Contents

Company snapshot 4
Macro overview 5
Redefining our strategy 8
Our growth potential 12
Financial highlights (2019-2021) 27
H1 2022 highlights 35

2
Disclaimer
This document has been prepared by Telecom Egypt (the “Company” or “TE”) solely for the use at the analyst/investor presentation, held in connection with the Company. The
information contained in this document has not been independently verified. This document contains statements related to our future business and financial performance and future
events or developments involving Telecom Egypt that may constitute forward-looking statements. Such statements are based on the current expectations and certain assumptions of
Telecom Egypt's management, of which many are beyond Telecom Egypt's control. Such assumptions are subject to a number of risks and uncertainties. Should any of these risks or
uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results may (negatively or positively) vary materially from those described
explicitly or implicitly in the relevant forward-looking statement. Telecom Egypt neither intends, nor assumes any obligation, to update or revise these forward-looking statements in
light of developments, which differ from those anticipated.

This document does not constitute an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares of the Company and neither it nor any
part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation has been made to you solely for information purposes
and is subject to amendment. This presentation (or any part of it) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any
other person or published in whole or in part for any purpose without the prior written consent of the Company.

Additional disclaimer on consensus

estimates
Analyst estimates have been collected by Telecom Egypt from analysts covering the company.
The forecasts are produced by the contributing analysts and do not represent nor are based on TE’s opinions, estimates, or forecasts. By presenting the consensus information
above, TE does not endorse or concur with such analyst information, conclusions, or recommendations. TE has not verified any of the information received and none of TE, its
affiliates, or their respective directors, officers, and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or
completeness of the consensus information. TE does not assume any responsibility to update, revise or supplement such information.
It should be noted that forecasts are, by definition, forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. The consensus
summary is being provided for informational purposes only and is not intended to, nor does it, constitute investment advice or any solicitation to buy, hold, or sell securities or other
financial instruments. None of TE, its affiliates or their respective directors, officers, and employees shall accept any liability whatsoever for the consequences of any reliance upon or
actions taken or not taken based on any of the information in this consensus summary.

3
Company snapshot
Heritage transformed

TE’s incorporation
• Founded in1854 with the first telegraph line in Egypt
• Incorporated in 1998, replacing the former Arab Republic of Egypt
National Telecommunication Organization (ARENTO)
• Listed in 2005 on Egypt and London Stock Exchanges
• Acquired a 45% stake in Vodafone Egypt in 2003 to 2006
• Rebranded the retail business to WE in 2017 with the launch of
mobile services
Ownership: Highly diversified solid institutional shareholder base
Market Cap of USD 1.5bn | ETEL EY/ ETEL.CA (as of 6 September 2022)

Free float Breakdown of

composition institutions

ROW
SA 2.7%
2.8%
Europe
13.0% Egypt
Government, Free float, 32.5%
80% 20%
Retail, 3%
Institutional, 17%
GCC
20.7%

USA
28.4% 4
Macro overview

5
Demographic indicators
Young population to continue driving growth
Population (mn) 103.5 Age distribution (% of population)
102.8
2%
101.4 5%
0-9 8% 25% c.2mn new customers in
99.8
10-19 the market every year
20-29 10%
98.2 30-39 61% of population below
40-49 30 years
14%
50-59 19%
60-69
17%
70+
2018 2019 2020 2021 Q2 2022

Source: CAPMAS 2020 census Source: CAPMAS 2022 census

Educational attainment (% of population) Unemployment rate (% of population)

12.0%

Illiterate 12% 9.6%

8.9%
3% 26% 7.5% 7.3%
Literate Illiteracy ↓ from 30% in 2016
Primary
74% of population is literate
Secondary
29% 11%
High school

University degree 2016/17 2017/18 2018/19 2019/20 2020/21

19%

Source: CAPMAS 2017 census Source: Ministry of Finance

6
Macro indicators
A broad set of healthy indicators
Real GDP growth *
Average USD to EGP rate
(%)

5.9 18.6
5.6 18.0
5.3
5.0 17.8 17.9
17.6
17.1
3.6 16.6
3.3 16.2
16.2
16.0 16.0 15.8
15.8 15.8 15.7 15.8 15.8

* 2020 and 2021 growth forecasts were 5.9% and 6%, respectively, preceding the Covid-19 pandemic * The exchange rate increased to EGP 18.3 on 21 March 2022 (+16% DoD). The full impact is reflected in Q2’s average rate.
Source: IMF Source: Central Bank of Egypt

CBE discount rate Core inflation (YoY)

18.3% 17.3% 14.6%

16.3%
14.8%
13.8% *
10.9%
12.8% 11.8% 10.1%
8.6% 8.3% 8.9%
9.8% 9.8%
9.3% 8.8% 6.4% 6.0%
4.8%
2.4% 3.3% 3.8% 3.7% 3.8%
2.6% 1.9% 1.0%

* Last rate to date

Source: Central Bank of Egypt Source: Central Bank of Egypt 7
Redefining our strategy

