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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 Airtel Africa plc 30 October 2026 Results for half-year ended 30 September 2026
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 2 Disclaimer Important Information By reading this presentation you agree to be bound by the following conditions. The information contained in this presentation in relation to Airtel Africa plc ("Airtel Africa") and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to "Airtel Africa", "Group", "we", "us" and "our" when denoting opinion refer to Airtel Africa and its subsidiaries. Forward-looking statements This document contains certain forward-looking statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. It is believed that the expectations reflected in this document are reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this communication. Among the key factors that could cause actual results to differ materially from those projected in the forward- looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; changes in domestic or international tax laws and rates; adverse litigation and dispute outcomes and the effect of such outcomes on Airtel Africa’s financial condition; changes or differences in domestic or international economic or political conditions; the ability to obtain price increases and the impact of price increases on consumer affordability thresholds; adverse decisions by domestic or international regulatory bodies; the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to maintain credit ratings; the ability to develop, produce or market new alternative products and to do so profitably; the ability to effectively implement strategic initiatives and actions taken to increase sales growth; the ability to enhance cash generation and pay dividends and changes in the market position, businesses, financial condition, results of operations or prospects of Airtel Africa. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements contained in this document reflect the knowledge and information available to Airtel Africa at the date of preparation of this document and Airtel Africa undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements. No statement in this communication is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa plc for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Africa plc. Financial data included in this document are presented in US dollars rounded to the nearest million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. The percentages included in the tables throughout the document are based on numbers calculated to the nearest $1,000 and therefore minor rounding differences may result in the tables. Growth metrics are provided on a constant currency basis unless otherwise stated. The Group has presented certain financial information on a constant currency basis. This is calculated by translating the results for the current financial year and prior financial year at a fixed ‘constant currency’ exchange rate, which is done to measure the organic performance of the Group. Growth rates for business and product segments are provided in constant currency as this better represents the underlying performance of the business. Audience The material in this presentation is provided for the purpose of giving information about Airtel Africa and its subsidiaries to investors only and is not intended for general consumers. Airtel Africa, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed. All numbers are reported currency numbers unless indicated differently. All figures are in USD ($) amounts, unless stated otherwise. The growth numbers are provided on constant currency basis unless stated differently.
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 3 Main takeaways for H1’27 Constant currency growth remains above 20% with growth across all segments and products as demand remains robust Accelerated capex investment to drive growth, reflecting continued confidence on long- term fundamentals of the industry Strong focus on cost efficiencies, alongside operational gearing drives EBITDA margin expansion, despite higher energy costs Strong FCF generation and balance sheet supports continued value creation for all stakeholders Strong strategic execution across our markets that continue to benefit from attractive growth dynamics of Africa’s telecoms and financial services markets Successful IPO of Airtel Money; remaining long-term strategic shareholders to grow together and continue leveraging operational and commercial synergies
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 4 1: Total processed value in reported currency (Q2’27 annualised). Financial growth rates in constant currency and for H1’27 YoY, unless otherwise stated Continued progress against our strategic priorities Deepening customer engagement to advance digital and financial inclusion 11.6% growth in customers to 194m of which 100m+ are smartphones 60m+ mobile money customers, up by 22.4% $275bn1 annualised mobile money TPV Revenue growth supported by rising adoption across services Mobile services revenue growth of 18.9% in constant currency Mobile money revenues increased 25.8% in constant currency 20.8% constant currency growth in Group revenues Profitable growth enables continued network investment 172 bps increase in EBITDA margins from prior period Despite rising fuel costs, EBITDA margin increased to 50.3% in H1’27 Capex increased to $657m underpinning strong growth Optimising capital allocation to support shareholder returns 0.5x lease-adjusted leverage reflects strong balance sheet 9.2% increase in dividend per share to 3.1 cents Returned $108.7m to shareholders through buyback
