Airtel Africa (AAF) Q4 2026 earnings summary

Executive summary

• Achieved strong revenue growth of 24% in constant currency and 29.5% in reported currency, driven by telecom and financial services expansion, with stable macroeconomic and currency environment.

• Customer base grew 10.5% to 183.5 million, with smartphone penetration at 49.5% and mobile money customers up 21.3% to 54.1 million.

• EBITDA margin reached 49.3% for the year, peaking at 50.3% in Q4, reflecting cost efficiency and disciplined CapEx investment.

• Free cash flow generation strengthened capital structure, enabling a 9.2% increase in dividend and completion of a $100 million share buyback.

• Capex accelerated to $884m, supporting network expansion and digital infrastructure.

Financial highlights

• Revenue for the year reached $6,415m, up 29.5% reported and 24% constant currency year-over-year.

• EBITDA grew 37.2% to $3,162m, with margin up 280 bps to 49.3%.

• Free cash flow rose nearly fourfold to $803m.

• EPS before exceptional items increased to 18.6 cents (+128% to +277% YoY).

• Dividend for the year totaled 7.1 cents per share, up 9.2% year-over-year.

Outlook and guidance

• CapEx guidance for FY 2027 set at approximately $1.1 billion, focused on coverage expansion, data capacity, home broadband, and data centers.

• Expect near-term EBITDA margin pressure from rising energy costs due to geopolitical uncertainty, with mitigation via cost efficiency programs.

• Remain committed to listing the mobile money business, targeting IPO in H2 2026 as market conditions allow.

• Industry fundamentals and demographics support continued robust growth.