Safaricom Plc · NSEKE:SCOM
Safaricom — FY2026 Earnings Presentation
63 slides from Safaricom's earnings presentation, May 2026
Slide 1: Investor Presentation
INVESTOR PIRES NTATION y Ab
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: Agenda
Agenda 01 Our Purpose 02 Strategy Overview & Highlights 03 FY26 Operating Review Kenya & Ethiopia 04 FY26 Group Financial Performance 05 Conclusion, Dividends & FY27 Outlook 3
Slide 4: Business Overview, Purpose & Strategy Update
Business Overview, Purpose & Strategy Update Dr. Peter Ndegwa, CBS Group Chief Executive Officer
Slide 5: 01. Our Purpose
01. Our Purpose
Slide 6: Our Promise
| Celebrating 25 years of Transforming Lives in Kenya Safaricom Cares Our Promise Safaricom Offers Value, Cares & Delights Me about my Business Safaricom Transforms my Community Our Impact from the Campaign • 4.7Mn customers rewarded • Enhanced engagement with 1Mn LNM & 1.87 Mn • 36.4Mn customer del
Slide 7: Our Purpose | Investing in our Societies and Building Long-term Value
Our Purpose | Investing in our Societies and Building Long-term Value Our Principles Purpose before profit SDGs as a framework Reputation before revenue FY26 Position Non-exhaustive Planet Catalyzing a net positive future 2k 35.7% CDP1 A rating Green energy Highest sustainability Sites on solar PVs
Slide 8: Our Purpose | Sustainable Community Investments Through our Foundations
Our Purpose | Sustainable Community Investments Through our Foundations Health Education • Citizens of the Future scholarship programme • 8,063 mothers and children reached through Uzazi launched to benefit 500 learning institutions in Salama program in Narok and Kilifi counties 47 counties • 72,883
Slide 9: Our Purpose | Transforming Lives, One Community at a Time
Our Purpose | Transforming Lives, One Community at a Time Targeted Impact over the next 5 years 6Mn 20Mn 500 Targeted Indirect Schools to be Beneficiaries Beneficiaries Benefited Bar Anding’o Comprehensive Maram Primary School (Kisumu County) School (Homabay County) Before After We're on a mission t
Slide 10: 02. Strategy Overview & Highlights
02. Strategy Overview & Highlights
Slide 11: Vision 2030 | Becoming Africa's Leading Purpose-led Technology Company by 2030
Vision 2030 | Becoming Africa’s Leading Purpose-led Technology Company by 2030 11
Slide 12: Vision 2030 | Six Big Priorities
Vision 2030 | Six Big Priorities CONSUMER ENTERPRISE • 4G+ device acceleration • Beyond connectivity • Always on safe secure • Segment led execution • Grow segmented & converged propositions • Enabling SMEs • Scale content & digital platforms FS/M-PESA PUBLIC SECTOR • Enhance wealth management & ins
Slide 13: Technology | Shifts Enabling Acceleration Towards Tech-Co
Technology | Shifts Enabling Acceleration Towards Tech-Co Internet as Digitization of AI as an Partnerships & Cost Big Shifts foundation for Public Sector and Enabler for Operating Leadership supporting everything Enterprises growth Model our Vision 2030 ambition 01 02 03 04 05 Intelligence in Broad
Slide 14: Technology | Safaricom Tech-Co Capabilities at a Glance
