Expanding our networks to meet surging customer demand for high-speed data
Revenue
$1,598m
reported currency +52.8%
constant currency +47.4%
Operating profit
$543m
reported currency +78.5%
constant currency +70.8%
Underlying EBITDA
$924m
reported currency +76.8%
constant currency +70.3%
ARPU
$2.4
reported currency +41.6%
constant currency +36.7%
Other market participants
MTN
Globacom
T2 Mobile (formerly 9 Mobile)
Dinesh Balsingh
MD and CEO, Airtel Nigeria
1
Nigeria’s improving macroeconomic environment and supportive regulatory framework created a platform for sustainable growth this year. We responded by investing in network expansion, digital safety and innovation – delivering faster, safer connectivity.
2
Revenue ($m)
Growth percentage in constant currency
Underlying EBITDA ($m)
* Underlying EBITDA margin (%)
Revenue split
Summarised statement of operations
1 Voice revenue includes inter-segment revenue of $1m in the year ended 31 March 2026. Excluding inter-segment revenue, voice revenue was $613m in year ended 31 March 2026. 2 Other revenue includes inter-segment revenue of $2m in the year ended 31 March 2026 and in the prior period. Excluding inter-segment revenue, other revenue was $162m in year ended 31 March 2026 and $112m in the prior period. | |||||
|---|---|---|---|---|---|
Description | Unit of measure | Year ended | Reported currency change | Constant currency change | |
Mar-26 | Mar-25 | ||||
Revenue | $m | 1,598 | 1,045 | 52.8% | 47.4% |
Voice revenue1 | $m | 614 | 448 | 36.9% | 32.2% |
Data revenue | $m | 820 | 483 | 69.8% | 63.6% |
Other revenue2 | $m | 164 | 114 | 44.2% | 38.8% |
Underlying EBITDA | $m | 924 | 522 | 76.8% | 70.3% |
Underlying EBITDA margin | % | 57.8% | 50.0% | 785 bps | 776 bps |
Depreciation and amortisation | $m | (306) | (217) | 41.1% | 36.1% |
Operating profit | $m | 543 | 304 | 78.5% | 70.8% |
Capex | $m | 249 | 168 | 48.6% | 48.6% |
Operating free cash flow | $m | 675 | 354 | 90.3% | 80.7% |
Operating KPIs | |||||
Total customer base | million | 58.3 | 53.3 | 9.4% | |
Data customer base | million | 31.4 | 29.1 | 8.1% | |
Mobile services ARPU | $ | 2.4 | 1.7 | 41.6% | 36.7% |
Demand for reliable, high-speed data continues to grow among the young, digitally engaged population of Nigeria, Africa's largest economy and our biggest single market. In an improving economic and regulatory environment, we responded to this demand this year through disciplined investment in our networks and distribution ecosystems, enhancing customer experience through greater reach, more secure and reliable connections and easier access to our services.
With a median age of 18.1 years, Nigeria has one of the world's most youthful populations and a rapidly expanding digital economy that is contributing around 20% of Nigeria's real GDP growth, according to the World Economic Forum (WEF). Data used by our customers reflects this, showing a 43.4% increase year-on-year. We significantly enhanced our network to cater to this demand, adding over 1,050 new sites and 657 5G sites, alongside enhanced access to 4G spectrum. The quality of our services also improved, including through the uptake of our 'Spam alert' service, launched in March 2025. Our home broadband (HBB) offering continued to show very strong growth, while smartphone penetration also grew to 54.9% from 49.6% in 2024/25.
As well as doubling the number of our directly owned retail touchpoints, we applied new AI tools to speed up the know-your-customer (KYC) onboarding process. This made it easier for customers to access our services, though this was offset by slowdowns in customer additions as we adjusted to regulations restricting the number of SIM-cards our sales partners could register to individual users and changes in the National Identity Management Commission (NIMC) process.
While inflationary pressures have eased in Nigeria and operating conditions for telecoms businesses improved following government’s approval for tariff adjustments in January 2025, we remain committed to cost optimisation. We maintained our commitment to communities by awarding 100 fully funded university scholarships to STEM students across seven federal universities, supporting the next generation of talent. In addition, through the Airtel Africa Foundation, we supported the training programme for 25,000 young Nigerians under the Federal Government’s 3MTT programme.
Revenue grew by 47.4% in constant currency, largely driven by continued strength in the demand for data services and supported by tariff adjustments. The constant currency revenue growth was driven by ARPU growth of 36.7% and customer base growth of 9.4%. In Q4’26, constant currency growth slowed compared to Q3’26 as we lapped the impact of tariff adjustments which were implemented in Q4’25.
In reported currency, revenue grew by 52.8% to $1,598m with Q4’26 revenue growth at 54.7%. Higher reported currency growth in Q4'26 compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4’25 to NGN/USD 1,386 in Q4'26.
Voice revenue grew by 32.2% in constant currency, driven by voice ARPU growth of 22.5% primarily reflecting the tariff adjustments earlier in the year.
Data revenue grew by 63.6% in constant currency as a function of both data customer and data ARPU growth of 8.1% and 49.2% respectively. Data usage per customer increased by 30.8% to 11.0 GB per month (from 8.4 GB in the prior period), with smartphone penetration increasing by 5.3% to reach 54.9%. Smartphone data usage per customer reached 13.7 GB per month compared to 11.1 GB per month in the prior period.
Underlying EBITDA of $924m improved by 76.8% in reported currency and by 70.3% in constant currency. The underlying EBITDA margin increased 785 basis points to 57.8%, driven by strong revenue growth and continued benefits arising from our cost efficiency programme, supported by stable fuel prices.
Operating free cash flow was $675m, up by 80.7% in constant currency and 90.3% in reported currency. This was driven primarily by the strong underlying EBITDA growth, partially offset by higher capex.
We operate in an evolving legal and regulatory landscape. Relevant changes in Nigeria this year include:
Know your customer (KYC)
Following a Nigerian Communications Commission (NCC) investigation into mass SIM-card registrations in Kano, Airtel Nigeria was directed in January 2025 to suspend third-party SIM-card registrations and rely solely on its own shops and employees. In July 2025, the NCC issued further directives to bar fraudulent SIM-cards, enforce geo-fencing and strengthen controls. Due to NCC findings, the NCC directed Airtel Nigeria to suspend SIM-card registrations in the state for 30 days. The suspension was lifted in October 2025.
Spectrum
Airtel Nigeria entered into a spectrum lease agreement with Emerging Markets Telecommunications Services (EMTS) for 10MHz of spectrum in the 2100MHz band over a period of three years from 1 December 2025 to 30 November 2028.
Transforming lives in action
‘Lean’ sites: expanding coverage while reducing environmental impact and cost
Our network in Nigeria is expanding rapidly as we meet the accelerating demand for data and mobile services. We’re exploring innovative ways to reduce the environmental impact – and costs – of the new infrastructure sites that bring high-speed, high-quality connections into customers’ lives and homes.
Our ‘lean’ sites provide mobile coverage and network capacity using simplified systems, eliminating the need for diesel generators and larger ground-based towers which typically have higher operational costs and emissions. Using compact and energy-efficient components, including poles with integrated antennae, remote radio units (RRUs) and small outdoor microwave radio equipment, the lean sites require less capital investment to install and reduce monthly maintenance costs by as much as 90%. In addition, the use of solar and other low-carbon energy sources reduces their carbon emissions compared to sites run on diesel generators.
In 2025/26, we deployed more than 200 ‘lean’ sites in Nigeria, increasing the uptime in off-grid locations, where we had coverage gaps, by 21%, significantly improving the network experience for our customers.
