The fiscal year ended March 31, 2026, represented a transformative period for Airtel Africa, characterized by record-breaking customer acquisition and a significant pivot toward a digital-first operational model.
Despite navigating a complex landscape of geopolitical tensions and currency volatility, the Group leveraged structural growth drivers across its 14-market footprint to deliver its strongest operating and financial performance to date.
Revenue performance and key drivers
Financial results were marked by a 29.5% increase in reported revenue to $6,415 million, with constant currency growth reaching 24.0%.
This growth was diversified across service segments, though data has now emerged as the largest component of Group revenue, growing by 35.2% in constant currency. Nigeria remained a powerhouse for the Group, seeing constant currency revenue surge by 47.5%, supported by tariff adjustments and a robust demand for data.
Francophone Africa also showed an encouraging acceleration, with growth rising to 17.1% compared to the previous year, while East Africa maintained a steady 17.8% trajectory.
Operational efficiency
The Group’s commitment to disciplined execution was reflected in its underlying EBITDA, which grew by 37.2% in reported currency to $3,162 million.
Through a rigorous cost-efficiency program, Airtel Africa achieved an underlying EBITDA margin of 49.3% for the full year. Performance peaked in the final quarter, where margins reached an all-time high of 50.3%. These gains were achieved despite inflationary pressures, as the business effectively balanced top-line performance with operational leanness.
Digital financial services
Airtel Money continued its rapid scaling, with its customer base expanding by 21.3% to 54.1 million users.
The platform is increasingly becoming a trusted financial hub, as evidenced by a 49% growth in annualized total processed value (TPV), which exceeded $215 billion in the final quarter.
The ecosystem deepened as users adopted broader use cases, including merchant payments and international money transfers.
While geopolitical developments impacted the timing of the planned Airtel Money IPO, management remains committed to a listing in the second half of 2026.
Network infrastructure and capital allocation
To support skyrocketing data demand which saw average monthly usage per customer rise to 8.9 GB, Airtel Africa increased its capital expenditure by 31.9% to $884 million.
The Group expanded its physical footprint by adding over 3,250 new sites and extending its fiber network to 81,900 kilometers. Strategic partnerships, such as the collaboration with SpaceX’s Starlink for direct-to-cell connectivity, are set to bridge the digital divide in rural areas.
Looking ahead, the Group provided guidance for $1.1 billion in capex for fiscal year 2027 to further scale 5G, data centers, and home broadband services.
Asset integrity and impairment assessment
Management conducted its annual impairment review of goodwill, which stood at $3,238 million as of March 31, 2026.
The review, based on ten-year business plans, concluded that no impairment was necessary for any of the Group’s cash-generating units. The recoverable amounts significantly exceeded carrying values across all regions; for example, the recoverable amount for Nigeria mobile services exceeded its carrying value by 143%.
This assessment reflects the Board’s confidence in the long-term structural growth of underpenetrated African markets
Executive commentary
Sunil Taldar, Chief Executive Officer, noted that the year’s success was underpinned by the integration of artificial intelligence and new digital technologies.
These innovations streamlined customer onboarding and optimized network performance at the site level.
The Group’s customer-first approach catalyzed a 10.5% increase in the total user base, reaching a record 183.5 million subscribers.
A central pillar of this strategy remains the expansion of the myAirtel app, which serves as a unified interface for both telecommunications and financial services, reflecting the company’s evolution into a scalable digital organization.
Financial position and future outlook
Airtel Africa ended the year with a strengthened balance sheet, as leverage improved from 2.3x to 1.8x. Profit after tax saw a substantial jump to $813 million, aided by operating profit growth and a shift from foreign exchange losses to gains of $127 million.
While the Group anticipates near-term margin pressure from rising energy costs and global inflation, the overall outlook remains positive.
The Board’s recommendation of a 9.2% increase in the total full-year dividend to 7.1 cents per share signals continued confidence in the Group’s ability to generate value while transforming lives across the continent.