Final Results

Airtel Africa plc

Results for year ended 31 March 2025

8 May 2025

Operating highlights

· Our total customer base grew[3]by 8.7% to 166.1 million, with our focus on digital inclusion supporting a 4.3% increase in smartphone penetration to 44.8%. Data customers increased by 14.1% to 73.4 million, with data usage per customer increasing by 30.4% to 7.0 GB, supporting data ARPU growth of 15.4% in constant currency1.

· Our continued investment in our Airtel Money agent network, enhanced digital offerings and expanded use cases contributed to a 17.3% increase in mobile money subscribers to 44.6 million and a 11.4% growth in constant currency ARPU. In Q4'25, transaction value increased by 34% in constant currency with annualised transaction value of $145bn.

· Our strategic focus on great customer experience was underpinned by sustained network investment with the rollout of 2,583 new sites and approximately 3,300 kms of fibre, supporting increased data capacity across the region.

Financial performance

· Revenues of $4,955m grew by 21.1% in constant currency but declined by 0.5% in reported currency as currency devaluation impacted reported revenues. Strong execution and the tariff adjustments in Nigeria contributed to a further quarter of accelerating growth, with Q4'25 revenue growth of 23.2% in constant currency, and 17.8% in reported currency as currency headwinds eased. 

· Across the Group, mobile services revenue grew by 19.6% in constant currency, driven by voice revenue growth of 10.6% and data revenue growth of 30.5%. Mobile money revenue grew by 29.9% in constant currency.

· For the year ended 31 March 2025, underlying EBITDA declined by 5.1% in reported currency to $2,304m with underlying EBITDA margins of 46.5% compared to 48.8% in the prior year, impacted by increased fuel prices and the lower contribution of Nigeria to the Group. However, following a more stable operating environment and benefits from our cost efficiency programme, underlying EBITDA margins have expanded from 45.3% in Q1'25 to 47.3% in Q4'25.

· Profit after tax of $328m improved from a $89m loss in the prior period. The prior period was significantly impacted by derivative and foreign exchange losses, primarily in Nigeria.

· Basic EPS of 6.0 cents compares to negative (4.4 cents) in the prior period, predominantly reflecting lower derivative and foreign exchange losses in the current period. EPS before exceptional items declined from 10.1 cents in the prior period to 8.2 cents largely due to higher finance cost arising on account of tower contract renewals, which had a neutral to positive impact on cashflows, and a deferred impact of prior period currency devaluation.

Capital allocation

· Capex of $670m was below our guidance, primarily reflecting a deferral of data centre investment. Capex guidance for the next year is between $725m and $750m as we continue to invest for future growth.

· We have been consistently reducing our foreign currency debt exposure, having paid down $702m of foreign currency debt over the year. Furthermore, 93% of our OpCo debt (excl. lease liabilities) is now in local currency, up from 83% a year ago.

· Leverage has increased from 1.4x to 2.3x, primarily reflecting the $1.3bn increase in lease liabilities arising from tower contract renewals. Lease-adjusted leverage increased from 0.7x in the prior period to 1.0x as of 31 March 2025, reflecting the impact of lower lease-adjusted underlying EBITDA given the translation impact arising from currency devaluation, and an increase in lease-adjusted net debt.

· The Board has recommended a final dividend of 3.9 cents per share, making the total dividend for the full year 6.5 cents per share, a 9.2% growth from the previous year, in line with the dividend policy. In addition, during the year we returned $120m to shareholders through share buyback programmes.

Sunil Taldar, chief executive officer, on the trading update:

We have reported another strong operating performance as our strategy continues to deliver against the significant opportunity that exists across our markets. The focus on our refreshed strategy has seen continued investment in the network while also driving improvements in our digital platforms and offerings to further enhance the customer experience. This has enabled increased digital inclusion with a further 20% growth in our smartphone customers to 74.4m, contributing to a 47.5% increase in data traffic over the year. Furthermore, Airtel Money continues to support financial inclusion with customers increasing 17.3% to 44.6 million and an expanding ecosystem underpinning the $136bn transaction value, which increased 32% in constant currency.

An improving operating environment and focussed execution contributed to strong momentum in our financial results with constant currency revenue growth peaking at 23.2% in Q4'25. Part of this acceleration in the last quarter has also been driven by the Nigerian tariff adjustments.

This accelerating revenue growth and cost optimisation programme has supported quarterly EBITDA margin expansion during the year. Underlying EBITDA margins increased by 200bps from 45.3% in Q1'25 to 47.3% in Q4'25, and we remain focussed on further EBITDA margin improvements subject to macroeconomic stability. This, combined with our robust capital structure and disciplined capital allocation, puts us in a strong position to continue investing in network capacity to deliver continued growth.

We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective. However, we are also mindful of evolving market conditions. Therefore, subject to these conditions, we anticipate a listing event in the first half of calendar year 2026.

The recent stability in the operating environment is encouraging, however we remain conscious of global developments that may impact our business. We will remain focussed on delivering our strategy to transform the lives of our customers and support economic prosperity across our markets. I want to say a particular thank-you to our customers, partners, governments and regulators for their support and our employees for their unrelenting contribution to the business."

About Airtel Africa

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa. Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.

The company's strategy is focused on providing a great customer experience across the entire footprint, enabling our corporate purpose of transforming lives across Africa.

Enquiries

Conference call

Management will host an analyst and investor conference call at 13:00pm UK time (BST) on Thursday 8 May 2025, including a Question-and-Answer session.

To receive an invitation with the dial in numbers to participate in the event, please register beforehand using the following link:

Conference call registration link

Key consolidated financial information

All commentary in the footnotes refers to the year ended 31 March 2025, and the prior period (31 March 2024), unless otherwise stated.

(1) During the year ended 31 March 2025, the Group has adopted hyperinflationary accounting for the Malawi operations (see page 6 for further details).

