Interim report
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Airtel Africa plc Results for half year ended 30 September 2026 30 October 2026 Delivering sustainable and profitable growth while investing for the future Operating highlights Continued investment in our network and digital capabilities is supporting increased customer adoption across all segments. Our total customer base continued to grow at 11.6%, reaching 193.9 million customers, with a 15% growth in our data customer base to 89.9 million. Demand for mobile money services remains strong, with mobile money customers increasing by 22.4% to 60.9 million. The increase in smartphone penetration to 51.6% continued to drive the demand for data services, resulting in higher smartphone data usage per customer of 13.3 GB, up from 10.1 GB in the prior period. The increase in data usage per customer, together with continued improvements in the customer experience, drove constant currency[1] data ARPU growth of 10.7%, demonstrating our ability to effectively monetise growing data demand. The structural drivers of financial inclusion across Africa continue to support strong demand for mobile money services, underpinned by enhanced distribution, accessible digital products and increased customer engagement. Continued ecosystem expansion and digital adoption drove annualised total processed value (TPV) growth of 36.5% to $275bn in Q2’27. Financial performance Reported currency revenues reached $3,823m in H1’27, an increase of 28.2%, while in constant currency revenue grew by 20.8%. The sustained growth across all our regions and business segments reflects the structural growth opportunity and further evidence of our continued execution against this opportunity. The mobile services business continued to grow at almost 19% in constant currency as data revenue growth of 28% continues to underpin growth. Mobile money revenue growth in constant currency remained stable at 25.8%. Continued execution against our strategic priorities, alongside sustained investment, drove strong trends across all our regions. In Francophone Africa, constant currency revenue growth accelerated to 20.3% in Q2’27, with Nigeria growing by 24.4% and East Africa by 18.6%. Despite increased inflationary pressure from higher fuel costs, underlying EBITDA margins remained resilient at 50.3%, with margins at an all-time high of 50.4% in Q2’27 – a 144 bps increase over the previous period. This strong performance reflects the benefits of continued growth at scale, driving operating leverage and supporting margin expansion, further reinforced by our cost efficiency programme. Profit after tax of $452m improved from $376m in the prior period reflecting the continued strength of the underlying operating performance, despite higher finance costs and lower foreign exchange and derivative gains during the period. In the current period, profit after tax was impacted by exceptional items of $55m relating to an in-principle settlement in one of the Group’s subsidiaries and Airtel Money IPO expenses. Basic EPS increased to 10.2 cents from 8.3 cents. Excluding the impact of the exceptional items and the lower foreign exchange and derivative gains in the current period, EPS increased to 11.8 cents from 6.9 cents. Capital allocation Capex of $657m during the period more than doubled reflecting our commitment to accelerate capex spend to reinforce our market position and support sustainable and profitable growth. During the period, we added approximately 4,200 sites, bringing forward investment to enhance coverage and capacity, while supporting the development of new businesses, including home broadband (HBB). Leverage has improved from 2.1x to 1.6x, with lease-adjusted leverage also improving to 0.5x from 0.8x in the previous period, primarily driven by the improvement in underlying EBITDA. The Board has declared an interim dividend of 3.1 cents per share, an increase of 9.2%, in line with our dividend policy. Furthermore, we returned $108.7m to shareholders through our share buyback programme during the period.
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Sunil Taldar, chief executive officer, on the trading update: “The recent IPO of Airtel Money represents a significant milestone for the Group. We retained our shareholding through the IPO and remain a long-term strategic shareholder, with significant exposure to Airtel Money’s future growth and value creation. Over the first half we have delivered another strong operating and financial performance, reflecting the depth of underlying demand across our markets and consistent execution of our strategy, with total customer growth remaining strong and stable at 11.6%. The investment case remains as compelling as ever, supported by favourable demographic and economic trends, strong demand for data and financial services, and smartphones on our network increasing to over 100 million, with substantial headroom for further adoption. We are increasingly leveraging AI across the business to deepen customer understanding, accelerate innovation, simplify customer journeys and strengthen the detection of fraud and emerging threats. Combined with our ability to utilise our network, distribution and customer relationships to develop new businesses, these structural drivers underpin our confidence in the Group’s long-term growth prospects. Despite rising fuel costs continuing to exert inflationary pressure on our cost base, we delivered a record underlying EBITDA margin of 50.4% in Q2’27 through a combination of operational discipline, ongoing cost efficiency programmes and continued scale benefits. Looking ahead, margin performance will continue to be influenced by the macroeconomic environment, including its impact on fuel costs. Our confidence in the growth trajectory of the business and the significant long-term opportunity across our markets underpins our decision to accelerate investment. During the period, we increased the pace of network investment to expand capacity and enhance service quality, positioning the business to capture an increasing share of future growth. Our mobile money business continues to deliver strong growth and remains a key driver of financial inclusion across our markets, supported by sustained customer acquisition, increasing transaction volumes and ongoing expansion of its product ecosystem. Our mobile money and mobile services businesses will continue to work closely together to capture shared growth opportunities, realise operational synergies and deliver enhanced value for customers across our markets. Supported by a strong balance sheet and robust cash generation, we remain confident in the opportunities ahead. As more customers embrace digital services and financial inclusion, our continued focus on execution and customer experience positions us to deliver sustainable growth at scale and long-term value for shareholders.” GAAP measures (Half year ended) Description Sep-26 Sep-25 Reported currency $m $m change Revenue 3,823 2,982 28.2% Operating profit 1,286 959 34.2% Profit after tax 452 376 20.5% Basic EPS ($ cents) 10.2 8.3 23.3% Net cash generated from operating activities 1,759 1,388 26.7% Alternative performance measures (APM)[2] (Half year ended) Description Sep-26 Sep-25 Reported currency Constant currency $m $m change change Revenue 3,823 2,982 28.2% 20.8% Underlying EBITDA 1,921 1,447 32.8% 23.5% Underlying EBITDA margin 50.3% 48.5% 172 bps 109 bps EPS before exceptional items ($ cents) 11.7 8.3 41.2% Operating free cash flow 1,264 1,129 12.0% About Airtel Africa Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa. Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The company's strategy is focused on providing a great customer experience across the entire footprint, enabling our corporate purpose of transforming lives across Africa.
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Enquiries Airtel Africa – investor relations Alastair Jones Investor.relations@africa.airtel.com +44 7464 830 011 +44 207 493 9315 Hudson Sandler Nick Lyon Nelly Apaka airtelafrica@hudsonsandler.com +44 207 796 4133 Conference call Management will host an analyst and investor presentation at 12:00pm UK time (GMT) on Friday 30 October 2026, including a ‘Question-and-Answer’ session. To follow on the webcast, please register beforehand using the following link: Webcast registration link If you are unable to use the webcast for the event, or if you intend to participate in Q&A during the call, please register for the conference call using the following link: Conference call registration link Key consolidated financial information Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change % Constant currency change % Sep-26 Sep-25 Reported currency change % Constant currency change % Profit and loss summary Revenue1 $m 3,823 2,982 28.2% 20.8% 1,970 1,567 25.7% 20.6% Voice revenue $m 1,296 1,100 17.9% 11.1% 657 567 15.7% 11.0% Data revenue $m 1,571 1,161 35.3% 28.0% 821 612 34.2% 28.7% Mobile money revenue2 $m 840 623 34.8% 25.8% 437 333 31.3% 25.8% Other revenue $m 257 227 13.2% 7.6% 127 119 6.6% 2.5% Expenses $m (1,906) (1,549) 23.1% 17.5% (978) (807) 21.2% 17.6% Underlying EBITDA3 $m 1,921 1,447 32.8% 23.5% 993 768 29.4% 22.7% Underlying EBITDA margin % 50.3% 48.5% 172 bps 109 bps 50.4% 49.0% 144 bps 87 bps Depreciation and amortisation $m (616) (488) 26.2% 20.1% (315) (255) 23.9% 19.8% Operating exceptional items6 $m (19) - (19) - Operating profit $m 1,286 959 34.2% 23.4% 659 513 28.5% 20.6% Other finance cost – net of finance income4 $m (440) (304) 44.9% (208) (131) 59.0% Finance cost – exceptional items5 $m (37) - - - Total finance cost (net) $m (477) (304) 57.1% (208) (131) 59.0% Net monetary gain/(loss) relating to hyperinflationary accounting $m 5 (0) 3 1 Profit before tax $m 814 656 24.2% 454 383 18.5% Tax $m (363) (280) 29.3% (201) (164) 22.5% Tax – exceptional items6 $m 1 - 1 - Total tax charge $m (362) (280) 29.1% (200) (164) 22.0% Profit after tax $m 452 376 20.5% 254 219 15.9% Non-controlling interest $m (81) (73) 12.2% (43) (42) 1.9% Profit attributable to owners of the company – before exceptional items $m 425 303 40.5% 228 177 28.6%
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Profit attributable to owners of the company $m 371 303 22.7% 211 177 19.1% EPS – before exceptional items cents 11.7 8.3 41.2% 6.3 4.9 29.2% Basic EPS cents 10.2 8.3 23.3% 5.8 4.9 19.7% Weighted average number of shares million 3,638 3,654 (0.4%) 3,631 3,648 (0.5%) Capex $m 657 318 106.5% 268 197 35.8% Operating free cash flow $m 1,264 1,129 12.0% 725 571 27.1% Net cash generated from operating activities $m 1,759 1,388 26.7% 973 820 18.7% Net debt $m 5,870 5,512 5,870 5,512 Leverage (net debt to underlying EBITDA) times 1.6x 2.1x 1.6x 2.1x Lease-adjusted leverage times 0.5x 0.8x 0.5x 0.8x Return on capital employed % 25.7% 20.3% 543 bps 25.7% 20.0% 569 bps Operating KPIs ARPU $ 3.4 2.9 15.0% 8.4% 3.4 3.1 12.2% 7.6% Total customer base million 193.9 173.8 11.6% 193.9 173.8 11.6% Data customer base million 89.9 78.1 15.0% 89.9 78.1 15.0% Mobile money customer base million 60.9 49.8 22.4% 60.9 49.8 22.4% All commentary in the footnotes refers to the half year ended 30 September 2026 and the prior period (30 September 2025) unless otherwise stated. (1) Revenue includes inter-segment eliminations of $141m and $129m for the prior period. (2) Mobile money revenue post inter-segment eliminations with mobile services were $699m and $494m for the prior period. (3) Underlying EBITDA includes other income of $4m and $14m for the prior period. (4) Other finance cost - net of finance income includes derivative and foreign exchange gains of $2m and $90m in the current period and prior period respectively. (5) Finance cost - exceptional items of $37m relates to an in-principle settlement of a commercial dispute in one of the Group’s subsidiaries in Q1’27. (6) Operating exceptional items of $19m and corresponding tax – exceptional items gain of $1m in the current period relates to Airtel Money IPO expenses. Financial review for the half year ended 30 September 2026 Revenue Group revenue in reported currency increased by 28.2% to $3,823m, with constant currency growth of 20.8%. Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation in Nigeria and Zambia. Constant currency revenue growth was driven by Nigeria growth of 27.0%, East Africa growth of 18.2% and a strong performance in Francophone Africa, which saw revenue growth accelerate to 19.2% in the current period and over 20% in quarter ended 30 September 2026. Mobile services revenue of $3,141m increased by 25.9% in reported currency and by 18.9% in constant currency. Constant currency growth was led by voice revenue growth of 11.1% and data revenue growth of 28.0%. Mobile money revenues grew by 34.8% in reported currency and by 25.8% in constant currency, driven by customer growth of 22.4% to 60.9 million and ARPU rising by 2.6% to $2.5. In Nigeria, reported currency revenues grew by 45.0%, and by 27.0% in constant currency. Higher reported currency growth compared to constant currency was due to appreciation of the Nigerian naira from a weighted average NGN/USD rate of 1,553 in prior period to NGN/USD 1,360 in current period. In East Africa, reported currency revenue grew by 24.8% which is also higher as compared to 18.2% constant currency growth primarily due to significant appreciation in the Zambian kwacha. Francophone Africa reported currency revenue growth was 19.6%, in line with constant currency revenue growth of 19.2%. Underlying EBITDA[3] Reported currency underlying EBITDA grew by 32.8% to $1,921m while in constant currency underlying EBITDA increased by 23.5%. Reflecting the continued success of our cost efficiency programme, underlying EBITDA margins have increased by 172 bps in the current period to reach 50.3%. In Q2’27 underlying EBITDA margins expanded further to 50.4% compared to 50.1% in previous quarter. Mobile services underlying EBITDA increased by 32.7% in reported currency with underlying EBITDA margins of 50.5%, an increase of 258 bps. Mobile money underlying EBITDA margins of 48.9% declined by 287 bps in reported currency, primarily due to the renegotiation of intra-group agreements, which had no impact on the consolidated Group’s margin. Operating profit Operating profit in reported currency increased by 34.2% to $1,286m, largely driven by underlying EBITDA growth of 32.8% in reported currency. Finance costs Total finance costs (net) for the half year ended 30 September 2026 were $477m, compared to $304m in the prior period. Finance costs for current period were impacted by a $37m cost related to the Group reaching an
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in-principle settlement with respect to a commercial dispute in one of the Group’s subsidiaries and was recognised as an exceptional item in finance cost. Furthermore, finance cost in current period benefitted from $2m of derivative and foreign exchange gains (reflecting the revaluation of US dollar balance sheet liabilities and derivatives following currency appreciation), compared to $90m gains in prior period. As a result, finance costs, excluding derivative and foreign exchange gains and exceptional items, increased from $394m in prior period to $442m in current period, primarily reflecting the increase in interest on lease liabilities, following the sites rollout. The Group ended the current period with a weighted average interest rate of 10.1% which decreased by 231 bps from 12.4% in the prior period. Exceptional items Operating exceptional items of $19m in the current period relates to costs associated with the listing of Airtel Mobile Commerce N.V. (Airtel Money). Exceptional items within finance costs amounted to $37m in the current period, relating to the Group reaching an in-principle settlement in respect of a commercial dispute in one of the Group’s subsidiaries. Profit before tax Profit before tax was $814m for the half year ended 30 September 2026 as compared to $656m in the prior period. Higher profit before tax in the current period as compared to the prior period was on account of higher operating profit partially offset by higher finance costs and operating exceptional items as well as lower derivative and foreign exchange gains in the current period as discussed above. Taxation Total tax charges were $362m as compared to $280m in the prior period. Tax charges increased by $82m largely driven by the higher profit before tax in the current period and withholding taxes on dividends paid by subsidiaries. The effective tax rate was 40.2% compared to 40.1% in the previous financial year. The effective tax rate is higher than the weighted average statutory corporate tax rate of approximately 32%, largely due to the profit mix between various OpCos and withholding taxes on dividends paid by subsidiaries. Profit after tax Profit after tax was $452m during the half year ended 30 September 2026 as compared to $376m in the prior period. Earnings per share (EPS) Basic EPS of 10.2 cents compares to 8.3 cents in the prior period, predominantly reflecting higher operating profits in the current period. EPS before exceptional items[4] increased from 8.3 cents in the prior period to 11.7 cents in current period. EPS before exceptional items and derivative and foreign exchange gains increased from 6.9 cents in the prior period to 11.8 cents in the current period. Net cash generated from operating activities Net cash generated from operating activities was $1,759m, which is 26.7% higher compared to $1,388m in the prior period, primarily reflecting the strong operating performance with underlying EBITDA growth of 32.8% in reported currency. Operating free cash flow Operating free cash flow of $1,264m, increased by 12.0%, reflecting the continued strong growth in underlying EBITDA during the period. In-line with our strategy to accelerate the pace of deployment, capital expenditure increased to $657m from $318m in prior period. Leverage Lease-adjusted leverage improved to 0.5x (from 0.8x) and leverage to 1.6x (from 2.1x), primarily driven by the improvement in underlying EBITDA. Other significant updates Airtel Mobile Commerce N.V. (‘Airtel Money’) lists on London Stock Exchange
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On 14 October 2026, Airtel Money was admitted to the Equity Shares (Commercial Companies) category of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange (‘LSE’). The IPO on the LSE represents a significant milestone in Airtel Money's evolution, establishing an independent listed platform to support its long-term growth ambitions and enhance its profile among global investors. The listing involved the offer of 270 million existing shares (10% of the issued share capital) at a price of £1.96. Airtel Africa did not sell any shares in the secondary offering and has retained its 77.85% shareholding. An over-allotment option of up to 27 million additional shares remains open during the stabilisation period, and its outcome will be announced in due course. Following the IPO, Airtel Africa remains a long-term strategic shareholder and continues to benefit from Airtel Money's attractive growth opportunities, while the listing provides additional financial flexibility to support the business's future development and expansion across Africa. Following the successful listing of Airtel Money on the LSE, the put option previously held by minority shareholders of Airtel Money will no longer be exercisable. However, due to the IPO being a post balance sheet event, the put option liability continues to be recognised as of 30 September 2026. Update on share buyback programme On 22 May 2026, Airtel Africa announced the launch of a share buyback programme to repurchase up to 1% of its issued share capital, reflecting the strength of its balance sheet and commitment to shareholder returns while maintaining flexibility to invest in growth opportunities across its markets. As an initial tranche, the Company entered into an agreement with Barclays Capital Securities Limited (“Barclays”). This tranche was completed in accordance with its terms on 28 September 2026. As part of the first tranche, the Company returned $108.7m to shareholders through the repurchase of 24.5 million shares, utilising 0.67% of the 1% share repurchase authority approved by the Board. Kenya spectrum acquisition Airtel Kenya acquired 100 MHz of spectrum in the 3500 MHz band for $65 million for a 25-year term, following the approval from the Communications Authority of Kenya, subject to standard conditions. Directorate changes Following the conclusion of the AGM on 9 July 2026, Sunil Bharti Mittal has retired as chair of the Board and Gopal Vittal was appointed non-executive chair of the Board with effect from the same date. Furthermore, Shravin Bharti Mittal assumed the role of deputy chair, and Annika Poutiainen retired as a non-executive director. On 22 July 2026, the Group announced the appointment of Mr. V.K. Viswanathan as an independent non- executive director with effect from the same date. Mr. Viswanathan will also join the Audit and Risk Committee. Nigeria licence renewal On 15 April 2026, the Group’s subsidiary Airtel Networks Limited (‘Airtel Nigeria’) received confirmation from the Nigerian Communications Commission (NCC) on the terms of its 900MHz spectrum renewal for $37m, payable in local currency. The licence will be valid for a period of ten years, following the expiry of the previous licence. Dividend payment timetable The board has declared an interim dividend of 3.1 cents for the half year ended 30 September 2026, payable on11 December 2026 to shareholders recorded in the register at the close of business on 13 November 2026. London Stock Exchange (LSE) Nigerian Stock Exchange(NGX) Last day to trade shares cum dividend 11 November 2026 12 November 2026 Shares commence trading ex-dividend 12 November 2026 13 November 2026 Record date (NGX settlement date) 13 November 2026 13 November 2026 Last date for currency election 23 November 2026 23 November 2026 Payment date 11 December 2026 11 December 2026 Information on additional KPIs Our investor relations pack with information on the additional KPIs and balance sheet is available to download on www.airtel.africa
