Airtel Africa: Investor presentation FY 2026

Airtel Africa plc

Results for year ended 31 March 2026

8 May 2026

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 macroeconomic conditions support a 280 bps increase in EBITDA1 margins to 49.3% in FY'26

Accelerated capex investment to maximise growth and capture the significant long-term opportunity

Strong FCF generation and balance sheet supports continued value creation for all stakeholders

3

1: Any reference to EBITDA and EBITDA margin in this presentation relates to 'Underlying EBITDA' as disclosed in our financial results.

Ongoing delivery in-line with strategic priorities

Improved customer

experience to enhance digital and financial inclusion

10.5% growth in customers to

183.5m with smartphone penetration rising to 49.5%

54.1m mobile money

customers, up by 21.3%

$215bn2+ annualised mobile

money TPV1

Strong revenue growth

momentum from rising usage

Mobile services revenue

growth of 22.6% in constant currency

Mobile money revenues

increased 28.4% in constant

currency

24.0% constant currency

growth in Group revenues

Profitable growth to

support increased investments

280 bps increase in EBITDA

margins from prior period

49.3% EBITDA margin in FY'26,

with an all-time high margin of

50.3% in Q4'26

Capex increased to $884m to

support growth opportunity

Optimising shareholder

returns with strong capital structure

0.5x lease-adjusted leverage

reflects strong balance sheet

9.2% increase in dividend for

FY'26 to 7.1 cents

$100m share buyback

completed

4

1. Total Processed Value. Previously defined as 'transaction value' 2: Total processed value in reported currency (Q4'26 annualised). Financial growth rates in constant currency and for FY'26, unless otherwise stated

A step-up in performance underpinned by strong execution and market backdrop

Customer net additions

Constant currency revenue growth

EBITDA margins

17.5m

FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26

+24.0%

2020 2021 2022 2023 2024 2025 2026

49.3%

FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26

Constant currency revenue growth based on respective constant currency growth as reported in each financial year. EBITDA margins based on reported currency 5

Strategic and operational review

Customer experience at the core of our strategy

Key strategic initiatives undertaken over the year

Strengthen go-to-market

• Added 130,000 customer activating outlets to accelerate net additions

  
  
  

• Added over 660,000 Airtel Money agents to 2.4 million

• Rollout of digital tools to enhance sales efficiencies

  Brilliant network experience

  • Rollout of more than 3,250 sites with 98.5% 4G enabled. Fibre network reaching 81,900 km with 3,200 km deployed over the year

    
    
    

  • Step-up in investments and leveraging satellite partnerships to enhance customer proposition

    Digitise and simplify

    • Digitally engaged users grew by 55% as investment into digital offerings continues to expand

    • App transacting customers increased by 74% on Airtel Money

    • Automation of customer journey to reduce friction and drive more targeted engagement

      Accelerate Airtel Money

    • 39% increase in non-exclusive agent base strengthens last-mile access

      
      
      

    • Deepen Airtel Money ecosystem by increasing use cases to drive increased customer engagement

    • Digital-first strategy drives product innovation and supports increased smartphone adoption

      Scale HBB and

      enterprise

      • 5G investments and fibre rollout to deliver reliable, resilient connectivity for digital customers

      • Accelerating take up of HBB services following increased investment

      • New data centre construction in 3 key markets (Nigeria, Kenya and the DRC)

AI and technological implementations across 4 strategic initiatives

Customer experience

• AI Spam alert to reduce fraud and protect customers

• Partnership with satellite technologies to enhance connectivity and support customer proposition

• Airtel Money transaction verification: auto-analysis and reversals

Security

• Predictive threat intelligence to anticipate emerging cyber risks

• Data privacy and compliance automation

• Countering advanced AI-enabled attacks

Growth

• Analytics on customer behaviour and spend-usage patterns enabling personalised offers

• Network analytics and on-the-ground insights prioritise site deployment

• Home Broadband (HBB) rollout leveraging 5G technology and outdoor units to drive growth