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Operating and regional performance
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0Mobile services: Growth sustained by resilient underlying demand Population coverage increases with 4,200 new sites rolled out, improving coverage and capacity and sustaining growth in the customer base Demand for data key to strong operating performance. Data ARPU increased by 10.7% as smartphone usage increases to 13GB per month Data revenue growth of 28% underpins total mobile services revenue growth of 18.9% 18.9% 28.0% Total data customers (m) Total Customers (m) Revenue ($m) 174 194 46.8% 51.6% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 50. 0% 160 165 170 175 180 185 190 195 200 Sep'25 Sep'26 Total Customers (m) SP Penetration (%) 78 90 72 74 76 78 80 82 84 86 88 90 92 Sep'25 Sep'26 +11.6% +15.0% 1,161 1,571 2,495 3,141 - 500 1,00 0 1,50 0 2,00 0 2,50 0 3,00 0 3,50 0 H1'26 H1'27 Data Revenue ($m) Mobile Revenue ($m)
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 89 130 318 380 - 50 100 150 200 250 300 350 400 20 40 60 80 100 120 140 160 H1'26 H1'27 TPV ($bn) TPV per customer ($) Mobile money: Expanding customer base driving increased activity Efficient onboarding from 2.5 million agents supports accessibility and brand awareness Enhanced use cases and increased merchant acquiring supports $275bn TPV1, up 36.5% in constant currency Total revenue growth of 25.8% supported by diversification into expanding ecosystem Total Customers (m) Total processed value Revenue ($m) 50 61 30 35 40 45 50 55 60 65 Sep'25 Sep'26 +22.4% 1Total processed value of $275bn is Q2’27 annualized. Growth is on constant currency (Q2’27 vs Q2’26) +36.9% 299 409 262 363 27 45 35 23 H1'26 H1'27 Wallet services Payments and Transfers Financial Services Other 623m 840m 25.8%
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 8 Nigeria: Sustained demand underpins growth and supports margin expansion 61.7m Customers +15.1% $2.8 ARPU +12.7% $1,014m Revenue +27.0% $589m EBITDA +31.5% 58.1% EBITDA margin +199 bps • Easing inflation and robust economic outlook remains supportive for sustained demand • Revenue growth of 27% reflects continued execution of our strategy and accelerated network investment to support both coverage and capacity. • Highest smartphone penetration across our region of 56.8%, up 4%, underpinned by a young, digitally savvy population with growing demand for connectivity and digital services. Smartphone usage per customer reaching 16.7GB per month (compared to 12.7GB in prior year) contributing to a ~34% growth in data revenues • Margin improvement of 2pp despite the doubling of fuel rate over the period, reflecting benefits from cost efficiency programme and continued scale benefits. Note: Financial growth rates in constant currency
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 9 East Africa: Ongoing momentum translates into accelerating growth 88.8m Customers +8.0% $3.4 ARPU +8.6% $1,777m Revenue +18.2% $953m EBITDA +18.2% 53.6% EBITDA margin +54 bps • Attractive industry fundamentals remain with sustained growth in the customer base and smartphone penetration rising to 48.6%. • Mobile money proposition remains strong with solid growth in customers as distribution and ecosystem expansion is maintained • Accelerating growth in mobile services underpinned by strong data demand and ARPU increasing 6.1% • Improvement in EBITDA margins supports 26.1% reported currency growth in EBITDA, and 18.2% in constant currency. Note: Financial growth rates in constant currency
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 10 Francophone Africa: Accelerating growth through strong execution 43.4m Customers +14.3% $4.0 ARPU +3.2% $1,022m Revenue +19.2% $450m EBITDA +19.3% 44.0% EBITDA margin flat YoY • Industry and macro fundamentals supportive of overall demand. Benefitting from focused rollout of the strategy across the region • Customer growth of over 14%, with mobile money customers growing 41.9% reflecting considerable success in mobile money opportunity • Accelerating growth across both mobile services and mobile money reflects continued benefits of strategic investment and sustained demand • Strong performance in revenue growth and cost efficiency measures translates into resilient margins despite energy price increases Note: Financial growth rates in constant currency
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 Financial review
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 12 Performance across key financial metrics $3,823m Reported currency +28.2% Constant currency +20.8% Revenue $1,921m Reported currency +32.8% Constant currency +23.5% EBITDA 50.3% Reported currency +172bps Constant currency +109bps EBITDA margin $280m H1’26: $368m Normalised FCF 0.5x Improved from 0.8x Lease-adjusted leverage 11.7 cents Improved from 8.3 cents EPS – before exceptionals The Board has declared an interim dividend of 3.1 cents per share, up by 9.2% year-on-year Leverage 1.6x (improved from 2.1x) Note: Lease-adjusted leverage is calculated as net debt (excluding lease liabilities)/ lease-adjusted EBITDA. Leverage is calculated as net debt (including lease liabilities) / EBITDA.
