#1Airtel Africa plc Results for year ended 31 March 2022 11 May 2022 ତ airtel#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#3A year of strong growth, margin improvement and cash generation. Delivering... Financially Strategically Operationally Sustainably ...creating value for all stakeholders airtel | Africa 3#4airtel | Africa • FINANCIAL Underlying Group revenue¹ growth of 23.3% (FY'21: 19.4%) Underlying EBITDA¹ growth of 31.2% (FY'21: 25.2%) EPS (before exceptional items) growth of 96.0% (FY'21: 12.8%) • $1.4bn HoldCo bond repayments in transition of debt to OpCos. Leverage now 1.3x from 2.0x • STRATEGIC Nigeria PSB and Super Agent licences • $550m investments into mobile money • Airtel Nigeria minority buyout • Tower sales in Tanzania, Madagascar and • Malawi (total gross proceeds of $284m) Spectrum in Kenya and Malawi Highlights OPERATIONAL • Customers base 128.4m, +8.7% • Mobile data customer base 46.7m, +15.2% • Mobile money customer base 26.2m, +20.7% • ARPU up to $3.2, from $2.8 in prior year • 87.6% of sites now on 4G • Mobile money transaction values $64.4bn (FY'21: $46.0bn) • • SUSTAINABILITY Sustainability strategy launched October 2021 UNICEF partnership, with $57m funding (including in-kind contributions) Net-zero agenda with pathway to be announced in next few months First sustainability report to be published in Q3 Note: Growth rates are in constant currency. 1 Underlying revenue and EBITDA excludes a one-time exceptional revenue of $20m relating to a settlement in Niger in the prior year. 4#5Delivering against our objectives Mobile revenue Mobile money revenue Underlying EBITDA Mobile revenue growth of 22.0% Voice and data growing across all regions Mobile money revenue growth of 34.9% Underlying EBITDA margin increased by 296 bps to 49.0% Capex Leverage Dividend $656m for FY'22, in line with guidance Improved to 1.3x from 2.0x Board has recommended a final dividend of 3 cents, making a total dividend of 5 cents for the year Note: Growth rates and EBITDA margin improvement in constant currency. airtel | Africa ✓ > 5#6Financial Performance airtel Africa 6#7Strong set of financial results FY'22 Q4'22 Underlying revenue¹ $4,714m +23.3% Underlying EBITDA¹ airtel | Africa Margin 49.0% $2,311m +31.2% $1,222m +19.1% YoY EPS (pre-exceptional) $608m +23.7% YoY Leverage² 16.0 cents FY'22 +7.8 cents 4.6 cents Q4'22 +1.4 cents 1.3x (0.7x) 1.3x (0.7x) 46.1% FY'21 Board has recommended a final dividend of 3 cents Notes: Growth rates and underlying EBITDA margin expansion are in constant currency, unless otherwise stated. 1. Underlying revenue and EBITDA excludes a one-time exceptional revenue of $20m relating to a settlement in Niger in the prior year. 2. Calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with banks) divided by the last 12 months underlying EBITDA. 7#8airtel | Africa Strong results across our regions Contribution to Group revenue Customer base Revenue Underlying EBITDA 55.2% margin 44.4m $1,878m $1,037m 39.8% Nigeria 5.8% +27.7% +30.4% A strong performance despite SIM registration requirements 49.4% margin 57.2m $1,717m $848m Our fastest growing East Africa 36.4% +7.8% +22.7% +31.6% underlying EBITDA region 41.0% Francophone Africa 26.8m $1,131m $464m margin 24.0% Our fastest growing region by customer base +15.9% +17.2% +27.7% Notes: 1. 2. All financial growth rates are presented in constant currency. Revenue contribution in reported currency (contribution will not add to 100% due to inter-segment eliminations). 8#9Strong growth across voice, data and mobile money services Contribution to Group revenue Customer base growth ARPU growth Revenue growth airtel | Africa Voice 50.0% +8.7% 8.0% +15.4% Strong revenue growth driven by customer and ARPU growth Data 32.3% +15.2% +18.6% +34.6% Mobile Money 11.7% Notes: +20.7% Penetration and usage improvements, particularly in 4G, driving major growth Continued strong growth +12.2% +34.9% 1. All financial growth rates are presented in constant currency. 2. Revenue contribution in reported currency (contribution will not add to 100% due to other revenue and eliminations). 