Airtel Africa : IR pack FY 2026

About this update from Airtel Africa Plc

[{"type":"text","content":" \n \n Airtel Africa plc\n \n \n Report on the results for the fourth quarter and year ended March 31, 2026 \n 8 May 2026\n \n \n The financial statements included in this quarterly report fairly present, in all material respects, the financial position, results of operations and cash flow of the Group as of and for the periods presented in this report.\n \n \n \n Mobile services I Mobile money\n \n \n \n Supplemental disclosures\n \n \n Basis of preparation: The annual financial information contained in this report is drawn from Airtel Africa plc's audited annual consolidated financial statements for the year ended 31 March 2026 and 31 March 2025, prepared in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved for use in the United Kingdom (UK) by the UK Accounting Standards Endorsement Board (UKEB). Quarterly information is drawn from unaudited IAS 34 financials of respective periods. Comparative period figures have been regrouped/ reclassified to conform with current year grouping/ classification. \n Use of certain alternative performance measures (APM): This result announcement contains certain information on the Group's results of operations and cash flows that have been derived from amounts calculated in accordance with International Financial Reporting Standard (IFRS), but are not in themselves IFRS measures. They should not be viewed in isolation as alternatives or superior to the equivalent IFRS measures and should be read in conjunction with the equivalent IFRS measures. \n Further, disclosures are also provided under 7.2 Use of Alternative performance measures (APMs) Financial Information on page 31.\n \n \n Safe harbour: The annual financial information contained in this report is drawn from Airtel Africa plc's audited annual consolidated financial statements for the year ended 31 March 2026 and 31 March 2025, prepared under IFRS. Quarterly information is drawn from unaudited IAS 34 financials of respective periods. \n Convenience translation : We publish our financial statements in United States dollars. All references herein to \"US dollars\", \"USD\", \"$\" and \"US$\" are to United States dollars. Translation of income statement items have been made from local currencies of Africa operating units to USD (unless otherwise indicated) using the respective monthly average rates. Translation of statement of financial position items has been made using the closing rate. All amounts translated as described above are provided solely for the convenience of the reader, and no representation is made that the local currencies or USD amounts referred to herein could have been or could be converted into USD or local currencies respectively, as the case may be, at any particular rate, the above rates or at all. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding off. \n Others: In this report, the terms \"we\", \"us\", \"our\", \"Airtel Africa\", unless otherwise specified or the context otherwise implies, refer to Airtel Africa plc and its subsidiaries, joint venture and associate, Bharti Airtel International (Netherlands) B.V., Airtel (Seychelles) Limited, Airtel Congo S.A., Airtel Gabon S.A., Airtel Madagascar S.A., Airtel Malawi Public Limited Company, Airtel Mobile Commerce B.V., Airtel Mobile Commerce Holdings B.V., Airtel Mobile Commerce (Kenya) Limited, Airtel Mobile Commerce Limited, Airtel Mobile Commerce Madagascar S.A., Airtel Mobile Commerce Rwanda Ltd, Airtel Mobile Commerce (Seychelles) Limited, Airtel Mobile Commerce (Tanzania) Limited, Airtel Mobile Commerce Tchad S.A., Airtel Mobile Commerce Uganda Limited, Airtel Mobile Commerce Zambia Limited, Airtel Money RDC S.A., Airtel Money Niger S.A., Airtel Money S.A., Airtel Networks Kenya Limited, Airtel Networks Limited, Airtel Networks Zambia plc, Airtel Rwanda Limited, Airtel Tanzania Public Limited Company, Airtel Tchad S.A., Airtel Uganda Limited, Bharti Airtel Africa B.V., Bharti \n Airtel Chad Holdings B.V., Bharti Airtel Congo Holdings B.V., Bharti Airtel Developers Forum Limited, Bharti Airtel Gabon Holdings B.V., Bharti Airtel Kenya B.V., Bharti Airtel Madagascar Holdings B.V., Bharti Airtel Malawi Holdings B.V., Bharti Airtel Mali Holdings B.V., Bharti Airtel Niger Holdings B.V., Bharti Airtel Nigeria B.V., Bharti Airtel RDC Holdings B.V., Bharti Airtel Services B.V., Bharti Airtel Tanzania B.V., Bharti Airtel Uganda Holdings B.V., Bharti Airtel Zambia Holdings B.V., Celtel (Mauritius) Holdings Limited, Airtel Congo RDC S.A., Celtel Niger S.A., Channel Sea Management Company (Mauritius) Limited, Congo RDC Towers S.A., Gabon Towers S.A., Indian Ocean Telecom Limited, Mobile Commerce Congo S.A., Montana International, Partnership Investments Sarlu., Bharti Airtel Rwanda Holdings Limited, Airtel Money Transfer Limited, Airtel Money Tanzania Limited, Airtel Mobile Commerce Nigeria Limited, Airtel Mobile Commerce Nigeria B.V., Airtel Mobile Commerce (Seychelles) B.V., Airtel Mobile Commerce Congo B.V., Airtel Mobile Commerce Kenya B.V., Airtel Mobile Commerce Madagascar B.V., Airtel Mobile Commerce Malawi B.V., Airtel Mobile Commerce Rwanda B.V., Airtel Mobile Commerce Tchad B.V., Airtel Mobile Commerce Uganda B.V., Airtel Mobile Commerce Zambia B.V., Airtel International LLP, Seychelles Cable Systems Company Limited (Associate), Airtel Mobile Commerce Gabon B.V., Airtel Mobile Commerce Niger B.V., Airtel Mobile Commerce DRC B.V., Airtel Money Kenya Limited, Airtel Africa Services (UK) Limited, Airtel Mobile Commerce Services Limited, Airtel Africa Telesonic Holdings Limited, Airtel Africa Telesonic Limited, Smartcash Payment Service Bank Limited, Airtel Money Trust Fund, The Registered Trustees of Airtel Money Trust Fund, Airtel Congo Telesonic Holdings (UK) Limited, Airtel DRC Telesonic Holdings (UK) Limited, Airtel Gabon Telesonic Holdings (UK) Limited, Airtel Kenya Telesonic Holdings (UK) Limited, Airtel Madagascar Telesonic Holdings (UK) Limited, Airtel (M) Telesonic Holdings (UK) Limited, Airtel Niger Telesonic Holdings (UK) Limited, Airtel Nigeria Telesonic Holdings (UK) Limited, Airtel Rwanda Telesonic Holdings (UK) Limited, Airtel Seychelles Telesonic Holdings (UK) Limited, Airtel Tanzania Telesonic Holdings (UK) Limited, Airtel Uganda Telesonic Holdings (UK) Limited, Airtel Zambia Telesonic Holdings (UK) Limited, Airtel Tchad Telesonic Holdings (UK) Limited, Airtel Kenya Telesonic Limited, Airtel (M) Telesonic Limited, Airtel Nigeria Telesonic Limited, Airtel Rwanda Telesonic Limited, Airtel (Seychelles) Telesonic Limited, Airtel Telesonic Uganda Limited, Airtel Zambia Telesonic Limited, Airtel Mobile Commerce Tanzania B.V., Nxtra Africa Data Holdings Limited, Nxtra Nigeria Data Holdings (UK) Limited, Nxtra Kenya Data Holdings (UK) Limited, Nxtra DRC Data Holdings (UK) Limited, Nxtra Gabon Data Holdings (UK) Limited, Nxtra Congo Data Holdings (UK) Limited, Airtel Congo RDC Telesonic S.A.U., Mawezi RDC S.A. (Joint Venture), Nxtra Africa Data (Nigeria) Limited, Airtel Gabon Telesonic S.A., Nxtra Africa Data (Kenya) Limited, Nxtra Africa Data (Nigeria) FZE, Nxtra Africa Data (Kenya) SEZ Limited, Nxtra Africa Data RDC S.A. and Airtel Mobile Management Services FZ-LLC.\n \n \n Disclaimer : By reading this presentation you agree to be bound by the following conditions. \n The information contained in this document in relation to Airtel Africa plc (Airtel Africa) and its subsidiaries has been prepared solely in this document. The document is not directed to, nor intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation\n \n \n \n or which would require any registration or licensing within such jurisdiction.\n \n \n References in this presentation to \"Airtel Africa\", \"Group\", \"we\", \"us\" and \"our\" when denoting opinion refer to Airtel Africa plc and its subsidiaries.\n \n \n Forward-looking statements\n \n \n This document contains certain forward-looking statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates.\n \n \n These statements are often, but not always, made through the use of words or phrases such as \"believe,\" \"anticipate,\" \"could,\" \"may,\" \"would,\" \"should,\" \"intend,\" \"plan,\" \"potential,\" \"predict,\" \"will,\" \"expect,\" \"estimate,\" \"project,\" \"positioned,\" \"strategy,\" \"outlook\", \"target\" and similar expressions.\n \n \n It is believed that the expectations reflected in this document are reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated.\n \n \n All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this communication.\n \n \n Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; changes in domestic or international tax laws and rates; adverse litigation and dispute outcomes and the effect of such outcomes on Airtel Africa's financial condition; changes or differences in domestic or international economic or political conditions; the ability to obtain price increases and the impact of price increases on consumer affordability thresholds; adverse decisions by domestic or international regulatory bodies; the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to maintain credit ratings; the ability to develop, produce or market new alternative products and to do so profitably; the ability to effectively implement strategic initiatives and actions taken to increase sales growth; the ability to enhance cash generation and\n \n \n pay dividends and changes in the market position, businesses, financial condition, results of operations or prospects of Airtel Africa.\n \n \n Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements contained in this document reflect the knowledge and information available to Airtel Africa at the date of preparation of this document and Airtel Africa undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.\n \n \n No statement in this communication is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa plc for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Africa plc.\n \n \n Financial data included in this document are presented in US dollars rounded to the nearest million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. The percentages included in the tables throughout the document are based on numbers calculated to the nearest\n \n \n $1,000 and therefore minor rounding differences may result in the tables. Growth metrics are provided on a constant currency basis unless otherwise stated. The Group has presented certain financial information on a constant currency basis. This is calculated by translating the results for the current financial year and prior financial year at a fixed 'constant currency' exchange rate, which is done to measure the organic performance of the Group. Growth rates for our reporting regions and service segments are provided in constant currency as this better represents the performance of the business.\n \n \n No profit or earnings per share forecasts\n \n \n No statement in this communication is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Africa.\n \n \n Audience\n \n \n The material in this presentation is provided for the purpose of giving information about Airtel Africa and its subsidiaries to investors only and is not intended for general consumers. Airtel Africa, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed.