Slide 1: One MTN – Three Platforms: H1 2026 Results Presentation
One MTN – Three Platforms MTN Group Limited Results Presentation for the six months ended 30 June 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document (presentation) has not been verified independently . No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained
Slide 3: Agenda
Agenda 01 H1 26 Highlights 02 Operational & strategic review 03 H1 26 Financial review 04 Outlook & priorities 3
Slide 4: H1 26 Highlights
One MTN – Three Platforms 01 H1 26 Highlights Ralph Mupita Group President and CEO 4
Slide 5: Key messages
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Key messages 1 Commercial momentum translating into strong growth and solid profitability 2 Service revenue +17.5%* | EBITDA growth +24.4%* | EBITDA margin 47.6%* Fintech: revenue +13.3%* | revenue (excl regulatory
Slide 6: Macro conditions were supportive. Rand strengthening against other opcos
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Highlights | Macro conditions were supportive. Rand strengthening against other opcos Inflation moderated, the dollar anchors held, while growth across the continent remains robust Inflation was lower Naira and Ran
Slide 7: Commercial momentum sustained
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Highlights | Commercial momentum sustained Subscribers (m) Active data subscribers (m) Data traffic (PB) +6.7% +9.1% +22.8% 164.4 179.3 317.7 149.0 14 338 297.7 11 674 9 041 284.2 H1 24 H1 25 H1 26 H1 24 H1 25 H1 2
Slide 8: Pleasing broad based growth contribution from the portfolio
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Pleasing broad based growth contribution from the portfolio Subscribers Active data users MoMo MAU 317.7m 179.3m 70.8m +6.7% YoY +9.1% YoY +12.1% YoY 317.7 179.3 70.8 0.1 2.1 1.4 0.8 2.3 2.8 3.2 5.8 3.5 0.6 2.6 0.3
Slide 9: Solid financial performance H1 26
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Highlights | Solid financial performance H1 26 Growth Earnings Balance sheet Returns Service +17.5% * EBITDA +24.4% * Group OpFCF ^ +27.5% revenue (before once - offs) Leverage 0.3x R115.3bn R56.0bn R25.1bn Data +2
Slide 10: Operational & strategic review
One MTN – Three Platforms 02 Operational & strategic review Ralph Mupita Group President and CEO 10
Slide 11: South Africa: Postpaid, enterprise and wholesale grew. Prepaid in reset
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities South Africa | Postpaid, enterprise and wholesale grew. Prepaid in reset Encouraging lead indicators on prepaid recovery Market context Key activities Solid results • SA consumer under pressure but resilient • Focu
Slide 12: Nigeria: Service revenue +25.7%*; fintech reflects one suspended product
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Nigeria | Service revenue +25.7%*; fintech reflects one suspended product 7.5m net adds · data usage 14.8GB, +15.1% · EBITDA margin 55.9%, +5.3pp* · MoMo wallets +1.3m in the half Market context Key activities Soli
Slide 13: Nigeria Q2 2026: Elevated prior period base, unchanged momentum
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Nigeria Q2 2026 | Elevated prior period base, unchanged momentum Demand in Nigeria remains strong. We are seeing growing net additions and average usage increased 15% to 14.8GB Service revenue growth (%) Data reven
Slide 14: Ghana: Service revenue up 32.3%*, EBITDA margin 61.8%*
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Ghana | Service revenue up 32.3%* | EBITDA margin expanded to 61.8%* Inflation fell to 3.8% from 20.4%; the cedi depreciated 7.4% against the dollar over the half Market context Key activities Solid results • Avera
Slide 15: Fintech
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Fintech Fintech ecosystem continues to expand, adding merchants and agents; Advanced services grew at 31.8%* Fintech revenue Fintech EBITDA margin Transaction volume Transaction value MoMo MAU +13.3%* 42.4%* 13.0bn
Slide 16: Good progress against our medium-term guidance, H1 26
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Good progress against our medium - term guidance, H1 26 KPI Target Performance Group: ‘at least high - teens’ 17.5%* South Africa: ‘low to mid single - digit’ 1.5% Service revenue growth Nigeria: ‘at least low - 20
Slide 17: Financial review
One MTN – Three Platforms 03 Financial review Tsholofelo Molefe Group CFO 17
Slide 18: Material non-cash adjustments to H1 EPS
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Material non - cash adjustments to H1 EPS Adjusted HEPS growth of 21.3% to 793c Cents 54 7 793 65 22 6 23 213 615 -2 Foreign exchange 404 Hyperinflation Impairment Basic Irancell Profit on Basic HEPS Sudan Ghana So
