Airtel Africa (AAF) Q4 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance, with revenue growth of 24% in constant currency and 29.5% in reported currency year-over-year, driven by telecom and financial services expansion.

• Customer base grew 10.5% to 183.5 million, with smartphone penetration at 49.5% and mobile money customers up 21.3% to 54.1 million.

• EBITDA margin reached 49.3% for the year, peaking at 50.3% in Q4, reflecting cost efficiency and disciplined CapEx investment.

• Free cash flow generation strengthened capital structure, enabling a 9.2% increase in dividend and completion of a $100 million share buyback.

• Annualised mobile money transaction value surpassed $215 billion, with ARPU up 8.6% in constant currency.

Financial highlights

• Revenue for the year reached $6,415 million, up 29.5% reported and 24% constant currency year-over-year.

• EBITDA grew 37.2% to $3,162 million, with margin up 280 bps to 49.3%.

• Profit after tax rose 147.4% to $813 million, driven by higher operating profit and $127 million in FX gains.

• EPS before exceptional items increased to 18.6 cents (+277% YoY).

• Free cash flow rose nearly fourfold to $803 million.

Outlook and guidance

• CapEx guidance for FY 2027 set at ~$1.1 billion, focused on coverage expansion, data capacity, home broadband, and data centers.

• Expect near-term EBITDA margin pressure from rising energy costs due to geopolitical uncertainty, with mitigation via cost efficiency programs.

• Remain committed to listing the mobile money business, targeting IPO in H2 2026 as market conditions allow.