Financial review

Performance highlights

Operating highlights

• Through a sustained focus on enhancing the customer experience, supported by continued investment in our network and the embedding of digitisation across the business, we have achieved a record year of net additions with our customer base increasing by 10.5% to 183.5 million. Data customers grew by 14.8% to 84.2 million as smartphone penetration rose another 4.7% to 49.5%. Demand remains strong with data usage per customer increasing to 8.9 GB per month from 7.0 GB in the prior period, underpinning a 16.2% constant currency growth in data ARPUs.
• Airtel Money continued to scale and deepen engagement, with an expanded customer base of 54.1 million, up by 21.3% year on year. Broader use cases and higher adoption across the digital platform drove 49% growth in annualised total processed value (TPV) to over $215bn in reported currency in Q4’26. Ongoing ecosystem expansion and increased customer activity supported an 8.6% uplift in constant currency ARPU.

Financial performance

• We achieved a record 24.0% growth in constant currency revenues in 2025/26, with reported currency revenues increasing by 29.5% to $6,415m. The strength of the performance over the year reflects supportive industry dynamics and focused operational execution, further supported by tariff adjustments in Nigeria. In Q4’26, constant currency revenues grew by 22.3% as the Nigerian tariff benefits partially lapped during the quarter. The mobile services segment grew by 22.6% in constant currency, with data revenues increasing by 35.2%, while the mobile money segment continues to see strong operating momentum, resulting in 28.4% growth in constant currency.
• The strong revenue performance and continued benefits from our cost efficiency programme resulted in a record underlying EBITDA margin of 49.3%, with Q4’26 margins of 50.3% (Q4’25: 47.3%). Underlying EBITDA of $3,162m grew by 37.2% in reported currency and 30.4% in constant currency.
• Profit after tax of $813m improved from $328m in the prior period. Higher profit after tax in the current period was driven by higher operating profit and derivative and foreign exchange gains of $127m compared to $179m derivative and foreign exchange losses in the prior period.
• Basic EPS of 18.6 cents compares to 6.0 cents in the prior period, predominantly reflecting the growth in operating profit and derivative and foreign exchange gains in the current period, compared to losses in the prior period. EPS before exceptional items was driven by the same underlying factors, increasing from 8.2 cents to 18.6 cents.

​Capital allocation

• Capex for the year increased by 31.9% to $884m, in line with our revised guidance. During the year, we rolled out 3,250+ new sites and expanded our fibre network by approximately 3,200 kms to 81,900 kms, strengthening network reach and resilience while supporting improved service quality. Capex guidance for 2026/27 is approximately $1.1bn reflecting accelerated investment to expand coverage and capacity, while also investing in home broadband (HBB) and data centres, as we reinforce our strategy to scale digital infrastructure to meet rising demand.
• Leverage has improved from 2.3x to 1.8x, with lease-adjusted leverage also improving to 0.5x from 1.0x in the previous year, primarily driven by the improvement in underlying EBITDA.
• The Board has recommended a final dividend of 4.26 cents per share, making the total dividend for the full year 7.1 cents per share, a 9.2% growth from the previous year, in line with our dividend policy.

Financial review

Revenue

Group revenue in reported currency increased by 29.5% to $6,415m, with constant currency growth of 24.0%. Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation across most markets. In Q4’26, constant currency revenue growth of 22.3% was lower than the previous quarter (Q3’26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4’25. 2025/26 constant currency revenue growth was underpinned by Nigerian revenue growth of 47.5%, East Africa growth of 17.8% and a strong performance in Francophone Africa, which saw revenue growth accelerate to 17.1% in the current financial year compared to 9.5% reported in 2024/25.

Mobile services revenue of $5,350m increased by 27.6% in reported currency and by 22.6% in constant currency. Constant currency growth was led by voice revenue growth of 12.8% and data revenue growth of 35.2%. Mobile money revenue grew by 36.3% in reported currency and by 28.4% in constant currency, driven by strong growth in East Africa and Francophone Africa.

Francophone Africa reported currency revenue growth was 21.5% – higher than constant currency revenue growth of 17.1%, primarily due to CFA appreciation. In East Africa, reported currency revenue grew by 24.0% which is also higher as compared to 17.8% constant currency growth due to appreciation in the Zambian kwacha, Ugandan shilling and Tanzanian shilling. In Nigeria, reported currency revenues grew by 52.9%, and by 47.5% in constant currency. In Q4’26, the Nigerian naira appreciated significantly from a weighted average NGN/USD rate of 1,529 in Q4’25 to NGN/USD 1,386, resulting in Nigeria revenues growing by 54.8% in reported currency and by 40.3% in constant currency.

