Strong and resilient operating performance across all regions despite foreign exchange headwinds, specifically in Nigeria.

Highlights Operating key performance indicators (KPIs)

• Total customer base grew by 9.7% to 147.7 million, as the penetration of mobile data and mobile money services continued to rise, driving a 23.0% increase in data customers to 59.8 million and a 23.1% increase in mobile money customers to 36.5 million.

• Constant currency ARPU growth of 9.8% was driven by increased usage across voice, data and mobile money.

• Mobile money transaction value increased by 45.3% in constant currency, with Q2’24 annualised transaction value of $116bn in reported currency.

Financial performance

• Revenue in constant currency grew by 19.7%, with reported currency revenues up by 2.3% to $2,623m. In Q2’24,

reported currency revenues declined by 4.7% reflecting a full quarter’s impact of the Nigerian naira devaluation in June 2023. Q2’24 constant currency revenues increased by 19.0%.

• Whilst reported currency revenue growth was impacted by currency devaluation, all segments delivered double-digit constant currency revenue growth. Across the Group mobile services revenue grew by 18.3% in constant currency, driven by voice revenue growth of 11.5% and data revenue growth of 28.1%. Mobile money revenue grew by 30.9% in constant currency.

• EBITDA increased by 21.2% in constant currency, and 3.7% in reported currency to $1,302m, with an EBITDA margin

of 49.6%, reflecting a 70bps margin improvement over the prior period despite inflationary cost pressures and foreign exchange headwinds. Reported currency EBITDA declined by 3.3% in Q2’24 as the full impact of the Nigerian naira devaluation in June 2023 was incorporated.

• Loss after tax was $13m driven largely by a foreign exchange loss of $471m recorded in finance cost before tax and $317m after tax because of the devaluation of the Nigerian naira in June 2023. This impact has been classified as an exceptional item.

• EPS before exceptional items was 7.0 cents, an improvement of 3.2%. EPS before exceptional items and excluding foreign exchange and derivative losses was 10.7 cents. Basic EPS at negative (1.5 cents) compared to 7.9 cents in the prior period, wasimpacted by $317m net exceptional loss on account of naira devaluation in June 2023.

Capital allocation

• Capex of $312m was marginally higher compared to the prior period. Capex guidance for the full year remains between $800m and $825m as we continue to invest for future growth.

• The remaining debt at HoldCo is $550m, falling due in May 2024. Cash at the HoldCo was $495m at the end of the period and the Group is well positioned to fully repay the HoldCo debt when due. Leverage of 1.3x in September 2023, was broadly stable despite the foreign exchange impact on EBITDA as a result of the Nigerian naira devaluation in June 2023.

• The Board has declared an interim dividend of 2.38 cents per share, an increase of 9%, in-line with our progressive dividend policy.

Sustainability strategy

• Our landmark five-year $57m partnership with UNICEF was launched across nine of the 13 of our markets providing access to educational resources, free of charge, on our way to reaching one million children through our programmes by 2027.

• Net zero journey continues with implementation of Scope 1 and 2 emissions reductions and development of a robust Scope 3 strategy, including stakeholder engagement.

Olusegun Ogunsanya, Group chief executive officer, on the trading update:

“I am pleased to report a strong operating performance for the Group despite foreign exchange headwinds in many of our

markets and specifically in Nigeria. The resilient growth in voice, data and mobile money usage levels reflects the inherent demand for these essential services across our footprint, and our six-pillar ‘win-with’ strategy continues to ensure we capture this growth opportunity by expanding our customer base and providing the platform to enable increased usage across the network.

This strong momentum is supported by continued cost efficiencies which enabled further EBITDA margin expansion.

As reported in July 2023, our results for the first quarter were significantly impacted by the changes to the FX market in Nigeria, introduced by the Central Bank.

Whilst the changes are required for the long-term benefit of the Nigerian economy, the immediate impact of the naira devaluation continues to weigh on our reported financial performance in the period.

Our focus remains to enhance long term value by continuing to drive sustained and efficient growth.

Over the last five years we have delivered constant currency revenue and EBITDA CAGR of 17.1% and 20.7% respectively, allowing us to further de-risk the balance sheet and improve profitability across the Group.

Looking forward, the delivery of affordable and reliable telecom and mobile money services across our markets remains our key focus. Our strong operating performance continues to make us a stronger and bigger company, which is well positioned to deliver against the growth opportunities these markets offer.

Despite the challenges of rising diesel prices in Nigeria, we aim to limit the impact with continued operational leverage and further cost efficiencies to deliver an improved EBITDA margin in FY’24 versus FY’23.” Alternative performance measures (APM) 1

(Half year ended)

Description Sep-23 Sep-22 Reported

currency

Constant

currency

$m $m change change

Revenue 2,623 2,565 2.3% 19.7%

EBITDA 1,302 1,255 3.7% 21.2%

EBITDA margin 49.6% 48.9% 70 bps 63 bps

EPS before exceptional items ($ cents) 7.0 6.8 3.2%

Operating free cash flow 990 945 4.8%

(1) Alternative performance measures (APM) are described on page 45.

GAAP measures

(Half year ended)

Description

Sep-23 Sep-22 Reported

currency

$m $m change

Revenue 2,623 2,565 2.3%

Operating profit 885 872 1.5%

(Loss)/Profit after tax (13) 330 (103.8%)

Basic EPS ($ cents) (1.5) 7.9 (118.5%)

Net cash generated from operating activities 1,121 1,011 10.8%

About Airtel Africa

Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in

Africa, primarily in East Africa and Central and West Africa.

Airtel Africa offers an integrated suite of telecoms solutions to its subscribers, including mobile voice and data services as

well as mobile money services, both nationally and internationally. We aim to continue providing a simple and intuitive

customer experience through streamlined customer journeys.

Enquiries

Airtel Africa – Investor Relations

Pier Falcione

Alastair Jones

[email protected]

+44 7446 858 280

+44 7464 830 011

+44 207 493 9315

Hudson Sandler

Nick Lyon

Emily Dillon

[email protected] +44 207 796 4133

Conference call

Management will host an analyst and investor conference call at 12:00pm UK time (BST), on Monday 30th October 2023,

including a Question-and-Answersession.

To receive an invitation with the dial in numbers to participate in the event, please register beforehand using the following

link:

Conference call registration link

Key consolidated financial information

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change %

Constant

currency

change %

Sep-23 Sep-22

Reported

currency

change %

Constant

currency

change %

Profit and loss summary

Revenue 1 $m 2,623 2,565 2.3% 19.7% 1,246 1,308 (4.7%) 19.0%

Voice revenue $m 1,169 1,226 (4.6%) 11.5% 548 616 (11.1%) 11.2%

Data revenue $m 915 864 5.9% 28.1% 429 446 (3.8%) 26.6%

Mobile money revenue 2 $m 416 332 25.3% 30.9% 215 173 24.5% 30.5%

Other revenue $m 216 216 (0.0%) 18.9% 102 110 (7.2%) 18.2%

Expenses $m (1,337) (1,316) 1.6% 19.0% (635) (671) (5.4%) 18.7%

EBITDA 3 $m 1,302 1,255 3.7% 21.2% 620 641 (3.3%) 20.1%

EBITDA margin % 49.6% 48.9% 70 bps 63 bps 49.8% 49.0% 73 bps 44 bps

Depreciation and amortisation $m (417) (383) 8.8% 27.4% (197) (195) 1.1% 27.5%

Operating exceptional items $m – – 0.0% 0.0% – – 0.0% 0.0%

Operating profit $m 885 872 1.5% 18.5% 423 446 (5.2%) 16.9%

Other finance cost – net of

finance income $m (402) (358) 12.4% (190) (206) (7.6%)

Finance cost – exceptional items 4 $m (471) – – – – –

Total finance cost $m (873) (358) (144.1%) (190) (206) (7.6%)

(Loss)/Profit before tax $m 12 516 (97.7%) 233 240 (3.1%)

Tax 5 $m (179) (228) (21.5%) (95) (109) (13.2%)

Tax – exceptional items 4, 6 $m 154 42 270.0% – 21 (100.0%)

Total tax credit/(charge) $m (25) (186) (86.7%) (95) (88) 7.3%

(Loss)/Profit after tax $m (13) 330 (103.8%) 138 152 (8.8%)

Non-controlling interest $m (42) (34) 22.4% (23) (19) 16.0%

Profit attributable to owners of

the company – before

exceptional items

$m 262 254 3.1% 115 112 3.3%

(Loss)/Profit attributable to

owners of the company $m (55) 296 (118.4%) 115 133 (13.2%)

EPS – before exceptional items cents 7.0 6.8 3.2% 3.1 3.0 2.9%

Basic EPS cents (1.5) 7.9 (118.5%) 3.1 3.5 (13.2%)

Weighted average number of

shares million 3,751 3,753 (0.1%) 3,751 3,752 (0.0%)

Capex $m 312 310 0.5% 172 169 1.3%

Operating free cash flow $m 990 945 4.8% 448 472 (5.0%)

Net cash generated from operating

activities $m 1,121 1,011 10.8% 541 622 (13.2%)

Net debt $m 3,327 3,278 3,327 3,278

Leverage (net debt to EBITDA) times 1.3x 1.3x 1.3x 1.3x

Return on capital employed % 24.7% 23.5% 127 bps 23.7% 23.7% (4) bps

Operating KPIs

ARPU $ 3.0 3.2 (6.2%) 9.8% 2.9 3.3 (13.0%) 8.6%

Total customer base million 147.7 134.7 9.7% 147.7 134.7 9.7%

Data customer base million 59.8 48.6 23.0% 59.8 48.6 23.0%

Mobile money customer base million 36.5 29.7 23.1% 36.5 29.7 23.1%

(1) Revenue includes inter-segment eliminations of $93m forthe half year ended 30 September 2023 and $73m for the prior period.

