SAFARICOM PLC CONDENSED AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2026
This year marked an important milestone for Safaricom as we
As we marked 25 years of Safaricom's service and impact,
we
celebrated 25 years of service and impact. We continue to strengthen the foundations of the business for the long term, supported by the successful renewal of our licence, which underpins stability, disciplined investment and capital allocation. These fundamentals support our commitment to delivering consistent shareholder returns and a resilient, progressive dividend. Accordingly, the Board has proposed a final dividend of KShs 1.15 per ordinary share, bringing the total dividend for FY26 to KShs 2.00.
Adil Arshed Khawaja (MGH) Chairman of the Board
reflected on the journey shared with our customers, partners and communities-connecting people and businesses, enabling opportunity, and making everyday moments easier. The celebrations over the past year reaffirmed our purpose and the role we continue to play in transforming lives. Building on this legacy, we will continue to innovate for inclusion, scaling solutions such as Ziidi Trader, while deepening our community impact through Citizens of the Future, our flagship education programme supporting the next generation across Kenya.
Dr. Peter Ndegwa (CBS) Group Chief Executive Officer
Condensed consolidated statement of profit or loss and other comprehensive income for the year
Group (KShs Mn)
Company (KShs Mn)
Condensed consolidated statement
Group (KShs Mn)
Company (KShs Mn)
Condensed consolidated statement of cash flows for the year ended:
Group (KShs Mn) Company (KShs Mn)
31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25
ended: | 31-Mar-26 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | Cash flows from operating activities | |||||
Service revenue | 414,137.4 | 371,415.4 | 396,751.9 | 360,857.4 | Cash generated from operations | 223,368.1 | 183,677.5 | 233,605.4 | 200,018.8 | |
Handsets and other revenue | 6,854.7 | 13,018.0 | 6,457.6 | 12,635.1 | Interest received | 1,966.6 | 2,671.7 | 1,734.7 | 2,252.9 | |
Other income | 6,567.0 | 4,255.5 | 7,541.5 | 6,985.8 | Income tax paid | (55,426.9) | (48,626.4) | (54,627.9) | (47,524.0) | |
Total Revenue | 427,559.1 | 388,688.9 | 410,751.0 | 380,478.3 | Net cash generated from operating activities | 169,907.8 | 137,722.8 | 180,712.2 | 154,747.7 | |
Direct costs | (104,419.6) | (101,081.3) | (97,117.4) | (95,716.2) | Net cash used in investing activities | (99,843.8) | (75,514.2) | (82,671.1) | (88,705.1) | |
Expected credit losses financial assets | (4,013.1) | (11,146.0) | (6,382.0) | (11,206.4) | Cash flows from financing activities | |||||
Other operating expenses | (98,864.4) | (104,310.7) | (74,452.7) | (68,627.3) | Dividends paid | (60,555.0) | (53,227.8) | (60,555.0) | (53,227.8) | |
Earnings Before Interest, Tax, Depreciation & Amortisation | Interest paid on borrowings | (10,110.8) | (14,893.5) | (7,085.8) | (12,764.8) | |||||
(EBITDA) | 220,262.0 | 172,150.9 | 232,798.9 | 204,928.4 | Other financing activities | 18.2 | 27,444.2 | (27,686.8) | (3,209.5) | |
Depreciation and amortisation | (73,940.1) | (68,100.8) | (51,526.3) | (47,580.9) | Net cash used in financing activities | (70,647.6) | (40,677.1) | (95,327.6) | (69,202.1) | |
Operating profit (EBIT) | 146,321.9 | 104,050.1 | 181,272.6 | 157,347.5 | (Decrease)/Increase in cash and cash equivalents | (583.6) | 21,531.5 | 2,713.5 | (3,159.5) | |
Net finance cost | (19,685.0) | (20,909.4) | (10,846.9) | (14,899.3) | Movement in cash and cash equivalents | |||||
Share of profit/(loss) of associate and joint venture | 271.0 | (1,177.5) | 50.4 | (1,221.5) | At start of the year | 30,024.6 | 22,868.2 | 15,912.6 | 19,072.1 | |
Fair value remeasurement on investment properties | (90.0) | 25.0 | (90.0) | 25.0 | Net foreign exchange differences | (2,451.4) | (4,409.6) | - | - | |
Hyperinflationary monetary gain | - | 11,222.3 | - | - | Net monetary gain on cash and cash equivalents | - | (9,965.5) | - | - | |
Profit before income tax | 126,817.9 | 93,210.5 | 170,386.1 | 141,251.7 | Increase/(decrease) in cash and cash equivalents | (583.6) | 21,531.5 | 2,713.5 | (3,159.5) | |
Income tax expense | (53,141.9) | (47,453.3) | (52,032.2) | (46,297.6) | At end of year | 26,989.6 | 30,024.6 | 18,626.1 | 15,912.6 | |
Profit for the year | 73,676.0 | 45,757.2 | 118,353.9 | 94,954.1 |
Attributable to: Equity holders of the parent | 95,608.6 | 69,798.7 | 118,353.9 | 94,954.1 |
Non-controlling interests | (21,932.6) | (24,041.5) | - | - |
MESSAGE FROM THE DIRECTORS
The Board of Directors is pleased to release the audited results for the year ended 31 March 2026. The same accounting policies and methods of computation have been used in the last financial statements.