Efficiency

• Digital identity and biometric capabilities

• Automation of support functions

• Network optimisation and AI tools to optimise energy costs

Growth framework continues to support sustainable growth trajectory

Invest for the future

Capex spend of $884m

Growing 31.9%1 to facilitate future demand Invest in new business opportunities

Connecting the unconnected 10.5% growth in customers 14.8% growth in data customers

21.3% growth in mobile money customers

Focused execution drives profitable growth

Cost efficiency programme

EBITDA margins of 49.3%, up 280 bps over the year FCF increased ~4 times

Demand driving revenue uplift

Data traffic increasing 48.5% Increasing number of Airtel Money use cases

Revenue increasing by 24.0%

Note: Growth rates in constant currency unless otherwise stated., margin increase in reported currency. 10

1: Growth in reported currency

Business segment outlook and performance

Mobile services: Growth supported by favourable underlying fundamentals

Young, fast-growing population

Median age1, 2025 estimate

Increasingly digital

Smartphone penetration in Sub-Saharan Africa3

+2.4x

43

18

Footprint

Developed markets 2

+22%

79%

57%

2025

2030 (Est)

Average mobile data traffic per connection4 in Africa

GB per month

Fixed home broadband penetration %

+2.2x

9 GB

4 GB

2025

2030 (Est)

90%

77%

56%

49%

12%

~2%

NA

EU

Latam

APAC

Africa Footprint

Source:

1. Median age is based on 'World population prospects from UN'. 2. Developed markets relates to North America and EU 3. Smartphone penetration is from GSMA Intelligence report

1. Average mobile data traffic per connection is from GSMA intelligence report and is calculated on "Total mobile customers". 12

   
   
   

   Mobile services: demand for data continues unabated

   • Population coverage increases to 81.9%, with 3,600 new 4G sites added during the year

     +12.8%

     FY'24

     FY'25

     FY'26

     1,964

+4.7%

49.5%

44.8%

40.5%

Mar'24

Mar'25

Mar'26

+10.5%

183.5

166.1

152.7

Mar'24

Mar'25

Mar'26

+22.6%

FY'24

FY'25

FY'26

Note: Revenue growth rates is in constant currency 13

Mobile money: Powerful tailwinds to sustain long-term growth

% of adults with no formal bank account1

Low financial inclusion

Adults with bank account, 20241

3%

Footprint MENA

LATAM

South

Asia

Europe & East Asia &

USA

central asia

Pacific

~2.7x

95%

36%

Footprint

Developed 2

Markets

Large runway across footprint

Mobile money TPV as % of GDP, 2024

Mobile money customers as % of total customers

4x

246%

60%

SSA

Kenya

Mar'21

Mar'22

Mar'23

Mar'24

Mar'25

Mar'26

Source:

(1) Banking penetration based on Global Findex Database 2025. (2) Developed markets: High income countries as per Global Findex. 14

Mobile money customers (m)

+21.3%

54.1

44.6

38.0

Mar'24

Mar'25

Mar'26

Total processed value ($bn)

+35.2%

196

136

112

FY'24

FY'25

FY'26

Mobile money: Capitalising on a sizeable and attractive growth opportunity

$215bn+, up 34.3% with constant currency revenue growth of 28.4%

15

Note: Growth rates for total processed value, ARPU and revenue is in constant currency

Revenue mix transition as Airtel Money expands its service offering

FY'21

Wallet Services

55%

Payments and Transfers

35%

Financial Services

2%

Other

8%

FY'26

Wallet Services

48%

Payments and Transfers

42%

Financial Services

5%

Other

5%

Growth (1)

+26%

+34%

+55%

+19%

FY'21 FY'22 FY'23 FY'24 FY'25 FY'26

Wallet services Payments and Transfers Financial Services Other

Notes: Wallet services comprise cash-in (deposits)/cash-out (withdrawals). Payment and transfers comprise P2P money transfers, airtime and bundle recharges, utility bill payments, merchant payments, cash collection, corporate bulk payments, and international money transfers. Financial services primarily include bank-to-wallet transfers, wallet-to-bank transfers, lending, insurance, wealth management and savings. Others comprise retention revenues.

