Airtel Africa (AAF) Q3 2026 earnings summary

Executive summary

• Customer base expanded to 179.4 million, with data customers up nearly 15% to 81.8 million and smartphone penetration rising to 48.1%.

• Mobile money customers surpassed 52 million, with annualized total processed value exceeding $210 billion, up 36%.

• Group revenue rose 28.3% in reported currency and 24.6% in constant currency for the nine months, with Q3 revenue up 32.9% year-over-year.

• EBITDA increased 35.9% to $2,283m, with margins expanding to 48.9%.

• Strategic investments in network expansion, digital innovation, and partnerships such as with Starlink are driving differentiation and growth.

Financial highlights

• Q3 revenues reached $1.69 billion, up 24.7% in constant currency and 33% in reported currency year-over-year.

• EBITDA margin expanded to 49.6% in Q3, with group EBITDA up 31% in constant currency and 40.8% in reported currency.

• Underlying EPS rose 57% to $0.116 for the nine-month period; basic EPS increased to $0.131 from $0.044 year-over-year.

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

• Lease-adjusted leverage declined to 0.7x from 1.1x in the prior year.

Outlook and guidance

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

• IPO preparations for the mobile money business are progressing, targeting the first half of 2026.

• Ongoing cost efficiency program and capex acceleration expected to sustain margin improvements.