Airtel Africa: IR pack FY 2026

Summary of consolidated financial statements

Consolidated summarised statement of operations (in reported currency)

All amounts are in $m, except for ratios

(1) Finance cost (net) (before exceptional items) of $713m for the year ended 31 March 2026 and $735m in the prior period includes derivative and foreign exchange gains of $127m in the current period and losses of $92m in the prior period which have not been treated as exceptional items. Excluding these, finance cost was $840m for the year ended 31 March 2026 and $643m for the prior period.

Consolidated summarised statement of operations (in constant currency)

Quarter ended

Year ended

All amounts are in $m, except for ratios

Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

Consolidated - summary of statement of financial position

Summarised statement of operations

1. Nigeria: mobile services

   In reported currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	475	307	55%	1,598	1,045	53%
   Voice revenue	182	133	36%	614	448	37%
   Data revenue	244	139	75%	820	483	70%
   Other revenue	49	35	41%	164	114	44%
   Underlying EBITDA	284	162	75%	924	522	77%
   Underlying EBITDA margin	59.7%	52.8%	695 bps	57.8%	50.0%	785 bps
   Depreciation and amortisation	89	67	32%	306	217	41%
   Operating profit	184	85	116%	543	304	78%
   Capex	83	64	29%	249	168	49%
   Operating free cash flow	201	98	105%	675	354	90%
   In constant currency

   All amounts are in $m, except for ratios

   Particulars		Quarter ended			Year ended
   	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	427	305	40%	1,531	1,038	47%
   Voice revenue	164	132	24%	589	445	32%
   Data revenue	220	138	59%	785	480	64%
   Other revenue	44	34	28%	157	113	39%
   Underlying EBITDA	255	161	59%	884	519	70%
   Underlying EBITDA margin	59.7%	52.8%	696 bps	57.7%	50.0%	776 bps
   Depreciation and amortisation	80	67	20%	294	216	36%
   Operating profit	165	85	95%	516	302	71%
   Capex	83	64	29%	249	168	49%
   Operating free cash flow	172	96	79%	635	351	81%

   Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

2. East Africa: mobile services

   In reported currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	577	477	21%	2,192	1,843	19%
   Voice revenue	274	232	18%	1,069	906	18%
   Data revenue	253	200	26%	930	755	23%
   Other revenue	50	45	10%	193	182	6%
   Underlying EBITDA	277	227	22%	1,063	877	21%
   Underlying EBITDA margin	48.0%	47.5%	46 bps	48.5%	47.6%	93 bps
   Depreciation and amortisation	118	95	24%	427	349	23%
   Operating profit	142	118	20%	576	472	22%
   Capex	98	74	34%	331	292	13%
   Operating free cash flow	179	153	17%	732	585	25%

   The East Africa business region includes Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.

   In constant currency

   All amounts are in $m, except for ratios

   Particulars		Quarter ended			Year ended
   	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	534	475	12%	2,083	1,830	14%
   Voice revenue	251	230	9%	1,011	899	12%
   Data revenue	235	199	18%	886	751	18%
   Other revenue	48	45	6%	187	181	3%
   Underlying EBITDA	251	226	11%	1,001	872	15%
   Underlying EBITDA margin	47.1%	47.6%	(49) bps	48.0%	47.6%	42 bps
   Depreciation and amortisation	112	95	18%	412	347	19%
   Operating profit	122	117	4%	529	468	13%
   Capex	98	74	34%	331	292	13%
   Operating free cash flow	153	152	0%	671	580	16%

   Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

3. Francophone Africa: mobile services

   In reported currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	400	332	20%	1,550	1,300	19%
   Voice revenue	158	144	10%	639	614	4%
   Data revenue	208	159	31%	780	566	38%
   Other revenue	34	29	18%	131	120	9%
   Underlying EBITDA	162	132	22%	618	505	22%
   Underlying EBITDA margin	40.5%	39.8%	65 bps	39.9%	38.8%	105 bps
   Depreciation and amortisation	71	59	20%	261	231	13%
   Operating profit	78	59	31%	304	219	39%
   Capex	71	55	30%	225	159	41%
   Operating free cash flow	91	77	17%	393	346	14%

   The Francophone Africa business region includes Chad, Democratic Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo, and Seychelles.

   In constant currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	385	337	14%	1,497	1,304	15%
   Voice revenue	150	147	2%	611	616	(1%)
   Data revenue	201	161	25%	759	567	34%
   Other revenue	33	29	13%	127	121	6%
   Underlying EBITDA	156	134	17%	598	507	18%
   Underlying EBITDA margin	40.6%	39.8%	82 bps	40.0%	38.9%	111 bps
   Depreciation and amortisation	67	60	13%	250	232	8%
   Operating profit	76	60	25%	295	220	34%
   Capex	71	55	30%	225	159	41%
   Operating free cash flow	85	79	8%	374	347	8%

   Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

4. Mobile services - summarised statement of operations

   In reported currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	1,456	1,117	30%	5,350	4,193	28%
   Voice revenue	613	508	21%	2,318	1,964	18%
   Data revenue	705	498	42%	2,530	1,804	40%
   Other revenue	138	111	25%	502	425	18%
   Underlying EBITDA	729	517	41%	2,612	1,910	37%
   Underlying EBITDA margin	50.0%	46.3%	375 bps	48.8%	45.6%	327 bps
   Depreciation and amortisation	279	221	26%	1,004	797	26%
   Operating profit	408	259	58%	1,420	1,001	42%
   Capex	256	193	33%	810	619	31%
   Operating free cash flow	473	324	46%	1,802	1,291	40%

   In constant currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	1,350	1,117	21%	5,124	4,178	23%
   Voice revenue	564	509	11%	2,207	1,956	13%
   Data revenue	656	498	32%	2,430	1,798	35%
   Other revenue	129	110	18%	485	423	15%
   Underlying EBITDA	669	517	29%	2,490	1,903	31%
   Underlying EBITDA margin	49.6%	46.3%	329 bps	48.6%	45.6%	305 bps
   Depreciation and amortisation	261	221	18%	967	794	22%
   Operating profit	367	258	42%	1,336	997	34%
   Capex	256	193	33%	810	619	31%
   Operating free cash flow	413	324	28%	1,680	1,285	31%

   Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

5. Mobile money - summarised statement of operations

   In reported currency

   All amounts are in $m, except for ratios

   Particulars		Quarter ended			Year ended
   	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue(1)	369	263	40%	1,355	994	36%
   Wallet services(2)	174	122	42%	648	475	36%
   Payment and transfers(2)	159	113	41%	573	421	36%
   Financial services(2)	17	11	59%	61	35	73%
   Others(2)	19	17	9%	73	63	15%
   Underlying EBITDA	184	137	34%	689	525	31%
   Underlying EBITDA margin	49.9%	52.1%	(222) bps	50.8%	52.8%	(196) bps
   Depreciation and amortisation	8	6	27%	29	23	28%
   Operating profit	174	128	36%	645	489	32%
   Capex	16	17	(9%)	45	32	41%
   Operating free cash flow	168	120	40%	644	493	31%

   (1) Mobile money revenue post inter-segment eliminations with mobile services was $299m and $1,087m for quarter and year ended 31 March 2026 and as compared to $202m and $770m for quarter and year ended 31 March 2025 respectively.

