Airtel Africa delays Airtel Money IPO

Airtel Africa Plc, the pan-African telecommunications provider majority-owned by Indian billionaire Sunil Bharti Mittal’s Bharti Airtel, has pushed back the planned initial public offering of its mobile money business to the second half of 2026, citing tougher market conditions and rising operating costs linked to the ongoing U.S.-Israeli conflict with Iran.

The company said market conditions had become less supportive for a listing, while higher energy and logistics costs are expected to pressure margins in the near term.

The conflict has disrupted crude supplies from the Middle East and added to uncertainty across global markets, prompting some companies to delay expansion plans, cut forecasts and reconsider planned stock market debuts.

“We have made good progress and remain committed to the listing as market conditions allow,” Airtel Africa said in a statement.

The company had earlier targeted a first-half 2026 listing for Airtel Money, its mobile financial services unit, which contributed 21.1% of group revenue during the year.

Airtel Africa profit beats estimates

Despite the delay, Airtel Africa reported stronger-than-expected earnings for the year ended March 31, helped by growing demand for mobile data, digital services and artificial intelligence-related network usage.

Core profit came in at $3.16 billion on revenue of $6.42 billion, ahead of analysts’ expectations of $3.13 billion and $6.36 billion, respectively, according to a company-compiled poll.

Net profit rose 147.4% to $813 million from $328 million a year earlier, supported largely by tariff adjustments in Nigeria and foreign-exchange gains. Revenue climbed 29.5% from $4.96 billion in the previous financial year.

The results echoed a broader trend in Africa’s telecoms sector, where operators continue to benefit from rising smartphone adoption and demand for digital financial services. Earlier this week, Safaricom also posted earnings above market expectations.

Airtel Money growth continues

Airtel Africa operates across 14 countries in sub-Saharan Africa, serving about 183.5 million customers with voice, data and mobile money services.

Its Airtel Money platform remains one of the group’s fastest-growing businesses, offering customers the ability to send and receive money, pay bills and buy airtime through mobile phones.

The platform’s customer base rose 21.3% year over year to 54.1 million users, while transacting customers increased 74% during the financial year.

Mittal, founder of Bharti Enterprises, has an estimated net worth of $24.6 billion, according to the Bloomberg Billionaires Index. He is widely credited with expanding affordable mobile services in India through Bharti Airtel, a model that later shaped the company’s growth strategy across Africa.

Beyond telecoms, his business interests include satellite venture OneWeb and other connectivity-focused investments across emerging markets.