Slides
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Results Presentation Results for the half year ended 30 September 2026 Airtel Mobile Commerce N.V.
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2 Disclaimer Important Information By reading this presentation you agree to be bound by the following conditions. The information contained in the presentation is in relation to Airtel Mobile Commerce N.V. ("AMC“ or “Airtel Money”) and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to "AMC", “Airtel Money”, "Group", "we", "us" and "our" when denoting opinion refer to Airtel Money and its subsidiaries. Forward-looking statements This document contains certain forward-looking statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook," "target" and similar expressions. It is believed that the expectations reflected in this document are reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this communication. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of competition; the impact and/or changes of commercial and intragroup arrangements with Airtel Africa plc. and other related parties including on the Airtel’ trademark licenses; the impact of any inadequacy or disruption of the mobile money platform and technology infrastructure; the impact of any security or data privacy breach or cyber-attack; the impact of any adverse reputational risks associated with the Airtel Brand; the impact or change of the distribution network and capabilities; the impact of adverse domestic or international legislation and regulation including on laws related to AML/CFT, sanctions, export control, competition, capital adequacy ratio, liquidity, data privacy, health, safety and environments or any other similar laws; any changes in domestic or international tax laws and rates; adverse regulatory, litigation proceedings and dispute outcomes and the effect of such outcomes on Airtel Money’s financial condition; the changes or differences in domestic or international economic or political conditions; the ability to obtain price increases and the impact of price increases on customers affordability thresholds; adverse decisions and/or regulations by domestic or international regulatory bodies; changes in credit and counterparty risks in respect of Banks and financial institutions in partnerships with Airtel Money affiliates and the impact of reliance on those alliances with banks and partners; changes to growth of the domestic or international digital financial industry and adoption rates; the availability and ability of the central and local management personal and the reliance on their accurate and timely reporting; any adverse change to third parties contracts related to supply of material services; the impact of unsuccessful implementation of the strategy the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure and exchange control exposure; the impact of serious injury, illness or death in the workplace and any material labour dispute; the ability to maintain credit ratings; the ability to develop, produce or market new alternative products and to do so profitably; the ability to maintain 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 Money. 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 Money at the date of preparation of this document and Airtel Money 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 Mobile Commerce N.V. for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Mobile Commerce N.V.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 USD 1,000 and therefore minor rounding differences may result in the tables. Growth metrics are provided on a constant currency basis unless otherwise stated. The Group has presented certain financial information on a constant currency basis. This is calculated by translating the results for the current financial year and prior financial year at a fixed ‘constant currency’ exchange rate, which is done to measure the organic performance of the Group. Growth rates for business and product segments are provided in constant currency as this better represents the underlying performance of the business. Audience The material in this presentation is provided for the purpose of giving information about Airtel Money and its subsidiaries to investors only and is not intended for general consumers. Airtel Money, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed. All numbers are reported currency numbers unless indicated differently. All figures are in USD ($) amounts, unless stated otherwise. The growth numbers are provided on constant currency basis unless stated differently.
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Presenters Ian Ferrao Chief Executive Officer Alok Bafna Chief Financial Officer
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4 A N E W C H A P T E R Airtel Money is now listed on the London Stock Exchange Beginning our journey as a listed company London Stock Exchange Main Market · 14 October 2026 £1.96 Offer price per share £5.3bn Market capitalisation at the offer price (c.US$7.0bn) 14 Oct 2026 Admission to the Main Market Thank you to our customers, agents, merchants, partners and colleagues – and welcome to our new shareholders Source: Company information. Admitted to the Main Market of the London Stock Exchange with unconditional dealings on 14 Octob er 2026 (ticker: AMC), following conditional dealings from 9 October. Existing shareholders sold 270m shares (10% of the issued share capital) at £1.96 per share; no new capital was raised. An over -allotment option of up to 27m shares remains open d uring the stabilisation period. Market capitalisation at the offer price.
