Airtel Malawi Income Statement

Financials in millions MWK. Fiscal year is January - December.

Millions MWK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	363,101	270,967	193,999	153,464	131,769
Revenue Growth (YoY)	34.00%	39.67%	26.41%	16.46%	19.54%
Cost of Revenue	124,848	89,358	63,211	44,303	39,656
Gross Profit	238,253	181,609	130,787	109,161	92,113
Selling, General & Admin	41,348	28,177	17,191	13,829	12,080
Other Operating Expenses	42,818	33,808	22,067	16,564	14,256
Operating Expenses	114,944	87,407	57,533	44,064	40,986
Operating Income	123,309	94,202	73,254	65,097	51,127
Interest Expense	-25,730	-23,415	-13,526	-6,706	-2,564
Interest & Investment Income	10,606	4,600	3,361	3,002	1,864
Currency Exchange Gain (Loss)	-22,384	-19,462	-84,704	-12,790	-5,626
Other Non Operating Income (Expenses)	-	-403.97	-150.26	5,179	-24.27
EBT Excluding Unusual Items	85,801	55,522	-21,765	53,781	44,776
Gain (Loss) on Sale of Assets	-	-	-	-	1,429
Legal Settlements	-	-147.82	-13.6	-1,015	-
Other Unusual Items	-	26.97	5.58	-0.51	-
Pretax Income	85,801	55,401	-21,773	52,765	46,217
Income Tax Expense	34,553	12,679	-6,349	15,840	13,882
Net Income	51,248	42,722	-15,424	36,925	32,335
Net Income to Common	51,248	42,722	-15,424	36,925	32,335
Net Income Growth	19.96%	-	-	14.20%	46.36%
Shares Outstanding (Basic)	10,997	11,000	11,000	11,000	11,000
Shares Outstanding (Diluted)	10,997	11,000	11,000	11,000	11,000
Shares Change (YoY)	-0.02%	-	-	-	-
EPS (Basic)	4.66	3.88	-1.40	3.36	2.94
EPS (Diluted)	4.66	3.88	-1.40	3.36	2.94
EPS Growth	20.10%	-	-	14.20%	46.36%
Free Cash Flow	89,266	52,164	21,475	66,109	33,624
Free Cash Flow Per Share	8.12	4.74	1.95	6.01	3.06
Dividend Per Share	3.500	2.000	-	2.500	2.950
Dividend Growth	75.00%	-	-	-15.25%	40.48%
Gross Margin	65.62%	67.02%	67.42%	71.13%	69.91%
Operating Margin	33.96%	34.77%	37.76%	42.42%	38.80%
Profit Margin	14.11%	15.77%	-7.95%	24.06%	24.54%
Free Cash Flow Margin	24.58%	19.25%	11.07%	43.08%	25.52%
EBITDA	154,088	110,382	86,554	75,912	61,781
EBITDA Margin	42.44%	40.74%	44.62%	49.47%	46.88%
D&A For EBITDA	30,779	16,179	13,299	10,815	10,654
EBIT	123,309	94,202	73,254	65,097	51,127
EBIT Margin	33.96%	34.77%	37.76%	42.42%	38.80%
Effective Tax Rate	40.27%	22.89%	-	30.02%	30.04%
Revenue as Reported	363,488	271,089	194,027	153,451	135,074

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.