After several years of rapid growth, more customers than ever are using our voice and data services – but there are still huge opportunities ahead. Our markets remain underpenetrated with 44% unique user penetration in sub-Saharan Africa, while a young and growing population continues to show strong demand for data, in particular. The GSMA’s latest report states that across sub-Saharan Africa, unique mobile subscribers and mobile internet users are forecast to grow at CAGR of 4.5% and 6.2%, respectively, to 2030. Smartphone penetration, which is a key enabler of data growth, is at 51% in sub-Saharan Africa.

Our own performance confirms these trends – we grew our customer base by 8.7% to 166.1 million in 2024/25, with data usage in particular surging by 47%. But we know that the market is evolving as it grows, with customers even more focused on quality, affordability and user experience. There are also challenges facing the connectivity gap – including the affordability of smartphones, cybersecurity and digital skills. So listening to customer feedback, personalising customer engagement and improving our digital platforms have all been priorities this year, alongside affordability programmes with smartphone manufacturers and security enhancements. We're also expanding our physical and digital distribution networks so that more customers can access our services.

In 2024/25, we expanded our activating outlets by 8% to over 390,000 outlets. We also continued to invest in our network this year – with 4G now reaching 74.4% of the population, an increase of 3.7% year on year. Growth in underserved rural areas continued to be a priority, with over 850 new infrastructure sites in rural areas. And we now have 5G sites and/or spectrum in the DRC, Gabon, Kenya, Malawi, Nigeria, Uganda, Seychelles, Tanzania and Zambia, ready for the next level of data growth.

Technological advances such as VoLTE (voice over long-term evolution), available in five markets and preparing in two more, are transforming customer experiences through superior voice quality and reduced connection times. Home broadband products, supported by our innovative routers and unlimited data offers, are opening new opportunities for entertainment and education. And we are supporting customers adjusting to the data usage of smartphones through our new Smarta data campaign, which helps customers get the most from their data bundles.

Overall revenue from mobile services declined by 3.3% in reported currency with growth of 19.6% in constant currency. In Q4’25, constant currency revenue growth accelerated to 21.9% from 19.6% in the prior quarter. The constant currency growth was evident across all regions and services.

Voice revenue grew by 10.6% in constant currency, supported primarily by the continued growth in the customer base as we continue to invest in our network and enhance our distribution infrastructure. The voice ARPU growth of 2.7% was supported by an increase in voice usage per customer of 4.9%, reaching 300 minutes per customer per month, with total minutes on the network increasing by 13%.

Data revenue grew by 30.5% in constant currency, driven by both customer base growth of 14.1% and data ARPU growth of 15.4%, respectively. The customer base growth was recorded across all the regions supported by the expansion of our 4G network. 97.4% of our total sites are now on 4G, compared with 95% in the prior reporting period. 5G is operational across five markets, with 1,466 sites deployed. Data usage per customer increased to 7 GB per customer per month (from 5.4 GB in the prior period), with smartphone penetration increasing 4.3% to reach 44.8%. Smartphone data usage per customer reached 8.8 GB per month compared to 7.2 GB per month in the prior period. Data revenue contributed to 43% of total mobile services revenue, up from 40% in the prior period.

Underlying EBITDA was $1,910m, down by 9.7% in reported currency and up by 14.6% in constant currency. The underlying EBITDA margin declined by 320 basis points year-on-year to 45.6%, a decline of 199 basis points in constant currency, largely due to increases in fuel prices across key markets. In Q4’25, underlying EBITDA margins of 46.3% improved from 45.7% in previous quarter (Q3’25).

Operating free cash flow was $1,291m, up by 31.4% in constant currency, due to the increased constant currency underlying EBITDA and lower capex.

Nigeria is Africa’s largest economy – and presents one of our biggest opportunities to transform lives and grow our business. With a young, digitally native population (the median age is 17.9, according to the World Bank), there is huge unmet demand for data. Out smartphone penetration is increasing – but at around 50%, still has far to go. And across the telecoms sector, internet usage surged past the one million terabyte mark for the first time in January 2025.

