Airtel Africa plc...Airtel Africa, its directors, employees, agents or advisers do not acceptor assume responsibilityto any other person to whom this material is shown or into whose

Airtel Africa plcResults for half year ended 30 September 2020

23 October 2020

DisclaimerImportant Information

By reading this presentation you agree to be bound by the following conditions.The information contained in this presentation in relation to Airtel Africa plc ("Airtel Africa") and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, anyperson 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 require any registration or licensing within such jurisdiction.References in this presentation to "Airtel Africa", "Group", "we", "us" and "our" when denoting opinion refer to Airtel Africa and its subsidiaries.

Forward-looking statements

This document contains certain forward-looking statements including "forward-looking" statements made within the meaning of Section 21E of the United States Securities Exchange Act of 1934, regarding our intentions, beliefs or current expectationsconcerning, 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 Groupoperates.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 orinternational 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 orinternational 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 sizereduction 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 newalternative 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 AirtelAfrica 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 placeundue 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 currentor 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$ rounded to the nearest millions. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding.

Audience

The material in this presentation is provided for the purpose of giving information about Airtel Africa and its subsidiaries to investors only and is not intended for general consumers. Airtel Africa, its directors, employees, agents or advisers do notaccept or assume responsibility to any other person to whom this material is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed.All numbers are reported currency numbers unless indicated differently. All figures are in USD ($) amounts, unless stated otherwise. The growth numbers YoY are provided on constant currency basis unless stated differently.

The results for the six months ended 30 September 2020 are unaudited and in the opinion of management, include all adjustments necessary for the fair presentation of the results of the same period. The financial information has been preparedbased on International Accounting Standard 34 (IAS 34) and apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s annual consolidated financial statements for the year ended31 March 2020 except to the extent required/ prescribed by IAS 34. This report should be read in conjunction with audited consolidated financial statements and related notes for the year ended 31 March 2020. The comparative information has beendrawn based on Airtel Africa plc’s Audited Consolidated Financial Statements for the year ended 31 March 2020 prepared under International Financial Reporting Standard (IFRS).

2

Operational Performance

Key Highlights

4

$1,815m

+16.4%

Revenue

Underlying revenue

44.7%

+110 bps

Margin

Underlying EBITDA

margin

$ 3.0c

($ 0.7c)

Earnings

EPS pre-exceptional

items-restated

$319m

+52%

Cash

Free cash flow

Notes:(1) All financial growth rates and underlying EBITDA margin improvement are presented in constant currency (2) Underlying EBITDA margin improvement in reported currency by +85bps and in constant currency by +110bps

+19.6%Q2’21 +153 bps ($0.1c) + 51.3%

Track record of consistent delivery of double-digit growth over last 11 quarters

H1’21

Delivering against our objectives

5

Mobile revenue

Mobile money revenue

Underlying EBITDA

Capex

Leverage

Mobile revenue growth of 15.3% with both voice and data growing

Mobile money revenue growth of 30.4%

Underlying EBITDA margin increased by 110bps to 44.7%

Capex outlook remains stable at $ 650 – 700 Mn pa

Leverage ratio broadly stable at 2.2x

DividendBoard declared interim dividend of $ 1.5 cents in line with

new progressive dividend policy

Note: Constant currency growth rates

6

Strong results across the businessV

oic

eD

ata

Mo

bile

Mo

ne

yRevenue GrowthCustomer Base Growth ARPU Growth

+12.0% +7.0%(4.1%)

Growth in constant currency

Q2’21 Voice usage per customer @ 235

minutes

EBITDA

$812m + 19.3% YoY

FCF

$319m + 52% YoY

Customers

116.4m + 12.0% YoY

EBITDA Margin

44.7% + 110bps

Q2’21 Data usage per customer @ 2.5GB

Q2’21 Transaction value per customer

@ $ 200

ARPU

$ 2.7 + 4.3% YoY

Gross Revenue

$1,815m+ 16.4% YoY

+24.1% +33.4%+10.1%

+29.6% +30.4%+2.4%

Strong results across the segments

7

Zambia

Nigeria

Gabon

Chad

Malawi

DRC

Niger

Madagascar

Uganda

Congo BTanzania

Kenya

Rwanda

Seychelles

Nigeria

Francophone Africa

East Africa• Continued expansion of network and distribution infrastructure

• Revenue up 20.2% and EBITDA growth of 21.5% YoY

Nigeria

East Africa

Francophone Africa

Note: All financial growth rates are presented in constant currency unless stated otherwise