8
Our leadership team
High caliber from the mobile & fixed industries with local & int’l experience

Adel Hamed Mohamed Shamroukh Mohamed Abo-Taleb Seif Allah Mounib

Managing Director & Senior Vice President Vice President Vice President
Chief Executive Officer Chief Financial Officer Chief Commercial Officer Chief International & Wholesale Officer

Mohamed Alfowey Elhossaini Adel Karim Youssef

Vice President Vice President Vice President 9
Chief Technology Officer Chief Customer Care Officer Chief Human Resources Officer
Heading towards…
A telco demonstrating its ability to seize new opportunities

The leading The premium Financial &

ICT provider digital hub Digital WE operational
excellence

Offering our customers best Expanding from an Embracing digital Expanding efficiency &
value, data-centric established international transformation internally to optimization measures to
propositions route to an eminent regional empower our customers & enhance profitability
digital hub employees

10
WE digital transformation
Our strategy is built by creating a comprehensive digital ecosystem to
optimize resources and boost the economic impact of the ICT sector
Digital transformation ecosystem
Digital transformation process Capitalizing on our assets
Apps
& solutions

Cloud platforms
Complete
digital
Digital inclusion World-class data center
facilities
market
Internal digital disruption
transformation
Digital team & Network connectivity
governance
WE digital
strategy & Submarine cables & fiber connectivity
objectives

‘WE Digital’

Data centers
& cloud IOT
Digital
platforms OTT
11
Our growth potential

12
Retail segment
Growth drivers at a glance

Voice Data

• Growing mobile customer base • Underpenetrated data market leading to a growing

• Growing fixed voice customer base *
EGP16.6bn
16.6bn
fixed & mobile customer base
driven by fixed broadband connectivity EGP • Improved broadband connectivity and the
EGP 5.0bn +29% YoY continuous demand for higher usage enhances
5.0bn FY 2021
EGP YoY +29% YoY
+13% ARPU
+13% YoY EGP 22.8bn
+25% YoY
Retail revenue growth
( In EGP mn)

EGP **
EGP1.2bn
1.2bn
Other 20%
20%YoY
YoY
26% 18%

CAGR
YoY
• Managed Services
• Complimentary Access Services
- Governmental entities
- Private sector 22,833
• Subsidiaries i.e. MERC, Xceed, and Centra 12,958
11,280 10,950

FY 2018 FY 2021 H1 2021 H1 2022

13
Post Covid-19 operational indicators
Positive indicators across the board

FBB data traffic Q2 2022 FBB and mobile data traffic Q2 2022
50%

40%

30%

20%
23%
35%
10%

0%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
-10%

-20% YoY MoM Fixed data traffic Mobile data traffic

Selected operational KPIs

Average internet
41.1 * Mbps (Egypt)
speed
16%* 88%
12%* 19% 38%
45.5 * -18%
Mbps
-10% 35%
-4% (Telecom Egypt)
* 23%
Growth in Egypt’s Growth in TE’s YoY growth in
of our total fixed and
Based on global Ookla speed internet speed internet speed mobile customer base
digital payments
test index (as of Jun. 2022) In H1 2022 In H1 2022 installed “WE app”
in H1 2022
(as of Jun. 2022)
14
* Starting mid-November 2021 Ookla changed its methodology and began reporting median download speeds instead of mean download speeds.
Widening our retail portfolio
Moving beyond traditional telecom services

4G mobile Prepaid Best value

license mobile launch recharge
acquisition platform

Sep 2016 Sep 2017 Feb 2018

‘WE Internet’
‘Level Up’ Fully convergent
(1st
FBB revamp) +
PlayStation product
postpaid mobile
packages ‘Indigo Plus’
launch

Nov 2018 Aug 2018 Apr 2018

‘WE Bonus’
‘WE SPACE’ ‘WE Pay’
nd
WE Loyalty
(2 FBB revamp) WE digital wallet
program

July 2019 Nov 2019 Jan 2021

15
WE SPACE
A new shift in our fixed broadband offering

Comparison of
the entry level bundle

Launch date April 2018 July 2019

Speed Up to 5 Mbps Up to 30 Mbps

Price
EGP 110 EGP 120

Quota
100 GB 140 GB
16
Fixed services
Growing customer base with healthy ARPU
Market fixed voice and data household penetration Market fixed broadband subscribers
(In 000s)

TE
Fixed line Others 10,458
10,011
Broadband
8,812
7,296 8,027 8,435
43.3% 44.0% 6,535
39.3% 6,947
35.1% 5,807
32.4% 5,237
39.3% 40.8%
35.1%
29.5%
26.9% 1,866 1,983 2,022
1,297 1,489

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

WE fixed voice subscribers WE fixed broadband subscribers

9,0 00

8,435
8,027
Subscribers ( in 000's ) Subscribers ( in 000's ) 190.0

11,277
8,0 00

12, 000

ARPU 11,014 ARPU 6,947

9,850
39.0

7,0 00
170.0

10, 000

8,676 5,807 145.6 150.7

5,237
6,0 00
37.0

7,865 150.0

8,0 00

34.3 5,0 00
133.2
33.3 35.0

32.7 4,0 00
130.0

111.0
6,0 00

31.6 33.0

30.6
3,0 00

103.5 110.0

4,0 00

31.0

2,0 00

90.0

2,0 00
29.0

1,0 00

0 70.0
0 27.0

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2022
17
Fixed services (cont’d)
Accelerated investment cycle coming to fruition
Fiber access network capacity
(In 000 homes)