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 13 2,982 340 172 14 187 128 3,823 H1'26 Voice Data Mobile Money Others Currency… H1'27 +20.8% constant currency growth (+$654m) H1’26 Currency translation Voice Data Mobile money Others H1’27 $m +28.2% growth in reported currency (+$841m) +17.9% +35.3% +34.8% Currency devaluation sensitivities for revenues on a 12-months basis • 1% movement of the USD against all OpCo currencies would result in an estimated impact of $66m-$68m on revenues Constant currency revenue growth momentum maintained +11.1% +28.0% +25.8% 1 1 Positive impact of currency translation was primarily contributed by currency appreciation in Nigeria and Zambia.
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 14 1,447 (292) 654 112 1,921 H1'26 Revenue Other Expense … Currency… H1'27 EBITDA margin expansion from cost efficiencies and operating leverage Currency devaluation sensitivities for EBITDA on a 12-months basis • 1% movement of the USD against all OpCo currencies would result in an estimated impact of $33m-$35m on EBITDA +32.8% growth in reported currency (+$474m) +23.5% constant currency growth (+$362m) H1’26 Currency translation Increased revenue OPEX increase H1’27 Margin 48.5% Margin 50.3% $m H1’27 margin expanded 172bps despite higher fuel costs. 1 Positive impact of currency translation was primarily contributed by currency appreciation in Nigeria and Zambia. 1
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 15 304 90 394 47 (39) 40 442 (2) 37 477 H1'26 Finance Cost H1'26 Derivative and FX H1'26 Finance Cost (Excl. Derivative and FX) Lease Interest Interest on market debt Other finance cost* H1'27 Finance Cost (Excl. Derivative and FX) H1'27 Derivative and FX H1'27 Exceptional items H1'27 Finance Cost • A 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives) • Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $13m - $15m impact on foreign exchange (excluding derivatives) As of Sep’26 end, the weighted average interest rate on market debt declined 231 bps to 10.1% (Sep’25 exit weighted average interest rate was 12.4%), reflecting our focus on interest rate optimisation, with benign inflationary trends providing an additional tailwind. Higher finance costs due to lower FX gain and higher lease interest $m * Other finance cost is net of interest income ** $37m Finance cost – exceptional items in H1’27 relates to an in -principle settlement of a commercial dispute in one of the Gr oup’s subsidiaries in Q1’27. Mainly on account of new site rollout **
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 16 • EPS before exceptional items (EI) was 11.7 cents, improved from 8.3 cents in prior period. Prior period had significant derivative and foreign exchange gains. • Hence, excluding the impact of derivative and foreign exchange, EPS improved from 6.9 cents to 11.8 cents largely on account of higher operating profits. Improved EPS underpinned by operating performance and stable currencies $ cents 2 Notes: 1. Derivative and forex is net of tax and minority interest. 2. Tax and Others includes taxes and change in minority shareholder PAT. 1 1 8.3 (1.4) 6.9 9.6 (1.4) (3.3) (0.1) 11.8 11.7 H1'26 EPS Before EI H1'26 derivative and Forex H1'26 EPS Before EI & Forex Operating Profit (RC) Finance Charges Tax & Others H1'27 EPS Before EI & Forex H1'27 derivative and Forex H1'27 EPS Before EI
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 17 Normalised free cashflow is defined as EBITDA, adjusted for changes in working capital, less cash interest, cash tax, lease repayments, capex (tangible and intangible) and payouts to non-controlling interests in subsidiaries. However, it does not include one-off transaction impacts, such as significant acquisitions and disposals and other non-operating transactions. $m Normalised FCF Despite additional capex of $357m, Normalised FCF reduced by only $88m 1,921 (713) (430) (317) (121) (45) (15) 280 EBITDA H1'27 Cash Capex (Tangible & Intangible) Cash Interest Cash Tax Lease repayment (excl. interest) Dividend to Minority Shareholders Change in working capital Normalized free cash flow * * Cash interest is including interest on lease liabilities.
