Airtel Africa Plc (AIRTELAFRI) published its 2026FY audited results today (08 May), reporting a 212.2% y/y growth in EPS to USD0.19 (2025FY: USD0.06). The strong earnings performance was underpinned by a 29.5% y/y growth in revenue and a 280bps y/y expansion in EBITDA margin to 49.3%. Meanwhile, the board has proposed a final dividend of USD0.04 per share, implying a dividend yield of 1.7% based on the closing price of NGN3,323.40/s as of 08 May, at NGN1,355.85/USD.

AIRTELAFRI’s group revenue increased by 29.5% y/y in 2026FY (Q4-26: +32.7% y/y), driven by broad-based growth across voice (+18.0% y/y), data (+40.3% y/y), mobile money (+36.3% y/y), and other revenue (+15.2% y/y). Data remained the primary growth engine, contributing 39.4% of total revenue (2025FY: 36.4%) and becoming the biggest contributor to revenue. The growth in the data segment was supported by a larger customer base (+14.8% y/y to 84.25 million; +2.41 million net additions in Q4), higher data ARPU (+20.6% y/y to USD2.68), stronger data usage per customer (+27.1% y/y to 8.90GB), and increased smartphone data usage per customer (+23.9% y/y to 10.90GB). Growth in the voice segment (36.1% of revenue | 2025FY: 39.6% of revenue) reflected continued customer additions (+10.5% y/y to 183.55 million, with +4.16 million net adds in Q4) and a modest increase in voice ARPU (+7.3% y/y to USD1.11). Overall, mobile services ARPU rose by 16.0% y/y to USD2.56.

Meanwhile, in the mobile money segment (21.1% of revenue | 2025FY: 20.1%), growth was supported by expansion across wallet services (+36.5% y/y), payments and transfers (+36.3% y/y), financial services (+73.0% y/y), and other offerings (+15.5% y/y). The broad-based segment performance was driven by growth in the customer base (+21.3% y/y to 54.06 million; Q4 net additions: +2.07 million) while ARPU increased by 15.3% y/y to USD2.29. Total processed value rose by 43.5% y/y to USD195.85 billion, indicating higher user engagement.

On regional performance, Nigeria’s OpCo revenue increased by 52.9% y/y (Q4-26: +54.8% y/y), supported by strong growth across voice (+36.9% y/y | 38.3% of revenue), data (+69.8% y/y | 51.1% of revenue), mobile money (+113.4% y/y | 0.6% of revenue), and other services (+44.3% y/y | 10.2% of revenue). The performance in Nigeria’s OpCo was driven by a confluence of factors including tariff adjustments, customer base growth (+9.4% y/y to 58.32 million), naira appreciation, sustained data demand (data usage: +30.8% y/y to 11.0GB) and a sharp step-up in ARPU (+41.6% y/y to USD2.43).

East Africa revenue grew by 24.0% y/y (Q4-26: +26.7% y/y), driven by broad based growth in voice (+18.0% y/y), data (+23.1% y/y), mobile money (+35.1% y/y), and other revenue (+2.2% y/y). The OpCo’s performance was driven by increase in customer base (+8.7% y/y to 84,30 million), higher ARPU (+8.7% y/y to USD2.24), Zambian kwacha, Ugandan shilling and Tanzanian shilling appreciation, and higher data traffic (+50.3% y/y).

In Francophone Africa, revenue increased by 21.5% y/y (Q4-26: +23.8% y/y), driven by data (+37.9% y/y) and mobile money (+38.6% y/y), alongside contributions from voice (+4.0% y/y) and other revenue (+3.6% y/y). Performance was driven by customer base expansion (+16.3% y/y to 40.92 million, while ARPU increased by 5.7% y/y to USD3.40.

Group EBITDA margin expanded by 280bps y/y to 49.3% (Q4-26: +295bps y/y to 50.3%), as revenue growth outpaced total expenses (+22.7% y/y) as the company continues to benefit from its cost efficiency programme. By region, EBITDA  margins improved in Nigeria (+782bps y/y to 57.5%; Q4-26: +667bps y/y to 59.3%), East Africa (+34bps y/y to 53.1%; Q4-26: +26bps y/y to 52.9%), and Francophone Africa (+70bps y/y to 44.0%; Q4-26: -66bps y/y to 43,7%).

Total finance costs declined by 13.3% y/y to USD712.66 million (Q4-26: -6.5% y/y to USD206.99 million), supported by a USD127.00 million derivative & foreign exchange gain (2025FY: USD179.00 million derivative & foreign exchange losses) on account of naira appreciation which offset higher interest expenses on lease liabilities tied to tower contract renewals. 

Finally, profit before tax increased by 114.5% y/y to USD1.42 billion (2025FY: USD661.24 million), while profit after tax rose by 147.4% y/y to USD812.58 million (USD328.46 million). 

Comment: AIRTELAFRI delivered a strong 2026FY performance, broadly in line with expectations, with growth recorded across all operating markets. Revenue increased by 29.5% y/y (Cordros estimate: +33.4% y/y), while EBITDA margin expanded by 280bps to 49.3% (Cordros estimate: 49.0%). EPS settled at USD0.19 (Cordros estimate: USD0.22, including NCI), supported by improved operating performance, the strong recovery in the Nigeria OpCo, and a reversal from derivative and foreign exchange losses to gains during the period. Looking ahead, we expect earnings momentum to remain firm in 2027FY, supported by continued growth in data demand, expanding smartphone penetration, and favourable demographic trends across its markets. While elevated energy costs and currency volatility remain key risks, we expect ongoing efficiency initiatives and operating leverage to support margins over the period. Our estimates are under review.