Safaricom Plc · NSEKE:SCOM
Safaricom — HY26 Earnings Presentation
56 slides from Safaricom's earnings presentation, Nov 6, 2025
Slide 1: Safaricom Plc HY26 Investor Presentation
Safaricom Plc HY26 INVESTOR PRESENTATION 6th November 2025
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentations may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or its contents. This presentation does not
Slide 3: Business Overview, Purpose & Strategy Update
Business Overview, Purpose & Strategy Update Dr. Peter Ndegwa, CBS Group Chief Executive Officer
Slide 4: Agenda
Agenda 01 Safaricom @25 02 HY26 Operating Review Kenya & Ethiopia 03 HY26 Group Financial Performance 04 Conclusion & H2 FY26 Outlook 4
Slide 5: Safaricom @25
01 Safaricom @25
Slide 6: Silver Jubilee | Celebrating 25 years of Transforming Lives
Silver Jubilee | Celebrating 25 years of Transforming Lives Our First KShs 1 Million Grand Prize Winner of the Ongoing Shangwe@25 Promo 6
Slide 7: 25 Years of Transforming Lives | Our Journey and Key Milestones
25 Years of Transforming Lives | Our Journey and Key Milestones 2025 and 2012-2017 Beyond Sustainability, Shared Value & The Next Chapter 2000-2005 Connectivity & Foundation Growth Accelerate Transition from Telco to Tech-Co VISION 2030 Embedded Sustainability & ESG Establishment in our operations (
Slide 8: Our Purpose | Anchored on Purpose, Accelerating a Digital Future
Our Purpose | Anchored on Purpose, Accelerating a Digital Future Our Impact Over 25 Years 22Mn KShs 43Bn Lives Impacted Funding to the programmes Guiding Pillars Education Health Environmental Economic Conservation & Empowerment Livelihoods We are dreamers, unlocking brighter futures by renovating s
Slide 9: Sustainability at the Core | Driving Digital Inclusion & Shared Prosperity
Sustainability at the Core | Driving Digital Inclusion & Shared Prosperity over the 25 Years Guiding Principles Purpose Before Profit Reputation Before Revenue SDGs as a Framework (since 2016) Notable Achievements • 14th Annual Sustainability Report Launched • True Value of KShs 1.1 trillion, Enviro
Slide 10: HY26 Operating Review (a) Safaricom Kenya
02 HY26 Operating Review (a) Safaricom Kenya
Slide 11: Kenya Operating Environment | Stable Macros with Addressable Regulatory Shifts
Kenya Operating Environment | Stable Macros with Addressable Regulatory Shifts Amid Constrained Incomes Macro Tailwinds & Headwinds Regulatory & Industry Customer Insights Tailwinds Headwinds Tailwinds • GDP growth; +5.0% • Regulatory shifts on horizon (MTR, Infra • Stable inflation rates; 4.6% Sep
Slide 12: Our Purpose | Our Journey of Transforming Lives in Kenya Continues
Our Purpose | Our Journey of Transforming Lives in Kenya Continues HY26 Initiatives Education Health • Citizens of the Future scholarship programme • 460,000 people reached with health services launched-to benefit 600 learning institutions • 11,000 mothers delivered in health facilities through in 4
Slide 13: Vision 2030 | Becoming Africa's Leading Purpose-led Technology Company
Vision 2030 | Becoming Africa’s Leading Purpose-led Technology Company by 2030 13
Slide 14: AI as a Differentiator | Leveraging New Tech To Transform How We Serve
AI as a Differentiator| Leveraging New Tech To Transform How We Serve Enhancing Customer Supporting Growth & Improving Monetization Optimize Productivity Experience • Intelligent Network • Contextual personalized realtime • Reduce costs and improve • Intelligent service personalization recommendatio
