Slides
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HY27 INVESTOR PRESENTATION 5TH NOVEMBER 2026
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3 Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentations may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in the Company. The presentation also contains certain non-GAAP financial information. The Group’s management believes these measures provide valuable additional information in understanding the performance of the Company’s businesses because they provide measures used by the company to assess performance. Although these measures are important in the management of the business, they should not be viewed as replacements for, but rather as complementary to, the comparable GAAP measures. All growth rates quoted are year-on year and refer to the period ended 30 September 2026 compared to the period ended 30 September 2025, unless stated otherwise. Statements contained herein that contain projections or are forward looking and that relate to, among other things, the strategies, outlook, future events and performance guidance of Safaricom PLC, are not guarantees of the Company’s future operating or financial results and involve certain unforeseeable risks and assumptions. Safaricom PLC undertakes no obligation to publicly update or revise any statements or information unless to the extent required by law. Safaricom, M-PESA and Safaricom/M-PESA logos are trademarks of Safaricom PLC. Other products and company names mentioned herein may be the trademarks of their respective owners.
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Peter Ndegwa, Group CEO Business Overview, Purpose & Strategy Update
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5 Agenda 01 02 04 Our Purpose HY27 Group Financial Performance Conclusion & H2 FY27 Priorities05 Strategy Overview & Highlights 03 HY27 Operating Review Kenya & Ethiopia
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01. Our Purpose
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7 Transitioned our sustainability disclosure framework to a double materiality approach Sustainability| Launched 15th Sustainable Business Report 1Read more in 2026 Sustainable Business Report on our website. Assurance is still ongoing as of the date of this announcement. KShs 1.237Trn Net value created for Kenyan society Carbon Disclosure Project (CDP) Score of A B+ Overall impact grade across all 17 UN SDGs 1.4Mn Job-years supported across the economy +9% Increase in total value created Key Impact Highlights from the FY26 Report1 Adopted a globally recognized impact valuation methodology on measuring Impact Governing the responsible use of artificial intelligence, and safeguarding confidence in the digital ecosystem Rooted in Impact, Connecting the Future
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8 Our Purpose | Transforming Lives Our Foundations Impact 1.5Mn lives impacted in HY27 Foundation Pillars Education Environmental Conservation and Livelihoods Health Economic Empowerment Key Programs Delivering Impact through the Foundations Uzazi Salama saving lives of mothers & newborns Medical camps increasing health care access Environmental Conservation & Access to Water Citizens of the Future program building better schools & power up digital learning
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9 DISCOVERING AND AMPLIFYING TALENT BUILDING FUTURE -READY CAPABILITY Chapa Dimba A national football platform creating pathways for young talent • 3,178 participating teams • 42+ players progressed • 4.8/5 community impact score Capture the Good A creator platform making positive community change more visible • 6,000+ creators • 1,500+ stories told • 90 upskilled PACE - Safaricom AI Program An internal programme building AI-first Safaricom • 524 AI champions • 10 clusters • Applied use cases Safaricom DE{CO}DE A platform connecting young people to practical digital skills • 15,000 reached • 4 editions • 10Mn+ on livestream Our Brand Assets | Turning Purpose into Progress by Supporting Passions and Creating What’s Next PACE • People • AI • Capability • Excellence
