Airtel Africa more than doubled its capital expenditure to $657 million in the six months ended September 2026, adding approximately 4,200 sites to improve coverage and capacity.
The spending, up from $318 million in the corresponding period of 2025, represents an increase of about 106.6 percent and reflects the company’s strategy to strengthen its market position while expanding capacity for future growth.
Mobile services accounted for the bulk of the investment, with capital expenditure in the segment rising 115.1 percent to $614 million from $285 million a year earlier. The company said the accelerated deployment was aimed at capturing growth opportunities across its mobile services business.
The investment comes as Airtel Africa’s customer base expands and data consumption increases. The group ended September with 193.9 million customers, up 11.6 percent year-on-year, while its data customer base rose 15 percent to 89.9 million.
Smartphone penetration increased to 51.6 percent, while average monthly data usage per smartphone customer climbed to 13.3 GB from 10.1 GB in the prior-year period. The growth in consumption has increased the need for network capacity and infrastructure investment.
Data revenue rose 35.3 percent in reported currency to $1.57 billion, representing 28 percent growth in constant currency. Data contributed about half of total mobile services revenue during the period, compared with 46.5 percent a year earlier.
Airtel Africa said its 5G network was operational across seven markets, with 4,094 sites across its footprint as of September 30, 2026. It is also investing in fibre-to-the-home and fibre-to-the-building infrastructure to expand high-speed broadband offerings for households and businesses.
The company’s investment drive is also extending beyond mobile connectivity. Its data centre division, Nxtra by Airtel Africa, is progressing with construction of facilities in Nigeria and Kenya, while Telesonic continues to expand its pan-African digital infrastructure operations.
Despite the sharp increase in spending, Airtel Africa’s operating cash generation remained strong. Net cash generated from operating activities rose 26.7 percent to $1.76 billion from $1.39 billion, while operating free cash flow increased 12 percent to $1.26 billion.
The improvement in operating cash flow reflects the group’s stronger earnings performance, with underlying EBITDA rising 32.8 percent to $1.92 billion. Its EBITDA margin stood at 50.3 percent, supported by revenue growth and cost-efficiency measures.
However, the higher investment also comes amid rising operating pressures, including increased fuel costs across its markets and foreign exchange volatility. Airtel Africa said it remained focused on accelerating capital deployment while maintaining financial discipline.
The group’s net debt stood at $5.87 billion at the end of September, compared with $5.51 billion in the prior period. Nevertheless, its leverage ratio improved to 1.6 times from 2.1 times, reflecting stronger underlying EBITDA.
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