\n \n \n \n Table of Contents\n \n Section 1\n \n \n Performance at a glance\n \n \n 4\n \n \n Section 2\n \n \n Financial highlights\n \n \n 2.1\n \n \n Consolidated - summary of consolidated financial statements\n \n \n 5\n \n \n 2.2\n \n \n Consolidated - summary of statement of financial position\n \n \n 6\n \n \n Section 3\n \n \n Segmental - summary of financial statements\n \n \n 3.1\n \n \n Summarised statement of operations\n \n \n 7\n \n \n 3.2\n \n \n Segment contribution\n \n \n 12\n \n \n Section 4\n \n \n Regional - summary of financial statements\n \n \n 4.1\n \n \n Nigeria\n \n \n 13\n \n \n 4.2\n \n \n East Africa\n \n \n 13\n \n \n 4.3\n \n \n Francophone Africa\n \n \n 14\n \n \n 4.4\n \n \n Regional contribution\n \n \n 14\n \n \n Section 5\n \n \n Operating highlights\n \n \n 15\n \n \n Section 6\n \n \n Management discussion and analysis\n \n \n 6.1\n \n \n Reporting methodology\n \n \n 18\n \n \n 6.2\n \n \n Key company developments\n \n \n 18\n \n \n 6.3\n \n \n Results of operations\n \n \n 20\n \n \n Section 7\n \n \n Detailed financial and related information\n \n \n 26\n \n \n Section 8\n \n \n Net debt and cost schedules\n \n \n 35\n \n \n Section 9\n \n \n Trends and ratio analysis\n \n \n 37\n \n \n Section 10\n \n \n Material accounting policies\n \n \n 48\n \n \n Section 11\n \n \n Glossary\n \n \n 53\n \n Section 1 Performance at a glance \n \n Particulars Unit\n \n \n Finan\n \n \n cial year ended\n \n \n Quarter ended\n \n \n 2026\n \n \n 2025\n \n \n 2024\n \n \n Mar-26\n \n \n Dec-25\n \n \n Sep-25\n \n \n Jun-25\n \n \n Mar-25\n \n \n Ongoing Operations\n \n \n Operating highlights\n \n \n Total customer base\n \n \n million\n \n \n 183.5\n \n \n 166.1\n \n \n 152.7\n \n \n 183.5\n \n \n 179.4\n \n \n 173.8\n \n \n 169.4\n \n \n 166.1\n \n \n Total minutes on network\n \n \n billion\n \n \n 600.7\n \n \n 570.2\n \n \n 504.4\n \n \n 150.2\n \n \n 152.5\n \n \n 149.6\n \n \n 148.3\n \n \n 147.9\n \n \n Data usage\n \n \n million GBs\n \n \n 8,414\n \n \n 5,667\n \n \n 3,842\n \n \n 2,449\n \n \n 2,226\n \n \n 1,986\n \n \n 1,753\n \n \n 1,569\n \n \n Total processed value (TPV) (1) \n $bn\n \n \n 182.5\n \n \n 135.0\n \n \n 102.7\n \n \n 48.6\n \n \n 49.0\n \n \n 45.2\n \n \n 39.7\n \n \n 36.2\n \n \n Network towers\n \n \n number\n \n \n 40,378\n \n \n 37,117\n \n \n 34,534\n \n \n 40,378\n \n \n 39,127\n \n \n 38,314\n \n \n 37,579\n \n \n 37,117\n \n \n Total employees (2) \n number\n \n \n 4,512\n \n \n 4,253\n \n \n 4,132\n \n \n 4,512\n \n \n 4,381\n \n \n 4,310\n \n \n 4,260\n \n \n 4,253\n \n \n No. of countries of operation\n \n \n number\n \n \n 14\n \n \n 14\n \n \n 14\n \n \n 14\n \n \n 14\n \n \n 14\n \n \n 14\n \n \n 14\n Consolidated financials ongoing operations (Reported currency) \n Revenue\n \n \n $m\n \n \n 6,415\n \n \n 4,955\n \n \n 4,979\n \n \n 1,748\n \n \n 1,685\n \n \n 1,567\n \n \n 1,415\n \n \n 1,317\n \n \n Underlying EBITDA (3) \n $m\n \n \n 3,162\n \n \n 2,304\n \n \n 2,428\n \n \n 879\n \n \n 836\n \n \n 768\n \n \n 679\n \n \n 623\n \n \n Underlying EBITDAaL (3) \n $m\n \n \n 2,500\n \n \n 1,766\n \n \n 1,930\n \n \n 705\n \n \n 669\n \n \n 606\n \n \n 520\n \n \n 473\n \n \n EBIT\n \n \n $m\n \n \n 2,115\n \n \n 1,473\n \n \n 1,640\n \n \n 589\n \n \n 567\n \n \n 513\n \n \n 446\n \n \n 392\n \n \n Cash profit from operations before derivative and foreign exchange (gains)/losses\n \n \n $m\n \n \n 2,322\n \n \n 1,661\n \n \n 1,984\n \n \n 643\n \n \n 625\n \n \n 569\n \n \n 484\n \n \n 428\n \n \n Profit before tax (4) \n $m\n \n \n 1,419\n \n \n 764\n \n \n 744\n \n \n 396\n \n \n 367\n \n \n 383\n \n \n 273\n \n \n 183\n \n \n Profit/(loss) attributable to owners of the company\n \n \n $m\n \n \n 679\n \n \n 220\n \n \n (165)\n \n \n 199\n \n \n 177\n \n \n 177\n \n \n 126\n \n \n 56\n \n \n Capex\n \n \n $m\n \n \n 884\n \n \n 670\n \n \n 737\n \n \n 281\n \n \n 285\n \n \n 197\n \n \n 121\n \n \n 214\n \n \n Operating free cash flow\n \n \n $m\n \n \n 2,278\n \n \n 1,634\n \n \n 1,691\n \n \n 598\n \n \n 551\n \n \n 571\n \n \n 558\n \n \n 409\n \n \n Net debt\n \n \n $m\n \n \n 5,590\n \n \n 5,363\n \n \n 3,505\n \n \n 5,590\n \n \n 5,653\n \n \n 5,512\n \n \n 5,494\n \n \n 5,363\n \n \n Net Debt (excluding lease obligations)\n \n \n $m\n \n \n 1,366\n \n \n 1,702\n \n \n 1,416\n \n \n 1,366\n \n \n 1,585\n \n \n 1,633\n \n \n 1,722\n \n \n 1,702\n \n \n Shareholder's equity (5) \n $m\n \n \n 3,663\n \n \n 3,028\n \n \n 2,712\n \n \n 3,663\n \n \n 3,388\n \n \n 3,279\n \n \n 3,143\n \n \n 3,028\n \n \n Non-controlling interests ('NCI')\n \n \n $m\n \n \n 340\n \n \n 289\n \n \n 140\n \n \n 340\n \n \n 348\n \n \n 335\n \n \n 305\n \n \n 289\n \n \n Total equity (6) \n $m\n \n \n 4,003\n \n \n 3,317\n \n \n 2,852\n \n \n 4,003\n \n \n 3,736\n \n \n 3,614\n \n \n 3,448\n \n \n 3,317\n \n \n Total capital employed\n \n \n $m\n \n \n 9,593\n \n \n 8,680\n \n \n 6,357\n \n \n 9,593\n \n \n 9,388\n \n \n 9,126\n \n \n 8,942\n \n \n 8,680\n \n \n Key ratios\n \n \n Underlying EBITDA margin\n \n \n %\n \n \n 49.3%\n \n \n 46.5%\n \n \n 48.8%\n \n \n 50.3%\n \n \n 49.6%\n \n \n 49.0%\n \n \n 48.0%\n \n \n 47.3%\n \n \n EBIT margin\n \n \n %\n \n \n 33.0%\n \n \n 29.7%\n \n \n 32.9%\n \n \n 33.7%\n \n \n 33.7%\n \n \n 32.7%\n \n \n 31.5%\n \n \n 29.8%\n \n \n Net profit/(loss) margin\n \n \n %\n \n \n 10.6%\n \n \n 4.4%\n \n \n (3.3%)\n \n \n 11.4%\n \n \n 10.5%\n \n \n 11.3%\n \n \n 8.9%\n \n \n 4.3%\n \n \n Net debt to underlying EBITDA (LTM)\n \n \n times\n \n \n 1.8\n \n \n 2.3\n \n \n 1.4\n \n \n 1.8\n \n \n 1.9\n \n \n 2.1\n \n \n 2.2\n \n \n 2.3\n \n \n Net Debt (excluding lease obligations) to underlying EBITDAaL (LTM)\n \n \n times\n \n \n 0.5\n \n \n 1.0\n \n \n 0.7\n \n \n 0.5\n \n \n 0.7\n \n \n 0.8\n \n \n 0.9\n \n \n 1.0\n \n \n Net debt to underlying EBITDA (annualised)\n \n \n times\n \n \n 1.8\n \n \n 2.3\n \n \n 1.4\n \n \n 1.6\n \n \n 1.7\n \n \n 1.8\n \n \n 2.0\n \n \n 2.2\n \n \n Interest coverage ratio\n \n \n times\n \n \n 4.0\n \n \n 3.6\n \n \n 5.6\n \n \n 4.5\n \n \n 4.2\n \n \n 3.8\n \n \n 3.5\n \n \n 3.2\n \n \n Return on equity (pre-tax)\n \n \n %\n \n \n 35.4%\n \n \n 19.9%\n \n \n (2.2%)\n \n \n 35.4%\n \n \n 31.9%\n \n \n 31.5%\n \n \n 24.9%\n \n \n 19.9%\n \n \n Return on equity (post-tax)\n \n \n %\n \n \n 18.5%\n \n \n 7.3%\n \n \n (6.1%)\n \n \n 18.5%\n \n \n 15.9%\n \n \n 15.0%\n \n \n 10.8%\n \n \n 7.3%\n \n \n EPS - before exceptional items (7) \n cents\n \n \n 18.6\n \n \n 8.2\n \n \n 10.1\n \n \n 5.5\n \n \n 4.9\n \n \n 4.9\n \n \n 3.4\n \n \n 2.0\n \n \n Basic EPS\n \n \n cents\n \n \n 18.6\n \n \n 6.0\n \n \n (4.4)\n \n \n 5.5\n \n \n 4.9\n \n \n 4.9\n \n \n 3.4\n \n \n 1.5\n \n \n Return on capital employed\n \n \n %\n \n \n 23.1%\n \n \n 19.6%\n \n \n 23.0%\n \n \n 23.1%\n \n \n 21.5%\n \n \n 20.0%\n \n \n 19.3%\n \n \n 19.4%\n \n (1) Total processed value (TPV) is in constant currency as of 31 March 2025. \n (2) In addition, as of March 2026, 21,700+ Off Roll employees are engaged. \n (3) Underlying EBITDA and Underlying EBITDAaL for quarter and year ended 31 March 2025 in above table excludes operating exceptional items of $16m related to provision for settlement of a legal dispute in a former Group subsidiary. \n (4) Profit before tax in above table is before exceptional items. \n (5) Shareholder's equity is grossed up for put option provided to minority shareholders to provide them liquidity as part of the sale agreements executed with them during year ended 31 March 2022. \n (6 ) Total equity includes shareholder's equity (grossed up for put option provided to minority shareholders) and non-controlling interests ('NCI'). \n (7) EPS before exceptional items increased from 8.2 cents in FY'25 to 18.6 cents in FY'26. EPS before exceptional items and derivative and foreign exchange (gains)/losses increased from 9.8 in FY'25 cents to 16.2 cents in FY'26. \n Section 2 Financial highlights \n The annual financial information contained in this report is drawn from Airtel Africa plc's audited annual consolidated financial statements for the year ended 31 March 2026 and 31 March 2025, prepared in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved for use in the United Kingdom (UK) by the UK Accounting Standards Endorsement Board (UKEB). Quarterly information is drawn from unaudited IAS 34 financials of respective periods. Comparative period figures have been regrouped/ reclassified to conform with current year grouping/ classification.\n \n Summary of consolidated financial statements\n \n \n Consolidated summarised statement of operations (in reported currency)\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 1,748\n \n \n 1,317\n \n \n 33%\n \n \n 6,415\n \n \n 4,955\n \n \n 29%\n \n \n Underlying EBITDA\n \n \n 879\n \n \n 623\n \n \n 41%\n \n \n 3,162\n \n \n 2,304\n \n \n 37%\n \n \n Underlying EBITDA margin\n \n \n 50.3%\n \n \n 47.3%\n \n \n 295 bps\n \n \n 49.3%\n \n \n 46.5%\n \n \n 280 bps\n \n \n EBIT\n \n \n 589\n \n \n 392\n \n \n 50%\n \n \n 2,115\n \n \n 1,473\n \n \n 44%\n \n \n Finance cost (net) (before exceptional items) (1) \n 207\n \n \n 221\n \n \n (7%)\n \n \n 713\n \n \n 735\n \n \n (3%)\n \n \n Net monetary gain relating to hyperinflationary accounting\n \n \n (15)\n \n \n (12)\n \n \n (19%)\n \n \n (17)\n \n \n (26)\n \n \n 36%\n \n \n Share of profit from associate\n \n \n 1\n \n \n (0) -\n \n \n (0)\n \n \n (0) -\n \n \n Profit before tax (before exceptional items)\n \n \n 396\n \n \n 183\n \n \n 116%\n \n \n 1,419\n \n \n 764\n \n \n 86%\n \n \n Income tax expense (before exceptional items)\n \n \n 169\n \n \n 87\n \n \n 95%\n \n \n 606\n \n \n 363\n \n \n 67%\n \n \n Profit after tax (before exceptional items)\n \n \n 227\n \n \n 96\n \n \n 136%\n \n \n 813\n \n \n 401\n \n \n 102%\n \n \n Non controlling interest (before exceptional items)\n \n \n 28\n \n \n 24\n \n \n 20%\n \n \n 134\n \n \n 99\n \n \n 36%\n \n \n Profit attributable to owners of the company - before exceptional items\n \n \n 199\n \n \n 72\n \n \n 175%\n \n \n 679\n \n \n 302\n \n \n 124%\n \n \n Exceptional Items (net of tax)\n \n \n -\n \n \n 16\n \n \n -\n \n \n -\n \n \n 73\n \n \n -\n \n \n Profit after tax (after exceptional items)\n \n \n 227\n \n \n 80\n \n \n 183%\n \n \n 813\n \n \n 328\n \n \n 147%\n \n \n Non controlling interest\n \n \n 28\n \n \n 24\n \n \n 20%\n \n \n 134\n \n \n 108\n \n \n 25%\n \n \n Profit attributable to owners of the company\n \n \n 199\n \n \n 56\n \n \n 254%\n \n \n 679\n \n \n 220\n \n \n 208%\n \n \n Capex\n \n \n 281\n \n \n 214\n \n \n 31%\n \n \n 884\n \n \n 670\n \n \n 32%\n \n \n Operating free cash flow\n \n \n 598\n \n \n 409\n \n \n 46%\n \n \n 2,278\n \n \n 1,634\n \n \n 39%\n \n \n Total capital employed\n \n \n 9,593\n \n \n 8,680\n \n \n 11%\n \n \n 9,593\n \n \n 8,680\n \n \n 11%\n \n (1) Finance cost (net) (before exceptional items) of $713m for the year ended 31 March 2026 and $735m in the prior period includes derivative and foreign exchange gains of $127m in the current period and losses of $92m in the prior period which have not been treated as exceptional items. Excluding these, finance cost was $840m for the year ended 31 March 2026 and $643m for the prior period. \n Consolidated summarised statement of operations (in constant currency)\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 1,610\n \n \n 1,317\n \n \n 22%\n \n \n 6,112\n \n \n 4,930\n \n \n 24%\n \n \n Underlying EBITDA\n \n \n 796\n \n \n 622\n \n \n 28%\n \n \n 2,986\n \n \n 2,290\n \n \n 30%\n \n \n Underlying EBITDA margin\n \n \n 49.4%\n \n \n 47.3%\n \n \n 214 bps\n \n \n 48.9%\n \n \n 46.5%\n \n \n 240 bps\n \n \n EBIT\n \n \n 524\n \n \n 392\n \n \n 34%\n \n \n 1,978\n \n \n 1,462\n \n \n 35%\n \n \n Capex\n \n \n 281\n \n \n 214\n \n \n 31%\n \n \n 884\n \n \n 670\n \n \n 32%\n \n \n Operating free cash flow\n \n \n 515\n \n \n 408\n \n \n 26%\n \n \n 2,102\n \n \n 1,620\n \n \n 30%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n Consolidated - summary of statement of financial position\n \n All