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10 PLANET PEOPLE GOVERNANCE Group ESG Update| Reaching More People While Strengthening How We Operate Platforms Partnerships SMEs YouthGrowth Areas Our Key Principles Purpose before profit Reputation before revenue SDGs as a Framework Our Purpose Pillars Powering growth with a lower-carbon footprint Network decarbonisation Scaling solar and renewable energy while reducing diesel dependency Nature and circularity Advancing tree planting, responsible recovery and waste circularity Measure what matters Strengthen Scope 3, water and operational carbon monitoring. Expanding access, skills and inclusion Community investment Investing in education, health, financial inclusion and humanitarian support Digital inclusion Extending skills, accessibility and opportunity to underserved communities Partnership-led delivery Use Foundations and partners to broaden reach and execution capability Embedding responsible and trusted growth Stronger ESG governance Advancing materiality, reporting and human-rights oversight Responsible operations Strengthening road safety, supplier controls and labour practices Local accountability Embed Ethiopia’s Environmental and Social Action Plan requirements KENYA 230 suppliers ESG capability ETHIOPIA COP32 PMO established KENYA 1.53Mn people reached through Foundations ETHIOPIA 1.4k Community beneficiaries ETHIOPIA 98.8% Renewable Energy Network KENYA 3.2Mn trees planted cumulatively
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02. Strategy Overview & Highlights
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12 Vision 2030 | Becoming Africa’s Leading Purpose-led Technology Company by 2030
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13 FY27 Priorities | H1 Progress on Delivering Against Our Commitments Build a converged Fintech ecosystem Converged payments, savings, credit, insurance and merchant solutions into one integrated fintech ecosystem Deepen customer value through segmentation & convergence Increased customer value through segmentation and convergence Build Foundation for an AI-First Organisation Launched the PACE programme to move AI from learning into practical business application Transform customer experience Sustained strong experience through proactive, personalised care Deepen trust and social impact Expanded societal impact through our Foundations while advancing shared value Deliver EBITDA break-even in Ethiopia Built stronger scale and momentum towards sustainability
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14 Customer Experience Making every customer interaction simpler and more seamless LIVE SOLUTIONS Agentic Zuri, intelligent digital journeys and AI-enabled fraud protection 16Mn Conversations Served Enhancing Customer Value Give customers better value and enhancing financial inclusion LIVE SOLUTIONS Real-time recommendations, micro-segmentation and personalised offers 17.7Mn Monthly Customers Reached Driving Productivity & Impact Faster execution, better decisions and AI for good LIVE SOLUTIONS Agentic workflows, network planning and AI for Good 20+ Agentic Systems Live AI as a Foundation for TechCo | Building Enterprise Capability and Delivering Measurable Business Value The Enterprise Foundation Enabling AI at Scale Platforms & infrastructure • Scalable data and AI platforms • GPU and cloud capability • 72 models in production People & capability • PACE continuous learning • 1,500+ learning journeys • 524 AI champions Responsible AI & governance • AI and data governance frameworks and teams in place • Observability and security platform implemented Continuous delivery • >1,500 personalized AI learning journeys ongoing • 524 core AI champions under the PACE programme
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03. HY27 Operating Review (a) Safaricom Kenya
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16 Kenya Operating Environment | Resilient Growth and Stable FX, with Inflation and Affordability Pressures Rising Tailwinds • Real GDP growth strengthened to 5.1% in Q2 2026 • Kenya shilling remained broadly stable against the US dollar • Lower interest-rate environment supporting a gradual recovery in credit • Foreign-exchange reserves remain adequate Headwinds • Fiscal constraints and public-debt requirements remain key watchpoints • External energy-price and geopolitical risks remain elevated • Elections in 2027 • Anticipated El Niño rains Source; Central Bank Kenya (CBK) Source; CBK Inflation Rate (%) within CBK Targets 5%+/-2.5% KES remains stable against the USD; Euro Volatility PersistsGDP Growth Remains Resilient (%) Tailwinds • Stable spectrum regime • New MTR guidance Headwinds • Emerging policy uncertainty (Non-Terrestrial Networks Regulation) • Intensifying competition across connectivity, fixed, payments and digital platforms • Proposed payment-infrastructure changes and evolving fintech regulation Tailwinds • Easing interest rates are gradually improving financing conditions • Stable USD/KES supports imported-product and investment planning • Continued economic growth supports underlying demand Headwinds • High inflation and fuel prices • Sustained pressure on disposal incomes • Tax & levies affecting disposable incomes Macro Tailwinds & Headwinds Resilient growth, with inflationary and fiscal pressures Regulatory & Industry Greater planning visibility, with competition evolving Customer Insights Improving liquidity, but affordability remains constrained 4.9 4.9 4.0 5.3 5.1 2Q25 3Q25 4Q25 1Q26 2Q26 4.6 4.5 4.4 6.4 6.8 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 129.2 129.0 129.9 129.5 129.8 151.7 151.4 148.8 147.5 147.2 Sept-25 Dec-25 Mar-26 Jun-26 Sept-26 USD/KES EUR/KES Source; Kenya National Bureau of Statistics