• +20% growth in 5 out of 6 OPCOs


• Performance continued to improve largely driven by growth in data and mobile

money partially offset by voice


✓ Telecoms and mobile money are considered essential and critical

✓ We worked effortlessly to ensure the safety of our employees, customers and partners

✓ We have continued to work closely with governments, regulators, and suppliers to ensure our network remained fully operational and customers could access our services, and continued to support the economies of these countries and the communities we serve

✓ A relentless focus on execution and strong risk management approach, coupled with the resilience of the telecom sector, contributed to deliver revenue growth of 16.4% in constant currency in H1, which included the peak of the pandemic in our footprint. In the summer months, social distancing rules were eased, and performance also improved as the business was largely unaffected by COVID-19 and delivered revenue growth of 19.6% in constant currency in Q2.

✓ As Africa lagged the spread of the first wave, it may also lag the spread of a second wave. Despite the resilience demonstrated by the business during the course of the first wave, we are constantly monitoring how the situation is evolving to identify key risks and take immediate action to put in place adequate mitigation plans to minimise any potential disruptions from the re-introduction of stricter social distancing rules.

✓ We have strong liquidity position. Free cash flow increased 52% in H1 and our leverage ratio decreased to 2.2x, compared to the same period in the prior year.

Covid-19

8

9

Strategic Overview

Key pillars of our strategy

Attain leadership through a supply led demand strategy10

Multiple areas of additional upside

Win with cost

Win with people

Win with mobile money

Win withnetwork

Win with data

Africa

Win withcustomers

Partnering the nation

Peak hour data

Utilisation at 45%

A modernized, growing, future ready network

87% sites

on single RAN44,000+ km of Fibre

4G Leadership

70% sites are 4G

3 countries with 100% 4G

11

21,936

21,821

18,274

12,845

2,310

2,408

3,976

4,055

24,246

24,229

22,250

16,900

Total Sites

2G Sites

3G Sites

4G Sites

Site Count % Contribution

70%

92%

100%

100%

Expanding Coverage High data capacity

(Tb/day)

67%

6,146

10,253

Q2'20 Q2'21

Total Capacity

Win with customers

12

Successful adoption of our strategy during the lockdown

✓ Expanding distribution network

✓ Continued focus on SIM card availability and

penetration in rural markets

✓ Continuation of smart offerings – encouraging

data usage

✓ Added 12.5 million of customers from Q2’20,

+12% YoY driving double-digit revenue

growth

91.2 94.1

97.9 98.9 99.7

103.9 107.1

110.6 111.5

116.4

Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Customer base (m)

Win with data by increasing 4G users and data ARPU

13

4G users growth leading to…. growth in data usage and data ARPU

2G

3G

4G

Wt. Avg ARPU ($)

0.3 34% 0.1

2.5

Q2’21 ARPU Mix (YoY)

ARPU ($) Mix (%)

Data Customers 39.6m vs 31.9m in Q2’20

2.2 36% 0.8

5.2 30% 1.6

Data usage at 2.5 GB per customer vs 1.7 GB per customer in Q2’20

vs 2.3 in Q2’20

Note: All financial growth rates are presented in constant currency unless stated otherwise

H1’21 Growth (YoY)

Data usage per sub

↑ 57%

Data ARPU

↑ 10.1%

Data revenue

↑ 33.4%

Data customers

↑ 24.1%

8ppts

6ppts

2ppts

Change from Q2’20

Winning with Mobile Money

1414

Strong performance

+30% Customer base at

20m

+14.5%Transaction value

per subs

Transaction value & Revenue

Growth driven by customer penetration increase

Increasing customer penetration

*excluding Nigeria

14.9% 17.3%

24.0%*27.8%*

H1'20 H1'21

PartnershipsIncrease new caseDistribution

expansionAssured float

Expansion of merchant

ecosystem

103 146

181

12 15

21

-

5

10

15

20

25

H1'19 H1'20 H1'21

H1’21

FY’20

Partnerships

Multiple areas of

additional upside

Consistent and simple strategy for growth

15

Our Aspirations:

Growing ahead of market to increase revenue market share

Airtel Money to become the currency of choice

Monetisation of assets (Towers + Fibre)

