Performance highlights
Operating key performance indicators (KPIs)
- Our total customer base grew 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 currency.
- 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 recent 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, respectively.
- 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 the incremental impact on account of tower contract renewals, which had 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 (excluding 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 financial year 2024/25 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 the share buy-back programme.
Financial review
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 this, $87m was classified as exceptional following the Nigerian naira devaluation in H1’25 which has been partially offset by the Nigerian naira and Tanzanian shilling appreciation in Q3’25. Finance costs, excluding derivative and foreign exchange losses, increased from $444m to $643m in the current period primarily on account of tower contract renewals with ATC and IHS, which had neutral to positive impact on cash flows. 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.
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 IHS, 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 IFRS 16, 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.
Below is the summary of how lease-adjusted leverage is calculated:
Description | Unit of measure | As of 31 March 2025 | As of 31 March 2024 |
|---|---|---|---|
Non-current borrowings | $m | 1,226 | 947 |
Current borrowings | $m | 1,095 | 1,426 |
Add: Processing costs related to borrowings | $m | 9 | 8 |
Less: Fair value hedge adjustment | $m | – | (1) |
Less: Cash and cash equivalents | $m | (552) | (620) |
Less: Term deposits with banks | $m | (76) | (344) |
Add: Lease liabilities | $m | 3,661 | 2,089 |
Net debt | $m | 5,363 | 3,505 |
Less: Lease liabilities | $m | 3,661 | 2,089 |
Lease adjusted net debt | $m | 1,702 | 1,416 |
Underlying EBITDA | $m | 2,304 | 2,428 |
Leverage | $m | 2.3x | 1.4x |
Lease adjusted underlying EBITDA | $m | 1,766 | 1,930 |
Lease adjusted leverage | times | 1.0x | 0.7x |
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 year ended 31 March 2025. On the balance sheet, non-monetary net assets and correspondingly equity have 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 $4,193m declined 3.3% in reported currency and grew by 19.6% in constant currency. Mobile money revenue grew by 18.7% in reported currency. In constant currency, mobile money revenue grew by 29.9%, driven by revenue growth in East Africa of 31.9% and Francophone Africa of 22.2%, respectively.
Revenue ($m)
Operating profit
Operating profit in reported currency declined by 11.1% to $1,457m as currency headwinds and a one-time provision of $16m for an expected settlement of a legal dispute in a former Group subsidiary offset the 11.2% growth of operating profit in constant currency.
Operating profit ($m)
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 IHS, 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 $2,259m in the prior period.
Profit after tax ($m)
Alternative performance measures (APMs)
Underlying EBITDA
Underlying EBITDA of $2,304m declined by 5.1% in reported currency, and increased by 18.1% in constant currency. Growth in constant currency underlying EBITDA was led by revenue growth and supported by continued improvement in operating efficiencies, offset by the impact of inflationary cost pressures in several markets. The underlying EBITDA margin declined by 228 basis points in reported currency to 46.5% reflecting the impact of the lower contribution of Nigeria following significant Nigerian naira devaluation and inflationary cost pressures.
The gap between constant currency and reported currency underlying EBITDA growth was due to the currency devaluations between the periods, mainly in the Nigerian naira, Malawian kwacha and Zambian kwacha.
Underlying EBITDA ($m)
* Underlying EBITDA margin %
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.