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5 O U R V I S I O N A Digitally Connected Africa O U R M I S S I O N Simplifying Lives and Empowering Communities O U R G O AL To Be Africa’s Leading FinTech Platform
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6 A Scaled FinTech Platform Across 13 African Markets Airtel Money Footprint Niger Chad DRC Tanzania Zambia KenyaGabon Congo B Uganda Rwanda Malawi Madagascar Seychelles 13 Markets Total footprint 6 Markets ■ East Africa 7 Markets ■ Francophone Africa CAPTIVE CUSTOMER BASE AND MULTI -SIDED NETWORK Customers(1) 56.7m ▲ +18.7% year-on-year Sep’25: 47.7m Penetration of telco base(2) 42.9% ▲ +3.2pp year-on-year Sep’25: 39.7% 75m+ telco subscribers to reach(5) Active agents 2.4m ▲ +26.3% year-on-year Active merchants 587k ▲ +85.5% year-on-year Sep’25: 317k Annualised Q2’27 TPV(4) $270bn ▲ +41.9% reported +36.4% constant currency App transacting customers(6) 4.1m ▲ +64.3% year-on-year App transaction value +100% YoY Sep’25: 2.5m Notes: As at 30 September 2026; growth year-on-year. (1) Monthly active users who used at least one Airtel Money service in the last 30 days. (2) Customer base divided by the active telco subscriber base in OpCos where Airtel Money operates. (3) Airtel Money Branches (AMBs) and kiosks. (4) Q2’27 annualized TPV in constant currency. (5) Telco subscribers across the footprint not yet using Airtel Money. (6) Customers who accessed the Airtel Money section of the MyAirtel app and made a revenue-generating transaction in the last 30 days. 43k+ exclusive retail touchpoints(3)
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7 H1’27 Highlights: Strong First-Half Performance Operating highlights Growing, increasingly digital customer base Strong customer acquisition in both regions, with rising app adoption deepening engagement Customers transacting more Deeper engagement and a broadening product ecosystem drove strong growth in processed value Wider reach and acceptance A rapidly expanding agent and merchant network is widening access and financial inclusion Financial highlights Strong, broad-based revenue growth All three core service lines grew strongly in both East and Francophone Africa Profitable growth Underlying EBITDA, PAT & EPS growing; EBITDA margin decline reflects the impact of intra-group agreement change Highly cash generative High cash conversion supports continued investment in growth and returns to shareholders Interim dividend 6.4 US cents per share, in line with our policy of a minimum 80% payout of profit attributable to owners “Our oversubscribed London listing was a landmark achievement for Airtel Money and a vote of confidence in our business model and strategy.” Ian Basil Ferrao, Chief Executive Officer
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8 Consistent, Profitable Growth with an Expanding Ecosystem CONSISTENT GROWTH AND PROFITABILITY (H1’27) Revenue $830m ▲ +34.0% reported +25.1% constant currency H1’26: $620m Underlying EBITDA $398m ▲ +26.4% reported +16.1% constant currency 48.0% margin (H1’26: 50.8%) Profit after tax $228m ▲ +21.6% reported 27.5% net margin; basic EPS 7.9 US cents (+21.1%) Operating free cash flow(1) $378m ▲ +27.1% reported +16.2% constant currency 94.9% pre-tax cash conversion EXPANDING ECOSYSTEM: REVENUE SPLIT BY PRODUCT (H1’27) Wallet services $408m ▲ +36.7% reported · +27.6% CC 49.2% of H1’27 revenue Payments & transfers $360m ▲ +38.0% reported · +29.4% CC 43.3% of H1’27 revenue Financial services $39m ▲ +55.9% reported · +44.8% CC 4.7% of H1’27 revenue Other (telco retention)(2) $23m ▼ (35.0%) reported · (40.7%) CC 2.8% of H1’27 revenue Note: H1’27 = half year ended 30 September 2026; growth year-on-year; CC = constant currency. (1) Underlying EBITDA less capital expenditure; pre-tax cash conversion = operating FCF as a percentage of underlying EBITDA. (2) Retention revenue from the telco, which will be phased out by March 2027 as part of the change to the intra-group agreements.