amounts are in $m\n \n Particulars\n \n \n As at\n \n \n Mar 31, 2026\n \n \n As at\n \n \n Mar 31, 2025\n \n \n Assets\n \n \n Non-current assets\n \n \n 11,058\n \n \n 9,862\n \n \n Current assets\n \n \n 2,905\n \n \n 2,161\n \n \n Total assets\n \n \n 13,963\n \n \n 12,023\n \n \n Liabilities\n \n \n Current liabilities\n \n \n 4,992\n \n \n 4,242\n \n \n Non-current liabilities\n \n \n 5,483\n \n \n 5,006\n \n \n Total liabilities\n \n \n 10,475\n \n \n 9,248\n \n \n Net current liabilities\n \n \n (2,087)\n \n \n (2,081)\n \n \n Net Assets\n \n \n 3,488\n \n \n 2,775\n \n \n Equity\n \n \n Equity attributable to owners of the company\n \n \n 3,148\n \n \n 2,486\n \n \n Non-controlling interests ('NCI')\n \n \n 340\n \n \n 289\n \n \n Total equity\n \n \n 3,488\n \n \n 2,775\n \n \n Total equity and liabilities\n \n \n 13,963\n \n \n 12,023\n \n Section 3\n \n \n Segmental - summary of financial statements\n \n Summarised statement of operations\n \n \n Nigeria: mobile services\n \n \n \n In reported currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 475\n \n \n 307\n \n \n 55%\n \n \n 1,598\n \n \n 1,045\n \n \n 53%\n \n \n Voice revenue\n \n \n 182\n \n \n 133\n \n \n 36%\n \n \n 614\n \n \n 448\n \n \n 37%\n \n \n Data revenue\n \n \n 244\n \n \n 139\n \n \n 75%\n \n \n 820\n \n \n 483\n \n \n 70%\n \n \n Other revenue\n \n \n 49\n \n \n 35\n \n \n 41%\n \n \n 164\n \n \n 114\n \n \n 44%\n \n \n Underlying EBITDA\n \n \n 284\n \n \n 162\n \n \n 75%\n \n \n 924\n \n \n 522\n \n \n 77%\n \n \n Underlying EBITDA margin\n \n \n 59.7%\n \n \n 52.8%\n \n \n 695 bps\n \n \n 57.8%\n \n \n 50.0%\n \n \n 785 bps\n \n \n Depreciation and amortisation\n \n \n 89\n \n \n 67\n \n \n 32%\n \n \n 306\n \n \n 217\n \n \n 41%\n \n \n Operating profit\n \n \n 184\n \n \n 85\n \n \n 116%\n \n \n 543\n \n \n 304\n \n \n 78%\n \n \n Capex\n \n \n 83\n \n \n 64\n \n \n 29%\n \n \n 249\n \n \n 168\n \n \n 49%\n \n \n Operating free cash flow\n \n \n 201\n \n \n 98\n \n \n 105%\n \n \n 675\n \n \n 354\n \n \n 90%\n \n \n \n In constant currency\n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 427\n \n \n 305\n \n \n 40%\n \n \n 1,531\n \n \n 1,038\n \n \n 47%\n \n \n Voice revenue\n \n \n 164\n \n \n 132\n \n \n 24%\n \n \n 589\n \n \n 445\n \n \n 32%\n \n \n Data revenue\n \n \n 220\n \n \n 138\n \n \n 59%\n \n \n 785\n \n \n 480\n \n \n 64%\n \n \n Other revenue\n \n \n 44\n \n \n 34\n \n \n 28%\n \n \n 157\n \n \n 113\n \n \n 39%\n \n \n Underlying EBITDA\n \n \n 255\n \n \n 161\n \n \n 59%\n \n \n 884\n \n \n 519\n \n \n 70%\n \n \n Underlying EBITDA margin\n \n \n 59.7%\n \n \n 52.8%\n \n \n 696 bps\n \n \n 57.7%\n \n \n 50.0%\n \n \n 776 bps\n \n \n Depreciation and amortisation\n \n \n 80\n \n \n 67\n \n \n 20%\n \n \n 294\n \n \n 216\n \n \n 36%\n \n \n Operating profit\n \n \n 165\n \n \n 85\n \n \n 95%\n \n \n 516\n \n \n 302\n \n \n 71%\n \n \n Capex\n \n \n 83\n \n \n 64\n \n \n 29%\n \n \n 249\n \n \n 168\n \n \n 49%\n \n \n Operating free cash flow\n \n \n 172\n \n \n 96\n \n \n 79%\n \n \n 635\n \n \n 351\n \n \n 81%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n East Africa: mobile services\n \n \n \n In reported currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 577\n \n \n 477\n \n \n 21%\n \n \n 2,192\n \n \n 1,843\n \n \n 19%\n \n \n Voice revenue\n \n \n 274\n \n \n 232\n \n \n 18%\n \n \n 1,069\n \n \n 906\n \n \n 18%\n \n \n Data revenue\n \n \n 253\n \n \n 200\n \n \n 26%\n \n \n 930\n \n \n 755\n \n \n 23%\n \n \n Other revenue\n \n \n 50\n \n \n 45\n \n \n 10%\n \n \n 193\n \n \n 182\n \n \n 6%\n \n \n Underlying EBITDA\n \n \n 277\n \n \n 227\n \n \n 22%\n \n \n 1,063\n \n \n 877\n \n \n 21%\n \n \n Underlying EBITDA margin\n \n \n 48.0%\n \n \n 47.5%\n \n \n 46 bps\n \n \n 48.5%\n \n \n 47.6%\n \n \n 93 bps\n \n \n Depreciation and amortisation\n \n \n 118\n \n \n 95\n \n \n 24%\n \n \n 427\n \n \n 349\n \n \n 23%\n \n \n Operating profit\n \n \n 142\n \n \n 118\n \n \n 20%\n \n \n 576\n \n \n 472\n \n \n 22%\n \n \n Capex\n \n \n 98\n \n \n 74\n \n \n 34%\n \n \n 331\n \n \n 292\n \n \n 13%\n \n \n Operating free cash flow\n \n \n 179\n \n \n 153\n \n \n 17%\n \n \n 732\n \n \n 585\n \n \n 25%\n \n The East Africa business region includes Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.\n \n \n \n In constant currency\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 534\n \n \n 475\n \n \n 12%\n \n \n 2,083\n \n \n 1,830\n \n \n 14%\n \n \n Voice revenue\n \n \n 251\n \n \n 230\n \n \n 9%\n \n \n 1,011\n \n \n 899\n \n \n 12%\n \n \n Data revenue\n \n \n 235\n \n \n 199\n \n \n 18%\n \n \n 886\n \n \n 751\n \n \n 18%\n \n \n Other revenue\n \n \n 48\n \n \n 45\n \n \n 6%\n \n \n 187\n \n \n 181\n \n \n 3%\n \n \n Underlying EBITDA\n \n \n 251\n \n \n 226\n \n \n 11%\n \n \n 1,001\n \n \n 872\n \n \n 15%\n \n \n Underlying EBITDA margin\n \n \n 47.1%\n \n \n 47.6%\n \n \n (49) bps\n \n \n 48.0%\n \n \n 47.6%\n \n \n 42 bps\n \n \n Depreciation and amortisation\n \n \n 112\n \n \n 95\n \n \n 18%\n \n \n 412\n \n \n 347\n \n \n 19%\n \n \n Operating profit\n \n \n 122\n \n \n 117\n \n \n 4%\n \n \n 529\n \n \n 468\n \n \n 13%\n \n \n Capex\n \n \n 98\n \n \n 74\n \n \n 34%\n \n \n 331\n \n \n 292\n \n \n 13%\n \n \n Operating free cash flow\n \n \n 153\n \n \n 152\n \n \n 0%\n \n \n 671\n \n \n 580\n \n \n 16%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n Francophone Africa: mobile services\n \n \n \n In reported currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 400\n \n \n 332\n \n \n 20%\n \n \n 1,550\n \n \n 1,300\n \n \n 19%\n \n \n Voice revenue\n \n \n 158\n \n \n 144\n \n \n 10%\n \n \n 639\n \n \n 614\n \n \n 4%\n \n \n Data revenue\n \n \n 208\n \n \n 159\n \n \n 31%\n \n \n 780\n \n \n 566\n \n \n 38%\n \n \n Other revenue\n \n \n 34\n \n \n 29\n \n \n 18%\n \n \n 131\n \n \n 120\n \n \n 9%\n \n \n Underlying EBITDA\n \n \n 162\n \n \n 132\n \n \n 22%\n \n \n 618\n \n \n 505\n \n \n 22%\n \n \n Underlying EBITDA margin\n \n \n 40.5%\n \n \n 39.8%\n \n \n 65 bps\n \n \n 39.9%\n \n \n 38.8%\n \n \n 105 bps\n \n \n Depreciation and amortisation\n \n \n 71\n \n \n 59\n \n \n 20%\n \n \n 261\n \n \n 231\n \n \n 13%\n \n \n Operating profit\n \n \n 78\n \n \n 59\n \n \n 31%\n \n \n 304\n \n \n 219\n \n \n 39%\n \n \n Capex\n \n \n 71\n \n \n 55\n \n \n 30%\n \n \n 225\n \n \n 159\n \n \n 41%\n \n \n Operating free cash flow\n \n \n 91\n \n \n 77\n \n \n 17%\n \n \n 393\n \n \n 346\n \n \n 14%\n \n The Francophone Africa business region includes Chad, Democratic Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo, and Seychelles.\n \n \n \n In constant currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 385\n \n \n 337\n \n \n 14%\n \n \n 1,497\n \n \n 1,304\n \n \n 15%\n \n \n Voice revenue\n \n \n 150\n \n \n 147\n \n \n 2%\n \n \n 611\n \n \n 616\n \n \n (1%)\n \n \n Data revenue\n \n \n 201\n \n \n 161\n \n \n 25%\n \n \n 759\n \n \n 567\n \n \n 34%\n \n \n Other revenue\n \n \n 33\n \n \n 29\n \n \n 13%\n \n \n 127\n \n \n 121\n \n \n 6%\n \n \n Underlying EBITDA\n \n \n 156\n \n \n 134\n \n \n 17%\n \n \n 598\n \n \n 507\n \n \n 18%\n \n \n Underlying EBITDA margin\n \n \n 40.6%\n \n \n 39.8%\n \n \n 82 bps\n \n \n 40.0%\n \n \n 38.9%\n \n \n 111 bps\n \n \n Depreciation and amortisation\n \n \n 67\n \n \n 60\n \n \n 13%\n \n \n 250\n \n \n 232\n \n \n 8%\n \n \n Operating profit\n \n \n 76\n \n \n 60\n \n \n 25%\n \n \n 295\n \n \n 220\n \n \n 34%\n \n \n Capex\n \n \n 71\n \n \n 55\n \n \n 30%\n \n \n 225\n \n \n 159\n \n \n 41%\n \n \n Operating free cash flow\n \n \n 85\n \n \n 79\n \n \n 8%\n \n \n 374\n \n \n 347\n \n \n 8%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n Mobile services - summarised statement of operations\n \n \n \n In reported currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 1,456\n \n \n 1,117\n \n \n 30%\n \n \n 5,350\n \n \n 4,193\n \n \n 28%\n \n \n Voice revenue\n \n \n 613\n \n \n 508\n \n \n 21%\n \n \n 2,318\n \n \n 1,964\n \n \n 18%\n \n \n Data revenue\n \n \n 705\n \n \n 498\n \n \n 42%\n \n \n 2,530\n \n \n 1,804\n \n \n 40%\n \n \n Other revenue\n \n \n 138\n \n \n 111\n \n \n 25%\n \n \n 502\n \n \n 425\n \n \n 18%\n \n \n Underlying EBITDA\n \n \n 729\n \n \n 517\n \n \n 41%\n \n \n 2,612\n \n \n 1,910\n \n \n 37%\n \n \n Underlying EBITDA margin\n \n \n 50.0%\n \n \n 46.3%\n \n \n 375 bps\n \n \n 48.8%\n \n \n 45.6%\n \n \n 327 bps\n \n \n Depreciation and amortisation\n \n \n 279\n \n \n 221\n \n \n 26%\n \n \n 1,004\n \n \n 797\n \n \n 26%\n \n \n Operating profit\n \n \n 408\n \n \n 259\n \n \n 58%\n \n \n 1,420\n \n \n 1,001\n \n \n 42%\n \n \n Capex\n \n \n 256\n \n \n 193\n \n \n 33%\n \n \n 810\n \n \n 619\n \n \n 31%\n \n \n Operating free cash flow\n \n \n 473\n \n \n 324\n \n \n 46%\n \n \n 1,802\n \n \n 1,291\n \n \n 40%\n \n In constant currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 1,350\n \n \n 1,117\n \n \n 21%\n \n \n 5,124\n \n \n 4,178\n \n \n 23%\n \n \n Voice revenue\n \n \n 564\n \n \n 509\n \n \n 11%\n \n \n 2,207\n \n \n 1,956\n \n \n 13%\n \n \n Data revenue\n \n \n 656\n \n \n 498\n \n \n 32%\n \n \n 2,430\n \n \n 1,798\n \n \n 35%\n \n \n Other revenue\n \n \n 129\n \n \n 110\n \n \n 18%\n \n \n 485\n \n \n 423\n \n \n 15%\n \n \n Underlying EBITDA\n \n \n 669\n \n \n 517\n \n \n 29%\n \n \n 2,490\n \n \n 1,903\n \n \n 31%\n \n \n Underlying EBITDA margin\n \n \n 49.6%\n \n \n 46.3%\n \n \n 329 bps\n \n \n 48.6%\n \n \n 45.6%\n \n \n 305 bps\n \n \n Depreciation and amortisation\n \n \n 261\n \n \n 221\n \n \n 18%\n \n \n 967\n \n \n 794\n \n \n 22%\n \n \n Operating profit\n \n \n 367\n \n \n 258\n \n \n 42%\n \n \n 1,336\n \n \n 997\n \n \n 34%\n \n \n Capex\n \n \n 256\n \n \n 193\n \n \n 33%\n \n \n 810\n \n \n 619\n \n \n 31%\n \n \n Operating free cash flow\n \n \n 413\n \n \n 324\n \n \n 28%\n \n \n 1,680\n \n \n 1,285\n \n \n 31%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n Mobile money - summarised statement of operations\n \n \n \n In reported currency\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue (1) \n 369\n \n \n 263\n \n \n 40%\n \n \n 1,355\n \n \n 994\n \n \n 36%\n \n \n Wallet services (2) \n 174\n \n \n 122\n \n \n 42%\n \n \n 648\n \n \n 475\n \n \n 36%\n \n \n Payment and transfers (2) \n 159\n \n \n 113\n \n \n 41%\n \n \n 573\n \n \n 421\n \n \n 36%\n \n \n Financial services (2) \n 17\n \n \n 11\n \n \n 59%\n \n \n 61\n \n \n 35\n \n \n 73%\n \n \n Others (2) \n 19\n \n \n 17\n \n \n 9%\n \n \n 73\n \n \n 63\n \n \n 15%\n \n \n Underlying EBITDA\n \n \n 184\n \n \n 137\n \n \n 34%\n \n \n 689\n \n \n 525\n \n \n 31%\n \n \n Underlying EBITDA margin\n \n \n 49.9%\n \n \n 52.1%\n \n \n (222) bps\n \n \n 50.8%\n \n \n 52.8%\n \n \n (196) bps\n \n \n Depreciation and amortisation\n \n \n 8\n \n \n 6\n \n \n 27%\n \n \n 29\n \n \n 23\n \n \n 28%\n \n \n Operating profit\n \n \n 174\n \n \n 128\n \n \n 36%\n \n \n 645\n \n \n 489\n \n \n 32%\n \n \n Capex\n \n \n 16\n \n \n 17\n \n \n (9%)\n \n \n 45\n \n \n 32\n \n \n 41%\n \n \n Operating free cash flow\n \n \n 168\n \n \n 120\n \n \n 40%\n \n \n 644\n \n \n 493\n \n \n 31%\n \n (1) Mobile money revenue post inter-segment eliminations with mobile services was $299m and $1,087m for quarter and year ended 31 March 2026 and as compared to $202m and $770m for quarter and year ended 31 March 2025 respectively. \n (2) 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 comprises of retention revenues. For a full description refer to glossary on page 56. \n In constant currency\n \n \n Quarter ended\n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 331\n \n \n 263\n \n \n 26%\n \n \n 1,263\n \n \n 983\n \n \n 28%\n \n \n Wallet services\n \n \n 156\n \n \n 122\n \n \n 28%\n \n \n 605\n \n \n 470\n \n \n 29%\n \n \n Payment and transfers\n \n \n 143\n \n \n 113\n \n \n 27%\n \n \n 534\n \n \n 416\n \n \n 28%\n \n \n Financial services\n \n \n 15\n \n \n 11\n \n \n 39%\n \n \n 56\n \n \n 35\n \n \n 61%\n \n \n Others\n \n \n 16\n \n \n 17\n \n \n (5%)\n \n \n 67\n \n \n 63\n \n \n 7%\n \n \n Underlying EBITDA\n \n \n 162\n \n \n 137\n \n \n 18%\n \n \n 636\n \n \n 517\n \n \n 23%\n \n \n Underlying EBITDA margin\n \n \n 48.9%\n \n \n 52.1%\n \n \n (318) bps\n \n \n 50.4%\n \n \n 52.6%\n \n \n (227) bps\n \n \n Depreciation and amortisation\n \n \n 7\n \n \n 6\n \n \n 18%\n \n \n 27\n \n \n 22\n \n \n 25%\n \n \n Operating profit\n \n \n 152\n \n \n 128\n \n \n 19%\n \n \n 594\n \n \n 482\n \n \n 23%\n \n \n Capex\n \n \n 16\n \n \n 17\n \n \n (9%)\n \n \n 45\n \n \n 32\n \n \n 41%\n \n \n Operating free cash flow\n \n \n 146\n \n \n 120\n \n \n 22%\n \n \n 591\n \n \n 485\n \n \n 22%\n \n Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.