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17 Consumer Business | Driving Growth Through Relevance, Affordability and Deeper Engagement Segment-led propositions Serving customers around distinct needs • Tailored propositions by customer value, usage and affordability • Strengthened customer engagement across inactive and multi-SIM segments • Cluster level execution to stimulate customer engagement and network utilisation +12% Active Data Customers +7% 40.2Mn Connectivity Customers Hyper-Personalisation Using customer insights to deepen engagement • More value through the PataMore portfolio refresh • Content-led use cases across sports, movies and gaming • Bundle migration and call-completion solutions to keep customers connected +17.7% 15.2Mn Giga Customers +19% Voice Traffic Expanding Digital Access & Customer Care Improving access to the network, devices and customer care • Expanded affordable device access through financing and open-market partnerships • Broadened access to education, sports and entertainment content • Digitised customer care in dealer and franchise shops, including biometric SIM swap 34Mn+ 4G+ Devices +127% 9.3Mn Content Customers MORE CUSTOMERS CONNECTED → DEEPER USAGE → STRONGER CUSTOMER ENGAGEMENT
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18 Financial Services | Protecting the Core while Scaling New Financial Services Growth Engines Delivering More Customer Value • Implemented targeted Lipa na M-PESA and Pochi pricing changes • Strengthened customer privacy through data minimisation for short codes • Deployed the Safaricom Insurtech platform Powering the Merchant Ecosystem • Converged payments, savings and credit within Pochi Home • Expanded payment acceptance through Scan-to-Pay QR, Tap-to-Pay and POS integrations • Enhanced merchant transaction and reconciliation capabilities Credit for All • Consumer credit limit enhancement through refreshed AI enabled credit scoring • Launched Pochi Overdraft to 1Mn+ qualifying micro-merchant • Diversifying lending partnerships to deepen funding capacity and broaden credit access, ~81% Free Merchant Transactions ~4.5Mn Merchants ~17.5Mn Active Credit Customers Strengthened customer value, choice & trust One platform for payments, business and financial services Scaling credit responsibly ~63% Of consumer Transactions are Zero Rated WHAT THIS BUILDS Sustaining Core Relevance With solutions that meet the needs of individuals and merchants Merchant services Wealth Insurance Digital commerce
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19 A scalable, intelligent and interoperable platform connecting payments, commerce and broader financial services. Fintech 2.0 | Powering M-PESA’s Next Phase of Growth With Innovative Solutions Shared wallets Launched Shiriki Pay, enabling shared M-PESA wallets for groups to contribute, manage and use funds together Enhanced Payment Enablement Enabling merchants to accept M-PESA payments through QR, Tap-to-Pay and integrated POS solutions Enhancing M-PESA Platform Security Strengthened customer privacy through data minimisation across M-PESA-linked financial institution short codes 2.8Mn Shiriki Pay Opt-ins 100k Merchant QR Codes Deployed Extended to C2B M-PESA Short Codes Data Minimization
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20 A unified digital experience bringing connectivity, financial services, commerce and personalised value into one app. Simple to use today, with intelligence built in to make every interaction more relevant over time. Evolving through embedded intelligence and partner services My OneApp | One House of Value 7.3Mn App Downloads 0.8Bn Volume of Transactions KShs 2.0Trn Value Transacted via My OneApp ~1.0Mn Ziidi Trader Opt-ins OneApp House of Value One access point Connectivity • eSIM • Account management • Zuri Financial Services • Tap To Pay • AI Pay • Split Bill • Save • Invest • Credit • Insurance Commerce • Shop And Pay • Mini-apps • Cross-business Bundling Value • Rewards engine • loyalty • Personalised “For You” offers