(2) Mobile money revenue post inter-segment eliminations with mobile services was $323m for the half year ended 30 September 2023, and $259m for the prior period.

(3) EBITDA includes other income of $16m for the half year ended 30 September 2023 and $6m for the prior period.

(4) Exceptional items of $471m for the half year ended 30 September 2023 is on account of derivative and foreign exchange losses due to Nigerian naira devaluation in June

2023 (from 465.1 NGN/USD in May 2023 to 752.2 NGN/USD in June 2023). This has resulted in an exceptional tax gain of $154m. Hence, there was a negative impact of

$317m on loss after tax.

(5) The tax charge of $179m is net of a tax gain of $30m arising from reversal of deferred tax liability on account of a reduction of undistributed retained earnings of Nigeria.

This reduction is an indirect consequence of a one-time exceptional foreign exchange loss of $471m. The $30m tax gain is not treated as exceptional.

Financial review for half year ended 30 September 2023

Revenue in reported currency grew by 2.3%, with constant currency growth of 19.7% for the Group. The gap in constant

and reported currency revenue growth of 17.4% in H1’24 is primarily due to the impact of average currency devaluations

between the periods, mainly in the Nigerian naira (51.7%), the Zambian kwacha (14.9%), the Kenyan shilling (19.3%), the

Malawi kwacha (10.6%), the Madagascar ariary (8.8%) and the Tanzania shilling (4.0%), in turn, partially offset by

appreciation in the Central African franc (4.9%).

Double digit constant currency revenue growth was posted across all reporting segments. In mobile services, revenue in

Nigeria was up by 21.7%, East Africa up by 20.6% and Francophone Africa by 10.9%, respectively. Group mobile services

revenue grew by 18.3%, with voice revenue growth of 11.5%, data revenue growth of 28.1% and other revenues growing

by 19.0%. Mobile money revenue grew by 30.9% in constant currency, driven by growth of 34.9% in East Africa and 18.7%

in Francophone Africa, respectively.

During the period, the Nigerian naira devalued from 461 per US dollar to 777, resulting in a 40.6% appreciation in the US

dollar since 31 March 2023. The most significant part of the devaluation occurred in June 2023 when the Nigerian naira

devalued to 752 NGN/USD, resulting in only a partial impact on revenue and EBITDA in the reporting period. If the closing

rate of 777 NGN/USD were to be used to consolidate the results of the Group for the half year ended 30 September 2023,

reported revenues would have declined by 5.1% to $2,434m, as opposed to 2.3% growth which was reported. Similarly,

reported EBITDA would have declined by 4.1% to $1,204m, as opposed to the 3.7% growth reported.

The translation impact of the Nigerian naira devaluation to 777 NGN/USD overthe period is expected to be between $900m

and $950m on annualised revenue and between $450m and $500m on annualised EBITDA. The impact of the Nigerian naira

devaluation on reported revenue and EBITDA for the period ending 30 September 2023 was $283m and $153m,

respectively.

Total finance costs increased from $358m to $873m during the period. The primary driver of this increase was the $471m

exceptional item reflecting the revaluation impact of USD balance sheet liabilities and derivatives in Nigeria following the

naira devaluation in June 2023 (for a more detailed explanation, refer to the Q1’24 RNS). Excluding this exceptional item,

finance costs increased by $44m largely as a result of increased debt in the operating entities which carries a higher

average interest rate.

Total tax charges primarily reflected an exceptional gain of $154m on account of the Nigerian naira devaluation during the

current period compared with the deferred tax credit of $42m in Kenya in the prior period, hence a higher exceptional gain

of $112m. Tax charges excluding exceptional items was $179m compared to $228m in the prior period. Basic EPS at negative

(1.5 cents) was largely impacted by the derivative and exchange loss following the Nigerian naira devaluation in June 2023.

EPS before exceptional items and excluding foreign exchange and derivative losses was 10.7 cents, up by 0.2 cents.

Leverage at 1.3x was broadly unchanged. Following the prepayment of $450m bonds in July 2022, the remaining debt at

HoldCo is now $550m. Cash at the HoldCo was $495m at the end of the period and the Group is well positioned to fully

repay the HoldCo debt when due in May 2024. The EBITDA used to calculate the leverage ratio of 1.3x is based on the last

12 months to September 2023 and, therefore, does not fully incorporate the impact from the devaluation of the Nigerian

naira. On a 12 months basis, after including the impact of the Nigeria naira devaluation seen to date on both the P&L and

balance sheet, the leverage ratio is expected to be between 1.3x and 1.4x.

GAAP measures

Revenue

Reported revenue increased to $2,623m, up by 2.3% in reported currency, and by 19.7% in constant currency driven by

both customer base growth of 9.7% and ARPU growth of 9.8%. Reported revenues declined by 4.7% in Q2’24 reflecting the

full impact of the Nigerian naira devaluation in June 2023. The constant currency revenue growth was partially offset by

average currency devaluations between the periods, mainly in the Nigerian naira (51.7%), the Zambian kwacha (14.9%), the

Kenyan shilling (19.3%), the Malawi kwacha (10.6%), the Madagascar ariary (8.8%) and the Tanzania shilling (4.0%) in turn

partially offset by appreciation in the Central African franc (4.9%).

Mobile services revenue grew by 18.3% in constant currency, supported by growth of 21.7% in Nigeria, 20.6% in East Africa

and 10.9% in Francophone Africa, respectively. Mobile money revenue grew by 30.9% in constant currency, driven by

revenue growth in East Africa of 34.9% and Francophone Africa of 18.7%.

During the period, the Nigerian naira devalued from 461 per US dollar to 777, resulting in a 40.6% appreciation in the US

dollar since 31 March 2023. The most significant part of the devaluation occurred in June 2023 when the Nigerian naira

devalued to 752NGN/USD, resulting in only a partial impact on revenues for the reporting period. If the closing rate of 777

NGN/USD were to be used to consolidate the results of the Group for the half year ended 30 September 2023, reported

revenues would have declined by 5.1% to $2,434m, as opposed to 2.3% growth which was reported.

The translation impact of the Nigerian naira devaluation to 777 NGN/USD overthe period is expected to be between $900m

and $950m on annualised revenue. The Nigerian naira devaluation impacted revenues by $283m during the period ended

30 September 2023.

Operating profit

Operating profit in reported currency increased by 1.5% to $885m as a result of revenue growth and continued

improvements in operating efficiency across the Group.

Net finance costs

Net finance costs (including loss on foreign exchange and derivatives and an exceptional item due to the Nigerian naira

devaluation in June 2023) increased by $515m to $873m in the half year. Of the $515m, $471m related to the Nigerian

naira devaluation in June 2023 which has been reported as an exceptional item. Adjusting for this exceptional item, net

finance costs (including loss on foreign exchange and derivatives) increased by $44m, largely driven by higher interest on

market debt predominantly resulting from spectrum acquisitions and licence renewal payments made over the last year

and higher interest on lease liabilities.

The Group’s effective interest rate increased to 8.8% compared to 6.4% in the prior period, largely driven by higher local

currency debt at the OpCo level, in line with our strategy to move more debt into our operating entities.

Taxation

Total tax charges reflected an exceptional gain of $154m on account of the Nigerian naira devaluation during the current

half year compared with deferred tax credit of $42m in Kenya in the prior period, hence a higher exceptional gain of $112m.

Tax charges excluding exceptional items was $179m as compared to $228m in the prior period. The tax charge of $179m is

net of a tax gain of $30m arising fromthe reversal of deferred tax liability on account of a reduction of undistributed retained

earnings of Nigeria. This reduction is an indirect consequence of the impact of the Nigerian naira devaluation. Total tax

charges were $25m as compared to $186m in the prior period.

Profit after tax

Profit after tax was negative ($13m) largely driven by $654m of foreign exchange and derivative losses as a result of the

revaluation of foreign currency liabilities in the OpCos. In particular, the devaluation of the Nigerian naira in June 2023

resulted in a foreign exchange loss of $317m after tax. The impact of the Nigerian naira devaluation has been classified as

an exceptional item. Excluding the impact ofthese exceptional items, profit after tax would be $304m, compared to $288m

in the prior period.

Basic EPS

Basic EPS at negative (1.5 cents), as compared to 7.9 cents in the prior period, wasimpacted by $317m net exceptional loss

on account of naira devaluation in the month of June 2023. EPS before exceptional items and excluding foreign exchange

and derivative losses was 10.7 cents. During the period we benefitted from a $30m one-off gain arising from reversal of

deferred tax liability on account of the reduction of undistributed retained earnings of Nigeria. This reduction is an indirect

consequence of the impact of the Nigerian naira devaluation.

Net cash generated from operating activities

Net cash generated from operating activities was $1,121m, 10.8% higher than the $1,011m of the prior period. This was

largely due to lower cash tax payments (higher tax payment in last year due to higher dividend tax) and higher operating

cash flows.

Alternative performance measures1

EBITDA

EBITDA increased to $1,302m, up by 3.7% in reported currency, and by 21.2% in constant currency. Growth in EBITDA was

led by revenue growth and supported by continued improvement in operating efficiencies which more than offset

inflationary cost pressures. The EBITDA margin improved by 70 basis points in reported currency to 49.6%. In Q2’24, EBITDA

margins did benefit from a 15% reduction in Nigerian diesel prices compared to the prior period.

