Report on the results for the fourth quarter and year ended March 31, 2021 Airtel Africa plc

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Airtel Africa

May 12, 2021

The financial statements included in this quarterly report fairly presents in all material respects the financial position, results of operations and cash flow of the Group as of, and for the periods presented in this report.

| Mobile Services I Mobile Money |

Supplemental Disclosures

Basis of preparation: - The annual financial information Airtel Uganda Limited, Bharti Airtel Africa B.V., Bharti Airtel contained in this report is drawn from Airtel Africa plc’s audited Chad Holdings B.V. , Bharti Airtel Congo Holdings B.V., Bharti annual consolidated financial statements for the year ended 31 Airtel Developers Forum Limited, Bharti Airtel Gabon Holdings March 2021 and 31 March 2020, prepared under International B.V. , Bharti Airtel Kenya B.V., Bharti Airtel Kenya Holdings Financial Reporting Standard (IFRS). Quarterly information is unaudited. Comparative period figures have been regrouped/ B.V., Bharti Airtel Madagascar Holdings B.V. , Bharti Airtel reclassified to conform with current year grouping/ Malawi Holdings B.V. , Bharti Airtel Mali Holdings B.V., Bharti classification. Airtel Niger Holdings B.V. , Bharti Airtel Nigeria B.V. , Bharti Airtel Nigeria Holdings II B.V. , Bharti Airtel RDC Holdings B.V. Use of certain Alternative performance measures (APM):- , Bharti Airtel Services B.V. , Bharti Airtel Tanzania B.V., Bharti This result announcement contains certain information on the Airtel Uganda Holdings B.V., Bharti Airtel Zambia Holdings B.V., Group’s results of operations and cash flows that have been Celtel (Mauritius) Holdings Limited, Airtel Congo RDC S.A., derived from amounts calculated in accordance with International Financial Reporting Standard (IFRS), but are not Celtel Niger S.A., Channel Sea Management Company in themselves IFRS measures. They should not be viewed in (Mauritius) Limited, Congo RDC Towers S.A., Gabon Towers isolation as alternatives to the equivalent IFRS measures and S.A.2, Indian Ocean Telecom Limited, Madagascar Towers should be read in conjunction with the equivalent IFRS S.A., Malawi Towers Limited, Mobile Commerce Congo S.A., measures. Montana International, Partnership Investments S.A.R.L., Further, disclosures are also provided under “7.2 Use of Société Malgache de Téléphone Cellulaire S.A., Tanzania Alternative performance measures (APM) Financial Towers Limited 2, Bharti Airtel Rwanda Holdings Limited , Airtel Information” on page 40 Money Transfer Limited, Airtel Money Tanzania Limited , Airtel Mobile Commerce (Nigeria) Limited, Airtel Mobile Commerce Safe Harbor: The annual financial information contained in this Nigeria B.V., Airtel Mobile Commerce (Seychelles) B.V., Airtel report is drawn from Airtel Africa plc’s audited annual Mobile Commerce Congo B.V., Airtel Mobile Commerce Kenya consolidated financial statements for the year ended 31 March B.V., Airtel Mobile Commerce Madagascar B.V., Airtel Mobile 2021 and 31 March 2020, prepared under International Commerce Malawi B.V., Airtel Mobile Commerce Rwanda B.V., Financial Reporting Standard (IFRS). Quarterly information is Airtel Mobile Commerce Tchad B.V., Airtel Mobile Commerce unaudited. Uganda B.V., Airtel Mobile Commerce Zambia B.V., Airtel Convenience translation: - We publish our financial International LLP, Airtel Money Trust, Seychelles Cable statements in United States Dollars. All references herein to “US Systems Company Limited (Associate), Airtel Mobile dollars”, “USD”, “$” and “US$” are to United States dollars. Commerce Gabon B.V., Airtel Mobile Commerce Niger B.V., Translation of income statement items have been made from Airtel Mobile Commerce DRC B.V., Airtel Money Kenya Limited, local currencies of Africa operating units to USD (unless Airtel Digital Services Holdings B.V. and Airtel Africa Services otherwise indicated) using the respective monthly average (UK) Limited rates. Translation of statement of financial position items has been made using the closing rate. All amounts translated as Disclaimer: By reading this presentation you agree to be bound described above are provided solely for the convenience of the by the following conditions. reader, and no representation is made that the local currencies or USD amounts referred to herein could have been or could be The information contained in this presentation in relation to converted into USD or local currencies respectively, as the case Airtel Africa plc ("Airtel Africa") and its subsidiaries has been may be, at any particular rate, the above rates or at all. Any prepared solely for use at this presentation. The presentation is discrepancies in any table between totals and sums of the not directed to, or intended for distribution to or use by, any amounts listed are due to rounding off. person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would Others: In this report, the terms “we”, “us”, “our”, “ Airtel - require any registration or licensing within such jurisdiction. Africa”, or “Africa”, unless otherwise specified or the context otherwise implies, refer to the Airtel Africa plc and its References in this presentation to "Airtel Africa", "Group", "we", subsidiaries and its associate, Bharti Airtel International "us" and "our" when denoting opinion refer to Airtel Africa plc (Netherlands) B.V., Airtel (Seychelles) Limited, Airtel Congo and its subsidiaries. S.A., Airtel Gabon S.A., Airtel Madagascar S.A., Airtel Malawi Forward-looking statement plc, Airtel Mobile Commerce B.V., Airtel Mobile Commerce Holdings B.V., Airtel Mobile Commerce (Kenya) Limited, Airtel This document contains certain forward-looking statements Mobile Commerce Limited, Airtel Mobile Commerce regarding our intentions, beliefs or current expectations Madagascar S.A., Airtel Mobile Commerce Rwanda Limited, concerning, amongst other things, our results of operations, Airtel Mobile Commerce (Seychelles) Limited, Airtel Mobile financial condition, liquidity, prospects, growth, strategies and Commerce Tanzania Limited, Airtel Mobile Commerce Tchad the economic and business circumstances occurring from time S.A., Airtel Mobile Commerce Uganda Limited, Airtel Mobile to time in the countries and markets in which the Group Commerce Zambia Limited , Airtel Money (RDC) S.A., Airtel operates. Money Niger S.A., Airtel Money S.A., Airtel Networks Kenya Limited, Airtel Networks Limited, Airtel Networks Zambia plc, These statements are often, but not always, made through the Airtel Rwanda Limited, Airtel Tanzania plc, Airtel Tchad S.A., use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict,"

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"will," "expect," "estimate," "project," "positioned," "strategy," the tables throughout the document are based on numbers "outlook", "target" and similar expressions. calculated to the nearest $1,000 and therefore minor rounding differences may result in the tables. The Group has presented It is believed that the expectations reflected in this document certain financial information on a constant currency basis. This are reasonable, but they may be affected by a wide range of is calculated by translating the results for the current financial variables that could cause actual results to differ materially from year and prior financial year at a fixed ‘constant currency’ those currently anticipated. exchange rate, which is done to measure the organic performance of the Group. Growth rates for business and All such forward-looking statements involve estimates and product segments are provided in constant currency as this assumptions that are subject to risks, uncertainties and other better represents the underlying performance of the business. factors that could cause actual future financial condition, performance and results to differ materially from the plans, No profit or earnings per share forecasts goals, expectations and results expressed in the forward- No statement in this communication is intended to be, nor looking statements and other financial and/or statistical data should be construed as, a profit forecast or a profit estimate and within this communication. no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa for the current or Among the key factors that could cause actual results to differ any future financial periods would necessarily match, exceed or materially from those projected in the forward-looking be lower than the historical published earnings per share of Airtel Africa. statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic Audience or international legislation and regulation; changes in domestic The material in this presentation is provided for the purpose of or international tax laws and rates; adverse litigation and dispute giving information about Airtel Africa and its subsidiaries to outcomes and the effect of such outcomes on Airtel Africa’s investors only and is not intended for general consumers. Airtel financial condition; changes or differences in domestic or Africa, its directors, employees, agents or advisers do not international economic or political conditions; the ability to accept or assume responsibility to any other person to whom obtain price increases and the impact of price increases on this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. consumer affordability thresholds; adverse decisions by domestic or international regulatory bodies; the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to maintain credit ratings; the ability to develop, produce or market new alternative products and to do so profitably; the ability to effectively implement strategic initiatives and actions taken to increase sales growth; the ability to enhance cash generation and pay dividends and changes in the market position, businesses, financial condition, results of operations or prospects of Airtel Africa.

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 information available to Airtel Africa at the date of preparation of this document and Airtel Africa undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.

No statement in this communication is intended to be, nor should be construed as, a profit forecast or a profit estimate and no statement in this communication should be interpreted to mean that earnings per share of Airtel Africa plc for the current or any future financial periods would necessarily match, exceed or be lower than the historical published earnings per share of Airtel Africa plc.

Financial data included in this document are presented in US dollars rounded to the nearest million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. The percentages included in

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TABLE OF CONTENTS

Section 1 Performance at a glance 4

Section 2 Financial Highlights

2.1 Consolidated - Summary of Consolidated Financial Statements 5

2.2 Consolidated - Summary of Statement of Financial Position 6

Section 3 Segment Wise – Summary of Financial Statements

3.1 Summarized Statement of Operations 7

3.2 Segment Wise Contribution 10

Section 4 Product wise – Summary of Financial Statements

4.1 Mobile Services – Summarized Statement of Operations 11

4.2 Mobile Services – Segment Wise Contribution 15

4.3 Mobile Money – Summarized Statement of Operations 16

4.4 Product Wise Contribution 17

Section 5 Operating Highlights 18

Section 6 Management Discussion and Analysis

6.1 Reporting Methodology 22

6.2 Key Company Developments 22

6.3 Results of Operations 30

Section 7 Detailed Financial and Related Information 36

Section 8 Net Debt and Cost Schedules 45

Section 9 Trends and Ratio Analysis 47

Section 10 Key Accounting Policies 60

Section 11 Glossary 65

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SECTION 1

PERFORMANCE AT A GLANCE

Financial Year Ended Quarter Ended Particulars Unit IFRS IFRS 2021 2020 2019 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Operating Highlights Total Customer Base 000’s 118,192 110,604 98,851 118,192 118,903 116,371 111,461 110,604 Total Minutes on Netw ork Mn Min 322,881 250,080 207,334 84,964 85,651 80,375 71,891 68,870 Data MBs Mn MBs 1,242,259 710,510 392,631 348,230 320,568 293,919 279,541 219,015 Mobile Money Transaction Value US$ Mn 46,419 30,224 23,582 12,785 12,959 11,637 9,038 8,031 Netw ork Tow ers Nos 25,368 22,909 21,059 25,368 24,693 24,246 23,471 22,909 Total Employees Nos 3,526 3,363 3,075 3,526 3,498 3,453 3,432 3,363 No. of countries of operation Nos 14 14 14 14 14 14 14 14 Consolidated Financials (US$ Mn) Ongoing Operations (Reported Currency) Underlying Revenue US$ Mn 3,888 3,422 3,077 1,038 1,034 965 851 899 Underlying EBITDA US$ Mn 1,792 1,515 1,332 495 485 437 375 397 EBIT US$ Mn 1,105 905 796 318 308 269 210 244 Cash profit from operations before Derivative US$ Mn 1,464 1,210 1,001 411 402 357 295 325 and Exchange Fluctuations Underlying profit before tax US$ Mn 683 533 441 214 180 177 111 97 Profit attributable to ow ners of the company US$ Mn 339 370 412 132 95 70 42 65 Capex US$ Mn 614 642 630 211 188 149 66 246 Operating Free Cash Flow US$ Mn 1,178 873 702 284 298 287 309 151 (Underlying EBITDA - Capex) Free Cash Flow US$ Mn 647 453 151 181 146 223 96 65 Net Debt US$ Mn 3,530 3,247 4,005 3,530 3,518 3,459 3,425 3,247 Shareholder's Equity US$ Mn 3,405 3,388 2,626 3,405 3,362 3,407 3,304 3,388 Non-controlling interests ('NCI') US$ Mn (52) (107) (196) (52) (69) (89) (93) (107) Total Equity US$ Mn 3,353 3,281 2,429 3,353 3,293 3,318 3,211 3,281 Total Capital Employed US$ Mn 6,883 6,528 6,435 6,883 6,811 6,777 6,636 6,528 Key Ratios Underlying EBITDA Margin % 46.1% 44.3% 43.3% 47.7% 46.9% 45.3% 44.1% 44.1% EBIT Margin % 28.4% 26.5% 25.9% 30.7% 29.8% 27.8% 24.7% 27.2% Net Profit Margin % 8.7% 10.8% 13.4% 12.7% 9.1% 7.3% 4.9% 7.2% Net Debt to Underlying EBITDA (LTM) Times 2.0 2.1 3.0 2.0 2.1 2.2 2.2 2.1 Net Debt to Underlying EBITDA (Annualised) Times 2.0 2.1 3.0 1.8 1.8 2.0 2.3 2.0 Interest Coverage ratio Times 5.9 5.1 3.9 6.3 6.2 5.8 5.1 5.5 Return on Equity (Pre-Tax) % 20.8% 18.3% 15.3% 20.8% 17.6% 17.0% 16.9% 18.3% Return on Equity (Post-Tax) % 9.9% 10.9% 15.7% 9.9% 8.1% 7.8% 8.7% 10.9% EPS - before exceptional items $ cents 8.2 7.3 14.0 3.2 2.0 2.0 1.0 1.5 EPS - before exceptional items - restated (1) $ cents 8.2 6.9 7.4 3.2 2.0 2.0 1.0 1.5 Basic EPS $ cents 9.0 10.3 19.5 3.5 2.5 1.9 1.1 1.7 Return on Capital employed % 16.5% 14.0% 12.4% 16.4% 15.5% 14.6% 13.9% 13.7% Mobile Money Transaction Value is in Constant Currency rates as on March 31, 2020. (1) In July 2019, following the announcement of the Initial Public Offering (IPO), the company issued 676,406,927 new shares. EPS has been restated to reflect the position if all the shares as of 31 March 2021 been issued on 1 April 2019, for a like-for-like comparison.

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SECTION 2

FINANCIAL HIGHLIGHTS

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 2021 and 31 March 2020, prepared under International Financial Reporting Standard (IFRS). Quarterly information is unaudited. Comparative period figures have been regrouped/ reclassified to conform with current year grouping/ classification.

2.1 Summary of Consolidated Financial Statements

2.1.1 Consolidated Summarized Statement of Operations – (in Reported Currency) Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 1,038 899 15% 3,888 3,422 14% Underlying EBITDA 495 397 25% 1,792 1,515 18% Underlying EBITDA / Underlying Revenue 47.7% 44.1% 3.5 pp 46.1% 44.3% 1.8 pp EBIT 318 244 30% 1,105 905 22% Finance cost (net) 104 147 (29%) 423 372 14% Share of results of Associate (0) (0) 2% (1) (0) (200%) Underlying profit before tax 214 97 121% 683 533 28% Income tax expense 82 28 197% 318 237 34% Underlying profit after tax 132 70 90% 365 296 23% Non Controlling Interest (before exceptional items) 11 12 (7%) 57 35 62% Profit attributable to ow ners of the company - 121 57 112% 308 261 18% before exceptional items Exceptional Items (net of tax) (22) (7) (195%) (50) (112) 55% Profit after tax (after exceptional items) 154 77 100% 415 408 2% Non Controlling Interest 22 12 75% 76 38 101% Profit attributable to owners of the company 132 65 105% 339 370 (8%) Capex 211 246 (14%) 614 642 (4%) Operating Free Cash Flow 284 151 88% 1,178 873 35% (Underlying EBITDA - Capex) Total Capital Employed 6,883 6,528 5% 6,883 6,528 5%

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2.1.2 Consolidated Summarized Statement of Operations – (in Constant Currency)

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 1,058 870 22% 3,915 3,278 19% Underlying EBITDA 506 382 32% 1,805 1,443 25% Underlying EBITDA / Underlying Revenue 47.8% 43.9% 3.9 pp 46.1% 44.0% 2.1 pp EBIT 327 233 40% 1,116 855 31% Capex 211 246 (14%) 614 642 (4%) Operating Free Cash Flow 295 136 117% 1,192 801 49% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

2.2 Consolidated - Summary of Statement of Financial Position (in Reported Currency) Amount in US$ Mn As at As at Particulars Mar 31, 2021 Mar 31, 2020 Assets Non-current assets 8,087 7,654 Current assets 1,905 1,671 Total assets 9,992 9,325

Liabilities Current liabilities 3,504 2,488 Non-current liabilities 3,135 3,556 Total liabilities 6,639 6,044

Net current liabilities (1,599) (817)

Net Assets 3,353 3,281

Equity Equity attributable to ow ners of the company 3,405 3,388 Non-controlling interests ('NCI') (52) (107) Total equity 3,353 3,281

Total Equity and liabilities 9,992 9,325

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SECTION 3

SEGMENT WISE – SUMMARY OF FINANCIAL STATEMENTS

Segmental reporting includes all businesses of that geography.

3.1 Summarized Statement of Operations

3.1.1 Nigeria

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 422 377 12% 1,552 1,373 13% Underlying EBITDA 232 209 11% 839 744 13% Underlying EBITDA / Underlying Revenue 54.8% 55.5% -0.7 pp 54.1% 54.2% -0.1 pp EBIT 172 162 6% 602 560 7% Capex 97 145 (33%) 275 325 (15%) Operating Free Cash Flow 135 64 111% 564 419 35% (Underlying EBITDA - Capex)

In Constant Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 441 359 23% 1,577 1,293 22% Underlying EBITDA 242 199 22% 853 701 22% Underlying EBITDA / Underlying Revenue 54.8% 55.5% -0.6 pp 54.1% 54.2% -0.1 pp EBIT 179 154 16% 612 528 16% Capex 97 145 (33%) 275 325 (15%) Operating Free Cash Flow 145 54 171% 578 376 54% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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3.1.2 East Africa (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 358 310 15% 1,381 1,201 15% Underlying EBITDA 168 125 34% 631 485 30% Underlying EBITDA / Underlying Revenue 47.0% 40.3% 6.7 pp 45.7% 40.4% 5.3 pp EBIT 111 70 60% 408 255 60% Capex 81 61 34% 249 181 37% Operating Free Cash Flow 87 64 35% 382 304 26% (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 371 299 24% 1,409 1,141 24% Underlying EBITDA 173 120 44% 641 457 40% Underlying EBITDA / Underlying Revenue 46.7% 40.2% 6.5 pp 45.5% 40.1% 5.4 pp EBIT 115 67 72% 414 238 74% Capex 81 61 34% 249 181 37% Operating Free Cash Flow 92 60 54% 391 276 42% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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3.1.3 Francophone Africa (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 260 215 21% 964 859 12% Underlying EBITDA 110 70 56% 364 292 25% Underlying EBITDA / Underlying Revenue 42.1% 32.7% 9.4 pp 37.7% 34.0% 3.7 pp EBIT 58 23 145% 156 103 51% Capex 32 40 (19%) 88 133 (34%) Operating Free Cash Flow 78 30 154% 276 159 73% (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 250 215 16% 940 855 10% Underlying EBITDA 105 70 49% 354 291 22% Underlying EBITDA / Underlying Revenue 42.0% 32.7% 9.4 pp 37.7% 34.1% 3.6 pp EBIT 55 24 129% 151 103 47% Capex 32 40 (19%) 88 133 (34%) Operating Free Cash Flow 73 31 137% 266 158 68% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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3.2 Segment Wise Contribution (in Constant Currency)

Quarter Ended:

Amount in US$ Mn, except ratios Quarter Ended Mar-21 Region Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Nigeria 441 42% 242 48% 97 46% East Africa 371 35% 173 34% 81 39% Francophone Africa 250 24% 105 21% 32 15% Total before Eliminations/Others 1,061 100% 520 103% 210 100% Eliminations / Others (3) (0%) (14) (3%) 1 0% Total 1,058 100% 506 100% 211 100% Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

Year Ended: Amount in US$ Mn, except ratios Year Ended Mar-21 Region Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Nigeria 1,577 40% 853 47% 275 45% East Africa 1,409 36% 641 35% 249 41% Francophone Africa 940 24% 354 20% 88 14% Total before Eliminations/Others 3,925 100% 1,847 102% 612 100% Eliminations / Others (10) (0%) (42) (2%) 2 0%

Total 3,915 100% 1,805 100% 614 100% Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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SECTION 4

PRODUCT WISE – SUMMARY OF FINANCIAL STATEMENTS

4.1 Mobile Services- Summarized Statement of Operations

4.1.1 Consolidated Summarized Statement of Operations

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 955 844 13% 3,592 3,210 12% Underlying EBITDA 456 366 25% 1,639 1,372 19% Underlying EBITDA / Underlying Revenue 47.7% 43.3% 4.4 pp 45.6% 42.7% 2.9 pp EBIT 290 220 32% 981 776 26% Capex 185 240 (23%) 580 626 (7%) Operating Free Cash Flow 271 126 116% 1,059 746 42% (Underlying EBITDA - Capex)

In Constant Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 974 816 19% 3,617 3,075 18% Underlying EBITDA 466 351 32% 1,651 1,305 27% Underlying EBITDA / Underlying Revenue 47.8% 43.0% 4.8 pp 45.7% 42.4% 3.2 pp EBIT 298 209 42% 991 731 36% Capex 185 240 (23%) 580 626 (7%) Operating Free Cash Flow 280 111 152% 1,071 679 58% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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4.1.2 Nigeria