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21 Enterprise Protecting the core while scaling technology services Public Sector Digitising high-impact services through reusable platforms • Deepening customer value across our core Enterprise portfolio while protecting the connectivity base; GSM, Fixed Data, M-PESA & Wholesale, with enhanced digital services access. • Building new growth engines through technology services and platforms ; Cloud, SDWAN, Cybersecurity, AI, IoT, Managed services, in partnership with hyperscalers • Shift from standalone products to converged, segment-led solutions: ; MYSACCO, MYCOUNTY, VMS+ Fixed, UCAS& CCAS • Accelerating Universal Health Coverage through technology Scale emergency response, secure health-data exchange and flexible health financing. • Building reusable digital infrastructure Apply payments, wallets, APIs and platform capabilities across public services. • Developing Digital Platforms for Economic Empowerment Agri tech (Fertilizer, Livestock Vaccine E-subsidy), Youth & MSME Empowerment +23.6% 95k Enterprise Customers +32.8% 2.4Mn IoT Customers +30Mn Citizens on Universal Health Coverage Program 1.6Mn Digital Wallet Beneficiaries 6.3Mn Farmer Beneficiaries Enterprise Business & Public Sector | Scaling Digital Solutions *UCAS- Unified Communication As a Service & CCAS -Contact Center As a Service VMS - Video Management System & SDWAN - Software-Defined Wide Area Network
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22 Fixed Broadband | Expanding Access, Deepening Household Value Accelerating rollout and penetration Expanding early and converting the footprint faster • Accelerated fibre rollout • Stronger field execution, supported by ~1,200 active sales agents • Targeted acquisition across existing and newly passed homes Broadening connectivity through fibre and 5G FWA Using the right technology to expand access efficiently • Continued FTTH expansion in high-potential areas • Accelerating 5G FWA beyond the immediate fibre footprint • Democratize access through affordable housing and tokenised Wi-Fi Building a converged home proposition Moving beyond connectivity to greater household value • Combining fixed and mobile connectivity in one proposition • Increasing speeds at existing price points and improving bundled value • Strengthening in-home experience, online safety and smart-living solutions ~900k Homes Passed ~474k Fibre Connections +44% YoY FWA Customers ~51% Penetration against occupancy for Affordable Ready-Houses ~50 Journey NPS Launched Fixed-Mobile Convergence EXPANDED FOOTPRINT FASTER CUSTOMER ACQUISITION DEEPER HOUSEHOLD VALUE
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03. HY27 Operating Review (b) Safaricom Ethiopia
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24 Tailwinds • Reference Infrastructure Sharing Offer implemented • Dividend repatriation moved to banks Headwinds • Delayed implementation of cost-based retail pricing • M-PESA interoperability and telecom-agnostic access remain unresolved Tailwinds • Strong economic growth outlook; 10.2% in 2025/2026 • Moderate Birr depreciation • Narrower parallel-market FX premium and improved market functioning Headwinds • Increased Inflation; 14.9% in Sep 2026 • Exposure to external energy and geopolitical shocks • Anticipated El Niño rains Macro-Economic Environment Resilience as Reforms Shape the Market Regulatory/Industry Industry Risks & Opportunities Political/Security Broadly Stable Environment, with localized risks Ethiopia Operating Environment | Strong Growth Momentum, with Inflation and Regulatory Execution Remaining Key Watchpoints Source; NBE, Bloomberg & IMF Source; Commercial Bank of Ethiopia (CBE) / National Bank of Ethiopia (NBE) USD/ETB EUR/ETB Source; Ethiopian Statistical Service Tailwinds • Elections concluded peacefully • New Government appointed Headwinds • Higher food, fuel and transport costs affecting affordability • Renewed conflict in Tigray, with localised tensions across Amhara and Oromia 6.3 6.4 7.2 8.1 9.2 2021 2022 2023 2024 2025 GDP Growth Sustains (%) 13.2 9.7 9.4 13.9 14.9 Sept-25 Dec-25 Mar-26 Jun-26 Sept-26 Rebound in Inflation Rate (%) 146.4 154.9 156.7 160.1 163.4 172.4 183.2 181.0 181.1 185.6 Sept-25 Dec-25 Mar-26 Jun-26 Sept-26 EUR & USD- ETB FX Rates Continues to depreciate