(2) Revenue includes inter-segment eliminations of $224m and $188m for the prior period.

(3) Mobile money revenue post inter-segment eliminations with mobile services were $770m and $649m for the prior period.

(4) Underlying EBITDA includes other income of $22m and $21m for the prior period.

(5) Operating exceptional items of $16m relates to a provision for expected settlement of a legal dispute in a former Group subsidiary.

(6) Other finance cost - net of finance income includes derivative and foreign exchange losses of $92m and $452m in the prior period which have not been treated as exceptional items.

(7) Exceptional items in the current period were predominantly driven by the devaluation of the Nigerian naira partially offset by Tanzanian shilling appreciation in Q3'25. The prior period exceptional item was driven by both the Nigerian naira and Malawian kwacha devaluation.

(8) In Q3'25, the Group included 'Lease-adjusted leverage' as an additional APM which reduces the volatility in the leverage ratio associated with lease accounting under IFRS16, improves comparability between periods and reflects the Group's financial market debt position. For the detailed discussion on the new APM, see page 50. For definitions see page 59.

Financial review for the year ended 31 March 2025

Revenue

Group revenue in reported currency declined by 0.5% to $4,955m, with constant currency growth of 21.1%. Group mobile services revenue grew by 19.6% in constant currency, supported by voice revenue growth of 10.6% and data revenue growth of 30.5%. In Q4'25, constant currency revenue growth accelerated to 23.2% from 21.3% in Q3'25, primarily driven by the growth in Nigeria partially contributed by the initial impact of the tariff adjustments, and Francophone Africa revenue growth of 13.7%. In East Africa, constant currency growth remained strong at 20.7% in Q4'25, with 22.6% growth in reported currency. Reported currency revenue growth of 17.8% in Q4'25 reflects a more stable currency environment across our markets. In the full year ended 31 March 2025, mobile money revenue grew by 29.9% in constant currency, primarily driven by continued strong growth in East Africa.

Reported currency revenue growth was particularly impacted by significant currency devaluations in Nigeria, Malawi and Zambia. In particular, the Nigerian naira devalued from a weighted average NGN/USD rate of 781 in the prior year to NGN/USD 1,531 in the current period.

Underlying EBITDA

Reported currency underlying EBITDA declined by 5.1% to $2,304m reflecting the impact of currency devaluation over the period, particularly in Nigeria. In constant currency, underlying EBITDA increased by 18.1%. Underlying EBITDA margins of 46.5% declined by 228bps in reported currency primarily reflecting the lower contribution of Nigeria following the significant prior year naira depreciation, and a significant increase in fuel prices (mainly in Nigeria). Following a more stable operating environment and reflecting the initial successes of our cost efficiency programme, underlying EBITDA margins have increased by 200bps through the year with Q1'25 underlying EBITDA margins of 45.3% rising to 47.3% in Q4'25.

Mobile services underlying EBITDA increased by 14.6% in constant currency with underlying EBITDA margin at 45.6%, while mobile money underlying EBITDA margins of 52.8% increased 70bps in constant currency, supporting growth of 31.6%.

Finance costs

Total finance costs for the year ended 31 March 2025 were $822m, 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 exceptional following the Nigerian naira devaluation in H1'25 which has been partially offset by Nigerian naira and Tanzanian shilling appreciation in Q3'253. Finance costs excluding derivative and foreign exchange losses increased from $444m to $643m in the current period on account of tower contract renewals with ATC and I.H.S, which had neutral to positive impact on cashflows. Increased OpCo market debt and the shift of foreign currency debt to local currency debt, which carries a higher average interest rate, also contributed to an in increase in finance cost in the current period.

Profit before tax

Profit before tax at $661m during the year ended 31 March 2025 was largely impacted by the $179m derivative and foreign exchange losses, lower underlying EBITDA largely due to the translation impact of significant currency devaluation in the prior period and the impact of the tower contract renewals.

Taxation

Total tax charges were $333m as compared to $26m in the prior period. Total tax charges in the current period reflected an exceptional gain of $30m and $258m in the prior period, arising from the exceptional derivative and foreign exchange losses. Tax charges, excluding exceptional items, were $363m in the year ended 31 March 2025 as compared to $284m in the prior period. Tax charges increased by $79m which was largely a result of a change in profit mix between the OpCos, the application of hyperinflationary accounting related to Malawi operations and a one-off deferred tax benefit in the prior period.

Profit after tax

Profit after tax of $328m during the year ended 31 March 2025 reflects $131m of derivative and foreign exchange losses (net of tax), lower underlying EBITDA due to the translation impact of significant currency devaluation in the prior period and the impact of the tower contract renewals. The introduction of hyperinflationary accounting related to Malawi operations also resulted in a $12m loss to profit after tax (see page 6 for further details).

EPS before exceptional items

EPS before exceptional items declined from 10.1 cents in the prior period to 8.2 cents, primarily due to higher finance cost arising on account of tower contract renewals with ATC and I.H.S, which had neutral to positive impact on cashflows and a deferred impact of prior period currency devaluation.

Leverage

Over the period we have continued to improve our debt structure following the repayment of the outstanding $550m of HoldCo debt in May 2024 and have also increased the proportion of local currency OpCo debt (excluding lease liabilities) on our balance sheet to 93% as of 31 March 2025 from 83% a year ago. In total, we have paid down $702m of US dollar debt over the year.

As previously disclosed, the Group introduced a new APM, lease-adjusted leverage which reduces the volatility in the leverage ratio associated with lease accounting under IFRS16, improves comparability between periods and reflects the Group's financial market debt position. The lease-adjusted leverage increased from 0.7x in the prior period to 1.0x as of 31 March 2025. Of the 0.3x increase, 0.1x was due to the decrease in reported currency lease-adjusted underlying EBITDA following the naira devaluation in the prior period and an increase in lease-adjusted net debt.

