Market environment and investment proposition
There is a huge opportunity for growth in our young, growing, underpenetrated markets – but they’re also subject to economic and political volatility and a complex regulatory environment. Our strong track record reflects our success in navigating these challenges while continuing to execute against the opportunity on offer, to deliver a compelling investment case.
Operating across high-growth markets
We operate across 14 markets with a combined population of 679 million who are underserved in essential voice, data and mobile money services.
- Fast-growing, young populations
- Underpenetrated voice and data markets
- Rapid adoption of smartphones
- Accelerating demand for mobile money
Fast-growing, young populations in our unique 14-market footprint
We have a unique footprint of top-tier positions in 14 markets in sub-Saharan Africa which will see the world’s fastest growth in working age population over the next three decades. The GSMA forecasts that there will be around 740 million unique mobile subscribers in sub-Saharan Africa by 2030.
Underpenetrated voice and data markets
Our telecoms and data markets remain underpenetrated at around 46%, compared to a global average of 71%. Demand for data centres, enterprise services and home broadband is surging.
Rapid adoption of smartphones – but still a long way to go
Smartphone penetration – a key enabler of data and mobile money growth – was at 57% in 2025 in sub-Saharan Africa and is expected to reach 79% by 2030.
Unbanked population accelerating the demand for mobile money
Africa leads the world in mobile money services, with adoption rates accelerating. But 64% of adults remain unbanked, with over 90% of payments still made in cash. Mobile money is the driver of financial inclusion for consumers and enterprise alike.
Investing for growth
Our disciplined capital allocation aims to maximise the value of the opportunities in our markets. Our investment supports economies and fuels growth.
- Consistent investment in coverage and capacity infrastructure
- Digital innovation and continuous process improvement
- A strong and expanding distribution network
Consistent infrastructure investment to enhance coverage and capacity
In 2025/26, we invested $884m in capital expenditure, predominantly in our networks, and added more than 3,250 infrastructure sites. Our 4G network now reaches 75.6% of the people in our markets, up 1.2% since 2024/25.
Digital innovation and continuous process improvement
We continuously innovate to digitise and simplify customer journeys and our processes, offering leading platforms such as MyAirtel app. Our Digital Labs support our technology platforms and digital products.
A strong and expanding distribution network
We continually build scale across our customer touchpoints by expanding our distribution network while streamlining the customer onboarding process to make it easier and faster to sign up new customers. This is supported by digitalisation, including through our MyAirtel app.
Managing risks
We face risks and challenges across our markets which we mitigate through our broad portfolio and disciplined risk management framework.
- Geopolitical and macroeconomic risks, including currency volatility
- Evolving legal, regulatory and tax frameworks
- A dynamic competitive environment
- Climate and weather-related disruption
Geopolitical risks, macroeconomic and currency volatility
Our business is subject to numerous variables, including inflation, security challenges and fluctuations in global commodity prices. Furthermore, we’re constantly exposed to the risk of adverse local currency fluctuations. Our customers face cost-of-living pressures.
Evolving legal, regulatory and tax frameworks
Legal and regulatory frameworks for telecoms services and mobile financial services are unique to each country and they constantly evolve as do requirements regarding taxes, tariffs, consumer protection and fair competition.
A dynamic competitive environment
We operate in a competitive environment which varies for each of our markets, products and services.
Climate and weather-related disruption
Africa is disproportionately affected by climate change and extreme weather events continue to occur in several markets.
Delivering focused execution
The focused execution of our strategy is the backbone of our ability to deliver sustainable, profitable and market-leading growth.
- Enhancing the customer experience
- Harnessing stakeholder support for digital and financial inclusion
- Cost optimisation
- Robust risk management, compliance and partnerships with stakeholders
Enhancing the customer experience
We offer affordable, reliable services and simplified, digital customer journeys that are transforming how customers interact with our products and services – and with the digital and financial ecosystem.
Harnessing strong stakeholder support for sustainable development and financial and digital inclusion
We actively engage with governments and other stakeholder groups, partnering with them to unlock the numerous opportunities that digital and financial inclusion offers, driving economic prosperity.
Cost optimisation
Cost efficiencies are key to combating inflationary pressures in some markets. Through a relentless focus on cost efficiencies, our ability to sustain industry-leading EBITDA margins reflects our ability to actively manage our cost base without compromising growth.
Robust risk management, data security, compliance and partnerships with stakeholders
Our risk management framework and strong corporate governance policies ensure we’re able to effectively mitigate risks. We strictly comply with local and international laws, and safeguard customer data. We continue to be a partner in development with our various stakeholders through the implementation of our sustainability strategy while our resilience programmes help us adapt to unforeseen weather or political disruption.
Creating sustained value
We have a compelling track record of delivering value for shareholders and other stakeholders.
- Consistent strong growth in constant currency revenue and underlying EBITDA
- Sustainable capital structure
- Attractive shareholder returns
Consistent strong growth in constant currency revenue and EBITDA
Over the past five years, we have delivered 20.1% CAGR constant currency revenue growth and industry-leading EBITDA margins, enabling continued investment in our network to support our ambition for future growth.
Sustainable capital structure
Our lease-adjusted leverage has improved to 0.5x from 1.0x in the prior year, while we continue to move debt into local currency. Currently, over 95% of our debt is in local currency.
Attractive shareholder returns
As a result of our cash flow generation and robust capital structure, the Board continues to support our existing dividend policy of a mid- to-high single-digit annual growth in the dividend. In 2025/26, our $100m share buyback programme was completed.
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Airtel Africa continues to deliver attractive shareholder value through strong operational execution and a sustainable capital structure
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Sunil Taldar
Chief executive officer