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25 Connectivity Growing customers, usage and returns from the network M-PESA & Merchants Building a payments ecosystem Converted airtime retailers into an active M-PESA distribution base Enabled bank- and wallet-agnostic payments through universal QR Fixed & Enterprise Expanded FTTH, FTTB and 5G fixed wireless access in Addis Ababa Safaricom Ethiopia | Scaling Connectivity, Expanding Payments and Unlocking New Growth Platforms 15.4Mn 3-month Active Customers +38.4% ~60% Population Coverage 49k QR Codes Distributed 101k One-month Active Merchants 1.2k Enterprise Customers Scaled personalised offers, digital recharge and AI-enabled onboarding Prioritised coverage and 4G capacity in high-demand areas Launched fixed connectivity through fibre partnerships and 5G FWA Used infrastructure partnerships to accelerate coverage and capital efficiency MORE CUSTOMERS MORE USAGE & PAYMENTS BETTER NETWORK UTILISATION NEW GROWTH PLATFORMS
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04. HY27 Group Performance Highlight
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27 • Scale merchant ecosystem~4.5Mn+ base • Tariff changes driving more value • Launched Ziidi Sharia, QR Codes for Merchants, Tap to Pay, Shared wallets, Fuliza ya Pochi Financial Services HY27 | Strategy Execution Highlights • Held customer market share • Acceleration of 4G+ devices and usage • Robust growth and healthy fundamentals supported by segmentation Consumer Business • Accelerated fibre-rollout • Scaling through FWA • Progress towards low-cost solutions - tokenized WiFi, and affordable housing partnership Fixed Broadband • AI- moving from foundation to execution • Hyper-personalisation and segmentation • Chapa Dimba & Capture the Good- brand assets turning potential to progress Enablers • Network expansion - 4G coverage at ~68% • Data led growth; voice gaining scale • Industry-led regulatory interventions progressing well • Pathway towards EBITDA positive becoming clearer Ethiopia • Delivering Value to Enterprises through ICT solutions • Strategic Connectivity Partnerships- Meta, AWS, Google • New capabilities in digital public infrastructure for health, agriculture and tax Enterprise & Public Sector
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28 Safaricom Ethiopia Service Revenue KShs 216.0Bn +11.3% KShs 10.6Bn +71.6% EBITDA KShs 128.9Bn +13.3% KShs (0.4)Bn EBIT KShs 101.8Bn +13.7% KShs (11.4)Bn Net Income KShs 66.3Bn +13.8% KShs (8.8)Bn* +96.5% +53.4% +43.2% HY27 Performance | Solid Group Performance Driven by Sustained Kenya Growth and Improved Ethiopia Profitability *Net Income excluding Minority Interest Safaricom Group KShs 226.1Bn +13.1% KShs 129.2Bn +27.5% KShs 91.1Bn +39.8% KShs 58.2Bn* +35.9% Safaricom Kenya
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Dilip Pal Group Chief Finance and Innovation Officer Group Financial Performance
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Kenya Performance
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31 Customers | Expanding Customer Base Across All Key Business Segments One-month Active Customers (Mn) H1 FY26 H1 FY27 YoY Growth M-PESA (Mn) Fixed Service ('000’) Connectivity (Mn) 37.9 42.3 +11.6% 37.5 40.2 +7.1% 432.4 569.9 +31.8% One-month active Overall Customers 40.6Mn +7.1% YoY One-month active customer ARPU KShs 890.12 +3.9% YoY 90-Day Overall Customers 63.6Mn +18.9% YoY
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32 Service Revenue | Broad-Based Growth Delivers Double-digit Growth in Service Revenue Contribution to Service Revenue Profile (KShs Bn) KShs 100.1Bn ▲ +13.6% YoY 46.3% of SR KShs 103.4Bn ▲ +7.7% YoY 47.9% of SR KShs 12.5Bn ▲ +25.5% YoY 5.8% of SR H1 FY26 KShs 88.1Bn ▲ +14.0%, 45.4% KShs 96.0Bn ▲ +5.1% 49.5% KShs 10.0Bn ▲ +11.6% YoY 5.1% H1 FY27 M-PESA Connectivity Fixed service and IoT 194.0 206.8 216.0 9.3% 10.7% 11.3% H1 FY26 H2 FY26 H1 FY27 Service Revenue (KShs Bn) 46.3% 47.9% 5.8% HY27 KShs 216.0Bn +11.3% YoY 12.0 7.4 2.5 216.0 194.0 H1 FY26 M-PESA Connectivity Business Fixed Service & IoT H1 FY27 +11.3% YoY Contribution to Growth (%) 54.7% 33.7% 11.6% Contribution to Service Revenue Growth (KShs Bn)
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33 M-PESA | Robust Revenue Growth Driven by Payments and Financial Services 38.7 45.6 50.9 3.5% 18.7% 31.5% H1 FY26 H2 FY26 H1 FY27 Chargeable Txns per One Month active customers Chargeable txns per one-month active customers YoY Growth (%) 88.1 5.0 4.0 2.5 0.6 -0.1 100.1 H1 FY26 Consumer Payments Business Payments Financial Services Global Payments Withdrawals H1 FY27 Contribution to M-PESA Revenue (KShs Bn) Contribution to Growth (%) 65.0 18.5 4.6 71.0 18.3 5.4 74.6 18.4 7.1 Payments Withdrawals Financial Services M-PESA Revenue (KShs Bn) H1 FY26 H2 FY26 H1 FY27 -0.5% +55.3% +14.7% 40.8Bn +14.0% YoY 31.0Bn +14.7% YoY 7.1Bn +55.3% YoY 2.8Bn +26.6% YoY 18.4Bn -0.5% YoY 88.1 94.7 100.1 H1 FY26 H2 FY26 H1 FY27 M-PESA Revenue (KShs Bn) +14.0% YoY +12.8% YoY +13.6% YoY
