#1Airtel Africa plc Results for half year ended 30 September 2022 27 October 2022 airtet#2airtel | Africa Disclaimer Important Information By reading this presentation you agree to be bound by the following conditions. The information contained in this presentation in relation to Airtel Africa plc ("Airtel Africa") and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to "Airtel Africa", "Group", "we", "us" and "our" when denoting opinion refer to Airtel Africa and its subsidiaries. Forward-looking statements This document contains certain forward-looking statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. It is believed that the expectations reflected in this document are reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this communication. Among the key factors that could cause actual results to differ materially from those projected in the forward- looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; changes in domestic or international tax laws and rates; adverse litigation and dispute outcomes and the effect of such outcomes on Airtel Africa's financial condition; changes or differences in domestic or international economic or political conditions; the ability to obtain price increases and the impact of price increases on consumer affordability thresholds; adverse decisions by domestic or international regulatory bodies; the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to maintain credit ratings; the ability to develop, produce or market new alternative products and to do so profitably; the ability to effectively implement strategic initiatives and actions taken to increase sales growth; the ability to enhance cash generation and pay dividends and changes in the market position, businesses, financial condition, results of operations or prospects of Airtel Africa. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements contained in this document reflect the knowledge and information available to Airtel Africa at the date of preparation of this document and Airtel Africa undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements. No statement in this communication is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa plc for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Africa plc. Financial data included in this document are presented in US dollars rounded to the nearest million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. The percentages included in the tables throughout the document are based on numbers calculated to the nearest $1,000 and therefore minor rounding differences may result in the tables. Growth metrics are provided on a constant currency basis unless otherwise stated. The Group has presented certain financial information on a constant currency basis. This is calculated by translating the results for the current financial year and prior financial year at a fixed 'constant currency' exchange rate, which is done to measure the organic performance of the Group. Growth rates for business and product segments are provided in constant currency as this better represents the underlying performance of the business. Audience The material in this presentation is provided for the purpose of giving information about Airtel Africa and its subsidiaries to investors only and is not intended for general consumers. Airtel Africa, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed. All numbers are reported currency numbers unless indicated differently. All figures are in USD ($) amounts, unless stated otherwise. The growth numbers are provided on constant currency basis unless stated differently. 2#3Delivering strategically, operationally, financially and sustainably 00 STRATEGIC OPERATIONAL $ FINANCIAL SUSTAINABILITY • Focussed investments to enhance network coverage and distribution Opex optimization through contract renegotiations and other initiatives • Customers base 134.7m, +9.7% • ARPU increased to $3.2, up 7.2% in constant currency Group revenue¹ growth accelerating to 18.5% in Q2'23, with 16.9% growth in H1'23 Resilient EBITDA¹ margin, up by 38bps to 48.9% • Spectrum acquisition in Kenya, DRC, Zambia, Tanzania and the Seychelles In June 2022, we launched mobile money services in Nigeria (Smartcash) 1: Growth rates and transaction value in constant currency • 88.9% of sites now on 4G • Inaugural sustainability