May 15, 2026/InvestmentOne Report

Airtel Africa reported a materially stronger financial result for FY2026, with Group revenues advancing 29.50% YoY in reported currency to USD6.42bn, underpinned by constant currency growth of 24.00% a metric we regard as the more instructive measure of underlying operational performance, as it eliminated the distortionary benefit of naira appreciation and CFA firming.

Growth was broad-based, although Nigeria remained the primary growth engine, recording constant currency revenue expansion of 47.50% to USD1.60bn, a result that reflects the residual benefit of tariff adjustments in 2025. Similarly, East Africa and Francophone Africa delivered constant currency growth of 17.80% and 17.10%, respectively. 

We maintain a positive outlook on Airtel Africa Plc, underpinned by a combination of capital returns, earnings resilience, and long-term growth opportunities. The completed USD100.00mn buyback programme and progressive dividend framework also continue to demonstrate management s commitment to shareholder returns, while sustained customer retention and new customer onboarding are expected to support earnings growth.

Beyond its core mobile operations, Airtel Africa s partnership with SpaceX for Starlink Direct-to-Cell connectivity, alongside Nxtra data centre investments in Lagos and Nairobi, strengthens its positioning in rural connectivity, enterprise services, and hyperscale demand.

In addition, infrastructure-sharing agreements with MTN and Vodacom provide a capital-efficient route to network expansion and could help moderate future capex intensity. On the back of these factors  we maintain a STRONG BUY recommendation.

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