Safaricom PLC has today released its audited financial results for the fiscal year ended March 31, 2026, revealing a landmark performance that cements its position as a regional technology titan.
The primary Kenyan entity recorded a historic net profit of Ksh. 118.4 billion, a 24.6% increase from Ksh. 95.0 billion in FY25.
On a Group level, net income grew to Ksh. 73.7 billion, successfully absorbing the Ksh. 47.1 billion startup loss from the Ethiopia expansion, a loss that is rapidly narrowing as the subsidiary enters its commercial scaling phase.
1. Financial performance: Group vs. Company
The Group’s performance reflects the strength of the Kenyan core offsetting the capital-intensive growth in Ethiopia.
| Financial Metric (Ksh. Billions) | Group (FY26) | Company (KE) | Company (FY25) | Variance (Co.) |
| Service Revenue | 414.14 | 396.75 | 360.86 | ↑ 10.0% |
| Total Revenue | 427.56 | 410.75 | 380.48 | ↑ 8.0% |
| EBITDA | 220.26 | 232.80 | 204.93 | ↑ 13.6% |
| Operating Profit (EBIT) | 146.32 | 181.27 | 157.35 | ↑ 15.3% |
| Net Profit (PAT) | 73.68 | 118.35 | 94.95 | ↑ 24.6% |
| Operating Free Cash Flow | 173.65 | 112.55 | 89.94 | ↑ 25.1% |
2. The engine of growth
Kenya’s performance was bolstered by a significant shift in customer behavior, with Mobile Data and M-PESA now forming the backbone of service revenue.
| Kenya Revenue Streams | FY2026 (Bn) | FY2025 (Bn) | Growth (%) | % of Service Rev |
| M-PESA | 182.73 | 161.13 | 13.4% | 45.6% |
| Mobile Data | 83.35 | 72.86 | 14.4% | 20.8% |
| Voice | 81.82 | 80.78 | 1.3% | 20.4% |
| Fixed Service & IoT | 20.20 | 18.00 | 12.2% | 5.0% |
| Messaging | 11.00 | 12.48 | ↓ 11.8% | 2.7% |
3. Ethiopia
Safaricom Ethiopia (STE) transitioned from market entry to early scale, with service revenue skyrocketing by 86.6%. Notably, Ethiopia contributed 12.5% to the total Group service revenue growth.
| Ethiopia KPIs | FY2026 | FY2025 | Growth (%) |
| Service Revenue | Ksh. 14.08 B | Ksh. 7.55 B | ↑ 86.6% |
| 90-Day Active Customers | 13.63 Million | 8.84 Million | ↑ 54.2% |
| M-PESA Customers (90-day) | 5.20 Million | 2.37 Million | ↑ 119.4% |
| Network Base Stations | 3,504 | 2,961 | ↑ 18.3% |
| EBITDA Loss | (Ksh. 15.35B) | (Ksh. 33.69B) | ↓ 54.4% |
4. Shareholder returns
Underpinned by a 16.7% rise in Group Operating Free Cash Flow, Safaricom announced its largest dividend payout to date.
- Interim Dividend: Ksh. 0.85 per share (Paid: Ksh. 34.06 Bn).
- Final Dividend: Ksh. 1.15 per share (Proposed: Ksh. 46.08 Bn).
- Total Dividend: Ksh. 2.00 per share (Totaling Ksh. 80.13 Bn).
- Growth: This is a 66.7% increase over the Ksh. 1.20 per share paid in FY25.
5. Customer & network evolution
The Group’s connectivity strategy has seen a massive migration toward 4G and 5G technologies, significantly increasing Data ARPU (Average Revenue Per User).
| Network Stat (Group) | FY2026 | FY2025 | Change (%) |
| Total Customers (3-month) | 71.56 Million | 57.08 Million | ↑ 25.4% |
| Active M-PESA Users | 43.69 Million | 37.03 Million | ↑ 18.0% |
| Smartphones in Network | 33.16 Million | 27.36 Million | ↑ 21.2% |
| 5G Base Stations | 1,901 | 1,724 | ↑ 10.3% |
| 4G Base Stations | 11,080 | 10,078 | ↑ 9.9% |
6. Strategic outlook
As Safaricom enters the second year of its Vision 2030 roadmap, the focus remains on personalizing customer value and scaling M-PESA’s next frontier (Wealth, Insurance, and Merchant solutions).
- Group EBIT Guidance: Ksh. 180–187 Billion.
- Kenya EBIT Guidance: Ksh. 195–199 Billion.
- Ethiopia EBIT Guidance: (Ksh. 12–15 Billion) loss—reflecting a further 50% reduction in startup losses.
- Group Capex: Ksh. 64–70 Billion.