Airtel Africa (AAF) investor relations material

Executive summary

• Achieved strong quarterly growth across voice, data, and Mobile Money, driven by increased customer base and digital adoption; total customer base up 11.6% to 189 million, data customers up 15.5% to 87.3 million.

• Data usage per customer rose 36% to 10.6 GB/month, driving a 56.3% increase in data traffic and 10.3% growth in constant currency data ARPU.

• Airtel Money annualised TPV exceeded $245 billion, up 51.5%, with customer base up 23.3% to 56.5 million.

• Smartphone penetration reached 51.0%, supporting digital adoption and revenue growth.

• Announced plans for Airtel Money IPO in London, targeted for 2026, subject to market conditions.

Financial highlights

• Group revenues reached $1.85 billion, up 31% in reported currency and 21.1% in constant currency.

• EBITDA reached $928 million, up 36.6% in reported currency and 24.4% in constant currency; EBITDA margin at 51.1%.

• Operating profit rose 40.7% to $627 million; profit after tax up 27% to $198 million.

• Basic EPS was $0.044, up 27.3% year-over-year; adjusted EPS at $0.054, up 57%.

• CapEx for the quarter was $389 million, significantly higher than $121 million in the prior year, supporting network expansion.

Outlook and guidance

• CapEx guidance for the year remains at $1.1 billion, with front-loaded investments to capture growth.

• Expect some margin pressure in Q2 due to higher energy costs, but ongoing cost efficiencies and revenue growth should help moderate impact.

• Continued focus on digital adoption, network investment, and cost efficiency to sustain growth.

• IPO of Airtel Money planned for 2026, with London as the preferred listing venue.