• Econet reported FY2026 revenue of US$1.104 billion, up 23%, with EBITDA rising to US$459 million and the EBITDA margin holding at 41.6%
• Net earnings rose 141% to US$229 million as reduced exchange losses allowed stronger underlying operating performance to flow into reported profit
• Econet added 200 base stations, including 95 5G sites, as data volumes doubled and mobile financial services revenue rose 63%, strengthening the group’s fintech and digital-services base

Harare- Econet Wireless Zimbabwe has    reported revenue of USD 1.104 billion for the year ended 28 February 2026, a 23% increase from USD 894 million in FY2025 according to its latest FY2026 financial results. The milestone places Econet among Zimbabwe's small group of companies that have crossed the USD 1 billion annual revenue threshold, joining ZimPlats, Innscor Africa, and Delta Corporation whose FY2026 revenue of USD 1.09 billion confirmed the same level in the same reporting cycle.

Zimbabwe's nominal GDP for 2026 is projected at USD 56.71 billion according to the International Monetary Fund, making Econet's USD 1.104 billion in revenue equivalent to approximately 1.95% of the national economy's total output from a single company's operations.

EBITDA reached USD 459 million against USD 385 million in the prior year, producing an EBITDA margin of 41.6%. Total assets stood at USD 1.293 billion, while net asset value was USD 749 million against USD 529 million in the prior period.

The group declared the final dividend of USD 0.61 cents per share, bringing total dividends for the year to USD 2.44 cents per share.

Net earnings of USD 229 million against USD 95 million in the prior year represent a 141% improvement on 23% revenue growth. That was a net margin of 20.7% in FY2026 against 10.6% in FY2025 and this does not arise from revenue growth alone. The primary explanation is in the income statement's exchange losses line, the ZWG-denominated results show exchange losses of ZWG 250 million in FY2026 against ZWG 2.168 billion in FY2025, a ZWG 1.918 billion improvement in this single line.

The September 2024 ZiG devaluation of approximately 43% compressed FY2025's reported earnings far below the operational performance the business was actually delivering. The ZiG's stabilisation at ZiG 25 to 27 per USD through FY2026, confirmed in the RBZ's June 2026 MPC statement, eliminated that currency translation damage and allowed the underlying operational performance to flow through to the bottom line without distortion.

The structural EBITDA margin of 41.6% is consistent across both years when exchange losses are stripped from the comparison, confirming that the earnings recovery reflects currency normalisation as much as operational improvement, and that the FY2025 USD 95 million figure materially understated Econet's earning capacity under stable monetary conditions.

200 Base Stations, 95 5G Sites, and the January 2026 Core Upgrade

The network investment programme delivered 200 new base station sites during the year, including 95 5G sites across the country, constituting the most significant single-year 5G deployment in Zimbabwe's network history. Capital expenditure confirmed in the cash flow statement reached ZWG 5.289 billion against ZWG 3.590 billion in the prior year, an increase of 47% in ZWG terms. Capital commitments at year end, stood at ZWG 3.954 billion comprising ZWG 3.526 billion authorised and contracted and ZWG 428 million authorised but not yet contracted, to be financed from the Group's own resources and existing facilities.

In January 2026, the business completed a core network upgrade and implemented a new-generation converged customer billing system. The upgrade enhances analytics capability, improves customer experience through real-time billing visibility, and provides the technical infrastructure required for the more sophisticated product features that the revamped EcoCash platform and Econet AI's enterprise offering will deploy.

These are not cosmetic system changes. A converged billing system is the operational foundation on which product bundling, loyalty programmes, tiered data pricing, and integrated financial services products are built. Without it, the AI transformation the Chairman describes remains aspirational rather than commercially executable.

The 100% growth in data volumes and 35% growth in voice volumes are the demand evidence that the capital expenditure programme was built to serve. Econet's subscriber base stood at 73.75% of the total 16,778,982 active mobile subscriptions recorded in the quarter under review, according to the most recent POTRAZ Sector Report, against an industry penetration rate of 107.04%.

Fintech Growing at Four Times the Network Rate

Segment analysis shows mobile network operations generating revenue of ZWG 23.329 billion against ZWG 19.910 billion in the prior period, a 17% increase in ZWG terms. Mobile financial services generated ZWG 4.137 billion against ZWG 2.537 billion, a 63% increase, growing at approximately four times the rate of the core network segment. Insurance generated ZWG 1.033 billion against ZWG 678 million, a 52% increase.

The mobile money deposit balance stood at ZWG 2.83 billion, against ZWG 1.728 billion in the prior period, a 64% increase that indicates EcoCash users are retaining stored value on the platform rather than using it purely for immediate transfers. The transition from pass-through payments infrastructure to a stored-value financial services platform has direct revenue implications: stored balances generate float income, enable lending products whose interest margins are materially higher than transaction fees, and increase the frequency of subsequent transactions from a base that remains engaged with the platform between payment events.

Econet AI, the recently launched dedicated AI unit, delivers sector-specific AI solutions and AI compute services to Zimbabwean enterprises through partnerships with Cassava Technologies. The autonomous network initiative applies AI-powered automation and predictive intelligence to network quality management through Cassava AI, reducing operational cost per base station and improving service resilience through self-healing network protocols.

Yamurai, the voice-enabled AI chatbot deployed for customer service is a first in Africa for its capability in local languages, enabling 24-hour query resolution.

The Akello Smart Learning Platform, developed in collaboration with the Ministry of Higher and Tertiary Education, has provided access to the ZIMSEC curriculum and associated textbooks to more than 2 million learners through AI-enabled features. Design and construction work has commenced on Tech City on 800 acres of land owned by Econet near the International Airport in Harare, positioned as the first development of its kind in Zimbabwe and intended as a strategically relevant technology centre for the Southern Africa region.

The Group's negative working capital position of ZWG 2.6 billion, confirmed in Note 17, is primarily attributable to foreign currency denominated short-term financing raised for network infrastructure, mitigated by non-current financial assets at amortised cost and financial assets at fair value through other comprehensive income with a combined carrying amount of ZWG 6.7 billion largely denominated in foreign currency. The directors have reviewed cash flow forecasts to 30 June 2027 and are satisfied that the Group has access to adequate resources to continue as a going concern.

Therefore, Econet has closed FY2026 with USD 1.104 billion in revenue, USD 229 million in net earnings, USD 1.293 billion in total assets whose InfraCo component has not yet been consolidated, Zimbabwe's largest ever IPO completed in the same year, 95 5G sites deployed, 2 million learners on an AI platform, and a core network upgrade that positions the billing and analytics infrastructure for the product development that the AI and fintech strategy requires.

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