Leverage over the period has increased from 1.4x to 2.3x, primarily reflecting the impact of tower contract renewals and the decline in reported currency underlying EBITDA following the naira devaluation.

For a full summary of how lease-adjusted leverage is calculated, refer to page 55.

Hyperinflationary accounting in Malawi

During the quarter ended 31 December 2024, Malawi met the requirements to be designated as a hyperinflationary economy under IAS 29 'Financial Reporting in Hyperinflationary Economies'. The Group has, therefore, applied hyperinflationary accounting, as specified in IAS 29, to its Malawi operations where the functional currency is the Malawian kwacha for the reporting period commencing 1 April 2024.

The application of hyperinflationary accounting has resulted in a $18m reduction to operating profit, a $26m net monetary gain relating to hyperinflationary accounting and a $20m increase in deferred tax, resulting in a $12m net decrease in profit after tax for the period ended 31 March 2025. On the balance sheet, non-monetary net assets and correspondingly equity has increased by $514m (including an opening balance sheet adjustment of $308m as of 1 April 2024).

GAAP measures

Revenue

Reported revenue of $4,955m declined by 0.5% in reported currency and grew by 21.1% in constant currency driven by both customer base growth of 8.7% and ARPU growth of 12.4%. The gap between constant currency and reported currency revenue growth was due to the average currency devaluations between the periods, mainly in the Nigerian naira, the Malawian kwacha and the Zambian kwacha.

Mobile services revenue at $4,193m declined 3.3% in reported currency and grew by 19.6% in constant currency. Mobile money revenue grew by 18.7% in reported currency. In constant currency, mobile money revenue grew by 29.9%, driven by revenue growth in East Africa of 31.9% and Francophone Africa of 22.2%.

Operating profit

Operating profit in reported currency declined by 11.1% to $1,457m as currency headwinds and a one-time provision of $16m for an expected settlement of a legal dispute in a former Group subsidiary offset the 11.2% growth of operating profit in constant currency.

Total finance costs

Total finance costs of $822m for the year ended 31 March 2025 were lower by $881m over the prior period. Current and prior period finance costs reflected $87m and $807m, respectively, of exceptional derivative and foreign exchange losses. Current period exceptional items relate to $231m of 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 in the quarter. Prior period exceptional items were related to derivative and foreign exchange losses in Nigeria and Malawi, following the significant currency devaluation during the prior period. Excluding exceptional items, finance costs were lower by $161m primarily on account of lower derivative and foreign exchange losses, partially offset by tower contract renewals with ATC and I.H.S, which had neutral to positive impact on cashflows. Increased OpCo market debt and the shift of foreign currency debt to local currency debt, which carries a higher average interest rate, also contributed to an in increase in finance cost in the current period.

The Group's effective interest rate increased to 13.0% compared to 10.1% in the prior period, largely driven by higher local currency debt at the OpCo level, in line with our strategy of localising debt, and the repayment of the outstanding $550m HoldCo debt which carried a lower-than-average interest rate.

Taxation

Total tax charges of $333m compares to $26m in the prior period. Total tax charges in the current period reflected an exceptional gain of $30m and $258m in the prior period, arising from the exceptional derivative and foreign exchange losses. Tax charges, excluding exceptional items, were $363m in the year ended 31 March 2025 as compared to $284m in the prior period.

Basic EPS

Basic EPS of 6.0 cents compares to negative (4.4 cents) in the prior period, predominantly reflecting lower derivative and foreign exchange losses in the current period.

Net cash generated from operating activities

Net cash generated from operating activities was $2,266m, marginally higher compared to $2,259m in the prior period.

Alternative performance measure[4]

Underlying EBITDA

Underlying EBITDA of $2,304m declined by 5.1% in reported currency, and increased by 18.1% in constant currency. Growth in constant currency underlying EBITDA was led by revenue growth and supported by continued improvement in operating efficiencies, offset by the impact of inflationary cost pressures in several markets. The underlying EBITDA margin declined by 228 basis points in reported currency to 46.5% reflecting the impact of the lower contribution of Nigeria following significant naira devaluation and inflationary cost pressures.

The gap between constant currency and reported currency underlying EBITDA growth was due to the currency devaluations between the periods, mainly in the Nigerian naira, the Malawian kwacha and the Zambian kwacha.

Tax

The effective tax rate was 41.0%, compared to 38.4% in the prior period. 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.

Exceptional items

Operating exceptional items in the current year of $16m related to a provision for the expected settlement of a legal dispute in a former Group subsidiary in Q4'25.

Non-operating exceptional items were $87m in the current period and $807m in the prior period. Current period exceptional items relate 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 in the quarter. Prior period exceptional items were related to derivative and foreign exchange losses in Nigeria and Malawi, following the significant currency devaluation during the prior period.

Non-operating exceptional items resulted in an exceptional tax gain of $30m in the current period and $258m in the prior period.

EPS before exceptional items

EPS before exceptional items declined from 10.1 cents in the prior period to 8.2 cents, reflecting the incremental impact on account of tower contract renewals with ATC and I.H.S, which had neutral to positive impact on cashflows and a deferred impact of prior period currency devaluation.

Operating free cash flow

Operating free cash flow was $1,634m, lower by 3.4%, as a result of lower underlying EBITDA due to the continued impact of currency devaluation in the prior period, particularly in Nigeria, partially offset by lower capex during the current period.

Other significant updates

Tariff adjustments approval from the Nigerian Communications Commission (NCC)

On 20 January 2025, the NCC granted approval for tariff adjustments following requests from the telecom operators in Nigeria in response to the prevailing market conditions. The adjustments are capped at a maximum of 50% of current tariffs, with requests reviewed on a case-by-case basis by the NCC. The tariff adjustments were implemented in Q4'25.