Revenue ($m)

Underlying EBITDA

Reported currency underlying EBITDA grew by 37.2% to $3,162m, while in constant currency underlying EBITDA increased by 30.4%. Reflecting a more favourable operating environment and the continued success of our cost efficiency programme, underlying EBITDA margins have increased by 280 bps in the current period to reach 49.3%. In Q4’26, underlying EBITDA margins expanded further, crossing the 50% mark and reaching 50.3%, an increase of 295 bps.

Mobile services underlying EBITDA increased by 30.8% in constant currency with underlying EBITDA margins of 48.8%, an increase of 327 bps. Mobile money underlying EBITDA margins of 50.8% declined by 196 bps in reported currency, primarily due to the renegotiation of intra-group agreements that were disclosed in our H1’26 results, which had no impact on the consolidated Group’s margin.

Underlying EBITDA ($m)

Operating profit

Operating profit in reported currency increased by 45.1% to $2,115m, largely driven by underlying EBITDA growth of 37.2% in reported currency.

Operating profit ($m)

Finance costs

Total finance costs for the year ended 31 March 2026 were $713m, compared to $822m in the prior period. Prior period finance costs were 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 an exceptional item. For the year ended 31 March 2026, finance costs included $127m of derivative and foreign exchange gains largely on account of naira appreciation. As a result, finance costs, excluding derivative and foreign exchange gains/(losses), increased from $643m in the prior period to $840m in the current period, primarily reflecting a full-year impact of interest on lease liabilities following the tower contract renewals in the second half of the prior year (which had a neutral to positive impact on cash flows).

The Group ended the current financial year with a weighted average interest rate of 10.6%, which has decreased by 240 bps from 13.0% in the prior period.

Exceptional items

Finance cost – exceptional of $87m in the prior period was related 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. These losses resulted in an exceptional tax gain of $30m. There were no exceptional items in the current period.

Profit before tax

Profit before tax was $1,419m for the year ended 31 March 2026 as compared to $661m in the prior period. Higher profit before tax in the current period as compared to the prior period was on account of higher operating profit and derivative and foreign exchange gains of $127m in the current period as compared to $179m derivative and foreign exchange losses in the prior period.

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 review 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 (PPE)

Property, plant and equipment (including capital work in progress) increased to $2,690m, an increase of $410m mainly on account of capital expenditure of $785m and $141m of foreign currency translation reserve arising from translation of local currency assets into reporting currency, i.e. US dollar, partially offset by depreciation of $466m and software net book value of $59m reclassed from PPE to intangible.

Right-of-use assets

Right-of-use assets increased to $3,569m, an increase of $540m due to right-of-use additions of $697m and $250m of foreign currency translation reserve arising from translation of local currency assets into reporting currency, i.e., US dollar, partially offset by depreciation of $419m.

Other intangible assets

Other intangible assets, including assets under development, increased by $78m to $896m. The increase primarily includes software additions of $99m, reclass of $59m from property, plant and equipment and $40m of foreign currency translation reserve arising from translation of local currency assets into reporting currency, i.e., US dollar, partially offset by $162m of amortisation.

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 $443m to $1,395m due to continued growth in mobile money.

​Total equity and liabilities

Total equity

Total equity increased to $3,488m, an increase of $713m related to profit for the period of $813m, other comprehensive income of $252m (primarily composed of foreign currency translation reserve gains on goodwill) and the reversal of the put option liability by $27m. This was partially offset by $246m of dividend to shareholders of Airtel Africa plc, $99m of dividends to minority shareholders in subsidiaries and $53m due to the share buyback programme (second tranche of second buyback).

Borrowings

Gross borrowings (including short-term borrowings) increased by $430m to $6,412m due to an increase in lease liabilities (current and non-current) by $563m, partially offset by a reduction in OpCo market debt of $134m. Lease liabilities increased by $563m, primarily reflecting $621m of additions and a $120m foreign currency translation reserve impact, partially offset by repayments of $204m. Market debt declined by $134m due to the net repayment of market debt by $237m, partially offset by a foreign currency translation reserve impact of $103m due to the appreciation of OpCo local currencies against US dollar.

Current liabilities

Current liabilities (excluding borrowings) increased by $728m to $3,644m largely due to the increase in mobile money wallet balances by $382m, an increase in trade payables of $133m and an increase in current tax liabilities by $85m.

Further details of the Group’s liquidity position and going concern assessment are shown in note 34 of the financial statements.

Dividends

The Board has recommended a final dividend of 4.26 cents per ordinary share for the year ended 31 March 2026. The proposed final dividend will be paid on 24 July 2026 to all ordinary shareholders who are on the register of members at the close of business on 19 June 2026.

We will announce more details in due course. We paid an interim dividend of 2.84 cents per ordinary share in December 2025.