In the first half of the fiscal year ending September 30, 2025, Airtel Nigeria reported a total revenue of $699 million, marking a significant 46.5% increase compared to the same period last year when measured in reported currency.
The company’s financial disclosures submitted to the Nigerian Stock Exchange attribute this growth primarily to a surge in demand for data services, alongside the full-period effects of recent tariff revisions.
Airtel Nigeria’s subscriber base expanded by 9.9%, rising from 48.7 million in September 2024 to 53.6 million users, solidifying its position as the country’s second-largest mobile network operator after MTN Nigeria. Internet subscribers also saw a notable 12.2% year-on-year increase, reaching 29.5 million.
EBITDA (earnings before interest, taxes, depreciation, and amortization) surged by 64.7% in naira terms and 71.9% in foreign currency, reaching $393 million. The company explained that the discrepancy between constant currency and reported currency growth stems from the depreciation of the Nigerian naira.
“The EBITDA margin climbed by 760 basis points to 56.3%, fueled by robust revenue growth and ongoing gains from our cost optimization initiatives. This strong margin was further supported by stable fuel prices and improved operating conditions,” the company stated.
Operating free cash flow also saw a remarkable increase of 107.2%, amounting to $319 million, which contributed significantly to the EBITDA growth. Additionally, operating free cash flow rose by 95.0%.
Voice revenue experienced a 34.7% boost, totaling $268 million, driven by a 25.7% increase in voice average revenue per user (ARPU). Data revenue grew even more impressively by 62.4%, climbing from $229 million to $357 million, propelled by both a rise in data subscribers and a 46.6% increase in data ARPU.
The report also highlights a growing penetration of smartphones among users, which increased by 4.2% to 52.8% as of September 2025. This trend is linked to a 24.9% rise in average data consumption per user, which reached 10.1 GB monthly, up from 8.1 GB in the previous year.
Moreover, the average monthly data usage per smartphone user climbed to 12.7 GB, compared to 10.9 GB recorded in September 2024.
Related Read: Airtel Nigeria to challenge MTN with plans for a 38MW data center in Lagos.
Performance of Airtel Nigeria’s Mobile Money
Airtel Mobile Money, branded as Smartcash PSB, continues to face stiff competition in Nigeria’s mobile money sector, lagging behind other fintech players such as Moniepoint, OPay, Kuda, and Palmpay.
The company’s mobile money customer base grew by 46.1% year-on-year, increasing from 1.4 million to 2 million users. Despite this growth, the figure remains modest compared to Airtel’s East African region, which boasts 38.9 million users, and Francophone Africa with 8.9 million.
Mobile money revenue doubled from $2 million to $4 million by September 2025, reflecting a 149.2% increase in constant currency terms and 136.4% in reported currency. However, this revenue accounts for only 0.64% of Airtel Africa‘s total $623 million revenue for the period.
By contrast, Francophone Africa generated $153 million (24.36% share) and East Africa contributed $466 million (75%) in mobile money revenue.
For the third quarter ending September 2025, Airtel Nigeria posted total revenue of $366 million, representing a 49.5% year-on-year increase.
Breaking down the revenue streams, voice services contributed $135 million, data services $192 million, and mobile money $2 million. Other sources accounted for $39 million, with an EBITDA margin of 56.5%.