Technology | Safaricom Tech-Co Capabilities at a Glance Coverage Map Infrastructure Big Data & AI • Over 18,300 Km of Metro Fibre • Upgrading from a lakehouse to a unified Data • 80% of sites on Fibre Platform • FTTH: > 800K Homes passed; FTTB: >9,600 • 70+ AI/ML Models on production • Data centers-
Slide 15: AI as a Foundation for Tech-Co
AI as a Foundation for Tech-Co | Enabling Intelligence, Trust, Agility and Efficiency at Scale Customer Experience Segmentation & Growth Intelligent Network • Always-on conversational support; • Real-time recommendations driving • Reduce costs and improve network Zuri on Telegram, Web, Facebook, tar
Slide 16: Our Strategy | Key Commercial Execution Highlights in FY26
Our Strategy | Key Commercial Execution Highlights in FY26 M-PESA/FS Consumer • Platform enhancement- Delivered Fintech 2.0, unlocked new use cases • Market share - Resilient voice & data growth and usage • Enhanced wealth management offerings - Ziidi MMF, Ziidi Trader • Scaled segmented, integrated
Slide 17: 03. FY26 Operating Review (a) Safaricom Kenya
03. FY26 Operating Review (a) Safaricom Kenya
Slide 18: Kenya Operating Environment
Kenya Operating Environment | Stable Macro Fundamentals, Outlook Tempered By Rising Geopolitical and Fiscal Headwinds Macro Tailwinds & Headwinds Regulatory & Industry Customer Insights Tailwinds Tailwinds • GDP average growth; +4.6% Tailwinds • Secured 25-year license renewal to operate • Stable fo
Slide 19: Consumer Business | Customer Value-led Commercial Acceleration in H2
Consumer Business | Customer Value-led Commercial Acceleration in H2 Deliberate Partnerships beyond Segment-led hyper-personalization connectivity as an propositions as a core growth lever enabler for growth • Shift from Product-Led to Segment-Led • Leveraged network intelligence and data • Expandin
Slide 20: Financial Services | Expanding Financial Inclusion and Building a Safe Secure Fintech Ecosystem
Financial Services | Expanding Financial Inclusion and Building a Safe Secure Fintech Ecosystem Deepening Digital Accelerated Customer Technology & Platform Enhancements Financial Access in untapped sectors Acquisition enabling future scalability • Launched Ziidi Trader supercharged • Customer & Mer
Slide 21: Fintech 2.0 | Building a Stronger Foundation For M-PESA's Next Phase Of Growth
Fintech 2.0 | Building a Stronger Foundation For M-PESA’s Next Phase Of Growth Unlocked Capabilities since launch in Oct 2025 Shared Wallets Enhanced Privacy NFC Tap to Pay- Unlocked 3x TPS Enhanced AI Enhanced (Shiriki Pay) P2P Data on pilot for Fuliza Enabled Security- with +1Mn users Minimization
Slide 22: Enterprise Business & Public Sector | Digitisation and Financial Services Partner of Choice
Enterprise Business & Public Sector | Digitisation and Financial Services Partner of Choice Public Sector Digital Transformation Powering Progress Partnering With the public sector to scale digital transformation nationwide for Businesses Accelerating Universal Health Coverage through technology Ind
Slide 23: Fixed Business | Broadening Broadband Reach Through More Affordable Propositions
