Income Statement Airtel Africa plc

Equities

AAF

GB00BKDRYJ47

Integrated Telecommunications Services

Market Closed - London S.E. Other stock markets 16:35:28 10/04/2026 BST			5-day change	1st Jan Change
384.60 ^GBX	-0.77%		+8.89%	+8.28%

04-10	Wall Street Gets a CPI Lifeline
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e6d399cd4a9a17fd445.EmmcqYynStkVheDR9OhbZZ3czQSVxDRiZqKmP2d7AA8.Izr24rr9H7xtzJKHupotLvOqoGv5t3sxEJOQdhFPNGslL6z56cMS7n_BsQ

Published financial data: AIRTEL AFRICA PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	3.91B	4.71B	5.26B	4.98B	4.96B
Other Revenues, Total	11M	10M	13M	21M	22M
Total Revenues	3.92B	4.72B	5.27B	5B	4.98B
Cost of Goods Sold, Total	1.57B	1.77B	1.99B	1.82B	1.81B
Gross Profit	2.34B	2.96B	3.28B	3.18B	3.17B
Selling General & Admin Expenses, Total	187M	224M	243M	576M	650M
Depreciation & Amortization - (IS)	681M	744M	818M	788M	831M
Other Operating Expenses	351M	423M	461M	181M	215M
Other Operating Expenses, Total	1.22B	1.39B	1.52B	1.54B	1.7B
Operating Income	1.13B	1.57B	1.76B	1.64B	1.47B
Interest Expense, Total	-306M	-310M	-362M	-435M	-635M
Interest And Investment Income	9M	19M	29M	38M	20M
Net Interest Expenses	-297M	-291M	-333M	-397M	-615M
Income (Loss) On Equity Invest.	1M	-	-	-	-
Currency Exchange Gains (Loss)	-93M	-81M	-259M	-239M	-92M
Other Non Operating Income (Expenses)	-33M	-31M	-131M	-260M	-2M
EBT, Excl. Unusual Items	704M	1.16B	1.03B	744M	764M
Gain (Loss) On Sale Of Investments	-7M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	111M	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-16M
Other Unusual Items	-	-51M	-	-807M	-87M
EBT, Incl. Unusual Items	697M	1.22B	1.03B	-63M	661M
Income Tax Expense	282M	469M	284M	26M	333M
Earnings From Continuing Operations	415M	755M	750M	-89M	328M
Net Income to Company	415M	755M	750M	-89M	328M
Minority Interest	-76M	-124M	-87M	-76M	-108M
Net Income - (IS)	339M	631M	663M	-165M	220M
Net Income to Common Incl Extra Items	339M	631M	663M	-165M	220M
Net Income to Common Excl. Extra Items	339M	631M	663M	-165M	220M
Per Share Items
Net EPS - Basic	0.09	0.17	0.18	-0.04	0.06
Basic EPS - Continuing Operations	0.09	0.17	0.18	-0.04	0.06
Basic Weighted Average Shares Outstanding	3.76B	3.75B	3.75B	3.75B	3.7B
Net EPS - Diluted	0.09	0.17	0.18	-0.04	0.06
Diluted EPS - Continuing Operations	0.09	0.17	0.18	-0.04	0.06
Diluted Weighted Average Shares Outstanding	3.76B	3.76B	3.76B	3.75B	3.71B
Normalized Basic EPS	0.1	0.16	0.15	0.1	0.1
Normalized Diluted EPS	0.1	0.16	0.15	0.1	0.1
Dividend Per Share	0.04	0.05	0.05	0.06	0.06
Payout Ratio	49.85	26.78	29.41	-128.48	104.09
Supplemental Items
EBITDA	1.62B	2.1B	2.3B	2.16B	1.99B
EBITA	1.24B	1.68B	1.86B	1.75B	1.58B
EBIT	1.13B	1.57B	1.76B	1.64B	1.47B
Total Revenues (As Reported)	3.92B	4.72B	5.27B	5B	4.98B
Effective Tax Rate - (Ratio)	40.46	38.32	27.47	-41.27	50.38
Total Current Taxes	242M	347M	408M	332M	297M
Total Deferred Taxes	40M	122M	-124M	-306M	36M
Normalized Net Income	364M	604M	559M	389M	370M
Interest on Long-Term Debt	136M	148M	194M	195M	319M
Non-Cash Pension Expense	6M	-1M	2M	1M	1M
Supplemental Operating Expense Items
Selling and Marketing Expenses	187M	224M	243M	576M	650M
