Airtel Africa Heads Into IPO Push After Strong Year for Data and Mobile Money

Airtel Africa ended its latest financial year with revenue rising 29.5% to $6.42 billion, as higher data consumption, expanding mobile money activity, and continued network investment lifted performance across its African operations. The company is also preparing for a mobile money IPO in the second half of 2026 while warning that rising energy costs could place pressure on margins in the months ahead.

The results reflect how telecom operators across Africa are becoming increasingly dependent on digital services, infrastructure expansion, and fintech activity as smartphone usage deepens across the continent.

Data usage becomes central to revenue growth

Data services now account for the largest share of Airtel Africa’s revenue mix after data income rose 35.2% in constant currency terms during the year.

Nigeria remained the company’s strongest growth market, recording constant currency revenue growth of 47.5%, supported partly by tariff adjustments introduced earlier in the cycle. Francophone Africa posted 17.1% growth, while East Africa revenue reached $2.19 billion.

Across the group, average monthly data usage climbed to 8.9 GB per customer from 7.0 GB a year earlier. Smartphone penetration increased to 49.5%, while smartphone customers rose 22% to 91 million.

The increase in usage is also being shaped by broader network expansion and digital onboarding efforts. Airtel Africa said AI-driven network optimisation and wider adoption of its myAirtel platform helped improve customer acquisition and service access across several markets.

Profit growth accelerates alongside stronger margins

Net profit rose 147.4% to $813 million, supported by stronger operating income and foreign exchange gains. Earnings per share climbed to 18.6 cents from 6.0 cents in the previous year.

Underlying EBITDA increased to $3.16 billion, while margins expanded to 49.3%. Airtel Africa said internal cost-efficiency programmes contributed to the stronger margin performance.

The company, however, cautioned that higher global energy costs linked to geopolitical developments are likely to increase inflationary pressure on operations in the near term. Energy remains a major operating expense for telecom networks across many African markets where diesel-powered infrastructure is still widely used.

Mobile money growth keeps IPO plans in focus

Airtel Money continued to expand rapidly during the year, reaching 54.1 million customers.

Annualised transaction value surpassed $215 billion in the fourth quarter as digital payment usage increased across the platform. Airtel Africa said broader adoption and ecosystem expansion continued to support customer activity growth.

The company still intends to pursue a separate listing for Airtel Money in the second half of 2026 after earlier plans were delayed by volatile market conditions.

East Africa remains a key investment region

East Africa continued to play a major role in the company’s expansion strategy. Revenue in the region grew 18.9% in reported currency terms, supported by growth in both voice and data services.

Data customer growth in East Africa reached 15.7%, while data traffic increased more than 50% during the year. Airtel Africa has continued expanding 4G and 5G coverage across the region, with more than 2,200 sites now enabled for 5G services across five markets.

The company also rolled out 3,250 new network sites group-wide and extended its fibre network by about 3,200 kilometres to 81,900 kilometres.

Airtel Africa pushes governments on telecom taxes

Alongside its earnings growth, Airtel Africa has intensified calls for lower taxes on smartphones and telecom infrastructure equipment.

The company argues that reducing import duties on low-cost smartphones and network equipment could accelerate internet adoption and improve digital inclusion across African markets where device affordability still limits connectivity.

That position is increasingly tied to Airtel Africa’s long-term strategy as operators invest more heavily in data infrastructure, home broadband, enterprise services, and digital finance platforms.

Investment pressure and digital demand shape the next phase

Capital expenditure rose 31.9% to $884 million during the financial year, with Airtel Africa planning to increase spending further to about $1.1 billion in fiscal 2027.

The company’s direction is increasingly tied to infrastructure-heavy growth areas that extend beyond traditional telecom services. Data centres, enterprise connectivity, mobile finance, and broadband expansion are becoming more central to how large operators compete for long-term revenue across African markets.

Customer numbers rose 10.5% to 183.5 million during the year, reinforcing the scale advantage Airtel Africa continues to build as demand for digital services expands.