Safaricom recorded its strongest half-year performance to date as continued expansion in M-PESA and mobile data usage in Kenya offset the ongoing decline in traditional voice and messaging revenue.
- •Net income for the six months to September 2025 rose 52% to 42.8Bn, the highest interim profit in their history.
- •For the first time, mobile data revenue of KSh 44.47Bn (+18.21% YoY) surpassed voice revenue at KSh 41.09Bn (+0.47% YoY).
- •Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 34.9% to 101.3Bn from KSh 75.1Bn in Sept 2024, reflecting improved margin conversion as revenue mix tilted toward higher-yield digital services.
The group service revenue increased 11.1% year-on-year to 199.9Bn, while active customers also grew nearly 20% year on year to 62.3 million.
| Metric | HY26 | HY25 | YoY |
|---|---|---|---|
| Service Revenue | 199.87Bn | 179.92Bn | 🟢 +11.1% |
| Total Revenue | 204.71Bn | 189.42Bn | 🟢 +8.1% |
| EBITDA | 101.29Bn | 75.07Bn | 🟢 +34.9% |
| EBIT | 65.21Bn | 42.20Bn | 🟢 +54.5% |
| Profit Before Tax | 55.24Bn | 33.86Bn | 🟢 +63.2% |
| Net Income (Attributable) | 42.78Bn | 28.12Bn | 🟢 +52.1% |
| Basic EPS | 1.07 | 0.70 | 🟢 +52.9% |
| Operating Cash Generated | 92.32Bn | 100.79Bn | 🔴 -8.4% |
| Net Cash From Operations | 64.74Bn | 77.62Bn | 🔴 -16.6% |
| Capex (Investing Outflow) | 42.06Bn | 24.44Bn | 🟢 +72.1% |
| Total Assets | 508.59Bn | 515.28Bn | 🔴 -1.3% |
| Total Equity | 215.64Bn | 224.02Bn | 🔴 -3.7% |
| Net Cash & Cash Equivalents | 30.23Bn | 29.10Bn | 🟢 +3.9% |
| Active Customers (30-day) | 46.44Mn | 39.77Mn | 🟢 +16.8% |
| Total Customer Base | 63.24Mn | 52.83Mn | 🟢 +19.7% |
Safaricom Kenya
Safaricom Kenya remained the core earnings contributor. Service revenue rose 9.3% to 192.1Bn, led by M-PESA and mobile data.
- •M-PESA revenue increased 14% to 88.1Bn. Growth was driven primarily by merchant and business payments, with transaction volumes up 26.5% to 21.87Bn.
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- •Active Lipa Na M-PESA merchants rose 32% to 870,700, and Pochi la Biashara tills increased 73% to 1.5Mn.
- •Mobile data revenue grew 13.4% to 40.32Bn. Average usage per customer increased to 4.85GB per month.
- •Voice revenue declined 2.1% to 39.72Bn, and messaging fell 11.7% to 5.48Bn.
| Metric (Safaricom Kenya – Company) | HY26 | HY25 | YoY |
|---|---|---|---|
| Service Revenue | 192.13Bn | 175.78Bn | 🟢 +9.3% |
| Total Revenue | 199.01Bn | 187.48Bn | 🟢 +6.1% |
| EBITDA | 114.51Bn | 103.43Bn | 🟢 +10.7% |
| EBIT | 90.25Bn | 79.47Bn | 🟢 +13.6% |
| Profit Before Tax | 84.60Bn | 71.25Bn | 🟢 +18.7% |
| Net Income (Attributable) | 59.10Bn | 48.06Bn | 🟢 +22.9% |
| Basic EPS (Company) | 1.47 | 1.20 | 🟢 +22.5% |
| Net Cash From Operations | 82.05Bn | 79.44Bn | 🟢 +3.3% |
| Capex (Investing Outflow) | 41.63Bn | 43.48Bn | 🔴 -4.3% |
| Total Assets | 461.58Bn | 432.55Bn | 🟢 +6.7% |
| Total Equity | 281.81Bn | 248.76Bn | 🟢 +13.3% |
| Net Cash & Cash Equivalents | 14.22Bn | 19.56Bn | 🔴 -27.3% |
Safaricom Ethiopia
Safaricom Ethiopia continued to scale commercially.
- •Service revenue rose to 6.19Bn from 2.62Bn, supported by rapid customer acquisition and increased data usage.
- •The network reached 3,306 sites, covering 55% of the population. Active customers reached 11.15Mn, while M-PESA adoption built early momentum with 3.4Mn active users.
- •Mobile data remained the core revenue driver, contributing 66.7% of Ethiopia service revenue.
- •Mobile data revenue increased to 4.13Bn, driven by higher smartphone availability and usage per customer.
However, Ethiopia remains in investment phase and recorded a negative EBIT of 20.2Bn. Losses reflect continued network rollout, customer onboarding costs, and the impact of significant currency depreciation.
Ethiopian Birr Depreciation
| Metric | HY26 Reported | HY26 Adjusted (FX Neutral) | HY25 Reported | HY25 Adjusted (FX Neutral) |
| EBITDA | -12.5Bn | -4.9Bn | -38.2Bn | -7.8Bn |
| EBIT | -20.2Bn | -12.7Bn | -48.9Bn | -17.7Bn |
| Net Income (Excl. Minority Interest) | -13.3Bn | -8.7Bn | -28.2Bn | -10.8Bn |
Between March and September 2025, the Birr depreciated 16.9% against the USD and 33% against the EUR, widening reported losses.
| Metric | HY26 | HY25 | YoY |
| Service Revenue | 6.19Bn | 2.62Bn | ▲ 136% |
| Active Customers (90-day) | 11.15Mn | 6.05Mn | ▲ 83.7% |
| One-month Active Customers | 8.51Mn | 4.48Mn | ▲ 90.0% |
| Mobile Data Revenue | 4.13Bn | ~2.14Bn | ▲ ~93%+ |
| M-PESA Active Users | 3.4Mn | ~1.2Mn | ▲ ~175% |
Safaricom maintains its full-year EBIT guidance of 144Bn–150Bn. Kenya remains the primary profit source, with strong M-PESA and data momentum. Ethiopia continues in scale-up phase, with revenue traction improving but profitability still several years out.
