Safaricom PLC · NSEKE:SCOM
Safaricom — H1 FY27 Earnings Presentation
59 slides from Safaricom's earnings presentation, Nov 5, 2026
Slide 1: HY27 Investor Presentation
HY27 INVESTOR PRESENTATION 5TH NOVEMBER 2026
Slide 2: Disclaimer
Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentations may lawfully be communicated (“relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or its contents. This presentation does not
Slide 3: Business Overview, Purpose & Strategy Update
Business Overview, Purpose & Strategy Update Peter Ndegwa, Group CEO
Slide 4: Agenda
Agenda 01 Our Purpose 02 Strategy Overview & Highlights 03 HY27 Operating Review Kenya & Ethiopia 04 HY27 Group Financial Performance 05 Conclusion & H2 FY27 Priorities 5
Slide 5: 01. Our Purpose
<Safaricom ir Popote Ulipo.
Slide 6: Sustainability: Rooted in Impact, Connecting the Future
Sustainability| Launched 15th Sustainable Business Report Rooted in Impact, Key Impact Highlights Connecting the Future from the FY26 Report1 Transitioned our sustainability disclosure framework to a KShs 1.237Trn double materiality Net value created for Kenyan society approach B+ Carbon Disclosure
Slide 7: Our Purpose | Transforming Lives
Our Purpose | Transforming Lives Our Foundations Impact Key Programs Delivering Impact through the Foundations Uzazi Salama saving Medical camps lives of mothers & increasing health 1.5Mn newborns care access lives impacted in HY27 Citizens of the Future program Environmental building better schools
Slide 8: Our Brand Assets | Turning Purpose into Progress
Our Brand Assets | Turning Purpose into Progress by Supporting Passions and Creating What’s Next DISCOVERING AND AMPLIFYING TALENT BUILDING FUTURE-READY CAPABILITY Chapa Capture the PACE - Safaricom Safaricom Dimba Good AI Program DE{CO}DE A national football platform A creator platform making posit
Slide 9: Group ESG Update
Group ESG Update| Reaching More People While Strengthening How We Operate PLANET PEOPLE GOVERNANCE Powering growth with a lower-carbon Expanding access, skills and Embedding responsible and trusted footprint inclusion growth Our Network Scaling solar and renewable Community Investing in education, S
Slide 10: 02. Strategy Overview & Highlights
02. Strategy Overview & Highlights
Slide 11: Vision 2030: Africa's Leading Purpose-led Technology Company
Vision 2030 | Becoming Africa’s Leading Purpose-led Technology Company by 2030 12
Slide 12: FY27 Priorities | H1 Progress on Commitments
FY27 Priorities | H1 Progress on Delivering Against Our Commitments Build a converged Deepen customer value through Build Foundation for an Fintech ecosystem segmentation & convergence AI-First Organisation Converged payments, savings, credit, Launched the PACE programme to Increased customer value
Slide 13: AI as a Foundation for TechCo
AI as a Foundation for TechCo | Building Enterprise Capability and Delivering Measurable Business Value Customer Enhancing Customer Driving Productivity Experience Value & Impact Making every customer interaction Give customers better value and Faster execution, better decisions simpler and more sea
Slide 14: 03. HY27 Operating Review (a) Safaricom Kenya
03. HY27 Operating Review (a) Safaricom Kenya