30,800 31,293 31,500

27,715

17,567
90%
households
of

reached with fiber by

H1 2022
(Excluding the last mile)
FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

Data revenue Retail revenue growth driven by data

(In EGP mn)
(In EGP mn)
29%
Managed Services
Broadband 1,461 Other
25%
37% Data *
1,172 Voice 28% 1,188
23% 18%
33% 27% 987
981 932
15,167 658 1,214 16,628 549
716 12,880 602
11,708 1,073
8,448 8,738 9,429 9,670
6,370 7,177 7,085 7,836

3,121 3,640 4,446 5,017

2,513 2,739

FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
18
*Managed Services revenue is included in data revenue
Mobile market
A growing customer base
Mobile market voice and data penetration Mobile market subscribers
(In 000s)

Voice penetration
Data penetration
3,861 5,129 11,740
109% 7,342 9,365
102% 100% 101% 105%
27,500 26,450 27,800 29,140
26,400 3.3
64% 68%
56% 29,475 28,098 27,501 26,858 27,899

39% 43%

39,647 40,028 41,183 43,753 43,792

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

Source: MCIT & operators’ disclosures

Mobile data market subscribers WE mobile subscribers

(In 000s) (In 000s)

USB 11,740 *
Mobile data 10,162
2,090 9,365
2,070
8,141 7,711
4,040

3,600
3,210 68,530
63,440
52,400
35,060 39,000

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Source: MCIT The 3.6mn increase in mobile customers YoY comprises 2.1mn related to the schools project and social solidarity 19
initiatives.
Wholesale segment
Growth drivers at a glance

International Cables &

Domestic
Networks
• Egypt’s infrastructure builder • Largest international network footprint in the
• 3-10 year agreements with MNOs region
• Indirect play on data market growth • Preferred East-West international route
EGP 5.8bn • Positioning Telecom Egypt as an eminent digital
hub
+25% YoY
EGP 4.2bn
FY 2021 -8% YoY
EGP 14.3bn
+5% YoY
Wholesale revenue
( In EGP mn)
International Carrier
Affairs 7% 16%

EGP 4.2bn CAGR YoY

• Sole provider of international calls to MNOs
• 4-5 year agreements with MNOs
-3.5% YoY

14,255
11,491
6,423 7,443

FY 2018 FY 2021 H1 2021 H1 2022

20
 Agreements with domestic MNOs
Securing long-term revenue streams

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2028 2029 2031

Transmission Services 1.5bn

1.5bn 10.85bn

International Services 12bn

Transmission
1.5bn
1.5bn
1.5bn 0.65bn 7.3bn
Services

International Services 3.5bn

3bn3bn 4bn

Transmission Services 1bn 12.5bn

International Services 2bn

Securing longer-term agreements with Boosting our wholesale revenue stream by

Our main goals 1 domestic mobile operators 2 monetizing our infrastructure investments

21
Our cable network
Expanding our reach

UK Germany
Belgium

France
Italy
FEA (FLAG Europe Asia)
Portugal
ALETAR/BERYTAR Greece Turkey
Korea Japan
SEA-ME-WE-3 Cyprus Syria
Canary Tunisia Lebanon
SEA-ME-WE-4 Iran
Islands Morocco Jordan Iraq
FALCON/HAWK Pakistan
Algeria Libya
SEACOM Bangladesh
China Taiwan
Egypt Qatar Myanmar
TATA – TGN Eurasia U.A.E India
Saudi Arabia
TE North Oman
IMEWE Sudan Philippine
Sudan Yemen Vietnam
GBI Senegal
Djibouti
EIG Côte Ghana Nigeria Sri Lanka Thailand
Ethiopia
MENA d’Ivoire Malaysia
Somalia Brunei
SEA-ME-WE-5
Congo Maldives Singapore
AAE-1 Kenya
Gabon Seychelles
PEACE DRC
Equiano Tanzania
2Africa Indonesia
Africa-1 St Helena Angola
IEX Mozambique
Madagascar
Medusa
EMIC-1 Australia
SMW-6
South
Trans-border cables with Jordan, Sudan & Libya
Africa

22
International services
Healthy performance across the majority of our business lines
Int’l Carriers revenue breakdown in EGP Int’l Customers & Networks revenue breakdown in EGP
(In mn) (In mn)

Cable Projects Ancillary Services (O&M) Capacity Sales International Customer Support
International Direct Dialing (IDD)
Transit
952
1,214
588 802
704 446 919
3,623 3,595 3,649 3,063
2,316 913 463 590
1,454 2,335 586
1,652 458 727
1,569 438 252
801 788 746 1,181 880 386 910 260
497 207 294 450
FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022

Int’l Carriers revenue breakdown in USD* Int’l Customers & Networks revenue breakdown in USD*
(In mn) (In mn)