Foreign exchange had an adverse impact of $345m on revenue, and $165m on EBITDA, as a result of average currency

devaluations, mainly in the Nigerian naira (51.7%), the Zambian kwacha (14.9%), the Kenyan shilling (19.3%), the Malawi

kwacha (10.6%), the Madagascar ariary (8.8%) and the Tanzania shilling (4.0%) in turn partially offset by appreciation in the

Central African franc (4.9%).

During the period, the Nigerian naira devalued from 461 per US dollar to 777, resulting in a 40.6% appreciation in the US

dollar since 31 March 2023. The most significant part of the devaluation occurred in June 2023, when the Nigerian naira

devalued to 752 NGN/USD, resulting in only a partial impact on EBITDA for the reporting period. If the closing rate of 777

NGN/USD were to be used to consolidate the results of the Group for the half year ended 30 September 2023, reported

EBITDA would have declined by 4.1% to $1,204m, as opposed to 3.7% growth which was reported.

The translation impact of the Nigerian naira devaluation to 777 NGN/USD during the period is expected to be between

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$450m and $500m on annualised EBITDA. The impact of the Nigerian naira devaluation on reported EBITDA for the period

ending 30 September 2023 was $153m.

With respect to currency devaluation sensitivity going forward, on a 12-month basis, a further 1% USD appreciation across

all currencies in our OpCos would have a negative impact of $49m on revenues, $24m on EBITDA and $19m on finance

costs (excluding derivatives). Our largest exposure is to the Nigerian naira, for which a further 1% USD appreciation would

have a negative impact of $14m on revenues, $8m on EBITDA and $7m on finance costs (excluding derivatives). This

sensitivity analysis assumes the USD appreciation occurs at the beginning of the period.

For detailed disclosure on the currency devaluation risk posed to the Group, see ‘Risk Factors’.

Tax

The effective tax rate was 39.0%, compared to 39.4% in the prior period, largely due to profit mix changes amongst the

OpCos and the lower impact of withholding taxes on dividends. The effective tax rate is higher than the weighted average

statutory corporate tax rate of approximately 33%, largely due to the profit mix between various OpCos and withholding

taxes on dividends by subsidiaries.

Exceptional items

The exceptional item of $471m is on account of derivative and foreign exchange losses following the Nigerian naira

devaluation in June 2023 (from 465 NGN/USD in May 2023 to 752 NGN/USDin Jun 2023). This has resulted in an exceptional

tax gain of $154m. Tax exceptional items in the previous period benefited from the initial recognition of a deferred tax

credit of $42m in Kenya.

EPS before exceptional items

EPS before exceptional items was at 7.0 cents, 3.2% higher compared to 6.8 cents in the prior period. Current period EPS

was negatively impacted due to higher finance cost including foreign exchange and derivative losses. EPS before exceptional

items and excluding foreign exchange and derivative losses was 10.7 cents, up by 0.2 cents.During the period we benefitted

from a $30m one-off gain arising from reversal of deferred tax liability on account of the reduction of undistributed retained

earnings of Nigeria. This reduction is an indirect consequence of the impact of the Nigerian naira devaluation.

Operating free cash flow

Operating free cash flow was $990m, up by 4.8%, as a result of higher EBITDA during the period. Capital expenditure during

the period of $312m was marginally higher compared to the prior period.

Leverage

Leverage (net debt to EBITDA) at 1.3x in September 2023 was stable over the prior period despite $500m of spectrum

investment in the last fiscal year and the renewal of the 2100 MHz spectrum licence in Nigeria in the period. Following the

prepayment of $450m bonds in July 2022, the remaining debt at HoldCo is now $550m, falling due in May 2024. Cash at

HoldCo was $495m at the end of the period and the Group is well positioned to fully repay the HoldCo debt when due.

The EBITDA used to calculate the leverage ratio of 1.3x is based on the last 12 months and, therefore, does not fully

incorporate the impact from the devaluation of the Nigerian naira. On a 12 months basis, after including the impact of the

Nigerian naira devaluation seen to date on both the P&L and balance sheet, the leverage ratio is expected to be between

1.3x and 1.4x.

Other significant updates

Nigerian naira devaluation

On 14 June 2023, the Central Bank of Nigeria (CBN) announced changes to the operations in the Nigerian Foreign Exchange

(FX) market, including the abolishment of segmentation, with all segments now collapsing into the Investors and Exporters

(I&E) window and the reintroduction of the ‘Willing Buyer, Willing Seller’ model at the I&E window. As a result of the CBN

decision, the US dollar has appreciated against the Nigerian naira in the I&E window. The market expectation is that the

new foreign currency policy and subsequent realignment of the several market exchange rates will provide greater US dollar

liquidity over time and help to alleviate the challenges faced in the last few years to access US dollars in the market.

The Group continues to invest in Nigeria to enable it to capture the growth opportunity. This continued investment will

facilitate growth, drive continued digitalisation across the country, facilitate economic progress and transform lives

across Nigeria.

Nigeria 2100 MHz spectrum renewal

On 9 May 2023, the Group announced that its Nigerian subsidiary, Airtel Networks Limited (‘Airtel Nigeria’), had made a

payment of NGN58.7bn ($127.4m), payable to the Nigerian Communications Commission (NCC), to renew its 2x10MHz

2100 MHz spectrum licence, which will be valid for a period of 15 years following the expiry of the previous licence (30 April

2022).

This investment to renew the licence reflects our continued confidence in the opportunity inherent across the Nigerian

market, supporting the local communities and economies through furthering digital inclusion and connectivity.

Uganda spectrum

The regulator had previously issued an invitation to apply for spectrum in various bands (700, 800, 2300, 2600, 3300, 3500,

etc). On 7 June 2023, Airtel Uganda has submitted its application for acquisition of additional spectrum of 10 MHz in 800

band, 100 MHz in 3500 band and 500 MHz in E-band along with a bank guarantee of $1.5m. There is no upfront payout for

spectrum but, instead, there is an annual payout of $1.2m for a period of 17 years, which is the validity period for the

spectrum. On 26 June 2023, the Uganda Communications Commission confirmed that Airtel Uganda Limited had qualified

for the award of the 800 MHz and 3500 MHzspectrum.

Uganda IPO update

Under Article 16 of Uganda’s National Telecom Operator (‘NTO’) licence, Airtel Uganda Limited is obliged to comply with

the sector policy, regulations and guidelines requiring the listing of part of its shares on the Uganda Stock Exchange. The

current Uganda Communications (Fees & Fines) (Amendment) Regulations 2020, creates a public listing obligation for all

NTO licensees, and specifies that 20% of the shares of the operator must be listed within two years of the date of the

effective date of the licence. Airtel Uganda applied for an extension of listing date and was granted a 1-year extension to

16 December 2023.

On 29 August 2023, Airtel Uganda Limited issued a prospectus in relation to the offer for sale of 8,000,000,000 ordinary

shares, representing 20% of Airtel Uganda Limited. The listing of Airtel Uganda Limited will be on the Main Investment

Market Segment of the Uganda Securities Exchange. The offer closed on 27 October 2023, with the announcement of

allocation on 6 November 2023, and the admission to listing on 7 November 2023.

Further details on the Uganda IPO can be found at https://www.airtel.co.ug/ipo-ug.

Share capital reduction

On 15 August 2023, Airtel Africa announced the cancellation and extinction of all of its deferred shares of USD 0.50 nominal

value each (the ‘capital reduction’), which was approved by shareholders at the annual general meeting of the Company

held on 4 July 2023. The cancellation and extinction was sanctioned by the High Court of England and Wales(the ‘High

Court’). The effect of the capital reduction is to create additional distributable reserves which will be available to the

company going forward and may be used to facilitate returns to shareholders in the future, whether in the form of

dividends, distributions or purchases of the company’s own shares.

The company confirms that, following the capital reduction, the issued share capital of the company will be 3,758,151,504

ordinary shares of USD 0.50 nominal value each, carrying one vote each. There are no shares held in treasury. The total

voting rights in the company therefore will be 3,758,151,504.

Dividend payment timetable

The board has declared an interim dividend of 2.38 cents per share for the period ended 30 September 2023, payable on

15 December 2023 to shareholders recorded in the register at the close of business on 10 November 2023.

Last day to trade shares cum dividend 8 November 2023

Shares commence trading ex-dividend 9 November 2023

Record date 10 November 2023

Currency election date 27 November 2023

Payment date 15 December 2023

10

Strategic overview

The Group provides telecoms and mobile money services in 14 emerging markets of sub-Saharan Africa. Our markets are

characterised by huge geographies with relatively sparse populations, high population growth rates, high proportions of

youth, low smartphone penetration, low data penetration and relatively unbanked populations. Unique mobile user

penetration across the Group’s footprint is around 48%, and banking penetration remains under 50%. These indicators

illustrate the significant opportunity still available to Airtel Africa to enhance both digital and financial inclusion in the

communities we serve, enriching and transforming their lives through digitalisation, whilst at the same time growing our

revenues profitably across each of our key services of voice, data and mobile money.

The Group continues to invest in its network and distribution infrastructure to enhance both mobile connectivity and

financial inclusion across our countries of operation. In particular, we continued to invest in expanding our 4G network

footprint to increase data capacity in our networks to support future business growth, as well as deploying new sites,

especially in rural areas, to enhance coverage and connectivity.

We describe our ‘win with’ strategy through six strategic pillars. Our customers are at the core of our strategy, through our

corporate purpose of transforming lives.

Our focus on digitalisation, of our products and services as well as our internal systems and processes, increasingly functions

as a catalyst, or an ‘accelerator’, for each of our strategic pillars.