Nigeria is a market with enormous potential for future growth in telecommunications services, with a vibrant economy and youthful population that will continue to benefit from Airtel Nigeria's investment ambitions. The tariff adjustments reflect a balanced approach to ensuring the sustainability of the telecommunications sector while safeguarding the interests of consumers.

Directorate changes

On 24 March 2025, the Group announced the appointment of Cynthia Gordon as an independent non-executive director with effect from 1 April 2025 and will serve on the Group's Remuneration Committee.

On 9 January 2025, the Group announced that Jaideep Paul, chief financial officer (CFO), had informed the Board of his decision to retire from his position as executive director and CFO with effect from the end of the 2025 July AGM.

Kamal Dua, currently deputy CFO, will become an executive director and assume the role of CFO following his appointment at the 2025 AGM.

On 28 October 2024, the Group announced the appointment of Gopal Vittal as a non-executive director of Airtel Africa with immediate effect.

On 3 July 2024, following the conclusion of the AGM, John Danilovich retired as an independent non-executive director of Airtel Africa plc.

On 9 May 2024, the Group announced the appointment of Paul Arkwright, CMG, as an independent non-executive director, with immediate effect.

Completion of first tranche of the second buyback programme

On 23 December 2024, the Company announced the commencement of a second share buyback programme that will return up to $100m to shareholders. This programme is expected to be phased in two tranches. The company completed the first tranche on 24 April 2025, returning $45m to shareholders following the purchase of 26,275,872 ordinary shares in aggregate at a volume weighted average price of GBP135.1 per ordinary share.

This follows the completion of the first share buyback programme which ended on 28 October 2024. This buyback programme, which commenced on 1 March 2024, returned $100m to shareholders following the purchase of 68,834,800 ordinary shares in aggregate, at a volume weighted average price of GBP112.30 per ordinary share.

Network sharing in Uganda and Nigeria

The Group and MTN Group entered into an agreement to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements. These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.

Following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are exploring various opportunities in other markets, including Republic of the Congo, Rwanda and Zambia. Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.

Renewal of tower lease agreements with American Tower Corporation and I.H.S

During the year we renewed tower lease agreements with ATC and I.H.S for approximately 8,300 sites across Nigeria, Uganda, Kenya, Zambia and Niger for a period of 10 to 12 years. The renewals ensure we continue to benefit from contract structures, including the proportion that is linked to foreign currency. Under IFRS16 accounting standards, the extension of these lease agreements resulted in a $1.3bn increase in lease liabilities.

Kenya licence extension

On 6 September 2024, Airtel Kenya received confirmation from the regulator on extension of existing Network Facility Provider, Application Service Provider, Content Service Provider and Internationally Gateway Station and Service licence as well as its spectrum in 900 MHz, 1800 MHz and 2100 MHz that were due for renewal in January 2025 for a period of 24 months effective from January 2025.

Madagascar licence acquisition

In March 2025 Airtel Madagascar acquired a global operating licence for a term of 15 years for €30m (approximately $32.5m) payable in local currency. The payment will be in five annual instalments, with the first instalment made in March 2025. The existing telecom licence would have expired in September 2025.

Repayment of remaining $550m bond achieving a zero-debt position at HoldCo

On 20 May 2024, the Group announced that it has repaid in full the 5.35% Guaranteed Senior Notes maturing in May 2024. This bond repayment of $550m was made exclusively out of the cash reserves at the HoldCo and is a continuation of its strategy to reduce external foreign currency debt.

Retirement of the CEO of Airtel Africa plc and appointment of successor

On 2 January 2024, the Group announced the retirement of Chief Executive Officer Olusegun "Segun" Ogunsanya and the appointment of Sunil Taldar. Sunil Taldar was appointed to the Board as an executive director and assumed the role of CEO on 1 July 2024, at which time Segun retired from the Board and Airtel Africa plc.

Nigerian Communications Commission directive on subscriber registration compliance

In December 2023, the Nigerian Communications Commission (NCC) informed Airtel Nigeria, in an industry-wide directive, to undertake full network barring of all SIMs that have failed to submit their National Identity Numbers (NIN) on or before 28 February 2024 (which was subsequently delayed). This directive is part of the ongoing Federal Government NIN-SIM harmonisation exercise requiring all subscribers to provide valid NIN information to update SIM registration records.

Airtel Nigeria has complied with the directives issued and barred all customers without NINs as well as customers with more than four active SIMs which had a negligible impact on revenue.

Chad licence renewal

In July 2024, Airtel Tchad S.A ('Airtel Tchad'), a subsidiary of the Group, was issued with a National Telecom Operator licence for 2G/3G and 4G network. This licence renewal is with effect from April 2024 and is for a period of 10 years for a gross consideration of CFA54bn (approximately $90m).

Dividend payment timetable

The board has recommended a final dividend of 3.9 cents for the financial year ended 31 March 2025, payable on 25 July 2025 to shareholders recorded in the register at the close of business on 20 June 2025.

London Stock Exchange Nigerian Stock Exchange

Last day to trade shares cum dividend 18 June 2025 17 June 2025

Shares commence trading ex-dividend 19 June 2025 18 June 2025

Record date 20 June 2025 20 June 2025

Last date for currency election 7 July 2025 7 July 2025

Payment date 25 July 2025 25 July 2025

Information on additional KPIs

An investor relations pack with information on the additional KPIs and balance sheet is available to download on our website at www.airtel.africa

Strategic overview

The Group provides telecom and mobile money services in 14 emerging markets of Sub-Saharan Africa. Our markets are characterised by young and rapidly growing population, low smartphone penetration and relatively large unbanked populations. Unique mobile user penetration across the Group's footprint is around 50% and banking penetration remains under 50%. These indicators illustrate the significant opportunity still available to Airtel Africa to enhance both digital and financial inclusion in the communities we serve, enriching and transforming their lives through digitalisation, whilst at the same time growing our revenues profitably across each of our key services of voice, data and mobile money.