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 422 377 12% 1,552 1,369 13% Underlying EBITDA 232 209 11% 839 740 13% Underlying EBITDA / Underlying Revenue 54.8% 55.5% -0.7 pp 54.1% 54.1% 0.0 pp EBIT 171 163 5% 602 557 8% Capex 97 145 (33%) 275 325 (15%) Operating Free Cash Flow 135 64 111% 564 416 36% (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 441 359 23% 1,576 1,289 22% Underlying EBITDA 242 199 22% 853 697 22% Underlying EBITDA / Underlying Revenue 54.8% 55.5% -0.6 pp 54.1% 54.1% 0.0 pp EBIT 179 154 16% 612 524 17% Capex 97 145 (33%) 275 325 (15%) Operating Free Cash Flow 145 54 171% 578 373 55% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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4.1.3 East Africa (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 296 268 11% 1,159 1,046 11% Underlying EBITDA 130 100 31% 494 390 27% Underlying EBITDA / Underlying Revenue 44.1% 37.2% 6.9 pp 42.6% 37.3% 5.3 pp EBIT 76 46 66% 278 166 67% Capex 69 56 23% 231 170 35% Operating Free Cash Flow 62 44 41% 263 220 20% (Underlying EBITDA - Capex)

In Constant Currency

Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 306 259 18% 1,182 995 19% Underlying EBITDA 134 96 40% 501 367 36% Underlying EBITDA / Underlying Revenue 43.8% 37.0% 6.7 pp 42.4% 36.9% 5.5 pp EBIT 78 44 78% 282 154 83% Capex 69 56 23% 231 170 35% Operating Free Cash Flow 65 40 63% 270 197 37% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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4.1.4 Francophone Africa (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 239 200 19% 891 800 11% Underlying EBITDA 94 58 63% 307 242 27.1% Underlying EBITDA / Underlying Revenue 39.2% 28.7% 10.5 pp 34.5% 30.2% 4.3 pp EBIT 42 11 273% 101 53 89% Capex 20 39 (49%) 75 131 (43%) Operating Free Cash Flow 74 18 305% 233 111 110% (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 229 200 14% 869 796 9% Underlying EBITDA 90 58 56% 299 241 24% Underlying EBITDA / Underlying Revenue 39.1% 28.7% 10.4 pp 34.5% 30.3% 4.2 pp EBIT 40 11 256% 98 53 83% Capex 20 39 (49%) 75 131 (43%) Operating Free Cash Flow 70 18 283% 225 110 105% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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4.2 Mobile Services - Segment Wise Contribution (in Constant Currency)

Quarter Ended:

Amount in US$ Mn, except ratios Quarter Ended Mar-21 Region Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Nigeria 441 45% 242 52% 97 52% East Africa 306 31% 134 29% 69 37% Francophone Africa 229 24% 90 19% 20 11% Total before Eliminations/Others 976 100% 466 100% 185 100% Eliminations / Others (3) (0%) 0 0% 0 0% Total 974 100% 466 100% 185 100% Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

Year Ended:

Amount in US$ Mn, except ratios Year Ended Mar-21 Region Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Nigeria 1,576 44% 853 52% 275 47% East Africa 1,182 33% 501 30% 231 40% Francophone Africa 869 24% 299 18% 75 13% Total before Eliminations/Others 3,627 100% 1,653 100% 580 100% Eliminations / Others (10) (0%) (2) (0%) 0 0%

Total 3,617 100% 1,651 100% 580 100% Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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4.3 Mobile Money - Summarized Statement of Operations

4.3.1 Consolidated Summarized Statement of Operations

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 110 83 33% 401 311 29% Underlying EBITDA 54 39 37% 195 150 30% Underlying EBITDA / Underlying Revenue 48.7% 47.3% 1.4 pp 48.7% 48.2% 0.5 pp EBIT 50 36 37% 185 143 30% Capex 25 5 358% 32 12 166% Operating Free Cash Flow 29 34 (15%) 163 138 19% (Underlying EBITDA - Capex) Mobile money revenue post intra-segment eliminations with mobile services was $301 Mn for the year ended 31 March 2021 and $220 Mn for the prior period. Mobile money revenue post intra-segment eliminations with mobile services was $85 Mn for the quarter ended 31 March 2021 and $58 Mn for the prior period.

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Underlying Revenue 112 81 39% 403 298 35% Underlying EBITDA 54 38 42% 196 144 36% Underlying EBITDA / Underlying Revenue 48.6% 47.5% 1.2 pp 48.6% 48.3% 0.3 pp EBIT 51 36 42% 186 137 35% Capex 25 5 358% 32 12 166% Operating Free Cash Flow 29 33 (10%) 164 131 25% (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex. Mobile money revenue post intra-segment eliminations with mobile services was $304 Mn for the year ended 31 March 2021 and $211 Mn for the prior period. Mobile money revenue post intra-segment eliminations with mobile services was $86 Mn for the quarter ended 31 March 2021 and $56 Mn for the prior period.

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4.4 Product Wise Contribution (in Constant Currency)

Quarter Ended: Amount in US$ Mn, except ratios Quarter Ended Mar-21 Products Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Mobile Services 974 92% 466 92% 185 88% Mobile Money 112 11% 54 11% 25 12% Total before Eliminations/Others 1,085 103% 520 103% 210 100% Eliminations / Others (27) (3%) (14) (3%) 1 0% Total 1,058 100% 506 100% 211 100%

Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex. Mobile money revenue post intra-segment eliminations with mobile services was $86 Mn for the quarter ended 31 March 2021 and $56 Mn for the prior period.

Year Ended: Amount in US$ Mn, except ratios Year Ended Mar-21 Products Underlying Underlying % of Total % of Total Capex % of Total Revenue EBITDA Mobile Services 3,617 92% 1,651 91% 580 95% Mobile Money 403 10% 196 11% 32 5% Total before Eliminations/Others 4,020 103% 1,847 102% 612 100% Eliminations / Others (105) (3%) (42) (2%) 2 0% Total 3,915 100% 1,805 100% 614 100%

Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex. Mobile money revenue post intra-segment eliminations with mobile services was $304 Mn for the year ended 31 March 2021 and $211 Mn for the prior period.

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SECTION 5

OPERATING HIGHLIGHTS

The financial figures used for computing ARPU & Revenue per Site are based on Constant Currency.

5.1 Operational Performance (Quarter Ended)

5.1.1 Consolidated Operational Performance

Q-on-Q Y-on-Y Parameters Unit Mar-21 Dec-20 Mar-20 Change Change Customer Base 000's 118,192 118,903 (0.6%) 110,604 6.9% Net Additions 000's (711) 2,532 (128.1%) 3,464 (120.5%) Monthly Churn % 3.9% 5.0% -1.2 pp 5.3% -1.5 pp Average Revenue Per User (ARPU) US$ 3.0 2.9 2.3% 2.7 12.4% Voice Voice Revenue US$ Mn 557 566 (1.6%) 494 12.8% Minutes on the netw ork Mn 84,964 85,651 (0.8%) 68,870 23.4% Voice Average Revenue Per User (ARPU) US$ 1.6 1.6 (1.3%) 1.5 4.2% Voice Usage per customer min 240 241 (0.5%) 211 14.0% Data Data Revenue US$ Mn 322 295 9.2% 245 31.7% Data Customer Base 000's 40,584 40,624 (0.1%) 35,443 14.5% As % of Customer Base % 34.3% 34.2% 0.2 pp 32.0% 2.3 pp Total MBs on the netw ork Mn MBs 348,230 320,568 8.6% 219,015 59.0% Data Average Revenue Per User (ARPU) US$ 2.7 2.4 9.8% 2.4 11.8% Data Usage per customer MBs 2,896 2,653 9.1% 2,145 35.0%

Mobile Money Transaction Value US$ Mn 12,785 12,959 (1.3%) 8,031 59.2% Transaction Value per Sub US$ 198 208 (5.2%) 155 27.2% Mobile Money Revenue US$ Mn 112 111 0.7% 81 38.7% Active Customers 000's 21,670 21,460 1.0% 18,294 18.5% Mobile Money ARPU US$ 1.7 1.8 (3.2%) 1.6 10.8%

Network and Coverage Netw ork tow ers Nos 25,368 24,693 675 22,909 2,459 Owned Towers Nos 4,627 4,530 97 4,548 79 Leased Towers Nos 20,741 20,163 578 18,361 2,380 Of w hich Mobile Broadband tow ers Nos 23,826 22,998 828 20,378 3,448 Total Mobile Broadband Base stations Nos 76,563 72,616 3,947 47,082 29,481 Data Capacity TB/day 12,070 11,448 5.4% 7,572 59.4%

Revenue Per Site Per Month US$ 14,065 14,108 (0.3%) 12,809 9.8% Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for Constant currency. Mobile money revenue in the above table is without intra-segment eliminations with mobile services. Voice revenue in quarter ended Dec'20 represents underlying revenue excluding the impact of a settlement in Niger ($19 Mn) in constant currency.

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5.2 Nigeria Operational Performance

Q-on-Q Y-on-Y Parameters Unit Mar-21 Dec-20 Mar-20 Change Change Customer Base 000's 41,959 44,449 (5.6%) 41,757 0.5% Net Additions 000's (2,491) 395 (730.4%) 1,902 (231.0%) Monthly Churn % 2.0% 5.4% -3.3 pp 5.8% -3.8 pp Average Revenue Per User (ARPU) US$ 3.4 3.1 11.5% 2.9 17.0%

Voice Voice Revenue US$ Mn 251 245 2.2% 222 12.9% Minutes on the netw ork Mn 24,297 23,578 3.0% 20,447 18.8% Voice Average Revenue Per User (ARPU) US$ 1.9 1.8 7.1% 1.8 7.5% Voice Usage per customer min 188 174 8.0% 166 13.1% Data Data Revenue US$ Mn 159 141 12.1% 114 38.8% Data Customer Base 000's 17,656 18,831 (6.2%) 16,715 5.6% As % of Customer Base % 42.1% 42.4% -0.3 pp 40.0% 2.0 pp Total MBs on the netw ork Mn MBs 175,125 158,566 10.4% 108,561 61.3% Data Average Revenue Per User (ARPU) US$ 2.9 2.5 20.2% 2.4 24.4% Data Usage per customer MBs 3,256 2,749 18.4% 2,252 44.6%

Network and Coverage Netw ork tow ers Nos 10,793 10,588 205 9,352 1,441 Owned Towers Nos 206 203 3 200 6 Leased Towers Nos 10,587 10,385 202 9,152 1,435 Of which Mobile Broadband towers Nos 10,601 10,376 225 8,796 1,805 Total Mobile Broadband Base stations Nos 38,938 37,098 1,840 15,788 23,150 Data Capacity TB/day 6,373 6,115 4.2% 2,980 113.8% Revenue Per Site Per Month US$ 13,738 13,179 4.2% 13,060 5.2%

Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for Constant currency.

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5.3 East Africa Operational Performance (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

Q-on-Q Y-on-Y Parameters Unit Mar-21 Dec-20 Mar-20 Change Change Customer Base 000's 53,091 52,612 0.9% 48,634 9.2% Net Additions 000's 479 1,348 (64.5%) 1,268 (62.2%) Monthly Churn % 4.5% 4.6% 0.0 pp 4.7% -0.2 pp Average Revenue Per User (ARPU) US$ 2.3 2.4 (2.2%) 2.1 13.0%

Voice Voice Revenue US$ Mn 170 179 (4.7%) 147 15.5% Minutes on the netw ork Mn 51,305 52,988 (3.2%) 41,049 25.0% Voice Average Revenue Per User (ARPU) US$ 1.1 1.1 (6.0%) 1.0 5.3% Voice Usage per customer min 325 340 (4.5%) 285 14.0%

Data Data Revenue US$ Mn 96 90 6.5% 79 20.5% Data Customer Base 000's 16,191 15,638 3.5% 13,322 21.5% As % of Customer Base % 30.5% 29.7% 0.8 pp 27.4% 3.1 pp Total MBs on the netw ork Mn MBs 131,654 125,879 4.6% 85,983 53.1% Data Average Revenue Per User (ARPU) US$ 2.0 2.0 2.3% 2.1 (1.5%) Data Usage per customer MBs 2,788 2,776 0.4% 2,227 25.2%

Network and Coverage Netw ork tow ers Nos 9,801 9,365 436 8,987 814 Owned Towers Nos 2,564 2,492 72 2,499 65 Leased Towers Nos 7,237 6,873 364 6,488 749 Of which Mobile Broadband towers Nos 8,810 8,260 550 7,809 1,001 Total Mobile Broadband Base stations Nos 26,016 24,200 1,816 21,162 4,854 Data Capacity TB/day 4,018 3,703 8.5% 3,147 27.7% Revenue Per Site Per Month US$ 12,856 13,405 (4.1%) 11,156 15.2%

Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for Constant currency.

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5.4 Francophone Africa Operational Performance (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

Q-on-Q Y-on-Y Parameters Unit Mar-21 Dec-20 Mar-20 Change Change Customer Base 000's 23,142 21,842 6.0% 20,213 14.5% Net Additions 000's 1,301 790 64.7% 294 342.3% Monthly Churn % 5.9% 5.5% 0.4 pp 6.0% -0.1 pp Average Revenue Per User (ARPU) US$ 3.7 3.9 (4.4%) 3.6 4.1%

Voice Voice Revenue US$ Mn 137 140 (2.3%) 127 7.3% Minutes on the netw ork Mn 9,362 9,084 3.1% 7,373 27.0% Voice Average Revenue Per User (ARPU) US$ 2.0 2.2 (6.6%) 2.1 (3.6%) Voice Usage per customer min 139 141 (1.5%) 122 14.1%

Data Data Revenue US$ Mn 68 63 6.8% 51 33.0% Data Customer Base 000's 6,737 6,155 9.5% 5,405 24.6% As % of Customer Base % 29.1% 28.2% 0.9 pp 26.7% 2.4 pp Total MBs on the netw ork Mn MBs 41,451 36,124 14.7% 24,471 69.4% Data Average Revenue Per User (ARPU) US$ 3.5 3.6 (1.2%) 3.3 5.6% Data Usage per customer MBs 2,153 2,028 6.2% 1,601 34.5%

Network and Coverage Netw ork tow ers Nos 4,774 4,740 34 4,570 204 Owned Towers Nos 1,857 1,835 22 1,849 8 Leased Towers Nos 2,917 2,905 12 2,721 196 Of which Mobile Broadband towers Nos 4,415 4,362 53 3,773 642 Total Mobile Broadband Base stations Nos 11,609 11,318 291 10,132 1,477 Data Capacity TB/day 1,679 1,630 3.0% 1,445 16.2%

Revenue Per Site Per Month US$ 17,442 17,547 (0.6%) 15,806 10.4% Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for Constant currency. Voice revenue in quarter ended Dec'20 represents underlying revenue excluding the impact of a settlement in Niger ($19 Mn) in constant currency.

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SECTION 6

MANAGEMENT DISCUSSION AND ANALYSIS 6.1 Reporting Methodology

 The annual financial information contained in this report is Around the world the vaccination effort has started, with many drawn from Airtel Africa plc’s audited annual consolidated governments hinting at a possible significant easing of social financial statements for the year ended 31 March 2021 and distancing rules and travel restrictions this year, though it looks like 31 March 2020, prepared under International Financial Africa may lag other economies in attaining full vaccination cover. Reporting Standard (IFRS). Quarterly information is Despite the resilience demonstrated by our business during the unaudited. Comparative period figures have been regrouped/ year, we are constantly monitoring how the situation is evolving to reclassified to conform with current year grouping/ identify key risks and put in place adequate mitigation plans to classification. minimise any potential disruptions. The Group will continue to focus on ensuring the safety of our  The information, apart from the extract of the Financial employees, our outsourced partners and our customers; ensuring Statements in Section 7, is on underlying basis and that our network and distribution channels remain fully operational exceptional items are shown separately. This enables an and available; ensuring that our customers continue to have organic comparison of results with past periods. access to financial services and ensuring that at Group level we are in the right financial position to meet our financial obligations 6.2 Key company developments at all times. Covid-19 SAFETY: The Covid-19 crisis has led to profound changes in operating environments across our markets and throughout the The Covid-19 pandemic has contributed to a rapid acceleration of last year, as a key priority, we continued to reinforce health and already existing macro trends across the countries where we safety measures for all our employees, for outsourced partners operate, with people, businesses and governments seeking and for our customers. All our offices continue to offer the option access to more and better connectivity and improved financial of remote working, or working in shifts and with social distancing inclusion. practices, depending upon the critical needs of individual These challenging times have shown that the telecoms industry is functions. Our OpCos still have a large percentage of employees a key and essential service for these economies, allowing working from home with increased digital access to enable a customers to work remotely, reduce their travel, keep connected seamless workflow. All employees continue to be on full pay and, and have access to affordable entertainment and financial along with their family members, continue to receive full medical services. insurance cover which includes any diagnostic testing, associated Covid-19 presented significant challenges to the business, physician visits and vaccination cost related to Covid-19. We have particularly during the initial phase of the pandemic when mobile also granted immediate paid medical leave for any employees money and services growth slowed. However, the actions taken diagnosed with Covid-19. More recently we launched an employee by the board in Q1 enabled the continued execution of our assistance programme which allows our employees access to free strategy, including meeting increased customer demand for data, consultations with mental healthcare professionals. The aim of this mobile money and mobile services. We say a huge thank you to programme is to help employees achieve mental well-being by all our people, who even during lockdowns and in times of national ensuring harmony between work and personal life and by crisis managed to keep our distribution channels available and our providing access to support when employees need to speak to networks fully operational despite increased demand. We also pay someone. tribute to our business partners who continued to deliver their The outsourced staff in our call centres have all been given the services despite numerous logistical challenges, and to the option and equipment to either work from home with strict data governments and regulators who continued to support the industry security protocols, or if necessary, from the office following strict and helped facilitate our continued support to the economies of social distancing practices and regulatory guidelines. Protective these countries and the communities we serve. equipment and hand sanitisers have also been made available At the beginning of the pandemic, which coincided with the start of within our shops to keep both our staff and customers safe. our financial year, most governments in the countries where we The safety of our customers is paramount to us. We have operate acted swiftly to implement and enforce restrictions on the delivered a range of educational digital campaigns explaining best movement of people to prevent contagion. These swift actions, practices during the Covid-19 outbreak, and the importance of along with low population density, less frequent travel, and local being safe. We have significantly enhanced our self-care mobile experience in dealing with contagious diseases, resulted in lower app by adding features to enable customers to self-service, infection rates in sub-Saharan Africa relative to some other removing the need for a visit to a shop or an agent. We have also regions. The Covid pandemic eased during the course of the year, made a number of educational websites accessible free of charge and with that came some easing of restrictions and improvement to give students continuous access to quality education. Our staff of local economies, although many consumers still feel cautious across all our OpCos have also generously contributed and about social and working habits. More recently we have seen a sacrificed from their salaries a total of $362k, which we have surge in cases. Thus far, this has had no adverse impact on the matched like-for-like as a company and donated to the respective business, though we will continue to monitor the situation closely. governments to support the communities where we operate.