report published in October '22 UNICEF partnership, with $57m funding Early repayment of $450m HoldCo bond in July 2022 (including in-kind contributions) Net-zero agenda with pathway to be announced in the current financial year Annualised mobile money transaction value increased to $86.1bn¹ in Q2'23 from $62.8bn Interim dividend declared of 2.18 cents per share, growing 9% • First sustainability-linked loan facility announced in August 2022 airtel | Africa 3#4Delivering against our objectives in H123 Mobile revenue Mobile money revenue Mobile revenue growth of 15.6% Voice and data growing across all regions Mobile money revenue growth of 29.5% EBITDA EBITDA margin increased by 38 bps to 48.9% Capex $310m for H1'23, trending in-line with guidance Leverage Improved to 1.3x from 1.5x Dividend Board has declared an interim dividend of 2.18 cents Note: Growth rates and EBITDA margin improvement in constant currency. airtel | Africa ✓ 4#5Financial Performance K 5 airtel | Africa#6Strong financial performance Revenue $2,565m H1’23 Q2'23 +16.9% EBITDA airtel | Africa $1,255m +17.8% Margin 48.9% 48.3% H1’22 $1,308m +18.5% YoY EPS (pre-exceptional) $641m +19.1% YoY Leverage¹ H1’23 6.8 cents (0.7) cents 1.3x 0.2x Q2'23 3.0 cents (1.3) cents 1.3x Improved by 0.2x Board has declared an interim dividend of 2.18 cents Notes: Growth rates and EBITDA margin expansion are in constant currency, unless otherwise stated. 1. Calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with banks) divided by the last 12 months EBITDA. 6#7airtel | Africa Double digit revenue growth across all regions continue (Mobile services + Mobile money) Contribution to Group revenue Customer base Revenue EBITDA 50.7% margin 46.3m $1,040m $527m 40.5% Nigeria³ 14.5% +19.7% +10.5% A strong performance despite voice barring for NIN non-compliant customers. 52.1% margin 61.4m $942m $491m Strong revenue growth East Africa³ 36.7% +8.0% +16.2% +20.1% across voice, data and mobile money 47.9% 26.9m Francophone Africa³ $587m $281m 22.9% +6.0% +13.0% +23.3% Notes: 1. All financial growth rates are presented in constant currency. 2. 3. Revenue contribution in reported currency (contribution will not add to 100% due to inter-segment eliminations). Performance across both mobile services and mobile money margin* Robust revenue growth supported by cost optimisation initiatives * H1'23 had one-time opex benefit of $19m in Francophone Africa. Normalised EBITDA margin was 44.7%. 7#8airtel | Africa Mobile services: Trends supported by sustained customer and ARPU growth Customer base (m) ARPU ($) 122.7 116.4 H1'21 H1'22 Revenue ($m) 2,076 1,689 H1'21 H1'22 Note: Growth rates are in constant currency unless otherwise stated. 9.7% 15.6% 134.7 2.51 2.87 5.9% 2.92 H1'23 H1'21 H1'22 H1'23 EBITDA ($m) and margin (%) 49.0% 49.0% EBITDA ($m) Omargin 45.2% 1,131 1,017 2,309 763 H1'23 H1'21 H1'22 H1'23 8#9airtel | Africa Mobile Money: Transaction value growth drives 29.5% revenue growth Customer base (m) Transaction value ($bn) 23.9 20.1 H1'21 H1'22 Revenue ($m) 181 H1'21 259 H1'22 Note: Growth rates are in constant currency unless otherwise stated. 24.0% 29.5% 29.7 30.5 20.7 31.7% 40.1 H1'23 H1'21 H1'22 H1'23 EBITDA ($m) and margin (%) EBITDA ($m) margin 49.6% 51.2% 50.4% 165 332 132 91 H1'23 H1'21 H1'22 H1'23 9#10Double digit revenue growth across voice, data $m 2,272 +12.9% reported currency growth ($293m) (87) +7.5% +17.9% +28.4% 160 135 airtel | Africa 77 77 8 2,565 +12.0% +22.1% +29.5% +16.9% constant currency growth ($380m) H1’22 Currency devaluation Voice Data Mobile money Others H1’23 Currency devaluation sensitivities for revenues: On a 12 months basis, • 1% currency devaluation across all currencies in our OpCos would have a negative impact of $47m on revenues. Our largest exposure is to the Nigerian naira where 1% devaluation would have a negative impact of $20m on revenues. and mobile money . 