Airtel Africa H1 2025: big growth, bigger margins, and a louder fintech beat
Airtel Africa has posted another strong set of half-year numbers to 30 September 2025. Revenue rose 24.5% in constant currency (which strips out FX swings) and 25.8% as reported to $2,982m. EBITDA climbed 33.2% to $1,447m, lifting margins to 48.5%, with Q2 alone at a punchy 49.0%.
Profit after tax jumped to $376m from $79m, helped by stronger operations and a $90m derivative and FX gain as the Nigerian naira and the CFA appreciated during the period. Basic EPS leapt to 8.3 cents from 0.8 cents. In simple terms: demand is strong, costs are controlled, and the mix keeps improving.
Headline numbers investors should note
| Metric | H1 2026 (to 30 Sep 2025) | YoY change |
|---|---|---|
| Revenue | $2,982m | +25.8% reported, +24.5% constant currency |
| EBITDA | $1,447m | +33.2% |
| EBITDA margin | 48.5% | +268 bps |
| Profit after tax | $376m | from $79m |
| Basic EPS | 8.3 cents | from 0.8 cents |
| Operating free cash flow | $1,129m | +46.5% |
| Net debt | $5,512m | Leverage 2.1x (from 2.3x) |
| Total customers | 173.8m | +11.0% |
| Data revenue | $1,161m | +37.0% constant currency |
| Mobile money revenue | $623m | +30.2% constant currency |
Data now leads the line-up
Data has overtaken voice as the group’s largest revenue stream. Data revenue hit $1,161m, up 37.0% in constant currency, driven by an 18.4% climb in data customers to 78.1m and a 16.8% uplift in data ARPU. Smartphone penetration rose 3.8 percentage points to 46.8%, and average data usage per user moved to 8.2 GB per month. Network capacity keeps pace: 98.5% of sites are 4G-enabled, over 2,350 new sites were rolled out, and fibre extended by about 4,000 km to 81,000+ km. Population coverage now stands at 81.5%.
This is the textbook telco transition: more smartphones, heavier data consumption, and better monetisation. It is showing up in margins too.
Airtel Money’s momentum keeps building
The fintech engine remains in high gear. Airtel Money’s customer base is up 20% to 49.8m, and annualised total processed value for Q2 surpassed $193bn in reported currency, up 35.9%. Mobile money revenue grew 30.2% in constant currency to $623m, with ARPU up 11%.
EBITDA in mobile money rose 26.8% in constant currency to $323m, though the margin slipped to 51.7%. That dip is due to revised intra-group arrangements that will phase out certain retention revenues and add around $25m annualised costs to the segment by March 2027. Importantly, this is neutral at Group level.
Management says the Airtel Money IPO preparation remains on course for a listing in H1 2026. Given the growth, engagement and scale, that is one to watch.
Regional performance: Nigeria powers ahead, East and Francophone stay solid
Nigeria: data-led surge and fatter margins
In constant currency, Nigeria delivered 49.0% revenue growth, with data up 62.4%. Reported revenue rose 42.5% to $697m. EBITDA jumped 71.9% in constant currency, with the margin stepping up to 56.3% – a 760 bps gain – helped by tariff adjustments, cost efficiency and more stable fuel costs. Smartphone penetration in Nigeria reached 52.8%, and data usage per customer rose to 10.1 GB per month.
East Africa: broad-based growth
Revenue grew 15.6% in constant currency (22.9% reported) to $1,047m. Voice and data both contributed, with data up 19.6%. EBITDA rose 17.3% in constant currency to $505m, margin 48.3%.
Francophone Africa: recovery is sticking
Revenue increased 14.5% in constant currency (17.7% reported), with data up 39.0% as 4G rollout accelerated and sites on 4G reached 93.3%. EBITDA advanced 18.3% in constant currency to $296m, margin 39.5%.
Cash generation, balance sheet and capex
Operating free cash flow rose 46.5% to $1,129m thanks to higher EBITDA. Leverage improved to 2.1x and lease-adjusted leverage to 0.8x. Airtel has continued its debt localisation push, with around 95% of OpCo debt now in local currency to better match cash flows – though this does come with higher local interest costs.
Capex was steady at $318m in the half, but guidance for FY’26 has been increased to $875m-$900m as the group accelerates investment to capture demand. Given the margin profile and cash generation, that confidence looks justified.
Dividends, buybacks and shareholder returns
The board declared an interim dividend of 2.84 cents per share, up 9.2%, in line with the progressive policy. The $100m share buy-back is on track to complete by 31 March 2026, with $34.7m bought in the second tranche by 30 September 2025 and arrangements in place with Barclays for the remaining $20.3m.
Strategy in action: partnerships and platforms
Airtel is doubling down on coverage and digital inclusion. Recent infrastructure sharing deals with Vodacom in Tanzania and DRC follow earlier agreements with MTN in Uganda and Nigeria. The SpaceX partnership aims to extend high-speed connectivity in rural areas. On the enterprise side, Nxtra by Airtel broke ground on a 44 MW hyperscale data centre in Nairobi and continues building a 38 MW facility in Lagos. All of this widens the moat around data growth and B2B services.
What could go wrong from here
- FX cuts both ways. H1 benefitted from naira and CFA appreciation. The sensitivity disclosure highlights that a 1% USD move could hit revenue by $56m-$58m and EBITDA by $26m-$28m over 12 months if currencies weaken.
- Finance costs excluding FX rose to $394m due to tower lease renewals and more local debt at higher rates. The effective tax rate is also chunky at 39.8%.
- Regulatory and operational risks persist – from Nigeria’s ongoing ID verification platform migration to hyperinflationary accounting in Malawi.
- Mobile money margin dipped due to intra-group changes, though Group economics are unaffected.
My take: quality growth with optionality
This is an impressive half. Data has taken the crown, mobile money is scaling fast, and margins are marching higher. Nigeria’s rebound – tariff tailwinds, data growth and 56%+ EBITDA margins – is notable. Cash generation supports a higher capex envelope, a bigger network footprint, and still leaves room for dividends and buybacks.
Risks are not trivial – currency volatility, interest costs and regulatory complexity are part of the territory. But Airtel’s debt localisation, improving leverage and strong operational grip help. The Airtel Money IPO prep in H1 2026 adds a fresh catalyst.
Net-net, these results show a business executing well on both telecoms and fintech. If macro stays relatively stable, Airtel Africa looks set to keep compounding – with growing data usage, expanding digital wallets and a more efficient network doing the heavy lifting.