Fixed Business | Broadening Broadband Reach Through More Affordable Propositions Expanded Reach and Affordability Driving Efficiency & Scalable Growth • Added affordable propositions- Fibre lite offers KShs 1,500/2,000 subscriptions • AI-driven rollout prioritization • Penetration into lower-income
Slide 24: 03. FY26 Operating Review (b) Safaricom Ethiopia
03. FY26 Operating Review (b) Safaricom Ethiopia
Slide 25: Ethiopia Operating Environment
Ethiopia Operating Environment | FX Regime Reforms & Regulations Continue to Shape the Future of the Industry Macro-Economic Environment Regulatory/Industry Political/Security Resilience as Reforms Shape the Market Industry Risks & Opportunities Generally Stable Environment Tailwinds Tailwinds Tailw
Slide 26: Purpose | Building Inclusive Growth Through Digital Access
Purpose | Building Inclusive Growth Through Digital Access Our Focus Areas How We Will Deliver Our Impact Since Launch • Strong partnerships with government, • Foundation officially registered July 2025, Youth & Economic Digital Skills Empowerment NGOs, and global donors governance & partnerships es
Slide 27: Strategy Execution | Continued Commercial Progress in a Challenging Environment
Strategy Execution | Continued Commercial Progress in a Challenging Environment High Quality 4G Data Experience Superior Customer Experience Personalized CVM and Loyalty • Dynamic pricing for data/voice • Simplified & unified customer journeys • More for More offers for mass bundles • Driven self se
Slide 28: FY26 Performance | Strong Commercial Delivery Despite Headwinds in Ethiopia
FY26 Performance | Strong Commercial Delivery Despite Headwinds in Ethiopia Customers M-PESA Network People 13.6Mn, 5.2Mn (49% of GSM), +54.2% YoY +119.4% YoY 3,504 963 Sites Permanent Employees 90-day active - Overall 90-day Active Customers 10.4Mn, One-month Active Sites Split Merchants 98% 2% +46
Slide 29: 04. FY26 Group Performance Highlight
04. FY26 Group Performance Highlight
Slide 30: FY26 Performance | Outstanding Financial Performance for the Group
FY26 Performance | Outstanding Financial Performance for the Group Surpassing Guidance as Start-up Losses in Ethiopia Decline Service Revenue EBITDA EBIT Net Income Safaricom KShs 400.8Bn KShs 233.9Bn KShs 182.3Bn KShs 119.1Bn Kenya +10.0% YoY +13.7% YoY +15.3% YoY +24.7% YoY Safaricom KShs 14.1Bn K
Slide 31: Group Financial Performance
Group Financial Performance Dilip Pal Group Chief Finance and Innovation Officer
Slide 32: Kenya Performance
Kenya Performance
Slide 33: Customers | Accelerated Customer Growth Across All Key Market Segments
Customers | Accelerated Customer Growth Across All Key Market Segments M-PESA* (Mn) 3.1 41.0 90-Day 30-Day 2.1 37.9 +14.5% Overall Customers Overall Customers 35.8 YoY 57.9Mn 39.9Mn +10.5% +13.3% YoY YoY +20.1% YoY +7.6% YoY (+9.7Mn) (+2.8Mn) FY25 H1 FY26 H1 FY26 H2 FY26 FY26 Net Adds Net Adds Conne
Slide 34: Service Revenue | Solid Top Line Growth With Acceleration in H2
Service Revenue | Solid Top Line Growth With Acceleration in H2 Service Revenue (KShs Bn) Contribution to Service Revenue Profile (KShs Bn) 10.7% 10.5% 5.0%, Fixed Service & IoT, 10.0% 20.2Bn, 45.6%, +12.2% FY26 M-PESA, 9.3% 400.8Bn 182.7Bn, 49.4%, Connectivity +10.0% +13.4% 364.3 194.0 206.8 400.8