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 18 Proven execution and demand gives us confidence to invest for growth Incremental revenue generation continues to increase as the business scales, demonstrating sustained growth momentum from an increasingly larger revenue base Incremental revenues1 generated across the business 486 609 805 1,138 1,317 - 200 400 600 800 1,00 0 1,20 0 1,40 0 LTM Sep'22 LTM Sep'23 LTM Sep'24 LTM Sep'25 LTM Sep'26 1Constant currency growth rates and incremental revenues are on 31 st March 2026 closing constant currency for all periods. ENABLE CORE GROW Mobile network Coverage, capacity, fibre and 5G New business Home broadband and data centres Mobile money and other Platforms and capabilities to support wider ecosystem Capital expenditure focussed on enhancing coverage and capacity while investing across new business opportunities Capex of $657m increased from $318m in prior period
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 19 Sustainable capital structure with comfortable leverage • Reduced net debt (excl. lease liabilities) reflects strong operational performance and FCF generation • More than 95% of OpCo debt is denominated in local currency, reducing exposure to future currency devaluation risk • The Group ended the year with a weighted average interest rate of 10.1%, which has decreased by 231 basis points from 12.4% in the prior period. As of Sep 2026 As of Sep 2025 $m $m OpCo debt: 2,191 2,361 - Foreign currency 101 121 - Local currency 2,090 2,240 Less: OpCo cash and cash equivalent (453) (412) OpCo net debt 1,738 1,949 HoldCo debt: - - Less: HoldCo cash and cash equivalent (365) (316) HoldCo net debt (365) (316) Group Net Debt (Excl. lease liabilities) 1,373 1,633 Lease liabilities 4,497 3,879 Group net debt (Incl. lease liabilities) 5,870 5,512 Leverage (net debt to EBITDA) 1.6x 2.1x Lease-adjusted leverage 0.5x 0.8x Balance sheet remains strong with net cash at HoldCoReduction in leverage reflects strong capital structure Notes: Leverage is calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with banks) divided by LTM EBITDA. • Lease-adjusted leverage, (i.e. net debt (excluding lease liabilities)/ lease-adjusted EBITDA) as of 30 September 2026 was 0.5x compared to 0.8x on 30 September 2025 2.3x 2.3x 2.1x 1.8x 1.6x 1.0x 1.0x 0.8x 0.5x 0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x Sep'24 Mar'25 Sep'25 Mar'26 Sep'26 Leverage (net debt to EBITDA) Lease-adjusted leverage
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 20 A balanced and transparent capital allocation policy Efficient capital investments • Accelerated investment across the network to drive enhanced value creation • Capex (excluding license & spectrum) guidance for FY’27 of $1.1bn as we accelerate investment to capture a larger share of the growth opportunity 1 Sustainable capital structure • Lease adjusted leverage of 0.5x, reduced from 0.8x primarily reflecting increased EBITDA generation • Maintain low exposure to foreign currency market debt to reduce risk of future currency devaluation. Over 95% of market debt now in local currency Return cash to shareholders • Progressive dividend policy aims to grow the dividend annually by a mid-to-high single digit percentage • The Board has declared an interim dividend of 3.1 cents per share, up 9.2% YoY • Initial tranche of the 1% share buyback authority completed with $108.7m returned to shareholders • . 2 3
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 The opportunity and the outlook
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 22 Population data sourced from UN population prospectus for 2025. Annualized TPV is Q2’27 annualized in reported currency. Other parameters as on 30th September 2026. 14 Markets across Sub-Saharan Africa 679 million Population across footprint 82.3% Population coverage 194 million Customers 2.5 million+ Transacting agents $275bn Annualised total processed value on Airtel Money Operating at scale across Africa