Maintenance & Repair Expenses, Total	31M	21M	24M	30M	33M
Stock-Based Comp., COGS (Total)	1M	2M	1M	-	-
Stock-Based Comp., Other (Total)	-	-	-	3M	5M
Total Stock-Based Compensation	1M	2M	1M	3M	5M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	813M	638M	586M	620M	552M
Short Term Investments	257M	220M	117M	346M	76M
Total Cash And Short Term Investments	1.07B	858M	703M	966M	628M
Accounts Receivable, Total	156M	176M	204M	219M	235M
Other Receivables	45M	81M	113M	91M	84M
Notes Receivable	-	-	-	-	-
Total Receivables	201M	257M	317M	310M	319M
Inventory	7M	3M	15M	26M	19M
Prepaid Expenses	87M	113M	70M	60M	78M
Restricted Cash	440M	513M	616M	737M	952M
Other Current Assets, Total	100M	253M	177M	193M	165M
Total Current Assets	1.9B	2B	1.9B	2.29B	2.16B
Gross Property Plant And Equipment	4.73B	5.31B	5.92B	4.93B	7.38B
Accumulated Depreciation	-1.7B	-1.8B	-1.92B	-1.39B	-2.07B
Net Property Plant And Equipment	3.03B	3.51B	4B	3.54B	5.31B
Long-term Investments	4M	6M	4M	5M	5M
Goodwill	3.84B	3.83B	3.52B	2.57B	3.01B
Other Intangibles, Total	735M	634M	1.21B	729M	818M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	314M	222M	337M	543M	509M
Deferred Charges Long-Term	-	-	-	-	45M
Other Long-Term Assets, Total	168M	166M	195M	181M	168M
Total Assets	9.99B	10.36B	11.17B	9.86B	12.02B
Liabilities
Accounts Payable, Total	366M	404M	460M	422M	485M
Accrued Expenses, Total	248M	258M	266M	287M	334M
Short-term Borrowings	342M	552M	617M	457M	444M
Current Portion of Long-Term Debt	1.13B	234M	328M	969M	651M
Current Portion of Leases	240M	323M	395M	357M	231M
Current Income Taxes Payable	173M	220M	194M	119M	89M
Unearned Revenue Current, Total	140M	167M	188M	156M	142M
Other Current Liabilities	869M	915M	1.12B	1.28B	1.87B
Total Current Liabilities	3.5B	3.07B	3.57B	4.05B	4.24B
Long-Term Debt	1.87B	1.49B	1.23B	947M	1.23B
Long-Term Leases	1.04B	1.34B	1.65B	1.73B	3.43B
Unearned Revenue Non Current	24M	18M	13M	13M	3M
Pension & Other Post Retirement Benefits	18M	18M	19M	20M	23M
Deferred Tax Liability Non Current	81M	114M	108M	67M	106M
Other Non Current Liabilities	104M	669M	761M	736M	218M
Total Liabilities	6.64B	6.72B	7.36B	7.56B	9.25B
Common Stock, Total	1.88B	1.88B	1.88B	1.88B	1.84B
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	2.98B	3.44B	3.9B	5.06B	4.92B
Treasury Stock	-4M	-7M	-12M	-11M	-24M
Comprehensive Income and Other	-1.44B	-1.81B	-2.13B	-4.76B	-4.25B
Total Common Equity	3.4B	3.5B	3.64B	2.16B	2.49B
Minority Interest	-52M	147M	173M	140M	289M
Total Equity	3.35B	3.65B	3.81B	2.3B	2.78B
Total Liabilities And Equity	9.99B	10.36B	11.17B	9.86B	12.02B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.75B	3.75B	3.75B	3.74B	3.67B
ECS Total Common Shares Outstanding	3.75B	3.75B	3.75B	3.74B	3.67B
Book Value / Share	0.91	0.93	0.97	0.58	0.68
Tangible Book Value	-1.16B	-959M	-1.09B	-1.14B	-1.34B
Tangible Book Value Per Share	-0.31	-0.26	-0.29	-0.3	-0.37
Total Debt	4.62B	3.93B	4.22B	4.46B	5.98B
Net Debt	3.55B	3.07B	3.52B	3.5B	5.35B
Debt Equivalent of Unfunded Proj. Benefit Obligation	24M	24M	29M	-	-
Minority Interest, Total (Incl. Fin. Div)	-52M	147M	173M	140M	289M
Equity Method Investments, Total	4M	6M	4M	5M	5M