9#10Double digit revenue growth across voice, data and mobile money $m +21.3% reported currency growth ($826m) +13.2% +31.8% +37.9% airtel | Africa 138 42 4,714 390 314 3,888 (58) +15.4% +34.6% +34.9% +23.3% constant currency growth ($884m) FY'21 Currency devaluation Voice Data Mobile money Others FY'22 Currency devaluation sensitivities for revenues: On a 12 months basis, • • 1% of currency devaluation across all currencies in our OpCos would have a negative impact of $43m on revenues. Our largest exposure is to the Nigerian naira where 1% devaluation would have a negative impact of $18m on revenues. 10 10#11$m Margin 46.1% +29.0% reported currency growth ($519m) 1,792 (26) 884 airtel | Africa Margin 49.0% 2,311 (338) (1) Underlying EBITDA growth of 31.2%, with margin reaching 49.0% +31.2% constant currency growth ($545m) Expenses incl. regulatory Other income FY'22 FY'21 Currency devaluation Revenue Currency devaluation sensitivities for EBITDA and finance costs: On a 12 months basis, 1% of currency devaluation across all currencies in our OpCos would have a negative impact of $26m on underlying EBITDA, and a negative impact of $21m on finance costs. Our largest exposure is to Nigerian naira where 1% devaluation would have a negative impact of $11m on underlying EBITDA, and a negative impact of $7m on finance costs. Note: Expenses includes interconnect costs, airtel money commissions, regulatory charges and handset costs. 11#12Mobile Money: strong KPI Customer base (m) Transaction value ($bn) 21.7 18.3 FY'20 20.7% 26.2 FY'21 FY'22 Revenue ($m) 401 311 FY'20 FY'21 34.9% Note: Growth rates are in constant currency unless otherwise stated. 553 46.0 31.6 FY'20 FY'21 37.0% 64.4 Underlying EBITDA ($m) and margin (%) FY'22 Underlying EBITDA 48.2% Margin 48.7% 48.7% 270 195 150 FY'22 FY'20 FY'21 FY'22 airtel | Africa 12#13THNK $m 232 Normalised FCF FY'21 443 (98) (72) 248 +168% airtel | Africa (49) (43) 622 (39) Cash from operations 1 Income tax paid Cash capex (Tangible) 2 Cash capex (Intangible)3 Cash interest lease liabilities 4 Non-controlling interests 5 Normalised FCF FY'22 Strong normalised free cash flow generation, up 168% 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 year. 2. Cash capex (tangible) is higher due to Covid related logistical challenges experienced in the prior year. 3. Cash capex (intangible) is lower due to one time license renewals in Nigeria and Uganda in the prior year. 4. Higher lease liabilities repayment is largely due to an increase in the number of sites leased during the year. 5. Higher non-controlling interests was due largely to increased profits and a special dividend in one of the Group subsidiaries. 13#14Our transparent and balanced capital allocation policy 2 1 Group capex (excluding spectrum) outlook of $700-750m pa Efficient capital investments Sustainable capital structure 2 1 Return cash to shareholders 3 airtel | Africa Net debt / underlying EBITDA of 1.3x Continued focus on strengthening the balance sheet 3 Progressive dividend policy aims to grow the dividend annually by a mid- to high-single digit percentage from base of 5 cents per share for FY'22. Interim dividend of 2 cents. The Board has recommended a final dividend of 3 cents, taking total dividend to 5 cents for the year 14#15airtel | Africa Strengthening the balance sheet De-leveraging Net debt and leverage As of March 31, 2022 As of March 31, 2021 3.0x $m Underlying EBITDA $m Underlying EBITDA 2.1x 2.0x Foreign Currency: 1,657 0.7x 2,870 1.6x 1.3x - Holdco 1,000 0.4x 2,388 1.3x - OpCos 657 0.3x 482 0.3x Local Currency: 604 0.3x 452 0.3x - OpCos 604 0.3x 452 0.3x Lease liabilities 1,660 0.7x 1,277 0.7x FY'19 FY'20 FY'21 FY'22 Total debt 3,921 1.7x 4,599 2.6x Cash and cash equivalents 980 0.4x 1,069 0.6x Localising debt into OpCos - Holdco 291 0.1x 715 0.4x - OpCos 689 0.3x 355 0.2x Total net debt 2,941 1.3x 3,530 2.0x ($1,696m) FY'19 FY'22 $764m • Net debt is now $2.9bn, from $3.5bn in the prior year. 2,696 2,921 2,157 1,660 Lease liabilities 1218 1,000 939 1,261 OpCo debt • • OpCo debt is higher than HoldCo debt, in line with our strategy to de-risk the balance sheet from currency effects, and gain a tax shield on interest payments. Weighted average interest rate of 5.6% versus 4.9% in March 21, due to a change in the mix of HoldCo to OpCo debt. Debt repayment at Hold Co • Over the last twelve months the business has repaid nearly $1.4bn of debt at HoldCo through upstreaming cash across our OpCos and from proceeds from minority investments in mobile money and tower sales. 