Delivering a resilient performance with strong underlying momentum, despite a volatile macro-economicenvironment

AirtelAfricaplc

Resultsforyearended31March2024

09May2024

Delivering a resilient performance with strong underlying momentum, despite a volatile macro-economicenvironment

Operatinghighlights

Totalcustomerbasegrewby9.0%to152.7million.Wecontinuetobridgethedigitaldividewitha17.8%increaseindatacustomersto64.4millionanda20.8%increaseindatausagepercustomer.

Mobilemoneysubscribergrowthof20.7%reflectsourcontinuedinvestmentintodistributiontodriveincreasedfinancial inclusion across our markets. Transaction value increase of 38.2% in constant currency with annualtransaction value of over $112bn in reported currency. Increased transactions across the ecosystem reflects theenhancedrangeofofferingsandincreasedcustomeradoption,supportingconstantcurrencyARPUgrowthof8.6%.

Continuednetworkinvestmenttosupportanenhancedcustomerexperienceanddriveincreased4Gcoverage.95%ofsitesnow4Goperational,facilitatinga42.3%increasein4Gcustomersovertheyear.

Financialperformance

Revenueinconstantcurrencygrewby20.9%withgrowthacceleratingto23.1%inQ4’24.Nigerianconstantcurrencyrevenue growth accelerated to 34.2% in Q4’24 despite the challenging backdrop. Reported currency revenuesdeclinedby5.3%to$4,979mreflectingtheimpactofcurrencydevaluation,particularlyinNigeria.

Acrossthegroupmobileservicesrevenuegrewby19.4%inconstantcurrency,drivenbyvoicerevenuegrowthof11.9% and data revenue growth of 29.2%. Mobile Money revenue grew by 32.8% in constant currency, with acontinuedstrongperformanceinEastAfrica.

EBITDAmarginsremainedresilientat48.8%despitethecurrencyheadwindsandinflationarypressureonourcostbase.ConstantcurrencyEBITDAincreased21.3%withreportedcurrencyEBITDAdeclining5.7%to$2,428m.Q4’24EBITDAmarginsof46.5%wereimpactedbythelowercontributionofNigeriafollowingtheQ4’24nairadevaluationandrisingenergycostsacrossanumberofmarkets.

Loss after tax was $89m, primarily impacted by significant foreign exchange headwinds, resulting in a $549mexceptionallossnetoftaxfollowingtheNigeriannairadevaluationinJune2023andQ4’24,andtheMalawiankwachadevaluationinNovember2023.

BasicEPSofnegative(4.4cents)comparesto17.7centslastyear.EPSbeforeexceptionalitemswas10.1cents,adeclineof25.9%.BothEPSbeforeexceptionalitemsandbasicEPSwereprimarilyimpactedbysignificantderivativeandforeignexchangelossesduringtheyear.EPSbeforeexceptionalitemsandderivativeandforeignexchangelosseswas18.3centscomparedto20.5centsinthepriorperiod.

Capitalallocation

Capexwasbroadlyflatat$737mandwasbelowourguidancelargelyduetoadeferralindatacentreinvestments.Inaddition, we invested $152m in licence renewal and spectrum acquisitions, including $127m for the Nigerian 3Glicencerenewal.

Leverage of 1.4x on 31 March 2024 was flat from the previous year. We have around $680m of cash available atHoldCo,tobeutilizedtofullyrepaytheremaining$550mdebt,fallingdueinMay2024.

TheBoardhasapprovedasharebuybackprogrammeofupto$100m,overaperiodofupto12months.On1March2024,weannouncedthecommencementofthefirsttrancheofthisbuybackuptoamaximumof$50m.DuringMarch2024,thecompanypurchased7.4millionsharesforatotalconsiderationof$9m.

TheBoardhasrecommendedafinaldividendof3.57centspershare,makingthetotaldividendforFY245.95centspershare.

Sustainabilitystrategy

Ourlandmarkfive-year$57mpartnershipwithUNICEFlaunchedacross13marketsprovidingaccesstoeducationalresources,freeofcharge,onourwaytotransformingthelivesofoveronemillionchildrenthroughdigitallearningby2027.

PartneredwiththeGovernmentofRwandatolaunchtheConnectRwanda2.0initiativewhichaimstoprovidemorethanamillionpeoplewithaffordablesmartphonestobridgethedigitaldivide.

OlusegunOgunsanya,Chiefexecutiveofficer,onthetradingupdate:

“Theconsistentdeploymentofour‘Winwith’strategysupportedtheaccelerationinconstantcurrencyrevenuegrowthovertherecentquarterswhichhasreducedtheimpactofcurrencyheadwindsfacedacrossmostofourmarkets.Thisstrongrevenueperformanceisareflectionnotonlyoftheopportunitythatisinherentacrossourmarkets,butalsotheresilienceofouraffordableofferingsdespitetheinflationarypressuremanyofourcustomershaveexperienced.

Facilitatingthisgrowthhasbeen,andwillremain,fundamentaltoourperformance.Theinvestmentinourdistributiontocatalysegrowth,andthetechnologyrequiredtosupportthisgrowthhasbeenkey.Furthermore,ourrigorousapproachtode-riskingourbalancesheetandourcapitalallocationprioritieshasmateriallyreducedtherisksthatthecurrencyde-valuationhashadonourbusiness.KeyinitiativesincludethereductionofUSdollardebtacrossthebusinessandtheac-cumulationofcashattheHoldColeveltofullycovertheoutstandingdebtdue.Wewillcontinuetofocusonreducingourexposure to currency volatility. At the beginning of March, we launched our first buyback programme reflecting thestrengthofourfinancialposition.

Thegrowthopportunitythatexistsacrossourmarketsremainscompelling,andwearewellpositionedtodeliveragainstthisopportunity.Wewillcontinuetofocusonmarginimprovementfromtherecentlevelasweprogressthroughtheyear.

Iwanttosayaparticularthank-youtoourcustomers,partners,governmentsandregulatorsfortheirsupportandouremployeesfortheirunrelentingcontributiontothebusiness.OurpurposeoftransforminglivesacrossAfricawillcontinuetobeourhighestpriority.

GAAPmeasures

(Yearended)

Description

Mar-24

Mar-23

Reported

currency

change

Revenue

4,979

5,255

(5.3%)

Operatingprofit

1,640

1,757

(6.7%)

(Loss)/Profitaftertax

(89)

750

(111.9%)

BasicEPS($cents)

(4.4)

17.7

(124.9%)

Netcashgeneratedfromoperatingactivities

2,259

2,229

1.4%

Alternativeperformancemeasures(APM)1

(Yearended)

Description

Mar-24

Mar-23

Reported

currency

Constant

currency

change

Revenue

4,979

5,255

(5.3%)

20.9%

EBITDA

2,428

2,575

(5.7%)

21.3%

EBITDAmargin

48.8%

49.0%

(22)bps

14bps

EPSbeforeexceptional items($ cents)

10.1

13.6

(25.9%)

Operatingfreecashflow

1,691

1,827

(7.4%)

(1)Alternativeperformancemeasures(APM)aredescribedonpage50,withareconciliationonpage53.

AboutAirtelAfrica

AirtelAfricaisaleadingprovideroftelecommunicationsandmobilemoneyservices,withapresencein14countriesinAfrica,primarilyinEastAfricaandCentralandWestAfrica.

AirtelAfricaoffersanintegratedsuiteoftelecomssolutionstoitssubscribers,includingmobilevoiceanddataservicesaswellasmobilemoneyservices,bothnationallyandinternationally.Weaimtocontinueprovidingasimpleandintuitivecustomerexperiencethroughstreamlinedcustomerjourneys.

Enquiries

AirtelAfrica–InvestorRelations

Alastair JonesInvestor.relations@africa.airtel.com

+447464830011

+442074939315

HudsonSandler

Nick LyonEmilyDillon

airtelafrica@hudsonsandler.com

+442077964133

Conferencecall

Managementwillhostananalystandinvestorconferencecallat13:00pmUKtime(BST),onThursday09thMay2024,includingaQuestion-and-Answersession.

Toreceiveaninvitationwiththedialinnumberstoparticipateintheevent,pleaseregisterbeforehandusingthefollowinglink:

Conferencecallregistrationlink

Keyconsolidatedfinancialinformation

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change%

Constantcurrency

change%

Mar-24

Mar-23

Reportedcurrency

change%

Constantcurrency

change%

Profitandlosssummary

Revenue 1

4,979

5,255

(5.3%)

20.9%

1,118

1,341

(16.6%)

23.1%

Voicerevenue

2,179

2,491

(12.5%)

11.9%

472

619

(23.8%)

13.7%

Datarevenue

1,734

1,787

(3.0%)

29.2%

391

469

(16.5%)

31.1%

Mobilemoneyrevenue2

837

692

21.1%

32.8%

206

176

17.0%

35.5%

Otherrevenue

417

437

(4.6%)

23.4%

116

(16.5%)

25.7%

Expenses

(2,572)

(2,694)

(4.5%)

20.9%

(600)

(686)

(12.6%)

26.3%

EBITDA3

2,428

2,575

(5.7%)

21.3%

520

659

(21.0%)

19.3%

EBITDAmargin

48.8%

49.0%

(22)bps

14bps

46.5%

49.1%

(259)bps

(148)bps

Depreciationandamortisation

(788)

(818)

(3.6%)

23.3%

(173)

(220)

(21.0%)

17.9%

Operatingprofit

1,640

1,757

(6.7%)

20.3%

347

439

(21.0%)

20.0%

Otherfinancecost–netof

financeincome

(896)

(723)

24.0%

(142)

(204)

(30.3%)

Financecost–exceptionalitems4

(807)

0.0%

(323)

0.0%

Totalfinancecost5

(1,703)

(723)

(135.6%)

(465)

(204)

127.9%

(Loss)/Profitbefore tax

(63)

1,034

(106.1%)

(118)

233

(150.8%)

Tax

(284)

(445)

(36.1%)

(77)

(105)

(26.3%)

Tax–exceptional items6

258

161

60.1%

104

5.5%

Totaltaxcredit/(charge)

(26)

(284)

(90.8%)

(6)

(548.0%)

(Loss)/Profitaftertax

(89)

750

(111.9%)

(91)

227

(140.2%)

Non-controllinginterest

(76)

(87)

(12.7%)

(13)

(32)

(58.9%)

Profitattributabletoownersofthecompany–before

exceptionalitems

380

512

(25.8%)

115

106

8.1%

(Loss)/Profitattributableto

ownersofthecompany

(165)

663

(124.9%)

(104)

195

(153.2%)

EPS–beforeexceptionalitems

cents

10.1

13.6

(25.9%)

3.0

2.8

7.8%

BasicEPS

cents

(4.4)

17.7

(124.9%)

(2.8)

5.2

(153.2%)

Weightedaveragenumberof

million

3,751

3,752

(0.0%)

3,750

0.0%

Capex

737

748

(1.4%)

243

291

(16.5%)

Operatingfreecashflow

1,691

1,827

(7.4%)

277

368

(24.6%)

Netcashgeneratedfromoperating

activities

2,259

2,229

1.4%

493

518

(4.7%)

Netdebt

3,505

3,524

3,505

3,524

Leverage(netdebttoEBITDA)

times

1.4x

Returnoncapitalemployed

23.0%

23.3%

(31)bps

23.9%

23.4%

48bps

OperatingKPIs

ARPU

2.8

3.3

(13.3%)

10.7%

2.4

3.2

(23.8%)

12.5%

Totalcustomerbase

million

152.7

140.0

9.0%

152.7

140.0

9.0%

Datacustomerbase

million

64.4

54.6

17.8%

64.4

54.6

17.8%

Mobilemoneycustomerbase

million

38.0

31.5

20.7%

38.0

31.5

20.7%

(1)Revenueincludesinter-segmenteliminationsof$188mfortheyearended31March2024and$152mfortheprioryear.

(2)Mobilemoneyrevenuepostinter-segmenteliminationswithmobileserviceswas$649mfortheyearended31March2024,and$540mfortheprioryear.

(3)EBITDAincludesotherincomeof$21mfortheyearended31March2024and$13mforthepriorperiod.

(4)Exceptionalitemsof$807mfortheyearended31March2024relatestoderivativeandforeignexchangelossesfollowingthedevaluationoftheNigeriannaira($770m)inJune2023andthree-monthperiodended31March2024aswellasMalawiankwachadevaluationinNovember2023($37m),respectively.

(5)Pleaserefertothecommentaryonfinancecostsaspartof‘Financialreview’sectiononpage5.

(6)Taxexceptionalitemsof$258mfortheyearended31March2024reflectsthegaincorrespondingtothe$807mexceptionalitemreferredtoinpoint4 above.$161mexceptionaltaxgaininthepriorperiodreflectstherecognitionofdeferredtaxcreditinKenya,DemocraticRepublicoftheCongo&Tanzania.

Financialreviewfortheyearended31March2024

Revenue

Group revenue in reported currency declined by 5.3% to $4,979m, with constant currency growth of 20.9%, whichaccelerated to 23.1% in Q4’24. Reported currency revenue growth was particularly impacted by significant currencydevaluationsinNigeria,Malawi,ZambiaandKenya.Groupmobileservicesrevenuegrewby19.4%inconstantcurrency,with voice revenue growth of 11.9% and data revenues growing 29.2%. In Nigeria, constant currency mobile servicesrevenuesincreasedby25.8%,whilstEastAfricasaw21.5%growthandFrancophoneAfricaincreasedby9.2%.Mobilemoneyrevenuegrewby32.8%inconstantcurrency,primarilydrivenbycontinuedstronggrowthinEastAfrica.

EBITDA

ReportedcurrencyEBITDAdeclinedby5.7%to$2,428mreflectingtheimpactofcurrencydevaluationovertheperiod,particularly in Nigeria. In constant currency, EBITDA increased to 21.3% with EBITDA margins of 48.8%, up by 14bps.ReportedcurrencyEBITDAmarginsof48.8%remainedresilientdespitethecurrencyandinflationaryheadwindsfacedinseveralmarkets.MobileservicesEBITDAincreased18.8%inconstantcurrencyasoperatingleverageandcostefficienciescontinuedtolimitthe FXheadwindsandinflationarypressureovertheyear.MobilemoneyEBITDAmarginsof52.1%increased234bpsinconstantcurrency,supportinggrowthof39.0%.

NigeriacurrencydevaluationimpactonrevenueandEBITDA

Duringtheperiod,theNigeriannairadevaluedsignificantlyfrom461perUSdollarinMarch2023to1,303perUSdollarinMarch2024.TheimpactoftheNigeriannairadevaluationonreportedrevenueandEBITDAfortheyearending31March2024was$1,042mand$554mrespectively.Asthecurrencydevaluationoccurredatvariousstagesduringtheyear,revenueandEBITDAinthereportingperioddoesnotreflectthefullyearimpact.Asaresult,thenextfinancialyearreportedcurrencyresultswillcontinuetoreflectthecurrencyheadwindsexperiencedduringFY’24.Iftheclosingrateof1,303NGN/USDwereto be used to consolidate the results of the Group for the year ended 31 March 20241, reported revenue would havedeclinedfurtherby$603mto$4,376m(16.7%YoYdecline)asopposedtothe5.3%declinereported.Similarly,EBITDAwouldhavedeclinedfurtherby$324mto$2,104m(18.3%YoYdecline)asopposedtothe5.7%declinereported,withanEBITDAmarginof48.1%(Q4’24:46.4%).

Forfuturesensitivityoncurrencydevaluation,refertotheRisksectiononpage21.

Financecosts

Totalfinancecostsfortheyearended31March2024was$1,703m,primarilyimpactedby$1,259mofderivativeandforeignexchangelosses(reflectingtherevaluationofUSdollarbalancesheetliabilitiesandderivatives)asaresultofthecurrency devaluation primarily in Nigeria and Malawi. Finance costs excluding derivative and foreign exchange lossesincreasedfrom$385mto$444minthecurrentperiodprimarilyonaccountofshiftofforeigncurrencydebttolocalcurrencydebtintheoperatingentitiescarryingahigheraverageinterestrate.

Outof$1,259mderivativeandforeignexchangelosses,$807mwasclassifiedasanexceptionalitemasperthecompany’spolicyonexceptionalitems2ofwhich$770misrelatedtoNigeriannairadevaluationand$37misrelatedtoMalawiankwachadevaluation.

(Loss)/Profitbeforetax

Lossbeforetaxat$63mduringtheyearended31March2024waslargelyimpactedbythe$807mexceptionallossesdiscussedabove.Excludingtheseexceptionalitems,profitbeforetaxforyearended31March2024was$744m.

1RelatestocurrencytranslationimpactonlyandreflectsnochangetotheoperatingperformanceoftheNigerianbusiness.

2Refer‘Noteonexceptionalitems’onPage 55

Taxation

Totaltaxchargeswere$26mascomparedto$284minthepriorperiod.Totaltaxchargesreflectedanexceptionalgainof

$258m on account of the Nigerian naira and Malawian kwacha devaluation during the current period compared withrecognitionofdeferredtaxcreditof$161minKenya,DemocraticRepublicoftheCongoandTanzaniainthepriorperiod,henceahigherexceptionalgainof$97m.Taxchargesexcludingexceptionalitemswere$284mcomparedto$445minthepriorperiod.

Taxchargeof$26mduringtheyearended31March2024,despitealossbeforetaxof$63mwasduetochangeinprofitmixbetweenvariousOpCosandwithholdingtaxesondividendsbysubsidiaries.

(Loss)/Profitaftertax

Lossaftertaxof$89mduringtheyearended31March2024wasprimarilyimpactedbythe$549mnetoftaximpactoftheexceptionalderivativeandforeignexchangelosses.Excludingtheseexceptionalitems,profitaftertaxforyearended31March2024was$460m.

BasicEPS

BasicEPSatnegative4.4centsduringtheyearended31March2024wasimpactedbythederivativeandforeignexchangelossesasexplainedabove.EPSbeforeexceptionalitems andderivativeandforeignexchangelossesfortheyearended31March2024was18.3cents.

Leverage

Leverageof1.4xason31March2024wasbroadlyflatfromthepreviousyeardespiteoursignificantinvestmentsandthecurrencydevaluationinseveralmarketswhichresultedinlowerreportedcurrencyEBITDAascomparedtothepreviousyear.TheremainingdebtatHoldCoisnow$550m,fallingdueinMay2024.CashatHoldCowasaround$680mattheendoftheperiodandtheGroupisfullygearedtorepaytheHoldCodebtwhendueusingthiscash.

GAAP measuresRevenue

Reportedrevenueof$4,979m,declinedby5.3%inreportedcurrency,andgrewby20.9%inconstantcurrencydrivenbybothcustomerbasegrowthof9.0%andARPUgrowthof10.7%.Thegapbetweenconstantcurrencyandreportedcurrencyrevenuegrowthwasduetotheaveragecurrencydevaluationsbetweentheperiods,mainlyintheNigeriannaira,theMalawikwacha,theZambiankwacha,andtheKenyanshilling,partiallyoffsetbyanappreciationintheCentralAfricanfranc.

Reportedmobileservicesrevenueat$4,338m,declined8.1%,andgrewby19.4%inconstantcurrency.Constantcurrencygrowthwasdrivenbygrowthof25.8%inNigeria,21.5%inEastAfricaand9.2%inFrancophoneAfrica,respectively.Mobilemoneyrevenuegrewby21.1%inreportedcurrency.Inconstantcurrency,mobilemoneyrevenuegrewby32.8%,drivenbyrevenuegrowthinEastAfricaof36.0%andFrancophoneAfricaof22.3%.

Operatingprofit

Operatingprofitinreportedcurrencydeclinedby6.7%to$1,640mascurrencyheadwindsoffsetstrongrevenuegrowthandcontinuedimprovementsinoperatingefficiencyacrosstheGroup.

Totalfinancecosts

Totalfinancecostsfortheyearended31March2024of$1,703m,increased$980moverthepriorperiod.Financecostswereprimarilyimpactedby$807mofexceptionalderivativeandforeignexchangelossesarisinginNigeriaandMalawi,followingthesignificantcurrencydevaluationduringtheperiod.

TheGroup’seffectiveinterestrateincreasedto10.1%comparedto7.7%inthepriorperiod,largelydrivenbyhigherlocalcurrencydebtattheOpColevel,inlinewithourstrategyoflocalisingdebtatOpCo.

Taxation

Totaltaxchargesof$26mdeclinedfrom$284minthepriorperiod.Totaltaxchargesreflectedanexceptionalgainof$258monaccountoftheNigeriannairaandMalawiankwachadevaluationduringthecurrentperiod,comparedtoanexceptionalgain of $161m in the prior period on account of deferred tax credits in Kenya, Democratic Republic of the Congo andTanzania.Asaresult,totaltaxchargesreflectedahigherexceptionalgainof$97minthecurrentperiod.Thetaxchargeof

$284m is net of a tax gain of $30m arising from the reversal of deferred tax liability on account of a reduction ofundistributedretainedearningsofNigeria.ThisreductionisanindirectconsequenceoftheimpactoftheNigeriannairadevaluation.

(Loss)/Profitaftertax

(Loss)aftertaxof$89mduringtheyearended31March2024wasprimarilyimpactedbythe$549mnetoftaximpactoftheexceptionalderivativeandforeignexchangelosses.

