Mtn Group Limited · JSE:MTN
Mtn — H1 2025 Earnings Presentation
46 slides from Mtn's earnings presentation, August 2025
Slide 1: MTN Group Limited Results presentation H1 2025
MTN Group Limited Results presentation for the six months ended 30 June 2025 Leading digital solutions for Africa’s progress
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 25 Highlights 02 Operational & strategic review 03 Financial review 04 Outlook and priorities 3
Slide 4: H1 25 Highlights
01 H1 25 Highlights Ralph Mupita Group President and CEO 4
Slide 5: Key messages
Highlights Operational & strategic review Financial review Outlook & priorities Key messages 1 Robust H1 | Strong commercial execution, disciplined capital allocation, improved macro 2 Service revenue +22.4%* | Broad-based growth led by MTN Nigeria and MTN Ghana 3 Continued fintech ecosystem develop
Slide 6: Highlights | financial performance, H1 25
Highlights Operational & strategic review Financial review Outlook & priorities Highlights | financial performance, H1 25 Growth Earnings Balance sheet Returns Service +42.3%* Group +106.4% revenue +22.4%* EBITDA Leverage 0.5x OpFCF^ R46.7bn R20.5bn Data EBITDA +7.1pp* Holdco Adjusted revenue +34.3%
Slide 7: Operational & strategic review
02 Operational & strategic review Ralph Mupita Group President and CEO 7
Slide 8: South Africa
Highlights Operational & strategic review Financial review Outlook & priorities South Africa Executing initiatives to accelerate growth Market context Key activities Solid results • GDP growth of +0.1% (Q1 25) • Price optimisation initiatives • Service revenue +2.3% • Stable FX and inflation (avg CP
Slide 9: Nigeria
Highlights Operational & strategic review Financial review Outlook & priorities Nigeria Strong momentum driven by commercial excellence and price adjustments Market context Key activities Solid results • Stable naira | Improved FX liquidity • Implementation of price adjustments • Service revenue gro
Slide 10: Markets
Highlights Operational & strategic review Financial review Outlook & priorities Markets Sustained commercial momentum in Markets SEA Subscribers (m) Active data subscribers (m) MoMo monthly active users (MAU, m) +6.5% +16.7% +9.4% 43.6 18.0 21.7 23.7 19.5 41.0 15.4 37.7 13.1 H1 23 H1 24 H1 25 H1 23
Slide 11: Scaling fintech
Highlights Operational & strategic review Financial review Outlook & priorities Scaling fintech Continued ecosystem development – advanced services revenue +42.0% Total fintech transactions 11.1 billion TX volume +14.5% YoY US$212.2bn TX value +44.9%^ YoY ^45.4% constant currency Wallet BankTech 63.
Slide 12: Update on regulatory and legal developments
Highlights Operational & strategic review Financial review Outlook & priorities Update on regulatory and legal developments Regulatory developments Legal developments SIM regulations Turkcell matter – Constitutional Court appeal Quality of Service ATA cases – Chand and Davis amended complaint Taxati
Slide 13: Good progress against our medium-term guidance in H1 25
Highlights Operational & strategic review Financial review Outlook & priorities Good progress against our medium-term guidance in H1 25 KPI Target Performance Group: ‘at least mid-teens’ 22.4%* South Africa: ‘mid-single-digit’ 2.3% Service revenue growth Nigeria: ‘at least 20%’ 54.1%* Fintech: ‘high
Slide 14: Financial review
03 Financial review Tsholofelo Molefe Group CFO 14
Slide 15: Key financial messages
Highlights Operational & strategic review Financial review Outlook & priorities Key financial messages 1 Strong financial momentum with acceleration in topline and margin 2 Stable macro environment supported improved quality of earnings 3 Continued execution of expense efficiency programme | R1.5bn
Slide 16: Positive financial momentum
Highlights Operational & strategic review Financial review Outlook & priorities Positive financial momentum Pleasing sequential progression Service revenue (%*) Group Net debt/EBITDA (x) 24.9 0.7 19.8 0.5 Cash upstreaming (Rbn) 6.3 Q1 25 Q2 25 Q1 25 Q2 25 1.9 EBITDA (Rbn*) & margin (%*) Holdco lever
Slide 17: Group summary profit & loss statement
Highlights Operational & strategic review Financial review Outlook & priorities Group summary profit & loss statement Group EBITDA margin of 44.2%* (+7.1pp) % change % change (Rm) H1 25 H1 24 reported constant currency Revenue 109 261 90 842 20.3 19.5 Service revenue 105 111 85 323 23.2 22.4 EBITDA