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NETWORK: for many of our customers our network remains the In recent months we have announced several transactions main source for their social interactions, their work and including asset monetisation through tower sales and strategic entertainment. The key business continuity plans we implemented initiatives to unlock value in our mobile money business, at the start of the pandemic ensured that both active and passive amounting to c$400 Mn of expected proceeds to be received maintenance services could be safely carried out even when the which will further improve our financial position and continue our movement of people was restricted. During an increase in data deleveraging. Additionally, we have agreed longer payment terms traffic of more than 74%, and voice traffic of more than 29% our of up to around 12 months with strategic vendors in certain network did not experience any significant disruption. markets to facilitate continued investment in modernising the DISTRIBUTION: ensuring customers retain access to our services network, while also increasing liquidity. remains a key priority for us. When lockdown restrictions were We have continued to invest in our network with tangible capex implemented, we increased stock levels of SIM cards and spend for the year of $614 Mn. This was slightly below our recharge vouchers to ensure continued availability in our shops committed spend of between $650 Mn to $700 Mn due largely to and enable customers to buy recharges whenever convenient. We the impact of import logistics and on-field deployment challenges have also encouraged customers to use digital methods of during the pandemic. Our capex guidance for the next financial recharge, including through Unstructured Supplementary Service year remains in the range of $650 Mn to $700 Mn as we continue Data (USSD), bank portals or our app. In April 2020 we launched to invest in our network and distribution. the new MyAirtel self-care app in all 14 countries. Using the app, We have identified several ways to retain cash, reduce costs and a customer can check airtime or bundles and purchase them using mitigate risks from Covid-19. In addition, we have continued to Airtel Money or any credit or debit cards. It also has various Airtel invest in revenue driving expenditures, while reducing Money features so that customers can send money to Airtel and discretionary spend. other operators, pay bills, pay merchants, scan and pay using Airtel’s or Mastercard’s QR codes and virtual cards, and use Airtel See page 31 for our going concern assessment. Money and e-recharge to minimise the impact of any possible disruption to our distribution network. We have pushed the e- recharge scheme even further by allowing customers to e- FOREIGN EXCHANGE: The global economic slowdown recharge both friends’ and loved ones’ accounts, for which they combined with lower oil and commodity prices has resulted in also receive benefits in return. As lockdown restrictions have currencies devaluing across our markets, including the Nigerian eased, we have been able to expand our distribution, in line with naira, Kenyan shilling and Zambian kwacha. By far our largest our strategy, and we continued to carry higher stock levels to exposure is in Nigeria, which represents 40% of our revenue and mitigate the risks that possible future restrictions on the movement 47% of underlying EBITDA. On a 12-month basis, we estimate that of people could have on our stock levels and the ability of a 1% Nigerian naira devaluation will have a negative $14 Mn customers to access our recharge vouchers. impact on revenue, $8 Mn on underlying EBITDA and $6 Mn on MOBILE MONEY: during the initial phase of the pandemic, mobile finance costs. money revenue growth slowed to 26.3% as the business was Other significant updates impacted by social distancing measures and non-essential service closures, reducing customers’ ability to deposit and withdraw cash. Post year end announcement of appointment of new CEO, Additionally, several governments asked mobile money operators and other senior executive changes to waive fees on certain transactions, including person-to-person On 29 April 2021, Airtel Africa announced that Olusegun “Segun” and merchant payments. Afterwards, as lockdown restrictions Ogunsanya, managing director and chief executive officer Airtel were generally eased and nearly all fees on transactions Nigeria is to succeed Raghunath “Raghu” Mandava, as managing reinstated, revenue growth for the full year rebounded to 35.5%, director and chief executive officer following Raghu Mandava’s reaching 38.7% in Q4, with mobile money contributing over 10.6% informing the Board of his intention to retire. Segun Ogunsanya of Group revenue in the quarter. will join the Board of Airtel Africa plc with effect from 1 October LIQUIDITY and CAPEX: our financial position continued to 2021. improve during the year. Free cash flow increased 42.8% during the financial year and underlying EBITDA margin continued to Segun Ogunsanya joined Airtel Africa in 2012 as managing improve by 2.1pp to 46.1%. Our net debt to underlying EBITDA director and chief executive officer Airtel Nigeria and has been ratio improved to 2.0x, despite investing $247 Mn of intangible responsible for the overall management of our operations in capex to renew licences in two of our largest markets, Nigeria and Nigeria, our largest market in Africa. Segun has more than 25 Uganda, and acquiring additional spectrum across several years’ business management experience in banking, consumer markets. Our cash balances, in conjunction with more than $1.1bn goods and telecoms. Before joining Airtel in 2012, Segun held of committed undrawn facilities, ensure we can continue to meet leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as our financial obligations. We have $2.4bn in long-term bonds with managing director and chief executive officer). He has also been the first repayment of $879 Mn (€750 Mn) due in May 2021 which the managing director of Nigerian Bottling Company Ltd (Coca- will be paid through a mix of cash held as well as from the Cola Hellenic owned) and Group head of retail banking operations proceeds of a $500 Mn inaugural multi-bank long-term facility (part at Ecobank Transnational Inc, covering 28 countries in Africa. He of the $1.1bn undrawn facilities mentioned above) entered into by is an electronics engineer and also a chartered accountant. Airtel Africa plc in April 2021. Post this repayment, only $1.5bn of long-term bonds will remain outstanding for the Group, with the Raghu Mandava will be retiring as managing director and chief next major bond repayment of $505 Mn not due until March 2023. executive officer, as a director of Airtel Africa plc and as a member

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of the Market Disclosure Committee on 30 September 2021. conditions including required regulatory approvals and are not Arrangements have been made to ensure a smooth transition of inter-conditional on each other. The transactions are expected to responsibilities. Following his cessation of employment at Airtel close in or around calendar Q4 2021. Africa, Mr. Mandava will be available to advise the Chairman, the Airtel Africa Board and the newly appointed managing director and The aggregate gross consideration for the transactions is chief executive officer for a 9-month period. expected to be approximately $108 Mn. Under the terms of the transactions, the Group's subsidiaries will continue to develop, Jaideep Paul, chief financial officer, has been appointed as an maintain and operate their equipment on the towers under executive director and will join the Board of Airtel Africa plc with separate lease arrangements, largely made in local currencies, effect from 1 June 2021. with Helios Towers. In addition, as part of the transactions, the Group has agreed to build to suit commitments with Helios Towers Strategic investments in our mobile money business by The for an additional 195 sites across Madagascar and Malawi over Rise Fund and Mastercard the three years following completion, for which a further $11 Mn of consideration is payable. In March, Airtel Africa signed agreements with both TPG’s The Rise Fund and Mastercard who will invest $200 Mn and $100 Mn In addition, Airtel Africa has also entered into exclusive respectively into Airtel Mobile Commerce BV ("AMC BV"), a wholly Memorandum of Understanding agreements for the potential sale owned subsidiary of Airtel Africa plc. AMC BV is the holding of its tower assets in Chad and Gabon with Helios Towers company for several of Airtel Africa's mobile money operations; (“proposed transactions"). These proposed transactions are and is intended to own and operate the mobile money businesses subject to the signing of definitive legal agreements for sale, across all of Airtel Africa's 14 operating countries. including customary closing conditions such as required regulatory approvals. It is envisaged that the proposed transactions will also These transactions value Airtel Africa's mobile money business at incorporate lease arrangements with Helios Towers and build to $2.65 billion on a cash and debt free basis. The Rise Fund and suit commitments in Chad and Gabon. The proposed transactions Mastercard will each hold a minority stake in AMC BV upon are not inter-conditional and are expected to close before the end completion of the transactions, with Airtel Africa continuing to hold of our fiscal year 2022. the remaining majority stake. The transactions are subject to customary closing conditions including necessary regulatory The Group expects to disclose consideration details for the filings and approvals, as necessary, and the inclusion of specified proposed transactions upon signing of the acquisition agreements mobile money business assets and contracts into AMC BV. in each market. The Group's tower portfolios in the two markets of the proposed transactions together comprise c.1,000 towers which Alongside the investment, the Group and Mastercard also signed form part of the Group's wireless telecommunications a new commercial framework agreement and detailed commercial infrastructure network. arrangements which will deepen our commercial partnerships across numerous areas including card issuance, payment These transactions and proposed transactions are the latest gateway, payment processing, merchant acceptance and strategic divestment of the Group's tower portfolio as it focusses remittance solutions, amongst others. on an asset-light business model and on its core subscriber-facing operations. It is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years. The Group is open to The proceeds from the transactions and proposed transactions will the possibility of further minority investments into Airtel Money, up be used to reduce Group external debt and to invest in network to a total of 25% of the issued share capital of AMC BV. There can and sales infrastructure in the respective operating countries. be no certainty that further transactions will be concluded, or as to the final terms of any transactions. Dividend

The proceeds from The Rise Fund and Mastercard’s investments The Board has recommended a final dividend of 2.5 cents per in AMC BV will be used to reduce Group debt and invest in network ordinary share. The proposed final dividend will be paid on 23 July and sales infrastructure in the respective operating countries. 2021 to all ordinary shareholders who are on the register of members at the close of business on 25 June 2021. We paid an Agreements for tower sales in Madagascar and Malawi and interim dividend of 1.5 cents per ordinary share in December 2020. potential tower sales in Chad and Gabon In October 2020 the Board approved a new progressive dividend In early March, the Group signed agreements to sell its policy during the period due to the combination of continued strong telecommunications tower companies in Madagascar and Malawi business performance, significant opportunities to invest in future to Helios Towers plc (“Helios Towers”), a leading independent growth and the aim to continue to reduce leverage. The newly telecommunications infrastructure company in Africa. The Group's adopted dividend policy aims to grow the dividend annually by a tower portfolios in these two markets together comprise 1,229 mid to high single digit percentage from a base of 4 cents per share towers which form part of the Group's wireless for FY 2021, until reported leverage (calculated as net debt to telecommunications infrastructure network. underlying EBITDA) falls below 2.0x. At the point when reported leverage (calculated as net debt to underlying EBITDA) is below These transactions, comprising two separate agreements, one in 2.0x, the Board will reassess the dividend policy in the light of the respect of each jurisdiction, are subject to customary closing prevailing growth outlook for the Group.

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New SIM registration rules in Nigeria Licence renewal in Nigeria

Following a directive issued by the Nigerian Communications In January 2021, Airtel Networks Limited (“Airtel Nigeria”), Commission (NCC) on 15 December 2020 to all Nigerian telecom announced that its application for renewal of the spectrum licences operators, Airtel Nigeria has been working with the government to in the 900MHz and 1800MHz bands had been approved by the ensure that all our subscribers provide their valid National Nigerian Communications Commission (“NCC”). Pursuant to Identification Numbers (NINs) to update SIM registration records. Section 43 of the Nigerian Communications Act, 2003 and Condition 20 of the Unified Access Service Licence (UASL), Airtel Initially, new customer acquisitions were barred until significant Nigeria applied to renew the UASL (operations licence) and progress had been made on linking the active customer base with spectrum licences in the 900MHz and 1800MHz bands which verified NINs. Natural churn in the customer base led to a loss of would otherwise expire on 30 November 2021. 2.5 million active mobile customers in the final quarter of the year, however the financial impact has been minimal, with continued Following the application, the NCC offered Airtel Nigeria the revenue growth in Nigeria, due largely to the significantly lower opportunity to renew its spectrum licences in the 900MHz and ARPU of the churned base and increased usage by the active 1800MHz bands for a period of ten years, with effect from 1 base. In April, the NCC announced that it would allow new December 2021 until 30 November 2031, which Airtel Nigeria customer enrolment to recommence from certified outlets. Airtel accepted. Under the terms of the spectrum licences Airtel Nigeria Nigeria has so far received interim approvals for c800 outlets and paid 71.61 billion naira ($182 million) in respect of the licence new customer registrations have recommenced in those outlets renewal fees. accordingly. The UASL is still under consideration by the NCC and formal The directive set an initial deadline for customers to register their confirmation of renewal is expected before the expiry date of 30 NIN with their SIM of 30 December 2020. This was subsequently November 2021. moved several times with the latest deadline set for 30 June 2021. New licence in Uganda We have made significant progress on capturing existing NINs and In December, Airtel Uganda Limited (Airtel Uganda) was issued building the database in collaboration with National Identity with a National Telecom Operator (NTO) Licence following a Management Commission (NIMC). To date, out of Airtel Nigeria’s period of negotiation and transition to a new licensing regime. 42.0 million active customers, we have collated NIN information for 23.2 million active mobile customers. To complete the The new licence is with effect from 1 July 2020 and is for a period registration process, we must also verify the NIN information we of 20 years, until 30 June 2040. Airtel Uganda will retain all its have received from our subscribers with the NIMC. current spectrum subject to the law and terms of assignment. The scope of services is the provision of basic telecommunication For the still significant proportion of the population, and our services, infrastructure services, and value-added customers, that do not have a NIN we have opened enrolment telecommunication services. In addition, Airtel Uganda commits to centres in collaboration with the NIMC and we are in the process achieving coverage of 90% of the geographical boundary of of rolling out thousands of devices to further NIN enrolment. We Uganda within five years of the effective date of the licence, with a continue to work closely with the government to ensure full minimum obligation of providing voice and data services. compliance. Under the terms of the licence Airtel Uganda has paid $74.6 Mn Post year end refinancing for the first ten years of the licence, which includes VAT of $11.4 In April 2021, Airtel Africa agreed a new $500 Mn loan facility with Mn. After the first 10 years, Airtel will be invoiced for the licence a group of relationship banks. fee for the remaining 10 years.

The new committed facility consists of a combination of a revolving Under Article 16 of the NTO, Airtel Uganda is obliged to comply credit facility and term loans with tenor of up to 4 years. The facility with the sector policy, regulations and guidelines requiring the will be used to partially refinance the Group’s €750 Mn euro listing of part of its shares on the Uganda Stock Exchange. The denominated bond ($879 Mn) due 20 May 2021. The balance of current Uganda Communications (Fees & Fines) (Amendment) the euro denominated bond will be repaid with existing Group cash Regulations 2020, create a public listing obligation for all NTO to reduce gross debt and associated interest costs. licensees, and specifies that 20% be listed within 2 years of the date of the effective date of the licence. The new loan facility further strengthens the core liquidity of the Group. It also has prepayment flexibilities that will allow the Group New shareholding requirements in Kenya to optimise the efficiency of its capital structure with the free cash On 9 April 2021, the Minister for ICT published an amendment to flows and cash receipts anticipated over the next 12 months the National Information Communications and Technology (ICT) following the recent announcements related to tower sales and Policy Guidelines, 2020 (ICT Policy). The ICT Policy amendment mobile money minority investments. will affect Airtel Africa's Kenya business as follows:

This new loan facility establishes a standalone credit score for the  Airtel Networks Kenya Limited, which currently holds an Group, requiring no parent guarantees from Bharti Airtel. indefinite exemption from the Minister for ICT, dated 20

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March 2013, has 3 years with effect from 9 April 2021 to Ms. Bayer Rosmarin's appointment was by nomination of the comply with the requirement to have a 30% local controlling shareholder pursuant to the terms of the relationship shareholding. agreement dated 17 June 2019 between the Company, Bharti  Airtel Money Kenya Limited, which holds a Content Service Airtel, Airtel Africa Mauritius Limited, the majority shareholder and Provider Licence from the Communications Authority of an indirect subsidiary of Bharti Airtel, and Bharti Telecom. Ms. Kenya, with effect from November 2020, has 3 years from the Bayer Rosmarin replaced Arthur Lang who stepped down as a date of the licence to comply with the requirement to have a non-executive director on the same date. 30% local shareholding. Ms. Bayer Rosmarin is currently CEO of Singtel Optus and Under the amended ICT policy, a licensee may apply to the ICT Consumer Australia. She was previously with Commonwealth Minister for an extension of time to comply with the requirement, Bank of Australia, where she held several senior positions and or to obtain an exemption. varied portfolios, before being appointed as Group Executive of Institutional Banking and Markets. Ms Bayer Rosmarin is New sustainability framework recognised for leveraging technology, data and analytics to develop leading customer services and experience. She was Our new sustainability framework features in this year’s Annual named in the Top 10 Businesswomen in Australia and the Top 25 Report. It articulates at the highest level the four pillars of our Women in Asia Pacific Finance and holds a variety of board and environmental, social and governance (ESG) strategy, outlining advisory responsibilities. for each of “our business”, “our people”, “our community” and “our environment” pillars, both the role that we can play, and the focus Ms. Bayer Rosmarin has, since February 2019, served as an areas where we can make the biggest difference. independent non-executive director on the board of OpenPay, listed on the Australian Securities Exchange, and will continue in Aligned with our sustainability framework, we have identified the that role. Openpay is a payments technology company based in six UN Sustainability Development Goals (SDGs) where we Australia. believe we can have the biggest impact. These are delivering Quality Education (SDG 4); Gender Equality (SDG 5); Decent Additional spectrum Work and Economic Growth (SDG 8); Industry Innovation & Infrastructure (SDG 9); Reduced Inequalities (SDG 10) and In June 2020, Airtel Malawi plc was allocated 10 MHz of spectrum Responsible Consumption & Production (SDG 12). in the 2600 band. In October, additional spectrum of 10 MHz in the 2600 band and 5 MHz in the 1800 band was allocated to Airtel We have also defined our ESG materiality matrix through in-depth Uganda. In December, Airtel Chad received 5 MHz of spectrum in analysis of industry benchmarks and best practice, ESG ratings the 900 band and Airtel Zambia received 10 MHz in the 800 band. and reporting frameworks. Abandonment of merger of Airtel Networks Kenya Limited We are currently in the process of engaging with representatives with Telkom Kenya Limited of all our stakeholder groups to review our approach and findings. In August 2020, Airtel Africa plc announced that its subsidiary Airtel Networks Kenya Limited ("Airtel Kenya") and Telkom Kenya The full details of our sustainability framework, materiality matrix, Limited ("Telkom") had decided to no longer pursue completion of and the genuine, meaningful and measurable contribution we can an M&A transaction. The transaction was announced in February make to our six key SDGs are laid out in this years’ Annual Report. 2019 and was subject to the satisfaction of various conditions precedent, including regulatory approvals. Despite Airtel Africa plc In Q3’22, we will be publishing the measurable medium to long- and Telkom’s respective endeavours to reach a successful term goals we set ourselves. Work is underway to identify the closure, the transaction had gone through a very lengthy process programmes and investments needed, along with roll-out plans which led the parties to reconsider their stance. and key milestones on our journey towards these goals. Partnership with UNICEF We are also committing to report annually on our progress, and in 2022, we will be publishing our first Sustainability Report, which In May 2020, Airtel Africa announced a partnership with UNICEF will be prepared in compliance with Global Reporting Initiative and aimed at providing children with access to remote learning and Task Force on Climate-Related Financial Disclosures frameworks. enabling access to cash assistance for their families via mobile cash transfers. Under this partnership, UNICEF and Airtel Africa At Airtel Africa, transforming lives is more than just our purpose, it will use mobile technology to benefit an estimated 133 million is our DNA. The sustainability framework we have established, school age children currently affected by school closures in 13 and the detailed plans we will be publishing in October will build countries across sub-Saharan Africa during the Covid-19 upon the strong foundation of work we are already undertaking of pandemic. an environmental, social and governance nature, not just at Group level, but in each of our local operations. Mobile money (a) Partnership with remittance leading institutions Directorate change Airtel Africa has entered into several strategic partnerships with On 27 October 2020, we announced the appointment of Kelly MoneyGram, Mukuru and WorldRemit. Through these Bayer Rosmarin as a non-executive director with immediate effect. partnerships, more than 21 million Airtel Money customers in 12

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countries can transfer and receive funds across the globe directly development and acting as a responsible business. We continued from and into their mobile money wallets on their phone. Mobile to make good progress across each of our core strategic pillars: money service alliances with these leading international money Win with network, Win with customers, Win with data, Win with transfer or remittance service providers will extensively enhance mobile money, Win with cost and Win with people. customer access to the digital world. Win with network (b) Partnership with Standard Chartered Bank The Group’s strategy is to invest in our network by expanding 4G In August 2020, Airtel Africa announced a strategic partnership coverage and building capacity to cater for the future needs of our with Standard Chartered Bank, a leading international banking customers and to continue providing them with high-speed data. group, to drive financial inclusion across key markets in Africa by The expansion of the 4G network across our footprint and providing customers with increased access to mobile financial connecting rural areas through deployment of new sites continued services. Standard Chartered and Airtel Africa work together to co- to be our key focus areas. Our investment in the 4G network create new, innovative products aimed at enhancing the through single RAN technology has resulted in both expansion of accessibility of financial services and ultimately, better serve our 4G coverage and enhanced network’s capacity. 76.5% of our people across Africa. In line with this, Airtel Money's customers will total sites are now on 4G, compared to 64.7% in the previous be able to make real-time online deposits and withdrawals from period. We aim to build a leading, modernised network that can Standard Chartered bank accounts, receive international money provide the data capacity to meet rapidly growing demand, and transfers directly to their wallets, and access savings products enhanced connectivity and digitalisation needs of our markets. Our amongst other services. network data capacity increased by 59.4% in the year, reaching 12,000+ TB per day, with additional capacity being added at only (c) Partnerships with Mastercard, Samsung and Asante very marginal cost. We continued to modernise our network across In September 2020, Airtel Africa announced an expansion of its all our countries of operation, with 89% of our sites on Single RAN. partnership with Mastercard by launching a Pay-on-Demand The Group added over 11,500km of additional fibre, with total fibre payments platform to drive the digital economy across Africa. This now over 54,500km. Furthermore, we have increased the total Pay-on-Demand platform enables safe, secure, and convenient number of sites connected to fibre (increased by 15.6%) consumer financing, provided by Asante, on Samsung devices enhancing our network uptime metrics and delivering high-speed with an embedded Knox security platform, through Airtel Africa’s data to more of our customers. mobile network. The partnership facilitates usage-based payments and builds creditworthiness. The Group also added additional spectrum in a few of our markets. We have added 10 MHz in the 2600 band in Malawi, 10 MHz in These partnerships align with the Group’s strategy of expanding the 2600 band and 5 MHz in the 1800 band in Uganda, 5 MHz in the range and depth of Airtel Money offerings to drive customer the 900 band in Chad and 10 MHz in the 800 band in Zambia. growth and penetration. These allocations will help us to maximise network capacity and Strategic overview coverage.

