Report date: 31 October 2026
Results announcement: 30 October 2026, 07:00 UK time
Reporting period: Six months ended 30 September 2026
Company: Airtel Africa Plc
Market: Nigeria and 13 other African countries
Airtel Africa Plc has reported a 20.
5% increase in profit after tax to $452 million for the six months ended 30 September 2026, supported by stronger data demand, mobile-money expansion and improved operating performance across its African markets.
The telecommunications company released its half-year results on Friday, 30 October 2026. Group revenue increased by 28.2% to $3.823 billion, compared with $2.982 billion in the corresponding period of 2025.
Revenue growth was 20.8% when measured in constant currency, a comparison that helps separate underlying business performance from the effects of exchange-rate movements.
Operating profit rose by 34.2% to $1.286 billion, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 32.8% to $1.921 billion.
The results point to continued expansion in mobile connectivity and digital financial services, although higher financing costs and exceptional expenses remain important considerations for the company's bottom line. <Cite refs={["turn674936search0","turn674936search5","turn674936search6"]}/>
Nigeria remains a major growth market
Nigeria continued to make a significant contribution to Airtel Africa's performance.
The company's Nigerian operation recorded revenue of approximately $1.008 billion in the half-year reporting period, compared with $697 million in the corresponding period of the previous year.
The company reported growth of 26.6% in constant currency for the Nigerian business in its detailed financial tables. Its broader results commentary rounded the underlying growth rate to approximately 27%.
Data services were a major contributor. Nigerian data revenue increased by 33.8% in constant currency, while voice revenue grew by 20.6%.
The number of Airtel customers in Nigeria increased to 61.7 million, up 15.1% from 53.6 million a year earlier.
The data customer base rose to 32.9 million, an increase of 11.8%.
Underlying EBITDA for the Nigerian operation reached $586 million, increasing by 30.7% in constant currency. The underlying EBITDA margin improved to 58.2%, compared with 56.3% in the corresponding period of 2025.
The figures indicate that Nigeria remains a significant source of revenue and operating earnings for the group. <Cite refs={["turn674936search1","turn674936search5","turn674936search6"]}/>
Data consumption drives growth
Airtel Africa's results show how mobile data has become increasingly important to its business model.
Across the group, data revenue grew by 28% in constant currency during the six months.
The company's data customer base increased by 15% to 89.9 million, while data average revenue per user (ARPU) grew by 10.7% in constant currency.
Smartphone penetration reached 51.6%, compared with 46.8% in the previous reporting period.
Average monthly smartphone data usage per customer increased to 13.3 gigabytes from 10.1 gigabytes.
These developments suggest that customers are using more data-intensive services, including video streaming, social media, online communication, digital payments and business applications.
For telecoms operators, rising data consumption can create opportunities to increase revenue, provided network capacity and service quality keep pace with demand.
Airtel has continued investing in network infrastructure and digital capabilities to support this growth.
However, the increase in data usage also creates pressure to expand capacity, improve coverage and manage electricity, equipment and maintenance expenses.
The company's future performance will partly depend on its ability to convert higher data consumption into sustainable earnings while controlling the cost of delivering services. <Cite refs={["turn674936search0","turn674936search4"]}/>
Mobile money business expands
Mobile financial services were another important contributor to Airtel Africa's performance.
The company's mobile-money customer base increased by 22.4% to 60.9 million.
Mobile-money revenue grew by 25.8% in constant currency, reflecting increased adoption and use of financial services through mobile devices.
The company reported that annualised total processed value reached $275 billion in the second quarter of its 2027 financial year.
Mobile-money services allow customers to carry out transactions such as transfers, payments and other financial activities through mobile platforms.
The expansion of these services is significant in markets where access to conventional banking infrastructure can be limited or inconvenient.
For businesses, mobile payments can provide additional ways to receive money and serve customers.
For households, mobile financial services can make it easier to transfer funds and complete transactions without visiting a bank branch.
Nevertheless, the growth of digital financial services also increases the importance of cybersecurity, customer protection, fraud prevention and reliable service availability.
Airtel's ability to maintain trust and provide dependable financial services will be important as the customer base expands. <Cite refs={["turn674936search0","turn674936search2","turn674936search4"]}/>
Revenue and profit figures
The company's headline financial results show improvement across several major operating measures.
| Financial measure | Half-year result |
|---|---|
| Group revenue | $3.823 billion |
| Revenue growth, reported currency | 28.2% |
| Revenue growth, constant currency | 20.8% |
| Operating profit | $1.286 billion |
| Underlying EBITDA | $1.921 billion |
| Profit before tax | $814 million |
| Profit after tax | $452 million |
| Underlying profit after tax | $507 million |
The distinction between reported profit and underlying profit is important.
Airtel Africa reported profit after tax of $452 million. After adjusting for exceptional items of $55 million, underlying profit after tax was $507 million.