\n \n \n Mobile money revenue post inter-segment eliminations with mobile services was $267m and $1,011m for quarter and year ended 31 March 2026 and as compared to $202m and $761m for quarter and year ended 31 March 2025 respectively.\n \n \n Segment contribution (in constant currency)\n \n Quarter ended\n \n \n All amounts are in $m, except for ratios\n \n Segments\n \n \n Quarter ended Mar-26\n \n \n Revenue\n \n \n % of total\n \n \n Underlying EBITDA\n \n \n % of total\n \n \n Capex\n \n \n % of total\n \n \n Mobile services\n \n \n 1,350\n \n \n 84%\n \n \n 669\n \n \n 84%\n \n \n 256\n \n \n 91%\n \n \n Mobile money\n \n \n 331\n \n \n 21%\n \n \n 162\n \n \n 20%\n \n \n 16\n \n \n 6%\n \n \n Total before eliminations/others\n \n \n 1,681\n \n \n 104%\n \n \n 831\n \n \n 104%\n \n \n 271\n \n \n 97%\n \n \n Eliminations/others\n \n \n (71)\n \n \n (4%)\n \n \n (35)\n \n \n (4%)\n \n \n 10\n \n \n 3%\n \n \n Total\n \n \n 1,610\n \n \n 100%\n \n \n 796\n \n \n 100%\n \n \n 281\n \n \n 100%\n \n Refer 'Glossary' for 'constant currency' definition.\n \n \n Mobile money revenue post inter-segment eliminations with mobile services was $267m for the quarter ended 31 March 2026.\n \n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Segments\n \n \n Year ended Mar-26\n \n \n Revenue\n \n \n % of total\n \n \n Underlying EBITDA\n \n \n % of total\n \n \n Capex\n \n \n % of total\n \n \n Mobile services\n \n \n 5,124\n \n \n 84%\n \n \n 2,490\n \n \n 83%\n \n \n 810\n \n \n 92%\n \n \n Mobile money\n \n \n 1,263\n \n \n 21%\n \n \n 636\n \n \n 21%\n \n \n 45\n \n \n 5%\n \n \n Total before eliminations/others\n \n \n 6,386\n \n \n 104%\n \n \n 3,126\n \n \n 105%\n \n \n 855\n \n \n 97%\n \n \n Eliminations/others\n \n \n (274)\n \n \n (4%)\n \n \n (140)\n \n \n (5%)\n \n \n 28\n \n \n 3%\n \n \n Total\n \n \n 6,112\n \n \n 100%\n \n \n 2,986\n \n \n 100%\n \n \n 884\n \n \n 100%\n \n Mobile money revenue post inter-segment eliminations with mobile services was $1,011m for year ended 31 March 2026.\n \n \n Section 4\n \n \n Regional - summary of financial statements\n \n Nigeria\n \n \n \n In reported currency\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter\n \n \n ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 477\n \n \n 308\n \n \n 55%\n \n \n 1,603\n \n \n 1,048\n \n \n 53%\n \n \n Voice revenue\n \n \n 182\n \n \n 133\n \n \n 36%\n \n \n 614\n \n \n 448\n \n \n 37%\n \n \n Data revenue\n \n \n 244\n \n \n 139\n \n \n 75%\n \n \n 820\n \n \n 483\n \n \n 70%\n \n \n Mobile money revenue\n \n \n 3\n \n \n 2\n \n \n 95%\n \n \n 9\n \n \n 4\n \n \n 113%\n \n \n Other revenue\n \n \n 49\n \n \n 35\n \n \n 41%\n \n \n 164\n \n \n 114\n \n \n 44%\n \n \n Underlying EBITDA\n \n \n 283\n \n \n 162\n \n \n 74%\n \n \n 922\n \n \n 521\n \n \n 77%\n \n \n Underlying EBITDA margin\n \n \n 59.3%\n \n \n 52.6% 667 bps \n \n \n 57.5%\n \n \n 49.7%\n \n \n 782 bps\n \n In constant currency\n \n \n Particulars\n \n \n Quarter ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n \n Year ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n \n All amounts are in $m, except for ratios\n \n Revenue\n \n \n 429\n \n \n 306 40%\n \n \n 1,536\n \n \n 1,041\n \n \n 48%\n \n \n Voice revenue\n \n \n 164\n \n \n 132 24%\n \n \n 589\n \n \n 445\n \n \n 32%\n \n \n Data revenue\n \n \n 220\n \n \n 138 59%\n \n \n 785\n \n \n 480\n \n \n 64%\n \n \n Mobile money revenue\n \n \n 3\n \n \n 2 76%\n \n \n 9\n \n \n 4\n \n \n 103%\n \n \n Other revenue\n \n \n 44\n \n \n 34 28%\n \n \n 157\n \n \n 113\n \n \n 39%\n \n \n Underlying EBITDA\n \n \n 254\n \n \n 161 58%\n \n \n 882\n \n \n 518\n \n \n 71%\n \n \n Underlying EBITDA margin\n \n \n 59.3%\n \n \n 52.6% 668 bps \n \n \n 57.4%\n \n \n 49.7%\n \n \n 774 bps\n \n Refer 'Glossary' for 'constant currency' definition.\n \n \n East Africa\n \n \n \n In reported currency\n \n \n Particulars\n \n \n Quarter ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n \n Year ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n \n All amounts are in $m, except for ratios\n \n Revenue\n \n \n 801\n \n \n 632\n \n \n 27%\n \n \n 3,015\n \n \n 2,432\n \n \n 24%\n \n \n Voice revenue\n \n \n 274\n \n \n 232\n \n \n 18%\n \n \n 1,069\n \n \n 906\n \n \n 18%\n \n \n Data revenue\n \n \n 253\n \n \n 200\n \n \n 26%\n \n \n 930\n \n \n 755\n \n \n 23%\n \n \n Mobile money revenue\n \n \n 273\n \n \n 197\n \n \n 38%\n \n \n 1,009\n \n \n 747\n \n \n 35%\n \n \n Other revenue\n \n \n 46\n \n \n 44\n \n \n 5%\n \n \n 180\n \n \n 176\n \n \n 2%\n \n \n Underlying EBITDA\n \n \n 424\n \n \n 333\n \n \n 27%\n \n \n 1,602\n \n \n 1,284\n \n \n 25%\n \n \n Underlying EBITDA margin\n \n \n 52.9%\n \n \n 52.7%\n \n \n 26 bps\n \n \n 53.1%\n \n \n 52.8%\n \n \n 34 bps\n \n In constant currency\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 729\n \n \n 629\n \n \n 16%\n \n \n 2,838\n \n \n 2,410\n \n \n 18%\n \n \n Voice revenue\n \n \n 251\n \n \n 230\n \n \n 9%\n \n \n 1,011\n \n \n 899\n \n \n 12%\n \n \n Data revenue\n \n \n 235\n \n \n 199\n \n \n 18%\n \n \n 886\n \n \n 751\n \n \n 18%\n \n \n Mobile money revenue\n \n \n 238\n \n \n 197\n \n \n 21%\n \n \n 926\n \n \n 735\n \n \n 26%\n \n \n Other revenue\n \n \n 44\n \n \n 43\n \n \n 1%\n \n \n 174\n \n \n 175\n \n \n (0%)\n \n \n Underlying EBITDA\n \n \n 377\n \n \n 332\n \n \n 14%\n \n \n 1,491\n \n \n 1,271\n \n \n 17%\n \n \n Underlying EBITDA margin\n \n \n 51.7%\n \n \n 52.7%\n \n \n (97) bps\n \n \n 52.5%\n \n \n 52.8%\n \n \n (23) bps\n \n Refer 'Glossary' for 'constant currency' definition.\n \n \n Francophone Africa\n \n \n In reported currency\n \n \n All amounts are in $m, except for ratios\n \n \n Particulars\n \n \n Quarter ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n \n Year ended\n \n \n Mar-26 Mar-25 Y-on-Y Change\n \n Revenue\n \n \n 465\n \n \n 376\n \n \n 24%\n \n \n 1,786\n \n \n 1,469\n \n \n 22%\n \n \n Voice revenue\n \n \n 158\n \n \n 144\n \n \n 10%\n \n \n 639\n \n \n 614\n \n \n 4%\n \n \n Data revenue\n \n \n 208\n \n \n 159\n \n \n 31%\n \n \n 780\n \n \n 566\n \n \n 38%\n \n \n Mobile money revenue\n \n \n 93\n \n \n 64\n \n \n 45%\n \n \n 337\n \n \n 243\n \n \n 39%\n \n \n Other revenue\n \n \n 31\n \n \n 28\n \n \n 10%\n \n \n 123\n \n \n 119\n \n \n 4%\n \n \n Underlying EBITDA\n \n \n 204\n \n \n 167\n \n \n 22%\n \n \n 786\n \n \n 637\n \n \n 23%\n \n \n Underlying EBITDA margin\n \n \n 43.7%\n \n \n 44.4%\n \n \n (66) bps\n \n \n 44.0%\n \n \n 43.3%\n \n \n 70 bps\n \n In constant currency\n \n \n All amounts are in $m, except for ratios\n \n Particulars\n \n \n Quarter\n \n \n ended\n \n \n Year ended\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mar-26\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Revenue\n \n \n 448\n \n \n 381\n \n \n 18%\n \n \n 1,726\n \n \n 1,473\n \n \n 17%\n \n \n Voice revenue\n \n \n 150\n \n \n 147\n \n \n 2%\n \n \n 611\n \n \n 616\n \n \n (1%)\n \n \n Data revenue\n \n \n 201\n \n \n 161\n \n \n 25%\n \n \n 759\n \n \n 567\n \n \n 34%\n \n \n Mobile money revenue\n \n \n 90\n \n \n 65\n \n \n 39%\n \n \n 328\n \n \n 244\n \n \n 34%\n \n \n Other revenue\n \n \n 30\n \n \n 29\n \n \n 5%\n \n \n 120\n \n \n 119\n \n \n 1%\n \n \n Underlying EBITDA\n \n \n 197\n \n \n 169\n \n \n 17%\n \n \n 763\n \n \n 639\n \n \n 19%\n \n \n Underlying EBITDA margin\n \n \n 44.0%\n \n \n 44.4% (43) bps \n \n \n 44.2%\n \n \n 43.4%\n \n \n 82 bps\n \n Refer 'Glossary' for 'constant currency' definition.\n \n \n Regional contribution (in constant currency) Quarter ended\n \n All amounts are in $m, except for ratios\n \n Quarter ended Mar-26\n \n \n Region\n \n \n Revenue\n \n \n % of total\n \n \n Underlying EBITDA\n \n \n % of total\n \n \n Capex\n \n \n % of total\n \n \n Nigeria\n \n \n 429\n \n \n 27%\n \n \n 254\n \n \n 32%\n \n \n 84\n \n \n 30%\n \n \n East Africa\n \n \n 729\n \n \n 45%\n \n \n 377\n \n \n 47%\n \n \n 110\n \n \n 39%\n \n \n Francophone Africa\n \n \n 448\n \n \n 28%\n \n \n 197\n \n \n 25%\n \n \n 75\n \n \n 27%\n \n \n Total before eliminations/others\n \n \n 1,605\n \n \n 100%\n \n \n 828\n \n \n 104%\n \n \n 268\n \n \n 95%\n \n \n Eliminations/others\n \n \n 5\n \n \n 0%\n \n \n (33)\n \n \n (4%)\n \n \n 13\n \n \n 5%\n \n \n Total\n \n \n 1,610\n \n \n 100%\n \n \n 796\n \n \n 100%\n \n \n 281\n \n \n 100%\n \n Refer 'Glossary' for 'constant currency' definition.\n \n \n \n Year ended\n \n \n All amounts are in $m, except for ratios\n \n Region\n \n \n Year ended Mar-26\n \n \n Revenue\n \n \n % of total\n \n \n Underlying EBITDA\n \n \n % of total\n \n \n Capex\n \n \n % of total\n \n \n Nigeria\n \n \n 1,536\n \n \n 25%\n \n \n 882\n \n \n 30%\n \n \n 256\n \n \n 29%\n \n \n East Africa\n \n \n 2,838\n \n \n 46%\n \n \n 1,491\n \n \n 50%\n \n \n 360\n \n \n 41%\n \n \n Francophone Africa\n \n \n 1,726\n \n \n 28%\n \n \n 763\n \n \n 26%\n \n \n 233\n \n \n 26%\n \n \n Total before eliminations/others\n \n \n 6,101\n \n \n 100%\n \n \n 3,136\n \n \n 105%\n \n \n 849\n \n \n 96%\n \n \n Eliminations/others\n \n \n 12\n \n \n 0%\n \n \n (149)\n \n \n (5%)\n \n \n 34\n \n \n 4%\n \n \n Total\n \n \n 6,112\n \n \n 100%\n \n \n 2,986\n \n \n 100%\n \n \n 884\n \n \n 100%\n \n Section 5 Operating highlights \n \n Operational performance (quarter ended)\n \n \n Mobile services operational performance\n \n Parameters\n \n \n Unit\n \n \n Mar-26\n \n \n Dec-25\n \n \n Q-on-Q Change\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Customer base\n \n \n million\n \n \n 183.5\n \n \n 179.4\n \n \n 2.3%\n \n \n 166.1\n \n \n 10.5%\n \n \n Net additions\n \n \n million\n \n \n 4.2\n \n \n 5.6\n \n \n (25.4%)\n \n \n 2.9\n \n \n 41.0%\n \n \n Monthly churn\n \n \n %\n \n \n 4.3%\n \n \n 4.3%\n \n \n 0.0 pp\n \n \n 4.2%\n \n \n 0.2 pp\n \n \n Average revenue per user (ARPU)\n \n \n $\n \n \n 2.5\n \n \n 2.5\n \n \n (1.3%)\n \n \n 2.3\n \n \n 9.8%\n \n \n Voice\n \n \n Minutes on the network\n \n \n billion\n \n \n 150.2\n \n \n 152.5\n \n \n (1.5%)\n \n \n 147.9\n \n \n 1.6%\n \n \n Voice usage per customer\n \n \n minutes\n \n \n 276\n \n \n 288\n \n \n (4.4%)\n \n \n 299\n \n \n (7.7%)\n \n \n Voice average revenue per user (ARPU)\n \n \n $\n \n \n 1.0\n \n \n 1.1\n \n \n (4.2%)\n \n \n 1.0\n \n \n 0.8%\n \n \n Voice revenue\n \n \n $m\n \n \n 564\n \n \n 571\n \n \n (1.3%)\n \n \n 509\n \n \n 10.9%\n \n \n Data\n \n \n Data customer base\n \n \n million\n \n \n 84.2\n \n \n 81.8\n \n \n 2.9%\n \n \n 73.4\n \n \n 14.8%\n \n \n As % of customer base\n \n \n %\n \n \n 45.9%\n \n \n 45.6%\n \n \n 0.3 pp\n \n \n 44.2%\n \n \n 1.7 pp\n \n \n Data usage\n \n \n million GBs\n \n \n 2,449\n \n \n 2,226\n \n \n 10.0%\n \n \n 1,569\n \n \n 56.1%\n \n \n Data usage per customer\n \n \n GBs\n \n \n 9.8\n \n \n 9.3\n \n \n 5.1%\n \n \n 7.2\n \n \n 36.6%\n \n \n Data average revenue per user (ARPU)\n \n \n $\n \n \n 2.6\n \n \n 2.7\n \n \n (0.8%)\n \n \n 2.3\n \n \n 15.3%\n \n \n Data revenue\n \n \n $m\n \n \n 656\n \n \n 632\n \n \n 3.8%\n \n \n 498\n \n \n 31.8%\n \n \n Network KPIs\n \n \n Network towers\n \n \n number\n \n \n 40,378\n \n \n 39,127\n \n \n 1,251\n \n \n 37,117\n \n \n 3,261\n \n \n Owned towers\n \n \n number\n \n \n 2,598\n \n \n 2,255\n \n \n 343\n \n \n 2,267\n \n \n 331\n \n \n Leased towers\n \n \n number\n \n \n 37,780\n \n \n 36,872\n \n \n 908\n \n \n 34,850\n \n \n 2,930\n \n \n Revenue per site per month\n \n \n $\n \n \n 11,297\n \n \n 11,417\n \n \n (1.1%)\n \n \n 10,054\n \n \n 12.4%\n \n Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.