MTN : H1 26 results JSE SENS

About this update from Mtn Group Limited

MTN Group Limited Financial results for the six months ended 30 June 2026 Contents Results overview: Commentary ii First half (H1) 2026 key messages 1 Highlights 2 Group President and CEO commentary 5 Business overview 10 Operational review Update on the IHS transaction 18 Outlook and key focus areas for the rest of 2026 H1 2026 interim results teleconference Abbreviations Results overview: Key financial tables Key financial tables Results overview: Reviewed consolidated interim financial statements Independent auditors' report on the consolidated interim financial statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income Condensed statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated interim financial statements Pro forma financial information For Group, region and by country, as appropriate: revenue; service revenue; revenue by segment; data revenue; enterprise revenue; wholesale revenue; fintech revenue; digital revenue; voice revenue; outgoing voice revenue; Group EBITDA (before once-off items); Capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA; profit after tax; loss after tax; adjusted headline earnings and adjusted headline earnings per share; operating expenses; free cashflow; operating free cashflow; depreciation and amortisation; net finance cost and taxation as included in this results booklet have been prepared to provide users with a further operational understanding of the business (together, the Non-IFRS Financial Information). The Non-IFRS Financial Information has been calculated from the financial records of the Group. Constant currency information has been presented to remove the impact of movement in currency rates on the Group's results and has been calculated by translating the prior financial reporting period's results at the current period's monthly average rates. The measurement has been performed for each of the Group's currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated after translating prior year results at current year rates. In addition, in respect of Irancell, MTN Sudan and MTN South Sudan the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. Constant currency information in this results booklet is denoted with an*. The non-IFRS financial information and constant currency information is collectively referred to as "Pro forma Financial Information" and has been prepared for illustrative purposes only. Because of its nature, the Pro forma Financial Information may not fairly present MTN's financial position, changes in equity and results of operations or cash flows. The responsibility for preparing and presenting the Pro forma Financial Information, as well as the completeness and accuracy of the Pro forma Financial Information is that of the directors of MTN and has not been audited, reviewed or otherwise reported on by the Group's external auditors. Forward looking information Any forward looking information disclosed in this results booklet is the responsibility of the directors of MTN and has not been reviewed or audited or otherwise reported on by our external auditor. Other information The directors of MTN take full responsibility for the preparation of this results booklet. The Group's results are presented in line with the Group's new operational structure. The Group's underlying operations are clustered as follows: South Africa (SA); Nigeria; Ghana; the Southern and East Africa (SEA) region; and Francophone Africa and their respective underlying operations. The SEA region includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia. The Francophone Africa region includes Cameroon, Côte d'Ivoire, Benin and Congo-Brazzaville. The Group also has equity accounted joint ventures in Botswana, Eswatini and Iran, which are excluded from regional results. Results overview for the six months ended 30 June 2026 ‌Results overview: Commentary for the six months ended 30 June 2026 ‌MTN is a pan-African mobile operator whose purpose is 'Leading digital solutions for Africa's progress'. We have 317.7 million customers in 19^ markets. First half (H1) 2026 key messages Commercial momentum translating into strong growth and solid profitability Service revenue +17.5%* | EBITDA growth +24.4%* | EBITDA margin 47.6%* Fintech revenue up 13.3%*: excl regulatory items +19.3% | transaction value up 33.8%* to US$330.5 billion | advanced services up 31.8%* Adjusted HEPS +21.3% to 793 cents | strong equity free cash flow growth of 32.7% Good progress achieved on the IHS transaction Medium-term guidance reaffirmed, share buyback programme to commence YTD YTD % % change change constant Contribution Rm H1 26 H1 25 reported currency* to Group Group service revenue 115 322 105 111 9.7 17.5 - South Africa 21 937 21 604 1.5 1.5 19.0% - Nigeria 35 331 28 227 25.2 25.7 30.6% - Ghana 22 134 20 672 7.1 32.3 19.2% Group EBITDA ~ (before once-off items) 55 987 46 655 20.0 24.4 - South Africa # 8 508 9 219 (7.7) (7.7) 15.2% - Nigeria 19 869 14 326 38.7 38.7 35.5% - Ghana 13 738 12 066 13.9 40.0 24.5% Group EBITDA margin 47.1% 42.7% 4.4pp 3.1pp - South Africa # 34.3% 36.5% (2.2)pp (2.2)pp - Nigeria 55.9% 50.4% 5.5pp 5.3pp - Ghana 61.9% 58.2% 3.7pp 3.4pp Capital expenditure (capex, IFRS 16) 23 959 27 300 Capex (ex-leases) 19 749 20 799 Capex intensity (ex-leases) 16.6% 19.0% ˜ Earnings before interest, tax, depreciation and amortisation. # Excludes tower sale gain/(loss). ^ These are the markets where we have controlled operations, JVs and associates that cover any of connectivity, fintech or digital infrastructure businesses. Results overview for the six months ended 30 June 2026 1 Results overview Results presentation Appendices Data sheets ‌Highlights MTN delivered strong growth, exceptional profitability and robust cash generation in H1 2026. We maintained balance sheet strength and advanced key strategic initiatives that continue to support long-term shareholder value creation. Total customers up 6.7% to 317.7 million Active data subscribers increased by 9.1% to 179.3 million Data traffic up 22.8% to 14.3 PB Mobile Money (MoMo) monthly active users (MAU) up 12.1% to 70.8 million Fintech transaction volumes up 17.2% to 13.0 billion Fintech transaction value up 33.8%* to US$330.5 billion Group service revenue up 9.7% to R115.3 billion on a reported basis; up 17.5%* in CC Data revenue up 21.0% to R57.6 billion on a reported basis; up 29.2%* in CC Fintech revenue up 1.4% to R14.9 billion on a reported basis; up 13.3%* in CC Voice revenue down 3.8% to R30.4 billion on a reported basis; up 2.4%* in CC Wholesale revenue up 10.3% to R5.2 billion on a reported basis; up 15.5%* in CC EBITDA (before once-off items) up 20.0% on a reported basis; up 24.4%* in CC EBITDA margin up 4.4 pp on a reported basis to 47.1%, up 3.1pp* to 47.6%* in CC Reported headline earnings per share (HEPS) decreased by 5.8% to 615 cents (H1 2025: 653 cents restated) Adjusted HEPS increased by 21.3% to 793 cents (H1 2025: 654 cents restated) Capex (ex-leases) of R19.7 billion, with capex intensity of 16.6% Net debt-to-EBITDA of 0.3x No interim dividend declared (H1 2025: nil) * Constant currency (CC) information after accounting for the impact of the pro forma adjustments as defined and included throughout this results booklet. Refer to the relevant section for more detail on the basis upon which constant currency information is presented. Results overview for the six months ended 30 June 2026 2 ‌Results overview Group President and CEO Ralph Mupita comments H1 2026 results reflect solid progress on the path of our Ambition 2030 strategy "MTN delivered a strong consolidated first-half performance in 2026, with growth in our subscriber base accelerating in Q2 2026. We combined double-digit service revenue growth with pleasing EBITDA margins, robust FCF generation and a resilient balance sheet. This performance reflects disciplined execution, the quality of our diversified portfolio and sustained investment in our networks, platforms and customer experience. Importantly, we advanced a number of strategic initiatives, including the fintech separations and the IHS transaction, while launching Ambition 2030 to guide the next phase of MTN's growth and value creation." Strong commercial momentum underpinned by execution and investment Our strong H1 2026 performance reflects sustained commercial momentum across both Connectivity and Fintech. Continued investment in network quality, customer experience and digital platforms drove subscriber growth, increased engagement and higher usage across the Group. We invested R19.7 billion in capex (ex-leases) during the period, maintaining capital intensity within our target range while enhancing network capacity, coverage and quality across our markets. Total subscribers increased by 6.7% to 317.7 million and active data subscribers rose by 9.1% to 179.3 million. Continued growth in smartphone adoption, increased digital engagement and stronger customer usage supported robust growth in data traffic and further increased data's contribution to Group service revenue. Data remained the primary growth engine, with revenue increasing by 29.2%*. Voice demonstrated resilience with growth of 2.4%*. Across Fintech, we continued to scale the ecosystem despite temporary disruptions in Nigeria and Uganda and which should improve in H2. MoMo monthly active users increased by 12.1% to 70.8 million. The strength of our broader portfolio remained evident, helping to offset temporary headwinds in individual markets. This supported Group service revenue growth of 17.5%* to R115.3 billion, led by MTN Ghana, MTN Nigeria and our broader markets portfolio. Growth moderated in Q2 2026 as we lapped the implementation of price adjustments in MTN Nigeria in the prior year and absorbed the impact of the deliberate suspension of airtime advance services in Nigeria. Commercial momentum across the business remained robust however and supports our confidence in delivering our