Investor Presentaiton

Operating free cash flow Operating free cash flow was $473m, up by 10.3%, as higher EBITDA more than offset increased capital expenditure. Capital expenditure during the period was $35m higher relating mainly to planned network expansion. Leverage Leverage (net debt to EBITDA) improved to 1.3x at 30 June 2022, from 1.8x at 30 June 2021, largely driven by increased cash generation, EBITDA expansion and the receipt of $550m from mobile money minority investments. Our balance sheet has continued to be de- risked through a reduction of HoldCo debt to $1bn, from $1.9bn in the prior period; and the increased localisation of our debt into the OpCos, such that our HoldCo debt is significantly lower than gross OpCo debt of $3bn (including lease obligations). In July 2022, our HoldCo debt was reduced even further to $550m, following the early repayment of $450m of senior notes due in May 2024. Other significant updates NIN - SIM linkage implementation in Nigeria Following a directive issued by the Nigerian Communications Commission (NCC) on 7 December 2020 to all Nigerian telecom operators, Airtel Nigeria has been working with the government to ensure that all our subscribers provide their valid National Identification Numbers (NINs) to update SIM registration records. To complete the registration process, we must link the NIN information received with the SIM of the respective subscribers and share the same with the National Identity Management Commission (NIMC). The original regulatory directive set an initial deadline for customers to register (link) their NIN with their SIM of 30 December 2020. This was subsequently moved several times, with the last deadline being 31 March 2022. Airtel Nigeria was subsequently notified that with effect from 4 April 2022, all SIMs that have not been linked to a NIN were to be placed on 'receive only' status, meaning all their outgoing calls have been barred with immediate effect. Subscribers of such lines can still link their SIMs to their NINs in order that these restrictions can be lifted. Customers have therefore been given a final opportunity to fully comply with the latest registration requirements. A total of 13.6 million customers were initially barred out of which 5.3 million (39%) have subsequently submitted their NIN and 2.3 million (17%) have subsequently been verified and unbarred. As at the end of June 2022, we had collated NIN information for 40.7 million active customers. Revenues for those subscribers who have not yet linked their NIN with their SIM amount to around 7% of total revenues from Nigeria, and around 3% of total revenues for the Group. As we reported might happen, SIM registration has accelerated, and some SIM consolidation is occurring in response to implementation, potentially reducing the future financial impact. We continue to work closely with the regulator and impacted customers to help them to comply with the registration requirements, making every effort to minimise disruption and ensure affected customers can continue to benefit from full-service connectivity as soon as possible; in line with our aim to drive increased connectivity and digital inclusion across Nigeria. Nigeria mobile money operationalisation On 29 April 2022, we announced that the Central Bank of Nigeria ('CBN') had confirmed that Smartcash Payment Service Bank limited ('Smartcash'), had received final approval for a full Payment Service Bank ('PSB') licence, affording the Group the opportunity to deliver a full suite of mobile money services into Nigeria. This news followed our announcement of 26 April that the CBN had also awarded our subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence, allowing the business to create an agency network that can service the customers of licenced Nigerian banks, payment service banks and licenced mobile money operators in Nigeria. On 19 May 2022, we announced that Smartcash had commenced operations in Nigeria. Services were initially made available at selected retail touchpoints, and operations are now being expanded gradually across the country. This marks the beginning of our journey to revolutionise the financial services landscape in Nigeria, to help further digitise the Nigerian economy, and to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services. DRC spectrum acquisition On 6 June 2022, we announced the purchase of 58 MHz of additional spectrum in the DRC, spread across 900, 1800, 2100 and 2600 MHz bands, for a gross consideration of $42m. The licence for paired spectrum in the 2100 band comes up for renewal in September 2032. All the other licences continue until July 2036. This additional spectrum will support our 4G expansion in the DRC for both mobile data and fixed wireless home broadband capability, providing significant capacity to accommodate our continued strong data growth in the country. DRC is the largest country by area in our portfolio and our second largest market by population. This investment reflects our continued confidence in the tremendous opportunity inherent in the DRC, supporting the local communities and economies through furthering digital inclusion and connectivity. 6

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