\n \n \n Mobile money operational performance\n \n Parameters\n \n \n Unit\n \n \n Mar-26\n \n \n Dec-25\n \n \n Q-on-Q Change\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Mobile money customer base\n \n \n million\n \n \n 54.1\n \n \n 52.0\n \n \n 4.0%\n \n \n 44.6\n \n \n 21.3%\n \n \n Nigeria\n \n \n million\n \n \n 2.7\n \n \n 2.2\n \n \n 21.9%\n \n \n 1.7\n \n \n 60.7%\n \n \n East Africa\n \n \n million\n \n \n 40.9\n \n \n 40.2\n \n \n 1.8%\n \n \n 35.3\n \n \n 15.8%\n \n \n Francophone Africa\n \n \n million\n \n \n 10.5\n \n \n 9.6\n \n \n 8.8%\n \n \n 7.6\n \n \n 38.0%\n \n \n Total processed value (TPV)\n \n \n $bn\n \n \n 48.6\n \n \n 49.0\n \n \n (0.9%)\n \n \n 36.2\n \n \n 34.3%\n \n \n Total processed value (TPV) per customer\n \n \n $\n \n \n 306\n \n \n 322\n \n \n (4.8%)\n \n \n 272\n \n \n 12.8%\n \n \n Mobile money ARPU\n \n \n $\n \n \n 2.1\n \n \n 2.2\n \n \n (5.5%)\n \n \n 2.0\n \n \n 5.6%\n \n \n Mobile money revenue\n \n \n $m\n \n \n 331\n \n \n 336\n \n \n (1.6%)\n \n \n 263\n \n \n 25.7%\n \n \n Nigeria\n \n \n $m\n \n \n 3\n \n \n 2\n \n \n 22.7%\n \n \n 2\n \n \n 76.4%\n \n \n East Africa\n \n \n $m\n \n \n 238\n \n \n 245\n \n \n (2.7%)\n \n \n 197\n \n \n 21.0%\n \n \n Francophone Africa\n \n \n $m\n \n \n 90\n \n \n 89 \n \n \n 0.8%\n \n \n 65 \n \n \n 38.9%\n \n Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.\n \n \n Nigeria mobile services: operational performance\n \n Parameters\n \n \n Unit\n \n \n Mar-26\n \n \n Dec-25\n \n \n Q-on-Q Change\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Customer base\n \n \n million\n \n \n 58.3\n \n \n 56.2\n \n \n 3.8%\n \n \n 53.3\n \n \n 9.4%\n \n \n Net additions\n \n \n million\n \n \n 2.1\n \n \n 2.6\n \n \n (20.0%)\n \n \n 1.2\n \n \n 79.9%\n \n \n Monthly churn\n \n \n %\n \n \n 2.1%\n \n \n 1.7%\n \n \n 0.4 pp\n \n \n 2.3%\n \n \n (0.2) pp\n \n \n Average revenue per user (ARPU)\n \n \n $\n \n \n 2.5\n \n \n 2.5\n \n \n 1.0%\n \n \n 1.9\n \n \n 29.6%\n \n \n Voice\n \n \n Minutes on the network\n \n \n billion\n \n \n 34.2\n \n \n 32.0\n \n \n 7.0%\n \n \n 36.6\n \n \n (6.4%)\n \n \n Voice usage per customer\n \n \n minutes\n \n \n 198\n \n \n 195\n \n \n 1.6%\n \n \n 229\n \n \n (13.6%)\n \n \n Voice average revenue per user (ARPU)\n \n \n $\n \n \n 0.9\n \n \n 0.9\n \n \n 0.5%\n \n \n 0.8\n \n \n 14.3%\n \n \n Voice revenue\n \n \n $m\n \n \n 164\n \n \n 155\n \n \n 5.8%\n \n \n 132\n \n \n 23.7%\n \n \n Data\n \n \n Data customer base\n \n \n million\n \n \n 31.4\n \n \n 30.5\n \n \n 3.1%\n \n \n 29.1\n \n \n 8.1%\n \n \n As % of customer base\n \n \n %\n \n \n 53.9%\n \n \n 54.2%\n \n \n (0.4) pp\n \n \n 54.5%\n \n \n (0.7) pp\n \n \n Data usage\n \n \n million GBs\n \n \n 1,125\n \n \n 1,052\n \n \n 6.9%\n \n \n 728\n \n \n 54.4%\n \n \n Data usage per customer\n \n \n GBs\n \n \n 12.0\n \n \n 11.8\n \n \n 2.1%\n \n \n 8.4\n \n \n 43.6%\n \n \n Data average revenue per user (ARPU)\n \n \n $\n \n \n 2.4\n \n \n 2.3\n \n \n 1.4%\n \n \n 1.6\n \n \n 48.0%\n \n \n Data revenue\n \n \n $m\n \n \n 220\n \n \n 207\n \n \n 6.2%\n \n \n 138\n \n \n 59.1%\n \n \n Network KPIs\n \n \n Network towers\n \n \n number\n \n \n 16,947\n \n \n 16,570\n \n \n 377\n \n \n 15,885\n \n \n 1,062\n \n \n Owned towers\n \n \n number\n \n \n 217\n \n \n 217\n \n \n 0\n \n \n 298\n \n \n (81)\n \n \n Leased towers\n \n \n number\n \n \n 16,730\n \n \n 16,353\n \n \n 377\n \n \n 15,587\n \n \n 1,143\n \n \n Revenue per site per month\n \n \n $\n \n \n 8,471\n \n \n 8,111\n \n \n 4.4%\n \n \n 6,426\n \n \n 31.8%\n \n Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.\n \n \n East Africa mobile services: operational performance\n \n Parameters\n \n \n Unit\n \n \n Mar-26\n \n \n Dec-25\n \n \n Q-on-Q Change\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Customer base\n \n \n million\n \n \n 84.3\n \n \n 83.7\n \n \n 0.7%\n \n \n 77.6\n \n \n 8.7%\n \n \n Net additions\n \n \n million\n \n \n 0.6\n \n \n 1.4\n \n \n (58.2%)\n \n \n 1.1\n \n \n (45.1%)\n \n \n Monthly churn\n \n \n %\n \n \n 4.4%\n \n \n 4.6%\n \n \n (0.2) pp\n \n \n 4.4%\n \n \n (0.0) pp\n \n \n Average revenue per user (ARPU)\n \n \n $\n \n \n 2.1\n \n \n 2.1\n \n \n (1.4%)\n \n \n 2.1\n \n \n 3.1%\n \n \n Voice\n \n \n Minutes on the network\n \n \n billion\n \n \n 98.2\n \n \n 102.8\n \n \n (4.5%)\n \n \n 94.9\n \n \n 3.5%\n \n \n Voice usage per customer\n \n \n minutes\n \n \n 389\n \n \n 413\n \n \n (5.6%)\n \n \n 410\n \n \n (5.1%)\n \n \n Voice average revenue per user (ARPU)\n \n \n $\n \n \n 1.0\n \n \n 1.0\n \n \n (4.8%)\n \n \n 1.0\n \n \n (0.2%)\n \n \n Voice revenue\n \n \n $m\n \n \n 251\n \n \n 260\n \n \n (3.7%)\n \n \n 230\n \n \n 8.8%\n \n \n Data\n \n \n Data customer base\n \n \n million\n \n \n 36.5\n \n \n 36.3\n \n \n 0.6%\n \n \n 31.5\n \n \n 15.7%\n \n \n As % of customer base\n \n \n %\n \n \n 43.3%\n \n \n 43.3%\n \n \n (0.0) pp\n \n \n 40.7%\n \n \n 2.6 pp\n \n \n Data usage\n \n \n million GBs\n \n \n 976\n \n \n 862\n \n \n 13.2%\n \n \n 627\n \n \n 55.7%\n \n \n Data usage per customer\n \n \n GBs\n \n \n 9.0\n \n \n 8.2\n \n \n 9.4%\n \n \n 6.7\n \n \n 34.9%\n \n \n Data average revenue per user (ARPU)\n \n \n $\n \n \n 2.2\n \n \n 2.2\n \n \n (0.5%)\n \n \n 2.1\n \n \n 2.3%\n \n \n Data revenue\n \n \n $m\n \n \n 235\n \n \n 229\n \n \n 2.9%\n \n \n 199\n \n \n 18.0%\n \n \n Network KPIs\n \n \n Network towers\n \n \n number\n \n \n 16,193\n \n \n 15,562\n \n \n 631\n \n \n 14,676\n \n \n 1,517\n \n \n Owned towers\n \n \n number\n \n \n 640\n \n \n 319\n \n \n 321\n \n \n 290\n \n \n 350\n \n \n Leased towers\n \n \n number\n \n \n 15,553\n \n \n 15,243\n \n \n 310\n \n \n 14,386\n \n \n 1,167\n \n \n Revenue per site per month\n \n \n $\n \n \n 11,176\n \n \n 11,641\n \n \n (4.0%)\n \n \n 10,782\n \n \n 3.7%\n \n Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.\n \n \n .\n \n \n Francophone Africa mobile services: operational performance\n \n \n Parameters\n \n \n Unit\n \n \n Mar-26\n \n \n Dec-25\n \n \n Q-on-Q Change\n \n \n Mar-25\n \n \n Y-on-Y Change\n \n \n Customer base\n \n \n million\n \n \n 40.9\n \n \n 39.5\n \n \n 3.7%\n \n \n 35.2\n \n \n 16.3%\n \n \n Net additions\n \n \n million\n \n \n 1.5\n \n \n 1.5\n \n \n (4.3%)\n \n \n 0.7\n \n \n 108.5%\n \n \n Monthly churn\n \n \n %\n \n \n 7.4%\n \n \n 7.3%\n \n \n 0.2 pp\n \n \n 6.5%\n \n \n 0.9 pp\n \n \n Average revenue per user (ARPU)\n \n \n $\n \n \n 3.2\n \n \n 3.4\n \n \n (4.5%)\n \n \n 3.2\n \n \n (0.5%)\n \n \n Voice\n \n \n Minutes on the network\n \n \n billion\n \n \n 17.8\n \n \n 17.7\n \n \n 0.5%\n \n \n 16.4\n \n \n 8.3%\n \n \n Voice usage per customer\n \n \n minutes\n \n \n 148\n \n \n 153\n \n \n (3.2%)\n \n \n 157\n \n \n (5.7%)\n \n \n Voice average revenue per user (ARPU)\n \n \n $\n \n \n 1.3\n \n \n 1.4\n \n \n (8.0%)\n \n \n 1.4\n \n \n (10.9%)\n \n \n Voice revenue\n \n \n $m\n \n \n 150\n \n \n 157\n \n \n (4.4%)\n \n \n 147\n \n \n 2.3%\n \n \n Data\n \n \n Data customer base\n \n \n million\n \n \n 16.4\n \n \n 15.1\n \n \n 8.3%\n \n \n 12.8\n \n \n 27.6%\n \n \n As % of customer base\n \n \n %\n \n \n 40.0%\n \n \n 38.3%\n \n \n 1.7 pp\n \n \n 36.4%\n \n \n 3.5 pp\n \n \n Data usage\n \n \n million GBs\n \n \n 348\n \n \n 312\n \n \n 11.5%\n \n \n 214\n \n \n 63.0%\n \n \n Data usage per customer\n \n \n GBs\n \n \n 7.4\n \n \n 7.1\n \n \n 4.1%\n \n \n 5.8\n \n \n 28.0%\n \n \n Data average revenue per user (ARPU)\n \n \n $\n \n \n 4.3\n \n \n 4.5\n \n \n (4.7%)\n \n \n 4.3\n \n \n (1.5%)\n \n \n Data revenue\n \n \n $m\n \n \n 201\n \n \n 197\n \n \n 2.2%\n \n \n 161\n \n \n 25.3%\n \n \n Network KPIs\n \n \n Network towers\n \n \n number\n \n \n 7,238\n \n \n 6,995\n \n \n 243\n \n \n 6,556\n \n \n 682\n \n \n Owned towers\n \n \n number\n \n \n 1,741\n \n \n 1,719\n \n \n 22\n \n \n 1,679\n \n \n 62\n \n \n Leased towers\n \n \n number\n \n \n 5,497\n \n \n 5,276\n \n \n 221\n \n \n 4,877\n \n \n 620\n \n \n Revenue per site per month\n \n \n $\n \n \n 18,035\n \n \n 18,615\n \n \n (3.1%)\n \n \n 17,093\n \n \n 5.5%\n \n Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.\n \n Reporting methodology\n \n \n Section 6\n \n \n Management discussion and analysis\n \n \n The annual financial information contained in this report is drawn from Airtel Africa plc's audited annual consolidated financial statements for the year ended 31 March 2026 and 31 March 2025, prepared in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved for use in the United Kingdom (UK) by the UK Accounting Standards Endorsement Board (UKEB). Quarterly information is drawn from unaudited IAS 34 financials of respective periods. Comparative period figures have been regrouped/ reclassified to conform with current year grouping/ classification.\n \n \n The information, apart from the extract of the Financial Statements in Section 7, is on underlying basis and exceptional items are shown separately. This enables an organic comparison of results with past periods.\n \n \n Key company developments Update on share buyback programme\n \n \n On 23 December 2024, Airtel Africa plc (or the 'company') announced the commencement of a second share buyback programme that will return up to $100m to shareholders. This programme was phased in two tranches. The company completed the first tranche on 24 April 2025, returning $45m to shareholders following the purchase of 26.3 million ordinary shares. The second tranche ($55m) of the buyback programme was completed on 24 March 2026 following the purchase of a further 18.7 million shares. In aggregate, the company returned $100m to the shareholders as part of second share buyback programme by purchasing 45 million shares.\n \n \n Conclusion of audit tender process\n \n \n On 3 December 2025, Airtel Africa plc announced that it has commenced a formal, independent competitive tender process for the role of external auditor, overseen by the Audit and Risk Committee. On 10 March 2026, Airtel Africa plc announced that following the conclusion of the tender process, it intends to appoint Ernst & Young LLP as external auditor for the financial year ending\n \n \n 31 March 2028 onwards. The appointment will be subject to shareholder approval at Airtel Africa's 2027 Annual General Meeting.\n \n \n Deloitte will continue as the Group's external auditor for the financial years ending 31 March 2026 and 31 March 2027, with the latter appointment subject to shareholder approval.\n \n \n Directorate changes\n \n \n On 25 March 2026, Sunil Bharti Mittal has informed the Board of his intention to retire as Chair of the Board at the conclusion of this year's AGM in July 2026. Following his retirement, the Board has announced that Gopal Vittal will be appointed Non-Executive Chair of the Board with effect from the same date. Mr. Vittal's appointment is by nomination of the controlling shareholder pursuant to the terms of the relationship agreement dated 17 June 2019 between the Company, Bharti Airtel, Airtel Africa Mauritius\n \n \n Limited, the majority shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. He was appointed a non-executive director of Airtel Africa in October 2024. Furthermore, Shravin Bharti Mittal will assume the role of Deputy Chair with effect from the same date.