Airtel Africa Plc · LSE:AAF
Airtel Africa — FY2026 Earnings Presentation
40 slides from Airtel Africa's earnings presentation, May 8, 2026
Slide 1: Airtel Africa plc Results for year ended 31 March 2026
Airtel Africa plc Results for year ended 31 March 2026 8 May 2026
Slide 2: Disclaimer
Disclaimer Important Information Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements contained in this document reflect the knowledge and By reading this presentation you agree to be bound by th
Slide 3: Key highlights for FY'26
Key highlights for FY’26 Results highlight a strong growth environment across Africa’s telecoms and financial services markets, supported by a consistent execution of our strategy Strong constant currency and reported currency growth rate of 24.0% and 29.5% respectively Cost efficiencies and stable
Slide 4: Ongoing delivery in-line with strategic priorities
Ongoing delivery in-line with strategic priorities Improved customer Optimising shareholder Strong revenue growth Profitable growth to experience to enhance returns with strong momentum from rising support increased digital and financial capital structure usage investments inclusion 10.5% growth in
Slide 5: A step-up in performance underpinned by strong execution and market backdrop
A step-up in performance underpinned by strong execution and market backdrop Customer net additions Constant currency revenue growth EBITDA margins 17.5m +24.0% 49.3% FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 2020 2021 2022 2023 2024 2025 2026 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 Constant curre
Slide 6: Strategic and operational review
Strategic and operational review
Slide 7: Customer experience at the core of our strategy
Customer experience at the core of our strategy 7
Slide 8: Key strategic initiatives undertaken over the year
Key strategic initiatives undertaken over the year • Added 130,000 customer activating outlets to accelerate net additions Strengthen go-to- market • Added over 660,000 Airtel Money agents to 2.4 million • Rollout of digital tools to enhance sales efficiencies • Rollout of more than 3,250 sites with
Slide 9: AI and technological implementations across strategic initiatives
AI and technological implementations across 4 strategic initiatives • AI Spam alert to reduce fraud and protect customers Customer • Partnership with satellite technologies to enhance connectivity and support customer proposition experience • Airtel Money transaction verification: auto-analysis and
Slide 10: Growth framework continues to support sustainable growth trajectory
Growth framework continues to support sustainable growth trajectory Invest for the future Connecting the unconnected Capex spend of $884m 10.5% growth in customers Growing 31.9%1 to facilitate future demand 14.8% growth in data customers Invest in new business opportunities 21.3% growth in mobile mo
Slide 11: Business segment outlook and performance
Business segment outlook and performance
Slide 12: Mobile services: Growth supported by favourable underlying fundamentals
Mobile services: Growth supported by favourable underlying fundamentals Young, fast-growing population Increasingly digital Median age1, 2025 estimate Smartphone penetration in Sub-Saharan Africa 3 +22% 79% +2.4x 43 57% 18 Footprint Developed markets 2 2025 2030 (Est) Average mobile data traffic per
Slide 13: Mobile services: demand for data continues unabated
Mobile services: demand for data continues unabated Total Customers (m) Data Customers (m) Smartphone penetration (%) • Population coverage 200 .0 +10.5% 90.0 +14.8% 60. 0% +4.7% increases to 81.9%, with 180 .0 183.5 80.0 84.2 50. 0% 3,600 new 4G sites added 160 .0 166.1 70.0 73.4 49.5% 140 .0 152.7
Slide 14: Mobile money: Powerful tailwinds to sustain long-term growth
