Airtel Africa Q1 revenue jumps to $1.85 billion as Airtel Money eyes London IPO

July 23, 2026

Airtel Africa Q1 revenue jumps to $1.85 billion as Airtel Money eyes London IPO

Airtel Africa has opened its new financial year with stronger revenue, rising data consumption and a major step toward separating its mobile money business.

The telecommunications group generated $1.85 billion in revenue during the quarter ended June 30, 2026, representing reported currency growth of 31% from $1.42 billion a year earlier.

On a constant currency basis, revenue increased by 21.1%, Airtel Africa confirmed London as its preferred listing venue for Airtel Money, positioning one of Africa’s largest mobile financial services platforms for a potential public offering in 2026.

Revenue grows across Airtel Africa’s major markets

Airtel Africa recorded double-digit constant currency growth across its mobile communications and financial services businesses.

Mobile services revenue rose by 19.1%, supported by an 11.2% increase in voice revenue and 27.2% growth in data revenue. Mobile money revenue increased by 25.8% on the same basis. remained the company’s fastest-growing major market, with constant currency revenue rising by 29.8%. Revenue increased by 17.8% in East Africa and 18% across Airtel’s Francophone African markets.

Part of the Nigerian performance reflected the full impact of tariff adjustments introduced during the final quarter of Airtel Africa’s 2025 financial year.

The company’s total customer base expanded by 11.6% to 189 million, while the number of data customers climbed by 15.5% to 87.3 million.

Those customers are also consuming significantly more mobile data. Average monthly data usage increased from 7.8GB to 10.6GB per customer over the past year, helping total network data traffic rise by 56.3%.

Smartphone penetration across Airtel Africa’s markets reached 51%, up 5.2 percentage points from the previous year. l Money chooses London for planned listing

Airtel Africa has selected London as the preferred venue for the proposed Airtel Money initial public offering, subject to regulatory approvals.

The company said a London listing would give the mobile money business access to “a broad international investor base” while helping Airtel unlock the platform’s long-term value. Money now serves 56.5 million customers, a 23.3% increase from the previous year. Its annualized total processed value rose by 51.5% to more than $245 billion, reflecting increased transaction activity and broader adoption of digital payment services.

The platform generated $404 million in quarterly revenue, up from $290 million in reported currency. Wallet services contributed $196 million, while payments and transfers produced $172 million.

The listing plan is significant for Africa’s fintech sector because Airtel Money operates at a scale few standalone startups can match. It combines telecommunications infrastructure, agent networks and mobile wallets across several African markets.

A successful IPO could also provide investors with more direct exposure to Africa’s expanding digital payments industry, rather than requiring them to invest through Airtel Africa’s broader telecommunications business.

Airtel Africa has not completed the listing process. The transaction remains subject to regulatory approvals, market conditions and the company’s final decisions on the structure and timing of the offering.

Profit rises as Airtel increases network spending

Airtel Africa’s profitability improved during the quarter. EBITDA rose by 36.6% in reported currency to $928 million, while its EBITDA margin increased from 48% to 50.1%.

Profit after tax grew by 27% to $198 million, compared with $156 million in the same quarter a year earlier. The increase came despite a $37 million exceptional finance cost linked to an in-principle settlement of a commercial dispute involving one of the company’s subsidiaries.

Basic earnings per share increased from 3.4 cents to 4.4 cents. Earnings per share before exceptional items reached 5.4 cents. Airtel Africa also accelerated investment in its network as data traffic and customer demand continued to grow.

Capital expenditure jumped to $389 million from $121 million a year earlier. The company added more than 920 network sites during the quarter, its largest first-quarter site rollout, and expanded its fiber network to 82,100 kilometers. Eased spending is intended to improve network coverage, capacity and service quality while preparing Airtel for further growth in mobile data, home broadband and digital services.

Share buyback program moves forward

Airtel Africa also provided an update on the share buyback program launched on May 22, 2026. The company plans to repurchase up to 1% of its issued share capital. Its initial agreement with Barclays covers purchases worth up to $110 million and is expected to end no later than November 27, 2026.

By June 30, Airtel Africa had repurchased approximately 10.2 million shares for $46.6 million. The acquired shares will be canceled. The program signals confidence in Airtel Africa’s balance sheet, although the company continues to direct substantial capital toward network infrastructure and future digital growth.

What to watch next

Attention will now shift to the Airtel Money IPO process. Regulatory approvals, the proposed valuation, the size of the stake offered to investors and the final listing timetable will determine how significant the transaction becomes for Africa’s technology and capital markets.

Founders and investors should also watch how Airtel Money positions itself against other major African mobile money and fintech platforms. Its customer base, telecommunications infrastructure and annualized transaction value give it a strong foundation, but public market investors will closely examine revenue growth, profitability and expansion opportunities.

Airtel Africa’s rising data consumption is another important signal. More smartphones, heavier internet usage and continued network investment could create additional opportunities for fintech, streaming, e-commerce, cloud services and other digital products built for African consumers.

However, higher energy and operating costs could place pressure on margins in the coming quarters. Airtel Africa said it would continue using cost-efficiency measures to offset part of that impact.

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