BasicEPS

BasicEPSatnegative4.4centsduringtheyearended31March2024wasimpactedbythederivativeandforeignexchangelossesasexplainedabove.

Netcashgeneratedfromoperatingactivities

Netcashgeneratedfromoperatingactivitieswas$2,259m,up1.4%ascomparedto$2,229minthepriorperiod.

Alternative performance measures3EBITDA

EBITDA of $2,428m, declined by 5.7% in reported currency, and increased by 21.3% in constant currency. Growth inconstantcurrencyEBITDAwasledbyrevenuegrowthandsupportedbycontinuedimprovementinoperatingefficiencieswhichlimitedtheimpactthatinflationarycostpressureshadinanumberofmarkets.TheEBITDAmargindeclinedby22basispointsinreportedcurrencyto48.8%.

ThegapbetweenconstantcurrencyandreportedcurrencyEBITDAgrowthwasduetothecurrencydevaluationsbetweentheperiods,mainlyintheNigeriannaira,theMalawikwacha,theZambiankwacha,andtheKenyanshilling,partiallyoffsetbyanappreciationintheCentralAfricanfranc.

Tax

Theeffectivetaxratewas38.4%,comparedto38.8%inthepriorperiod,largelyduetoprofitmixchangesamongsttheOpCos.Theeffectivetaxrateishigherthantheweightedaveragestatutorycorporatetaxrateofapproximately32%,largelyduetotheprofitmixbetweenvariousOpCosandwithholdingtaxesondividendsbysubsidiaries.

Exceptionalitems

Theexceptionalitemof$807misonaccountofderivativeandforeignexchangelossesfollowingthedevaluationoftheNigeriannairainJune2023andQ4’24,andtheMalawiankwachainNovember2023.Thishasresultedinanexceptionaltaxgainof$258mascomparedanexceptionaltaxgainof$161minthepriorperiodonaccountofdeferredtaxcreditsinKenya,DemocraticRepublicoftheCongoandTanzania.

EPSbeforeexceptionalitems

EPSbeforeexceptionalitemsof10.1centsdeclinedby25.9%comparedto13.6centsinthepriorperiodprimarilyimpactedbythesignificantderivativeandforeignexchangelossesduringtheyear.EPSbeforeexceptionalitemsandderivativeandforeignexchangelosseswas18.3centscomparedto20.5centsinthepriorperiod.

Operatingfreecashflow

Operatingfreecashflowwas$1,691m,lowerby7.4%,asaresultoflowerEBITDAduringtheperiodpartiallyoffsetbylowercapexincurrentperiod.

3Alternativeperformancemeasures(APM)aredescribedonpage50,withareconciliationonpage53.

Othersignificantupdates

Commencementofsharebuy-backprogramme

On 1 February 2024, the company announced that in light of the increase in HoldCo cash, current leverage and theconsistentstrongoperatingcashgeneration,theBoardintendedtolaunchasharebuy-backprogrammeofupto$100m,overa12monthperiod.TheBoardbelievesthatrepurchasingitsownsharesisanattractiveuseofitscapitalinlightoftheGroup’sstronglongtermgrowthoutlook.Theprogrammewillbeexecutedusingitscashreservesandinaccordancewithapplicablesecuritieslawsandregulation.

On 1 March 2024, Airtel Africa plc announced the commencement of its share buyback programme, further to theannouncementon1February2024followingthepublicationofitsnine-monthresultsended31December2023.Thesharebuy-backprogrammeisexpectedtobephasedovertwotranches,withthefirsttranchecommencingon1March2024andanticipated to end on or before 31 August 2024. The first tranche will amount to a maximum of $50 million, with AirtelAfricaenteringintoanagreementwithCitigroupGlobalMarketsLimitedtoconductthebuy-backonitsbehalf.DuringMarch2024,thecompanypurchased7.4millionsharesforatotalconsiderationof$9m.

Directoratechanges

On6February2024,AirtelAfricaplcannouncedthatJohnDanilovichhasinformedtheBoardofhisintentiontoretireasanindependentnon-executivedirectorofAirtelAfricaplcattheconclusionofthisyear'sAGMinJuly2024.

On 30 October 2023 and 31 October 2023 Kelly Bayer Rosmarin and Doug Baillie, respectively retired as non-executivedirectorsofAirtelAfricaplc.

On9May2024,AirtelAfricaplcannouncedtheappointmentofPaulArkwright,CMG,asanindependentnon-executivedirectoroftheCompany,withimmediateeffect.

Nigeriannairadevaluation

On14June2023,theCentralBankofNigeria(CBN)announcedchangestotheoperationsintheNigerianForeignExchange(FX)market,includingtheabolishmentofsegmentation,withallsegmentsnowcollapsingintotheInvestorsandExporters(I&E)window andthereintroductionofthe‘WillingBuyer,WillingSeller’modelattheI&Ewindow.Asaresult oftheCBNdecision, the US dollar has appreciated against the Nigerian naira in the I&E window. The market expectation is that thenewforeigncurrencypolicyandsubsequentrealignmentoftheseveralmarketexchangerateswillprovidegreaterUSdollarliquidityovertimeandhelptoalleviatethechallengesfacedinthelastfewyearstoaccessUSdollarsinthemarket.

On 29 January 2024, the FMDQ Securities Exchange Limited (‘FMDQ’) notified the market of its amendment to themethodology applied for the computation of the Nigerian Autonomous Foreign Exchange Fixing (‘NAFEX’) being theexchangerateusedtoconsolidatetheresultsofAirtelAfrica’sNigeriaregion.ThisdevelopmentfurtherimpactedtheNigeriannairaduringtheperiod.TheclosingNAFEXrateasof31March2024,wasNGN1,303perUSdollar.

The impact of both these events resulted in derivative and foreign exchange losses of $770m in the year which wereclassifiedasexceptional.

The Group continues to invest in Nigeria to enable it to capture the growth opportunity. This continued investment willfacilitate growth, drive continued digitalisation across the country, facilitate economic progress and transform livesacrossNigeria.

RetirementofAirtelAfricaplcCEOandappointmentofSuccessor

On2January2024,AirtelAfricaplcannouncedtheretirementofChiefExecutiveOfficerOlusegun"Segun"OgunsanyaandtheappointmentofSunilTaldar,whojoinedAirtelAfricainOctober2023asDirector-Transformation,asChiefExecutiveOfficer(CEO).Followingatransitionperiod,SunilTaldarwillbeappointedtotheBoardasanExecutiveDirectorandassumetheroleofCEOon1July2024,atwhichtimeSegunwillretirefromtheBoardandtheCompany.

LaunchofNxtrabyAirtel

InDecember2023,AirtelAfricalaunchedNxtrabyAirtel(“Nxtra”),anewdatacentrebusinessfoundedonacommitmenttomeetthecontinent’sgrowingneedsfortrusted,andsustainabledatacentrecapacityandtoservethefast-growingAfricandigitaleconomy.ItaimstobuildoneofthelargestnetworkofdatacentresinAfricawithhigh-capacitydatacentresinmajorcitieslocatedstrategicallyacrossAirtelAfrica’sfootprint,complementingitsexistingedgesites.Nxtra’sambitionwillallowittoservethegrowingneedofAfricanenterprisesanditsdatacentreinfrastructurewillbedesignedtohostthenextgenerationofcomputing,whileprovidingmulti-MWcapacityinaphasedmanner.

NigerianCommunicationsCommissiondirectiveonsubscriberregistrationcompliance

InDecember2023,theNigerianCommunicationsCommission(NCC)informedAirtelNigeria,inanindustry-widedirective,toundertakefullnetworkbarringofallSIMsthathavefailedtosubmittheirNationalIdentityNumbers(NIN)onorbefore28February2024.Likewise,customersthathavesubmittedtheirNINs,butremainunverifiedaretobebarredby31stJuly2024(earlierdeadlinewas15April2024).Furthermore,guidelineswereissuedwherebynocustomercanhavemorethan4activeSIMsandallsuchexcessSIMsbebarredby29March2024.ThisdirectiveispartoftheongoingFederalGovernmentNIN-SIM harmonisation exercise requiring all subscribers to provide valid NIN information to update SIM registrationrecords.

AirtelNigeriahascompliedwiththedirectivesissuedandbarredallcustomerswithoutNINsaswellascustomerswithmorethan4activeSIMswhichhadaverynegligibleimpactonrevenue.Currentlyweareengagingwithapproximately5.7mcustomerswhoseNINareyettobeverified.SincethedirectivewasissuedinDecember2023,7.9mcustomershavealreadybeen verified. We continue to engage with the NCC and work closely with the relevant authorities to facilitate andacceleratetheverificationprocesstominimisetheriskofservicedisruptiontothesecustomers,whilstalsolimitingtherevenueimpactfromourcompliancetothedirectiveissued.

DevaluationoftheMalawianKwachabytheReserveBankofMalawi

Aspartofthestructuralchanges,RBMstartedauthorizingdealerbankstofreelynegotiateexchangeratestotradewiththeirclientsandamongstthemselves,notwithstandinganylimitationspreviouslyinplace.

Thedevaluationresultedinaforeignexchangelossof$37mandisclassifiedasexceptional.

UgandaInitialPublicOffering(IPO)

On29August2023,AirtelUgandaLimitedissuedaprospectusinrelationtotheofferforsaleof8,000,000,000ordinaryshares,representing20%ofAirtelUgandaLimitedontheUgandaStockExchange(USE)in-linewiththe20%minimumpublic listing obligation for all National Telecom Operators under the current Uganda Communications (Fees & Fines)(Amendment)Regulations2020.TheissuedsharesofAirtelUgandawerelistedontheMainInvestmentMarketSegmentoftheUSEon7November2023atUGX100pershare.

OncompletionoftheIPOinNovember2023,4.4bnshares(10.89%ofAirtelUganda’stotalsharecapital)weretransferredtominorityshareholders,whilsttheentire40bnsharesbegantradingontheMainInvestmentMarketSegmentoftheUSE.Airtel Uganda received a 3-year waiver from the Uganda Securities Exchange from the requirement to transfer theremaining9.11%requiredtomeetthe20%shareholdinglistingrequirement.

Nigeria2100MHzspectrumrenewal

On 9 May 2023, the Group announced that its Nigerian subsidiary, Airtel Networks Limited ('Airtel Nigeria'), had made apayment of NGN58.7bn ($127.4m), payable to the Nigerian Communications Commission (NCC), to renew its 2x10MHz2100MHzspectrumlicence,whichwillbevalidforaperiodof15yearsfollowingtheexpiryofthepreviouslicence(30April2022).

ThisinvestmenttorenewthelicencereflectsourcontinuedconfidenceintheopportunityinherentacrosstheNigerianmarket,supportingthelocalcommunitiesandeconomiesthroughfurtheringdigitalinclusionandconnectivity.

Ugandaspectrum

Theregulatorhadpreviouslyissuedaninvitationtoapplyforspectruminvariousbands(700,800,2300,2600,3300,3500,etc).On26June2023,theUgandaCommunicationsCommissionconfirmedthatAirtelUgandaLimitedhadqualifiedforthe award of 10 MHz of 800 MHz and 100 MHz of 3500 MHz spectrum.There is no upfront payout for spectrum but,instead,thereisanannualpayoutof$1.2mforaperiodof17years,whichisthevalidityperiodforthespectrum.

Sharecapitalreduction

On15August2023,AirtelAfricaannouncedthecancellationandextinctionofallits deferredsharesofUSD0.50nominalvalueeach(the‘capitalreduction’),whichwasapprovedbyshareholdersattheannualgeneralmeetingoftheCompanyheld on 4 July 2023. The cancellation and extinction was sanctioned by the High Court of England and Wales (the ‘HighCourt’). The effect of the capital reduction is to create additional distributable reserves which will be available to thecompany going forward and may be used to facilitate returns to shareholders in the future, whether in the form ofdividends,distributionsorpurchasesofthecompany'sownshares.

Thecompanyconfirmsthat,followingthecapitalreduction,theissuedsharecapitalofthecompanywillbe3,758,151,504ordinarysharesofUSD0.50nominalvalueeach,carryingonevoteeach.Therearenosharesheldintreasury.Thetotalvotingrightsinthecompanythereforewillbe3,758,151,504.

Dividendpaymenttimetable

Theboardhasrecommendedafinaldividendof3.57centsforthefinancialyearended31March2024,payableon26July2024toshareholdersrecordedintheregisteratthecloseofbusinesson21June2024.

Lastdaytotradesharescumdividend 19 June 2024Sharescommencetradingex-dividend 20 June 2024Recorddate 21June2024

Lastdateforcurrencyelection 8June2024

Paymentdate 26July2024

InformationonadditionalKPIs

AninvestorrelationspackwithinformationontheadditionalKPIsandbalancesheetisavailabletodownloadonourwebsiteatairtel.africa/investors

Strategicoverview

TheGroupprovidestelecomsandmobilemoneyservicesin14emergingmarketsofsub-SaharanAfrica.Ourmarketsarecharacterisedbyhugegeographieswithrelativelysparsepopulations,highpopulationgrowthrates,highproportionsofyouth, low smartphone penetration, low data penetration and relatively unbanked populations. Unique mobile userpenetrationacrosstheGroup’sfootprintisaround48%,andbankingpenetrationremainsunder50%.TheseindicatorsillustratethesignificantopportunitystillavailabletoAirtelAfricatoenhancebothdigitalandfinancialinclusioninthecommunitiesweserve,enrichingandtransformingtheirlivesthroughdigitalisation,whilstatthesametimegrowingourrevenuesprofitablyacrosseachofourkeyservicesofvoice,dataandmobilemoney.

The Group continues to invest in its network and distribution infrastructure to enhance both mobile connectivity andfinancialinclusionacrossourcountriesofoperation.Inparticular,wecontinuedtoinvestinexpandingour4Gnetworkfootprinttoincreasedatacapacityinournetworkstosupportfuturebusinessgrowth,aswellasdeployingnewsites,especiallyinruralareas,toenhancecoverageandconnectivity.

Wedescribeour'winwith'strategythroughsixstrategicpillars.Ourcustomersareatthecoreofourstrategy,throughourcorporatepurposeoftransforminglives.

Thedigitalisationofourproductsandservicesisfundamentaltoenablingthesuccessofeachpillarwithinour‘winwith’

strategy.Inaddition,thedigitisationofourinternalsystemsandprocessesensuresweoptimiseouroperatingflexibility.

UnderpinningtheGroup’sbusinessstrategyforgrowthisoursustainabilitystrategywhichsupportsourwell-establishedcorporatepurposeoftransforminglives,ourcontinuedcommitmenttodrivingsustainabledevelopmentandactingasaresponsiblebusiness.Oursustainabilitystrategysetsoutourgoalsandcommitmentstofosterfinancialinclusion,bridgethedigitaldivideandservemorecustomersinsomeoftheleastpenetratedtelecommunicationmarketsintheworld.

Thisyear,wecontinuedtomakestrongprogressacrosseachofourcorestrategicpillars:‘Winwithtechnology’,‘Winwithdistribution’,‘Winwithdata’,‘Winwithmobilemoney’,‘Winwithcost’and‘Winwithpeople’.

Winwithtechnology

The Group remains focused on delivering best-in-class services, expanding 4G networks and has launched new 5GtechnologyinkeymarketsincludingKenya,Nigeria,Tanzania,UgandaandZambiafollowingtheacquisitionof5Gspectrum.Reaching underserved communities is a key priority, and we continue to: 1) increase rural coverage through new siterollouts,2)acquireadditionalspectrumand3)investinnewtechnologyacrossourmarkets.

Aspartofensuringourservicesarefutureready,inadditiontopurchasingspectrum,wegrewourfibreinfrastructureandtestedour5Gcapabilities.Afterexploringthepotentialforadditionalthird-partyrevenuestreams,wehaveinvestedindatacentrestofurthersupportdigitalinclusionacrossourmarkets.Wecontinuedtostrengthenourfibrebusiness,whichisnowdelivering encouraging revenue growth. During the year we added a further around 5,000 km of fibre, with a total of75,400+kmnowdeployed.

Furthermore,weexpandedourinternationaldatacapacityviasubmarinecablesby100%to3.1Tbpswithcurrent45%utilizationthroughacombinationofaddingadditionalroutesandcapacity.

Overall,thecapacityinvestmenthasresultedina32.7%increaseindatacapacity–reaching31,700+terabytes(TB)perday,withpeakhourdatautilizationat53%allowingforincreasednetworkresilienceandanenrichedservicecontinuity.

FollowingsubstantialspectrumacquisitionsinFY’23,wefurtherinvestedintherenewalof2100MHzspectruminNigeriaduringthisperiod.Continuedinvestmentintospectrumacrossourmarketswillfurtherenhancenetworkcapacityandcoverage.

Winwithdistribution

Wecontinuetostrengthenourexclusivechannelofkiosks/mini-shopsandAirtelMoneybranchesalongwithmulti-brandoutletsinbothurbanandruralmarkets.WeofferasimplifiedandenhancedKnowYourCustomer(KYC)apptoprovideaseamlesscustomeronboardingexperience.Thesehaveenabledustoaddcustomers,resultingincustomerbasegrowthof9.0%,andsupportedvoicerevenuegrowthof11.9%inconstantcurrency.

The Group continued its investment in strengthening our distribution network infrastructure, with a focus on ruraldistributionnetworks.Duringtheperiod,theGroupexpandeditsexclusivefranchisestores,addingover27,800kiosksandminishops(takingthetotaltoalmost89,600kiosksandminishops)andadding1,550+AirtelMoneybranches(AMB),takingthetotalto19,500+AMBsacrossourfootprint.TheGroupalsoaddedaround59,600activatingoutlets,anincreaseof19.6%.

Winwithdata

Withcontinuedinvestmentsintheexpansionofour4Gnetworkandlaunching5GinseveralOpCo’s,theclearfocusisonenhancingcustomerexperienceacrossthenetwork.ThisisnotonlyformobileusersbutalsoforbroadbandenterpriseuserstosupportcontinueddataARPUanddatarevenuegrowth.

Expansionofthe4Gnetworkandimproveduserexperiencehashelpeddriveincreasedsmartphonepenetration,customerARPUandconsumptionperdatauseracrossthesegments.Smartphonepenetrationwasup4.2percentagepointsto40.5%anddatacustomergrewby17.8%,nowrepresenting42.1%ofourtotalbase.Smartphonedatacustomersgrewby24.7%leadingtohigherconsumption&ARPUgrowth.

Datausagepercustomerpermonthalsogrewby20.8%andreached5.4GBpermonthfrom4.4GBayearago.Thisincreasewasledbyincreasedsmartphonepenetrationandanexpansionofourhomebroadbandandenterprisecustomers.

Alltheabovecontributedtoa29.2%growthinconstantcurrencydatarevenue.4Ghandsetusers’datausageconstituted88.3%oftotaldatausageonthenetworkinQ4’24growingat61.3%,with4Gdatausageperdatacustomerofover8.7GBpermonth.

Winwithmobilemoney

Thelowpenetrationoftraditionalbankingservicesacrossourfootprintleavesalargenumberofunbankedcustomerswhoseneedscanbelargelyfulfilledthroughmobilemoneyservices.WeaimtodrivetheuptakeofAirtelMoneyservicesinallourmarkets,harnessingtheabilityofourprofitablemobilemoneybusinessmodeltoenhancefinancialinclusioninsomeofthemost‘unbanked’populationsintheworld.

Duringtheperiod,wefocussedongrowingourecosystemanddrivingcustomeracquisition.Welaunchednewinternationalmoneytransferroutes,aswellasnewloanproductsandcontinuedtointegratemorepartnersintoourecosystem.

We continued to expand our exclusive distribution channel of AMBs and kiosks to ensure availability of services tocustomers,evenintheruralareas.Thenumberofkiosksandminishopsincreasedby45%andAirtelMoneybranchesbyover 8.7%. Furthermore, our non-exclusive channel of mobile money agents expanded by 53%, following implementationofourdigitalon-boardingjourney.Ourdistributionexpansionandenhancedofferingshelpeddrive20.7%growthinourmobilemoneycustomerbase,nowserving38.0millioncustomers,whichrepresents24.9%ofourtotalcustomerbase.

OurNigeriaPSBlicenceremainsanopportunityfortheGroup.Duringthisyear,weacceleratedourcustomeracquisitionstrategyandourcustomerbaseis1.5millionactivecustomers.Wecontinuetobuildtheecosystemtogrowourtransactionvalue.

Alongwithdata,mobilemoneycontinuestobeoneofourfastestgrowingservices,deliveringrevenuegrowthof32.8%infullyear.Itisanincreasinglyimportantpartofourbusiness,withover$112bnofannualtransactionvalueinreportedcurrency.Mobilemoneyrevenueaccountsfor16.8%oftheGrouprevenuesintheperiod.

MobilemoneyARPUincreasedby8.6%inconstantcurrencyovertheperiod,drivenbyincreasedtransactionvaluesandhighercontributionsfromcashtransactions,P2PtransfersandmobileservicesrechargesthroughAirtelMoney.

Winwithcost

DespitetheimpactofinflationarypressureacrosstheGroupandcontinuinghighfuelpricesacrosscountries,our‘winwith

cost’initiativeshavecontinuedtosupportmarginresilienceacrosstheGroup.

