Mobile Money Customers Rise 22.4% to 60.9 Million as Data Revenue Surges 35.3%
Airtel Africa Plc has reported a strong financial and operational performance for the half year ended September 30, 2026, recording a 28.2 per cent increase in reported revenue to $3.823 billion, compared with $2.982 billion in the corresponding period of 2025.
The telecommunications and mobile money services provider also recorded a 20.8 per cent revenue growth in constant currency, reflecting sustained demand for mobile communications, data and digital financial services across its 14 African markets.
According to the company’s half-year financial results, its performance was driven largely by increased customer adoption, growing smartphone penetration, higher data consumption and the continued expansion of its mobile money ecosystem.
The Group’s total customer base increased by 11.6 per cent to 193.9 million, up from 173.8 million in the previous year. Its data customer base also expanded by 15 per cent to 89.9 million, while mobile money customers grew by an impressive 22.4 per cent to 60.9 million.
Data Consumption Drives Revenue Growth
Data services remained a major growth engine for the company, with data revenue increasing by 35.3 per cent in reported currency to $1.571 billion, representing 28 per cent growth in constant currency.
The growth reflects rising smartphone adoption and increasing demand for digital services across the continent.
Smartphone penetration across Airtel Africa’s network increased to 51.6 per cent, while average smartphone data consumption per customer rose to 13.3GB, compared with 10.1GB in the corresponding period.
The company attributed the improved performance to continued investment in network infrastructure, enhanced customer experience and growing adoption of digital services.
Voice revenue also increased by 17.9 per cent in reported currency to $1.296 billion, while mobile money revenue rose by 34.8 per cent to $840 million, representing 25.8 per cent growth in constant currency.
The mobile money business continued to benefit from increased financial inclusion, improved distribution networks and expanding digital payment services.
Annualised total processed value (TPV) grew by 36.5 per cent to $275 billion in the second quarter of the financial year, underscoring the increasing importance of mobile money in Africa’s digital financial services ecosystem.
Nigeria Leads Regional Revenue Growth
Nigeria remained a major contributor to Airtel Africa’s growth, recording 45 per cent revenue growth in reported currency and 27 per cent in constant currency during the half-year period.
The difference between reported and constant currency growth was largely attributed to the appreciation of the naira against the US dollar.
East Africa recorded 24.8 per cent growth in reported currency and 18.2 per cent in constant currency, while Francophone Africa delivered 19.6 per cent growth in reported currency and 19.2 per cent in constant currency.
The company said its performance across the regions reflected strong underlying demand for telecommunications and financial services, supported by continued investment in network capacity and service quality.
Profitability Improves Despite Rising Operating Costs
Airtel Africa also recorded significant improvements in profitability, with underlying EBITDA increasing by 32.8 per cent in reported currency to $1.921 billion.
Underlying EBITDA margin improved to 50.3 per cent from 48.5 per cent in the previous year, while the second quarter margin reached a record 50.4 per cent.
Operating profit increased by 34.2 per cent to $1.286 billion, compared with $959 million in the corresponding period of the previous year.
Profit after tax rose by 20.5 per cent to $452 million, up from $376 million, while basic earnings per share increased by 23.3 per cent to 10.2 cents.
The company, however, noted that profitability was affected by higher finance costs, reduced foreign exchange and derivative gains, as well as exceptional expenses associated with the Airtel Money initial public offering and an in-principle settlement of a commercial dispute involving one of its subsidiaries.
Despite increased inflationary pressure, particularly from higher fuel costs, Airtel Africa said its cost-efficiency initiatives and operational discipline helped sustain margin expansion.
Network Investment More Than Doubles
As part of its strategy to strengthen its market position and accommodate growing demand, Airtel Africa significantly accelerated its capital expenditure.
Capital expenditure more than doubled to $657 million during the period, compared with $318 million in the corresponding period of 2025.
The company added approximately 4,200 network sites, increasing coverage and capacity while supporting the expansion of new business areas, including home broadband services.
The increased investment is expected to strengthen network reliability, improve service quality and position the company to capture additional growth opportunities in its markets.
Airtel Africa’s financial position also improved, with net debt leverage declining to 1.6 times from 2.1 times, while lease-adjusted leverage fell to 0.5 times from 0.8 times.
The company generated $1.759 billion in net cash from operating activities, representing a 26.7 per cent increase.
Airtel Money Listing Marks Strategic Milestone
A major development during the reporting period was the successful listing of Airtel Mobile Commerce N.V., popularly known as Airtel Money, on the London Stock Exchange on October 14, 2026.
The initial public offering involved the sale of 270 million existing shares, representing 10 per cent of the company’s issued share capital, at £1.96 per share.
Airtel Africa retained its 77.85 per cent shareholding, reaffirming its long-term commitment to the mobile money business and its growth prospects.
The listing is expected to provide Airtel Money with an independent platform to support its expansion, strengthen its visibility among international investors and create additional financial flexibility.
CEO Reaffirms Confidence in Growth Prospects
Commenting on the results, Airtel Africa’s Chief Executive Officer, Sunil Taldar, described the company’s performance as a reflection of strong underlying demand across its markets and consistent execution of its business strategy.
He said the Airtel Money listing represented a significant milestone for the Group, adding that Airtel Africa remained a long-term strategic shareholder with substantial exposure to the company’s future growth.
Taldar also highlighted the increasing importance of artificial intelligence in the company’s operations, noting that Airtel Africa was leveraging AI to improve customer understanding, accelerate innovation, simplify customer journeys and strengthen fraud detection.
According to him, the company’s growth prospects remain strong, supported by favourable demographic and economic trends, increasing demand for data and financial services, and the growing adoption of smartphones.
He added that the company would continue to accelerate network investment to expand capacity, improve service quality and position its businesses to benefit from future growth.
Shareholders Receive Higher Interim Dividend
In recognition of its strong financial performance, Airtel Africa’s Board declared an interim dividend of 3.1 US cents per share, representing a 9.2 per cent increase over the previous year.
The company also returned $108.7 million to shareholders through its share buyback programme during the period, repurchasing 24.5 million shares.
Taldar said the company’s strong balance sheet, robust cash generation and continued investment in its telecommunications and mobile money businesses positioned it to deliver sustainable growth and long-term value for shareholders.
With increasing demand for broadband connectivity, digital financial services and smartphone adoption across Africa, Airtel Africa’s latest results underscore the expanding opportunities within the continent’s telecommunications and digital economy.
