Board confidence in growth prospects reflected in a second $100m share buyback program, following completion of a prior $100m buyback.

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

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

• Continued focus on cost optimization and margin improvement.