Underpinning the Group’s business strategy for growth is our sustainability strategy which supports our well-established

corporate purpose of transforming lives, our continued commitment to driving sustainable development and acting as a

responsible business. Our sustainability strategy sets out our goals and commitments to foster financial inclusion, bridge

the digital divide and serve more customers in some of the least penetrated telecommunication markets in the world.

This year, we continued to make strong progress across each of our core strategic pillars: ‘Win with technology’, ‘Win with

distribution’, ‘Win with data’, ‘Win with mobile money’, ‘Win with cost’ and ‘Win with people’.

Win with technology

The Group remains focused on delivering best-in-class services, expanding 4G networks and launched new 5G technology

in key markets including Kenya, Nigeria, Tanzania, Uganda and Zambia by investing in 5G spectrum. Reaching underserved

communities is a key priority, and we continue to increase rural coverage through new site rollouts, additional spectrum

and new technology investments across our markets – despite inflationary challenges during the year.

As part of ensuring our services are future ready, in addition to purchasing spectrum, we grew our fibre infrastructure and

tested our 5G capabilities. After exploring the potential for additional third-party revenue streams, we have invested in data

centres to further support digital inclusion across our markets. We continued to strengthen our fibre business, which is now

delivering encouraging revenue growth. During the year we added a further 5,000 km of fibre, with a total of 73,600 km

now deployed. Additionally, we expanded our international data capacity via submarine cables by 100%.

Overall, the capacity investment has resulted in a 48.8% increase in data capacity – reaching 28,200+ terabytes (TB) per

day, with peak hour data utilisation at 48.3% allowing for increased network resilience and an enriched service continuity.

The Group has continued to invest in spectrum across several markets which will underpin its growth ambitions. In Nigeria,

we acquired 5G spectrum in the 3500 MHz band, and also added to our 2600 MHz spectrum. We also acquired spectrum

in Tanzania, Uganda, Zambia, Kenya, Malawi, the DRC, and the Seychelles, which will help us to maximise network capacity and coverage.

Following substantial spectrum acquisitions over the last year, we further invested in the renewal of 2100 MHz spectrum in Nigeria during the period. Continued investment into spectrum across our markets will further enhance network capacity and coverage.

11

Win with distribution

We continue to strengthen our exclusive channel of kiosks/mini-shops and Airtel Money branches along with multi-brand

outlets in both urban and rural markets. We offer a simplified and enhanced Know Your Customer (KYC) app to provide a

seamless customer onboarding experience. These have enabled us to add customers, resulting in customer base growth of

9.7%, and helped us grow voice revenue by 11.5% in constant currency.

The Group continued its investment in strengthening our distribution network infrastructure, with a focus on rural

distribution networks. During the period, the Group expanded its exclusive franchise stores, adding around 19,000 kiosks

and mini shops (taking the total to almost 81,000 kiosks and mini shops) and 900 Airtel Money branches(AMBs) across our

footprint. The Group also added more than 27,900 activating outlets, an increase of 9%.

Win with data

With continued investments in the expansion of our 4G network and launching 5G in several OpCos, the clear focus is on

enhancing the customer experience acrossthe network. This is not only for mobile users but also for broadband enterprise

users to support continued data ARPU and data revenue growth.

Expansion of the 4G network and improved user experience has helped drive increased smartphone penetration, customer

ARPU and consumption per data user across the segments. Smartphone penetration was up 2.6 percentage pointsto 37.7%

and data customer grew by 23.0%, now representing 40.5% of our total base. Data usage per customer per month also

grew by 19.4% and reached 5.1 GB per month from 4.3 GB a year ago. This increase was led by increased smartphone

penetration and an expansion of our home broadband and enterprise customers.

All the above contributed to a 28.1% growth in constant currency data revenue. 4G handset users data usage constituted

79.6% of total data usage on the network in Q2’24 growing at 53.9%, with 4G data usage per data customer of over 8.4GB

per month.

Win with mobile money

The low penetration of traditional banking services across our footprint leaves a large number of unbanked customers

whose needs can be largely fulfilled through mobile money services. We aim to drive the uptake of Airtel Money services

in all our markets, harnessing the ability of our profitable mobile money business model to enhance financial inclusion in

some of the most ‘unbanked’ populations in the world.

During the period, we focussed on growing our ecosystem and driving customer acquisition. We launched new international

money transfer routes, as well as new loan products and continued to integrate more partners into our ecosystem.

We continued to expand our exclusive distribution channel of AMBs and kiosks to ensure availability of services to

customers, even in the rural areas. The number of kiosks and mini shops increased by 31% and Airtel Money branches by

over 9%. Furthermore, our non-exclusive channel of mobile money agents expanded by 46%, following implementation of

our digital on-boarding journey. Our distribution expansion and enhanced offerings helped drive 23.1% growth in our

mobile money customer base, now serving 36.5 million customers, which represents 24.8% of our total customer base.

Our Nigeria PSB license remains an opportunity for the Group. During this half year, we accelerated our customer

acquisition strategy and our customer base is 1.9 million active customers. We continue to build the ecosystem to grow our

transaction value.

Along with data, mobile money continues to be one of our fastest growing services, delivering revenue growth of 30.9% in

half year. It is an increasingly important part of our business, with $116bn of Q2’24 annualised transaction value in reported

currency. Mobile money revenue accounts for 15.9% of the Group revenuesin the period.

Mobile money ARPU increased by 6.3% in constant currency over the period, driven by increased transaction values and

higher contributions from cash transactions, P2P transfers and mobile services recharges through Airtel Money.

Win with cost

Despite the impact of inflationary pressure across the Group and continuing high fuel prices across countries, our ‘win with cost’ initiatives have supported the resilience of our profitability.

12

We continue our focus on enhancing cost efficiency through changes in the operating design and response to the

macroeconomic changes, an example of which isthe roll out of a majority of new sites using green initiatives (solar, batteries

and grid connection). We embrace robust cost discipline and continuously seek to improve our processes to reduce

operating costs, delivering one of the highest EBITDA margins in the industry. We also continue to embrace the latest

technology to optimally design our networks and improve our capital expenditure efficiency enabling us to build large

incremental capacities at lower marginal cost.

We are undertaking various cost efficiency initiatives to mitigate the headwinds, relating mainly to: (i) working with tower

companies(towecos) to invest more in energy efficient equipment (including in lithium batteries and solar equipment), (ii)

enhance grid connectivity, (iii) transmission re-routing to optimise lease line capacity and (iv) shift towards digital recharges,

especially through Airtel Money to reduce commission pay-outs.

Win with people

Our ongoing commitment to listen to our employees remains robust. The next engagement survey will be conducted in

July 2024 to measure employee sentiment on critical matters affecting them such as collaboration, values, reward and

most importantly engagement. Currently the employee engagement survey scores remain at 81%, being 2% higher than

the previous survey.

We recognise the importance of having diverse teams in light of the diverse communities we serve across our 14 OpCos.

Gender diversity remains a key focus area and currently stands at 27.2%, and we had an increase of different nationalities

to 41. Additional focus on accelerating the recruitment and promotion by merit of female talent within the business is

ongoing.

Building our talent capability and capacity remains a key focus and we encourage our teams to take ownership of their

learning through our online learning platforms, on-the-job training, and coaching. In addition to this, building leadership

capability and functional expertise remains at the heart of our learning and development programmes. An example of

our capacity and capability building programme includes the Airtel Africa mobility programme which was designed to sup-

port talent retention, development, and succession planning. The programme provides exposure and learning opportuni-

ties to high potential and top performing talent as part of an accelerated career development programme.

Our high-performance culture is a core pillar of the people strategy to drive business performance. This is aligned to our

reward philosophy where ‘pay for performance’ based on key result areas which each employee is measured on.

We recognise the value of providing a great work experience for our people. We are keen to translate these experiences

into transformational experiences- for all our employees and those in the communities we serve.

13

Financial review for half year ended 30 September 2023

Nigeria –Mobile services

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Summarised statement of

Operations

Revenue $m 878 1,040 (15.6%) 21.7% 350 523 (33.1%) 20.4%

Voice revenue 1 $m 414 512 (19.0%) 16.1% 161 253 (36.4%) 14.4%

Data revenue $m 385 431 (10.7%) 29.3% 157 221 (29.1%) 27.6%

Other revenue 2 $m 79 97 (19.1%) 17.0% 32 49 (34.1%) 18.6%

EBITDA $m 474 533 (11.0%) 28.7% 190 259 (26.5%) 32.3%

EBITDA margin % 54.0% 51.2% 279 bps 295 bps 54.4% 49.5% 491 bps 489 bps

Depreciation and amortisation $m (156) (156) (0.1%) 46.1% (66) (81) (18.7%) 46.2%

Operating exceptional items $m – – 0.0% 0.0% – – 0.0% 0.0%

Operating profit $m 298 360 (17.2%) 18.5% 116 169 (31.4%) 23.6%

Capex $m 109 134 (18.4%) (18.4%) 62 77 (20.4%) (20.4%)

Operating free cash flow $m 365 399 (8.5%) 66.4% 128 182 (29.2%) 90.3%

Operating KPIs

Total customer base million 48.6 46.3 5.0% 48.6 46.3 5.0%

Data customer base million 24.2 20.6 17.4% 24.2 20.6 17.4%

Mobile services ARPU $ 3.0 3.8 (20.0%) 15.3% 2.4 3.8 (36.4%) 14.5%

(1) Voice revenue includes inter-segment revenue of $1m in the half-year ended 30 September 2022. Excluding inter-segment revenue, voice revenue was $511m in half-year

ended 30 September 2022.

(2) Other revenue includes inter-segment revenue of $1m in the half-year ended 30 September 2023 and in the prior period. Excluding inter-segment revenue, other revenue

was $78m in half-year ended 30 September 2023 and $96m in the prior period.

