Mtn Group Limited · JSE:MTN
Mtn — H1 2026 Earnings Presentation
35 slides from Mtn's earnings presentation, August 2026
Slide 1: MTN Group Results Presentation for six months ended 30 June 2026
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: Highlights: Macro conditions were supportive
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: Highlights: 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: Highlights: 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 +27.5% revenue Leverage 0.3x OpFCF^ R115.3bn (before once-offs) R56.0bn R25.1bn Data +29.2%*
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 expanded to 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%’ 25.7%
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 Sout
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 Wholesale
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 Constant currency +4.8pp 19.3% +0.6pp +0.6pp 13.3% Reported fintech growth Uganda Ghana float-rate impact Nigeria Xtratime Fintech growt
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 Constant currency Total cost to revenue contribution Expense breakdown 55.5% change 52.4% -1
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% 16.6
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 -8 02
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 USD 23% 21% 16% 16% 9.9 8.2 6.4 77%
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 f
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- 2 to-EBITDA (ex-leases) rises to 0.8x (from 0.3x) Latam assets sale Co
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 capital employed
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, fi
Slide 35: Thank you
Ambition 203 me Thankyou _) 3a