Slide 19: Group income statement
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Group income statement Strong financial performance delivered in H1 26 | EBITDA margin of 47.6%* (+3.1pp*) Restated % change % change (Rm) H1 26 H1 25 reported constant currency Revenue 118 874 109 261 8.8 16.2 Ser
Slide 20: Group service revenue up 17.5%*
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Group service revenue up 17.5%* Data the biggest contributor, voice remains resilient (Rm) constant currency + 17.5% * 695 626 115 274 48 115 322 1 749 13 017 366 98 104 717 H1 25 Voice Data Digital Fintech Wholesa
Slide 21: Fintech revenue breakdown
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Fintech revenue breakdown Strong expansion of advanced services revenue, +31.8%* | EBITDA margin of 42.4%* (H1 25: 43.3%*) (Rm) constant currency Revenue Revenue contribution by services H1 26 +13.3% 12% 14 915 Bas
Slide 22: Fintech growth: non-operational impacts
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Fintech growth | non - operational impacts Revenue impacted by external factors C onstant currency + 4 .8pp 19.3% +0.6pp +0.6pp 13.3% Reported fintech growth Uganda Ghana float - rate impact Nigeria a irtime advanc
Slide 23: Group expenses remained under control, growing 13.3%
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Group expenses remained under control, growing 13.3% Energy costs are 15 - 20% of Group opex ; 30 - 35% for MTN Nigeria’s opex C onstant currency Total cost to revenue contribution Expense breakdown 55.5% change 52
Slide 24: EBITDA grew 6.9pp faster than service revenue
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities EBITDA grew 6.9pp faster than service revenue — benefits of scale at work Expense efficiency program generates over R1.2bn of savings EBITDA outpaced revenue Margin at a record 47.6%*, +3.1pp* • EBITDA before once
Slide 25: Capex (ex-leases)
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Capex (ex - leases) Rolled out 1 637 4G sites and 454 5G sites in H1 | Intensity of 16.6% Capex (Rm) Capex segmentation Capex Capex intensity 2% 1% 14% 1% 14% 19 749 21% 19 539 1% 2% 13 433 11% 37% 14% 82% 19.0% 16
Slide 26: Free cash flow
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Free cash flow Strong rebound in cash generation | OpFCF up 23.1% to R25.1bn | FCF of R11.1bn, conversion of 92.5% (Rm) +23.1% +27.5% +66.4% + 32.7% 56 700 - 4 023 - 4 919 25 185 25 097 - 22 776 - 88 - 5 923 11 145
Slide 27: Leverage and liquidity profile
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Leverage and liquidity profile Improved Holdco leverage supported by improved cash upstreamed from the Opcos Holdco net debt ( Rbn ) Maturity profile ( Rbn ) 31.9 35.5 32.9 36.1 15.6 U SD 23% 21% 16% 16% 9.9 8.2 6.
Slide 28: High quality growth and returns
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities High quality growth and returns Equity FCF growth of 32.7% and high FCF conversion | returns are expanding Growth • Service revenue +17.5%* to R115.3bn; EBITDA Capex intensity 16.6% +24.4%* to R56.0bn Earnings EBIT
Slide 29: Outlook & priorities
One MTN – Three Platforms 04 Outlook & priorities Ralph Mupita Group President and CEO 29
Slide 30: Macro outlook: Outlook uncertain driven by global geopolitical developments
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Macro outlook | Outlook uncertain driven by global geopolitical developments Every major market grows faster in 2027 than in 2026, while the inflation paths separate Real GDP growth, % Consumer Inflation, % What we
Slide 31: Key focus areas for H2 2026
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Key focus areas for H2 2026 MTN’s investment case and medium - term growth underpinned by structural demand 1 Deliver the MTN SA prepaid recovery 2 Sustain commercial momentum across the entire portfolio Execute on
Slide 32: Complete the IHS acquisition
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Complete the IHS acquisition Proforma transaction is accretive to revenue and 1 earnings On successful completion of the Transaction, net debt - Latam assets sale Completed 2 to - EBITDA (ex - leases) rises to 0.8x
Slide 33: Medium-term guidance maintained
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities Medium - term guidance maintained KPI Target Group: ‘at least high - teens’ Service revenue growth (%) SA: ‘low to mid - single - digit’ Nigeria: ‘at least low - 20%’ Fintech: ‘high - 20% to low - 30%’ Return on ca
Slide 34: MTN's investment case