Revenue declined by 15.6% in reported currency to $878m and grew by 21.7% in constant currency. The differential in

growth rates is primarily attributed to the 51.7% average devaluation in Nigerian naira. Q2’24 reported currency revenues

declined by 33.1% reflecting the full impact of the Nigerian naira devaluation in June 2023. The constant currency revenue

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growth was driven by both customer base growth of 5.0% and ARPU growth of 15.3%, largely driven by higher data revenue

growth.

Voice revenue grew by 16.1% in constant currency, driven by both customer base growth of 5.0% and ARPU growth of

10.0%.

Data revenue grew by 29.3% in constant currency, driven by data customer base growth of 17.4% and data ARPU growth

of 12.3%. Data usage per customer increased by 23.8% to 5.9GB per month (from 4.8GB in the prior period). Our continued

4G network rollout has resulted in nearly 100% of all our sites delivering 4G services. Furthermore, 233 5G sites are now

operational. For the Q2’24 period, 4G customers accounted for 51.1% of our total data customer base and contributed to

85.3% of total data usage. Q2’24 4G data usage per customer reached 11.7 GB per month, an increase of 41.3% (from 8.3

GB per customer per month in Q2’23).

Other revenues grew by 17.0% in constant currency, contributed by growth in messaging and value-added services coupled

with 25.7% growth in leased line revenue.

EBITDA was $474m, up by 28.7% in constant currency. The EBITDA margin increase to 54.0% from 51.2% was primarily due

to the growth in constant currency revenues, supported by continued cost efficiencies. In Q2’24, EBITDA margins did benefit

from a 15% reduction in diesel prices compared to the prior period. The US dollar component of operating costs within our

Nigerian business is minimal, and therefore it does not have a material impact on the EBITDA margins following theNigerian

naira devaluation. New legislation on VAT levied against tower company payments in Nigeria was implemented on 1

September 2023, therefore only one month’s impact ($1.5m) was incorporated in the period.

Operating free cash flow was $365m, up by 66.4% in constant currency, largely due to the strong EBITDA performance and lower capex.

The lower capex reflects timing, with no change to the capex outlook.

14

East Africa – Mobile services 1

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Summarised statement of

operations

Revenue $m 822 740 11.0% 20.6% 424 381 11.2% 21.4%

Voice revenue 2 $m 441 417 5.6% 14.6% 229 214 7.1% 16.4%

Data revenue $m 309 257 20.3% 31.0% 158 134 17.8% 29.3%

Other revenue 3 $m 72 66 8.7% 18.8% 37 33 11.1% 22.1%

EBITDA $m 408 362 12.7% 21.6% 213 193 10.1% 19.4%

EBITDA margin % 49.7% 48.9% 79 bps 40 bps 50.2% 50.7% (51) bps (83) bps

Depreciation and amortisation $m (145) (123) 17.3% 27.2% (71) (63) 12.8% 23.0%

Operating exceptional items $m – – 0.0% 0.0% – – 0.0% 0.0%

Operating profit $m 240 222 8.4% 16.6% 129 121 7.3% 16.3%

Capex $m 107 90 18.0% 18.0% 53 47 12.8% 12.8%

Operating free cash flow $m 301 272 11.0% 23.0% 160 146 9.3% 21.7%

Operating KPIs

Total customer base million 68.1 61.4 11.0% 68.1 61.4 11.0%

Data customer base million 25.7 20.1 27.7% 25.7 20.1 27.7%

Mobile services ARPU $ 2.1 2.1 0.3% 9.0% 2.1 2.1 (0.0%) 9.1%

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

(2) Voice revenue includes inter-segment revenue of $1m in the half-year ended 30 September 2023. Excluding inter-segment revenue, voice revenue was $440m in half-year

ended 30 September 2023.

(3) Other revenue includes inter-segment revenue of $6m in the half-year ended 30 September 2023 and $5m in the prior period. Excluding inter-segment revenue, other

revenue was $66m in half-year ended 30 September 2023 and $61m in the prior period.

East Africa revenue grew by 11.0% in reported currency to $822m, and by 20.6% in constant currency. The constant

currency growth was made up of voice revenue growth of 14.6%, data revenue growth of 31.0% and other revenue growth

of 18.8%. The differential in growth rates is primarily contributed by the average devaluation in Kenya shilling (19.3%),

Zambian kwacha (14.9%), Malawi kwacha (10.6%) and Tanzania shilling (4.0%).

Voice revenue grew by 14.6% in constant currency, driven by both customer base growth of 11.0% and voice ARPU growth

of 3.6%. The customer base growth was largely driven by expansion of both increased network coverage and the increasing

scale of the distribution network. Voice usage per customer increased by 7.2% to 410 minutes per customer per month,

driving voice ARPU up by 3.6%.

Data revenue grew by 31.0% in constant currency, largely driven by data customer base growth of 27.7% and data ARPU

growth of 3.4%. Our continued investment in the network and expansion of 4G network infrastructure helped us grow both

the data customer base and usage levels. 93.9% of our East Africa network sites are now on 4G, compared with 87.7% in

the prior period. Furthermore, we have 617 5G sites in Kenya, Tanzania, Uganda and Zambia. In Q2’24, 4G customers

accounted for 50.3% of our total data customer base and contributed to 75.0% of total data usage. Q2’24 total data usage

per customer increased to 4.6 GB per customer per month, up by 7.0%, and 4G data usage per customer reached 6.7 GB

per customer per month.

EBITDA increased to $408m, up by 21.6% in constant currency. The EBITDA margin improved to 49.7%, an improvement of

40 basis points in constant currency. This improvement reflects continued operating efficiencies, as well as regulatory

developments in Kenya (amended excise duty rates) and Rwanda (interconnect rate cuts).

Operating free cash flow was $301m, up by 23.0% in constant currency, due largely to EBITDA growth, partially offset by

increased capex which increased due to phasing of deployment.

15

Francophone Africa – Mobile services 1

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Summarised statement of

operations

Revenue $m 605 532 13.6% 10.9% 306 271 13.0% 9.0%

Voice revenue 2 $m 317 299 5.8% 3.3% 159 151 5.4% 1.5%

Data revenue $m 221 176 25.7% 22.6% 114 90 26.1% 21.4%

Other revenue 3 $m 67 57 16.6% 14.8% 33 30 12.1% 9.4%

EBITDA $m 264 244 8.3% 5.7% 133 131 2.2% (1.6%)

EBITDA margin % 43.7% 45.8% (211) bps (217) bps 43.6% 48.2% (462) bps (469) bps

Depreciation and amortisation $m (103) (92) 12.0% 9.5% (53) (46) 16.7% 12.4%

Operating exceptional items $m – – 0.0% 0.0% – – 0.0% 0.0%

Operating profit $m 138 134 2.5% (0.1%) 68 75 (9.2%) (12.5%)

Capex $m 77 59 30.9% 30.9% 46 32 44.6% 44.6%

Operating free cash flow $m 187 185 1.2% (2.1%) 87 99 (11.6%) (15.6%)

Operating KPIs

Total customer base million 30.9 26.9 14.7% 30.9 26.9 14.7%

Data customer base million 9.9 7.8 25.8% 9.9 7.8 25.8%

Mobile services ARPU $ 3.4 3.3 2.1% (0.3%) 3.4 3.4 (0.4%) (3.9%)

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

(2) Voice revenue includes inter-segment revenue of $2m in the half-year ended 30 September 2023 and $1m in the prior period. Excluding inter-segment revenue, voice

revenue was $315m in half-year ended 30 September 2023 and $298m in the prior period.

(3) Other revenue includes inter-segment revenue of $1m in the half-year ended 30 September 2023 and in the prior period. Excluding inter-segment revenue, other revenue

was $66m in half-year ended 30 September 2023 and $56m in the prior period.

Revenue grew by 13.6% in reported currency and by 10.9% in constant currency. Higher reported currency growth as

compared to constant currency is due to the appreciation in the Central African franc by 4.9% partially offset by a 8.8%

depreciation in the Madagascar ariary.

Voice revenue grew by 3.3% in constant currency, driven by customer base growth of 14.7% partially offset by voice ARPU

decline of 7.1%. The customer base growth was driven by expansion of both network coverage and distribution

infrastructure.

Data revenue grew by 22.6% in constant currency, supported by customer base growth of 25.8% and ARPU growth of 4.9%.

ARPU is largely driven by increased usage. Our continued 4G network rollout resulted in an increase in total data usage of

53.0% and per customer data usage increase of 30.9%. For Q2’24, 4G data users constituted 57.3% of total data users,

compared with 51.5% in the prior period. 4G users contributed 71.9% of total data usage this quarter. Q2’24 data usage

per customer increased to 4.4GB per month (up from 3.5GB in the prior period), while 4G data usage per customer reached

5.9 GB per month, from 5.5 GB in the prior period.

EBITDA at $264m, increased by 5.7% in constant currency. The EBITDA margin declined to 43.7%, a decline of 217 basis

points in constant currency. EBITDA margin decline was mainly due to an increase in fixed regulatory charges in DRC and a

one-time opex benefit of $19m in the prior period.

Operating free cash flow was $187m, lower by 2.1% in constant currency, due to the increased EBITDA, more than offset

by higher capex, driven by timing differentials.