   (2) 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 comprises of retention revenues. For a full description refer to glossary on page 56.

   In constant currency

   Quarter ended

   Year ended

   All amounts are in $m, except for ratios

   Particulars	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Revenue	331	263	26%	1,263	983	28%
   Wallet services	156	122	28%	605	470	29%
   Payment and transfers	143	113	27%	534	416	28%
   Financial services	15	11	39%	56	35	61%
   Others	16	17	(5%)	67	63	7%
   Underlying EBITDA	162	137	18%	636	517	23%
   Underlying EBITDA margin	48.9%	52.1%	(318) bps	50.4%	52.6%	(227) bps
   Depreciation and amortisation	7	6	18%	27	22	25%
   Operating profit	152	128	19%	594	482	23%
   Capex	16	17	(9%)	45	32	41%
   Operating free cash flow	146	120	22%	591	485	22%

   Refer 'Glossary' for 'constant currency' definition. Reported currency rates are used for Capex.

   Mobile money revenue post inter-segment eliminations with mobile services was $267m and $1,011m for quarter and year ended 31 March 2026 and as compared to $202m and $761m for quarter and year ended 31 March 2025 respectively.

Segment contribution (in constant currency)

Nigeria

In reported currency

All amounts are in $m, except for ratios

In constant currency

Particulars

Quarter ended

Mar-26 Mar-25 Y-on-Y Change

Year ended

Mar-26 Mar-25 Y-on-Y Change

All amounts are in $m, except for ratios

Refer 'Glossary' for 'constant currency' definition.

East Africa

In reported currency

Particulars

Quarter ended

Mar-26 Mar-25 Y-on-Y Change

Year ended

Mar-26 Mar-25 Y-on-Y Change

All amounts are in $m, except for ratios

In constant currency

All amounts are in $m, except for ratios

Refer 'Glossary' for 'constant currency' definition.

Francophone Africa

In reported currency

All amounts are in $m, except for ratios

Particulars

Quarter ended

Mar-26 Mar-25 Y-on-Y Change

Year ended

Mar-26 Mar-25 Y-on-Y Change

In constant currency

All amounts are in $m, except for ratios

Refer 'Glossary' for 'constant currency' definition.

Regional contribution (in constant currency) Quarter ended

Operational performance (quarter ended)

1. Mobile services operational performance

   Parameters	Unit	Mar-26	Dec-25	Q-on-Q Change	Mar-25	Y-on-Y Change
   Customer base	million	183.5	179.4	2.3%	166.1	10.5%
   Net additions	million	4.2	5.6	(25.4%)	2.9	41.0%
   Monthly churn	%	4.3%	4.3%	0.0 pp	4.2%	0.2 pp
   Average revenue per user (ARPU)	$	2.5	2.5	(1.3%)	2.3	9.8%
   Voice
   Minutes on the network	billion	150.2	152.5	(1.5%)	147.9	1.6%
   Voice usage per customer	minutes	276	288	(4.4%)	299	(7.7%)
   Voice average revenue per user (ARPU)	$	1.0	1.1	(4.2%)	1.0	0.8%
   Voice revenue	$m	564	571	(1.3%)	509	10.9%
   Data
   Data customer base	million	84.2	81.8	2.9%	73.4	14.8%
   As % of customer base	%	45.9%	45.6%	0.3 pp	44.2%	1.7 pp
   Data usage	million GBs	2,449	2,226	10.0%	1,569	56.1%
   Data usage per customer	GBs	9.8	9.3	5.1%	7.2	36.6%
   Data average revenue per user (ARPU)	$	2.6	2.7	(0.8%)	2.3	15.3%
   Data revenue	$m	656	632	3.8%	498	31.8%
   Network KPIs
   Network towers	number	40,378	39,127	1,251	37,117	3,261
   Owned towers	number	2,598	2,255	343	2,267	331
   Leased towers	number	37,780	36,872	908	34,850	2,930
   Revenue per site per month	$	11,297	11,417	(1.1%)	10,054	12.4%

   Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.

2. Mobile money operational performance

   Parameters	Unit	Mar-26	Dec-25	Q-on-Q Change	Mar-25	Y-on-Y Change
   Mobile money customer base	million	54.1	52.0	4.0%	44.6	21.3%
   Nigeria	million	2.7	2.2	21.9%	1.7	60.7%
   East Africa	million	40.9	40.2	1.8%	35.3	15.8%
   Francophone Africa	million	10.5	9.6	8.8%	7.6	38.0%
   Total processed value (TPV)	$bn	48.6	49.0	(0.9%)	36.2	34.3%
   Total processed value (TPV) per customer	$	306	322	(4.8%)	272	12.8%
   Mobile money ARPU	$	2.1	2.2	(5.5%)	2.0	5.6%
   Mobile money revenue	$m	331	336	(1.6%)	263	25.7%
   Nigeria	$m	3	2	22.7%	2	76.4%
   East Africa	$m	238	245	(2.7%)	197	21.0%
   Francophone Africa	$m	90	89	0.8%	65	38.9%

   Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.

Nigeria mobile services: operational performance

Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.

East Africa mobile services: operational performance

Revenue and KPIs in constant currency. Refer 'Glossary' for 'constant currency' definition.

.

Francophone Africa mobile services: operational performance

Reporting methodology

The annual financial information contained in this report is drawn from Airtel Africa plc's audited annual consolidated financial statements for the year ended 31 March 2026 and 31 March 2025, prepared in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and approved for use in the United Kingdom (UK) by the UK Accounting Standards Endorsement Board (UKEB). Quarterly information is drawn from unaudited IAS 34 financials of respective periods. Comparative period figures have been regrouped/ reclassified to conform with current year grouping/ classification.

The information, apart from the extract of the Financial Statements in Section 7, is on underlying basis and exceptional items are shown separately. This enables an organic comparison of results with past periods.

Key company developments Update on share buyback programme

On 23 December 2024, Airtel Africa plc (or the 'company') announced the commencement of a second share buyback programme that will return up to $100m to shareholders. This programme was phased in two tranches. The company completed the first tranche on 24 April 2025, returning $45m to shareholders following the purchase of 26.3 million ordinary shares. The second tranche ($55m) of the buyback programme was completed on 24 March 2026 following the purchase of a further 18.7 million shares. In aggregate, the company returned $100m to the shareholders as part of second share buyback programme by purchasing 45 million shares.

Conclusion of audit tender process

On 3 December 2025, Airtel Africa plc announced that it has commenced a formal, independent competitive tender process for the role of external auditor, overseen by the Audit and Risk Committee. On 10 March 2026, Airtel Africa plc announced that following the conclusion of the tender process, it intends to appoint Ernst & Young LLP as external auditor for the financial year ending

31 March 2028 onwards. The appointment will be subject to shareholder approval at Airtel Africa's 2027 Annual General Meeting.

Deloitte will continue as the Group's external auditor for the financial years ending 31 March 2026 and 31 March 2027, with the latter appointment subject to shareholder approval.

