• Net profit reaches CFA413.6bn ($744m), with 21.5% margin
• Data and broadband fuel revenue growth of 8.3% to CFA1,923bn
• Board proposes CFA1,933 dividend as cash flow remains strong

Senegalese telecom group Sonatel closed 2025 with consolidated net profit of CFA413.6bn ($744m), up 5.1% from 2024, representing a net margin of 21.5%. Net income attributable to the group stood at CFA341.9bn, compared with CFA328.8bn a year earlier.

Earnings per share reached CFA3,420, up from CFA3,288 in 2024, a closely watched metric as Sonatel remains the largest market capitalization on the regional stock exchange.

The year was marked by the introduction of new taxes on telecom services and mobile money in Sierra Leone and Guinea-Bissau, reflecting a broader regional trend in which governments increasingly view telecom operators as key tax contributors.

Despite these pressures, revenue rose 8.3% year on year to CFA1,923bn. Growth was driven mainly by mobile data, fixed broadband, and digital financial services, which have become central to the group’s business model. Voice revenue continued to decline, confirming a structural shift in the sector.

Data becomes the main growth engine

Mobile data revenue reached CFA743bn, up 17.7%, accounting for nearly 39% of total revenue. The 4G customer base expanded to more than 21.9 million users.

Fixed broadband posted the strongest relative growth, up 22.5%, supported by fiber expansion. Fiber customers increased 35.4%, pushing total fixed broadband subscribers above one million and strengthening Sonatel’s position in high-speed internet.

Orange Money under competitive and tax pressure

Orange Money generated CFA208.9bn in revenue, up 11.3%, consolidating its role as a key diversification pillar. Despite competition from Wave, the customer base reached 13 million, up 2.8%, while transaction volumes grew 17%.

However, growth moderated compared with previous years, amid higher taxation on digital financial transactions and intensified price competition in certain markets.

Profitability remains high

EBITDAAL stood at CFA921bn, implying a margin of nearly 48%, placing Sonatel among the most profitable telecom operators in Africa.

Free cash flow reached CFA422bn, while cash reserves exceeded CFA536bn at year-end. The CAPEX-to-revenue ratio edged down to 15%, reflecting an optimization phase after several years of heavy investment.

Investments represented 31% of EBITDA in 2025, down from 43% in 2019. The decline has raised questions, particularly in Senegal, where network coverage, data stability, and congestion in some urban areas remain points of concern for users and the regulator.

A major regional economic contributor

Beyond financial performance, Sonatel reported paying more than CFA425bn in direct taxes and CFA547bn in indirect taxes, while supporting around 200,000 indirect jobs across its five operating countries.

Given its strong cash position, the board will propose a gross dividend of CFA1,933 per share (CFA1,740 net), payable from May 25, 2026. This compares with CFA1,655 in 2025 and CFA1,575 in 2024.

The stock remains one of the highest-yielding on the BRVM. Its share price has risen 7.16% since the start of 2026 and 11.96% over one year, underscoring its appeal in a regional market seeking defensive assets.

Focus on fiber, satellite and artificial intelligence

In 2026, Sonatel plans to continue expanding fixed and mobile high-speed broadband, develop cloud and cybersecurity services, and integrate artificial intelligence more deeply into its operations.

The launch of a satellite offer in Senegal in December 2025 reflects a multi-technology strategy aimed at reducing a digital usage gap estimated at more than 50% in the region.

Fiacre E. Kakpo