\n \n \n On 25 March 2026, the company announced that as part of the ongoing succession planning in respect of the Company's Non-Executive Directors, Annika Poutiainen will also retire at the conclusion of the July AGM, at which point she will have served for over seven years.\n \n \n On 11 November 2025, the company announced that Andrew Green had informed the Board of his intention to retire as Senior independent non-executive director following the conclusion of the Q3'26 Board meeting. Upon Andrew's retirement, Tsega Gebreyes, who currently chairs the Remuneration Committee and serves on the Nomination committee, was appointed as Senior independent non-executive director. She will continue to be a member of the Remuneration committee while Cynthia Gordon will succeed Tsega as chair of the Remuneration committee and will join the Nominations committee. Cynthia Gordon was previously serving on the Group's Remuneration Committee following her appointment as an independent non-executive director on 1 April 2025.\n \n \n Following the conclusion of AGM on 9 July 2025, Jaideep Paul, chief financial officer (CFO) retired from his position as executive director and CFO. Kamal Dua became an executive director and assumed the role of CFO following his appointment at the 2025 AGM.\n \n \n On 9 July 2025, Akhil Gupta retired as a non-executive director of Airtel Africa plc in accordance with the announcement made on 13 May 2025.\n \n \n Partnership with SpaceX to launch Starlink Direct-to-cell connectivity\n \n \n On 16 December 2025, Airtel Africa plc (or the 'company') announced its partnership with SpaceX to introduce Starlink Direct-to-Cell satellite connectivity across its 14 markets, serving those customers with compatible handsets. This service will enable data for certain apps and text messaging in areas without terrestrial coverage, with future upgrades delivering high-speed connectivity via next-generation satellites. Airtel Africa becomes the first mobile operator in Africa to partner with SpaceX for Direct-to-Cell connectivity, reinforcing its commitment to bridging the digital divide and expanding connectivity across the continent. The rollout will proceed in line with country-specific regulatory approvals.\n \n \n Furthermore, in May 2025, the company announced a collaboration with SpaceX to bring next generation satellite connectivity offerings and augment connectivity for enterprises, businesses and socioeconomic communities like schools and health centres in some of the most rural parts of Africa.\n \n \n Directorate declaration\n \n \n The company announced that Sunil Bharti Mittal, chair, and Gopal Vittal, non-executive director of Airtel Africa plc, were appointed as non-independent non-executive directors of BT Group plc with effect from 15 September 2025.\n \n \n Network infrastructure agreement with Vodacom\n \n \n In August 2025, the company announced a strategic infrastructure sharing agreement with Vodacom Group in key markets, including Tanzania and the Democratic Republic of Congo (the DRC) along with access to international bandwidth infrastructure in Mozambique, subject to regulatory approvals in the various countries. The agreement marks a transformative milestone in promoting digital inclusion and expanding access to reliable connectivity across Africa and will initially focus on sharing fibre networks and tower infrastructure to accelerate the rollout of digital services in these markets.\n \n \n The announcement follows the announcement in March 2025 when Airtel Africa and MTN announced network infrastructure sharing agreements in Uganda and Nigeria.\n \n \n Update on Airtel Money shareholder put option\n \n \n On 1 August 2025, the company announced that it and its affiliates have agreed with The Rise Fund, the impact investment platform of TPG and Mastercard, both minority shareholders in Airtel Mobile Commerce B.V. ('Airtel Money), to defer the exercisable date of their put options under their respective agreements by 12 months.\n \n \n Migration of customers to advanced system verification platform in Nigeria\n \n \n In May 2025, the Nigerian Communications Commission (NCC) directed Airtel Nigeria and other operators to transfer all verified unique subscriber records in the SIM registration database from the existing NIN token system to a more advanced and secure platform, the High Availability NIMC Verification Service (HA-NVS). The initial cut-off date for transfer was 27 May 2025 which was subsequently extended multiple times to address the critical outstanding issues with respect to the transfer.\n \n \n Subsequently, the existing NIN token platform was shut down on 26 June 2025 and on 3 July 2025, the NCC released the framework required for HA-NVS integration.\n \n \n Dividend payment timetable\n \n \n The board has recommended a final dividend of 4.26 cents for the financial year ended 31 March 2026, payable on 24 July 2026 to shareholders recorded in the register at the close of business on 19 June 2026.\n \n \n \n London Stock Exchange Nigerian Stock Exchange\n \n Last day to trade shares cum dividend\n \n \n 17 June 2026\n \n \n 17 June 2026\n \n \n Shares commence trading ex-dividend\n \n \n 18 June 2026\n \n \n 18 June 2026\n \n \n Record date (NGX Settlement Date)\n \n \n 19 June 2026\n \n \n 19 June 2026\n \n \n Last date for currency election\n \n \n 6 July 2026\n \n \n 6 July 2026\n \n \n Payment date\n \n \n 24 July 2026\n \n \n 24 July 2026\n \n Results of operations\n \n \n The financial results presented in this section are compiled based on the consolidated financial statements prepared in accordance with international financial reporting standards (IFRS) and the underlying information.\n \n \n Results for year ended 31 March 2026 Operating highlights\n \n \n Through our sustained commitment to enhancing the customer experience, backed by continued investment in our network and the integration of digitisation across the business, we delivered a very strong performance. Our customer base increased by 10.5% to 183.5 million, marking the highest net additions to date. Data customers grew by 14.8% to 84.2 million as smartphone penetration rose another 4.7% to 49.5%. Data demand remains robust with data usage per customer increasing to 8.9 GB per month from 7.0 GB in the prior period, underpinning constant currency growth of 16.2% in data ARPUs, reflecting the strength of our digital focus and customer first approach.\n \n \n Airtel Money continued to scale and deepen engagement, with an expanded customer base of 54.1 million, up by 21.3% year on year. Broader use cases and higher adoption across the digital platform drove 49% growth in annualised total processed value (TPV) to over\n \n \n $215bn in reported currency in Q4'26. This ongoing ecosystem expansion and increased customer activity supported an 8.6% uplift in constant currency ARPU, underscoring Airtel Money's growing role as a trusted digital financial services platform.\n \n \n Financial performance\n \n \n We achieved a strong 24.0% growth in constant currency revenues in FY'26, with reported currency revenues increasing by 29.5% to\n \n \n $6,415m, reflecting attractive industry fundamentals and focused operational execution, further supported by tariff adjustments in Nigeria and macroeconomic tailwinds. Francophone Africa and Nigeria constant currency growth was particularly encouraging, increasing by 17.1% and 47.5% respectively. In constant currency, the mobile services segment grew by 22.6%, with data revenues - now the largest component of Group revenues - increasing by 35.2%, while mobile money continues to see strong operating momentum, up by 28.4%. In Q4'26, constant currency revenues grew by 22.3% as Nigerian tariff benefits partially lapped during the quarter.\n \n \n The strong revenue performance and continued benefits from our cost efficiency programme resulted in underlying EBITDA margins of 49.3%, with all-time high margins of 50.3% in Q4'26 (Q4'25: 47.3%). Underlying EBITDA of $3,162m grew by 37.2% in reported currency and 30.4% in constant currency.\n \n \n Profit after tax of $813m improved from $328m in the prior period. Higher profit after tax in the current period was driven by higher operating profit and derivative and foreign exchange gains of $127m compared to $179m derivative and foreign exchange losses in the prior period.\n \n \n Basic EPS of 18.6 cents compares to 6.0 cents in the prior period, predominantly reflecting the growth in operating profit and derivative and foreign exchange gains in the current period, compared to losses in the prior period. EPS before exceptional items was driven by the same underlying factors, increasing from 8.2 cents to 18.6 cents.\n \n \n \n Capital allocation\n \n \n Capex for the year increased by 31.9% to $884m, in line with our revised guidance. During the year, we rolled out 3,250+ new sites and expanded our fibre network by approximately 3,200 kms to 81,900 kms, strengthening network reach and resilience while supporting improved service quality. Capex guidance for FY'27 is approximately $1.1bn, reflecting accelerated investment to expand coverage and capacity, while also investing in home broadband (HBB) and data centres, as we reinforce our strategy to scale digital infrastructure to meet rising demand.\n \n \n Leverage has improved from 2.3x to 1.8x, with lease-adjusted leverage also improving to 0.5x from 1.0x in the previous year, primarily driven by the improvement in underlying EBITDA.\n \n \n The Board has recommended a final dividend of 4.26 cents per share, making the total dividend for the full year 7.1 cents per share, a 9.2% growth from the previous year, in line with our dividend policy.\n \n \n \n Highlights for the quarter ended 31 March 2026\n \n \n Group revenue in constant currency increased by 22.3%. Revenue in reported currency increased by 32.7% to $1,748m supported by currency appreciation across most markets. Constant currency revenue growth was lower than the previous quarter (Q3'26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4'25.\n \n \n Revenue growth across all segments continue to deliver double-digit growth in both constant as well as reported currency. Mobile services revenue grew by 20.8% in constant currency, driven by voice revenue growth of 10.9% and continued strong data revenue growth of 31.8%. Mobile money revenue grew by 25.7% in constant currency supported by continued growth in East Africa and Francophone Africa.\n \n \n Underlying EBITDA grew by 41.0% in reported currency to $879m with underlying EBITDA margins expanding further to 50.3% driven by continued operating momentum, macro-economic stability and sustained benefits from our cost efficiency programme. In constant currency underlying EBITDA margin increased to 49.4% from 47.3% in prior period.\n \n \n Profit after tax of $227m improved from $80m in the prior period driven by increased operating profits, derivative and foreign exchange gains in Q4'26 vs losses in Q4'25.\n \n \n Basic EPS of 5.5 cents compares to 1.5 cents in the prior period, predominately reflecting higher operating profit in the current period. In Q4'25, basic EPS was impacted due to exceptional losses of $16m related to a provision for settlement of a legal dispute in a former Group subsidiary. Hence, EPS before exceptional items improved from 2.0 cents in Q4'25 to 5.5 cents in Q4'26.