Airtel Africa has more than doubled its full-year net profit, propelled by a dramatic recovery in the Nigerian naira and record customer additions across its 14-country market on the continent, underscoring the telco’s sensitivity to currency swings even as its underlying operating momentum strengthens.

The London and Lagos-listed group on Monday posted net profit after tax of $813 million for the financial year ended 31 March 2026, up 147.4 per cent from $328 million a year earlier. Basic earnings per share surged to 18.6 cents from 6.0 cents.

The headline figure was strikingly boosted by a sharp turn in currency markets. Telco recorded derivative and forex gains of $127 million in the period, compared with $179 million of losses in the prior year.

Appreciation of the Nigerian naira, from a weighted average rate of 1,529 naira to the USD in the fourth quarter of 2025 to 1,386 in the same period of 2026, drove a significant portion of this swing.

Without those currency movements, the underlying performance remains robust but less spectacular. Profit before exceptional items and foreign exchange gains stood at $1.419 billion, up from $764 million, reflecting operational progress.

Key metrics on Airtel Africa’s FY2026 Performance

Airtel Africa’s $813 million net profit was supercharged by a $127 million currency gain, reversing a $179 million loss last year. This volatility exposes the fragility of reported earnings in frontier markets where the US dollar remains the reporting currency but local revenues are collected in depreciating or appreciating African currencies. Investors cannot rely on directional currency moves repeating.
Underlying constant-currency revenue growth of 24 per cent and EBITDA growth of 30 percent demonstrate execution strength. However, the warning on energy cost inflation, driven by geopolitical events, suggests the 49.3 per cent EBITDA margin may prove the cyclical peak, particularly if tariff benefits in Nigeria fully lap.
The second-half 2026 IPO timeline for Airtel mobile money unit represents a further pushback. With put option holders The Rise Fund and Mastercard having already agreed to defer their exit by 12 months, investor patience will be closely watched. The digital financial services platform remains a crown jewel, but listing fatigue is a rising risk.

Airtel Africa customer base hits 183.5 million

Revenue rose 29.5 per cent in reported currency to $6.415 billion, or 24 per cent on a constant-currency basis that strips out exchange rate effects. The group added 17.4 million net new customers over the year, marking its highest ever annual customer additions and taking its total base to 183.5 million, a 10.5 per cent increase.

Data revenue, now the single largest component of group revenues, climbed 35.2 per cent in constant currency to $2.53 billion, as smartphone penetration rose 4.7 percentage points to 49.5 per cent. Data usage per customer jumped to 8.9 GB per month from 7.0 GB.

The mobile money business grew constant-currency revenue by 28.4 per cent, with its customer base expanding 21.3 per cent to 54.1 million.

Underlying EBITDA rose 30.4 per cent in constant currency to $3.162 billion, with margins expanding 280 basis points to 49.3 per cent. In the fourth quarter, margins crossed 50 per cent for the first time, reaching 50.3 per cent.

Nigeria leads Aitel’s earnings rebound

The Nigerian operation delivered an especially striking performance. Constant-currency revenue in Nigeria grew 47.5 per cent for the full year, with fourth-quarter reported revenue up 54.8 per cent as the naira appreciated. Data revenue in Nigeria jumped 63.6 per cent in constant currency, and underlying EBITDA margins in the country expanded 785 basis points to 57.8 per cent.

“This year delivered a very strong performance across both operating and financial metrics, reflecting the attractive industry fundamentals and structural growth drivers across our footprint,” the company said in its earnings statement.

The group’s cost efficiency programme, together with tariff adjustments in Nigeria implemented during the fourth quarter of the previous financial year, underpinned the margin expansion.

Capital spending accelerates

Capex increased 31.9 per cent to $884 million, in line with revised guidance. The group rolled out more than 3,250 new sites and added approximately 3,200 km of fibre, taking its total fibre network to 81,900 km. For the coming financial year, Airtel Africa guided to capex of approximately $1.1 billion, reflecting accelerated investment in coverage, capacity, home broadband and data centres.

Leverage improved to 1.8 times net debt to underlying EBITDA, from 2.3 times, while lease-adjusted leverage fell to 0.5 times from 1.0 times. The board recommended a final dividend of 4.26 cents per share, making a total dividend of 7.1 cents for the full year, a 9.2 per cent increase in line with policy.

Airtel Money IPO timing slips

The group acknowledged that “market conditions following recent geopolitical developments have affected the anticipated timing of the Airtel Money IPO”. It said it remained committed to the listing “as market conditions allow, with the intention of undertaking the IPO in the second half of 2026”.

Airtel Africa also announced a partnership with SpaceX to introduce Starlink direct-to-cell satellite connectivity across its 14 markets, becoming the first African mobile operator to do so. The service will enable data for certain applications and text messaging in areas without terrestrial coverage.

Headwinds ahead

Despite the strong results, the group cautioned that rising energy costs arising from ongoing geopolitical events “will likely lead to increased cost inflation, resulting in EBITDA margin pressure in the near-term”. It said it would seek to limit the overall impact through an enhanced focus on cost efficiencies.

The company also disclosed that Sunil Bharti Mittal will retire as chair at the conclusion of the July 2026 annual general meeting, to be succeeded by Gopal Vittal, currently a non-executive director. Shravin Bharti Mittal will assume the role of deputy chairman.