Directorate changes

On 25 March 2026, Sunil Bharti Mittal has informed the Board of his intention to retire as Chair of the Board at the conclusion of this year's AGM in July 2026. Following his retirement, the Board has announced that Gopal Vittal will be appointed Non-Executive Chair of the Board with effect from the same date. Mr. Vittal's appointment is by nomination of the controlling shareholder pursuant to the terms of the relationship agreement dated 17 June 2019 between the Company, Bharti Airtel, Airtel Africa Mauritius

Limited, the majority shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. He was appointed a non-executive director of Airtel Africa in October 2024. Furthermore, Shravin Bharti Mittal will assume the role of Deputy Chair with effect from the same date.

On 25 March 2026, the company announced that as part of the ongoing succession planning in respect of the Company's Non-Executive Directors, Annika Poutiainen will also retire at the conclusion of the July AGM, at which point she will have served for over seven years.

On 11 November 2025, the company announced that Andrew Green had informed the Board of his intention to retire as Senior independent non-executive director following the conclusion of the Q3'26 Board meeting. Upon Andrew's retirement, Tsega Gebreyes, who currently chairs the Remuneration Committee and serves on the Nomination committee, was appointed as Senior independent non-executive director. She will continue to be a member of the Remuneration committee while Cynthia Gordon will succeed Tsega as chair of the Remuneration committee and will join the Nominations committee. Cynthia Gordon was previously serving on the Group's Remuneration Committee following her appointment as an independent non-executive director on 1 April 2025.

Following the conclusion of AGM on 9 July 2025, Jaideep Paul, chief financial officer (CFO) retired from his position as executive director and CFO. Kamal Dua became an executive director and assumed the role of CFO following his appointment at the 2025 AGM.

On 9 July 2025, Akhil Gupta retired as a non-executive director of Airtel Africa plc in accordance with the announcement made on 13 May 2025.

Partnership with SpaceX to launch Starlink Direct-to-cell connectivity

On 16 December 2025, Airtel Africa plc (or the 'company') announced its partnership with SpaceX to introduce Starlink Direct-to-Cell satellite connectivity across its 14 markets, serving those customers with compatible handsets. This service will enable data for certain apps and text messaging in areas without terrestrial coverage, with future upgrades delivering high-speed connectivity via next-generation satellites. Airtel Africa becomes the first mobile operator in Africa to partner with SpaceX for Direct-to-Cell connectivity, reinforcing its commitment to bridging the digital divide and expanding connectivity across the continent. The rollout will proceed in line with country-specific regulatory approvals.

Furthermore, in May 2025, the company announced a collaboration with SpaceX to bring next generation satellite connectivity offerings and augment connectivity for enterprises, businesses and socioeconomic communities like schools and health centres in some of the most rural parts of Africa.

Directorate declaration

The company announced that Sunil Bharti Mittal, chair, and Gopal Vittal, non-executive director of Airtel Africa plc, were appointed as non-independent non-executive directors of BT Group plc with effect from 15 September 2025.

Network infrastructure agreement with Vodacom

In August 2025, the company announced a strategic infrastructure sharing agreement with Vodacom Group in key markets, including Tanzania and the Democratic Republic of Congo (the DRC) along with access to international bandwidth infrastructure in Mozambique, subject to regulatory approvals in the various countries. The agreement marks a transformative milestone in promoting digital inclusion and expanding access to reliable connectivity across Africa and will initially focus on sharing fibre networks and tower infrastructure to accelerate the rollout of digital services in these markets.

The announcement follows the announcement in March 2025 when Airtel Africa and MTN announced network infrastructure sharing agreements in Uganda and Nigeria.

Update on Airtel Money shareholder put option

On 1 August 2025, the company announced that it and its affiliates have agreed with The Rise Fund, the impact investment platform of TPG and Mastercard, both minority shareholders in Airtel Mobile Commerce B.V. ('Airtel Money), to defer the exercisable date of their put options under their respective agreements by 12 months.

Migration of customers to advanced system verification platform in Nigeria

In May 2025, the Nigerian Communications Commission (NCC) directed Airtel Nigeria and other operators to transfer all verified unique subscriber records in the SIM registration database from the existing NIN token system to a more advanced and secure platform, the High Availability NIMC Verification Service (HA-NVS). The initial cut-off date for transfer was 27 May 2025 which was subsequently extended multiple times to address the critical outstanding issues with respect to the transfer.

Subsequently, the existing NIN token platform was shut down on 26 June 2025 and on 3 July 2025, the NCC released the framework required for HA-NVS integration.

Dividend payment timetable

The board has recommended a final dividend of 4.26 cents for the financial year ended 31 March 2026, payable on 24 July 2026 to shareholders recorded in the register at the close of business on 19 June 2026.

London Stock Exchange Nigerian Stock Exchange

Results of operations

The financial results presented in this section are compiled based on the consolidated financial statements prepared in accordance with international financial reporting standards (IFRS) and the underlying information.

Results for year ended 31 March 2026 Operating highlights

• Through our sustained commitment to enhancing the customer experience, backed by continued investment in our network and the integration of digitisation across the business, we delivered a very strong performance. Our customer base increased by 10.5% to 183.5 million, marking the highest net additions to date. Data customers grew by 14.8% to 84.2 million as smartphone penetration rose another 4.7% to 49.5%. Data demand remains robust with data usage per customer increasing to 8.9 GB per month from 7.0 GB in the prior period, underpinning constant currency growth of 16.2% in data ARPUs, reflecting the strength of our digital focus and customer first approach.

• Airtel Money continued to scale and deepen engagement, with an expanded customer base of 54.1 million, up by 21.3% year on year. Broader use cases and higher adoption across the digital platform drove 49% growth in annualised total processed value (TPV) to over

  $215bn in reported currency in Q4'26. This ongoing ecosystem expansion and increased customer activity supported an 8.6% uplift in constant currency ARPU, underscoring Airtel Money's growing role as a trusted digital financial services platform.

  Financial performance

• We achieved a strong 24.0% growth in constant currency revenues in FY'26, with reported currency revenues increasing by 29.5% to

  $6,415m, reflecting attractive industry fundamentals and focused operational execution, further supported by tariff adjustments in Nigeria and macroeconomic tailwinds. Francophone Africa and Nigeria constant currency growth was particularly encouraging, increasing by 17.1% and 47.5% respectively. In constant currency, the mobile services segment grew by 22.6%, with data revenues - now the largest component of Group revenues - increasing by 35.2%, while mobile money continues to see strong operating momentum, up by 28.4%. In Q4'26, constant currency revenues grew by 22.3% as Nigerian tariff benefits partially lapped during the quarter.

• The strong revenue performance and continued benefits from our cost efficiency programme resulted in underlying EBITDA margins of 49.3%, with all-time high margins of 50.3% in Q4'26 (Q4'25: 47.3%). Underlying EBITDA of $3,162m grew by 37.2% in reported currency and 30.4% in constant currency.

• Profit after tax of $813m improved from $328m in the prior period. Higher profit after tax in the current period was driven by higher operating profit and derivative and foreign exchange gains of $127m compared to $179m derivative and foreign exchange losses in the prior period.

• Basic EPS of 18.6 cents compares to 6.0 cents in the prior period, predominantly reflecting the growth in operating profit and derivative and foreign exchange gains in the current period, compared to losses in the prior period. EPS before exceptional items was driven by the same underlying factors, increasing from 8.2 cents to 18.6 cents.

