Airtel Uganda has reported a strong financial performance for the first half of 2025, with profit after tax jumping by nearly 29 percent to USh197.2 billion, up from USh153.2 billion recorded in the same period last year.
The company’s total revenue climbed by 12.3 percent to USh1.08 trillion, driven mainly by growing internet demand and a widening subscriber base. Data services proved to be the main growth engine, with revenue from this segment soaring by over 30 percent.
In contrast, Airtel’s voice revenue continued to decline, falling by 2 percent following a reduction in interconnect rates from USh45 to USh26 in September 2024. This shift saw the contribution of voice to total revenue drop from 54.8 percent to 47.9 percent.
Despite rising operating expenses, which increased by 5.5 percent, Airtel posted an EBITDA of USh567.3 billion, marking a 19.3 percent increase compared to the previous year. EBITDA margins also improved, reaching 52.3 percent from 49.2 percent.
The board declared an interim dividend of USh174 billion, translating to USh4.35 per share a 31.8 percent rise from the previous year’s payout. For institutional investors like the National Social Security Fund (NSSF), this strong performance delivered gains of over USh50 billion, signalling renewed confidence in Uganda’s capital markets.
Airtel also disclosed that capital expenditure rose to US 87.8 billion, supporting the roll-out of new network sites in Kabale, Lira, and Tororo. The company now boasts full 4G coverage countrywide and is intensifying investment in 5G and fibre infrastructure, particularly in urban centres.
While leverage increased to 1.7 times EBITDA due to long-term tower lease extensions, lease-adjusted leverage improved to 0.77, reflecting a solid financial footing.
Overall, Airtel’s half-year results highlight a strategic shift from traditional voice services to a future anchored on digital connectivity, placing the company in a strong position to compete more aggressively in Uganda’s fast-evolving telecom sector.