Slide 15: Fintech 2.0 | Powering the Future of M-PESA
Fintech 2.0 | Powering the Future of M-PESA What Next |Disrupting the Ecosystem with Advanced Capabilities Enhanced AI Shared Wallets Split Payments Tap to Pay Enabled Security Capacity Resilience Ability to Innovate Innovation & Advanced Operational Excellence Fostering Agility Capabilities & Relia
Slide 16: Consumer Business | Driving Growth Through Segments
Consumer Business | Driving Growth Through Segments Scaling Segment-led Accelerating 4G+ Superior Customer Propositions Devices Penetration Experience • Youth: B-Live, Vybcall, Strivers: Tunukiwa, • Local device assembly • Always on, Safe & Secure Network Ofa ya Boda, Aspirers: Bundle ya Dere, • Ope
Slide 17: Financial Services | Scaling Fintech Ecosystem, Deepening Financial Inclusion
Financial Services | Scaling Fintech Ecosystem, Deepening Financial Inclusion Accelerated Customer Deepening Digital Platform Acquisition Financial Access Development • Customer & Merchant acquisition • Strong usage and velocity with daily • Launched Fintech 2.0 and expansion through increased avera
Slide 18: Enterprise Business & Public Sector | Digitisation and Financial Services Partner
Enterprise Business & Public Sector | Digitisation and Financial Services Partner of Choice Powering Progress Public Sector Digital Transformation for Businesses Enabled Government Revenue Collections, Universal Health Coverage & Deepening Financial Inclusion Integrated GSM Building Kenya’s Digital
Slide 19: Fixed Business | Deepening Customer Experience, Expanding Access
Fixed Business | Deepening Customer Experience, Expanding Access and Driving Efficiency Enhanced Customer Driving Efficiency & Expanding Reach Experience Scalable Growth and Affordability • AI-driven rollout prioritization • Penetration into lower-income segments • Seamless digital onboarding ( publ
Slide 20: Current Shape of our Kenyan Business
Current Shape of our Kenyan Business #1 GSM Market 98% 30% Population +25.7Mn covered 4G 5G Telecom operator Share* in Kenya 65.1% by our network 4G+ Devices 37.9Mn 37.9Mn 2.4Mn 319.3k 798.9k 30-day Active 30-day Active M-PESA Merchants Active M-PESA Homes Customers M-PESA customers (Medium, small &
Slide 21: HY26 Operating Review (b) Safaricom Ethiopia
02 HY26 Operating Review (b) Safaricom Ethiopia
Slide 22: Ethiopia Operating Environment | FX Regime Reforms Continue to Shape the Environment
Ethiopia Operating Environment | FX Regime Reforms Continue to Shape the Operating Environment Macro-Economic Environment Regulatory/Industry Political/Security Resilience as Reforms Shape the Market Industry Risks & Opportunities Generally Stable Environment Tailwinds Tailwinds • Stabilizing securi
Slide 23: Safaricom Ethiopia Foundation | Our Commitment to Empowering Communities
Safaricom Ethiopia Foundation | Our Commitment to Empowering Communities Launched on 1 July 2025 Our Measurable Impact Guiding Pillars (since 1 July 2025) Funding to the programmes Education Agriculture Over 650 million ETB, 550Mn from Partners Women Economic Education & Youth Health Empowerment Don
Slide 24: Strategy Execution | Continued Commercial Progress in a Challenging Environment
Strategy Execution | Continued Commercial Progress in a Challenging Environment 4G Premium Data Experience Superior Customer Experience Personalized CVM and Loyalty • Premium high value data positioning • Simplify & unify customer journeys • More for More offers for mass • Differentiate through digi
Slide 25: HY26 Performance | Strong Commercial Delivery Despite Headwinds in Ethiopia
