Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteiTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
To compare Airtel Africa and MTN before investing, first align their reporting periods, currencies and accounting measures; then assess growth, cash generation, debt, country exposure, dividends and valuation. Airtel Africa’s FY2026 ended 31 March 2026, while MTN’s latest figures here include FY2025, ended 31 December 2025, and H1 2026, ended 30 June 2026. Those periods are not a like-for-like contest, and the reported figures alone do not establish which share is cheaper.
Start by aligning the reporting periods and measures
Airtel Africa reports group figures in US dollars. MTN reports in South African rand. Both companies publish reported and constant-currency growth rates, but their business measures and segment definitions differ. Constant-currency figures help isolate changes in the underlying business from translation effects; they do not remove currency risk for an investor whose returns are measured in another currency.
The table distinguishes the companies’ reported periods rather than treating the latest annual and interim results as directly comparable. Figures below come from Airtel Africa’s FY2026 annual report and MTN Group’s FY2025 results and H1 2026 interim results.
| Measure | Airtel Africa | MTN |
|---|---|---|
| Period and reporting currency | FY2026, year ended 31 March 2026; US dollars. | FY2025, year ended 31 December 2025, and H1 2026, six months ended 30 June 2026; South African rand. |
| Revenue measure and growth | FY2026 revenue was $6,415 million; growth was 29.5% reported and 24.0% constant currency. (Airtel Africa FY2026 annual report.) | FY2025 service revenue was R218.5 billion; growth was 22.9% reported and 22.7% constant currency. H1 2026 group service revenue was R115.3 billion; growth was 9.7% reported and 17.5% constant currency. (MTN FY2025 results; H1 2026 interim results.) |
| EBITDA and margin | FY2026 underlying EBITDA was $3,162 million, up 37.2% reported and 30.4% constant currency; underlying EBITDA margin was 49.3%, up 280 basis points. (Airtel Africa FY2026 annual report.) | FY2025 EBITDA before once-off items was R98.53 billion, up 64.0% reported and 36.8% constant currency; group margin was 43.5%, versus 32.0% in FY2024. In H1 2026, EBITDA before once-off items grew 24.4% in constant currency and the constant-currency margin was 47.6%. (MTN FY2025 results; H1 2026 interim results.) |
| Data and financial services | In FY2026, data revenue grew 35.2% in constant currency. Airtel Money revenue grew 28.4% in constant currency to $1,355 million reported; it had 54.1 million customers and annual total processed value of $195.9 billion. (Airtel Africa FY2026 annual report, mobile services and mobile money.) | In H1 2026, data revenue grew 29.2% and fintech revenue 13.3% in constant currency. MoMo had 70.8 million monthly active users, up 12.1%; fintech transaction value increased 33.8% to US$330.5 billion. (MTN H1 2026 interim results.) |
| Capital spending and leverage | FY2026 capex was $884 million. Year-end net debt was $5,590 million; net debt to underlying EBITDA was 1.8x, or 0.5x on a lease-adjusted basis. Net cash generated from operations was $3,195 million. (Airtel Africa FY2026 annual report.) | FY2025 capex excluding leases was R38.471 billion, with capex intensity of 17.0%; year-end net debt to EBITDA was 0.3x. H1 2026 capex excluding leases was R19.7 billion and net debt to EBITDA remained 0.3x. (MTN FY2025 results; H1 2026 interim results.) |
| Dividend declared or recommended | FY2026 total dividend recommended: 7.1 US cents per share, up 9.2% year on year. (Airtel Africa FY2026 annual report.) | FY2025 ordinary dividend declared: 500 South African cents per share, up 45%. No interim dividend was declared for H1 2026. (MTN FY2025 results; H1 2026 interim results.) |
| Synchronized valuation | Not established in the cited results: current share price, market capitalization, enterprise value and valuation multiples. | Not established in the cited results: current share price, market capitalization, enterprise value and valuation multiples. |
Margin figures in the table use different definitions and periods: Airtel’s FY2026 underlying EBITDA margin, MTN’s FY2025 EBITDA margin before once-off items, and MTN’s H1 2026 constant-currency margin. They should not be read as proof that one operator is inherently more profitable. Likewise, customer counts and processed or transaction values for the two financial-services businesses are not one-for-one equivalents.
Judge growth by its source, not just its headline rate
Data demand and network expansion
Airtel Africa’s FY2026 annual report attributes data growth to increases in data customers and data ARPU. During that year, data traffic grew 48.5%, mobile-services customers grew 10.5% to 183.5 million, 4G coverage reached 75.6% of the population and 5G was operational in six markets. These measures provide context for growth: traffic, coverage and customer additions can support future service revenue, but also require investment in capacity and network quality.
