In the six months to September 2026, Safaricom Ethiopia narrowed its EBITDA loss by 96.5% to KSh434.4 million while service revenue jumped 71.6% to KSh10.6 billion.

The subsidiary ended the period with 15.4 million three‑month active customers and recorded a 102.1% increase in revenue measured in Ethiopian birr.

Average monthly data consumption rose from about 6 GB to between 7.5 GB and 8 GB per user, supporting higher data revenue alongside adjustments to data pricing.

Group CEO Peter Ndegwa said the business is approaching the customer and network scale identified as critical for commercial progress, with a target of EBITDA breakeven by the end of FY27.

Capital expenditure fell to roughly KSh5 billion in the first half of FY27, down from KSh18.7 billion a year earlier, and full‑year guidance remains between KSh6 billion and KSh9 billion.

The debt‑to‑equity ratio rose to 20% from 16.9% in March 2026, reflecting a shift toward greater local borrowing as the operation moves beyond its initial funding phase.

Despite the EBITDA improvement, the six‑month period still saw an EBIT loss of KSh11.4 billion, a net loss of KSh8.8 billion, and negative free cash flow of KSh10.9 billion, though the cash‑flow deficit narrowed by 55.8%.

Management indicated that further price rationalisation could be pursued through engagement with the regulator to build a more sustainable commercial model.

Safaricom Ethiopia now accounts for about 17% of the group’s service‑revenue growth, highlighting its growing contribution to the overall Safaricom portfolio.

The company retained its FY27 Ethiopia EBIT guidance of a KSh12‑15 billion loss and reaffirmed its priority to achieve EBITDA breakeven while expanding its customer base, data usage and M‑PESA adoption.