Airtel Africa PLC · LSE:AAF
Airtel Africa — H1 2027 Earnings Presentation
36 slides from Airtel Africa's earnings presentation, Oct 30, 2026
Slide 1: Results for half-year ended 30 September 2026
Results for half-year ended 30 September 2026 30 October 2026 Airtel Africa plc
Slide 2: Disclaimer
Disclaimer Important Information Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements contained in this document reflect the knowledge and By reading this presentation you agree to be bound by th
Slide 3: Main takeaways for H1'27
Main takeaways for H1’27 Strong strategic execution across our markets that continue to benefit from attractive growth dynamics of Africa’s telecoms and financial services markets Constant currency growth remains above 20% with growth across all segments and products as demand remains robust Strong
Slide 4: Continued progress against our strategic priorities
Continued progress against our strategic priorities Deepening customer Optimising capital Revenue growth Profitable growth enables engagement to advance allocation to support supported by rising continued network digital and financial shareholder returns adoption across services investment inclusion
Slide 5: Operating and regional performance
Operating and regional performance
Slide 6: Mobile services: Growth sustained by resilient underlying demand
Mobile services: Growth sustained by resilient underlying demand Total Customers (m) Total data customers (m) Revenue ($m) 92 200 51.6% 3,50 0 46.8% 50. 0% 90 195 +15.0% 90 3,00 0 3,141 +11.6% 18.9% 88 45. 0% 190 194 86 2,50 0 40. 0% 185 84 2,495 35. 0% 2,00 0 82 180 30. 0% 28.0% 1,571 1,50 0 80 175
Slide 7: Mobile money: Expanding customer base driving increased activity
Mobile money: Expanding customer base driving increased activity Total Customers (m) Total processed value Revenue ($m) 25.8% 65 160 380 400 840m 318 350 23 140 60 +22.4% 61 +36.9% 45 623m 300 55 120 130 250 35 50 100 27 363 50 200 45 80 89 262 150 40 60 409 100 35 40 299 50 H1'26 H1'27 30 20 - Sep'
Slide 8: Nigeria: Sustained demand underpins growth and supports margin expansion
Nigeria: Sustained demand underpins growth and supports margin expansion 61.7m $2.8 $1,014m $589m 58.1% Customers ARPU Revenue EBITDA EBITDA margin +15.1% +12.7% +27.0% +31.5% +199 bps • Easing inflation and robust economic outlook remains supportive for sustained demand • Revenue growth of 27% refl
Slide 9: East Africa: Ongoing momentum translates into accelerating growth
East Africa: Ongoing momentum translates into accelerating growth 88.8m $3.4 $1,777m $953m 53.6% Customers ARPU Revenue EBITDA EBITDA margin +8.0% +8.6% +18.2% +18.2% +54 bps • Attractive industry fundamentals remain with sustained growth in the customer base and smartphone penetration rising to 48.