Mobile money: Powerful tailwinds to sustain long-term growth Low financial inclusion % of adults with no formal bank account1 Adults with bank account, 20241 ~2.7x 95% 64% 54% 34% 36% 26% 23% 21% 3% Footprint Developed 2 Footprint MENA LATAM South Europe & East Asia & USA Markets Asia central asia P
Slide 15: Mobile money: Capitalising on a sizeable and attractive growth opportunity
Mobile money: Capitalising on a sizeable and attractive growth opportunity • Growing agent network of Mobile money customers (m) Total processed value ($bn) approx. 2.4 million agents, as a 250 60.0 +21.3% +35.2% key strategic advantage 200 50.0 54.1 196 • MyAirtel app transacting users 40.0 44.6 15
Slide 16: Revenue mix transition as Airtel Money expands its service offering
Revenue mix transition as Airtel Money expands its service offering FY’21 FY’26 Growth (1) Wallet Services Wallet Services 55% 48% +26% Payments and Transfers Payments and Transfers 35% 42% +34% Financial Services Financial Services 2% 5% +55% Other Other 8% 5% +19% FY'21 FY'22 FY'23 FY'24 FY'25 FY'
Slide 17: Regional performance
Regional performance
Slide 18: Nigeria: Stable macro environment with sustained demand and tariff adjustments
Nigeria: Stable macro environment with sustained demand and tariff adjustments 58.3m $2.4 $1,603m $922m 57.5% Customers ARPU Revenue EBITDA EBITDA margin +9.4% +36.8% +47.5% +70.5% +782 bps • Declining inflation and interest rates supports improved consumer confidence underpinning demand • Revenue g
Slide 19: East Africa: Ongoing momentum supports overall performance
East Africa: Ongoing momentum supports overall performance 84.3m $3.1 $3,015m $1,602m 53.1% Customers ARPU Revenue EBITDA EBITDA margin +8.7% +7.1% +17.8% +17.3% +34 bps • Attractive industry fundamentals remain with sustained growth in the customer base and a continued increase in smartphone penetr
Slide 20: Francophone Africa: Accelerating growth through strong execution
Francophone Africa: Accelerating growth through strong execution 40.9m $3.9 $1,786m $786m 44.0% Customers ARPU Revenue EBITDA EBITDA margin +16.3% +3.9% +17.1% +19.4% +70 bps • Industry and macro fundamentals supportive of overall demand. This, combined with strong execution supports a further accel
Slide 21: Meaningful growth opportunities in Home broadband and enterprise
Meaningful growth opportunities in Home broadband and enterprise Home Broadband Enterprise Structural penetration Hosting less than 1% of total world data Very low home broadband penetration of ~2% opportunity with strong provides material upside for customer adds centre capacity, sub-Saharan Africa
Slide 22: Financial review
Financial review - ~
Slide 23: Performance across key financial metrics
Performance across key financial metrics Revenue EBITDA EBITDA margin $6,415m $3,162m 49.3% Reported currency +29.5% Reported currency +37.2% Reported currency +280bps Constant currency +24.0% Constant currency +30.4% Constant currency +240bps Normalised FCF Lease-adjusted leverage EPS – before exce
Slide 24: Constant currency revenue growth momentum maintained
Constant currency revenue growth momentum maintained $m +24.0% constant currency growth (+$1,183m) +12.8% +35.2% +28.4% 277 6,415 280 20 632 251 4,955 +18.0% +40.3% +36.3% +29.5% growth in reported currency (+$1,460m) FY'25 Voice Data Mobile Money Others FY'26 Currency … 1 FY’25 Voice Data Mobile mo
Slide 25: EBITDA margin expansion from cost efficiencies, operating leverage and stable macro
EBITDA margin expansion from cost efficiencies, operating leverage and a relatively stable macro backdrop Q4’26 EBITDA margin $m reached an all-time high of 50.3% (+295 bps YoY) +30.4% constant currency growth (+$696m) Margin 49.3% Margin 1,183 46.5% 162 3,162 (487) 2,304 +37.2% growth in reported c
Slide 26: Finance costs benefit from FX gains
Finance costs benefit from FX gains $m Impacted by $86m increase arising from contract renewals 822 53 840 148 (4) 713 643 (127) (179) 1 FY'25 FY'25 FY'25 Lease Interest on Other finance FY'26 FY'26 FY'26 Finance Cost Derivative and FX losses Finance Cost Interest market debt cost* Finance Cost Deri