The launch of our home broadband (HBB) unlimited data offering is one example of us finding new ways to enhance customer experience but there are many others. The Airtel eShop helps customers manage their HBB devices, airtime and bundles while giving them access to our e-commerce offerings. One of the most impactful partnerships this financial year was Airtel Nigeria’s collaboration with Meta (Facebook) through the ongoing Facebook Monetisation Program, notably the launch of Zero-Rating With Pictures (ZORP) in August 2023. And the launch of our self-NIN portal in May 2024 is helping customers meet NIN (national identification number) requirements that previously saw many customers temporarily barred.

Our customers and our business have been through turbulence following recent devaluation and inflation. While the Nigerian naira has stabilised and the operating conditions for the telecoms sector have improved following government approval for tariff adjustments in Q4'25, we remain committed to cost optimisation to mitigate against rising input costs. This year that has included our ongoing work to service more customers digitally and greater use of solar power and energy efficiencies that reduce our network costs. At the same time, we’ve stayed focused on the people and communities around us. We continued to support our partnership with UNICEF and access to digital education, while in September 2024, we responded swiftly to severe flooding in Borno province with support from the business and volunteer employees to affected communities alongside rapid restoration of our network.

• Read more about our landmark partnership with UNICEF in the Airtel Africa Foundation

Revenue grew by 36.4% in constant currency, largely driven by continued strength in the demand for data services. In reported currency, revenues declined by 30.4% to $1,045m on account of the significant devaluation of the Nigerian naira. The constant currency revenue growth was driven by ARPU growth of 32.7%, while our customer base grew by 4.7% despite the KYC directives issued by the regulator resulting in the disconnection of some subscribers.

In January 2025, the NCC granted approvals for tariff adjustments of up to 50%. The tariff changes were implemented in Q4'25. In Q4’25, constant currency revenue growth accelerated to 39.8% from 34.1% in Q3’25, partially contributed by these tariff adjustments. Reported currency revenues grew by 15.5% year on year in Q4’25.

Voice revenue grew by 24.3% in constant currency, driven by voice ARPU growth of 20.9%.

Data revenue grew by 44.5% in constant currency as a result of both data customer and data ARPU growth of 6.3% and 32.1%, respectively. Data usage per customer increased by 33.4% to 8.4 GB per month (from 6.3 GB in the prior period), with smartphone penetration increasing 4.7% to reach 49.6%. Smartphone data usage per customer reached 11.1 GB per month compared to 9.0 GB per month in the prior period.

Underlying EBITDA of $522m declined by 35.6% in reported currency but increased by 26.7% in constant currency. The underlying EBITDA margin declined by 402 basis points to 50%, although the prior year had a one-time opex benefit of $7m in Q3’24. Adjusting for this one-time benefit in the prior year, underlying EBITDA margins declined by 355 basis points, reflecting continued inflationary pressures across the business, particularly, from an approximate 45% increase in diesel prices. Q4’25 underlying EBITDA margins increased from 48.8% in Q3’25 to 52.8% in Q4’25 reflecting the strong revenue growth in the quarter, partially contributed by the tariff adjustments.

Operating free cash flow was $354m, up by 92.2% in constant currency, due to underlying EBITDA growth and lower capex in current period. In reported currency, operating free cash flow declined by 36.6% due to lower reported currency underlying EBITDA following the significant Nigerian naira devaluation.

