Airtel Mobile Commerce (AMC) investor relations material

Executive summary

• H1 revenue rose 34.0% reported and 25.1% in constant currency to $830m; underlying EBITDA grew 26.4% reported to $398m, with a 48.0% margin.

• Customer base reached 56.7m, up 18.7%; TPV grew 36.8% in constant currency to $128bn, while app customers rose 64.3% to 4.1m.

• Performance was in line with expectations; FY27 guidance was reiterated and an interim dividend of 6.4 US cents per share declared.

Financial highlights

• Revenue was $830m (+34.0% reported; +25.1% constant currency); gross profit was $499m (+31.3% reported; +22.0% constant currency).

• Underlying EBITDA was $398m (+26.4% reported; +16.1% constant currency); profit after tax rose 21.6% to $228m.

• Operating free cash flow increased 27.1% to $378m; free cash flow after taxes, finance costs and other items was $189m.

• TPV reached $128bn, up 46.1% reported and 36.8% in constant currency; monthly TPV per customer was $397, up 14.9% in constant currency.

Outlook and guidance

• FY27 revenue growth guidance remains mid-20s% in constant currency; underlying EBITDA margin is expected to moderate by up to ~2pp versus FY26.

• Margin is expected to strengthen in H2 as intra-group agreement effects moderate; the medium-term target is an underlying EBITDA margin above 50%.

• Medium-term constant-currency revenue growth is expected to trend upward; CapEx intensity guidance is 3%-4% of revenue.

• Retention revenue is being phased out under revised intra-group agreements by March 2027.