International Direct Dialing

(IDD) Cable Projects Ancillary Services (O&M) Capacity Sales International Customer Support

60
77
195 51
214 231 33
204 42 28 59

84 54 30
105 130 34
148 37
27 42
75 100 28
45 47 47 32 51 22 54 17 15
12 19 26
FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
* Based on full and half year average USD exchange rates * Based on full and half year average USD exchange rates
23
Vodafone Egypt
Financial and operational KPIs*
Mobile customers Service revenue **
(In 000s) (In EGP mn)

Customers Service revenue

44,0 00
Blended ARPU 43,753 43,792 90.00
35,0 00
EBITDA %
30,934
390%

85.00
340%

43,5 00
30,0 00

26,534
43,010
80.00
24,463 290%

43,0 00 42,816 75.00

25,0 00

21,538
240%

20,0 00

17,137
42,214
70.00

14,540 3.3
61.27
42,5 00 190%

65.00
15,0 00

42,0 00
57.47 57.02 56.80 60.00
140%

52.93 10,0 00

45% 48% 44% 48% 90%

55.00

41,5 00

5,00 0

40%
50.00

46% 43%
41,0 00 45.00 - -10%

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022

Capex ** Net profit **

(In EGP mn) (In EGP mn)

6,00 0 8,00 0
7,434
5,028 5,249
5,00 0
7,00 0

6,303
4,081 3,849
6,00 0

4,00 0
4,896 4,909
5,00 0

3,00 0
2,667 2,494 4,00 0 3,479
2,00 0
3,00 0

2,305
2,00 0

1,00 0

1,00 0

- -

FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
*Figures were adjusted to match the fiscal year of Telecom Egypt ** Service revenue, EBITDA and capex figures are based on IFRS, while net profit is based on EAS 24
The numbers are provided by TE for its shareholders in line with its disclosure policy. TE shall not discuss or comment on the underlying trends of such KPIs
Vodafone Egypt (cont’d)
A rebalanced shareholder agreement to extract returns
Vodafone dividends distribution - net of taxes
Modified shareholders’ agreement (In EGP mn)

Telecom Egypt and Vodafone Group signed a modified shareholders’ agreement in Jun 2021.
Telecom Egypt has obtained enhanced rights in the amended shareholders’ agreement, the
most important of which are: 5,064
4,045
1- The right to buy Vodafone Group’s shares in Vodafone Egypt, should the major shareholder
change directly or indirectly, through the RoFR process
*
1,200
2- A committed minimum dividend policy for Vodafone Egypt of 60% of FCF starting 2022 427 619
3- Assistance by Vodafone Egypt management in a due diligence process in case of a full or partial FY 2018 FY 2019 FY2020 FY2021 FY2022
sale by Telecom Egypt
4- A modified RoFR process allowing Telecom Egypt a longer RoFR duration and including an * TE received EGP 1.2bn dividends from Vodafone Egypt in July 2022 under the modified Shareholder’s
Agreement.
independent expert to perform a valuation report
5- A tag along option for a portion of TE’s shares in Vodafone Egypt, notwithstanding any other rights
under the Egyptian law including the right to accept an MTO Income from Vodafone
(In EGP mn)
6- Information rights with regular disclosure to ensure visibility for Telecom Egypt on its investment in
15% -33% *
Vodafone Egypt
CAGR YoY
- In case of a transfer to Vodacom and receiving a deed of adherence confirming its
commitment to the shareholder’s agreement, Telecom Egypt shall not exercise rights 1 and 5
3,343 **
Q1 2019 – Q4 2021

60%
2,201
1,566
1,044
Minimum dividend policy - of Vodafone Egypt’s FCF starting 2022
FY 2018 FY 2021 H1 2021 H1 2022

** H1 2021 includes provision reversals of c.EGP 350mn. Excluding such provisions, the decline in H1 2022 25
YoY investment income would be -14%.
Highlights of the main events in Q2 2022
Events in the quarter
01 Apr: Telecom Egypt announced that EG-IX, the first open access
internet exchange in Egypt, is now live and available for customers.
The new Internet Exchange, powered by AMS-IX, is intended to
enhance the digital experience of internet users in Egypt, Africa, and
the Middle East.
Read More
02 Jun: Telecom Egypt and Etisalat Misr signed six new commercial
and strategic agreements with a total value of EGP 17bn, a step that
comes within the framework of a joint cooperation between both
parties to maximize their returns and support the development of new
technologically advanced services to end users in the local market.
Read More
14 Jun: Telecom Egypt and Aqua Comms, a leading provider of
global subsea connectivity services, announced the signature of a
crossing and landing agreement for the Europe Middle-East India
Connect 1 (EMIC-1) subsea cable in Egypt.
Read More
Subsequent to the quarter
8 Aug: Telecom Egypt announced the signature of a commercial
agreement with Orange Egypt for national roaming services. The five-
year agreement, which extends until the end of 2027, will ensure that
Telecom Egypt continues to provide high-quality voice and data
mobile network coverage to its customers nation-wide.
Read More
14 Apr: The 2Africa consortium, comprised of China Mobile
International, Meta, MTN GlobalConnect, Orange, STC, Telecom
Egypt, Vodafone and WIOCC announced the first landing of the
2Africa cable in Genoa, Italy. The landing sets the tone for more
landings in the coming months as the cable is extended to a total of 46
locations by the completion of the project in 2024. Read More
09 Jun: Telecom Egypt received two awards in relation to the USD
500mn syndicated loan obtained in late 2021: The “best syndicated
loan in North Africa” award, granted by EMEA Finance; and the
“Structured Finance Deal of the Year” award, granted by GCF Media
Group. The loan was arranged by FAB and Mashreq.
Read More
21 Jun: Telecom Egypt and Grid Telecom, a wholly owned subsidiary
of the Independent Power Transmission Operator (IPTO) of Greece,
signed Heads of Agreement to connect Greece and Egypt by
extending a branch from a major subsea cable system.
Read More
26
Financial highlights (2019-2021)

