Airtel Money reported strong first-half growth in its first results presentation since listing on the London Stock Exchange, with revenue rising 34% in reported currency to $830 million and 25.1% in constant currency.
The mobile financial services provider, which operates across 13 markets in East and Francophone Africa, said underlying EBITDA increased 26.4% to $398 million. Profit after tax rose 21.6% to $228 million, while operating free cash flow increased 27.1% to $378 million.
First results after London listing
Ferrao said Airtel Money was admitted to the main market of the London Stock Exchange on Oct. 14, 2026, under the ticker AMC. Existing shareholders sold 270 million shares, representing 10% of the company’s issued share capital, at £1.96 per share. The transaction valued the company at approximately £5.3 billion, or about $7 billion, and raised no new capital for the business.
“The listing is a vote of confidence in our business model and our strategy,” Ferrao said, adding that it also brought increased responsibilities around transparency, governance and delivery.
The board declared an interim dividend of $0.064 per share, representing 81% of consolidated profit attributable to owners. This was in line with Airtel Money’s policy of distributing at least 80% of such profit.
Customer, transaction and network expansion
Monthly active customers rose 18.7% year over year to 56.7 million at the end of September. Airtel Money penetration of the Airtel telecom customer base increased by 3.2 percentage points to 42.9%, leaving more than 75 million telco customers across its footprint who do not yet use the company’s financial-services platform.
Total processed value rose 46.1% in reported currency, or 36.8% in constant currency, to $128 billion during the first half. Transaction value per customer increased 14.9% in constant currency to $397 per month, while average revenue per user rose 5.1% in constant currency to $2.60 per month.
The company continued to expand its distribution footprint. Active agents rose 26.3% to 2.4 million, including more than 43,000 exclusive Airtel Money branches and kiosks. Active merchants grew 85.5% to 587,000.
Digital adoption also accelerated. App-transacting customers increased 64.3% to 4.1 million from 2.5 million a year earlier, while transaction value conducted through the app doubled. Ferrao said app users have higher ARPU than feature-phone users, making app adoption a central focus for the company.
Payments and financial services gain share
Wallet services remained Airtel Money’s largest revenue source, representing 49.2% of revenue. However, the company said its revenue mix is shifting toward payments, transfers and financial services.
- Wallet services revenue increased 27.6% in constant currency to $408 million.
- Payments and transfers revenue increased 29.4% in constant currency to $360 million.
- Financial services revenue increased 44.8% in constant currency to $39 million.
Payments, transfers and financial services together accounted for 48% of revenue. Ferrao said wallet services consist solely of withdrawal fees, while peer-to-peer transfers are included in payments and transfers.
Financial services represented 4.7% of revenue and currently derives most of its income from lending, virtual cards and interest earned on float balances in certain markets, according to Ferrao. He said the company sees particular near-term opportunity in small, short-term loans, though it is taking a cautious approach to product rollout and does not retain credit risk because partner banks cover nonperforming loans.
Airtel Money is also rolling out prepaid virtual debit cards with Mastercard and processing partner Network International. The product was live in four markets at the time of the call.
Margins affected by intra-group changes and DRC levy
Underlying EBITDA margin was 48%, down from 50.8% a year earlier. Chief Financial Officer Alok Bafna attributed approximately 270 basis points of the decline to changes in intra-group agreements with Airtel Africa, including the phaseout of telco retention revenue by March 2027. A new levy on revenue in the Democratic Republic of Congo reduced group margin by about 60 basis points.
Bafna said the effect of the intra-group arrangements was weighted toward the first half and that margins are expected to strengthen in the second half.
East Africa generated $615 million in revenue, up 20.5% in constant currency, with customers increasing 13.5% to 44.1 million. Francophone Africa generated $215 million in revenue, up 40.2% in constant currency, led by the DRC. The region’s customer base increased 41.9% to 12.6 million.
The DRC levy applies to revenue from certain services, including cash-outs, peer-to-peer transfers and merchant transactions. Ferrao said the company absorbed the levy in its profit and loss statement rather than directly passing it on to customers, although product-pricing adjustments made earlier in the year helped cushion its effect.
Management said Airtel Money remains focused on expanding agent density, merchant acceptance, enterprise payments and financial-services products. It also said its enterprise portal is live across all markets and is being upgraded with tools including vendor payments and improved transaction reversals.
The company expects to report third-quarter results at the end of January, followed by full-year results in May.
About Amur Minerals (LON:AMC)
Amur Minerals Corporation, together with its subsidiaries, engages in locating, evaluating, acquiring, exploring, and developing mineral properties and projects in the Far East of Russia. The company was incorporated in 2004 and is based in Road Town, British Virgin Islands.