We continue our focus on enhancing cost efficiency through changes in the operating design and response to themacroeconomicchanges,anexampleofwhichistherolloutofamajorityofnewsitesusinggreeninitiatives(solar,batteriesand grid connection). We embrace robust cost discipline and continuously seek to improve our processes to reduceoperatingcosts,deliveringoneofthehighestEBITDAmarginsintheindustry.Wealsocontinuetoembrace thelatest

technologytooptimallydesignournetworksandimproveourcapitalexpenditureefficiencyenablingustobuildlargeincrementalcapacitiesatlowermarginalcost.

We are undertaking various cost efficiency initiatives to mitigate the headwinds, relating mainly to: (i) working with activeequipmentmanufacturerstoimplementenergysavingfeaturestoreduceenergyconsumption,(ii)workingwithtowercompanies(towercos)toinvestmoreinenergyefficientequipment(includinginlithiumbatteriesandsolarequipment),

enhance grid connectivity, (iv) transmission re-routing to optimise lease line capacity and (v) shift towards digitalrecharges,especiallythroughAirtelMoneytoreducecommissionpay-outs.

Winwithpeople

Wecontinuetooperateinahighlycompetitiveandvolatilebusinesslandscapeandthereforeourongoingcommitmenttoouremployeesremainsintegraltowinningdespiteoperatingenvironmentheadwinds.

We have developed various mechanisms to ensure that our employees remain heard, this includes our engagement sur-vey which is used to measure employee sentiment on key matters affecting them including engagement, reward, valuesandcollaborationamongstothers.ThenextengagementsurveywillbeconductedinJuly2024.81%ofemployeespartici-pated in the last employee engagement survey, being 2% higher than the previous survey.In addition to the engage-mentsurveyothermechanismswhereweengagewithourpeoplemeaningfullyincludeoneononediscussionswithsen-iorleadership,includingwhenourleadershipvisitstoourOpCo’s.Thesemechanismsenableustoidentifystrengthareas,areasofimprovementwithactionableinsightforimprovementandopportunitiesforcontinuouscollaborationacrossourbusiness.

Werecognisetheimportanceofhavingdiverseteamsconsideringthediversecommunitiesweserveacrossour17opera-tions.Genderdiversityremainsakeyfocusareawith28.3%ofwomeninourworkforce(upfrom26%inthepriorperiod),and we had an increase of different nationalities to 43 (from 39 in the prior period). Additional focus on accelerating therecruitmentandpromotionbymeritoffemaletalentwithinthebusinessremainsinfocus.

Talent capability and capacity has remained a key focus throughout the year. We focused on updating our learning con-tent across our online and classroom platforms to build capability for now and for the future. In addition, on-the-jobtraining,coachingandleadership,buildingleadershipcapabilityandfunctionalexpertiseremainsattheheartofourlearn-inganddevelopmentprogrammes.

Through our Executive leadership development, Africa Mobility and Women for Tech programs, we have been able tosupport talent development and retention which continues to help us build succession planning across critical roles.Theseprogrammesofferexposureandlearningopportunitiestoourhighpotentialandtopperformingtalentaspartofanacceleratedcareerdevelopmentprogramme.

Ourhigh-performancecultureremainstruetowhoweare.Thisisalignedtoourrewardphilosophywhere‘payforperfor-mance’basedonkeyresult areaswhicheachemployeeismeasuredonandconsistentlystrivestomeetandexceed.

Wearecognisantthatbyprovidinggreatworkexperiencesforourpeople,weareabletodrivegreateremployeeengage-ment and satisfaction. This in turn leads to improved performance, innovation and subsequently transformative experi-encesforbothouremployeesandinthecommunitieswhereweserve.

Financialreviewfortheyearended31March2024

Nigeria–Mobileservices

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Summarisedstatementof

operations

Revenue

1,503

2,128

(29.4%)

25.8%

266

543

(51.0%)

34.1%

Voicerevenue1

711

1,053

(32.5%)

19.6%

124

262

(52.7%)

29.0%

Datarevenue

654

884

(25.9%)

32.1%

116

230

(49.6%)

38.0%

Otherrevenue2

138

191

(27.9%)

30.6%

(48.5%)

43.1%

EBITDA

811

1,101

(26.3%)

30.9%

139

284

(51.1%)

32.8%

EBITDAmargin

54.0%

51.7%

226bps

209bps

52.2%

52.3%

(7)bps

(52)bps

Depreciationandamortisation

(264)

(344)

(23.3%)

38.2%

(41)

(97)

(57.1%)

26.5%

Operatingprofit

509

721

(29.4%)

25.4%

177

(49.7%)

36.2%

Capex

252

293

(13.9%)

126

(40.9%)

Operatingfreecashflow

559

808

(30.8%)

68.6%

158

(59.1%)

225.1%

OperatingKPIs

Totalcustomerbase

million

50.9

48.4

5.3%

50.9

48.4

5.3%

Datacustomerbase

million

27.4

23.8

14.9%

27.4

23.8

14.9%

MobileservicesARPU

2.5

3.8

(33.2%)

19.0%

1.7

3.8

(53.9%)

26.4%

(1)Voicerevenueincludesinter-segmentrevenueof$1mintheyearended31March2024andinthepriorperiod.Excludinginter-segmentrevenue,voicerevenuewas$710minyearended31March2024and$1,052minthepriorperiod.

(2)Otherrevenueincludesinter-segmentrevenueof$2mintheyearended31March2024andinthepriorperiod.Excludinginter-segmentrevenue,otherrevenuewas$136minyearended31March2024and$189minthepriorperiod.

Revenuegrewby25.8%inconstantcurrency,withgrowthacceleratingto34.1%inQ4’24largelydrivenbystrongdatademand.Inreportedcurrency,revenuesdeclinedby29.4%to$1,503monaccountofthesignificantdevaluationoftheNigeriannaira.Theconstantcurrencyrevenuegrowthwasdrivenbybothcustomerbasegrowthof5.3%andARPUgrowthof 19.0%. Customer base growth in current period was negatively impacted by barring of customers pursuant to KYCdirectivesbytheregulator.Q4’24reportedcurrencyrevenuesdeclinedby51.0%reflectingtheimpactofNigeriannairadevaluationduringtheperiod.

Voicerevenuegrewby19.6%inconstantcurrency,drivenbybothcustomerbasegrowthof5.3%andvoiceARPUgrowthof13.2%.

Datarevenuegrewby32.1%inconstantcurrency,asafunctionofbothdatacustomeranddataARPUgrowthof14.9%and14.0%,respectively.Datausagepercustomerincreasedby25.4%to6.3GBpermonth(from5.0GBinthepriorperiod).Ourcontinued4Gnetworkrollouthasresultedinnearly100%ofalloursitesdelivering4Gservices.Further235sitesare5Genabled.

Otherrevenuesgrewby30.6%inconstantcurrency,contributedbygrowthinmessagingandvalue-addedservicescoupledwith32.8%growthinleasedlinerevenue.

EBITDAof$811mdeclinedby26.3%inreportedcurrency,butincreasedby30.9%inconstantcurrency.TheEBITDAmarginincreasedby226basispointsto54.0%.Duringtheperiod,therewasaone-timeopexbenefitof$7monaccountofVATrefundsontowerrentals.Excludingthisbenefit,theFY’24EBITDAmarginwouldhaveincreasedby180basispoints.TheincreaseinEBIDTAmarginwasprimarilyduetothegrowthinconstantcurrencyrevenues,supportedbycontinuedcostefficiencies.TheQ4’24EBITDAmarginof52.2%-belowtheFY’24EBITDAmarginof54.0%-reflectstherecentincreaseindieselcosts.DieselpriceshaveincreasedsignificantlyinQ4’24butremainvolatile.Ifcurrentlevelspersist,thefullimpactwillbereflectedinfutureEBITDAmargins.

Operatingfreecashflowwas$559m,upby68.6%inconstantcurrency,largelyduetothestrongEBITDAgrowthandlowercapexincurrentperiod.

EastAfrica–Mobileservices1

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Summarisedstatementof

operations

Revenue

1,622

1,508

7.5%

21.5%

395

380

4.2%

22.5%

Voicerevenue2

851

836

1.8%

14.8%

200

204

(2.0%)

15.0%

Datarevenue

621

537

15.5%

31.0%

156

140

11.2%

31.0%

Otherrevenue3

150

135

10.6%

26.1%

11.1%

31.9%

EBITDA

788

755

4.3%

17.1%

185

193

(4.1%)

12.4%

EBITDAmargin

48.6%

50.1%

(151)bps

(182)bps

46.7%

50.7%

(401)bps

(418)bps

Depreciationandamortisation

(287)

(260)

10.6%

23.3%

(72)

(70)

2.6%

17.5%

Operatingprofit

452

459

(1.5%)

11.9%

101

112

(9.8%)

8.9%

Capex

284

256

10.9%

107

9.5%

Operatingfreecashflow

504

499

0.9%

20.6%

(18.2%)

15.6%

OperatingKPIs

Totalcustomerbase

million

69.4

62.7

10.7%

69.4

62.7

10.7%

Datacustomerbase

million

26.6

21.9

21.5%

26.6

21.9

21.5%

MobileservicesARPU

2.0

2.1

(2.9%)

9.7%

1.9

2.0

(5.9%)

10.7%

(1)TheEastAfricabusinessregionincludesKenya,Malawi,Rwanda,Tanzania,UgandaandZambia.

(2)Voicerevenueincludesinter-segmentrevenueof$1mintheyearended31March2024andinthepriorperiod.Excludinginter-segmentrevenue,voicerevenuewas$850minyearended31March2024and$835minthepriorperiod.

(3)Otherrevenueincludesinter-segmentrevenueof$12min theyearended 31March 2024and $11mintheprior period.Excludinginter-segmentrevenue,other revenuewas$138minyearended31March2024and$124minthepriorperiod.

East Africa revenue grew by 7.5% in reported currency to $1,622m, and by 21.5% in constant currency. The constantcurrencygrowthwasmadeupofvoicerevenuegrowthof14.8%,datarevenuegrowthof31.0%andotherrevenuegrowthof26.1%.ThedifferentialingrowthratesisprimarilycontributedbythedevaluationinZambiankwacha,MalawikwachaandKenyashilling.

Voicerevenuegrewby14.8%inconstantcurrency,drivenbybothcustomerbasegrowthof10.7%andvoiceARPUgrowthof3.6%.Thecustomerbasegrowthwaslargelydrivenbyexpansionofbothincreasednetworkcoverageandtheincreasingscaleofthedistributionnetwork.VoiceARPUgrowthof3.6%wassupportedbyanincreaseinvoiceusagepercustomerby6.0%to407minutespercustomerpermonthpartiallyoffsetbytheinterconnectratereductioninTanzaniaandRwanda.

Datarevenuegrewby31.0%inconstantcurrency,largelydrivenbydatacustomerbasegrowthof21.5%anddataARPUgrowthof4.2%.Ourcontinuedinvestmentinthenetworkandexpansionof4Gnetworkinfrastructurehelpedusgrowboththedatacustomerbaseandusagelevels.96.4%ofourEastAfricanetworksitesarenowon4G,comparedto90.4%inthepriorperiod.Further,799sitesare5Genabledinfourmarkets.InQ4’24,totaldatausagepercustomerincreasedto5.1GBpercustomerpermonth,upby20.1%.

EBITDAincreasedto$788m,upby4.3%inreportedcurrencyandupby17.1%inconstantcurrency.EBITDAmarginat48.6%,declinedby151basispointswhichwasprimarilyimpactedbyrisingfuelpricesinseveralofourkeymarkets,withthebiggestimpactbeingwitnessedinQ4’24.

Operatingfreecashflowwas$504m,upby20.6%inconstantcurrency,duelargelytoEBITDAgrowth,partiallyoffsetbyincreasedcapex.

FrancophoneAfrica–Mobileservices1

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Summarisedstatementof

operations

Revenue

1,213

1,090

11.3%

9.2%

300

282

6.5%

6.0%

Voicerevenue2

622

607

2.4%

0.4%

149

154

(3.3%)

(3.7%)

Datarevenue

459

366

25.4%

22.9%

119

21.8%

21.2%

Otherrevenue3

132

117

13.5%

12.3%

6.8%

6.7%

EBITDA

512

480

6.9%

4.7%

118

124

(5.1%)

(5.8%)

EBITDAmargin

42.2%

44.0%

(176)bps

(182)bps

39.2%

44.0%

(478)bps

(490)bps

Depreciationandamortisation

(209)

(190)

10.4%

8.3%

(54)

(47)

14.0%

13.6%

Operatingprofit

255

0.0%

(2.0%)

(23.5%)

(24.4%)

Capex

157

151

3.9%

(15.6%)

Operatingfreecashflow

355

328

8.2%

5.1%

4.0%

2.3%

OperatingKPIs

Totalcustomerbase

million

32.3

28.9

11.8%

32.3

28.9

11.8%

Datacustomerbase

million

10.4

8.9

16.0%

10.4

8.9

16.0%

MobileservicesARPU

3.3

(0.6%)

(2.4%)

3.1

3.3

(4.9%)

(5.3%)

(1)TheFrancophoneAfricabusinessregionincludesChad,DemocraticRepublicoftheCongo,Gabon,Madagascar,Niger,RepublicoftheCongo,andSeychelles.

(2)Voicerevenueincludesinter-segmentrevenueof$3mintheyearended31March2024andinthepriorperiod.Excludinginter-segmentrevenue,voicerevenuewas$619minyearended31March2024and$604minthepriorperiod.

(3)Otherrevenueincludesinter-segmentrevenueof$3mintheyearended31March2024andinthepriorperiod.Excludinginter-segmentrevenue,otherrevenuewas$129minyearended31March2024and$114minthepriorperiod.

Revenue grew by 11.3% in reported currency and by 9.2% in constant currency. Higher reported currency growth ascomparedtoconstantcurrencyisduetotheappreciationintheCentralAfricanfranc,partiallyoffsetbyadevaluationintheMadagascarariary.

Voicerevenuegrewby0.4%inconstantcurrency,ascustomerbasegrowthof11.8%waspartiallyoffsetbyadeclineinvoice ARPU. Voice ARPU was negatively impacted by an interconnect rate reduction in Congo B and Niger while thecustomerbasegrowthwasdrivenbytheexpansionofbothnetworkcoverageanddistributioninfrastructure.

Datarevenuegrewby22.9%inconstantcurrency,supportedbycustomerbasegrowthof16.0%.IncreaseddatausageacrossthenetworksupportedARPUgrowthof2.9%.Ourcontinued4Gnetworkrolloutresultedinanincreaseintotaldatausageof49.1%andpercustomerdatausageincreaseof24.8%.ForQ4’24,datausagepercustomerincreasedto4.6GBpermonth(upfrom3.8GBinthepriorperiod).

EBITDAat$512m,increasedby6.9%and4.7%inreportedandconstantcurrency,respectively.TheEBITDAmargindeclinedto42.2%,adeclineof182basispointsinconstantcurrency.TheEBITDAmargindeclinewasmainlyduetoaone-timeopexbenefitof$19minthepriorperiod.TheEBITDAmargininQ4’24wasimpactedbyanincreaseinfixedfrequencyfeesinakeymarketcombinedwithaslowdowninrevenuegrowthinkeymarkets.

Operatingfreecashflowwas$355m,increasedby5.1%inconstantcurrency,duetotheincreasedEBITDA,partiallyoffsetbyincreasedcapex.

Mobileservices

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Summarisedstatementof

operations

Revenue 1

4,338

4,721

(8.1%)

19.4%

962

1,205

(20.2%)

21.5%

Voicerevenue

2,179

2,491

(12.5%)

11.9%

472

619

(23.8%)

13.7%

Datarevenue

1,734

1,787

(3.0%)

29.2%

391

469

(16.5%)

31.1%

Otherrevenue

425

443

(4.1%)

23.5%

117

(16.1%)

25.8%

EBITDA

2,115

2,336

(9.5%)

18.8%

443

602

(26.5%)

14.8%

EBITDAmargin

48.8%

49.5%

(73)bps

(26)bps

46.0%

50.0%

(397)bps

(273)bps

Depreciationandamortisation

(760)

(794)

(4.2%)

23.4%

(166)

(213)

(21.9%)

19.6%

Operatingprofit

1,219

1,435

(15.0%)

14.0%

243

358

(32.2%)

11.0%

Capex

693

700

(1.0%)

229

280

(18.2%)

Operatingfreecashflow

1,422

1,636

(13.1%)

30.9%

214

322

(33.6%)

59.3%

OperatingKPIs

Mobilevoice

Customerbase

million

152.7

140.0

9.0%

152.7

140.0

9.0%

VoiceARPU

1.2

1.5

(19.9%)

2.4%

1.0

1.5

(30.3%)

4.0%

Mobiledata

Datacustomerbase

million

64.4

54.6

17.8%

64.4

54.6

17.8%

DataARPU

2.4

3.0

(19.4%)

7.3%

2.1

2.9

(30.0%)

9.9%

(1)Mobileservicerevenueafterinter-segmenteliminationswas$4,330mintheyearended31March2024and$4,715minthepriorperiod.

Overallrevenuefrommobileservicesdeclinedby8.1%inreportedcurrencywithgrowthof19.4%inconstantcurrency.Theconstantcurrencygrowthwasevidentacrossallregionsandservices.MobileservicesrevenuegrewinNigeriaby25.8%,inEastAfricaby21.5%andinFrancophoneAfricaby9.2%,respectively.

Voicerevenuegrewby11.9%inconstantcurrency,supportedbybothcustomerbasegrowthof9.0%andvoiceARPUgrowthof2.4%.Customerbasegrowthwasdrivenbytheexpansionofournetworkanddistributioninfrastructure.ThevoiceARPUgrowthof2.4%wassupportedbyanincreaseinvoiceusagepercustomerof5.2%,reaching286minutespercustomerpermonth,withtotalminutesonthenetworkincreasingby14.9%.

Datarevenuegrewby29.2%inconstantcurrency,drivenbybothcustomerbasegrowthof17.8%anddataARPUgrowthof7.3%.Thecustomerbasegrowthwasrecordedacrossalltheregionssupportedbytheexpansionofour4Gnetwork.95.0%ofourtotalsitesarenowon4G,comparedwith90.3%inthepriorperiod.5Gisoperationalacrossfivecountries,with1,034sitesdeployed.InQ4’24,datausagepercustomerincreasedto5.7GBpercustomerpermonth(from4.6GBinthepriorperiod).Inthefullyearended31March2023,datarevenuecontributedto40.0%oftotalmobileservicesrevenue,upfrom37.8%inthepriorperiod.

EBITDA was $2,115m, declined 9.5% in reported currency and up by 18.8% in constant currency. The EBITDA margindeclinedby73basispointsto48.8%,adeclineof26basispointsinconstantcurrency.

Operatingfreecashflowwas$1,422m,upby30.9%inconstantcurrency,duetotheincreasedEBITDA.

Mobilemoney

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Mar-24

Mar-23

Reportedcurrencychange

Constantcurrencychange

Summarisedstatementof

operations

Revenue 1

837

692

21.1%

32.8%

206

176

17.0%

35.5%

Nigeria

EastAfrica

635

531

19.8%

36.0%

154

135

14.1%

38.2%

FrancophoneAfrica

200

161

24.3%

22.3%

26.4%

25.9%

EBITDA

436

344

26.8%

39.0%

109

24.4%

43.5%

EBITDAmargin

52.1%

49.8%

236bps

234bps

52.9%

49.8%

315bps

294bps

Depreciationandamortisa-

tion

(18)

(17)

6.0%

22.7%

(4)

(5)

(11.7%)

11.3%

Operatingprofit

405

318

27.6%

39.5%

102

26.5%

45.6%

Capex

(19.5%)

41.9%

Operatingfreecashflow

409

311

31.6%

45.6%

23.0%

43.7%

OperatingKPIs

Mobilemoneycustomer

base

million

38.0

31.5

20.7%

38.0

31.5

20.7%

Transactionvalue

$bn

112.3

88.6

26.8%

38.2%

27.7

24.3

14.1%

30.2%

MobilemoneyARPU

2.0

(0.9%)

8.6%

1.8

1.9

(2.9%)

12.5%

(1)Mobilemoneyservicerevenue postinter-segmenteliminationswithmobileserviceswas$649mintheyearended31March2024and$540mintheprioryear.

Mobilemoneyrevenuegrewby21.1%inreportedcurrency,withconstantcurrencygrowthof32.8%acceleratingto35.5%inQ4’24.ThedifferentialingrowthratesisprimarilyastheresultofdevaluationinZambiankwachaandMalawikwacha,partiallyoffsetbyappreciationinCentralAfricanfranc.Theconstantcurrencymobilemoneyrevenuegrowthwasdrivenbyrevenue growthinbothEastAfricaandFrancophoneAfricaof36.0%and22.3%,respectively.InNigeria,Companywasfocussed on customer acquisition through the year with 1.5 million of active customers registered for mobile moneyservicesinNigeriaattheendofMarch2024.AnnualisedtransactionvalueforNigeriaSmartCashgrewby15%inthecurrentquarterascomparedtoquarterendedDecember2023.Additionally,weaddedalmost39,000agentsduringthequarterreachingalmost205,000agentsasof31March2024.

Theconstantcurrencyrevenuegrowthof32.8%wasdrivenbybothourcustomerbasegrowthof20.7%andmobilemoneyARPU growth of 8.6%. The expansion of our distribution network, particularly our exclusive channels of Airtel Moneybranchesandkiosks,supportedcustomerbasegrowthof20.7%.ThemobilemoneyARPUgrowthof8.6%wasdrivenbytransactionvaluepercustomergrowthof13.1%inconstantcurrency,to$262percustomerpermonth.

