Business
Airtel Africa : Investor presentation FY 2026
Airtel Africa : Investor presentation FY
About this update from Airtel Africa Plc
Airtel Africa plc Results for year ended 31 March 2026 8 May 2026 Key highlights for FY'26 Results highlight a strong growth environment across Africa's telecoms and financial services markets, supported by a consistent execution of our strategy Strong constant currency and reported currency growth rate of 24.0% and 29.5% respectively Cost efficiencies and stable macroeconomic conditions support a 280 bps increase in EBITDA 1 margins to 49.3% in FY'26 Accelerated capex investment to maximise growth and capture the significant long-term opportunity Strong FCF generation and balance sheet supports continued value creation for all stakeholders 3 1: Any reference to EBITDA and EBITDA margin in this presentation relates to 'Underlying EBITDA' as disclosed in our financial results . Ongoing delivery in-line with strategic priorities Improved customer experience to enhance digital and financial inclusion 10.5% growth in customers to 183.5m with smartphone penetration rising to 49.5% 54.1m mobile money customers, up by 21.3% $215bn 2 + annualised mobile money TPV 1 Strong revenue growth momentum from rising usage Mobile services revenue growth of 22.6% in constant currency Mobile money revenues increased 28.4% in constant currency 24.0% constant currency growth in Group revenues Profitable growth to support increased investments 280 bps increase in EBITDA margins from prior period 49.3% EBITDA margin in FY'26, with an all-time high margin of 50.3% in Q4'26 Capex increased to $884m to support growth opportunity Optimising shareholder returns with strong capital structure 0.5x lease-adjusted leverage reflects strong balance sheet 9.2% increase in dividend for FY'26 to 7.1 cents $100m share buyback completed 4 1. Total Processed Value. Previously defined as 'transaction value' 2: Total processed value in reported currency (Q4'26 annualised). Financial growth rates in constant currency and for FY'26, unless otherwise stated A step-up in performance underpinned by strong execution and market backdrop Customer net additions Constant currency revenue growth EBITDA margins 17.5m FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 +24.0% 2020 2021 2022 2023 2024 2025 2026 49.3% FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 Constant currency revenue growth based on respective constant currency growth as reported in each financial year. EBITDA margins based on reported currency 5 Strategic and operational review Customer experience at the core of our strategy Key strategic initiatives undertaken over the year Strengthen go-to-market Added 130,000 customer activating outlets to accelerate net additions Added over 660,000 Airtel Money agents to 2.4 million Rollout of digital tools to enhance sales efficiencies Brilliant network experience Rollout of more than 3,250 sites with 98.5% 4G enabled. Fibre network reaching 81,900 km with 3,200 km deployed over the year Step-up in investments and leveraging satellite partnerships to enhance customer proposition Digitise and simplify Digitally engaged users grew by 55% as investment into digital offerings continues to expand App transacting customers increased by 74% on Airtel Money Automation of customer journey to reduce friction and drive more targeted engagement Accelerate Airtel Money 39% increase in non-exclusive agent base strengthens last-mile access Deepen Airtel Money ecosystem by increasing use cases to drive increased customer engagement Digital-first strategy drives product innovation and supports increased smartphone adoption Scale HBB and enterprise 5G investments and fibre rollout to deliver reliable, resilient connectivity for digital customers Accelerating take up of HBB services following increased investment New data centre construction in 3 key markets (Nigeria, Kenya and the DRC) AI and technological implementations across 4 strategic initiatives Customer experience AI Spam alert to reduce fraud and protect customers Partnership with satellite technologies to enhance