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34 M-PESA | Transaction Growth Accelerates, Driven by Financial Services 5.5 (27.4%) 6.1 (25.8%) 14.7 (72.6%) 17.5 (74.2%) H1 FY26 H1 FY27 M-PESA Value (KShs Trn) 23.6 20.2 Chargeable Non- Chargeable +16.6% YoY +19.0% YoY +10.1% YoY 13.2 (60.3%) 14.5 (53.0%) 8.7 (39.7%) 12.9 (47.0%) H1 FY26 H1 FY27 M-PESA Volume (Bn) 27.4 21.9 Chargeable Non- Chargeable +25.2% YoY +48.2% YoY +10.1% YoY Contribution to Growth (%) 21.9 5.5 0.1 27.4 H1 FY26 Diversified Growth Areas* Traditional Business** H1 FY27 15.1Bn +56.4% YoY 12.3Bn +0.5% YoY 15.1 (55.2%) 12.3 (44.8) 12.2 (55.8%) 9.7 (44.2%) 21.9 *Diversified growth areas – Business payments, Global payments and Financial services **Traditional business – Consumer payments, Deposits and Withdrawals Contribution to M-PESA Volume (Bn)
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35 M-PESA | Scaling the Merchant Ecosystem and Deepening Penetration of Digital Payments *Total is a sum of Lipa na M-PESA & Pochi Value KShs 1.5Trn +28.6% YoY Volume 4.7Bn +52.6% YoY Revenue KShs 8.1Bn +34.6% YoY 2.4 1.7 0.4 4.5 H1 FY26 Pochi Lipa na M-PESA H1 FY27 Merchants (Mn) 3.2Mn, +115.3% 1.3Mn, +46.7% +90.3% YoY Total* for Merchants 3.9 (55.2%) 5.6 (62.7%) 3.2 (44.8%) 3.3 (37.3%) H1 FY26 H1 FY27 Business Payments Volumes (Bn) 7.1 9.0 Chargeable Non- Chargeable +25.8% YoY +4.9% YoY +42.8% YoY 2.3 (76.0%) 3.8 (80.6%) 0.7 (24.0%) 0.9 (19.4%) H1 FY26 H1 FY27 Merchants Volume (Bn) 3.1 4.7 Chargeable Non- Chargeable +52.6% YoY +23.6% YoY +61.8% YoY
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36 M-PESA | Expanding Financial Access Through Affordable Credit, Wealth & Insurance *Money Market Fund (MMF) **Assets Under Management (AUM) Credit Wealth & Insurance Value (KShs Trn) MMF Customers (Mn)* AUM (KShs Bn)** +69.7% YoY +69.5% YoY 15.1 21.0 25.6 H1 FY26 H2 FY26 H1 FY27 +115.1% YoY +402.9% YoY 1.3 2.2 3.4 H1 FY26 H2 FY26 H1 FY27 +250.1% YoY +885.8% YoY 0.8 1.0 1.3 H1 FY26 H2 FY26 H1 FY27 +45.9% YoY+30.9% YoY 9.5 18.0 17.5 H1 FY26 H2 FY26 H1 FY27 +117.0% YoY +15.4% YoY Customers (Mn) +83.8% YoY Active Ziidi Trader Customers 40.7k Insurance Policies Issued 67.5k +852.2% YoY Merchant OD Customers 61.6k, +41.0% YoY Credit Revenue KShs 7.0Bn +54.4% YoY +156.5% YoY
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37 Connectivity | Mobile Data Leads Growth as Voice Remains Resilient *Others – Voice Incoming, Visitor, Content and Airtime Credit (Okoa Jahazi) 96.0 4.9 2.5 0.5 -0.5 103.4 H1 FY26 Mobile Data Voice Others* Messaging H1 FY27 Contribution to Connectivity Revenue (KShs Bn) 43.8%, Mobile Data, KShs 45.2Bn, +12.2% YoY 40.8%, Voice, KShs 42.2Bn, +6.2% YoY 4.8%, Messaging, KShs 5.0Bn, -8.6% YoY 10.6%, Others*, KShs 10.9Bn, +4.6% YoY HY27 KShs 103.4Bn +7.7% YoY Contribution to Connectivity Revenue Contribution to Growth (%) 96.0 101.5 103.4 H1 FY26 H2 FY26 H1 FY27 Connectivity Business Revenue (KShs Bn) +7.7% YoY+8.1% YoY +5.1% YoY
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38 Mobile Data & Voice | Affordability-Led Usage Growth Supports Growth Across Data and Voice *4G+ devices is the total of 4G and 5G devices Mobile Data Voice H1 FY26 H1 FY27 YoY Growth (%) Usage per User (GBs) 4.9 5.3 +9.4% Customers Using >1GB (Mn) 12.9 15.2 +17.7% Rate Per MB (Cents) 5.6 5.0 -10.8% 4G+ Devices (Mn) 25.7 34.3 +33.5% One-month active chargeable customers 27.9Mn +11.6% YoY One-month active customers 31.4Mn +4.1% YoY 40.3 43.0 45.2 H1 FY26 H2 FY26 H1 FY27 Mobile Data Revenue (KShs Bn) +12.2% YoY +15.3% YoY +13.4% YoY 39.7 42.1 42.2 H1 FY26 H2 FY26 H1 FY27 Voice Revenue (KShs Bn) +6.2% YoY+4.6% YoY -2.1% YoY 207.2 215.8 231.81.03 1.00 0.94 H1 FY26 H2 FY26 H1 FY27 Usage Per Sub & Rate Minutes of Use per Sub Rate per Minute -9.5% +11.9%
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39 Fixed Service & IoT | Strong Double-Digit Growth as Fibre and FWA Connectivity Scale IoT Customers 2.4Mn +32.8% YoY (+594.1k) ICT Customers 1.4k +8.0% YoY (+103) Homes Passed 907.6k +13.6% YoY (+121k) 10.0 10.7 12.5 H1 FY26 H2 FY26 H1 FY27 Fixed Service & IoT Revenue (KShs Bn) +11.6% YoY +17.6% YoY +25.5% YoY Fixed Customers Split ('000’) 355.2 474.4 77.2 95.4 H1 FY26 H1 FY27 Consumer Enterprise 321.6 410.5 110.8 159.4 H1 FY26 H1 FY27 Fibre FWA 569.9 432.4 +27.7% +43.8% +33.6% +23.6% 569.9 432.4 +31.8% +31.8% 41.3%, FTTH, KShs 5.2Bn, +19.9% YoY 39.5%, FTTB, KShs 4.9Bn, +17.3% YoY 7.3%, Wholesale, KShs 0.9Bn, +34.4% YoY 5.3%, IoT, KShs 0.7Bn, +17.1% YoY 6.6%, Public sector, KShs 0.8Bn, +331.8% YoY Fixed Service & IoT Revenue HY27 KShs 12.5Bn +25.5% YoY
