Updates

Airtel Africa - Airtel Money TPV up 51% in Q1 as it prepares for IPO

October 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Airtel Africa’s Q1 numbers confirm that operational momentum remains red hot. Group revenues beat consensus by 5% to reach US$1.85bn, representing a 21.1% constant-currency expansion (+31.0% in reported terms). Below the top line, operating leverage flexed its muscles: EBITDA jumped 36.6% to US$928m, pushing the operating margin up 206 basis points to a commanding 50.1%. Meanwhile, balance sheet risk continues to evaporate, with net debt-to-EBITDA falling from 2.2x down to 1.7x. The engines of this growth are broad-based. Nigeria led the charge with ~30% constant-currency revenue growth, successfully absorbing prior-year price hikes as data revenues surged 38% on a 33.6% jump in usage per subscriber. East Africa and Francophone Af ...

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Airtel Africa - Data traffic rises by HALF; all eyes now on Money IPO news (July 2026)

Airtel Africa - Exploding data usage leads to upgrade (December 2025)

Airtel Africa - Data ARPU growth accelerates to +18.5% (September 2025)

Airtel Africa - Nigerian price hike powers 15% data ARPU growth (July 2025)

Airtel Africa - IPO of money division could rocket shares (March 2025)

Airtel Africa - “African Vodafone” could de-merge fast-growing money business (February 2025)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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