Annualtransactionvalueamountedtoover$112bninreportedcurrency,withmobilemoneyrevenuecontributing16.8%oftotalGrouprevenueduringthefullyearperiodending31March2024.

EBITDAwas$436m,upby26.8%and39.0%inreportedandconstantcurrency,respectively.TheEBITDAmarginreached52.1%, an improvement of 234 basis points in constant currency and 236 basis points in reported currency, driven bycontinuedoperatingleverage.

Regional performanceNigeria

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Revenue

1,504

2,128

(29.3%)

25.9%

266

543

(51.0%)

34.2%

Voicerevenue

711

1,053

(32.5%)

19.6%

124

262

(52.7%)

29.0%

Datarevenue

654

884

(25.9%)

32.1%

116

230

(49.6%)

38.0%

Mobilemoneyrevenue

Otherrevenue

138

191

(27.9%)

30.6%

(48.5%)

43.1%

EBITDA

805

1,093

(26.3%)

30.8%

138

281

(51.0%)

33.0%

EBITDAmargin

53.5%

51.4%

218bps

202bps

51.8%

(3)bps

(48)bps

OperatingKPIs

ARPU

2.5

3.8

(33.1%)

19.1%

1.7

3.8

(53.8%)

26.4%

EastAfrica

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Revenue

2,125

1,931

10.1%

24.6%

516

487

5.9%

25.5%

Voicerevenue

851

836

1.8%

14.8%

200

204

(2.0%)

15.0%

Datarevenue

621

537

15.5%

31.0%

156

140

11.2%

30.9%

Mobilemoneyrevenue

635

530

19.9%

36.0%

154

135

14.1%

38.2%

Otherrevenue

145

131

10.2%

25.9%

11.3%

31.9%

EBITDA

1,134

1,032

9.8%

23.8%

270

264

2.4%

21.5%

EBITDAmargin

53.3%

53.5%

(13)bps

(31)bps

52.3%

54.1%

(179)bps

(172)bps

OperatingKPIs

ARPU

2.6

2.7

(0.6%)

12.4%

2.5

2.6

(4.3%)

13.4%

FrancophoneAfrica

Description

Unit ofmeasure

Yearended

Quarterended

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Mar-24

Mar-23

Reportedcurrency

change

Constantcurrency

change

Revenue

1,350

1,201

12.4%

10.3%

336

310

8.4%

7.9%

Voicerevenue

622

607

2.4%

0.4%

149

154

(3.3%)

(3.7%)

Datarevenue

459

366

25.4%

22.9%

119

21.8%

21.3%

Mobilemoneyrevenue

200

161

24.3%

22.3%

26.4%

25.9%

Otherrevenue

131

115

13.6%

12.2%

6.6%

6.4%

EBITDA

620

563

10.2%

8.1%

146

145

0.2%

(0.5%)

EBITDAmargin

46.0%

46.9%

(93)bps

(97)bps

43.4%

46.9%

(355)bps

(366)bps

OperatingKPIs

ARPU

3.7

0.4%

(1.4%)

3.5

3.6

(3.2%)

(3.6%)

Consolidatedperformance

Description

UoM

Yearended -March2024

Yearended -March2023

Mobileservices

Mobilemoney

Unallo-cated

Elimina-tions

Total

Mobileservices

Mobilemoney

Unallo-cated

Elimina-tions

Total

Revenue

4,338

837

(196)

4,979

4,721

692

(158)

5,255

Voicerevenue

2,179

2,491

Datarevenue

1,734

1,787

Otherrevenue

425

(8)

417

443

(6)

437

EBITDA

2,115

436

(123)

2,428

2,336

344

(105)

2,575

EBITDAmargin

48.8%

52.1%

48.8%

49.5%

49.8%

49.0%

Depreciationand

amortisation

(760)

(18)

(10)

(788)

(794)

(17)

(7)

(818)

Operatingprofit

1,219

405

1,640

1,435

318

1,757

Riskfactors

TheGroup’sbusinessandindustryinwhichitoperatestogetherwithallotherinformationcontainedinthisdocument,including, in particular, the risk factors summarised below. Additional risks and uncertainties relating to the Groupthat are currently unknown to the Group, or those the Group currently deems immaterial, may, individually orcumulatively,alsohaveamaterialadverseimpactontheGroup’sbusiness,resultsofoperationsandfinancialposition.

Summaryofprincipalrisks

TheGroupcontinuallymonitorsitsexternalandinternalenvironmenttoidentifyriskswhichhavetheabilitytoimpactitsoperationsortheachievementofitsobjectives.Thisyear,theGroupprincipalrisksnowreflectrisksrelatedtogeo-politicaluncertainties andadversemacro-economicenvironments.

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 ourrevenueandprofitability.

Failure to innovate through simplifying the customer experience, developing adequate digital touchpoints inline with changing customer needs and competitive landscape could lead to loss of customers and marketshare.

Globalgeopoliticalandregionaltensionshavethepotentialtoimpactourbusinessdirectlyandindirectlydueto the interconnectedness of the global supply chain. Relatedly, adverse macroeconomic conditions such asrising inflation and increased cost of living not only puts pressure on the disposable income of our customersbutalso increasesthecostof inputs forour businessnegatively impactingsales andprofitability.

Cybersecurity threats through internal or external sabotage or system vulnerabilities could potentially resultincustomerdata breachesand/or servicedowntimes.

Adverse changes in our external business environment and macro-economic conditions such as supply chaindisruptions,increaseinglobalcommoditypricesandinflationarypressurescouldleadtoasignificantincreasein our operating cost structure while also negatively impacting the disposable income of consumers. Theseadverse economic conditions therefore not only put pressure on our profitability but also on customer usageforour services.

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

Our internal control environment is subject to the risk that controls may become inadequate due to changesininternalorexternalconditions, new accountingrequirements, delays,or inaccuraciesinreporting.

Our ability to provide quality of service to our customers and meet quality of service (QoS) requirementsdepends on the robustness and resilience of our technology stack and ecosystem encompassing hardware,software, products, services, and applications and our ability to respond appropriately to any disruptions.However,telecommunicationsnetworksaresubjecttotherisksoftechnicalfailures,aginginfrastructure,hu-manerror,wilful actsof destructionornaturaldisasters.

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.While the group makes every effort to comply with its legal and regulatory obligations in all its operatingjurisdictions in line with the group's risk appetite, we are however continually faced with an uncertain andconstantlyevolvinglegal,regulatory, andpolicyenvironment in someofthemarketswhereweoperate.

Ourmultinationalfootprintmeansweareconstantlyexposedtotheriskofadversecurrencyfluctuationsandthe macroeconomic conditions in the markets where we operate. We derive revenue and incur costs in localcurrencies where we operate, but we also incur costs in foreign currencies, mainly from buying equipmentand 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 ourliquidity and financial condition. In some markets, we face instances of limited supply of foreign currencywithinthelocalmonetarysystem.ThisnotonlyconstrainsourabilitytofullybenefitatGrouplevelfromstrongcashgenerationbythoseOpCosbutalsoimpactsourabilitytomaketimelyforeigncurrencypaymentstoourinternationalsuppliers.

Given the severity of this risk, specifically in some of our OpCos, the Group management continuouslymonitorsthe potentialimpactofthisriskofexchangeratefluctuationsbasedonthefollowingmethodology:

ComparingtheaveragedevaluationofeachcurrencyinthemarketsinwhichtheGroupoperatesagainstUSdollaron3-yearand5-yearhistoricbasisandonshoreforwardexchangeratesovera1-yearperiod.

Ifeitheroftheabovedevaluationishigherthan5%perannum,managementselectsthehighestoftheseex-changerates.

ManagementthenusesthisexchangeratetomonitorthepotentialimpactofusingsuchrateontheGroup’sincomestatementsothattheGroupcanactivelymonitorandassesstheimpactontheGroup’sfinancialsduetoexchangeratefluctuations.

Additionally,forourNigerianoperations,managementusesdifferentsensitivityanalysisforscenarioplanningpurposeswhichincludetheimpactofthedevaluationfromtherecentchangestotheoperationsintheNigerianForeignExchange(FX)market.

Withrespecttocurrencydevaluationsensitivitygoingforward,ona12-monthbasisassumingthattheUSDappreciationoccurs at the beginning of the period, a further 1% USD appreciation across all currencies in our OpCos would have anegative impact of $45m - $47m on revenues, $21m - $22m on EBITDA and $21m - $23m on foreign exchange loss(excluding derivatives). Our largest exposure is to the Nigerian naira, for which on a similar basis, a further 1% USDappreciationwouldhaveanegativeimpactof$10m-$11monrevenues,$5m-$6monEBITDAand$8.5m-$10.5monforeignexchangeloss(excludingderivatives).

This does not represent any guidance and is being used solely to illustrate the potential impact of further currencydevaluation on the Group for the purpose of exchange rate risk management. The accounting under IFRS is based onexchangeratesinlinewiththerequirementsofIAS21‘TheEffectofChangesinForeignExchange’anddoesnotfactorinthedevaluationmentionedabove.

Basedonabove-mentionedspecificmethodologyfortheidentifiedOpCos,managementevaluatesspecificmitigationac-tionsbasedonavailablemechanismsineachofthegeographies.Forfurtherdetailsonsuchmitigationaction,refertotherisksectionoftheAnnualReportandAccounts2022/23.

Forwardlookingstatements

This document contains certain forward-looking statements regarding our intentions, beliefs or current expectationsconcerning,amongstotherthings,ourresultsofoperations,financialcondition,liquidity,prospects,growth,strategiesandtheeconomicandbusinesscircumstancesoccurringfromtimetotimeinthecountriesandmarketsinwhichtheGroupoperates.

Thesestatementsareoften,butnotalways,madethroughtheuseofwordsorphrasessuchas"believe,""anticipate,""could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project,""positioned,""strategy,""outlook","target"andsimilarexpressions.

Itisbelievedthattheexpectationsreflectedinthisdocumentarereasonable,buttheymaybeaffectedbyawiderangeofvariablesthatcouldcauseactualresultstodiffermateriallyfromthosecurrentlyanticipated.

Allsuchforward-lookingstatementsinvolveestimatesandassumptionsthataresubjecttorisks,uncertaintiesandotherfactorsthatcouldcauseactualfuturefinancialcondition,performanceandresultstodiffermateriallyfromtheplans,goals,expectationsandresultsexpressedintheforward-lookingstatementsandotherfinancialand/orstatisticaldatawithinthiscommunication.

Amongthekeyfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseprojectedintheforward-lookingstatementsareuncertaintiesrelatedtothefollowing:theimpactofcompetitionfromillicittrade;theimpactofadversedomestic or international legislation and regulation; changes in domestic or international tax laws and rates; adverselitigationanddisputeoutcomesandtheeffectofsuchoutcomesonAirtelAfrica’sfinancialcondition;changesordifferencesindomesticorinternationaleconomicorpoliticalconditions;theabilitytoobtainpriceincreasesandtheimpactofpriceincreases on consumer affordability thresholds; adverse decisions by domestic or international regulatory bodies; theimpact of market size reduction and consumer down-trading; translational and transactional foreign exchange rateexposure;theimpactofseriousinjury,illnessordeathintheworkplace;theabilitytomaintaincreditratings;the abilitytodevelop,produceormarketnewalternativeproductsandtodosoprofitably;theabilitytoeffectivelyimplementstrategicinitiativesandactionstakentoincreasesalesgrowth;theabilitytoenhancecashgenerationandpaydividendsandchangesinthemarketposition,businesses,financialcondition,resultsofoperationsorprospectsofAirtelAfrica.

Pastperformanceisnoguidetofutureperformanceandpersonsneedingadviceshouldconsultanindependentfinancialadviser.Theforward-lookingstatementscontainedinthisdocumentreflecttheknowledgeandinformationavailabletoAirtelAfricaatthedateofpreparationofthisdocumentandAirtelAfricaundertakesnoobligationtoupdateorrevisetheseforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Readersarecautionednottoplaceunduerelianceonsuchforward-lookingstatements.

Nostatementinthiscommunicationisintendedtobe,norshouldbeconstruedas,aprofitforecastoraprofitestimateandnostatementinthiscommunicationshouldbeinterpretedtomeanthatearningspershareofAirtelAfricaplcforthecurrentoranyfuturefinancialperiodswouldnecessarilymatch,exceedorbelowerthanthehistoricalpublishedearningspershareofAirtelAfricaplc.

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. Thepercentagesincludedinthetablesthroughoutthedocumentarebasedonnumberscalculatedtothenearest$1,000andthereforeminorroundingdifferencesmayresultinthetables.Growthmetricsareprovidedonaconstantcurrencybasisunless otherwise stated. The Group has presented certain financial information on a constant currency basis. This iscalculatedbytranslatingtheresultsforthecurrentfinancialyearandpriorfinancialyearatafixed‘constantcurrency’exchangerate,whichisdonetomeasuretheorganicperformanceoftheGroup.Growthratesforourreportingregionsandservicesegmentsareprovidedinconstantcurrencyasthisbetterrepresentstheperformanceofthebusiness.

AirtelAfricaplc

Resultsfortheyearended31March2024ConsolidatedFinancialStatements

ConsolidatedStatementofComprehensiveIncome

(AllamountsareinUS$millionsunlessstatedotherwise)

Forthe yearended

Notes

31March2024

31March2023

Income

Revenue

4,979

5,255

Otherincome

5,000

5,268

Expenses

Networkoperatingexpenses

926

1,027

Accesscharges

314

410

Licensefeeandspectrumusagecharges

244

241

Employeebenefitsexpense

301

287

Salesandmarketingexpenses

576

521

Impairmentlossonfinancialassets

Otheroperatingexpenses

206

193

Depreciationandamortisation

788

818

3,360

3,511

Operatingprofit

1,640

1,757

Financecosts

-Derivativeandforeignexchange losses

Nigeriannaira

1,070

224

Othercurrencies

189

114

-Otherfinancecosts

482

414

Financeincome

(38)

(29)

Shareofprofitofassociateandjointventureaccountedforusing

equitymethod

(0)

(Loss)/profitbeforetax

(63)

1,034

Incometax expense

284

(Loss)/profitfortheyear

(89)

750

(Loss)/profitbeforetax(aspresentedabove)

(63)

1,034

Add:Exceptionalitems

807

Underlyingprofitbeforetax

744

1,034

(Loss)/profitaftertax(aspresentedabove)

(89)

750

Add/(Less):Exceptionalitems

549

(161)

Underlyingprofitaftertax

460

589

Forthe yearended

Notes

31March2024

31March2023

(Loss)/profitfortheyear(continuedfrompreviouspage)

(89)

750

Othercomprehensiveincome('OCI')

Itemstobereclassifiedsubsequentlytoprofitorloss:

Lossduetoforeigncurrencytranslationdifferences

(1,175)

(350)

Gainondebtinstrumentsatfairvaluethroughothercomprehensive

Taxonabove

ShareofOCIofassociateandjointventureaccountedforusing

equitymethod

(0)

(3)

(1,173)

(353)

Itemsnottobereclassifiedsubsequentlytoprofitorloss:

Re-measurementgain/(loss)ondefinedbenefitplans

(0)

Taxonabove

(0)

Othercomprehensivelossfortheyear

(1,173)

(353)

Totalcomprehensive (loss)/incomefortheyear

(1,262)

397

(Loss)/profitfortheyearattributableto:

(89)

750

Ownersofthecompany

(165)

663

Non-controllinginterests

Othercomprehensivelossfortheyearattributableto:

(1,173)

(353)

Ownersofthecompany

(1,141)

(341)

Non-controllinginterests

(32)

(12)

Totalcomprehensive(loss)/incomeforthe yearattributableto:

(1,262)

397

Ownersofthecompany

(1,306)

322

Non-controllinginterests

(Loss)/earningspershare

Basic

(4.4cents)

17.7cents

Diluted

(4.4cents)

17.7cents

ConsolidatedStatementofFinancialPosition

(AllamountsareinUS$millionsunlessstatedotherwise)

Asof

Notes

31March2024

31March2023

Assets

Non-currentassets

Property,plantandequipment

1,827

2,295

Capitalwork-in-progress

232

212

Rightofuseassets

1,483

1,497

Goodwill

10 & 11

2,569

3,516

Otherintangibleassets

725

813

Intangibleassetsunderdevelopment

399

Investmentsaccountedforusingequitymethod

Financialassets

-Investments

-Derivativeinstruments

-Others

Incometax assets(net)

Deferredtaxassets(net)

543

337

Othernon-currentassets

146

151

7,569

9,268

Currentassets

Inventories

Financialassets

-Investments

-Derivativeinstruments

-Tradereceivables

184

145

-Cashandcashequivalents

620

586

-Otherbankbalances

353

131

-Balanceheldundermobilemoneytrust

737

616

-Others

106

142

Othercurrentassets

254

259

2,292

1,898

Totalassets

9,861

11,166

Notes

Asof

31March2024

31March2023

Currentliabilities

Financialliabilities

-Borrowings

1,426

945

-Leaseliabilities

357

395

-Derivativeinstruments

144

-Tradepayables

422

460

-Mobilemoneywalletbalance

722

582

-Others

440

533

Provisions

Deferredrevenue

123

183

Currenttaxliabilities(net)

119

194

Othercurrentliabilities

215

192

4,046

3,572

Netcurrentliabilities

(1,754)

(1,674)

Non-currentliabilities

Financialliabilities

-Borrowings

947

1,233

-Leaseliabilities

1,732

1,652

-Putoptionliability

552

569

-Derivativeinstruments

-Others

146

147

Provisions

Deferredtaxliabilities(net)

108

Othernon-currentliabilities

3,515

3,786

Totalliabilities

7,561

7,358

NetAssets

2,300

3,808

Equity

Sharecapital

1,875

3,420

Reservesandsurplus

285

215

Equityattributabletoownersofthecompany

2,160

3,635

Non-controllinginterests('NCI')

140

173

Totalequity

2,300

3,808

Theaccompanyingnotesformanintegralpartoftheseinterimcondensedconsolidatedfinancialstatements.

ForandonbehalfoftheBoardofAirtel Africaplc

Olusegun OgunsanyaChiefExecutiveOfficer08 May 2024

ConsolidatedStatementofChangesinEquity

(AllamountsareinUS$millionsunlessstatedotherwise)

Asof1April2022

Profitfortheyear

Other comprehensive income/(loss)Total comprehensive income/(loss)Transaction with owners of equityEmployee share-based payment reservePurchase of own shares (net)TransactionswithNCI

DividendtoownersofthecompanyDividend(includingtax)toNCI(2)

Asof 31March2023

(Loss)/Profitfortheyear

Other comprehensive income/(loss) (refer note 4(b)and4(c))

Total comprehensive income/(loss)Transaction with owners of equityEmployee share-based payment reservePurchaseofownshares(net)

Cancellation of deferred shares (refer note 4(d))Ordinary shares buy back programme (refer note 4(f))TransactionswithNCI(3)

Dividend to owners of the company (refer note 4(a))Dividend(includingtax) to NCI(2)

Asof31March2024

Includesordinary&deferredsharestill31March2023.Deferredshareshavebeencancelledduring theyearended31March2024as explainedinnote4(d),thereforeason31March2024,itincludesonlyordinaryshares.Refertonote13forfurtherdetails.

Dividendtonon-controllinginterestsincludetaxof$4m(31March2023:$3m).

Thisprimarilyrelatesto:

Excessofconsiderationoverproportionate netassets,onsaleof10.89% sharesofAirtelUganda tominority shareholdersunderIPOofAirtelUganda amounting to$49m,asexplainedinnote4(e).

Reversal ofputoptionliability by$24m(31March2023: $16m)for dividend distributiontoputoptionsnon-controlling interest holders(anydividendpaid totheputoptionnon-controllinginterestholdersis adjustableagainsttheputoptionliabilitybasedontheputoptionarrangement).