We operate in an evolving legal and regulatory landscape. Changes in Nigeria this year include:

Know your customer (KYC)

In March 2024, the Nigerian Communications Commission (NCC) required full barring of fraudulently acquired National Identity Numbers (NINs) used for SIM registration across all mobile network operators (MNOs), with a final compliance date of 31 July 2024. In November 2024, the NCC limited individuals to four SIMs per NIN. The NCC also mandated that only one SIM could be registered via a third-party agent with further registrations needed at operator premises. This took effect on 31 March 2025. Airtel Nigeria has fully complied with the directives issued. Since, Airtel has proceeded to implement these directives and with a view of mitigating against fraudulent SIM registration, proposed the implementation of Strategic Partner Stores in thirty six (36) states. On 10 April 2025, the NCC approved 3,117 devices for immediate deployment in thirty-two States (32) and FCT. Approval for the remaining four (4) states, pends a thorough NCC investigation into the root cause of irregular/fraudulent SIM registration activities. Airtel being in the process of finalizing the assignment of the approved devices to the Strategic Outlets at the State level, has requested an extension of the compliance deadline.

Licences

On 1 July 2024, Airtel Telesonic obtained the sales and installation of a terminal licence and a internet service provider licence for a duration of five years each. Additionally, Airtel obtained the national long distance licence for a duration of 20 years.

In December 2024, Airtel Telesonic was issued with an international data access services licence dated 1 November 2024, for durations of ten years.

Tariff adjustments

In January 2025, the NCC granted approval for tariff adjustments requested by the industry in response to prevailing market conditions. The adjustment, capped at a maximum of 50% of current tariffs, supports the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity. The NCC reaffirmed its dedication to fostering a resilient, innovative and inclusive telecoms sector. The NCC’s actions were also designed to ensure the long-term sustainability of the industry, support local vendors and suppliers and promote the overall growth of  Nigeria’s digital economy. 

Our six markets in East Africa are at the heart of one of the most dynamic parts of the continent, with a regional GDP growth rate of 4.7% in 2024 and an expected rate of 5.7% in 2025/26, according to the World Bank. What is more, the population is relatively young, with a median age of 18 – meaning that tens of millions of young people are joining the digital economy every year. Smartphone penetration increased by 3.9% in our markets last year – but was still only at 42.3% as of March 2025. So there is a clear growth runway for services and products that help unlock digital opportunity.

We aim to win new customers – and retain the loyalty of existing ones – by expanding reliable connectivity and improving user experience. This year that has included rolling out 1,722 new 4G sites and adding 432 5G sites while significantly expanding our data capacity. And across our markets we have made it easier for customers to use our services – for example, through digital self-recharges which now account for almost half of all recharges, a transaction that, until recently, was entirely paper-based. MyAirtel app users has increased 74% year on year.

Like our customers and other mobile network operators, we have adapted in the face of some challenges this year. A severe drought in Zambia, where hydropower makes a significant contribution to the energy network, caused extensive load-shedding and served as a reminder of the importance of our net zero ambitions and our climate resilience planning. Our Zambia business quickly returned to growth. There were also periods of devaluation in Malawi, Rwanda and Zambia. Nonetheless, the region saw strong constant currency growth while we continue to transform lives – for example through the ConnectRwanda 2.0, programme which has so far helped more than a million Rwandan customers own their first smartphone – see more details in Our sustainability strategy.

East Africa revenue grew by 13.6% in reported currency to $1,843m and by 18.8% in constant currency. The constant currency growth was made up of voice revenue growth of 11.9%, data revenue growth of 26.2% and other revenue growth of 27.1%, respectively.

Voice revenues were supported by customer base growth of 11.7% and voice ARPU growth of 1.3%. The customer base growth was largely driven by expansion of both increased network coverage and the increasing scale of the distribution network.

Data customer base growth of 18.4% and data ARPU growth of 9% drove the strong performance in data revenues. Our continued investment in the network and expansion of 4G network infrastructure resulted in 99.5% of our East Africa network sites enabled for 4G, compared to 96.4% in the prior period. Furthermore, 1,231 sites are 5G enabled across four key markets. Data usage per customer increased to 6.2 GB per customer per month, up by 30.2%, with smartphone penetration increasing 3.9% to reach 42.3%. Smartphone data usage per customer reached 7.8 GB per month compared to 6.3 GB per month in the prior period.

