Airtel FY26: Scale, Data, and Mobile Money Turn Strategy into Cash

Airtel Africa’s year to 31 March 2026 shows what happens when network investment, digitisation, and customer focus align. The group added more customers than ever before, pushed data and mobile money deeper into the base, and converted that momentum into record margins and cash.

The customer base hit 183.5 million, up 10.5% year-on-year, the highest net additions in the group’s history. That growth was not just breadth but depth. Data customers rose 14.8% to 84.2 million as smartphone penetration climbed 4.7 percentage points to 49.5%. With usage per customer up from 7.0 GB to 8.9 GB a month, data ARPU grew 16.2% in constant currency. The result is a business where the largest revenue line is now data, and it is growing because customers are using more of it, not just because prices went up.

Airtel Money scaled in parallel. The platform reached 54.1 million customers, a 21.3% increase, and total processed value in Q4’26 exceeded $215bn on an annualised basis, up 49% in reported currency. Broader use cases and higher app engagement drove an 8.6% uplift in constant-currency ARPU, reinforcing Airtel Money’s shift from a payments add-on to a core digital financial services platform. App transacting customers rose 74% over the year, a signal that the myAirtel app and site-level network optimisation are translating into real usage.

Financially, that operating pull-through was clear. Constant currency revenue grew 24.0% to $6.415bn, with reported revenue up 29.5% thanks to currency appreciation across most markets. Nigeria and Francophone Africa led, at 47.5% and 17.1% constant currency growth respectively. Mobile services revenue rose 22.6% in constant currency, with data up 35.2%. Mobile money grew 28.4% in constant currency, maintaining strong momentum despite a lower base effect in Q4’26 as Nigerian tariff benefits began to lap.

The cost efficiency programme did its job alongside the top-line push. Underlying EBITDA margins expanded to 49.3% for the year and peaked at 50.3% in Q4’26, up from 47.3% a year earlier. Underlying EBITDA reached $3.162bn, up 37.2% in reported currency and 30.4% in constant currency. That margin expansion flowed directly to profit: profit after tax rose to $813m from $328m, aided by $127m of derivative and foreign exchange gains versus $179m of losses last year. Basic EPS climbed to 18.6 cents from 6.0 cents, and EPS before exceptional items matched it at 18.6 cents, up from 8.2 cents.

Management reinvested while keeping the balance sheet lighter. Capex rose 31.9% to $884m, funding 3,250 new sites and 3,200 km of fibre, taking the network to 81,900 km. The guidance for FY’27 steps up to roughly $1.1bn as Airtel accelerates coverage, capacity, home broadband and data centres. Leverage fell to 1.8x from 2.3x, and lease-adjusted leverage to 0.5x from 1.0x, largely on the back of EBITDA growth. The board recommended a final dividend of 4.26 cents, taking the full-year payout to 7.1 cents, a 9.2% increase.

CEO Sunil Taldar framed the year as proof that adoption of digital technologies and AI is unlocking both growth and efficiency. Site-level network optimisation, streamlined onboarding, and the rollout of the myAirtel app helped lift smartphone customers 22% to 91 million and drove an almost 50% increase in data traffic. Airtel Money’s ecosystem expansion is on track, though the IPO timing has shifted due to market conditions following recent geopolitical developments. The group remains committed to listing in the second half of 2026 if conditions allow.

The outlook carries a note of caution. Recent geopolitical events have pushed energy costs higher, and that inflation will likely pressure EBITDA margins in the near term. Airtel’s response is to lean harder on cost efficiencies while keeping the growth engine running. The accelerated investment plan is aimed squarely at that: expand core mobile and money, and scale enterprise, home broadband and data centres to broaden the revenue base and deepen financial inclusion.

Taken together, FY26 shows Airtel moving beyond currency-driven earnings swings to a model built on customer growth, data monetisation, and mobile money scale. If the group can manage energy cost inflation and execute the accelerated capex plan without losing margin discipline, the record margins and cash generation seen in FY26 look repeatable rather than one-off.