The Group provides telecoms and mobile money services in 14 Capital expenditure related to investment activities during the emerging markets of sub-Saharan Africa. Our markets are period was $614 Mn, excluding spectrum acquisitions and licence characterised by huge geographies with relatively sparse renewal. populations, high population growth rates, high proportions of youth in the population, low smartphone penetration, low data Win with customers penetration and relatively unbanked populations. Unique mobile Sub-Saharan Africa is characterised by low penetrated markets, user penetration across the Group’s footprint was only 46%, and with unique subscriber penetration at 46%. The Group continued banking penetration was under 50%. These indicators illustrate the to build a unique mix of multi-brand and exclusive franchise significant opportunity still available to Airtel Africa to enhance both channels, combined with a simplified and enhanced self-service digital and financial inclusion in the communities we serve, app to provide a seamless customer onboarding experience. enriching their lives at the same time as growing our revenues, These have enabled us to add customers, resulting in customer profitably, across each of our key services of voice, data and base growth of 6.9% for the year. This has also helped us to grow mobile money. voice revenue by 11.0% in constant currency. The Group continued to invest in its network and distribution The Group continued its investment in strengthening our infrastructure to enhance both mobile and connectivity and distribution network infrastructure, with a focus on rural distribution financial inclusion across our countries of operation. In particular, networks. During the period, the Group expanded its exclusive we continued to invest in expanding our 4G network footprint to franchise stores, adding more than 15,400 kiosks and mini-shops increase data capacity in our networks to support future business as exclusive franchise stores across our footprint. growth, as well as deploying new sites, especially in rural areas, to enhance coverage and connectivity. We are driving loyalty and consumption through our smart product approach and tailored pricing. We provide simple, transparent Our 'Win with' strategy describes the six strategic pillars through offerings, 'more for more' bundles offering lower unit prices with which we actively work to achieve this. Cutting across these pillars are our commitment to transforming lives, driving sustainable

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longer validity and segmented offers based on balance, usage and year, the expansion of our mobile money product portfolio, both type of devices. through partnerships with leading financial institutions and through expansion of our merchant ecosystem, have further strengthened The launch of our digital onboarding app has helped us to enhance our mobile money propositions. customer experience; allowing customers to use our services within just a few minutes of the sale of a SIM card. The digital app Our distribution expansion and enhanced offerings helped drive captures all regulatory requirements, delivering a mostly paperless 18.5% growth in our mobile money customer base. Our mobile activation process. Further, the MyAirtel self-care app and our money business now serves over 21.7 million customers, interactive and dynamic IVR (interactive voice response) have representing 18.3% of our total customer base. further improved customer experience by facilitating both speedier query resolution and digital recharge capabilities. Mobile money continues to be one of our fastest growing service segments, delivering revenue growth of 35.5% for the year. It is an The Group continues to focus on increasing the adoption of ‘more increasingly important part of our business, delivering $51bn of for more’ bundles to enhance both usage and ARPU. The Group’s annualised (Q4’21) transaction value and accounting for 10.6% of smart offerings and attractive pricing proposition led to 16.4% total revenue in Q4’21. higher usage per customer, contributing to a voice revenue increase of 11.0%. Mobile money ARPU increased by 6.6% over the year, driven by increased transaction values and higher contributions from Win with data merchant payments, cash transactions, P2P transfers and mobile services recharges through Airtel Money. The Group continued to invest in the expansion of our 4G network, adding significant data capacity to the network at only marginal Win with cost cost, expanding both home broadband and enterprise business services to greater leverage the 4G network; growing data ARPU Our operating cost model is focused on enhancing cost efficiency and data revenue. We continue to focus on increasing smartphone and digitalisation initiatives. We embrace robust cost discipline ownership and increasing data usage at scale, largely via and continuously seek to improve processes to deliver one of the smartphone offerings through OEM (Original Equipment highest underlying EBITDA margins in the industry. We use the Manufacturer) device partnerships, and through expanding our latest technology to optimally design our network to improve the network of smartphone device selling outlets. efficiency of our capital expenditure; enabling us to build large incremental capacities at lower marginal cost. Our improved 4G network contributed to an increase in smartphone penetration, in data customers and in up-take of large As we continued to expand our business, various cost efficiency data volumes, resulting in greater data consumption per customer. initiatives were undertaken during the year, relating mainly to: Smartphone penetration was up by 1 percentage points to 33% and our data customer base grew by 14.5%, now representing (i) energy and loading cost savings, as we benefit from single RAN 34.3% of our total customer base. network modernisation; (ii) incremental sites at a lower rate; (iii) remodelling of managed services; and (iv) leased line capacity Data usage per customer reached 2.6 GB per customer (from 1.8 optimisation and implementation of dynamic and contextual IVR. GB per customer) led by an increase in smartphone penetration In addition to these initiatives, we reduced travel and facility and expansion of our home broadband and enterprise customers. expenses during the year due largely to Covid-related restrictions This helped us grow data revenue 31.2% in constant currency. on movements and working from home initiatives. Growing penetration and usage of 3G and 4G data customers helped us grow data ARPU 8.2%. 4G data usage more than This has contributed to an expansion of our underlying EBITDA doubled in the year, contributing 62.2% of total data usage on the margin by 1.8pp in reported currency and 2.1pp in constant network in Q4’21. currency. Our underlying EBITDA margin was 46.1% for the year, and operating expenditure as a percentage of revenue improved Win with mobile money by 2.0 percentage points. The Group has continued to drive financial inclusion across its Win with people footprint. The low penetration of traditional banking services across our footprint leaves a large footprint of unbanked Our people continue to be at the centre of everything we do with customers whose needs can be largely fulfilled through mobile employees based in 17 countries and a workforce representing 34 money services. We aim to drive the uptake of Airtel Money nationalities. We share a passion for the way we do business and services in all our markets, harnessing the ability of our profitable the lives we transform. Together, we are growing and continue to mobile money business model to enhance financial inclusion in make a positive impact on the communities and nations we serve. some of the most 'unbanked' populations in the world. Our talented and diverse people have continued to demonstrate The Group continued to expand the exclusive distribution network incredible dedication, resilience and adaptability to deliver of kiosks, mini-shops and Airtel Money branches, so that business results, despite the challenges faced. More importantly, customers can access their cash with relative ease. We have we worked collaboratively to build and connect our teams. increased the number of mobile money agents by 30.7%, kiosks by 68.8% and mobile money branches by 95%. Throughout the Gender diversity and inclusion remain a key focus area and we are continuously striving to make further progress on this.

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We continue to invest in opportunities for learning and development of our people across all our operations. This was accelerated through the launch of several digital platforms. Building strong functional expertise and capability is a key driver of our performance.

Keeping our people connected and engaged was facilitated through a series of town halls, upward feedback sessions, the annual strategic and award conclave, employee engagement surveys and one-on-ones with senior management.

The Group reward system is based on simple and consistent metrics that drive a high-performance culture. We align our people performance metrics to our business priorities.

Our benefits continue to be aligned with best market practices and include fully paid medical insurance and an employee assistance program which allows our people free consultation to wellbeing and healthcare professionals.

We continue to make strides to be an employer of choice with a diverse and inclusive work environment.

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6.3 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.

Key Highlights – For the year ended March 31, 2021

 Reported revenue grew by 14.2% to $3,908 Mn, with Q4'21 reported revenue growth of 15.4%.  Constant currency underlying revenue growth was 19.4%, with Q4'21 growth of 21.7%. Growth was recorded across all regions: Nigeria up 21.9%, East Africa up 23.5% and Francophone Africa up 10%; and across key services, with revenues for voice up 11.0%, data up 31.2% and mobile money up 35.5%.  Underlying EBITDA was $1,792 Mn, up 18.3% in reported currency, and growing 25.2% in constant currency.  Underlying EBITDA margin was 46.1%, adding 1.8pp (2.1pp higher in constant currency). Underlying EBITDA margin for Q4'21 was 47.7%, an increase of 3.9pp in constant currency.  Operating profit increased 24.2% to $1,119 Mn in reported currency, and by 32.8% in constant currency.  Free cash flow was $647 Mn, up 42.8% on the prior year.  Basic EPS was 9.0 cents, down 12.6%, largely due to prior year exceptional items and a one-off derivative gain. Excluding these, basic restated EPS rose 44.5%. EPS before exceptional items was 8.2 cents.  Our customer base grew by 6.9% to 118.2 million, with increased penetration across mobile data (customer base up 14.5%) and mobile money services (customer base up 18.5%). The recent slowdown in customer base growth has been due to new SIM registration regulations in Nigeria.  The Board has recommended a final dividend of 2.5 cents per share, making the total dividend for FY21 4.0 cents per share.

Key Highlights – For the Quarter ended March 31, 2021

 Revenue in constant currency increased by 21.7% to $ 1,058 Mn.  Revenue growth of 21.7% in constant currency was driven by growth across all regions: Nigeria up 22.9%, East Africa up 23.9% and Francophone Africa up 15.9%.  Growth was broad based across all services with revenue in Voice, Data and Mobile Money up by 12.8%, 31.7% and 38.7% respectively.  EBITDA in constant currency was $ 506 Mn, up 32.4%.  EBITDA margin in constant currency was 47.8%, an increase of 3.9pp.

Results for the year ended March 31, 2021 6.4.1 Airtel Africa Consolidated These results continue to demonstrate the effective execution of (34%) and Kenyan shilling (5.7%), in turn partially offset by our strategy, delivering strong revenue growth and the significant appreciation in the Central African franc (7.1%). Reported revenue expansion of our underlying EBITDA margin. As a result, we were benefitted from a one-time exceptional revenue of $20 Mn relating able to deliver double-digit underlying revenue growth of 17.6% in to a settlement in Niger. mobile services in constant currency (11.9% in reported currency) and 35.5% revenue growth in mobile money services (29.1% in Operating profit was $1,119 Mn, up 24.2% in reported currency, reported currency). largely a function of strong revenue growth and lower operating expenditures in proportion to revenue. In constant currency Basic EPS was 9.0 cents, lower than the 10.3 cents from the prior operating profit grew by 32.8%. year, largely a result of the lower number of average shares in the previous period (EPS impact of 0.5 cents), an increase in tax Net finance costs were $423 Mn, an increase of $51 Mn, driven by charges due to higher operating profits and withholding tax on higher other finance costs which more than offset the reduced dividends by subsidiaries, a one-off derivative gain in the prior year interest costs of $8 Mn from lower average gross debt. The amounting to $47 Mn in other finance costs, and recognition of a increase in other finance costs was due to a one-off derivative gain one-off gain of $72 Mn related to the expired indemnity to certain of $47 Mn in the previous year. pre-IPO investors which was accounted for as an exceptional item. Non-controlling interest more than doubled largely due to Total tax charges increased $92 Mn, to $282 Mn. The increase in improved profits in several operating companies (“OpCos”) with tax charges was due to higher operating profits and withholding minority shareholdings, including Airtel Tanzania, Airtel Niger and tax on dividends by subsidiaries. The prior year also benefited Airtel Malawi. Excluding exceptional items and the one-off $47 Mn from the recognition of higher deferred tax credit of $51 Mn in DRC derivative gain, basic restated EPS increased by 44.5%. compared with only $36 Mn in Tanzania during the current year.

GAAP measures Profit after tax, at $415 Mn, increased by 1.8%. This was largely flat compared with the previous year a result of the prior period Reported revenue grew by 14.2%, driven by 19.4% growth in recognition of a one-off gain of $72 Mn related to the expired underlying constant currency revenue, partially offset by currency indemnity to certain pre-IPO investors and a higher deferred tax devaluations, mainly in the Nigerian naira (10%), Zambian kwacha

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credit of $15 Mn and one-off derivative gain of $47 Mn in the prior An exceptional gain of $50 Mn in the year ended 31 March 2021 year, as well as higher tax in the current year. Excluding the prior consists of (i) a one-time benefit of $20 Mn which represents year benefits from exceptional items and the one-off derivative recognition of revenues pertaining to earlier years on a cumulative gain, profit after tax increased 47%. catch-up basis, arising out of a settlement agreement entered with a customer in one of the Group’s subsidiaries (referred to as the Basic EPS was 9.0 cents, reduced from 10.3 cents in the prior Niger telecom settlement) (ii) a deferred tax credit of $36 Mn in year, due to the lower number of average shares in the previous Tanzania, partially offset by (iii) one-off costs of $6 Mn in one of period (EPS impact of 0.5 cents), several one-off gains in the prior the Group’s subsidiary in Francophone Africa. Exceptional items year: i) derivative gain of $47 Mn in other finance costs; ii) higher for the year ended 31 March 2020 mainly consisted of a $72 Mn exceptional item benefits of $51 Mn mainly from the recognition of gain related to the expired indemnity to certain pre-IPO investors a one-off gain of $72 Mn related to the expired indemnity to certain and a deferred tax credit of $51 Mn in DRC. pre-IPO investors; iii) an increase in tax charges due to higher operating profit and withholding tax on dividends by subsidiaries; Free cash flow was $647 Mn, 42.8% higher than last year due to and iv) higher non-controlling interests due to higher profit the combination of an increase in underlying EBITDA and slightly contributions in OpCos with minority shareholdings. Excluding lower capex (due to logistical challenges during the Covid-19 exceptional items and the one-off $47 Mn derivative gain, basic pandemic). This benefit was partially offset by an $81 Mn increase EPS increased 44.5%. The $38 Mn increase in non-controlling in income tax paid resulting from higher operating profits. interest (up 100.8%), mainly reflects higher profit contributions from OpCos with minority shareholdings, including Airtel Restated EPS before exceptional items was 8.2 cents, an increase Tanzania, Airtel Niger and Airtel Malawi. of 18.2% on last year, with higher profits more than offsetting the increase in other finance costs due to the recognition of a $47 Mn Alternative performance measures derivative gain in the prior period, higher non-controlling interest due to higher profit in OpCos with minority shareholdings, and an Underlying revenue growth of 19.4% in constant currency was increase in tax charges due to the higher operating profit and primarily driven by the combination of 6.9% customer base growth withholding tax on the dividends by subsidiaries. Excluding the to 118.2 million, and 7.7% ARPU growth. Underlying revenue one-time derivative gain of $47 Mn, restated EPS grew by 44.5%. growth was recorded across all our regions; Nigeria growing by The increase in non-controlling interest by $38 Mn (100.8%) is due 21.9%, East Africa by 23.5% and Francophone Africa by 10%. to higher profits in several OpCos with minority shareholdings, Double-digit revenue growth was also achieved across all our including Airtel Tanzania, Airtel Niger and Airtel Malawi. service segments, with voice growing 11.0%, data 31.2% and mobile money 35.5%, all in constant currency. 6.4.2 Leverage

Reported currency revenue growth further accelerated to 15.4% in Leverage (net debt to underlying EBITDA) improved to 2.0x (from Q4’21, with constant currency revenue growth of 21.7%. 2.1x at 31 March 2020) despite investing $247 Mn of intangible capex to renew licences in two of our largest markets, Nigeria and Underlying EBITDA, at $1,792 Mn, increased 18.3% in reported Uganda, and acquiring additional spectrum across a few of our currency while in constant currency underlying EBITDA grew by markets. The increase in underlying EBITDA more than offset the 25.2%. The growth in underlying EBITDA was driven by underlying increase in net debt. revenue growth of 19.4% and improved efficiency in operating expenses. Underlying EBITDA margin was 46.1%, an 6.4.3 Going concern improvement of 1.8pp in reported currency and 2.1pp in constant These financial statements have been prepared on a going currency. concern basis. In making this going concern assessment, the Group has considered cash flow projections to June 2022 under Foreign exchange had an adverse impact of $171 Mn on revenue both base and reasonable worst case scenarios taking into and $86 Mn on underlying EBITDA, reflecting currency considerations its principal risks and uncertainties including a devaluations, mainly the Nigerian naira, Zambian kwacha and reduction in revenue and EBITDA, the potential impact of Covid- Kenya shilling, partially offset by appreciation in the Central African 19 and a significant devaluation of the various currencies in the franc. markets in which the Group operates (including Nigerian Naira) and the impact on the possible inability of repatriating funds from Underlying EBITDA margin in Q4’21 was 47.7%, an improvement subsidiaries. As part of this evaluation, the Group has considered of 3.5pp in reported currency and 3.9pp in constant currency. available ways to mitigate these risks and uncertainties and has also considered that the Group has committed undrawn facilities The effective tax rate was 43.2% compared to 48.6% in the prior of USD 1,140 Mn as of the date of authorisation of these financial year, largely a result of profit mix changes amongst the OpCos. statements (out of which USD 1,036 Mn are due to expire beyond The effective tax rate is higher than the weighted average statutory the next 12 months), which will fulfil the Group’s cash flow corporate tax rate of approximately 33%, largely due to the profit requirement under both base and reasonable worst-case mix between various OpCos and higher withholding tax on scenarios. dividends by subsidiaries. We have USD 2,384 Mn in long-term bonds, with the first The adjusted effective tax rate was 38.2% compared to 38.7% in repayment of USD 879 Mn (EURO 750 Mn) due in May 2021 which the previous period. will be paid through a mix of cash held as well as from the

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proceeds of a USD 500 Mn inaugural multi-bank long-term facility 6.4.4.2 East Africa (part of the USD 1,036 Mn undrawn facilities mentioned above) East Africa delivered a strong business performance with revenue entered into by Airtel Africa plc in April 2021. growth of 15.0% in reported currency and 23.5% in constant currency. The growth in revenue was evident across all key Having considered the above factors impacting the Group’s businesses, including the scheduled EURO bond repayment of business segments; with voice up 15.4%, data up 23.9% and USD 879 Mn (EURO 750 Mn) due in May 2021, the impact of mobile money growing 47.2% in constant currency. Constant downside sensitivities, and the mitigating actions available, currency revenue growth of 23.5% was partially offset by currency including a reduction and deferral of capital expenditure, the Board devaluation, mainly in Zambia and Kenya. Reported currency revenue grew by 15.4% in Q4’21, and 23.9% in constant currency. is satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Voice revenue grew by 15.4% for the year, driven by customer Board continues to adopt the going concern basis of accounting in base growth of 9.2% and voice ARPU growth of 2.9%. Customer preparing the Group and company financial statements. base growth was driven largely by the expansion of our distribution network, with the number of activating outlets up 15.5%. Voice 6.4.4 Segment Wise – Africa ARPU growth was driven largely by the increase in voice usage per customer of 18.3%, to 330 minutes per customer per month. 6.4.4.1 Nigeria In Q4’21, voice revenue grew by 15.5% in constant currency, Revenue grew by 13.1% in reported currency, with constant mainly driven by the customer base growth of 9.2% and ARPU currency growth of 21.9% offset by Nigerian naira devaluation of growth of 5.3%. 10% (YoY). Reported currency revenue grew by 12.0% in Q4’21, Data revenue grew by 23.9%, driven by data customer base and 22.9% in constant currency. growth of 21.5% and data ARPU growth of 1.1%. Growth was Voice revenue grew by 13.9% in the year. This was driven by recorded across all OpCos in the region, driven by expansion of customer base growth of 0.5%, and voice ARPU growth of 2.9%, our 4G network infrastructure, with 76% of sites now on 4G in East supported by an increase in voice usage per customer, up 12.4%. Africa, compared with 66% during the prior year. Total data usage The customer base growth was supported by continued expansion on the network grew by 70.7%, led by the 39.3% increase in data of our distribution network and network infrastructure, with a usage per customer per month to 2.7 GB per customer from 1.9 slowdown in customer base growth in the second half of the year GB in the prior year, and from the data customer base growth attributable to new “Know-Your-Customer” (KYC) requirements in detailed above. Nigeria. In Q4’21, voice revenue grew by 12.9% in constant During the period “pay-as-you-go” (PAYG) tariffs in certain currency, mainly driven by voice ARPU growth of 7.5%, largely markets were revised and this resulted in change of revenue due to increased voice usage per customer. allocation of bundled products between voice and data in these Data revenue continues to be the key driver of Nigeria revenue tariffs. On a like-for-like basis, voice and data revenue growth was growth, with constant currency revenue growth of 36.2%. This was 11% and 32.6% respectively. driven by 5.6% growth in the number of data customers, and Mobile money revenue grew by 47.2%, largely driven by growth in 15.3% growth in data ARPU. The data customer base growth was Tanzania, Zambia, Uganda and Malawi. Revenue growth was supported by expansion of our 4G network, with 84% of total sites driven by 16.4% growth in the customer base and 28.6% growth now on 4G. Data customer penetration increased to 42.1%, up in the transaction value per customer, thanks largely to the 2 percentage points from the prior year. Data ARPU increased expansion of our distribution network. The increase in transaction 15.3% from increased data usage per customer, which was up value per customer was the main contributor to mobile money 47.4% in the year from 1.9 GB per month to 2.8 GB per month. ARPU growth of 16.0%. Consistent with the year, Q4 posted Q4’21 data usage was 3.2 GB per customer. Data revenue mobile money revenue growth of 47.8% in constant currency. accounted for 35.4% of total revenue in the year, up 3.7 Underlying EBITDA margin was 45.7%, an improvement of 5.3pp percentage points from 31.7% in the prior year. in reported currency and 5.4pp in constant currency, led by both Other revenue grew by 29.7%, with the main contribution coming accelerated growth in revenue and efficiency improvement in from growth in VAS revenue, led by airtime credit services. operating expenses.

