By Linah Wawire, Nairobi
Safaricom PLC has reported a 35.9 per cent increase in net income to KSh58.2 billion for the six months ended September 30, 2026, driven by strong growth in its mobile money business and improved performance across its Kenyan and Ethiopian operations.
The telecommunications giant’s financial results for the first half of the 2026/2027 financial year show sustained revenue growth, with group service revenue rising by 13.1 per cent to KSh226.1 billion.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 27.5 per cent to KSh129.2 billion, reflecting improved operational performance and stronger earnings across the group’s businesses.
Safaricom Kenya recorded service revenue of KSh216 billion, representing an 11.3 per cent increase compared with the corresponding period last year.
The Kenyan business also achieved a major milestone after its Earnings Before Interest and Tax (EBIT) crossed the KSh100 billion mark for the first time in a six-month reporting period, reaching KSh101.8 billion.
The performance was supported by continued growth in M-PESA, whose group revenue increased by 13.6 per cent to KSh100.1 billion, also surpassing the KSh100 billion mark for the first time in a half-year period.
“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,” ~ Peter Ndegwa
The mobile money platform continues to play a central role in Safaricom’s revenue growth and Kenya’s digital financial services ecosystem.
During the reporting period, 53 per cent of all M-PESA transactions remained free or zero-rated. Approximately 81 per cent of Lipa na M-PESA and Pochi la Biashara merchant transactions, alongside 63 per cent of consumer transactions, also attracted no charges.
Safaricom said the pricing model was intended to improve access to affordable financial services while enabling millions of customers to participate in the digital economy.
Group Chief Executive Officer Peter Ndegwa said the results reflected strong execution across the company’s businesses and progress towards its ambition of becoming Africa’s leading purpose-led technology company by 2030.
“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.
Safaricom Ethiopia continued to record significant growth, with service revenue increasing by 71.6 per cent to KSh10.6 billion during the six-month period.
The Ethiopian operation had 15.4 million three-month active customers, representing a 38.4 per cent increase, as demand for mobile connectivity and digital financial services continued to expand.
Ethiopia accounted for 17 per cent of the group’s service revenue growth, highlighting its growing contribution to Safaricom’s overall performance.
The business also made substantial progress towards profitability, with its EBITDA loss narrowing by 96.5 per cent to KSh434.4 million.
The reduction in losses signals progress towards commercial sustainability as Safaricom expands its presence in the Ethiopian telecommunications market.
Safaricom Chairman Adil Khawaja said the results demonstrated the resilience of the business and the effectiveness of its long-term strategy.
He said the company’s growth remained anchored in its purpose of transforming lives through technology, financial inclusion and opportunities for customers, shareholders and communities.
Beyond its financial performance, Safaricom continued to invest in social development programmes through its corporate foundations.
During the half-year period, more than 1.5 million people benefited from education, healthcare and economic empowerment initiatives implemented through the Safaricom and M-PESA Foundations.
The company also maintained its investment in youth development through the Safaricom Chapa Dimba football tournament, which has attracted 60,000 young players in its fifth season.
The latest results strengthen Safaricom’s financial position as it pursues growth in digital financial services, telecommunications and technology-driven solutions across East Africa.
With its Kenyan operation delivering record half-year earnings and Ethiopia moving closer to breaking even, the group is positioning itself for further expansion while balancing commercial growth with its wider social investment agenda.
