Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Our market risk relates to foreign currency risks. Financial instruments affected by foreign currency risk include cash and cash equivalents, trade and other receivables and trade and other payables. We do not hedge our foreign currency risk. Financial instruments affected by interest rate risk and security price risk include financial assets measured at fair value. Foreign Currency Risk Currency risk is the risk that the fair value of financial assets or financial liabilities held in foreign currency or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Due to our international business activities, we are exposed to the risk of changes in foreign exchange rates in connection with trade payables and trade receivables resulting from purchase and sales transactions denominated in a different currency from the functional currency of the respective operation as well as intercompany financing. However, we maintain a natural hedge across most of our cash flows as our revenue streams are generated in local currencies matched by our costs mostly incurred in the respective local currencies, limiting the risk of foreign currency exposure. In respect of currency risk, management sets limits on the level of exposure by currency and in total. The positions are monitored monthly. We do not use derivatives as hedging instruments to limit its exposure from foreign currency risks. Foreign Currency Sensitivity As of December 31, 2025, if the EUR or USD had strengthened/weakened by +/-5 or +/-10% against all other currencies with all other variables held constant, the hypothetical impact in the major local currencies on pre-tax equity and profit before tax would have been as follows, mainly as a result of foreign exchange gains/losses on translation of trade and other receivables, cash as well as trade and other payables denominated in EUR or USD. The following tables demonstrate the sensitivity to a reasonably possible change in Euros and US dollars and major currencies to which we are exposed (EUR, AED, XOF, KES, MAD, NGN, DZD, GHS, UGX, ZAR, EGP), with all other variables held constant. Our exposure to foreign currency changes for all other currencies is not material. We assessed a possible change of +/- 5% to Algerian Dinar (DZD), Kenyan Shilling (KES), Egyptian Pound (EGP), Nigerian Naira (NGN) and Ugandan Shilling (UGX) due to valuation fluctuations in 2025 of (6.4)% to (0.2)% of these currencies to the United States Dollar (USD), a possible change of +/- 10% to Euro (EUR), Ghanaian Cedi (GHS), West African CFA franc (XOF) and Moroccan Dirham (MAD) due to valuation fluctuations in 2025 of (28.5)% to (9.8)% of these currencies to the United States Dollar (USD). We also assessed a possible change of +/- 5% to Algerian Dinar (DZD), Moroccan Dirham (MAD), Egyptian Pound (EGP) and Nigerian Naira (NGN) due to valuation fluctuations in 2025 of 1.9% to 7.8% of these currencies to the Euro (EUR), a possible change of +/- 10% to Kenyan Shilling (KES), Ghanaian Cedi (GHS), Ugandan Shilling (UGX) and United Arab Emirates Dirham (AED) due to valuation fluctuations in 2025 of (19.2)% to 13.0% of these currencies to the EUR. Intercompany loans bear the majority of the Group’s foreign currency risk as they are issued and are repayable in Euro or US dollars. Fluctuation of various exchange rates in Africa and the resulting related foreign exchange gains or losses are recognized in other comprehensive income, when designated as net investment in a foreign operation, finance income or finance costs. 109 Table of Contents The impacts in the major local currencies are as follows: In thousands of USD Effect on pre-tax equity Effect on profit before tax Change in EUR/USD 10 % 97,772 4,798 (10) % (97,772) (4,798) Change in EUR/AED 10 % (1,721) 1 (10) % 1,721 (1) Change in EUR/KES 10 % (181) 121 (10) % 181 (121) Change in EUR/MAD 5 % (6,190) (74) (5) % 6,190 74 Change in EUR/NGN 5 % (10,170) (33) (5) % 10,170 33 Change in EUR/DZD 5 % (892) — (5) % 892 — Change in EUR/GHS 10 % (2,131) (21) (10) % 2,131 21 Change in EUR/UGX 10 % (3,266) (7) (10) % 3,266 7 Change in EUR/EGP 5 % (918) (1,224) (5) % 918 1,224 110 Table of Contents In thousands of USD Effect on pre-tax equity Effect on profit before tax Change in USD/XOF 10 % (4,579) (260) (10) % 4,579 260 Change in USD/KES 5 % — 190 (5) % — (190) Change in USD/MAD 10 % (4,939) (189) (10) % 4,939 189 Change in USD/NGN 5 % (5,055) (233) (5) % 5,055 233 Change in USD/DZD 5 % (441) — (5) % 441 — Change in USD/GHS 10 % (1,140) (144) (10) % 1,140 144 Change in USD/UGX 5 % (1,255) (30) (5) % 1,255 30 Change in USD/EGP 5 % (663) (342) (5) % 663 342 Liquidity Risk The primary objective of our liquidity and capital management is to monitor the availability of cash and other financial assets and capital in order to support our business expansion and growth. We manage our liquidity and capital structure with reference to economic conditions, performance of our local operations and local regulations. Funding is managed by a central treasury department that monitors the amounts of funds to be granted according to management and Shareholder approval. All funding follows strict operational and legal monitoring executed by the treasury and legal departments. Based on the cash flow forecast for 2026, we have sufficient liquidity as of December 31, 2025 for the next twelve months. For further information on the risks described in this Item 11, please refer to Note 33 to our audited consolidated financial statements included elsewhere in this Annual Report. 111 Table of Contents