Slide 10: Francophone Africa: Accelerating growth through strong execution
Francophone Africa: Accelerating growth through strong execution 43.4m $4.0 $1,022m $450m 44.0% Customers ARPU Revenue EBITDA EBITDA margin +14.3% +3.2% +19.2% +19.3% flat YoY • Industry and macro fundamentals supportive of overall demand. Benefitting from focused rollout of the strategy across the
Slide 11: Financial review
Financial review
Slide 12: Performance across key financial metrics
Performance across key financial metrics Revenue EBITDA EBITDA margin $3,823m $1,921m 50.3% Reported currency +28.2% Reported currency +32.8% Reported currency +172bps Constant currency +20.8% Constant currency +23.5% Constant currency +109bps Normalised FCF Lease-adjusted leverage EPS – before exce
Slide 13: Constant currency revenue growth momentum maintained
Constant currency revenue growth momentum maintained $m +20.8% constant currency growth (+$654m) +11.1% +28.0% +25.8% 187 3,823 172 14 340 128 2,982 +17.9% +35.3% +34.8% +28.2% growth in reported currency (+$841m) H1'26 Voice Data Mobile Money Others H1'27 Currency … 1 H1’26 Voice Data Mobile money
Slide 14: EBITDA margin expansion from cost efficiencies and operating leverage
EBITDA margin expansion from cost efficiencies and operating leverage H1’27 margin expanded $m 172bps despite higher fuel costs. +23.5% constant currency growth (+$362m) Margin 50.3% Margin 654 48.5% 112 1,921 (292) 1,447 +32.8% growth in reported currency (+$474m) H1'26 Revenue H1'27 Other Expense
Slide 15: Higher finance costs due to lower FX gain and higher lease interest
Higher finance costs due to lower FX gain and higher lease interest $m Mainly on account of new site rollout 37 477 47 40 442 90 394 (2) (39) 304 H1'26 H1'26 H1'26 Lease Interest on Other finance H1'27 H1'27 H1'27 H1'27 Finance Cost Derivative and FX Finance Cost Interest market debt cost* Finance C
Slide 16: Improved EPS underpinned by operating performance and stable currencies
Improved EPS underpinned by operating performance and stable currencies $ cents 9.6 (1.4) 11.8 11.7 (3.3) (0.1) 8.3 6.9 (1.4) H1'26 EPS H1'26 derivative 1 H1'26 EPS Operating Finance Tax & Others 2 H1'27 EPS H1'27 derivative 1 H1'27 EPS Before EI and Forex Before EI & Forex Profit (RC) Charges Befor
Slide 17: Normalised FCF
Normalised FCF $m 1,921 Despite additional (713) capex of $357m, Normalised FCF reduced by only $88m (430) (317) 280 (121) (45) (15) EBITDA Cash Capex Cash Cash Lease repayment Dividend to Change in Normalized H1'27 (Tangible & Interest * Tax (excl. interest) Minority working free Intangible) Shareh
Slide 18: Proven execution and demand gives us confidence to invest for growth
Proven execution and demand gives us confidence to invest for growth Capex of $657m increased from $318m Incremental revenues1 generated in prior period across the business 1,40 0 1,317 Mobile network CORE 1,20 0 1,138 Coverage, capacity, fibre and 5G 1,00 0 805 New business 800 609 GROW 486 600 Hom
Slide 19: Sustainable capital structure with comfortable leverage
Sustainable capital structure with comfortable leverage Reduction in leverage reflects strong capital structure Balance sheet remains strong with net cash at HoldCo 2.5x 2.3x 2.3x As of Sep 2026 As of Sep 2025 2.1x $m $m 2.0x 1.8x OpCo debt: 2,191 2,361 1.6x - Foreign currency 101 121 1.5x - Local c
Slide 20: A balanced and transparent capital allocation policy
A balanced and transparent capital allocation policy 1 2 3 Efficient capital Sustainable Return cash to investments capital structure shareholders • Accelerated investment across • Lease adjusted leverage of 0.5x, • Progressive dividend policy aims the network to drive enhanced reduced from 0.8x pri
Slide 21: The opportunity and the outlook
The opportunity and the outlook
Slide 22: Operating at scale across Africa
Operating at scale across Africa 14 679 million Markets across Population across footprint Sub-Saharan Africa 82.3% 194 million Population coverage Customers 2.5 million+ $275bn Annualised total processed Transacting agents value on Airtel Money Population data sourced from UN population prospectus
Slide 23: Exposed to significant demographic and economic tailwinds