\n \n \n \n \n Financial review for the year ended 31 March 2026\n \n \n Airtel Africa consolidated Revenue\n \n \n Group revenue in reported currency increased by 29.5% to\n \n \n $6,415m, with constant currency growth of 24.0%. Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation across most markets. In Q4'26, constant currency revenue growth of 22.3% was lower than the previous quarter (Q3'26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4'25. FY'26 constant currency revenue growth was driven by Nigerian revenue growth of 47.5%, East Africa growth of 17.8% and a strong performance in Francophone Africa, which saw revenue growth accelerate to 17.1% in the current financial year compared to 9.5% reported in 2024/25.\n \n \n Mobile services revenue of $5,350m increased by 27.6% in reported currency and by 22.6% in constant currency. Constant currency growth was led by voice revenue growth of 12.8% and data revenue growth of 35.2%. Mobile money revenues grew by 36.3% in reported currency and by 28.4% in constant currency, driven by strong growth in East Africa and Francophone Africa.\n \n \n Francophone Africa reported currency revenue growth was 21.5% - higher than constant currency revenue growth of 17.1%, primarily due to CFA appreciation. In East Africa, reported currency revenue grew by 24.0% which is also higher as compared to 17.8% constant currency growth due to appreciation in Zambian kwacha, Ugandan shilling and Tanzanian shilling. In Nigeria, reported currency revenues grew by 52.9%, and by 47.5% in constant currency. In Q4'26, the Nigerian naira appreciated significantly from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386, resulting in Nigeria revenues growing by 54.8% in reported currency and by 40.3% in constant currency.\n \n \n Underlying EBITDA\n \n \n Reported currency underlying EBITDA grew by 37.2% to $3,162m, while in constant currency underlying EBITDA increased by 30.4%. Reflecting a more favourable operating environment and the continued success of our cost efficiency programme, underlying EBITDA margins have increased by 280 bps in the current period to reach 49.3%. In Q4'26 underlying EBITDA margins expanded further, crossing the 50% mark and reaching 50.3%, an increase of 295 bps.\n \n \n Mobile services underlying EBITDA increased by 30.8% in constant currency with underlying EBITDA margins of 48.8%, an increase of 327 bps. Mobile money underlying EBITDA margins of 50.8% declined by 196 bps in reported currency, primarily due to the renegotiation of intra-group agreements that were disclosed in our H1'26 results, which had no impact on the consolidated Group's margin.\n \n \n Operating profit\n \n \n Operating profit in reported currency increased by 45.1% to\n \n \n $2,115m, largely driven by underlying EBITDA growth of 37.2% in reported currency.\n \n \n Finance costs\n \n \n Total finance costs for the year ended 31 March 2026 were $713m, compared to $822m in the prior period. Prior period finance costs were impacted by $179m of derivative and foreign exchange losses (reflecting the revaluation of US dollar balance sheet liabilities and derivatives following currency devaluations), of which $87m was classified as an exceptional item. For the year ended 31 March 2026, finance costs included $127m of derivative and foreign exchange gains largely on account of naira appreciation. As a result, finance costs, excluding derivative and foreign exchange gains/(losses), increased from $643m in the prior period to $840m in the current period, primarily reflecting the full-year impact of interest on lease liabilities following the tower contract renewals in September 2024 (which had a neutral to positive impact on cashflows).\n \n \n The Group ended the current financial year with a weighted average interest rate of 10.6%, which has decreased by 240 bps from 13.0% in the prior period.\n \n \n Exceptional items\n \n \n Finance cost - exceptional items of $87m in the prior period was related to $231m derivative and foreign exchange losses following the devaluation of the Nigerian naira in H1'25, partially offset by derivative and foreign exchange gains of $144m in Q3'25 on account of Nigerian naira and Tanzanian shilling appreciation. These losses resulted in an exceptional tax gain of $30m. There were no exceptional items in the current period.\n \n \n Profit before tax\n \n \n Profit before tax was $1,419m for the year ended 31 March 2026 as compared to $661m in the prior period. Higher profit before tax in the current period as compared to the prior period was on account of higher operating profit and derivative and foreign exchange gains of $127m in the current period as compared to\n \n \n $179m derivative and foreign exchange losses in the prior period.\n \n \n Taxation\n \n \n Total tax charges were $606m as compared to $333m in the prior period. Total tax charges in the prior period reflected an exceptional gain of $30m, arising from the exceptional derivative and foreign exchange losses. Excluding exceptional items, tax charges increased by $243m which was largely driven by the higher profit before tax in the current period and withholding taxes on dividends paid by subsidiaries.\n \n \n The effective tax rate was 40.1% compared to 41.0% in the previous financial year.\n \n \n The effective tax rate is higher than the weighted average statutory corporate tax rate of approximately 32%, largely due to the profit mix between various OpCos and withholding taxes on dividends paid by subsidiaries.\n \n \n Profit after tax\n \n \n Profit after tax was $813m during the year ended 31 March 2026 as compared to $328m in the prior period.\n \n \n Earnings per share (EPS)\n \n \n Basic EPS of 18.6 cents compares to 6.0 cents in the prior period, predominantly reflecting higher operating profits and derivative and foreign exchange gains in the current period compared to derivative and foreign exchange losses in the prior period.\n \n \n EPS before exceptional items also increased from 8.2 cents in the prior period to 18.6 cents as higher operating profits due to strong revenue growth and margin expansion, as well as derivative and foreign exchange gains due to currency appreciation in the current period, more than offset the impact of higher finance costs arising on account of tower contract renewals, which had a neutral to positive impact on cashflows.\n \n \n EPS before exceptional items and derivative and foreign exchange gains/(losses) increased from 9.8 cents in the prior period to 16.2 cents in the current period.\n \n \n Net cash generated from operating activities\n \n \n Net cash generated from operating activities was $3,195m, which is 41.0% higher compared to $2,266m in the prior period, primarily reflecting strong operating performance with underlying EBITDA growth of 37.2% in reported currency.\n \n \n Operating free cash flow\n \n \n Operating free cash flow was $2,278m, up by 39.4%, as a result of higher underlying EBITDA during the current period.\n \n \n Leverage\n \n \n Lease-adjusted leverage improved to 0.5x (from 1.0x) and leverage to 1.8x (from 2.3x), primarily driven by the improvement in underlying EBITDA.\n \n \n Segmental review for the year ended\n \n \n Nigeria - Mobile services\n \n \n Revenue grew by 47.4% in constant currency, largely driven by continued strength in the demand for data services and supported by tariff adjustments. The constant currency revenue growth was driven by ARPU growth of 36.7% and customer base growth of 9.4%. In Q4'26, constant currency growth slowed compared to Q3'26 as we lapped the impact of tariff adjustments which were implemented in Q4'25.\n \n \n In reported currency, revenue grew by 52.8% to $1,598m with Q4'26 revenue growth at 54.7% (40.2% in constant currency). Higher reported currency growth during Q4'26 compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386 in Q4'26.\n \n \n Voice revenue grew by 32.2% in constant currency, driven by voice ARPU growth of 22.5% primarily reflecting the tariff adjustments made during Q4'25.\n \n \n Data revenue grew by 63.6% in constant currency as a function of both data customer and data ARPU growth of 8.1% and 49.2% respectively. Data usage per customer increased by 30.8% to 11.0 GB per month (from 8.4 GB in the prior period), with smartphone penetration increasing by 5.3% to reach 54.9%. Smartphone data usage per customer reached 13.7 GB per month compared to 11.1 GB per month in the prior period.\n \n \n Underlying EBITDA of $924m improved by 76.8% in reported currency and by 70.3% in constant currency. The underlying EBITDA margin increased 785 basis points to 57.8%, with Q4'26 margins reaching 59.7%, driven by strong revenue growth and continued benefits arising from our cost efficiency programme, supported by stable fuel prices.\n \n \n Operating free cash flow was $675m, up by 80.7% in constant currency and 90.3% in reported currency. This was driven primarily by the strong underlying EBITDA growth, partially offset by higher capex.\n \n \n East Africa - Mobile services\n \n \n East Africa revenue grew by 18.9% in reported currency to\n \n \n $2,192m and by 13.8% in constant currency. Higher reported currency revenue growth as compared to constant currency was primarily due to appreciation in the Zambian kwacha, Ugandan shilling and Tanzanian shilling. The constant currency growth was made up of voice revenue growth of 12.5% and data revenue growth of 18.0%.\n \n \n Voice revenue growth was supported by customer base growth of 8.7% and voice ARPU growth of 2.2%. Customer base growth was largely driven by expansion of both network coverage and our distribution network.\n \n \n Data customer base growth of 15.7% and data traffic growth of 50.3% were the primary drivers of data revenue growth. We continue to invest in our network and expand our 4G and 5G network services in the region. Over 2,200 sites are 5G enabled across five key markets, following the rollout in Malawi in Q4'26. Data usage per customer increased to 8.0 GB per customer per month, up by 28.0%, with smartphone penetration increasing by 4.3% to reach 46.6%. Smartphone data usage per customer reached 9.8 GB per month compared to 7.8 GB per month in the prior period.\n \n \n Underlying EBITDA increased to $1,063m, up by 21.3% in reported currency and by 14.9% in constant currency. Underlying EBITDA margins of 48.5% compared to 47.6% in the prior period, up by 93 bps.\n \n \n Operating free cash flow was $732m, up by 15.6% in constant currency, largely due to underlying EBITDA growth, although partially offset by higher capex.\n \n \n Francophone Africa - Mobile services\n \n \n Revenue grew by 19.2% in reported currency and by 14.8% in constant currency. Higher reported currency revenue growth compared to constant currency was due to an appreciation in the CFA. This year's growth of 14.8% in constant currency demonstrates significant improvement from 7.9% in the prior year. This follows a recovery in market trends and the benefits of sustained network investment and intensive focus on 'go-to-market' initiatives.\n \n \n Voice revenue declined by 0.8% in constant currency as customer base growth of 16.3% was more than offset by a decline in voice ARPU reflecting interconnect rate reductions.