16

1. Growth rates in constant currency (CAGR FY'26 vs FY'21). Contributions are based on reported currency.

Regional performance

Nigeria: Stable macro environment with sustained demand and tariff adjustments

58.3m

Customers

+9.4%

$2.4

ARPU

+36.8%

$1,603m

Revenue

+47.5%

$922m

EBITDA

+70.5%

57.5%

EBITDA margin

+782 bps

• Declining inflation and interest rates supports improved consumer confidence underpinning demand

• Revenue growth of 47.5% reflects sustained demand supported by tariff adjustments and ongoing execution of our strategy. Q4'26 revenue growth slowed to 40.3% as we lapped the tariff adjustments made during Q4'25

• 5.3% increase in smartphone penetration to 54.9% and smartphone usage per customer reaching 13.7GB per month (compared to 11.1GB in prior year) contributing to a 63.6% growth in data revenues.

• Margin strength driven by operating leverage and continued success on cost efficiency

programme 18

East Africa: Ongoing momentum supports overall performance

84.3m

Customers

+8.7%

$3.1

ARPU

+7.1%

$3,015m

Revenue

+17.8%

$1,602m

EBITDA

+17.3%

53.1%

EBITDA margin

+34 bps

• Attractive industry fundamentals remain with sustained growth in the customer base and a continued increase in smartphone penetration to 46.6%.

• Strength of mobile money proposition drives 15.8% growth in customers which combined with increased use cases supports a 26.1% increase in mobile money revenues

• Constant currency revenue growth of 17.8% reflects sustained demand for these essential services

• Resilient EBITDA margins supports 24.8% reported currency growth in EBITDA, and 17.3% in constant currency.

Francophone Africa: Accelerating growth through strong execution

40.9m

Customers

+16.3%

$3.9

ARPU

+3.9%

$1,786m

Revenue

+17.1%

$786m

EBITDA

+19.4%

44.0%

EBITDA margin

+70 bps

• Industry and macro fundamentals supportive of overall demand. This, combined with strong execution supports a further acceleration in growth

• Data revenue growth of 34% in constant currency supported by accelerating data customer base growth with 62% data traffic growth reflecting increased customer usage

• Mobile money revenue growth of 34.3% in constant currency indicative of underlying

  demand and strong strategic focus, with customers up 38%

• Strong recovery in top-line growth and cost efficiency measures sees a 70bps increase in EBITDA margins to 44.0%

Meaningful growth opportunities in Home broadband and enterprise

Home Broadband

Enterprise

Structural penetration opportunity with strong growth runway

Very low home broadband penetration of ~2%

provides material upside for customer adds

Hosting less than 1% of total world data centre capacity, sub-Saharan Africa provides a material opportunity

Large addressable market and uniquely positioned

More than 30 million households which can afford a broadband connection

Around 81,900 km of fibre with access to large submarine capacity

Driving momentum in value creation

86% growth in HBB customers as innovative offering provides strong customer experience

Building data centres at scale in Nigeria, Kenya and DRC. Scaling digital solutions across enterprise customers, driving a more than two-fold increase over the year

Financial review



Performance across key financial metrics

Revenue

$6,415m

Reported currency +29.5%

Constant currency +24.0%

EBITDA

$3,162m

Reported currency +37.2%

Constant currency +30.4%

EBITDA margin

49.3%

Reported currency +280bps

Constant currency +240bps

Normalised FCF

$803m

Reported currency +277.0%

Lease-adjusted leverage

0.5x

Improved from 1.0x

Leverage 1.8x (improved from 2.3x)

EPS - before exceptionals

18.6 cents

Improved from 8.2 cents

The Board has recommended a final dividend of 4.26 cents per share, up by 9.2% year-on-year

Constant currency revenue growth momentum maintained

$m

+24.0% constant currency growth (+$1,183m)

+12.8%

+35.2%

+28.4%

632

280

20

4,955

251

+18.0%

+40.3%

+36.3%

+29.5% growth in reported currency (+$1,460m)

277 6,415

FY'25

Voice Data Mobile money Others

1

Currency

translation

FY'26

1 Positive impact of currency translation was primarily contributed by currency appreciation in most of the operating markets.