HY26 Performance | Strong Commercial Delivery Despite Headwinds in Ethiopia Customers M-PESA Network People 11.1Mn, 3.4Mn (30% of GSM), +83.7% YoY +174.8% YoY 3,306 892 Sites Permanent Employees 90-day active - Total 90-day Active Customers 8.9Mn, One-month Active Sites Split 97% 3% +81.0% YoY Merch
Slide 26: HY26 Group Performance Highlights
03 HY26 Group Performance Highlights
Slide 27: HY26 Performance | Robust Performance for the Group
HY26 Performance| Robust Performance for the Group Service EBIT Net Income Revenue Safaricom KShs 194.0Bn KShs 89.5Bn KShs 58.2Bn Kenya +9.3% YoY +13.1% YoY +22.6% YoY Safaricom KShs 6.2Bn KShs (24.3Bn) KShs (15.5Bn)* Ethiopia +136.0% YoY +34.4% YoY +20.1% YoY Safaricom KShs 199.9Bn KShs 65.2Bn KShs
Slide 28: Financial Performance Kenya & Ethiopia
Financial Performance Kenya & Ethiopia Dilip Pal Group Chief Financial Officer
Slide 29: Kenya Performance
Kenya Performance
Slide 30: Customers | Strong Customer Growth Across All Key Market Segments
Customers | Strong Customer Growth Across All Key Market Segments One-Month Active Customers M-PESA (Mn) Connectivity (Mn) 37.9 37.5 36.7 +13.3% +7.5% 35.8 YoY YoY +7.1% +10.5% 34.9 YoY 33.5 YoY +4.1% +6.0% YoY YoY H1 FY25 H2 FY25 H1 FY26 H1 FY25 H2 FY25 H1 FY26 Fixed Service ('000's) 432.4 +31.4% Y
Slide 31: Service Revenue | Solid Growth Across All Market Segments
Service Revenue | Solid Growth Across All Market Segments Service Revenue (KShs Bn) Contribution to Service Revenue Profile 5.0%, Fixed Service & IoT, 194.0 KShs 9.8Bn, +9.5% YoY 186.8 +9.3% YoY 45.4%, +8.2% 49.6%, M-PESA, YoY HY26 177.5 Connectivity KShs 88.1Bn, Business, KShs 194.0Bn +14.0% YoY +1
Slide 32: M-PESA | Double Digit Growth Sustained by Payments Volumes and Values
M-PESA | Double Digit Growth Sustained by Strong Growth in Payments Volumes and Values Contribution to M-PESA Revenue Payments Chargeable Volume (Bn) 2.5%, +18.8% YoY 5.2%, Global Payments, 5.6 Financial Services, 0.03 KShs 2.2Bn, 4.7 +30.7% YoY KShs 4.6Bn, +17.3% YoY +13.9% YoY 0.02 2.4 1.9 +28.6%
Slide 33: M-PESA | Sustained Velocity Within the Ecosystem
M-PESA | Sustained Velocity Within the Ecosystem as we Drive Affordability M-PESA Volume (Bn) Free Micro-transactions* Volume (Bn) 21.9 +26.5% YoY 17.3 8.7 8.0 +37.8% YoY +20.1% YoY (39.7%) 7.2 Chargeable (41.8%) 13.2 5.8 +31.2% YoY 3.9 +37.0% YoY Non- 10.1 (60.3%) Chargeable (58.2%) 2.9 HY25 HY26 M
Slide 34: M-PESA | Accelerated Merchant Acquisition
M-PESA | Accelerated Merchant Acquisition, Deepening Penetration of Digital Payments No. of Merchants (Mn) Merchants Revenue (KShs Bn) +55.2% YoY +31.8% YoY 2.4 6.0 +72.6% YoY +17.0% YoY 4.3 4.5 1.5 1.5 3.7 +32.2% YoY +95.4% YoY 0.9 0.9 0.7 1.7 0.9 HY25 Lipa na M-PESA Pochi Total Merchants* Lipa na
Slide 35: M-PESA | Strong Recovery of Credit Portfolio
M-PESA| Strong Recovery of Credit Portfolio Total Credit Customers (Mn) Total Value (KShs Bn) Total Revenue (KShs Bn) 777.5 4.5 9.5 675.9 +14.2% 594.1 +30.9% +15.0% YoY Overall YoY +25.2% YoY 4.2 +8.0% YoY Performance* YoY +9.3% 8.3 3.9 8.2 YoY -0.2% +5.3% +1.0% YoY YoY YoY H1 FY25 H2 FY25 H1 FY26 H
Slide 36: M-PESA Super Apps | Increased Adoption Driving Engagement & Usage
M-PESA Super Apps| Increased Adoption Driving Customer Engagement & Usage Consumer App Business App Active Customers: 5.8Mn, +62.8% YoY Active Merchants: 347.7k, +29.3% YoY Volumes transacted: 624.2Mn, +56.1% YoY Volume transacted: 67.3Mn, +70.1% YoY Consumer App Business App +35.6% YoY +44.