medium-term objectives. During the period, MTN and the Syrian Arab Republic, represented by the Syrian Telecommunication and Post Regulatory Authority, agreed the settlement terms relating to the MTN investment in Syria. The remaining legal formalities are being completed, with payment of US$43.9 million to MTN authorised upon execution of the agreement. Concluding this settlement agreement is consistent with the Group's Middle East exit strategy. Robust growth in earnings and cash flows EBITDA (before once-off items) increased by 24.4%* to R56.0 billion, continuing to outpace revenue growth as we maintained discipline in executing our expense-efficiency programme. This resulted in a pleasing EBITDA margin of 47.6%*, up 3.1pp*, demonstrating the operating leverage and efficiency benefits embedded in the business. The increasing contribution from our broader markets and growth platforms continued to enhance the resilience and quality of Group earnings. Results overview for the six months ended 30 June 2026 Earnings per share declined by 26.1% to 404 cents, while reported HEPS declined 5.8% to 615 cents principally due to a non-cash impairment of our equity-accounted investment in Irancell and foreign exchange losses in South Sudan. Adjusted HEPS increased by 21.3%, reflecting the strong underlying performance of the Group. Excluding the impact of Irancell, Adjusted HEPS was up 23.7% at 767c. The quality of earnings remained strong, with operating free cash flow increasing 27.5% to R25.1 billion, supported by robust operational performance and disciplined capital allocation. FCF increased to R11.1 billion, and the FCF conversion ratio improved to 92.5%, reflecting the continued strength of the Group's cash-generative business model. Equity FCF - the measure on which our shareholder remuneration framework is based - grew 32.7% to R7.0 billion, with the difference relative to FCF reflecting dividends of R4.1 billion paid to non-controlling interests (H1 2025: R1.4 billion) as MTN Nigeria and MTN Ghana normalised their distributions. Our focus on profitable growth and disciplined capital allocation continues to improve returns. ROCE increased to 31.5%, remaining comfortably above our weighted average cost of capital and within our medium-term target range. Sustained financial position and liquidity health Our balance sheet remains a strategic strength and provides significant flexibility to fund growth and execute our capital allocation priorities. We maintained our disciplined approach to managing the balance sheet. Group net debt-to-EBITDA of 0.3x as at 30 June 2026 remained steady versus 31 December 2025 (0.3x). We continued to maintain a healthy liquidity headroom of R39.1 billion (FY 2025 R43.1 billion). This headroom was supported by cash upstreamed of R13.9 billion in the first half (H1 25: R8.2 billion) - led by MTN Ghana (R6.6 billion), MTN Nigeria (R2.7 billion) and MTN South Africa (R2.1 billion). We raised R2.3 billion under our DMTN programme to refinance upcoming maturities for the year. We maintain sufficient liquidity to address our funding requirements in the upcoming period, including the forthcoming Eurobond maturity. Furthermore, financing arrangements are in place to consummate the IHS transaction. We remain focused on preserving balance sheet flexibility and maintaining a Group net debt-to-EBITDA ratio below 1.0x over the medium term. This financial resilience, built through deliberate de-risking of our balance sheet over recent years, positions the Group well to fund our capital allocation priorities. Advancing Ambition 2030 execution During the period, we moved from strategy articulation to execution following the launch of Ambition 2030 . Across our Connectivity, Fintech and Digital Infrastructure platforms, we advanced initiatives designed to accelerate growth, unlock value and strengthen long-term competitiveness. Within Connectivity, we continued to scale data, home and enterprise services, supported by sustained investment in our networks, platforms and customer experience. We also launched MTN One TV, further expanding our digital services offering. Within Fintech, we completed the structural separation in Ghana and progressed the required approvals in Nigeria and Uganda, while deepening our ecosystem through the strategic partnership with Ant International. These initiatives support our objective of unlocking value and accelerating growth in one of Africa's leading fintech platforms. Within Digital Infrastructure, we continued to advance the acquisition of the remaining shares in IHS. We invested selectively in AI and data infrastructure opportunities aligned to our long-term growth ambitions. Collectively, these initiatives reinforce the strength of our diversified portfolio, demonstrate disciplined execution of Ambition 2030 and strengthen MTN's ability to deliver sustainable growth, attractive returns and long-term value creation for shareholders. Shareholder remuneration In line with the Group dividend policy, no interim dividend has been declared for the six months ended 30 June 2026 (H1 2025: nil). Shareholder remuneration is guided by the enhanced framework introduced at the end of FY 2025, which targets an annual distribution of 40% to 60% of equity FCF through a combination of a minimum cash dividend and share buybacks. Shareholders are advised that the MTN Board has confirmed the implementation of the R6 billion share repurchase programme, which will commence following the end of the current closed period. The programme will be conducted through a defined execution process within the Group's capital allocation framework and in line with the authority granted by shareholders at the annual general meeting and the JSE Limited (JSE) Listings Requirements and the Companies Act, 71 of 2008. One appointed broker will effect repurchases on behalf of the Company on an independent basis within pre-agreed parameters. Results overview continued Outlook, priorities and medium-term guidance The long-term demand outlook across connectivity, fintech and digital infrastructure remains attractive, supported by increasing digital adoption and financial inclusion across our markets. While geopolitical developments, foreign exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, strong balance sheet and disciplined execution provide resilience. Group service revenue growth moderated through H1, and we expect it to re-accelerate in H2 2026 on the back of the normalisation of airtime lending in Nigeria, the annualisation of the 2025 Nigerian price adjustments out of the comparative base, and MTN South Africa's consumer prepaid business getting back to growth. We also expect continued momentum from MTN Ghana and across our SEA+ and Francophone Africa portfolios. Consistent with prior years, cash generation is weighted towards the second half, reflecting the phasing of collections, capital expenditure and the timing of dividend receipts from our operating companies. Our priorities for the remainder of 2026 are unchanged: sustaining commercial momentum across the Group, accelerating the recovery of MTN South Africa's prepaid business, completing the fintech structural separations underway in key markets, and progressing the IHS transaction, which continues through the required approval processes and is expected to be accretive to revenue, earnings and FCF over time. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC), and several others, with further approvals underway or imminent. With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out. We reaffirm the medium-term guidance presented at our Capital Markets Day, including Group service revenue growth of at least high-teens, a return on capital employed in the high-20% to low-30% range and leverage at or below 1.0x. We remain confident in our ability to deliver sustainable growth and long-term shareholder value through disciplined execution of Ambition 2030 . At a segment level, MTN Nigeria continues to target service revenue growth of at least low-20%. MTN South Africa targets low-to-mid single-digit growth with an EBITDA margin of 35-37%, while MTN Ghana targets service revenue growth in the mid-to-upper 30% and EBITDA margins in the mid-to-upper 50%. Fintech service revenue growth is expected to remain below its medium-term guidance range of high-20% to low-30% as we reintroduce airtime advance services in Nigeria. We remain encouraged by growth in advanced services, which grew at 31.8%* and transaction value grew 33.8%* to US$330.5 billion in the period. ‌BUSINESS OVERVIEW Operating context The global operating environment became more challenging during the first half of 2026, geopolitical tensions exacerbated volatility in energy markets and created renewed inflationary pressures across several of our markets. Through proactive risk management, we strengthened our fuel security arrangements with key tower partners and accelerated energy-efficiency initiatives to mitigate potential impacts on operations and costs. Despite the external uncertainty, macroeconomic conditions across much of our footprint improved from the prior year. Group blended inflation moderated to approximately 9.3% from 14.0% in H1 2025. Key operating currencies, including the Nigerian naira and South African rand, remained broadly stable against the US dollar. In aggregate, however, our African currencies broadly weakened against the South African rand over the period, detracting from earnings growth in rand terms. Although economic growth forecasts have softened in certain markets, the long-term demand for connectivity, financial services and digital infrastructure across Africa remains compelling and continues to underpin our growth outlook. The resilience of our H1 2026 performance reflects the strength of our diversified portfolio, disciplined execution and continued focus on investment in high-quality networks, platforms and customer experiences. Momentum in Connectivity driven by Home, Data and Enterprise