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Airtel Africa is poised for a financial turnaround in 2026, following a year marked by currency headwinds and muted growth, a rebound that is expected to soar the telecom’s giant top-line.
Lagos-based consultancy firm Cordros Research forecasts Airtel Africa’s group revenue to climb by 19.7 percent to $5.93 billion, driven by a combination of higher tariffs in Nigeria, greater currency stability across the continent and continued strength in data and financial services offerings.
This rebound follows a volatile three-year stretch that has slowed down the firm’s earnings.
Airtel’s group revenue slid from $5.255 billion in 2023 to $4.979 billion in the financial year ended March 2024 and saw a modest drop in the same period in 2025 at $4.955 billion.
The company’s profit after tax swung from $750 million in 2023 to an $89 million loss in 2024 before piloting back to a $328 million profit in the financial year ended March 2025.
The rebound was fuelled by a substantial reduction in net foreign exchange losses to $179 million from $1.3 billion the previous year, following a strategic $702 million repayment of foreign currency liabilities.
Despite a modest 0.5 percent decline in reported revenue due to currency translation issues, revenue rose 21.1 percent in constant currency terms.
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Airtel Nigeria to aid recovery outlook on easing currency pressures
The revenue growth and profitability optimism is underpinned by the parent company’s strong performance in the latest fiscal year as foreign-exchange and derivative losses, particularly in Nigeria, is slowing.
“Nigeria’s contribution to group revenue has declined in recent years due to the sharp depreciation of the naira. However, we expect a recovery in 2026E,” analysts at Cordros said.
Cordros forecast that Airtel Nigeria’s revenues will climb 53.1 percent to $1.60 billion, as a recent tariff increase lifts average revenue per user by 50.0 percent to $2.55 while subscribers edge up 5.4 percent to 56.4 million.
Even with this rebound, Airtel Nigeria’s contribution to group turnover is expected to reach only 26.9 percent, still well below its 2019–23 average of 36.9 percent.
The operating company itself has announced plans to double its capital investments in Nigeria after spending $168 million on capex in the year to March 2025, a 33.3 percent drop from the previous year, with a renewed focus on infrastructure upgrades, rural coverage expansion, advanced data solutions, improved customer experience and community-focused projects.
Beyond Nigeria, Airtel’s footprint across East and Francophone Africa is seen supporting steady customer growth.
As Africa’s mobile and digital-finance markets continue to deepen, Airtel Africa is well placed to deliver a material earnings rebound and restore its growth trajectory.
This increased investment drive by Airtel Nigeria aligns with broader sector expectations. The Nigerian Communications Commission projects that telecom operators will invest N1.59 trillion ($1 billion) in network expansion during 2025 to address lingering network glitches after years of underinvestment.
“Our decision to double our investment reflects our deep commitment to Nigeria’s future,” said Dinesh Balsingh, chief executive officer of Airtel Nigeria.
“As a company that views Nigeria as home, we are investing in transformative infrastructure that will deliver unmatched value to our customers and make connectivity an everyday reality for more Nigerians.”