10 10#11EBITDA growth of 17.8%, with margin reaching 48.9% $m Margin 48.3% +14.3% reported currency growth ($157m) I 1,098 (37) H1’22 Currency devaluation 380 Margin 48.9% 1,255 (186) +17.8% constant currency growth ($194m) Revenue Currency devaluation sensitivities for EBITDA: On a 12 months basis Expenses incl. regulatory H1’23 • 1% currency devaluation across all currencies in our OpCos would have a negative impact of $28m on EBITDA. • Our largest exposure is to Nigerian naira where 1% devaluation would have a negative impact of $11m on EBITDA. Note: Expenses includes interconnect costs, airtel money commissions, regulatory charges and handset costs. airtel | Africa 11#12$ cents 7.5 4.3 airtel | Africa 0.5 6.8 (0.4) (4.3) 0.0 (0.8) (9.5%) 1 H1'22 EPS- Before El Currency devaluation Operating profit (CC) Derivatives and Forex gain/(loss) Finance Charges (excluding derivatives /Forex) Tax Others H1'23 EPS before El EPS before exceptional items impacted by forex losses • • • EPS before exceptional items was 6.8 cents (lower by 0.7 cents from 7.5 cents in the prior period) which was impacted by higher foreign exchange and derivative losses of $160m (impact of 4.3 cents). A 1% of currency devaluation across all currencies in our OpCos would have a negative impact of $23m on finance costs (excluding derivatives). Our largest exposure is to Nigerian naira where 1% devaluation would have a negative impact of $9m on finance costs (excluding derivatives). Notes: 1. Others includes a change in minority shareholder PAT and profit/(loss) on joint ventures. 12#13$m Cash generated from operations ($87m) 307 Normalised FCF H1'22 184 1 (98) 394 Investments for future growth ($195m) (85) (43.6%) airtel | Africa (81) 173 (29) (26) Cash from operations 1 Cash interest Income tax paid 2 Cash from operations post tax Cash capex Cash capex lease (Tangible) 3 (Intangible) 4 liabilities Non-controlling interests 5 Normalised FCF H1'23 Normalised Free cash flow impacted due to higher investments for future growth Normalized free cashflow is defined as cash from operations less cash interest, cash tax, lease repayments, capex (tangible & intangible) and payouts to non controlling interests in subsidiaries. However, it does not include one-off transaction impacts like significant acquisitions & disposals and other non operating transactions. Note: 1. Cash from operations is net cash generated from operations before taxes during the year, contributed by higher operating profit generated during the period. Income tax paid is higher by $98m due to higher tax payments on the increased profits and withholding tax on dividends by subsidiaries. 2. 3. Cash capex (tangible) is higher due to continued investment for future growth, as well as an increased spend related to the PSB launch in Nigeria. The higher spend is in-line with our capital expenditure guidance for the year. 4. Cash capex (intangible) is higher by $81m due to spectrum acquisition in DRC and Kenya. 5. Higher non-controlling interests was largely due to dividend payments to minority shareholders in AMC BV. 13#14airtel | Africa Reducing HoldCo debt and improved leverage ratio Cash upstream diversified across the regions Reduced group leverage ratio and increasing debt into OPCOS As of Sep 30, 2022 As of Sep 30, 2021 $m EBITDA $m EBITDA 29% 33% Foreign Currency: 1,189 0.5x 2,060 1.0x - Holdco 550 0.2x 1,540 0.7x - - OpCos* 639 0.3x 520 0.3x Local Currency: 802 0.3x 556 0.3x 38% ■Nigeria East Africa Francophone Africa Note: Over the last 12 months Reducing Holdco Debt - OpCos* 802 0.3x 556 0.3x Lease liabilities 1,947 0.8x 1,366 0.7x Total debt 3,939 1.6x 3,983 1.9x Cash and cash equivalents 661 0.3x 856 0.4x - Holdco 81 0.0x 243 0.1x - OpCos 580 0.2x 613 0.3x Total net debt 3,278 1.3x 3,127 1.5x Mar'19 Sep'22 *EURO loan in Gabon has been classified as a local currency loan since CFA is pegged to EURO ($2,146m) $1,232m 2,696 3,389 2,157 1,441 OpCo debt 939 Lease 1,947 liabilities • Net debt increase driven by increased lease liabilities. • OpCo market debt increased by 34% to over $1.4bn in-line with our strategy to push down debt to the Opco level The weighted average interest rate was 6.4% versus 5.5% in the prior period, due to increases in the base rate, increase in local currency OpCo debt and the repayment of HoldCo bond, which had lower rate. 550 1,218 Debt at HoldCo Debt at OpCos (Including lease liabilities) Notes: Leverage is calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with banks) divided by the last 12 months EBITDA. 