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Strategic overview The Group provides telecom and mobile money services in 14 markets across Africa. Our markets are characterised by a young and rapidly growing population, low smartphone penetration and a large unbanked population. Unique mobile user penetration across the Group’s footprint is under 50% and banking penetration remains under 40%. This illustrates the significant opportunity ahead to deepen digital and financial inclusion across the communities we serve, enriching and transforming our customers' lives through digitisation while driving profitable growth across our key services of voice, data and mobile money The Group continues to invest in its network and distribution infrastructure to enhance both mobile connectivity and financial inclusion across our OpCos. We continue to invest in expanding our 4G and 5G networks to increase data capacity and further enhance coverage across our markets. Our strategy places customers at the heart of everything we do. By consistently delivering a superior customer experience, we continue to fulfil our purpose of transforming lives across Africa. Our consumer centric strategy is anchored on six strategic pillars: strengthening our ‘go-to-market’, delivering best in class network experience, winning more in key markets, digitising and simplifying processes across the business, accelerating Airtel Money and scaling our home broadband business (HBB) and enterprise offerings. Underpinning the Group’s business strategy is our focus on cost optimisation, our sustainability strategy and the ongoing investment into our people to build and retain talent. Our sustainability strategy supports our goals and commitments to foster financial inclusion, bridge the digital divide and serve more customers in some of the least penetrated telecom’s markets in the world. Strengthen ‘Go-to-market’ We continued to expand and strengthen our distribution footprint across both urban and rural markets, with a particular focus on our exclusive kiosk and mini-shop network, Airtel Money branches (AMB), and multi-brand outlets. During the year, our mobile money business added more than 500,000 Airtel Money agents and 105,000 activating outlets, further deepening our presence in towns and villages. This enhanced distribution has supported continued customer acquisition and contributed to strong revenue growth across the business. Alongside the expansion of our physical distribution infrastructure, we continued to invest in digital capabilities that simplify processes and improve productivity for both our frontline sales teams and channel partners, helping drive greater operational efficiency and scalability. Data revenue growth continued to be supported by rising smartphone adoption and improving customer monetisation. Smartphone penetration increased by 4.8 percentage points to 51.6%, driven by the ongoing expansion of our 4G and 5G networks and strong commercial execution. We also remain focused on extending network reach through our strategic partnership with Starlink which will help connect currently underserved rural communities and further strengthen the quality and coverage of our network. Brilliant network experience Our network remains a source of competitive advantage, and we continue to strengthen our core infrastructure to build a resilient, safe and reliable network to deliver a great customer experience to our customers. Over the period, we accelerated our network investment to enhance 4G network availability and continued to expand our 5G network, including the launch of 5G services in Gabon and the Seychelles, building on the strong progress already achieved across our existing 5G markets. Reaching underserved communities remains a key priority and we continue to expand rural coverage through new site rollouts and investing in spectrum and technologies to support increased capacity to facilitate our corporate purpose of transforming lives. We deployed 4,200 infrastructure sites over the last year, alongside more than 4,400 additional 4G sites. As a result, 99.2% of our network sites are now 4G-enabled while our 5G footprint has expanded to 4,100 operational sites across seven markets. As part of our commitment to building future-ready digital infrastructure, we continued to invest in spectrum, expand our fibre network, enhance our 5G capabilities and progress our data centre investments. These investments support increasing demand for connectivity and digital services while advancing digital inclusion across our markets. Our fibre business continues to deliver encouraging revenue growth, with more than 2,000 km added during the year, bringing our total fibre footprint to over 83,000 km. Must win markets Winning customers across all our markets through micro-marketing using network and digital tools is fundamental to our strategy and continues to enable us to drive both financial and digital inclusion. We aim to win in every micro-segment by optimising our network to improve the customer experience or strengthen our
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distribution where our network is already strong, so that we can acquire new customers with speed and precision. There are clusters of opportunities which have been identified across all OpCos which have been called out as ‘must win markets’. To ensure that we win across all ‘must win markets’ we stepped up investment on building people capabilities and driving a culture of collaborative working across functions. In the broader urban areas, including smaller towns and emerging suburban peripheries, some micro-marketing actions include improving indoor coverage, network quality and delivering a seamless customer experience by enhancing our network through principles of community of interest. We are enhancing our in-store experience and increasing our own store footprint, while strengthening 5G coverage in these markets to cater for rising home broadband (HBB) demand. This will allow us to strengthen our position as a reliable network provider, attract new customers and lower churn. Rural markets present a big growth opportunity to us, given the low penetration of both telecoms and financial services. To tap the opportunity, our focus remains on improving coverage and distribution expansion across all markets. With intensified network investment and focus on distribution excellence, we are confident that rural markets will contribute to a significant portion of our overall customer additions going forward. Digitise and simplify Our digital strategy is bringing connectivity and financial services closer together, making it easier for customers to manage their mobile needs and transact through Airtel Money in one experience. During H1’27, we continued to expand adoption while sharpening our focus on how customers use our platforms - supporting everyday payments, repeat transactions and greater engagement across services. MyAirtel app is central to this approach, connecting our telecom and Airtel Money offerings through a single customer interface. Monthly active users reached 14 million at the end of September 2026, compared with 8 million a year earlier. Alongside this growth, we are focused on encouraging broader usage across telecom and financial services, extending the app’s role from account management to a platform for customers’ everyday transactions. In September 2026, monthly total payment value (TPV) processed through MyAirtel app exceeded $1.4bn, marking a new milestone in the scale of our digital transaction activity. For the six months ended 30 September 2026, app TPV reached $7.7bn, an increase of 75% year-on-year, while transacting users grew by 87%. These results demonstrate the increasing importance of the app as a transaction channel across both telecom and Airtel Money services. Airtel Money remains a key part of this integrated experience. Customers can transfer money, pay bills and merchants, and purchase airtime and bundles within the same app. We continued to extend customer access through complementary channels, including WhatsApp, supported by multilingual experiences across our markets. More targeted, data-led engagement is helping customers navigate onboarding, complete their first transaction and discover additional services relevant to their needs. This strengthens our focus on sustained usage and retention as digital adoption expands. Across the Group, shared platforms and coordinated product roadmaps enable capabilities to be developed and deployed across multiple markets. Combined with the sharing of successful customer engagement practices, this approach supports faster execution, reduces duplication and allows operating companies to focus on customer adoption and commercial performance. The progress achieved during HY’27 reinforces digital’s role in expanding the reach and usage of Airtel Money, connecting financial services with our telecom offering and supporting a more efficient operating model across our markets. Accelerate Airtel Money Limited access to formal financial services, constrained banking infrastructure and continued reliance on cash across our markets present a significant opportunity to accelerate financial inclusion. Airtel Money is addressing this through a digital-first, mobile-led platform. Our focus remains on growing the customer base, scaling digital adoption and expanding our distribution network and product ecosystem, including merchant and enterprise payments. On 14 October 2026, Airtel Mobile Commerce N.V., the holding company of Airtel Money, was admitted to the Main Market of the London Stock Exchange. Digital adoption: Our digital-first strategy continues to drive product innovation and customer engagement. Smartphone users represent over 54% of Airtel Money’s customer base. App transacting customers reached 6.6 million, taking app penetration of the smartphone customer base to 19.9%, up from 14.6% a year earlier. App users generate higher ARPU than featurephone users, and we are prioritising app adoption through seamless onboarding, gamification and bonus and cashback rewards. Ecosystem expansion: We continue to deepen our ecosystem across payments, merchant acceptance, lending, savings, insurance and virtual cards. In constant currency, payments and transfers revenue grew by 29.8% and financial services revenue by 56.9%, increasing the financial services share of revenue to 5.4%
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from 4.3%. Active merchants increased by 85.5% to over 587,000, supported by interoperable QR codes, tap-and-pay and payment links. We are also preparing new enterprise payments features, including vendor payments. Customers who use multiple services generate higher ARPU than single-service customers. Access and distribution: Our network of over 2.5 million active agents, up 25.3% year-on-year, and over 48,000 exclusive retail touchpoints (Airtel Money branches and kiosks) continue to extend last-mile access. These initiatives contributed to an 22.4% increase in Airtel Money’s customer base to 60.9 million, lifting penetration of the telco customer base by 2.8 percentage points to 31.4%. Annualised total processed value for the second quarter reached $275bn, and revenue grew by 25.8% in constant currency. With 133 million Airtel Africa telecom customers not yet using mobile money services, this remains a key growth driver for the Group. We remain committed to building Africa’s most accessible, inclusive and scalable digital financial services platform, creating long-term value for our customers and stakeholders. Scale home broadband (HBB) and enterprise High-speed broadband connectivity remains the foundational pillar of our enterprise and HBB strategy. We have invested across several technologies (5G, fibre-to-the-home/building) to enhance capacity and expand our offerings across the footprint. Furthermore, we continue to invest in building an exclusive direct sales and installation team and have enhanced our digital tools to capture and automate the tracking of home broadband orders, supporting enhanced customer experience and enabling more efficient growth at scale. The demand for this high-speed connectivity and digital services remains strong with the enterprise customer base growing by approximately 60%. Building on this strong connectivity foundation, we are accelerating the expansion of our ICT and digital services portfolio to address the evolving needs of enterprise customers. By combining our extensive broadband infrastructure with an expanding portfolio of value-added digital services, we aim to deepen customer relationships, increase our share of enterprise ICT spending and unlock new recurring revenue streams. Nxtra by Airtel Africa, the data centre division of Airtel Africa, continues to advance its ambition of building Africa's leading digital infrastructure platform. Construction of both our Kenya and Nigeria data centre facilities continues to progress, with each project representing a significant milestone in expanding our regional digital infrastructure capabilities. Telesonic, also continues to strengthen its position as a leading pan-African digital infrastructure provider. With growing partnerships, it is playing a pivotal role in advancing Africa’s digital transformation and enabling resilient, scalable and future-ready connectivity across the continent. Financial review for the half year ended 30 September 2026 Nigeria – mobile services Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Summarised statement of operations Revenue $m 1,008 697 44.6% 26.6% 510 365 39.7% 24.0% Voice revenue1 $m 370 268 37.8% 20.6% 179 134 33.2% 18.1% Data revenue $m 544 357 52.7% 33.8% 281 192 46.5% 30.1% Other revenue2 $m 94 72 29.6% 13.5% 50 39 28.5% 14.1% Underlying EBITDA $m 586 393 49.2% 30.7% 294 208 41.3% 25.3% Underlying EBITDA margin % 58.2% 56.3% 181 bps 181 bps 57.5% 56.9% 64 bps 62 bps Depreciation and amortisation $m (199) (138) 43.7% 25.8% (103) (72) 43.8% 27.7% Operating exceptional items $m (0) - 0.0% 0.0% (0) - 0.0% 0.0% Operating profit $m 368 236 56.1% 35.5% 181 126 43.3% 25.9% Capex $m 177 74 139.9% 139.9% 50 35 41.0% 41.0% Operating free cash flow $m 409 319 28.2% 244 173 41.3% Operating KPIs Total customer base million 61.7 53.6 15.1% 61.7 53.6 15.1% Data customer base million 32.9 29.5 11.8% 32.9 29.5 11.8% Mobile services ARPU $ 2.8 2.2 28.3% 12.3% 2.8 2.3 22.2% 8.4% (1) Voice revenue includes inter-segment revenue of $1m in the half year ended 30 September 2026. Excluding the inter-segment revenue, voice revenue was $369m in the half year ended 30 September 2026. (2) Other revenue includes inter-segment revenue of $1m in the half year ended 30 September 2026 and in the prior period. Excluding inter-segment revenue, other revenue was $93m in half year ended 30 September 2026 and $71m in the prior period. Revenue grew by 26.6% in constant currency, driven by ARPU growth of 12.3% and customer base growth of 15.1%. In reported currency, revenue grew by 44.6% to $1,008m. Higher reported currency growth compared to
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constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,553 in prior period to NGN/USD 1,360 in current period. In H1’27, constant currency growth of 26.6% reflects the full lapping impact of tariff adjustments which were implemented in Q4’25. Voice revenue grew by 20.6% in constant currency, driven by voice ARPU growth of 7.0% and customer base increase of 15.1%. Data revenue grew by 33.8% in constant currency as a function of both data customer and data ARPU growth of 11.8% and 20.5% respectively: Smartphone penetration increased by 4.0% to reach 56.8% Smartphone data usage per customer reached 16.7 GB per month compared to 12.7 GB per month in the prior period. Underlying EBITDA of $586m improved by 49.2% in reported currency and by 30.7% in constant currency. The underlying EBITDA margin increased 181 basis points to 58.2%, driven by strong revenue growth and continued benefits arising from our cost efficiency programme. Recent geopolitical developments have resulted in doubling of fuel prices in Nigeria since the beginning of this financial year. This impact increased progressively during H1’27, with Q2’27 EBITDA margins reflecting the full impact of the higher costs. Our cost efficiency programme mitigated these pressures, limiting the sequential margin decline to approximately 130 bps, from 58.8% in Q1’27 to 57.5% in Q2’27. Operating free cash flow increased by 28.2% to $409m driven by strong underlying EBITDA growth, despite significantly higher capex during the period. East Africa – mobile services 1 Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Summarised statement of operations Revenue $m 1,258 1,047 20.2% 15.4% 652 549 18.7% 16.4% Voice revenue2 $m 593 518 14.6% 8.9% 308 273 13.0% 9.8% Data revenue $m 566 434 30.3% 26.0% 298 227 30.9% 29.4% Other revenue3 $m 99 95 4.2% 2.6% 46 49 (6.8%) (6.8%) Underlying EBITDA $m 635 505 25.8% 20.5% 340 275 23.6% 20.8% Underlying EBITDA margin % 50.5% 48.3% 225 bps 211 bps 52.2% 50.2% 205 bps 188 bps Depreciation and amortisation $m (240) (201) 19.4% 16.9% (122) (104) 17.6% 17.3% Operating exceptional items $m (1) - 0.0% 0.0% (1) - 0.0% 0.0% Operating profit $m 364 276 31.5% 23.4% 200 157 27.8% 22.9% Capex $m 247 124 98.9% 98.9% 109 81 34.3% 34.3% Operating free cash flow $m 388 381 2.0% 231 194 19.1% Operating KPIs Total customer base million 88.8 82.3 8.0% 88.8 82.3 8.0% Data customer base million 39.5 34.3 15.2% 39.5 34.3 15.2% Mobile services ARPU $ 2.4 2.2 10.5% 6.1% 2.5 2.3 8.9% 6.8% (1) The East Africa segment consists of Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia. (2) Voice revenue includes inter-segment revenue of $1m in the half year ended 30 September 2025. Excluding inter-segment revenue, voice revenue was $517m in half year ended 30 September 2025. (3) Other revenue includes inter-segment revenue of $11m in the half year ended 30 September 2026 and $9m in the prior period. Excluding inter-segment revenue, other revenue was $88m in half year ended 30 September 2026 and $86m in the prior period. Revenue grew by 15.4% in constant currency, driven by customer base growth of 8.0% and ARPU growth of 6.1%. In reported currency, revenue grew by 20.2% to $1,258m. Higher reported currency revenue growth as compared to constant currency was primarily due to significant appreciation in the Zambian kwacha. Voice revenue growth of 8.9% in constant currency was primarily driven by an 8.0% growth in the customer base. Data revenue grew by 26.0% in constant currency supported by data customer base growth of 15.2% and data ARPU growth of 8.1%: Smartphone penetration increased by 4.9% to reach 48.6% Smartphone data usage per customer reached 12.2 GB per month compared to 9.0 GB per month in the prior period.