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9 Higher TPV per Customer Driving ARPU TRANSACTION ACTIVITY DIGITAL ENGAGEMENT Total processed value $128bn ▲ +46.1% reported / +36.8% constant currency $87bn $128bn H1’26 H1’27 TPV per customer $397/month ▲ +22.7% reported / +14.9% constant currency $324 $397 H1’26 H1’27 ARPU up 12.5% (RC) to $2.6 per month (CC growth of 5.1%), driven by higher transaction value per customer +100% App transaction value growth year-on-year App users generate higher ARPU than feature-phone users Note: H1’27 = half year ended 30 September 2026; growth year-on-year; CC = constant currency; TPV per customer is a monthly average on the average customer base. (1) Customers who accessed the Airtel Money section of the MyAirtel app and made a revenue- generating transaction in the last 30 days. App-transacting customers(1) 4.1m ▲ +64.3% year-on-year 2.5m 4.1m H1’26 H1’27
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10 On Track to Deliver FY’27 Guidance KPI FY’27 guidance Actual H1’27 and change YoY Status Revenue growth Mid-20s % constant currency revenue growth $830m +25.1% year-on-year (CC) Underlying EBITDA margin Moderate by up to c.2 pp relative to FY’26 margin of 50.2% 48.0% (2.2pp) from FY’26 Capex intensity Range of 3% to 4% capital expenditure as a % of revenue 2.4% (0.4) pp year-on-year (H1’26: 2.9%) Dividend ≥80% payout of profit attributable to owners of the Company 6.4 US cents Interim dividend per share Note: FY’27 refers to the financial year ending 31 March 2027. H1’27 actuals for the half year ended 30 September 2026; reven ue growth in constant currency. ✓ = on track. IGA = intra-group agreements between the Airtel Africa mobile services and mobile money segments. Note: Underlying EBITDA margin expected to strengthen in H2 as the IGA impact, concentrated in H1, eases – keeping FY’27 guidance on track. Over the medium term, constant currency revenue growth expected to trend upwards in line with historical growth, and margin targeted to return to upwards of50%.
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Financial review
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12 Strong momentum in financial performance continues Revenue $830m Reported currency +34.0% Constant currency +25.1% Gross profit $499m Reported currency +31.3% Constant currency +22.0% Underlying EBITDA $398m Reported currency +26.4% Constant currency +16.1% Underlying EBITDA margin 48.0% Reported currency (286) bps Constant currency (369) bps Profit after tax $228m Reported currency +21.6% H1’26 $188m Note: Gross profit, underlying EBITDA and underlying EBITDA margin are alternative performance measures. H1’27 = half year en ded 30 September 2026. Basic EPS based on 2,700m weighted average shares. Interim dividend of 6.4 US cents per share, 81% of profit attributable to owners Basic EPS 7.9 US cents Reported currency +21.1% H1’26 EPS 6.5 US cents
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13 Strong Revenue Growth in Both East and Francophone Africa +25.1% constant currency growth+34.0% growth in reported currency H1’26 East Africa Francophone Africa H1’27 620 +148 +62 830 31.7% RC 40.6% RC 40.2% CC 20.5% CC $m, reported currency. Segment contributions are the year-on-year change in reported revenue. RC = reported currency; CC = constant currency. Reported growth of 34.0% ahead of CC, mainly on Zambian kwacha appreciation
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14 East Africa: A Scaled Franchise with Revenue Up 31.7% (RC) Six-Market East African Footprint… …Delivering Strong Results… …with Continued Momentum Kenya Tanzania Zambia Uganda Rwanda Malawi 49.7% Telco customer base penetration(1), +2.4pp $615m Revenue, +31.7% in reported (20.5% constant) $98bn Total processed value, 46.5% in reported (34.7% in constant) $303m / 49.2% EBITDA / EBITDA margin Revenue up 31.7% in RC (20.5% in CC): payments & transfers +37.7%, wallet services +32.1% and financial services +54.2% Customer base up 13.5% to 44.1m, driven by the increasing scale of the distribution network TPV per customer up 28.1% (RC) to $387, 17.8% on CC supporting ARPU growth of 5.4% to $2.4 EBITDA margin of 49.2% (H1’26: 50.7%), mainly reflecting the intra-group agreement change (c.240 bps) Reported growth of 31.7% ahead of CC, mainly on Zambian kwacha appreciation Notes: Half year ended 30 September 2026; growth rates year-on-year. CC = constant currency; RC = reported currency. East Africa: Kenya , Malawi, Rwanda, Tanzania, Uganda and Zambia. (1) Airtel Money customer base divided by the active telco subscriber base in the relevant OpCos.
