Airtel Money Revenue Rises 34% to $830 Million in First Half of FY2027

Airtel Mobile Commerce N.V., operating as Airtel Money , reported a 34% year-on-year increase in revenue to $830 million for the half year ended 30 September 2026, in its first financial results announcement since becoming a listed company.

The digital financial services group recorded revenue growth of 25.1% in constant currency, supported by increased scale and customer engagement. The difference between reported and constant currency growth was mainly attributed to appreciation of the Zambian kwacha.

Customer numbers rose 18.7% to 56.7 million, taking mobile money penetration among Airtel’s telecom customer base to 42.9%, an increase of 3.2 percentage points. Its app customer base grew 64.3% to 4.1 million, reflecting greater digital adoption and transaction activity.

Annualised total processed value (TPV) reached $270 billion in the second quarter of FY2027, representing constant currency growth of 36.4%. Average revenue per user increased 5.1% in constant currency, while the average transaction value per customer rose 14.9% to $397 per month.

Airtel Money also expanded its distribution network, with active agents increasing 26.3% to 2.4 million. Active merchants rose 85.5% to more than 587,000 as the company continued to broaden access to digital financial services.

Profit and cash flow increase

Gross profit rose 31.3% in reported currency to $499 million, compared with $381 million in the corresponding period last year. In constant currency, gross profit increased 22.0%. Gross margin, however, declined to 60.2% from 61.4%, largely due to changes in intra-group agreements.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 26.4% in reported currency to $398 million. The underlying EBITDA margin fell to 48.0% from 50.8%, reflecting the impact of changes to intra-group agreements effective from July 2025 and additional levies in one of the markets.

Operating profit increased 23.0% to $373 million, while profit after tax grew 21.6% to $228 million from $188 million a year earlier.

Operating free cash flow rose 27.1% to $378 million, supported by higher underlying EBITDA. Net cash generated from operating activities increased 10.8% to $366 million.

Basic earnings per share climbed 21.1% to 7.9 US cents from 6.5 US cents. Excluding exceptional expenses associated with the initial public offering, earnings per share reached 8.1 US cents.

Payments and financial services drive growth

Chief Executive Officer Ian Basil Ferrao said the company’s first-half performance was in line with expectations, highlighting growth in its customer base, transaction values and distribution and merchant networks.

“Our oversubscribed London listing was a landmark achievement for Airtel Money and a vote of confidence in our business model and strategy. Our first half was in line with our expectations: revenue grew 34% in reported currency to USD 830m, 25% in constant currency and our customer base reached 56.7 million. Annualised TPV reached USD 270bn in the second quarter, supported by customer base growth, higher transaction value per customer and the expansion of our distribution and merchant networks. Underlying EBITDA margin at 48.0%, compared with 50.8% in the prior period, driven primarily by the impact from the change to the intra-group agreements with effect from July 2025. The first half margin reflects the greater concentration of the IGA impact in H1. As this effect moderates, we expect the margin to strengthen in H2, leaving us on track to deliver our full-year guidance. Our growth trajectory remains compelling, supported by powerful structural tailwinds and proven execution.”

– Ian Basil Ferrao, Chief Executive Officer, Airtel Money 

He also pointed to payments, transfers and financial services as key contributors to the company’s growth.

“Our fastest growth is coming from payments and transfers and financial services, which are higher-quality revenue streams. The business is capital-light and highly cash generative, with operating free cash flow of USD 378m in the half. And with around 75 million Airtel telco subscribers not yet using Airtel Money, our runway for growth remains significant.”

– Ian Basil Ferrao, Chief Executive Officer, Airtel Money 

Airtel Money declares interim dividend

The company’s board declared an interim dividend of 6.4 US cents per share, equivalent to 81% of profit attributable to owners of the company. The payout aligns with Airtel Money’s policy of targeting a minimum distribution of 80% of profit attributable to shareholders.

“Our Board has declared an interim dividend of 6.4 US cents per share, aligned with our dividend policy of targeting a minimum payout of 80% of profit attributable to owners of the company.”

– Ian Basil Ferrao, Chief Executive Officer, Airtel Money 

Airtel Money maintained its financial outlook for the 2027 financial year, guiding for revenue growth in the mid-20% range in constant currency. Underlying EBITDA margins are expected to moderate by up to approximately two percentage points compared with FY2026.

Over the medium term, the group expects constant currency revenue growth to trend upwards in line with historical performance and targets underlying EBITDA margins to return to above 50%.

“As a listed company, our focus is unchanged: disciplined execution, connecting more people and businesses to the formal financial system, and delivering for our shareholders in line with our guidance.”

– Ian Basil Ferrao, Chief Executive Officer, Airtel Money