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Underlying EBITDA increased to $635m, up by 25.8% in reported currency and by 20.5% in constant currency. Underlying EBITDA margins of 50.5% were 225 bps higher than the prior period of 48.3%. Despite capex almost doubling over the period, operating free cash flow was broadly stable at $388m, reflecting the strong operational momentum across the region. Francophone Africa – mobile services 1 Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Summarised statement of operations Revenue $m 867 749 15.8% 15.3% 448 387 15.8% 16.5% Voice revenue 2 $m 334 316 6.0% 5.5% 170 162 5.2% 6.1% Data revenue $m 461 370 24.4% 24.0% 243 192 26.0% 26.6% Other revenue 3 $m 72 63 14.4% 13.2% 35 33 8.0% 8.4% Underlying EBITDA $m 351 296 18.5% 18.2% 179 153 16.8% 17.7% Underlying EBITDA margin % 40.5% 39.5% 93 bps 100 bps 39.9% 39.6% 35 bps 41 bps Depreciation and amortisation $m (144) (125) 15.9% 15.3% (73) (65) 12.5% 13.3% Operating exceptional items $m (1) - 0.0% 0.0% (1) - 0.0% 0.0% Operating profit $m 179 146 23.2% 23.3% 92 76 21.6% 22.8% Capex $m 187 87 114.8% 114.8% 85 56 51.6% 51.6% Operating free cash flow $m 164 209 (21.6%) 94 97 (3.2%) Operating KPIs Total customer base million 43.4 38.0 14.3% 43.4 38.0 14.3% Data customer base million 17.4 14.3 21.3% 17.4 14.3 21.3% Mobile services ARPU $ 3.4 3.4 0.3% (0.1%) 3.5 3.5 0.5% 1.1% (1) The Francophone Africa segment consists of Chad, Democratic Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo and the Seychelles. (2) Voice revenue includes inter-segment revenue of $1m in the half year ended 30 September 2025. Excluding inter-segment revenue, voice revenue was $315m in the half year ended 30 September 2025. (3) Other revenue includes inter-segment revenue of $8m in the half year ended 30 September 2026 and $3m in the prior period. Excluding inter-segment revenue, other revenue was $64m in half year ended 30 September 2026 and $60m in the prior period. Revenue grew by 15.3% in constant currency, driven from the continued strength in customer base growth of 14.3%. In reported currency, revenue grew by 15.8% to $867m. Q2’27 constant currency revenue growth accelerated further to 16.5% in Q2’27 from 14.0% in Q1’27. Voice revenue grew by 5.5% in constant currency as customer base growth of 14.3% was partially offset by a decline in voice ARPU reflecting interconnect rate reductions. Data revenue grew by 24.0% in constant currency, primarily supported by data customer base growth of 21.3%: Smartphone penetration increased by 5.4% to reach 50.2% Smartphone data usage per customer reached 9.7 GB per month compared to 7.6 GB per month in the prior period 97.4% of sites are now on 4G as compared to 93.3% in the prior period Underlying EBITDA of $351m increased by 18.5% and 18.2% in reported and constant currency, respectively. The underlying EBITDA margin improved to 40.5%, an increase of 93 basis points, driven by continued strong revenue growth. In Q2’27, underlying EBITDA margin at 39.9% declined from 41.1% in Q1’27, reflecting the impact of increase in fuel costs partially offset by savings from our ongoing cost efficiency programme. Operating free cash flow declined by 21.6% to $164m, as growth in underlying EBITDA was more than offset by higher capex during the period. Mobile services Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Summarised statement of operations
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Revenue1 $m 3,141 2,495 25.9% 18.9% 1,614 1,303 23.8% 18.8% Voice revenue $m 1,296 1,100 17.9% 11.1% 657 567 15.7% 11.0% Data revenue $m 1,571 1,161 35.3% 28.0% 821 612 34.2% 28.7% Other revenue $m 274 234 17.1% 11.4% 136 124 9.7% 5.6% Underlying EBITDA $m 1,586 1,195 32.7% 24.4% 821 637 28.9% 22.7% Underlying EBITDA margin % 50.5% 47.9% 258 bps 222 bps 50.8% 48.9% 199 bps 163 bps Depreciation and amortisation $m (587) (468) 25.4% 19.1% (300) (244) 22.8% 18.4% Operating exceptional items $m (2) - 0.0% 0.0% (2) - 0.0% 0.0% Operating profit $m 921 655 40.5% 29.8% 479 355 34.8% 26.7% Capex $m 614 285 115.1% 115.1% 246 172 42.5% 42.5% Operating free cash flow $m 972 910 6.8% 575 465 23.8% Operating KPIs Customer KPIs: Total customer base million 193.9 173.8 11.6% 193.9 173.8 11.6% Data customer base million 89.9 78.1 15.0% 89.9 78.1 15.0% ARPU KPIs: Voice ARPU $ 1.1 1.1 5.7% (0.4%) 1.1 1.1 3.3% (0.9%) Data ARPU $ 3.0 2.6 17.1% 10.7% 3.1 2.7 15.8% 11.1% (1) Mobile service revenue after inter-segment eliminations was $3,124m in the half year ended 30 September 2026 and $2,488m in the prior period. Overall revenue from mobile services increased by 25.9% in reported currency to $3,141m. In constant currency, revenues increased by 18.9%, with growth across all regions and services. Higher reported currency growth compared to constant currency was largely due to appreciation in Nigerian naira and Zambian kwacha. Voice revenue grew by 11.1% in constant currency, supported primarily by continued growth in the customer base of 11.6%. Total minutes on the network grew by 5.7% while voice usage per customer was 278 minutes per month. Data revenue grew by 28.0% in constant currency, contributing to half of total mobile services revenue, up from 46.5% in the prior period. Constant currency revenue growth was driven by both data customer base growth of 15.0% and data ARPU growth of 10.7%: Smartphone penetration increased 4.8% to reach 51.6% Smartphone data usage per customer reached 13.3 GB per month compared to 10.1 GB per month in the prior period As of 30 September 2026, 5G is operational across seven markets, with 4,094 sites across our network. Underlying EBITDA was $1,586m, up 32.7% in reported currency and 24.4% in constant currency. Despite the increased fuel prices across the footprint, the underlying EBITDA margin improved by 258 basis points year-on- year to 50.5%. This reflects a strong revenue performance and continued benefits from our ongoing cost efficiency programme. Our capex over the period increased by 115% to $614m as we accelerated our investments to capture the significant growth opportunity across the mobile services segment. Given the strong performance of the business and continued cost efficiencies, operating free cash flow increased 6.8% to $972m. Mobile money1 Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Summarised statement of operations Revenue2 $m 840 623 34.8% 25.8% 437 333 31.3% 25.8% Wallet services3 $m 409 299 36.9% 27.6% 213 163 30.9% 25.0% Payment and transfers3 $m 363 262 38.4% 29.8% 191 138 38.2% 33.2% Financial services3 $m 45 27 68.9% 56.9% 24 14 71.1% 63.7% Others3 $m 23 35 (34.6%) (40.7%) 9 18 (51.6%) (54.7%) Underlying EBITDA $m 411 323 27.4% 17.2% 213 169 25.6% 18.9% Underlying EBITDA margin % 48.9% 51.7% (287) bps (359) bps 48.7% 50.9% (223) bps (280) bps Depreciation and amortisation $m (22) (13) 63.3% 54.0% (12) (7) 78.3% 71.5% Operating exceptional items $m (6) - 0.0% 0.0% (6) - 0.0% 0.0% Operating profit $m 374 301 24.0% 13.7% 190 158 19.9% 13.3% Capex $m 25 24 6.0% 6.0% 10 19 (46.5%) (46.5%) Operating free cash flow $m 386 299 29.0% 203 150 35.1% Operating KPIs Mobile money customer base million 60.9 49.8 22.4% 60.9 49.8 22.4% Total processed value (TPV) $bn 130.1 88.8 46.4% 36.9% 68.6 48.3 42.1% 36.5% Mobile money ARPU $ 2.5 2.2 10.0% 2.6% 2.5 2.3 6.4% 1.9%
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(1) The mobile money segment consists of mobile money business of all 14 operations (including Nigeria PSB). (2) Mobile money service revenue post inter-segment eliminations with mobile services were $699m in the half year ended 30 September 2026 and $494m in the prior period. (3) Wallet services comprise cash-in (deposits)/cash-out (withdrawals). Payment and transfers comprise P2P money transfers, airtime and bundle recharges, utility bill payments, merchant payments, cash collection, corporate bulk payments and international money transfers. Financial services primarily include bank-to-wallet transfers, wallet-to-bank transfers, lending, insurance, wealth management and savings. Others comprises retention revenues. For a full description refer to glossary on page 54. Mobile money revenue grew by 34.8% in reported currency, with constant currency revenues growing by 25.8%. Higher reported currency revenue growth compared to constant currency was largely due to a significant appreciation in the Zambian kwacha. The strengthening of our distribution network, the increased adoption of the digital offering, and a continued expansion of the ecosystem through increased use cases have underpinned a 22.4% growth in the customer base and supported constant currency ARPU growth of 2.6%. Revenue as well as ARPU growth was partly impacted by the change to the intra-group agreements. An 11.7% increase in total processed value (TPV) per customer to $380 per customer per month reflects both the enhanced ecosystem and increased user engagement. Q2’27 annualised TPV was at $275bn in reported currency, with mobile money revenue contributing 22.0%[5] of total Group revenue during the half year ended 30 September 2026. Mobile money underlying EBITDA was $411m, up by 27.4% and 17.2% in reported and constant currency, respectively. The underlying EBITDA margin of 48.9%, declined by 287 basis points in reported currency, primarily reflects the renegotiation of intra-group agreements as previously disclosed. Operating free cash flow was $386m, up by 29.0% in reported currency driven by increase in underlying EBITDA. Regional split: Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Revenue $m 840 623 34.8% 25.8% 437 333 31.3% 25.8% Nigeria $m 10 4 176.4% 141.7% 6 2 199.0% 165.1% East Africa $m 615 466 31.9% 20.5% 318 250 27.1% 20.0% Francophone Africa $m 215 153 40.6% 40.2% 113 81 40.2% 41.3% Mobile money customers million 60.9 49.8 22.4% 60.9 49.8 22.4% Nigeria million 4.2 2.0 110.9% 4.2 2.0 110.9% East Africa million 44.1 38.9 13.5% 44.1 38.9 13.5% Francophone Africa million 12.6 8.9 41.9% 12.6 8.9 41.9% During the period, East Africa revenue grew by 20.5% and Francophone Africa revenue grew by 40.2% in constant currency, while the Nigerian business continues to gather traction with strong growth in both the customer base and revenue, albeit off a relatively low level. Regional performance Nigeria Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Revenue $m 1,014 699 45.0% 27.0% 514 366 40.2% 24.4% Voice revenue $m 370 268 37.8% 20.6% 179 134 33.2% 18.1% Data revenue $m 544 357 52.7% 33.8% 281 192 46.5% 30.1% Mobile money revenue $m 10 4 176.4% 141.7% 6 2 199.0% 165.1% Other revenue $m 94 72 29.5% 13.4% 49 39 28.5% 14.1% Underlying EBITDA $m 589 392 50.2% 31.5% 296 207 42.8% 26.7% Underlying EBITDA margin % 58.1% 56.1% 199 bps 198 bps 57.6% 56.5% 106 bps 104 bps Operating KPIs ARPU $ 2.8 2.2 28.7% 12.7% 2.8 2.3 22.6% 8.8% East Africa Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change
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Revenue $m 1,777 1,425 24.8% 18.2% 923 755 22.3% 18.6% Voice revenue $m 593 518 14.6% 8.9% 308 273 13.0% 9.8% Data revenue $m 566 434 30.3% 26.0% 298 227 30.9% 29.4% Mobile money revenue $m 615 466 31.9% 20.5% 318 250 27.1% 20.0% Other revenue $m 89 90 (1.2%) (2.7%) 41 46 (11.2%) (11.0%) Underlying EBITDA $m 953 756 26.0% 18.2% 504 408 23.5% 18.8% Underlying EBITDA margin % 53.6% 53.1% 54 bps (1) bps 54.6% 54.1% 57 bps 12 bps Operating KPIs ARPU $ 3.4 3.0 14.6% 8.6% 3.5 3.1 12.2% 8.8% Francophone Africa Description Unit of measure Half year ended Quarter ended Sep-26 Sep-25 Reported currency change Constant currency change Sep-26 Sep-25 Reported currency change Constant currency change Revenue $m 1,022 854 19.6% 19.2% 529 443 19.5% 20.3% Voice revenue $m 334 316 6.0% 5.5% 170 162 5.2% 6.1% Data revenue $m 461 370 24.4% 24.0% 243 192 26.0% 26.6% Mobile money revenue $m 215 153 40.6% 40.2% 113 81 40.2% 41.3% Other revenue $m 64 61 6.0% 5.5% 32 31 0.8% 1.3% Underlying EBITDA $m 450 376 19.5% 19.3% 229 195 18.0% 18.8% Underlying EBITDA margin % 44.0% 44.0% (4) bps 2 bps 43.4% 43.9% (57) bps (55) bps Operating KPIs ARPU $ 4.0 3.9 3.6% 3.2% 4.1 4.0 3.7% 4.4% Consolidated performance Description UoM Half year ended - September 2026 Half year ended - September 2025 Mobile services Mobile money Unallocated1 Eliminations Total Mobile services Mobile money Unallocated1 Eliminations Total Revenue $m 3,141 840 - (158) 3,823 2,495 623 - (136) 2,982 Voice revenue $m 1,296 - - 1,296 1,100 - - 1,100 Data revenue $m 1,571 - - 1,571 1,161 - - 1,161 Other revenue $m 274 - (17) 257 234 - (7) 227 Underlying EBITDA $m 1,586 411 (76) - 1,921 1,195 323 (71) - 1,447 Underlying EBITDA margin % 50.5% 48.9% 50.3% 47.9% 51.7% 48.5% Depreciation and amortisation $m (587) (22) (7) - (616) (468) (13) (7) - (488) Operating exceptional items (2) (6) (11) - (19) - - - - - Operating profit $m 921 374 (9) - 1,286 655 301 3 - 959 (1) Unallocated in the above table represents ‘headquarter costs’. Related party transactions Related party transactions are disclosed in note 16 to the condensed set of financial statements. There have been no material changes in the related party transactions described in the Annual Report and Accounts 2026. Risk factors The risk factors summarised below relate to the Group’s business and industry in which it operates. Additional risks and uncertainties relating to the Group that are currently unknown to the Group, or those the Group currently deems immaterial, may, individually or cumulatively, also have a material adverse impact on the Group’s business, results of operations and financial position. The Group’s principal and emerging risks and risk management process are described in our Annual Report and Accounts 2026. Based on the Group’s assessment, there has been no changes to the Group’s principal risks in the period. Summary of principal risks The Group continually monitors its external and internal environment to identify risks which have the ability to impact its operations, financial performance or the achievement of its objectives. 1. We operate in a competitive environment with the potential for aggressive competition by existing players, or the entry of new players, which could both put a downward pressure on prices, adversely affecting our revenue and profitability. 2. Failure to innovate through simplifying the customer experience, developing adequate digital touchpoints in line with changing customer needs and competitive landscape could lead to loss of customers and market share. 3. Global geopolitical tensions and changes in macroeconomic conditions have the potential to impact our business both directly and indirectly. These impacts include potential increases in the
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cost of our inputs and negative effects on the disposable incomes of our customers, which could, in turn, affect sales and profitability. 4. Cybersecurity threats through internal or external sabotage or system vulnerabilities could potentially result in customer data breaches and/or service downtimes. This risk is increasing as AI-enabled attacks such as automated phishing, bot-driven threats, and other AI-augmented intrusions grow more sophisticated and harder to defend against. 5. Supply chain disruptions, whether affecting the Group directly or its key suppliers and partners, have the potential to materially impact our ability to deliver products and services, increase operating costs and negatively affect profitability. Risks arising from disruptions across global supply chains whether driven by geopolitical instability, trade restrictions, natural disasters, or logistical constraints can cascade through our supply chain and affect our operational continuity. 6. Shortages of skilled telecommunications professionals in some markets and the inability to identify and develop successors for key leadership positions could both lead to disruptions in the execution of our corporate strategy. 7. The resilience of our financial services platform is fundamental to achieving our strategic objectives and advancing financial inclusion across our operating footprint. With the increasing scale of our financial services business and the level of integration with third-party products, services and platforms, disruptions to platform availability whether caused by technical failures, cybersecurity incidents, third-party system outages, or infrastructure constraints can result in service interruptions that undermine customer trust, impact transaction processing, and expose the Group to reputational and regulatory risk. 8. Our ability to provide quality of service to our customers and meet quality of service (QoS) requirements depends on the robustness and resilience of our technology stack and ecosystem encompassing hardware, software, products, services, applications and our ability to respond appropriately to any disruptions. However, telecommunications networks are subject to the risks of technical failures, aging infrastructure, human error, wilful acts of destruction or natural disasters. 9. We operate across diverse and dynamic legal, tax and regulatory environments. Adverse changes in the political, macroeconomic and policy environment could negatively impact our ability to achieve our objectives. While the Group makes every effort to comply with its legal and regulatory obligations across all operating jurisdictions in line with its risk appetite, it remains continually exposed to an uncertain and evolving legal, regulatory and policy environment in a number of its markets. 10. Our multinational footprint means we are constantly exposed to the risk of adverse currency fluctuations and the macroeconomic conditions in the markets where we operate. We derive revenue and incur costs in local currencies where we operate, but we also incur costs in foreign currencies, mainly from buying equipment and services from manufacturers and technology service providers. That means adverse movements in exchange rates between the currencies in our OpCos and the US dollar could have a negative effect on our liquidity and financial condition. In some markets, we face instances of limited supply of foreign currency within the local monetary system. This not only constrains our ability to fully benefit at Group level from strong cash generation by those OpCos but also impacts our ability to make timely foreign currency payments to our international suppliers. Given the severity of this risk, specifically in some of our OpCos, the Group management continuously monitors the potential impact of this risk of exchange rate fluctuations by comparing the average devaluation of each currency in the markets in which the Group operates against US dollar on a ten-year historic basis and onshore forward exchange rates over a one-year period, if available. With respect to currency sensitivity going forward, over a 12-month period and assuming the movement occurs at the beginning of the period, a further 1% movement of the USD against all OpCos currencies would result in an estimated impact of $66m-$68m on revenues, $33m-$35m on EBITDA and $27m-$29m on finance cost (excluding derivatives). Our largest exposure is to the Nigerian naira, where a similar 1% USD movement would result in an estimated $13m-$15m impact on finance cost (excluding derivatives). This does not represent any guidance and is being used solely to illustrate the potential impact of further currency movements on the Group for the purpose of exchange rate risk management and assumes all other variables remain constant. The accounting under IFRS is based on exchange rates in line with the requirements of IAS 21 ‘The Effect of Changes in Foreign Exchange’ and does not factor in the devaluation mentioned above. Based on the above-mentioned specific methodology for the identified OpCos, management evaluates specific mitigation actions based on available mechanisms in each of the geographies. For further details on such mitigation action, refer to the ‘Managing our risk’ section of the Annual Report and Accounts 2026 which can be downloaded from our website www.airtel.africa