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	27M	26M	25M	24M	24M
Buildings, Total	46M	47M	43M	33M	51M
Machinery, Total	3.64B	3.89B	4.1B	3.11B	4.03B
Full Time Employees	3.52K	3.76K	4K	4.13K	4.25K
Accumulated Allowance for Doubtful Accounts (Supple)	184M	180M	184M	173M	176M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	339M	631M	663M	-165M	220M
Depreciation & Amortization - CF	572M	629M	715M	676M	722M
Amortization of Goodwill and Intangible Assets - (CF)	109M	115M	103M	110M	107M
Depreciation & Amortization, Total	681M	744M	818M	786M	829M
Amortization of Deferred Charges, Total - (CF)	-	-	-	2M	2M
(Income) Loss On Equity Investments - (CF)	-1M	-	-	-	-
Other Operating Activities, Total	571M	605M	699M	1.46B	928M
Change In Accounts Receivable	-8M	-18M	-45M	-79M	-30M
Change In Inventories	-4M	4M	-13M	-16M	1M
Change In Accounts Payable	-38M	34M	9M	56M	69M
Change in Unearned Revenues	16M	27M	37M	21M	15M
Change in Other Net Operating Assets	110M	-16M	40M	193M	232M
Cash from Operations	1.67B	2.01B	2.21B	2.26B	2.27B
Capital Expenditure	-645M	-717M	-779M	-868M	-736M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	250M	-	-	-
Sale (Purchase) of Intangible assets	-270M	-22M	-502M	-161M	-123M
Investment in Marketable and Equity Securities, Total	-257M	-87M	224M	-232M	271M
Other Investing Activities, Total	14M	19M	31M	33M	26M
Cash from Investing	-1.16B	-557M	-1.03B	-1.23B	-562M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	407M	973M	906M	713M	1.38B
Total Debt Issued	407M	973M	906M	713M	1.38B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-473M	-2.37B	-1.3B	-874M	-1.62B
Total Debt Repaid	-473M	-2.37B	-1.3B	-874M	-1.62B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-4M	-6M	-8M	-11M	-120M
Common Dividends Paid	-169M	-169M	-195M	-212M	-229M
Common & Preferred Stock Dividends Paid	-169M	-169M	-195M	-212M	-229M
Other Financing Activities, Total	-336M	-39M	-524M	-460M	-955M
Cash from Financing	-575M	-1.61B	-1.12B	-844M	-1.54B
Foreign Exchange Rate Adjustments	-17M	-3M	-70M	-128M	-1M
Net Change in Cash	-84M	-156M	-6M	59M	160M
Supplemental Items
Cash Interest Paid	317M	370M	400M	440M	670M
Cash Income Tax Paid (Refund)	195M	293M	397M	344M	323M
Levered Free Cash Flow	276M	657M	622M	415M	947M
Unlevered Free Cash Flow	468M	850M	848M	687M	1.34B
Change In Net Working Capital	3M	136M	-212M	100M	-446M
Net Debt Issued / Repaid	-66M	-1.39B	-391M	-161M	-239M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.29	9.62	10.2	9.75	8.41
Return on Total Capital	9.06	12.6	14.07	13.86	11.86
Return On Equity %	12.51	21.57	20.12	-2.91	12.93
Return on Common Equity	9.98	18.27	18.58	-5.69	9.47
Margin Analysis
Gross Profit Margin %	59.84	62.62	62.24	63.7	63.67
SG&A Margin	4.77	4.74	4.61	11.52	13.06
EBITDA Margin %	41.44	44.45	43.56	43.12	40.02
EBITA Margin %	31.51	35.61	35.31	35	31.75
EBIT Margin %	28.73	33.17	33.35	32.8	29.6
Income From Continuing Operations Margin %	10.59	15.98	14.24	-1.78	6.59
Net Income Margin %	8.65	13.36	12.59	-3.3	4.42
Net Avail. For Common Margin %	8.65	13.36	12.59	-3.3	4.42
Normalized Net Income Margin	9.29	12.78	10.62	7.78	7.42
Levered Free Cash Flow Margin	7.06	13.9	11.8	8.3	19.02