16

Mobile services

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Summarised statement of

operations

Revenue 1 $m 2,303 2,309 (0.2%) 18.3% 1,080 1,174 (8.0%) 17.5%

Voice revenue $m 1,169 1,226 (4.6%) 11.5% 548 616 (11.1%) 11.2%

Data revenue $m 915 864 5.9% 28.1% 429 446 (3.8%) 26.5%

Other revenue $m 219 219 0.2% 19.0% 103 112 (7.2%) 18.3%

EBITDA $m 1,149 1,137 1.1% 20.0% 538 582 (7.5%) 18.0%

EBITDA margin % 49.9% 49.3% 64 bps 72 bps 49.8% 49.6% 27 bps 21 bps

Depreciation and amortisa-

tion $m (404) (372) 8.7% 27.1% (190) (190) 0.3% 26.7%

Operating exceptional items $m – – 0.0% 0.0% – – 0.0% 0.0%

Operating profit $m 678 714 (5.0%) 13.9% 315 364 (13.3%) 11.9%

Capex $m 293 283 3.5% 3.5% 160 156 2.7% 2.7%

Operating free cash flow $m 856 854 0.3% 27.8% 378 426 (11.2%) 25.8%

Operating KPIs

Mobile voice

Customer base million 147.7 134.7 9.7% 147.7 134.7 9.7%

Voice ARPU $ 1.4 1.6 (12.5%) 2.3% 1.3 1.5 (18.9%) 1.5%

Mobile data

Data customer base million 59.8 48.6 23.0% 59.8 48.6 23.0%

Data ARPU $ 2.7 3.0 (11.8%) 6.7% 2.4 3.1 (21.3%) 3.5%

(1) Mobile service revenue after inter-segment eliminations was $2,300m in half-year ended 30 September 2023 and $2,306m in the prior period.

Overall revenue from mobile services declined by 0.2% in reported currency, and in constant currency grew by 18.3%. The

constant currency growth was evident in all regions and key services. Mobile services revenue grew in Nigeria by 21.7%, in

East Africa by 20.6% and in Francophone Africa by 10.9%, respectively.

Voice revenue grew by 11.5% in constant currency, supported by both customer base growth of 9.7% and voice ARPU

growth of 2.3%. Customer base growth was driven by the expansion of our network and distribution infrastructure. The

voice ARPU growth of 2.3% was driven by an increase in voice usage per customer of 6.1%, reaching 285 minutes per

customer per month, with total minutes on the network increasing by 15.6%.

Data revenue grew by 28.1% in constant currency, driven by both customer base growth of 23.0% and data ARPU growth

of 6.7%. The customer base growth was recorded across all the regions supported by the expansion of our 4G network.

92.3% of our total sites are now on 4G, compared with 88.9% in the prior period. 5G is operational across five countries,

with 850 sites deployed. In Q2’24, 4G customers accounted for 51.8% of our total data customer base (up from 45.2%),

contributing to 79.6% of total data usage. Q2’24 data usage per customer increased to 5.2 GB per customer per month

(from 4.5 GB in the prior period) while 4G data usage per customer reached 8.4 GB per month (from 7.3 GB in the prior period). In the half year, data revenue contributed to 39.7% of total mobile services revenue, up from 37.4% in the prior period.

EBITDA was $1,149m, growing by 20.0% in constant currency. The EBITDA margin improved by 64 basis points to 49.9%

(improvement of 72 basis points in constant currency).

Operating free cash flow was $856m, up by 27.8% in constant currency, due to the strong EBITDA performance partially offset by higher capex.

17

Mobile money

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Summarised statement of

operations

Revenue 1 $m 416 332 25.3% 30.9% 215 173 24.5% 30.5%

Nigeria $m 1 0 – – 0 0 – –

East Africa $m 319 253 26.3% 34.9% 165 132 24.8% 34.5%

Francophone Africa $m 96 79 21.1% 18.7% 50 41 22.5% 18.4%

EBITDA $m 214 165 30.0% 35.4% 111 84 32.2% 38.1%

EBITDA margin % 51.4% 49.6% 183 bps 173 bps 51.6% 48.6% 301 bps 282 bps

Depreciation and amortisa-

tion $m (9) (8) 18.3% 29.0% (5) (4) 9.1% 26.1%

Operating profit $m 198 153 29.7% 34.9% 103 78 33.2% 38.5%

Capex $m 10 20 (49.6%) (49.6%) 7 11 (38.5%) (38.5%)

Operating free cash flow $m 204 145 40.9% 48.5% 104 73 42.9% 50.6%

Operating KPIs

Mobile money customer

base million 36.5 29.7 23.1% 36.5 29.7 23.1%

Transaction value $bn 55.7 40.1 38.8% 45.3% 28.9 21.2 36.1% 43.5%

Mobile money ARPU $ 2.0 2.0 1.8% 6.3% 2.0 2.0 0.3% 5.3%

(1) Mobile money service revenue post inter-segment eliminations with mobile services was $323m in the half-year ended 30 September 2023 and $259m in the prior year.

Mobile money revenue grew by 25.3% in reported currency, with constant currency growth of 30.9%. The differential in

growth rates is primarily as the result of an average devaluation in Zambian kwacha (14.9%) and Malawi kwacha (10.6%),

partially offset by appreciation in Central African franc (4.9%). The constant currency mobile money revenue growth was

driven by revenue growth in both East Africa and Francophone Africa, of 34.9% and 18.7%, respectively. In Nigeria, the

company remains focussed on customer acquisition through the quarter with 1.9 million of active customers currently

registered for mobile money services in Nigeria versus 1.5 million in quarter ended June 2023. Annualised transaction value

for Nigeria SmartCash grew by 36% in current quarter as compared to quarter ended June 2023. Additionally, we added

over 47,000 agents during the quarter and reached almost 115,000 agents as of 30 September 2023.

The constant currency revenue growth of 30.9% was driven by both customer base growth of 23.1% and mobile money

ARPU growth of 6.3%. The expansion of our distribution network, particularly our exclusive channels of Airtel Money

branches and kiosks, supported customer base growth of 23.1%. The mobile money ARPU growth of 6.3% was driven by

an increase in the transaction value per customer of 18.0% to $271 per customer per month.

Q2’24 annualised transaction value amounted to $116bn in reported currency, with mobile money revenue contributing

15.9% of total Group revenue in the half year.

EBITDA was $214m, up by 35.4% in constant currency. The EBITDA margin reached 51.4%, an improvement of 173 basis points in constant currency and 183 basis points in reported currency.

18

Regional performance

Nigeria

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Revenue $m 879 1,040 (15.5%) 21.8% 350 523 (33.1%) 20.5%

Voice revenue $m 414 512 (19.0%) 16.1% 161 253 (36.4%) 14.4%

Data revenue $m 385 431 (10.7%) 29.3% 157 221 (29.1%) 27.6%

Mobile money revenue $m 1 0 – – 0 0 – –

Other revenue $m 79 97 (19.1%) 17.0% 32 49 (34.1%) 18.6%

EBITDA $m 470 529 (11.2%) 28.3% 189 257 (26.4%) 32.4%

EBITDA margin % 53.5% 50.9% 259 bps 275 bps 54.0% 49.1% 489 bps 487 bps

Operating KPIs

ARPU $ 3.0 3.8 (20.0%) 15.4% 2.4 3.8 (36.3%) 14.6%

East Africa

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Revenue $m 1,075 942 14.2% 23.6% 556 487 14.2% 24.2%

Voice revenue $m 441 417 5.6% 14.6% 229 213 7.1% 16.4%

Data revenue $m 309 257 20.3% 31.0% 158 134 17.8% 29.2%

Mobile money revenue $m 320 253 26.3% 34.9% 165 132 24.8% 34.5%

Other revenue $m 69 64 8.1% 18.5% 36 32 10.7% 21.9%

EBITDA $m 580 494 17.5% 26.3% 301 261 15.2% 24.8%

EBITDA margin % 53.9% 52.4% 151 bps 114 bps 54.2% 53.7% 48 bps 22 bps

Operating KPIs

ARPU $ 2.7 2.7 3.2% 11.7% 2.8 2.7 2.6% 11.7%

Francophone Africa

Description Unit of

measure

Half year ended Quarter ended

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Sep-23 Sep-22

Reported

currency

change

Constant

currency

change

Revenue $m 670 587 14.0% 11.5% 340 299 13.5% 9.5%

Voice revenue $m 317 299 5.8% 3.3% 159 151 5.3% 1.4%

Data revenue $m 221 176 25.7% 22.6% 114 90 26.3% 21.6%

Mobile money revenue $m 96 79 21.1% 18.7% 50 41 22.5% 18.4%

Other revenue $m 66 57 16.6% 14.8% 33 29 12.1% 9.4%

EBITDA $m 316 285 11.0% 8.4% 161 151 6.6% 2.8%

EBITDA margin % 47.2% 48.5% (126) bps (131) bps 47.3% 50.4% (309) bps (311) bps

Operating KPIs

ARPU $ 3.7 3.7 2.5% 0.2% 3.7 3.7 0.1% (3.5%)

Consolidated performance

Description UoM

Half year ended- September 2023 Half year ended- September 2022

Mobile

services

Mobile

money

Unallocated Eliminations Total Mobile

services

Mobile

money

Unallocated Eliminations Total

Revenue $m 2,303 416 (0) (96) 2,623 2,309 332 (0) (76) 2,565

Voice revenue $m 1,169 (0) (0) 1,169 1,226 (0) (0) 1,226

Data revenue $m 915 – (0) 915 864 – (0) 864

Other revenue $m 219 – (3) 216 219 – (3) 216

EBITDA $m 1,149 214 (62) 1 1,302 1,137 165 (47) (0) 1,255

EBITDA margin % 49.9% 51.4% 49.6% 49.3% 49.6% 48.9%

Depreciation and

amortisation $m (404) (9) (4) – (417) (372) (8) (3) – (383)

Operating

exceptional items $m – – – – – – – – –

Operating profit $m 678 198 8 1 885 714 153 5 (0) 872

19

Risk factors

The Group’s business and industry in which it operates together with all other information contained in this document,

including, in particular, the risk factors summarised below. Additional risks and uncertainties relating to the Group

that are currently unknown to the Group, or those the Group currently deems immaterial, may, individually or

cumulatively, also have a material adverse impact on the Group’s business, results of operations and financial position.