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Going concern As stated in note 3.1 to the condensed financial statements, the directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements. 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 our reporting regions and service segments are provided in constant currency as this better represents the performance of the business. Airtel Africa plc Results for the half year ended 30 September 2026 Consolidated financial statements
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Interim condensed consolidated statement of comprehensive income Note For the six months ended 30 September 2026 30 September 2025 $m $m Income Revenue 5 3,823 2,982 Other income 4 14 3,827 2,996 Expenses Network operating expenses 704 572 Access charges 149 118 Licence fee and spectrum usage charges 168 146 Employee benefits expense 221 167 Sales and marketing expenses 510 395 Impairment loss on financial assets 8 5 Other operating expenses 165 146 Depreciation and amortisation 616 488 2,541 2,037 Operating profit 1,286 959 Finance costs - Derivative and foreign exchange (gains)/losses Nigerian naira (57) (54) Other currencies 55 (36) - Other finance costs 490 407 Finance income (11) (13) Net monetary (gain)/loss relating to hyperinflationary accounting 6 (5) 0 Share of profit of associate and joint venture accounted for using equity method (0) (1) Profit before tax 814 656 Income tax expense 7 362 280 Profit for the period 452 376
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Profit before tax (as presented above) 814 656 Add: Exceptional items 8 56 - Underlying profit before tax 870 656 Profit after tax (as presented above) 452 376 Add: Exceptional items 8 55 - Underlying profit after tax 507 376 Note For the six months ended 30 September 2026 30 September 2025 $m $m Profit for the period (continued from previous page) 452 376 Other comprehensive income ('OCI') Items to be reclassified subsequently to profit or loss: (Loss)/gain due to foreign currency translation differences (22) 146 Loss on cash flow hedges - (0) Cash flow hedges reclassified to profit or loss - (0) Share of OCI of associate and joint venture accounted for using equity method 0 1 Tax on above - 0 (22) 147 Items not to be reclassified subsequently to profit or loss: Re-measurement (loss)/gain on defined benefit plans (6) 0 Tax on above 1 (0) (5) (0) Other comprehensive (loss)/income for the period (27) 147
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Total comprehensive income for the period 425 523 Profit for the period attributable to: 452 376 Owners of the company 371 303 Non-controlling interests 81 73 Other comprehensive (loss)/income for the period attributable to: (27) 147 Owners of the company 8 135 Non-controlling interests (35) 12 Total comprehensive income for the period attributable to: 425 523 Owners of the company 379 438 Non-controlling interests 46 85 Earnings per share cents cents Basic 9 10.2 8.3 Diluted 9 10.2 8.3 Interim condensed consolidated statement of financial position Note As of 30 September 2026 31 March 2026 $m $m Assets Non-current assets Property, plant and equipment 10 2,688 2,425 Capital work-in-progress 10 330 265 Right of use assets 3,744 3,569 Goodwill 11 3,224 3,238 Other intangible assets 834 871 Intangible assets under development 126 25 Investments accounted for using equity method 6 6 Financial assets - Investments 0 0 - Derivative instruments - 0 - Others 14 17 Income tax assets (net) 9 8 Deferred tax assets (net) 383 428 Other non-current assets 237 206 11,595 11,058 Current assets Inventories 11 16 Financial assets - Investments - 20 - Derivative instruments 2 1
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- Trade receivables 190 193 - Cash and cash equivalents 12 717 646 - Other bank balances 12 172 197 - Balance held under mobile money trust 13 1,489 1,395 - Others 78 90 Other current assets 391 341 Assets classified as held for sale 9 6 3,059 2,905 Total assets 14,654 13,963 Note As of 30 September 2026 31 March 2026 $m $m Liabilities Current liabilities Financial liabilities - Borrowings 14 1,120 1,019 - Lease liabilities 323 329 - Put option liability 509 515 - Derivative instruments 6 7 - Trade payables 701 612 - Mobile money wallet balance 1,438 1,310 - Others 466 486 Employee benefit obligations 50 64 Provisions 68 35 Deferred revenue 171 173 Current tax liabilities (net) 186 174 Other current liabilities 275 268 5,313 4,992 Net current liabilities (2,254) (2,087) Non-current liabilities Financial liabilities - Borrowings 14 1,063 1,169 - Lease liabilities 4,173 3,895 - Derivative instruments - 0 - Others 267 201 Employee benefit obligations 41 33 Provisions 9 2 Deferred revenue 54 43 Deferred tax liabilities (net) 117 136 Other non-current liabilities 1 4 5,725 5,483 Total liabilities 11,038 10,475 Net assets 3,616 3,488 Equity
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Share capital 15 1,815 1,827 Reserves and surplus 1,461 1,321 Equity attributable to owners of the company 3,276 3,148 Non-controlling interests ('NCI') 340 340 Total equity 3,616 3,488 The accompanying notes form an integral part of these interim condensed consolidated financial statements. For and on behalf of the Board of Airtel Africa plc Sunil Taldar Chief executive officer 29 October 2026
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Interim condensed consolidated statement of changes in equity Equity attributable to owners of the company Share Capital Reserves and Surplus Equity attributable to owners of the company No. of shares Amount Retained earnings Transactions with NCI reserve Other components of equity Total Non- controlling interests (NCI) Total equity $m $m $m $m $m $m $m $m As of 1 April 2025 3,670,529,876 1,835 4,924 (831) (3,442) 651 2,486 289 2,775 Profit for the period - - 303 - - 303 303 73 376 Other comprehensive income/(loss) - - 0 - 135 135 135 12 147 Total comprehensive income - - 303 - 135 438 438 85 523 Transaction with owners of equity Employee share-based payment reserve - - (0) - 4 4 4 - 4 Purchase of own shares (net) - - - - 1 1 1 - 1 Ordinary shares buy back programme (refer to note 4(b)) (14,227,243) (7) (37) - (8) (45) (52) - (52) Transactions with NCI(1) - - - 15 - 15 15 - 15 Dividend to owners of the company - - (143) - - (143) (143) - (143) Dividend (including tax) to NCI - - - - - - - (39) (39) As of 30 September 2025 3,656,302,633 1,828 5,047 (816) (3,310) 921 2,749 335 3,084 Profit for the period - - 376 - - 376 376 61 437 Other comprehensive income - - 0 - 102 102 102 3 105 Total comprehensive income - - 376 - 102 478 478 64 542 Transaction with owners of equity Employee share-based payment reserve - - 1 - (2) (1) (1) - (1) (Purchase)/issue of own shares (net) - - - - 11 11 11 - 11 Ordinary shares buy-back programme (1,421,605) (1) (7) - 7 (0) (1) - (1) Transactions with NCI - - - 15 - 15 15 1 16 Dividend to owners of the company - - (103) - - (103) (103) - (103) Dividend (including tax) to NCI - - - - - - - (60) (60) As of 31 March 2026 3,654,881,028 1,827 5,314 (801) (3,192) 1,321 3,148 340 3,488 Profit for the period - - 371 - - 371 371 81 452 Other Comprehensive income/(loss) - - (5) - 13 8 8 (35) (27) Total comprehensive income - - 366 - 13 379 379 46 425 Transactions with owners of equity Employee share-based payment reserve - - (6) - 11 5 5 - 5 (Purchase)/issue of own shares (net) - - - - (0) (0) (0) - (0) Transactions with NCI(1) - - - 8 - 8 8 (1) 7 Ordinary shares buy-back programme (refer to note 4(b)) (24,515,062) (12) (109) - 12 (97) (109) - (109) Cancellation of capital redemption reserve (refer to note 4(c)) - - 57 - (57) - - - - Dividend to owners of the company - - (155) - - (155) (155) - (155) Dividend (including tax) to NCI - - - - - - - (45) (45) As of 30 September 2026 3,630,365,966 1,815 5,467 (793) (3,213) 1,461 3,276 340 3,616 (1) Transactions with NCI reserve increased mainly due to- - reversal of put option liability by $7m (September 2025: $9m) for dividend distribution to put option non-controlling interest holders (any dividend paid to the put option non-controlling interest holders is adjustable against the put option liability based on the put option arrangement). - $1m (September 2025: $6m) pertains to remeasurement of put option liability due to deferment of exercisable date of put options
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Interim condensed consolidated statement of cash flows For the six months ended 30 September 2026 $m 30 September 2025 $m Cash flows from operating activities Profit before tax 814 656 Adjustments for - Depreciation and amortization 616 488 Finance income (11) (13) Net monetary (gain)/loss relating to hyperinflationary accounting (5) 0 Finance costs - Derivative and foreign exchange (gains)/losses- Nigerian naira (57) (54) Other currencies 55 (36) - Other finance costs 490 407 Share of profit of associate and joint venture accounted for using equity method (0) (1) Other non-cash adjustments(1) 24 6 Operating cash flow before changes in working capital 1,926 1,453 Changes in working capital (Increase)/Decrease in trade receivables (15) 9 Decrease in inventories 3 6 Increase in trade payables 72 52 Increase in mobile money wallet balance 160 120 Decrease in provisions and employee benefit obligations (9) (34) Increase in deferred revenue 8 21 Increase in other financial and non financial liabilities 2 27 Increase in other financial and non financial assets (71) (63) Net cash generated from operations before tax 2,076 1,591 Income taxes paid (317) (203) Net cash generated from operating activities (a) 1,759 1,388 Cash flows from investing activities Purchase of property, plant and equipment and capital work-in-progress (584) (301) Purchase of intangible assets and intangible assets under development (129) (55) Maturity of deposits with bank 249 206 Investment in deposits with bank (228) (224) Investment in specified securities 20 (1) Interest received 12 10 Net cash used in investing activities (b) (660) (365) Cash flows from financing activities Purchase of shares under buy-back programme (109) (52) Purchase of own shares by ESOP trust (net) (8) 0 Proceeds from borrowings 643 523 Repayment of borrowings (664) (438) Repayment of lease liabilities (121) (102) Dividend paid to non-controlling interests (45) (48) Dividend paid to owners of the company (155) (143) Payment of deferred spectrum liability (6) (8) Interest on borrowings, lease liabilities and other liabilities (441) (399) Outflow on maturity of derivatives (net) (12) (31) Net cash used in financing activities (c) (918) (698)
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Increase in cash and cash equivalents during the period (a+b+c) 181 325 Currency translation differences relating to cash and cash equivalents (30) 71 Cash and cash equivalent as at beginning of the period 1,785 1,060 Cash and cash equivalents as at end of the period (refer to Note 12) (2) 1,936 1,456 (1) For the six months ended 30 September 2026 and 30 September 2025, this mainly includes movement in impairment of trade receivable, expense related to employee stock option plan and other provisions. (2) Includes balances held under mobile money trust of $1,489m (September 2025: $1,155m) on behalf of mobile money customers which are not available for use by the Group. Notes to interim condensed consolidated financial statements 1. Corporate information Airtel Africa plc (‘the company’) is a public company limited by shares incorporated and domiciled in the United Kingdom(UK) under the Companies Act 2006 and is registered in England and Wales (registration number 11462215). The registered address of the company is First Floor, 15 Davies Street, London, W1K 3DE, United Kingdom. The company islisted both on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NGX). The company is a subsidiary of AirtelAfrica Mauritius Limited (‘the parent’), a company registered in Mauritius. The registered address of the parent is c/o IQ EQ Corporate Services (Mauritius) Ltd., 33, Edith Cavell Street, Port Louis, 11324, Mauritius. The company together with its subsidiary undertakings (hereinafter referred to as ‘the Group’) has operations in Africa. The principal activities of the Group, its associate and its joint venture primarily consist of the provision oftelecommunications and mobile money services. Basis of preparation These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board (‘IASB’) and approved for use in the UnitedKingdom (‘UK’) by the UK Accounting Standards Endorsement Board (‘UKEB’). Accordingly, the interim financialstatements do not include all the information required for a complete set of financial statements and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 March 2026. Further,selected explanatory notes have been included to explain events and transactions that are significant for theunderstanding of the changes in the Group’s financial position and performance since the latest annual consolidated financial statements. These interim condensed consolidated financial statements for the six months ended 30 September 2026 do not constitute statutory accounts as defined in section 434 of the UK Companies Act 2006 and are unaudited. The informationrelating to the year ended 31 March 2026 is an extract from the Group’s published annual report for that year, which hasbeen delivered to the Companies House on 20 July 2026, and on which the auditor’s report was unqualified and did not contain any emphasis of matter or statements under section 498(2) or 498(3) of the UK Companies Act 2006. These interim condensed consolidated financial statements apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s annual consolidated financial statements forthe year ended 31 March 2026. Further, there have been no changes in critical accounting estimates, assumptions andjudgements. These interim condensed consolidated financial statements of the Group for the six months ended 30 September 2026were authorised by the Board of Directors on 29 October 2026. 3. Basis of measurement These interim condensed consolidated financial statements have been prepared on the historical cost basis, adjusted forthe effects of inflation where Group entities operate in hyperinflationary economies, except for financial instruments held at fair value and are presented in United States Dollars (‘USD’), with all values stated in US$ million and rounded to thenearest million except when otherwise indicated. Further, amounts which are less than half a million are appearing as ‘0’. 3.1 Going concern These interim condensed consolidated financial statements have been prepared on a going concern basis. In making thisgoing concern assessment, the Group has considered cash flow projections to December 2027 (going concern assessment period) under both a base case and reasonable worst-case scenarios including a reverse stress test. This assessment takesinto consideration its principal risks and uncertainties including a reduction in revenue and EBITDA and a devaluation ofthe various currencies in the countries in which the Group operates including the Nigerian Naira. This assessment also takes into consideration the repayment of all liabilities that fall due over the going concern period including the repaymentof borrowings and other liabilities. As part of this evaluation, the Group has considered available ways to mitigate theserisks and uncertainties and has also considered committed undrawn facilities of $195m expiring beyond the going concern assessment period, which will fulfil the Group’s cash flow requirement under both the base and reasonable worst-casescenarios. Having considered all the above-mentioned factors impacting the Group’s businesses, the impact of downside sensitivities and the mitigating actions available to the group including a reduction and deferral of capital expenditure, the directorsare satisfied that the Group has adequate resources to continue its operational existence for the foreseeable future.Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the interim condensed consolidated financial statements.