The Group continues to invest in its network and distribution infrastructure to enhance both mobile connectivity and financial inclusion across our countries of operation. In particular, we continue to invest in expanding our 4G and 5G network to increase data capacity, deploy new sites - especially in rural areas - thereby enhancing coverage and connectivity.

Our refreshed strategy puts the customer at the core of our strategy. We believe that by ensuring great customer experience, we will deliver on our corporate purpose of transforming lives across Africa. Our consumer centric strategy is anchored on our 6 new strategic pillars - strengthening our 'go-to-market', delivering best in class network experience, winning more in key markets, digitising and simplifying processes across the business, accelerating Airtel Money and scaling our home broadband business (HBB) and enterprise offerings.

Underpinning the Group's business strategy is our focus on cost optimisation, our ongoing sustainability strategy and the investment into our people to build and retain talent. Our sustainability strategy supports our well-established corporate purpose of transforming lives, our continued commitment to driving sustainable development and acting as a responsible business. Our sustainability strategy sets out our goals and commitments to foster financial inclusion, bridge the digital divide and serve more customers in some of the least penetrated telecommunication markets in the world.  

Strengthen 'Go-to-market'

We continue to strengthen our distribution footprint, especially our exclusive channel of kiosks/mini-shops and Airtel Money Branches (AMB) along with multi-brand outlets in both urban and rural markets. During the period, the Group added over 320,000 Airtel money agents, around 28,000 activating outlets and around 1,000 exclusive franchise stores, enabling continued expansion of our customer base and strong growth in overall revenues.

In addition to building on-ground distribution infrastructure, we also focused on building and leveraging digital tools to simplify the processes and enhance efficiencies for our own exclusive agents, as well as our channel partners.

We also continue to accelerate our data revenue growth through a combination of smartphone adoption and improving ARPUs. Our smartphone penetration stands at 44.8%, an increase of 4.3% points from last year driven by our expansion of the 4G network and stronger execution. Our data consumption has increased to 7.0 GB per data user, growing by over 30% in FY'25 driven by improved network experience and customer life-cycle management programs. A notable development is our initiative in Rwanda where we partner with the Rwandan Government to break barriers of affordability on both smartphone devices and data tariffs, thereby enabling accelerated adoption of data services during the period.

Best in class network experience

The Group remains focused on delivering best-in-class services, enhancing our 4G network availability, along with expanding newly launched 5G technology in key markets like Kenya, Nigeria, Tanzania, Uganda and Zambia. Reaching underserved communities is a key priority and we continue to expand rural coverage through new site rollouts and continue investing in spectrum and technologies to support increased capacity to facilitate our corporate purpose of transforming lives.

We have rolled out around 2,600 sites during the year and close to 3,400 4G sites. 97.4% of our sites are now 4G enabled compared to 95.0% in prior period and we have close to 1,500 5G operational sites in five markets.

As part of ensuring our services are future ready, in addition to purchasing spectrum, we grew our fibre infrastructure and 5G capabilities and remain committed to our investment into data centres to further support digital inclusion across our markets. We continued to strengthen our fibre business, which is now delivering encouraging revenue growth. During the year we added a further around 3,300 km of fibre, with a total of 78,700+ km now deployed.

Must win markets

Winning customers across all the markets through micro-marketing using network and digital tools is fundamental to our strategy and will enable us to drive both financial and digital inclusion. We aim to win in every micro segment by optimising our network to improve customer experience - or strengthen our distribution where our network is already strong - so that we can acquire new customers with speed and precision. There are clusters of opportunities which have been identified across all opcos which have been called out as "must win markets". To ensure that we win across all must win markets there is stepped up investment on building people capabilities and driving a culture of collaborative working across functions.

In the broader urban areas, including smaller towns and emerging suburban peripheries, some micro-marketing actions include improving indoor coverage, network quality and delivering seamless experience by stitching our network experience through principles of community of interest. This will allow us to strengthen our position as a reliable network provider, attracting new customers and retaining our existing base.

Rural markets present a big growth opportunity given low penetration of both telecom and financial services. To tap the opportunity, our focus is on improving coverage and distribution expansion across all formats. With intensified network investment and focus on distribution excellence, we are confident that rural markets will contribute to a significant portion of our overall customer additions going forward.

Digitise and simplify

 In line with our strategic pillar of "Digitise and Simplify," we have made significant strides in streamlining our digital offerings and improving customer experiences through innovative technologies. Our focus remains on enhancing digital adoption and driving operational efficiencies to simplify user journeys and unlock growth across all digital touchpoints.

The My Airtel App differentiates through a single-app strategy for both telecommunications and wallet use cases and as a result has achieved significant digital adoption and transaction growth. Over the last year we have seen a 81% growth in monthly active users of the My Airtel App, with transaction value on the app increasing by 91%. This illustrates the growth in customer self-service in performing core telecoms and wallet related use cases such as airtime recharges, bundle purchase, peer-to-peer and bill payments.

We believe continued investments in digital infrastructure will enable us to accelerate productivity, while also improving experience for all stakeholders positioning Airtel for greater scalability and faster growth.

Accelerate Airtel Money

Across our footprint, the limited penetration of formal banking continues to present a significant opportunity to expand financial access through mobile money. Our strategy focuses on driving digital adoption, broadening our financial ecosystem and strengthening governance and execution across all markets.

Over the year, we made strong progress on these fronts. We accelerated digital adoption by deepening the functionality of the Airtel Money app and promoting self-recharge. The result is accelerating adoption and greater penetration. In 2024/25, transaction values on the MyAirtel app reached 4.7bn, a 91% growth year on year. Monthly users have grown by 2.1 million, while penetration among smartphone customers has increased to 21% from 14% since 2023/24.These gains supported higher customer activity and improved unit economics across key markets.