14#15Our transparent and balanced capital allocation policy 2 1 Group capex (excluding spectrum) outlook of $700-750m p.a. in-line with our previous guidance 1 Efficient capital investments Sustainable capital structure 2 Return cash to shareholders 3 3 airtel | Africa Net debt / EBITDA of 1.3x Continued focus on strengthening the balance sheet Progressive dividend policy aims to grow the dividend annually by a mid-to-high single digit percentage. The Board has declared an interim dividend of 2.18 cents per share, reflecting a growth of 9% 15#16Notes: 1. 2. 3. Continuing to invest for future growth opportunities Capital expenditure in H1'23 ($310m) 9% 18% 16% ■Growth Capex - Coverage 1 ■Maintenance Capex 3 57% 2 ■Growth Capex - Capacity 1 Fiber Capex Growth Capex - Coverage includes new sites for additional population coverage, distribution expansion and Enterprise. Growth Capex - Capacity includes new sites and transmission for capacity enhancement and IT Capex. Maintenance Capex mainly includes core network and replacement capex. airtel | Africa Investing for future growth Total capital expenditure of $310m, up 26.9% 91% of capex investment is towards growth initiatives which is targeted to enhance network capacity, increase coverage and ensure reliable connectivity Increased data capacity by 38.2% to 19k Tb/day, with only 38.5% capacity utilization in the network (with peak-hour utilisation of 49.5%) 88.9% of sites upgraded to 4G Rolled out 8,500+km of fibre over the last year resulting in 68,500+km of total fibre deployment Spectrum acquisition in Kenya, DRC and the Seychelles with an investment of $82m. Additional spectrum acquired in Zambia and Tanzania post period-end for $89m 16#17Capital efficiency drives rising ROCE¹ 14.5% H1'21 896bps 390bps 19.6% H1'22 23.5% H1'23 Strong operational trends underpinned by efficient capital deployment across all markets ROCE continues on a positive trajectory reflecting strong management execution as well as continued traction in mobile money Rising returns key to driving long-term value creation for all stakeholders 1: Return on Capital Employed (ROCE): LTM EBIT / average capital employed (refer APM section of press release for detailed definition) airtel | Africa 17#18Strategic and operational update airtel | Africa 18#19• Operational backdrop Macroeconomic pressures Consumer spend impacted by inflationary pressures Operating performance Strong execution of our strategy Resilient sector and strong execution delivers strong revenue growth Inflationary challenges Rising energy costs a key driver of operating cost increase EBITDA margin improvement Opex optimization through contract renegotiations and other initiatives. airtel | Africa Currency volatility 4.0% average devaluation in H1'23, with 5.8% average devaluation in Q2'23 Resilient financial trends Strong constant, and double-digit reported currency revenue growth Strong execution in challenging environment FX liquidity and rising rates Limited availability of $, particularly in Nigeria Note: Average devaluation is the difference between constant currency and reported currency revenue growths. Upstreaming & Holdco debt reduction Strong upstreaming and de-risking of balance sheet 19#20Our growth strategy Accelerated by our commitment to Digitalisation airtel | Africa Win with people $v Win with cost Win with network Transforming lives $ Win with mobile money Win with distribution 目 Win with data Underpinned by our Sustainability strategy 20 20#21Strong growth across voice, data and mobile money services Contribution to Group revenue Customer base growth ARPU growth Revenue growth airtel | Africa Voice 47.8% +9.7% +2.7% +12.0% Strong revenue growth driven by customer and ARPU growth Data 33.7% +10.6% +8.7% +22.1% Mobile Money 12.9% Notes: 1. 2. +24.0% +7.2% +29.5% All financial growth rates are presented in constant currency. Revenue contribution in reported currency (contribution will not add to 100% due to other revenue and eliminations). Penetration and usage improvements, particularly in 4G, driving major growth Accelerating growth as offering gathers momentum 21 221#22Voice: coverage and distribution facilitates growth opportunity Unique SIM penetration highlights the opportunity Comparable usage across footprint very low (as at Dec 21)1 Voice usage per customer in mins² (per month) 89% 87% 77% 67% 602 54% 47% 338 298 274 176 airtel | Africa North America Europe LatAm Asia Africa Footprint Asia Europe LatAm Africa Footprint Investment into coverage and distribution Young and growing population Increased network coverage to 78.9% Significant scope for penetration growth 79,000+ exclusive distribution channels 271,500+ customer activating outlets 9.7% growth in customer base mm Initiatives to drive future growth Low and increasing voice usage Segmented offers 4 Top-up / recharge Bundled offerings Loyalty through weekly and monthly bundles 16.1% voice traffic growth (1) Unique subscriber estimates based on WCIS data while population estimates for unique user % is from UN (2) Footprint benchmarking data is for 14 countries of Airtel operation. Voice usage per customer from WCIS (for Q3'21 excluding footprint). For footprint, it is for Q2'23. 