Slide 27: Improved EPS underpinned by operating performance and currency appreciation
Improved EPS underpinned by operating performance and currency appreciation $ cents 18.1 (5.7) 2.4 18.6 16.2 (6.0) 1.6 9.8 8.2 FY'25 EPS FY'25 derivative 1 FY'25 EPS Operating Finance 2 Tax & Others 3 FY'26 EPS FY'26 derivative 1 FY'26 EPS Before EI and Forex losses Before EI & Forex Profit (RC) Cha
Slide 28: Improved normalised FCF generation
Improved normalised FCF generation $m 3,162 (395) An increase from $213m in FY’25 (875) (816) 36 803 (204) (105) EBITDA Income tax Cash capex Cash interest Lease repayments NCI Change in Normalised FY'26 (incl. Dividend (Tangible & (incl. Lease (excl. Lease dividend working capital FCF FY'26 tax) in
Slide 29: Accelerating investments to drive future growth
Accelerating investments to drive future growth • Increased site rollout Capex (US$m) Coverage • Expanding across rural markets to drive to drive digital SIM penetration inclusion • Enhance 4G population coverage across the footprint ~$1.1bn • Selected 5G rollout to facilitate future 884 demand Capa
Slide 30: Sustainable capital structure as leverage continues to fall
Sustainable capital structure as leverage continues to fall Reduction in leverage reflects strong capital structure Balance sheet remains strong with net cash at HoldCo 2.3x 2.3x As of Mar 2026 As of Mar 2025 $m $m 2.1x OpCo debt: 2,196 2,330 1.8x - Foreign currency 102 154 - Local currency 2,094 2,
Slide 31: A balanced and transparent capital allocation policy
A balanced and transparent capital allocation policy 1 2 3 Efficient capital Sustainable capital Return cash to investments structure shareholders • Group capex (excluding license • Lease adjusted leverage of 0.5x, • Progressive dividend policy aims & spectrum) of $884m as reduced from 1.0x primaril
Slide 32: Conclusion
Conclusion
Slide 33: Summary and outlook
Summary and outlook Compelling growth outlook Attractive demographics and strong demand for essential services. Additional opportunities in HBB, enterprise and data centres. Industry leading EBITDA margins Operating leverage from strong revenue growth, supported by a comprehensive cost optimisation
Slide 34: Q&A
Q&A
Slide 35: Appendix
Appendix
Slide 36: Growth by service segment waterfalls
Growth by service segment waterfalls Voice revenue ($m) Data revenue ($m) 199 52 103 2,318 1,964 291 94 2,530 341 1,804 +12.8% constant currency growth +35.2% constant currency growth FY'25 Customer base ARPU Currency FY'26 FY'25 Customer base ARPU Currency FY'26 Voice Revenue Increase Increase tran
Slide 37: Effective tax rate
Effective tax rate Unit of Year ended Year ended Description measure Mar-26 Mar-25 Profit before Income tax Profit before Income tax Tax rate % Tax rate % taxation expense taxation expense Reported effective tax rate (after EI) $m 1,419 606 42.7% 661 333 50.3% Exceptional Items $m - - 103 30 Reporte
Slide 38: Finance cost and forex
Finance cost and forex Description FY'26 FY'25 Change $m $m $m Interest on market debt 294 298 (4) Interest income (27) (20) (7) Net Interest Cost 267 278 (11) Interest on lease liabilities 467 319 148 Other Finance Charges 106 46 60 Finance Charges 840 643 197 (Excluding derivative and FOREX) Deriv
Slide 39: Currency effects – historical trends
Currency effects – historical trends Historical 5-year Trends CAGR Deval/(Appr.) Currency Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 1-year 3-year 5-year Nigerian Naira 407.7 415.2 461.4 1,303.3 1,541.7 1,388.7 (9.9%) 44.4% 27.8% Uganda Shilling 3,663.0 3,590.0 3,780.0 3,890.0 3,661.0 3,7
Slide 40: Mobile money: geographical breakdown
Mobile money: geographical breakdown Customers (m) Total processed value ($bn) Revenue ($m) 3.6 9 2.7 10.5 45.3 337 147.0 1,009 40.9 Note: TPV and revenue relates to the year ended 31 March 2026, in reported currency 40