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40 Costs | Disciplined Cost Management Supports Margin Resilience Amid Inflationary Pressure Opex Intensity 17.0% -0.5ppts YoY Operating Expenses (KShs Bn) 34.7 39.9 38.0 H1 FY26 H2 FY26 H1 FY27 Interest Costs (KShs Bn) 3.9 3.4 3.1 H1 FY26 H2 FY26 H1 FY27 -19.3% YoY -41.5% YoY -36.7% YoY +9.3% YoY +8.9% YoY +10.4% YoY 47.6 50.3 53.5 H1 FY26 H2 FY26 H1 FY27 Direct Costs (KShs Bn) *Normalised growth -0.3% YoY +3.7% YoY +3.8%* YoY Direct Costs (KShs Bn)
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41 Kenya Financial KPIs | Sustained Margin Expansion Supports Value Creation *Net Debt to EBITDA ratio includes lease liabilities & license payables HY23 HY25 HY27 EBITDA Margin 52.2% 55.1% 57.7% EBIT Margin 38.1% 42.4% 45.6% OPEX Intensity 16.3% 16.9% 17.0% CAPEX Intensity 11.8% 16.5% 15.8% Net Debt to EBITDA* 0.53 0.44 0.50
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42 Kenya | Solid Performance Supported by Double-Digit Growth Across Key Metrics H1 FY27 (KShs Bn) H1 FY26 (KShs Bn) YoY % Growth Service Revenue 216.0 194.0 11.3% EBITDA 128.9 113.8 13.3% EBIT 101.8 89.5 13.7% Net Income 66.3 58.2 13.8% Operating Free Cash Flow 85.3 71.3 19.6%
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Safaricom Ethiopia Performance
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44 Customers | Expanding Customer Base Supports Growth Across Key Products 15.4Mn +38.4% YoY 90-Day Active Customers (Mn) H1 FY26 H1 FY27 YoY Growth Mobile Data 8.9 12.1 +37.0% 12.2Mn +43.4% YoY M-PESA 3.4 5.2 +54.6% Voice 9.6 12.6 +31.5% 90-Day Overall Customers 30-Day Overall Customers 149.63, +38.6% 187.95, +35.6%ARPU (ETB) ARPU (ETB)
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45 Service Revenue | Strong Revenue Momentum Led by Mobile Data Contribution to Service Revenue Profile (KShs Bn) *Others – M-PESA, Messaging, Content and Visitor Revenue 6.2 7.9 10.6 H1 FY26 H2 FY26 H1 FY27 Service Revenue (KShs Bn) +66.1% YoY +49.4% YoY +71.6% YoY 74.0%, Mobile Data, KShs 7.9Bn, +90.2% YoY 15.6%, Voice, KShs 1.7Bn, +20.9% YoY 3.4%, Mobile Incoming, KShs 0.4Bn, +11.3% YoY 1.8%, Fixed Service & IoT, KShs 0.2Bn, +109.7% YoY 5.2%, Others*, KShs 0.6Bn, +102.9% YoY H1 FY27 KShs 10.6Bn +71.6% YoY Contribution to Growth (%) 138.59 162.3 188.0 H1 FY26 H2 FY26 H1 FY27 30-Day ARPU +35.6% 6.5 5.4 0.6 0.4 0.1 0.1 13.1 H1 FY26 Mobile Data Voice Others* Mobile Incoming Fixed Service & IoT H1 FY27 Contribution to Service Revenue (ETB Bn) +102.1% YoY
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46 Mobile Data & Voice Revenue|Higher Usage Drives Strong Revenue Growth Mobile Data (ETB) Voice (ETB) 4.3 6.5 9.7 H1 FY26 H2 FY26 H1 FY27 Mobile Data Revenue (ETB Bn) +124.3% YoY +93.8% YoY +138.8% YoY 1.4 2.0 2.0 H1 FY26 H2 FY26 H1 FY27 Voice Revenue (ETB Bn) +42.0% YoY+145.8% YoY +408.9% YoY 24.9 28.6 29.6 H1 FY26 H2 FY26 H1 FY27 Rate per Minute (Cents) 18.6 21.1 24.4 H1 FY26 H2 FY26 H1 FY27 Rate per GB +18.9% +31.3% Average GBs Per User 7.7GB +14.8% YoY ARPU 188.4 +50.9% YoY Minutes of Use per Sub 127.3 -12.7% YoY ARPU 37.7 +4.0% YoY
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47 As at USD Mn 30 September 2026 31 March 2026 Equity 2,368 2,285 Local currency debt 163 126 Foreign currency debt 311 238 Total funding 2,842 2,649 Deferred vendor payables 40 89 Safaricom PLC’s Funding contribution 1,265 1,223 Debt to Equity (%) 20.0% 15.9% Ethiopia Funding | Diversified Funding Mix Supporting Scale, Resilience and Reduced Reliance on Equity
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48 Ethiopia | Strong Growth Momentum with Material Reduction in Losses H1 FY27 (KShs Bn) H2 FY26 (KShs Bn) H1 FY26 (KShs Bn) YoY % Growth Service Revenue 10.6 7.9 6.2 71.6% EBITDA (0.4) (2.8) (12.6) 96.5% EBIT (11.4) (13.4) (24.3) 53.4% Net Income excl Minority Interest (8.8) (9.7) (15.5) 43.2% Operating Free Cash Flow (10.9) (19.6) (24.5) 55.8%
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Safaricom Group Performance
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50 Capex | Group Capex Moderates, Ethiopia Capex Declines as We Maximise Network Utilisation CAPEX Intensity Kenya Ethiopia Group 15.8% 44.9% 17.3% 17.2% 149.1% 21.3% 9.5 9.2 5.0 34.2 21.6 35.3 43.7 30.8 40.3 H1 FY26 H2 FY26 H1 FY27 Group CAPEX Evolution (KShs Bn) Ethiopia Kenya Group 94.3%, Network Capex, KShs 4.7Bn, -45.1% YoY 0.6%, Other Capex, KShs 0.03Bn, -94.9% YoY 5.2%, IT Capex Additions, KShs 0.3Bn, -35.4% YoY Ethiopia Capex Split KShs 5.0Bn -47.2% YoY HY27 HY26 68.9%, Network Capex, KShs 24.3Bn, +4.4% YoY 29.5%, IT Capex, KShs 10.4Bn, +0.2% YoY 1.6%, Operations, KShs 0.6Bn, +11.1% YoY HY27 Capex Split - Kenya KShs 35.3Bn +3.3% YoY