Slide 15: Kenya Operating Environment
Kenya Operating Environment | Resilient Growth and Stable FX, with Inflation and Affordability Pressures Rising Macro Tailwinds & Headwinds Regulatory & Industry Customer Insights Resilient growth, with inflationary and fiscal Greater planning visibility, with competition Improving liquidity, but af
Slide 16: Consumer Business
Consumer Business | Driving Growth Through Relevance, Affordability and Deeper Engagement Expanding Digital Access Segment-led propositions Hyper-Personalisation & Customer Care Using customer insights to deepen Improving access to the network, Serving customers around distinct needs devices and cus
Slide 17: Financial Services
Financial Services | Protecting the Core while Scaling New Financial Services Growth Engines Delivering More Powering the Merchant Credit for All Customer Value Ecosystem Strengthened customer value, One platform for payments, business Scaling credit responsibly choice & trust and financial services
Slide 18: Fintech 2.0 | Powering M-PESA's Next Phase
Fintech 2.0 | Powering M-PESA’s Next Phase of Growth With Innovative Solutions A scalable, intelligent and interoperable platform connecting payments, commerce and broader financial services. Enhanced Payment Enhancing M-PESA Shared wallets Enablement Platform Security Launched Shiriki Pay, Enabling
Slide 19: My OneApp | One House of Value
My OneApp | One House of Value A unified digital experience bringing connectivity, financial services, commerce and personalised value into one app. Simple to use today, with intelligence built in to make every interaction more relevant over time. Connectivity Financial Services • eSIM • Tap To Pay
Slide 20: Enterprise Business & Public Sector
Enterprise Business & Public Sector | Scaling Digital Solutions Enterprise Public Sector Protecting the core while scaling technology services Digitising high-impact services through reusable platforms • Deepening customer value across our core Enterprise • Accelerating Universal Health Coverage thr
Slide 21: Fixed Broadband
Fixed Broadband | Expanding Access, Deepening Household Value Accelerating rollout and Broadening connectivity Building a converged penetration through fibre and 5G FWA home proposition Expanding early and converting the Using the right technology to expand Moving beyond connectivity to greater foot
Slide 22: 03. HY27 Operating Review (b) Safaricom Ethiopia
03. HY27 Operating Review (b) Safaricom Ethiopia
Slide 23: Ethiopia Operating Environment
Ethiopia Operating Environment | Strong Growth Momentum, with Inflation and Regulatory Execution Remaining Key Watchpoints Macro-Economic Environment Regulatory/Industry Political/Security Resilience as Reforms Shape the Market Industry Risks & Opportunities Broadly Stable Environment, with localize
Slide 24: Safaricom Ethiopia | Scaling Connectivity and Payments
Safaricom Ethiopia | Scaling Connectivity, Expanding Payments and Unlocking New Growth Platforms MORE CUSTOMERS MORE USAGE & PAYMENTS BETTER NETWORK UTILISATION NEW GROWTH PLATFORMS Connectivity M-PESA & Merchants Fixed & Enterprise Growing customers, usage and Expanded FTTH, FTTB and 5G fixed Build
Slide 25: 04. HY27 Group Performance Highlight
04. HY27 Group Performance Highlight