Currency devaluation sensitivities for revenues on a 12-months basis

• 1% movement of the USD against all OpCo currencies would result in an estimated impact of $60m-$62m on revenues

  
  
  
  
  EBITDA margin expansion from cost efficiencies, operating leverage and a relatively stable macro backdrop

  $m

  +30.4% constant currency growth (+$696m)

  Q4'26 EBITDA margin

  reached an all-time high of 50.3% (+295 bps YoY)

  Margin

  46.5%

  Margin

  49.3%

  1,183

  162

  3,162

  (487)

  2,304

  +37.2% growth in reported currency (+$858m)

  FY'25

  Increased revenue

  OPEX

  increase

  Currency 1

  translation

  FY'26

  1 Positive impact of currency translation was primarily contributed by currency appreciation in most of the operating markets

  Currency devaluation sensitivities for EBITDA on a 12-months basis

• 1% movement of the USD against all OpCo currencies would result in an estimated impact of $29m-$31m on EBITDA

Finance costs benefit from FX gains

$m

Impacted by $86m

increase arising from

contract renewals

822

53 840

148

(4)

713

643

FY'25

Finance Cost

FY'26

Finance Cost

Finance Cost Derivative and FX gains

(Excl. Derivative and FX)

Derivative and FX losses Finance Cost

(Excl. Derivative and FX)

FY'26

FY'26

Other finance

cost*

Interest on

market debt

1

Lease

Interest

FY'25

FY'25

(179)

(127)

* Other finance cost is net of interest income

During the year, the weighted average interest rate on market debt declined 60 bps to 12.1%, with a weighted average interest rate of 10.6% as at the end of March 2026, reflecting our focus on interest rate optimisation, with benign inflationary trends providing an additional tailwind.

1. Out of the $148m increase in lease interest, $86m related to the full year impact of tower contract renewals undertaken in FY'25.

   • A 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives)

   • Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $14m - $15m impact on foreign exchange (excluding derivatives) 26

Improved EPS underpinned by operating performance and currency appreciation

$ cents

(5.7)

2.4

18.6

16.2

(6.0)

8.2

1.6

9.8

FY'25 EPS

Before EI

FY'25 derivative1

and Forex losses

Y'26 derivative 1

d Forex gains

FY'26 EPS

Before EI

Tax & Others 3 FY'26 EPS F

Before EI & Forex an

Finance 2

Charges

Operating

Profit (RC)

FY'25 EPS

Before EI & Forex

• EPS before exceptional items (EI) was 18.6 cents, improved from 8.2 cents in prior period. Current period had derivative and foreign exchange gain vis-à-vis losses in prior period.

• However, excluding the impact of derivative and foreign exchange, EPS improved from 9.8 cents to 16.2 cents largely on account of higher operating profits partially offset by higher finance charges due to higher interest on lease liabilities following the tower contract renewals in second half of last year, which has neutral to positive impact on cash flows.

Notes:

1. Derivative and forex loss for FY'25 and FY'26 is net of tax and minority interest.

2. Out of 5.7 cents impact due to increase in finance charges, $ 2.4 cents was due to contract renewals. 27

3. Tax and Others includes taxes and change in minority shareholder PAT.

Improved normalised FCF generation

$m

3,162

(395)

(875)

An increase from

$213m in FY'25

(816)

36

803

(204)

(105)

Normalised free cashflow is defined as EBITDA, adjusted for changes in working capital, less cash interest, cash tax, lease repayments, capex (tangible and intangible) and payouts to non-controlling interests in subsidiaries. However, it does not include one-off transaction impacts, such as significant acquisitions and disposals and other non-operating transactions.

