Slide 1: MTN Group Limited Quarterly update for the period ended 31 March 2026
MTN Group Limited Quarterly update for the period ended 31 March 2026 Connectivity Fintech Digital infrastructure
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
Connectivity Agenda 01 Operational overview Fintech Digital infrastructure 02 Financial review 03 Outlook and priorities 3
Slide 4: 01 Operational overview
01 Operational overview Ralph Mupita Group President and CEO 4
Slide 5: Key messages and priorities
Operational overview Financial review Outlook and priorities Key messages 1 Sustained commercial momentum across the portfolio driven by Nigeria, Ghana, Côte d’Ivoire, Cameroon 2 Data revenue growth at 36.1% (+35.4%*) and Fintech revenue growth of 22.4% (+20.0%*) Strong financial delivery with servi
Slide 6: Highlights | commercial momentum
Operational overview Financial review Outlook and priorities Highlights | commercial momentum Strong commercial execution underpinned sustained growth Subscribers (m) Active data subscribers (m) Data traffic (PB) +5.4% +8.7% +20.2% 312.7 296.8 175.6 6 827 161.7 5 677 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1
Slide 7: Operational highlights | Sustained commercial momentum
Operational overview Financial review Outlook and priorities Operational highlights | Sustained commercial momentum Consistent execution and supportive Q1 macro backdrop MTN SA MTN Nigeria • Service revenue +0.7% | Data revenue +4.9%; • Service revenue +41.7%* | Data revenue +56.1%*; traffic +29.7%
Slide 8: IHS Pro forma Salient Points | Value Accretive Transaction on a pro forma basis
IHS Pro forma Salient Points | Value Accretive Transaction on a pro forma basis 1 Regulatory processes to finalise transaction are ongoing 2 Transaction is accretive on revenue, profit after tax and Adjusted HEPS 3 We estimate the Transaction is free cash flow accretive in line with earnings accreti
Slide 9: 02 Financial review
02 Financial review Tsholofelo Molefe Group CFO 9
Slide 10: Key financial messages
Operational overview Financial review Outlook & priorities Key financial messages 1 Strong financial delivery with service revenue up by 21.1%* & EBITDA margin +3.0pp* to 47.6%* 2 Pleasing EBITDA growth in Nigeria (+67.7%*) | Ghana (+42.9%*) | Cameroon (+16.9%*) | Côte d’Ivoire (+45.7%*) 3 Capex at
Slide 11: Financial highlights | Group service revenue and EBITDA
Operational overview Financial review Outlook & priorities Financial highlights | Group service revenue and EBITDA Strong financial performance, 21.1%*| EBITDA margin of 47.6%* (+3.0pp*) Constant currency Service revenue (R’bn) Data revenue (R’bn) Fintech revenue (R’bn) EBITDA (R’bn) +21.1% +35.4% +
Slide 12: Financial highlights | Major subsidiaries
Operational overview Financial review Outlook & priorities Financial highlights | Major subsidiaries Prepaid under pressure in MTN SA | Robust performance in MTN Nigeria | MTN Ghana driven by data and fintech Constant currency Constant currency MTN SA MTN Nigeria MTN Ghana Service revenue EBITDA Ser
Slide 13: Financial highlights | Markets
Operational overview Financial review Outlook & priorities Financial highlights | Markets Constant currency SEA+ MTN Uganda Francophone Cameroon Service revenue (R’bn) Service revenue (R’bn) Service revenue (R’bn) Service revenue (R’bn) +19.0% +7.6% +8.7% +14.4% 8.5 3.4 8.0 4.1 7.8 3.8 6.7 3.0 Q1 25
Slide 14: 03 Outlook & priorities
03 Outlook & priorities Ralph Mupita Group President and CEO 14
Slide 15: Key focus areas for 2026
Operational overview Financial review Outlook & priorities Key focus areas for 2026 Maintain resilience in a challenging global environment Balance sheet Supply chain Expenditure Sustain commercial momentum across all our markets Deliver MTN SA prepaid recovery Execute on fintech commercial an
Slide 16: Medium-term guidance maintained
Operational overview Financial review Outlook & priorities Medium-term guidance maintained KPI Target Group: ‘at least high-teens’ SA: ‘low to mid-single-digit’ Service revenue growth (%) Nigeria: ‘at least low-20%’ Fintech: ‘high-20% to low-30%’ Return ROCE (%): ‘high-twenties to low-thirties’ Leve