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15 Francophone Africa: Revenue Up 40.6% (RC) with Room to Grow Seven-Market Francophone Footprint… …Delivering Strong Growth… …with Significant Headroom for Growth Niger Chad DRC Gabon Congo B Seychelles Madagascar 29.0% Telco customer base penetration(1), +5.6pp $30bn Total processed value, +44.8% in reported (44.1% in constant) $94m / 43.9% EBITDA / EBITDA margin Revenue up 40.6% in RC(40.2% in CC), driven by a strong performance in the DRC: wallet services +50.1%, payments & transfers +38.3% and financial services +58.2% Customer base up 41.9% to 12.6m, driven by the increasing scale of the distribution network Penetration up 5.6pp to 29.0%, leaving significant headroom for growth TPV up 44.8% (RC) to $30bn; TPV per customer $433 (+3.0% CC) and ARPU $3.1 (+0.2% CC), as new customers build engagement EBITDA margin of 43.9% (H1’26: 49.7%), reflecting the intra-group agreement change (c.360 bps) and the DRC levy (c.220 bps) Notes: Half year ended 30 September 2026; growth rates year-on-year. CC = constant currency; RC = reported currency. Francophone Africa : Chad, DRC, Gabon, Madagascar, Niger, Republic of the Congo and the Seychelles. (1) Airtel Money customer base divided by the active telco subscriber base in the relevant OpCos. $215m Revenue, +40.6% in reported (+40.2% constant)
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16 Continued Strong Growth in Core Services; Retention Revenue Phases Out +$166m (+25.1%) constant currency growth+34.0% growth in reported currency H1’26 Wallet services Payments & transfers Financial services Other Currency translation H1’27 620 +88 +81 +12 (16) +45 830 36.7% RC 38.0% RC 55.9% RC (35.0%) RC 27.6% CC 29.4% CC 44.8% CC (40.7%) CC Currency translation of +$45m, mainly from Zambian kwacha appreciation Note: Other revenue declined by 40.7% (CC), reflecting the gradual phase-out of retention revenue from Airtel Africa under the revised intra-group agreements (IGA), by March 2027. $m. Product was changes in constant currency; currency translation reconciles to reported revenue. Figures may not sum due to rounding.
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17 Underlying EBITDA Up 26.4% (RC); Margin in Line with Guidance +$55m (+16.1%) constant currency growth+26.4% growth in reported currency H1’26 Underlying EBITDA Revenue growth Direct costs Opex increase Currency translation H1’27 Underlying EBITDA 315 +166 (76) (35) +28 398 Margin 50.8% Margin 48.0% Outlook: The first half margin reflects the greater concentration of the IGA impact in H1. As this effect moderates, we expect the margin to strengthen in H2, leaving us on track to deliver our full-year guidance Note: Of the 286bps margin decline, c.270 bps reflects the intra-group agreement (IGA) change, which had an incremental impact on EBITDA. The DRC levy took a further c.60 bps. $m. Revenue, direct cost and opex changes in constant currency; currency translation reconciles to reported underlying EBITDA. EBITDA = underlying EBITDA. RC = reported currency. IGA = intra-group agreements between the Airtel Africa mobile services and mobile money segments. Figures may not sum due to rounding.
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18 Underlying EBITDA of $398m Delivers $213m Net Profit to Owners Profit after tax: $228m (+21.6%)Net profit to owners: $213m (+21.1%) Underlying EBITDA D&A Exceptional items Finance cost Hyperinflation gain Profit before tax Tax Profit after tax Minority interest Net profit to owners 398 (19) (6) (18) +5 360 (132) 228 (15) 213 Margin 27.6% Margin 25.7% $m, reported currency. H1’27 = half year ended 30 September 2026. EBITDA = underlying EBITDA. Exceptional items: one -off IPO expenses. Finance cost::cash repatriation and FX conversion costs net of interest income (H1’26: net finance income of $6m); hyperinflation gain = net monetary gain relating to hyperinflationary accounting in Malawi. Figures may not sum due to rounding.