27
Financial highlights
Robust operational performance
Revenue EBITDA
(In EGP mn) (In EGP mn)

+43.7% +143.3%
+16.2% +27.6%

37,088 14,193
31,912
+17.4% 11,126
+19.8%
25,805
20,401 8,060
17,373 6,729
5,834

FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022

Operating profit Net profit

(In EGP mn) (In EGP mn)

+229.0% +91.3%
+42.2% +73.5%
8,386
8,417
+15.1% -2.3%
5,897
4,849 4,850
4,211 4,399
3,872 3,782
2,549

FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
28
 Revenue by business unit
Strong retail performance led by data revenues
Home & Consumer Enterprise Domestic International Carriers Affairs International Customers &
Networks
+73.1% +23.4% +40.7% -3.2% +39.6%

+26.1% +19.5% +25.2% -3.5% -8.2%

18,133
4,699 4,535
5,847 4,165
14,380 4,383 4,396 4,244
3,809 3,933
+19.8% +12.8% 4,670 +14.6% +8.6% +28.0%
10,474 4,155 2,984
10,339
2,619
8,629 2,321 3,090 2,334
2,696 2,149 2,019
1,577

2019 2020 2021 H1 2021H1 2022 2019 2020 2021 H1 2021H1 2022 2019 2020 2021 H1 2021H1 2022 2019 2020 2021 H1 2021H1 2022 2019 2020 2021 H1 2021H1 2022

FY 2021 performance: 11% 14%

 Total revenue climbed 16% YoY on a 30% YoY increase in data revenue followed by a 26% YoY growth in 11%
infrastructure revenue. 14%
45%
 Home & consumer grew 26% YoY due to higher data and voice revenues (+30% and +14%, respectively) FY 2021 FY 2020
49%
backed by customer base growth and healthy ARPUs.
16%
 Enterprise grew 19% YoY mainly on increased managed data services and revenue from subsidiaries. 15%
Additionally, EGP 208mn coming from the digital transformation project were recognized in Q4 2021.
13% 12%
 Mobile grew 35% YoY and contributed a low double-digit to total retail revenue.
 Wholesale reported a 5% YoY increase, supported by a 25% YoY growth in domestic revenue that offset an 8% Home & Consumer Enterprise
YoY decrease in IC&N revenue due to the base effect of the one-off revenue of EGP 1.9bn from 2-Africa last Domestic International Carriers Affairs
International Customers & Networks
year and a 3% YoY drop in ICA, in line with the global decline in traffic.
29
Historical 3-year income statement summary
Growth YoY FY 2021 discussion
In EGP mn 2019 2020 2021
2020 2021
Revenue 25,805 31,912 37,088 24% 16% • Retail revenue rose 25% YoY mainly on a 30% YoY increase in data
Home & Consumer 10,474 14,380 18,133 37% 26% revenue that constituted 77% of total retail growth.

Revenue
Enterprise 3,809 3,933 4,699 3% 19%
• Wholesale grew 5% YoY on a 25% YoY rise in domestic revenue,
Domestic Wholesale 4,155 4,670 5,847 12% 25%
International Carriers 4,383 4,396 4,244 0% -3%
supported by the demand for infrastructure services from ISPs and MNOs,
International Customers & Networks 2,984 4,535 4,165 52% -8% which softened the 8% and 3% YoY decline in IC&N and ICA, respectively.

Total employee cost (7,757) (6,861) (7,501) -12% 9%

• Salaries increased 9% YoY, representing 20% of top line (-127bps YoY),
Total employee cost (Adj.) (6,490) (6,759) (7,501) 4% 11%
reflecting the annual salary raise in addition to end of year bonus.