H1 26 Highlights Operational & strategic review Financial review Outlook & priorities MTN’s investment case Leading digital solutions for Africa’s progress 1 3 Structural growth opportunities, powered Well - developed financial framework by Africa’s demographic dividend underpins strategy delivery,
Slide 35: Thank you
Ambition 203 me Thankyou —_) 3am
Slide 36: Appendices
Appendices 36
Slide 37: Definitions
Appendices Definitions • All financial numbers are YoY unless otherwise stated • Capex: Capital expenditure • All subscriber numbers are compared to end - June 2025 unless • EBITDA: Earnings before interest, tax, depreciation and amortisation otherwise stated • EEP: Expense efficiency programme • Se
Slide 38: Macro indicator: inflation
Appendices Macro indicator | inflation Inflation: Average H1 26 H1 25 Worsening/(Improving) MTN Group 9.3% 14.9% (5.6pp) South Africa 3.9% 3.0% 0.9pp Nigeria 15.5% 26.7% (11.2pp) Ghana 3.9% 20.4% (16.5pp) SEA+ 17.6% 20.0% (2.4pp) Francophone 2.4% 4.1% (1.7pp) 38
Slide 39: Macro indicators: average FX rates
Appendices Macro indicators | average FX rates ZAR: LC ZAR: Local currency H1 26 H1 25 strengthening/(weakening) Nigerian naira 84.23 83.92 0.4% Iranian rial 82 778.22 37 276.95 122.1% Ghanaian cedi 0.67 0.73 (8.2%) Cameroonian franc 34.16 32.65 4.6% Ugandan shilling 224.69 198.67 13.1% So
Slide 40: Macro indicators: closing FX rates
Appendices Macro indicators | closing FX rates ZAR: LC ZAR: Local currency H1 26 H2 25 strengthening/(weakening) Nigerian naira 84.18 86.64 (2.8%) Iranian rial 88 952.18 47 164.94 88.6% Ghanaian cedi 0.69 0.64 7.8% Cameroonian franc 35.04 33.73 3.9% Ugandan shilling 223.69 218.26 2.5% Sout
Slide 41: MTN South Africa
Appendices MTN South Africa Pressures from competitive market conditions mitigated through focus on opex and capex efficiencies + 3.8% +3.3pp 32.6% 11 172 35.9% EBITDA margin^ 10 765 - 4.4% 8 353 7 998 Q1 26 Q2 26 5 408 4 318 3 937 Cost of sales - 8.8 % 5 492 Data + 1.6% +30.1% 1.5 1.1 2 330 2 333 V
Slide 42: MTN Nigeria
Appendices MTN Nigeria Strong operating leverage, driving margin expansion, cash generation and shareholder returns (Rm) +1.2pp + 2.1% 56.5 % 55.3 % 17 851 EBITDA Margin 17 480 - 0.8% 7 872 7 807 10 521 Data + 8.3% 9 711 Q1 26 Q2 26 2 297 2 168 Cost of sales - 5.6 % - 39.5% 4.6 2.8 Capex ( Rbn ) 5 5
Slide 43: MTN Ghana
Appendices MTN Ghana Strong growth drives higher profitability and returns (Rm) +1.1pp + 2.8% 61.2% 62.3% EBITDA margin 11 213 10 909 0.1% 4 239 4 244 6 442 6 554 Data + 1.7% Q1 26 Q2 26 1 695 1 723 Cost of sales + 1.6 % +799.3% 2.5 Capex ( Rbn ) 1 376 1 469 Voice +6.8% 2 544 2 521 Opex - 0.9% 0.3 3
Slide 44: Finance costs
Appendices Finance costs (%) constant currency Net finance costs Forex losses / (gains) (Rm) H1 26 H1 25 (Rm) H1 26 H1 25 Net interest paid 2 642 3 034 Head offices 1 525 (1 067) Finance costs – leases 5 194 5 398 South Africa (19) (26) Net finance costs before FX 7 836 8 432 Ghana 17 (15) Net forex
Slide 45: Pleasing real growth across portfolio
Appendices Pleasing real growth across portfolio • Group service revenue grew 17.5%* against blended inflation +28.5pp of 9.3%. 32.3% • Ghana delivered the widest real +10.2pp spread at 28.5pp as inflation fell to 3.8%. 25.7% +2.2pp • SEA+ cleared a 17.6% inflation +8.2pp 17.6% rate and Francophone
Slide 46: Share of profits and JV
Appendices Share of profits and JV (Rm) H1 26 H1 25 % change % change constant currency Telco joint ventures (3 369) 1 542 (318.5) (12.6) Irancell (reported) (3 459) 1 401 (346.9) (8.2) Irancell (excl. hyperinflation) 449 1 085 (58.6) (8.2) Irancell (hyperinflation) (3 908) 316 (1 336.7) 0.0 eSwatin
Slide 47: Adjusted HEPS
Appendices Adjusted HEPS Strong AHEPS growth of 21.3% | AHEPS excluding Iran 23.7% Reported Restated (R’cents ) H1 26 H1 25 % change Attributable EPS 404 547 - 26.1 Impairment of goodwill, PPE and associates 213 104 Impairment loss on remeasurement of disposal groups - - Net loss on disposal of subs
Slide 48: Summarised Group effective tax rate (GETR) reconciliation
Appendices Summarised Group effective tax rate (GETR) reconciliation Statutory rate to effective rate bridge (%) +11.7% +0.4% 48.9% +3.9% +1.6% +3.2% +1.1% 27.0% Tax at Sudan non - Unrecognised Other Share of results Withholding Other Effective tax statutory rate deductible deferred tax on expenses
Slide 49: Strong growth, record profitability and earnings quality intact
Appendices Strong growth, record profitability and earnings quality intact Mitigations to recover prepaid business • Service revenue +17.5%* to R115.3bn, led by data at +29.2%* 793c 767c • Record EBITDA margin of 47.6%*, up 3.1pp*, on 615c expense efficiency Cents • Adjusted HEPS +21.3% to 793c; rep