Underlying EBITDA grew by 12.8% to $839 Mn in reported Capital expenditure was $249 Mn, up 37.5% due to planned currency, with a constant currency growth of 21.6%. At 54.1%, the network expansion. Operating free cash flow was $382 Mn, up underlying EBITDA margin was broadly in line with the prior year. 42%, largely due to the growth in underlying EBITDA. The slight decline year on year in the Q4 underlying EBITDA 6.4.4.3 Francophone Africa margin to 54.8% (from 55.5%) was due to increased operating expenses, largely from the rollout of new sites (over 1,400 added Our performance in Francophone Africa improved through the in the year). year, with reported underlying revenue growth of 12.3% and constant currency growth of 10%. The growth in reported currency Capital expenditure was $275 Mn, marginally lower than the prior is higher than in constant currency due to appreciation of the year, largely due to logistical challenges faced during the Central African franc. Performance across the region was mixed, pandemic. Operating free cash flow was $564 Mn, up 53.6%, from with revenue growth in Chad, Democratic Republic of the Congo the combination of underlying EBITDA growth and capex (DRC), Gabon and Niger partially offset by marginal decline in reduction. other countries in the region. In Q4, revenue growth was

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significantly higher, at 20.9% in reported currency and 15.9% in per customer per month was 2.6 GB, up 44.2% year on year, constant currency. largely driven by our 4G network expansion and increasingly popular data bundle offerings. Growing penetration on our 4G Voice revenue growth was broadly flat at 0.5%. This marginal network helped drive up data ARPU growth to 8.2%, with 4G data underlying growth reflects 14.5% growth in the customer base usage more than doubling and contributing 62.2% to total data (largely coming later in the year) balanced with a decline in voice usage on the network in Q4’21. ARPU due to a reduction in roaming revenue and interconnect rates. Q4’21 reflected an improvement in voice revenues of 7.3%, Data revenue contribution reached 29.8% of total Group revenue, driven by customer base growth of 14.5% offset by a slight decline up from 27.2% in the prior year. in voice ARPU of 3.6%, mainly due to reductions in roaming 6.4.5.2 Mobile Money revenue and interconnect rates in Gabon and Chad. Q4’21 total voice minutes on the network grew by 27.0% due to increased Mobile money revenue grew by 35.5% to $401 Mn driven by voice usage per customer (up 14.1%) and customer base growth. 18.5% growth of the customer base and transaction value growth Data revenue grew by 31.9% driven by customer growth of 24.6% of 53.6%. Customer base growth was largely driven by expansion and data ARPU growth of 2.8%. Data usage per customer of our distribution network, as we continued to invest in exclusive increased 51.7% to 1.9 GB per month, from 1.3 GB per customer kiosks and mobile money branches. Throughout the year, the per month in the prior year. The data customer base growth was expansion of our mobile money product portfolio, through driven largely by the expansion of our 4G network, with 60% of partnerships with leading financial institutions, and the expansion total sites now on 4G, and the success of our “more for more” of our merchant ecosystem further strengthened our mobile bundle offerings, driving data uptake by customers. money propositions.

Mobile money revenue grew by 15.0% largely driven by a 30.6% Underlying EBITDA for mobile money grew by 30.5% to $195 Mn increase in the mobile money customer base, supported by the in reported currency. In constant currency, underlying EBITDA expansion of our distribution network through more agents (up grew by 36.2%. Underlying EBITDA margin was 48.7%, an 29.6%) and Airtel Money branches (up 91.5%). improvement of 0.3pp. The growth in total transaction value in constant currency, of 53.6%, was driven by customer base growth Underlying EBITDA margin was 37.7% during the period, an of 18.5% and growth in the transaction value per customer per improvement of 3.6pp in constant currency. The Q4’21 underlying month of 20.9%. The Q4’21 annualised transaction value reached EBITDA margin of 42.1%, reflects an improvement of 9.4 pp in $51bn in constant currency, with mobile money revenue constant currency, driven by revenue growth and increased accounting for 10.6% of total revenue in the quarter. efficiency in operating expenses. The mobile money customer base reached 21.7 million, up 18.5% Capital expenditure was $88 Mn, lower for the year, mainly due to from the prior year, with Airtel Money customers now representing a significant network modernisation project last year. Operating 18.3% of our total customer base, an increase of 1.8 percentage free cash flow was $276 Mn, up 68.2% year on year, due to the points. Mobile money ARPU increased 6.6%, driven by the improvement in underlying EBITDA and lower capital expenditure. increase in transaction values and a higher contribution from 6.4.5 Product wise Africa merchant payments, cash transactions, P2P transfers and mobile services recharges through Airtel Money. 6.4.5.1 Mobile services: Results for the Quarter ended March 31, 2021 Underlying revenue for mobile services grew by 11.9% in reported currency and by 17.6% in constant currency, with both voice and 6.5.1 Airtel Africa Consolidated data revenue contributing to the growth. As on 31 Mar 2021, the group had an aggregate customer base of Voice revenue increased 11.0% in constant currency, driven by 118.2 Mn as compared to 110.6 Mn in the corresponding quarter customer base growth of 6.9% driven by expansion of the last year, an increase of 6.9%. Total minutes on network during distribution network and network infrastructure. The slight the quarter registered a growth of 23.4% to 85.0 bn as compared slowdown in customer base growth was due to new KYC to 68.9 bn in the corresponding quarter last year. regulations in Nigeria, excluding Nigeria the customer base grew by 10.7%. Voice usage per customer increased 16.4% to 234 Data customers increased by 5.1 Mn to 40.6 Mn as compared to minutes per customer, resulting in overall minutes growth of 35.4 Mn in the corresponding quarter last year. Increase in data 29.1%. Voice revenue in Q4’21 grew by 12.8% with an improved subscribers was mainly led by increase in smartphone penetration, performance across all regions. up 0.9pp to 33.0%, and expansion of 4G network (76.5% of the total sites are now on 4G). Total MBs on the network grew by Data revenue grew by 31.2% in constant currency, largely driven 59.0% to 348.2 bn MBs as compared to 219.0 bn MBs in the by an increase in the data customer base and data usage growth. corresponding quarter last year. Data usage per customer during The data customer base grew by 14.5%, driven by expansion of the quarter was at 2.8 GB as compared to 2.1 GB in the our 4G network infrastructure, with 76.5% of sites now operating corresponding quarter last year, an increase of 35.0%. on 4G, compared with 64.7% in the prior year, and increased smartphone penetration up 1 percentage points. The data Mobile Money revenue in constant currency grew by 38.7% driven customer base as a proportion of total customers reached 34.3%, by customer growth of 18.5% and transaction value growth of an increase of 2.3 percentage points. Total data usage on our 59.2%. The Group continued to expand the distribution network network grew by 74.8%, led by an increase in data usage per through kiosks, mini shops and dedicated Airtel Money branches. customer and the growth of the data customer base. Data usage

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It also introduced additional mobile money services, including Operating Free Cash Flow was $135 Mn, up 111% in Reported merchant and commercial payments, benefits transfers, loans and Currency, largely as a result of underlying EBITDA growth. savings, building international money transfer services through partnerships. Our mobile money customer base reached 21.7 6.5.2.2 East Africa million, up 18.5% over the previous period, with mobile money Reported underlying revenue in East Africa grew by 15.4%, customers now representing 18.3% of our total customers, an whereas constant currency growth was 23.9%, which was partially increase of 1.8pp. offset by currency devaluation, mainly in Zambia and Kenya. Revenue growth of 23.9% in constant currency was driven by Reported underlying revenue grew by 15.4%, whereas constant growth across all services with voice revenue up by 15.5%, data currency underlying revenue grew by 21.7%, which was partially revenue up by 20.5% and mobile money revenue up by 47.8%. offset by currency devaluation. Constant currency underlying revenue growth was largely driven by 6.9% increase in the Voice revenue was up by 15.5%, largely driven by customer customer base, to 118.2 Mn, and an increase in ARPU by 12.4% growth of 9.2% and voice usage per customer up by 14.0%. to $3.0. Underlying revenue growth was recorded across all the regions: Nigeria up 22.9%, East Africa up 23.9% and Francophone Data revenue increased 20.5%, driven by the increase in data Africa up 15.9% and services with voice revenue up 12.8%, data customer base, up 21.5% and increase in data usage per revenue up 31.7% and mobile money revenue up 38.7% in customer, up 25.2%. Growth was recorded across all OPCOs, constant currency terms. driven by the expansion of network infrastructure, with 76.4% of the sites now on our 4G network as compared to 65.6% during the For the quarter, underlying EBITDA in reported currency was $495 previous period. Our mobile network in Zambia, Malawi and Mn, up 24.7% and 32.4% in constant currency terms. Underlying Uganda now consists of 100% of 4G sites. EBITDA growth largely driven by revenue growth of 21.7% in constant currency and efficiencies in operating expense. Mobile Money revenue increased by 47.8% supported by increase Underlying EBITDA margin was at 47.8%, an improvement of in customer base by 16.4% and transaction value per customer up 3.9pp in constant currency. by 33.0%. We continued to expand our Mobile Money distribution network (Agents, Kiosks and Airtel Money Branches). On reported basis, Net Income after non-controlling interest was $132 Mn, an increase of 105% compared to the prior year. Underlying EBITDA margin in constant currency at 46.7%, improved by 6.5pp as a result of revenue growth and cost Capital expenditure during the quarter was $211 Mn. efficiencies.

Operating Free Cash Flow was $284 Mn, up 87.9% in Reported Capital expenditure during the period was $81 Mn. Currency, mainly as a result of growth in underlying EBITDA by 24.7%. Operating free cash flow was at $87 Mn, up by 34.8% in Reported Currency as a result of improvement in underlying EBITDA. 6.5.2 Segment Wise – Africa 6.5.2.3 Francophone Africa 6.5.2.1 Nigeria Reported underlying revenue in Nigeria grew by 12.0% whereas Reported underlying revenue grew by 20.9%, whereas constant currency growth was 15.9%. Underlying Revenue growth was constant currency growth was 22.9%, which was as a result of driven by all products that is voice, data and mobile money. Nigerian naira devaluation. The underlying revenue growth was largely driven by voice revenue growth of 12.9% and sustained Voice revenue increased by 7.3% largely driven by customer growth in data with revenue up 38.8% in constant currency. growth of 14.5% and voice usage per customer up by 14.1%. Total minutes on network grew by 27.0%. Voice revenue growth of 12.9% led by Voice ARPU growth of 7.5% Data revenue grew by 33.0% in constant currency, supported by mainly through minutes growth of 19% which was driven by data customer base growth of 24.6%. Additionally, smartphone expansion of our network infrastructure well as distribution. penetration increased by 2.6pp to reach 29.9%. Total data usage Customer base grew by 0.5% mainly due to slowdown in customer grew by 69.4% and data usage per customer was up 34.5%. base growth in the second half of the year attributable to new “Know-Your-Customer” (KYC) requirements in Nigeria Mobile money revenue grew by 18.2% largely driven by 30.6% growth in mobile money customer base supported by the Data revenue growth of 38.8% in constant currency was supported expansion of our distribution network through increase in agents, by 5.6% growth in data customers and 24.4% growth in data kiosks and Airtel Money branches. ARPU. Data customer penetration was up by 2.0pp from the previous period and reached 42.1% as of March 2021. The data Underlying EBITDA margin in constant currency at 42.0%, customer base growth of 5.6% was a result of the expansion of 4G increased by 9.4pp. The increase in underlying EBITDA margin network, with 84% of total sites now on 4G. The total data usage was largely due to revenue growth and OPEX efficiency. on our network grew by 61.3%. Data usage per customer was up Capital expenditure during the period was $32 Mn, by 44.6%. Operating free cash flow was at $78 Mn, up by 154.0% in Reported Underlying EBITDA margin in constant currency at 54.8%, YoY Currency as a result of improvement in underlying EBITDA. decrease of 0.6pp in underlying EBITDA margin which is mainly due to increased operating expenses as a result of higher new sites rollout (1400+ additional sites during the period).

During the period, capital expenditure was $97 Mn.

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6.5.3 Product wise Africa 6.5.3.1 Mobile services Reported mobile services underlying revenue was up by 13.1%, with 19.3% growth in constant currency, with both voice and data revenue contributing to mobile services revenue growth.

Voice revenue in constant currency grew by 12.8%, driven by customer base growth of 6.9%, as a result of the expansion of the distribution network and network infrastructure, voice ARPU in constant currency increased by 4.2%. Total minutes grew by 23.4% as a result of the increase in voice usage per customer by 14.0%.

Data revenue grew by 31.7% in constant currency, supported by data customer base growth of 14.5%, increase in data ARPU by 11.8% and the accelerated 4G network rollout. Data customer base was 34.3% of our total customer base, from 32.0% compared to the previous period. Total data usage was up by 59.0% driven by both customer base increase of 14.5% and 35.0% growth in data usage per customer.

6.5.3.2 Mobile Money Reported mobile money revenue was $110 Mn, up 32.7%, with a constant currency growth of 38.7%.

The revenue growth of 38.7% was driven by a customer base growth of 18.5% and a 59.2% growth in transaction value.

The mobile money customer base grew to 21.7 Mn, up 18.5% over the previous period, with mobile money customers representing 18.3% of our total customers. Mobile money ARPU was up 10.8%, Growth in the customer base was largely driven by the expansion of our distribution network, as we continued to invest in exclusive kiosks and Airtel Money branches. Throughout the period, the expansion of our mobile money product portfolio, through various partnerships with leading financial institutions, and the expansion of our merchant ecosystem have further strengthened our mobile money propositions.

Underlying EBITDA amounted to $54 Mn, an increase of 36.5% in reported currency and 42.1% in constant currency. Underlying EBITDA margin in reported currency was at 48.7%.

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SECTION 7

DETAILED FINANCIAL AND RELATED INFORMATION

7.1 Summarized extracts from Airtel Africa plc’s audited annual consolidated financial statements prepared for the year ended 31 March 2021 and 31 March 2020. Quarterly information is unaudited.

7.1.1 Consolidated Statement of Comprehensive Income Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Income Revenue 1,038 899 15% 3,908 3,422 14% Other income 1 3 (51%) 11 17 (34%) 1,039 902 15% 3,919 3,439 14% Expenses Netw ork operating expenses 183 168 9% 694 628 11% Access Charges 97 94 3% 376 376 (0%) License fee / spectrum usage charges 53 51 4% 198 189 5% Employee benefits expense 67 62 8% 275 234 17% Sales and marketing expenses 50 46 8% 187 148 26% Impairment loss/(reversal) on financial assets (1) (1) (19%) 7 (2) 391% Other operating expenses 97 86 13% 382 333 15% Depreciation and amortisation 174 152 15% 681 632 8% 720 658 9% 2,800 2,538 10% Operating profit 319 244 31% 1,119 901 24%

Finance costs 106 159 (33%) 432 440 (2%) Finance income (2) (12) 84% (9) (67) 86% Non-operating income - - - (70) 100% Share of profit of associate (0) (0) 47% (1) (0) (200%) Profit before tax 215 97 122% 697 598 17% Income Tax expense 61 20 204% 282 190 48%

Profit for the period 154 77 100% 415 408 2%

Profit before tax (as presented above) 215 97 122% 697 598 17% Less: Exceptional items (net) (1) - (14) (65) 78% Underlying profit before tax 214 97 121% 683 533 28%

Profit after tax (as presented above) 154 77 100% 415 408 2% Less: Exceptional items (net) (22) (7) (195%) (50) (112) 55% Underlying profit after tax 132 70 90% 365 296 23% Exceptional items are included within their respective heads. Revenue in above table includes one-time exceptional revenue of $20 Mn relating to a settlement in Niger in the year ended 31 March 2021.

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7.1.2 Consolidated Statement of Comprehensive Income Amount in US$ Mn, except ratios Quarter Ended Year Ended Particulars Y-on-Y Y-on-Y Mar-21 Mar-20 Mar-21 Mar-20 Change Change Other comprehensive income ('OCI') Items to be reclassified subsequently to profit or loss: Net loss due to foreign currency translation differences (94) (186) 50% (138) (219) 37% Net (loss)/gain on net investments hedge 9 2 300% (11) 5 (301%) Net loss on cash flow hedge - (2) 100% - (2) 100% (85) (186) 54% (149) (216) 31% Items not to be reclassified subsequently to profit or loss: Re-measurement (loss)/gain on defined benefit plans (0) (0) 40% (0) 1 (120%) Tax credit/(expense) on above - 0 (100%) 0 (0) 100% (0) (0) 40% (0) 1 (136%)

Other comprehensive loss for the period (85) (186) 54% (149) (215) 31%

Total comprehensive income / (loss) for the period attributable to: 69 (109) 163% 266 193 38%

Profit for the period attributable to: 154 77 100% 415 408 2% Ow ners of the Company 132 65 105% 339 370 (8%) Non-controlling interests 22 12 75% 76 38 101% Other comprehensive loss for the period attributable to: (85) (186) 54% (149) (215) 31% Ow ners of the Company (80) (183) 56% (140) (224) 38% Non-controlling interests (5) (3) (62%) (9) 9 (197%) Total comprehensive income / (loss) for the period attributable to: 69 (109) 163% 266 193 38% Ow ners of the Company 52 (118) 144% 199 146 37% Non-controlling interests 17 9 80% 67 47 43%

Earnings per share Basic 3.5c 1.7c 9.0c 10.3c Diluted 3.5c 1.7c 9.0c 10.3c

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7.1.3 Consolidated Summarized Financial Position Amount in US$ Mn As at As at Particulars Mar 31, 2021 Mar 31, 2020 Assets Non-current assets Property, plant and equipment 2,066 1,832 Capital w ork-in-progress 166 259 Right of use assets 799 639 Goodw ill 3,835 3,943 Other intangible assets 558 456 Intangible assets under development 177 30 Investment in associate 4 3 Financial Assets - Investments 0 0 - Derivative instruments 6 0 - Security deposits 8 7 - Others 9 1 Income tax assets (net) 33 39 Deferred tax assets (net) 314 333 Other non-current assets 112 112 8,087 7,654 Current assets Inventories 7 3 Financial Assets - Derivative instruments 6 10 - Trade receivables 113 132 - Cash and cash equivalents 813 1,010 - Other Bank balance 282 6 - Balance held under mobile money trust 440 295 - Others 66 66 Other current assets 147 149 Assets of disposal group classified as held for sale 31 - 1,905 1,671

Total Assets 9,992 9,325

Current liabilities Financial Liabilities - Borrow ings 342 235 - Current maturities of long-term borrow ings 1,126 429 - Lease liabilities 240 199 - Derivative instruments 7 3 - Trade payables 366 416 - Mobile money w allet balance 432 292 - Others 448 461 Provisions 65 65 Deferred revenue 135 124 Current tax liabilities (net) 173 149 Other current liabilities 151 115 Liabilities of disposal group classified as held for sale 19 - 3,504 2,488 Net current liabilities (1,599) (817)

Non-current liabilities Financial Liabilities - Borrow ings 1,871 2,446 - Lease liabilities 1,037 970 - Derivative instruments 6 4 - Others 91 15 Provisions 25 23 Deferred tax liabilities (net) 81 69 Other non-current liabilities 24 29 3,135 3,556 Total liabilities 6,639 6,044

Net Assets 3,353 3,281 Equity Share capital 3,420 3,420 Retained earnings 2,975 2,805 Other reserve (2,990) (2,837) Equity attributable to ow ners of the company 3,405 3,388 Non-controlling interests ('NCI') (52) (107) Total equity 3,353 3,281

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7.1.4 Consolidated Summarized Statement of Cash Flows

Amount in US$ Mn Year Ended Particulars Mar-21 Mar-20 Cash flow s from operating activities Profit before tax 697 598 Adjustments for - Depreciation and amortisation 681 632 Finance income (9) (67) Finance cost 432 440 Share of profit of associate (1) (0) Non-operating income adjustments - (70) Other non-cash adjustments (1) (15) (45) Operating cash flow before changes in w orking capital 1,785 1,488 Changes in w orking capital Increase in trade receivables (8) (11) Increase in inventories (4) (1) Decrease in trade payables (38) (15) Increase in mobile money w allet balance 139 53 Increase in provisions 1 2 Increase in deferred revenue 17 20 Decrease in income received in advance (1) (11) Increase in other financial and non financial liabilities 18 4 Increase in other financial and non financial assets (48) (28) Net cash generated from operations before tax 1,861 1,501 Income taxes paid (195) (114)

Net cash generated from operating activities (a) 1,666 1,387 Cash flow s from investing activities Purchase of property, plant and equipment and capital w ork-in-progress (645) (656) Purchase of intangible assets (270) (155) Investment in term deposits w ith banks (257) - Payment of deferred consideration for past business combination - (19) Interest received 14 29 Net cash used in investing activities (b) (1,158) (801) Cash flow s from financing activities Proceeds from issue of shares to ow ners of the Company - 680 Proceeds from sale of shares to non-controlling interests - 34 Acquisition of non-controlling interests (7) - Purchase of ow n shares by ESOP trust (4) - Payment of share issue expenses - (17) Proceeds from borrow ings 407 174 Repayment of borrow ings (265) (720) Repayment of lease liabilities (208) (189) Dividend paid to non-controlling interests (9) (5) Dividend paid to ow ners of the Company (169) (113) Interest and other finance charges paid (317) (318) Share stabilisation proceeds - 7 Proceeds from cancellation of derivatives - 122 Payment on maturity of derivatives (3) (25) Net cash used in financing activities (c) (575) (370) Increase in cash and cash equivalents during the period (a+b+c) (67) 216 Currency translation differences relating to cash and cash equivalents (17) 1

Cash and cash equivalents as at beginning of the period 1,087 870 (2) Cash and cash equivalents as at end of the period 1,003 1,087

(1) For the year ended 31 March 2021, this mainly includes recognition of revenue pertaining to earlier years on a cumulative catch-up basis, arising out of a non- cash settlement agreement entered with a customer in one of the Group’s subsidiaries in Niger. For the year ended 31 March 2020, this mainly includes deferment of customer acquisition costs and reversal of provision for capital work in progress. (2) Includes balance held under mobile money trust of USD 440 Mn (2020: USD 295 Mn) on behalf of mobile money customers which are not available for use by the Group.

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7.2 Use of Alternative performance measures (APM) Financial Information

In presenting and discussing the Group’s reported financial position, operating results and cash flows, certain information is derived from amounts calculated in accordance with IFRS, but this information is not in itself an expressly permitted GAAP measure. Such Alternative performance measures (APM) should not be viewed in isolation as alternatives to the equivalent GAAP measures, if any.

A summary of Alternative performance measures (APM) included in this report, together with details where additional information and reconciliation to the nearest equivalent GAAP measure can be found, is shown below.