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 underlying EBITDA. 15#16EPS before exceptional items grew 96.0% $m 12.7 0.2 0.3 8.2 (0.3) + 96.0% airtel | Africa 16.0 (4.2) (0.9) 1 FY'21 EPS- Before El Exchange Operating profit (CC) Derivatives and Forex gain/(loss) Finance Charges (excluding derivatives Tax Others FY'22 EPS before El /Forex) Notes: 1. Others includes a change in minority shareholder PAT and profit/(loss) on joint ventures. 16#17airtel | Africa Strategic financial initiatives Executed opportunities Tower deals completed Tanzania, Madagascar & Malawi deals completed Sold 2,600+ towers Total gross proceeds of $284m Tanzania $177m, Malawi $55m and Madagascar $52m Mobile money deals completed • $550m proceeds received from four investors in AMC BV: TPG, Mastercard, QIA and Chimera onboard For pro-forma c.21% of AMC BV business Nigeria minorities buyout Successful purchase of 8.22% minorities of our largest subsidiary for $163m Future opportunities Further monetise mobile money IPO within 3 years Further monetise tower assets • Chad and Gabon Fibre infrastructure • • Long distance capacity sales Potential for minority investments Data centres Leverage data centres with third party services Potential for minority investments 17#18Strategic and operational update airtel Africa 18#19Our market opportunity for digital inclusion 598m 2021 79 Airtel Africa 5-year CAGR Benchmarks 5-year population forecast (CAGR 2021-2026E) 371 447 Market population (m) and growth 2016 519 (%) (1) growth of 2.9% Population 33% 2021 Youth population 2016 32% proportion (%) (1) Youth proportion up by 1% Youth Population 2021 47% 4% Unique subscriber penetration (%) (2) 2018 43% Unique penetration 0.6% airtel | Africa Population (m) 658 4,250 1,291 598 2.5% 2.7% 0.8% 0.7% -0.1% North America European Union LatAm Asia Africa Footprint (3) Youth population (% of total population age 10-24, December 2021) 32% 33% 24% 23% 19% 16% North America European Union LatAm Penetration up by 4% (43% in 2018) Unique mobile user penetration (December 2021) 89% 87% 79% Baseline Incremental North America Europe LatAm (3) Asia Africa Footprint 67% 54% 47% Asia Africa Data sources: (1) Population and youth population data from World bank. (2) Unique subscriber estimates based on WCIS data. Population estimates for Unique mobile users is from UN (3) Footprint benchmarking data is for 14 countries of Airtel operation. Footprint (3) 19#20Our customer opportunity for greater digital usage Airtel Africa Benchmarks 257 FY'22 106 Voice usage per FY'17 sub (mins) 151 (1) 5-year CAGR growth of 11.3% Voice usage per customer Voice usage per customer in mins (per month) airtel | Africa 602 338 298 257 176 NA North America Europe LatAm Asia Africa Footprint (4) 3.4 Data usage per customer FY'22 2.8 (2) (GBS) FY'17 { 0.6 Data usage per customer 5-year CAGR growth of 40% Data usage per customer in GB (per month) 11.8 11.5 9.3 5.8 3.4 2.2 North America Europe LatAm Asia Sub-Saharan Africa Footprint (4) 41% 4% 2017 Banking penetration (2017) Banking penetration 2014 37% (3) (%) Up by 4% (from 37% in 2014) 94% Banking penetration 95% 74% 55% 46% 41% North America Europe LatAm Asia Data sources: (1) Voice usage per customer from WCIS (for Q3'21 excluding footprint) (2) Data usage per customer is from https://www.statista.com/. (3) Market data is from World Bank, adult population > 15 years of age with bank account as % of population. (4) Footprint data is for Airtel Africa FY'22. MENA Footprint 20 20#21Our growth strategy Accelerated by our commitment to Digitalisation airtel | Africa Win