Unlevered Free Cash Flow Margin	11.94	18	16.1	13.74	27
Asset Turnover
Asset Turnover	0.41	0.46	0.49	0.48	0.45
Fixed Assets Turnover	1.36	1.44	1.4	1.33	1.12
Receivables Turnover (Average Receivables)	24.05	28.4	27.66	23.54	21.83
Inventory Turnover (Average Inventory)	314.8	353.2	221	88.54	80.36
Short Term Liquidity
Current Ratio	0.54	0.65	0.53	0.57	0.51
Quick Ratio	0.36	0.36	0.29	0.32	0.22
Operating Cash Flow to Current Liabilities	0.48	0.65	0.62	0.56	0.53
Days Sales Outstanding (Average Receivables)	15.18	12.85	13.2	15.55	16.72
Days Outstanding Inventory (Average Inventory)	1.16	1.03	1.65	4.13	4.54
Average Days Payable Outstanding	90.44	79.75	78.8	88.39	91.91
Cash Conversion Cycle (Average Days)	-74.1	-65.87	-63.95	-68.71	-70.65
Long Term Solvency
Total Debt/Equity	137.67	107.76	110.95	194	215.57
Total Debt / Total Capital	57.92	51.87	52.6	65.99	68.31
LT Debt/Equity	86.73	77.36	75.76	116.48	167.78
Long-Term Debt / Total Capital	36.49	37.24	35.91	39.62	53.17
Total Liabilities / Total Assets	66.44	64.79	65.9	76.68	76.92
EBIT / Interest Expense	3.68	5.05	4.85	3.77	2.32
EBITDA / Interest Expense	5.91	7.45	7.11	5.58	3.63
(EBITDA - Capex) / Interest Expense	3.8	5.14	4.96	3.58	2.47
Total Debt / EBITDA	2.55	1.7	1.64	1.84	2.6
Net Debt / EBITDA	1.96	1.33	1.37	1.44	2.33
Total Debt / (EBITDA - Capex)	3.97	2.47	2.35	2.86	3.82
Net Debt / (EBITDA - Capex)	3.05	1.93	1.96	2.24	3.42
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.96	20.54	11.52	-5.09	-0.46
Gross Profit, 1 Yr. Growth %	18.79	25.82	10.85	-2.87	-0.5
EBITDA, 1 Yr. Growth %	16.92	29.39	9.29	-6.06	-7.61
EBITA, 1 Yr. Growth %	22.4	36.3	10.58	-5.91	-9.71
EBIT, 1 Yr. Growth %	21.6	39.29	12.12	-6.66	-10.18
Earnings From Cont. Operations, 1 Yr. Growth %	1.72	81.93	-0.66	-111.87	-468.54
Net Income, 1 Yr. Growth %	-8.38	86.14	5.07	-124.89	-233.33
Normalized Net Income, 1 Yr. Growth %	31.41	66.08	-7.33	-30.44	-5.01
Diluted EPS Before Extra, 1 Yr. Growth %	-12.62	86.67	5.19	-124.9	-235.03
Accounts Receivable, 1 Yr. Growth %	-7.69	12.82	15.91	7.35	7.31
Inventory, 1 Yr. Growth %	133.33	-57.14	400	73.33	-26.92
Net Property, Plant and Equip., 1 Yr. Growth %	11.03	15.87	14.01	-11.54	49.89
Total Assets, 1 Yr. Growth %	7.15	3.72	7.74	-11.69	21.92
Tangible Book Value, 1 Yr. Growth %	11.91	-17.68	13.97	4.12	17.75
Common Equity, 1 Yr. Growth %	0.5	2.85	3.8	-40.58	15.09
Cash From Operations, 1 Yr. Growth %	20.12	20.71	9.8	1.35	0.31
Capital Expenditures, 1 Yr. Growth %	-1.68	11.16	8.65	11.42	-15.21
Levered Free Cash Flow, 1 Yr. Growth %	-1.05K	138.02	-5.29	-33.35	128.06
Unlevered Free Cash Flow, 1 Yr. Growth %	196.51	82.04	-0.26	-19.09	95.58
Dividend Per Share, 1 Yr. Growth %	-33.33	25	9	9.17	9.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.38	17.2	15.94	2.88	-2.8
Gross Profit, 2 Yr. CAGR %	15.86	22.41	18.1	3.77	-1.69
EBITDA, 2 Yr. CAGR %	15	22.96	18.91	1.32	-6.83
EBITA, 2 Yr. CAGR %	20.4	29.11	22.77	2	-7.83
EBIT, 2 Yr. CAGR %	20.15	30.09	24.97	2.3	-8.44
Earnings From Cont. Operations, 2 Yr. CAGR %	-1.3	36.03	34.43	-65.67	-33.87
Net Income, 2 Yr. CAGR %	-6.53	30.59	39.85	-48.86	-42.4
Normalized Net Income, 2 Yr. CAGR %	32.21	47.6	24.06	-19.71	-18.72
