Investor Presentaiton

airtel | 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

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