Slide 18: Group service revenue
Highlights Operational & strategic review Financial review Outlook & priorities Group service revenue H1 service revenue +22.4%* driven by data and fintech (Rm) constant currency +22.4%* 5 690 105 111 2 659 404 99 421 3 175 228 353 11 405 81 197 H1 24 Data Voice Digital Wholesale Fintech Other H1 25
Slide 19: MTN South Africa
Highlights Operational & strategic review Financial review Outlook & priorities MTN South Africa Steady topline growth and stable EBITDA margin in competitive market conditions (Rm) Service revenue Expenses EBITDA and capex (ex-leases) +2.3% 36.5% 36.5% EBITDA margin^ 21 604 21 110 -5.8% -3.6% 17 00
Slide 20: MTN Nigeria
Highlights Operational & strategic review Financial review Outlook & priorities MTN Nigeria Broad-based service revenue growth boosted by price adjustments and resilient demand (Rm) constant currency Service revenue Expenses EBITDA and capex (ex-leases) +54.1% 35.7% 50.4% EBITDA margin 28 227 +18.9%
Slide 21: Markets
Highlights Operational & strategic review Financial review Outlook & priorities Markets Markets portfolio delivered solid overall results, with robust growth from MTN Ghana Constant currency SEA MTN Uganda WECA MTN Ghana Service revenue (Rbn) Service revenue (Rbn) Service revenue (Rbn) Service reven
Slide 22: Fintech revenue breakdown
Highlights Operational & strategic review Financial review Outlook & priorities Fintech revenue breakdown Strong expansion of advanced services revenue, +42.0%* | EBITDA margin ahead of top-end of ‘mid to high-30%’ range (Rm) constant currency Revenue Revenue contribution by services H1 25 +24.9% 13
Slide 23: Group expenses
Highlights Operational & strategic review Financial review Outlook & priorities Group expenses Cost of sales lower due to lower device sales | Savings of R1.5bn (Rm) constant currency Expenses Expense efficiency programme +5.5% Savings by region Savings by category 57 821 54 801 2%6% 9% 14% 9% 24 78
Slide 24: Adjusted HEPS
Highlights Operational & strategic review Financial review Outlook & priorities Adjusted HEPS Strong AHEPS growth of 76.1% Reported (R’cents) H1 25 H1 24 % change Attributable EPS 539 (409) 231.8 Impairment of goodwill, PPE and associates 104 203 Impairment loss on remeasurement of disposal groups -
Slide 25: Capex (ex-leases)
Highlights Operational & strategic review Financial review Outlook & priorities Capex (ex-leases) Capex driven by accelerated deployment in MTN Nigeria and stronger Ghana cedi | Intensity of 19.0% (Rm) Capex Capex segmentation across regions CAPEX CAPEX Intensity 20 799 3% 15% 17 232 26% 39% 13 433
Slide 26: Free cash flow
Highlights Operational & strategic review Financial review Outlook & priorities Free cash flow Strong cash generation, with OpFCF +106.4% to R20.5bn (Rm) 4 206 46 643 -3 211 -5 070 106.4% 115.5% 379.3% 20 459 19 686 -22 109 -773 -7 207 6 699 -5 780 Reported EBITDA Non-cash Working capital Capitalise
Slide 27: Leverage and liquidity profile
Highlights Operational & strategic review Financial review Outlook & priorities Leverage and liquidity profile Sustained healthy balance sheet and leverage ratios | Solid progress in cash upstreamed Holdco Net Debt (Rbn) Maturity Profile (Rbn) 35.5 15.2 31.9 36.7 23% 21% 17% USD ZAR 83% 9.4 77% 79%
Slide 28: Outlook and priorities
04 Outlook and priorities Ralph Mupita Group President and CEO 28
Slide 29: Macro outlook
Highlights Operational & strategic review Financial review Outlook & priorities Macro outlook Stability in macroeconomic indicators supports growth outlook, amid evolving geopolitical risks Global macro Economic outlook – GDP • Global geopolitics remain uncertain and challenging South Africa Nigeria
Slide 30: FY 2025 priorities
Highlights Operational & strategic review Financial review Outlook & priorities FY 2025 priorities Focus on continued operational and strategic execution Sustain Accelerate Drive expense and Strengthen operational momentum fintech strategy capital efficiencies balance sheet • Accelerate MTN SA topli
Slide 31: Group strategy review and operating model evolution
Highlights Operational & strategic review Financial review Outlook & priorities Group strategy review and operating model evolution Strategic review in context of evolving macro and technological landscape Ambition 2025 priorities remain relevant and appropriate 3-platform approach: Connectivity | F
