Safaricom PLC has posted a 35.9% rise in half-year net profit to KSh 58.2 billion for the six months ended 30 September 2026. Group service revenue grew by 13.1% to KSh 226.1 billion. Operating free cash flow rose 59.1% to reach KSh 74.5 billion.
The performance was driven by solid organic expansion in Kenya alongside a sharp reduction in operational losses in Ethiopia.
Key Earnings Numbers at a Glance
- Group Service Revenue: KSh 226.1 billion, up 13.1%.
- Group EBITDA: KSh 129.2 billion, up 27.5%.
- Group EBIT: KSh 91.1 billion, up 39.8%.
- Profit After Tax (Excl. Minority Interest): KSh 58.2 billion, up 35.9%.
- Total Group Capex: KSh 40.3 billion, down 7.8%.
Home Market: Kenya engine delivers double digits
Safaricom Kenya delivered KSh 216.0 billion in service revenue, reflecting an 11.3% increase. Net income for the Kenyan unit expanded 13.8% to KSh 66.3 billion.
M-PESA remained the principal growth anchor, generating KSh 100.1 billion in revenue (up 13.6%). This represents 46.3% of Kenya’s service revenue. M-PESA transaction value expanded to KSh 23.6 trillion, while total transaction volume reached 27.4 billion.
Mobile data grew 12.2% to KSh 45.2 billion, backed by 34.3 million active 4G and 5G devices. Voice revenue remained resilient, rising 6.2% to KSh 42.2 billion. Fixed service and IoT delivered the fastest segment growth, rising 25.5% to KSh 12.5 billion.
Ethiopia: Losses tumble 96% at EBITDA level
Safaricom Ethiopia reported significant operational improvement. Service revenue jumped 71.6% to KSh 10.6 billion (13.1 billion Ethiopian Birr, up 102.1%).
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) losses dropped by 96.5% to KSh 0.4 billion, down from KSh 12.6 billion a year prior. Net losses excluding minority interests fell 43.2% to KSh 8.8 billion. Ethiopia’s customer base expanded 38.4% to reach 15.4 million active users, supported by 60% population coverage.
What these results mean for Safaricom PLC
The Group’s strategy to evolve from a traditional telecom firm into a purpose-led technology company (“TechCo”) is yielding efficiency gains. Capital expenditure intensity fell from 21.3% to 17.3%, driven by a 47.2% reduction in Ethiopia capex as existing network assets matured into monetization.
For Investors
Capital allocation risks from regional expansion are abating. With Ethiopia nearing operational EBITDA break-even and Kenya generating KSh 85.3 billion in operating free cash flow, the dividend outlook and balance-sheet capacity strengthen. Group Net Debt to EBITDA sits at a healthy 0.75x.
For Customers
Kenyans are benefiting from reduced unit pricing. Average mobile data rates fell 10.8% to 5.0 cents per MB, while voice call rates declined 9.5% to KSh 0.94 per minute. In Ethiopia, network density is expanding, bringing 12.1 million active users onto mobile data and 5.2 million onto M-PESA.
For Kenya
Safaricom’s deep digital integration provides critical infrastructure. The platform underpins KSh 23.6 trillion in semi-annual financial flows. Its enterprise partnerships support 30 million citizens registered under Universal Health Coverage and 6.3 million farmers receiving digitized fertilizer and vaccine subsidies.
For Ethiopia
Safaricom continues to open Ethiopia’s telecom and fintech sectors to direct competition. The platform deployed 49,000 merchant QR codes and reached 101,000 active merchants, facilitating digital trade despite local foreign-exchange volatility and Birr depreciation.