Group service revenue increased by 17.5%* in H1 2026 to R115.3 billion, with growth in our connectivity business led by our Ambition 2030 strategic priorities to scale data, accelerate home and empower enterprise. Data remained the largest contributor to Group service revenue (at 49.9%). Together with resilient voice performance, strong digital services contribution and double-digit wholesale growth, this underpinned the performance of the connectivity platform. Scaling our Data offering Revenue from data grew by 29.2%* in H1 2026, propelled by the 9.1% increase in active data subscribers to 179.3 million. The increase in active data subscribers coupled with higher usage per user (to 13.6 GB), drove strong data-traffic growth of 22.8% to 14.3 PB. Data revenue growth moderated relative to H1 2025 (when it was 34.3%*), largely reflecting the base effect of the prior-year MTN Nigeria price adjustments and the impact of the airtime advance issues in that country. Nevertheless, the performance continued to demonstrate the structural demand for data across our markets. Smartphone penetration continued to deepen, now at 66.5% across our footprint and we extended broadband coverage in our markets. A resilient performance in Voice Voice revenue remained resilient, up 2.4%* in H1 2026, against a higher prior-year baseline created by the MTN Nigeria price adjustments implemented in early 2025 (H1 25: 11.6%*). At an Opco level, MTN Nigeria grew voice revenue by 11.8%*, while MTN Ghana's declined by 1.6%*, consistent with the structural migration of customer communications from traditional voice towards data-led and OTT channels. Targeted CVM initiatives continued to support engagement and voice usage across the base. Voice continued to grow across many of our markets, reflecting the continued relevance of this service for many of our customers. Digital services Digital services revenue sustained strong momentum, growing by 20.9%* YoY, driven primarily by strong growth in lifestyle and gaming services. Growth was led by MTN Ghana and MTN Nigeria, with contributions from several other markets supporting the continued diversification of our revenue base. We commenced the rollout of MTN One TV, a new entertainment proposition designed to make digital video content more accessible across our markets. Results overview continued Accelerating Home Under our 'Accelerate Home' strategic priority, we sustained strong momentum in H1 2026, with the active home customer base growing by 58.2% YoY. Growth was underpinned by continued FWA scale and an accelerated shift towards fibre: FTTH expanded materially faster than FWA and increased its contribution to the active home base. MTN Nigeria led the Group's fibre momentum with rollout and customer connections materially ahead of plan, reflecting robust underlying demand and effective commercial conversion. We continue to pursue the significant home opportunity (highlighted at the Capital Markets Day 2026) across our footprint through a capital-disciplined, geo-segmented technology approach, deploying FTTH selectively in attractive urban clusters and leveraging 4G/5G FWA for scalable expansion. Empowering Enterprise In enterprise, we continued to shift towards a stronger, converged services portfolio under our 'Empower Enterprise' strategic priority. Higher-value ICT services led growth and were broad-based across the footprint, delivering enterprise service revenue growth of 8.5%*. We continue to focus on SME digitisation and industry vertical solutions as we position the business to participate in an enterprise market expected to grow by approximately 1.6 times by 2030. Wholesale Wholesale service revenue grew by 15.5%* in H1 2026, supported by strong momentum in Bayobab and MTN South Africa, and driven by ICT and interconnect revenue. This marked acceleration follows on the 2.9%* growth delivered in FY 2025, reflecting the scaling of Bayobab's pan-African connectivity business and increased utilisation across our informal and direct-partner routes. Fintech Fintech financial performance Fintech revenue (including airtime advance) increased by 13.3%* YoY in H1 2026. This was despite the suspension of airtime advance in Nigeria and operational disruptions within the Uganda agent network. We expect revenue growth to progressively improve in H2 2026, as lending is reinstated in Nigeria through the four newly onboarded providers and volumes ramp up over the period. Growth is expected to remain below the medium-term guidance range of high-20% to low-30% in the near term but to re-accelerate through advanced services monetisation and the Nigeria airtime advance rebuild. MoMo revenue grew by 17.8%* (excluding airtime advance) and was supported by continued growth in advanced services, particularly in Ghana, Rwanda, Zambia and Benin. This was partially offset by more muted growth in cash-out, P2P and withdrawals in Ghana, Uganda, Côte d'Ivoire and Cameroon. This moderation in basic revenue growth reflects increasing competitive and regulatory pricing pressures, alongside the industry-wide maturation of basic Mobile Money services. Our focus remains on modernising distribution and accelerating the shift towards advanced services. Advanced services revenue continued to grow strongly, up 31.8%*, increasing its contribution to total MoMo revenue (excluding airtime advance) to 37.4%* (up 4.0pp YoY). This reflects our continued focus on driving everyday usage through payments and driving monetisation through our recently launched lending platform. Over the period EBITDA margins narrowed to 42.4%* (H1 2025: 43.3%*) primarily due to the disruptions to airtime advance in Nigeria. Excluding the impact of this disruption, EBITDA margins improved to 38.8%* (H1 2025: 37.4%* equivalently), as advanced services continued to grow faster than basic services. Ecosystem Our ecosystem continued to show strong growth as our MoMo MAU increased by 12.1% YoY to 70.8 million, driven by sustained growth across most markets and particularly in Nigeria. Active agents closed with a footprint of 1.4 million, recording strong growth of 13.1% YoY. This was boosted by the expansion of our in-house digital sales tool. Active merchants increased by 18.1% YoY to 2.3 million. This reflected our focus on quality growth, supported by improved retention activities and a segmented approach to managing and deepening relationships with high-value merchants. Our transaction volumes grew 17.2% to 13.0 billion YoY and transaction value grew 33.8%* YoY to US$330.5 billion. This growth is increasingly led by our advanced services, reflecting a maturing, higher-value ecosystem and the continued strength of our platform. Verticals The momentum in our payments and e-commerce vertical accelerated. Merchant payment value growth of 14.5%* to US$12.7 billion was driven by growth in unique payers, increased transaction frequency and higher average transactions values as we continued to optimise our key account portfolio and onboard new key accounts in Uganda, Ghana, Benin and Cameroon. Our strategic partnership with Mastercard progressed during the quarter. Virtual card by MoMo is live across seven key markets, with approximately 954k cards issued year-to-date across Rwanda, Uganda, Côte d'Ivoire, Cameroon, Nigeria, Zambia and Benin. Our lending portfolio facilitated US$2.7 billion in total loan value, representing a 78.3%* YoY increase, driven by sustained business expansion and the successful launch of new products in Ghana, Uganda, Cameroon, and Rwanda. This demonstrates the successful execution of our strategy, the scalability of our digital lending model, and accelerating customer adoption. Remittance transaction values increased by 11.5% YoY in H1 2026. This demonstrated the resilience of formal cross-border remittance flows despite growing grey-route activity, partner liquidity constraints and regulatory headwinds in selected key markets. Formal remittance flows exceeded US$3.0 billion, supported by corridor expansion, improved service quality and stronger commercial execution. The rollout of targeted marketing campaigns and enhanced operating controls continues to strengthen compliance, partner integration and transaction monitoring, positioning the business for further growth in H2 2026. MTN Digital Infrastructure MTN Digital Infrastructure generated consolidated external revenue of R2.3 billion, a decrease of 7.1%* YoY. Lower international voice traffic and persistent local currency volatility weighed on performance. Fibre (Bayobab) The Fibre segment delivered strong external revenue growth of 37.2%*, driven by new connectivity infrastructure contracts, continued network expansion and improved service delivery. Bayobab continued to strengthen its terrestrial fibre footprint during the period, supported by progress on strategic infrastructure initiatives, including the East-to-West fibre programme in partnership with Africa50. These investments support the Group's objective of expanding resilient, open-access digital infrastructure across Africa. Communication Platforms External revenue for the Communication Platforms segment declined by 14.9%*, due to reduced international voice traffic and a decline in the messaging revenue stream. During the period, the business continued to advance its partnership strategy, leveraging its Voice, Messaging, Roaming and IPX platforms to strengthen relationships with operators and customers across Africa and support future growth opportunities. Data centres In line with Ambition 2030 , MTN Digital Infrastructure continued to advance its data centre strategy, progressing the development of an AI-enabled platform to address growing demand for cloud, enterprise and data-intensive services. Priority markets have been identified, with South Africa and Nigeria selected for the initial phase of deployment. During the period, significant progress was made in developing the platform's investment, operating and partnership model, positioning the business to execute