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 23 43.4% 46.4% 41. 5% 42. 0% 42. 5% 43. 0% 43. 5% 44. 0% 44. 5% 45. 0% 45. 5% 46. 0% 46. 5% 47. 0% 2025 2030 5,803 7,254 4,00 0 4,50 0 5,00 0 5,50 0 6,00 0 6,50 0 7,00 0 7,50 0 2025 2030 679 766 620 640 660 680 700 720 740 760 780 2025 2030 18 43 - 5 10 15 20 25 30 35 40 45 Footprint Developed markets Young population (median age) +2.4x +87m Population (m)1 +4.6% CAGR GDP per Capita (PPP) ($) 1 +3.0% Urbanisation 1 Population growth of 2.4% per annum, with the addressable market (>15 years) increasing by 64 million GDP/capita (PPP) expected to grow by 4.6% CAGR between 2025 and 2030 supporting increased demand and greater spending on digital services A young, digitally engaged population with a median age of 18 is leading to increased digital adoption Urbanisation accelerates digital adoption and data consumption, supporting sustained connectivity demand Exposed to significant demographic and economic tailwinds Source: Population, median age and urbanisation from UN Population prospectus. GDP per capita from IMF WEO – Oct’26. 1Data for Airtel Africa footprint (14 operations)
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 24 1 EB = 10^3 PB (Petabytes) = 10^6 TB (Terrabytes) 71 194 - 50 100 150 200 250 4G/5G data customers Total customers 21 EB 55 EB 0 EB 10 EB 20 EB 30 EB 40 EB 50 EB 60 EB 2025 2030 60% 82% 30% 40% 50% 60% 70% 80% 90% 2025 2030 Data traffic demand (Exabytes (EB))1 Source: Company information,. Unique SIM, data traffic and smartphone penetration: GSMA. Unique SIM penetration (2026) Smartphone penetration1 +22% 2.6x Smartphone data customer opportunity 2.7x Attractive, high growth connectivity and digital platform Population growth of [x]% per annum, translating into 87 million more potential customers by 2030 GDP expected to grow by [x]% CAGR between 2025 and 2030 supporting increased demand and greater spending on digital services A young, digitally engaged population with a median age of [x] is leading to increased digital adoption As urbanisation continues to gather traction, growing urban centres accelerate connectivity and usage Significant headroom for customer growth as unique SIM penetration remains well below global peers Accelerating smartphone adoption expected to expand access to digital services and increase customer value. Rising data consumption presents a substantial opportunity for sustained usage and revenue growth. Large base of feature phone users provides a clear pathway for smartphone upgrades and future monetisation 1Data for Airtel Africa footprint (14 operations) *As of 30 September 2026 (Airtel Africa) 88% 77% 74% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % EU Americas Asia Footprint
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 25 New business: Investing at scale to capture adjacent opportunities Home Broadband penetration *Fixed home broadband penetration % 2023E ~3% Data centre hosting capacity America's Europe Asia-Pacific Africa 89 MW 74 MW 29 MW <1 MW Structural penetration opportunity Large addressable market Uniquely positioned to capitalise on opportunity 100% 89% 73% 64% 4% 0% 20% 40% 60% 80% 100 % 120 % NA Europe APAC Latam SSA Footprint * As % to households. Source: Worldbank More than 30 million households across our footprint able to afford home broadband Utilising a combination of 4G/5G FWA and FTTH to deliver the optimal broadband solution for each opportunity. Hosting less than 1 Megawatt per million capita translates into a material opportunity Fibre footprint of +83,000kms provides unique proposition for resilience, reliability and scalable solutions Source: Home broadband penetration: Worldbank. Data centre hosting capacity, IDC (2023). FWA: Fixed Wireless Access, FTTH: Fibre-to-the-Home
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 26 Investment efficiency underpinned by digital tools and partnerships • Using satellite geolocation technology to map and analyse our 9.4 million km² footprint at a 1 km² grid resolution • Provides real-time insights into network performance on areas such as throughput, network availability and utilisation • Enhances efficiency and enables prioritisation of network investment to maximise return on investment. • Targeted partnerships expand coverage in areas where traditional network deployment is less economical. • Starlink collaboration reinforces our commitment to delivering a high-quality customer experience across our footprint. • LEO satellite technology complements our terrestrial infrastructure, enhancing reach, efficiency and long-term value creation Granular network intelligence at scale Adjacent technologies