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19 Basic EPS Up 21.1% to 7.9 US cents, Driven by Operating Profit Basic EPS: 7.9 US cents +21.1% year-on-year H1’26 Basic EPS Operating profit Interest income Other finance cost Hyper- inflation Tax & others Minority interest H1’27 Basic EPS Exceptional items H1’27 EPS pre-EI 6.5 +2.6 +0.1 (1.0) +0.3 (0.5) (0.1) 7.9 +0.2 8.1 EPS before exceptional items 8.1 US cents +24.3% year-on-year; excludes one-off IPO expenses US cents, shown to one decimal. EPS = net profit attributable to owners divided by 2,700m shares. Hyperinflation = net monetary loss/(gain) relating to hyperinflationary accounting. Figures may not sum due to rounding.
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20 Highly Cash Generative: 48% of EBITDA Converted into FCF H1’27 Underlying EBITDA Cash capex Income tax (incl. dividend tax) Cash interest & other Minority dividend Change in working capital Free cash flow 398 (20) (156) (16) (13) (4) 189 Pre-tax cash conversion 94.9% Operating FCF as % of underlying EBITDA (H1’26: 94.4%) $m, reported currency. EBITDA = underlying EBITDA. Free cash flow = underlying EBITDA adjusted for changes in working capital (excluding mobile money wallet balances), income taxes paid, cash capex, other items (incl. interest and lease payments) and dividends paid to non-controlling interests. Figures may not sum due to rounding.
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Strategic and operational review
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22 Young, Under-Banked and Going Digital: A Long Growth Runway 6.5% US$ GDP CAGR, 2026–30E(1) vs 4.6% in developed markets(2) 18.6 Median age, 2024 vs 42.6 in developed markets(2) 36% Urban population, 2025 vs 78% in developed markets(2) Low banking penetration % of adults with a bank account, 2024(3) 97% 82% 78% 66% 50% 20–25% NAM APAC EU LatAm MENA Footprint ~4x upside to DM(2) Increasingly digital Smartphone penetration in Sub-Saharan Africa(4) 51% 81% 2023 2030E +30pp Large runway across footprint Mobile money TPV as % of GDP, 2025(5) 66% 231% SSA Kenya >3x Penetration of telco customer base(6) Sep’25 Sep’26 39.7% 47.3% 23.3% 42.9% 49.7% 29.0% Group East Africa Francophone Africa Source: Company information, World Bank, EIU and BMI Research (both as of April 2026), GSMA, BCG, QED Investors, Market Intelligence, CIA, ADL. Notes: (1) US$ nominal GDP; footprint weighted average based on FY26 revenues; last available year estimates assumed up to 2030E where not available. (2) Developed markets (DM) = average of North America (NAM) and EU (for bank accounts, NAM and Europe & Central Asia); median age in EU as of 2020 and NAM as of 2022. (3) World Bank Global Findex 2025: account at a bank or similar financial institution; APAC = East Asia & Pacific, EU = Europe & Central Asia; APAC, EU, LatAm and MENA exclude high-income economies; footprint excludes Seychelles (no data); Rwanda as of 2017. (4) GSMA; smartphones as % of mobile connections. (5) Based on 2025 GDP; SSA = Sub-Saharan Africa; Kenya = M-PESA (Safaricom) TPV for the year to March 2026. (6) Airtel Money customer base divided by the active telco subscriber base in OpCos where Airtel Money operates, as at 30 September. Significant long-term growth runway: a young, under-banked population, rising smartphone adoption and only 42.9% penetration of the telco customer base
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23 Six Clear Priorities to Build Africa’s Leading FinTech Platform 01Acquire Quality Customers Add engaged, multi-product active users 02 Drive App Usage and Customer Experience Digital-first journeys that lift engagement 03 Extend Distribution Network Last-mile reach via agents and kiosks 04 Accelerate Merchant Network Grow acceptance to speed the shift from cash 05Build Enterprise Payments Enterprise portal, vendor payments and payment links 06 Expand Product Ecosystem Lending, insurance, savings, wealth and cards Africa’s leading FinTech platform Enabled by our foundations Our People & Culture Risk & Compliance Core IT Stack
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24 Strategy in Action: Customers, App Usage and Distribution 01 Acquire Quality Customers 56.7m Customer base (monthly active users) ▲ +18.7% YoY 42.9% Penetration of telco customer base ▲ +3.2pp YoY • 75m+ untapped telco subscribers • Synergies with Telco • Targeted campaigns and referrals 02 Drive App Usage and Customer Experience 4.1m App-transacting customers ▲ +64.3% YoY +100% App transaction value growth ▲ H1’27 vs H1’26 • Higher ARPU from app users • Gamification and cashback rewards • Seamless digital onboarding 03 Extend Distribution Network 2.4m Active agents ▲ +26.3% YoY 43k Airtel Money branches and kiosks ▲ +3.6% YoY • Scale driving customer growth • In-person onboarding and support • Agents as brand ambassadors Note: Data as at or for the half year ended 30 September 2026; growth year -on-year. CC = constant currency. App -transacting customers accessed the Airtel Money section of the MyAirtel app and made a revenue -generating transaction in the last 30 days.