connectivity and support customer proposition Airtel Money transaction verification: auto-analysis and reversals Security Predictive threat intelligence to anticipate emerging cyber risks Data privacy and compliance automation Countering advanced AI-enabled attacks Growth Analytics on customer behaviour and spend-usage patterns enabling personalised offers Network analytics and on-the-ground insights prioritise site deployment Home Broadband (HBB) rollout leveraging 5G technology and outdoor units to drive growth Efficiency Digital identity and biometric capabilities Automation of support functions Network optimisation and AI tools to optimise energy costs Growth framework continues to support sustainable growth trajectory Invest for the future Capex spend of $884m Growing 31.9% 1 to facilitate future demand Invest in new business opportunities Connecting the unconnected 10.5% growth in customers 14.8% growth in data customers 21.3% growth in mobile money customers Focused execution drives profitable growth Cost efficiency programme EBITDA margins of 49.3%, up 280 bps over the year FCF increased ~4 times Demand driving revenue uplift Data traffic increasing 48.5% Increasing number of Airtel Money use cases Revenue increasing by 24.0% Note: Growth rates in constant currency unless otherwise stated., margin increase in reported currency. 10 1: Growth in reported currency Business segment outlook and performance Mobile services : Growth supported by favourable underlying fundamentals Young, fast-growing population Median age 1 , 2025 estimate Increasingly digital Smartphone penetration in Sub-Saharan Africa 3 +2.4x 43 18 Footprint Developed markets 2 +22% 79% 57% 2025 2030 (Est) Average mobile data traffic per connection 4 in Africa GB per month Fixed home broadband penetration % +2.2x 9 GB 4 GB 2025 2030 (Est) 90% 77% 56% 49% 12% ~2% NA EU Latam APAC Africa Footprint Source: 1. Median age is based on 'World population prospects from UN'. 2. Developed markets relates to North America and EU 3. Smartphone penetration is from GSMA Intelligence report Average mobile data traffic per connection is from GSMA intelligence report and is calculated on "Total mobile customers". 12 Mobile services : demand for data continues unabated Population coverage increases to 81.9%, with 3,600 new 4G sites added during the year +12.8% FY'24 FY'25 FY'26 1,964 2,179 2,318 33% increase in customer activating outlets as we expand and optimise our distribution footprint to improve coverage, proximity and availability Total Customers (m) Data Customers (m) Smartphone penetration (%) +14.8% Mar'24 Mar'25 Mar'26 64.4 73.4 84.2 +4.7% 49.5% 44.8% 40.5% Mar'24 Mar'25 Mar'26 +10.5% 183.5 166.1 152.7 Mar'24 Mar'25 Mar'26 Record level of net additions, with data customers growing 14.8% to 84.2 million, and smartphone penetration increasing 4.7% 48.5% increase in data traffic across the network, supporting ~35% increase in data revenue. Voice revenue ($m) Data revenue ($m) Total revenue ($m) +35.2% FY'24 FY'25 FY'26 1,804 1,734 2,530 +22.6% FY'24 FY'25 FY'26 4,193 4,338 5,350 Note: Revenue growth rates is in constant currency 13 Mobile money : Powerful tailwinds to sustain long-term growth % of adults with no formal bank account 1 Low financial inclusion Adults with bank account, 2024 1 3% Footprint MENA LATAM South Asia Europe & East Asia & USA central asia Pacific 21% 23% 26% 34% 54% 64% ~2.7x 95% 36% Footprint Developed 2 Markets Large runway across footprint Mobile money TPV as % of GDP, 2024 Mobile money customers as % of total customers 4x 246% 60% SSA Kenya Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26 18% 20% 22% 25% 27% 29% Source: (1) Banking penetration based on Global Findex Database 2025. (2) Developed markets: High income countries as per Global Findex. 14 Mobile money customers (m) +21.3% 54.1 44.6 38.0 Mar'24 Mar'25 Mar'26 Total processed value ($bn) +35.2% 196 136 112 FY'24 FY'25 FY'26 Mobile money : Capitalising on a sizeable and attractive growth opportunity Growing agent network of approx. 