Summary of principal risks

1. We operate in a competitive environment with the potential for aggressive competition by existing players,

or the entry of new players, which could both put a downward pressure on prices, adversely affecting our

revenue and profitability.

2. Failure to innovate through simplifying the customer experience, developing adequate digital touchpoints in

line with changing customer needs and competitive landscape could lead to loss of customers and market

share.

3. An inability to invest and upgrade our network and IT infrastructure could negatively impact the resiliency of

our network and affect our ability to compete effectively in the market.

4. Cybersecurity threats through internal or external sabotage or system vulnerabilities could potentially result

in customer data breaches and/or service downtimes.

5. Adverse changes in our external business environment and macro-economic conditions such as supply chain

disruptions, increase in global commodity prices and inflationary pressures could lead to a significant increase

in our operating cost structure while also negatively impacting the disposable income of consumers. These

adverse economic conditions therefore not only put pressure on our profitability but also on customer usage

for our services.

6. Shortages of skilled telecommunications professionals in some markets and the inability to identify and de-

velop successors for key leadership positions could both lead to disruptions in the execution of our corporate

strategy.

7. Our internal control environment is subject to the risk that controls may become inadequate due to changes

in internal or external conditions, new accounting requirements, delays, or inaccuracies in reporting.

8. Our telecommunications networks are subject to the risks of technical failures, aging infrastructure, human

error, wilful acts of destruction or natural disasters.

9. We operate in a diverse and dynamic legal, tax and regulatory environment. Adverse changes in the political,

macro-economic and policy environment could have a negative impact on our ability to achieve our strategy.

In recent months, there has been increasing tension in the global geo-political environment, including in some

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of the regions where we operate. While the group makes every effort to comply with its legal and regulatory

obligations in all its operating jurisdictions in line with the group’s risk appetite, we are however continually

faced with an uncertain and constantly evolving legal, regulatory, and policy environment in some of the mar-

kets where we operate.

10. Our multinational footprint means we are constantly exposed to the risk of adverse currency fluctuations and

the macroeconomic conditions in the markets where we operate. We derive revenue and incur costs in local

currencies where we operate, but we also incur costs in foreign currencies, mainly from buying equipment

and services from manufacturers and technology service providers. That means adverse movements in ex-

change rates between the currencies in our OpCos and the US dollar could have a negative effect on our

liquidity and financial condition. In some markets, we face instances of limited supply of foreign currency

within the local monetary system. This not only constrains our ability to fully benefit at Group level from strong

cash generation by those OpCos but also impacts our ability to make timely foreign currency payments to our

international suppliers.

Given the severity of this risk, specifically in some of our OpCos, the Group management continuously

monitors the potential impact of this risk of exchange rate fluctuations based on the following methodology:

a) Comparing the average devaluation of each currency in the markets in which the Group operates against US

dollar on 3-year and 5-year historic basis and onshore forward exchange rates over a 1-year period.

20

b) If either of the above devaluation is higher than 5% per annum, management selects the highest of these ex-

change rates.

c) Management then uses this exchange rate to monitor the potential impact of using such rate on the Group’s

income statement so that the Group can actively monitor and assess the impact on the Group’s financials due

to exchange rate fluctuations.

Additionally, for our Nigerian operations, management uses different sensitivity analysis for scenario planning purposes

which include the impact of the devaluation from the recent changes to the operations in the Nigerian Foreign Exchange

(FX) market.

The expected annualised translation impact of the devaluation in Nigeria incurred in June 2023 is expected to be between

$900m and $950m on annualised revenues, and between $450m and $500m on annualised EBITDA. With respect to

currency devaluation sensitivity, on a 12-month basis, a further 1% USD appreciation across all currencies in our OpCos

would have a negative impact of $49m on revenues, $24m on EBITDA and $19m on finance costs (excluding derivatives).

Our largest exposure is to the Nigerian naira, for which a further 1% USD appreciation would have a negative impact of

$14m on revenues, $8m on EBITDA and $7m on finance costs (excluding derivatives). This sensitivity analysis assumes the

USD appreciation occurs at the beginning of the period.

This does not represent any guidance and is being used solely to illustrate the potential impact of further currency

devaluation on the Group for the purpose of exchange rate risk management. The accounting under IFRS is based on

exchange rates in line with the requirements of IAS 21 ‘The Effect of Changes in Foreign Exchange’ and does not factor in

the devaluation mentioned above.

Based on above-mentioned specific methodology for the identified OpCos, management evaluates specific mitigation ac-

tions based on available mechanisms in each of the geographies. For further details on such mitigation action, refer to the

risk section of the Annual Report and Accounts 2022/23.

21

Forward looking statements

This document contains certain forward-looking statements regarding our intentions, beliefs or current expectations

concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and

the economic and business circumstances occurring from time to time in the countries and markets in which the Group

operates.

These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,”

“could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,”

“positioned,” “strategy,” “outlook”, “target” and similar expressions.

It is believed that the expectations reflected in this document are reasonable, but they may be affected by a wide range of

variables that could cause actual results to differ materially from those currently anticipated.

All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other

factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals,

expectations and results expressed in the forward-looking statements and other financial and/or statistical data within this

communication.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking

statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse

domestic or international legislation and regulation; changes in domestic or international tax laws and rates; adverse

litigation and dispute outcomes and the effect of such outcomes on Airtel Africa’s financial condition; changes or differences

in domestic or international economic or political conditions; the ability to obtain price increases and the impact of price

increases on 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 the tables throughout the document are based on numbers calculated to the nearest $1,000 and

therefore minor rounding differences may result in the tables. Growth metrics are provided on a constant currency basis

unless otherwise stated. The Group has presented certain financial information on a constant currency basis. This is

calculated by translating the results for the current financial year and prior financial year at a fixed ‘constant currency’

exchange rate, which is done to measure the organic performance of the Group. Growth rates for our reporting regions

and service segments are provided in constant currency as this better representsthe performance of the business.

22

Interim Condensed Consolidated Financial Statements

Consolidated Statement of Comprehensive Income

(All amounts are in US Dollar millions unless stated otherwise)

Notes

For the six months ended

30 September 2023 30 September 2022

Income

Revenue 5 2,623 2,565

Other income 16 6

2,639 2,571

Expenses

Network operating expenses 491 489

Access charges 179 207

License fee and spectrum usage charges 124 114

Employee benefits expense 152 137

Sales and marketing expenses 127 118

Impairment loss on financial assets 4 6

Other operating expenses 260 245

Depreciation and amortisation 417 383

1,754 1,699

Operating profit 885 872

Finance costs

– Net loss on foreign exchange and derivative financial instruments 654 184

– Other finance costs 236 185

Finance income (17) (11)

Share of profit of associate and joint venture accounted for using

equity method

(0) (2)

Profit before tax 12 516

Income tax expense 6 25 186

(Loss)/Profit for the period (13) 330

Profit before tax (as presented above) 12 516

Add/(Less): Exceptional items 7 471 –

Underlying profit before tax 483 516

(Loss)/Profit after tax (as presented above) (13) 330

Add/(Less): Exceptional items 7 317 (42)

Underlying profit after tax 304 288

23

Notes

For the six months ended

30 September 2023 30 September 2022

(Loss)/Profit for the period (continued from previous page) (13) 330

Other comprehensive income (‘OCI’)

Items to be reclassified subsequently to profit or loss:

Loss due to foreign currency translation differences (628) (244)

Tax on above

Share of OCI of associate and joint venture accounted for using

equity method

(45)

(0)

(4)

(1)

(673) (249)

Items not to be reclassified subsequently to profit or loss:

Re-measurement loss on defined benefit plans (0) (1)

Tax on above 0 0

(0) (1)

Other comprehensive loss for the period (673) (250)

Total comprehensive (loss)/income for the period (686) 80

(Loss)/Profit for the period attributable to: (13) 330

Owners of the company (55) 296

Non-controlling interests 42 34

Other comprehensive loss for the period attributable to: (673) (250)

Owners of the company (659) (239)

Non-controlling interests (14) (11)

Total comprehensive (loss)/income for the period attributable to: (686) 80

Owners of the company (714) 57

Non-controlling interests 28 23

(Loss)/Earnings per share

Basic 8 (1.5 cents) 7.9 cents

Diluted 8 (1.5 cents) 7.9 cents

24

Consolidated Statement of Financial Position

(All amounts are in US Dollar millions unless stated otherwise)

Notes

As of

30 September 2023 31 March 2023

Assets

Non-current assets

Property, plant and equipment 9 1,935 2,295

Capital work-in-progress 9 193 212

Right of use assets 1,266 1,497

Goodwill 10 2,989 3,516

Other intangible assets 903 813

Intangible assets under development 4 399

Investments accounted for using equity method 5 4

Financial assets

– Investments 0 0

– Derivative instruments 0 9

– Others 45 34

Income tax assets (net) 1 1

Deferred tax assets (net) 427 337

Other non-current assets 139 151

7,907 9,268

Current assets

Inventories 21 15

Financial assets

– Investments 1 –

– Derivative instruments 19 4

– Trade receivables 161 145

– Cash and cash equivalents 429 586

– Other bank balances 363 131

– Balance held under mobile money trust 720 616

– Others 127 142

Other current assets 250 259

2,091 1,898

Total assets 9,998 11,166

25

Notes As of

30 September 2023 31 March 2023

Current liabilities

Financial liabilities

– Borrowings 13 1,371 945

– Lease liabilities 355 395

– Derivative instruments 27 5

– Trade payables 399 460

– Mobile money wallet balance 703 582

– Others 363 533

Provisions 59 83

Deferred revenue 147 183

Current tax liabilities (net) 119 194

Other current liabilities 183 192

3,726 3,572

Net current liabilities (1,635) (1,674)

Non-current liabilities

Financial liabilities

– Borrowings 13 933 1,233

– Lease liabilities 1,450 1,652

– Put option liability 562 569

– Derivative instruments 91 43

– Others 155 147

Provisions 22 21

Deferred tax liabilities (net) 70 108

Other non-current liabilities 11 13

3,294 3,786

Total liabilities 7,020 7,358

Net Assets 2,978 3,808

Equity

Share capital 12 1,879 3,420

Reserves and surplus 930 215

Equity attributable to owners of the company 2,809 3,635

Non-controlling interests (‘NCI’) 169 173

Total equity 2,978 3,808

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

For and on behalf of the board of Airtel Africa plc

Olusegun Ogunsanya

Chief Executive Officer

29 October 2023

26

(1)

Includes ordinary & deferred shares till 31 March 2023. Deferred shares have been cancelled during the six months ended 30 September 2023 as explained in note 4(c), therefore as on 30 September 2023, it includes only ordinary shares.