Potential upside from fixed wireless home broad band (HBB) and Enterprise

Partnering the nation

Africa

Win with network

Win with customers

Win with data

Win with mobile money

Win with people

Win with cost

To continue benefiting from operating leverage and effect of scale

Financial Performance

A strong set of financial results

1717

Revenue

$1,815m

+ 16.4% YoY

EBITDA

$812m

+ 19.3% YoY

EBITDA margin

44.7%

+ 110 bps YoY

Leverage 1

2.2x

down from 2.3x YoY

FCF 2

$319m

EPS before exceptional items 3

$3.0c

($0.7c)+ 52% YoY

Declared an interim dividend of $ 1.5 cents per share

Notes: Growth provided as constant currency growth; 1 Calculated as Gross Debt (incl lease liabilities) less Cash & Cash Equivalent / Last 12 months EBITDA; 2 Calculated as EBITDA less Capex invested less Cash Interest, less Cash Taxes less Changes in Operating Working Capital; reported currency growth 3 Excluding one-time derivative gain of $ 46 Mn, restated eps grew 19%

Broad-based revenue growth across voice, data and mobile money

18

Revenue $m

Note: Other includes messaging, VAS, enterprise, site sharing, handset sale and intra-segment eliminations.

+30.4%+33.4%+7.0%

+16.4% ($256m)

On a 12 months basis, we estimate that 1% of Nigerian naira devaluation will have a negative $14m impact on revenues, $8m on underlying

EBITDA and $7m on finance costs.

Constant currency growth (%)

Nigeria – Strong double-digit growth

19

Revenue

$718m

+ 20.2% YoY

EBITDA

$386m

+ 21.5% YoY

EBITDA margin

53.8%

+ 60 bps YoY

Customer base

44.1m

+ 11.5% YoY

ARPU

$2.8

+ 7.0% YoY

Op FCF

$289m

+ 42.6% YoY

Notes: Growth in constant currency; (1) Customer base as of 30 September 2020

▪ Strong 4G network accelerated rollout of 4G network (76% of sites are 4G)

▪ Revenue increase 20.2% - driven by growth across all products

▪ Voice revenue - double digit growth 11.4%, as a result of customer base growth and growth of usage per customer

▪ Data revenue growth 38.1% - due to expansion of 4G network

▪ EBITDA margin of 53.8%, margin expansion of 60 bps

▪ Operating free cash flow up 42.6%, driven by double-digit underlying EBITDA growth

East Africa – Broad-based growth across voice, data and mobile money

20

▪ Revenue increase 21.9% - driven by growth across all products

▪ Voice revenue - double digit growth 12.8%, as a result of customer base growth and growth of usage per customer

▪ Data revenue growth 29.6% - due to expansion of 4G network and smart product offerings

▪ Mobile Money revenue up 42.9% in constant currency due to increase in customer base and transaction value per customer

▪ Underlying EBITDA margin increased as a result of revenue growth and cost efficiencies

▪ Operating free cash flow up as a result of improvement in underlying EBITDA.

Revenue

$659m

+ 21.9% YoY

EBITDA

$292m

+ 35.1% YoY

EBITDA margin

44.3%

+ 431 bps YoY

Customer base(1)

51.3m

+ 13.9% YoY

ARPU

$2.2

+ 7.7% YoY

Op FCF

$211m

+ 34.9% YoY


During the period “Pay as you Go tariffs” in certain markets were updated and this resulted in revenue reallocation of bundle products of voice and data in such tariffs. On a like for like basis voice and data revenue growth was 8.7% and 38% respectively.

Francophone Africa – Improved Q2 performance driven by data & mobile money

21

▪ Improved performance in Q2’21, +6.4% in constant currency driven by data and mobile money, despite macroeconomic weakness

▪ Voice revenue impacted by IUC charges in key countries

▪ Data revenue growth 29.2% -driven by higher data usage and expansion of 4G network

▪ Revenue in mobile money up 12.5% due to double-digit revenue growth in DRC

▪ Underlying EBITDA margin of 32.8%, was broadly flat compared with previous period

▪ Operating free cash flow up due to improvement in underlying EBITDA and lower capital expenditure.