22#23Robust growth in voice revenues across all regions Customer base growth ARPU growth Revenue growth Nigeria +14.5% (0.1%) +11.9% East Africa +8.0% +6.5% +13.6% Francophone Africa +6.0% +0.5% +10.3% Notes: 1. All financial growth rates are presented in constant currency. airtel | Africa Despite NIN registration requirements in Nigeria, constant currency voice revenue growth was in double digit, accelerating to 13.1% in Q2'23. In the East African region, voice revenues grew 13.6% in constant currency and 10.8% in reported currency as voice usage per customer increased by 11.3% over the period. Francophone voice revenue growth in H1'23 of 10.3% in constant currency benefitted from accelerating trends in Q2'23. 23#24Data: Network investment and affordable offerings to drive demand 4G penetration of total data customers H1'23 H1'22 H1'21 31.1% 39.7% 45.2% 5.6pp 14.1pp Network investment remains a priority Modernised network - 97.6% of sites on single RAN 38.2% increase in data capacity Deployed >4,900+ additional 4G sites 38.5% average network utilisation 88.9% of sites on 4G 26.2% increase in 4G customers (1) Data usage per customer is from https://www.statista.com/ (2) Footprint data for Airtel Africa as at Q2'23. airtel | Africa Data usage remains low in a global context Data usage per customer in GB¹ (per month) 11.8 11.5 9.3 5.8 4.5 2.2 (2) North America Asia Europe LatAm Sub-Saharan Africa Footprint Innovation to capture latent demand Substantial opportunity Customised offerings for data usage growth Investment into exclusive channels Enterprise opportunity Transparent N 44.8% data traffic growth affordable bundles 24#25Data revenue growth: All regions report accelerating growth Customer base growth ARPU growth Revenue growth Nigeria +13.5% +9.1% +26.7% East Africa +10.5% +9.5% +20.3% Francophone Africa +4.2% +5.4% +14.7% Notes: 1. All financial growth rates are presented in constant currency. airtel | Africa Significant investment into Nigerian 4G network with nearly all sites (99%) able to deliver 4G. 20.3% growth in 4G customers and 53.6% growth in 4G usage per customer drove an acceleration in data revenue growth to 28.6% in Q2'23. Almost 88% of our sites in East Africa are now on 4G. The number of customers on 4G increased 32.4% with data usage per customer at 6.9GB/month in Q2'23. Data revenue growth accelerated to 24.4% in Q2'23. Our data revenues in the Francophone region increased 15.1% in Q2'23 as we accelerated our 4G deployment with 68.5% of total sites on 4G. 4G data customers increased 27.7% in Q2'23. 25#26airtel | Africa Mobile money: driving financial inclusion and developing the ecosystem $ Safety Core focus to drive future uptake Ease and convenience 0€ Deposit and withdrawals Group *excluding Nigeria 29.1%* *** ** Assured availability float and cash Trust that it works Money transfers Developing ecosystem of financial services Bill/merchant payments Bulk transfers - gov't to public (G2P) and B2C Bank to wallet & wallet to bank International money transfer Top-up/recharge Micro loans and savings Bringing banking to the unbanked - improving subscriber penetration Moderately penetrated markets Low penetrated markets Highly penetrated markets 65.4% 67.0% 60.4% 61.4% 60.8% 33.4%* 56.3% 58.1% 50.7% 43.3% 44.2% 36.6% 38.1% 24.6% 19.9% 18.8% ,21.0% 13.2% 16.6% 19.5% 22.0% 0.7% 1.5% H1'22 H1'23 Gabon Uganda Zambia Malawi Tanzania Congo B Rwanda Madagascar DRC Others 26#27airtel | Africa $ Mobile money: a diversified business, with rapidly evolving ecosystem financial services User activities and revenue contribution Users as % of AM customers Revenue contribution % Cash out 10% 74% 70% payment solutions Mobile re-charges 12% P2P services 9% 54% 42% Bill pay and merchant services mobile wallet 13% Others Cash Out Note: Revenue contribution is for H1'23 in constant currency. Mobile re-charges P2P services Partner ecosystem w WorldRemit Mukürü TM Ecobank Western Union \\WU more than money transfers The Pan African Bank MoneyGram. money transfer mastercard. 