Description | Unit of measure | Year ended | |||||
|---|---|---|---|---|---|---|---|
March-25 | March-24 | ||||||
Profit before taxation | Income tax expense | Tax rate (%) | Profit before taxation | Income tax expense | Tax rate % | ||
a $258m exceptional tax gain in full year period ended 31 March 2024 is tax gain corresponding to $807m derivative and foreign exchange losses following the Nigerian naira and the Malawian kwacha devaluation. b $16m exceptional items related to provision for expected settlement of a legal dispute in one of the Group’s former subsidiaries. | |||||||
Reported effective tax rate (after EI) | $m | 661 | 333 | 50.3% | (63) | 26 | (41.1%) |
Exceptional items (provided below) | $m | 103 | 30 | 807 | 258 | ||
Reported effective tax rate (before EI) | $m | 764 | 363 | 47.5% | 744 | 284 | 38.3% |
Adjusted for: |
| ||||||
Foreign exchange rate movement for loss making entity and/or non-DTA operating companies and holding companies | $m | 35 | – | 57 | – | ||
One-off adjustment and tax on permanent difference | $m | (8) | (39) | – | 24 | ||
Effective tax rate | $m | 791 | 324 | 41.0% | 801 | 308 | 38.4% |
Exceptional items |
| ||||||
1. Derivative and foreign exchange rate losses | $m | 87 | 30 | 807 | 258a | ||
2. Provision for expected settlement of a contractual dispute | $m | 16b | – | – | – | ||
Total | $m | 103 | 30 | 807 | 258 | ||
Exceptional items
Operating exceptional items in the current year of $16m related to a provision for the expected settlement of a legal dispute in one of the Group’s former subsidiaries in Q4’25.
The non-operating exceptional item was $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 the Nigerian naira and the 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, respectively. See note 11 of the financial statements for more 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 IHS, which had neutral to positive impact on cashflows, and a deferred impact of prior period currency devaluation.
Description | $ cents |
|---|---|
2023/24 EPS before exceptional items | 10.1 |
Currency devaluation (translation) | (8.9) |
Operating profit (constant currency) | 4.5 |
Derivative and foreign exchange gain/(loss) | 6.6 |
Lease interest (including contract renewals) | (3.3) |
Finance charges (excluding Forex and lease interest) | (2.0) |
| Tax and others | 1.2 |
2024/25 EPS before exceptional items | 8.2 |
Operating free cash flow
Operating free cash flow was $1,634m, lower by 3.4%, as a result of lower underlying EBITDA due to cascading impact of currency devaluation in the prior period, particularly in Nigeria, partially offset by lower capex during the current period.
Net cash generated from operating activities
| Particulars | March 2025 $m | March 2024 $m | Change $m |
|---|---|---|---|
Underlying EBITDA | 2,304 | 2,428 | (124) |
Other non-cash items | (2) | – | (2) |
Operating cash flow before changes in working capital | 2,302 | 2,428 | (126) |
Change in working capital | 287 | 175 | 112 |
Net cash generated from operations before tax | 2,589 | 2,603 | (14) |
Income tax paid | (323) | (344) | 21 |
Net cash generated from operating activities | 2,266 | 2,259 | 7 |
Net debt bridge
| Particulars | March 2025 $m | March 2024 $m |
|---|---|---|
Net cash generated from operating activities | 2,266 | 2,259 |
Cash capex (tangible) | (736) | (868) |
Cash capex (intangible) | (123) | (161) |
Cash interest | (644) | (407) |
Repayment of lease liabilities | (222) | (324) |
Dividend paid to non-controlling interests | (72) | (59) |
Subtotal (a) | 469 | 440 |
Dividend to Airtel Africa plc shareholders | (229) | (212) |
Proceeds from sale of shares to NCI | 10 | 53 |
Increase in mobile money wallet balance | (218) | (207) |
Purchase of shares under buy-back programme | (120) | (9) |
(Outflow)/inflow on maturity of derivatives (net) | (194) | 7 |
Others | (39) | (5) |
Subtotal (b) | (790) | (373) |
Addition of lease liabilities | (1,857) | (911) |
Repayment of lease liabilities | 222 | 324 |
Translation impact on net debt | 98 | 539 |
Subtotal (c) | (1,537) | (48) |
Net debt (increase)/decrease d = a+b+c | (1,858) | 19 |
Opening net debt | 3,505 | 3,524 |
Closing net debt | 5,363 | 3,505 |
Purchase of intangible assets
Purchase of intangible assets of $123m in the current reporting period included payment of approximately $89m for licence renewal in Chad and $161m in the previous period, which included payment of $127m for the renewal of the 2100 MHz spectrum licence in Nigeria.
