Safaricom Group has reported a 52.1% rise in group net income to KES 42.8 billion for the six months ended 30th September, 2025. They have achieved this from a resilient business model even as its Ethiopia venture continues to weigh on earnings.
The telecoms giant’s Kenya operations remained the primary growth engine. They posted a 22.6% rise in net income to KES 58.2 billion. This was driven by strong service revenue growth of 9.3% to KES 194 billion. Mobile money platform M-PESA remained a key contributor. It expanded 14% year-on-year to KES 88.1 billion. On the other hand, data and fixed services also recorded steady growth amid rising digital consumption.
In contrast, Safaricom Ethiopia still in its early rollout phase narrowed its operating losses by 20.1% to KES 15.5 billion. Service revenue more than doubled to KES 6.2 billion as subscriber numbers surged 83.7% to 11.1 million. However, pricing and currency reforms in Ethiopia continued to pressure short-term profitability. This highlights the delicate balancing act between growth investment and financial sustainability in Africa’s second-most populous market.
“This is a strong set of results and a solid start to our Vision 2030 strategy cycle.” Said CEO Peter Ndegwa, emphasizing continued execution of a “segment-led” approach and integrated service delivery across markets.
For investors and analysts, the results affirm Safaricom’s dual-market transition with Kenya delivering dependable margins while Ethiopia evolves as a long-term growth bet. The group’s consolidated service revenue rose 11.1% to KES 199.9 billion, while EBITDA climbed 34.9% to KES 101.3 billion. Notably, capital expenditure fell 25.6% to KES 43.7 billion. This drop suggests a phase of capital efficiency after heavy early-stage investment in Ethiopia.
Beyond financials, Safaricom continues to position its brand through social investment. Its new Citizens of the Future program aims to support 500 schools and 10,000 scholarships over five years. In Ethiopia, the recently launched Safaricom Foundation committed ETB 650 million to community projects in education and youth empowerment.
Now marking 25 years since inception. The company’s challenge lies in maintaining its Kenyan market dominance while navigating Ethiopia’s evolving regulatory and macroeconomic environment. The half-year results offer a cautiously optimistic signal a business tightening its fundamentals at home while planting the seeds of regional scale.