with people $v Win with cost Win with network Win with distribution Transforming lives $ Win with mobile money 目 Win with Underpinned by our Sustainability strategy data 21 21#22P Win with network airtel | Africa Our intent Create a leading, modernised network that can provide the data capacity to meet rapidly growing demand and enhance connectivity and digitisation in our markets. Improving basic network uptime, quality and resilience and expanding our network footprint and 4G capabilities. • • Focusing on rural coverage expansion Focusing on our network resilience and service continuity, and adding capacity through aggregation Building and modernising our network through optimal end- to-end design, including spectrum additions Expanding reach of 4G coverage and building capacity through our 2G>3G>4G approach, and future-proofing through 5G compatibility Delivering best-in-class voice service quality while improving network uptime • • • 2022 progress Almost 1,400 new sites added in rural areas More than 3,400 additional sites deployed, reaching 28,787 sites in total Added 3,900+ more sites to 3G (96.5% of sites on 3G) Added 5,800+ more sites to 4G (87.6% of sites now on 4G) Added incremental 10,000 km of fibre (64,500+ km of fibre) • Data capacity increased by 40.4% to 16,900+ TB per day, with peak hour data utilisation at 46% Airtel Africa Group now boasts network uptime availability of 99.53%, and achieved coverage of over 11 million more population, reaching population coverage of 78.3% 222 22#23Delivering best-in-class service: Uganda Our ability to help transform customers' lives depends on delivering fast, reliable, and responsive services - and on leading the way in our markets. A Win with network - case study Airtel recognised as Uganda's fastest* mobile network at 2022 Mobile World Congress 4G network now available Uganda-wide, with 90%+ population coverage We're busy rolling out fibre; in Kampala, 79% of our sites are now connected through fibre Our high-quality service has helped make Uganda one of our best-performing markets Leading to improved customer experience and new opportunities for Uganda's digital economy. airtel | Africa * Speed tests carried out by Ookla, a global independent leader in mobile and broadband network intelligence. 23#24Win with distribution Our intent To build on our unique distribution network to increase our ability to reach and serve customers in all our markets. Strengthening our distribution infrastructure to win more customers by increasing our distribution depth and breadth, with particular focus on rural areas Enhancing customer experience through simplified digital customer onboarding process Broadening our distribution offer to enhance usage and ARPU, further granulating distribution approach to focus more responsively on needs of customers in smaller regions, and increasing our customer reach • • 2022 progress airtel | Africa • 15,000+ exclusive distribution channels of Mini-shops and Kiosks added, reaching a total of almost 53,000 180,000+ multi-brand outlets added, reaching a total of almost 1.6 million • 21.0% growth in customer activating outlets, to 251,000+ 8.7% growth in customer base, to 128.4 million • 100% of customers onboarded through digital KYC application We have continued to expand our distribution network to get closer to customers, developing our infrastructure to drive both additions and usage 24#25airtel | Africa Win with distribution - case study Never more than 1km away: getting closer to customers in DRC Access to our connectivity and financial services requires proximity to the customer. For example less than 26% of DRC population have access to traditional banking, and mobile money is essential to individuals and country-wide financial inclusion and prosperity. One of our goals is that no-one should have to travel more than 1km to access our services. We aim to establish a kiosk for every 2,500 people; ...and provide at least one Airtel Money Branch (AMB) for every 10,000 people This programme will create 4,000 jobs in our network. We are providing our distributors with pre-fabricated, ready-to-install facilities... ...and customised systems for balancing their cash and float for mobile money services. In the year, our customer activation outlets grew by 36% and our AMBs have increased by 67% This has helped to drive our total DRC customer base up by 20.7%. 