Airtel Money has announced robust financial results for the half-year ended 30 September 2026, marking a significant milestone as the company’s first reporting period since its oversubscribed listing on the London Stock Exchange.
The African digital financial services leader reported double-digit growth across key metrics, driven by rapid customer adoption and the expansion of its digital ecosystem.
The company’s performance was highlighted by a 34.0% increase in revenue to USD 830 million in reported currency, supported by a surge in transaction volume and an expanding user base.
Operating Highlights
The Group’s customer base grew by 18.7% to 56.7 million, pushing mobile money penetration of the telco customer base to 42.9%. This growth was complemented by a significant rise in digital engagement, with the app customer base jumping 64.3% to 4.1 million.
This digital adoption fueled a 36.4% constant currency growth in annualised Total Processed Value (TPV) to $270 billion for Q2’27. ARPU also saw healthy growth, rising 5.1% in constant currency, as the average transaction value per customer increased by 14.9% to $397 per month.
Airtel Money continued to focus on financial inclusion and accessibility. The distribution network expanded significantly, with active agents growing 26.3% to 2.4 million and active merchants reaching over 587,000—an increase of 85.5%.
Financial Performance
The company’s financial metrics reflected strong operational execution. Revenue stood at USD 830 million, reflecting growth of 25.1% in constant currency. The reported currency figure was boosted by the appreciation of the Zambian kwacha against the US dollar. The revenue growth was driven by wallet services (up 27.6%), payments and transfers (up 29.4%), and financial services (up 44.8%).
Gross profit increased by 31.3% in reported currency to $499 million, from $381 million in the prior period. While the gross margin of 60.2% was slightly lower than the prior year’s 61.4%, this was largely due to the impact of changes to intra-group agreements (IGA) from July 2025.
Underlying EBITDA grew by 26.4% in reported currency to $398 million, with a margin of 48.0%. Profit after tax rose to USD 228 million from $188 million, driven primarily by the strong revenue performance. Operating free cash flow was up 27.1% to $378 million, with a pre-tax conversion ratio of 94.9%.
Basic Earnings Per Share (EPS) stood at 7.9 US cents, up from 6.5 US cents in the prior period. Excluding exceptional items related to IPO expenses, EPS before exceptional items was 8.1 US cents.
Dividend and Outlook
The Board declared an interim dividend of 6.4 US cents per share. This represents 81% of profit attributable to owners, aligning with the Group’s stated policy of targeting a minimum payout of 80%.
Ian Basil Ferrao, Chief Executive Officer, commented on the results: “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… Our growth trajectory remains compelling, supported by powerful structural tailwinds and proven execution.”
Looking forward, Ferrao noted that the fastest growth is coming from payments, transfers, and financial services. With approximately 75 million Airtel telco subscribers not yet using Airtel Money, the company sees significant runway for future expansion.
The Group reiterated its near-to-mid-term guidance, projecting constant currency revenue growth in the mid-20s% for FY’27, with underlying EBITDA margins expected to moderate slightly before strengthening in the second half of the year.