Profit for the year | 73,676.0 | 45,757.2 | 118,353.9 | 94,954.1 | In FY26, Safaricom continued to advance inclusive growth through targeted community investments spanning economic empowerment, health |
Basic and diluted earnings per share (EPS) | 2.39 | 1.74 | 2.95 | 2.37 | and education, anchored by the Safaricom and M-PESA Foundations. Micro and small entrepreneurs were supported through initiatives such as |
Profit for the year Other comprehensive loss for the year: Exchange differences on translation of foreign operations | 73,676.0 (17,667.3) | 45,757.2 (153,790.2) | 118,353.9 - | 94,954.1 - | Pochi La Biashara, expanding access to digital payments, savings and business capabilities, while flagship programmes including Chapa Dimba na Safaricom, Ndoto Zetu and Citizens of the Future continued to unlock opportunity and nurture talent across communities. Guided by the Safaricom Foundation's 2023-2026 "Partnering to Enhance Equity" strategy, these initiatives reflect our commitment to leveraging technology and partnerships to deliver sustainable social impact and transform lives. |
Other comprehensive loss for the year | (17,667.3) | (153,790.2) | - | - | Group Performance |
Total comprehensive income/(loss) for the year | 56,008.7 | (108,033.0) | 118,353.9 | 94,954.1 | We are pleased to report a strong performance for FY26, reflecting the Group's resilience and disciplined execution in a dynamic operating |
Community Engagement and Social Impact
Total comprehensive income/(loss) for the year | 56,008.7 | (108,033.0) | 118,353.9 | 94,954.1 | 2025. In Ethiopia, the operating environment continued to stabilise, supported by improving customer momentum and network expansion, |
although performance was impacted by Birr depreciation of 23.7% against the US Dollar and 39.6% against the Euro during FY26. Looking ahead, |
Attributable to: | ||||
Equity holders of the parent | 86,037.4 | (9,668.2) | 118,353.9 | 94,954.1 |
Non-controlling interests | (30,028.7) | (98,364.8) | - | - |
environment. Group service revenue grew by 11.5% YoY to KShs 414.1 billion, driven by double-digit growth in Kenya and accelerated growth in Ethiopia. The Group's customer base expanded significantly, with three-month active customers increasing by 25.4% to 71.56Mn and one-month active customers rising by 14.2% to 50.66Mn, reflecting sustained customer acquisition and engagement. In Kenya, a relatively stable macroeconomic environment-characterised by contained inflation, stable currency conditions and supportive GDP growth-underpinned customer usage and affordability, enabling Safaricom to sustain its market leadership with a 66.8% GSM customer market share as at December
of financial position as at: | 31-Mar-26 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 |
Non-current assets | 438,098.6 | 431,235.0 | 432,255.3 | 374,232.3 |
Current assets | ||||
Inventories | 1,619.5 | 2,937.0 | 1,063.7 | 2,208.0 |
Trade and other receivables | 39,416.9 | 43,739.3 | 28,682.1 | 33,919.0 |
Net cash and cash equivalents | 26,955.3 | 29,995.7 | 18,617.2 | 15,908.3 |
Restricted cash - letter of credit | 1,087.3 | 456.9 | - | - |
Contract assets | 9,256.0 | 6,351.2 | 9,187.5 | 6,280.4 |
Mobile financial deposit | 1,611.8 | 569.1 | - | - |
79,946.8 | 84,049.2 | 57,550.5 | 58,315.7 | |
Total assets | 518,045.4 | 515,284.2 | 489,805.8 | 432,548.0 |
Equity | ||||
Share capital | 2,003.3 | 2,003.3 | 2,003.3 | 2,003.3 |
Share premium | 2,200.0 | 2,200.0 | 2,200.0 | 2,200.0 |
Retained earnings | 165,739.6 | 153,881.8 | 256,739.2 | 218,516.1 |
Share based payment reserve | 1,538.1 | - | 1,538.1 | - |
Other reserves | (16,421.4) | (6,432.3) | - | - |
Proposed dividend | 46,075.2 | 26,042.5 | 46,075.2 | 26,042.5 |
Equity attributable to equity holders of the parent | 201,134.8 | 177,695.3 | 308,555.8 | 248,761.9 |
