Airtel Africa Plc has reported revenue of $4.19 billion for the financial year ended March 31, 2025, representing a 3.3% decline in reported currency but a strong 19.6% growth in constant currency terms, according to its just-released annual report.
The group’s performance was significantly impacted by currency devaluations across several key markets. However, in operational terms, the business recorded growth across all major service lines, demonstrating the underlying strength of its pan-African telecommunications and mobile money platform.
Segment Performance
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Voice revenue, the company’s largest traditional revenue stream, declined 9.8% to $1.96 billion on a reported basis but increased 10.6% in constant currency, reflecting stable usage trends offset by FX headwinds.
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Data revenue rose 4.0% to $1.80 billion in reported currency, with robust 30.5% growth in constant currency, driven by the expansion of 4G infrastructure and an increase in data customers.
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Other revenue, comprising mobile money and value-added services, remained flat at $425 million, though it posted 21.8% growth in constant currency.
Profitability and Margins
Airtel Africa’s underlying EBITDA stood at $1.91 billion, down 9.7% in reported currency but up 14.6% in constant currency. The EBITDA margin declined by 320 basis points to 45.6%, reflecting cost inflation and FX losses. In constant currency, the margin was only 199 basis points lower, suggesting relative operational efficiency was preserved.
Operating profit fell 17.9% to $1.00 billion in reported terms, impacted by higher depreciation and amortisation costs, which rose 4.7% to $797 million due to continued investments in network expansion.
Cash Flow and Capital Expenditure
Capital expenditure declined 10.8% to $619 million, while operating free cash flow dropped 9.1% to $1.29 billion. However, in constant currency, free cash flow improved 31.4%, reflecting operational leverage and disciplined capital deployment.
Customer Metrics
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Airtel Africa’s total customer base grew 8.7% year-on-year to 166.1 million, reaffirming its position as one of the continent’s largest telecom operators.
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The data customer base rose by 14.1% to 73.4 million, aligned with increasing smartphone adoption and network penetration across markets.
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Average Revenue Per User (ARPU) for mobile services declined 10.3% to $2.20, but increased 11.0% in constant currency, indicating real growth in customer value offset by FX translation.
Outlook
Despite reported earnings being weighed down by currency pressures, the strong constant currency growth across all financial and operational metrics highlights Airtel Africa’s resilience and adaptability across diverse and challenging markets.
The company continues to invest in infrastructure, expand its mobile money footprint, and improve digital inclusion across its 14-country footprint. Management has indicated a focus on disciplined capital allocation, FX risk mitigation and further expansion in underpenetrated markets as key priorities for the 2026 financial year.
Airtel Africa’s 2025 Annual General Meeting (AGM) is scheduled to take place on July 9, 2025, in London and virtually.
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