Airtel Africa has reported a strong set of results for the financial year ended March 31, 2025, marked by robust customer growth, accelerating revenue, expanding margins, and significant strides in digital and financial inclusion.
Operational Highlights
Airtel Africa’s customer base expanded by 8.7% to 166.1 million, reflecting continued efforts to promote digital inclusion across its markets. The company saw a 4.3% rise in smartphone penetration, now at 44.8%, while the number of data customers increased by 14.1% to 73.4 million. Data usage surged, with average consumption per user rising by 30.4% to 7.0GB, driving a 15.4% growth in data ARPU (Average Revenue Per User) in constant currency.
Mobile money also saw significant growth. Airtel Money subscribers rose 17.3% to 44.6 million, while ARPU grew by 11.4% in constant currency. Transaction value in Q4 2025 grew by 34%, with an annualised transaction volume reaching $145 billion.
Investment in network infrastructure remained a priority, with 2,583 new sites and 3,300 km of fibre rolled out across key regions to boost capacity and service delivery.
Financial Performance
Group revenue grew by 21.1% in constant currency to $4.96 billion, although a 0.5% decline was recorded in reported currency, largely due to currency devaluation. The final quarter (Q4 2025) marked a strong rebound, with revenue growth of 23.2% in constant currency and 17.8% in reported terms, aided by improved currency conditions and tariff adjustments in Nigeria.
- Mobile services revenue rose by 19.6%, driven by a 10.6% increase in voice revenue and a 30.5% jump in data revenue.
- Mobile money revenue recorded a strong 29.9% increase in constant currency.
- Underlying EBITDA stood at $2.3 billion, down 5.1% in reported currency, while EBITDA margins improved from 45.3% in Q1 to 47.3% in Q4, showcasing the impact of operational efficiency and cost control.
- Profit after tax rose to $328 million, a sharp turnaround from a $89 million loss in the previous year, attributed to reduced foreign exchange and derivative losses.
- Basic EPS improved to 6.0 cents, compared to -4.4 cents in the prior year. EPS before exceptional items was 8.2 cents, down from 10.1 cents due to higher finance costs tied to tower lease renewals.
Capital Allocation and Debt Management
Capital expenditure came in at $670 million, below guidance due to deferrals in data centre investments. Next year’s capex is projected between $725 million and $750 million, reflecting Airtel’s commitment to ongoing growth.
Notably, Airtel reduced foreign currency debt by $702 million, with 93% of OpCo debt now denominated in local currency, up from 83% last year. Lease-adjusted leverage rose from 0.7x to 1.0x, largely due to the $1.3 billion lease impact from tower renewals.
The Board has recommended a final dividend of 3.9 cents per share, bringing the total annual dividend to 6.5 cents, an increase of 9.2% in line with policy. Additionally, $120 million was returned to shareholders through share buybacks during the year.
CEO’s Statement: Sunil Taldar
Commenting on the results, CEO Sunil Taldar said:
“We have delivered another strong operating performance as our refreshed strategy continues to unlock the vast opportunities across our markets. Investments in our network and digital platforms have enhanced customer experience and driven digital and financial inclusion.”
“We’ve recorded a 20% growth in smartphone users and a 47.5% increase in data traffic. Airtel Money is gaining scale with over 44.6 million users and transaction values hitting $136 billion. The strong Q4 revenue growth of 23.2% in constant currency, aided by Nigerian tariff adjustments, demonstrates our momentum.”
“EBITDA margins expanded by 200bps over the year, and we are committed to further improvements, provided macroeconomic conditions remain favourable.”
“We are also making strong progress in preparing for the Airtel Money IPO, which we anticipate in H1 2026, subject to market conditions.”
“While we remain cautiously optimistic given global uncertainties, we continue to focus on our mission to transform lives and drive prosperity across Africa. My sincere appreciation goes to our customers, partners, regulators, and our employees for their unwavering support.”
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