Investor Presentaiton

THNK $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

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