Slide 35: M-PESA | Strong Revenue Growth with Double Digit Growth
M-PESA | Strong Revenue Growth with Double Digit Growth Across Consumer, Business and Global Payments Contribution to M-PESA Revenue (KShs Bn) M-PESA Volume (Bn) 1.6 0.9 182.7 8.0 46.4 +25.1% YoY -0.5 +13.4% 11.6 37.1 YoY 19.6 (42.2%) +27.6% YoY 15.4 161.1 Chargeable (41.4%) 26.8 Non- 21.7 +23.3% Yo
Slide 36: M-PESA | Growing Velocity with Micro Transactions Growth Supporting Affordability
M-PESA | Growing Velocity with Micro Transactions Growth Supporting Affordability Payments Revenue (KShs Bn) Payments Volumes (Bn) +17.7% YoY 37.0 +21.5% YoY 136.0 115.5 30.5 11.7 +18.4% YoY 10.2 (31.7%) +15.6% YoY 74.5 +16.5% YoY Chargeable (33.3%) 63.0 56.7 48.6 25.3 +22.3% YoY Non- 20.3 24.4% YoY
Slide 37: M-PESA | Accelerating the Merchant Ecosystem and Global Payments
M-PESA | Accelerating the Merchant Ecosystem and Global Payments No. of Merchants (Mn) Merchants Revenue (KShs Bn) +71.4% +35.8% 3.1 13.3 +81.5% +21.7% 2.1 9.3 9.8 Accelerating +54.2% 1.8 7.6 Merchants 1.1 +86.0% 1.0 Ecosystem 0.7 4.0 2.2 Lipa na M-PESA Pochi Total Merchants* Lipa na M-PESA Pochi To
Slide 38: M-PESA | Scaling Credit Solutions and Deepening Financial Access
M-PESA | Scaling Credit Solutions and Deepening Financial Access Total Credit Customers (Mn) Revenue (KShs Bn) +117.9% +20.6% 18.0 9.8 8.1 Credit 9.5 Performance 8.2 4.5 +15.4% +5.1% +5.7% YoY YoY +14.2% YoY YoY FY25 H1 FY26 FY26 FY25 H1 FY26 FY26 Active Customers (Mn) AUM* (KShs Bn) +250.0% +115.1%
Slide 39: M-PESA Super Apps | Super App Adoption Deepening Engagement
M-PESA Super Apps | Super App Adoption Deepening Engagement for Consumers and Businesses Consumer App Business App Active Customers/Merchants 6.6Mn, +40.0% YoY 458.9k, +52.5% YoY Value transacted KShs 3.1Trn, +38.3% YoY KShs 949Bn, +5.9% YoY Revenue KShs 17.8Bn, +39.6% YoY KShs 1.0Bn, 36.8% YoY Volu
Slide 40: Connectivity | Mobile Data Continues to Power Connectivity Business
Connectivity | Mobile Data Continues to Power Connectivity Business as Voice remains resilient Contribution to Connectivity Revenue (KShs Bn) Contribution to Connectivity Revenue Profile (KShs Bn) 2.7 1.0 197.9 11.0%, 10.5 -1.5 Others*, 21.7Bn, 185.2 +6.9% +14.0% YoY 5.6%, FY26 42.1%, Messaging, 197
Slide 41: Mobile Data | Double Digit Growth Driven by Customers, Usage and 4G+ Devices
Mobile Data | Double Digit Growth Driven by Growth in Customers, Usage and Increased 4G+ Devices Mobile Data Revenue (KShs Bn) 4G+ Devices continues to grow* (Mn) 15.2% 15.3% 83.4 30.8 +31.8% YoY 72.9 23.4 17.5 14.4% -7.5% YoY 40.3 43.0 13.6 9.5 8.4 9.1 -28.5% YoY 13.4% 9.7 6.8 5.7 4.5 3.3 +55.5% Yo
Slide 42: Fixed Service & IoT | Fixed Growth Broadening Through Fibre, FWA and SME
Fixed Service & IoT | Fixed Growth Broadening Through Fibre, FWA and SME Led Demand Fixed Service & IoT Revenue (KShs Bn) Fixed Service Customers ('000') 14.9% 12.9% 20.2 +32.1% YoY 490.7 18.0 432.4 83.6 9.5% 12.2% +19.7% YoY 371.3 77.2 69.9 9.8 10.4 355.2 407.1 +35.0% YoY 301.5 FY25 H1 FY26 H2 FY26