2.4 million agents, as a key strategic advantage MyAirtel app transacting users increased 74% as focus on increased digital adoption continues to deliver Mobile money revenue ($m) +28.4% 1,355 994 837 FY'24 FY'25 FY'26 ARPU ($) +8.6% 2.3 2.0 2.0 FY'24 FY'25 FY'26 Deepening ecosystem by scaling increased use cases and strengthening strategic partnerships Driving merchant acquisition to accelerate transition from cash Accelerating growth in customer base to 21.3% with over 54m customers Q4'26 annualised TPV at $215bn+, up 34.3% with constant currency revenue growth of 28.4% 15 Note: Growth rates for total processed value, ARPU and revenue is in constant currency Revenue mix transition as Airtel Money expands its service offering FY'21 Wallet Services 55% Payments and Transfers 35% Financial Services 2% Other 8% FY'26 Wallet Services 48% Payments and Transfers 42% Financial Services 5% Other 5% Growth (1) +26% +34% +55% +19% FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 Wallet services Payments and Transfers Financial Services Other Notes: Wallet services comprise cash-in (deposits)/cash-out (withdrawals). Payment and transfers comprise P2P money transfers, airtime and bundle recharges, utility bill payments, merchant payments, cash collection, corporate bulk payments, and international money transfers. Financial services primarily include bank-to-wallet transfers, wallet-to-bank transfers, lending, insurance, wealth management and savings. Others comprise retention revenues. 16 1. Growth rates in constant currency (CAGR FY'26 vs FY'21). Contributions are based on reported currency. Regional performance Nigeria: Stable macro environment with sustained demand and tariff adjustments 58.3m Customers +9.4% $2.4 ARPU +36.8% $1,603m Revenue +47.5% $922m EBITDA +70.5% 57.5% EBITDA margin +782 bps Declining inflation and interest rates supports improved consumer confidence underpinning demand Revenue growth of 47.5% reflects sustained demand supported by tariff adjustments and ongoing execution of our strategy. Q4'26 revenue growth slowed to 40.3% as we lapped the tariff adjustments made during Q4'25 5.3% increase in smartphone penetration to 54.9% and smartphone usage per customer reaching 13.7GB per month (compared to 11.1GB in prior year) contributing to a 63.6% growth in data revenues. Margin strength driven by operating leverage and continued success on cost efficiency programme 18 East Africa: Ongoing momentum supports overall performance 84.3m Customers +8.7% $3.1 ARPU +7.1% $3,015m Revenue +17.8% $1,602m EBITDA +17.3% 53.1% EBITDA margin +34 bps Attractive industry fundamentals remain with sustained growth in the customer base and a continued increase in smartphone penetration to 46.6%. Strength of mobile money proposition drives 15.8% growth in customers which combined with increased use cases supports a 26.1% increase in mobile money revenues Constant currency revenue growth of 17.8% reflects sustained demand for these essential services Resilient EBITDA margins supports 24.8% reported currency growth in EBITDA, and 17.3% in constant currency. Francophone Africa: Accelerating growth through strong execution 40.9m Customers +16.3% $3.9 ARPU +3.9% $1,786m Revenue +17.1% $786m EBITDA +19.4% 44.0% EBITDA margin +70 bps Industry and macro fundamentals supportive of overall demand. This, combined with strong execution supports a further acceleration in growth Data revenue growth of 34% in constant currency supported by accelerating data customer base growth with 62% data traffic growth reflecting increased customer usage Mobile money revenue growth of 34.3% in constant currency indicative of underlying demand and strong strategic focus, with customers up 38% Strong recovery in top-line growth and cost efficiency measures sees a 70bps increase in EBITDA margins to 44.0% Meaningful growth opportunities in Home broadband and enterprise Home Broadband Enterprise Structural penetration opportunity with strong growth runway Very low home broadband penetration of ~2% provides material upside for customer adds Hosting less than 1% of total world data centre capacity, sub-Saharan Africa provides a material opportunity Large