Underlying EBITDA increased to $877m, up by 11.4% in reported currency and up by 17.1% in constant currency. Underlying EBITDA margins of 47.6% declined by 96 basis points as a result of rising fuel prices in key markets.

Operating free cash flow was $585m, up by 26.0% in constant currency, due largely to underlying EBITDA growth.

The differential in growth rates (between constant currency and reported currency) is primarily driven by the devaluation in the Zambian kwacha and the Malawian kwacha, partially offset by the Kenyan shilling appreciation.

We operate in an evolving legal and regulatory landscape. Relevant changes in our region this year include:

Know your customer (KYC)

Rwanda
In August 2024, the regulator, RURA, issued an enforcement notice that required all operators to stop all street and kiosk-based SIM card registration and swaps, and revoke the KYC credentials of all SIM registration agents within 24 hours. Airtel Rwanda implemented this directive and addressed the gaps in its SIM card selling outlets to ensure strict adherence to the KYC requirements. Airtel Rwanda co-operated with RURA and, in December 2024, Airtel Rwanda was granted written authorisation to restore KYC credentials to authorised kiosks, enabling agents to provide SIM registration and swap services in rural and underserved areas.

Zambia
Following an amendment to the Income Tax Act, on 20 December 2024, the Zambia Tax Authority required that MNOs, with effect from 1 January 2025, collect customer tax PINs as part of the onboarding KYC process for both telecoms and mobile financial service customers. Compliance with the legal requirement was to take effect on 1 January 2025.

Mobile termination regulation (MTR)

Rwanda
In August 2024, the Government of Rwanda signalled an end to the current zero MTR rate. The consultant hired by the regulator has proposed the introduction of a symmetric MTR rate of Rwandan franc 0.83 per minute for voice and Rwandan franc 0.1 for SMS, respectively.

Uganda
In August 2024, the Uganda Communications Commission (UCC) reduced the MTR rate from Ugandan shillings 45 per minute to Ugandan shillings 26 per minute with effect from 1 September 2024, pending the conclusion of an MTR cost study, which has not yet been finalised.

Zambia
Effective 1 January 2025, the Zambia Information and Communications Technology Authority (ZICTA) imposed an interim asymmetrical MTR rate in favour of Zed Mobile, a new entrant in the telecoms market. The MTR payable to the three existing operators remains at Zambian kwacha 0.09 per minute, while the MTR rate payable to Zed Mobile has been set at Zambian kwacha 0.13 per minute pending the conclusion of a cost study.

Licences and spectrum

On 6 September 2024, Airtel Kenya received confirmation from the regulator of the extension of existing network facility provider, application service provider, content service provider and international gateway station and service licences as well as its spectrum in 900 MHz, 1800 MHz and 2100 MHz that were due for renewal in January 2025 for a period of 24 months effective from January 2025.

There is a young, data-hungry population of around 200 million people in the seven countries in our Francophone Africa segment, and for the vast majority, mobile services are the first – and often only – way they can access connections to each other and the digital economy. Our smartphone penetration continues to grow, but at 43% is still low by global and African benchmarks, offering a clear opportunity for further expansion – provided we continue to ensure that customer experience remains our focus.

In 2024/25, we grew our customer base and revenues despite the continuing headwinds in several markets, including significant inflation in the DRC, fuel shortages and political disruption. We've met these challenges by reinforcing the resilience of our networks, leaning further into digital solutions in areas such as recharges and apps for our sales teams, and launching new products. We expanded our 4G network, in particular, with 641 new sites across the region reflecting the continued, and still unmet, demand for data. Our fibre network also grew by 244 km and we launched fibre-to-the-home (FTTH) services in our Seychelles market. Meanwhile, enterprise solutions for businesses in the oil and mining sectors who need fast, secure broadband and IT services are building momentum. All this has been supported by continued growth in our distribution infrastructure, with SIM and recharge outlets both expanding significantly.