28

Capex (US$m)

Coverage

to drive digital inclusion

• Increased site rollout

• Expanding across rural markets to drive

  SIM penetration

• Enhance 4G population coverage across the footprint

Accelerating investments to drive future growth

~$1.1bn

884

737

670

Capacity

to facilitate ongoing demand

• Selected 5G rollout to facilitate future demand

• Targeted network modernisation to

  unlock additional capacity

• Fibre rollout to support transmission and increase network resilience

New business

to unlock additional growth

• HBB demand drives FWA and FTTx deployment in key areas

• Building core enterprise offerings beyond connectivity

• Data centre investment accelerating in

FY'27 as construction continues

FY'24 FY'25 FY'26 FY'27 Guidance

Focused investments designed to strengthen market position, drive growth and maximise long-term value creation

29

Sustainable capital structure as leverage continues to fall

Reduction in leverage reflects strong capital structure

2.3x 2.3x

Balance sheet remains strong with net cash at HoldCo

2.1x

1.8x

1.4x

0.7x

*

1.0x 1.0x

0.8x

0.5x

Mar'24 Sep'24 Mar'25 Sep'25 Mar'26

Leverage (net debt to EBITDA)

Lease-adjusted leverage

• Lease-adjusted leverage, (i.e. net debt (excluding lease liabilities)/ lease-adjusted EBITDA) as

  of 31 March 2026 was 0.5x compared to 1.0x on 31 March 2025

• Reduced net debt (excl. lease liabilities) reflects strong operational performance and FCF generation

• More than 95% of OpCo debt is denominated in local currency, reducing exposure to future

  currency devaluation risk

• The Group ended the year with a weighted average interest rate of 10.6%, which has decreased by 240 basis points from 13.0% in the prior period.

  * The increase in leverage during FY'25, was impacted by lower LTM EBITDA due to Naira devaluation. Furthermore, leverage was impacted due to

  an increase in lease liabilities on account of tower contract renewals.

  Notes: Leverage is calculated as gross debt (including lease liabilities) less cash and cash equivalents (including deposits with

  banks) divided by EBITDA. 30

  
  
  

  A balanced and transparent capital allocation policy

  1

  Efficient capital investments

  2 3

  Sustainable capital structure

  Return cash to shareholders

  • Group capex (excluding license & spectrum) of $884m as accelerated investment delivers strong returns

  • Capex (excluding license &

    spectrum) guidance for FY'27 of approximately $1.1bn as we increase investment to capture attractive growth prospects

  • Lease adjusted leverage of 0.5x, reduced from 1.0x primarily reflecting increased EBITDA generation

  • Maintain low exposure to foreign currency market debt to reduce risk of future currency devaluation. 95% of market debt now in local currency

    • Progressive dividend policy aims to grow the dividend annually by a mid-to-high single digit percentage

    • The Board has recommended a final dividend of 4.26 cents per share, up 9.2% YoY

    • Second tranche of $100m share

buyback completed

Conclusion

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 programme.

Robust capital structure

Sustainable capital structure enables continued investment to sustain growth while also prioritising shareholder returns.

Industry fundamentals remain supportive of an attractive growth outlook, and we will enhance our focus on cost efficiencies to limit the impact of rising energy costs on our business.

Q&A

Appendix

Growth by service segment waterfalls

Voice revenue ($m)

Data revenue ($m)

52

103 2,318

1,964

199

+12.8% constant currency growth

291

94

2,530

341

1,804

+35.2% constant currency growth

Mobile money revenue ($m)

195

85

81

1,355

994

+28.4% constant currency growth

FY'25

Money Revenue

Customer base Increase

ARPU

Increase

Currency translation

FY'26

Money Revenue

Effective tax rate

Finance cost and forex

Currency sensitivities for finance costs: On a 12-months basis

• 1% movement of the USD against all OpCo currencies would result in an estimated impact of $27m-29m on foreign exchange (excluding derivatives)

• Our largest exposure is to Nigerian naira where a similar 1% USD movement would result in an estimated $14m - $15m impact on foreign exchange (excluding derivatives)

Currency effects - historical trends

Note: based on closing exchange rates

Mobile money: geographical breakdown

Customers (m)

Total processed value ($bn)

Revenue ($m)

2.7

10.5

40.9

3.6

45.3

147.0

9

337

1,009

Note: TPV and revenue relates to the year ended 31 March 2026, in reported currency 40