Airtel Africa PLC (LSE:AAF) shares dropped nearly 9% on Thursday after the telecoms group reported flat revenues and a decline in underlying earnings.
While customer numbers rose and data usage surged, underlying EBITDA for the 12 months to March 31 fell 5.1% to $2.3 billion, with margins narrowing to 46.5% from 48.8% a year earlier.
Reported revenue dipped slightly to $4.96 billion, despite strong growth of 21.1% in constant currency, as currency devaluation in key markets continued to weigh on the top line.
The company said growth was strongest in Q4, helped by Nigerian tariff changes and improved macro conditions.
Net profit for the year rose to $328 million from a loss in the prior period, thanks largely to fewer currency and derivative losses.
Airtel said its mobile money business now reaches 44.6 million users, while smartphone penetration increased to nearly 45%. A potential IPO of Airtel Money is targeted for early 2026, subject to market conditions.
The stock was changing hands for 155.7p.