Safaricom has reported a 35.9% rise in group net income to $448 million (KES 58.2 billion) for the six months to 30 September 2026, driven by sustained growth in Kenya and a sharp narrowing of losses at its Ethiopian unit.
Group service revenue grew 13.1% to $1.74 billion (KES 226.1 billion), while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27.5% to $994 million (KES 129.2 billion), the Nairobi Securities Exchange-listed operator said on Thursday.
Group CEO Peter Ndegwa said the results reflected strong execution across the business and kept Safaricom on course for its Vision 2030 goal of becoming Africa’s purpose-led technology company.
“Our performance reflects strong execution across our businesses, while Ethiopia’s sustained growth and commercial momentum brings us closer to our target of achieving EBITDA break-even by the end of this financial year,” Ndegwa said on Thursday during the release of the results.
In Kenya, service revenue increased 11.3% to $1.66 billion (KES 216 billion). Earnings before interest and tax (EBIT) rose 13.7% to $783 million (KES101.8 billion), the first time the Kenyan business has surpassed KES 100 billion ($789 million) in a half-year period.
M-PESA, Africa’s largest fintech platform, also hit a milestone, with group revenue growing 13.6% to $770 million (KES 100.1 billion), crossing the KES 100 billion threshold for the first time in a six-month period. Safaricom said 53% of all M-PESA transactions remained free or zero-rated during the period, including about 81% of Lipa na M-PESA and Pochi la Biashara merchant transactions and 63% of consumer transactions.
Ethiopia losses narrow sharply
Safaricom Ethiopia continued its rapid expansion, with service revenue surging 71.6% to $81.5 million (KES 10.6 billion). Three-month active customers grew 38.4% to 15.4 million, reflecting rising demand for digital connectivity and financial services in the country.
The unit contributed 17% of the group’s service revenue growth, and its EBITDA loss narrowed by 96.5% to $3.3 million (KES 434.4 million), putting the business within reach of the break-even target set for the end of the financial year.
Chairman Adil Khawaja said the results showed the resilience of the business and the strength of its strategy.
“Importantly, this growth remains anchored in our purpose of transforming lives, ensuring that the value we create is reflected not only in our financial performance but also in the opportunities we enable for our customers, shareholders and the communities we serve,” Khawaja said.
Beyond the financials, Safaricom said more than 1.5 million lives were impacted during the half through the Safaricom and M-PESA Foundations’ education, health and economic empowerment programmes. Some 60,000 young players have so far taken part in the fifth season of its Chapa Dimba youth football tournament.
Safaricom serves more than 71.6 million customers across Kenya and Ethiopia and reported annual revenue of $3.1 billion (KES 400 billion) for the year to March 2026.
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