  Capital allocation

• Capex for the year increased by 31.9% to $884m, in line with our revised guidance. During the year, we rolled out 3,250+ new sites and expanded our fibre network by approximately 3,200 kms to 81,900 kms, strengthening network reach and resilience while supporting improved service quality. Capex guidance for FY'27 is approximately $1.1bn, reflecting accelerated investment to expand coverage and capacity, while also investing in home broadband (HBB) and data centres, as we reinforce our strategy to scale digital infrastructure to meet rising demand.

• Leverage has improved from 2.3x to 1.8x, with lease-adjusted leverage also improving to 0.5x from 1.0x in the previous year, primarily driven by the improvement in underlying EBITDA.

• The Board has recommended a final dividend of 4.26 cents per share, making the total dividend for the full year 7.1 cents per share, a 9.2% growth from the previous year, in line with our dividend policy.

  Highlights for the quarter ended 31 March 2026

• Group revenue in constant currency increased by 22.3%. Revenue in reported currency increased by 32.7% to $1,748m supported by currency appreciation across most markets. Constant currency revenue growth was lower than the previous quarter (Q3'26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4'25.

• Revenue growth across all segments continue to deliver double-digit growth in both constant as well as reported currency. Mobile services revenue grew by 20.8% in constant currency, driven by voice revenue growth of 10.9% and continued strong data revenue growth of 31.8%. Mobile money revenue grew by 25.7% in constant currency supported by continued growth in East Africa and Francophone Africa.

• Underlying EBITDA grew by 41.0% in reported currency to $879m with underlying EBITDA margins expanding further to 50.3% driven by continued operating momentum, macro-economic stability and sustained benefits from our cost efficiency programme. In constant currency underlying EBITDA margin increased to 49.4% from 47.3% in prior period.

• Profit after tax of $227m improved from $80m in the prior period driven by increased operating profits, derivative and foreign exchange gains in Q4'26 vs losses in Q4'25.

• Basic EPS of 5.5 cents compares to 1.5 cents in the prior period, predominately reflecting higher operating profit in the current period. In Q4'25, basic EPS was impacted due to exceptional losses of $16m related to a provision for settlement of a legal dispute in a former Group subsidiary. Hence, EPS before exceptional items improved from 2.0 cents in Q4'25 to 5.5 cents in Q4'26.

Financial review for the year ended 31 March 2026

1. Airtel Africa consolidated Revenue

   Group revenue in reported currency increased by 29.5% to

   $6,415m, with constant currency growth of 24.0%. Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation across most markets. In Q4'26, constant currency revenue growth of 22.3% was lower than the previous quarter (Q3'26) as we lapped the impact of the Nigeria tariff adjustments implemented during Q4'25. FY'26 constant currency revenue growth was driven by Nigerian revenue growth of 47.5%, East Africa growth of 17.8% and a strong performance in Francophone Africa, which saw revenue growth accelerate to 17.1% in the current financial year compared to 9.5% reported in 2024/25.

   Mobile services revenue of $5,350m increased by 27.6% in reported currency and by 22.6% in constant currency. Constant currency growth was led by voice revenue growth of 12.8% and data revenue growth of 35.2%. Mobile money revenues grew by 36.3% in reported currency and by 28.4% in constant currency, driven by strong growth in East Africa and Francophone Africa.

   Francophone Africa reported currency revenue growth was 21.5% - higher than constant currency revenue growth of 17.1%, primarily due to CFA appreciation. In East Africa, reported currency revenue grew by 24.0% which is also higher as compared to 17.8% constant currency growth due to appreciation in Zambian kwacha, Ugandan shilling and Tanzanian shilling. In Nigeria, reported currency revenues grew by 52.9%, and by 47.5% in constant currency. In Q4'26, the Nigerian naira appreciated significantly from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386, resulting in Nigeria revenues growing by 54.8% in reported currency and by 40.3% in constant currency.

   Underlying EBITDA

   Reported currency underlying EBITDA grew by 37.2% to $3,162m, while in constant currency underlying EBITDA increased by 30.4%. Reflecting a more favourable operating environment and the continued success of our cost efficiency programme, underlying EBITDA margins have increased by 280 bps in the current period to reach 49.3%. In Q4'26 underlying EBITDA margins expanded further, crossing the 50% mark and reaching 50.3%, an increase of 295 bps.

   Mobile services underlying EBITDA increased by 30.8% in constant currency with underlying EBITDA margins of 48.8%, an increase of 327 bps. Mobile money underlying EBITDA margins of 50.8% declined by 196 bps in reported currency, primarily due to the renegotiation of intra-group agreements that were disclosed in our H1'26 results, which had no impact on the consolidated Group's margin.

   Operating profit

   Operating profit in reported currency increased by 45.1% to

   $2,115m, largely driven by underlying EBITDA growth of 37.2% in reported currency.

   Finance costs

   Total finance costs for the year ended 31 March 2026 were $713m, compared to $822m in the prior period. Prior period finance costs were impacted by $179m of derivative and foreign exchange losses (reflecting the revaluation of US dollar balance sheet liabilities and derivatives following currency devaluations), of which $87m was classified as an exceptional item. For the year ended 31 March 2026, finance costs included $127m of derivative and foreign exchange gains largely on account of naira appreciation. As a result, finance costs, excluding derivative and foreign exchange gains/(losses), increased from $643m in the prior period to $840m in the current period, primarily reflecting the full-year impact of interest on lease liabilities following the tower contract renewals in September 2024 (which had a neutral to positive impact on cashflows).

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

   Exceptional items

   Finance cost - exceptional items of $87m in the prior period was related to $231m derivative and foreign exchange losses following the devaluation of the Nigerian naira in H1'25, partially offset by derivative and foreign exchange gains of $144m in Q3'25 on account of Nigerian naira and Tanzanian shilling appreciation. These losses resulted in an exceptional tax gain of $30m. There were no exceptional items in the current period.

   Profit before tax

   Profit before tax was $1,419m for the year ended 31 March 2026 as compared to $661m in the prior period. Higher profit before tax in the current period as compared to the prior period was on account of higher operating profit and derivative and foreign exchange gains of $127m in the current period as compared to

   $179m derivative and foreign exchange losses in the prior period.

   Taxation

   Total tax charges were $606m as compared to $333m in the prior period. Total tax charges in the prior period reflected an exceptional gain of $30m, arising from the exceptional derivative and foreign exchange losses. Excluding exceptional items, tax charges increased by $243m which was largely driven by the higher profit before tax in the current period and withholding taxes on dividends paid by subsidiaries.

   The effective tax rate was 40.1% compared to 41.0% in the previous financial year.

   The effective tax rate is higher than the weighted average statutory corporate tax rate of approximately 32%, largely due to the profit mix between various OpCos and withholding taxes on dividends paid by subsidiaries.

   Profit after tax

   Profit after tax was $813m during the year ended 31 March 2026 as compared to $328m in the prior period.

   Earnings per share (EPS)

   Basic EPS of 18.6 cents compares to 6.0 cents in the prior period, predominantly reflecting higher operating profits and derivative and foreign exchange gains in the current period compared to derivative and foreign exchange losses in the prior period.

   EPS before exceptional items also increased from 8.2 cents in the prior period to 18.6 cents as higher operating profits due to strong revenue growth and margin expansion, as well as derivative and foreign exchange gains due to currency appreciation in the current period, more than offset the impact of higher finance costs arising on account of tower contract renewals, which had a neutral to positive impact on cashflows.

