Safaricom has delivered one of its strongest performances in years, a 52.1% jump in group net income to $331.3 million (KES 42.8 billion) for the half year ended September 2025.
Driven by resurgent earnings in Kenya and narrowing losses from its ambitious Ethiopian expansion, the results mark a defining moment for East Africa’s telecom and fintech powerhouse, whose Ethiopian operations are now emerging as a promising growth engine.
Safaricom Group CEO Dr. Peter Ndegwa, was full of praise for the giant mobile network operator that was once seen as a financial drag when he highlighted that the company remains on track with its financial year 2026 guidance.
“This is a strong set of results and a solid start to our Vision 2030 strategy cycle. Ethiopia is full of promise and we are here for the long term,” he said
Safaricom Ethiopia’s losses fell by 20% year-on-year to $103 million (KES 15.5 billion), while service revenue more than doubled to $46.6 million (KES 6.2 billion), reflecting strong customer adoption.
In Kenya, Safaricom’s core market, growth was broad-based with M-PESA revenue rising 14% year-on-year to $662.4 million (KES 88.1 billion).
Equally impressive, mobile data climbed 9.5%, and total service revenue reached $1.46 billion (KES 194 billion). Earnings before interest and tax grew 13.1% to $674 million (KES 89.5 billion), supported by double-digit gains in connectivity and fixed service segments.
Safaricom’s major bet on Ethiopia, where it led a $1.6 billion consortium backed by the World Bank’s IFC to secure the country’s first private telecom license, is now beginning to pay off. Subscriber numbers in Ethiopia surged 83.7% to 11.1 million, while M-PESA Ethiopia recorded 3.4 million active users and processed $105 million (12.3 billion Birr) in transactions during the period.
Elsa Muzzolini, CEO of M-PESA, revealed that the African mobile money transfer and financial services platform’s goal is to build an inclusive financial ecosystem that empowers every Ethiopian.
“With over 30,000 merchants onboard and growing, digital payments are transforming everyday commerce.”
Beyond profits, Safaricom continues to build its growth around purpose. Through initiatives like Citizens of the Future and the Safaricom Ethiopia Foundation, the company has invested billions in education, youth empowerment, and community development.
Ndegwa added that as Safaricom’s shares have soared 75% since January, representing nearly half of Nairobi’s all-share index, its dual-market success demonstrates the power of vision, resilience and inclusive innovation.
“These are hallmarks of this valuable African telecoms brand,” he said.
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