Dividend paid to shareholders
A final dividend payment of $133m (3.57 cents per ordinary share) for year ended 31 March 2024 was paid during the year and an interim dividend payment of $96m (2.6 cents per ordinary share) was paid in December 2024. The dividend payments were in line with our progressive dividend policy which aims to grow the dividend annually by a mid-to-high single-digit percentage.
The Board recommended a final dividend of 3.9 cents per share for the year ended 31 March 2025, amounting to a total dividend of 6.5 cents per share for the current reporting period.
Proceeds from sale of shares to non-controlling interest (NCI)
Proceeds from sale of shares to NCI relates to the sale of Airtel Zambia shares to minority shareholders amounting to $10m in the current reporting period.
Translation impact on net debt
Translation impact on net debt primarily represents the reduction in local currency cash, borrowings and lease liabilities in US dollar terms, arising from devaluation of local currencies (primarily, the Nigerian naira) against the reporting currency (US dollar). This impact is included in ‘other comprehensive income – foreign currency translation reserve’ in the consolidated statement of comprehensive income.
Financial information by service
We provide performance data for our mobile voice and data services and Airtel Money in our business reviews section.
Financial information by market
We provide performance data for each of our markets in our business reviews section.
Consolidated statement of financial position
See consolidated statement of financial position. Details on the major movements of our assets and liabilities in the year are set out on this page.
Assets
Property, plant and equipment
Property, plant and equipment (including capital work in progress) increased to $2,280m, an increase of $221m, on account of hyperinflation accounting related to Malawi operations of $67m, capital expenditure of $651m, partially offset by depreciation of $412m and $83m of foreign currency translation reserve arising from translation of local currency assets into reporting currency, i.e. US dollar (primarily, in Nigeria).
Right-of-use assets
Right-of-use assets increased to $3,029m, a increase of $1,546m due to addition of $1,867m (including $1,310m due to contract renewals with ATC and IHS on approximately 8,300 sites in Niger, Nigeria, Kenya, Uganda and Zambia), $32m on account of hyperinflation accounting related to Malawi operations, partially offset by depreciation of $310m and $43m of foreign currency translation reserve arising from translation of local currency assets into reporting currency, i.e., US dollar (primarily, in Nigeria).
Balance held under mobile money trust
The balance held under mobile money trust represents the funds of mobile money customers which are not available for use by the Group, and these have increased by $215m to $952m due to continued growth in mobile money.
Total equity and liabilities
Total equity
Total equity increased to $2,775m, an increase of $475m. The increase was primarily driven by the adjustment to opening reserves by $308m due to the application of hyperinflationary accounting for the Malawi operations, a $328m of profit for the period and an increase in other comprehensive income by $221m. This was partially offset by $229m dividend to shareholders of Airtel Africa plc, a $62m dividend to minority shareholders in subsidiaries and $100m due to the share buy-back programme.
Borrowings
Gross borrowings (including short-term borrowings) increased by $1,520m to $5,982m largely due to increase in lease liability (current plus non-current) by $1,572m (including $1,310m due to contract renewal with ATC and IHS on approximately 8,300 sites in Niger, Nigeria, Kenya, Uganda and Zambia).
Current liabilities
Current liabilities (excluding borrowings) increased by $653m to $2,916m largely due to reclass of put option liability from non-current liability to current liability amounting to $542m and mobile money wallet balance by $206m, offset by decrease in derivative instruments by $134m.
Further details of the Group’s liquidity position and going concern assessment are shown in note 31 and 2.2 respectively of the financial statements.
Dividends
The Board has recommended a final dividend of 3.9 cents per ordinary share for the year ended 31 March 2025. The proposed final dividend will be paid on 25 July 2025 to all ordinary shareholders who are on the register of members at the close of business on 20 June 2025. We paid an interim dividend of 2.6 cents per ordinary share in December 2024.