Airtel Mobile Commerce N.V. (LON: AMC), the holding company of the Airtel Money mobile-money platform across 13 African markets, reported half-year revenue of USD 830m in its first results as a listed company. That is up 34.0% in reported currency from USD 620m a year earlier, or 25.1% at constant currency, meaning with exchange-rate moves stripped out. Profit after tax was USD 228m and basic earnings per share 7.9 US cents.
The catch is profitability. Underlying EBITDA, the company’s own measure of operating profit before depreciation, amortisation and one-off IPO costs, grew 26.4% in reported currency to USD 398m, but the margin fell to 48.0% from 50.8%.
The company attributes 270 basis points of the squeeze to the change in July 2025 to its contracts with Airtel Africa plc, the telecoms group that supplies its subscriber base, and 60 basis points to an extra levy in the Democratic Republic of Congo. The main amendment phases out retention revenue, payments from Airtel Africa for keeping its mobile customers, by March 2027.
Shares were sold to investors at £1.96 in the IPO, with admission to the Main Market on the 14th of October. The results landed at 7am today, before the London open.
| Measure (USD m unless stated) | 2026 | 2025 | Growth |
|---|---|---|---|
| Revenue | 830 | 620 | +34.0% reported, +25.1% constant |
| Underlying EBITDA | 398 | 315 | +26.4% reported, +16.1% constant |
| Underlying EBITDA margin | 48.0% | 50.8% | (286) bps reported |
| Profit after tax | 228 | 188 | +21.6% |
| Basic EPS (US cents) | 7.9 | 6.5 | +21.1% |
| Operating free cash flow | 378 | 297 | +27.1% reported, +16.2% constant |
Customers rose 18.7% to 56.7m, and financial services revenue rose 44.8% at constant currency (55.9% reported) to USD 39m.
Annualised total processed value, the money moved through the platform, reached USD 270bn on second-quarter figures.
Chief Executive Officer Ian Basil Ferrao said the first-half margin reflected the timing of the contract change and pointed to a recovery.
The first half margin reflects the greater concentration of the IGA impact in H1. As this effect moderates, we expect the margin to strengthen in H2, leaving us on track to deliver our full-year guidance.
Ian Basil Ferrao, Chief Executive Officer, Airtel Mobile Commerce N.V.
The company reiterated guidance for FY’27 revenue growth in the mid-20s per cent at constant currency, with the underlying margin moderating by up to about 2 percentage points from FY’26.
The interim dividend is 6.4 US cents a share, 81% of profit attributable to owners. The last day to buy cum-dividend is the 18th of November, with payment on the 4th of December. A results call is scheduled for noon today.