May 11, 2026/CSL Report
Financial Highlights:
- Revenue: +29.5% y/y to US$6.4bn
- Direct Network Operating Costs: +21.5% y/y to US$1.2bn
- OPEX: +22.3% y/y to US$2.1bn
- EBITDA +38.2% y/y to US$3.2bn
- Operating Profit: +45.2% y/y to US$2.1bn
- Profit before Tax: +114.7% y/y to US$1.4bn
Stock Rating: Buy Target Price: N4,096.2/s
Airtel Africa delivered a strong FY 2026 financial performance, with Revenue increasing by 29.5% year-on-year (y/y) to US$6.4 billion, compared to US$5.0 billion in FY 2025. On a quarter-on-quarter (q/q) basis, Revenue rose by 3.7% to US$1.75 billion in Q4 2026 from US$1.69 billion in Q3 2026. The growth was supported not only by tariff adjustments in its Nigerian operations but also by strong momentum across its East Africa and Francophone Africa segments, reflecting the successful execution of its customer-centric
growth strategy.
The company recorded robust growth across its major business segments in FY 2026. Data Revenue surged by 40.3% y/y to US$2.5 billion, up from US$1.8 billion in FY 2025, driven by a 14.8% increase in the data customer base to 84.2 million subscribers, underscoring the rising demand for mobile data services. Mobile Money Revenue also maintained strong momentum, climbing 36.3% y/y to US$1.4 billion from US$994.0 million in the prior year, while the mobile money customer base expanded by 21.3% to 54.1 million users. Voice Revenue grew by 18.0% y/y to US$2.3 billion from US$2.0 billion in FY 2025. Overall, Airtel Africa’s total customer base increased by 10.5% y/y to 183.5 million, reflecting continued investments in network expansion and improved service accessibility across its operating markets.
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