its strategy in support of Africa's growing cloud, enterprise and AI infrastructure requirements. After the reporting period, MTN Digital Infrastructure entered into a strategic partnership with a UAE-backed data centre investment platform to accelerate the development of AI-ready digital infrastructure platforms across Africa. The partnership - Africa Data Hub Holding Limited - combines MTN's extensive African footprint, market knowledge and infrastructure assets with international investment backing and specialist data centre expertise. Africa Data Hub Holding Limited will serve as the platform through which future digital infrastructure opportunities will be developed and scaled across key African markets. The agreement marks a significant milestone in the execution of the Group's data centre strategy and supports its ambition to meet growing demand for cloud, enterprise and AI-enabled services across Africa. AI platforms Early this year, MTN Digital Infrastructure participated as a strategic investor in ODC's Series A funding round, supporting the development of AI-native RAN and edge intelligence platforms. Since the investment, the parties have progressed joint implementation planning, with active collaboration underway to assess priority use cases, deployment opportunities and commercial models aligned to MTN's digital infrastructure and Ambition 2030 objectives. Results overview continued FINANCIAL OVERVIEW The Group delivered service revenue growth of 17.5%* in H1 2026 to R115.3 billion, with pleasing contributions from data (up 29.2%*) and fintech (up 13.3%*), supported by a resilient voice performance (up 2.4%*), strong digital services (up 20.9%*) and double-digit wholesale growth (up 15.5%*). Growth moderated through H1 2026, principally as we lapped the implementation of price adjustments in MTN Nigeria in the prior year and absorbed the impact of the deliberate suspension of airtime advance services in Nigeria. The broader portfolio again demonstrated its value, with the Southern and East Africa (SEA+) cluster growing by 19.8%* and Francophone Africa by 8.9%*, both ahead of their respective blended inflation rates. Group service revenue grew 21.1%* in the first quarter and 14.2%* in Q2 2026. Excluding MTN Nigeria and MTN Ghana, our broader markets portfolio also performed well with the operations growing service revenue by 9.5%* on average in Q2 up from 7.0% in Q1, and ten of 14 operations growing sequentially from Q1 to Q2. EBITDA before once-off items increased by 24.4%* to R56.0 billion, with the margin expanding by 3.1pp* to a pleasing 47.6%*. This outcome was underpinned by robust topline growth and the diligent execution of our ongoing expense-efficiency programme, which continued to yield meaningful savings of R1.2 billion over the period. The margin improvement was achieved notwithstanding operating expenses increasing by 13.3%*, which included the impact of a stronger share price on share-incentive scheme costs in Nigeria. The Group's effective tax rate for the period was 48.9%, compared with 41.7% (restated) in H1 2025. The increase was driven mainly by adjustments relating to the impairment of MTN's interest in Irancell, an increase in withholding tax attributable to higher dividend declarations during the year and unrecognised deferred taxes. The higher withholding taxes arose on increased cash upstreaming from our operating companies, which rose to R13.9 billion from R8.2 billion in the prior period. Cash tax paid increased by 38.9% to R8.0 billion, principally reflecting the withholding tax cost of the higher upstreaming, which we regard as an appropriate cost of strengthening Group liquidity and funding shareholder distributions. Profit after tax grew by 9.5%* to R12.1 billion (down 4.1% on a reported basis). In comparison attributable earnings declined by 2.1%* (down 25.0% on a reported basis), impacted by higher non-controlling interests and a lower contribution from equity-accounted investments. Basic EPS decreased by 26.1% to 404 cents. The difference between H1 26 EPS and the reported H1 26 HEPS of 615 cents is largely attributable to impairment losses of 213 cents (H1 25: 104 cents), which relate to impairments to the 49%-held, equity-accounted joint venture Irancell. This was tempered by a net gain on disposal of property, plant and equipment totalling approximately 2 cents (H1 25: 1 cent loss). Headline earnings for H1 2026 also included non-operational items totalling a net amount of approximately 178 cents (H1 25: 1 restated). The most significant contributor to these non-operational items were foreign exchange losses of 126 cents (H1 25: 43 cents gain) or R2.3 billion. While the strength in the naira was a small tailwind for earnings in H1, this was more than offset by the sharp parallel rate depreciation in the South Sudanese pound, combined with a loss on the depreciation of the cedi relative to the US dollar on Ghana cedi-held dividends. Adjusted HEPS, which MTN considers a better reflection of operating performance, increased by 21.3% YoY to 793 cents in H1 2026. Excluding Irancell, adjusted HEPS increased by 23.7% YoY to 767 cents. The impact of the previously disclosed MTN Ghana restatements, outlined in the MTN Ghana FY 2025 results announcement and related to the restatement of IFRS 16 right-of-use assets, impacted the Group H1 25 EPS and HEPS. As a result, H1 2025 EPS has been restated to 547 cents (increased by 8 cents), while HEPS for H1 25 has been restated to 653 cents (also 8 cents higher). The difference between reported and adjusted HEPS in the period is accounted for principally by three non-operational items: net foreign-exchange losses of 126 cents (H1 25: 43 cents gain), the impact of hyperinflation accounting of 52 cents loss (H1 25: 26 cents gain restated) and other non-operational items which had nil impact (H1 25: 35 cents loss). There was no repeat of the H1 25 deferred tax asset reversal of 35 cents in H1 2026. We deployed capex (ex-leases) of R19.7 billion at a capex intensity of 16.6%, keeping within our 15-18% medium-term target range. On the back of our operational performance and disciplined capital deployment, OpFCF increased by 27.5% YoY to R25.1 billion. FCF increased to R11.1 billion with a conversion ratio of 92.5%. Equity free cash flow - FCF post non-controlling interests, the measure on which our shareholder remuneration framework is based - increased by 32.7% to R7.0 billion. The difference between FCF and equity FCF reflects dividends of R4.1 billion paid to non-controlling interests (H1 2025: R1.4 billion), which absorbed 36.9% of Group FCF, as MTN Nigeria and MTN Ghana normalised their distributions following strong performance. This is a distribution effect arising from the strength of those businesses rather than a constraint on cash generation. ROCE improved to 31.5% (December 2025: 27.4%), remaining comfortably above our weighted average cost of capital and within our medium-term target range. The Group continues to hold approximately R886 million of receivables owed by Irancell; their repatriation remains constrained by the prevailing sanctions regime. MTN's stated intention is to complete our strategic exit from the Middle East in due course. The book value of net assets related to Irancell at period end was R10.5 billion. ‌Results overview continued OPERATIONAL REVIEW Listed Opcos' published H1 2026 results The published H1 2026 results of our listed Opcos can be viewed at: MTN Nigeria: https://www.mtn.ng/investors/ financial-reporting/ MTN Ghana: https://mtn.com.gh/investors/ financial-results/ MTN Uganda: https://www.mtn.co.ug/ investors/financial-reports/ MTN Rwanda: https://www.mtn.co.rw/ financial-results/ MTN South Africa Service revenue increased by 1.5% Data revenue increased by 4.0% Voice revenue decreased by 10.2% Wholesale revenue increased by 13.7% Enterprise revenue increased by 5.8% Digital revenue decreased by 7.5% Fintech revenue decreased by 16.3% Reported EBITDA declined by 7.6% with a margin of 34.2% (down 2.3pp). Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, the EBITDA margin was 37.1% (down 0.8pp) Capex of R3.3 billion on IFRS 16 reported basis (R2.6 billion, ex-leases) MTN South Africa delivered a mixed performance in H1 2026, with service revenue growth of 1.5% reflecting the near-term cost of deliberate actions to improve the earnings quality of the prepaid base. This was offset by above-inflation growth in postpaid, enterprise and wholesale. Macro overview The first half of 2026 was characterised by a relatively stable macro-economic environment, although consumers remained under pressure. Households continued to face affordability pressures despite inflation averaging around 3.9% and remaining within the SARB's target range. While inflation was relatively contained, rising fuel and energy costs during the second quarter placed additional strain on disposable income, increasing the cost of living and reducing consumers' discretionary spending capacity. These pressures, together with elevated interest rates following the SARB's repo rate increase to 7.0% in May 2026, contributed to ongoing financial stress among consumers and constrained overall spending activity. Economic growth remained subdued, although improved energy stability helped support business confidence and provided some relief to consumers. The rand was relatively stable over the period, in spite of heightened geopolitical uncertainty and fluctuating global sentiment. MTN SA operational and financial overview Service revenue increased by 1.5% YoY, underpinned by above-inflation growth in the consumer postpaid, enterprise and wholesale businesses, with overall growth tempered by a weaker prepaid performance. The subscriber base decreased marginally by 0.7% to 39.5 million, reflecting negative net additions in the prepaid market as the focus shifts to improving the quality of the base. MTN SA's consumer prepaid business remained under pressure in a highly competitive