Airtel Africa defies devaluations, posts $328M profit in FY ’25

Airtel Africa Plc reported a significant turnaround to a $328 million profit for the full year ended March 31, 2025, overcoming persistent currency devaluations that slightly dented revenue, as the carrier saw robust growth in its mobile money and data services. The result marks a stark contrast to the $89 million loss posted a year earlier.

With operations in 14 African countries, the telecommunications giant saw total revenue dip marginally by 0.5% to $4.95 billion. This decline was primarily attributed to devaluations of the Nigerian naira, Malawian kwacha, and Zambian kwacha. However, a crucial 50% tariff increase in Nigeria helped cushion the top-line impact.

The telco will focus on driving improvements in digital platforms and offerings to enhance the customer experience further. Part of that focus includes bolstering its mobile unit arm, Airtel Money, set for IPO in 2026, a year later than promised.

Customer experience remains critical to the telco via continued investment in the data experience. Data capacity across the network increased with the rollout of over 2,583 sites and around 3,300 km of fibre, the financials said.

Key takeaways:

• Airtel Africa reported revenue of $4.95 billion year-on-year, down 0.5%
• It gained $328 million in profits year-on-year, up more than 4x March 2024 numbers
• Mobile money customers grew 17.3% in FY 2025 to 44.6 million

The company’s bottom line, which surged more than fourfold, was significantly bolstered by its data and mobile money operations. Data customers climbed 14.1% to 73.4 million, while mobile money users grew 17.3% to 44.6 million. This expansion drove a 12% increase in overall Average Revenue per User (ARPU) in constant currency.

Voice revenue regained control, rising to $1.96 billion and towering data revenues of $1.80 billion. Mobile money revenue grew to $994 million, with a continued strong performance in East Africa of 31.9% and Francophone Africa of 22.2%. Similarly, mobile money contributed 29.9% to revenue, slightly below data revenue’s contribution of 30.5%—the highest in percentage points. Strong optimism in the telco’s Airtel money product set to go public in 2026 and improvement in data use could be driving these numbers.

Airtel’s customer base grew to 166.1 million as the company continued to reduce its foreign currency debt exposure. The shift to local debt increased the interest rate by the end of the full year, heightening the pressure on its earnings rather than reducing them. The company claimed to have repaid in full the 5.35% Guaranteed Senior Notes maturing in May 2024. This bond repayment of $550m was made exclusively out of the cash reserves at the HoldCo and is a continuation of its strategy to reduce external foreign currency debt.

Despite the positive results, Airtel Africa’s share price is down 7.1% in pre-market trading. However, investors are likely to be encouraged by the company’s strong financial performance and its attractive share price, especially after the completion of the first tranche of the second buyback programme.

“An improving operating environment and focused execution contributed to strong momentum in our financial results, with constant currency revenue growth peaking at 23.2% in Q4’25. Part of this acceleration in the last quarter has also been driven by the Nigerian tariff adjustments,” said CEO Sunil Taldar, who succeeded Olusegun Ogunsanya in June 2024.

“We remain focused on further EBITDA margin improvements, subject to macroeconomic stability. This, combined with our robust capital structure and disciplined capital allocation, puts us in a strong position to continue investing in network capacity to deliver continued growth.  We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective.”

The Group and MTN Group agreed to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements. These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.