Slide 43: Costs | Cost Discipline Protecting Margins Despite Continued Growth Investment
Costs | Cost Discipline Protecting Margins Despite Continued Growth Investment Operating Costs (KShs Bn) Direct Costs (KShs Bn) 15.4% +1.7% 74.6 14.4% 68.1 96.3 97.9 10.4% +5.8% 8.9% 9.6% 7.9% 7.7% +7.2% 7.4% YoY 39.9 47.6 50.3 34.7 -0.3% +3.7% YoY YoY FY25 H1 FY26 H2 FY26 FY26 FY25 H1 FY26 H2 FY26
Slide 44: Kenya Financial KPIs | Improved Margins, Well Positioned to Create Value
Kenya Financial KPIs | Improved Margins, Well Positioned to Create Value FY22 FY24 FY26 EBITDA Margin 50.0% 54.7% 56.8% EBIT Margin 36.6% 40.9% 44.2% OPEX Intensity 18.5% 17.4% 18.1% CAPEX Intensity 13.2% 13.8% 13.5% Net Debt to EBITDA* 0.24 0.29 0.33 *Net Debt to EBITDA ratio includes lease liabili
Slide 45: Kenya | Solid Performance Anchored on a Clear Vision 2030 Strategy
Kenya | Solid Performance Anchored on a Clear Vision 2030 Strategy FY26 YoY % FY25 YoY % (KShs Bn) Growth (KShs Bn) Growth Service Revenue 400.8 10.0% 364.3 10.5% EBITDA 233.9 13.7% 205.8 10.1% EBIT 182.3 15.3% 158.1 13.0% Net Income 119.1 24.7% 95.5 12.7% Operating Free Cash Flow 173.6 16.7% 148.8
Slide 46: Safaricom Ethiopia Performance
Safaricom Ethiopia Performance
Slide 47: Customers & Usage | Expanding Customer Base as Usage Grows
Customers & Usage | Expanding Customer Base as Usage Grows Mobile Data Voice 90-Day 10.4 11.1 Overall Customers 8.9 9.6 42.3% 13.6Mn 46.3% YoY YoY 90-Day 7.1 7.8 +54.2% YoY Active (+4.8Mn) Customers (Mn) 30-Day Overall Customers FY25 H1 FY26 FY26 FY25 H1 FY26 FY26 10.7Mn +48.2% YoY Usage per user (G
Slide 48: Service Revenue | Strong Revenue Momentum with Rising Voice Contribution
Service Revenue | Strong Revenue Momentum with Rising Voice Contribution Contribution to Service Revenue Growth (ETB Bn) Contribution Service Revenue Profile (KShs Bn) 0.6 0.5 15.9 2.3 5.6%, 5.1%, 5.7 Others*, 0.8Bn, Mobile Incoming, 130.9% +94.7% 0.7Bn, +64.8% YoY 6.9 FY26 21.4%, 14.1Bn 67.9%, Voic
Slide 49: Mobile Data & Voice Revenue | Positive Impact of Regulator Led Industry Price Repair
Mobile Data & Voice Revenue | Positive Impact of Regulator Led Industry Price Repair evident in Q4 Revenue (Mn) Mobile Data ARPU Rate per GB 3,709.7 162.9 23.0 133.0 19.1 18.2 18.9 125.8 124.1 +21.7% 2,772.5 +22.5% 2,290.7 +4.3% Mobile 2,041.9 +7.1% -5.0% -1.3% Data +33.8% +12.2% +21.0% (ETB) Q1 FY2
Slide 50: Ethiopia Funding | Funding Increased to USD 2.6Bn
Ethiopia Funding | Funding Increased to USD 2.6Bn to Support Scale and Resilience, with Reduced Reliance on Equity As at USD Mn 31 March 2026 31 March 2025 31 March 2024 Equity 2,285 2,048 1,626 Local currency debt 126 105 134 Foreign currency debt 234 100 100 Shareholder loan - 18 - Total funding 2
Slide 51: Ethiopia | Improved 2nd Half with Full Year Losses halving Year on Year
Ethiopia | Improved 2nd Half with Full Year Losses halving Year on Year as the Business Scales FY25 YoY % FY26 (KShs Bn) (KShs Bn) Growth FY26 H2 H1 FY25 FY26 Service Revenue 14.1 7.9 6.2 8.9 +58.3% EBITDA (15.1) (2.7) (12.4) (43.0) +64.8% EBIT (30.1) (9.9) (20.2) (61.1) +50.7% Net Income (21.2) (7.