Slide 26: HY27 | Strategy Execution Highlights
HY27 | Strategy Execution Highlights Consumer Business Financial Services Fixed Broadband • Held customer market share • Scale merchant ecosystem~4.5Mn+ base • Accelerated fibre-rollout • Acceleration of 4G+ devices and usage • Tariff changes driving more value • Scaling through FWA • Robust growth
Slide 27: HY27 Performance
HY27 Performance | Solid Group Performance Driven by Sustained Kenya Growth and Improved Ethiopia Profitability Service Revenue EBITDA EBIT Net Income KShs 216.0Bn KShs 128.9Bn KShs 101.8Bn KShs 66.3Bn Safaricom Kenya +11.3% +13.3% +13.7% +13.8% KShs 10.6Bn KShs (0.4)Bn KShs (11.4)Bn KShs (8.8)Bn* S
Slide 28: Group Financial Performance
Group Financial Performance Dilip Pal Group Chief Finance and Innovation Officer
Slide 29: Kenya Performance
Kenya Performance
Slide 30: Customers | Expanding Customer Base
Customers | Expanding Customer Base Across All Key Business Segments 90-Day One-month active One-month active Overall Customers Overall Customers customer ARPU 63.6Mn 40.6Mn KShs 890.12 +18.9% YoY +7.1% YoY +3.9% YoY One-month Active Customers (Mn) H1 FY26 H1 FY27 YoY Growth M-PESA (Mn) 37.9 42.3 +1
Slide 31: Service Revenue | Broad-Based Growth
Service Revenue | Broad-Based Growth Delivers Double-digit Growth in Service Revenue Service Revenue (KShs Bn) Contribution to Service Revenue Profile (KShs Bn) 10.7% 11.3% 5.8% 9.3% 216.0 46.3% 206.8 HY27 KShs 216.0Bn 47.9% +11.3% YoY 194.0 H1 FY26 H2 FY26 H1 FY27 H1 FY27 H1 FY26 Contribution to Se
Slide 32: M-PESA | Robust Revenue Growth
M-PESA | Robust Revenue Growth Driven by Payments and Financial Services Contribution to M-PESA Revenue (KShs Bn) M-PESA Revenue (KShs Bn) 100.1 2.5 0.6 100.1 4.0 -0.1 94.7 5.0 +13.6% 88.1 YoY 88.1 +12.8% YoY 40.8Bn 31.0Bn 7.1Bn 2.8Bn 18.4Bn +14.0% +14.0% +14.7% +55.3% +26.6% -0.5% YoY YoY YoY YoY Y
Slide 33: M-PESA | Transaction Growth Accelerates
M-PESA | Transaction Growth Accelerates, Driven by Financial Services M-PESA Volume (Bn) Contribution to M-PESA Volume (Bn) 27.4 +25.2% YoY 5.5 0.1 27.4 21.9 12.9 +48.2% YoY (47.0%) Chargeable 8.7 21.9 (39.7%) 12.3 (44.8) 14.5 21.9 Non- 13.2 Chargeable (53.0%) +10.1% YoY (60.3%) 12.2 (55.8%) H1 FY26
Slide 34: M-PESA | Scaling the Merchant Ecosystem
M-PESA | Scaling the Merchant Ecosystem and Deepening Penetration of Digital Payments Business Payments Volumes (Bn) Merchants Volume (Bn) 4.7 +52.6% YoY 9.0 +25.8% YoY 0.9 +23.6% YoY 7.1 3.3 (19.4%) +4.9% YoY 3.1 (37.3%) Chargeable 3.2 0.7 Chargeable (44.8%) (24.0%) 3.8 Non- 5.6 +61.8% YoY Chargeab
Slide 35: M-PESA | Affordable Credit, Wealth & Insurance
M-PESA | Expanding Financial Access Through Affordable Credit, Wealth & Insurance Customers (Mn) Value (KShs Trn) +83.8% +69.5% YoY YoY Credit 18.0 17.5 1.3 Merchant OD Customers +117.0% 1.0 61.6k, +41.0% YoY YoY 0.8 9.5 +45.9% YoY Credit Revenue +15.4% +30.9% YoY YoY KShs 7.0Bn +54.4% YoY H1 FY26 H
Slide 36: Connectivity | Mobile Data Leads Growth
Connectivity | Mobile Data Leads Growth as Voice Remains Resilient Connectivity Business Revenue (KShs Bn) Contribution to Connectivity Revenue 103.4 101.5 +7.7% 10.6%, +8.1% YoY Others*, YoY KShs 10.9Bn, +4.6% YoY 96.0 +5.1% 4.8%, YoY Messaging, 43.8%, KShs 5.0Bn, Mobile Data, -8.6% YoY KShs 45.2Bn