Expenses
Call costs (4,832) (5,585) (6,021) 16% 8%
COGS (excl. above expenses) (5,206) (5,869) (6,782) 13% 16% • Call costs to revenue decreased 126bps, reaching 16% on an improved
S&D (excl. salaries, D&A) (1,499) (1,755) (1,696) 17% -3% revenue mix.
G&A (excl. salaries, D&A) (678) (717) (894) 6% 25% • Advertising costs declined 5% YoY, representing 2% of the top line,
compared to 3% last year.
EBITDA 5,834 11,126 14,193 91% 28%
• EBITDA grew 28% YoY, recording a margin of 38% on high margin data

EBITDA
Margin 23% 35% 38% 1,226 bps 341 bps
EBITDA (Adj.)* 7,100 11,227 14,193 58% 26% and cable revenues.
Margin 28% 35% 38% 767 bps 309 bps
Other (income)/expenses 321 (63) 328 -120% 619%
Depreciation (2,908) (4,461) (5,194) 53% 16%

OPEX
Other
• D&A grew 19% YoY, in line with capex spending.
Amortization (697) (704) (941) 1% 34%
Operating profit 2,549 5,897 8,386 131% 42% • Normalized operating profit grew 36% YoY, reflecting strong performance.
Margin 10% 18% 23% 860 bps 413 bps
Income from investments 2,833 2,206 3,343 -22% 52% • Investment income from Vodafone, excluding provision and taxes reversals

Non-operational
Net finance (cost)/income 1,115 (433) 292 -139% 167% of EGP 502mn, grew 29% YoY on strong organic performance.
Net interest (expense)/income (1,001) (1,046) (895) 5% -14% • Net finance income rose by 167% YoY due to an increase of EGP 541mn
in FX gains, in addition to a EGP 183mn decline in impairment costs.
Tax (1,091) (1,767) (2,705) 62% 53% • Net interest expense decreased 14% YoY owed to the 20% YoY decline in
gross debt, reaching EGP 16bn with the effective interest rate reaching
Net profit 4,399 4,850 8,417 10% 74%
Margin 17% 15% 23% (185 bps) 750 bps
5.3%.
Net profit (Adj.)** 3,740 5,076 7,710 36% 52%

Net profit
Margin 14% 16% 21% 141 bps 488 bps • Normalized net profit reached EGP 7.7bn, growing 52%, YoY driven by
strong operational performance and higher investment income from
EPS** 2.10 2.31 4.34 10% 88% Vodafone, offsetting the 19% YoY increase in D&A.
* EBITDA in 2019 was adjusted for ERP amounting to EGP1.2bn
**Adjusted for Vodafone’s one-off deferred tax and tax reversals and the effect of FX, provisions, and impairments in FY 2021 30
Note: All financial figures reported are based on the consolidated financials under EAS
Balance sheet highlights
Total debt Net debt
(In EGP mn) (In EGP mn)

Short term
20,287
Long term 19,322
3,278
Cash Total debt
16,452 16,321
13,854
550 4,786 2,983
13,102 998 1,459 2,003 2,383
10,988
17,009 -13,854
13,304 -16,452 -16,321
11,666 -20,287 -19,322
5,333 6,220
Net debt 12,855 14,993 18,284 13,338 16,939

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

Vendor finance Net debt/ EBITDA

(In EGP mn) (Based on annualized EBITDA)

6,029 Net debt/EBITDA Net debt (Incl.Vendor fin.) / EBITDA

5,960 5,953
2.6x
2.2x 2.2x
*
3,692 2.2x 2.1x
1.4x 1.4x
1.6x

1.1x
0.9x

FY 2019 FY 2020 FY 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

31
*Adjusted for the ERP total cost of EGP 1.3bn
Capex analysis
In-service capex Breakdown of capex in-service
(In EGP mn)

Access Network
Capex Capex/sales
14,0 00
4%
12,720 9%
12,0 00
11,898 Transmission
10,090 150%
10,0 00

6%
8,499
8,00 0

International cable
100%
6,00 0
FY 2021
49% 19%
37% 37% 2,930 Customer care
50% 62%
4,00 0

27%
2,00 0 14%
-

-1% Others
FY 2018 FY 2019 FY 2020 FY 2021 H1 2022

Cash capex Vendor financing payments**

(In EGP mn) (In EGP mn)

2,278
Capex License Capex/sales
12,0 00 11,038 11,162 250%

1,676
10,0 00
9,665
8,028
200%

8,00 0 1,207
6,329 150%

6,00 0

100%

4,00 0
*
35% 37% 35% 30% 2,476 31% 1,720 359
205
205
50%

2,00 0

780 748 731 24

- 0%

FY 2018 FY 2019 FY 2020 FY 2021 H1 2022 2022 2023 2024 2025 2026 2027 2028
* Including the payment of EGP 2.4bn, representing 50% of the awarded spectrum fees **Based on USD and EURO exchange rates as of 30 June 2022 32
Note: All financial figures reported are based on consolidated financials under EAS
Cash flow analysis
Net cash from operating activities FCFF**
(In EGP mn) (In EGP mn)

FCFF
Dividends from Vodafone
6,953
5,064
4,045
427
619 1,134 809 619
16,015 (1,583) (1,970)
5,199 *
**
1,704 4,249 (5,083)
1,258 8,297 8,326 8,297
3,496 2,991

FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
*Including a one-off settlement to Etisalat of EGP 919mn and EGP 784mn representing the settlement of the MENA cable loan ** FCFF would reach EGP 1.8bn after considering the dividends received from Vodafone Egypt in July 2022
** Including ERP cost of EGP 1.3bn

