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Safaricom half-year results show group net income rose 35.9% to KSh 58.2 billion in the six months to 30 September 2026, as losses in Ethiopia shrank sharply and M-Pesa revenue passed KSh 100 billion in a half-year for the first time. The telco published the unaudited results on Thursday, 5 November 2026.
Group service revenue grew 13.1% to KSh 226.1 billion, and group EBITDA rose 27.5% to KSh 129.2 billion, according to Safaricom’s results announcement.
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Safaricom half-year results: the key numbers
| Measure (HY27) | Amount | Change |
|---|---|---|
| Group service revenue | KSh 226.1bn | +13.1% |
| Group EBITDA | KSh 129.2bn | +27.5% |
| Group net income | KSh 58.2bn | +35.9% |
| Kenya service revenue | KSh 216.0bn | +11.3% |
| Kenya EBIT | KSh 101.8bn | +13.7% |
| M-Pesa revenue | KSh 100.1bn | +13.6% |
| Ethiopia service revenue | KSh 10.6bn | +71.6% |
| Ethiopia EBITDA loss | KSh 434.4m | narrowed 96.5% |
Kenya and M-Pesa in the half-year results
In the Safaricom half-year results, the Kenya business crossed KSh 100 billion in earnings before interest and tax (EBIT) in a six-month period for the first time, at KSh 101.8 billion. M-Pesa remained the main growth engine. Safaricom’s directors’ statement says M-Pesa’s share of Kenya service revenue rose to 46.3%, transaction value increased 16.6% to KSh 23.56 trillion and the merchant base grew 90.3% to 4.51 million. Assets under management in its wealth products rose 69.7% to KSh 25.56 billion.
The company says 53% of all M-Pesa transactions, and about 81% of Lipa na M-Pesa and Pochi la Biashara merchant transactions, were free or zero-rated during the period. Connectivity revenue grew 7.7% to KSh 103.38 billion, helped by mobile data growth of 12.2%.
Ethiopia closes in on break-even
Safaricom Ethiopia grew service revenue 71.6% to KSh 10.6 billion and now has 15.4 million three-month active customers, up 38.4%. Its EBITDA loss narrowed to KSh 434.4 million. “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,” Group CEO Peter Ndegwa said in the statement. Ethiopia accounted for 17% of the group’s service revenue growth in the Safaricom half-year results.
What it means for shareholders
The Safaricom half-year results matter for income investors too. For investors watching the Safaricom dividend history, the results point to stronger cash generation: operating free cash flow rose to KSh 74.5 billion, according to the company’s investor materials. CNBC Africa, citing a company briefing, reported that Safaricom kept its full-year EBIT guidance of KSh 180 billion to KSh 187 billion. Any interim dividend should be confirmed in the company’s official notice to shareholders before acting on it.
Safaricom shares trade on the Nairobi Securities Exchange as SCOM. The Central Bank of Kenya’s weekly bulletin linked part of the market’s gains in the week to 5 November to positive earnings reports, alongside the Nedbank-NCBA deal.
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