Slide 37: Mobile Data & Voice
Mobile Data & Voice | Affordability-Led Usage Growth Supports Growth Across Data and Voice Mobile Data Mobile Data Revenue (KShs Bn) YoY Growth H1 FY26 H1 FY27 (%) 45.2 Usage per User (GBs) 4.9 5.3 +9.4% 43.0 +12.2% YoY One-month active Customers Using >1GB (Mn) 12.9 15.2 +17.7% +15.3% chargeable cu
Slide 38: Fixed Service & IoT
Fixed Service & IoT | Strong Double-Digit Growth as Fibre and FWA Connectivity Scale Fixed Service & IoT Revenue (KShs Bn) Fixed Customers Split ('000’) 569.9 +31.8% 569.9 +31.8% 12.5 95.4 +23.6% 432.4 432.4 159.4 +43.8% +25.5% 10.7 YoY 77.2 110.8 10.0 474.4 +33.6% 410.5 +27.7% 355.2 321.6 +17.6% +1
Slide 39: Costs | Disciplined Cost Management
Costs | Disciplined Cost Management Supports Margin Resilience Amid Inflationary Pressure Direct Costs (KShs Bn) Operating Expenses (KShs Bn) 39.9 53.5 38.0 50.3 +3.8%* +8.9% 47.6 YoY 34.7 YoY +9.3% +3.7% YoY -0.3% YoY +10.4% YoY YoY H1 FY26 H2 FY26 H1 FY27 H1 FY26 H2 FY26 H1 FY27 Direct Costs (KShs
Slide 40: Kenya Financial KPIs
Kenya Financial KPIs | Sustained Margin Expansion Supports Value Creation HY23 HY25 HY27 EBITDA Margin 52.2% 55.1% 57.7% EBIT Margin 38.1% 42.4% 45.6% OPEX Intensity 16.3% 16.9% 17.0% CAPEX Intensity 11.8% 16.5% 15.8% Net Debt to EBITDA* 0.53 0.44 0.50 41 *Net Debt to EBITDA ratio includes lease lia
Slide 41: Kenya | Solid Performance
Kenya | Solid Performance Supported by Double-Digit Growth Across Key Metrics H1 FY27 H1 FY26 YoY % (KShs Bn) (KShs Bn) Growth Service Revenue 216.0 194.0 11.3% EBITDA 128.9 113.8 13.3% EBIT 101.8 89.5 13.7% Net Income 66.3 58.2 13.8% Operating Free 85.3 71.3 19.6% Cash Flow 42
Slide 42: Safaricom Ethiopia Performance
Safaricom Ethiopia Performance
Slide 43: Customers | Expanding Customer Base
Customers | Expanding Customer Base Supports Growth Across Key Products 90-Day 15.4Mn 30-Day 12.2Mn Overall Customers Overall Customers +38.4% YoY +43.4% YoY ARPU (ETB) 149.63, +38.6% ARPU (ETB) 187.95, +35.6% 90-Day Active Customers (Mn) H1 FY26 H1 FY27 YoY Growth Mobile Data 8.9 12.1 +37.0% Voice
Slide 44: Service Revenue | Strong Revenue Momentum
Service Revenue | Strong Revenue Momentum Led by Mobile Data Service Revenue (KShs Bn) Contribution to Service Revenue Profile (KShs Bn) 10.6 1.8%, Fixed Service & IoT, 5.2%, Others*, +71.6% KShs 0.2Bn, KShs 0.6Bn, 7.9 YoY +109.7% YoY +102.9% YoY 6.2 +66.1% 3.4%, YoY Mobile Incoming, +49.4% H1 FY27
Slide 45: Mobile Data & Voice Revenue
Mobile Data & Voice Revenue|Higher Usage Drives Strong Revenue Growth Mobile Data Revenue (ETB Bn) Rate per GB Mobile Data +31.3% 24.4 (ETB) 9.7 Average GBs Per User 21.1 6.5 +124.3% YoY 7.7GB +14.8% YoY 4.3 18.6 +93.8% ARPU YoY +138.8% 188.4 +50.9% YoY YoY H1 FY26 H2 FY26 H1 FY27 H1 FY26 H2 FY26 H1
Slide 46: Ethiopia Funding | Diversified Funding Mix
Ethiopia Funding | Diversified Funding Mix Supporting Scale, Resilience and Reduced Reliance on Equity As at USD Mn 30 September 2026 31 March 2026 Equity 2,368 2,285 Local currency debt 163 126 Foreign currency debt 311 238 Total funding 2,842 2,649 Deferred vendor payables 40 89 Safaricom PLC’s Fu
Slide 47: Ethiopia | Strong Growth with Reduction in Losses
