Investing.com -- Airtel Money posted first-half revenue growth of 34% in its first results since listing in London. Parent company Airtel Mobile Commerce reported revenue of $830 million for the six months to Sept. 30, up 34% in reported currency and 25.1% in constant currency. A stronger Zambian kwacha, among other currencies, lifted the reported figure.
Underlying EBITDA rose 26.4% to $398 million, but the margin fell to 48% from 50.8%, mainly because of a July 2025 change to intra-group agreements and extra levies in one market. Chief Executive Ian Ferrao said the first-half margin carries a greater share of that effect. He expects the margin to strengthen in the second half, leaving the company on track for full-year guidance.
Profit after tax rose to $228 million from $188 million, and basic earnings per share were 7.9 cents, up from 6.5 cents. Operating free cash flow rose 27.1% to $378 million. The board declared an interim dividend of 6.4 cents a share, 81% of attributable profit, in line with a policy of paying out at least 80%.
Customers grew 18.7% to 56.7 million, and the app customer base grew 64.3% to 4.1 million. Annualized total payment volume reached $270 billion in the second quarter. At constant currency, financial services revenue rose 44.8%, payments 29.4% and wallet services 27.6%. About 75 million Airtel telecom subscribers do not yet use Airtel Money, which the company sees as room to grow.
The company reiterated its near- and medium-term guidance, including an underlying EBITDA margin that moderates by up to about 2 percentage points in fiscal 2027 before returning to about 50% over the medium term.
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