Non-controlling interests | 29,786.3 | 46,325.8 | - | - |
Total equity | 230,921.1 | 224,021.1 | 308,555.8 | 248,761.9 |
Non current liabilities | 151,679.6 | 136,230.8 | 79,771.2 | 69,030.6 |
Current liabilities | ||||
Current income tax | 1,821.1 | 2,257.5 | 893.7 | 2,042.0 |
Dividend payable | 1,043.0 | 1,499.9 | 1,043.0 | 1,499.9 |
Shareholder loan | - | 404.0 | - | - |
Borrowings | 25,540.4 | 42,686.0 | 19,728.5 | 40,499.0 |
Lease liabilities | 8,824.8 | 6,336.8 | 7,187.4 | 5,780.6 |
Payables and accrued expenses | 80,263.9 | 84,571.5 | 57,599.8 | 48,962.1 |
Provisions | 5,066.1 | 5,220.1 | 4,812.0 | 5,220.1 |
Mobile financial payable | 1,611.8 | 569.1 | - | - |
Contract liabilities | 11,273.6 | 11,487.4 | 10,214.4 | 10,751.8 |
135,444.7 | 155,032.3 | 101,478.8 | 114,755.5 | |
Total liabilities | 287,124.3 | 291,263.1 | 181,250.0 | 183,786.1 |
Total equity and liabilities | 518,045.4 | 515,284.2 | 489,805.8 | 432,548.0 |
elevated geopolitical tensions, including the conflict involving Iran, present emerging risks through potential volatility in global energy markets and foreign exchange conditions.
Kenya Business Review
M-PESA contributed 45.6% of Kenya's service revenue, growing 13.4% YoY to KShs 182.7Bn, supported by higher customer activity and expanded merchant acceptance across Pochi and Lipa na M-PESA. One month active customers increased 14.5% YoY to 40.99Mn, while transaction value reached KShs 41.68Trn (+8.9%) and volumes grew 25.1% YoY to 46.41Bn. The merchant base expanded 71.0% to 3.1Mn, driven mainly by Pochi, which grew 81.5% to 2.1Mn, while Lipa na M-PESA merchants increased 54.2% to 1.0Mn. Assets under wealth management rose to KShs 21.0Bn on increased adoption of digital savings and investment propositions. Ziidi Trader was launched during the year, enabling customers to trade listed securities directly from their mobile phones and expanding M-PESA's Wealth Management proposition beyond savings into active investing. Connectivity remained the largest service revenue contributor at 49.4%, with revenue rising 6.9% YoY to KShs 197.9Bn. Mobile data revenue grew 14.4% YoY to KShs 83.35Bn and became the largest contributor to connectivity revenue at 42.1%, overtaking voice at 41.3%. One month active mobile data customers increased 11.2% YoY to 34.13Mn, while average consumption per chargeable subscriber rose to 4.92GB, supported by higher smartphone penetration and continued migration to 4G and 5G.
Fixed Services and IoT revenue grew 12.2% YoY to KShs 20.2Bn, driven by strong demand across FTTH and enterprise connectivity. FTTH customers increased 35.0% YoY to 407.08k, supported by expanded fibre coverage, while enterprise fixed customers grew 19.7% YoY to 83.61k, with continued scaling of 5G Fixed Wireless Access contributing meaningfully to overall connection growth.
Ethiopia Business Review
Safaricom Telecommunications Ethiopia delivered strong growth in FY26, with service revenue increasing 58.3% YoY excluding IAS 29 impact to KShs 14.08Bn, driven by rapid customer acquisition and rising usage. The revenue mix continued to evolve as the business scales, with mobile data contributing 67.9% of service revenue, followed by voice at 21.4%, reflecting improving monetisation and a more balanced revenue profile. 90-day active customers grew 54.2% YoY to 13.63Mn, while one month active customers increased 48.3% YoY to 10.75Mn, underscoring accelerating adoption. Mobile data revenue rose 42.5% YoY excluding IAS 29 impact to KShs 9.56Bn, supported by higher usage and network expansion, while voice revenue more than doubled to KShs 3.01Bn, and messaging revenue increased 82.3% YoY excluding IAS 29 impact to KShs 169.4Mn, positioning the business strongly as it continues its transition into a scaling phase. Our 4G coverage is now at 59.2%.
