Airtel Money’s parent company, Airtel Mobile Commerce (LSE:AMC), reported a 34% increase in first-half revenue to $830 million for the six months ended 30 September 2026, in its first financial results since listing on the London Stock Exchange.
Revenue increased 25.1% on a constant-currency basis, with favourable foreign exchange movements, including appreciation of the Zambian kwacha, contributing to the higher reported growth rate.
Underlying EBITDA rose 26.4% to $398 million, although the EBITDA margin declined to 48% from 50.8% in the corresponding period last year.
The company maintained its full-year guidance and expects profitability margins to improve during the second half of the financial year.
Airtel Money also reported an 18.7% increase in customers to 56.7 million, while its mobile application customer base expanded 64.3% to 4.1 million.
Shares advanced following the results announcement.
First-Half Revenue Reaches $830 Million
Airtel Mobile Commerce reported revenue of $830 million for the first half of FY2027, representing growth of 34% in reported currency.
On a constant-currency basis, revenue increased 25.1%, reflecting expansion in the company’s financial services and payments activities across its operating markets.
The difference between reported and constant-currency growth was partly attributable to the appreciation of certain African currencies, including the Zambian kwacha.
Underlying EBITDA increased 26.4% to $398 million.
However, the underlying EBITDA margin declined by 2.8 percentage points to 48%, compared with 50.8% in the corresponding period of FY2026.
The company attributed the reduction primarily to changes in intra-group agreements implemented in July 2025 and additional levies imposed in one of its markets.
Chief Executive Officer Ian Ferrao said the financial impact of these factors was more heavily weighted towards the first half of the year.
Management expects the EBITDA margin to improve during the second half while maintaining its existing annual guidance.
Profit After Tax Increases to $228 Million
Airtel Mobile Commerce reported profit after tax of $228 million for the six-month period, compared with $188 million a year earlier.
The increase represents growth of approximately 21.3%.
Basic earnings per share rose to 7.9 US cents from 6.5 cents in the corresponding period last year.
Operating free cash flow increased 27.1% to $378 million, reflecting growth in the company’s cash generation during the reporting period.
The board declared an interim dividend of 6.4 US cents per share.
The distribution represents approximately 81% of attributable profit and is consistent with the company’s stated dividend policy of distributing at least 80% of attributable earnings to shareholders.
Airtel Money Customer Base Expands to 56.7 Million
Airtel Money reported an 18.7% increase in its customer base to 56.7 million during the first half.
The number of customers using the company’s mobile application increased 64.3% to 4.1 million.
The growth reflects continued adoption of mobile financial services across the company’s operating markets.
Annualised total payment volume reached $270 billion during the second quarter, indicating the scale of transactions processed through Airtel Money’s platform.
The company also identified opportunities to increase adoption among existing Airtel telecommunications subscribers.
Approximately 75 million subscribers across the wider Airtel telecommunications network do not currently use Airtel Money services.
Management considers this existing customer population a potential source of future growth, although the company did not provide a specific conversion target or timetable.
Financial Services Revenue Rises 44.8% at Constant Currency
Airtel Money reported revenue growth across its principal service categories during the first half.
Financial services revenue increased 44.8% on a constant-currency basis.
Payments revenue rose 29.4%, while wallet services revenue increased 27.6% using the same currency-adjusted measure.
These activities form part of the company’s mobile money platform, which provides financial transactions and related services to customers across its operating markets.
The company did not provide individual revenue totals for each category in the results summary.
The increases contributed to overall constant-currency revenue growth of 25.1% during the reporting period.
EBITDA Margin Expected to Improve in Second Half
Airtel Mobile Commerce reiterated its near-term and medium-term financial guidance following the first-half results.
The company expects its underlying EBITDA margin to moderate by up to approximately two percentage points during FY2027, reflecting the effects of revised intra-group arrangements and additional operating costs.
Over the medium term, management continues to target an underlying EBITDA margin of approximately 50%.
Chief Executive Officer Ian Ferrao said the first-half results included a greater proportion of the financial impact associated with the July 2025 agreement changes.
As a result, the company expects the margin to improve during the second half of the financial year.
The group did not announce revised revenue or EBITDA forecasts in the results summary.
Airtel Money Maintains Financial Outlook Following London Listing
The results represent Airtel Mobile Commerce’s first half-year financial announcement since its admission to the London Stock Exchange.
The company reported growth in revenue, underlying EBITDA, profit after tax, operating free cash flow and customer numbers during the six months to September 2026.
At the same time, the underlying EBITDA margin declined as changes to internal agreements and additional levies affected profitability.
Management maintained its financial guidance, including expectations for second-half margin improvement and a return towards a 50% underlying EBITDA margin over the medium term.
Future performance will depend on customer growth, transaction activity, currency movements and operating costs across the company’s markets.
The company continues to focus on expanding its mobile financial services customer base, increasing application adoption and developing its payments and wallet businesses.
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