Adjustment of $18m to non-controlling interests pertaining to Airtel Mobile Commerce B.V. on account completion of restructuring period and consequent release of escrow shares as per agreement with non-controllinginterestholders

ConsolidatedStatementofStatementFlows

(AllamountsareinUS$millionsunlessstatedotherwise)

Fortheyearended

31March2024

31March2023

Cashflowsfromoperatingactivities

Profitbeforetax

(63)

1,034

Adjustmentsfor-

Depreciationandamortization

788

818

Financeincome

(38)

(29)

Financecosts

-Derivativeandforeignexchangelosses

Nigeriannaira

1,070

224

Othercurrencies

189

114

-Otherfinancecosts

482

414

Shareofprofitofassociateandjointventureaccountedforusingequitymethod

(0)

Othernon-cashadjustments(1)

Operatingcashflowbeforechangesinworkingcapital

2,428

2,577

Changesinworkingcapital

Increaseintradereceivables

(79)

(45)

Increaseininventories

(16)

(13)

Increaseintradepayables

Increaseinmobilemoneywalletbalance

207

120

Increase/(decrease)inprovisions

(32)

Increaseindeferredrevenue

Increaseinotherfinancialandnon-financialliabilities

113

Increaseinotherfinancialandnon-financialassets

(93)

(140)

Netcashgeneratedfromoperationsbeforetax

2,603

2,626

Incometaxespaid

(344)

(397)

Netcashgeneratedfromoperatingactivities(a)

2,259

2,229

Cashflowsfrominvestingactivities

Purchaseofproperty,plantandequipmentandcapitalwork-in-progress

(868)

(779)

Purchaseofintangibleassetsandintangibleassetsunderdevelopment

(161)

(502)

Purchaseofothershortterminvestments

(2)

Maturityofdepositswithbank

731

350

Investmentindepositswithbank

(961)

(126)

Investmentinjointventure

(0)

Dividendreceivedfromassociate

Interestreceived

Netcashusedininvesting activities(b)

(1,228)

(1,026)

Cashflowsfromfinancingactivities

Purchaseofsharesunder buy-backprogramme

(9)

Purchaseofownshares byESOPtrust

(2)

(8)

ProceedsfromsaleofsharestoNCI

Proceedsfromborrowings

713

906

Repaymentofborrowings

(550)

(1,018)

Repaymentofleaseliabilities

(324)

(279)

Dividendpaidtonon-controllinginterests

(59)

(75)

Dividendpaidto ownersofthe company

(212)

(195)

Paymentofdeferredspectrumliability

(21)

Interestonborrowings,leaseliabilitiesandother liabilities

(440)

(400)

Inflow/(outflow)onmaturityofderivatives(net)

(49)

Netcashusedinfinancingactivities(c)

(844)

(1,139)

Increaseincashandcashequivalentsduringtheyear(a+b+c)

187

Currencytranslationdifferencesrelatingtocashandcashequivalents

(128)

(70)

Cashandcashequivalentasatbeginningofthe year

841

847

Cashandcashequivalentsasatendoftheyear(refertoNote12)(2)

900

841

(1)Fortheyearended31March2024and31March2023,thismainlyincludesmovementsinimpairmentoftradereceivableandotherprovisions.

(2)Includesbalancesheldundermobilemoneytrustof$737m(March2023:$616m)onbehalfofmobilemoneycustomerswhicharenotavailableforusebytheGroup.

NotestoConsolidatedFinancialStatements

(AllamountsareinUS$millionsunlessstatedotherwise)

Corporateinformation

Airtel Africa plc (‘the company’) is a public company limited by shares incorporated and domiciled in the United Kingdom(UK)undertheCompaniesAct2006andisregisteredinEnglandandWales(registrationnumber11462215).Theregisteredaddress of the company is First Floor, 53/54 Grosvenor Street, London, W1K 3HU, United Kingdom. The company is listedboth on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NGX). The company is a subsidiary of Airtel AfricaMauritiusLimited(‘theparent’),acompanyregisteredinMauritius.Theregisteredaddressoftheparentisc/oIQEQCorporateServices(Mauritius)Ltd.,33,EdithCavellStreet,PortLouis,11324,Mauritius.

Thecompany,togetherwithitssubsidiaryundertakings(hereinafterreferredtoas‘theGroup’)hasoperationsinAfrica.TheprincipalactivitiesoftheGroup,itsassociateanditsjointventureprimarilyconsistoftheprovisionoftelecommunicationsandmobilemoneyservices.

Basisofpreparation

Theresultsfortheyearended31March2024areanabridgedstatementofthefullannualreportwhichwasapprovedbytheBoardofDirectorsandsignedonitsbehalfon08May2024.TheconsolidatedfinancialstatementswithinthefullannualreportarepreparedinaccordancewiththerequirementsoftheCompaniesAct2006andInternationalFinancialReportingStandards as issued by the International Accounting Standards Board (IASB) and approved for use in the United Kingdom(UK)bytheUKAccountingStandardsEndorsementBoard(UKEB).

Thefinancialinformationsetoutabovedoesnotconstitutethecompany'sstatutoryaccountsfortheyearsended31March2024and2023,butisderivedfromthoseaccounts.StatutoryaccountsforMarch2023havebeendeliveredtotheRegistrarofCompaniesandthosefor2024willbedeliveredfollowingthecompany'sannualgeneralmeeting.

ThefinancialinformationincludedinthisreleaseannouncementdoesnotitselfcontainsufficientinformationtocomplywithIFRS.ThecompanywillpublishfullfinancialstatementsthatcomplywithIFRS,inJune2024.

AlltheamountsincludedinthefinancialstatementsarereportedinUnitedStatesdollars,withallvaluesroundedtothenearest millions ($m) except when otherwise indicated. Further, amounts which are less than half a million are appearingas‘0’.

The accounting policies as set out in the following paragraphs of this note have been consistently applied by all the Groupentitiestoalltheperiodspresentedinthesefinancialstatements.Duringtheyear,theGrouphaschangedtheclassificationofdistributioncostsrelatingtoitsmobilemoneybusinesstobetterreflectthenatureofthesecosts,reclassifyingcostspreviouslyincludedinotheroperatingexpensestothesalesandmarketingexpensesintheconsolidatedstatementofcomprehensiveincome.

Goingconcern

Theseconsolidatedfinancialstatementshavebeenpreparedonagoingconcernbasis.Inmakingthisgoingconcernas-sessment,theGrouphasconsideredcashflowprojections(includingscheduledbondrepaymentof$550minMay2024andrepaymentofotherloansdueforrepaymentinthegoingconcernperiod)toJune2025(goingconcernassessmentperiod)underbothabasecaseandreasonableworst-casescenariosincludingareversestresstest.ThisassessmenttakesintoconsiderationitsprincipalrisksanduncertaintiesincludingareductioninrevenueandEBITDAandadevaluationofthevariouscurrenciesinthecountriesinwhichtheGroupoperatesincludingtheNigeriannaira.Aspartofthisevaluation,theGrouphasconsideredavailablewaystomitigatetheserisksanduncertaintiesandhasalsoconsideredcommittedundrawn facilities of $351m expiring beyond the going concern assessment period, which will fulfil the Group’s cash flowrequirementunderboththebaseandreasonableworst-casescenarios.

Havingconsideredalltheabove-mentionedfactorsimpactingtheGroup’sbusinesses,theimpactofdownsidesensitivities,andthemitigatingactionsavailabletothegroupincludingareductionanddeferralofcapitalexpenditure,thedirectorsaresatisfiedthattheGrouphasadequateresourcestocontinueitsoperational existencefortheforeseeablefuture.

Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the consolidated financialstatements.

Significanttransactions/newdevelopments

On10May2023,thedirectorsrecommended,andshareholdersapprovedon04July2023,afinaldividendof3.27centsperordinarysharefortheyearended31March2023,whichwaspaidon26July2023totheholdersofordinarysharesontheregisterofmembersatthecloseofbusinesson23June2023.

Aninterimdividendof2.38centspersharewasalsoapprovedbytheBoardon29October2023,whichhasbeenpaidon15December2023.

As a result of this CBN decision, the Nigerian naira devalued against the US dollar by approximately 62% (USD appreciationof38%)inthemonthofJune2023wheretheexchangeratemovedto752nairaperUSDasagainsttheopeningrateof465nairaperUSD.

Theafter-effectsoftheCBNannouncementcontinuedtoimpacttheexchangeratemateriallyduringJanuary2024whentheNigeriannairatotheUSdollarmovedto1,414perUSDwhichwasalsoabovethethresholdpercentageasperGroup’sexceptionalitempolicy.OverFebruaryandMarch2024,theNigerianairatoUSdollarmovedbacktocloseat1,303perUSDwhichwasineffectapartreversalofthelossesseeninJanuary2024.

This resulted in a material impact on the Group’s financial results arising from the translation of monetary items at closingexchangeratesleadingtomaterialderivativeandforeignexchangelosses.Duringtheyear,thedevaluationofNigeriannairahasresultedinderivativeandforeignexchangelossesof$1,070m.

In line with the Group's policy on exceptional items and alternative performance measures as described in 'Note onexceptional items’ on page 55, the impact of the devaluation pertaining to the months of June 2023 and January to March2024meetthecriteriatobepresentedasexceptionalaspertheGroup’sexceptionalitempolicyandisofsuchsize,natureandincidencethattheirexclusionisconsiderednecessarytoexplaintheunderlyingperformanceoftheGroupandtoimprovethecomparabilitybetweenperiods.Therefore,theGrouphaspresentedasanexceptionalitems:

thederivativeand foreignexchangelossespertainingtothemonthsofJune2023andJanuarytoMarch2024,amountingto$770m,and

thecorresponding taximpact of$250m.

Sincethedevaluation inothermonthsdidnotmeetthethresholdcriteriaaspertheGroup’s policyonexceptionalitems,

theGrouphasnotpresentedtheimpactpertainingtothesemonthsasexceptional.

Additionally,onaccountofthetranslationfromnairatoUSdollar(presentationcurrencyoftheGroup)ofalltheassetsandliabilities(includingGoodwill)pertainingtotheGroup’sNigeriansubsidiariesusingtheclosingexchangerateat31March2024andincomeandexpensesattheaverageexchangeratesfortheyearended31March2024,theGroupincurredaforeignexchangetranslationlossrecordedinothercomprehensiveincomeamountingto$944mfortheyearended31March2024.

In November 2023, the Reserve Bank of Malawi (RBM) announced structural changes to the foreign exchange market withitsdecisiontoadjusttheexchangeratefromsellingrateofMWK1,180toasellingrateofMWK1,700totheUSdollarwitheffectfrom9November2023.Aspartofthestructuralchanges,theRBMstartedauthorizingdealerbankstofreelynegotiateexchangeratestotradewiththeirclientsandamongstthemselves,notwithstandinganylimitationspreviouslyinplace.ThischangeannouncedbytheRBMisastructuralandmaterialchange(i.e.morethanthresholdpercentagedevaluationinamonth)andinlinewiththeGroup’spolicyonexceptionalitemsandalternativeperformancemeasuresasdescribedin'Noteon exceptional items’ on page 55, the impact of this change is of such size, nature and incidence that its exclusion isconsiderednecessarytoexplaintheunderlyingperformanceoftheGroupandimprovethecomparabilitybetweenperiods.Consequently,theGrouphaspresentedtheimpactarisinginNovember2023amountingto$37mandthecorrespondingtaxbenefit$8masanexceptionalitem.

Additionally,onaccountoftranslationfromMWKtoUSdollar(presentationcurrencyoftheGroup)ofalltheassetsandliabilities (including Goodwill) pertaining to the Group's subsidiaries in Malawi using the closing exchange rate at 31 March2024andincomeandexpensesattheaverageexchangeratesfortheyearended31March2024,theGroupincurredaforeignexchangetranslationlossrecordedinothercomprehensiveincomeamountingto$169mfortheyearended31

March2024.

During the year ended 31 March 2024, the company completed the cancellation and extinction of all of its deferred shares(3,081,744,577shares)ofUSD$0.50nominalvalueeach(the"CapitalReduction"),whichwasapprovedbyshareholdersattheannualgeneralmeetingofthecompanyheldon4July2023,andwassanctionedbytheHighCourtofEnglandandWales(the"HighCourt")on15August2023andbecameeffectiveon18August2023onitscertificationbytheCompaniesHouse.TheeffectoftheCapitalReductionistocreateadditionaldistributablereservesof$1,541mwhichwillbeavailabletothecompanygoingforwardandmaybeusedtofacilitatereturnstoshareholdersinthefuture,whetherintheformofdividends,distributions,orpurchasesofthecompany'sownshares.Accordingly,andinlinewiththeHighCourtapproval,thecarryingvalueofthedeferredshares($1,541m)hasbeentransferredtoretainedearnings.

On29August2023,AirtelUgandaLimitedissuedaprospectusinrelationtotheofferforsaleof8,000,000,000ordinaryshares,representing20%ofAirtelUgandaLimitedontheUgandaStockExchange(USE)in-linewiththe20%minimumpubliclisting obligation for all National Telecom Operators under the current Uganda Communications (Fees & Fines)(Amendment)Regulations2020.

InNovember2023,AirtelUgandaLimitedcompletedaninitialpublicoffering(IPO)andlistedontheMainInvestmentMarketSegmentoftheUgandaSecuritiesExchange(USE)withatotalof4.4billionshares(10.89%ofAirtelUgandaLimited'stotalsharecapital)transferredtominorityshareholders.AirtelUgandareceiveda3-yearwaiverfromtheUgandaSecuritiesExchangefromtherequirementtotransfertheremaining9.11%requiredtomeetthe20%shareholdinglistingrequirement.

Thisbeingatransactionwithnon-controllingshareholders,theimpactof$49m(excessofconsiderationoverproportionatenetassetsnetofrelatedtransactioncosts)hasbeentakeninto'TransactionwithNCIreserve'intheconsolidatedstatementofchangesinequity.

On 01 March 2024, the Company announced the commencement of its share buy-back programme. As part of theprogramme it entered into an agreement with Citigroup Global Markets Limited ("Citi") to conduct the first tranche of thebuy-backamountingtoamaximumof$50mandcarryouton-marketpurchasesofitsordinaryshareswiththeCompanysubsequentlypurchasingitsordinarysharesfromCiti.Fortheyearended31March2024,theCompanybought-backandcancelled7,389,855shares,resultingin3,750,761,649ordinarysharesoutstandingasat31March2024.Thepurchasepriceofthesharesbought-backwas$9mandtheCompanycarriesaliabilityof$41maspartof‘otherfinancialliabilities’relatingtotheremainingbuy-backagreementwithCiti.Thenominalvalue($0.5pershare)ofthecancelledshares,amountingto

$4m,hasbeentransferredtothecapitalredemptionreserve.

Segmentalinformation

The Group’s segment information is provided on the basis of geographical clusters and products to the Group’s chiefexecutiveofficer(chiefoperatingdecisionmaker-‘CODM’)forthepurposesofresourceallocationandassessmentofperformance.

TheGroup’soperatingsegmentsareasfollows:

NigeriaMobileServices–ComprisingofmobileserviceoperationsinNigeria;

EastAfricaMobileServices–ComprisingofmobileserviceoperationsinUganda,Zambia,Kenya,Tanzania,MalawiandRwanda;

FrancophoneAfricaMobile Services–Comprisingofmobileserviceoperationsin DRC,Gabon,Chad,Niger,CongoB,MadagascarandSeychelles;

Mobilemoneyservices*-ComprisingofmobilemoneyservicesacrosstheGroup.

*MobilemoneyservicessegmentconsolidatestheresultsofmobilemoneyoperationsfromalloperatingentitieswithintheGroup.AirtelMoneyCommerceB.V.(AMCBV)istheholdingcompanyforallmobilemoneyservicesfortheGroup,andasof31March2024,itcontrolsallmobilemoneyoperationsexcludingoperationsinNigeria.Itismanagement’sintentiontocontinueworktotransfertheNigerianmobilemoneyservicesoperationsintoAMCBV,subjecttolocalregulatoryapprovals.

Eachsegmentderivesrevenuefromtherespectiveserviceshousedwithineachsegment,asdescribedabove.Expenses,assets and liabilities primarily related to the corporate headquarters and centralised functions of the Group are presentedasunallocatedItems.

TheamountsreportedtoCODMarebasedontheaccountingprinciplesusedinthepreparationofthefinancialstatements.

Eachsegment’sperformanceisevaluatedbasedonsegmentrevenueandsegmentresult.

ThesegmentresultisUnderlyingEBITDA(definedasoperatingprofit/(loss)fortheperiodbeforedepreciation,amortisationandexceptionalitems).ThisisthemeasurereportedtotheCODMforthepurposeofresourceallocationandassessmentofsegmentperformance.Duringtheyearended31March2024and31March2023,thedefinitionofEBITDAisequaltounderlyingEBITDAsincetherearenoexceptionalitemspertainingtoEBITDAandthereforeEBITDAispresentedinthesegmentinformationbelow.

Inter-segmentpricingandtermsarereviewedandchangedbymanagementtoreflectchangesinmarketconditionsandchangestosuchtermsarereflectedintheperiodinwhichthechangesoccur.

The‘Eliminations’columncomprisesinter-segmentrevenueseliminateduponconsolidation.

Segmentassetsandsegmentliabilitiescomprisethoseassetsandliabilitiesdirectlymanagedbyeachsegment.Segmentassetsprimarilyincludereceivables,property,plantandequipment,capitalworkinprogress,right-to-useassets,intangiblesassets, inventories and cash and cash equivalents. Segment liabilities primarily include operating liabilities. Segment capitalexpenditure comprises investment in property, plant and equipment, capital work in progress, intangible assets (excludinglicenses)andcapitaladvances.

Investmenteliminationuponconsolidationandresultinggoodwillimpactsarereflectedinthe‘Eliminations’column.

Summaryofthesegmentalinformationanddisaggregationofrevenuefortheyearendedandasof31March2024isasfollows:

Nigeriamobileservices

East

Africamobile

services

FrancophoneAfrica mobileservices

Mobilemoney

Others(unallocated)

Eliminations

Total

Revenuefromexternalcustomers

Voicerevenue

710

850

619

2,179

Datarevenue

654

621

459

1,734

Mobilemoneyrevenue(1)

649

Otherrevenue(2)

136

138

129

417

Totalrevenuefromexternalcustomers

1,500

1,609

1,207

649

4,979

Inter-segmentrevenue

188

(218)

Totalrevenue

1,503

1,622

1,213

837

(218)

4,979

EBITDA

811

788

512

436

(119)

2,428

Less:

Depreciationandamortisation

264

287

209

788

Financecosts

-Derivativeandforeign exchangelosses

Nigeriannaira

1,070

Othercurrencies

189

-Otherfinancecosts

482

Financeincome

(38)

Shareofprofitofassociateandjoint

venture accounted for using equitymethod

(0)

Loss beforetax

(63)

Othersegmentitems

Capitalexpenditure

252

284

157

737

Asof31March2024

Segmentassets

1,675

2,336

1,647

1,151

20,774

(17,722)

9,861

Segmentliabilities

1,890

2,569

2,346

929

9,338

(9,511)

7,561

Investment in associate and joint ventureaccountedforusingequitymethod

(includedinsegmentassetsabove)

(1)Mobilemoneyrevenueisnetofinter-segmenteliminationof$188mmainlyforcommissiononsaleofairtime.Itincludes$126mpertainingtoEastAfricamobileservicesandthebalance$62mpertainingtoFrancophoneAfricamobileservice.

(2)Otherrevenueincludesmessaging,valueaddedservices,enterprise,sitesharingandhandsetsalerevenue.

Summaryofthesegmentalinformationanddisaggregationofrevenuefortheyearended31March2023isasfollows:

Nigeriamobileservices

East

Africamobile

services

FrancophoneAfrica mobileservices

Mobilemoney

Others(unallocated)

Eliminations

Total

Revenuefromexternalcustomers

Voicerevenue

1,052

835

604

2,491

Datarevenue

884

537

366

1,787

Mobilemoneyrevenue(1)

540

Otherrevenue(2)

189

124

114

437

Totalrevenuefromexternalcustomers

2,125

1,496

1,084

540

5,255

Inter-segmentrevenue

152

(177)

Totalrevenue

2,128

1,508

1,090

692

(177)

5,255

EBITDA

1,101

755

480

344

(105)

2,575

Less:

Depreciationandamortisation

344

260

190

818

Financecosts

-Derivativeandforeign exchange

losses

Nigeriannaira

224

Othercurrencies

114

-Otherfinancecosts

414

Financeincome

(29)

Shareofprofitofassociate andjoint

venture accounted for using equitymethod

(0)

Profitbeforetax

1,034

Othersegmentitems

Capitalexpenditure

293

256

151

748

Asof 31March2023

Segmentassets

2,634

2,255

1,599

945

25,485

(21,752)

11,166

Segmentliabilities

2,193

2,393

2,359

742

12,839

(13,168)

7,358

Investmentinassociateandjoint

venture accounted for using equitymethod(includedinsegmentassets

above)

(1)Mobilemoneyrevenueisnetofinter-segmenteliminationof$152mmainlyforcommissiononsaleofairtime.Itincludes$103mpertainingtoEastAfricamobileservicesandbalance$49mpertainingtoFrancophoneAfricamobileservices.

(2)Otherrevenueincludesmessaging,valueaddedservices,enterprise,sitesharingandhandsetsalerevenue.

Geographicalinformationdisclosurebasedonthephysicallocationofnon-currentassets(PPE,CWIP,ROU,Intangibleassetsincludinggoodwillandintangibleassetsunderdevelopment):

Asof

31March2024

31March2023

UnitedKingdom

Nigeria

1,320

2,379

Netherlands(includingGoodwill)

2,517

3,464

Others(1)

3,003

2,889

Total

6,840

8,732

majorlyincludesotherAfricancountrieswheretheGroupoperates.