Slide 52: Safaricom Group Performance
Safaricom Group Performance
Slide 53: Capex | Group Capex on a Declining Trend Driven by Lower Capex from Ethiopia
Capex | Group Capex on a Declining Trend Driven by Lower Capex from Ethiopia Group CAPEX Evolution (KShs Bn) 96.1 93.5 91.3 74.5 Kenya Ethiopia Group 55.8 52.1 55.8 46.3 47.3 40.4 39.2 CAPEX Intensity 13.5% 122.8% 17.5% 18.7 FY23 FY24 FY25 FY26 Ethiopia Kenya Group FY26 Capex Split – Kenya (KShs Bn)
Slide 54: Group Net Debt | Improved Net Debt to EBITDA with Stable Net Debt Levels
Group Net Debt | Improved Net Debt to EBITDA with Stable Net Debt Levels Kenya Group KShs Bn Abs YoY KShs Bn Abs YoY Total Borrowings (60.7) 19.7 (109.3) (1.8) Long term borrowings** 67.5% +17.9% 76.6% +16.4% Net Debt (77.9) 13.4 (139.8) (10.4) Net Debt/EBITDA Ratio 0.33 (0.11) 0.63 (0.16) Net Debt/
Slide 55: FY26 Group Performance
FY26 Group Performance Safaricom Safaricom Safaricom Plc Safaricom Safaricom Safaricom Group % YoY Kenya Ethiopia Group Kenya Ethiopia Group Constant (KShs Mn) (KShs Mn) (KShs Mn) % YoY % YoY % YoY Currency Service Revenue 400,794.5 14,082.8 414,137.4 10.0% 86.6% 11.5% 11.9% Total Revenue 412,089.0
Slide 56: FY26 Group Performance | Strong Performance Driven by Disciplined Execution
FY26 Group Performance| Strong Performance Driven by Disciplined Execution Kenya Ethiopia* Group Reported Incl. IAS 29 Excl. IAS 29 Service Revenue 10.0% 58.3% 11.5% 11.1% EBITDA 13.7% 64.8% 27.9% 35.4% EBIT 15.3% 50.7% 40.6% 58.5% Net Income 24.7% 41.2% 37.0% 67.3% Excluding Minority Interest Opera
Slide 57: 05. Conclusion, Dividends & FY27 Outlook
05. Conclusion, Dividends & FY27 Outlook
Slide 58: In Summary | Outstanding Performance in FY26
In Summary | Outstanding Performance in FY26 Kenya Ethiopia Group • Strong performance in year 1 of our • Great results as market reforms take • Solid Group performance as 5-year strategy cycle with clear runway root, with revenue growth contributing Ethiopia becomes a key for the next 5 years 15% t
Slide 59: Dividends | Significant Growth in Shareholder Returns Marking a New High in DPS
Dividends | Significant Growth in Shareholder Returns Marking a New High in DPS FY26 Dividends (KShs) KShs 2.00 Interim Final Proposed Total FY26 DPS +66.7% YoY 34.06Bn 46.08Bn 80.13Bn 0.85 1.15 DPS 2.00 DPS Distributable Profits* (KShs Bn) and DPS KShs 692.25Bn 99.7 dividends paid to shareholders 7
Slide 60: FY27 Focus | To Scale Innovative Converged Solutions
FY27 FOCUS | To Scale Innovative Converged Solutions Deepen customer value through Build a converged Fintech segmented and converged ecosystem to future proof M-PESA propositions with embedded loyalty Build intelligence to resolve customer Deliver foundations for an "AI First" pain points and improv
Slide 61: FY27 Guidance | Safaricom Kenya, Ethiopia & Group
FY27 Guidance | Safaricom Kenya, Ethiopia & Group All numbers are in KShs and exclude hyperinflationary impact (IAS 29) Kenya Ethiopia Group EBIT 195-199Bn (15) - (12)Bn 180 - 187Bn FY26 Actual 182.3Bn (30.1)Bn 153.9Bn Capex 58 - 61Bn 6 - 9Bn 64 - 70Bn FY26 Actual 55.8Bn 18.7Bn 74.5Bn 61
Slide 62: 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.k
Slide 63: Thank You!
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