   EPS before exceptional items and derivative and foreign exchange gains/(losses) increased from 9.8 cents in the prior period to 16.2 cents in the current period.

   Net cash generated from operating activities

   Net cash generated from operating activities was $3,195m, which is 41.0% higher compared to $2,266m in the prior period, primarily reflecting strong operating performance with underlying EBITDA growth of 37.2% in reported currency.

   Operating free cash flow

   Operating free cash flow was $2,278m, up by 39.4%, as a result of higher underlying EBITDA during the current period.

   Leverage

   Lease-adjusted leverage improved to 0.5x (from 1.0x) and leverage to 1.8x (from 2.3x), primarily driven by the improvement in underlying EBITDA.

2. Segmental review for the year ended

   1. Nigeria - Mobile services

      Revenue grew by 47.4% in constant currency, largely driven by continued strength in the demand for data services and supported by tariff adjustments. The constant currency revenue growth was driven by ARPU growth of 36.7% and customer base growth of 9.4%. In Q4'26, constant currency growth slowed compared to Q3'26 as we lapped the impact of tariff adjustments which were implemented in Q4'25.

      In reported currency, revenue grew by 52.8% to $1,598m with Q4'26 revenue growth at 54.7% (40.2% in constant currency). Higher reported currency growth during Q4'26 compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386 in Q4'26.

      Voice revenue grew by 32.2% in constant currency, driven by voice ARPU growth of 22.5% primarily reflecting the tariff adjustments made during Q4'25.

      Data revenue grew by 63.6% in constant currency as a function of both data customer and data ARPU growth of 8.1% and 49.2% respectively. Data usage per customer increased by 30.8% to 11.0 GB per month (from 8.4 GB in the prior period), with smartphone penetration increasing by 5.3% to reach 54.9%. Smartphone data usage per customer reached 13.7 GB per month compared to 11.1 GB per month in the prior period.

      Underlying EBITDA of $924m improved by 76.8% in reported currency and by 70.3% in constant currency. The underlying EBITDA margin increased 785 basis points to 57.8%, with Q4'26 margins reaching 59.7%, driven by strong revenue growth and continued benefits arising from our cost efficiency programme, supported by stable fuel prices.

      Operating free cash flow was $675m, up by 80.7% in constant currency and 90.3% in reported currency. This was driven primarily by the strong underlying EBITDA growth, partially offset by higher capex.

   2. East Africa - Mobile services

      East Africa revenue grew by 18.9% in reported currency to

      $2,192m and by 13.8% in constant currency. Higher reported currency revenue growth as compared to constant currency was primarily due to appreciation in the Zambian kwacha, Ugandan shilling and Tanzanian shilling. The constant currency growth was made up of voice revenue growth of 12.5% and data revenue growth of 18.0%.

      Voice revenue growth was supported by customer base growth of 8.7% and voice ARPU growth of 2.2%. Customer base growth was largely driven by expansion of both network coverage and our distribution network.

      Data customer base growth of 15.7% and data traffic growth of 50.3% were the primary drivers of data revenue growth. We continue to invest in our network and expand our 4G and 5G network services in the region. Over 2,200 sites are 5G enabled across five key markets, following the rollout in Malawi in Q4'26. Data usage per customer increased to 8.0 GB per customer per month, up by 28.0%, with smartphone penetration increasing by 4.3% to reach 46.6%. Smartphone data usage per customer reached 9.8 GB per month compared to 7.8 GB per month in the prior period.

      Underlying EBITDA increased to $1,063m, up by 21.3% in reported currency and by 14.9% in constant currency. Underlying EBITDA margins of 48.5% compared to 47.6% in the prior period, up by 93 bps.

      Operating free cash flow was $732m, up by 15.6% in constant currency, largely due to underlying EBITDA growth, although partially offset by higher capex.

   3. Francophone Africa - Mobile services

      Revenue grew by 19.2% in reported currency and by 14.8% in constant currency. Higher reported currency revenue growth compared to constant currency was due to an appreciation in the CFA. This year's growth of 14.8% in constant currency demonstrates significant improvement from 7.9% in the prior year. This follows a recovery in market trends and the benefits of sustained network investment and intensive focus on 'go-to-market' initiatives.

      Voice revenue declined by 0.8% in constant currency as customer base growth of 16.3% was more than offset by a decline in voice ARPU reflecting interconnect rate reductions.

      Data revenue grew by 33.8% in constant currency, supported by data customer base growth of 27.6%. Our continued 4G network rollout supported an increase in total data traffic of 62.2%, with data usage per customer growing by 25.3%. Furthermore, 93.6% of sites are now on 4G as compared to 87.7% in the prior period. Data

      usage per customer increased to 6.8 GB per month (up from 5.4 GB in the prior period), with smartphone penetration increasing by 4.6% to reach 47.7% as of 31 March 2026. Smartphone data usage per customer reached 8.1 GB per month compared to 6.5 GB per month in the prior period.

      Underlying EBITDA of $618m increased by 22.4% and 18.1% in reported and constant currency, respectively. The underlying EBITDA margin improved to 39.9%, an increase of 105 basis points, driven by continued strong revenue growth.

      Operating free cash flow of $393m increased by 7.7% in constant currency, due to the increase in underlying EBITDA, partially offset by higher capex.

   4. Mobile services

      Overall revenue from mobile services increased by 27.6% in reported currency and by 22.6% in constant currency, with growth evident across all regions and services.

      Voice revenue grew by 12.8% in constant currency, supported primarily by growth in the customer base of 10.5% as we continued to invest in our network and distribution infrastructure. Voice ARPU grew by 2.6%. Total minutes on the network grew by 5.3% while voice usage per customer was 287 minutes.

      Data revenue grew by 35.2% in constant currency, driven by both data customer base growth of 14.8% and data ARPU growth of 16.2%. The customer base growth was recorded across all regions and data traffic across our network continued to see strong growth of 48.5%. Data usage per customer increased to 8.9 GB per customer per month (from 7.0 GB in the prior period), with smartphone penetration increasing 4.7% to reach 49.5%. Smartphone data usage per customer reached 10.9 GB per month compared to 8.8 GB per month in the prior period. As of 31 March 2026, 5G is operational across six markets following the rollout in Malawi in Q4'26, with 3,116 sites deployed across our network. Data revenue contributed to 47.3% of total mobile services revenue, up from 43.0% in the prior period.

      Underlying EBITDA was $2,612m, up 36.7% in reported currency and 30.8% in constant currency. The underlying EBITDA margin improved by 327 basis points year-on-year to 48.8%, following our strong revenue performance, a more stable operating environment and continued benefits from our ongoing cost efficiency programme.

      Operating free cash flow was $1,802m, up by 30.8% in constant currency, due to the increased constant currency underlying EBITDA partially offset by higher capex during the period.

   5. Mobile money

Airtel Africa consolidated Revenue

During the quarter ended 31st March 2026, Group revenue in reported currency increased by 32.7% to $1,748m, with constant currency growth of 22.3%. Higher reported currency growth is a result of currency appreciation across most markets. Constant currency revenue growth was supported by strong growth across all the regions as well as business segments. In constant currency, Nigeria recorded a growth of 40.3%, East Africa grew by 15.8% and Francophone Africa grew by 17.7%. In constant currency group mobile services revenue up by 20.8%, driven by voice revenue growth of 10.9% and data revenue growth of 31.8% over the period. Mobile money revenue grew by 25.7% in constant currency, supported by customer base growth of 21.3% and total processed value (TPV) growth of 34.3%.

