Airtel Africa grows half-year earnings while doubling network investment

Airtel Africa ($AAF) reported revenue of $3.823 billion for the first half of fiscal 2026/27, up 28.2% as reported and 20.8% at constant currencies. Underlying EBITDA increased 32.8% to $1.921 billion, with the margin reaching 50.3%. Customer numbers expanded 11.6% to 193.9 million, while mobile-money customers grew 22.4% to 60.9 million, supporting demand across its African operations.

Profit after tax rose to $452 million from $376 million despite higher financing costs and $55 million of exceptional charges after tax linked to a subsidiary settlement and the Airtel Money flotation. Capital expenditure more than doubled to $657 million as the group added approximately 4,200 sites. Operating free cash flow still increased 12.0% to $1.264 billion, although fuel-cost inflation remains a pressure on margins.

Sources:

• RNS via Investegate