Our focus on customers is bringing results. In 2024/25 we’ve welcomed 2.4 million new data customers and grown our overall customer base by 8.8%, bringing essential services and digital inclusion to more people and communities than ever.

Revenue grew by 7.2% in reported currency and by 7.9% in constant currency. In Q4’25, constant currency revenue growth accelerated to 12.5% from 8.5% in the prior quarter following a recovery in market trends and the benefits of sustained network investment as well as intensive focus on ‘go-to-market’ initiatives.

Voice revenue declined by 0.6% in constant currency as customer base growth of 8.8% was more than offset by a decline in voice ARPU reflecting interconnect rate reductions and increased competitive intensity during the period.

Data revenue grew by 24.1% in constant currency, supported by customer base growth of 23.5%. Our continued 4G network rollout resulted in an increase in total data usage of 44.2% and per customer data usage growth of 24.3%. Data usage per customer increased to 5.4 GB per month (up from 4.4 GB in the prior period), with smartphone penetration increasing 4.7% to reach 43.1%. Smartphone data usage per customer reached 6.5 GB per month compared to 5.4 GB per month in the prior period.

Underlying EBITDA at $505m declined by 1.5% and 0.8% in reported and constant currency, respectively. The underlying EBITDA margin declined to 38.8%, a decline of 342 basis points, reflecting an increase in fixed frequency fees in one market, rising energy costs combined with revenue growth pressure in some markets. The strong revenue performance in Q4’25 supported an increase in underlying EBITDA margins to 39.8% from 39.2% in Q4’24.

Operating free cash flow of $346m declined by 1.9% in constant currency due to the decline in underlying EBITDA and marginally higher capex.

We operate in an evolving legal and regulatory landscape. Relevant changes in our region this year include:

Mobile termination regulation (MTR)

Republic of the Congo
In October 2023, l‘Agence de régulation des postes et des communications électroniques du Congo Brazzaville (l’ARPCE) extended the asymmetric MTR rate of 7 CFA (Congolese franc) to terminate on Airtel Congo S.A.’s network and 5 CFA to terminate on MTN’s network for a period of 12 months to October 2024. In the meantime, the regulator has commissioned a cost study.

Licences

Chad
With effect from 9 April 2024, Airtel Chad was issued with a renewal of its 2G, 3G, 4G licences as well as the ISP licence. The licences are for a period of ten years at a cost of the CFA 54bn (approximately $89m).

Gabon
On 7 January 2025, Airtel Gabon obtained a global fixed operator authorisation (FTTX licence), granted for a period of ten years at a sum of CFA 3.5bn (approximately $5.8m). The FTTX licence will enable Airtel Gabon to provide high-speed Internet services using fibre to retail customers.

Spectrum

Niger
In July 2024, L'Autorité de Régulation des Communications Électroniques et de la Poste (ARCEP) granted Airtel Niger the opportunity to acquire 20 MHz of spectrum in the 2600 MHz band at an initial fee of $1.32m.

In August 2024, ARCEP granted a 12-month extension of the temporary allocation of 5 MHz in the 1800 band until July 2025. Airtel Niger is pursuing the conversion of this temporary allocation of spectrum into a permanent allocation at the end of the 12 months period.

On 31 October 2024, Airtel Niger received a decision from ARCEP allocating radio frequency for the fixed terrestrial service operating in the 6G Hz band (with a bandwidth of 40 MHz) for voice and data communications. This acquisition will bring additional backbone capacity (from 1.3 Gbps to 7.2 Gbps) and improve quality of service. It can also be used as an alternative to fibre on certain routes. Airtel Niger will be required to pay an annual fee of CFA 66,467,520 (approximately $109,000).

Tax developments

Democratic Republic of the Congo
Based on the Finance Act 2025, mobile telecom operators need to consider the deferred revenue as part of taxable income which will be subject to corporate income tax for the year.