Airtel Africa has demonstrated the resilience and growth potential of its business with a strong performance for the nine-month period ended 31 December 2025, signaling continued leadership in mobile and digital financial services across the continent.
The company’s customer-centric strategy is driving momentum through increased network investment, digital innovation, and strategic partnerships. Airtel Africa’s total customer base grew 10% to 179.4 million, with data users up 14.6% to 81.8 million. Smartphone penetration reached 48.1%, up 3.9% from the previous period, driving data ARPU growth of 16.6% in constant currency. Data usage per customer rose to 8.6GB per month, up from 6.9GB, reflecting enhanced network capacity and customer engagement.
Airtel Money achieved two major milestones this quarter, surpassing 50 million subscribers to reach 52 million—a 17.3% increase—and exceeding $210 billion in annualised total processed value (TPV), up 36% year-on-year. A broader digital ecosystem and stronger adoption contributed to a 9.8% increase in constant currency ARPU.
Financial Performance
Revenues for the period increased 28.3% in reported currency to $4.67 billion (24.6% in constant currency). Mobile services revenue grew 23.3%, with data revenue—the largest contributor—up 36.5% and voice revenue rising 13.5%. Mobile money revenue surged 29.4% in constant currency.
EBITDA rose 35.9% to $2.28 billion, with margins expanding to 48.9% from 46.2%. Q3’26 EBITDA margins reached 49.6%, driven by strong revenue growth and disciplined cost-efficiency measures. Profit after tax climbed to $586 million from $248 million in the prior period, with basic EPS improving to 13.1 cents, reflecting strong operating profit and favorable foreign exchange gains.
Strategic Investments
Airtel Africa accelerated capital expenditure to $603 million, a 32.2% increase, adding approximately 2,500 new sites and expanding its fibre network by 4,000 km to over 81,500 km. This investment improved population coverage to 81.7%, up 0.6% from the prior year, and strengthened the customer experience. Leverage improved to 1.9x from 2.4x, with lease-adjusted leverage falling to 0.7x from 1.1x.
Expert Insights
Economist Celestine Ukpong praised the performance, saying, “Airtel Africa’s growth demonstrates the power of strategic investment in network infrastructure and digital financial services. Expanding mobile money to 52 million users and surpassing $210 billion TPV is not just a financial milestone—it drives inclusion and economic participation across multiple African markets.”
Peter Adebayo, FCA, highlighted the financial strength, noting, “The sequential improvement in EBITDA margins and disciplined capital allocation signal a company that is not only growing top-line revenues but also enhancing shareholder value. The combination of revenue growth, cost efficiency, and strong cash generation positions Airtel Africa for long-term stability and profitability.”
CEO Reflection
Sunil Taldar, Chief Executive Officer, said, “These results highlight the strength of our strategy and our ability to deliver across our markets. Investments in coverage, data capacity, and fibre expansion, alongside innovative partnerships, strengthen our customer proposition. Financial inclusion remains a key focus, with Airtel Money surpassing 50 million customers and TPV exceeding $210 billion. Digitisation and AI-driven solutions are enhancing customer experience while maintaining disciplined cost management. Our strategic priorities remain clear: best-in-class connectivity, accelerated financial inclusion, and delivering exceptional customer experiences.”
Key Metrics at a Glance
Revenue: $4.67bn (+28.3% reported, +24.6% constant currency)
EBITDA: $2.28bn (+35.9% reported, +31.4% constant currency)
Profit After Tax: $586m (+136.6%)
Basic EPS: 13.1 cents (+198.2%)
Airtel Money Customers: 52 million (+17.3%)
Mobile Data Users: 81.8 million (+14.6%)
Fibre Network: 81,500+ km (+4,000 km YoY)
Airtel Africa’s nine-month results underscore a successful mix of operational excellence, customer-focused innovation, and strategic investment, positioning the company for sustained growth and value creation across its African markets in 2026.
Airtel Africa posts 28% revenue growth for nine months ending Dec 2025, with mobile money surpassing 52 million users and $210bn TPV. Experts praise strategic network investment, digital innovation, and financial inclusion initiatives.
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