25#26Win with data Our intent 2022 progress airtel | Africa To maximise the value of data-based services and increase data penetration in all our markets. By encouraging smartphone ownership and increasing data usage at scale, while facilitating ease of access to the digital economy for customers in all our markets. • Leveraging our 4G network for data ARPU and revenue growth, using technology to drive and retain market leadership Smartphone offerings for all new handsets, through well-priced, transparent bundles Further developing our wireless home broadband business Developing innovative products and data solutions, for corporate and SME customers through Airtel Business Continuing focus on data security for our customers • • • 87.6% of sites are now on 4G, an increase of 11.0% in the year 15.2% increase in data customer base to 46.7 million Now constituting 36.4% of our total customer base 48.7% growth in total data usage to 1,847 billion MB 31.0% increase in data usage per customer per month 5.5 GB 4G data usage per customer per month, up by 10.7% 4G data usage 66.7% of total data usage, up 9.7 percentage points • Data bundle contributions reached 91.3% of total data revenue Being the leading 4G provider, and offering competitive, transparent data bundles, gives us a competitive advantage when appealing to new customers. 26#27目 III Win with data - case study Enabling the rapid growth in data use in Kenya We aim to meet the strong demand for data in our markets by increasing access through expanding our 4G network, strengthening our unique distribution channels, and offering transparent, well-priced offers. Data growth in Kenya show that this strategy is delivering. We have increased the number of our network sites across the country by 26%. We have also increased the number of 4G sites by 51%. We have significantly increased the amount of fibre in our Kenya network, adding 1,100 km. In combination, we have more than doubled our overall network capacity during the year. We strengthened our distribution, with an almost three-fold increase in the number of exclusive distribution outlets in the year. These actions have helped us to drive a 21.5% growth in our data customer base and a 57.2% growth in data usage in Kenya. We have continued to facilitate access for more and more people to digital opportunities... and driven an increase in data revenues of 30.3% associated with customer base and usage growth airtel | Africa 27#28$ Win with mobile money airtel | Africa Our intent Accelerate the digital ecosystem by rapidly enabling Airtel Money services; Harness the ability of a profitable mobile money business to enhance financial inclusion in some of the most 'unbanked' populations in the world. Strengthen our distribution channels: of kiosks, mini shops and dedicated Airtel Money branches Build and scale Airtel Money across all our markets Make Airtel Money the currency of choice, by expanding the portfolio through additional mobile money services, including merchant and commercial payments, benefit transfers, loans and savings Focus on technology, as both an enabler and a competitive advantage Drive recruitment from our mobile services customer base 2022 progress Exclusive* distribution channels grew by 44.2% . Multi-brand agents in our network increased by 41.7% 20.7% increase in Airtel Money customer base, to 26.2 million • • 37.0% growth in transaction value to $64.4bn Transaction value per customer up 13.9% Driving continued growth in mobile money ARPU ($1.91, from $1.67)... and mobile money revenue ($553m, from $401m) *Airtel Money branches, kiosks and mini-shops 28#29Mobile money: driving financial inclusion and developing the ecosystem Core focus $ Safety Ease and convenience Deposit and withdrawals * ** 부 