MTN’s H1 2026 figures also show data growth, but cover a six-month period rather than Airtel Africa’s full year. Compare each operator’s trends across successive periods and ask whether customer growth, usage and revenue move together. A strong usage figure on its own does not establish how much revenue or cash it will produce.
Rank #2
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Mobile money and fintech
Airtel Money reported a 50.8% underlying EBITDA margin in FY2026, down 196 basis points in reported currency. Its annual report says revised intra-group agreements affected segment presentation, but not consolidated group revenue, EBITDA or growth outlook. MTN’s reported fintech transaction value and MoMo monthly active users measure activity using MTN’s definitions; Airtel’s customer and processed-value figures use Airtel’s definitions. Check the companies’ reporting notes before interpreting differences as a product of scale or performance.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Country mix and currency translation
Airtel Africa’s FY2026 reported revenue growth exceeded its constant-currency growth because currencies appreciated in most of its markets. Its finance costs also included $127 million of derivative and foreign-exchange gains, largely due to naira appreciation, compared with $179 million of derivative and foreign-exchange losses in the prior period. When reviewing its earnings, separate operating progress from currency translation and finance-cost movements rather than treating all reported growth as recurring operating growth.
MTN’s FY2025 service-revenue growth was uneven by country: reported growth was 50.5% in Nigeria and 62.4% in Ghana, compared with 2.0% in South Africa. Those are company-reported figures for FY2025, not a forecast for subsequent periods. They underline why an Africa-wide label is not a substitute for checking exposure to individual markets, including local currencies, inflation, regulation and operating conditions. Airtel Africa’s FY2026 annual report also describes mobile-money transaction levies introduced during 2025/26 in the Democratic Republic of the Congo, Malawi and Zambia; those specific measures should not be assumed to apply across all of its markets or to MTN.
Test investment needs against cash generation and debt
Network operators need ongoing capital spending to expand and maintain coverage and capacity. Airtel Africa’s FY2026 annual report says it added more than 3,250 sites and around 3,200 km of fibre; it guided to approximately $1.1 billion of capex for FY2026/27. That is management guidance, not a guaranteed outcome. Assess whether planned spending can support service quality and growth while leaving adequate cash for debt service and shareholder returns.
MTN reports capex excluding leases and net debt-to-EBITDA, while Airtel reports dollar capex and both standard and lease-adjusted leverage. Their values cannot be ranked directly without normalizing reporting period, currency, lease treatment and debt definitions. Compare the direction of spending and leverage within each company’s own reporting, and examine how much operating cash remains after investment. The figures cited here do not establish MTN’s comparable operating cash generation.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Assess dividends in context
The per-share dividend amounts above are in different currencies and relate to different periods, so they are not directly comparable. Airtel Africa describes its policy as progressive; that policy does not guarantee a particular future payment. MTN’s FY2025 ordinary dividend and lack of a H1 2026 interim dividend should be considered alongside its full-year distribution approach, cash generation and capital requirements.
Best Value
To assess prospective income, use each stock’s current share price in the relevant listing currency to calculate yield, then test the payout against sustainable free cash flow, debt and planned investment. Dividend growth by itself does not establish either a higher yield or a safer payout.
What to check before deciding which stock offers better value
The reported operating results help frame the comparison, but do not answer which shares are cheaper. A valuation conclusion needs synchronized market data for the same date. For each company, check the relevant listing and share class, share price, shares outstanding, market capitalization, cash and debt, and any treatment of leases before comparing enterprise value. Use the same earnings or cash-flow basis and a consistent period for both companies.
- Compare valuation against a clearly defined measure, such as earnings, EBITDA or free cash flow, and note any unusual items included or excluded.
- Use reported and constant-currency results to understand operating growth and translation effects; separately consider the currency in which your investment return will be measured.
- Review country exposure and the company’s latest disclosures on regulation, competition, inflation and local market conditions.
- Relate capex to cash generation and leverage, checking whether figures include leases and whether periods match.
- Compare dividend yield and coverage using current market prices, not per-share dividend amounts alone.
Because synchronized current prices and valuation multiples are not established by the results presented here, they cannot support a claim that Airtel Africa or MTN is cheaper today. The operating comparison is a starting point for further valuation work, not a personalized investment recommendation.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchQuick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