Exceptionalitems

Underlyingprofitbeforetaxexcludesthefollowingexceptionalitems

Fortheyear ended

31March2024

31March2023

Profitbeforetax

(63)

1,034

Add:Exceptionalitems

Financecosts

-Derivativeandforeign exchangelosses

Nigeriannaira(refertonote4(b))

770

Malawiankwacha(refertonote4(c))

807

Underlyingprofitbeforetax

744

1,034

Underlyingprofitaftertaxexcludesthefollowingexceptionalitems:

Fortheyear ended

31March2024

31March2023

(Loss)/Profitaftertax

(89)

750

-Exceptionalitems(asabove)

807

-Taxonaboveexceptionalitems

Nigeriannaira(refertonote4(b))

(250)

Malawiankwacha(refertonote4(c))

(8)

-Deferredtaxassetrecognition(1)

(161)

549

(161)

Underlyingprofitaftertax

460

589

During the year ended 31 March 2023, the Group had recognised deferred tax assets in Airtel Kenya. Airtel Kenyahadcarried forwardlossesand temporary differences on which deferred tax was notpreviously recognised.ConsideringAirtelKenya’sprofitabilitytrends,thattaxlosseswereutilisedandonthebasisofforecastfuturetaxableprofits,theGrouphaddeterminedthatitwasprobablethattaxableprofitswouldbeavailableagainstwhichthetaxlosses and temporary differences could be utilised. Consequently, the deferred tax asset recognition criteria weremet, leading to the recognition of an additional deferred tax asset of $117m during the year ended 31 March 2023.Additionally, the Group had also recognised deferred tax assets on initial temporary differences for an extendedperiodinAirtelTanzaniaandAirtelDRCamountingto$19mand$25m,respectivelybasedonupdatedprobabilityoffuturetaxable profitsinthesesubsidiaries.

Profitattributabletonon-controllinginterestsamountingto$76m(31March2023:$87m)includesalossof$4m(31March2023:gainof$10m)duringtheyearended31March2024,relatingtotheaboveexceptionalitems.

Incometax

Fortheyear ended

31March2024

31March2023

Currenttax

332

408

Deferredtax

(306)

(124)

Incometaxexpense

284

Earningspershare(‘EPS’)

ThedetailsusedinthecomputationofbasicEPS:

Fortheyearended

31March2024

31March2023

(Loss)/profitfortheyearattributabletoownersofthecompany

(165)

663

Weightedaverageordinarysharesoutstandingforbasic

EPS(1)

3,750,641,207

3,751,665,898

Basic(Loss)/earningspershare

(4.4cents)

17.7cents

ThedetailsusedinthecomputationofdilutedEPS:

Forthe year ended

31March2024

31March2023

(Loss)/profitfortheyearattributabletoownersofthecompany

(165)

663

Weightedaverageordinarysharesoutstandingfordiluted

EPS(1)(2)

3,750,641,207

3,756,867,853

Diluted(Loss)/earningspershare

(4.4cents)

17.7cents

ThedifferencebetweenthebasicanddilutednumberofsharesattheendofMarch2023being5,201,955sharesrelatestoawards

committedbutnotyetissuedundertheGroup’sshare-basedpaymentschemes.

The6,017,906sharesgrantedunderdifferentshare-basedplansarenotincludedinthecalculationofdilutedearningspershareforthe year ended 31 March 2024 as these are anti-dilutive on account of losses during the period. These options could potentially di-lutebasicearningpershareinfuture.

Property,plantandequipment(‘PPE’)

ThefollowingtablepresentsthereconciliationofchangesinthecarryingvalueofPPEfortheyearended31March2024and31March2023::

Leasehold

Improvements

Building

Land

Plantand

Equipment(2)

Furniture&

Fixture

Vehicles

Office

Equipment

Computer

Total

Capitalworkin

progress(3)

Grosscarryingvalue

Balanceas of1April2022

3,045

703

4,009

189

Additions/capitalization

614

700

735

Disposals/adjustments(1)

(0)

(20)

(3)

(0)

(3)

(5)

(31)

(700)

Foreigncurrencytranslationimpact

(3)

(4)

(1)

(390)

(6)

(0)

(6)

(53)

(463)

(12)

Balance as of31March 2023

3,249

696

4,215

212

Additions/capitalization

556

628

722

Disposals/adjustments(1)

(1)

(29)

(5)

(4)

(39)

(628)

Foreigncurrencytranslationimpact

(6)

(9)

(2)

(1,394)

(14)

(1)

(19)

(144)

(1,589)

(74)

Balance as of31March 2024

2,382

593

3,215

232

AccumulatedDepreciation

Balanceas of1April2022

1,003

653

1,795

Charge

374

435

Disposals/adjustments(1)

(0)

(18)

(3)

(0)

(1)

(5)

(27)

Foreigncurrencytranslationimpact

(3)

(0)

(222)

(3)

(0)

(5)

(47)

(283)

Balance as of31March 2023

1,137

633

1,920

Charge

341

406

Disposals/adjustments(1)

(0)

(35)

(5)

(35)

Foreigncurrencytranslationimpact

(6)

(5)

(739)

(9)

(1)

(14)

(129)

(903)

Balance asof31March 2024

704

539

1,388

Netcarryingvalue

Asof1 April2022

2,042

2,214

189

Asof31March2023

2,112

2,295

212

Asof31March2024

1,679

1,827

232

Relatedtothereversalofgrosscarryingvalueandaccumulateddepreciationonretirement/disposalofPPEandreclassificationfromonecategoryofassettoanother.

IncludesPPEsecuredagainsttheGroup'sborrowingsoutstandingof$139mand$44masof31March2024and31March2023respectively.

Thecarryingvalueofcapitalwork-in-progressasof31March2024and31March2023mainlypertainstoplantandequipment.

Goodwill

The following table presents the reconciliation of changes in the carrying value of goodwill for the year ended 31 March 2024and31 March2023

Goodwill

Balanceasof1April2022

3,827

Foreigncurrencytranslationimpact

(311)

Balanceasof31March2023

3,516

Balanceasof1April2023

3,516

Foreigncurrencytranslationimpact

(947)

Balanceasof31March2024

2,569

Impairmentreview

ThecarryingamountofgoodwillisattributedtothefollowinggroupsofCGUs,whicharealsotheGroup’soperatingsegments:

Asof

31March2024

31March2023

NigeriaMobileServices

318

900

EastAfricaMobileServices

834

927

FrancophoneAfricaMobileServices

500

503

MobileMoney Services

917

1,186

2,569(1)

3,516

(1)The decrease in carrying amount of goodwill by $947m is due to foreign currency translation differences. Refer to note 4(b) and4(c).

TheGrouptestsgoodwillforimpairmentannuallyon31December.Thecarryingvalueofgoodwillasof31December2023was

$436m, $833m, $503m and $967m for Nigeria mobile services, East Africa mobile services and Francophone Africa mobile servicesandMobilemoneyservices,respectively.TherecoverableamountsoftheabovegroupofCGUsarebasedonvalue-in-use,whicharedeterminedbasedonten-yearbusinessplansthathavebeenapprovedbytheBoard.

WhilsttheBoardperformedalong-termviabilityassessmentoverathree-yearperiod,forthepurposesofassessingliquidity,theGrouphasadoptedaten-yearplanforthepurposeofimpairmenttestingduetothefollowingreasons:

TheGroupoperatesinemergingmarketswherethetelecommunicationsandmobilemoneymarketsareunderpenetratedwhencomparedtodevelopedmarkets.Intheseemergingmarkets,short-termplans(forexample,fiveyears)arenotindicativeofthelong-termfutureprospectsandperformanceoftheGroup.

The life of the Group’s regulatory telecom licences and network assets are at an average of ten years, the spectrumrenewals happen for a period of ten years or more and in general the replacement of technology happens after a similarduration,and

The potential opportunities of the emerging African telecom sector, which is mostly a two-three player market with lowersmartphonepenetration.

Accordingly, the Board approved that this planning horizon reflects the assumptions for medium- to long-term marketdevelopments,appropriatelycoversmarketdynamicsofemergingmarketsandbetterreflectstheexpectedperformanceinthemarketsinwhichtheGroupoperates.

Whileusingtheten-yearplan,theGroupalsoconsidersexternalmarketdatatosupporttheassumptionsusedinsuchplans,whichisgenerallyavailableonlyforthefirstfiveyears.Consideringthedegreeofavailabilityofexternalmarketdatabeyondyearfive,theGroup has performed sensitivity analysis to assess the impact on impairment of using a five-year plan. The results of this sensitivityanalysisdemonstratethattheinitialfive-yearplanwithappropriatechanges,includinglong-termgrowthratesappliedattheendofthisperioddoesnotresultinanyimpairmentanddoesnotdecreasetherecoverablevaluebymorethan10%inanyofthegroupofCGUs as compared to the recoverable value using the ten-year plan. Further, the Group is confident that projections for years six totenarereliableandcandemonstrateitsability,basedonpastexperience,toforecastcashflowsaccuratelyoveralongerperiod.

Accordingly, the Board has approved and the Group continues to follow a consistent policy of using an initial forecast period of tenyearsforthepurposeofimpairmenttesting.

ThenominalcashflowsusedintheimpairmenttestsreflecttheGroup’scurrentassessmentoftheimpactof climatechangeandassociatedcommitmentstheGrouphasmade.Basedontheanalysisconductedsofar,theGroupissatisfiedthattheimpactofclimate change does not lead to an impairment as of 31 December 2023 and is adequately covered as part of the sensitivitiesdisclosedbelow.

The nominal cash flows beyond the planning period are extrapolated using appropriate long-term terminal growth rates. The long-termterminalgrowthratesuseddonotexceedthelong-termaveragegrowthratesoftherespectiveindustryandcountryinwhichtheentityoperatesandareconsistentwithinternal/externalsourcesofinformation.

Theinputs usedinperformingthe impairmentassessmentat 31December2023wereasfollows:

Assumptions

NigeriaMobile

Services

East AfricaMobileServices

FrancophoneAfricaMobileServices

MobileMoney

Services

Pre-taxDiscountRate

33.55%

21.76%

22.18%

23.59%

Capitalexpenditurerange(asapercentage

ofrevenue)

5%-18%

12%-28%

10%-15%

2%-5%

Longtermgrowthrate

11.00%

7.74%

6.81%

7.79%

Asof31December2023,theimpairmenttestingdidnotresultinanyimpairmentinthecarryingamountofgoodwillinanygroupofCGUs.

Thekeyassumptionsinperformingtheimpairment assessmentwereasfollows:

Assumptions

Basisofassumptions

Discountrate

NominaldiscountratereflectsthemarketassessmentoftherisksspecifictothegroupofCGUsandareestimatedbasedontheweightedaveragecostofcapitalforrespective

CGUs.

Capitalexpenditure

Thecash flow forecasts of capital and spectrum licences expenditure are based onexperience after considering the expenditure required to meet coverage, licence andcapacity requirements relatingtovoice,data andmobilemoneyservices.

Long-termgrowthrates

Thegrowthratesintoperpetuityusedareinlinewiththenominallong-termaveragegrowthratesoftherespectiveindustryandcountryinwhichtheentityoperatesand

areconsistentwiththeinternal/externalsourcesofinformation.

Asof31December2023,impairmenttestingdidnotresultinanyimpairmentinthecarryingamountofgoodwillinanygroupofCGUs.Theresultsoftheimpairmenttestsusingtheseratesshowthattherecoverableamountexceedsthecarryingamountby

$1,263mforNigeriamobileservices(76%),$2,211mforEastAfricamobileservices(92%),$994mforFrancophoneAfricamobileservices(64%)and$3,410mforMobilemoney(328%),respectively.TheGroup,therefore,concludedthatnoimpairmentwasrequiredtothegoodwillheldagainsteachgroupofCGUs.SubsequenttoDecember2023,theGrouphasalsoperformedindicatortestingforimpairmentofgoodwillandhasconcludedthattherearenoindicatorsofimpairment(includingonaccountofdevaluationofNigerianaira).

Sensitivityindiscountrateandcapitalexpenditure

Managementbelievesthatnoreasonablypossiblechangeinanyofthekeyassumptionswouldcausethedifferencebetweenthecarryingvalueandrecoverableamountforanycash-generatingunittobemateriallydifferentfromtherecoverablevalueinthebasecase.Thetablebelowsetsoutthebreakevenpre-taxdiscountrateforeachgroupofCGUs,whichwillresultintherecoverableamountbeingequalwiththecarryingamountforeachgroupofCGUs:

Nigeria MobileServices

East AfricaMobile Services

FrancophoneAfricaMobileServices

Mobile MoneyServices

Pre-taxDiscountRate

47.47%

32.37%

31.73%

67.24%

Thetablebelowpresentstheincreaseinisolationinabsolutecapitalexpenditureasapercentageofrevenue(acrossallyearsoftheimpairmentreview)whichwillresultinequatingtherecoverableamountwiththecarryingamountforeachgroupofCGUs:

Assumptions

Nigeria MobileServices

East AfricaMobile

Services

FrancophoneAfricaMobile

Services

Mobile MoneyServices

Capitalexpenditurerange(asapercentageofrevenue)

7.12%

8.33%

6.07%

22.34%

Noreasonablypossiblechange intheterminalgrowthrate wouldcausethe carryingamounttoexceedtherecoverable amount.

Cashandbankbalances(‘C&CE’)

Cashandcashequivalents

Asof

31March2024

31March2023

Balanceswithbanks

-Oncurrentaccounts

192

248

-Bankdepositswithoriginal maturityofthreemonthsorless

311

272

Balanceheldinwallets

111

Remittanceintransit

Cashonhand

620

586

Otherbankbalances

Asof

31March2024

31March2023

-Termdepositswithbankswithoriginalmaturityof

344

117

morethanthreemonths but lessthan12months

-Marginmoneydeposits(1)

-Unpaiddividend

353

131

(1)Marginmoneydepositsrepresentamountgivenascollateralforlegalcasesand/orbankguaranteesfordisputedmatters.

Forthepurposeofthestatementofcashflows,cashandcashequivalentsareasfollows:

Asof

31March2024

31March2023

Cashandcashequivalentsasperstatementoffinancialposition

620

586

Balanceheldundermobilemoneytrust

737

616

Bankoverdraft

(457)

(361)

900

841

Sharecapital

Asof

31March2024

31March2023

Issued,subscribedandfullypaid-upshares

3,750,761,649ordinarysharesof$0.50each

(March2023:3,758,151,504)Refertonote4(f)

1,875

1,879

Nildeferredsharesof$0.50each

(March2023:3,081,744,577)Refertonote4(d)

1,541

1,875

3,420

Terms/rightsattachedtoequityshares

Thecompany has followingstwoclasses ofordinaryshares:

Ordinaryshareshavingparvalueof$0.50pershare.Eachholderofequitysharesisentitledtocastonevotepershareandcarryarighttodividends.

Deferredsharesof$0.50each.Theseshareshavebeencancelledandextinguishedduringtheyearended31March2024.Fordetails,pleaserefertonote4(d).

Borrowings

Non-current

Asof

31March2024

31March2023

Secured

Termloans(1)

124

Unsecured

Termloans(1)

823

644

Non-convertiblebonds(1)(2)

554

823

1,198

947

1,233

Current

Asof

31March2024

31March2023

Secured

Termloans(1)

Unsecured

Non-convertiblebonds(1)(2)

550

Termloans(1)

404

575

Bankoverdraft

457

361

1,411

936

1,426

945

(1)Includesdebtoriginationcosts.

(2)Itincludesimpactoffairvaluehedges.

Contingentliabilitiesandcommitments

(i) Contingentliabilities

Asof

31March2024

31March2023

(a)Taxes,dutiesandotherdemands(underadjudication/appeal/dispute)

-Incometax

-Valueaddedtax

-Customsduty&Exciseduty

-Othermiscellaneousdemands

(b)Claimsunderlegalandregulatorycasesincluding

arbitrationmatters

125

132

There are uncertainties in the legal, regulatory and tax environments in the countries in which the Group operates andthere is a risk of demands, which may be raised based on current or past business operations. Such demands have in thepastbeenchallengedandcontestedonmeritswiththerelevantauthoritiesandappropriatesettlementsagreed.

Thereductionof$7mincontingentliabilitiesduringtheyearended31March2024isprimarilyduetocurrencydevaluationinsubsidiaries.

Thecompanyanditssubsidiariesarecurrentlyandmaybecome,fromtimetotime,involvedinanumberoflegalproceed-ings, including inquiries from, or discussions with, governmental authorities that are incidental to their operations. As of31March2024, theGroup’skeycontingent liabilitiesincludethefollowing:

Claimsunderlegalandregulatorycasesincludingarbitrationmatter

One of the subsidiaries of the Group is involved in a dispute with one of its vendors, with respect to invoices for servicesprovided to a subsidiary under a service contract. The original order under the contract was issued by the subsidiary for atotal amount of Central African franc (CFA) 473,800,000 (approximately $1m). In 2014, the vendor-initiated arbitrationproceedings claiming a sum of approximately CFA 1.9 billion (approximately $3m) based on the court award. Multiplecourtproceedinghavehappenedfrom2015onwardsandinmid-May2019,thelowercourtsimposedapenaltyofCFA35billion (approximately $58m), based on which certain banks of the subsidiary were summoned to release the funds. Thesubsidiary immediately lodged an appeal in the Supreme Court for a stay of execution which was granted. Subsequently,the vendor filed an appeal before the Common Court of Justice and Arbitration (CCJA). Quite unexpectedly, in April 2020,the CCJA lifted the Supreme Court stay of execution. In May 2021, the Commercial Division of the High Court maintainednewseizurescarriedoutbythevendor.Thesubsidiary appealedandtheCourtofAppealdeterminationontheseizuresispendingasofApril2022.InMarch2022theCCJAinterpreteditsjudgmentofMarch2019toindicatethatthedailypenaltycouldnot bemaintained afterits ruling dated 18 November 2018.

Separately, in December 2020 the subsidiary initiated criminal proceedings against the vendor for fraud and deceitfulconduct. In February 2021, the investigating judge issued an order to cease the investigation which was appealed by theSubsidiary. In March 2022, the Court Appeal quashed the investigative judge order and allowed the investigation into thevendor to resume. Testimony in the criminal investigation case happened on 26 April 2022 in front of the criminal courtofappealwherethehonorablejudgehasfurtherre-examinedthefactsfromtherepresentativesofthesubsidiaryagainstthiscase.Astayofexecutionwasissuedon30May2022bytheChamberofAccusationinfavourofsubsidiarytillthetimecriminalinvestigationiscompleted.InOctober2023,thecriminalcourtorderedthedismissalofthecasedespiteevidenceofinitialpaymentprovidedtothejudge.ThesubsidiaryhasappealedtotheSupreme Court,andadecisionisawaited.

As perthelawnocivilactioncanbeinitiatedagainstthesubsidiarywhilecriminalproceedingsareongoing.

On 30 November 2022 subsidiary was notified that plaintiff has appealed in the court of cassation against the stay ofexecution dated 30 May 2022. Subsidiary has filed its response on 26 January 2023. On 8 May 2023, the subsidiary filedanapplicationintheCommercialcourttoseekacease-and-desistorderagainstthevendor.ThematterispendingbeforetheCommercialcourt,and thesubstantialappealhasbeentransferredtoCCJAinFebruary2024.

The Group still awaits the ruling on the merits of the case, and the outcome of the criminal investigations, and until thattime has disclosed this matter as Contingent Liability for $58m (included in the closing contingent liability). No provisionhas been madeagainst this claim.

In addition to the individual matters disclosed above, in the ordinary course of business, the Group is a defendant or co-defendantin various litigationsand claims whichareimmaterial individually.

Guarantees:

Guarantees outstanding as of 31 March 2024 and 31 March 2023 amounting to $12m and $9m respectively have beenissued by banks and financial institutions on behalf of the Group. These guarantees include certain financial bankguarantees which have been given for sub-judice matters and the amounts with respect to these have been disclosedunder capital commitments, contingencies and liabilities, as applicable, in compliance with the applicable accountingstandards.

Commitments

CapitalCommitments

TheGrouphascontractualcommitmentstowardscapitalexpenditure(netofrelatedadvancespaid)of$317mand$313mas of31 March2024 and 31 March2023respectively.

RelatedPartydisclosure

Listofrelatedparties

Parentcompany

AirtelAfricaMauritiusLimited

Intermediateparententities

Network i2i LimitedBharti Airtel LimitedBhartiTelecomLimited

Ultimatecontrollingentity

BhartiEnterprises(Holding)PrivateLimited.ItisheldbyprivatetrustsofBhartifamily,withMr.SunilBhartiMittal’s

familytrusteffectivelycontrollingthecompany.

Associate:

SeychellesCableSystems CompanyLimited

JointVenture

MaweziRDCS.A.