Assured availability float and cash Trust that it works Money transfers airtel | Africa 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 - Bringing banking to the unbanked – improving subscriber penetration Top-up / recharge Micro loans and savings Group *excluding Nigeria 28.4% * Highly penetrated markets Moderately penetrated markets Low penetrated markets 64.5% 66.2% 31.1%* 59.5% 61.4% 59.0% 55.3% 54.6% 48.4% 37.2% 40.4% 40.6% 36.5% 23.0% 16.8% 15.8% 18.3% 17.1% 19.3% 18.3% 20.4% 0.7% 1.1% FY'21 FY'22 Gabon Uganda Zambia Malawi Tanzania Congo B Rwanda Madagascar DRC Others FY'21 FY'22 29#30airtel | 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 in cash out 74% 10% 70% payment solutions Mobile re-charges 11% P2P services 9% 55% Bill pay and merchant services 14% 44% 26% mobile wallet Others Note: Revenue contribution is for FY'22 in constant currency. Cash in / cash out Mobile re-charges P2P services Bill pay and merchant services Partner ecosystem w WorldRemit Mukürü TM Ecobank Western Union \\WU more than money transfers The Pan African Bank MoneyGram. money transfer mastercard. Standard Chartered 30#31Key Nigeria stats and facts Country population 1 of 211m Unbanked adult population 2 of 55% Real GDP 3 of $441bn Nigerian PSB opportunity • Key Airtel Nigeria stats and facts Total customers in Nigeria 44.4 million + Total exclusive shops, kiosks and branches now 30,000 + PSB and Super Agent licence approvals in April 2022 Targeting PSB service launch H1'23 Developing and testing platforms, systems and processes Nigeria • Establish distribution Hiring and training staff Low capital requirement Data sources: (1) Population figures sourced from World Bank data 2021 estimate (2) unbanked adult population from 'EFINA Access to Financial Services in Nigeria 2020 Survey' (3) Real GDP for 2021 from the International Monetary Fund (IMF). airtel | Africa 31#32i airtel | Africa Win with people Our intent To be the employer of choice with a diverse and inclusive work environment that continues to foster a culture of high performance, employee wellbeing, skills enhancement and coaching. Accelerating diverse pipeline of talent Right people, right skills, right roles Build and buy acquisition strategies Win with talent development Improving leadership capabilities, coaching and functional skills Through our digital learning platform, functional and technical programmes and cognitive assessments Digitalising our people processes To improve employee experience and simplify HR processes with technology and automation Win with reward Pay for performance 2022 progress Diversity: 26% women in workforce, level with prior year 28% women in ExCo (including OpCos), up 5pp Employees from 35 nationalities Talent development and feedback: Delivered key functional and leadership training through accelerated on-demand learning programmes, improving productivity and overall performance Bi-annual employee engagement: survey achieved 87% response rate, with overall engagement score of 79% Win with reward: Development of retention schemes, flexible pay mix and pay for performance philosophy 32#33OUR GOALS AND COMMITMENTS AMBITIONS SDGs PILLAR Our sustainability ambitions and goals Our People Our Community Our Business 8 DECENT WORK AND INDUSTRY, INNOVATION AND INFRASTRUCTURE 5 EQUALITY GENDER 8 ECONOMIC GROWTH DECENT WORK AND 4 QUALITY EDUCATION 5 GENDER EQUALITY REDUCED 10 INEQUALITIES Our Environment RESPONSIBLE 12 CONSUMPTION AND PRODUCTION airtel | Africa Increase digital inclusion Data security Industry-leading data security Service quality Network connectivity and reliability Supply chain Supplier alignment with our sustainability agenda. Rewarding employment opportunities Genuine diversity and inclusion. People commitments Equality in our workforce Best practice training and development Highest standards of health and safety Highest levels of employee engagement Drive digital and financial inclusion and access to education Digital inclusion Increased digital Inclusion Financial inclusion Increased financial inclusion in Africa (especially women) Access to education >1m children educated by 2027 Address and minimise impact of our operations on the environment. GHG reduction Net zero ahead of 2050. Environmental stewardship Eliminate hazardous waste Reduce non-hazardous waste Minimise water consumption. 