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 27 66% 231% 0% 50% 100 % 150 % 200 % 250 % SSA Kenya Source: Global Findex Database, developed markets – high income countries as per Global Findex; Company Information Mobile money: Compelling backdrop with strong growth Population growth of [x]% per annum, translating into 87 million more potential customers by 2030 GDP expected to grow by [x]% CAGR between 2025 and 2030 supporting increased demand and greater spending on digital services A young, digitally engaged population with a median age of [x] is leading to increased digital adoption As urbanisation continues to gather traction, growing urban centres accelerate connectivity and usage Widespread financial exclusion provides an opportunity to empower communities across the footprint Proven business model, with mature markets highlighting significant growth potential Captive customer base enabling low acquisition costs and high embedded growth Improved unit economics as smartphone/app adoption gathers momentum Low financial inclusion Adults with bank account, 20241 >3x Large runway across footprint Mobile money TPV as % of GDP , 2025 Mobile money customers as % of total customers (Airtel Africa) Split between users 36% 95% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % Footprint Developed Markets 1Data for Airtel Africa footprint (14 operations) 20% 22% 25% 26% 29% 31% 0% 5% 10% 15% 20% 25% 30% 35% Sep'21 Sep'22 Sep'23 Sep'24 Sep'25 Sep'26 *As of 30 September 2026 (Airtel Africa) 46% 43% 11% Featurephones Smartphones App
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 28 Retaining significant exposure to Airtel Money opportunity Pre-IPO investors Public minority shareholders 77.85% Public minority shareholders Bharti Airtel Continued economic participation • Airtel Africa shareholders retain substantial exposure to Airtel Money’s future earnings, cash flow and value creation Strategic alignment retained • Operating relationship remains unchanged • Telecoms platform supports distribution, customer access and shared services • Transactions at arms length and subject to clear corporate governance oversight Greater transparency of value • Gives market a clear, external valuation reference • Improves visibility of Airtel Africa’s retained interest
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 29 Translating into sustained group growth AIRTEL AFRICA GROUP Diversified growth with operating leverage Note: Growth rates on 31st Mar’26 constant currency – CAGR H1’22 vs H1’27 +20.1% 5-yr revenue CAGR +22.3% 5-yr EBITDA CAGR CORE GROWTH ENGINE MOBILE SERVICES +18.4% 5-year revenue CAGR Connectivity and smartphone adoption Growing data consumption Significant opportunities in HBB, enterprise and data centres MOBILE MONEY +28.8% 5-year revenue CAGR Deeper wallet adoption and use cases Payments and financial services expansion Expanding digital ecosystem Proven strategy Strong track record Sustained growth Continuing to benefit from two long-term growth engines
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#9260A0 # 9 B 9 1 C 1 #D3D000 # 8 7 C 3 E 7 #96BA3A # F D C 4 0 0 Conclusion
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31 Summary and outlook Industry fundamentals remain very supportive of an attractive, sustainable growth outlook Robust capital structure Sustainable capital structure enables continued investment to sustain growth whilst also prioritising shareholder returns. Industry leading EBITDA margins Operating leverage from strong revenue growth, supported by a comprehensive cost optimisation programme. Compelling growth outlook Attractive demographics and strong demand for essential services. Additional opportunities in HBB, data centres and enterprise.