Our ecosystem expanded significantly. We introduced new use cases, including loans, savings, and card-linked products while also adding new international money transfer corridors and onboarding new partners. This widened the relevance of Airtel Money for both retail and business customers.

Access was strengthened through targeted investment in our physical footprint. Airtel Money kiosks and mini shops increased by approximately 1,000. A key enabler was our digital agent onboarding process, which helped scale the non-exclusive agent base by 23%. These efforts supported a 17.3% increase in our customer base, reaching 44.6 million users and representing 26.8% of the Group's total customers.

Mobile money continues to be a key growth engine for the Group. Annual transaction value reached $145 billion, while Airtel Money revenues grew by ~30%, contributing 20%+[3] to overall Group revenues.

We remain focused on building Africa's most accessible and inclusive digital financial services platform-one that delivers both impact and sustainable value for Airtel Africa.

Scale HBB and enterprise

Airtel's investment in 5G networks has helped power capacity to service customer need for unlimited internet service across key cities in 5 markets. The demand for these services is evident in the scale of usage, with customers consuming, on average 250GB per month across Nigeria, Tanzania, Kenya, Uganda and Zambia.

During the period we have increased our investment into dedicated outbound sales teams which are focussed on attracting high value customers on unlimited offers, utilising our expansive 4G network. Further investment in ensuring customers have a seamless on-boarding to the home broadband service with the My Airtel App has helped improve customer convenience, particularly in the product use and recharges available across multiple integrated payment channels.

Enterprise services remains a key opportunity and focus. In particular, Nxtra by Airtel - our new data centre business - has commenced construction in Nigeria and is expected to deliver 38 megawatts of total capacity and host high density racks, incorporating the latest best practice in construction design. This is the first of five hyperscale data centres to be developed by Airtel Africa on the continent. In addition, the launch of 'Telesonic' will leverage its fibre infrastructure across the continent to meet the growing demand for wholesale data in Africa by offering comprehensive fibre and submarine cable solutions.

​

Financial review for the year ended 31 March 2025

Nigeria - Mobile services

(1) Voice revenue includes inter-segment revenue of $1m in the year ended 31 March 2024. Excluding inter-segment revenue, voice revenue was $710m in the prior period.

(2)  Other revenue includes inter-segment revenue of $2m in the year ended 31 March 2025 and in the prior period. Excluding inter-segment revenue, other revenue was $112m in year ended 31 March 2025 and $136m in the prior period.

Revenue grew by 36.4% in constant currency, largely driven by continued strength in the demand for data services. In reported currency, revenues declined by 30.4% to $1,045m on account of the significant devaluation of the Nigerian naira. The constant currency revenue growth was driven by ARPU growth of 32.7%, while our customer base grew by 4.7% despite the KYC directives issued by the regulator resulting in the disconnection of some subscribers.

In January 2025, the NCC granted approvals for tariff adjustments of up to 50%. The tariff adjustments were implemented in Q4'25. Constant currency revenue growth accelerated to 39.8% in Q4'25 from 34.1% in Q3'25, partially contributed by these tariff adjustments. Reported currency revenues grew by 15.5% year-on-year in Q4'25.

Voice revenue grew by 24.3% in constant currency, driven by voice ARPU growth of 20.9%.

Data revenue grew by 44.5% in constant currency, as a function of both data customer and data ARPU growth of 6.3% and 32.1%, respectively. Data usage per customer increased by 33.4% to 8.4 GB per month (from 6.3 GB in the prior period), with smartphone penetration increasing 4.7% to reach 49.6%. Smartphone data usage per customer reached 11.1 GB per month compared to 9.0 GB per month in the prior period.

Underlying EBITDA of $522m declined by 35.6% in reported currency but increased by 26.7% in constant currency. The underlying EBITDA margin declined by 402 basis points to 50.0%, although the prior year had a one-time opex benefit of $7m in Q3'24. Adjusting for this one-time benefit in the prior year, underlying EBITDA margins declined 355 basis points, reflecting continued inflationary pressures across the business, particularly from an approximate 45% increase in diesel prices. Q4'25 underlying EBITDA margins increased from 48.8% in Q3'25 to 52.8% in Q4'25 reflecting the strong revenue growth in the quarter, partially contributed by the tariff adjustments.

Operating free cash flow was $354m, up by 92.2% in constant currency, due to underlying EBITDA growth and lower capex in current period. In reported currency, operating free cash flow declined by 36.6% due to lower reported currency underlying EBITDA following the significant Nigerian naira devaluation.

East Africa - Mobile services 1

(1)  The East Africa business region includes Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.

(2) Voice revenue includes inter-segment revenue of $2m in the year ended 31 March 2025 and $1m in the prior period. Excluding inter-segment revenue, voice revenue was $904m in year ended 31 March 2025 and $850m in the prior period.

(3) Other revenue includes inter-segment revenue of $13m in the year ended 31 March 2025 and $12m in the prior period. Excluding inter-segment revenue, other revenue was $169m in year ended 31 March 2025 and $138m in the prior period.

East Africa revenue grew by 13.6% in reported currency to $1,843m and by 18.8% in constant currency. The constant currency growth was made up of voice revenue growth of 11.9%, data revenue growth of 26.2% and other revenue growth of 27.1%.

Voice revenues were supported by customer base growth of 11.7% and voice ARPU growth of 1.3%. The customer base growth was largely driven by expansion of both increased network coverage and the increasing scale of the distribution network.

