Airtel Malawi Plc recorded strong revenue growth in the first half of 2026, although rising foreign exchange losses significantly weighed on its bottom line.
Revenue for the six months ended June 30, 2026, increased 33.8% year-on-year to K219.1 billion, compared with K163.8 billion in the same period last year. The growth was supported by a 9.3% increase in its customer base to 9.1 million and a 21.9% rise in average revenue per user to K4,141 monthly.
Data remained a major growth driver, with data revenue rising 46% to K88.7 billion, while voice revenue increased 26.5% to K109.5 billion. Revenue from other services, including mobile money, also grew 26.5% to K20.9 billion.
The company’s operating performance also improved. EBITDA climbed 34.5% to K90.7 billion, while operating profit rose 34.7% to K70.9 billion. However, operating expenses increased 33.3% to K128.4 billion, partly due to higher fuel costs and continued network expansion.
The major pressure came below the operating line. Net finance costs surged 230.3% to K54.4 billion, driven largely by foreign exchange losses associated with the repayment of foreign-currency liabilities and related financing costs. Net FX losses increased to K41.5 billion from K7.7 billion a year earlier.
Consequently, profit before tax fell 54.3% to K16.6 billion, while profit after tax declined 54.2% to K10.3 billion from K22.4 billion. Earnings per share also dropped from K2.04 to K0.93.
Meanwhile, Airtel Malawi accelerated its investment programme. Capital expenditure jumped 190.9% to K50.4 billion, with the company adding 74 network sites to support rising demand. Data customers increased 12.7% to 2.9 million, while smartphone penetration reached 34.3%.
The increased investment also pushed net debt-to-EBITDA to 1.13 times, up from 0.74 times at the end of 2025. Cash and cash equivalents fell to K24.4 billion from K82.4 billion at the beginning of the year.
Airtel Malawi did not declare an interim dividend, citing uncertainty in the economic and operating environment. The company identified currency volatility, fuel prices and unfavourable agricultural output as key risks, while maintaining that Malawi presents a medium-term opportunity for further mobile penetration and data adoption