Underlying EBITDA

Reported currency underlying EBITDA grew by 41.0% to $879m, while in constant currency, underlying EBITDA increased by 27.8%. Following a more stable operating environment and reflecting the success of our cost efficiency programme, underlying EBITDA margins expanded further, crossing the 50% mark to reach 50.3% in Q4'26, an increase of 295bps as compared to the prior period.

Mobile services underlying EBITDA increased by 29.4% in constant currency with underlying EBITDA margin at 50.0% expanding 375bps in reported currency. Mobile money underlying EBITDA margins of 49.9%, declined 222bps in reported currency largely due to the renegotiation of intra-group agreements that were disclosed in the H1'26 results, which had no impact on the consolidated Group's financials.

Finance Costs

Total finance costs for the quarter ended 31 March 2026 decreased to $207m, compared with $221m in the prior period. The current quarter includes $28m of derivative and foreign exchange gains,

whereas the prior period included $26m of derivative and foreign exchange losses, primarily reflecting the revaluation of US dollar-denominated balance sheet liabilities and derivatives. Excluding these items, underlying finance costs increased from

$195m to $235m, driven mainly by higher interest on lease liabilities arising from additional sites.

Taxation

Total tax charges for the period rose to $169m from $87m in the prior period, reflecting an increase of $82m largely attributable to higher profit before tax in the current period.

Profit after tax

Profit after tax was $227m during quarter ended 31st March 2026 as compared to $80m in prior period.

EPS

Basic EPS of 5.5 cents compares to 1.5 cents in the prior period, predominately reflecting higher operating profit in the current period. EPS before exceptional items increased from 2.0 cents in Q4'25 to 5.5 cents in Q4'26.

Leverage

During the year, we further improved our debt structure through continued execution of the debt localisation programme. Local-currency OpCo debt (excluding lease liabilities) increased to 95.4% as at 31 March 2026 (FY25: 93.4%).

Lease-adjusted leverage improved to 0.5x (from 1.0x) and leverage to 1.8x (from 2.3x), driven mainly by higher underlying EBITDA.

Segmental review for the quarter ended

1. Nigeria - Mobile services

   Nigeria revenue in reported currency grew by 54.7% to $475m with constant currency growth of 40.2%, largely supported by continued strength in voice and demand for data services. Higher reported currency growth during Q4'26 compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,529 in Q4'25 to NGN/USD 1,386 in Q4'26. In Q4'26, constant currency growth slowed compared to Q3'26 constant currency growth of 52.9% as we lapped the impact of tariff adjustments which were implemented during Q4'25.

   Voice revenue grew by 23.7% in constant currency, driven by customer growth of 9.4% and voice ARPU growth of 14.3%, which was partially supported by tariff adjustments during Q4'25.

   Data revenue grew by 59.1% in constant currency, driven by customer growth of 8.1% and data ARPU growth of 48.0%, which was partially supported by tariff adjustments during Q4'25. Data usage per customer increased by 43.6% to 12.0 GB per month (from 8.4 GB in the prior period), with smartphone penetration increased 5.3% to reach 54.9%. Smartphone data usage per customer reached 14.8 GB per month compared to 10.8 GB per month in the prior period.

   Underlying EBITDA of $284m improved by 75.1% in reported currency and by 58.7% in constant currency. The Underlying EBITDA margin increased by 695 basis points to 59.7%, driven by the strong revenue growth and continued benefits arising from the

   cost efficiency programme, with stable fuel prices providing further support.

   Operating free cash flow was $201m in reported currency, up by 78.6% in constant currency and by 105.5% in reported currency. This was driven primarily by the strong underlying EBITDA growth, partially offset by higher capex.

2. East Africa - Mobile services

   East Africa revenue increased by 20.9% in reported currency to

   $577m with constant currency growth of 12.4%. Higher reported currency growth was primarily contributed by appreciation in the Zambian kwacha.

   The constant currency growth was primarily supported by voice revenue growth of 8.8% and data revenue growth of 18.0%.

   Voice revenue in constant currency increased by 8.8%, as customer base growth of 8.7% was partially offset by a decline in voice ARPU. The customer base growth was largely driven by expansion of both increased network coverage and the increasing scale of the distribution network.

   Data revenue grew by 18.0% in constant currency primarily driven by Data customers growth of 15.7% with smartphone penetration reaching 46.6% from 42.3% in prior period. We continue to invest in the network and expand our 4G and 5G network in the region, reaching 5G sites over 2,000 across five key markets. Total data usage increased by 55.7% with Data usage per customer at 9.0 GB per customer per month growing at 34.9%. Smartphone data usage per customer reached 10.9 GB per month compared to 8.2 GB per month in the prior period.

   Underlying EBITDA at $277m, increased by 22.1% in reported currency and by 11.2% in constant currency. The Underlying EBITDA margin of 48.0% compared to 47.5% in the prior period, up by 46bps.

   Operating free cash flow was $179m, increased by 0.3% in constant currency while up by 16.7% in reported currency, due to the increased underlying EBITDA partially offset by higher capex spends during the quarter.

3. Francophone Africa - Mobile services

   Francophone Africa revenue grew by 20.4% in reported currency to $400m while constant currency revenue grew by 14.3%. Higher reported currency revenue growth was primarily contributed by appreciation in the Central African franc (CFA).

   Voice revenue in constant currency increased by 2.3%, as customer base growth of 16.3% was partially offset by a decline in voice ARPU, reflecting interconnect rate reduction in key market.

   Data revenue increased by 25.3% in constant currency, supported by increase in data customer base by 27.6%, partially offset by decline in data ARPU growth by 1.5%. Our continued 4G network rollout resulted in an increase in total data usage by 63.0% with data usage per customer growth of 28.0% reaching to 7.4 GB per month in the quarter ended 31st March 2026 as compared to 5.8 GB per month in prior period. 93.6% of sites are now on 4G as compared to 87.7% in prior period. Smartphone penetration increased to 47.7%, up by 4.6% over last year, smartphone data usage per customer reached 8.7 GB per month compared to 6.8 GB per month in the prior period.

   Underlying EBITDA at $162m increased by 22.4% in reported currency and 16.6% in constant currency. The Underlying EBITDA margin at 40.5% in Q4'26 compared to 39.8% in prior period, increased by 65 basis points.

   Operating free cash flow of $91m increased by 7.5% in constant currency, due to the increase in underlying EBITDA, partially offset by higher capex during the period.

4. Mobile services

   Overall revenue from mobile services grew by 30.3% in the reported currency to $1,456m with constant currency growth of 20.8% compared to the prior period. The double digit growth in constant and reported currency was evident across all regions and services.

   Voice revenue recorded a growth of 10.9% in constant currency, supported primarily by the continued growth in the customer base by 10.5% as we continue to invest in our network and enhance our distribution infrastructure. The voice ARPU grew by 0.8% in constant currency and by 9.6% in reported currency.