33#34Summary and outlook airtel | Africa Another strong year • • . • Delivering financially: Revenue growth in all regions and services Margins increasing Free cash flow generation improving Stronger balance sheet Delivering strategically: Successful investment and monetization activities PSB in Nigeria Accelerating our strategic pillars through digitalisation Underpinned by our sustainability ambition Creating value for all our stakeholders Our outlook . • Strong long term business fundamentals with track record of solid execution Focus to remain on improving network quality and availability, and our distribution... and on this year delivering our Nigerian PSB opportunity While mindful of currency and repatriation risks we continue to work actively to mitigate all our material risks There are inflationary pressures, but we continue to target revenue growth ahead of the market, and moderate margin expansion 34#35Thank you Q&A airtel | Africa#36Appendix 4 Ch airtel | Africa 36#37airtel | Africa Nigeria: Strong performance, and returned to net customer growth Revenue grew 27.7% driven by both voice and data (revenue in reported currency revenue grew by 21.0%). Voice revenue grew 15.9% driven by voice ARPU growth of 20.7% as a result of increase in voice usage per customer. Data revenue grew 41.1% driven by data ARPU growth of 37.6%. Increase in data ARPU was contributed by increase in data usage per customer (43.8%) and continued expansion of 4G network (98.5% sites are now on 4G). Underlying EBITDA margin of 55.2%, an improvement of 114 basis points. Operating free cash flow up 50.7%, driven by underlying EBITDA growth. NIN-SIM update: Outgoing voice revenues for those active subscribers who have not yet linked their NIN with their SIM amount to around 7% of total revenues from Nigeria. Revenue $1,878m +27.7% YoY Underlying EBITDA $1,037m +30.4% YoY Underlying EBITDA margin Customer base¹ 55.2% 44.4m 114 bps YoY ARPU $3.8 +33.0% YoY 5.8% YoY Op FCF $786m +50.7% YoY Notes: Growth in constant currency unless otherwise stated. Customer base as at 31 March 2022. 1. 37#38airtel | Africa East Africa: 22.7% revenue growth, with broad-based strong performance Revenue grew 22.7% driven by driven by all the key services; voice, data and mobile money. (revenue in reported currency grew by 24.3%). Voice revenue grew 19.2% driven by customer base growth of 7.8% and voice ARPU growth of 7.5% led by increase in voice usage per customer. Data revenue grew 27.4% driven by data ARPU growth of 5.6% and data customer base increase of 12.9% as a result of expansion of our 4G network and smart product offerings. Mobile Money revenue grew 37.1% driven by both customer base growth of 20.5% and ARPU growth of 14.5%. Underlying EBITDA margin was 49.4%, an increase of 331 basis points through revenue growth and cost efficiencies. Operating free cash flow up 46.8% in line with EBITDA growth. Revenue $1,717m +22.7% YoY Underlying EBITDA margin Underlying EBITDA $848m +31.6% YoY Customer base¹ 49.4% 331 bps YoY 57.2m 7.8% YoY Rwanda ARPU Op FCF $2.5 +10.7% YoY $577m +46.8% YoY 1. Notes: Growth in constant currency unless otherwise stated. Customer base as at 31 March 2022. 38#39airtel | Africa Revenue grew by 17.2% in both reported and constant currency, driven by all the key services; voice, data and mobile money. Voice revenue grew 10.0% driven by customer base growth of 15.9%. Data revenue grew 31.0% largely driven by customer base growth of 21.3% supported by data ARPU growth of 1.3%. Mobile money revenue grew 29.6% driven by customer base growth of 21.8% and mobile money ARPU growth of 5.2%. Underlying EBITDA margin was 41.0%, an improvement of 337 basis points. Revenue $1,131m +17.2% YoY Underlying EBITDA $464m +27.7% YoY Underlying EBITDA margin Customer base¹ 41.0% 26.8m G337 bps YoY 15.9% YoY DRC Congo B Seychelles Francophone Africa: fastest growing customer base ARPU decline due to lower international call revenue and changes to local interconnect rates in Gabon, Niger and Congo. ARPU Op FCF $3.7 (1.9%) YoY $339m +23.1% YoY Madagascar Operating free cash flow increased 23.1% due to underlying EBITDA growth partially offset by higher capex spend. 