27% Bill pay and merchant services Standard Chartered 27#28Mobile money: customer usage continues to gain traction Annualised transaction value ($bn) Mobile money revenue growth Q2'23 Q2'22 63 86 Note: In constant currency Developing the ecosystem $ Increasing services on offer 자자 ☆ * ** ** 37.0% H1'23 H1'22 Reported currency 259 332 28.4% 29.5% Constant currency airtel | Africa Shift to digital drives higher revenues Higher contributions from cash and merchant transactions Additional 3,600+ Airtel Money branches Shift in consumer behaviour towards digital Expansion of our agents and merchant ecosystem Focus on reliability of the platform 7.2% increase in constant currency ARPU 24.0% increase in active customers 28#29Key Nigeria stats and facts • Country population¹ of 211m • Unbanked adult population² of 55% Airtel Nigeria customer base of 46.3m PSB launch during H1'23 Primary focus on building assurance and credibility with both customers and agents Targeted exclusive agent network rollout to ensure reliability in service offerings and float Exclusive agent network reaches 31,600+ NIGERIA Nigerian PSB: Significant opportunity, steady progress Build trust and win with confidence Trust/perception as well as the availability of services were the most cited reasons for not adopting financial services according to a recent survey² Confidentiality and integrity of data at the core of our PSB offering Invest in technology platforms and systems ahead of revenue Data sources: (1) Population figures sourced from World Bank data 2021 estimate (2) EFINA Access to Financial Services in Nigeria 2020 Survey' airtel | Africa 29#30OUR GOALS AND COMMITMENTS AMBITIONS SDGs PILLAR Our sustainability ambitions and goals Our people Our community Our business 8 DECENT WORK AND ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE M Increase digital inclusion through network expansion and reliability Diversity and inclusion 5 EQUALITY GENDER 8 ECONOMIC GROWTH DECENT WORK AND 4 QUALITY EDUCATION 5 GENDER EQUALITY 10 INEQUALITIES REDUCED Drive digital and financial inclusion and access to education Equality and rewarding employment opportunities Our environment RESPONSIBLE 12 CONSUMPTION AND PRODUCTION Address and minimise impact of our operations on the environment Data security Industry-leading data security Service quality Resilient and reliable service quality Supply chain Enhanced supplier due diligence and ongoing ESG compliance People commitments Equality in our workforce Best practice training and development Highest standards of health and safety Highest levels of employee engagement Digital inclusion Increased digital Inclusion Financial inclusion Increased financial inclusion in Africa with a focus of women Access to education >1m children educated by 2027 GHG reduction Net zero ahead of 2050 Environmental stewardship Eliminate hazardous waste Reduce non-hazardous waste Minimise water consumption 30 airtel | Africa#31Our sustainability progress Our business Sustainability strategy launched October 2021 First Sustainability Report published October 2022 2022 SUSTAINABILITY HIGHLIGHTS Our people Our community Our environment airtel | Africa Top ranking on data quality index and speed quality in 5 markets 'Women in Tech' initiative to accelerate female career development Landmark UNICEF partnership aimed at delivering learning to 1m African children Publication of verified baseline Scope 1, 2 and 3 emissions across 14 markets Secured ISO 27001/22301 for all 14 Opco's Membership of Joint Audit Cooperation, and signing of UN Global Compact's Africa Business Leaders Climate statement Vendor ESG survey to align sustainability strategy 28% female representation across 14 OpCos as of September 2022 Internal engagement and programme ownership by staff (e.g. World Water Day) 81% positive staff engagement score, 2pp increase on prior year UNICEF partnership kicked off with free access to zero-rated educational content 69.1% of rural population can now access our network. Up from 