Exposed to significant demographic and economic tailwinds Population (m)1 GDP per Capita (PPP) ($) 1 +87m +4.6% 780 766 7,50 0 CAGR 7,254 Population growth of 2.4% per 760 7,00 0 annum, with the addressable market (>15 years) increasing by 740 6,50 0 720 6,00 0 5,803 64 million 679 700 5,50 0 680 66
Slide 24: Attractive, high growth connectivity and digital platform
Attractive, high growth connectivity and digital platform Unique SIM penetration (2026) Smartphone penetration1 90% +22% 82% 80% Significant headroom Population growth of [x]% for per 100 % 88% annum, translating customer growth asinto unique 87 million SIM 77% 90% 70% 80% 74% more potential penetra
Slide 25: New business: Investing at scale to capture adjacent opportunities
New business: Investing at scale to capture adjacent opportunities Home Broadband penetration Data centre hosting capacity More than 30 million households *Fixed home broadband penetration % across our footprint able to afford 2023E 120 % home broadband 100% Utilising a combination of 4G/5G 100 % 89
Slide 26: Investment efficiency underpinned by digital tools and partnerships
Investment efficiency underpinned by digital tools and partnerships Granular network intelligence at scale Adjacent technologies • Targeted partnerships expand coverage in areas where • Using satellite geolocation technology to map and analyse our traditional network deployment is less economical. 9
Slide 27: Mobile money: Compelling backdrop with strong growth
Mobile money: Compelling backdrop with strong growth Low financial inclusion Large runway across footprint Adults with bank account, 20241 Mobile money TPV as % of GDP, 2025 >3x 231% Population growth Widespread financialofexclusion [x]% per 250 % 100 % 95% 90% 80% 200 % annum, translating provides
Slide 28: Retaining significant exposure to Airtel Money opportunity
Retaining significant exposure to Airtel Money opportunity Bharti Continued • Airtel Africa shareholders retain substantial Airtel economic exposure to Airtel Money’s future earnings, cash participation flow and value creation Public minority shareholders • Operating relationship remains unchanged S
Slide 29: Continuing to benefit from two long-term growth engines
Continuing to benefit from two long-term growth engines CORE GROWTH ENGINE MOBILE SERVICES MOBILE MONEY +18.4% 5-year revenue CAGR +28.8% 5-year revenue CAGR Connectivity and smartphone adoption Deeper wallet adoption and use cases Growing data consumption Payments and financial services expansion S
Slide 30: Conclusion
Conclusion
Slide 31: Summary and outlook
Summary and outlook Compelling growth outlook Attractive demographics and strong demand for essential services. Additional opportunities in HBB, data centres and enterprise. Industry leading EBITDA margins Operating leverage from strong revenue growth, supported by a comprehensive cost optimisation
Slide 32: Q&A
Q&A
Slide 33: Growth by service segment waterfalls
Growth by service segment waterfalls Voice revenue ($m) Data revenue ($m) 68 1,296 130 70 1,571 132 1,100 210 (4) 1,161 +11.1% constant currency growth +28.0% constant currency growth H1'26 Customer base ARPU Currency H1'27 H1'26 Customer base ARPU Currency H1'27 Voice Revenue Increase Impact transl
Slide 34: Finance cost and forex
Finance cost and forex Description H1’27 H1’26 Change $m $m $m Interest on market debt 118 157 (39) Interest income (11) (13) 2 Net Interest Cost 107 144 (37) Interest on lease liabilities 270 223 47 Other Finance Charges 65 27 38 Finance Charges 442 394 48 (Excluding derivative and FOREX) Derivativ
Slide 35: Currency effects – historical trends
Currency effects – historical trends Historical 5-year Trends CAGR Deval/(Appr.) Currency Sep 2021 Sep 2022 Sep 2023 Sep 2024 Sep 2025 Sep 2026 1-year 3-year 5-year Nigerian Naira 413.5 436.8 776.8 1,669.0 1,483.9 1,331.8 (10.2%) 19.7% 26.4% Uganda Shilling 3,540.0 3,855.0 3,760.1 3,692.0 3,490.0 3,
Slide 36: Mobile money: geographical breakdown
Mobile money: geographical breakdown Customers (m) Total processed value ($bn) Revenue ($m) 2.4 10 4.2 12.6 29.7 215 44.1 97.9 615 Note: TPV and revenue relates to the half year ended 30 September 2026, in reported currency 36