Otherentitieswithwhomtransactionshavetakenplaceduringthereportingperiod

Fellowsubsidiaries

NxtraDataLimited

BhartiAirtelServicesLimited

Bharti International (Singapore) Pte LtdBhartiAirtel (UK)Limited

BhartiAirtel(France)SAS

BhartiAirtelLanka(Private)LimitedBhartiHexacomLimited

Otherrelatedparties

SingaporeTelecommunicationLimited

KeyManagementPersonnel(‘KMP’)

Executive directorsOlusegun OgunsanyaJaideepPaul

Non-Executive directorsSunil Bharti MittalAwunebaAjumogobia

Douglas Baillie (till October 2023)JohnDanilovich

Andrew GreenAkhilGupta

Shravin Bharti MittalAnnika PoutiainenRaviRajagopal

KellyBayerRosmarin(tillOctober2023)

TsegaGebreyes

Others

IanBasilFerrao

Michael Foley (till June 2023)RazvanUngureanu

Luc Serviant (till May 2023)DaddyMukadiBujitu

Neelesh Singh (till December 2022)RamakrishnaLella

EdgardMaidou(tillJune2023)RoganyRamiah

StephenNthenge

Vimal Kumar Ambat (till October 2022)AshishMalhotra(tillJune2022)

VinnyPuri(tillJune2022)

CSurendran(tillDecember2022)

Olubayo Augustus Adekanmbi (till November 2022)AnthonyShiner(sinceJune2022)

Apoorva Mehrotra (since October 2022)OliverFortuin(sinceJune2023)

MartinFrechette(sinceJune2023)CarlCruz(sinceMay2023)

Anwar Soussa (since August 2023)Jacques Barkhuizen (since October 2023)SunilTaldar(sinceOctober2023)

Intheordinary courseofbusiness,therearecertaintransactionsamongthegroup entitiesandallthesetransactionsareon arm’slengthbasis.However,theintra-grouptransactionsandbalances,andtheincomeandexpensesarisingfromsuchtransactions,areeliminatedonconsolidation.Thetransactionswithremainingrelatedpartiesfortheyearsended31March2024and2023respectively,aredescribedbelow:

Thesummaryoftransactionswiththe above-mentionedpartiesis asfollows:

Fortheyearended

31March2024

31March2023

Relationship

Parentcompany

Intermediateparententity

Fellowsubsidiaries

JointVentur

Associates

Otherrelated

parties

Parentcompany

Intermediateparententity

Fellowsubsidiaries

JointVenture

Associates

Otherrelated

parties

Sale/renderingofservices

Purchase/receivingofservices

Rentandother charges

Guaranteeandcollateralfee paid

Purchaseofassets

DividendPaid

119

109

DividendReceived

Theoutstandingbalanceoftheabove-mentioned related partiesareas follows:

Relationship

Parent

company

Intermediate

parententity

Fellow

subsidiaries

Joint

venture

Associate

Asof 31March2024

Tradepayables

Tradereceivables

Corporateguaranteefeepayable

Guaranteesandcollateralstaken(including

performanceguarantees)(1)

2,000

Asof 31March2023

Tradepayables

Tradereceivables

Corporateguaranteefeepayable

Guaranteesandcollateralstaken(including

performanceguarantees)

2,000

Reimbursementasset

Thisguarantee(200%ofthebondamount)relatestothe$1bnUSDnon-convertiblebonds(refertonote14)withoriginalmaturityof2024.TheGrouphadprepaidaportionofthesebondsandtheoutstandingamountason31March2024is$550m(31March2023:$550m).Inaccordancewiththelegalandregulatoryrequirementspertainingtothesebonds,theguaranteeamountcanbereducedonlyoncethesearepaidinfullandthusthefullguaranteeamount(basedonissuedvalueofguarantee)isdisclosed.

(c)Keymanagementcompensation(‘KMP’)

KMParethosepersonshavingauthorityandresponsibilityforplanning,directingandcontrollingtheactivitiesoftheGroup,directlyorindirectly,includinganydirector,whetherexecutiveorotherwise.FortheGroup,theseincludeexecutivecommitteemembers.RemunerationtoKMPwereasfollows:

Fortheyearended

31March2024

31March2023

Short-termemployeebenefits

Performancelinkedincentive

Share-basedpayment

Otherlongtermbenefits

Otherbenefits

FairValueoffinancialassetsandliabilities

Thedetailsastothecarryingvalue,fairvalueandtheleveloffairvaluemeasurementhierarchyofthegroup’sfinancial

instrumentsareasfollows:

Carryingvalueasof

Fairvalueasof

31March

2024

31March

2023

31March

2024

31March

2023

Financialassets

FVTPL

Derivatives

-Forwardandoption

contracts

Level2

-Currencyswapsand

interestrateswaps

Level2

Otherbank balances

Level2

Investments

Level2

Amortisedcost

Tradereceivables

184

145

184

145

Cashandcashequivalents

620

586

620

586

Otherbank balances

353

127

353

127

Balanceheldundermobilemoney

trust

737

616

737

616

Otherfinancialassets

136

176

136

176

2,040

1,667

2,040

1,667

Financialliabilities

FVTPL

Derivatives

-Forwardandoption

contracts

Level2

-Currencyswapsand

interestrateswaps

Level2

-Crosscurrencyswaps

Level3

155

-Embeddedderivatives

Level2

Amortisedcost

Longtermborrowings-fixedrate

Level1

554

540

Longtermborrowings-fixedrate

Level2

271

227

257

210

Longtermborrowings-floatingrate

676

452

676

452

Shortterm borrowings–fixedrate

Level1

550

549

Shorttermborrowings

876

945

876

945

Putoptionliability

Level3

552

569

552

569

Tradepayables

422

460

422

460

Mobilemoneywalletbalance

722

582

722

582

Otherfinancialliabilities

586

680

586

680

4,832

4,517

4,817

4,486

Thefollowingmethods/assumptionswereusedtoestimatethefairvalues:

Thecarryingvalueofbankdeposits,tradereceivables,tradepayables,balanceheldundermobilemoneytrust,mobilemoneywalletbalance,short-termborrowings,othercurrentfinancialassetsandliabilitiesapproximatetheirfairvaluemainlyduetotheshort-termmaturitiesoftheseinstruments.

Fairvalueofquotedfinancialinstrumentsisbasedonquotedmarketpriceatthereportingdate.

Thefairvalueofnon-currentfinancialassets,long-termborrowingsandotherfinancialliabilitiesisestimatedbydiscountingfuturecashflowsusingcurrent ratesapplicabletoinstrumentswithsimilarterms,currency,creditriskandremainingma-turities.

Thefairvaluesofderivativesareestimatedbyusingpricingmodels,whereintheinputstothosemodelsarebasedonreadilyobservablemarket parameters.Thevaluation modelsusedbytheGroupreflectthecontractualtermsofthederiv-

atives (including the period to maturity), and market-based parameters such as interest rates, foreign exchange rates, vol-atilityetc.Thesemodelsdonotcontainahighlevelofsubjectivityasthevaluationtechniquesuseddonotrequiresignifi-cantjudgementandinputstheretoarereadilyobservable.

Thefairvalueoftheputoptionliability(includedinotherfinancialliability)tobuybackthestakeheldbynon-controllinginterestinAMCBVismeasuredatthepresentvalueoftheredemptionamount(i.e.expectedcashoutflows).Since,theliabilitywillbebasedonfairvalueoftheequitysharesofAMCBV(subjecttoacap)attheendof48months,theexpectedcashflowsareestimatedbydeterminingtheprojectedequityvaluationoftheAMCBVattheendof48monthsexpiringinAugust2025andapplyingcapthereon.

During the year ended 31 March 2024 and 31 March 2023 there were no transfers between Level 1 and Level 2 fair valuemeasurements,andnotransferintoandoutofLevel3fairvaluemeasurements.

Thefollowingtabledescribesthekeyinputsusedinthevaluation(basisdiscountedcashflowtechnique)oftheLevel2andLevel3financialassets/liabilitiesasof31March2024and31March2023:

Financialassets/liabilities

Inputsused

Currencyswaps,forwardandoptioncontracts andother

bankbalances

Forwardforeigncurrencyexchangerates,Interestrate

Interestrateswaps

Prevailing/forwardinterestratesinmarket,Interestrate

Embeddedderivatives

Prevailinginterestratesinmarket,inflationrates

Otherfinancialassets/fixedrateborrowing/otherfinancial

liabilities

Prevailinginterestratesinmarket,Futurepayouts,Interest

rates

Keyinputsforlevel3

Thefairvalueofcrosscurrencyswap(CCS)hasbeenestimatedbasedonthecontractualtermsoftheCCSandparameterssuchasinterestrates,foreignexchangeratesetc.Sincethedatafromanyobservablemarketsinrespectofinterestratesisnotavailable,theinterestratesareconsideredtobesignificantunobservableinputstothevaluationofthisCCS.

Reconciliationoffairvaluemeasurementscategorisedwithinlevel3ofthefairvaluehierarchy–FinancialAssets/(Liabilities)(net)

CrossCurrencySwaps(‘CCS’)

Fortheyearended

31March2024

31March2023

OpeningBalance

(43)

(6)

Recognisedinfinancecostsinprofitandloss(unrealised)

(284)

(65)

RepaymentofInterest

CrossCurrencySwaprepayment

ForeigncurrencytranslationimpactrecognisedinOCI

140

ClosingBalance

(155)

(43)

Putoptionliability

Fortheyearended

31March2024

31March2023

OpeningBalance

(569)

(579)

Liabilityde-recognisedbycreditingtransactionwithNCIreserve(1)

Recognisedinfinancecostsinprofitandloss(unrealised)

(7)

(6)

ClosingBalance

(552)

(569)

(1)Put option liability was reduced by $24m (March 2023: $16m) for dividend distribution to put option NCI holders. Any dividend paid totheputoptionNCIholdersisadjustableagainsttheputoptionliabilitybasedonputoptionarrangement.

Eventsafterthebalancesheetdate

No material subsequent events or transactions have occurred since the date of statement of financial position except asdisclosedbelow:

TheBoardrecommendedafinaldividendof3.57centspershareon8May2024.

Appendix

AdditionalinformationpertainingtothreemonthsendedMarch31,2024CondensedConsolidatedStatementofComprehensiveIncome

(AllamountsareinUS$millionsunlessstatedotherwise)

Forthreemonthsended

31March2024

31March2023

Income

Revenue

1,118

1,341

Otherincome

1,121

1,345

Expenses

Networkoperatingexpenses

210

268

Accesscharges

102

Licensefeeandspectrum usagecharges

Employeebenefitsexpense

Salesandmarketingexpenses

140

134

Impairmentlossonfinancialassets

(4)

Otherexpenses

Depreciationandamortisation

173

220

774

906

Operatingprofit

347

439

Financecosts

-Derivativeandforeign exchangelosses

Nigeriannaira

323

Othercurrencies

-Otherfinancecosts

120

121

Financeincome

(11)

(6)

Shareofprofitforassociateand jointventureaccountedforusing equitymethod

(0)

(Loss)/profitbeforetax

(118)

233

Taxexpense

(27)

(Loss)/profitfortheperiod

(91)

227

(Loss)/profitbeforetax(aspresentedabove)

(118)

233

Add/(less):Exceptionalitems(net)

323

Underlyingprofitbeforetax

205

233

(Loss)/profitaftertax(aspresentedabove)

(91)

227

Add/(less):Exceptionalitems(net)

219

(99)

Underlyingprofitaftertax

128

Othercomprehensiveincome('OCI')

Itemstobereclassifiedsubsequentlytoprofitorloss:

Netlossduetoforeigncurrencytranslationdifferences

(179)

(41)

Gainondebtinstrumentsatfairvaluethroughother comprehensiveincome

Taxonabove

(1)

ShareofOCIofassociateandjointventureaccountedforusingequitymethod

(177)

(42)

Itemsnottobereclassifiedsubsequentlytoprofitorloss:

Re-measurement(loss)/gainondefinedbenefitplans

(0)

Taxonabove

(0)

Othercomprehensiveloss fortheperiod

(177)

(41)

Totalcomprehensive(loss)/incomefortheperiod

(268)

186

Forthreemonthsended

31March2024

31March2023

(Loss)/profitfortheperiodattributableto:

(91)

227

Ownersofthecompany

(104)

195

Non-controllinginterests

Othercomprehensivelossfortheperiodattributableto:

(177)

(41)

Ownersofthecompany

(175)

(41)

Non-controllinginterests

(2)

Totalcomprehensive (loss)/incomefortheperiodattributableto:

(268)

187

Ownersofthecompany

(279)

154

Non-controllinginterests

Alternativeperformancemeasures(APMs)

Introduction

Inthereportingoffinancialinformation,thedirectorshaveadoptedvariousAPMs.ThesemeasuresarenotdefinedbyInternationalFinancialReportingStandards(IFRS)andthereforemaynotbedirectlycomparablewithothercompaniesAPMs,includingthoseintheGroup’sindustry.

APMs should be considered in addition to, and are not intended to be a substitute for, or superior to, IFRSmeasurements.

Purpose

ThedirectorsbelievethattheseAPMsassistinprovidingadditionalusefulinformationontheunderlyingtrends,performanceandpositionoftheGroup.

APMsarealsousedtoenhancethecomparabilityofinformationbetweenreportingperiodsandgeographicalunits(suchaslike-for-likesales),byadjustingfornon-recurringoruncontrollablefactorswhichaffectIFRSmeasures,toaidusersinunderstandingtheGroup’sperformance.Consequently,APMsareusedbythedirectorsandmanagementforperformanceanalysis,planning,reportingandincentive-settingpurposes.

ThedirectorsbelievethefollowingmetricstobetheAPMsusedbytheGrouptohelpevaluategrowthtrends,establishbudgetsandassessoperationalperformanceandefficiencies.ThesemeasuresprovideanenhancedunderstandingoftheGroup’sresultsandrelatedtrends,thereforeincreasingtransparencyandclarityintothecoreresultsofthebusiness.

ThefollowingmetricsareusefulinevaluatingtheGroup’soperatingperformance:

APM

ClosestequivalentIFRS

measure

Adjustments to reconcile toIFRSmeasure

Definitionandpurpose

EBITDA andmargin

Operatingprofit

Depreciation andamortisation

The Group defines EBITDA as operating profit/(loss) for the period beforedepreciationandamortisation.

TheGroupdefinesEBITDAmarginasEBITDAdividedbyrevenue.

EBITDA and margin are measures used by the directors to assess the tradingperformanceofthebusinessandarethereforethemeasureofsegmentprofitthatthe Group presents under IFRS. EBITDA and margin are also presented on aconsolidated basis because the directors believe it is important to considerprofitabilityonabasisconsistentwiththatoftheGroup’soperatingsegments.Whenpresentedonaconsolidatedbasis,EBITDAandmarginareAPMs.

Depreciationandamortisationisanon-cashitemwhichfluctuatesdependingonthe timing of capital investment and useful economic life. Directors believe that ameasurewhichremovesthisvolatilityimprovescomparabilityoftheGroup’sresultsperiodonperiodandhenceisadjustedtoarriveatEBITDAandmargin.

Underlyingprofit /(loss)beforetax

Profit /(loss)beforetax

Exceptional items (Refernoteonexceptionalitemsonpage55)

TheGroupdefinesunderlyingprofit/(loss)beforetaxasprofit/(loss)beforetaxadjustedforexceptionalitems.

Thedirectors viewunderlyingprofit/(loss)before taxtobe ameaningfulmeasure to

analysetheGroup’sprofitability.

APM

ClosestequivalentIFRS

measure

Adjustments to reconcile toIFRSmeasure

Definitionandpurpose

Effectivetaxrate

Reportedtaxrate

Exceptional items (Refernoteonexceptionalitemsonpage55)

Foreign exchange ratemovements

One-off tax impact ofprior period, tax litigationsettlement and impact oftax on permanentdifferences

TheGroupdefineseffectivetaxrateasreportedtaxrate(reportedtaxchargedividedby reported profit before tax) adjusted for exceptional items, foreign exchange ratemovementsandone-offtaxitemsofpriorperiodadjustment,taxsettlementsandimpactofpermanentdifferencesontax.

Thisprovidesanindicationofthecurrenton-goingtaxrateacrosstheGroup.

Foreignexchangeratemovementsarespecificitemsthatarenon-taxdeductibleinafew of the entities which are loss making and/or where DTA is not yet triggered andhenceareconsideredtohindercomparisonoftheGroup’seffectivetaxrateonaperiod-to-periodbasisandthereforeexcludedtoarriveateffectivetaxrate.

One-off tax impact on account of prior period adjustment, any tax litigationsettlementandtaximpactonpermanentdifferencesareadditionalspecificitemsthatbecause of their size and frequency in the results, are considered to hindercomparisonoftheGroup’seffectivetaxrateonaperiod-to-periodbasis.

Underlyingprofit/(loss)aftertax

Profit/(loss)for theperiod

Exceptional items (Refernoteonexceptionalitemsonpage55)

TheGroupdefinesunderlyingprofit/(loss)after taxasprofit/(loss) fortheperiodadjustedforexceptionalitems.

Thedirectorsviewunderlyingprofit/(loss)aftertaxtobeameaningfulmeasureto

analysetheGroup’sprofitability.

Earningsper sharebeforeexceptionalitems

EPS

Exceptional items (Refernoteonexceptionalitemsonpage55)

TheGroupdefinesearningspersharebeforeexceptionalitemsasprofit/(loss)fortheperiodbeforeexceptionalitemsattributabletoownersofthecompanydividedbytheweightedaveragenumberofordinarysharesinissueduringthefinancialperiod.

This measure reflects the earnings per share before exceptional items for each shareunitofthecompany.

Earningsper sharebeforeexceptionalitems andderivativeand foreignexchangelosses*

EPS

Exceptional items (Refernoteonexceptionalitemsonpage55)

Derivative and foreignexchangelosses

TheGroupdefinesearningspersharebeforeexceptionalitemsandderivativeandforeign exchange losses as profit/(loss) for the period before exceptional items andderivative and foreign exchange losses (net of tax) attributable to owners of thecompanydividedbytheweightedaveragenumberofordinarysharesinissueduringthefinancialperiod.

This measure reflects the earnings per share before exceptional items and derivativeandforeignexchangelossesforeachshareunitofthecompany.

DerivativeandforeignexchangelossesareduetorevaluationofUSdollarbalancesheetliabilitiesandderivativesasaresultofcurrencydevaluation.

Operatingfree cashflow

Cashgeneratedfromoperatingactivities

Incometaxpaid

Changes in workingcapital

Othernon-cashitems

Non-operatingincome

Exceptional items (Refernoteonexceptionalitemsonpage55)

Capitalexpenditures

TheGroupdefinesoperatingfreecashflowasnetcashgeneratedfromoperatingactivities before income tax paid, changes in working capital, other non-cash items,non-operating income, exceptional items, and after capital expenditures. The Groupviewsoperatingfreecashflowasakeyliquiditymeasure,asitindicatesthecashavailabletopaydividends,repaydebtormakefurtherinvestmentsintheGroup.

Net debtandleverageratio

Borrowings

Leaseliabilities

Cashandcashequivalent

Termdepositswithbanks

Depositsgivenagainstborrowings/ non-derivative financialinstruments

Fairvaluehedges

TheGroupdefinesnetdebtasborrowingsincludingleaseliabilitieslesscashandcashequivalents, term deposits with banks, deposits given against borrowings/non-derivativefinancialinstruments,processingcostsrelatedtoborrowingsandfairvaluehedgeadjustments.

The Group defines leverage ratio as net debt divided by EBITDA for the preceding 12months.

Thedirectorsviewnetdebtandtheleverageratiotobemeaningfulmeasuresto

monitortheGroup’sabilitytocoveritsdebtthroughitsearnings.

Return oncapitalemployed

No directequivalent

Exceptional items (Refernoteonexceptionalitemson page 55) to arrive atEBIT

TheGroupdefinesreturnoncapitalemployed(‘ROCE’)asEBITdividedbyaveragecapitalemployed.

ThedirectorsviewROCEasafinancialratiothatmeasurestheGroup’sprofitability

andtheefficiencywithwhichitscapitalisbeingutilised.

TheGroupdefinesEBITasoperatingprofit/(loss)fortheperiod.

Capital employed is defined as sum of equity attributable to owners of the company(grossedupforputoptionprovidedtominorityshareholderstoprovidethemliquidity

APM

ClosestequivalentIFRS

measure

Adjustments to reconcile toIFRSmeasure

Definitionandpurpose

as part of the sale agreements executed with them during year ended 31 March2022),non-controllinginterestsandnetdebt.Averagecapitalemployedisaverageofcapitalemployedattheclosingandbeginningoftherelevantperiod.

For quarterly computations, ROCE is calculated by dividing EBIT for the preceding 12months by the average capital employed (being the average of the capital employedaveragesfortheprecedingfourquarters).

*NewAPMaddedduringtheyearended31March2024

Some of the Group’s IFRS measures and APMs are translated at constant currency exchange rates to measure theorganicperformanceoftheGroup.Indeterminingthepercentagechangeinconstantcurrencyterms,bothcurrentandpreviousfinancialreportingperiod’sresultshavebeenconvertedusingexchangeratesprevailingason31March2023for all countries, except Nigeria. For Nigeria the constant currency exchange rate used is 752.2 NGN/USD which isprevailingrateason30June2023.Reportedcurrencypercentagechangeisderivedbasedontheaverageactualperiodicexchangeratesforthatfinancialperiod.Variancesbetweenconstantcurrencyandreportedcurrencypercentagesareduetoexchangeratemovementsbetweenthepreviousfinancialreportingperiodandthecurrentperiod.Theconstantcurrencynumbersonlyreflecttheretranslationofreportednumbersintoexchangeratesasof31March2023(Nigeriaasof30June2023)andarenotintendedtorepresentthewiderimpactthatcurrencychangeshasonthebusiness.