Location in this results announcement Alternative performance measures (APM) Equivalent GAAP measure for IFRS of reconciliation and further information

Underlying Revenue Revenue (as reported in table 7.1.1) Page 40 Underlying EBITDA and Margin Operating profit Page 40 Operating Expenses Expenses Page 41 Finance Cost (net) Finance Cost and Finance Income Page 41 Underlying profit / (loss) before tax Profit / (Loss) Before Tax Page 41 Cash Profit from Operations before Derivative & Exchange (Gain)/Loss Operating profit Page 41 Effective tax rate and adjusted Effective tax rate Reported Tax Rate Page 42 Underlying profit/(loss) after tax Profit / (loss) after tax Page 42 Earnings Per Share before exceptional items EPS Page 42 Earnings per share (EPS) - Restated EPS Page 43 Operating free cash flow Cash generated from operating activities Page 43 Free Cash Flow Cash generated from operating activities Page 43 Return on capital employed Refer Glossary Page 44

7.2.1 Reconciliation between GAAP and Alternative performance measures (APM)

7.2.1.1: Underlying Revenue

Year Ended Particulars UoM Mar-21 Mar-20 Revenue (as reported in table 7.1.1) US$ Mn 3,908 3,422 Less: Exceptional items US$ Mn (20) - Underlying revenue US$ Mn 3,888 3,422 Exceptional items in above table is $ 20 Mn (in reported currency) relating to a settlement in Niger in the year ended 31 March 2021.

7.2.1.2: Underlying EBITDA and Margin

Year Ended Particulars UoM Mar-21 Mar-20 Operating profit US$ Mn 1,119 901 Add: Depreciation and amortization US$ Mn 681 632 Charity and donation US$ Mn 6 5 Exceptional items US$ Mn (14) (23) Underlying Revenue US$ Mn 1,792 1,515 Underlying EBITDA US$ Mn 3,888 3,422 Underlying EBITDA Margin % 46.1% 44.3%

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7.2.1.3: Operating Expenses

Year Ended Particulars UoM Mar-21 Mar-20 Expenses US$ Mn 2,800 2,538 Less: Depreciation and amortization US$ Mn (681) (632) Exceptional items US$ Mn (5) 23 Operating Expenses US$ Mn 2,114 1,929

7.2.1.4: Finance Cost (net)

Year Ended Particulars UOM Mar-21 Mar-20 Finance cost US$ Mn 432 440 Finance income US$ Mn (9) (67) Exceptional items US$ Mn - (1)

Finance cost (net) US$ Mn 423 372

7.2.1.5: Underlying profit / (loss) before tax

Year Ended Particulars UoM Mar-21 Mar-20 Profit before tax US$ Mn 697 598 Exceptional items (net) US$ Mn (14) (65) Underlying profit before tax US$ Mn 683 533

7.2.1.6: Cash Profit from Operations before Derivative and Exchange Fluctuation

Year Ended Particulars UOM Mar-21 Mar-20 Operating profit US$ Mn 1,119 901 Finance cost (net) US$ Mn (423) (372) Depreciation and Amortisation US$ Mn 681 632 Derivatives and exchange (gain)/loss US$ Mn 101 71 Exceptional items US$ Mn (15) (24) Cash Profit from Operations before Derivative and US$ Mn 1,464 1,210 Exchange Fluctuation

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7.2.1.7: Effective tax rate and adjusted Effective tax rate

Year Ended Mar-21 Mar-20 Particulars UoM Profit before Income tax Profit before Income tax Tax Rate % Tax Rate % taxation expense taxation expense Reported Effective tax rate US$ Mn 697 282 40.5% 598 190 31.8% Adjusted for : Exceptional Items (provided below ) US$ Mn (14) 36 (65) 47 Foreign exchange rate movements for non-DTA US$ Mn 42 (21) operating companies & holding companies One-off tax adjustment US$ Mn (5) 12 Effective tax rate US$ Mn 725 313 43.2% 512 249 48.6% Deferred tax trigerred during the period US$ Mn (36) (51) Adjusted effective tax rate US$ Mn 725 277 38.2% 512 198 38.7% Exceptional items 1. Deferred tax asset recognition US$ Mn 36 51 2. Netw ork modernisation US$ Mn 27 2 3. Employee restructuring US$ Mn 6 4. Service revenues US$ Mn (20) 5. Reversal of indemnities US$ Mn (72) 6. Share issue and IPO related expenses US$ Mn 6 7. Finance cost US$ Mn 1 8. Customer acquisition cost US$ Mn (27) (6) Total US$ Mn (14) 36 (65) 47

7.2.1.8: Underlying profit/(loss) after tax

Year Ended Particulars UoM Mar-21 Mar-20 Profit after tax US$ Mn 415 408 Exceptional items US$ Mn (50) (112) Underlying profit after tax US$ Mn 365 296

7.2.1.9: Earnings Per Share before exceptional items

Year Ended Particulars UoM Mar-21 Mar-20 Profit after tax before exceptional items attributable to owners of the US$ Mn 308 261 company Weighted average number of ordinary shares in issue during the financial period. US$ Mn 3,758 3,586 EPS before exceptional items $ Cents 8.2 7.3

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7.2.1.10: Earnings per share (EPS) – Restated

Year Particulars UoM Mar-21 Mar-20 Weighted average shares Mn 3,758 3,586 Restated shares Mn 3,754 3,754 Profit for the period attributable to owners of the company US$ Mn 339 370 Operating and Non-operating exceptional items US$ Mn (14) (65) Tax exceptional items US$ Mn (36) (47) Non-controlling interest exceptional items US$ Mn 19 3 Profit attributable to owners of the company - pre exceptional items US$ Mn 308 261 Basic EPS $ Cents 9.0 10.3 EPS before exceptional items $ Cents 8.2 7.3 Basic EPS - Restated (1) $ Cents 9.0 9.8 (1) EPS before exceptional items - Restated $ Cents 8.2 6.9 (1) EPS has been restated considering all the shares as of 31 March 2021 had been issued on 1 April 2019 for like for like comparison.

7.2.1.11: Operating Free Cash Flow

Year Ended Particulars UoM Mar-21 Mar-20 Net Cash Generated from Operating Activities US$ Mn 1,666 1,387 Add: Income tax paid US$ Mn 195 114 Cash Generation from Operation before tax US$ Mn 1,861 1,501 Less: Changes in working capital US$ Mn 77 13 Operating cash flow before changes in working capital US$ Mn 1,785 1,488 Other adjustments US$ Mn 15 45 Charity and donation US$ Mn 6 5 Exceptional items US$ Mn (14) (23) Underlying EBITDA US$ Mn 1,792 1,515 Less: Capital Expenditure US$ Mn (614) (642) Operating Free Cash Flow US$ Mn 1,178 873

7.2.1.12: Free Cash Flow

Year Ended Particulars UoM Mar-21 Mar-20 Underlying EBITDA US$ Mn 1,792 1,515 Less: Capital Expenditure US$ Mn (614) (642) Operating free cash flow US$ Mn 1,178 873 Add: Changes in w orking capital Increase in trade receivables US$ Mn (8) (11) Increase in inventories US$ Mn (4) (1) Decrease in trade payables US$ Mn (38) (15) Decrease in income received in advance US$ Mn (1) (11) Increase in deferred revenue US$ Mn 17 20 Operating cash flow after changes in w orking capital US$ Mn 1,144 855 Less: Income taxes paid US$ Mn (195) (114) Less: Cash Interest (net) US$ Mn (302) (288) Free cash flow US$ Mn 647 453

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7.2.1.13: Return on capital employed

Year ended Description UoM Mar-21 Mar-20 Operating profit US$ Mn 1,119 901 Less: Exceptional items US$ Mn (14) 4 EBIT US$ Mn 1,105 905 Equity attributable to ow ners of the company US$ Mn 3,405 3,388 Non-controlling interests ('NCI') US$ Mn (52) (107) Net debt (Refer table 8.1) US$ Mn 3,530 3,247 Capital employed US$ Mn 6,883 6,528 Average capital employed(1) US$ Mn 6,705 6,481

Return on capital employed % 16.5% 14.0% (1) Capital employed at the beginning of year ended 31 March 2021 and 2020 is $6,528 Mn and $6,435 Mn respectively.

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SECTION 8

NET DEBT AND COST SCHEDULES

8.1 Consolidated Schedule of Net Debt and Leverage

As at As at Particulars UoM Mar-21 Mar-20 Long term borrow ing, net of current portion US$ Mn 1,871 2,446 Short-term borrow ings and current portion of long-term borrow ing US$ Mn 1,468 664 Add: Processing costs related to borrow ings US$ Mn 5 5 Add/(less): Fair value hedge adjustment US$ Mn (21) (27) Less: Cash and cash equivalents US$ Mn (813) (1,010) Less: Term deposits w ith banks US$ Mn (257) - Net debt excluding lease liabilities US$ Mn 2,253 2,078 Add: Lease liabilities US$ Mn 1,277 1,169 Net Debt including lease liabilities US$ Mn 3,530 3,247

Underlying EBITDA (LTM) US$ Mn 1,792 1,515 Leverage (LTM) Times 2.0 2.1

8.2 Consolidated Schedule of Net Finance Cost (in Reported Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20

Interest on borrow ings and Finance charges 50 47 195 203 Interest on Lease Obligation 35 31 136 127 Investment (income)/ loss (2) (7) (9) (29) Finance cost excluding Derivatives and Forex 83 71 321 300 Add : Derivatives and exchange (gain)/ loss 20 75 101 71

Finance cost (net of Derivatives and Forex) 104 147 423 372

8.3 Consolidated Schedule of Operating Expenses before exceptional items (in Constant Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20

Access charges 100 91 381 359 Cost of goods sold 49 37 184 135 License fee / spectrum charges (revenue share) 53 50 198 183 Netw ork operations costs 183 162 695 591 Employee benefits expense 70 64 276 242 Selling, general and adminstration expense 100 88 393 346 Operating Expenses 555 492 2,127 1,857

Closing currency rates as on March 31, 2020 considered for Constant currency.

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8.4 Consolidated Schedule of Depreciation and Amortization before exceptional items (in Constant Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20 Depreciation 150 127 574 503 Amortization 29 20 109 80

Depreciation and Amortization 179 148 683 583 Closing currency rates as on March 31, 2020 considered for Constant currency.

8.5 Consolidated Schedule of Operating Expenses before exceptional items (in Reported Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20

Access charges 97 94 376 377 Cost of goods sold 47 39 183 141 License fee / spectrum charges (revenue share) 53 51 198 189 Netw ork operations costs 179 167 689 615 Employee benefits expense 69 65 276 249 Selling, general and adminstration expense 99 90 392 358

Operating Expenses 545 506 2,114 1,929

8.6 Consolidated Schedule of Depreciation and Amortization before exceptional items (in Reported Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20 Depreciation 147 131 571 522 Amortization 29 21 109 83

Depreciation and Amortization 176 152 681 605

8.7 Consolidated Schedule of Income Tax before exceptional items (in Reported Currency) Amount in US$ Mn Quarter Ended Year Ended Particulars Mar-21 Mar-20 Mar-21 Mar-20 Current tax expense 76 42 242 175 Deferred tax expense / (income) 6 (15) 76 62

Income tax expense 82 28 318 237

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SECTION 9

TRENDS AND RATIO ANALYSIS

9.1 Based on Statement of Operations

9.1.1 Consolidated Statement of Operations: (in Reported Currency) Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Underlying Revenue 1,038 1,034 965 851 899 Access charges 97 102 93 84 94 Cost of goods sold 47 50 48 37 39 Net revenues 893 882 824 729 766 Operating Expenses (Excl Access Charges, cost of 347 349 345 310 321 goods sold and License Fee) Licence Fee 53 50 47 48 51 Underlying EBITDA 495 485 437 375 397 Cash Profit from operations before Derivative and 411 402 357 295 325 Exchange Fluctuations EBIT 318 308 269 210 244 Share of results of associate (0) 0 (0) (0) (0) Underlying profit before tax 214 180 177 111 97 Underlying profit after tax 132 91 92 50 70 Non Controlling Interest (before exceptional items) 11 17 17 12 12 Profit attributable to ow ners of the company - before 121 74 75 38 57 exceptional items Exceptional items (net) (22) (25) 4 (7) (7) Profit after Tax (after exceptional items) 154 116 88 57 77 Non Controlling Interest 22 21 18 15 12 Profit attributable to owners of the company 132 95 70 42 65 Capex 211 188 149 66 246 Operating Free Cash Flow 284 298 287 309 151 (Underlying EBITDA - Capex) Total Capital Employed 6,883 6,811 6,777 6,636 6,528

Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 As a % of Underlying Revenue Access charges 9.3% 9.9% 9.6% 9.9% 10.5% Cost of goods sold 4.6% 4.8% 5.0% 4.4% 4.3% Net revenues 86.1% 85.3% 85.4% 85.7% 85.2% Operating Expenses (excluding access charges, cost 33.4% 33.7% 35.7% 36.5% 35.7% of goods sold and license fee) Licence Fee 5.1% 4.8% 4.9% 5.6% 5.7% Underlying EBITDA 47.7% 46.9% 45.3% 44.1% 44.1% Cash Profit from operations before Derivative and 39.6% 38.9% 37.0% 34.6% 36.1% Exchange Flucations EBIT 30.7% 29.8% 27.8% 24.7% 27.2% Share of results of associate (0.0%) 0.0% (0.0%) (0.0%) (0.0%) Underlying profit before tax 20.7% 17.4% 18.3% 13.1% 10.8% Underlying profit after tax 12.7% 8.8% 9.5% 5.9% 7.8% Non Controlling Interest (before exceptional items) 1.1% 1.7% 1.7% 1.4% 1.4% Profit attributable to company shareholder - before 11.6% 7.1% 7.7% 4.5% 6.4% exceptional items Exceptional items (net) (2.1%) (2.4%) 0.4% (0.8%) (0.8%) Profit after Tax (after exceptional items) 14.9% 11.2% 9.1% 6.7% 8.6% Non Controlling Interest 2.1% 2.1% 1.8% 1.8% 1.4% Profit attributable to company shareholders 12.7% 9.1% 7.3% 4.9% 7.2%

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9.1.2 Consolidated Statement of Operations: (in Constant Currency)

Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Underlying Revenue 1,058 1,038 963 856 870 Access charges 100 103 93 85 91 Cost of goods sold 49 51 48 37 37 Net revenues 910 885 822 733 742 Operating Expenses (Excl Access Charges, cost of 352 350 343 312 313 goods sold and License Fee) Licence Fee 53 50 47 48 50 Underlying EBITDA 506 487 436 377 382 EBIT 327 309 269 211 233 Capex 211 188 149 66 246 Operating Free Cash Flow 295 299 287 310 136 (Underlying EBITDA - Capex)

Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 As a % of Underlying Revenue Access charges 9.5% 9.9% 9.7% 9.9% 10.4% Cost of goods sold 4.6% 4.9% 5.0% 4.4% 4.3% Net revenues 85.9% 85.2% 85.4% 85.7% 85.3% Operating Expenses (excluding access charges, 33.3% 33.7% 35.7% 36.5% 36.0% cost of goods sold and license fee) Licence Fee 5.0% 4.8% 4.9% 5.6% 5.8% Underlying EBITDA 47.8% 46.9% 45.3% 44.0% 43.9% EBIT 30.9% 29.8% 27.9% 24.7% 26.8%

Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.2 Based on Segment Wise Statement of Operations

9.2.1 Nigeria

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 422 412 377 341 377 Underlying EBITDA 232 221 204 182 209 Underlying EBITDA / Underlying Revenue 54.8% 53.8% 54.2% 53.3% 55.5% EBIT 172 159 141 130 162 Capex 97 81 67 30 145 Operating Free Cash Flow 135 140 137 152 64 (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 441 414 379 343 359 Underlying EBITDA 242 223 205 183 199 Underlying EBITDA / Underlying Revenue 54.8% 53.8% 54.2% 53.3% 55.5% EBIT 179 160 142 130 154 Capex 97 81 67 30 145 Operating Free Cash Flow 145 142 138 153 54 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.2.2 East Africa (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 358 364 355 305 310 Underlying EBITDA 168 170 163 129 125 Underlying EBITDA / Underlying Revenue 47.0% 46.8% 46.0% 42.4% 40.3% EBIT 111 113 110 74 70 Capex 81 87 62 19 61 Operating Free Cash Flow 87 83 101 110 64 (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 371 374 358 306 299 Underlying EBITDA 173 174 164 130 120 Underlying EBITDA / Underlying Revenue 46.7% 46.5% 45.8% 42.3% 40.2% EBIT 115 115 110 74 67 Capex 81 87 62 19 61 Operating Free Cash Flow 92 87 102 110 60 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.2.3 Francophone Africa (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 260 259 236 209 215 Underlying EBITDA 110 108 73 74 70 Underlying EBITDA / Underlying Revenue 42.1% 41.7% 30.8% 35.1% 32.7% EBIT 58 51 23 25 23 Capex 32 20 20 16 40 Operating Free Cash Flow 78 88 53 58 30 (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 250 249 230 211 215 Underlying EBITDA 105 104 71 74 70 Underlying EBITDA / Underlying Revenue 42.0% 41.8% 30.9% 35.0% 32.7% EBIT 55 49 23 24 24 Capex 32 20 20 16 40 Operating Free Cash Flow 73 85 51 58 31 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.3 Based on Product Wise Statement of Operations

9.3.1 Mobile Services - Summarized Statement of Operations

9.3.1.1 Consolidated Mobile:

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 955 948 891 799 844 Underlying EBITDA 456 446 392 345 366 Underlying EBITDA / Underlying Revenue 47.7% 47.1% 44.0% 43.2% 43.3% EBIT 290 271 228 192 220 Capex 185 184 147 64 240 Operating Free Cash Flow 271 262 245 281 126 (Underlying EBITDA - Capex)

In Constant Currency

Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 974 951 889 803 816 Underlying EBITDA 466 447 392 347 351 Underlying EBITDA / Underlying Revenue 47.8% 47.1% 44.1% 43.1% 43.0% EBIT 298 272 229 192 209 Capex 185 184 147 64 240 Operating Free Cash Flow 280 263 245 283 111 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

9.3.1.2 Nigeria Mobile Services

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 422 412 377 341 377 Underlying EBITDA 232 222 204 182 209 Underlying EBITDA / Underlying Revenue 54.8% 53.8% 54.2% 53.3% 55.5% EBIT 171 159 142 130 163 Capex 97 81 67 30 145 Operating Free Cash Flow 135 141 137 152 64 (Underlying EBITDA - Capex)

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In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 441 414 378 343 359 Underlying EBITDA 242 223 205 183 199 Underlying EBITDA / Underlying Revenue 54.8% 53.8% 54.2% 53.3% 55.5% EBIT 179 161 142 130 154 Capex 97 81 67 30 145 Operating Free Cash Flow 145 142 138 153 54 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

9.3.1.3 East Africa Mobile Services (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 296 301 298 264 268 Underlying EBITDA 130 132 128 103 100 Underlying EBITDA / Underlying Revenue 44.1% 43.9% 43.1% 38.9% 37.2% EBIT 76 76 76 50 46 Capex 69 84 60 18 56 Operating Free Cash Flow 62 48 68 85 44 (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 306 310 301 266 259 Underlying EBITDA 134 135 129 103 96 Underlying EBITDA / Underlying Revenue 43.8% 43.6% 42.9% 38.8% 37.0% EBIT 78 78 76 50 44 Capex 69 84 60 18 56 Operating Free Cash Flow 65 51 69 85 40 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.3.1.4 Francophone Africa Mobile Services (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

In Reported Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 239 238 218 196 200 Underlying EBITDA 94 92 60 62 58 Underlying EBITDA / Underlying Revenue 39.2% 38.8% 27.5% 31.4% 28.7% EBIT 42 35 10 13 11 Capex 20 19 20 16 39 Operating Free Cash Flow 74 73 40 46 18 (Underlying EBITDA - Capex)

In Constant Currency Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 229 229 213 197 200 Underlying EBITDA 90 89 59 62 58 Underlying EBITDA / Underlying Revenue 39.1% 38.9% 27.6% 31.3% 28.7% EBIT 40 34 10 13 11 Capex 20 19 20 16 39 Operating Free Cash Flow 70 70 39 46 18 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex.

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9.3.2 Mobile Money - Summarized Statement of Operations

9.3.2.1 Mobile Money:

In Reported Currency

Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 110 110 100 81 83 Underlying EBITDA 54 54 49 39 39 Underlying EBITDA / Underlying Revenue 48.7% 48.7% 48.7% 48.5% 47.3% EBIT 50 52 47 37 36 Capex 25 3 2 2 5 Operating Free Cash Flow 29 51 47 37 34 (Underlying EBITDA - Capex)

Mobile money revenue in the above table is without intra-segment eliminations with mobile services.

In Constant Currency

Amount in US$ Mn, except ratios Quarter Ended Particulars Mar-21 Dec-20 Sep-20 Jun-20 Mar-20

Underlying Revenue 112 111 100 81 81 Underlying EBITDA 54 54 48 39 38 Underlying EBITDA / Underlying Revenue 48.6% 48.6% 48.6% 48.5% 47.5% EBIT 51 52 46 37 36 Capex 25 3 2 2 5 Operating Free Cash Flow 29 51 47 37 33 (Underlying EBITDA - Capex) Closing currency rates as on March 31, 2020 considered for Constant currency. Reported currency rates considered for Capex. Mobile money revenue in the above table is without intra-segment eliminations with mobile services.