Dividend
During the year, an interim dividend of KShs 0.85 per ordinary share (2025: KShs 0.55) amounting to KShs 34.06Bn (2025: KShs 22.04Bn) was declared and paid. The directors have proposed a final dividend in respect of the year ended 31 March 2026 of KShs 1.15 per ordinary share (2025: KShs 0.65) amounting to a total of KShs 46.08Bn (2025: KShs 26.04Bn) to be approved at the Annual general meeting (AGM) to be held on 31 July 2026. This brings the total dividend for the year to KShs 80.13Bn (2025: KShs 48.08Bn) which represents KShs 2.00 per share in respect of the year ended 31 March 2026 (2025: KShs 1.20 per share). The final dividend wil be payable on or about 4 September 2026 to the shareholders on the Register of Members as at the close of business on 4 August 2026.
Taxation
The Group continues to be a major contributor to the revenues of the Government of Kenya and remitted KShs 163.06Bn in duties, taxes and license fees in the year ended 31 March 2026. This increased the total duties, taxes and fees paid since inception to KShs 1.54Trn.
Looking Ahead
As we move into FY27, we remain focused on scaling innovative solutions, enhancing customer experiences, and deepening strategic partnerships. Our journey over the past 25 years has been defined by purpose, innovation, and impact. We are committed to shaping the future of connectivity, technology, and financial inclusion across Africa.
These results were duly approved by the Board of Directors on 6 May 2026 and signed on its behalf by;
Adil Arshed Khawaja (MGH) Dr. Peter Ndegwa (CBS)
Chairman and Non-Executive Director Group Chief Executive Officer
FY26 Performance | Outstanding Performance for theGroup Surpassing Guidance as Start-up Losses in Ethiopia Decline
FY26 Performance | Strong Commercial Delivery Despite Headwinds in EthiopiaService Revenue
EBITDA
EBIT
Net Income
Customers M-PESA Network PeopleSafaricom Kenya
Safaricom Ethiopia
+10.0% YoY
+58.3% YoY
+13.7% YoY
+64.8% YoY
+15.3% YoY
+50.7% YoY
+24.7% YoY
+41.2% YoY
13.6Mn,
+54.2% YoY
90-day active - Overall
10.4Mn,
5.2Mn (49% of GSM),
+119.4% YoY
90-day Active Customers
One-month Active
3,504
Sites
Sites Split
963
Permanent Employees
98% 2%
+46.3% YoY
90-day active - Data
Merchants
70.0k
2,076
Own built
1,428
Collocated
Ethiopians
Expats
*Net income excludes minority interest All numbers exclude IAS 29 impact
6.9GB,
+6.8% YoY
Per Mobile Data User
ETB 32.5Bn
(KShs 28.6Bn) Value
& 442.2Mn
Volume of transactions
59.2%
Population Coverage
67%
Male
33%
Female
Our Strategy | Key Commercial Execution Highlights in FY26 Strategy Execution in Ethiopia | Continued Commercial Progress in a Challenging EnvironmentConsumer
M-PESA/FS
Enterprise & Public Sector
Fixed
High Quality 4G Data Experience
Dynamic pricing for data/voice bundles
Differentiate through digital content and apps
Superior Customer Experience
Simplified & unified customer journeys
Driven self service at all touchpoints
Customer care service is in local languages
Personalized CVM and Loyalty
More for More offers for mass market- (BESH Campaign)
Loyalty program for high value customers
Accelerating M-PESA Adoption
Ethiopia
Youthful and Inclusive Brand
Clear brand positioning
Customer segmentation embedded
Driving Fibre Penetration
Air fibre expansion
Partnering with ISPs for Fixed/Home connections
Sustainable Voice Value
Building on-net community
Smart network monetization assets to uplift Voice ARPU
Our Purpose | Transforming Lives, One Community at a Time Purpose | Building Inclusive Growth Through Digital AccessTargeted Impact over the next 5 years
6MnTargeted Beneficiaries
20Mnindirect Beneficiaries
500Schools to be Benefited
Our Focus Areas
Youth & Digital Skills
Economic Empowerment
Our Impact Since Launch
Foundation officially registered July 2025, governance & partnerships established
We're on a mission to build better schools, power up digital learning, and unlock opportunities for the Citizens of the Future.
Before
After
Bar Anding'o Comprehensive School (Kisumu County)
Maram Primary School (Homabay County)
Health & Resilience
Inclusive Livelihoods
5,700+ youth enrolled in Talent Cloud programmes
10 connected youth centres across six cities
224 farmers funded in pilot digital agriculture finance programme
2,500+ families supported through health insurance
USD ~4.1 million mobilised through grants and donations
KShs 414.1Bn
+11.1% YoY
KShs 220.5Bn
+35.4% YoY
KShs 153.9Bn
+58.5% YoY
KShs 99.7Bn*
+67.3% YoY