Slide 37: Connectivity Business | Mobile Data Surpasses Voice in Contribution
Connectivity Business | Mobile Data Surpasses Voice in Contribution Connectivity Business Revenue (KShs Bn) Mobile Data Revenue (KShs Bn) 96.2 40.3 +5.3% +13.4% 93.8 YoY YoY 37.3 +3.3% YoY +10.9% 91.3 YoY 35.6 +9.8% +20.2% YoY YoY H1 FY25 H2 FY25 H1 FY26 H1 FY25 H2 FY25 H1 FY26 Contribution to Conne
Slide 38: Fixed Service | Early Gains from Segment-led Penetration
Fixed Service | Early Gains from Segment-led Penetration Contribution to Fixed Service & IoT Revenue Fixed Service Customers '000' 5.8%, IoT, 432.5 +31.5% 6.9%, Wholesale, KShs 0.6Bn, 371.3 KShs 0.7Bn +19.8% YoY 277.8 77.29 +16.8% +10.3% YoY 69.87 66.16 44.1%, FTTH +9.5% KShs 4.3Bn 355.18 +35.2% YoY
Slide 39: Costs | Strategic Cost Management for Sustainable Margin Resilience
Costs| Strategic Cost Management for Sustainable Margin Resilience Operating Costs (KShs Bn) Direct Costs (KShs Bn) 37.2 48.5 47.7 47.6 19.3% 7.6% -0.1% 34.1 6.6% 18.1% YoY 31.8 +10.4% +15.7% -0.3% +13.3% YoY YoY YoY +15.7% YoY YoY -1.1% 7.4% H1 FY25 H2 FY25 H1 FY26 H1 FY25 H2 FY25 H1 FY26 Direct Co
Slide 40: Kenya | Solid Performance Anchored on a Clear Vision 2030 Strategy
Kenya | Solid Performance Anchored on a Clear Vision 2030 Strategy YoY % Growth HY26 Service Revenue +9.3% KShs 194.0Bn EBITDA +10.6% KShs 113.8Bn EBIT +13.1% KShs 89.5Bn Net Income +22.6% KShs 58.2Bn 40
Slide 41: Kenya Financial KPIs | Improved Margins Drives Sustainable Value Creation
Kenya Financial KPIs | Improved Margins Drives Sustainable Value Creation and Long-term Growth HY26 HY25 HY24 Contribution Margin % 74.8% 72.0% 72.8% EBITDA Margin % 57.3% 55.1% 55.9% EBIT Margin % 45.1% 42.4% 41.5% OPEX Intensity 17.5% 16.9% 16.8% CAPEX Intensity 17.2% 16.5% 15.1% ROCE 55.0% 56.4%
Slide 42: Ethiopia Performance
Ethiopia Performance
Slide 43: Customers & Usage | Steady Customer Acquisition Momentum
Customers & Usage| Steady Customer Acquisition Momentum as we Scale Operations Mobile Data Voice Messaging 8.9 5.7 9.6 4.8 1.8x 7.1 90-Day 1.8x 7.8 1.8x YoY YoY Active YoY Customers 4.9 5.2 3.1 (Mn) H1 FY25 H2 FY25 H1 FY26 H1 FY25 H2 FY25 H1 FY26 H1 FY25 H2 FY25 H1 FY26 Mobile Data Voice Messaging D
Slide 44: Service Revenue | Strong Revenue Momentum with Uplift in Voice Contribution
Service Revenue | Strong Revenue Momentum with a Notable Uplift in Voice Contribution Contribution to Service Revenue Growth (ETB Bn) Evolution of Service Revenue Profiles 0.2 6.5 0.3 1.2 5.3%, Mobile 5.9%, Others*, +179.1% Incoming, KShs 0.4Bn, 2.5 YoY KShs 0.3Bn, +94.5% YoY +51.9% YoY 22.1%, HY26
Slide 45: Revenue | Strong Revenue Growth Driven by Customer and Usage
Revenue | Strong Revenue Growth Driven by Customer and Usage Mobile Data (ETB Mn) Voice (ETB Mn) Mobile Incoming (ETB Mn) 1,440.6 342.7 4,332.7 1,368.7 325.3 4,128.0 +138.8% +408.9% 3,345.0 +165.0% +176.6% +51.9% YoY +28.0% YoY YoY YoY YoY YoY 210.9 795.5 1,814.7 123.9 283.1 H1 FY25 H2 FY25 H1 FY26
Slide 46: Ethiopia | Performance Impacted by Birr Depreciation