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9.4 Operational Performance Trends (Quarter Ended)

9.4.1 Consolidated - Operational Performance

Parameters Unit Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Customer Base 000's 118,192 118,903 116,371 111,461 110,604 Net Additions 000's (711) 2,532 4,910 857 3,464 Monthly Churn % 3.9% 5.0% 5.3% 5.7% 5.3% Average Revenue Per User (ARPU) US$ 3.0 2.9 2.8 2.6 2.7 Voice Voice Revenue US$ Mn 557 566 517 456 494 Minutes on the netw ork Mn 84,964 85,651 80,375 71,891 68,870 Voice Average Revenue Per User (ARPU) US$ 1.6 1.6 1.5 1.4 1.5 Voice Usage per customer min 240 241 235 218 211 Data Data Revenue US$ Mn 322 295 283 267 245 Data Customer Base 000's 40,584 40,624 39,596 36,972 35,443 As % of Customer Base % 34.3% 34.2% 34.0% 33.2% 32.0% Total MBs on the netw ork Mn MBs 348,230 320,568 293,919 279,541 219,015 Data Average Revenue Per User (ARPU) US$ 2.7 2.4 2.5 2.5 2.4 Data Usage per customer MBs 2,896 2,653 2,576 2,607 2,145 Mobile Money Transaction Value US$ Mn 12,785 12,959 11,637 9,038 8,031 Transaction Value per Subs US$ 198 208 199 164 155 Mobile Money Revenue US$ Mn 112 111 100 81 81 Active Customers 000's 21,670 21,460 20,120 18,529 18,294 Mobile Money ARPU US$ 1.7 1.8 1.7 1.5 1.6 Network and Coverage Netw ork tow ers Nos 25,368 24,693 24,246 23,471 22,909 Owned towers Nos 4,627 4,530 4,561 4,569 4,548 Leased towers Nos 20,741 20,163 19,685 18,902 18,361 Of w hich Mobile Broadband tow ers Nos 23,826 22,998 22,250 21,171 20,378 Total Mobile Broadband Base stations Nos 76,563 72,616 63,705 51,963 47,082 Data Capacity TB/day 12,070 11,448 10,253 8,371 7,572 Revenue Per site Per Month US$ 14,065 14,108 13,408 12,257 12,809 Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for constant currency. Mobile money revenue in the above table is without intra-segment eliminations with mobile services. Voice revenue in quarter ended Dec'20 represents underlying revenue excluding the impact of a settlement in Niger ($19 Mn) in constant currency.

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9.4.2 Nigeria - Operational Performance

Parameters Unit Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Customer Base 000's 41,959 44,449 44,054 42,513 41,757 Net Additions 000's (2,491) 395 1,541 757 1,902 Monthly Churn % 2.0% 5.4% 6.1% 5.7% 5.8% Average Revenue Per User (ARPU) US$ 3.4 3.1 2.9 2.7 2.9 Voice Voice Revenue US$ Mn 251 245 217 198 222 Minutes on the netw ork Mn 24,297 23,578 20,867 19,275 20,447 Voice Average Revenue Per User (ARPU) US$ 1.9 1.8 1.7 1.6 1.8 Voice Usage per customer min 188 174 161 154 166 Data Data Revenue US$ Mn 159 141 135 122 114 Data Customer Base 000's 17,656 18,831 19,003 17,334 16,715 As % of Customer Base % 42.1% 42.4% 43.1% 40.8% 40.0% Total MBs on the netw ork Mn MBs 175,125 158,566 147,471 139,285 108,561 Data Average Revenue Per User (ARPU) US$ 2.9 2.5 2.5 2.4 2.4 Data Usage per customer MBs 3,256 2,749 2,743 2,752 2,252 Network and Coverage Netw ork tow ers Nos 10,793 10,588 10,347 9,802 9,352 Owned towers Nos 206 203 199 204 200 Leased towers Nos 10,587 10,385 10,148 9,598 9,152 Of w hich Mobile Broadband tow ers Nos 10,601 10,376 10,002 9,326 8,796 Total Mobile Broadband Base stations Nos 38,938 37,098 30,091 19,258 15,788 Data Capacity TB/day 6,373 6,115 5,245 3,489 2,980 Revenue Per site Per Month US$ 13,738 13,179 12,500 11,904 13,060 Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for constant currency.

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9.4.3 East Africa - Operational Performance (Uganda, Zambia, Tanzania, Kenya, Malawi and Rwanda)

Parameters Unit Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Customer Base 000's 53,091 52,612 51,265 48,757 48,634 Net Additions 000's 479 1,348 2,508 123 1,268 Monthly Churn % 4.5% 4.6% 4.5% 5.7% 4.7% Average Revenue Per User (ARPU) US$ 2.3 2.4 2.4 2.1 2.1 Voice Voice Revenue US$ Mn 170 179 171 144 147 Minutes on the netw ork Mn 51,305 52,988 51,335 45,107 41,049 Voice Average Revenue Per User (ARPU) US$ 1.1 1.1 1.1 1.0 1.0 Voice Usage per customer min 325 340 342 311 285 Data Data Revenue US$ Mn 96 90 89 86 79 Data Customer Base 000's 16,191 15,638 14,924 14,041 13,322 As % of Customer Base % 30.5% 29.7% 29.1% 28.8% 27.4% Total MBs on the netw ork Mn MBs 131,654 125,879 115,048 110,172 85,983 Data Average Revenue Per User (ARPU) US$ 2.0 2.0 2.0 2.1 2.1 Data Usage per customer MBs 2,788 2,776 2,632 2,711 2,227 Network and Coverage Netw ork tow ers Nos 9,801 9,365 9,193 9,039 8,987 Owned towers Nos 2,564 2,492 2,544 2,535 2,499 Leased towers Nos 7,237 6,873 6,649 6,504 6,488 Of w hich Mobile Broadband tow ers Nos 8,810 8,260 8,039 7,880 7,809 Total Mobile Broadband Base stations Nos 26,016 24,200 22,567 22,071 21,162 Data Capacity TB/day 4,018 3,703 3,426 3,355 3,147 Revenue Per site Per Month US$ 12,856 13,405 13,025 11,264 11,156 Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for constant currency.

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9.4.4 Francophone Africa- Operational Performance (DRC, Gabon, Congo B, Madagascar, Niger, Chad and Seychelles)

Parameters Unit Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Customer Base 000's 23,142 21,842 21,052 20,190 20,213 Net Additions 000's 1,301 790 862 (23) 294 Monthly Churn % 5.9% 5.5% 5.5% 5.9% 6.0% Average Revenue Per User (ARPU) US$ 3.7 3.9 3.7 3.5 3.6 Voice Voice Revenue US$ Mn 137 140 131 117 127 Minutes on the netw ork Mn 9,362 9,084 8,173 7,509 7,373 Voice Average Revenue Per User (ARPU) US$ 2.0 2.2 2.1 1.9 2.1 Voice Usage per customer min 139 141 132 125 122 Data Data Revenue US$ Mn 68 63 59 58 51 Data Customer Base 000's 6,737 6,155 5,669 5,596 5,405 As % of Customer Base % 29.1% 28.2% 26.9% 27.7% 26.7% Total MBs on the netw ork Mn MBs 41,451 36,124 31,400 30,083 24,471 Data Average Revenue Per User (ARPU) US$ 3.5 3.6 3.5 3.6 3.3 Data Usage per customer MBs 2,153 2,028 1,889 1,882 1,601 Network and Coverage Netw ork tow ers Nos 4,774 4,740 4,706 4,630 4,570 Owned towers Nos 1,857 1,835 1,818 1,830 1,849 Leased towers Nos 2,917 2,905 2,888 2,800 2,721 Of w hich Mobile Broadband tow ers Nos 4,415 4,362 4,209 3,965 3,773 Total Mobile Broadband Base stations Nos 11,609 11,318 11,047 10,634 10,132 Data Capacity TB/day 1,679 1,630 1,582 1,527 1,445 Revenue Per site Per Month US$ 17,442 17,547 16,363 15,222 15,806 Revenue & KPIs in Constant Currency rates. Closing currency rates as on March 31, 2020 considered for constant currency. Voice revenue in quarter ended Dec'20 represents underlying revenue excluding the impact of a settlement in Niger ($19 Mn) in constant currency.

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SECTION 10

KEY ACCOUNTING POLICIES (AS PER IFRS)

 Property, plant and equipment (‘PPE’) and capital work-in- consolidated statement of financial position until capitalised. Such progress cost comprises of purchase price (including non-refundable duties and taxes but excluding any trade discounts and rebates), and any An item is recognised as an asset, if and only if, it is probable that directly attributable cost. the future economic benefits associated with the item will flow to  Goodwill the Group and its cost can be measured reliably. PPE is initially recognised at cost. Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable net assets acquired. Goodwill is not The initial cost of PPE comprises its purchase price (including non- amortised; however, it is tested for impairment and carried at cost refundable duties and taxes but excluding any trade discounts and less any accumulated impairment losses. The gains/ (losses) on rebates), and any directly attributable cost of bringing the asset to the disposal of a cash-generating unit (‘CGU’) include the carrying its working condition and location for its intended use. Further, it amount of goodwill relating to the CGU sold (in case goodwill has includes assets installed on the premises of customers as the been allocated to Group of CGUs; it is determined on the basis of associated risks, rewards and control remain with the Group. the relative fair value of the operations sold). Goodwill is tested for impairment, at least annually or earlier, in Subsequent to initial recognition, PPE is stated at cost less case circumstances indicate that their carrying value may exceed accumulated depreciation and any impairment losses. When the recoverable amount (higher of fair value less costs of sell and significant parts of PPE are required to be replaced at regular the value -in- use). For the purpose of impairment testing, the intervals, the Group recognises such parts as separate component goodwill is allocated to a cash-generating-unit (‘CGU’) or group of of assets. When an item of PPE is replaced, then its carrying CGUs (‘CGUs’) which are expected to benefit from the acquisition- amount is de-recognised from the consolidated statement of related synergies and represent the lowest level within the entity financial position and cost of the new item of PPE is recognised. at which the goodwill is monitored for internal management purposes, but not higher than an operating segment. A CGU is the The expenditures that are incurred after an item of PPE has been smallest identifiable group of assets that generates cash inflows ready to use, such as repairs and maintenance, are normally that are largely independent of the cash inflows from other assets charged to the consolidated statement of comprehensive income or group of assets. in the period in which such costs are incurred. However, in situations where the said expenditure can be measured reliably, Impairment occurs when the carrying value of a CGU/CGUs and is probable that future economic benefits associated with it will including the goodwill, exceeds the estimated recoverable amount flow to the Group, it is included in the asset’s carrying value or as of the CGU/CGUs. The recoverable amount of a CGU/CGUs is the a separate asset, as appropriate. higher of its fair value less costs to sell and its value in use. Value- in-use is the present value of future cash flows expected to be Depreciation on PPE is computed using the straight-line method derived from the CGU/CGUs. over the estimated useful lives. Freehold land is not depreciated as it has an unlimited useful life. The Group has established the The total impairment loss of a CGU/CGUs is allocated first to estimated range of useful lives for different categories of PPE as reduce the carrying value of goodwill allocated to that CGU/CGUs follows: and then to the other assets of that CGU/CGUs - on pro-rata basis Asset Categories Years of the carrying value of each asset. Period of lease or 10-20 years, Leasehold improvement as applicable, w hichever is less  Other Intangible assets Buildings 20 Plant and equipment Identifiable intangible assets are recognised when the Group - Netw ork equipment (including passive 3 - 25 controls the asset, it is probable that future economic benefits infrastructure) attributed to the asset will flow to the Group and the cost of the Computer equipment 3-5 asset can be measured reliably. Furniture & fixture and office equipment 1-5 Vehicles 3-5 The intangible assets that are acquired in a business combination The useful lives, residual values and depreciation method of PPE are recognised at fair value as on acquisition date. Other intangible are reviewed, and adjusted appropriately, at-least as at each assets are recognised at cost. which includes its purchase price financial year end so as to ensure that the method and period of and cash price equivalent of deferred payments beyond normal depreciation are consistent with the expected pattern of economic credit terms, if any. These assets having a definite useful life are benefits from these assets. The effect of any change in the carried at cost less accumulated amortisation and any impairment estimated useful lives, residual values and / or depreciation losses. Amortisation is computed using the straight-line method method are accounted prospectively, and accordingly, the over the expected useful life of intangible assets. depreciation is calculated over the PPE’s remaining revised useful life. The cost and the accumulated depreciation for PPE sold, Subsequent expenditure on intangible assets is capitalized only scrapped, retired or otherwise disposed of are de-recognised from when it increases the future economic benefits embodied in the the consolidated statement of financial position and the resulting specific asset to which it relates. All other expenditure, is gains / (losses) are included in the consolidated statement of recognized in profit or loss as incurred. comprehensive income within other expenses / other income. The Group has established the estimated useful lives of different PPE in the course of construction is carried at cost, less any categories of intangible assets as follows: accumulated impairment and presented separately as capital work-in-progress (CWIP) including capital advances in the

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a. Licenses (including spectrum) payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot Acquired licenses and spectrum are amortised commencing from be readily determined, the Group uses its incremental borrowing the date when the related network is available for intended use in rate. Lease liabilities include the net present value of fixed the relevant jurisdiction. The useful lives range from two to twenty- payments (including in-substance fixed payments), variable lease five years. payments that are based on consumer price index (‘CPI’), the In addition, the Group also incurs a fee on licenses/spectrum that exercise price of a purchase option if the lessee is reasonably is calculated based on the revenue amount of the licensee entity. certain to exercise that option, and payments of penalties for Such revenue-share based fee is recognised as a cost in the terminating the lease, if the lease term reflects the lessee consolidated statement of comprehensive income when incurred. exercising that option. b. Software: Software is amortised over the software license period, generally not exceeding three years. Subsequently, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is c. Other acquired intangible assets: Other acquired intangible a change in future lease payments including due to changes in CPI assets include the following: or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or when the lease Customer relationships: These are amortised over the contract is modified and the lease modification is not accounted estimated life of such relationships which ranges from one year to for as a separate lease. The corresponding adjustment is made to five years. the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the related right-of-use asset The useful lives and amortisation method is reviewed, and has been reduced to zero. adjusted appropriately, at least at each financial year end so as to ensure that the method and period of amortisation is consistent Right-of-use assets are measured at cost comprising the amount with the expected pattern of economic benefits from these assets. of the initial measurement of lease liability, any lease payments The effect of any change in the estimated useful lives and / or made at or before the commencement date less any lease amortisation method is accounted prospectively, and accordingly, incentives received, any initial direct costs, and restoration costs. the amortisation is calculated over the remaining revised useful life. Subsequent to initial recognition, right-of-use assets are stated at cost less accumulated depreciation and any impairment losses and adjusted for certain re-measurements of the lease liability. Further, the cost of intangible assets under development includes Depreciation is computed using the straight-line method from the the amount of spectrum allotted to the Group and related costs for commencement date to the end of the useful life of the underlying which services are yet to be rolled out and are presented asset or the end of the lease term, whichever is shorter. The separately in the consolidated statement of financial position. estimated useful lives of right-of-use assets are determined on the  Investment in Associates same basis as those of the underlying property and equipment.

An associate is an entity over which the Group has significant In the consolidated statement of financial position, the right-of-use influence. Significant influence is the power to participate in the assets and lease liabilities are presented separately. financial and operating policy decisions of the investee but is not control or joint control over those policies. When a contract includes lease and non-lease components, the Group allocates the consideration in the contract on the basis of Investment in associate is accounted for using equity method; from the relative stand-alone prices of each lease component and the the date on which the Group starts exercising significant influence aggregate stand-alone price of the non-lease components. over the associate. Short-term leases At each reporting date, the Group determines whether there is objective evidence that the investment is impaired. If there is such The Group has elected not to recognise right-of-use assets and evidence, the Group calculates the amount of impairment as the lease liabilities for short term leases that have a lease term of 12 difference between the recoverable amount of investment and its months or less. The Group recognises the lease payments carrying value. associated with these leases as an expense on a straight-line basis over the lease term.  Leases Sale and lease back

At inception of a contract, the Group assesses a contract as, or containing, a lease if the contract conveys the right to control the In case of sale and leaseback transactions, the group first use of an identified asset for a period of time in exchange for considers whether the initial transfer of the underlying asset to the consideration. To assess whether a contract conveys the right to buyer-lessor is a sale by applying the requirements of IFRS 15. If control the use of an identified asset, the Group assesses whether the transfer qualifies as a sale and the transaction is on market the contract involves the use of an identified asset, the Group has terms the group effectively derecognizes the asset, recognizes a the right to obtain substantially all of the economic benefits from right-of-use asset (and lease liabilities) and recognises a portion use of the asset throughout the period of use; and the Group has of the total gain or loss on the sale. The amount recognised is the right to direct the use of the asset. calculated by splitting the total gain or loss into: a. Group as a lessee  an amount recognised in consolidated statement of comprehensive income relating to the buyer-lessor’s The Group recognises a right-of-use asset and a corresponding rights in the underlying asset, and lease liability with respect to all lease agreements in which it is the lessee in the consolidated statement of financial position. The lease liability is initially measured at the present value of the lease

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 an unrecognised amount relating to the rights retained Some of the Group’s entities may use derivative financial by the seller-lessee which is deferred by way of reducing instruments (e.g. foreign currency forwards, options, swaps) to the right-of-use assets initially recognised. manage their exposure to foreign exchange and price risk. Further, the Group designates certain derivative financial instruments (or b. Group as a lessor its components) as hedging instruments for hedging the exchange rate fluctuation risk attributable to either a recognised item or a Whenever the terms of the lease transfer substantially all the risks highly probable forecast transaction (‘Cash flow hedge’). The and rewards of ownership to the lessee, the contract is classified effective portion of changes in the fair value of derivative financial as a finance lease. All other leases are classified as operating instruments (or its components) that are designated and qualify as leases. cash flow hedges, are recognised in other comprehensive income and held as cash flow hedge reserve (‘CFHR’) – within other Amounts due from lessees under a finance lease are recognised components of equity. Any gains / (losses) relating to the as receivables at an amount equal to the net investment in the ineffective portion, are recognised immediately in profit or loss leased assets. Finance lease income is allocated to the periods so within finance income / finance costs. The amounts accumulated as to reflect a constant periodic rate of return on the net investment in equity are re-classified to the profit and loss in the periods when outstanding in respect of the finance lease. the hedged item affects profit / (loss).

Rental income from operating leases is recognised on a straight- When a hedging instrument expires or is sold, or when a cash flow line basis over the term of the relevant lease. Initial direct costs hedge no longer meets the criteria for hedge accounting, any incurred in negotiating and arranging an operating lease are added cumulative gains / (losses) existing in equity at that time remains to the carrying amount of the leased asset and recognised on a in equity and is recognised (on the basis as discussed in the above straight line basis over the lease term. paragraph) when the forecast transaction is ultimately recognised When a contract includes lease and non-lease components, the in the profit and loss. However, at any point of time, when a Group applies IFRS 15 to allocate the consideration under the forecast transaction is no longer expected to occur, the cumulative contract to each component. gains / (losses) that were reported in equity is immediately transferred to the profit and loss within finance income / finance The Group enters into ‘Indefeasible right to use’ (‘IRU’) costs. arrangements wherein the right to use the assets is given over the substantial part of the asset life. However, as the title to the assets iii. Net investment hedge and the significant risks associated with the operation and maintenance of these assets remains with the Group, such The Group hedges its net investment in certain foreign arrangements are recognised as operating lease. The contracted subsidiaries. Accordingly, any foreign exchange differences on the price is recognised as revenue during the tenure of the agreement. hedging instrument (e.g. borrowings) relating to the effective Unearned IRU revenue received in advance is presented as portion of the hedge is recognised in other comprehensive income deferred revenue within liabilities in the consolidated statement of as foreign currency translation reserve (‘FCTR’) – within other financial position. components of equity, so as to offset the change in the value of the net investment being hedged. The ineffective portion of the  Derivative financial instruments gain or loss on these hedges is immediately recognised in profit or loss. The amounts accumulated in equity are included in the profit Derivative financial instruments, including separated embedded and loss when the foreign operation is disposed or partially derivatives that are not designated as hedging instruments in a disposed. hedging relationship are classified as financial instruments at fair value through profit or loss. Such derivative financial instruments  Revenue are initially recognised at fair value. They are subsequently measured at their fair value, with changes in fair value being Revenue is recognised upon transfer of control of promised recognised in profit or loss within finance income / finance costs. products or services to the customer at the consideration which the Group has received or expects to receive in exchange of those products or services, net of any taxes / duties and discounts. When  Hedging activities determining the consideration to which the Group is entitled for providing promised products or services via intermediaries, the i. Fair value hedge Group assesses whether the intermediary is a principal or agent in the onward sale to the end customer. To the extent that the intermediary is considered a principal, the consideration to which Some of the Group’s entities may use derivative financial the Group is entitled is determined to be that received from the instruments (e.g. interest rate swaps) to manage / mitigate their intermediary. To the extent that the intermediary is considered an exposure to the risk of change in fair value of the borrowings. The agent, the consideration to which the Group is entitled is Group may designate certain interest swaps to hedge the risk of determined to be the amount receivable from the ultimate changes in fair value of recognised borrowings attributable to the customer; the upfront discount provided to the intermediary is hedged interest rate risk. The effective and ineffective portion of recognised as a cost of sale. changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit and loss within The Group has entered into certain multiple-element revenue finance income / finance costs, together with any changes in the arrangements which involve the delivery or performance of fair value of the hedged liability that is attributable to the hedged multiple products, services or rights to use assets. At the inception risk. If the hedge no longer meets the criteria for hedge accounting, of the arrangement, all the deliverables therein are evaluated to the adjustment to the carrying amount of the hedged item is determine whether they represent distinct performance amortised to profit or loss over the period to remaining maturity of obligations, and if so, they are accounted for separately. the hedged item. Total consideration related to the multiple element arrangements ii. Cash flow hedge is allocated to each performance obligation based on their relative standalone selling prices. The stand-alone selling prices are

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determined based on the prices at which the Group sells equipment and network services separately. Costs to obtain or fulfil a contract with a customer The company defers costs to obtain or fulfill contracts with Revenue is recognised when, or as, each distinct performance customers over expected average customer life. obligation is satisfied. The main categories of revenue and the basis of recognition are as follows: b. Equipment sales a. Service revenue Equipment sales mainly pertain to sale of telecommunication equipment and related accessories for which revenue is Service revenue is derived from the provision of recognised when the control of equipment is transferred to the telecommunication services and mobile money services to customer i.e. transferred at a point in time. customers. The majority of the customers of the Group subscribe to the services on a pre-paid basis.  Alternative performance measures (APM)- Exceptional items Telecommunication service revenues mainly pertain to usage, subscription charges for voice, data, messaging and value added Management exercises judgment in determining the adjustments services and customer onboarding charges. to apply to IFRS measurements in order to derive APMs which provide additional useful information on the underlying trends, Telecommunication services (comprising voice, data and SMS) performance and position of the Group. This assessment covers are considered to represent a single performance obligation as all the nature of the item being one-off or non-routine, cause of are provided over the Group’s network and transmitted as data representing a digital signal on the network. The transmission occurrence being non-controllable and the scale of impact of consumes network bandwidth and therefore, irrespective of the that item on reported performance in accordance with the nature of the communication, the customer ultimately receives exceptional items policy. access to the network and the right to consume network bandwidth. To monitor the performance, the Group uses the following APMs:  ‘Underlying profit before tax’ representing profit before tax for Customers pay in advance for services of the Group, these cash the period excluding the impact of exceptional items, amounts are recognised in deferred income in the consolidated  ‘Underlying profit after tax’ representing profit after tax for the statement of financial position and transferred to the consolidated period excluding the impact of exceptional items and tax on income statement when the service obligation has been exceptional items. performed/when the usage of services becomes remote. Exceptional items refer to items of income or expense within the The Group recognises revenue from these services over time as consolidated statement of comprehensive income which are of they are provided. Revenue is recognised based on actual units of such size, nature or incidence that their exclusion is considered telecommunication services provided during the reporting period necessary to explain the performance of the Group and improve as a proportion of the total units of telecommunication services to the comparability between periods. Reversals of previous be provided. exceptional items are also considered as exceptional items. When applicable, these items include network modernisation, share Subscription charges are recognised over the subscription pack issue expenses, restructuring costs, impairments, initial validity period. recognition of deferred tax assets, impact of mergers etc.

