Safaricom PLC has reported a 35.9 per cent increase in net profit to Sh58.2 billion for the six months ended September 30, 2026, driven by strong growth in its Kenyan operations and a significant reduction in losses in Ethiopia.
The telecommunications company’s Group service revenue grew by 13.1 per cent to Sh226.1 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 27.5 per cent to Sh129.2 billion.
Safaricom Kenya remained the Group’s largest revenue contributor, recording an 11.3 per cent increase in service revenue to Sh216 billion. Earnings before interest and tax (EBIT) rose by 13.7 per cent to Sh101.8 billion, crossing the Sh100 billion mark for the first time in a six-month reporting period.
M-PESA continued to drive growth, with revenue increasing by 13.6 per cent to Sh100.1 billion, also surpassing the Sh100 billion mark for the first time in a half-year period.
The company said 53 per cent of all M-PESA transactions remained free, including approximately 81 per cent of Lipa na M-PESA and Pochi la Biashara merchant transactions, as part of efforts to make digital financial services more accessible.
In Ethiopia, Safaricom recorded a 71.6 per cent increase in service revenue to Sh10.6 billion, supported by growing demand for connectivity and financial services. Its three-month active customer base expanded by 38.4 per cent to 15.4 million.
The Ethiopian business also recorded a significant improvement in profitability, with its EBITDA loss narrowing by 96.5 per cent to Sh434.4 million, bringing the operation closer to breaking even.
Speaking during the release of the financial results, Safaricom Group CEO Peter Ndegwa said the performance reflected continued execution of the company’s growth strategy across both markets.
“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 brings us closer to our target of achieving EBITDA break-even by the end of this financial year,” said Ndegwa.
Ethiopia accounted for 17 per cent of the Group’s service revenue growth during the period, highlighting its increasing contribution to Safaricom’s overall performance.
Beyond its financial results, Safaricom reported that more than 1.5 million people benefited from education, health and economic empowerment programmes implemented through the Safaricom and M-PESA Foundations during the half-year period.
The company also reported that 60,000 young footballers had participated in the fifth season of the Safaricom Chapa Dimba tournament.
The latest results underline Safaricom’s continued growth in Kenya and improving performance in Ethiopia, where the company is targeting EBITDA break-even by the end of the current financial year.