Data customer base growth of 18.4% and data ARPU growth of 9.0% drove the strong performance in data revenues. Our continued investment in the network and expansion of 4G network infrastructure resulted in 99.5% of our East Africa network sites enabled for 4G, compared to 96.4% in the prior period. Furthermore, 1,231 sites are 5G enabled across four key markets. Data usage per customer increased to 6.2 GB per customer per month, up by 30.2%, with smartphone penetration increasing 3.9% to reach 42.3%. Smartphone data usage per customer reached 7.8 GB per month compared to 6.3 GB per month in the prior period.

Underlying EBITDA increased to $877m, up by 11.4% in reported currency and up by 17.1% in constant currency. Underlying EBITDA margins of 47.6% declined by 96 basis points as a result of rising fuel prices in key markets.

Operating free cash flow was $585m, up by 26.0% in constant currency, due largely to underlying EBITDA growth.

The differential in growth rates (between constant currency and reported currency) is primarily driven by the devaluation in the Zambian kwacha and the Malawian kwacha, partially offset by the Kenyan shilling appreciation.

Francophone Africa - Mobile services 1

(1) The Francophone Africa business region includes Chad, Democratic Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo, and Seychelles.

(2) Voice revenue includes inter-segment revenue of $2m in the year ended 31 March 2025 and $3m in the prior period. Excluding inter-segment revenue, voice revenue was $612m in year ended 31 March 2025 and $619m in the prior period.

(3) Other revenue includes inter-segment revenue of $3m in the year ended 31 March 2025 and in the prior period. Excluding inter-segment revenue, other revenue was $117m in year ended 31 March 2025 and $129m in the prior period.

Revenue grew by 7.2% in reported currency and by 7.9% in constant currency. In Q4'25, constant currency revenue growth accelerated to 12.5% from 8.5% in the prior quarter following a recovery in market trends and the benefits of sustained network investment and intensive focus on 'go-to-market' initiatives.

Voice revenue declined by 0.6% in constant currency, as customer base growth of 8.8% was more than offset by a decline in voice ARPU reflecting interconnect rate reductions and increased competitive intensity during the period.

Data revenue grew by 24.1% in constant currency, supported by customer base growth of 23.5%. Our continued 4G network rollout resulted in an increase in total data usage of 44.2% and per customer data usage growth of 24.3%. Data usage per customer increased to 5.4 GB per month (up from 4.4 GB in the prior period), with smartphone penetration increasing 4.7% to reach 43.1%. Smartphone data usage per customer reached 6.5 GB per month compared to 5.4 GB per month in the prior period.

Underlying EBITDA at $505m declined by 1.5% and 0.8% in reported and constant currency, respectively. The underlying EBITDA margin declined to 38.8%, a decline of 342 basis points, reflecting an increase in fixed frequency fees in one market, rising energy costs combined with revenue growth pressure in some markets. The strong revenue performance in Q4'25 supported an increase in underlying EBITDA margins to 39.8% from 39.2% in Q4'24.

Operating free cash flow of $346m declined by 1.9% in constant currency, due to the decline in underlying EBITDA and marginally higher capex.

Mobile services

(1) Mobile service revenue after inter-segment eliminations was $4,185m in the year ended 31 March 2025 and $4,330m in the prior period.

Overall revenue from mobile services declined by 3.3% in reported currency with growth of 19.6% in constant currency. In Q4'25, constant currency revenue growth accelerated to 21.9% from 19.6% in the prior quarter. The constant currency growth was evident across all regions and services.

Voice revenue grew by 10.6% in constant currency, supported primarily by the continued growth in the customer base as we continue to invest in our network and enhance our distribution infrastructure. The voice ARPU growth of 2.7% was supported by an increase in voice usage per customer of 4.9%, reaching 300 minutes per customer per month, with total minutes on the network increasing by 13.0%.

Data revenue grew by 30.5% in constant currency, driven by both customer base growth of 14.1% and data ARPU growth of 15.4%. The customer base growth was recorded across all the regions supported by the expansion of our 4G network. 97.4% of our total sites are now on 4G, compared with 95% in the prior period. 5G is operational across five countries, with 1,466 sites deployed. Data usage per customer increased to 7.0 GB per customer per month (from 5.4 GB in the prior period), with smartphone penetration increasing 4.3% to reach 44.8%. Smartphone data usage per customer reached 8.8 GB per month compared to 7.2 GB per month in the prior period. Data revenue contributed to 43.0% of total mobile services revenue, up from 40.0% in the prior period.

Underlying EBITDA was $1,910m, down 9.7% in reported currency and up by 14.6% in constant currency. The underlying EBITDA margin declined by 320 basis points year on year to 45.6%, a decline of 199 basis points in constant currency, largely due to increases in fuel prices across key markets. In Q4'25, underlying EBITDA margins of 46.3% improved from 45.7% in previous quarter (Q3'25).

Operating free cash flow was $1,291m, up by 31.4% in constant currency, due to the increased constant currency underlying EBITDA and lower capex.

Mobile money

(1) Mobile money service revenue post inter-segment eliminations with mobile services was $770m in the year ended 31 March 2025 and $649m in the prior year.

Mobile money revenue grew by 18.7% in reported currency, with constant currency growth of 29.9%. The constant currency mobile money revenue growth was driven by revenue growth in both East Africa and Francophone Africa of 31.9% and 22.2%, respectively. In Nigeria, we continue to focus on customer acquisitions with 1.7 million active customers registered for mobile money services at the end of March 2025.

The constant currency revenue growth of 29.9% was driven by both our customer base growth of 17.3% and mobile money ARPU growth of 11.4%. The expansion of our distribution network, particularly our multi brand agent network, supported the customer base growth of 17.3%. The mobile money ARPU growth of 11.4% was primarily driven by transaction value per customer growth of 13.3% in constant currency, to $273 per customer per month.

Q4'25 annualised transaction value amounted to $145bn in reported currency. Mobile money revenue contributed 20.1%[4] of total Group revenue during the year ended 31 March 2025.