ReconciliationbetweenGAAPandAlternativePerformanceMeasures

TableA:EBITDAandmargin

Description

Unit ofmeasure

Yearended

March2024

March2023

Operatingprofit

1,640

1,757

Add:

Depreciationandamortisation

788

818

EBITDA

2,428

2,575

Revenue

4,979

5,255

EBITDAmargin (%)

48.8%

49.0%

TableB:Underlyingprofit/(loss)beforetax

Description

Unit ofmeasure

Yearended

March2024

March2023

(Loss)/ Profitbeforetax

(63)

1,034

Financecost–exceptionalitems

807

Underlyingprofitbefore tax

744

1,034

TableC:Effectivetaxrate

Description

Unit ofmeasure

Yearended

March2024

March2023

Profitbefore

taxation

Income taxexpense

Taxrate%

Profitbefore

taxation

Income taxexpense

Taxrate%

Reportedeffectivetaxrate(afterEI)

(63)

(41.1%)

1,034

284

27.4%

Exceptionalitems(providedbelow)

807

258

161

Reportedeffectivetaxrate(beforeEI)

744

284

38.3%

1,034

445

43.0%

Adjustedfor:

Foreignexchangeratemovementforlossmakingentityand/ornon-DTAoperating

companies&holdingcompanies

106

One-offadjustmentandtaxonpermanent

differences

(1)

Effectivetaxrate

801

308

38.4%

1,145

444

38.8%

Exceptionalitems

1.Deferredtaxassetrecognition

258a

161

2.Derivativeandforeignexchangeratelosses

807

Total

807

258

161

$258mexceptionaltaxgaininfullyearperiodended31March2024istaxgaincorrespondingto$807mderivativeandforeignexchangelossesfollowingNigeriannairaandMalawiankwachadevaluation.

$161mexceptionaltaxgaininfullyearended31March2023isonaccountofdeferredtaxcreditinKenya,DemocraticRepublicofCongoandTanzania.

TableD:Underlyingprofit/(loss)aftertax

Description

Unit ofmeasure

Yearended

March2024

March2023

(Loss)/ profitafter tax

(89)

750

Financecost–exceptionalitems

807

Taxexceptionalitems

(258)

(161)

Underlyingprofitaftertax

460

589

TableE:Earningspersharebeforeexceptionalitems

Description

Unit ofmeasure

Yearended

March2024

March2023

(Loss)/Profitfortheperiodattributabletoownersofthecompany

(165)

663

Financecost–exceptionalitems

807

Taxexceptionalitems

(258)

(161)

Non-controllinginterestexceptionalitems

(4)

Profitfortheperiodattributabletoownersofthecompany-

beforeexceptionalitems

380

512

Weightedaveragenumberofordinarysharesinissueduringthe

financialperiod.

Million

3,751

3,752

Earningspersharebeforeexceptionalitems

Cents

10.1

13.6

TableF:Earningspersharebeforeexceptionalitemsandderivativeandforeignexchangelosses

Description

UoM

Yearended

March2024

31-Mar-23

(Loss)/Profitfortheperiodattributabletoownersofthecompany

(165)

663

Financecost–exceptionalitems

807

Taxexceptionalitems

(258)

(161)

Non-controllinginterestexceptionalitems

(4)

Profitfortheperiodattributabletoownersofthecompany- be-

foreexceptionalitems

380

512

Derivativeandforeignexchangelosses(excludingexceptional

items)

452

338

Taxonderivativeandforeignexchangelosses(excludingexcep-

tionalitems)

(130)

(77)

Non-controllinginterestonderivativeandforeignexchange

losses(excludingexceptionalitems)-netoftax

(17)

(4)

Profitfortheperiodattributabletoownersofthecompany- be-

foreexceptionalitemsandderivativeandforeignexchangelosses

685

769

Weightedaveragenumberofordinarysharesinissueduringthefi-

nancialperiod

Million

3,751

3,752

Earningspersharebeforeexceptionalitemsandderivativeand

foreignexchangelosses

Cents

18.3

20.5

TableG:Operatingfreecashflow

Description

Unit ofmeasure

Yearended

March2024

March2023

Netcashgeneratedfromoperatingactivities

2,259

2,229

Add:Incometaxpaid

344

397

Netcashgenerationfrom operationbeforetax

2,603

2,626

Less:Changesinworkingcapital

Increaseintradereceivables

Increaseininventories

Increaseintradepayables

(56)

(9)

Increaseinmobilemoneywalletbalance

(207)

(120)

(Increase)/Decrease in provisions

(3)

Increaseindeferredrevenue

(21)

(37)

Increaseinotherfinancialandnon-financialliabilities

(76)

(113)

Increaseinotherfinancialandnon-financialassets

140

Operatingcashflowbeforechangesinworkingcapital

2,428

2,577

Othernon-cashadjustments

(2)

EBITDA

2,428

2,575

Less:Capitalexpenditure

(737)

(748)

Operatingfreecashflow

1,691

1,827

Table H:Netdebt and leverage

Description

Unit ofmeasure

As at

March2024

March2023

Longtermborrowing,netofcurrentportion

947

1,233

Short-termborrowingsandcurrentportionoflong-termborrowing

1,426

945

Add:Processingcostsrelatedtoborrowings

Less:Fairvaluehedgeadjustment

(1)

(5)

Less:Cashandcashequivalents

(620)

(586)

Less:Termdepositswithbanks

(344)

(117)

Add:Leaseliabilities

2,089

2,047

Net debt

3,505

3,524

EBITDA(LTM)

2,428

2,575

Leverage(LTM)

times

1.4x

TableI:Returnoncapitalemployed

Description

Unit ofmeasure

Yearended

March2024

March2023

Operatingprofit(LTM)

1,640

1,757

EquityattributabletoownersoftheCompany

2,160

3,635

Add:Putoptiongiventominorityshareholders1

552

569

GrossequityattributabletoownersoftheCompany1

2,712

4,204

Non-controllinginterests(NCI)

140

173

Netdebt(referTableH)

3,505

3,524

Capitalemployed

6,357

7,901

Averagecapitalemployed 1

7,130

7,536

Returnoncapitalemployed

23.0%

23.3%

(1)Averagecapitalemployediscalculatedasaverageofcapitalemployedatclosingandopeningofrelevantperiod.

Noteonexceptionalitems

“Exceptionalitemsrefertoitemsofincomeorexpensewithintheconsolidatedstatementofcomprehensiveincome,whichareofsuchsize,natureorincidencethattheirexclusionisconsiderednecessarytoexplaintheperformanceoftheGroupandimprovethecomparabilitybetweenperiods.Reversalsofpreviousexceptionalitemsarealsoconsideredasexceptionalitems.Whenapplicable,theseitemsincludeamongstothers,currencydevaluationoflocalcurrenciesagainsttheUSDollar,networkmodernisation,shareissueexpenses,loanprepaymentcosts,thesettlementoflegalandregulatorycases,restructuringcosts,impairments,gainonsaleoftowerassetsandtheinitialrecognitionofdeferredtaxassetsetc.

TheGrouphasUSDollarliabilitiesinsubsidiariesinwhichtheUSDollarisnotthefunctionalcurrency.ChangesintheUSDollarexchangerateagainsttherelevantfunctionalcurrencyleadstoforeignexchangegainsorlossesrecordedinthestatementofcomprehensiveincome.Withrespecttotheclassificationofwhetherthesegainsorlosses,asaresultofthedevaluationoflocalcurrenciesagainsttheUSDollar,asanexceptionalitem,theGrouppresentstheimpactasanexceptionalitemonlyifaparticularcurrencyhasdevalued(orappreciated)duetoastructuralchangeinthelocalmarket(for example as a result of changes in government policy) or the devaluation in a month is more than a thresholdpercentage.ThedevaluationisalsoonlyreportedasexceptionaliftheresultantimpactontheGroup'sprofitbeforetaxishigherthanamonetarythreshold.Reversalsofforeignexchangelossesasaresultoftheabovearealsoreportedasexceptional.TheGroupcontinuestoreviewitsexceptionalitemspolicytoalignittochangesinthemacro-economicenvironment.Forthecurrentyear,thisdidnothaveachangeontheamountsreportedasexceptionalitems.”

StatementofDirector’sResponsibilities

Weconfirmthattothebestofourknowledge:

Thefinancialstatements,preparedinaccordancewiththerelevantfinancialreportingframework,giveatrueandfairviewoftheassets,liabilities,financialpositionandprofitorlossofthecompanyandtheundertakingsincludedintheconsolidationtakenasawhole.

Themanagementreportincludesafairreviewofthedevelopmentandperformanceofthebusinessandthepositionofthecompany,andtheundertakingsincludedintheconsolidationtakenasawhole,togetherwithasummarydescriptionoftheprincipalrisksanduncertaintiesthattheyface.

Thefinancialstatementsincludedisclosureofrelatedparties’transactionsthathavetakenplaceduringtheyear

andthathavemateriallyaffectedthefinancialpositionorperformanceofthecompany.

Thisresponsibilitystatementwasapprovedbytheboardofdirectorson08May2024andissignedonitsbehalfby:

Segun OgunsanyaChief Executive Officer08May2024

Glossary

TechnicalandIndustryTerms

4Gdatacustomer

Acustomerhavinga4Ghandsetandwhohasusedatleast1MBonanyoftheGroup’sGPRS,3Gand4Gnetworkinthelast30days.

AirtelMoney(mobilemoney)

Airtel Money is the brand name for Airtel Africa’s mobile money products and services. The term is usedinterchangeablywith‘mobilemoney’whenreferringtoourmobilemoneybusiness,finance,operationsandactivities.

AirtelMoneyARPU

Mobile money average revenue per user per month. This is derived by dividing total mobile money revenueduringtherelevantperiodbytheaveragenumberofactivemobilemoneycustomersanddividingtheresultbythenumberofmonthsintherelevantperiod.

AirtelMoneycustomerbase

Totalnumberofactivesubscriberswhohaveenactedanymobilemoneyusageeventinlast30days.

AirtelMoneycustomerpenetration

TheproportionoftotalAirtelAfricaactivemobilecustomerswhousemobilemoneyservices.Calculatedby

dividingthemobilemoneycustomerbasebytheGroup’stotalcustomerbase.

AirtelMoneytransactionvalue

AnyfinancialtransactionperformedonAirtelAfrica’smobilemoneyplatform.

AirtelMoneytransactionvaluepercustomerper

month

CalculatedbydividingthetotalmobilemoneytransactionvalueontheGroup’smobilemoneyplatformduringthe relevant period by the average number of active mobile money customers and dividing the result by thenumberofmonthsintherelevantperiod.

Airtimecreditservice

A value-added service where the customer can take an airtime credit and continue to use our voice and dataservices,withthecreditrecoveredthroughsubsequentcustomerrecharge.ThisisclassifiedasaMobileServicesproduct(notaMobileMoneyproduct).

ARPU

Average revenue per user per month. This is derived by dividing total revenue during the relevant period by theaveragenumberofcustomersduringtheperiodanddividingtheresultbythenumberofmonthsintherelevantperiod.

Averagecustomers

The average number of active customers for a period. Derived from the monthly averages during the relevantperiod.Monthlyaveragesarecalculatedusingthenumberofactivecustomersatthebeginningandtheendofeachmonth.

CBN

CentralBankofNigeria

Capitalexpenditure

Analternativeperformancemeasure(non-GAAP).Definedasinvestmentingrossfixedassets(bothtangibleandintangible but excluding spectrum and licences) plus capital work in progress (CWIP), excluding provisions onCWIPfortheperiod.

Constantcurrency

The Group has presented certain financial information that is calculated by translating the results at a fixed‘constant currency’ exchange rate, which is done to measure the organic performance of the Group andrepresents the performance of the business in a better way. Constant currency amounts and growth rates arecalculatedusingclosingexchangeratesasof31March2023forallreportingregionsandservicesegmentsexceptfor Nigeria region and service segment. For the Nigeria region and service segment, constant currency amountsandgrowthrateshavebeencalculatedusingtheclosingexchangerateprevailingasof30June2023

In June 2023, the Central Bank of Nigeria (CBN) announced changes to the operations in the Nigerian ForeignExchange Market, including the abolishment of segmentation, with all segments now collapsing into the InvestorsandExporters(I&E)windowandthereintroductionofthe'WillingBuyer,WillingSeller'modelattheI&Ewindow.As a result of this CBN decision, the Nigerian naira has devalued against US Dollar by approximately 62%. Thischange announced by CBN led to a material impact on the Group’s financial statements and for betterrepresentationoftheperformanceofthebusinessandcomparabilitytheclosingexchangerateprevailingasof30Jun 2023 i.e. NGN 752.2/USD has been used for calculation of constant currency amounts and growth rates ofNigeriaregionandservicesegment.

Customer

DefinedasauniqueactivesubscriberwithauniquemobiletelephonenumberwhohasusedanyofAirtel’s

servicesinthelast30days.

Customerbase

Thetotalnumberofactivesubscribersthathaveusedanyofourservices(voicecalls,SMS,datausageormobilemoneytransaction)inthelast30days.

DataARPU

Data average revenue per user per month. Data ARPU is derived by dividing total data revenue during therelevantperiodbytheaveragenumberofdatacustomersanddividingtheresultbythenumberofmonthsintherelevantperiod.

Datacustomerbase

Thetotalnumberofsubscriberswhohaveconsumedatleast1MBontheGroup’sGPRS,3Gor4Gnetworkinthe

last30days.

Datacustomerpenetration

Theproportionofcustomersusingdataservices.Calculatedbydividingthedatacustomerbasebythetotalcustomerbase.

Data usage per customerpermonth

CalculatedbydividingthetotalMBsconsumedontheGroup’snetworkduringtherelevantperiodbytheaverage

datacustomerbaseoverthesameperiodanddividingtheresultbythenumberofmonthsintherelevantperiod.

Digitalisation

We use the term digitalisation in its broadest sense to encompass both digitisation actions and processes thatconvert analogue information into a digital form and thereby bring customers into the digital environment, andthebroaderdigitalisationprocessesofcontrolling,connectingandplanningprocessesdigitally;theprocessesthateffect digital transformation of our business, and of industry, economics and society as a whole through bringingaboutnewbusinessmodels,socio-economicstructuresandorganisationalpatterns.

Dilutedearningsper share

Diluted EPS is calculated by adjusting the profit for the year attributable to the shareholders and the weightedaveragenumberofsharesconsideredforderivingbasicEPS,fortheeffectsofallthesharesthatcouldhavebeenissueduponconversionofalldilutivepotentialshares.Thedilutivepotentialsharesareadjustedfortheproceedsreceivable had the shares actually been issued at fair value. Further, the dilutive potential shares are deemedconvertedasatbeginningoftheperiod,unlessissuedatalaterdateduringtheperiod.

Earningsper share(EPS)

EPSiscalculatedbydividingtheprofitfortheperiodattributabletotheownersofthecompanybytheweightedaveragenumberofordinarysharesoutstandingduringtheperiod.

Foreign exchange ratemovements for non-DTAoperatingcompanies

andholdingcompanies

Foreign exchange rate movements are specific items that are non-tax deductible in a few of our operatingentities,hencethesehinderalike-for-likecomparisonoftheGroup’seffectivetaxrateonaperiod-to-periodbasisandarethereforeexcludedwhencalculatingtheeffectivetaxrate.

IndefeasibleRightsofUse(IRU)

Astandardlong-termleaseholdcontractualagreementthatconfersupontheholdertheexclusiverighttouseaportionofthecapacityofafibrerouteforastatedperiod.

Information andcommunicationtechnologies(ICT)

ICT refers to all communication technologies, including the internet, wireless networks, cell phones, computers,software,middleware,videoconferencing,socialnetworking,andothermediaapplicationsandservices.

Interconnect user charges(IUC)

Interconnectuserchargesarethechargespaidtothetelecomoperatoronwhosenetworkacallisterminated.

Leaseliability

Leaseliabilityrepresentsthepresentvalueoffutureleasepaymentobligations.

Leverage

Analternativeperformancemeasure(non-GAAP).Leverage(orleverageratio)iscalculatedbydividingnetdebtattheendoftherelevantperiodbytheEBITDAforthepreceding12months.

Minutesofusage

MinutesofusagerefertothedurationinminutesforwhichcustomersusetheGroup’snetworkformakingand

receivingvoicecalls.Itincludesallincomingandoutgoingcallminutes,includingroamingcalls.

Mobileservices

Mobileservicesareourcoretelecomservices,mainlyvoiceanddataservices,butalsoincludingrevenuefromtoweroperationservicesprovidedbytheGroupandexcludingmobilemoneyservices.

Netdebt

An alternative performance measure (non-GAAP). The Group defines net debt as borrowings including leaseliabilitieslesscashandcashequivalents,termdepositswithbanks,processingcostsrelatedtoborrowingsandfairvaluehedgeadjustments.

NetdebttoEBITDA(LTM)

An alternative performance measure (non-GAAP) Calculated by dividing net debt as at the end of the relevantperiodbyEBITDAforthepreceding12months(fromtheendoftherelevantperiod).Thisisalsoreferredtoastheleverageratio.

Networktowersor‘sites’

Physicalnetworkinfrastructurecomprisingabasetransmissionsystem(BTS)whichholdstheradio transceivers(TRXs) that define a cell and coordinates the radio link protocols with the mobile device. It includes all ground-based,rooftopandin-buildingsolutions.

Operating company(OpCo)

Operatingcompany(orOpCo)isadefinedcorporatebusinessunit,providingtelecomsservicesandmobile

moneyservicesintheGroup’sfootprint.

Operatingfreecashflow

Analternativeperformancemeasure(non-GAAP).CalculatedbysubtractingcapitalexpenditurefromEBITDA.

Operatingleverage

Analternativeperformancemeasure(non-GAAP).Operatingleverageisameasureoftheoperatingefficiencyofthebusiness.Itiscalculatedbydividingoperatingexpenditure(excludingregulatorycharges)bytotalrevenue.

Operatingprofit

OperatingprofitisaGAAPmeasureofprofitability.Calculatedasrevenuelessoperatingexpenditure(includingdepreciationandamortisationandoperatingexceptionalitems).

Otherrevenue

Otherrevenueincludesrevenuesfrommessaging,valueaddedservices(VAS),enterprise,sitesharingandhandsetsalerevenue.

Reportedcurrency

Our reported currency is US dollars. Accordingly, actual periodic exchange rates are used to translate the localcurrency financial statements of OpCos into US dollars. Under reported currency the assets and liabilities aretranslatedintoUSdollarsattheexchangeratesprevailingatthereportingdatewhereasthestatementsofprofitandlossaretranslatedintoUSdollarsatmonthlyaverageexchangerates.

Smartphone

A smartphone is defined as a mobile phone with an interactive touch screen that allows the user to access theinternetandadditionaldataapplications,providingadditionalfunctionalitytothatofabasicfeaturephonewhichisusedonlyformakingvoicecallsandsendingandreceivingtextmessages.

Smartphonepenetration

Calculatedbydividingthenumberofsmartphonedevicesinusebythetotalnumberofcustomers.

TotalMBsonnetwork

IncludestotalMBsconsumed(uploadedanddownloaded)onthenetworkduringtherelevantperiod.

EBIT

Definedasoperatingprofit/(loss)fortheperiodadjustedforexceptionalitems.

EBITDA

An alternative performance measure (non-GAAP). Defined as operating profit before depreciation, amortisationandexceptionalitems.

EBITDAmargin

Analternativeperformancemeasure(non-GAAP).CalculatedbydividingEBITDAfortherelevantperiodbyrevenuefortherelevantperiod.

Revenue

Analternativeperformancemeasure(non-GAAP).Definedasrevenuebeforeexceptionalitems.

UnstructuredSupplementary ServiceData

Unstructured Supplementary Service Data (USSD), also known as "quick codes" or "feature codes", is acommunications protocol for GSM mobile operators, similar to SMS messaging. It has a variety of uses such asWAP browsing, prepaid callback services, mobile-money services, location-based content services, menu-basedinformationservices,andforconfiguringphonesonthenetwork.

Voiceminutesofusagepercustomerpermonth

CalculatedbydividingthetotalnumberofvoiceminutesofusageontheGroup’snetworkduringtherelevantperiod by the average number of customers and dividing the result by the number of months in the relevantperiod.

Weightedaveragenumberofshares

Theweightedaveragenumberofsharesiscalculatedbymultiplyingthenumberofoutstandingsharesbytheportionofthereportingperiodthosesharescovered,doingthisforeachportionandthensummingthetotal.

Abbreviations

Second-generation mobile technology

Third-generationmobiletechnology

Fourth-generation mobile technology

Fifth-generationmobiletechnology

ARPU

Averagerevenueperuser

Billion

bps

Basispoints

CAGR

Compoundannualgrowthrate

Capex

Capitalexpenditure

CSR

Corporatesocialresponsibility

DTA

DeferredTaxAsset

EBIT

Earningsbeforeinterestandtax

EBITDA

Earningsbeforeinterest,tax,depreciationandamortisation

EPS

Earningspershare

FPPP

Financial positionandprospectsprocedures

GAAP

Generallyacceptedaccountingprinciples

Gigabyte

HoldCo

Holdingcompany

IAS

Internationalaccountingstandards

ICT

Informationandcommunicationtechnologies

ICT(Hub)

Informationcommunicationtechnology(Hub)IFRS

IFRS

Internationalfinancialreportingstandards

IMF

International monetary fund

IPO

Initialpublicoffering

KPIs

Keyperformanceindicators

KYC

Knowyourcustomer

LTE

Long-termevolution(4Gtechnology)

LTM

Last12months

Million

Megabyte

Minorityinterest(non-controllinginterest)

NGO

Non-governmentalorganisation

OpCo

Operatingcompany

P2P

Persontoperson

PAYG

Pay-as-you-go

QoS

Qualityofservice

RAN

Radioaccessnetwork

SIM

Subscriberidentificationmodule

SingleRAN

Singleradioaccessnetwork

SMS

Shortmessagingservice

Terabyte

Telecoms

Telecommunications

Unitofmeasure

USSD

Unstructuredsupplementaryservicedata

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