Investor Presentaiton

$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

View entire presentation