Revenue

$445m

4.4% YoY

EBITDA

$146m

4.1% YoY

EBITDA margin

32.8%

(9) bps YoY

Customer base(1)

21.1m

+ 8.7% YoY

ARPU

$3.7

(1.9%) YoY

Op FCF

$110m

+54.5% YoY


es

Mobile money continued to deliver strong growth in EBITDA

Note: Growth in constant currency

22

es

Customer base (m) Transaction Value ($Bn)

Revenue ($m) EBITDA ($m) and Margin (%)

29.6%

30.4%

45.7%

12.9

15.5

20.1

H1'19 H1'20 H1'21

12.1

15.0

20.7

H1'19 H1'20 H1'21

102.9

145.8

181.2

H1'19 H1'20 H1'21

36.7

70.2

88.1 35.7%

48.2% 48.6%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

H1'19 H1'20 H1'21

Underlying EBITDA Margin

Consistent EBITDA growth and margin expansion

23

EBITDA $m

+16.4%

+19.3% ($132m)

Note: Expenses includes interconnect cost, airtel money commission, regulatory charges and handsets cost

On a 12 months basis, we estimate that 1% of Nigerian naira devaluation will have a negative $14m impact on revenues, $8m on underlying

EBITDA and $7m on finance costs.

A transparent and balanced capital allocation policy

24

Sustainable capital

structure

Return cash to shareholders

Efficient capital

investments

Leverage target of < 2.0x net debt / EBITDA

Net debt/EBITDA of 2.2x

The group’s Capex (excluding spectrum) to remain stable at $ 650 –

700 Mn per annum

New progressive dividend policy which aims to grow the dividend annually by a mid- to high-single digit percentage from a base of 4c per share for FY 2021, until reported leverage falls

below 2.0x net debt to EBITDA.

Interim dividend of $ 1.5 cents per share

1

2

3

Strong free cash flow generation, with free cash flow up 52%

25

$m

+ 52%

Note: Airtel Africa definition of FCF does not include among others: leases (both capital & interest), intangible capex, dividends, effects of significant acquisitions, disposals, effects of extraordinary events etc.

Leverage reduction to 2.2x of net debt to EBITDA

26

Note: Leverage calculated as Gross Debt (including lease liabilities) less Cash & Cash Equivalent / Last 12 months EBITDA ; 1. LTM underlying EBITDA as of September, 2020 of $1,607m; 2. LTM underlying EBITDA as of September, 2019 of $1,402m 3. This represents present value of lease payments for assets taken on lease

Leverage

▪ Weighted average interest rate at 4.8% is flat as compared to previous period

Leverage

$m

xLTM

Underlying

EBITDA

$m

xLTM

Underlying

EBITDA

Foreign Currency: 2,952 1.8x 3,151 2.2x

- Holdco 2,383 1.5x 2,683 1.9x

- OPCOs 569 0.4x 468 0.3x

Local Currency: 348 0.2x 321 0.2x

- OPCOs 348 0.2x 321 0.2x

Leases3

1,230 0.8x 1,188 0.8x

Total debt 4,531 2.8x 4,659 3.3x

Cash and cash equivalents 1,072 0.7x 1,469 1.0x

Total net debt 3,459 2.2x 3,191 2.3x

As of September 30,

2020

As of September 30,

20191 2

9.0x

6.8x

3.0x

2.1x 2.2x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

FY17 FY18 FY19 FY20 H1'21

Restated EPS before exceptional items

271) Calculation based on restated weighted average shares outstanding - 3,758m 2) Others include change in minority share holder PAT and profit/(loss) on joint ventures

$ cents

Restated EPS before exceptional items was $ 3 cents, down by 20%, as a result of i) increase in tax charges due to higher operating profit and withholding tax on dividend; and ii) recognition of derivatives gain of $46m in previous period. Excluding one-time derivative gain of $ 46 Mn, restated eps grew 19%

1 121

Summary and outlook

28

• 16.4% revenue growth, 11 quarters of consistent double

digit revenue growth

• 110 bps of Underlying EBITDA margin expansion, 11

quarters of consistent underlying EBITDA margin expansion

• Strong free cash flow generation, up by 52%

• Net debt to EBITDA ratio broadly stable at 2.2x

• Declared an interim dividend $ 1.5 cents per share, with

new progressive dividend policy to focus on growth

opportunities and faster deleveraging

• Mid-term opportunity remains unchanged driven by strong

population growth and need for increased connectivity and

financial inclusion

• As Africa lagged the spread of the first wave, it may also lag the

spread of a second wave. Despite the resilience demonstrated

by the business during the course of the first wave, we are

constantly monitoring how the situation is evolving to identify

key risks and put in place adequate mitigation plans to

minimise any potential disruptions from the re-introduction of

stricter social distancing rules

H1’21 Strong set of results Our outlook

29

Appendix

Track record of consistent delivery11 quarters of double-digit revenue growth and EBITDA margin expansion

Underlying EBITDA ($m)

Revenue ($m)