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4. Significant transactions/new developments a) The directors recommended on 7 May 2026 and shareholders approved on 9 July 2026, a final dividend of 4.26 cents perordinary share for the year ended 31 March 2026, which was paid on 24 July 2026 to the holders of ordinary shares on theregister of members at the close of business on 19 June 2026. b) On 22 May 2026, the Company announced the commencement of its share buy-back programme for repurchase of up to1% of the Company’s issued share capital as at date of this announcement. As part of this initial tranche of buy-back programme, the Company has entered into an agreement with Barclays Capital Securities Limited (‘Barclays’) to conductthe buy-back programme amounting to a maximum of $60m and carry out on-market purchases of its ordinary shares,with the Company subsequently purchasing its ordinary shares from Barclays. Further, under this agreement, the Company could also instruct Barclays to purchase an additional $50m of its ordinary shares over and above the committedbuy-back amount, at its sole discretion. The shares so purchased will be cancelled by the company. During the six months ended 30 September 2026, the Company has bought-back and cancelled 24,515,062 sharesresulting in 3,630,365,966 ordinary shares outstanding as at 30 September 2026. The purchase price of the shares bought-back was $109m ($60m against the committed, and $49m against the discretionary element). The nominal value ($0.5 per share) of the cancelled shares, amounting to $12m, has been transferred to the capital redemption reserve. c) During the six months ended 30 September 2026, the company has cancelled its capital redemption reserve amounting to $57m, which was approved by shareholders at it’s annual general meeting held on 9 July 2025, and was sanctioned bythe High Court of England and Wales (the “High Court”) on 14 July 2026 and became effective on 15 July 2026 upon itscertification by the Companies House. Pursuant to the cancellation of capital redemption reserve, additional distributable reserves of $57m will now be available to the company going forward and may be used to facilitate returns toshareholders in the future, whether in the form of dividends, distributions, or purchases of the company’s own shares. Accordingly, and in line with the High Court approval, the carrying value of the capital redemption reserve ($57m) hasbeen transferred to retained earnings. d) On 14 October 2026, Airtel Mobile Commerce N.V. (AMC NV), one of the group’s subsidiary, was admitted to the MainMarket of the London Stock Exchange, following the start of conditional dealings on 9 October 2026. As a part of the saidlisting, the existing minority shareholders of AMC NV sold 270 million shares (10% of the issued share capital) at £1.96 per share. AMC NV did not raise any fresh capital as part of the said listing process. Accordingly, during the half year ended 30September 2026, the Group has recorded an exceptional expense of $19m in respect of costs incurred for the listing. 5. Segmental information The Group’s segment information is provided on the basis of geographical clusters and products to the Group’s Chief Executive Officer (Chief Operating Decision Maker - ‘CODM’) for the purposes of resource allocation and assessment ofperformance. The Group’s operating segments are as follows: Nigeria mobile services – Comprising of mobile service operations in Nigeria; East Africa mobile services – Comprising of mobile service operations in Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda; Francophone Africa mobile services – Comprising of mobile service operations in Democratic Republic of the CongoChad, Niger, Gabon, the Republic of the Congo, Madagascar and Seychelles; Mobile money services*- Comprising of mobile money services across the Group. * Mobile money services segment consolidates the results of mobile money operations from all operating entities withinthe Group. Airtel Money Commerce N.V. (‘AMC NV’) is the holding company for all mobile money services for the Group, and as of 30 September 2026, it controls all mobile money operations excluding operations in Nigeria. Each segment derives revenue from the respective services housed within each segment, as described above. Expenses,assets and liabilities primarily related to the corporate headquarters and centralised functions of the Group are presented as unallocated items. The amounts reported to CODM are based on the accounting principles used in the preparation of the financialstatements. Each segment’s performance is evaluated based on segment revenue and segment result. During the six months ended 30 September 2026, the segment result is Underlying EBITDA (defined as operatingprofit/(loss) for the period before depreciation, amortisation and exceptional items relating to operating profit). This is themeasure reported to the CODM for the purpose of resource allocation and assessment of segment performance. During the six months ended 30 September 2025, the definition of EBITDA was equal to underlying EBITDA since there were noexceptional items pertaining to EBITDA and therefore EBITDA is presented in the segment information below forcomparative period. Inter-segment pricing and terms are reviewed and changed by management to reflect changes in market conditions andchanges to such terms are reflected in the period in which the changes occur. The ‘Eliminations’ column comprises inter-segment transactions eliminated upon consolidation. Segment assets and segment liabilities comprise those assets and liabilities directly managed by each segment. Segmentassets primarily include receivables, property, plant and equipment, capital work in progress, right-to-use assets, intangibles assets, inventories and cash and cash equivalents. Segment liabilities primarily include operating liabilities.Segment capital expenditure comprises investment in property, plant and equipment, capital work in progress, intangibleassets (excluding licenses) and capital advances. Investment elimination upon consolidation and resulting goodwill impacts are reflected in the ‘Eliminations’ column.
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Summary of the segmental information and disaggregation of revenue is as follows: Nigeria mobile services $m East Africa mobile services $m Francophone Africa mobile services $m Mobile money $m Others (unallocated) $m Total $m Eliminations $m For the six months ended 30 September 2026 Revenue from external customers Voice revenue 369 593 334 - - - 1,296 Data revenue 544 566 461 - - - 1,571 Mobile money revenue (1) - - - 699 - - 699 Other revenue (2) 93 88 64 - 12 - 257 Total revenue from external customers 1,006 1,247 859 699 12 - 3,823 Inter-segment revenue 2 11 8 141 9 (171) - Total revenue 1,008 1,258 867 840 21 (171) 3,823 Underlying EBITDA 586 635 351 411 (62) (0) 1,921 Less: Depreciation and amortisation 199 240 144 22 11 - 616 Finance costs - Derivative and foreign exchange (gains)/losses Nigerian naira (57) Other currencies 55 - Other finance costs 490 Finance income (11) Net monetary losses relating to hyperinflationary accounting (5) Share of profit of associate and joint venture accounted for using equity method (0) Exceptional items pertaining to operating profit 19 Profit before tax 814 Other segment items Capital expenditure 177 247 187 25 21 - 657
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As of 30 September 2026 Segment assets 3,352 3,447 2,310 2,548 20,806 (17,809) 14,654 Segment liabilities 3,320 3,634 2,981 1,836 4,043 (4,776) 11,038 Investment in associate accounted for using equity method (included in segment assets above) - - 6 - - - 6 (1) Mobile money revenue is net of inter-segment elimination of $141m mainly for commission on sale of airtime. It includes $85m pertaining to East Africamobile services, $53m pertaining to Francophone Africa mobile services, and balance of $3m pertaining to Nigeria mobile services. (2) Other revenue includes messaging, value added services, enterprise, site sharing and handset sale revenue. Summary of the segmental information and disaggregation of revenue is as follows: Nigeria mobile services $m East Africa mobile services $m Francophone Africa mobile services $m Mobile money $m Others (unallocated) $m Total $m Eliminations For the six months ended 30 September 2025 Revenue from external customers Voice revenue 268 517 315 - - - 1,100 Data revenue 357 434 370 - - - 1,161 Mobile money revenue (1) - - - 494 - - 494 Other revenue (2) 71 86 60 - 10 - 227 Total revenue from external customers 696 1,037 745 494 10 - 2,982 Inter-segment revenue 1 10 4 129 5 (149) - Total revenue 697 1,047 749 623 15 (149) 2,982 EBITDA 393 505 296 323 (70) (0) 1,447 Less: Depreciation and amortisation 138 201 125 13 11 - 488 Finance costs - Derivative and foreign exchange gain Nigerian naira (54) Other currencies (36) - Other finance costs 407 Finance income (13)
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Net monetary losses relating to hyperinflationary accounting 0 Share of profit of associate and joint venture accounted for using equity method (1) Profit before tax 656 Other segment items Capital expenditure 74 124 87 24 9 - 318 As of 31 March 2026 Segment assets 3,062 3,280 2,152 2,244 21,443 (18,218) 13,963 Segment liabilities 3,136 3,452 2,792 1,693 4,586 (5,183) 10,476 Investment in associate accounted for using equity method (included in segment assets above) - - 6 - - - 6 (1) Mobile money revenue is net of inter-segment elimination of $129m mainly for commission on sale of airtime. It includes $82m pertaining to East Africa mobile services, $45m pertaining to Francophone Africa mobile services, and balance of $2m pertaining to Nigeria mobile services. (2) Other revenue includes messaging, value added services, enterprise, site sharing and handset sale revenue. 6. Hyperinflation As at 31 December 2024, Malawi met the requirements to be designated as a hyperinflationary economy under IAS 29 'Financial Reporting in Hyperinflationary Economies'. The Group has therefore applied hyperinflationary accounting, as specified in IAS 29, at its Malawi operations whose functional currency is the Malawian Kwacha. The Group has selected the consumer price index (‘CPI’) issued by the National Statistical Office of Malawi, which we have determined tobe the most appropriate inflation index to reflect the change in the purchasing power. During the six months ended 30 September 2026, the CPI has increased by 1.3% (30 September 2025: increased by 4.5%) and the average adjustment factor used to determine the impact on the income statement for the six months ended 30 September 2026 was 1.00 (30 September 2025: 1.04), which represents the movement between the average and closing CPI. The main impact on these interim condensed consolidated financial statements for the six months ended 30 September 2026 and 30September 2025 of the above-mentioned adjustments are shown below: For the six months ended 30 September 2026 30 September 2025 $m $m (Decrease)/Increase in revenue (0) 7 Operating loss (11) (6) Net monetary gain/(loss) relating to hyperinflationary accounting 5 (0) Loss after tax for the period (2) (7) As of 30 September 2026 31 March 2026 $m $m Increase in non-monetary assets 693 687 Increase in equity 693 687 7. Income tax
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For the six months ended 30 September 2026 30 September 2025 $m $m Current tax 332 222 Deferred tax 30 58 Income tax expense 362 280 The major components of the income tax expense are: The tax charge for the six months ended 30 September 2026 has been calculated for each operating country by applying an estimated effective rate of tax expected to apply for the period ending 31 March 2027 on the pre-tax profits using rates substantively enacted by 30 September 2026. The charge is adjusted for discrete items (if any) occurring in the interim period as required by IAS 34 ‘Interim Financial Reporting’. Tax charge for the six months ended 30 September 2026 also includes the related tax impacts arising out of withholding tax (‘WHT’) on unremitted earnings and cross charge to Group entities and deferred tax asset recognition basis projected profitability in operating countries, wherever applicable. 8. Exceptional items Underlying profit before tax excludes the following exceptional items For the six months ended 30 September 2026 30 September 2025 $m $m Profit before tax 814 656 Add: Exceptional Items Finance costs(1) - Other finance cost 37 - Employee benefits expense(2) 9 - Other operating expenses(2) 10 - Underlying profit before tax 870 656 (1) Represents provision for in-principle settlement of a commercial dispute in one of the Group’s subsidiaries. (2) Represents expenses related to listing of Airtel Mobile Commerce N.V. Refer to note 4(d). Underlying profit after tax excludes the following exceptional items: For the six months ended 30 September 2026 30 September 2025 $m $m Profit after tax 452 376 - Exceptional items (as above) 56 - - Tax on above exceptional items (1) Underlying profit after tax 507 376 Profits attributable to non-controlling interests amounting to $81m (September 2025: $73m) is net off by loss of $1m (September 2025: Nil) during the six months ended 30 September 2026, relating to the above exceptional items. 9. Earnings per share (EPS) The details used in the computation of basic EPS: For the six months ended 30 September 2026 30 September 2025
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Profit for the period attributable to owners of the company ($m) 371 303 Weighted average ordinary shares outstanding for basic EPS (number of shares) 3,638,188,749 3,654,151,266 Basic earnings per share 10.2 cents 8.3 cents The details used in the computation of diluted EPS: For the six months ended 30 September 2026 30 September 2025 Profit for the period attributable to owners of the company ($m) 371 303 Weighted average ordinary shares outstanding for diluted EPS(1) (number of shares) 3,644,546,152 3,661,843,041 Diluted earnings per share 10.2 cents 8.3 cents (1) The difference between the basic and diluted number of shares at the end of September 2026 being 6,357,402 (September 2025: 7,691,775) shares relates to awards committed but not yet issued under the Group’s share-based payment schemes.
