Business · NEWS EXPLAINER
Airtel Money revenue reaches $830 million, but margin slips in first listed results
The mobile-money group reported 34.0% revenue growth in dollars and 25.1% at constant currency, while its EBITDA margin fell to 48.0% from 50.8%.
Airtel Money reported $830 million of revenue for the six months ended September 30, its first interim results since listing in London. Revenue rose 34.0% in reported dollars and 25.1% at constant currency, two measures that should not be treated as interchangeable.
Customer and transaction growth remained strong, but profitability did not rise at the same pace. Underlying EBITDA increased 26.4% to $398 million while the margin narrowed to 48.0% from 50.8%. The company linked most of that pressure to changed intra-group agreements and also cited a new levy in the Democratic Republic of Congo.
Two growth rates answer different questions
The 34.0% figure describes the change in reported US dollars. The 25.1% constant-currency figure removes exchange-rate movements and is the cleaner measure of operating growth. Both are correct, but only when their bases are stated.
More people used the network more often
The customer base reached 56.7 million, app customers grew 64.3% to 4.1 million, and active agents rose 26.3% to 2.4 million. Annualised transaction value in the second quarter reached $270 billion.
Why the margin moved lower
Underlying EBITDA rose to $398 million, yet revenue grew faster, reducing the margin by 2.8 percentage points. Airtel Money said changes to agreements with other group companies accounted for about 2.7 points of pressure, with a DRC levy adding another drag.
Cash and shareholder return
Operating free cash flow increased 27.1% to $378 million. Profit after tax reached $228 million, compared with $188 million a year earlier, and the board declared an interim dividend of 6.4 cents a share.
What to watch next
Management maintained its full-year expectation for mid-20s constant-currency revenue growth. It also warned the FY2027 EBITDA margin could be up to roughly two percentage points below FY2026 before moving above 50% over the medium term.