31

Revenue (Constant currency growth YoY; %)

Notes:1) Revenue growth rates till Q4’20 are presented in 1st March 2019 constant currency and Q1’21 onwards in 31st March 2020 constant currency2) Q3-20 underlying EBITDA includes onetime benefit of $ 3.2 m as a result of the reassessment of the customers ‘life cycle’ pertaining to H1’20

Underlying EBITDA margin (%)

42.6% 43.2% 43.3% 44.0% 43.7% 44.1% 45.2% 44.1% 44.1% 45.3%

14.4% 11.7% 12.0% 10.0% 10.2% 12.6% 14.2% 17.9% 13.0% 19.6%

317 332 339 344 348

372

399 397 375

437 745

769 783 781 796 844

883 899 851

965

400

500

600

700

800

900

1,000

200

250

300

350

400

450

500

Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

EBITDA Revenue

Africa: Demographic and market potential

32

Significant potential for growth across voice, data and mobile money

Source: United Nations. Analysys Mason, Ampere Analysis, Omdia, Global Findex.

Note: (1) Includes the Caribbean; (2) Includes the Middle East and Oceania; (3) The 14 countries where Airtel Africa operates, which are Niger, Chad, Nigeria, Uganda, Kenya, Gabon, DRC, Seychelles, Tanzania, Congo, Rwanda, Malawi, Zambia and

Madagascar

Growing population, high youth share Low mobile penetration

19% 16% 24% 31% 32%

0.7%

(0.0%)

0.9% 0.8%

2.4% 2.8%

NA Europe LatAm APAC Africa Footprint

151% 149%

102%

124%

85%74%

87% 86%76% 69%

52% 46%


Unique user

penetration.

Dec 2020E

2024 mobile data traffic vs. 2020

90%77%

56%49%

12%1.6%


% of adult population with a bank account – 2017

94% 95%

55%

74%

46%40%


4.9x 3.8x 3.4x 2.7x 4.2x

% of total population age 10-24, as at Dec 2020E

Population CAGR 2020-2024E, %

23%

Mobile subs penetration – 2020E

Fixed home broadband penetration % Low banking penetration

(1) (3)(2)

(2)(1)

(1) (3)(2)

(3)(1) (3)(2)

4.6x

Fixed home broadband penetration 2020E, %

Effective tax rate and adjusted effective tax rate

33

Profit before

taxation

Income tax

expense Tax Rate %

Profit before

taxation

Income tax

expense Tax Rate %

1.00 Reported Effective tax rate $m 281 136 49% 316 88 28%

2.00 Adjusted for :

2.01 Exceptional Items $m 7 10 (46) 28

2.02 Foreign exchange rate movements for non-DTA

operating companies & holding companies$m 36 (28)

2.03 One-off tax adjustment $m 6 1

3.00 Effective tax rate (ETR) $m 324 152 47% 242 117 48%

4.00 Deferred tax trigerred during the year $m (10) (27)

5.00 Adjusted ETR $m 324 142 44% 242 90 37%

Sep-19 SN Description

Unit of

measure

Half year ended

Sep-20

Finance cost & FOREX

34

Total Finance Charges (excluding exceptional items) higher by $43.2m due to:

▪ Finance charges (excluding derivatives and Forex gain/loss) reduced by $1.3m

▪ Interest cost reduced by $3.7m due to repayment of $365m Bonds.

▪ Other finance charges had one-time cost of $5.5m in previous period.

▪ Above reduction is partially off-set by lower interest income of $10m due to reduction in interest rates and lower deposits.

▪ Higher derivatives and forex loss of $44.5m is mainly due interest rate swap hedging gain of $46m on bonds in previous period.

Description H1'21 H1'20 Change$m $m $m

Interest cost on gross debt 147.7 151.3 (3.7)

Interest Income (4.5) (14.5) 10.0

Net interest Cost 143.2 136.8 6.3

Other finance charges 12.5 20.2 (7.7)

Finance Charges (Excluding

derivatives and Forex)155.7 157.0 (1.3)

Derivatives and Forex (gain)/loss 35.5 (9.1) 44.5

Total Finance Charges

(Excluding exceptional items)191.2 148.0 43.2

Exceptional items 0.0 0.9 (0.9)

Total Finance Charges

(Including exceptional items)191.2 148.9 42.3

Documents

Airtel Africa plc...Airtel Africa, its directors, employees, agents or advisers do not acceptor assume responsibilityto any other person to whom this material is shown or into whose