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Leasehold Improvements Building Land Plant and Equipment Furniture & Fixture Vehicles Office Equipment Computer Total Capital work in progress (2) $m $m $m $m $m $m $m $m $m $m Gross carrying value Balance as of 1 April 2025 46 51 24 3,138 72 23 82 719 4,155 194 Additions / capitalization 1 - 0 218 2 3 6 13 243 271 Disposals / adjustments (1) - - - (44) (0) (0) (0) (400) (444) (243) Foreign currency translation impact 2 2 2 264 6 0 5 38 319 7 Hyperinflationary impact for the period 0 1 0 19 0 0 0 4 24 0 Balance as of 30 September 2025 49 54 26 3,595 80 26 93 374 4,297 229 Balance as of 1 April 2026 49 58 25 4,135 88 27 108 395 4,885 265 Additions / capitalization 0 - 2 485 7 0 5 33 532 600 Disposals / adjustments - (0) - (56) (0) (0) (0) (2) (58) (535) Foreign currency translation impact (0) (1) (0) (23) (1) (0) (0) (2) (27) 0 Hyperinflationary impact for the period 0 0 0 (14) (0) 0 (1) (9) (24) (0) Balance as of 30 September 2026 49 57 27 4,527 94 27 112 415 5,308 330 Accumulated Depreciation Balance as of 1 April 2025 41 30 - 1,236 46 22 63 631 2,069 - Charge 1 2 - 192 6 0 8 8 217 - Disposals / adjustments (1) (0) - - (40) (0) (0) (0) (341) (381) - Foreign currency translation impact 2 1 - 179 5 0 5 33 225 - Hyperinflationary impact for the period 0 1 - 15 0 0 0 4 20 - Balance as of 30 September 2025 44 34 - 1,582 57 22 76 335 2,150 - Balance as of 1 April 2026 44 37 - 1,852 65 23 88 351 2,460 - Charge 1 2 - 244 6 1 8 11 273 - Disposals / adjustments - (0) - (56) (0) (0) (0) (2) (58) - Foreign currency translation impact (0) (1) - (25) (1) (0) (1) (2) (30) - Hyperinflationary impact for the period 0 0 - (15) (0) 0 (1) (9) (25) - Balance as of 30 September 2026 45 38 - 2,000 70 24 94 349 2,620 - As of 1 April 2025 5 21 24 1,902 26 1 19 88 2,086 194 As of 30 September 2025 5 20 26 2,013 23 4 17 39 2,147 229 As of 1 April 2026 5 21 25 2,283 23 4 20 44 2,425 265 As of 30 September 2026 4 19 27 2,527 24 3 18 66 2,688 330 10. Property, plant and equipment (PPE) The following table presents the reconciliation of changes in the carrying value of PPE for the six months ended 30 September 2026 and 30 September 2025: (1) Related to the reversal of gross carrying value and accumulated depreciation on retirement/ disposal of PPE and reclassification from one category of asset to another. During the six months ended 30 September 2025, the Group has reclassified Intangibles amounting to $59m (gross carrying value: $86m, and accumulated amortisation: $27m) from property plant and equipment to other intangible assets. (2) The carrying value of capital work-in-progress as of 30 September 2026 and 30 September 2025 mainly pertains to plant and equipment.
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11. Goodwill The following table presents the reconciliation of changes in the carrying value of goodwill for the six months ended 30 September 2026 and 30 September 2025 Goodwill $m Balance as of 1 April 2025 3,008 Foreign currency translation impact 107 Hyperinflationary impact for the period 30 Balance as of 30 September 2025 3,145 Balance as of 1 April 2026 3,238 Foreign currency translation impact (25) Hyperinflationary impact for the period 11 Balance as of 30 September 2026 3,224 12. Cash and bank balances Cash and cash equivalents As of 30 September 2026 31 March 2026 $m $m Balances with banks - On current accounts 300 201 - Bank deposits with original maturity of three months or less 159 188 - On settlement account 68 25 Balance held in wallets 181 218 Remittance in transit 8 13 Cash on hand 1 1 717 646 Other bank balances As of 30 September 2026 31 March 2026 $m $m Term deposits with banks with original maturity of 168 189 more than three months but less than 12 months Margin money deposits (1) 3 7 Restricted balance in escrow account 1 1 Unpaid dividend 0 0 172 197 (1) Margin money deposits represent amount given as collateral for legal cases and/or bank guarantees for disputed matters. For the purpose of the statement of cash flows, cash and cash equivalents are as follows: As of 30 September 2026 30 September 2025 $m $m Cash and cash equivalents as per statement of financial position 717 634 Balance held under mobile money trust (with trust accounts) 1,489 1,155 Bank overdraft (270) (333) 1,936 1,456 13. Balance held under mobile money trust
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As of 30 September 202631 March 2026 $m $m Balances with banks - on trust accounts 1,489 1,394 1,489 1,394 Balances with original maturity period more than 3 months but less than 12 months - Investment in specified securities - 1 - 1 1,489 1,395 14. Borrowings Non-current As of 30 September 2026 31 March 2026 $m $m Secured Term loans(1) 186 194 186 194 Unsecured Term loans(1) 877 975 877 975 1,063 1,169 Current As of 30 September 202631 March 2026 $m $m Secured Term loans(1) 95 98 95 98 Unsecured Term loans(1) 755 666 Bank overdraft 270 255 1,025 921 1,120 1,019 (1) Includes debt origination costs. 15. Share capital As of 30 September 2026 31 March 2026 $m $m Issued, subscribed and fully paid-up shares (refer to note 4(b)) 3,630,365,966 ordinary shares of $0.50 each (March 2026: 3,654,881,028) 1,815 1,827 1,815 1,827
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Terms/rights attached to equity shares The company has only one class of ordinary equity shares having par value of $0.50 per share. Each holder of equity shares is entitled to cast one vote per share and carry a right to dividends. 16. Contingent liabilities and commitments(i) Contingent liabilities As of 30 September 2026 31 March 2026 $m $m (a) Taxes, duties and other demands (under adjudication / appeal / dispute) -Income tax 183 50 -Value added tax 33 33 -Customs duty & Excise duty 8 8 -Other miscellaneous demands 12 12 (b) Claims under legal and regulatory cases including arbitration matters 41 118 277 221 The increase of $56m, in contingent liabilities during the six months ended 30 September 2026 is primarily on account ofvarious new demands in income tax, value added tax, regulatory cases and other taxes in some of the subsidiaries of thegroup. Claims under taxes, duties and other demands One of the Group's subsidiaries received a tax assessment of $132m (excluding interest) from the local revenue authority inrelation to the application of a double tax treaty on historical dividend payments made to overseas holding entities andsought to apply domestic withholding tax retrospectively. Based on external legal advice, management believes that the treaty benefits have been correctly applied and that the assessment lacks legal merit. The subsidiaries obtained an interim order staying enforcement of the requirement to pay the30% deposit of the assessed tax pending the determination of the application for a temporary injunction against the 30%payment requirement. Separately, the substantive suit, in which the subsidiaries are challenging the legal basis of the tax assessment, has not yet been scheduled for hearing. However, considering the ongoing engagement with the authority and the broader regulatory environment, management hasassessed that a possible obligation may exist. Accordingly, the matter has been disclosed as a contingent liability, and noprovision has been recognized. In addition to the individual matters disclosed above, in the ordinary course of business, the Group is a defendant or co- defendant in various litigations and claims which are immaterial individually. Guarantees: Guarantees outstanding as of 30 September 2026 and 31 March 2026 amounting to $10m and $9m respectively have beenissued by banks and financial institutions on behalf of the Group. These guarantees include certain financial bank guaranteeswhich have been given for sub-judice matters and the amounts with respect to these have been disclosed under capitalcommitments, contingencies and liabilities, as applicable, in compliance with the applicable accounting standards. (ii) Commitments Capital commitments The Group has contractual commitments towards capital expenditure (net of related advances paid) of $621m and $760m asof 30 September 2026 and 31 March 2026 respectively. 17. Related party disclosure a) List of related partiesi) Parent company Airtel Africa Mauritius Limited ii) Intermediate parent entities Network i2i Limited Bharti Airtel Limited Bharti Telecom Limited iii) Ultimate controlling entityBharti Enterprises (Holding) Private Limited. It is held by private trusts and members of the Bharti family, with Mr. SunilBharti Mittal’s family trust controlling the said company. iv) Associate: Seychelles Cable Systems Company Limitedv) Joint Venture Mawezi RDC S.A.vi) Other entities with whom transactions have taken place during the reporting perioda. Fellow subsidiaries Nxtra Data LimitedBharti Airtel Services Limited
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Bharti International (Singapore) Pte LtdBharti Airtel (UK) Limited Bharti Airtel (France) SASBharti Hexacom LimitedXtelify Limited Indus Tower LimitedIndus Towers Nigeria LimitedIndus Towers Infra Zambia Limited Indus Infra Uganda Limitedb. Other related partiesSingapore Telecommunication Limited Bharti Global LimitedEmtel LimitedOneweb Network Access Holdings Limited vii) Key Management Personnel (‘KMP’)a) Executive directorsSunil Taldar Jaideep Paul (till 9 July 2025)Kamal Dua (w.e.f. 9 July 2025)b) Non-Executive directorsSunil Bharti Mittal (till 9 July 2026) Awuneba Ajumogobia Andrew James Green (till 29 January 2026) Akhil Gupta (till 9 July 2025) Shravin Bharti Mittal Annika Poutiainen (till 9 July 2026) Ravi Rajagopal Tsega Gebreyes Paul Thomas Arkwright Gopal Vittal Cynthia Gordon (since April 2025) Kasi Viswanathan Vegulaparanan (since July 2026) c) OthersIan Basil Ferrao Razvan UngureanuDaddy Mukadi BujituRamakrishna Lella Rogany RamiahStephen Munyao NthengeApoorva Mehrotra (till March 2026) Rohit MarwhaDinesh BalsinghAnwar Soussa Martin FrechetteOliver FortuinJacques Barkhuizen b) The summary of significant transactions with the related parties for the six months ended 30 September 2026 and 30 September 2025 respectively are provided below:- For the six months ended 30 September 2026 30 September 2025 $m $m Sales/rendering of services Bharti Airtel (UK) Limited 23 25 Network i2i Limited 6 - Purchase/receiving of services Bharti Airtel (France) SAS 5 6 Bharti Airtel (UK) Limited 10 11
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For the six months ended 30 September 2026 30 September 2025 $m $m Short-term employee benefits 6 5 Performance linked incentive 2 2 Share-based payment 6 3 Other long term benefits 1 1 Other benefits 1 1 16 12 Bharti Airtel Limited 5 5 Xtelify Limited 7 4 Dividend paid Bharti Airtel Mauritius Limited 97 89 c) Key management compensation (‘KMP’)KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director, whether executive or otherwise. For the Group, these include executive committeemembers. Remuneration to KMP were as follows: 18. Fair Value of financial assets and liabilities The details as to the carrying value, fair value and the level of fair value measurement hierarchy of the group’s financial instruments are as follows: Carrying value as of Fair value as of 30 September 2026 31 March 2026 30 September 2026 31 March 2026 $m $m $m $m Financial assets FVTPL Derivatives - Forward and option contracts Level 2 2 1 2 1 Investments Level 2 0 0 0 0 Amortised cost Investments - 20 - 20 Trade receivables 190 193 190 193 Cash and cash equivalents 717 646 717 646 Other bank balances 172 197 172 197 Balance held under mobile money trust 1,489 1,395 1,489 1,395 Other financial assets 92 107 92 107 2,663 2,559 2,663 2,559 Financial liabilities FVTPL Derivatives - Forward and option contracts Level 2 6 7 6 7 Amortised cost Long term borrowings- fixed rate Level 1 - - Long term borrowings- fixed rate Level 2 622 597 614 589
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For the six months ended 30 September 2026 30 September 2025 $m $m Opening Balance (515) (542) Remeasurement of liability 1 6 Liability de-recognized by crediting transaction with NCI reserve 7 9 Recognized in finance costs in profit and loss (unrealised) (2) (3) Long term borrowings- floating rate 441 572 441 572 Short term borrowings - floating rate 1,120 1,019 1,120 1,019 Put option liability Level 3 509 515 509 517 Trade payables 701 612 701 612 Mobile money wallet balance 1,438 1,310 1,438 1,310 Other financial liabilities 733 687 733 687 5,570 5,319 5,562 5,313 The following methods/assumptions were used to estimate the fair values: The carrying value of bank deposits, trade receivables, trade payables, balance held under mobile money trust, mobile money wallet balance, short-term borrowings, other current financial assets and liabilities approximate their fair value mainly due to the short-term maturities of these instruments. Fair value of quoted financial instruments is based on quoted market price at the reporting date. The fair value of non-current financial assets, long-term borrowings and other financial liabilities is estimated by discounting future cash flows using current rates applicable to instruments with similar terms, currency, credit risk and remaining maturities. The fair values of derivatives are estimated by using pricing models, wherein the inputs to those models are based on readily observable market parameters. The valuation models used by the Group reflect the contractual terms of the derivatives (including the period to maturity), and market-based parameters such as interest rates, foreign exchange rates, volatility etc. These models do not contain a high level of subjectivity as the valuation techniques used do not require significant judgement and inputs thereto are readily observable. The fair value of the put option liability to buy back the stake held by non-controlling interest in AMC NV is measured at the present value of the redemption amount (i.e. expected cash outflows). Since, the liability will be based on fair value of the equity shares of AMC NV (subject to a cap) at the end of 63 months (30 September 2025: 60 months), the expected cash flows are estimated by determining the projected equity valuation of the AMC NV at the end of 63 months expiring in November 2026 (previous year: July 2026) and applying a cap thereon. The figure in the above table reflects the maximum payable under the agreement. During the six months ended 30 September 2026 and year ended 31 March 2026 there were no transfers between Level 1 andLevel 2 fair value measurements, and no transfer into or out of Level 3 fair value measurements. The following table describes the key inputs used in the valuation (basis discounted cash flow technique) of the Level 2 financialassets/liabilities as of 30 September 2026 and 31 March 2026: Financial assets / liabilities Inputs used - Currency swaps, forward and option contracts and other bank balances Forward foreign currency exchange rates, Interest rate - Interest rate swaps Prevailing / forward interest rates in market, Interest rate - Embedded derivatives Prevailing interest rates in market, inflation rates - Other financial assets / fixed rate borrowing / other financial liabilities Prevailing interest rates in market, Future payouts, Interest rates Reconciliation of fair value measurements categorised within level 3 of the fair value hierarchy – Financial Assets/(Liabilities) (net) • Put option liability
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Closing Balance (509) (530) (1) Put option liability was reduced by $7m (September 2025: $9m) for dividend distribution to put option NCI holders. Any dividend paid to put option NCI holders is adjustable against the put option liability booked on put option arrangements. 19. Events after the balance sheet date No material subsequent events or transactions have occurred since the date of statement of financial position except as disclosed below: Subsequent to the half year ended 30 September 2026, Airtel Mobile Commerce N.V. (AMC NV), one of the group subsidiaries, was admitted to the Main Market of the London Stock Exchange, following the start of conditional dealings on 9 October 2026. Accordingly, following the listing of AMC NV, the put option liability towards the non-controlling shareholders was extinguished and the corresponding gain upon extinguishment shall be recorded in equity. However, being a non-adjusting post balance sheet event, the put-option liability has not been derecognised as on 30 September 2026. An interim dividend of 3.1 cents per share was approved by the Board on 29 October 2026 and has not been included as a liability as at 30 September 2026. Appendix Additional information pertaining to three months ended 30 September 2026 Condensed Consolidated Statement of Comprehensive Income For three months ended 30 September 2026 30 September 2025 $m $m Income Revenue 1,970 1,567 Other income 2 8 1,972 1,575 Expenses Network operating expenses 375 296 Access charges 76 62 License fee and spectrum usage charges 87 74 Employee benefits expense 112 88 Sales and marketing expenses 260 208 Reversal of impairment loss on financial assets 2 3 Other expenses 86 76 Depreciation and amortisation 315 255 1,313 1,062 Operating profit 659 513 Finance costs - Derivative and foreign exchange (losses)/gains Nigerian naira (54) (55) Other currencies 46 (13) - Other finance costs 221 206 Finance income (5) (7) Net monetary gain relating to hyperinflationary accounting (3) (1)
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Share of (profit)/loss for associate and joint venture accounted for using equity method (0) 0 Profit before tax 454 383 Income tax expense 200 164 Profit for the period 254 219 Profit before tax (as presented above) 454 383 Add: Exceptional items (net) 19 - Underlying profit before tax 473 383 Profit after tax (as presented above) 254 219 Add: Exceptional items (net) 18 - Underlying profit after tax 272 219 Other comprehensive income ('OCI') Items to be reclassified subsequently to profit or loss: Net (loss)/gain due to foreign currency translation differences (23) 108 Share of OCI of associate and joint venture accounted for using equity method (0) 1 Losses on cash flow hedges - (0) Cash flow hedges reclassified to profit and loss - (0) Tax on above - (0) (23) 109 For three months ended 30 September 2026 30 September 2025 $m $m Items not to be reclassified subsequently to profit or loss: Re-measurement gain on defined benefit plans 2 1 Tax on above (1) (0) 1 1 Other comprehensive (loss)/income for the period (22) 110 Total comprehensive income for the period 232 329 Profit for the period attributable to: 254 219
