Airtel Africa (AAF) Q3 2026 earnings summary

Executive summary

• Reported currency revenue grew 28.3% year-over-year to $4.67bn, with EBITDA up nearly 36% to $2,283m and profit after tax more than doubling to $586m.

• Customer base reached 179.4 million, with data customers up 14.6% to 81.8 million and smartphone penetration at 48.1%.

• Airtel Money surpassed 52 million customers, processing over $210bn in annualized TPV, up 36%.

• Strategic investments in network expansion, digital innovation, and partnerships with Starlink/SpaceX are driving growth.

• Share buyback program returned $81.2m to shareholders since December 2024.

Financial highlights

• Q3 revenue reached $1.69bn (+33% YoY), with nine-month revenue at $4.67bn (+28% YoY).

• Q3 EBITDA was $836m (+41% YoY), with margin expanding to 49.6% in Q3 and 48.9% for nine months.

• Profit after tax for nine months reached $586m, with basic EPS rising to $0.131.

• CapEx for nine months rose over 30% to $603m, with full-year guidance of $875–$900m.

• Net debt at $5,653m; leverage improved to 1.9x from 2.4x.

Outlook and guidance

• Multi-year growth prospects remain strong, supported by accelerated investments in network and digital services.

• IPO preparations for Airtel Money are progressing, targeting H1 2026.

• Ongoing cost efficiency program expected to sustain margin improvements.