67.1% in prior year 35.1% smartphone penetration, up from 33.6% a year ago Development of carbon reduction principles with specific initiatives identified Pathway to Net Zero progress continues, with finalisation expected in FY23 550kg of e-waste collected and recycled during World Environment Day 31#32airtel | Africa Summary and outlook • • Continued execution in-line with our strategy Strong financial performance with double digit reported currency revenue growth despite FX volatility Resilient margin performance despite inflationary headwinds Sustained network investment to support future growth opportunities, in-line with our capital allocation framework Continued initiatives to de-risk the balance sheet with a $450m HoldCo debt prepayment Published our first Sustainability report highlighting our successes to date and goals for the future Our focus on future opportunities Focussed execution to retain our strong operating track record. Continued investment to ensure best in class network quality and availability Maintain focus on Nigerian PSB opportunity to further support our vision for transforming lives Leverage our key infrastructure assets (fibre, data centres) to unlock value through revenue generating initiatives Continue to de-risk balance sheet These results continue to demonstrate the effectiveness of our strategy, sound execution and resilience of our business despite the uncertain macro-economic environment. For the remainder of the financial year, we anticipate sustained growth in the business, alongside EBITDA margin resilience 32#33Thank you THIS WAY OF Q&A airtel | Africa#34Appendix airtel | Africa 34#35EBITDA $527m +19.7% YoY +10.5% YoY airtel | Africa EBITDA margin Customer base¹ 50.7% 46.3m (422) bps YoY 14.5% YoY Nigeria: Strong performance, and returned to net Revenue grew 19.7% driven by both voice and data (revenue in reported currency revenue grew by 16.1%). Voice revenue grew 11.9% driven by customer base growth of 14.5% while ARPU was flat due to OG barring for NIN non-compliant customers. Data revenue grew 26.7% driven by data ARPU growth of 9.1%. Increase in data ARPU was contributed by increase in data usage per customer by 24.1% and continued expansion of 4G network (almost 99% sites are now on 4G). EBITDA margin of 50.7%, a drop of 422 basis points due to rising fuel prices and increased inflation. NIN-SIM update: Outgoing voice revenues for those active subscribers who have not yet linked their NIN with their SIM amount to around 6.8% of total revenues from Nigeria (3% of group revenue). Revenue $1,040m customer growth ARPU $3.8 +6.8% YoY 1. Notes: Growth in constant currency unless otherwise stated. Customer base as at 30 September 2022. 35#36EBITDA $491m airtel | Africa +16.2% YoY +20.1% YoY EBITDA margin Customer base¹ 52.1% 168 bps YoY 61.4m Rwanda 8.0% YoY East Africa: 16.2% revenue growth, with broad-based strong performance Revenue grew 16.2% driven by driven by all the key services; voice, data and mobile money. (revenue in reported currency grew by 14.5%). Voice revenue grew 13.6% driven by customer base growth of 8.0% and voice ARPU growth of 6.5% led by increase in voice usage per customer. Data revenue grew 20.3% driven by data ARPU growth of 9.5% and data customer base increase of 10.5% as a result of expansion of our 4G network and smart product offerings. Mobile Money revenue grew 31.5% driven by both customer base growth of 23.7% and ARPU growth of 9.1%. EBITDA margin was 52.1%, an increase of 168 basis points through revenue growth and cost efficiencies. Revenue $942m Malavi ARPU $2.7 +9.0% YoY Notes: Growth in constant currency unless otherwise stated.. Customer base as at 30 September 2022. 1. 36#37airtel | Africa Francophone Africa: Encouraging growth across all metrics Revenue grew by 13.0% in constant currency while reported currency growth was 4.9%. Gap in reported and constant currency growth was largely on account of CFA devaluation. Constant currency growth driven by all the key services; voice, data and mobile money. Voice revenue grew 10.3% driven by customer base growth of 6.0%. Voice ARPU growth was only 0.5% due to changes to local interconnect rates in Niger and Congo B. Data revenue grew 14.7% largely driven by customer base growth of 4.2% supported by data ARPU growth of 5.4%. Mobile money revenue grew 23.6% driven by customer base growth of 22.9% and mobile money ARPU growth of 1.9%. EBITDA margin was 47.9%, an improvement of 397 basis points. Revenue $587m +13.0% YoY EBITDA $281m +23.3% YoY EBITDA margin¹ Customer base² 47.9% 26.9m Ga 397 bps YoY Congo B 6.0% YoY DRC Seychelles ARPU $3.7 +3.0% YoY Madagascar Notes: Growth in constant currency unless otherwise stated. 