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Airtel Africa - Data ARPU growth accelerates to +18.5%

September 2025

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.

  • Epic Code:
  • AAF
  • Price:
  • 207p
The shares jumped to a new high of 213p after Q1 beat expectations with revenues up 22.4% (Deutsche forecast +18%),  helped by that 50% price increase the previous quarter in Nigeria.  EBITDA grew 30% in reported currency to US$679m and pretax profit 144% to US$273m.   Customer numbers rose 9% to 169.4m but the standout figure was data customers soaring 17.4% to 75.6m with smartphone penetration improving by 4.3% to almost 46%.  Data ARPU growth accelerated to 18.5% with data usage increasing a massive 47%. All this is underpinned by its expansion of data infrastructure with the roll-out of over 2,300 new sites to reach 37,579 sites plus expansion of its fibre optic network by 2,700 kms to almost 80,000. Impressively, 4G da ...

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