The exceptional items related to an in-principle settlement in one of the group's subsidiaries and expenses associated with the Airtel Money initial public offering.
Investors therefore need to consider both the statutory results and the adjusted figures when assessing the company's performance.
The reported profit increase is encouraging, but the additional costs and adjustments show that not all improvements in operating performance translate directly into final earnings. <Cite refs={["turn674936search0","turn674936search17"]}/>
Investment in networks and infrastructure
Airtel Africa continued investing in its telecommunications infrastructure during the reporting period.
Capital expenditure increased as the company expanded network capacity and improved service delivery across its markets.
BusinessDay reported that capital expenditure reached approximately $657 million during the half-year period, reflecting accelerated investment in network infrastructure.
The company said its continued investment was supporting customer adoption across mobile voice, data and financial services.
Network investment is important because poor coverage, congestion and unreliable service can affect customer satisfaction and limit revenue growth.
In Nigeria, increasing demand for mobile data creates pressure on operators to improve coverage in urban centres and underserved communities.
Network expansion can also support businesses that depend on stable internet connectivity for payments, logistics, communication and digital operations.
However, infrastructure investment is capital-intensive. Operators must manage equipment costs, power supply, site leases, maintenance and foreign-exchange exposure.
Airtel's results indicate that it is attempting to balance expansion with cost efficiency. <Cite refs={["turn674936search6","turn674936search0"]}/>
Rising costs remain a challenge
Despite stronger revenue and operating profit, Airtel Africa continues to face cost pressures.
The company reported higher finance costs during the period, which affected the relationship between operating earnings and final profit.
Its results also highlighted the effect of higher fuel costs in Nigeria.
Telecommunications networks require reliable electricity to keep base stations and other infrastructure operating. Where grid supply is inadequate, operators may depend on generators and other alternative power arrangements.
Higher fuel prices can therefore increase the cost of maintaining network availability.
Airtel said its cost-efficiency programme helped protect underlying EBITDA margins despite inflationary pressure from higher fuel expenses.
The company also reported that underlying EBITDA margins remained resilient at 50.3% across the group.
The ability to control operating costs will remain important as the company expands its network and serves more customers.
If energy and financing expenses continue increasing, they could limit the benefits of revenue growth.
Airtel Money listing and the digital finance market
The results also follow the October listing of Airtel Money on the London Stock Exchange.
The listing represents a major development in the company's financial-services strategy.
It provides Airtel Money with a separate investment platform while allowing Airtel Africa to retain a majority ownership interest.
The mobile-money business has become increasingly important to the group's growth because it extends the company's services beyond conventional telecommunications.
The expansion of digital payments across Africa has created opportunities for operators to provide financial services to customers who may not have easy access to traditional banking.
However, the sector is becoming more competitive.
Banks, fintech companies, payment service providers and telecommunications operators are competing to attract customers and process transactions.
The long-term success of Airtel Money will depend on transaction volumes, customer activity, service reliability, regulatory compliance and its ability to maintain confidence in the platform.
The listing may also provide greater visibility into the financial performance of the mobile-money business.
What the results mean for Nigeria's telecoms industry
Airtel Africa's performance offers an indication of the opportunities and challenges facing Nigeria's telecommunications sector.
Demand for mobile internet continues to create room for growth, particularly as more people use smartphones and digital services.
Businesses increasingly depend on mobile connectivity for sales, payments, customer engagement and daily operations.
Consumers also use mobile networks for education, entertainment, financial services and access to information.
For operators, this demand creates opportunities to generate more revenue from data services and digital products.
But the industry must also contend with high infrastructure costs, energy expenses, currency movements, regulatory requirements and the need to maintain service quality.
The Nigerian market is competitive, with operators seeking to attract customers through network investment, pricing, service bundles and digital offerings.
Airtel's latest results show that the company is benefiting from higher data usage and customer growth, but maintaining that momentum will require continued investment.
Outlook
Airtel Africa's half-year performance demonstrates the growing importance of data and mobile financial services to its business.
The company recorded stronger revenue, operating profit and customer numbers, while Nigeria remained one of its important growth markets.
The results also show that operating success must be balanced against financing expenses, fuel costs and the capital required to expand telecommunications infrastructure.
For investors, the next areas to watch include customer growth, data revenue, mobile-money transactions, operating margins, capital expenditure and the company's ability to convert higher revenue into sustainable profit.
For Nigerian consumers and businesses, the expansion of the network could support greater access to mobile connectivity and digital financial services.
The wider economic benefit will depend on whether investment translates into improved coverage, reliable service and affordable access.
Airtel Africa's latest figures provide evidence of strong demand for telecommunications and digital finance across its markets. The challenge now is to sustain that growth while managing the costs and risks associated with operating a large regional network.
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