Slide 32: Investment case – a compelling African growth story
Highlights Operational & strategic review Financial review Outlook & priorities Investment case – a compelling African growth story 01 Exciting demographic opportunity • Fast-growing, youthful population. • Low data, fintech and digital adoption. • Partner in socioeconomic development of our regions
Slide 33: Structurally higher demand for data & fintech
Highlights Operational & strategic review Financial review Outlook & priorities Structurally higher demand for data & fintech MTN’s investment case and medium-term growth underpinned by structural demand Data traffic Fintech transaction volume Average data traffic per quarter (Petabytes) +2 073 Aver
Slide 34: Enhanced medium-term guidance
Highlights Operational & strategic review Financial review Outlook & priorities Enhanced medium-term guidance KPI Target MTN Nigeria FY 25 guidance Group: ‘at least high-teens’ Service revenue growth SA: ‘low to mid-single-digit’ • ‘at least low-50%’ service revenue growth Nigeria: ‘at least low-20%
Slide 35: Thank you
Thank you Leading digital solutions for Africa’s progress
Slide 36: Appendices
Appendices 36
Slide 37: Definitions
Definitions • All financial numbers are YoY unless otherwise stated • All subscriber numbers are compared to end-June 2024 unless otherwise stated • Service revenue excludes device and SIM card revenue • Data revenue is mobile and fixed access data and excludes roaming and wholesale • Fintech includ
Slide 38: Macro indicator | inflation
Macro indicator | inflation Inflation: Average H1 25 H1 24 Worsening/(Improving) MTN Group 14.0% 14.0% 0.0pp South Africa 3.0% 5.3% (2.3pp) Nigeria 23.5% 32.8% (9.3pp) Ghana 20.4% 23.9% (3.5pp) Cameroon 5.4% 6.2% (0.8pp) Cote d’Ivoire 3.1% 4.5% (1.4pp) Uganda 3.6% 3.4% 0.2pp 38
Slide 39: Macro indicators | closing FX rates
Macro indicators | closing FX rates ZAR: LC ZAR: Local currency H1 25 H1 24 strengthening/(weakening) Nigerian naira 86.29 81.20 6.3% Iranian rial 39 165.97 33 185.44 18.0% Ghanaian cedi 0.59 0.78 (24.4%) Cameroonian franc 31. 46 33.53 (6.2%) Ugandan shilling 203.08 194.64 4.3% South Sudan
Slide 40: Macro indicators | average FX rates
Macro indicators | average FX rates ZAR: LC ZAR: Local currency H1 25 H1 24 strengthening/(weakening) Nigerian naira 83.92 74.24 13.0% Iranian rial 37 276.95 21 596.65 72.6% Ghanaian cedi 0.73 0.71 2.8% Cameroonian franc 32. 65 32.33 1.0% Ugandan shilling 198.67 204.22 (2.7%) South Sudanes
Slide 41: Highlights | commercial momentum
Highlights Operational & strategic review Financial review Outlook & priorities Highlights | commercial momentum Growth underpinned by strong execution of commercial strategies Subscribers (m) Active data subscribers (m) Data traffic (PB) +4.7% +10.3% +29.1% 297.7 164.4 11 674 284.2 9 041 281.6 149.
Slide 42: We continue to drive efficiency measures to curb macro impacts
We continue to drive efficiency measures to curb macro impacts Expense breakdown Total cost to revenue contribution % ch (Rm) constant currency 63.2% 55.8% -0.4% 42.9% Cost of sales 45.4% 28.7% 23.9% Cost of Sales Network, rent & 17.0% 18.0% 11.9% utilities 10.6% Maintenance 9.9% 12.9% 17.8% 16.7% N
Slide 43: Finance costs
Finance costs Stable FX | Lower average cost of debt and finance costs Net finance costs Forex losses / (gains) Rm H1 25 H1 24 Rm H1 25 H1 24 Net interest paid 3 034 3 394 Head offices (1 067) 1 904 Finance costs – leases 5 026 3 291 South Africa (26) 85 Net finance costs before FX 8 060 6 685 Ghana
Slide 44: Net debt composition
Net debt composition Nigeria borrowings (%) Head office borrowings (%) 75%^ 82% (H1 25: 57%) (H1 25: 78%) Naira ZAR 25% Non-ZAR Non-Naira (H1 25: 43%) 18% (H1 25: 22%) Nigeria cash (%) Head office cash (%) 77% Non-ZAR (H1 25: 69%) ZAR Naira 23% Non-Naira 37% (H1 25: 31%) (H1 25: 17%) 63% (H1 25: 83%
Slide 45: Share of profits and JV
Share of profits and JV % change constant (Rm) H1 25 H1 24 % change currency Telco joint ventures 1 542 2 026 (23.9) 17.7% Iran (reported) 1 401 1 816 (22.9) 29.9 Iran (excl. hyperinflation) 1 085 1 427 (24.0) 29.9 Iran (hyperinflation) 316 389 (18.8) 0.0 eSwatini 27 24 12.5 12.5 Botswana 114 186 (3
Slide 46: Accelerated execution through focus on 3 principal platforms
Accelerated execution through focus on 3 principal platforms 46