Investor Presentaiton

airtel | 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

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