1. 2. H1'23 had one-time opex benefit of $19m in Francophone Africa. Normalized EBITDA margin was 44.3%. Customer base as at 30 September 2022.#38Growth by service segment waterfalls Voice revenue ($m) Data revenue ($m) 102 32 1,226 89 88 1,140 (49) 733 +12.0% constant currency growth airtel | Africa 71 864 (29) +22.1% constant currency growth H1'22 Voice Revenue Customer base Increase ARPU Increase Currency devaluation impact H1'23 Voice Revenue H1'22 Data Revenue Customer base Increase ARPU Increase Currency devaluation impact H1'23 Data Revenue Mobile money revenue ($m) 54 259 23 332 (3) +29.5% constant currency growth H1'22 AM Revenue Customer base Increase ARPU Increase Currency devaluation H1'23 impact AM Revenue 38#39THNK $m 1,255 40 40 (169) 1,126 (288) airtel | Africa (393) (88) 173 (142) (43) Normalised free cash flow generation impacted by higher investments for future growth. H1'23 EBITDA Others Cash interest Cash from operations Income tax paid Cash capex (Tangible) Cash capex (Intangible) lease liabilities Non-controlling interests Normalised FCF H1'23 Normalized free cashflow is defined as cash from operations less cash interest, cash tax, lease repayments, capex (tangible & intangible) and payouts to non controlling interests in subsidiaries. However, it does not include one-off transaction impacts like significant acquisitions & disposals and other non operating transactions. 39#40Effective tax rate Description Unit of measure Half-year ended Half-year ended 30 September 2022 Profit before Income tax taxation expense 516 186 % 36.0% taxation 30 September 2021 Tax rate Profit before Income tax expense Tax rate % 567 232 41.0% airtel | Africa Reported effective tax rate $m Adjusted for: Exceptional Items $m 0 42 (4) Foreign exchange rate movement for non-DTA operating companies & holding companies $m 47 24 One-off adjustment and tax on permanent differences $m 5 (3) (12) (7) Effective tax rate (ETR) $m 568 224 39.4% 575 225 39.2% 40 40#41Finance cost & forex airtel | Africa Description H1'23 H1'22 Change • $m $m $m Interest on gross debt and other financial liabilities 164 154 10 Interest income (11) (9) (2) Net Interest Cost 152 145 7 Other Finance Charges 21 (0) 21 Finance Charges (Excluding derivative and FOREX) Derivative and FOREX (gain)/loss (Excluding exceptional Items) Total Finance Charges 173 145 29 184 24 160 358 169 189 Currency devaluation sensitivities for finance costs: On a 12 months basis, 1% currency devaluation across all currencies in our OpCos would have a negative impact of $23m on finance costs (excluding derivatives). Our largest exposure is to Nigerian Naira where 1% devaluation would have a negative impact of $9m on finance costs (excluding derivatives). Total finance charges were higher by $189m, mainly due to: • Net interest costs were higher by $7m due to: Interest cost increased by $10m contributed by higher interest on lease liabilities, partially offset by lower interest costs due to a reduction in market debt and higher interest income. Other finance charges were higher by $21m, due to bond pre-payment charges and reversal of interest on WHT on IUC provision in Tanzania in prior period. Derivatives and forex losses were higher by $160m, as a result of a $31m derivative loss, a Nigerian naira devaluation impact of $30m, a CFA (Central African franc) devaluation impact of $45m and the balance by the devaluation in the Malawian kwacha, Ugandan shilling & Kenyan shilling. 41#42Currency effects - historical trends Historical Trends CAGR Currency Sep 2017 Sep 2019 Sep 2022 3-year 5-year NGN 306.0 362.1 436.8 6.5% 7.4% UGX 3,605.4 3,685.0 3,855.0 1.5% 1.3% TZS 2,244.2 2,299.0 2,330.0 0.4% 0.8% ZMK 9.7 13.2 15.8 6.2% 10.4% MWK 723.8 732.6 1,026.4 11.9% 7.2% KES 103.2 103.9 120.7 5.1% 3.2% RWF 833.0 923.3 1,058.6 4.7% 4.9% CFA 555.0 599.2 670.8 3.8% 3.9% MGA 3,031.3 3,762.5 4,232.5 4.0% 6.9% SCR 13.8 13.7 14.6 2.1% 1.1% Note: based on closing exchange rate airtel | Africa 42