market where higher fuel costs and localised civil disruption have constrained customer liquidity. Prepaid service revenue declined 3.3% YoY, reflecting the impact of airtime advance reset and ongoing voice substitution by consumers. Cash recharges were broadly flat; however, excluding airtime advance repayments, cash recharges grew 9.4% YoY, providing encouraging evidence that customer spend behaviour is improving as the reset strategy gains traction. Prepaid data revenue continues to be the anchor, growing 4.4% YoY, up 5.0% in Q2 versus 3.8% in Q1 versus the prior year. The data performance reflects product refinement, yield management, regional and personalised pricing, and channel optimisation as set out in our full year 2025 and Q1 2026 updates. The deliberate reset of airtime advances, first signalled in Q1 2026, continues to trade short-term revenue for a healthier base. In-month repayment rates have progressively improved from approximately 50% in October 2025 to 70% currently, resulting in materially lower outstanding balances and a stronger quality subscriber base. Prepaid data consumption rose 23.6% to 4.9GB per subscriber. The strategic move to improve the quality of the consumer prepaid subscriber base resulted in a softening from 29.3 million in Q1 to 28.2 million in Q2, decreasing by 4.5% YoY. Strong commercial execution in the consumer postpaid segment drove service revenue growth of 4.9% YoY. The subscriber base expanded by 9.1% to 4.8 million, reflecting sustained customer demand for integrated connectivity offerings. Data revenue growth of 4.0% YoY was supported by strong network traffic growth of 27.7%, continued migration to larger bundles, increased adoption of home connectivity solutions and rising smartphone penetration. Management remains focused on accelerating monetisation through personalised offers, regional pricing initiatives, FWA expansion and further enhancement of the digital customer experience. Data performance continued to benefit from strong underlying usage trends across both customer segments. Average usage per active postpaid data subscriber increased by 32.0% YoY to 32.3GB, supported by sustained adoption of Fixed Wireless Access (FWA) solutions. In the prepaid segment, average monthly data consumption grew by 23.6% YoY to 4.9GB, reflecting continued growth in demand for data services. The sturdy growth trajectory of the Home subscriber base (FWA and fibre) was underpinned by targeted commercial initiatives and compelling product offerings, including Shesh@5G and MTN AirFibre, which continued to resonate with customers. Voice revenue declined by 10.2% YoY, reflecting a structural shift in customer preferences as consumers increasingly migrate from out-of-bundle usage to bundled offers and pure data use, as well as adopting VoIP and digital messaging platforms in place of traditional voice services. These shifts are consistent with our portfolio strategy and were evident in both the consumer prepaid and postpaid segments. Legacy voice revenues continue to moderate. MTN SA remains well positioned to offset this decline through sustained growth in strategic growth areas including enterprise solutions, data services, home connectivity and digital offerings. This is supported by increasing data consumption, expanding connectivity needs, and the continued digitalisation of customers and businesses. Wholesale revenue increased by 13.7% YoY, an improvement on the 6.9% delivered in the first quarter, driven by strong growth in national and international roaming, as well as fixed and mobile data services. Increased international roaming traffic further supported revenue growth. Fixed and mobile data revenues also improved following price increases implemented during the half; however, data consumption trends indicate some moderation in usage levels after these price adjustments. Growth was partially offset by lower Telkom national roaming revenue, reflecting reduced traffic volumes, together with a decline in interconnect revenue following the R0.02 reduction in the mobile termination rate which took effect in July 2025. Negotiations with Cell C continue. Our relationship with Cell C is a long-standing commercial relationship that remains in place. As is normal in the governance of material longterm arrangements of this nature, the parties engage on matters relevant to the relationship. These discussions are confidential and ongoing, and no final outcome has been reached. Both parties remain constructively engaged and MTN will communicate further if disclosure is required. The enterprise segment remains a strategic growth area, with revenue increasing by 5.8% YoY, supported by continued demand for MTN's core mobile enterprise solutions, complemented by solid contributions from ICT. Performance was partially impacted by slower public sector growth. MTN SA continued to strengthen credit risk management and improve portfolio quality in consumer postpaid and the enterprise segment, including deploying AI in fraud prevention and customer verification and tightening sales channel governance. These interventions were complemented by targeted process refinements across telesales and device financing activities, supporting a more disciplined approach to customer acquisition, risk mitigation and longterm value creation. Results overview continued Digital services revenue declined 7.5% YoY, as weakness in the prepaid segment continued to weigh on performance. Lower revenues from VAS, rich-media services and mobile advertising more than offset growth in music and gaming. While total fintech revenue declined by 16.3%, primarily due to the deliberate reset of airtime advance, underlying momentum within the MoMo ecosystem remained strong. The decline was partially offset by continued growth in MoMo, supported by strong momentum in InsurTech-related offerings, with active subscribers increasing by 63.5% YoY. MTN SA's EBITDA was 7.6% lower, with a margin of 34.2%, down 2.3pp. Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, EBITDA declined 3.8%, with a margin of 37.1%, down 0.8pp. The YoY movement in EBITDA primarily reflects the impact of the deliberate prepaid reset and the share-scheme charge, together with slower topline growth and increased commission costs. This was partially offset by cost reductions realised elsewhere in the business. Margin recovery is supported by the improving trading performance and by structural cost interventions underway. MTN SA outlook Looking ahead, while the broader macroeconomic environment is expected to remain relatively stable, pressure on consumer spending and competitive intensity are likely to persist through the remainder of 2026. Against this backdrop, MTN SA remains focused on disciplined execution of its commercial initiatives, customer value propositions and the structural cost reduction programme to strengthen operational performance and sustain momentum in the second half of the year. In prepaid, the recovery strategy remains focused on key priorities: improving channel performance, rejuvenating the portfolio and resetting airtime advance. Our emphasis remains on value over volume and on simplifying the portfolio to improve customer experience. While the prepaid recovery remains in its early stages, encouraging signs are emerging. Improved airtime advance repayment rates, stronger cash recharges excluding repayments (+9.4% YoY), sequential improvement in prepaid data revenue growth (5.0% in Q2 versus 3.8% in Q1), and a continued focus on subscriber quality provide increasing confidence that the actions underway are strengthening the foundations of a more sustainable and profitable prepaid business. Data remains a key strategic growth pillar for MTN South Africa. We continue to see strong underlying demand, supported by sustained growth in network traffic, rising smartphone adoption, and increasing demand for home and mobile connectivity solutions. Building on our market-leading network position, we remain focused on improving monetisation through personalised propositions, portfolio optimisation, expanded 5G and FWA offerings and enhanced customer value management. These initiatives are expected to support stronger data revenue performance while reinforcing our long-term growth ambitions. Postpaid and enterprise performance is expected to remain resilient, supported by the annual price adjustments implemented earlier in the year, ongoing growth in customer data usage and continued optimisation of credit management processes. These initiatives are expected to support service revenue growth while maintaining portfolio quality. Home connectivity will continue to play a leading role in MTN SA's growth strategy, with sustained focus on scaling both FWA and FTTH services while driving value realisation through differentiated customer propositions and improved commercial effectiveness. Although performance remains below our medium-term ambitions, the strategic actions undertaken across the business are beginning to yield tangible benefits. Early signs of stabilisation in prepaid are encouraging, alongside continued growth in data, home, postpaid enterprise and wholesale. This reinforces our confidence in the path to restoring service revenue growth, improving earnings quality and creating sustainable longterm value for stakeholders. MTN Nigeria Service revenue increased by 25.7%* Data revenue increased by 38.2%* Voice revenue increased by 11.8%* Digital revenue increased by 20.9%* Fintech revenue decreased by 8.0%* EBITDA increased by 38.7%* EBITDA margin increased by 5.3pp* to 55.9%* Capex of R9.4 billion on IFRS 16 reported basis (R7.3 billion ex-leases) MTN Nigeria released its H1 2026 results on 30 July 2026, reporting service revenue growth of 25.7%*, in line with its medium-term guidance of at least low-20% growth and well ahead of the average Nigerian inflation rate of 15.5% in the period. The MTN Nigeria board approved an interim dividend of N26 per share. Service revenue growth