June 1, 2026/CSL Report

Airtel Africa delivered a strong performance in FY 2026, underpinned by robust growth across its key revenue segments. Mobile Money Revenue rose by 41.2% year-on-year (y/y) to US$1.1 billion, while Data Revenue expanded by 40.3% y/y to US$2.5 billion. Voice Revenue also recorded solid growth, increasing by 18.0% y/y to US$2.3 billion. This strong topline performance, combined with moderated cost pressures and a 13.3% decline in Net Finance Costs, drove Profit Before Tax (PBT) significantly higher by 114.7% y/y to US$1.4 billion, compared to US$661.0 million in FY 2025.

We forecast continued strong momentum through FY 2027, with:

• Data Revenue expected to grow by 31.2% y/y

• Voice Revenue projected to rise by 10.0% y/y

• Mobile Money Revenue forecast to increase by 32.2% y/y

These drivers are expected to lift total Revenue by 22.5% y/y to US$7.9 billion, compared to US$6.4 billion in FY 2026. In addition, improved operating efficiency, sustained cost optimisation initiatives, and a more stable FX environment are expected to support profitability, with Pre-Tax Profit projected to increase to US$2.4 billion in FY 2027, up from US$1.4 billion in FY 2026.

We maintain our BUY recommendation on Airtel Africa and have increased our target price to ₦5,053.72 per share, up from our previous estimate of ₦4,096.20 per share. The upward revision reflects the company’s robust fundamentals, strong earnings trajectory, and sustained growth prospects. Based on the closing price of ₦3,655.70 as of 29 May 2026, our revised target price implies a potential upside of 38.2%. We derive our valuation using a blended approach, assigning a 60% weight to the Discounted Cash Flow (DCF) methodology and 40% to Relative Valuation.

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

​Airtel Africa FY 2026 Company Update .pdf