addressable market and uniquely positioned More than 30 million households which can afford a broadband connection Around 81,900 km of fibre with access to large submarine capacity Driving momentum in value creation 86 % growth in HBB customers as innovative offering provides strong customer experience Building data centres at scale in Nigeria, Kenya and DRC . Scaling digital solutions across enterprise customers, driving a more than two-fold increase over the year Financial review Performance across key financial metrics Revenue $6,415m Reported currency +29.5% Constant currency +24.0% EBITDA $3,162m Reported currency +37.2% Constant currency +30.4% EBITDA margin 49.3% Reported currency +280bps Constant currency +240bps Normalised FCF $803m Reported currency +277.0% Lease-adjusted leverage 0.5x Improved from 1.0x Leverage 1.8x (improved from 2.3x) EPS - before exceptionals 18.6 cents Improved from 8.2 cents The Board has recommended a final dividend of 4.26 cents per share, up by 9.2% year-on-year Constant currency revenue growth momentum maintained $m +24.0% constant currency growth (+$1,183m) +12.8% +35.2% +28.4% 632 280 20 4,955 251 +18.0% +40.3% +36.3% +29.5% growth in reported currency (+$1,460m) 277 6,415 FY'25 Voice Data Mobile money Others 1 Currency translation FY'26 1 Positive impact of currency translation was primarily contributed by currency appreciation in most of the operating markets. Currency devaluation sensitivities for revenues on a 12-months basis 1% movement of the USD against all OpCo currencies would result in an estimated impact of $60m-$62m on revenues EBITDA margin expansion from cost efficiencies, operating leverage and a relatively stable macro backdrop $m +30.4% constant currency growth (+$696m) Q4'26 EBITDA margin reached an all-time high of 50.3% (+295 bps YoY) Margin 46.5% Margin 49.3% 1,183 162 3,162 (487) 2,304 +37.2% growth in reported currency (+$858m) FY'25 Increased revenue OPEX increase Currency 1 translation FY'26 1 Positive impact of currency translation was primarily contributed by currency appreciation in most of the operating markets Currency devaluation sensitivities for EBITDA on a 12-months basis 1% movement of the USD against all OpCo currencies would result in an estimated impact of $29m-$31m on EBITDA Finance costs benefit from FX gains $m Impacted by $86m increase arising from contract renewals 822 53 840 148 (4) 713 643 FY'25 Finance Cost FY'26 Finance Cost Finance Cost Derivative and FX gains (Excl. Derivative and FX) Derivative and FX losses Finance Cost (Excl. Derivative and FX) FY'26 FY'26 Other finance cost* Interest on market debt 1 Lease Interest FY'25 FY'25 (179) (127) * Other finance cost is net of interest income During the year, the weighted average interest rate on market debt declined 60 bps to 12.1%, with a weighted average interest rate of 10.6% as at the end of March 2026, reflecting our focus on interest rate optimisation, with benign inflationary trends providing an additional tailwind. Out of the $148m increase in lease interest, $86m related to the full year impact of tower contract renewals undertaken in FY'25. A 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives) Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $14m - $15m impact on foreign exchange (excluding derivatives) 26 Improved EPS underpinned by operating performance and currency appreciation $ cents (5.7) 2.4 18.6 16.2 (6.0) 8.2 1.6 9.8 FY'25 EPS Before EI FY'25 derivative 1 and Forex losses Y'26 derivative 1 d Forex gains FY'26 EPS Before EI Tax & Others 3 FY'26 EPS F Before EI & Forex an Finance 2 Charges Operating Profit (RC) FY'25 EPS Before EI & Forex 18.1 EPS before exceptional items (EI) was 18.6 cents, improved from 8.2 cents in prior period. Current period had derivative and foreign exchange gain vis-à-vis losses in prior period. However, excluding the impact of derivative and foreign exchange, EPS improved from 9.8 cents to 16.2 cents largely on account of higher operating profits partially offset by higher finance charges due to higher interest on lease liabilities following the tower contract renewals in second half of last year, which has neutral to positive impact on cash flows. Notes: Derivative and forex loss for FY'25 and FY'26 is net of tax and minority interest. Out of 5.7 cents impact due to increase in finance charges, $ 2.4 cents was due to contract renewals. 