moderated through the half, from 41.7%* in Q1 to 13.2%* in Q2, reflecting two distinct and separable effects. The first is the full annualisation of the price adjustments implemented in H1 2025, with the most significant impact of the tariff adjustments having been reflected in Q2 2025. The second is the temporary suspension of airtime advance from mid-April to early July 2026, which reduced the eligible customer base by about a quarter and which accounted for 3.0pp of service revenue growth in the half. Excluding this impact, service revenue grew by 28.7%*. Neither effect reflects a change in underlying demand: with data revenue growing 38.2%*. We anticipate a normalisation in the comparative base over the second half, while the introduction of a multi-vendor approach to our airtime lending services, in line with regulations, commenced in mid-July, with the eligible base rebuilding progressively towards pre-suspension levels over the short to medium term. Commercial momentum remained strong, with 7.5 million net additions lifting the subscriber base by 8.9% to 92.2 million. Active data users rose 9.3% to 55.7 million with smartphone penetration now at 66.4%. Data revenue increased by 38.2%*, supported by growth in active data users, higher smartphone penetration and sustained demand for high-speed connectivity. Network data traffic rose by 25.8%, while average usage per subscriber increased by 15.1% to 14.8GB, reinforcing the depth of demand and the importance of continued capacity investment. Home broadband remains a strategic growth platform and a key part of our long-term fixed connectivity opportunity. We are scaling the business in a disciplined manner, focusing on improving conversion and enhancing customer value while demonstrating attractive unit economics over time. Voice revenue grew by 11.8%*, demonstrating the resilience of the business despite evolving usage patterns and the continued shift toward data-led and OTT channels. Subscriber additions and value-led propositions supported growth. Fintech revenue declined by 8.0%*, impacted by the temporary suspension of airtime and data credit service in Nigeria, a significant contributor in the segment. However, the underlying mobile money business continued to progress, with revenue rising by approximately 131.1%* and active wallets increasing by 1.3 million in H1 2026 to 5.0 million. Results overview continued Our strong financial performance reflects sustained revenue growth, disciplined cost management and continued operating leverage. Despite ongoing energy cost-related pressures, MTN Nigeria delivered a 38.7%* increase in EBITDA and a 5.3pp* expansion in EBITDA margin to 55.9%*. Profitability strengthened over the half, with the second-quarter EBITDA margin of 56.5%* representing an expansion of 1.2pp* on the first quarter. We note the power cost increases reported across the Nigerian tower industry in the second quarter, which are expected to flow through to site costs in the second half under existing indexation and pass-through arrangements and which have been reflected in our planning for the remainder of the year. Building on prior disclosures: H1 2026 diesel costs averaged around N1,100 per litre, while the Q2 diesel price that will govern Q3 costs was below N1,800 per litre, though current prices have already eased well below that level. Q4 costs will depend on prevailing diesel prices during Q3. On margins, the 55.9%* H1 EBITDA margin reflects genuine operating strength - supported by revenue growth, operating leverage, a stable naira and VAT input claims. As previously disclosed, a N2,000 H2 diesel price could reduce full-year EBITDA margin by approximately 1.8-2.0pp. We remain committed to our mid-to-high-50% margin guidance. MTN Nigeria has continued to progress the structural separation of the fintech business following shareholder approval, subject to regulatory approvals. Capex excluding leases increased by 1.2%, with a capex intensity of 20.6%, reflecting targeted investment in network capacity and coverage, as well as home broadband expansion to support growing data demand. We expect capex intensity at MTN Nigeria to moderate in H2 26, consistent with our full-year capital allocation framework. Airtime advance began a phased reactivation in July 2026 through multiple approved vendors, and we expect the eligible base to rebuild progressively through H2 2026. Over the medium term, we remain focused on delivering service revenue growth of at least low-20% and EBITDA margin in the mid-to-high 50% range, recognising the tower and energy cost pressures described above, while converting earnings growth into stronger cash flow, dividends and long-term shareholder value. MTN Ghana Service revenue increased by 32.3%* Data revenue increased by 47.3%* Voice revenue decreased by 1.6%* Digital revenue increased by 97.5%* Fintech revenue increased by 23.7%* EBITDA increased by 40.0%* EBITDA margin increased by 3.4pp* to 61.8%* Capex of R3.1 billion on IFRS 16 reported basis (R2.8 billion ex-leases) MTN Ghana released its H1 2026 results on a combined basis for Scancom PLC and Mobile Money Fintech LTD (MMFL), following the completion of the structural separation of the Mobile Money business on 31 March 2026. The Ghana macro-economic backdrop was more supportive in H1 26, with average inflation of just 3.8% falling sharply YoY from 20.4% in H1 25. The cedi depreciated by 8.6% against the US dollar over the half. Service revenue increased by 32.3%* YoY in H1 2026, driven by strong execution across both our Connectivity and Fintech businesses. Sustained demand for data services, increasing adoption of digital financial services and higher engagement across our digital platforms drove growth, further reinforcing the diversification and resilience of our revenue base. This growth was also supported by disciplined investment in network expansion, platform modernisation and customer experience initiatives. Data revenue grew by 47.3%* YoY supported by strong customer demand for data and digital services. This performance was underpinned by a 17.0% YoY increase in active data subscribers to 21.3 million and a 38.0% YoY rise in average monthly data consumption to 19.3GB per active user. This reflected continued smartphone growth and digital adoption, including video streaming services. Data's contribution to service revenue increased to 58.7% (H1 25: 52.8%). Voice revenue declined by 1.6%* YoY due to the continued migration of customer communications from traditional voice services to VoIP services. Despite this structural shift, targeted CVM initiatives and disciplined commercial execution partially mitigated the decline by supporting customer engagement and usage across our base. These efforts contributed to an 8.5% YoY increase in our subscriber base to 32.8 million. Digital revenue increased by 97.5%* YoY with growth driven by increased adoption of gaming, video, and content services. MTN Ghana Mobile Money revenue increased by 23.7%* YoY in H1 2026. This was supported by strong performance across both the core wallet business and advanced financial services, alongside a 3.1% YoY increase in active Mobile Money users to 18.3 million. Basic services grew by 21.2% YoY, underpinned by a robust growth in person-to-person transfers. Advanced services revenue increased by 28.8%* YoY driven by rising adoption of digital payments, lending, and other value-added services. Mobile Money contributed 23.4% of service revenue in H1 26 (H1 25: 25.0%). The continued expansion of the MTN Ghana fintech platform, coupled with its successful structural separation completed in Q1 2026 positions the business well to capture the opportunities arising from increasing financial inclusion, digitisation of payments, and the growing demand for accessible digital financial services across Ghana. Robust revenue growth at MTN Ghana, coupled with ongoing operational efficiency initiatives, enabled EBITDA to increase by 40.0%* YoY. This resulted in an EBITDA margin of 61.8%*, representing an expansion of 3.4pp YoY. Profit after tax increased by 41.4%* YoY. On the back of its strong earnings and cash flows, the board of Scancom PLC declared a second-quarter interim dividend of GHS0.03 per share. The board of MMFL also declared a second-quarter dividend of GHS0.03 per share. Results overview continued Southern and East Africa (SEA+) Service revenue increased by 19.8%* Data revenue increased by 29.1%* Voice revenue increased by 14.3%* Digital revenue increased by 85.7%* Fintech revenue increased by 14.7%* EBITDA increased by 14.8%* EBITDA margin decreased by 1.9pp* to 43.6%* Capex of R2.9 billion on IFRS 16 reported basis (R2.1 billion ex-leases) The Southern and East Africa (SEA+) region delivered service revenue growth of 19.8%* comfortably ahead of its blended inflation rate of 17.6% in H1 2026. Service revenue growth was led by a strong Q2 for MTN Uganda, with ongoing recovery in H1 2026 by MTN Rwanda (21.4%*), MTN Zambia (18.8%*) and MTN Sudan (156.0%*). Service revenue growth was driven by a 29.1%* increase in data and a 14.3%* increase in voice, while fintech revenues rose 14.7%* in H1. Subscribers grew by 12.7% to 51.7 million, active data subscribers rose by 17.9% to 22.9 million and MoMo MAU rose 13.2% to 27.2 million. EBITDA grew 14.8%* with margins moderating by 1.9pp* to 43.6%* largely reflecting the Q1 pressures in MTN Uganda and H1 currency pressures in South Sudan. MTN Uganda reported their H1 2026 results on 7 August 2026 and delivered service revenue growth of 9.4%*, reflecting a steady recovery across both the connectivity and fintech businesses. The MTN Uganda mobile subscriber base grew to 25.4 million during the period, supported by sustained demand for our products and services. Data revenue increased by 15.6%*, supported by focused investment in network quality and CVM. Growth in the first half was moderated by the temporary internet service disruptions experienced during Q1 26, as well as the increasing