Airtel Africa (AAF) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance with 21.1% constant currency revenue growth, Q4 revenue up 23.2%, and EBITDA margin reaching 47.3%, despite macroeconomic volatility and currency devaluation, especially in Nigeria.

• Total customer base grew 8.7% to 166.1 million, with smartphone penetration up 4.3% to 44.8%; mobile money subscribers increased 17.3% to 44.6 million, and annualized transaction value reached $145bn.

• Strategic investments included $670m capex, 2,600+ new sites, and continued network and digital expansion, supporting growth in consumer, enterprise, and mobile money segments.

• Returned over $1.1 billion to shareholders over five years through dividends and share buybacks, with dividend per share up 9.2% for the year.

• Profit after tax was $328m, reversing a prior year loss, mainly due to lower derivative and FX losses.

Financial highlights

• Reported revenue for the year was $4,955m (down 0.5% YoY), with constant currency revenue up 21.1%; Q4 revenue growth was 23.2%.

• EBITDA was $2,304m (down 5.1% YoY in reported currency, up 18.1% in constant currency), with a margin of 46.5% for the year and 47.3% in Q4.

• Operating free cash flow was $1,634m, down 3.4% year-over-year.

• EPS before exceptional items was 8.2 cents, impacted by currency devaluation and higher finance costs.

• Final dividend of 3.9 cents per share, total FY25 dividend 6.5 cents, up 9.2% year-over-year.

Outlook and guidance

• Capex guidance for FY26 is $725m–$750m, with $40–$50m allocated to Nigeria data center.

• Management remains focused on network investment, customer proximity, and EBITDA margin improvement, subject to macroeconomic stability.

• Airtel Money IPO preparations are progressing, with a potential listing in H1 2026, subject to market conditions.

• Progressive dividend policy aims for mid- to high-single-digit annual growth.