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Owners of the company 211 177 Non-controlling interests 43 42 Other comprehensive (loss)/income for the period attributable to: (22) 110 Owners of the company 11 96 Non-controlling interests (33) 14 Total comprehensive income for the period attributable to: 232 329 Owners of the company 222 273 Non-controlling interests 10 56 Alternative performance measures (APMs) Introduction In the reporting of financial information, the directors have adopted various APMs. These measures are not defined by International Financial Reporting Standards (IFRS) and therefore may not be directly comparable with other companies APMs, including those in the Group’s industry. APMs should be considered in addition to and are not intended to be a substitute for, or superior to, IFRS measurements. Purpose The directors believe that these APMs assist in providing additional useful information on the underlying trends, performance and position of the Group. APMs are also used to enhance the comparability of information between reporting periods and geographical units (such as like-for-like sales), by adjusting for non-recurring or uncontrollable factors which affect IFRS measures, to aid users in understanding the Group’s performance. Consequently, APMs are used by the directors and management for performance analysis, planning, reporting and incentive-setting purposes. The directors believe the following metrics to be the APMs used by the Group to help evaluate growth trends, establish budgets and assess operational performance and efficiencies. These measures provide an enhanced understanding of the Group’s results and related trends, therefore increasing transparency and clarity into the core results of the business. The following metrics are useful in evaluating the Group’s operating performance: APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose Underlying EBITDA1 and margin Operating profit Depreciation and amortisation Exceptional items impacting operating profit/(loss), if any The Group defines underlying EBITDA as operating profit/(loss) for the periodbefore depreciation and amortisation and adjusted for exceptional items impactingoperating profit/(loss), if any. The Group defines underlying EBITDA margin as underlying EBITDA divided byrevenue. Underlying EBITDA and margin are measures used by the directors to assess thetrading performance of the business and are therefore the measure of segmentprofit that the Group presents under IFRS. Underlying EBITDA and margin are alsopresented on a consolidated basis because the directors believe it is important toconsider profitability on a basis consistent with that of the Group’s operatingsegments. When presented on a consolidated basis, underlying EBITDA and marginare APMs. Depreciation and amortisation is a non-cash item which fluctuates depending onthe timing of capital investment and useful economic life. Directors believe that ameasure which removes this volatility improves comparability of the Group’s resultsperiod on period and hence is adjusted to arrive at underlying EBITDA and margin. Exceptional items are additional specific items that because of their size, nature orincidence in the results, are considered to hinder comparison of the Group’s
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APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose performance on a period-to-period basis and could distort the understanding of our performance for the period and the comparability between periods and hence areadjusted to arrive at underlying EBITDA and margin. Underlying profit / (loss) before tax Profit / (loss) before tax Exceptional items The Group defines underlying profit/(loss) before tax as profit/(loss) before tax adjusted for exceptional items. The directors view underlying profit/(loss) before tax to be a meaningful measure to analyse the Group’s profitability. Effective tax rate Reported tax rate Exceptional items Foreign exchange rate movements One-off tax impact of prior period, tax litigation settlement, impact of hyperinflationary accounting and impact of tax on permanent differences The Group defines effective tax rate as reported tax rate (reported tax charge divided by reported profit before tax) adjusted for exceptional items, foreign exchange rate movements and one-off tax items of prior period adjustment, tax settlements, impact of hyperinflationary accounting and impact of permanent differences on tax. This provides an indication of the current on-going tax rate across the Group. Foreign exchange rate movements are specific items that are non-tax deductible in a few of the entities which are loss making and/or where DTA is not yet triggered and hence are considered to hinder comparison of the Group’s effective tax rate on a period-to-period basis and therefore excluded to arrive at effective tax rate. One-off tax impact on account of prior period adjustment, any tax litigation settlement, impact of hyperinflationary accounting and tax impact on permanent differences are additional specific items that because of their size and frequency in the results, are considered to hinder comparison of the Group’s effective tax rate on a period-to-period basis. Underlying profit/(loss) after tax Profit/(loss) for the period Exceptional items The Group defines underlying profit/(loss) after tax as profit/(loss) for the period adjusted for exceptional items. The directors view underlying profit/(loss) after tax to be a meaningful measure to analyse the Group’s profitability. Earnings per share before exceptional items EPS Exceptional items The Group defines earnings per share before exceptional items as profit/(loss) for the period before exceptional items attributable to owners of the company divided by the weighted average number of ordinary shares in issue during the financial period. This measure reflects the earnings per share before exceptional items for each share unit of the company. Earnings per share before exceptional items and derivative and foreign exchange (gains)/losses EPS Exceptional items Derivative and foreign exchange (gains)/losses The Group defines earnings per share before exceptional items and derivative and foreign exchange (gains)/losses as profit/(loss) for the period before exceptional items and derivative and foreign exchange (gains)/losses (net of tax) attributable to owners of the company divided by the weighted average number of ordinary shares in issue during the financial period. This measure reflects the earnings per share before exceptional items and derivative and foreign exchange (gains)/losses for each share unit of the company. Derivative and foreign exchange (gains)/losses are due to revaluation of US dollar balance sheet liabilities and derivatives as a result of currency movement. Operating free cash flow Cash generated from operating activities Income tax paid Changes in working capital Other non-cash items Non-operating income Exceptional items Capital expenditures The Group defines operating free cash flow as net cash generated from operating activities before income tax paid, changes in working capital, other non-cash items, non-operating income, exceptional items and after capital expenditures. The Group views operating free cash flow as a key liquidity measure, as it indicates the cash available to pay dividends, repay debt or make further investments in the Group. Net debt and leverage ratio Borrowings Operating profit Lease liabilities Cash and cash equivalent Term deposits with banks Current investments Deposits from customers in payment service bank operations Deposits given against borrowings/ non- derivative financial instruments Fair value hedges The Group defines net debt as borrowings, including lease liabilities less cash and cash equivalents, term deposits with banks, current investments, deposits from customers in payment service bank operations, deposits given against borrowings/non-derivative financial instruments, processing costs related to borrowings and fair value hedge adjustments. The Group defines leverage ratio as net debt divided by underlying EBITDA for the preceding 12 months. The directors view net debt and the leverage ratio to be meaningful measures to monitor the Group’s ability to cover its debt through its earnings. Lease- adjusted leverage Borrowings Operating profit Cash and cash equivalent Term deposits with banks Current investments Deposits from customers in payment The Group defines lease-adjusted leverage ratio as Lease-adjusted net debt divided by Lease-adjusted underlying EBITDA (EBITDAaL) for the preceding 12 months, where: - Lease-adjusted net debt is defined as borrowings excluding lease liabilities less cash and cash equivalents, term deposits with banks, current investments, deposits from customers in payment service bank operations, deposits given against borrowings/non-derivative financial instruments, processing costs related to borrowings and fair value hedge adjustments.
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APM Closest equivalent IFRS measure Adjustments to reconcile to IFRS measure Definition and purpose service bank operations Deposits given against borrowings/ non- derivative financial instruments Fair value hedges Depreciation and amortisation Principal repayments due on right-of-use assets Interest on lease liabilities - Lease-adjusted underlying EBITDA is defined as operating profit/(loss) for the period before depreciation and amortisation less principal repayments due on right-of-use assets during the period and interest on lease liabilities Lease-adjusted leverage is a prominent metric used by debt rating agencies and the capital markets. This APM reduces the volatility in the leverage ratio associated with lease accounting under IFRS16, improves comparability between periods and reflects the Group’s financial market debt position. Accordingly, the Directors view lease adjusted leverage as a meaningful measure to analyse the Group’s performance. Return on capital employed No direct equivalent Exceptional items to arrive at EBIT The Group defines return on capital employed (‘ROCE’) as EBIT for the preceding 12 months divided by average capital employed. The directors view ROCE as a financial ratio that measures the Group’s profitability and the efficiency with which its capital is being utilised. The Group defines EBIT as operating profit/(loss) for the period. Capital employed is defined as sum of equity attributable to owners of the company (grossed up for put option provided to minority shareholders to provide them liquidity as part of the sale agreements executed with them during year ended 31 March 2022), non-controlling interests and net debt. Average capital employed is average of capital employed at the closing and beginning of the relevant period. For quarterly computations, ROCE is calculated by dividing EBIT for the preceding 12 months by the average capital employed (being the average of the capital employed averages for the preceding four quarters). 1Underlying EBITDA is disclosed instead of EBITDA during the half year ended 30 September 2026 given that there are exceptional items impacting operating profit and is not a new APM. Some of the Group’s IFRS measures and APMs are translated at constant currency exchange rates to measure the organic performance of the Group. In determining the percentage change in constant currency terms, both current and previous financial reporting period’s results have been converted using exchange rates prevailing as on 31 March 2026 for all countries. Reported currency percentage change is derived based on the average actual periodic exchange rates for that financial period. Variances between constant currency and reported currency percentages are due to exchange rate movements between the previous financial reporting period and the current period. The constant currency numbers only reflect the retranslation of reported numbers into exchange rates as of 31 March 2026 and are not intended to represent the wider impact that currency changes have on the business. Reconciliation between GAAP and alternative performance measures Table A: Underlying EBITDA and margin Description Unit of measure Half year ended September 2026 September 2025 Operating profit $m 1,286 959 Add: Depreciation and amortisation $m 616 488 Operating exceptional items $m 19 - Underlying EBITDA $m 1,921 1,447 Revenue $m 3,823 2,982 Underlying EBITDA margin (%) % 50.3% 48.5% Table B: Underlying profit before tax Description Unit of measure Half year ended September 2026 September 2025 Profit before tax $m 814 656 Operating exceptional items $m 19 - Finance cost – exceptional items $m 37 - Underlying profit before tax $m 870 656 Table C: Effective tax rate Description Unit of measure Half year ended September 2026 September 2025 Profit before taxation Income tax expense Tax rate % Profit before taxation Income tax expense Tax rate % Reported effective tax rate (after EI) $m 814 362 44.4% 656 280 42.8%
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Exceptional items (provided below) $m 56 1 - - Reported effective tax rate (before EI) $m 870 363 41.7% 656 280 42.8% Adjusted for: Foreign exchange rate movement for loss making entity and/or non-DTA operating companies & holding companies $m 24 - 5 - One-off adjustment and tax on permanent differences $m 6 (1) 6 (15) Effective tax rate $m 900 362 40.2% 667 265 39.8% Exceptional items 1. Provision for in-principle settlement of a commercial dispute $m 37 - - - 2. Expense relating to Initial Public Offer of AMC NV $m 19 1 - - Total $m 56 1 - - Table D: Underlying profit after tax Description Unit of measure Half year ended September 2026 September 2025 Profit after tax $m 452 376 Operating exceptional items $m 19 - Finance cost – exceptional items $m 37 - Tax exceptional items $m (1) - Underlying profit after tax $m 507 376 Table E: Earnings per share before exceptional items Description Unit of measure Half year ended September 2026 September 2025 Profit for the period attributable to owners of the company $m 371 303 Operating exceptional items $m 19 - Finance cost – exceptional items $m 37 - Tax exceptional items $m (1) - Non-controlling interest exceptional items $m (1) - Profit for the period attributable to owners of the company- before exceptional items $m 425 303 Weighted average ordinary shares outstanding million 3,638 3,654 Earnings per share before exceptional items Cents 11.7 8.3 Table F: Earnings per share before exceptional items and derivative and foreign exchange (gains)/losses Description UoM Half year ended September 2026 September 2025 Profit for the period attributable to owners of the company $m 371 303 Operating exceptional items 19 - Finance cost – exceptional items $m 37 - Tax exceptional items $m (1) - Non-controlling interest exceptional items $m (1) - Profit for the period attributable to owners of the company- before exceptional items $m 425 303 Derivative and foreign exchange (gains) (excluding exceptional items) $m (2) (90) Tax on derivative and foreign exchange (gains)/losses (excluding exceptional items) $m 10 31 Non-controlling interest on derivative and foreign exchange (gains)/losses (excluding exceptional items) - net of tax $m (5) 8 Profit for the period attributable to owners of the company- before exceptional items and derivative and foreign exchange (gains)/losses $m 428 252 Weighted average ordinary shares outstanding million 3,638 3,654 Earnings per share before exceptional items and derivative and foreign exchange (gains)/losses Cents 11.8 6.9 Table G: Operating free cash flow Description Unit of measure Half year ended September 2026 September 2025 Net cash generated from operating activities $m 1,759 1,388 Add: Income tax paid $m 317 203 Net cash generation from operation before tax $m 2,076 1,591
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Less: Changes in working capital Increase/(decrease) in trade receivables $m 15 (9) (Decrease) in inventories $m (3) (6) (Increase) in trade payables $m (72) (52) (Increase) in mobile money wallet balance $m (160) (120) Decrease in provisions and employee benefit obligations $m 9 34 (Increase) in deferred revenue $m (8) (21) (Increase) in other financial and non-financial liabilities $m (2) (27) Increase in other financial and non-financial assets $m 71 63 Operating cash flow before changes in working capital $m 1,926 1,453 Other non-cash adjustments $m (24) (6) Operating exceptional items $m 19 - Underlying EBITDA $m 1,921 1,447 Less: Capital expenditure $m (657) (318) Operating free cash flow $m 1,264 1,129 Table H1: Net debt and leverage Description Unit of measure As at As at As at September 2026 March 2026 September 2025 Non-current borrowing $m 1,063 1,169 1,269 Current borrowing $m 1,120 1,019 1,083 Add: Processing costs related to borrowings $m 7 8 8 Less: Cash and cash equivalents $m (717) (646) (634) Less: Term deposits with banks $m (168) (189) (93) Less: Current investments $m - (20) - Add: Deposit from customers in payment service bank operations $m 68 25 - Add: Lease liabilities $m 4,497 4,224 3,879 Net debt $m 5,870 5,590 5,512 Underlying EBITDA (LTM) $m 3,636 3,162 2,664 Leverage times 1.6x 1.8x 2.1x Table H2: Lease adjusted Net debt and leverage Description Unit of measure As at As at As at September 2026 March 2026 September 2025 Non-current borrowing $m 1,063 1,169 1,269 Current borrowing $m 1,120 1,019 1,083 Add: Processing costs related to borrowings $m 7 8 8 Less: Cash and cash equivalents $m (717) (646) (634) Less: Term deposits with banks $m (168) (189) (93) Less: Current investments $m - (20) - Add: Deposit from customers in payment service bank operations $m 68 25 - Add: Lease liabilities $m 4,497 4,224 3,879 Net debt $m 5,870 5,590 5,512 Less: Lease liabilities $m 4,497 4,224 3,879 Lease adjusted net debt $m 1,373 1,366 1,633 Description Unit of measure Last twelve month (LTM) ended September 2026 March 2026 September 2025 Operating profit $m 2,442 2,115 1,711 Add: Depreciation and amortisation $m 1,176 1,047 937 Operating exceptional items $m 19 - 16 Underlying EBITDA $m 3,636 3,162 2,664 Less: Interest on lease liabilities $m 514 467 427 Less: Repayment of lease liabilities* $m 201 195 184 Total lease repayments $m 715 662 611 Lease-adjusted underlying EBITDA (EBITDAaL) $m 2,921 2,500 2,053 * Repayment of lease liabilities in the above table is inclusive of net lease payables movement of ($21m) in September 2026, ($9m) in March 2026 and ($11m) in September 2025. Description Unit of measure As at As at As at September 2026 March 2026 September 2025