1. Notes: Growth in constant currency unless otherwise stated. Customer base as at 31 March 2022. 39#40Growth by service segment waterfalls Voice revenue ($m) Data revenue ($m) airtel | Africa 175 139 2,358 2,083 1,157 238 1,525 152 (22) (39) +34.6% constant currency growth +15.4% constant currency growth FY'21 Voice Revenue Customer base Increase ARPU Increase Currency Devaluation Impact FY'22 Voice Revenue FY'21 Data Revenue Customer base Increase ARPU Increase Currency Devaluation Impact FY'22 Data Revenue Mobile money revenue ($m) 80 401 58 14 553 +34.9% constant currency growth FY'21 AM Revenue Customer base Increase ARPU Increase Currency Appreciation Impact FY'22 AM Revenue 40 40#41Mobile services Customer base (m) 118.2 110.6 FY'20 Revenue ($m) 8.7% ARPU ($) 8.0% 18.6% 16.1% 128.4 5.9% 2.90 2.44 2.50 ■FY'20 ■FY'21 1.58 1.51 1.60 ■FY'22 FY'21 FY'22 3,592 3,210 FY'20 FY'21 22.0% Note: Growth rates are in constant currency unless otherwise stated Voice ARPU Data ARPU Underlying EBITDA ($m) and margin (%) Underlying EBITDA Margin 45.6% 48.4% 42.7% 2,077 4,294 1,639 1,372 FY'22 FY'20 FY'21 FY'22 airtel | Africa Reported currency Constant currency 41#42Effective tax rate airtel | Africa Unit of Year ended Year ended Description measure 31 March 2022 31 March 2021 Profit before Income tax Tax Rate Profit before Income tax Tax Rate taxation expense % taxation expense % Reported Effective tax rate $m 1,224 469 38.3% 697 282 40.5% Adjusted for : Exceptional Items $m (60) 2 (14) 36 Foreign exchange rate movements for non-DTA $m 50 42 operating companies & holding companies One-off adjustment and tax on permanent differences $m (12) (2) (5) Effective tax rate (ETR) $m 1,202 469 39.0% 725 313 43.2% 42#43Finance cost & forex airtel | Africa Description FY'22 FY'21 Change $m $m $m Interest cost on gross debt and other financial liabilities 310 305 5 Interest Income (19) (9) (10) Net interest Cost 291 296 (5) 19 25 (6) 310 321 (11) 93 102 (9) 403 423 (20) 19 19 422 423 (1) (Excluding derivatives and Forex) Other finance charges Finance Charges Derivatives and Forex (gain)/loss Total Finance Charges (Excluding exceptional items) Exceptional items Total Finance Charges (Including exceptional items) 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 $21m on finance costs. Our largest exposure is to Nigerian Naira where 1% devaluation would have a negative impact of $7m on finance costs Total finance charges (excluding exceptional items) were lower by $20m, mainly due to: Net interest costs were lower by $5m due to: Interest income was higher by $10m due to higher deposits and an increase in interest rates. Interest cost increased by $5m contributed by higher interest on lease liabilities, partially offset by lower interest costs due to a reduction in debt. Other finance charges were lower by $6m, due to onetime benefit of interest on withholding tax on interconnect usage charge provision. Derivatives and forex losses were lower by $9m, with the prior year having higher forex losses mainly on account of devaluation of the Zambian kwacha by 23%. Exceptional item of $19m mainly consists of a premium on prepayment of a $505m USD Bond during the year. 43#44Currency effects - · historical trends - Historical trends CAGR % Currency March 2017 March 2019 March 2022 3-year 5-year NGN 306.0 360.5 415.2 4.8% 6.3% UGX 3,615.9 3,715.8 3,590.0 (1.1%) (0.1%) TZS 2,234.5 2,312.3 2,320.0 0.1% 0.8% ZMK 9.7 12.2 18.1 14.1% 13.3% MWK 724.6 730.6 816.7 3.8% 2.4% KES 103.1 100.8 115.0 4.5% 2.2% RWF 821.6 903.3 1,016.9 4.0% 4.4% CFA 613.4 584.3 587.6 0.2% (0.9%) MGA 3,215.8 3,586.4 4,035.0 4.0% 4.6% SCR 13.6 13.7 14.4 1.8% 1.2% Note: based on closing exchange rate airtel | Africa 44