Airtel Uganda posted a 13.3 per cent rise in revenue to Ushs 2.25 trillion in 2025, buoyed by surging data consumption and a rapidly expanding subscriber base that strengthened both earnings and cash generation.
Operating profit jumped 35 per cent to Ushs 849.2 billion, lifting the operating margin to 37.7 per cent from 31.7 per cent the previous year. Profit after tax climbed 41.1 per cent to Ushs 446.9 billion, underpinned by economies of scale and firm cost discipline, even as network expenses and depreciation ticked up amid ongoing expansion.
Airtel Uganda’s customer base grew by 19.2 per cent over the period.
Momentum was increasingly anchored in data and value-added services, which generated Ushs 1,101.7 billion and accounted for roughly 49 per cent of total revenue, up from 45.3 per cent in 2024. Management linked the shift to heavier data usage, broader smartphone penetration, and rising demand for bundled offerings.
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Voice revenue, including interconnect income, inched up 3.1 per cent to Ushs 1,026.8 billion, indicating that legacy services remained resilient despite stiff pricing competition.
Net cash from operating activities advanced to Ushs 1.01 trillion from Ushs 880.0 billion a year earlier, signalling robust earnings conversion. After capital expenditure, free cash flow stood at about Ushs 775 billion, leaving ample headroom for dividend payments and debt servicing.
Total market debt eased slightly to Ushs 645.0 billion, while lease liabilities continued to form a sizeable portion of funding, in line with the asset-light model typical of telecom operators.
The board has proposed a final dividend of Ushs 3.55 per share, up from Ushs 2.50 previously, reflecting confidence in earnings durability and cash flow strength.
