AIRTELAFRI 9M:2026 | Robust Growth Amid Currency Tailwinds; Reaffirming Long-Term Potential in Underserved Markets
Note: Airtel Africa Plc’s 9M:2026 results cover the period from April to December 2025, as the company’s financial year runs from April to March.Airtel Africa’s 9M:2026 results confirm sustained operational strength and improved financial resilience.
Below are the key highlights:
Accelerating revenue with FX boost: Revenue rose 28.3% YoY to USD4.67bn, driven by strong data growth (+39.7% YoY) and mobile money (+34.9% YoY). Customer base expanded 10%, while ARPU increased 16.7% YoY to USD3.
Sharp profit jump on lower finance costs & operations: Net finance costs fell 15.8% YoY to USD506mn, supported by USD99mn in FX gains versus losses last year. PAT surged 136% to USD586mn, with basic EPS up 198% to 13.15 cents.
Solid balance sheet & cash flow supporting growth: Net debt stood at USD5.65bn, with leverage improving to 1.9x (from 2.4x). Operating cash flow rose 42% to USD2.31bn, while FCF increased 37% to USD1.68bn despite a 32% rise in capex to USD603mn.
Valuation & Recommendation: Our blended target price of NGN6,971.75 implies 207.13% upside from the current price, underpinning our STRONG BUY recommendation.
Caveat: Liquidity constraints on the NGX remain a key consideration, with thin order books and significantly lower trading volumes relative to the LSE equivalent. These conditions may delay price alignment and introduce execution, volatility, and FX related risks for investors.
Airtel Africa PLC Formerly known as Airtel Africa Ltd. Airtel Africa PLC is a United Kingdom-based provider of telecommunications and mobile money services. The Company offers an integrated suite of telecommunications solutions, including mobile voice and data services as well as mobile money services both nationally and internationally. It offers traditional mobile voice services, with a primary focus on data and non-voice services through its third generation (3G) and fourth generation (4G) networks. It also offers mobile money services under its Airtel Money brand to customers in all of the Company's 14 countries of operation in Africa, primarily in East Africa and Central and West Africa. The mobile voice business line comprises pre- and post-paid wireless voice services, international roaming and fixed-line telephone services. The mobile data business line comprises data communications services, including second generation (2G), 3G and, increasingly, 4G data services, and other value added services (VAS).
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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