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Lease adjusted underlying EBITDA (EBITDAaL) $m 2,921 2,500 2,053 Lease adjusted Leverage times 0.5x 0.5x 0.8x Table I: Return on capital employed Description Unit of measure Half year ended September 2026 September 2025 Operating profit (LTM) $m 2,442 1,711 Add: Operating exceptional items $m 19 16 Underlying operating profit (LTM) $m 2,461 1,727 Equity attributable to owners of the Company $m 3,276 2,749 Add: Put option given to minority shareholders $m 509 530 Gross equity attributable to owners of the Company $m 3,785 3,279 Non-controlling interests (NCI) $m 340 335 Net debt (refer Table H1) $m 5,870 5,512 Capital employed $m 9,995 9,126 Average capital employed 1 $m 9,561 8,495 Return on capital employed % 25.7% 20.3% (1) Average capital employed is calculated as average of capital employed at closing and opening of relevant period. Independent review report to Airtel Africa plc Conclusion We have been engaged by the company to review the condensed set of financial statements in the half yearly financial report for the six months ended 30 September 2026, which comprises the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated statement of cash flows and related notes 1 to 19. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. Basis for conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 2, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, “Interim Financial Reporting”. Conclusion relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern. Responsibilities of the directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the group’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the review of the financial information
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In reviewing the half-yearly financial report, we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor Birmingham, United Kingdom 29 October 2026 Statement of directors’ responsibilities We confirm that to the best of our knowledge: a) the condensed set of financial statements has been prepared in accordance with UK-adopted IAS 34 ‘Interim Financial Reporting’ b) the interim management report gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; c) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events and their impact during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein). This responsibility statement was approved by the board of directors on 29 October 2026 and is signed on its behalf by: Sunil Taldar Chief executive officer Airtel Africa plc29 October 2026 Glossary Technical and industry terms 4G data customer A customer having a 4G handset and who has used at least 1 MB on any ofthe Group’s GPRS, 3G and 4G network in the last 30 days. Airtel Money (mobile money) Airtel Money is the brand name for Airtel Africa’s mobile money productsand services. The term is used interchangeably with ‘mobile money’ whenreferring to our mobile money business, finance, operations and activities. Airtel Money ARPU Mobile money average revenue per user per month. This is derived bydividing total mobile money revenue during the relevant period by theaverage number of active mobile money customers and dividing the resultby the number of months in the relevant period. Airtel Money customer base Total number of active subscribers who have enacted any mobile moneyusage event in last 30 days. Airtel Money customer penetrationThe proportion of total Airtel Africa active mobile customers who usemobile money services. Calculated by dividing the mobile money customerbase by the Group’s total customer base. Airtel Money total processed value (TPV) Value of any financial transaction performed on Airtel Africa’s mobile moneyplatform. Airtel Money TPV per customer per month Calculated by dividing the total mobile money transaction value on theGroup’s mobile money platform during the relevant period by the averagenumber of active mobile money customers and dividing the result by thenumber of months in the relevant period. Airtel Money app customers Total number of customers that have accessed Airtel Money segment ofMyAirtel app in past 30 days
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Airtel Money app transacting customers Total number of customers that have accessed Airtel Money segment ofMyAirtel app and have done any revenue generating event in past 30 days Airtime credit service A value-added service where the customer can take an airtime credit andcontinue to use our voice and data services, with the credit recoveredthrough subsequent customer recharge. This is classified as a mobileservices product (not a mobile money product). ARPU Average revenue per user per month. This is derived by dividing totalrevenue during the relevant period by the average number of customersduring the period and dividing the result by the number of months in therelevant period. Capital expenditure An alternative performance measure (non-GAAP). Defined as investment ingross fixed assets (both tangible and intangible but excluding spectrum andlicences) plus capital work in progress (CWIP), excluding provisions on CWIPfor the period. Constant currency The Group has presented certain financial information that is calculated bytranslating the results at a fixed ‘constant currency’ exchange rate, which isdone to measure the organic performance of the Group and represents theperformance of the business in a better way. Constant currency amountsand growth rates are calculated using closing exchange rates as of 31 March2026 for all reporting regions and service segments. Customer Defined as a unique active subscriber with a unique mobile telephonenumber who has used any of Airtel’s services in the last 30 days. Customer base The total number of active subscribers that have used any of our services(voice calls, SMS, data usage or mobile money transaction) in the last 30days. Data ARPU Data average revenue per user per month. Data ARPU is derived by dividingtotal data revenue during the relevant period by the average number ofdata customers and dividing the result by the number of months in therelevant period. Data customer base The total number of subscribers who have consumed at least 1 MB on theGroup’s GPRS, 3G or 4G network in the last 30 days. Data customer penetration The proportion of customers using data services. Calculated by dividing thedata customer base by the total customer base. Data Usage Represents the aggregate volume of data traffic (uploads and downloads)consumed on the network across all business services, including Mobile,Enterprise, and Home Broadband (HBB), during the reporting period. Data usage per customer per month Calculated by dividing the total data consumed on the Group’s networkduring the relevant period by the average data customer base over thesame period and dividing the result by the number of months in therelevant period. Digitalisation We use the term digitalisation in its broadest sense to encompass bothdigitisation actions and processes that convert analogue information into adigital form and thereby bring customers into the digital environment andthe broader digitalisation processes of controlling, connecting and planningprocesses digitally; the processes that effect digital transformation of ourbusiness and of industry, economics and society as a whole throughbringing about new business models, socio-economic structures andorganisational patterns. Diluted earnings per share Diluted EPS is calculated by adjusting the profit for the period attributable tothe shareholders and the weighted average number of shares consideredfor deriving basic EPS, for the effects of all the shares that could have beenissued upon conversion of all dilutive potential shares. The dilutive potentialshares are adjusted for the proceeds receivable had the shares actuallybeen issued at fair value. Further, the dilutive potential shares are deemedconverted as at beginning of the period, unless issued at a later date duringthe period. Earnings per share (EPS) EPS is calculated by dividing the profit for the period attributable to theowners of the company by the weighted average number of ordinary sharesoutstanding during the period. EBIT Defined as operating profit/(loss) for the period adjusted for exceptionalitems. Foreign exchange rate movements for non-DTA operating companies and holding companies Foreign exchange rate movements are specific items that are non-taxdeductible in a few of our operating entities, hence these hinder a like-for-like comparison of the Group’s effective tax rate on a period-to-period basisand are therefore excluded when calculating the effective tax rate. Indefeasible Rights of Use (IRU) A standard long-term leasehold contractual agreement that confers uponthe holder the exclusive right to use a portion of the capacity of a fibre routefor a stated period. Information and communication technologies (ICT) ICT refers to all communication technologies, including the internet,wireless networks, cell phones, computers, software, middleware,videoconferencing, social networking and other media applications andservices. Interconnect usage charges (IUC) Interconnect usage charges are the charges paid to the telecom operator onwhose network a call is terminated. Lease liability Lease liability represents the present value of future lease paymentobligations. Market debt Market debt is defined as borrowings from banks or financial institutionsand debt capital market issuances in the form of bonds.
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Minutes of usage Minutes of usage refer to the duration in minutes for which customers usethe Group’s network for making and receiving voice calls. It includes allincoming and outgoing call minutes, including roaming calls. Mobile services Mobile services are our core telecom services, mainly voice and dataservices, but also including revenue from tower operation services providedby the Group and excluding mobile money services. MyAirtel app customers Total number of customers that have accessed MyAirtel app in last 30 days. MyAirtel app total processed value (TPV) Value of any financial transaction performed on Airtel Africa’s MyAirtel app. Net debt An alternative performance measure (non-GAAP). The Group defines netdebt as borrowings, including lease liabilities less cash and cash equivalents,term deposits with banks, current investments, deposits from customers inpayment service bank operations, deposits given against borrowings/non-derivative financial instruments, processing costs related to borrowings andfair value hedge adjustments. Net debt to underlying EBITDA (LTM) An alternative performance measure (non-GAAP) Calculated by dividing netdebt as at the end of the relevant period by underlying EBITDA for thepreceding 12 months (from the end of the relevant period). This is alsoreferred to as the leverage ratio. Lease-adjusted underlying EBITDA (EBITDAaL) An alternative performance measure (non-GAAP). Defined as operatingprofit before depreciation, amortisation and exceptional items, interest onlease liabilities and repayment of lease liabilities due during the relevantperiod. Lease-adjusted Net Debt An alternative performance measure (non-GAAP). The Group defines Lease-adjusted net debt as borrowings excluding lease liabilities less cash and cashequivalents, term deposits with banks, current investments, deposits fromcustomers in payment service bank operations, deposits given againstborrowings/non-derivative financial instruments, processing costs related toborrowings and fair value hedge adjustments. Lease adjusted leverage (LTM) An alternative performance measure (non-GAAP) Calculated by dividingLease-adjusted net debt as at the end of the relevant period by Lease-adjusted underlying EBITDA (EBITDAaL) for the preceding 12 months (fromthe end of the relevant period). Mobile money – wallet services This includes cash-in (deposits)/cash-out (withdrawals) services for mobilemoney customers. Mobile money – payments and transfers This includes P2P money transfers, airtime and bundle recharges, utility billsand merchant payments, cash collection, corporate bulk payments andinternational money transfers. Mobile money – financial services This includes bank-to-wallet (B2W) and wallet-to-bank (W2B) transfers,lending, insurance, wealth management and savings products for mobilemoney customers. Mobile money – others revenue This relates to retention revenue received from mobile services. Net monetary gain/(loss) relating to hyperinflationary accounting Net monetary gain/(loss) relating to hyperinflationary accounting iscomputed as difference resulting from the restatement of non-monetarynet assets, equity and items in the statement of comprehensive income dueto application of IAS 29 hyperinflationary accounting. Network towers or ‘sites’ Physical network infrastructure comprising a base transmission system (BTS)which holds the radio transceivers (TRXs) that define a cell and coordinatesthe radio link protocols with the mobile device. It includes all ground-based,roof top and in-building solutions. Operating company (OpCo) Operating company (or OpCo) is a defined corporate business unit,providing telecoms services and mobile money services in the Group’sfootprint. Operating free cash flow An alternative performance measure (non-GAAP). Calculated by subtractingcapital expenditure from underlying EBITDA. Operating profit Operating profit is a GAAP measure of profitability. Calculated as revenueless operating expenditure (including depreciation and amortisation andoperating exceptional items). Other revenue Other revenue includes revenues from messaging, value added services(VAS), enterprise, site sharing and handset sale revenue. Reported currency Our reported currency is US dollars. Accordingly, actual periodic exchangerates are used to translate the local currency financial statements of OpCosinto US dollars. Under reported currency the assets and liabilities aretranslated into US dollars at the exchange rates prevailing at the reportingdate whereas the statements of profit and loss are translated into US dollarsat monthly average exchange rates. Smartphone A smartphone is defined as a mobile phone with an interactive touch screenthat allows the user to access the internet and additional data applications,providing additional functionality to that of a basic feature phone which isused only for making voice calls and sending and receiving text messages. Smartphone penetration Calculated by dividing the number of smartphone devices in use by the totalnumber of customers. For data and mobile money services smartphonepenetration, it is computed by dividing the smartphone devices using theseservices to customers using these services. Underlying EBITDA An alternative performance measure (non-GAAP). Defined as operatingprofit before depreciation, amortisation and exceptional items.
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Underlying EBITDA margin An alternative performance measure (non-GAAP). Calculated by dividingunderlying EBITDA for the relevant period by revenue for the relevantperiod. Unstructured supplementary service data (USSD) Unstructured supplementary service data (USSD), also known as "quickcodes" or "feature codes", is a communications protocol for GSM mobileoperators, similar to SMS messaging. It has a variety of uses such as WAPbrowsing, prepaid callback services, mobile-money services, location-basedcontent services, menu-based information services and for configuringphones on the network. Voice minutes of usage per customer per month Calculated by dividing the total number of voice minutes of usage on theGroup’s network during the relevant period by the average number ofcustomers and dividing the result by the number of months in the relevantperiod. Weighted average number of shares The weighted average number of shares is calculated by multiplying thenumber of outstanding shares by the portion of the reporting period thoseshares covered, doing this for each portion and then summing the total. Abbreviations 2G Second-generation mobile technology 3G Third-generation mobile technology 4G Fourth-generation mobile technology 5G Fifth-generation mobile technology ARPU Average revenue per user bn Billion bps Basis points B2W Bank to Wallet CAGR Compound annual growth rate Capex Capital expenditure CBN Central Bank of Nigeria CSR Corporate social responsibility DTA Deferred Tax Asset EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation EBITDAaL Earnings before interest, tax, depreciation and amortisation after lease payments EPS Earnings per share FPPP Financial position and prospects procedures GAAP Generally accepted accounting principles GB Gigabyte HoldCo Holding company IAS International accounting standards ICT Information and communication technologies ICT (Hub) Information communication technology (Hub) IFRS IFRS International financial reporting standards IMF International monetary fund IPO Initial public offering KPIs Key performance indicators KYC Know your customer LTE Long-term evolution (4G technology) LTM Last 12 months m Million MB Megabyte
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MI Minority interest (non-controlling interest) NGO Non-governmental organisation OpCo Operating company P2P Person to person PAYG Pay-as-you-go QoS Quality of service RAN Radio access network SIM Subscriber identification module Single RAN Single radio access network SMS Short messaging service TB Terabyte TPV Total Processed Value Telecoms Telecommunications UoM Unit of measure USSD Unstructured supplementary service data W2B Wallet to Bank
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END [1] An explanation of constant currency growth is provided on page 47 The reported currency growth rates incorporate currency movements during the respective period, which are not necessarily indicative of future growthrates. For currency sensitivity see page 20. [2] Alternative performance measures (APM) are described on page 45. [3] Alternative performance measures (APM) are described on page 45. [4] Alternative performance measures (APM) are described on page 45. [5] Mobile money contribution is based upon mobile money revenue, including cross-charge revenue from mobile services which is eliminated upon consolidation.