Airtel Africa plc

Name: Airtel Africa plc financial statements and ratios
Creator: Annalist

AAF · LSE · Communication and media, telecommunications · United Kingdom · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_ae352ead.

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Overview

Revenue, fiscal year

+29.5% year on year

Operating profit, fiscal year

+45.2% year on year

Net income, fiscal year

+209% year on year

Diluted EPS, fiscal year

+210% year on year

Operating margin, fiscal year

+3.6pp year on year

Return on equity, fiscal year

+14.6pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was US$6.4 billion, 29.5% higher than in the previous fiscal year.
Newin FY2026 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 NewRevenue for the fiscal year ended 31 March 2026 was US$6.4 billion, 29.5% higher than in the previous fiscal year.Recorded from FY2026_ae352ead · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_ae352ead · data update
3. FY2025 WeakenedRevenue for the fiscal year ended 31 March 2025 was US$5.0 billion, 0.5% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was US$5.0 billion, 5.3% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was US$679 million, 208.6% higher than in the previous fiscal year.
Newin FY2026 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 5 records
1. FY2026 NewNet income attributable to the company for fiscal 2026 was US$679 million, 208.6% higher than in the previous fiscal year.Recorded from FY2026_ae352ead · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_ae352ead · data update
3. FY2025 NewNet income attributable to the company for fiscal 2025 was US$220 million, against a net loss of US$165 million in the previous fiscal year.Reconstructed · data update
4. FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
5. FY2024 NewThe company reported a net loss of US$165 million for fiscal 2024, against net income of US$663 million in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 33.0%, 3.6 percentage points higher than a year earlier.
Newin FY2026 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 NewThe operating margin for fiscal 2026 was 33.0%, 3.6 percentage points higher than a year earlier.Recorded from FY2026_ae352ead · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_ae352ead · data update
3. FY2025 StrengthenedThe operating margin for fiscal 2025 was 29.4%, 3.5 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 32.9%, 0.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 24.1%, against 9.5% a year earlier.
Weakenedin FY2026 · stated since FY2025
Rule: Return on equity against a year earlier · Sources Annual financial report 2026-03, Annual financial report 2025-03
History of this finding, 4 records
1. FY2026 WeakenedReturn on equity for fiscal 2026 was 24.1%, against 9.5% a year earlier.Recorded from FY2026_ae352ead · data update
2. FY2025 NewReturn on equity for fiscal 2025 was 9.5%, against -5.7% a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2024 NewReturn on equity for fiscal 2024 was -5.7%, against 18.6% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2026 was US$2.4 billion, and operating cash flow was 4.7 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedFree cash flow for fiscal 2026 was US$2.4 billion, and operating cash flow was 4.7 times net income attributable to the company.Recorded from FY2026_ae352ead · data update
2. FY2025 StrengthenedFree cash flow for fiscal 2025 was US$1.5 billion, and operating cash flow was 10.3 times net income attributable to the company.Reconstructed · data update
3. FY2024 NewFree cash flow for fiscal 2024 was US$1.4 billion, and operating cash flow was -13.7 times net income attributable to the company.Reconstructed · initial
Net debt was US$5.8 billion at 31 March 2026, 1.8 times EBITDA for fiscal 2026.
Strengthenedin FY2026 · stated since FY2024
Rule: Net debt or net cash · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedNet debt was US$5.8 billion at 31 March 2026, 1.8 times EBITDA for fiscal 2026.Recorded from FY2026_ae352ead · data update
2. FY2025 StrengthenedNet debt was US$5.4 billion at 31 March 2025, 2.4 times EBITDA for fiscal 2025.Reconstructed · data update
3. FY2024 NewNet debt was US$3.8 billion at 31 March 2024, 1.6 times EBITDA for fiscal 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 March 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_ae352ead