prevalence of illegal public Wi-Fi resellers offering unlimited data packages through dedicated business fibre and fixed wireless services. Active data subscribers increased by 16.3% to 12.6 million. Data's contribution to service revenue expanded by 30.4% (H1 2025: 28.7%). Voice revenue increased by 1.8%* in H1 26, demonstrating the resilience of this MTN Uganda business and despite the impact of the new mobile termination rate (MTR) introduced earlier in the year. Targeted subscriber acquisition and retention initiatives supported growth by driving usage. Fintech revenue increased by 10.6%*, supported by growth in the active customer base and the enhanced proposition for our ecosystem partners. While the business experienced temporary operational disruptions within the agent network following country-wide regulatory reforms, our performance improved during the second quarter. These efforts translated into 11.5% growth in active users, contributing to a 9.5% increase in transaction volumes to 2.6 billion and a 20.8% increase in transaction value to R21.7 billion. The fintech agent network expanded by 13.8% to 248.8k, reflecting continued adoption of digital and cashless payment solutions. Advanced services revenue increased by 26.0%. MTN Uganda's EBITDA increased by 4.7%* to R4.3 billion, supported by continued service revenue growth and despite inflationary pressure on operating expenses, particularly fuel prices in the period. The MTN Uganda EBITDA margin was 51.2%* in H1 26, above medium-term guidance of 50.0%. Francophone Africa Service revenue increased by 8.9%* Data revenue increased by 25.1%* Voice revenue decreased by 6.3%* Digital revenue decreased by 19.1%* Fintech revenue increased by 8.0%* EBITDA increased by 17.8%* EBITDA margin increased by 2.7pp* to 37.5%* Capex of R4.6 billion on IFRS 16 reported basis (R4.2 billion ex-leases) The Francophone Africa region's service revenue growth of 8.9%* accelerated during Q2 26 and was well ahead of its blended inflation rate of 2.4% which had moderated sharply from the prior year. Total subscribers grew by 6.2% to 40.0 million with active data subscribers up 13.9% to 22.8 million in H1 26. Growth in the region was broad-based across our operations, again demonstrating the benefits of our diversified portfolio, with service revenue growth led by our larger businesses in MTN Côte d'Ivoire and MTN Cameroon. A challenging competitive environment in Benin maintained pressure on our business there, with MTN Benin's service revenue declining by 6.1%* in the half. Data (+25.1%* YoY) and fintech (+8.0%* YoY) drove performance in the region, while voice and digital revenues were under pressure. EBITDA for the Francophone region grew 17.8%* with the EBITDA margin expanding by 2.7pp* to 37.5%* in H1 26. MTN Côte d'Ivoire delivered solid service revenue growth of 18.8%* in H1 26. This was driven by a more stable and supportive macro environment. This performance supported EBITDA growth of 43.9%* and margin expansion of 7.3pp* to 42.1%*. We continue to focus on improving our network and commercial density to compete effectively in a strongly growing market, particularly for data. Service revenue growth of 11.8%* for MTN Cameroon was driven by solid subscriber growth of 5.8% to 13.4 million as we sustained the investment in our network to maintain our market leading position. EBITDA growth of 12.5%* to R3.0 billion supported an EBITDA margin of 43.7%* as the business focused on accelerating data consumption and commercial execution while maintaining a focus on cost discipline. Results overview continued ‌UPDATE ON THE IHS TRANSACTION Following the announcement in February 2026 of the acquisition by MTN of the approximately 75% of IHS Holdings it does not already own, we continued during H1 2026 to work towards deal closure and secure the various regulatory approvals for the transaction. The transaction is designed to unlock compelling value for MTN and to strengthen and reintegrate MTN's ownership of critical digital infrastructure across Africa. Key milestones and most conditions precedent have been met, with readiness planning laying the foundation for a seamless transition upon completion. Subject to receiving the requisite regulatory approvals, we expect the transaction to close in the second half of 2026. IHS shareholders approved the transaction at an extraordinary general meeting in August 2026. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) and several others, with other approvals underway or imminent. With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out. The published pro forma financial effects on FY 2025 indicate the transaction will be accretive to revenue, EBITDA and adjusted HEPS, with net debt to EBITDA (excluding leases) increasing to 0.8 times from 0.3 times and remaining within our medium-term guidance of at or below 1.0 times. ‌OUTLOOK AND KEY FOCUS AREAS FOR THE REST OF 2026 Structural demand for connectivity, fintech and digital infrastructure services across our markets remains strong and continues to underpin our long-term growth outlook. While geopolitical developments, foreign-exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, disciplined capital allocation framework and strong balance sheet position us well to navigate the external environment. The specific matters we are monitoring for the remainder of 2026 are the flow-through of Nigerian tower power costs to site costs; global device pricing, where higher memory component costs may affect handset affordability; the reduction in the Bank of Ghana escrow rate on fintech float, a number of potential spectrum acquisition processes; and continued currency volatility, in the context of global geopolitical developments. Our operational focus for the second half follows directly from the first. In South Africa, we continue to execute the priorities of the prepaid business recovery -improving channel performance, rejuvenating the portfolio, resetting airtime advance and structural cost interventions. In Nigeria, we are rebuilding the eligible airtime advance base following the multi-vendor relaunch and sustaining the network investment that supports our data and home broadband momentum. In Fintech, we continue to shift the revenue mix from basic services towards payments, lending and other advanced services. In addition, we will continue rolling out MoMo Advance across our footprint and accelerate the digitisation of distribution. Across the Group, we will maintain capital discipline while progressing the IHS transaction to closure. ‌H1 2026 INTERIM RESULTS TELECONFERENCE MTN will be hosting a webcast and presentation today, Monday 24 August 2026, where we will be unpacking the Group's performance for the half year period ended 30 June 2026. To participate, please register here: https://themediaframe.com/mediaframe/webcast.html?webcastid=njq2XFbI 24 August 2026 Fairland Lead sponsor Tamela Holdings Proprietary Limited Joint sponsor J.P. Morgan Equities South Africa Proprietary Limited ‌Results overview continued ABBREVIATIONS Adjusted EBITDA: EBITDA excluding hyper inflation and non-controlling interest Adjusted HEPS: Basic EPS adjusted for hyperinflation, foreign exchange gains/(losses) and other non-operational items Capex: Capital expenditure cedi: Ghanaian cedi CVM: Customer value management DMTN: Domestic medium-term note EBITDA: Earnings before interest, tax, depreciation and amortisation ECOWAS: Economic Community of West African States EPS: Earnings per share FCCPC: Federal Competition and Consumer Protection Commission FCF: Free cash flow FTTH: Fibre to the Home FWA: Fixed wireless access FY 2025: The financial year ended 31 December 2025 GB: Gigabyte H1: Refers to H1 2026 unless otherwise specified ICT: Information and communication technologies IHS: IHS Holding Limited JV: Joint Venture Markets: Refers to the name of our regions incorporating WECA and SEA, as compared to 'markets' in the general sense MTR: Mobile termination rate naira: Nigerian naira Opcos: Operating companies OpFCF: Operating free cash flow OTT: Over-the-Top P2P: Peer-to-peer PAT: Profit after tax PB: Petabyte pp: percentage points PPE: Property, plant and equipment RAN: Radio access network ROCE: EBIT/capital employed (excludes hyperinflation, asset impairments and exceptional items for both EBIT and capital employed, and excludes investments in JVs) ROE: Return on equity SME: Small and medium-sized enterprise YoY: Year-on-year VAS: Value-added services VoIP: Voice over internet protocol ‌Results overview: Key financial tables for the six months ended 30 June 2026 22 23 Results overview Results presentation Appendices Data sheets Results overview continued FINANCIAL REVIEW Headline earnings reconciliation Impairment of goodwill, PPE, Impact of intangibles, associates Net loss (after tax) on Hyperinflation foreign exchange Reversal of Other non- IFRS reported and joint disposal of SA Headline (excluding losses and deferred tax operational Adjusted % Rm H1 26 ventures 1 towers 2 Other 3 earnings impairments) 4 gains 5 asset 6 items 7 H1 26 movement H1 26 Revenue 118 874 - - - 118 874 (47) - - - 118 827 14.7% Other income 737 - 3 - 740 - - - (716) 24 26.3% EBITDA 56 700 10 3 (35) 56 678 633 - - (8) 57 303 24.6% Depreciation, amortisation and impairment of goodwill (20 748) - - - (20 748) 1 409 - - - (19 339) 13.8% EBIT 35 952 10 3 (35) 35 930 2 042 - - (8) 37 964 30.9% Net finance cost (9 838) - - - (9 838) 71 1 973 - - (7 794) (5.7%) Hyperinflationary monetary gain/(loss) 757 - - - 757 (757) - - - - 0.0% Share of results of associates and joint ventures after tax (3 293) 3 900 - (13) 594 7 38 - - 639 (55.5%) Profit/(loss) before tax 23 578 3 910 3 (48) 27 443 1 363 2 011 - (8) 30 809 38.9% Income tax expense (11 526) (4) (1) 12 (11 519) (190) 229 - (11 480) 56.5% Profit/(loss) after tax 12 052 3 906 2 (36) 15 924 1 173 2 240 - (8) 19 329 30.2% Non-controlling interests (4 642) (1) - 1 (4 642) (226) 79 - - (4 789) 58.3% Attributable profit/(loss) 7 