   Data revenue grew by 31.8% in constant currency, supported by strong expansion in both the data customer base (+14.8%) and data ARPU (+15.3%). Customer growth was broad-based across all regions, driven by continued network expansion. 5G services are now operational across six markets, with 3,116 sites deployed-including 1,650 new sites added over the last year-while 98.5% of our total sites are now 4G-enabled.

   Data usage continued to rise, with average usage per customer increasing to 9.8 GB per month (from 7.2 GB), and smartphone user consumption reaching 11.9 GB per month (from 9.0 GB). Reflecting this momentum, data revenue contribution to total mobile services revenue increased to 48.4%, compared to 44.6% in the prior period.

   Underlying EBITDA at $729m, increased by 40.9% in reported currency and by 29.4% in constant currency. The Underlying EBITDA margin of 50.0% compared to 46.3% in the prior period, up by 375bps. Margin expansion was driven by strong revenue performance, a more stable operating environment and continued benefits from the ongoing cost efficiency programme.

   Operating free cash flow was $473m, up by 27.6% in constant currency and 45.9% in reported currency, due to the increased Underlying EBITDA partially offset by higher capex spends during the quarter.

5. Mobile money

Summarised extracts from Airtel Africa plc's audited annual consolidated financial statements prepared for the year ended 31 March 2026 and 31 March 2025. Quarterly information is drawn from unaudited IAS 34 financials of respective periods.

1. Consolidated statement of comprehensive income

   All amounts are in $m, except for ratios

   Particulars	Qu	arter ended		Year ended
   	Mar-26	Mar-25	Y-on-Y Change	Mar-26	Mar-25	Y-on-Y Change
   Income
   Revenue	1,748	1,317	33%	6,415	4,955	29%
   Other income	4	5	(20%)	27	22	22%
   	1,752	1,322	33%	6,442	4,977	29%
   Expenses
   Network operating expenses	312	266	17%	1,183	974	21%
   Access charges	71	56	27%	261	236	11%
   License fee and spectrum usage charges	78	70	11%	293	263	12%
   Employee benefit expenses	97	75	29%	360	302	19%
   Sales and marketing expenses	230	168	37%	852	650	31%
   Impairment loss on financial assets	2	0	1,900%	11	7	56%
   Other operating expenses	83	80	4%	320	257	24%
   Depreciation and amortisation	290	231	26%	1,047	831	26%
   	1,163	946	23%	4,327	3,520	23%
   Operating profit	589	376	57%	2,115	1,457	45%
   Finance costs
   - Derivative and net foreign exchange (gains)/losses
   Nigerian naira	(61)	6	(1,117%)	(149)	118	(226%)
   Other currencies	33	20	65%	22	61	(65%)
   - Other finance costs	241	199	21%	867	663	31%
   Finance income	(6)	(4)	(50%)	(27)	(20)	(37%)
   Net monetary gain relating to hyperinflationary accounting	(15)	(12)	(19%)	(17)	(26)	36%
   Share of loss/(profit) of associate and joint venture accounted for using equity method	1	(0) -		(0)	(0) -
   Profit before tax	396	167	137%	1,419	661	115%
   Income tax expense	169	87	95%	606	333	82%
   Profit for the period	227	80	183%	813	328	147%
   Profit before tax (as presented above)	396	167	137%	1,419	661	115%
   Add: Exceptional items	-	16	-	-	103	-
   Underlying profit before tax	396	183	116%	1,419	764	86%
   Profit after tax (as presented above)	227	80	183%	813	328	147%
   Add: Exceptional items	-	16	-	-	73	-
   Underlying profit after tax	227	96	136%	813	401	102%

   Exceptional items if any are included within their respective heads.

   All amounts are in $m, except for ratios

   Particulars Other comprehensive income ('OCI') Items to be reclassified subsequently to profit or loss: Gain due to foreign currency translation differences Gain on debt instruments at fair value through other comprehensive income Share of OCI of associate and joint venture accounted for using equity method (Loss)/gain on cash flow hedges Cash flow hedges reclassified to profit or loss Tax on above Items not to be reclassified subsequently to profit or loss: Re-measurement (loss)/gain on defined benefit plans Tax on above Other comprehensive income for the period Total comprehensive income for the period Profit for the period attributable to: Owners of the company Non-controlling interests Other comprehensive income for the period attributable to: Owners of the company Non-controlling interests Total comprehensive income for the period attributable to: Owners of the company Non-controlling interests Earning per share Basic Diluted	Quarter ended			Year ended
   	Mar-26	Mar-25	Y-on-Y	Mar-26	Mar-25	Y-on-Y
   			Change			Change
   	72	86	(16%)	252	219	15%
   	-	-		-	0	(100%)
   	(0)	0	(255%)	0	0	20%
   	-	0	(100%)	(0)	0	(140%)
   	-	(0)	100%	(0)	(0)	93%
   	0	0	0%	0	1	(82%)
   	72	86	(16%)	252	220	14%
   	(0)	1	(109%)	0	1 (12%)
   	0	0	-	(0)	(0) -
   	(0)	1	(100%)	0	1	(99%)
   	72	87	(17%)	252	221	14%
   	299	167	79%	1,065	549	94%
   	227	80	183%	813	328	147%
   	199	56	254%	679	220	208%
   	28	24	20%	134	108	25%
   	72	87	(17%)	252	221	14%
   	72	75	(3%)	237	179	33%
   	0	12	(99%)	15	42	(65%)
   	299	167	79%	1,065	549	94%
   	271	131	107%	916	399	129%
   	28	36	(22%)	149	150	(1%)
   	5.5 cents	1.5 cents		18.6 cents	6.0 cents
   	5.5 cents	1.5 cents		18.6 cents	6.0 cents

2. Consolidated summarised financial position

   As at Mar 31, 2026	As at Mar 31, 2025
   2,425	2,086
   265	194
   3,569	3,029
   3,238	3,008
   871	810
   25	8
   6	5
   0	0
   0	0
   17	10
   8	8
   428	509
   206	195
   11,058	9,862
   16	19
   20	-
   1	1
   193	203
   646	552
   197	81
   1,395	952
   90	67
   341	286
   6	-
   2,905	2,161
   13,963	12,023
   1,019	1,095
   329	231
   515	542
   7	10
   612	485
   1,310	928
   486	383
   64	66
   35	45
   173	135
   174	89
   268	233
   4,992	4,242
   (2,087)	(2,081)
   1,169	1,226
   3,895	3,430
   0	0
   201	216
   33	23
   2	2
   43	0
   136	106
   4	3
   5,483	5,006
   10,475	9,248
   3,488	2,775
   1,827	1,835
   1,321	651
   3,148	2,486
   340	289
   3,488	2,775

   All amounts are in $m

   Particulars

   Assets

   Non-current assets

   Property, plant and equipment Capital work-in-progress Right-of-use assets

   Goodwill

   Other intangible assets

   Intangible assets under development Investments accounted for using equity method Financial assets