FCFF / EBITDA FCFE

(In EGP mn) (In EGP mn)

FCFF / EBITDA

FCFF (excl.VFE dividend) /

EBITDA 49% 2,272
20% 5% 8%
17%
-18% -23%
-27%
1,110 1,097
-87% -94% 789 796
611
-114%

FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022 FY 2018 FY 2019 FY 2020 FY 2021 H1 2021 H1 2022
33
Dividend analysis
We aim to distribute a continuous stream of dividends, balancing distribution with
the reinvestment of our cash flows in capex, which we view as the pillar for growth
EPS before appropriations EPS after appropriations
(In EGP) (In EGP)

Consolidated Consolidated
Standalone Standalone 4.34
4.93
4.07 3.66

3.18 2.79
2.84 2.31
2.58 2.10
1.79 1.93 1.50
1.38
1.27
0.73 0.87
0.27 0.36
(0.11)

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Dividend distribution on standalone financials (based on regulations) Payout ratio

(In EGP) (%)
4.0 0

EPS Consolidated
3.5 0

DPS 3.66 Standalone

3.0 0
236%

2.5 0
2.79
2.0 0

1.5 0

86%
1.0 0
69%
1.00 32%
0.5 0
0.87 0.75 18% 17% 12% 9% 23% 27%
-
(0.11) 0.25 0.36 0.25 …

(0 .50)
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
34
Note: All financial figures reported are based on consolidated & standalone financials under EAS
H1 2022 highlights

35
 H1 2022 results highlights
Robust performance across the board
Revenue Customers
(EGP bn) (mn) H1 2022: Monetizing our infrastructure
Voice Data

11.3 8.4 

20.4bn
Total revenue up 17% YoY, mainly attributed to the
Fixed 18% and 16% spike in retail and wholesale
revenue, respectively, due to higher data,
+10% YoY +13% YoY infrastructure, and capacity sales.
 Customer base grew on all fronts. The 3.6mn
+17% YoY
Mobile 11.7 increase in mobile customers comprises 2.1mn
related to the schools project and social solidarity
+44% YoY initiatives.
 EBITDA recorded a strong 40% margin due to an
EBITDA Net profit improved revenue mix.
(EGP bn) (EGP bn)  Normalized net profit amounted to EGP 4.1bn, a
16% YoY growth thanks to the robust operational
performance, higher VF investment income, and

8.1bn 3.8bn
lower interest expense, which overshadowed the
27% increase in D&A costs.
 Net operating cash flow landed at EGP 8.3bn,
representing 103% of H1 2022 EBITDA.
 Net debt/EBITDA reached 1.1x down from 1.2x in
+20% YoY -2.3% YoY Q1 2022, with total debt down 6% QoQ.
 H1 2022 FCFF reached EGP 0.6bn (noting that
*Adjusted +16% YoY FCFF would reach EGP 1.8bn after considering the
dividends received from Vodafone Egypt in July
2022).
EBITDA margin of 39.5%, +77 bps YoY Net profit margin of 18.5%, -375bps YoY
36
*Adjusted for deferred tax impact on our investment income in Q1 2021, VF one-offs, FX, reversals in provisions, and impairments
 Total revenues
H1 2022 YoY
+17%
185 442
298 394
1,710

Cable
Projects
Voice Infrastructure 156
+4 &
Voice Transit Ancillary
Transmission
+221 383 (O&M) 20,401
Data +365
17,373 +72 (8)
Data Incoming Int’l
Outgoing Int’l Capacity
+1,489 Calls
Others Calls +290
(198)
+222 +29
Int’l Customer
Support
+3

H1 21 Total Revenues Home & Consumer Enterprise Domestic (DW) ICA IC&N H1 22 Total Revenues
Solutions (ES)

37
Note: All financial figures are in EGP mn
 Income statement (H1 2022)
In EGP mn • Retail revenue up 18% YoY fueled by strong data growth (+22%),

Revenue
Revenue 20,401 17,373 17% 10,984 9,417 8,974 17% 22% constituting 78% of total retail growth backed by higher customer base and
Home 10,339 8,629 20% 5,338 5,001 4,438 7% 20% ARPU. Wholesale up 16% YoY, thanks to strong performance across all
Enterprise 2,619 2,321 13% 1,432 1,188 1,193 21% 20% business units—higher contributors include infrastructure (14%), followed
Domestic 3,090 2,696 15% 1,693 1,397 1,332 21% 27% by capacity sales and cable projects.
ICA 2,334 2,149 9% 1,300 1,034 1,099 26% 18%
IC&N 2,019 1,577 28% 1,222 797 912 53% 34% • Salaries increased by 14% due to the regular annual raise and bringing

Expenses
forward 2023’s annual raise to April 2022; however, cost as a % of top line
Employee cost (4,048) (3,557) 14% (2,089) (1,958) (1,812) 7% 15% came flat YoY at 20%.
Call costs (3,187) (2,967) 7% (1,659) (1,528) (1,533) 9% 8% • Call costs as a % of revenue decreased by 146bps, reaching 15.6% on an
CoGS* (3,783) (2,931) 29% (2,052) (1,731) (1,499) 19% 37% improved revenue mix.
S&D* (893) (822) 9% (469) (424) (430) 10% 9%
G&A* (431) (367) 17% (233) (197) (206) 18% 13% • EBITDA grew 20% YoY, recording a strong margin of 40%, mainly driven

