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Airtel Africa (AAF) investor relations material
Airtel Africa Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 revenue rose 20.8% in constant currency; underlying EBITDA margin reached 50.3%, with customer growth and cost efficiencies supporting expansion.
Customer base grew 11.6% to 193.9m; data customers rose 15.0% to 89.9m and mobile money customers 22.4% to 60.9m.
Accelerated network and digital investment supported growth; Airtel Money completed its IPO, with 77.85% retained.
Financial highlights
H1 revenue was $3,823m, up 20.8% in constant currency and 28.2% reported; reported growth included positive currency translation, mainly from Nigeria and Zambia.
EBITDA was $1,921m, up 23.5% in constant currency and 32.8% reported; H1 margin was 50.3%, while Q2 reached a record 50.4%.
EPS before exceptional items was 11.7 cents versus 8.3 cents; excluding exceptional and FX effects, EPS was 11.8 cents versus 6.9 cents.
Normalised free cash flow was $280m versus $368m, down $88m despite $357m of additional capex.
Net cash from operating activities rose 26.7% to $1,759m; operating free cash flow increased 12.0% to $1,264m.
Outlook and guidance
FY'27 capex guidance, excluding licence and spectrum, is $1.1bn; H1 capex was $657m versus $318m a year earlier.
Growth priorities include network capacity and coverage, digital services, home broadband, B2B and data centres; investment decisions remain focused on returns and execution.
Nigeria retained earnings are expected to turn positive in calendar 2026; dividend repatriation may begin in 2027 if currency conditions remain stable.
Smartphone penetration is projected to rise from ~60% to 82% by 2030, while data traffic is expected to grow ~2.6x.
- Revenue up 31%, EBITDA up 36.6%, and CapEx surged to $389m, with IPO planned.AAF
Q1 2027 - Revenue up 29.5%, EBITDA margin at 49.3%, and profit after tax up 147.4%.AAF
Q4 2026 - Revenue up 28.3% and EBITDA up 35.9%, led by data and mobile money growth.AAF
Q3 2026 - Revenue and EBITDA margins expanded, with profit after tax surging to $156m.AAF
Q1 2026 - Strong constant currency growth and mobile money offset by FX headwinds and higher leverage.AAF
Q2 2025 - Strong constant currency growth and mobile money offset currency and margin pressures.AAF
Q1 2025 - Customer growth, new leadership, sustainability focus, and all resolutions approved.AAF
AGM 2025 - Strong constant currency growth, profit rebound, and rising dividends despite FX headwinds.AAF
Q4 2025 - Strong revenue and margin growth, robust data and mobile money, with IPO and $100m buyback ahead.AAF
Q3 2025
Next Airtel Africa earnings date
Next Airtel Africa earnings date
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