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25 Strategy in Action: Merchants, Enterprise and Ecosystem 04 Accelerate Merchant Network 587k Active merchants ▲ +85.5% YoY Omnichannel QR, merchant codes, app, POS and tap-and-pay 05 Build Enterprise Payments Enterprise portal Suite of new features being introduced Biller migration Accelerating for existing partners PORTAL ENHANCEMENTS • Vendor payments and payment links • Improved transaction reversals • User interface upgrades 06 Expand Product Ecosystem $39m Financial services revenue ▲ +44.8% CC 4.7% Share of revenue ▲ H1’26: 4.1% PRODUCT EXPANSION AREAS • Lending, insurance and savings • Wealth, cards and e-commerce • Merchant acquiring Note: Data as at or for the half year ended 30 September 2026; growth year -on-year. CC = constant currency. Merchant app Airtel Money QR Soundbox • Up from 317k a year ago • Global payment network partners • Capital cities and regions SCALING MERCHANT ACCEPTANCE
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26 Product Principles: Built for Speed, Security and Simplicity 01 Digital First Approach Build for best app experience 02 Customer Insight Led Solve problems vs change request delivery 03 Security by Design Fraud and compliance – never an afterthought 04 Simplicity at the Core Intuitive, no explanation needed 05 Transparency and Trust Honest pricing, privacy protected 06 Speed to Market Launch fast, learn fast, scale fast 07 Go to Market Excellence Every product communicated
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27 Multi-Year Shift in Mix Towards Payments and Financial Services Evolution of Revenue Mix Across Airtel Money’s Core Products FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 LTM Jun-26 Wallet Services Payments and Transfers Financial Services Other H1’27 H1’27 $m RC growth Mix Wallet Services Cash-in (deposits) and cash-out (withdrawals) 408 +36.7% 49.2% Payments & Transfers P2P, recharges, bills, merchant and bulk payments, collections and IMT 360 +38.0% 43.3% Financial Services B2W / W2B, lending, insurance, savings and wealth management 39 +55.9% 4.7% Other Retention revenue from mobile services, phased out by March 2027 23 (35.0%) 2.8% Notes: H1’27 = half year ended 30 September 2026. Growth year-on-year in reported currency (RC); mix = share of H1’27 reported revenue. Other revenue is retention revenue from mobile services, to be phased out by March 2027 as part of the intra- group agreement change.
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Conclusion
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29 Well Positioned for Sustainable, Profitable Growth Compelling growth runway Low financial inclusion across our 13-market footprint; 42.9% penetration of the telco customer base with over 75m telco subscribers still to reach Scaled, profitable and cash generative Revenue of $830m, +34.0% reported and +25.1% (CC); 48.0% underlying EBITDA margin and free cash flow of $189m (48% of EBITDA) in H1’27 Deepening ecosystem Fastest growth in payments & transfers (+29.4%) and financial services (+44.8%, CC); 587k active merchants (+85.5%) Disciplined execution Connecting more people and businesses to the formal financial system, and delivering for our shareholders in line with our guidance Outlook: guidance reiterated – FY’27 revenue growth of mid-20s% in constant currency, with the underlying EBITDA margin to moderate by up to c.2pp vs FY’26 and targeted to return to upward of 50% levels over the medium term
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30 Investor Relations Update Upcoming events • H1’27 results: 26 October 2026 • Q3’27 results: End of Jan 2027 • FY’27 results: May 2027 Investor conferences • Conference schedule tbc • Open to suggestions for conferences, roadshows and investor meetings Contact Investor Relations • Email: IR@airtelmoney.com • Mobile: +971 58 149 5382 • Website: www.airtelmoney.com Andreas Goldau, CFA Head of Investor Relations
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Q&A Thank you