Airtel Africa (AAF) Q3 2026 earnings summary

Executive summary

• Achieved strong operating and financial performance with reported currency revenue growth of 28.3% to $4,667m and EBITDA growth of 35.9% to $2,283m, with margin expanding to 48.9%.

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

• Mobile money business surpassed 52 million customers (up 17.3%) and $210 billion in annualized total processed value, up 36%.

• Profit after tax rose to $586m from $248m, with basic EPS up to 13.1 cents from 4.4 cents.

• Strategic investments in network expansion and digital innovation, including a partnership with Starlink, are driving differentiation and growth.

Financial highlights

• Q3 revenues reached $1.69 billion, up 24.7% in constant currency and 32.9% in reported currency year-over-year.

• EBITDA margin expanded to 49.6% in Q3, up from 49% in Q2, with group EBITDA up 31% in constant currency and 40.8% in reported currency.

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

• Operating free cash flow increased 37.2% to $1,680m; net cash from operations up 42.1% to $2,306m.

• 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.

• Management remains confident in sustaining growth in East Africa and Nigeria despite competitive and regulatory challenges.