   • Investments

   • Derivative instruments

   • Others

     Income tax assets (net) Deferred tax assets (net) Other non-current assets

     Current assets Inventories Financial assets

   • Investments

   • Derivative instruments

   • Trade receivables

   • Cash and cash equivalents

   • Other bank balances

   • Balance held under mobile money trust

   • Others

     Other current assets

     Assets classified as held for sale

     Total assets

     Liabilities Current liabilities

     Financial liabilities

   • Borrowings

   • Lease liabilities

   • Put option liability

   • Derivative instruments

   • Trade payables

   • Mobile money wallet balance

   • Others

     Employee benefit obligations Provisions

     Deferred revenue Current tax liabilities (net) Other current liabilities

     Net current liabilities

     Non-current liabilities Financial liabilities

   • Borrowings

   • Lease liabilities

   • Derivative instruments

   • Others

   Employee benefit obligations Provisions

   Deferred revenue Deferred tax liabilities (net) Other non-current liabilities

   Total liabilities

   Net assets Equity

   Share capital Reserves and surplus

   Equity attributable to owners of the company

   Non-controlling interests ('NCI')

   Total equity

3. Consolidated Statement of Changes in Equity

   Equity attributable to owners of the Company

   Share capital

   Reserves and Surplus

   Equity

   Non-

   controlling

   Total

   All amounts are in $m; unless stated otherwise

   	Number of shares	Amount	Retained earnings	Transactions with NCI reserve	Other components of equity	Total	attributable to owners of the company	interests (NCI)	equity
   As of 1 April 2024	3,750,761,649	1,875	5,056	(838)	(3,933)	285	2,160	140	2,300
   Profit for the year	-	-	220	-	-	220	220	108	328
   Other comprehensive income	-	-	1	-	178	179	179	42	221
   Total comprehensive income	-	-	221	-	178	399	399	150	549
   Opening reserve adjustment for hyperinflation(1)	-	-	-	-	246	246	246	62	308
   Transactions with owners of equity Employee share-based payment reserve	-	-	(4)	-	(1)	(5)	(5)	-	(5)
   (Purchase)/issue of treasury shares (net)	-	-	-	-	8	8	8	-	8
   Ordinary shares buy-back programme	(80,231,773)	(40)	(120)	-	60	(60)	(100)	-	(100)
   Transactions with NCI(2)	-	-	-	7	-	7	7	(1)	6
   Dividend to owners of the company	-	-	(229)	-	-	(229)	(229)	-	(229)
   Dividend (including tax) to NCI(3)	-	-	-	-	-	-	-	(62)	(62)
   As of 31 March 2025	3,670,529,876	1,835	4,924	(831)	(3,442)	651	2,486	289	2,775
   Profit for the year	-	-	679	-	-	679	679	134	813
   Other comprehensive income	-	-	0	-	237	237	237	15	252
   Total comprehensive income	-	-	679	-	237	916	916	149	1,065
   Transactions with owners of equity Employee share-based payment reserve	-	-	1	-	2	3	3	-	3
   (Purchase)/issue of treasury shares (net)	-	-	-	-	12	12	12	-	12
   Ordinary shares buy-back programme	(15,648,848)	(8)	(44)	-	(1)	(45)	(53)	-	(53)
   Transactions with NCI(2)	-	-	-	30	-	30	30	1	31
   Dividend to owners of the company	-	-	(246)	-	-	(246)	(246)	-	(246)
   Dividend (including tax) to NCI (3)	-	-	-	-	-	-	-	(99)	(99)
   As of 31 March 2026	3,654,881,028	1,827	5,314	(801)	(3,192)	1,321	3,148	340	3,488

   (1) Opening Hyperinflationary adjustments as at 1 April 2024 relates to Malawi operations.

   (2) Transactions with NCI reserve increased mainly due to-

   • Reversal of put option liability by $27m (31 March 2025: $15m) for dividend distribution to put option non-controlling interest holders (Any dividend paid to the put option non-controlling interest holders is adjustable against the put option liability based on the put option arrangement)

     -$6m (31 March 2025: Nil) pertains to remeasurement of put option liability due to deferment of exercisable date of put options by 12 months.

   • During the year ended 31 March 2025, it includes excess of consideration over proportionate net assets, on sale of shares of Airtel Zambia to minority shareholders under free float of Airtel Zambia amounting to $9m and adjusted by $17m pertaining to the settlement of dispute with non-controlling interest holders in one of the subsidiaries of the Group.

   (3) Dividend to non-controlling interests includes tax of $4m (31 March 2025: $4m)

4. Consolidated summarised statement of cash flows

   Year ended
   Mar-26	Mar-25
   1,419	661
   1,047	831
   (27)	(20)
   (17)	(26)
   (149)	118
   22	61
   867	663
   (0)	(0)
   27	14
   3,189	2,302
   16	(30)
   (2)	1
   67	69
   279	218
   (4)	38
   70	15
   90	27
   (115)	(51)
   3,590	2,589
   (395)	(323)
   3,195	2,266
   (753)	(736)
   (122)	(123)
   325	392
   (438)	(123)
   (21)	2
   23	26
   (986)	(562)
   (74)	(120)
   (0)	(0)
   -	10
   1,133	1,383
   (1,164)	(1,400)
   (204)	(222)
   (105)	(72)
   (246)	(229)
   (31)	(29)
   (839)	(670)
   (61)	(194)
   (1,591)	(1,543)
   618	161
   107	(1)
   1,060	900
   1,785	1,060

   All amounts are in $m

   Particulars

   Cash flows from operating activities Profit before tax

   Adjustments for -

   Depreciation and amortisation Finance income

   Net monetary gain relating to hyperinflationary accounting Finance Costs

   • Derivative and net foreign exchange (gains)/losses Nigerian naira

     Other currencies

   • Othe finance costs

   Share of profit of associate and joint venture accounted for using equity method Other non-cash adjustments(1)

   Operating cash flow before changes in working capital

   Changes in working capital Decrease/(Increase) in trade receivables (Increase)/Decrease in inventories Increase in trade payables

   Increase in mobile money wallet balance

   (Decrease)/Increase in provisions and employee benefit obligations Increase in deferred revenue

   Increase in other financial and non financial liabilities (Increase) in other financial and non financial assets

   Net cash generated from operations before tax

   Income taxes paid

   Net cash generated from operating activities (a) Cash flows from investing activities

   Purchase of property, plant and equipment and capital work-in-progress

   Purchase of intangible assets and intangible assets under development Maturity of deposits with bank

   Investment in deposits with bank (Purchase)/sale of other short-term investment Interest received

   Net cash used in from investing activities (b)

   Cash flows from financing activities

   Purchase of shares under buy-back programme Purchase of own shares by ESOP trust (net) Proceeds from sale of shares to NCI

   Proceeds from borrowings Repayment of borrowings Repayment of lease liabilities

   Dividend paid to non-controlling interests Dividend paid to owners of the Company Payment of deferred spectrum liability

   Interest paid on borrowings,lease liabilities and other liabilities Outflow on maturity of derivatives (net)

   Net cash used in financing activities (c)

   Increase in cash and cash equivalents during the year (a+b+c)

   Currency translation differences relating to cash and cash equivalents

   Cash and cash equivalents as at beginning of the year

   Cash and cash equivalents as at end of the year (2)

   (1) For the year ended 31 March 2026 and 31 March 2025, this mainly includes movements in impairment of trade receivable, expense related to employee stock option plan and other provisions.

   (2) Includes balances held under mobile money trust of $1,394m (March 2025: $952m) on behalf of mobile money customers which are not available for use by the Group.