August 26, 2025/CSL Research

Airtel Africa delivered a strong performance in Q1 2026, underpinned by solid growth across key revenue segments. Mobile Money Revenue rose 31.0% year-on-year to US$290 million, while Data Revenue expanded by 34.1% y/y to US$549 million. Voice Revenue also grew by 11.9% y/y, reaching US$533 million. This robust topline growth, combined with moderated cost pressures and a 33.7% decline in Net Finance Cost, drove Profit Before Tax (PBT) significantly higher by 268.9% y/y to US$273 million, up from US$74 million in Q1 2025.

We forecast continued strong momentum through FY 2026, with:

• Data Revenue expected to grow by 40.0% y/y

• Voice Revenue projected to rise by 15.0% y/y

• Mobile Money Revenue forecast to increase by 32.0% y/y

These drivers should lift total Revenue by 26.0% y/y to US$6.26 billion, compared with US$4.96 billion in FY 2025. In addition, improved operating efficiency and a more stable FX environment are expected to support profitability, with Pre-Tax Profit projected to climb to US$1.82 billion in FY 2026, up from US$328 million in FY 2025.

We maintain a BUY rating on Airtel Africa, with a target price of N3,230.30 per share, implying a 39.8% upside from the last closing price of N2,310.50 (25 August 2025). Our valuation is based on a blended approach, assigning 60% weight to DCF and 40% to Relative Valuation.

​

To read full report, click on the link below​​

​​Airtel Africa Q1 2026 Company Update .pdf​​​​​​​​​​​​​​​​