Ethiopia | Performance Impacted by Birr Depreciation All numbers are in KShs HY26* HY25* From Mar 2025 to Sep 2025 Adjusted for Birr Adjusted for Birr Reported Reported depreciation depreciation USD/ETB rate EBITDA -12.5Bn -4.9Bn -38.2Bn -7.8Bn depreciated by 16.9% EUR/ETB rate EBIT -20.2Bn -12.7Bn
Slide 47: Ethiopia Funding | Additional Funding to Support Business Operations
Ethiopia Funding | Additional Funding to Support Business Operations As at As at USD Mn 30 Sep 2025 31 Mar 2025 Equity 2,146* 2,048* Local currency debt 127 105 Shareholder loan - 18 IFC debt & Standard Bank 200 100 Total funding 2,473 2,270 Deferred vendor payables 148 194 *Safaricom PLC funding co
Slide 48: Safaricom Group Performance
Safaricom Group Performance
Slide 49: Capex | Sustained Capital Investment To Drive Network Expansion
Capex | Sustained Capital Investment To Drive Network Expansion & Unlock Revenue Growth Group CAPEX Evolution (KShs Bn) HY26 Capex Split – Kenya -25.6% YoY 1.5%, Other Capex, 58.7 KShs 0.5Bn, 30.4%, IT Capex, +11.0% YoY +1.5% YoY 43.7 KShs 10.4Bn, -66.0% YoY 34.2 +17.6% YoY 30.8 32.6 +11% YoY 27.9 2
Slide 50: Group Net Debt & Free Cash Flow | Stable Leverage Margins
Group Net Debt & Free Cash Flow | Stable Leverage Margins Net Debt* (KShs Bn) Free Cash Flow (KShs Bn) 0.99 0.80 0.69 15.0 140.9 36.6 (15.6) 128.2 129.4 17.5 16.4 0.5 (37.2) 13.3 -2.4% YoY (3.5) -24.2% YoY H1 FY25 FY25 H1 FY26 Total Net Debt Net Debt/EBITDA ratio H1 FY25 EBITDA Capital Other cash Ne
Slide 51: HY26 Group Performance in Summary | Sustained Profitability Momentum
HY26 Group Performance in Summary | Sustained Profitability Momentum Group Kenya Ethiopia Group Reported Constant Currency* Incl. IAS 29 Excl. IAS 29 Service Revenue +9.3% +136.0% +11.1% +10.2% +11.3% EBITDA +10.6% +55.2% +34.9% +56.5% +27.9% EBIT +13.1% +34.4% +54.5% +128.6% +38.3% Net Income +22.6
Slide 52: Conclusion & FY26 Outlook
Conclusion icom =. | POPOTE ULIPO
Slide 53: HY26 in Summary | Strong performance, Supported by Great Execution
HY26 in Summary | Strong performance, Supported by Great Execution Kenya Ethiopia • 25 years of transforming lives • Navigating FX reforms • Crossed 50Mn customer mark • Sustained commercial momentum • Fintech 2.0 launched • Crossed 10Mn customer mark • Leveraging on AI to transform how • Becoming a
Slide 54: H2 FY26 | Strategic Priority Areas
H2 FY26 | Strategic Priority Areas CONSUMER ENTERPRISE & PUBLIC SECTOR • 4G+ device acceleration • Scale beyond connectivity • Grow segmented & integrated propositions • Segment-led execution • Scale content • Digitization of public sector • Always on, safe & secure network FS/M-PESA FIXED • One-app
Slide 55: Corporate Information
Corporate Information Registrars Investor Relations Image Registrars Limited 5th Floor, Absa Plaza, Loita Street Safaricom House, Waiyaki Way, Westlands P.O. Box 928-00100, Nairobi P.O. Box 66827-00800, Nairobi Telephone: +254 709 170 000 Telephone: +254 722 00 6218/4233/4746 Email; Info@image.co.ke
Slide 56: Thank You!
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