Diluted EPS Before Extra, 2 Yr. CAGR %	-32.12	27.71	40.13	-48.82	-42.02
Accounts Receivable, 2 Yr. CAGR %	-2.17	2.05	14.35	11.55	7.33
Inventory, 2 Yr. CAGR %	52.75	0	46.38	194.39	12.55
Net Property, Plant and Equip., 2 Yr. CAGR %	7.58	13.42	14.94	0.43	15.15
Total Assets, 2 Yr. CAGR %	4.75	5.42	5.71	-2.46	3.77
Tangible Book Value, 2 Yr. CAGR %	-22.08	-4.02	-3.14	8.93	10.72
Common Equity, 2 Yr. CAGR %	13.87	1.67	3.32	-21.46	-17.3
Cash From Operations, 2 Yr. CAGR %	24.72	20.41	15.12	5.99	0.83
Capital Expenditures, 2 Yr. CAGR %	6.56	4.55	9.9	10.03	-2.8
Levered Free Cash Flow, 2 Yr. CAGR %	-18.78	374.82	50.14	-20.49	23.29
Unlevered Free Cash Flow, 2 Yr. CAGR %	-12.97	132.18	34.75	-10.12	25.79
Dividend Per Share, 2 Yr. CAGR %	-	-8.71	16.73	9.09	9.21
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.22	15.04	15.28	8.46	1.75
Gross Profit, 3 Yr. CAGR %	14.6	19.19	18.43	10.65	2.32
EBITDA, 3 Yr. CAGR %	17.04	19.58	18.22	9.93	-1.74
EBITA, 3 Yr. CAGR %	24.69	25.45	22.61	12.35	-2.06
EBIT, 3 Yr. CAGR %	26.82	26.18	23.8	13.39	-2.04
Earnings From Cont. Operations, 3 Yr. CAGR %	45.76	21.02	22.5	-40.14	-24.26
Net Income, 3 Yr. CAGR %	34.93	17.6	21.46	-21.34	-29.62
Normalized Net Income, 3 Yr. CAGR %	235.66	42.57	26.39	2.3	-15.09
Diluted EPS Before Extra, 3 Yr. CAGR %	-8.68	-4.9	19.72	-21.22	-29.28
Accounts Receivable, 3 Yr. CAGR %	0.21	2.59	6.48	11.97	10.12
Inventory, 3 Yr. CAGR %	51.83	0	71	54.87	85.02
Net Property, Plant and Equip., 3 Yr. CAGR %	7.06	10.27	13.62	5.33	14.77
Total Assets, 3 Yr. CAGR %	5.51	4.41	6.19	-0.44	5.07
Tangible Book Value, 3 Yr. CAGR %	-41.52	-20.64	1.64	-0.78	11.8
Common Equity, 3 Yr. CAGR %	46.41	10.07	2.37	-14.08	-10.79
Cash From Operations, 3 Yr. CAGR %	26.09	23.37	16.76	10.68	4.06
Capital Expenditures, 3 Yr. CAGR %	33.03	8.07	5.9	10.4	0.88
Levered Free Cash Flow, 3 Yr. CAGR %	25.02	16.14	177.43	14.59	12.97
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.73	11.26	75.18	13.72	16.47
Dividend Per Share, 3 Yr. CAGR %	-	-	-3.15	14.15	9.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	10.32	12.47	10.01	7.67
Gross Profit, 5 Yr. CAGR %	-	16.07	16.05	12.76	9.93
EBITDA, 5 Yr. CAGR %	-	23.6	17.77	11.92	7.48
EBITA, 5 Yr. CAGR %	-	42.63	23.9	15.48	9.38
EBIT, 5 Yr. CAGR %	-	55.38	26.06	16.02	9.73
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-0.37	41.12	-26.89	-4.27
Net Income, 5 Yr. CAGR %	-	0.03	36.88	-15.72	-9.88
Normalized Net Income, 5 Yr. CAGR %	-	17.58	125.34	13.31	5.93
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-20.81	8.38	-25.78	-10.42
Accounts Receivable, 5 Yr. CAGR %	-	3.67	5.65	6.08	6.82
Inventory, 5 Yr. CAGR %	-	-5.59	49.63	54.02	44.65
Net Property, Plant and Equip., 5 Yr. CAGR %	-	7.25	10.14	6.22	14.23
Total Assets, 5 Yr. CAGR %	-	3.8	5.59	1.61	5.21
Tangible Book Value, 5 Yr. CAGR %	-	-29.86	-28.44	-9.92	5.18
Common Equity, 5 Yr. CAGR %	-	35.45	27.35	-3.83	-6
Cash From Operations, 5 Yr. CAGR %	-	36.72	21.58	16.1	10.32
Capital Expenditures, 5 Yr. CAGR %	-	5.48	23.24	8.85	2.33
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	34.46	-0.19	100.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	19.09	2.16	53.48
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	1.61