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Q&A
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33 623 154 18 45 840 H1'26 Money Revenue Customer base Increase ARPU Increase Currency translation H1'27 Money Revenue 1,161 210 130 70 1,571 H1'26 Data Revenue Customer base Increase ARPU Increase Currency translation H1'27 Data Revenue 1,100 132 (4) 68 1,296 H1'26 Voice Revenue Customer base Increase ARPU Impact Currency translation H1'27 Voice Revenue Voice revenue ($m) +11.1% constant currency growth +28.0% constant currency growth +25.8% constant currency growth Data revenue ($m) Mobile money revenue ($m) Growth by service segment waterfalls
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34 Finance cost and forex Currency sensitivities for finance costs: On a 12-months basis • 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives) • Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $13m - $15m impact on foreign exchange (excluding derivatives) Description H1’27 H1’26 Change $m $m $m Interest on market debt 118 157 (39) Interest income (11) (13) 2 Net Interest Cost 107 144 (37) Interest on lease liabilities 270 223 47 Other Finance Charges 65 27 38 Finance Charges (Excluding derivative and FOREX) 442 394 48 Derivative and foreign exchange (gains)/losses (2) (90) 88 Total Finance Charges (Excluding exceptional Items) 440 304 136 Exceptional Items 37 - 37 Total Finance Charges (Including exceptional Items) 477 304 173
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35 Currency effects – historical trends Note: based on closing exchange rates Currency Historical 5-year Trends CAGR Deval/(Appr.) Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Sep 2026 1-year 3-year 5-year Nigerian Naira 413.5 436.8 776.8 1,669.0 1,483.9 1,331.8 (10.2%) 19.7% 26.4% Uganda Shilling 3,540.0 3,855.0 3,760.1 3,692.0 3,490.0 3,920.0 12.3% 1.4% 2.1% Tanzania Shilling 2,310.0 2,330.0 2,505.1 2,730.0 2,455.0 2,635.0 7.3% 1.7% 2.7% Zambian Kwacha 16.8 15.8 21.0 26.5 23.8 19.6 (18.0%) (2.4%) 3.1% Malawi Kwacha 815.3 1,026.4 1,115.8 1,734.0 1,734.0 1,734.0 0.0% 15.8% 16.3% Kenyan Shilling 110.5 120.7 148.2 129.0 129.2 129.7 0.4% (4.3%) 3.3% Rwandan Franc 1,016.1 1,058.6 1,211.4 1,336.8 1,447.7 1,473.8 1.8% 6.8% 7.7% CFA 564.7 670.8 620.0 587.5 559.2 579.0 3.5% (2.3%) 0.5% Madagascar Ariary 3,970.0 4,232.5 4,547.7 4,521.5 4,432.5 4,406.0 (0.6%) (1.0%) 2.1% Seychelles Rupee 13.5 14.6 14.4 13.3 15.0 14.0 (7.1%) (1.0%) 0.7%
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36 Mobile money: geographical breakdown Revenue ($m)Customers (m) Total processed value ($bn) Note: TPV and revenue relates to the half year ended 30 September 2026, in reported currency 4.2 44.1 12.6 2.4 97.9 29.7 10 615 215