…The total customer base grew[1]by 7.9% to 163.1 million.
…Transaction value in Q3’25 increased by 33.3% in constant currency with annualised transaction value of $146bn.
…Profit after tax (PAT) of USD168.71 million (+10.4x y/y)
THUR JAN 30 2025-theGBJournal|Airtel Africa Plc (AIRTELAFRI), one of sub-Saharan Africa’s leading telecommunications and mobile money services providers said Thursday the Board have announced a second share buyback programme, which will return up to $100m to shareholders.
This is coming on the back of a stellar third-quarter 2025 earnings which beat expectations on the back of robust improvement in both the operating and financial performance.
AIRTELAFRI also reported an EPS of USD3.60 (vs loss per share of USD0.20 in Q3-24), thus bringing the 9M-25 EPS to USD4.40 (vs loss per share of USD1.61 in 9M-24).
The improvement was largely driven by a 2.4% y/y uptick in revenue and an 80.1% y/y decline in total finance cost to USD72.51 million (Q3-24: USD365.12 million).
AIRTELAFRI’s group revenue increased by 2.4% y/y to USD1.27 billion in Q3-25 (9M-25: -5.8% y/y to USD3.64 billion), primarily driven by growth in data (+7.9% y/y | 36.4% of revenue) and mobile money (+23.4% y/y | 20.9% of revenue) services, while voice (-7.7% y/y | 39.1% of revenue) and other services (-0.6% y/y | 8.2% of revenue) saw declines.
Voice revenue growth remains constrained by currency depreciation in Nigeria, Malawi, and Zambia, offsetting the impact of a growing subscriber base (+7.9% y/y to 163.10 million | Q3-25 net addition of 6.46 million) and increase in voice usage per subscriber (+4.9% y/y, reaching 300 minutes per subscriber per month).
Meanwhile, data revenue expanded on the back of a 13.8% y/y increase in the data subscriber base to 71.40 million (Q3-25 net addition of 5.39 million) and a 32.7% rise in data usage per subscriber to 6.9GB per month.
Overall, average revenue per user (ARPU) declined by 4.1% y/y to USD2.70 (9M-25: -12.4% y/y to USD2.60) reflecting subdued revenue growth stemming from currency depreciation.
In constant currency terms, revenue grew by 21.3% y/y (9M-25: +20.4% y/y), led by strong growth in Nigeria (+34.1% y/y | 9M-25: +35.0% y/y) and East Africa (+19.8% y/y | 9M-25: +19.3% y/y).
In Nigeria, revenue fell by 30.6% y/y (9M-25: -40.3 y/y) as persistent naira depreciation led to declines across all segments—voice (-38.1% y/y), data (-25.5% y/y), and other services (-15.3% y/y).
However, in constant currency, revenue grew by 34.1% y/y (9M-25: +35.0% y/y), reflecting growth in voice (+19.5% y/y), data (+44.2% y/y), and other (+63.2%) revenue segments.
Constant currency revenue growth was driven by a 3.2% increase in the total subscriber base to 52.10 million (with 3.39 million net additions in Q3-25) despite regulatory-mandated disconnections under NCC directives and strong demand for data services, with data usage per subscriber rising by 37.2% y/y to 8.4GB per month.
East Africa revenue grew by 19.0% y/y (9M-25: +11.4% y/y) in reported currency, supported by strong performances in voice (+11.1% y/y), data (+28.9% y/y) and other (+22.7% y/y) revenue segments.
In constant currency terms, revenue surged by 19.8% y/y (9M-25: +19.3% y/y), driven by subscriber growth (+10.8% y/y to 76.5 million, with 2.23 million net additions in Q3-25) and a 30.3% increase in data usage per customer to 6.1GB per month.
The growth in East Africa was driven by the expansion of network coverage, with 4G coverage reaching 99.5% (Q3-24: 95.1%) and 5G services extending to 1,158 sites (Q2-25: 986 sites) alongside the increasing scale of the distribution network.
In Francophone Africa, revenue increased by 8.0% y/y in Q3-25 (9M-25: +6.1% y/y), driven by growth in the data (+23.7% y/y) revenue segment, despite a decline in other revenues (-11.7% y/y), while voice revenue remained unchanged. In constant currency, revenue rose 8.5% y/y (9M-25: +6.4% y/y).
The region’s revenue growth was constrained by high inflation in key markets, which negatively impacted consumer spending. Nevertheless, the total subscriber base grew by 9.1% y/y to 34.50 million, with 0.84 million net additions in Q3-25, supported by network coverage expansion and enhanced distribution infrastructure.
Meanwhile, mobile money revenue increased by 23.4% y/y, contributing 20.9% of total revenue (9M-25: +15.8% y/y, 20.1% of total revenue). Growth was fueled by an expanded Airtel Money distribution network, an 18.3% increase in customers to 44.3 million (Q3-25: net addition of 2.00 million), and a 25.8% y/y increase in transaction value to USD36.40 billion (9M-25: +18.4% y/y to USD100.20 billion).
In constant currency, mobile money revenue grew by 31.2% y/y in Q3-25 (9M-25: +29.6% y/y).
Total expenses rose slightly by 7.0% y/y (9M-25: +0.1% y/y), reflecting currency depreciation and high energy prices, particularly in Nigeria. As a result, EBITDA declined by 2.0% y/y (9M-25: -11.9% y/y), leading to a 212bps contraction in EBITDA margin to 46.9% (9M-25: -322bps to 46.2%).
Notably, EBITDA margin declined in Nigeria (-639bps y/y to 48.6% | 9M-25: -545bps y/y to 48.5%) and Francophone Africa (-287bps y/y to 43.3% | 9M -25: -386bps y/y to 43.0%) but expanded in East Africa (+32bps y/y to 53.4% | 9M -25: -82bps y/y to 52.8%).
Further down, total finance costs fell by 80.1% y/y to USD72.51 million (9M-25: -51.5% y/y to USD600.51 million), mainly due to a USD144.49 million exceptional derivative and foreign exchange gain reported during the period. This gain was largely driven by a USD94.00 million gain resulting from the Tanzanian shilling appreciation in Q3-25.
Overall, AIRTELAFRI reported a profit before tax (PBT) of USD315.71 million (+639.0% y/y) and a profit after tax (PAT) of USD168.71 million (+10.4x y/y). In 9M-25, the company posted an 801.1% y/y growth in PBT to USD493.83 million and a PAT of USD247.67 million (+112.7x y/y).
Elated Sunil Taldar, chief executive officer, while giving the company’s trading update said, The recent signs of currency stabilisation in some markets and the recent decision from the Nigerian Communications Commission (NCC) regarding tariff adjustments in Nigeria are encouraging and signal a more stable and supportive operating environment.
While challenges remain, these developments provide a firm foundation for growth and improved market conditions.”
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