Airtel Africa Plc has reported strong operational and financial performance for its fiscal year ended March 31, 2025, marked by a $670 million infrastructure investment and a full-year revenue of $4.955 billion.
Despite currency headwinds that caused a marginal 0.5% decline in reported revenue, the telecommunications giant achieved a robust 21.1% growth in constant currency terms, driven by expansion across voice, data, and mobile money services.
Expanding Reach and Digital Inclusion
Airtel Africa’s customer base surged by 8.7% to reach 166.1 million, buoyed by an emphasis on digital inclusion and network upgrades.
Smartphone penetration rose by 4.3 percentage points to 44.8%, while data customers grew 14.1% to 73.4 million. On average, data consumption per user climbed to 7.0GB, supporting a 15.4% increase in data Average Revenue Per User (ARPU).
The company’s Airtel Money platform also saw notable expansion, with subscriber numbers growing 17.3% to 44.6 million. In the fourth quarter alone, the value of transactions processed rose by 34% in constant currency, culminating in an annualized transaction value of $145 billion.
Infrastructure Investment and Network Expansion
To support growing demand, Airtel Africa rolled out 2,583 new sites and approximately 3,300 kilometers of fibre across its markets during the year. The $670 million capital expenditure underscored its strategy to enhance capacity and service quality across the continent, although the figure came in below guidance due to deferred data centre investments.
Looking ahead, the company plans to increase capital expenditure to between $725 million and $750 million in the next fiscal year.
Financial Performance: Return to Profitability
Airtel Africa’s financial performance was marked by a significant recovery, posting a profit after tax of $328 million, a dramatic turnaround from a $89 million loss the previous year. The loss was attributed to foreign exchange and derivative losses, primarily in Nigeria, which eased during the current period.
Quarterly momentum accelerated, with Q4 2025 revenue growth peaking at 23.2% in constant currency, aided by tariff adjustments in Nigeria and improved operating conditions. Mobile services revenue rose by 19.6% in constant currency, while mobile money revenue climbed by 29.9%.
However, underlying EBITDA declined 5.1% in reported currency to $2.3 billion, reflecting increased fuel costs and a reduced contribution from Nigeria. EBITDA margin narrowed to 46.5% from 48.8% in the prior year, though it rebounded steadily during the year—rising from 45.3% in Q1 to 47.3% in Q4—thanks to a cost efficiency programme.
Shareholder Returns and Capital Management
The company declared a final dividend of 3.9 cents per share, bringing the total dividend for the year to 6.5 cents, up 9.2% from the prior year. In addition, Airtel Africa returned $120 million to shareholders through share buybacks.
Airtel also reduced its exposure to foreign currency debt, repaying $702 million, and now holds 93% of operating company debt in local currency, up from 83% a year ago. However, leverage increased from 1.4x to 2.3x, largely due to a $1.3 billion increase in lease liabilities following tower contract renewals.
CEO’s Remarks
Commenting on the results, Sunil Taldar, CEO of Airtel Africa, described the year as one of “strong operating performance,” driven by a refreshed strategy, sustained network investment, and digital expansion.
Airtel Africa Invests $670m on Infrastructure, Posts $4.96 Billion Annual Revenue“This has enabled increased digital inclusion with a further 20% growth in our smartphone customers to 74.4 million, contributing to a 47.5% increase in data traffic over the year,” said Taldar.
“An improving operating environment and focused execution contributed to strong momentum in our financial results. We remain focused on further EBITDA margin improvements and continued network investments.”
Taldar also reiterated the company’s commitment to an Airtel Money IPO, now expected to occur in the first half of 2026, subject to market conditions.
According to him, despite global uncertainties, Airtel Africa is well-positioned for continued growth, bolstered by rising digital adoption, an expanding financial ecosystem, and disciplined capital allocation.
The telecom giant has reaffirmed its commitment to connecting more Africans and supporting economic development across its markets.