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51 Group Net Debt | Higher Long-Term Borrowings Strengthen the Debt Maturity Profile Kenya Group KShs Bn H1 FY27 H1 FY26 Abs YoY H1 FY27 H1 FY26 Abs YoY Net debt (129.9) (86.7) (43.2) (193.4) (140.9) (52.5) Total borrowings (76.5) (74.1) (2.4) (139.1) (117.1) (22.0) Long-term borrowings 49.7% 32.4% +17.3% 67.2% 52.3% +14.8% Net debt / EBITDA ratio 0.50 0.38 0.12 0.75 0.69 0.05 Net debt / EBITDA, excl. leases 0.32 0.25 0.07 0.49 0.43 0.06
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52 HY27 Group Performance *Average ETB/KShs exchange rate is at 0.8088 Safaricom Kenya numbers includes Kenyan subsidiaries. Safaricom Group is net of intercompany eliminations Safaricom Kenya (KShs Mn) Safaricom Ethiopia (KShs Mn) Safaricom Plc Group (KShs Mn) Safaricom Kenya % YoY Safaricom Ethiopia % YoY Safaricom Group % YoY Group % YoY Constant Currency Service Revenue 215,962.9 10,615.9 226,062.9 11.3% 71.6% 13.1% 13.6% Total Revenue 223,380.6 11,163.3 233,683.2 12.5% 74.2% 14.2% 14.7% Direct Costs (53,460.5) (4,604.6) (57,549.2) 12.4% 32.4% 13.3% 14.5% Contribution Margin 166,925.5 6,459.5 173,721.6 12.4% 124.7% 14.7% 15.0% Operating costs (37,987.8) (6,894.0) (44,536.9) 9.3% (55.2%) (11.1%) (6.9%) Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 128,937.7 (434.4) 129,184.7 13.3% 96.5% 27.5% 25.9% Depreciation, impairment & amortisation (27,124.7) (10,918.8) (38,043.4) 11.7% (7.3%) 5.5% 9.0% Earnings before Interest and Tax (EBIT) 101,813.0 (11,353.3) 91,141.3 13.7% 53.3% 39.8% 33.6% Profit/ (loss) after tax excluding Minority Interest 66,270.7 (8,798.1) 58,154.2 13.8% 43.2% 35.9% 30.0% Capex 35,262.1 5,011.0 40,273.0 3.2% (47.2%) (7.8%) (7.8%)
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53 Group | Sustained Growth Momentum with Strong Profitability H1 FY27 (KShs Bn) H1 FY26 (KShs Bn) YoY Growth Service Revenue 226.1 199.9 13.1% EBITDA 129.2 101.3 27.5% EBITDA Margin 55.3% 49.5% 5.8ppt EBIT 91.1 65.2 39.8% Net Income excl Minority Interest 58.2 42.8 35.9% Operating Free Cash Flow 74.5 46.8 59.1%
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05. Conclusion & H2 FY27 Outlook
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55 In Summary | Strong Performance in HY27 • Broad-based growth strengthened revenue, margins and cash generation • Strategy execution on track • Leveraging AI and the Fintech 2.0 platform to expand and support future Growth • Safaricom Ethiopia contribution to Group continues to grow, 17.9% to Group Service Revenue growth • Strong performance in H1 sets the pace for attaining FY27 guidance • Purpose continues to anchor responsible, long-term value creation • Strong customer and data momentum is drove growth and narrowed losses • Network at scale while sustaining strong data usage • Disciplined execution clarified the path to profitability GroupEthiopia Kenya
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56 H2 FY27 FOCUS | Strategic Focus Areas CONSUMER • Democratize access to care • Drive 4G+ device usage • Grow converged Fixed & mobile solutions • Digital and content growth FINANCIAL SERVICES • Scale merchant tools & solutions • Scale AI-first OneApp • Scale credit, savings & insurance • Expand cross-border payments • Deliver integrated loyalty ENTERPRISE & PUBLIC SECTOR • Enterprise growth beyond connectivity • Scale SD-WAN & managed services • Scalable public sector digital platforms DEMOCRATIZE AI • Strengthen AI capabilities through PACE program • Scale AI use cases • Lift productivity TRUST & RESILIENCE • Trusted brand • Resilient, always-on network • Safe & secure platforms ETHIOPIA • Reach EBITDA break-even • Sustain commercial momentum • Accelerate M-PESA usage
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57 FY27 Guidance Retained | Safaricom Kenya, Ethiopia & Group Kenya Ethiopia Group EBIT 195 - 199Bn (15) - (12)Bn 180 - 187Bn FY26 Actual 182.3Bn (30.1)Bn 153.9Bn Capex 58 - 61Bn 6 - 9Bn 64 - 70Bn FY26 Actual 55.8Bn 18.7Bn 74.5Bn
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Thank You!
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59 Registrars Image Registrars Limited 5th Floor, Absa Plaza, Loita Street P.O. Box 928-00100, Nairobi Telephone: +254 709 170 000 Email; Info@image.co.ke Website: www.image.co.ke Investor Relations Safaricom House, Waiyaki Way, Westlands P.O. Box 66827-00800, Nairobi Telephone: +254 722 00 6218/4233/4746 Email: investorrelations@safaricom.co.ke Website: www.safaricom.co.ke/investor-relations Upcoming Updates Investor Forum: February 2027 FY27 Results: May 2027 AGM: July 2027 Visit our website for more information https://www.safaricom.co.ke Auditors Ernst & Young Kenya Re Towers, Off Ragati Road P.O. Box 44286-00100, Nairobi Telephone: +254 20 2886000 Corporate Information