Airtel Africa (AAF) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong growth across all markets, driven by focused strategy, disciplined execution, and resilient business modeling.

• Revenue grew 24.9% in constant currency to $1,415m, with EBITDA up 32.7% in constant currency to $679m and margin expanding to 48.0%.

• Customer base reached 169.4 million, up 9%, with 75.6 million data customers (+17.4%) and 45.8 million Mobile Money customers (+16.1%).

• Profit after tax surged to $156m from $31m, reflecting improved operating profit and favorable FX movements.

• Strategic investments in network, digital, and financial services continue to underpin growth and customer experience.

Financial highlights

• Revenue up 24.9% in constant currency to $1,415m, accelerating from 23.2% in Q4; reported currency growth at 22.4%.

• EBITDA margin improved to 48% from 45.3% YoY and 47.3% QoQ; EBITDA in Nigeria at 55.7%, East Africa 46.1%, Francophone Africa 39.5%.

• Basic EPS rose to $0.034 from $0.002 YoY (+1832.3%).

• ARPU increased 13.5% YoY; data revenue up 38% in constant currency.

• Mobile Money transaction value reached $162 billion annualized, up 35%.

Outlook and guidance

• CapEx guidance for FY 2026 reiterated at $725-$750 million.

• Second tranche of share buyback launched, returning up to $55 million to shareholders; $16.9m returned in Q1.

• Mobile Money IPO targeted for mid-2026, with listing venue under evaluation.

• Focus remains on network investment, customer experience, and expanding digital and financial services.

• Management confident in capturing growth potential, subject to macroeconomic stability.