Ethiopia | Strong Growth Momentum with Material Reduction in Losses H1 FY27 H2 FY26 H1 FY26 YoY % (KShs Bn) (KShs Bn) (KShs Bn) Growth Service Revenue 10.6 7.9 6.2 71.6% EBITDA (0.4) (2.8) (12.6) 96.5% EBIT (11.4) (13.4) (24.3) 53.4% Net Income excl (8.8) (9.7) (15.5) 43.2% Minority Interest Operati
Slide 48: Safaricom Group Performance
Safaricom Group Performance
Slide 49: Capex | Group Capex Moderates
Capex | Group Capex Moderates, Ethiopia Capex Declines as We Maximise Network Utilisation Group CAPEX Evolution (KShs Bn) HY27 Capex Split - Kenya 1.6%, 43.7 Operations, KShs 40.3 0.6Bn, 29.5%, 34.2 35.3 +11.1% YoY IT Capex, 30.8 KShs 10.4Bn, +0.2% YoY 21.6 KShs 35.3Bn +3.3% YoY 68.9%, 9.5 9.2 5.0 N
Slide 50: Group Net Debt
Group Net Debt | Higher Long-Term Borrowings Strengthen the Debt Maturity Profile Kenya Group KShs Bn H1 FY27 H1 FY26 Abs YoY H1 FY27 H1 FY26 Abs YoY Net debt (129.9) (86.7) (43.2) (193.4) (140.9) (52.5) Total borrowings (76.5) (74.1) (2.4) (139.1) (117.1) (22.0) Long-term borrowings 49.7% 32.4% +17
Slide 51: HY27 Group Performance
HY27 Group Performance Safaricom Safaricom Safaricom Plc Safaricom Safaricom Safaricom Group % YoY Kenya Ethiopia Group Kenya Ethiopia Group Constant (KShs Mn) (KShs Mn) (KShs Mn) % YoY % YoY % YoY Currency Service Revenue 215,962.9 10,615.9 226,062.9 11.3% 71.6% 13.1% 13.6% Total Revenue 223,380.6
Slide 52: Group | Sustained Growth with Strong Profitability
Group | Sustained Growth Momentum with Strong Profitability H1 FY27 H1 FY26 YoY (KShs Bn) (KShs Bn) Growth Service Revenue 226.1 199.9 13.1% EBITDA 129.2 101.3 27.5% EBITDA Margin 55.3% 49.5% 5.8ppt EBIT 91.1 65.2 39.8% Net Income excl 58.2 42.8 35.9% Minority Interest Operating Free 74.5 46.8 59.1%
Slide 53: 05. Conclusion & H2 FY27 Outlook
05. Conclusion & H2 FY27 Outlook
Slide 54: In Summary | Strong Performance in HY27
In Summary | Strong Performance in HY27 Kenya Ethiopia Group • Broad-based growth strengthened • Strong customer and data • Safaricom Ethiopia contribution to revenue, margins and cash momentum is drove growth and Group continues to grow, 17.9% to generation narrowed losses Group Service Revenue gro
Slide 55: H2 FY27 Focus | Strategic Focus Areas
H2 FY27 FOCUS | Strategic Focus Areas CONSUMER FINANCIAL SERVICES ENTERPRISE & PUBLIC SECTOR • Democratize access to care • Scale merchant tools & solutions • Enterprise growth beyond connectivity • Drive 4G+ device usage • Scale AI-first OneApp • Scale SD-WAN & managed services • Grow converged Fix
Slide 56: FY27 Guidance Retained
FY27 Guidance Retained | Safaricom Kenya, Ethiopia & Group Kenya Ethiopia Group EBIT 195 - 199Bn (15) - (12)Bn 180 - 187Bn FY26 Actual 182.3Bn (30.1)Bn 153.9Bn Capex 58 - 61Bn 6 - 9Bn 64 - 70Bn FY26 Actual 55.8Bn 18.7Bn 74.5Bn 57
Slide 57: Thank You!
Sataricom EL o- Popote Ulipo.
Slide 58: Corporate Information | Investor Relations
Corporate Information Registrars Investor Relations Image Registrars Limited 5th Floor, Absa Plaza, Loita Street Safaricom House, Waiyaki Way, Westlands P.O. Box 928-00100, Nairobi P.O. Box 66827-00800, Nairobi Telephone: +254 709 170 000 Telephone: +254 722 00 6218/4233/4746 Email; [email protected]
Slide 59: Safaricom
Safaricom Popote Ulipo.