\n \n \n Data revenue grew by 33.8% in constant currency, supported by data customer base growth of 27.6%. Our continued 4G network rollout supported an increase in total data traffic of 62.2%, with data usage per customer growing by 25.3%. Furthermore, 93.6% of sites are now on 4G as compared to 87.7% in the prior period. Data\n \n \n usage per customer increased to 6.8 GB per month (up from 5.4 GB in the prior period), with smartphone penetration increasing by 4.6% to reach 47.7% as of 31 March 2026. Smartphone data usage per customer reached 8.1 GB per month compared to 6.5 GB per month in the prior period.\n \n \n Underlying EBITDA of $618m increased by 22.4% and 18.1% in reported and constant currency, respectively. The underlying EBITDA margin improved to 39.9%, an increase of 105 basis points, driven by continued strong revenue growth.\n \n \n Operating free cash flow of $393m increased by 7.7% in constant currency, due to the increase in underlying EBITDA, partially offset by higher capex.\n \n \n Mobile services\n \n \n Overall revenue from mobile services increased by 27.6% in reported currency and by 22.6% in constant currency, with growth evident across all regions and services.\n \n \n Voice revenue grew by 12.8% in constant currency, supported primarily by growth in the customer base of 10.5% as we continued to invest in our network and distribution infrastructure. Voice ARPU grew by 2.6%. Total minutes on the network grew by 5.3% while voice usage per customer was 287 minutes.\n \n \n Data revenue grew by 35.2% in constant currency, driven by both data customer base growth of 14.8% and data ARPU growth of 16.2%. The customer base growth was recorded across all regions and data traffic across our network continued to see strong growth of 48.5%. Data usage per customer increased to 8.9 GB per customer per month (from 7.0 GB in the prior period), with smartphone penetration increasing 4.7% to reach 49.5%. Smartphone data usage per customer reached 10.9 GB per month compared to 8.8 GB per month in the prior period. As of 31 March 2026, 5G is operational across six markets following the rollout in Malawi in Q4'26, with 3,116 sites deployed across our network. Data revenue contributed to 47.3% of total mobile services revenue, up from 43.0% in the prior period.\n \n \n Underlying EBITDA was $2,612m, up 36.7% in reported currency and 30.8% in constant currency. The underlying EBITDA margin improved by 327 basis points year-on-year to 48.8%, following our strong revenue performance, a more stable operating environment and continued benefits from our ongoing cost efficiency programme.\n \n \n Operating free cash flow was $1,802m, up by 30.8% in constant currency, due to the increased constant currency underlying EBITDA partially offset by higher capex during the period.\n \n \n Mobile money\n \n Mobile money revenue grew by 36.3% in reported currency, with constant currency revenues growing by 28.4%. During the period, East Africa revenue grew 26.1% and Francophone Africa revenue grew by 34.3% in constant currency. In Q4'26, Francophone Africa revenues grew by 38.9% in constant currency as we focused on key opportunities across the region. The expansion of our distribution network underpinned our 21.3% customer base growth, while ARPU growth of 8.6% in constant currency reflects the increased range of services on offer as we continue to expand the ecosystem.\n \n \n A 14.4% increase in total processed value (TPV) per customer to\n \n \n $332 per customer per month reflects both the enhanced\n \n \n ecosystem and increased user engagement. Q4'26 annualised TPV exceeded $215bn in reported currency, with mobile money revenue contributing 21.1% of total Group revenue during the year ended 31 March 2026.\n \n \n Mobile money underlying EBITDA was $689m, up by 31.3% and 22.9% in reported and constant currency, respectively. The underlying EBITDA margin of 50.8%, declined by 227 basis points in constant currency and 196 basis points in reported currency, primarily reflects the renegotiation of intra-group agreements as previously disclosed in our H1'26 results.\n \n \n The impact arising from intra-group agreement revisions will occur in phases. Adjusting for the impact of the revised intra group agreements, mobile money constant currency revenue growth would have been 31.6%, with underlying EBITDA margins of 53.1% in the year ended 31 March 2026. As these are intra-group arrangements, they will have no impact on the consolidated revenue, underlying EBITDA or growth outlook for the Group.\n \n \n Operating free cash flow was $644m, up by 21.7% in constant currency, due to the increased underlying EBITDA, partially offset by higher capex.\n \n \n Results for the quarter ended 31 March 2026\n \n Airtel Africa consolidated Revenue\n \n \n During the quarter ended 31st March 2026, Group revenue in reported currency increased by 32.7% to $1,748m, with constant currency growth of 22.3%. Higher reported currency growth is a result of currency appreciation across most markets. Constant currency revenue growth was supported by strong growth across all the regions as well as business segments. In constant currency, Nigeria recorded a growth of 40.3%, East Africa grew by 15.8% and Francophone Africa grew by 17.7%. In constant currency group mobile services revenue up by 20.8%, driven by voice revenue growth of 10.9% and data revenue growth of 31.8% over the period. Mobile money revenue grew by 25.7% in constant currency, supported by customer base growth of 21.3% and total processed value (TPV) growth of 34.3%.\n \n \n Underlying EBITDA\n \n \n Reported currency underlying EBITDA grew by 41.0% to $879m, while in constant currency, underlying EBITDA increased by 27.8%. Following a more stable operating environment and reflecting the success of our cost efficiency programme, underlying EBITDA margins expanded further, crossing the 50% mark to reach 50.3% in Q4'26, an increase of 295bps as compared to the prior period.\n \n \n Mobile services underlying EBITDA increased by 29.4% in constant currency with underlying EBITDA margin at 50.0% expanding 375bps in reported currency. Mobile money underlying EBITDA margins of 49.9%, declined 222bps in reported currency largely due to the renegotiation of intra-group agreements that were disclosed in the H1'26 results, which had no impact on the consolidated Group's financials.\n \n \n Finance Costs\n \n \n Total finance costs for the quarter ended 31 March 2026 decreased to $207m, compared with $221m in the prior period. The current quarter includes $28m of derivative and foreign exchange gains,\n \n \n whereas the prior period included $26m of derivative and foreign exchange losses, primarily reflecting the revaluation of US dollar-denominated balance sheet liabilities and derivatives. Excluding these items, underlying finance costs increased from\n \n \n $195m to $235m, driven mainly by higher interest on lease liabilities arising from additional sites.\n \n \n Taxation\n \n \n Total tax charges for the period rose to $169m from $87m in the prior period, reflecting an increase of $82m largely attributable to higher profit before tax in the current period.\n \n \n Profit after tax\n \n \n Profit after tax was $227m during quarter ended 31st March 2026 as compared to $80m in prior period.\n \n \n EPS\n \n \n Basic EPS of 5.5 cents compares to 1.5 cents in the prior period, predominately reflecting higher operating profit in the current period. EPS before exceptional items increased from 2.0 cents in Q4'25 to 5.5 cents in Q4'26.\n \n \n Leverage\n \n \n During the year, we further improved our debt structure through continued execution of the debt localisation programme. Local-currency OpCo debt (excluding lease liabilities) increased to 95.4% as at 31 March 2026 (FY25: 93.4%).\n \n \n Lease-adjusted leverage improved to 0.5x (from 1.0x) and leverage to 1.8x (from 2.3x), driven mainly by higher underlying EBITDA.\n \n \n Segmental review for the quarter ended\n \n \n Nigeria - Mobile services\n \n \n Nigeria revenue in reported currency grew by 54.7% to $475m with constant currency growth of 40.2%, largely supported by continued strength in voice and demand for data services. Higher reported currency growth during Q4'26 compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386 in Q4'26. In Q4'26, constant currency growth slowed compared to Q3'26 constant currency growth of 52.9% as we lapped the impact of tariff adjustments which were implemented during Q4'25.\n \n \n Voice revenue grew by 23.7% in constant currency, driven by customer growth of 9.4% and voice ARPU growth of 14.3%, which was partially supported by tariff adjustments during Q4'25.\n \n \n Data revenue grew by 59.1% in constant currency, driven by customer growth of 8.1% and data ARPU growth of 48.0%, which was partially supported by tariff adjustments during Q4'25. Data usage per customer increased by 43.6% to 12.0 GB per month (from 8.4 GB in the prior period), with smartphone penetration increased 5.3% to reach 54.9%. Smartphone data usage per customer reached 14.8 GB per month compared to 10.8 GB per month in the prior period.\n \n \n Underlying EBITDA of $284m improved by 75.1% in reported currency and by 58.7% in constant currency. The Underlying EBITDA margin increased by 695 basis points to 59.7%, driven by the strong revenue growth and continued benefits arising from the\n \n \n cost efficiency programme, with stable fuel prices providing further support.\n \n \n Operating free cash flow was $201m in reported currency, up by 78.6% in constant currency and by 105.5% in reported currency. This was driven primarily by the strong underlying EBITDA growth, partially offset by higher capex.\n \n \n East Africa - Mobile services\n \n \n East Africa revenue increased by 20.9% in reported currency to\n \n \n $577m with constant currency growth of 12.4%. Higher reported currency growth was primarily contributed by appreciation in the Zambian kwacha.\n \n \n The constant currency growth was primarily supported by voice revenue growth of 8.8% and data revenue growth of 18.0%.\n \n \n Voice revenue in constant currency increased by 8.8%, as customer base growth of 8.7% was partially offset by a decline in voice ARPU. The customer base growth was largely driven by expansion of both increased network coverage and the increasing scale of the distribution network.\n \n \n Data revenue grew by 18.0% in constant currency primarily driven by Data customers growth of 15.7% with smartphone penetration reaching 46.6% from 42.3% in prior period. We continue to invest in the network and expand our 4G and 5G network in the region, reaching 5G sites over 2,000 across five key markets. Total data usage increased by 55.7% with Data usage per customer at 9.0 GB per customer per month growing at 34.9%. Smartphone data usage per customer reached 10.9 GB per month compared to 8.2 GB per month in the prior period.\n \n \n Underlying EBITDA at $277m, increased by 22.1% in reported currency and by 11.2% in constant currency. The Underlying EBITDA margin of 48.0% compared to 47.5% in the prior period, up by 46bps.\n \n \n Operating free cash flow was $179m, increased by 0.3% in constant currency while up by 16.7% in reported currency, due to the increased underlying EBITDA partially offset by higher capex spends during the quarter.\n \n \n Francophone Africa - Mobile services\n \n \n Francophone Africa revenue grew by 20.4% in reported currency to $400m while constant currency revenue grew by 14.3%. Higher reported currency revenue growth was primarily contributed by appreciation in the Central African franc (CFA).\n \n \n Voice revenue in constant currency increased by 2.3%, as customer base growth of 16.3% was partially offset by a decline in voice ARPU, reflecting interconnect rate reduction in key market.\n \n \n Data revenue increased by 25.3% in consta...

View stock analysis, news, and events for Airtel Africa Plc