EBITDA
by high-margin data and infrastructure revenues.
EBITDA 8,060 6,729 20% 4,482 3,578 3,494 25% 28%
Margin 40% 39% 77 bps 41% 38% 39% 281 bps 187 bps
Other (expense)/income 242 360 -33% 211 31 61 582% 248% • D&A up 27% YoY in line with our infrastructure rollout plan, start of the new

Other OPEX
Depreciation (2,777) (2,336) 19% (1,391) (1,386) (1,239) 0% 12% license amortization, and FX effect under the new accounting treatment.
Amortization (720) (428) 68% (362) (358) (222) 1% 63% • Adjusted operating profit grew 13% YoY, landing at EGP 4.6bn, despite the
(Pro)\ Reversal of ECL D&A hike. The adjusted figures excluded impairments and included the
44 (114) 139% 114 (70) (7) 264% 1741% reversal of a EGP 170mn provision to settle a commercial dispute in Q2
provision
Operating profit 4,849 4,211 15% 3,054 1,795 2,086 70% 46% 2022 vs. the reversal of EGP 240mn tax provision in Q1 2021.
Margin 24% 24% (47 bps) 28% 19% 23% 874 bps 455 bps • Organic investment income from Vodafone up 9% YoY, excluding a one-off
provision reversal in Q1 2021 of EGP 350mn, FX loss impact, and new

Non-operational
Income from investments 1,044 1,566 -33% 727 317 613 129% 19%
Net finance (cost)/income (402) 229 -275% (317) (86) (65) 269% 387% spectrum amortization costs in H1 2022.
Net interest (exp.)/income (401) (561) -28% (247) (154) (275) 61% -10% • Higher finance costs mainly due to revaluation of our foreign denominated
Tax (1,306) (1,573) -17% (801) (506) (612) 58% 31% facilities in light of the EGP devaluation—resulting in FX loss of 283mn in H1
Net Profit 3,782 3,872 -2% 2,415 1,366 1,747 77% 38% 2022 vs. FX gain of 356mn in H1 2021.
Margin 19% 22% (375 bps) 22% 15% 19% 748 bps 252 bps • Interest expense down 15% YoY with improved effective interest rate of 5.5%
Net Profit (Adj.) ** 4,077 3,523 16% 2,392 1,685 1,752 42% 37% (-21bps).
Margin 20% 20% (29 bps) 22% 18% 20% 389 bps 226 bps • Excluding non-operational items (tax law amendment resulting in EGP

Net profit
EPS 2.22 2.27 -2% 1.41 0.80 1.02 77% 38% 377mn deferred tax related to investment income in Q1 2021, VF one-offs,
* COGS exclude employee & call costs. S&D and G&A exclude employee costs & D&A FX, reversals in provisions, and impairments), net profit would have reached
** Adjusted for deferred tax impact on our investment income in Q1 2021, VF one-offs, FX, reversals in provisions, and impairments EGP 4.1bn, growing 16% YoY, owing to robust operational performance and 38
Note: All financial figures reported are based on the consolidated financials under the Egyptian Accounting Standards higher organic investment income.
Consensus estimates (Q2 2022)*

Revenue EBITDA EBITDA margin Net profit

In EGP million
Analyst 1 10,480 4,050 38.6% 1,902
Analyst 2 9,951 3,851 38.7% 1,750
Analyst 3 10,000 3,494 34.9% 1,756
Analyst 4 9,806 3,804 38.8% 1,736
Analyst 5 9,767 3,780 38.7% 2,199
Average of estimates 10,001 3,796 38.0% 1,869
Median 9,951 3,804 38.7% 1,756
High 10,480 4,050 38.8% 2,199
Low 9,767 3,494 34.9% 1,736
Telecom Egypt results 10,984 4,482 40.8% 2,415
Variance 9.8% 18.1% 285bps 29.3%

*Please refer to the disclaimer on page 2

39
Telecom Egypt KPIs vs. peers

Telecom Egypt Regional Peers’ Average TE Guidance

2022 Consensus 2022 2023 2022

Revenue Growth 11.7% 4.1% 1.7% Early double digit

EBITDA Margin 33.7% 41.4% 42.0% Mid-to-high 30s

ROE 17.9% 13.7% 13.3%

FCF Yield -2.8% 20.3% 22.7% Early double digit

P/E 3.2x 19.3x 18.9x

EV/EBITDA 3.1x 6.5x 6.3x

40
Our performance in context

H1 2022 FY 2022
actual guidance

Revenue growth YoY 17% Early double digit

EBITDA margin (%) 40% Mid-to-high 30s

In-service: 14% In-service:

Capex/sales (%)
Cash: 31% Mid 20s

FCF/EBITDA (%) 8% Early double digit

41
 Thank you
Investor relations team
investor.relations@te.eg
Check our website
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