27 Tax and Others includes taxes and change in minority shareholder PAT. Improved normalised FCF generation $m 3,162 (395) (875) An increase from $213m in FY'25 (816) 36 803 (204) (105) EBITDA Income tax Cash capex Cash interest Lease repayments NCI Change in Normalised FY'26 (incl. Dividend (Tangible & (incl. Lease (excl. Lease dividend working capital FCF FY'26 tax) intangible) Interest) Interest) Normalised free cashflow is defined as EBITDA, adjusted for changes in working capital, less cash interest, cash tax, lease repayments, capex (tangible and intangible) and payouts to non-controlling interests in subsidiaries. However, it does not include one-off transaction impacts, such as significant acquisitions and disposals and other non-operating transactions. 28 Capex (US$m) Coverage to drive digital inclusion Increased site rollout Expanding across rural markets to drive SIM penetration Enhance 4G population coverage across the footprint Accelerating investments to drive future growth ~$1.1bn 884 737 670 Capacity to facilitate ongoing demand Selected 5G rollout to facilitate future demand Targeted network modernisation to unlock additional capacity Fibre rollout to support transmission and increase network resilience New business to unlock additional growth HBB demand drives FWA and FTTx deployment in key areas Building core enterprise offerings beyond connectivity Data centre investment accelerating in FY'27 as construction continues FY'24 FY'25 FY'26 FY'27 Guidance Focused investments designed to strengthen market position, drive growth and maximise long-term value creation 29 Sustainable capital structure as leverage continues to fall Reduction in leverage reflects strong capital structure 2.3x 2.3x Balance sheet remains strong with net cash at HoldCo 2.1x 1.8x 1.4x 0.7x * 1.0x 1.0x 0.8x As of Mar 2026 As of Mar 2025 $m $m OpCo debt: 2,196 2,330 - Foreign currency 102 154 - Local currency 2,094 2,176 Less: OpCo cash and cash equivalent (444) (385) OpCo net debt 1,752 1,945 HoldCo debt: - - Less: HoldCo cash and cash equivalent (386) (243) HoldCo net debt (386) (243) Group Net Debt (Excl. lease liabilities) 1,366 1,702 Lease liabilities 4,224 3,661 Group net debt (Incl. lease liabilities) 5,590 5,363 Leverage (net debt to EBITDA) 1.8x 2.3x Lease-adjusted leverage 0.5x 1.0x 0.5x Mar'24 Sep'24 Mar'25 Sep'25 Mar'26 Leverage (net debt to EBITDA) Lease-adjusted leverage Lease-adjusted leverage, (i.e. net debt (excluding lease liabilities)/ lease-adjusted EBITDA) as of 31 March 2026 was 0.5x compared to 1.0x on 31 March 2025 Reduced net debt (excl. lease liabilities) reflects strong operational performance and FCF generation More than 95% of OpCo debt is denominated in local currency, reducing exposure to future currency devaluation risk The Group ended the year with a weighted average interest rate of 10.6%, which has decreased by 240 basis points from 13.0% in the prior period. * The increase in leverage during FY'25, was impacted by lower LTM EBITDA due to Naira devaluation. Furthermore, leverage was impacted due to an increase in lease liabilities on account of tower contract renewals. Notes: Leverage is calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with banks) divided by EBITDA. 30 A balanced and transparent capital allocation policy 1 Efficient capital investments 2 3 Sustainable capital structure Return cash to shareholders Group capex (excluding license & spectrum) of $884m as accelerated investment delivers strong returns Capex (excluding license & spectrum) guidance for FY'27 of approximately $1.1bn as we increase investment to capture attractive growth prospects Lease adjusted leverage of 0.5x, reduced from 1.0x primarily reflecting increased EBITDA generation Maintain low exposure to foreign currency market debt to reduce risk of future currency devaluation. 