Refer to note 12 for further details.

(2) Transactions with NCI reserve increased due to reversal of put option liability by $10m for dividend distribution to put option NCI holders. Any dividend paid to the put option NCI holders is adjustable against the put option liability based

on the put option arrangement.

Consolidated Statement of Changes in Equity

(All amounts are in US Dollar millions unless stated otherwise)

Equity attributable to owners of the company

Share Capital Retained

earnings

Transactions

with NCI

reserve

Other

components

of equity Total

Equity

attributable

to owners of

the company

Non-

controlling

interests

(NCI)

Total

equity

No. of shares (1) Amount

As of 1 April 2022 6,839,896,081 3,420 3,436 (942) (2,412) 82 3,502 147 3,649

Profit for the period – – 296 – – 296 296 34 330

Other comprehensive loss – – (1) – (238) (239) (239) (11) (250)

Total comprehensive income/(loss) – – 295 – (238) 57 57 23 80

Transaction with owners of equity

Employee share-based payment reserve – – (0) – 4 4 4 – 4

Purchase of own shares – – – – (11) (11) (11) – (11)

Transactions with NCI – – – 5 – 5 5 3 8

Dividend to owners of the company – – (113) – – (113) (113) – (113)

Dividend (including tax) to NCI – – – – – – – (25) (25)

As of 30 September 2022 6,839,896,081 3,420 3,618 (937) (2,657) 24 3,444 148 3,592

Profit for the period – – 367 – – 367 367 53 420

Other comprehensive income/ (loss) – – 1 – (103) (102) (102) (1) (103)

Total comprehensive income /(loss) – – 368 – (103) 265 265 52 317

Transaction with owners of equity

Employee share-based payment reserve – – (2) – 2 – – – –

Transactions with NCI – – – 8 – 8 8 – 8

Dividend to owners of the company – – (82) – – (82) (82) – (82)

Dividend (including tax) to NCI – – – – – – – (27) (27)

As of 31 March 2023 6,839,896,081 3,420 3,902 (929) (2,758) 215 3,635 173 3,808

(Loss)/Profit for the period – – (55) – – (55) (55) 42 (13)

Other comprehensive loss – – (0) – (659) (659) (659) (14) (673)

Total comprehensive income/(loss) – – (55) – (659) (714) (714) 28 (686)

Transaction with owners of equity

Purchase of own shares (net) – – – – (1) (1) (1) – (1)

Employee share-based payment reserve – – (0) – 2 2 2 – 2

Cancellation of deferred shares (refer note 4(c)) (3,081,744,577) (1,541) 1,541 – – 1,541 – – –

Transactions with NCI (2) – – – 10 – 10 10 2 12

Dividend to owners of the company – – (123) – – (123) (123) – (123)

Dividend (including tax) to NCI – – – – – – – (34) (34)

As of 30 September 2023 3,758,151,504 1,879 5,265 (919) (3,416) 930 2,809 169 2,978

27

(1)For the six months ended 30 September 2023 and 30 September 2022, this mainly includes movements in impairment of trade receivable and other provisions.

(2)

Includes balances held under mobile money trust of $720m (September 2022: $596m) on behalf of mobile money customers which are not available for use

by the Group.

Consolidated Statement of Statement Flows

(All amounts are in US Dollar millions unless stated otherwise)

For the six months ended

30 September 2023 30 September 2022

Cash flows from operating activities

Profit before tax 12 516

Adjustments for –

Depreciation and amortization 417 383

Finance income (17) (11)

Finance costs

– Net loss on foreign exchange and derivative financial instruments 654 184

– Other finance costs 236 185

Loss on sale of property, plant and equipment, net 0 –

Share of profit of associate and joint venture accounted for using equity method (0) (2)

Other non-cash adjustments(1) (1) 5

Operating cash flow before changes in working capital 1,301 1,260

Changes in working capital

Increase in trade receivables (38) (28)

Increase in inventories (7) (3)

Increase /(Decrease) in trade payables 8 (15)

Increase in mobile money wallet balance 139 71

Decrease in provisions (18) (22)

Increase in deferred revenue 10 16

Increase in other financial and non financial liabilities 24 36

Increase in other financial and non financial assets (71) (16)

Net cash generated from operations before tax 1,348 1,299

Income taxes paid (227) (288)

Net cash generated from operating activities (a) 1,121 1,011

Cash flows from investing activities

Purchase of property, plant and equipment and capital work-in-progress (387) (393)

Purchase of intangible assets and intangible assets under development (137) (88)

Maturity of deposits with bank 340 343

Investment in deposits with bank (581) (7)

Dividend received from associate – 2

Purchase of other short term investment (1) –

Interest received 15 11

Net cash used in investing activities (b) (751) (132)

Cash flows from financing activities

Acquisition of non-controlling interests – 0

Purchase of own shares by ESOP trust (2) (9)

Proceeds from exercise of ESOP shares 0 –

Proceeds from borrowings 384 563

Repayment of borrowings (249) (789)

Repayment of lease liabilities (165) (142)

Dividend paid to non-controlling interests (43) (43)

Dividend paid to owners of the company (123) (113)

Payment of deferred spectrum liability (3) (2)

Interest on borrowings, lease liabilities and other liabilities (211) (181)

Outflow on maturity of derivatives (net) (0) (28)

Net cash used in financing activities (c) (412) (744)

(Decrease)/Increase in cash and cash equivalents during the period (a+b+c) (42) 135

Currency translation differences relating to cash and cash equivalents (64) (19)

Cash and cash equivalent as at beginning of the period 841 847

Cash and cash equivalents as at end of the period (Note 11) (2) 735 963

27

(1)For the six months ended 30 September 2023 and 30 September 2022, this mainly includes movements in impairment of trade receivable and other provisions.

(2)

Includes balances held under mobile money trust of $720m (September 2022: $596m) on behalf of mobile money customers which are not available for use

by the Group.

Consolidated Statement of Statement Flows

(All amounts are in US Dollar millions unless stated otherwise)

For the six months ended

30 September 2023 30 September 2022

Cash flows from operating activities

Profit before tax 12 516

Adjustments for –

Depreciation and amortization 417 383

Finance income (17) (11)

Finance costs

– Net loss on foreign exchange and derivative financial instruments 654 184

– Other finance costs 236 185

Loss on sale of property, plant and equipment, net 0 –

Share of profit of associate and joint venture accounted for using equity method (0) (2)

Other non-cash adjustments(1) (1) 5

Operating cash flow before changes in working capital 1,301 1,260

Changes in working capital

Increase in trade receivables (38) (28)

Increase in inventories (7) (3)

Increase /(Decrease) in trade payables 8 (15)

Increase in mobile money wallet balance 139 71

Decrease in provisions (18) (22)

Increase in deferred revenue 10 16

Increase in other financial and non financial liabilities 24 36

Increase in other financial and non financial assets (71) (16)

Net cash generated from operations before tax 1,348 1,299

Income taxes paid (227) (288)

Net cash generated from operating activities (a) 1,121 1,011

Cash flows from investing activities

Purchase of property, plant and equipment and capital work-in-progress (387) (393)

Purchase of intangible assets and intangible assets under development (137) (88)

Maturity of deposits with bank 340 343

Investment in deposits with bank (581) (7)

Dividend received from associate – 2

Purchase of other short term investment (1) –

Interest received 15 11

Net cash used in investing activities (b) (751) (132)

Cash flows from financing activities

Acquisition of non-controlling interests – 0

Purchase of own shares by ESOP trust (2) (9)

Proceeds from exercise of ESOP shares 0 –

Proceeds from borrowings 384 563

Repayment of borrowings (249) (789)

Repayment of lease liabilities (165) (142)

Dividend paid to non-controlling interests (43) (43)

Dividend paid to owners of the company (123) (113)

Payment of deferred spectrum liability (3) (2)

Interest on borrowings, lease liabilities and other liabilities (211) (181)

Outflow on maturity of derivatives (net) (0) (28)

Net cash used in financing activities (c) (412) (744)

(Decrease)/Increase in cash and cash equivalents during the period (a+b+c) (42) 135

Currency translation differences relating to cash and cash equivalents (64) (19)

Cash and cash equivalent as at beginning of the period 841 847

Cash and cash equivalents as at end of the period (Note 11) (2) 735 963

 

 

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