Airtel Money has generated $830 million in revenue in its first financial results as a separately listed company, marking a 25.1 per cent increase at constant currency for the six months ended September 30, 2026.
The mobile financial services business, which began trading separately on the London Stock Exchange earlier in November, recorded revenue growth of 34 per cent in reported currency, compared with $620 million in the corresponding period last year. Currency movements, particularly the appreciation of the Zambian kwacha against the US dollar, contributed to the difference between its reported and constant-currency growth rates.
The results provide an early indication of the scale of Airtel Money’s operations across Africa, where expanding digital payments and financial services are attracting millions of users. Brandspur Brand News reports that the company also recorded a 21.6 per cent increase in profit after tax to $228 million, while basic earnings per share rose from 6.5 US cents to 7.9 US cents. Its board declared an interim dividend of 6.4 US cents per share.
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Airtel Money’s customer base expanded by 18.7 per cent to 56.7 million across its 13 African markets during the period. Mobile money penetration among Airtel telecommunications subscribers also increased by 3.2 percentage points to 42.9 per cent, indicating wider adoption of the financial service among the group’s existing telecoms customers.
The company’s digital and physical networks recorded substantial growth. Users of the Airtel Money app rose by 64.3 per cent to 4.1 million, while its active agent network grew by 26.3 per cent to 2.4 million. The number of active merchants accepting payments through the platform increased by 85.5 per cent to more than 587,000.
The growth in agents and merchants is particularly important in markets where access to conventional banking services remains limited. Agents enable customers to deposit and withdraw cash, while a broader merchant network makes it easier to use mobile money for payments beyond transfers between individuals.
Transaction activity also accelerated. Airtel Money processed approximately $128 billion in transactions during the six-month period, representing 46.1 per cent growth at constant currency. Its annualised transaction value reached $270 billion in the second quarter.
Average monthly transaction value per customer increased by 14.9 per cent to $397 at constant currency, while average revenue per user rose by 5.1 per cent. The figures suggest that existing customers are using the platform more actively alongside the addition of new users.
Financial services emerged as the fastest-growing revenue category, expanding by 44.8 per cent at constant currency. Payments and transfers revenue rose by 29.4 per cent, while wallet services increased by 27.6 per cent.
The stronger performance in financial services points to the growing contribution of products beyond basic transfers and wallet transactions. Lending and other digital financial offerings provide additional ways for mobile money operators to earn revenue from their customer networks, although their expansion also requires effective risk management and compliance with local regulations.
Despite the increase in revenue and profit, Airtel Money faced some pressure on its margins. Gross profit rose by 22 per cent at constant currency to $499 million, but the gross profit margin slipped to 60.2 per cent from 61.4 per cent a year earlier.
Underlying earnings before interest, tax, depreciation and amortisation increased by 26.4 per cent in reported currency to $398 million. However, the underlying EBITDA margin narrowed from 50.8 per cent to 48 per cent.
The company attributed the margin decline mainly to changes in commercial agreements within the wider Airtel group, which took effect in July 2025, and additional regulatory levies in one of its markets. Management said the effect of the revised agreements was more pronounced in the first half of the financial year and expects margins to improve in the second half.
Operating free cash flow increased by 27.1 per cent to $378 million, giving the company additional resources to support investment in technology, distribution infrastructure and merchant acquisition.
Airtel Money maintained its revenue growth forecast for the financial year ending March 2027, projecting growth in the mid-20 per cent range at constant currency. It expects its underlying EBITDA margin to moderate by up to approximately two percentage points compared with the previous financial year, while retaining a medium-term target of returning to a margin above 50 per cent.
For investors, the maiden results present a business combining rapid customer acquisition with rising transaction activity and expanding financial services. The challenge will be to sustain that growth while managing regulatory costs and restoring margins as an independent listed company.