95% of market debt now in local currency Progressive dividend policy aims to grow the dividend annually by a mid-to-high single digit percentage The Board has recommended a final dividend of 4.26 cents per share, up 9.2% YoY Second tranche of $100m share buyback completed Conclusion Summary and outlook Compelling growth outlook Attractive demographics and strong demand for essential services. Additional opportunities in HBB, enterprise and data centres. Industry leading EBITDA margins Operating leverage from strong revenue growth, supported by a comprehensive cost optimisation programme . Robust capital structure Sustainable capital structure enables continued investment to sustain growth while also prioritising shareholder returns. Industry fundamentals remain supportive of an attractive growth outlook, and we will enhance our focus on cost efficiencies to limit the impact of rising energy costs on our business. Q&A Appendix Growth by service segment waterfalls Voice revenue ($m) Data revenue ($m) 52 103 2,318 1,964 199 +12.8% constant currency growth 291 94 2,530 341 1,804 +35.2% constant currency growth FY'25 Customer base ARPU Currency FY'26 FY'25 Customer base ARPU Currency FY'26 Voice Revenue Increase Increase translation Voice Revenue Data Revenue Increase Increase translation Data Revenue Mobile money revenue ($m) 195 85 81 1,355 994 +28.4% constant currency growth FY'25 Money Revenue Customer base Increase ARPU Increase Currency translation FY'26 Money Revenue Effective tax rate Description Unit of measure Year ended Year ended Mar-26 Mar-25 Profit before taxation Income tax expense Tax rate % Profit before taxation Income tax expense Tax rate % Reported effective tax rate (after EI) $m 1,419 606 42.7% 661 333 50.3% Exceptional Items $m - - 103 30 Reported effective tax rate (before EI) $m 1,419 606 42.7% 764 363 47.5% Adjusted for: Foreign exchange rate movement for loss making entity and/or $m 11 - 35 - non-DTA operating companies & holding companies One-off adjustment and tax on permanent differences $m 5 (30) (8) (39) Effective tax rate (ETR) $m 1,435 576 40.1% 791 324 41.0% Finance cost and forex Description FY'26 FY'25 Change $m $m $m Interest on market debt Interest income 294 (27) 298 (20) (4) (7) Net Interest Cost 267 278 (11) Interest on lease liabilities Other Finance Charges 467 106 319 46 148 60 Finance Charges (Excluding derivative and FOREX) 840 643 197 Derivative and foreign exchange (gains)/losses (127) 92 (219) Total Finance Charges (Excluding exceptional Items) 713 735 (22) Exceptional Items - 87 (87) Total Finance Charges (Including exceptional Items) 713 822 (109) Currency sensitivities for finance costs: On a 12-months basis 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives) Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $14m - $15m impact on foreign exchange (excluding derivatives) Currency effects - historical trends Currency Historical 5-year Trends CAGR Deval/(Appr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 1-year 3-year 5-year Nigerian Naira 407.7 415.2 461.4 1,303.3 1,541.7 1,388.7 (9.9%) 44.4% 27.8% Uganda Shilling 3,663.0 3,590.0 3,780.0 3,890.0 3,661.0 3,754.0 2.5% (0.2%) 0.5% Tanzania Shilling 2,319.0 2,320.0 2,341.0 2,580.0 2,650.0 2,585.0 (2.5%) 3.4% 2.2% Zambian Kwacha 22.1 18.1 21.4 24.9 28.4 19.0 (33.2%) (3.9%) (3.0%) Malawi Kwacha 786.3 816.7 1,026.4 1,733.9 1,734.0 1,734.0 - 19.1% 17.1% Kenyan Shilling 109.6 115.0 132.2 131.8 129.3 129.9 0.5% (0.6%) 3.5% Rwandan Franc 994.4 1,016.9 1,103.3 1,290.0 1,409.5 1,460.4 3.6% 9.8% 8.0% CFA 559.4 587.6 601.7 607.3 605.9 572.8 (5.5%) (1.6%) 0.5% Madagascar Ariary 3,805.0 4,035.0 4,332.2 4,373.2 4,662.4 4,182.7 (10.3%) (1.2%) 1.9% Seychelles Rupee 21.1 14.4 13.9 14.3 14.9 15.3 2.5% 3.1% (6.2%) Note: based on closing exchange rates Mobile money: geographical breakdown Customers (m) Total processed value ($bn) Revenue ($m) 2.7 10.5 40.9 3.6 45.3 147.0 9 337 1,009 Note: TPV and revenue relates to the year ended 31 March 2026, in reported currency 40 Attention : This is an excerpt of the original content. 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