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 2.03x, FFO to debt 30.1% · FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 30.1% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Confirmedin FY2026 · stated since FY2025
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 ConfirmedLease-adjusted debt was 2.0 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 30.1% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Recorded from FY2026_ae352ead · data update
2. FY2025 NewLease-adjusted debt was 2.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 21.6% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
3. FY2025 RetiredThe finding changed to the intermediate band.Reconstructed · data update
4. FY2024 NewLease-adjusted debt was 1.8 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 36.8% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.0 years of adjusted EBITDA; a year of funds from operations equals 30.1% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.03x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30.1%30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities		n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	modest	modest	modest	intermediate	intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	intermediate	n/a	intermediate	significant	intermediate
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted	n/a	n/a
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt	n/a	n/a
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt	n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)		n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities		n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities		n/a	n/a	n/a	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Borrowings	$2.3bn	$2.2bn	$2.4bn	$2.3bn	$2.2bn
Lease liabilities	$1.7bn	$2.0bn	$2.1bn	$3.7bn	$4.2bn
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0	$0
Lease-adjusted debt	$3.9bn	$4.2bn	$4.5bn	$6.0bn	$6.4bn
EBIT	$1.5bn	$1.8bn	$1.6bn	$1.5bn	$2.1bn
Depreciation and amortisation, with the impairment reported with them	$744m	$818m	$788m	$831m	$1.0bn
Share-based payments	$0	$0	$0	$0	$0
Adjusted EBITDA	$2.3bn	$2.6bn	$2.4bn	$2.3bn	$3.2bn
Cash interest	−$441m	n/a	−$440m	−$670m	−$839m
Cash taxes	−$293m	n/a	−$344m	−$323m	−$395m
Funds from operations	$1.5bn	n/a	$1.6bn	$1.3bn	$1.9bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.64x, Debt due within 12 months $1.3bn · FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2026 equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Strengthenedin FY2026 · stated since FY2024
Rule: Liquidity cover · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedCash, short-term investments and operating cash flow for fiscal 2026 equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026_ae352ead · data update
2. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2026

Sources	Amount
Cash and short-term investments	$646m
Operating cash flow	$3.2bn
Sources	$3.8bn

Uses	Amount
Debt due within 12 months	$1.3bn
Capital expenditure	$753m
Dividends paid	$246m
Uses	$2.3bn

Liquidity cover 1.64x

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −19.4%, Operating cash flow to EBITDA 1.01x · FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 19.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2026 · stated since FY2024
Rule: Cash backing of earnings · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 19.4% of average total assets.Recorded from FY2026_ae352ead · data update
2. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 18.7% of average total assets.Reconstructed · data update
3. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 23.1% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company			n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 1.20, Piotroski 9 of 9 · FY2021

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2021 was 1.20, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Newin FY2021 · first stated
Rule: Altman Z'' zone · Sources Annual financial report 2022-03
History of this finding, 1 record
1. FY2021 NewThe Altman Z'' score for fiscal 2021 was 1.20, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 9 of 9.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2026 · first stated
Rule: Piotroski F-score · Sources Annual financial report 2025-03, Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 NewThe Piotroski F-score for fiscal 2026 was 9 of 9.Recorded from FY2026_ae352ead · data update
2. FY2026 RetiredThe finding changed to a high score.Recorded from FY2026_ae352ead · data update
3. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · data update
4. FY2024 NewThe Piotroski F-score for fiscal 2024 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Mar 2021	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	n/a	n/a	n/a	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2021

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

1.20Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.20 is in the grey zone of the model, between 1.10 and 2.60. The largest part is retained earnings, at 0.97; working capital below zero lowers the score by 1.05.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.160	6.560	−1.050
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.298	3.260	0.971
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.112	6.720	0.753
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.505	1.050	0.530
Score			1.204

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.70 means a probability of a misstatement 0.70 times the average rate in the Dechow sample: 0.26% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.048	0.790	0.038
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.001	2.518	−0.002
Change in inventories / average total assetsThe growth of stock against average assets.	−0.000	1.191	−0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.954	1.979	1.887
Change in cash salesThe growth of sales collected in cash.	0.302	0.171	0.052
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.032	−0.932	−0.030
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−5.949
Probability of a misstatement			0.26%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

9 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2026	FY2025
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 March 2026 Search page of the FCA National Storage Mechanism	11 Jun 2026, added to the index	AFR:254900ZNZDQL6OWQH623-2026-03-31-0
Annual financial report for the year to 31 March 2025 Search page of the FCA National Storage Mechanism	10 Jun 2025, added to the index	AFR:254900ZNZDQL6OWQH623-2025-03-31-0
Annual financial report for the year to 31 March 2024 Search page of the FCA National Storage Mechanism	11 Jun 2024, added to the index	AFR:254900ZNZDQL6OWQH623-2024-03-31-0
Annual financial report for the year to 31 March 2023 Search page of the FCA National Storage Mechanism	13 Jun 2023, added to the index	AFR:254900ZNZDQL6OWQH623-2023-03-31-0
Annual financial report for the year to 31 March 2022 Search page of the FCA National Storage Mechanism	7 Jun 2022, added to the index	AFR:254900ZNZDQL6OWQH623-2022-03-31-0

Checks

2525 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	230
Proven by a check	7.8%, 18 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	5
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Airtel Africa plc, snapshot airtel-africa/FY2026_ae352ead (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_ae352ead · dataset SHA-256 ae352ead084a954097e838209ef3fe3d5fc8724071f8bdcdf3422d26e7122759 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json