Safaricom reported a 35.9 per cent rise in net income to Sh58.2 billion for the six months ended September 30, 2026, driven by strong performance in its Kenya and Ethiopia operations.
The telecommunications company recorded a 13.1 per cent increase in Group service revenue to Sh226.1 billion. At the same time, earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27.5per cent to Sh129.2 billion compared to the same period last year.
In Kenya, service revenue grew 11.3 per cent to Sh216 billion, with earnings before interest and tax (EBIT) increasing 13.7 per cent to Sh101.8 billion, surpassing the Sh100 billion mark for the first time in a six-month reporting period.
M-PESA remained a major revenue contributor, with Group revenue from the mobile money platform growing 13.6% to Sh100.1 billion, also crossing the Sh100 billion threshold for the first time in a half-year period.
The company said 53% per cent of all M-PESA transactions remained free during the period, alongside approximately 81per cent of Lipa na M-PESA and Pochi la Biashara merchant transactions and 63 per cent of consumer transactions, supporting access to affordable financial services.
Safaricom Group CEO Peter Ndegwa attributed the performance to sustained execution of the company’s growth strategy, particularly the expansion of its Ethiopian operations.
“We remain firmly focused on delivering our Vision 2030 ambition of becoming Africa’s leading purpose-led technology company. Our performance reflects strong execution across our businesses, while Ethiopia’s sustained growth and commercial momentum bring us closer to our target of achieving EBITDA break-even by the end of this financial year,” said Ndegwa.
In Ethiopia, Safaricom recorded the fastest growth across its operations, with service revenue increasing 71.6 per cent to Sh10.6 billion.
The Ethiopian business expanded its customer base to 15.4 million three-month active customers, representing 38.4 per cent growth, as demand for mobile connectivity and financial services continued to increase.
Its EBITDA loss narrowed by 96.5% to Sh434.4 million, indicating progress towards profitability and the company’s target of achieving EBITDA break-even by the end of the current financial year.
Ethiopia contributed 17 per cent of the Group’s service revenue growth during the six months, highlighting its growing importance to Safaricom’s overall business.
Safaricom Chairman Adil Khawaja said the results reflected the resilience of the company’s business model and its commitment to creating value beyond financial performance.
“The results demonstrate the resilience of Safaricom’s business and the strength of our 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,” said Khawaja.
Beyond its financial performance, Safaricom said its foundations reached more than 1.5 million people through education, healthcare and economic empowerment programmes during the half-year period.
The company also continued investing in youth development through its Safaricom Chapa Dimba football tournament, which has so far attracted 60,000 young players in its fifth season.