Underlying EBITDA was $525m, up by 20.2% and 31.6% in reported and constant currency, respectively. The underlying EBITDA margin reached 52.8%, an improvement of 70 basis points in constant currency and 66 basis points in reported currency, driven by continued operating leverage.

The differential in growth rates (between constant currency and reported currency) is primarily as the result of devaluation in the Zambian kwacha and the Malawi kwacha.

Regional performance

Nigeria

East Africa

Francophone Africa

Consolidated performance

Risk factors

The risk factors summarised below relate to the Group's business and industry in which it operates. Additional risks and uncertainties relating to the Group that are currently unknown to the Group, or those the Group currently deems immaterial, may, individually or cumulatively, also have a material adverse impact on the Group's business, results of operations and financial position. The Group's principal and emerging risks and risk management process are described in our Annual Report and Accounts. Based on the Group's assessment, there has been no changes to the group's principal risks in the period. 

Summary of principal risks

The Group continually monitors its external and internal environment to identify risks which have the ability to impact its operations, financial performance or the achievement of its objectives.

1. We operate in a competitive environment with the potential for aggressive competition by existing players, or the entry of new players, which could both put a downward pressure on prices, adversely affecting our revenue and profitability.

2. Failure to innovate through simplifying the customer experience, developing adequate digital touchpoints in line with changing customer needs and competitive landscape could lead to loss of customers and market share.

3. Global geopolitical and regional tensions have the potential to impact our business directly and indirectly due to the interconnectedness of the global supply chain. Relatedly, adverse macroeconomic conditions such as rising inflation and increased cost of living not only puts pressure on the disposable income of our customers but also increases the cost of inputs for our business negatively impacting sales and profitability.

4. Cybersecurity threats through internal or external sabotage or system vulnerabilities could potentially result in customer data breaches and/or service downtimes.

5. Adverse changes in our external business environment and macro-economic conditions such as supply chain disruptions, increase in global commodity prices and inflationary pressures could lead to a significant increase in our operating cost structure while also negatively impacting the disposable income of consumers. These adverse economic conditions therefore not only put pressure on our profitability but also on customer usage for our services.

6. Shortages of skilled telecommunications professionals in some markets and the inability to identify and develop successors for key leadership positions could both lead to disruptions in the execution of our corporate strategy.

7. Our internal control environment is subject to the risk that controls may become inadequate due to changes in internal or external conditions, new accounting requirements, delays, or inaccuracies in reporting.

8. Our ability to provide quality of service to our customers and meet quality of service (QoS) requirements depends on the robustness and resilience of our technology stack and ecosystem encompassing hardware, software, products, services, applications and our ability to respond appropriately to any disruptions. However, telecommunications networks are subject to the risks of technical failures, aging infrastructure, human error, wilful acts of destruction or natural disasters.

9. We operate in a diverse and dynamic legal, tax and regulatory environment. Adverse changes in the political, macro-economic and policy environment could have a negative impact on our ability to achieve our strategy. While the group makes every effort to comply with its legal and regulatory obligations in all its operating jurisdictions in line with the group's risk appetite, we are however continually faced with an uncertain and constantly evolving legal, regulatory, and policy environment in some of the markets where we operate.

10.  Our multinational footprint means we are constantly exposed to the risk of adverse currency fluctuations and the macroeconomic conditions in the markets where we operate. We derive revenue and incur costs in local currencies where we operate, but we also incur costs in foreign currencies, mainly from buying equipment and services from manufacturers and technology service providers. That means adverse movements in exchange rates between the currencies in our OpCos and the US dollar could have a negative effect on our liquidity and financial condition. In some markets, we face instances of limited supply of foreign currency within the local monetary system. This not only constrains our ability to fully benefit at Group level from strong cash generation by those OpCos but also impacts our ability to make timely foreign currency payments to our international suppliers.

Given the severity of this risk, specifically in some of our OpCos, the Group management continuously monitors the potential impact of this risk of exchange rate fluctuations based on the following methodology:

a) Comparing the average devaluation of each currency in the markets in which the Group operates against US dollar on a ten-year historic basis, and onshore forward exchange rates over a one-year period, if available.

Additionally, for our Nigerian operations, management uses different sensitivity analysis for scenario planning purposes which includes the recent impact of the naira devaluation.

With respect to currency devaluation sensitivity going forward, on a 12-month basis assuming that the USD appreciation occurs at the beginning of the period, a further 1% USD appreciation across all currencies in our OpCos would have a negative impact of $46m - $48m on revenues, $22m - $24m on underlying EBITDA and $25m - $27m on foreign exchange loss (excluding derivatives). Our largest exposure is to the Nigerian naira, for which on a similar basis, a further 1% USD appreciation would have a negative impact of $12m - $13m on revenues, $6m - $7m on underlying EBITDA and $14m - $15m on foreign exchange loss (excluding derivatives).

This does not represent any guidance and is being used solely to illustrate the potential impact of further currency devaluation on the Group for the purpose of exchange rate risk management, and assumes all other variables remain constant. The accounting under IFRS is based on exchange rates in line with the requirements of IAS 21 'The Effect of Changes in Foreign Exchange' and does not factor in the devaluation mentioned above.

Based on above-mentioned specific methodology for the identified OpCos, management evaluates specific mitigation actions based on available mechanisms in each of the geographies. For further details on such mitigation action, refer to the risk section of the Annual Report and Accounts which can be downloaded from our website www.airtel.africa

Forward looking statements

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.

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.

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.

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.

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 pay dividends and changes in the market position, businesses, financial condition, results of operations or prospects of Airtel Africa.

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.

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.

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 $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.

Airtel Africa plc

Results for the year ended 31 March 2025

Consolidated Financial Statements

Consolidated Statement of Comprehensive Income

(All amounts are in US$ millions unless stated otherwise)