Airtel Africa plc have announced their results for year ended 31 March 2025

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.

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Below is a summary of the key highlights from the results:

• Constant currency revenue growth of 23.2% is a further acceleration from the 21.3% growth we reported in Q3’25. This is a continuation of the growth acceleration seen in Q2, and reflects the continued strong demand across the footprint. During the quarter, we saw an acceleration in Nigerian revenue growth to 40.1%, partially reflecting the tariff adjustments implemented during the quarter.
• EBITDA* margin expansion has continued through the year. EBITDA margins in Q4’25 came in at 47.3%, which is a 200bps increase from the Q1’25 level of 45.3%. The strong revenue growth momentum, combined with continued savings realised through our cost efficiency programme has helped drive this strong sequential margin expansion. The FY’25 EBITDA margin decline versus the FY’24 level reflects higher diesel costs and lower contribution from Nigeria following the significant naira devaluation – as we have previously communicated.
• In Q4’25, the YoY currency headwinds have eased significantly. As a result, reported currency revenues increased 17.8%, and EBITDA increased 19.8%
• In total, we have paid down more than $700m of foreign currency debt over the last year. We continue to reduce our exposure to US$ debt, with 93% of OpCo debt (excl. lease liabilities) based in local currency, up from 83% a year ago.
• Leverage increased from 1.4x to 2.3x, however, this reflects the tower contract renewals that we previously disclosed. Lease-adjusted leverage (introduced in Q3 as an alternative performance measure) dropped slightly to 1.0x from 1.1x in Q3’25, but increased from 0.7x over the year.
• In December 2024, we launched a second share buyback programme of up to $100m. To date we have returned $45m to shareholders in this second share buyback programme.
• Capex came in at $670m for FY’25 primarily reflecting a deferral in data centre spend over the period.

• The outlook remains attractive with a compelling growth opportunity across our markets. We will continue to focus on EBITDA margin improvements and capex guidance for FY’26 is expected to be between $725m and $750m.

*Please note that in Q4’25, there was an operating exceptional item of $16m relating to a provision for an expected settlement in a former subsidiary. All commentary in this note relates to underlying EBITDA and excludes the impact of this exceptional item.