Revenues recognised in excess of amounts invoiced are classified  Foreign currency transactions as unbilled revenue. If amounts invoiced / collected from a customer are in excess of revenue recognised, a deferred revenue a. Functional and presentation currency / advance income is recognised. The items included in financial statements of each of the Group’s Service revenues also includes revenue from interconnection / entities are measured using the currency of primary economic roaming charges for usage of the Group’s network by other environment in which the entity operates (i.e. ‘functional operators for voice, data, messaging and signaling services. currency’). These are recognised upon transfer of control of services being The financial statements are presented in US Dollar which is the transferred over time. functional and presentation currency of the company.

Revenues from long distance operations comprise voice services b. Transactions and balances and bandwidth services (including installation), which are recognised on provision of services and over the period of Transactions in foreign currencies are initially recorded in the respective arrangements. relevant functional currency at the rates prevailing at the date of the transaction. The Group has interconnect agreements with local and foreign operators. This allows customers from either network to originate Monetary assets and liabilities denominated in foreign currencies or terminate calls to each others’ network. Revenue is earned and are translated into the functional currency at the closing exchange recognised as per bilateral agreements when other operators’ calls rate prevailing as at the reporting date with the resulting foreign are terminated to the Group’s network i.e. the service is rendered. exchange differences, on subsequent re-statement / settlement, As part of the mobile money services, the Group earns recognised in the consolidated statement of comprehensive commission from merchants for facilitating recharges, bill income within finance costs / finance income. Non-monetary payments and other merchant payments. It also earns assets and liabilities denominated in foreign currencies are commissions on transfer of monies from one customer wallet to translated into the functional currency using the exchange rate another. Such commissions are recognised at a point in time prevalent, at the date of initial recognition (in case they are on fulfillment of these services by the group. measured at historical cost) or at the date when the fair value is determined (in case they are measured at fair value) – with the

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resulting foreign exchange difference, on subsequent re- Deferred tax assets are recognised only to the extent that it is statement / settlement, recognised in the profit and loss, except to probable that future taxable profit will be available against which the extent that it relates to items recognised in the other the temporary differences, tax losses and tax credits can comprehensive income or directly in equity. . Moreover, deferred tax is recognised on temporary be utilised The equity items denominated in foreign currencies are translated differences arising on investments in subsidiaries and associate - at historical exchange rate. unless the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will c. Foreign operations not reverse in the foreseeable future.

The assets and liabilities of foreign operations (including the Deferred tax assets, recognised and unrecognised, are reviewed goodwill and fair value adjustments arising on the acquisition of at each reporting date and assessed for recoverability based on foreign entities) are translated into US Dollar at the exchange rates best estimates of future taxable profits. prevailing at the reporting date whereas their statements of profit and loss are translated into US Dollar at monthly average Deferred tax is determined using tax rates (and laws) that have exchange rates and the equity is recorded at the historical rate. been enacted or substantively enacted by the reporting date and The resulting exchange differences arising on the translation are are expected to apply when the related deferred income tax asset recognised in other comprehensive income and held in foreign is realised or the deferred income tax liability is settled. currency translation reserve (‘FCTR’), a component of equity. On disposal of a foreign operation (that is, disposal involving loss of Income tax assets and liabilities are off-set against each other and control), the component of other comprehensive income relating the resultant net amount is presented in the consolidated to that particular foreign operation is reclassified to profit or loss. statement of financial position, if and only when, (a) the Group currently has a legally enforceable right to set-off the current income tax assets and liabilities, and (b) when it relates to income  Income-taxes tax levied by the same taxation authority and where there is an intention to settle the current income tax balances on net basis. The income tax expense comprises of current and deferred income tax. Income tax is recognised in the profit and loss, except  Transactions with non-controlling interests to the extent that it relates to items recognised in the same or a different period, outside profit or loss, in other comprehensive A change in the ownership interest of a subsidiary, without a income or directly in equity, in which case the related income tax change of control, is accounted for as a transaction with equity is also recognised accordingly. holders. Any difference between the amount of the adjustment to non-controlling interests and any consideration exchanged is a. Current tax recognised in ‘transactions with NCI reserve’, within equity.

Current tax is calculated on the basis of the tax rates, laws and  Provisions regulations, which have been enacted or substantively enacted as at the reporting date in the respective countries where the Group Provisions are recognised when the Group has a present entities operate and generate taxable income. The payment made obligation (legal or constructive) as a result of a past event, it is in excess / (shortfall) of the respective Group entities’ income tax probable that an outflow of resources will be required to settle the obligation for the period are recognised in the consolidated obligation, and the amount of the obligation can be reliably statement of financial position under Income tax assets / Income estimated. tax liabilities. Provisions are measured at the present value of the expenditures expected to be required to settle the relevant obligation, using a Any interest, related to accrued liabilities for potential tax pre-tax rate that reflects current market assessments of the time assessments are not included in Income tax charge or (credit), but value of money (if the impact of discounting is significant) and the are rather recognised within finance costs. risks specific to the obligation. The increase in the provision due to un-winding of discount over passage of time is recognised within A provision is recognised for those matters for which the tax finance costs. determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions Contingencies are measured at the best estimate of the amount expected to become payable or based on expected value approach, as A disclosure for a contingent liability is made when there is a applicable. The assessment is based on the judgement of tax possible obligation or a present obligation that may, but probably professionals within the company supported by previous will not, require an outflow of resources. When there is a possible experience in respect of such activities and in certain cases based obligation or a present obligation in respect of which the likelihood on specialist independent tax advice. of outflow of resources is remote, no provision or disclosure is made. Contingent assets are not recognised unless virtually b. Deferred tax certain and disclosed only where an inflow of economic benefits is probable. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying values. However, deferred tax is not recognised if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit (tax loss). Further, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.

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SECTION 11

GLOSSARY

Technical and Industry Terms

Company Related

A customer having a 4G handset and who has used at least 1MB on any of the Group’s GPRS, 3G 4G data customer & 4G network in the last 30 days. Airtel Money is the brand name for Airtel Africa’s mobile money products and services. The term is Airtel Money used interchangeably with “mobile money” when referring to our mobile money business, finance, operations and activities. Airtel Money active customer Total number of active subscribers who have enacted any mobile money usage event in last 30 base (Mobile Money active days. customers) Mobile money average revenue per user. This is derived by dividing total mobile money revenue Airtel Money ARPU (Mobile during the relevant period by the average number of active mobile money customers and dividing Money ARPU) the result by the number of months in the relevant period. Airtel money customer The proportion of total Airtel Africa active mobile customers who use mobile money services. penetration (mobile money Calculated by dividing the mobile money customer base by the Group’s total customer base. customer penetration) Airtel Money transaction value (mobile money transaction Any financial transaction performed on Airtel Africa’s mobile money platform. value) Airtel money transaction value Calculated by dividing the total mobile money transaction value on the Group’s mobile money per customer per month platform during the relevant period by the average number of active mobile money customers and (mobile money transaction dividing the result by the number of months in the relevant period. value per customer per month)

The average number of active customers for a period. Derived from the monthly averages during Average Customers the relevant period. Monthly averages are calculated using the number of active customers at the beginning and the end of each month. Average revenue per user per month. This is derived by dividing total revenue during the relevant Average Revenue per user period by the average number of customers during the period and dividing the result by the number (ARPU) of months in the relevant period.

Basic Earnings Per Share is calculated by dividing the profit for the period attributable to the owners Basic Earnings Per Share of the company by the weighted average number of ordinary shares outstanding during the period.

Capital Employed is defined as sum of equity attributable to equity holders of company, Non- Capital Employed controlling interests ('NCI') and net debt. The definition has been revised to include Non-controlling interests ('NCI') and the related KPIs have been reinstated for all the reported periods. An alternative performance measure (non-GAAP). Defined as investment in gross fixed assets (both Capital Expenditure (Capex) tangible and intangible but excluding spectrum and licences) plus capital work in progress (CWIP), excluding provisions on CWIP for the period. Cash Profit from Operations It is not a GAAP measure and is defined as profit from operating activities before depreciation, before Derivative and amortization and exceptional items adjusted for finance cost (net of finance income) before adjusting Exchange Fluctuation for derivative and exchange (gain)/ loss. Churn is derived by dividing the total number of customer disconnections during the relevant period Churn by the average number of customers and dividing the result by number of months in the relevant period.

The Group has presented certain financial information that is calculated by translating the results for the current financial year and previous financial years at a fixed 'constant currency' exchange rate, which is done to measure the organic performance of the Group. Growth rates for business Constant currency and product segments are in constant currency as it better represent the underlying performance of the business. Constant currency growth for prior years are calculated using closing exchange rates as at the end of prior year.

Defined as a unique active subscriber with a unique mobile telephone number who has used any of Customer Airtel’s services in the last 30 days.

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The total number of active subscribers that have used any of our services (voice calls, SMS, data Customer Base usage or mobile money transaction) in the last 30 days. Data Average Revenue Per Data ARPU is derived by dividing total data revenue during the relevant period by the average number User (ARPU) of Data customers and dividing the result by the number of months in the relevant period. Data Capacity Total data capacity per day for the Region. The total number of subscribers who have consumed at least 1MB on the Group’s GPRS, 3G or 4G Data Customer Base network in the last 30 days. The proportion of customers using Data services. Calculated by dividing the data customer base by Data customer penetration the total customer base. Calculated by dividing the total MBs consumed on the Group’s network during the relevant period by Data Usage per Customer the average data customer base over the same period and dividing the result by the number of months in the relevant period.

Diluted EPS is calculated by adjusting the profit for the year attributable to the shareholders and the weighted average number of shares considered for deriving basic EPS, for the effects of all the shares that could have been issued upon conversion of all dilutive potential shares. The dilutive potential Diluted Earnings per share shares are adjusted for the proceeds receivable had the shares actually been issued at fair value. Further, the dilutive potential shares are deemed converted as at beginning of the period, unless issued at a later date during the period.

EPS is calculated by dividing the profit for the period attributable to the owners of the company by the Earnings per share (EPS) weighted average number of ordinary shares outstanding during the period. One of the Group’s regional reporting segments. The region includes Airtel Africa's operations in East Africa Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia. An alternative performance measure (non-GAAP). Defined as operating profit before exceptional EBIT items. Foreign exchange rate Foreign exchange rate movements are specific items that are non-tax deductible in a few of our movements for non-DTA operating entities, hence these hinder a like-for-like comparison of the Group’s effective tax rate on a operating companies period-to-period basis and are therefore excluded when calculating the effective tax rate. One of the Group’s regional reporting segments, formerly referred to as `Rest of Africa`. The region Francophone Africa includes Airtel Africa's operations in Chad, the Democratic Republic of the Congo (DRC), Gabon, Madagascar, Niger and the Seychelles An alternative performance measure (non-GAAP). Free cash flow is defined as operating free cash Free Cash Flow flow less cash interest, cash tax and change in operating working capital. Information and ICT refers to all communication technologies, including the internet, wireless networks, cell phones, communication technologies computers, software, middleware, video-conferencing, social networking, and other media applications (ICT) and services. Interconnect user charges Interconnect user charges are the charges paid to the telecom operator on whose network a call is (IUC) terminated. An alternative performance measure (non-GAAP) indicating the Group's ability to pay interest on its Interest Coverage Ratio debts. Calculated as underlying EBITDA for the relevant period divided by interest on borrowing for the relevant period. Lease liability Lease liability represents the present value of future lease payment obligations.

An alternative performance measure (non-GAAP). Leverage (or leverage ratio) is calculated by dividing Leverage net debt at the end of the relevant period by the underlying EBITDA for the preceding 12 months.

Mobile Broadband Base Base stations that carry either 3G and/or 4G capability across all technologies and spectrum bands. stations

Mobile services are our core telecom services, mainly voice and data services, but also including Mobile services revenue from tower operation services provided by the Group and excluding Mobile money services.

An alternative performance measure (non-GAAP). The Group defines net debt as borrowings including Net Debt lease liabilities less cash and cash equivalents, term deposits with banks, processing costs related to borrowings and fair value hedge adjustments.

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Net Debt to underlying An alternative performance measure (non-GAAP). Calculated by dividing net debt at the end of the EBITDA (Annualized) relevant period by underlying EBITDA for the relevant period (annualised). An alternative performance measure (non-GAAP) Calculated by dividing net debt as at the end of the Net Debt to underlying relevant period by underlying EBITDA for the preceding 12 months (from the end of the relevant EBITDA (LTM) period). This is also referred to as the leverage ratio. Net profit margin It is computed by dividing Profit attributable to owners of the company by total revenue. An alternative performance measure (non-GAAP). Defined as total revenue adjusted for IUC Net Revenue (interconnection usage charges), cost of goods sold and mobile money commissions. Physical network infrastructure comprising a base transmission system (BTS) which holds the radio Network towers or “sites” transceivers (TRXs) that define a cell and coordinates the radio link protocols with the mobile device. It includes all ground-based, roof top and in-building solutions. Operating company (or OpCo) is a defined corporate business unit, providing telecoms services and Operating company (OpCo) mobile money services in the Group’s footprint. An alternative performance measure (non-GAAP). calculated by subtracting capital expenditure from Operating Free Cash flow underlying EBITDA. An alternative performance measure (non-GAAP). Operating leverage is a measure of the operating Operating leverage efficiency of the business. It is calculated by dividing operating expenditure (excluding regulatory charges) by total revenue. Operating profit is a GAAP measure of profitability. Calculated as revenue less operating expenditure Operating Profit (including depreciation and amortisation, and operating exceptional items). Other revenue includes revenues from messaging, value added services (VAS), enterprise, site Other revenue sharing and handset sale revenue.

Our reported currency is US dollars. Accordingly, actual periodic exchange rates are used to translate the local currency financial statements of OPCOs into US dollars. Under reported currency the assets Reported currency and liabilities are translated into US dollars at the exchange rates prevailing at the reporting date whereas the statements of profit and loss are translated into US dollars at monthly average exchange rates.

For the full year, ROCE is calculated by dividing EBIT for the period by the average of the opening and closing capital employed. Capital employed used for ROCE is defined as the sum of total equity and Return On Capital Employed net debt. For quarterly computations, ROCE is calculated by dividing EBIT for the preceding 12 months (ROCE) by the average capital employed (being the average of the capital employed averages for the preceding four quarters).

For the full year, ROE-post-tax is calculated by dividing net profit for the period by the closing equity Return on Equity (ROE)- attributable to equity holders of the company. For quarterly computations, ROE-post-tax is calculated Post-Tax by dividing net profit for the preceding 12 months by the closing equity attributable to equity holders of the company.

For the full year ended, it is computed by dividing profit before tax (including exceptional item) for the Return on Equity (ROE)- Pre- period by the closing Total Equity. For the quarterly computations, it is computed by dividing profit Tax before tax (including exceptional items) for the preceding last 12 months from the end of the relevant period by the closing Total Equity for the relevant period.

Revenue per site per month is calculated by dividing total revenue, excluding sale of goods (if any) Revenue per Site per month during the relevant period by the average number of sites; and dividing the result by the number of months in the relevant period. A smartphone is defined as a mobile phone with an interactive touch screen that allows the user to Smartphone access the internet and additional data applications, providing additional functionality to that of a basic phone which is used only for making voice calls and sending and receiving text messages. Smartphone Penetration Calculated by dividing the number of smartphone devices in use by the total number of customers. Total Employees Total on-roll employees as at the end of respective period. Total MBs consumed (uploaded & downloaded) by customers on the Group’s GPRS, 3G and 4G Total MBs on Network network during the relevant period. An alternative performance measure (non-GAAP). Defined as operating profit before depreciation, Underlying EBITDA amortisation, CSR cost and exceptional items.

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Underlying EBITDA An alternative performance measure (non-GAAP). Calculated by dividing underlying EBITDA for the Margin relevant period by revenue for the relevant period. Underlying Revenue The Group defines underlying revenue as revenue for the period adjusted for exceptional items.

Unstructured Supplementary Service Data (USSD), also known as "quick codes" or "feature codes", is a Unstructured communications protocol for GSM mobile operators, similar to SMS messaging. It has a variety of uses Supplementary Service such as WAP browsing, prepaid callback services, mobile-money services, location-based content Data services, menu-based information services, and for configuring phones on the network.

Calculated by dividing the total number of voice minutes of usage on the Group’s network during the Voice Minutes of Usage relevant period by the average number of customers and dividing the result by the number of months in per Customer per month the relevant period. Minutes of usage refer to the duration in minutes for which customers use the Group’s network for making Voice Minutes on Network and receiving voice calls. It is typically expressed over a period of one month. It includes all incoming and (Minutes of usage) outgoing call minutes, including roaming calls.

The weighted average number of shares is calculated by multiplying the number of outstanding shares Weighted average number by the portion of the reporting period those shares covered, doing this for each portion and then summing of shares the total.

Abbreviations

2G Second-Generation mobile Technology 3G Third-generation mobile technology 4G Fourth-generation mobile technology AAML Airtel Africa Mauritius Limited ARPU Average revenue per user bn Billion CAGR Compound annual growth rate Capex Capital expenditure CSR Corporate Social Responsibility EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation EPS Earnings Per Share FPPP Financial position and prospects procedures GAAP Generally Accepted Accounting Principles GB Gigabyte GDP Gross domestic product Group The Airtel Africa plc, together with its subsidiary undertakings referred to as the ‘Group’ HoldCo Holding company IAS International Accounting Standards ICT Information and communication technologies ICT (Hub) Information communication technology (Hub) IFRS IFRS International Financial Reporting Standards IMF International monetary fund IPO Initial public offering KPIs Key performance indicators KYC Know Your Customer

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LSE London stock exchange LTE Long-term evolution (4G technology) LTM Last twelve months MB Megabyte MI Minority Interest (Non-Controlling Interest) Mn Million NGO Non-governmental organisation NSE Nigerian stock exchange OPCO Operating company Opex Operating expenditure P2P Person to Person PAYG Pay-as-you-go pp Percentage points PPE Property, Plant and equipment QoS Quality of service RAN Radio access network SIM Subscriber identification module Single RAN Single radio access network SMS Short Messaging Service Single point of contact (Vendor SPOC: Designated person from vendor’s side who interacts with Airtel teams on a SPOC regular basis for various requirements) TB Terabyte Telecoms Telecommunications UoM Unit of measure USSD Unstructured supplementary service data

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Written correspondence to be sent to: Airtel Africa Investor Relations E-mail address: [email protected] Website: https://airtel.africa/investors Tel: (+44) 20 7493 9315

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