410 3 905 2 (35) 11 282 947 2 319 - (8) 14 540 23.0% EBITDA margin 47.7% 47.7% 48.2% Effective tax rate 48.9% 42.0% 37.3% Adjusted HEPS is based on 1 832 004 (HY25: 1 808 993 147 ) weighted average number of shares refer to note 10 of interim financials. Results overview Results presentation Appendices Data sheets 24 25 Results overview continued FINANCIAL REVIEW continued Impairment of goodwill, PPE, intangibles, Net loss Impact of foreign Headline earnings reconciliation continued Rm IFRS reported H1 25 (Restated*) associates and joint ventures 1 (after tax) on disposal of SA towers 2 Other 3 Headline earnings Hyperinflation (excluding impairments) 4 exchange losses and gains 5 Reversal of deferred tax asset 6 Other non-operational items 7 Adjusted H1 25 (Restated*) H1 25 Revenue 109 261 - - - 109 261 (5 708) - - - 103 553 Other income 7 - 13 - 20 (1) - - - 19 EBITDA 46 642 2 235 13 31 48 921 (3 136) - - 214 45 999 Depreciation, amortisation and impairment of goodwill (19 960) - - - (19 960) 2 973 - - - (16 987) EBIT 26 682 2 235 13 31 28 961 (163) - - 214 29 012 Net finance cost (7 460) - - - (7 460) 229 (1 031) - - (8 262) Hyperinflationary monetary gain/(loss) 630 - - - 630 (630) - - - - Share of results of associates and joint ventures after tax 1 686 - - (4) 1 682 (318) 72 - - 1 436 Profit/(loss) before tax 21 538 2 235 13 27 23 813 (882) (959) - 214 22 186 Income tax expense (8 972) (3) (4) (9) (8 988) 327 142 632 552 (7 335) Profit/(loss) after tax 12 566 2 232 9 18 14 825 (555) (817) 632 766 14 851 Non-controlling interests (2 679) (337) - 1 (3 015) 89 32 - (132) (3 026) Attributable profit/(loss) 9 887 1 895 9 19 11 810 (466) (785) 632 634 11 825 EBITDA margin 42.7% 44.8% 44.4% Effective tax rate 41.7% 37.7% 33.1% 1 Represents the exclusion of the Impairment of goodwill, PPE, Intangibles, Associates and Joint ventures. H1 26: PPE (R5 million) and joint venture (R3 900 million); H1 25: PPE (R1 661 million) and intangibles (R234 million). 2 Represents net loss (after tax) on disposal of SA towers. (H1 26: R2 million loss; H1 25: R9 million loss). 3 Represents the net profit/loss on disposal of PPE and intangibles. H1 26: PPE (R21 million profit), intangibles (R1 million profit) and share of results from Iran (R13 million profit); H1 25: PPE (R18 million loss), intangibles (R5 million loss) and share of results from Iran (R4 million profit). 4 The impact of hyperinflation is excluded for the operations currently accounted for on a hyperinflationary basis (MTN Irancell, MTN Sudan, MTN South Sudan and MTN Ghana), as well as those that have previously been accounted for on a hyperinflationary basis. The economy of Iran was assessed to be hyperinflationary effective 1 January 2020 and hyperinflation accounting has since been applied. The economy of Sudan was assessed as hyperinflationary during 2018 and hyperinflation accounting has since been applied. The economy of South Sudan was assessed to be hyperinflationary effective 1 January 2016 and hyperinflation accounting has since been applied. The economy of Ghana was assessed to be hyperinflationary effective 1 January 2023 and hyperinflation accounting has since been applied until 30 June 2025. The three-year cumulative rate inflation of Ghana for 2025 is below 100%, indicating that the economy has ceased to be hyperinflationary with effect from 1 July 2025. 5 Adjustment for the net forex (gains)/losses impacting earnings for the respective periods. (H1 26: forex loss of R2 319 million; H1 25: forex gain of R785 million.) This includes the impact of forex in Iran. 6 Represents reversal of deferred tax asset (H1 26: R0 million; H1 25: R632 million - aYoba). 7 Represents other non-operational items relating to H1 26: fintech separation costs and ATA matters of R581 million, impairment of deferred proceeds on Afghanistan disposal (R127 million); offset by Syria Settlement gain (R716 million); H1 25: fintech separation costs and ATA matters of R268 million, reversal of accruals of warranties and indemnities of R54 million and Uganda once-off Tax settlement of R420 million. GROUP REVENUE BY COUNTRY Table 1: Group revenue by country Actual Prior Reported Constant currency Contribution to revenue (Rm) (Rm) % change % change % South Africa 24 837 25 240 (1.6) (1.6) 20.9 Nigeria 35 548 28 412 25.1 25.7 29.9 Ghana 22 172 15 432 43.7 32.3 18.7 SEA+ 16 603 15 306 8.5 19.9 14.0 Uganda 8 405 8 668 (3.0) 9.6 7.1 Other SEA+ 8 198 6 638 23.5 32.8 6.9 Francophone Africa 17 356 16 615 4.5 9.2 14.6 Cameroon 6 844 6 402 6.9 11.8 5.8 Côte d'Ivoire 5 453 4 792 13.8 19.0 4.6 Other Francophone Africa 5 059 5 421 (6.7) (2.5) 4.3 Bayobab 4 245 4 780 (11.2) (1.2) 3.6 Head offices and eliminations (1 935) (2 232) (1.6) Total 118 826 103 553 14.7 16.2 100.0 Hyperinflation 48 5 708 0.0 Total reported 118 874 109 261 8.8 16.2 100.0 GROUP SERVICE REVENUE BY COUNTRY Table 2: Group service revenue by country Actual (Rm) Prior (Rm) Reported % change Constant currency % change Contribution to service revenue % South Africa 21 937 21 604 1.5 1.5 19.0 Nigeria 35 331 28 227 25.2 25.7 30.6 Ghana 22 122 15 389 43.8 32.3 19.2 SEA+ 16 372 15 133 8.2 19.8 14.2 Uganda 8 305 8 583 (3.2) 9.4 7.2 Other SEA+ 8 067 6 550 23.2 32.7 7.0 Francophone Africa 17 202 16 520 4.1 8.9 14.9 Cameroon 6 792 6 355 6.9 11.8 5.9 Côte d'Ivoire 5 435 4 783 13.6 18.8 4.7 Other Francophone Africa 4 975 5 382 (7.6) (3.4) 4.3 Bayobab 4 245 4 780 (11.2) (1.2) 3.7 Head offices and eliminations (1 935) (2 232) (1.7) Total 115 274 99 421 15.9 17.5 100.0 Hyperinflation 48 5 690 0.0 Total reported 115 322 105 111 9.7 17.5 100.0 GROUP REVENUE BY SEGMENT Table 3: Group revenue by segment Actual (Rm) Prior (Rm) Reported % change Constant currency % change Contribution to revenue % Outgoing voice 1 27 274 26 607 2.5 4.7 22.9 Incoming voice 2 3 138 3 891 (19.4) (14.2) 2.6 Data 3 57 594 44 662 29.0 29.2 48.4 Digital 4 2 114 1 752 20.7 20.9 1.8 Fintech 5 14 916 13 327 11.9 13.3 12.5 SMS 2 256 1 953 15.5 16.6 1.9 Devices 3 552 4 132 (14.0) (13.9) 3.0 Wholesale 6 5 177 4 663 11.0 15.5 4.4 Other 2 805 2 566 9.3 12.1 2.4 Total 118 826 103 553 14.7 16.2 100.0 Hyperinflation 48 5 708 0.0 Total reported 118 874 109 261 8.8 16.2 100.0 1 Excludes international roaming and wholesale. 2 Includes local and international roaming and excludes wholesale. 3 Includes mobile and fixed access data and excludes roaming and wholesale. 4 Includes rich media services, content VAS, e-commerce and mobile advertising. 5 Includes Xtratime and mobile financial services. 6 Includes domestic wholesale, voice, SMS and data, leased lines and BTS rentals. GROUP DATA REVENUE BY COUNTRY Table 4: Group data revenue 1 Actual Prior Reported Constant currency (Rm) (Rm) % change % change South Africa 10 900 10 479 4.0 4.0 Nigeria 20 232 14 687 37.8 38.2 Ghana 12 996 8 137 59.7 47.3 SEA+ 5 510 4 710 17.0 29.1 Uganda 2 522 2 467 2.2 15.6 Other SEA+ 2 988 2 243 33.2 43.3 Francophone Africa 7 729 6 466 19.5 25.1 Cameroon 3 450 2 876 20.0 25.5 Côte d'Ivoire 2 677 1 877 42.6 49.3 Other Francophone Africa 1 602 1 713 (6.5) (2.3) Bayobab 2 3 (33.3) (33.3) Head offices and eliminations 225 180 Total 57 594 44 662 29.0 29.2 Hyperinflation 4 2 957 Total reported 57 598 47 619 21.0 29.2 1 Includes mobile and fixed access data and excludes roaming and wholesale. GROUP FINTECH REVENUE BY COUNTRY Table 5: Group Fintech revenue 2 Actual Prior Reported Constant currency (Rm) (Rm) % change % change South Africa 701 838 (16.3) (16.3) Nigeria 911 993 (8.3) (8.0) Ghana 5 343 3 971 34.6 23.7 SEA+ 4 714 4 473 5.4 14.7 Uganda 2 583 2 640 (2.2) 10.6 Other SEA+ 2 131 1 833 16.3 20.1 Francophone Africa 3 055 2 956 3.3 8.0 Cameroon 1 189 1 192 (0.3) 4.3 Côte d'Ivoire 351 416 (15.6) (11.8) Other Francophone Africa 1 515 1 348 12.4 17.4 Bayobab - 5 (100.0) (100.0) Head offices and eliminations 192 91 Total 14 916 13 327 11.9 13.3 Hyperinflation 1 1 389 Total reported 14 917 14 716 1.4 13.3 2 Includes Xtratime and mobile financial services. GROUP DIGITAL REVENUE BY COUNTRY Table 6: Group digital revenue 3 Actual Prior Reported Constant currency (Rm) (Rm) % change % change South Africa 606 655 (7.5) (7.5) Nigeria 695 583 19.2 20.9 Ghana 555 262 111.8 97.5 SEA+ 117 69 69.6 85.7 Uganda 47 33 42.4 56.7 Other SEA+ 70 36 94.4 112.1 Francophone Africa 140 182 (23.1) (19.1) Cameroon 26 67 (61.2) (59.4) Côte d'Ivoire 76 83 (8.4) (3.8) Other Francophone Africa 38 32 18.8 26.7 Bayobab - - - - Head offices and eliminations 1 1 Total 2 114 1 752 20.7 20.9 Hyperinflation 1 88 Total reported 2 115 1 840 14.9 20.9 3 Includes rich media services, content VAS, e-commerce and mobile advertising. COST ANALYSIS Table 7: Cost analysis Constant Actual (Rm) Prior (Rm) Reported % change currency % % change of revenue accessories 3 954 4 421 (10.6) (10.6) 3.3 Interconnect 2 874 3 404 (15.6) (11.0) 2.4 Roaming 726 837 (13.3) (12.4) 0.6 Commissions 8 409 7 614 10.4 12.5 7.1 Government and regulatory costs 4 193 3 821 9.7 13.2 3.5 VAS/Digital revenue share 2 418 1 885 28.3 27.5 2.0 Service provider discounts 2 387 1 909 25.0 25.5 2.0 Network and IS maintenance 17 921 18 521 (3.2) (1.1) 15.1 Marketing 1 800 1 459 23.4 25.1 1.5 Staff costs 9 010 7 560 19.2 21.7 7.6 Other opex 8 541 6 390 33.7 35.5 7.2 Total 62 233 57 821 7.6 9.7 52.4 Hyperinflation 680 4 805 0.6 Total reported 62 913 62 626 0.5 9.7 52.9 Handsets and other GROUP EBITDA BY COUNTRY Table 8: Group EBITDA by country Actual Prior Reported Constant currency (Rm) (Rm) % change % change South Africa 8 508 9 219 (7.7) (7.7) Nigeria 19 869 14 326 38.7 38.7 Ghana 13 698 9 025 51.8 40.0 SEA+ 7 237 7 026 3.0 14.8 Uganda 4 306 4 652 (7.4) 4.7 Other SEA+ 2 931 2 374 23.5 33.8 Francophone Africa 6 508 5 781 12.6 17.8 Cameroon 2 994 2 785 7.5 12.5 Côte d'Ivoire 2 294 1 668 37.5 43.9 Other Francophone Africa 1 220 1 328 (8.1) (3.7) Bayobab 718 884 (18.8) (10.9) Head offices and eliminations 82 (510) CODM EBITDA 56 620 45 751 23.8 24.4 Gain/(loss) on disposal of SA Towers (3) (13) Syria settlement gain 716 - Hyperinflation (633) 904 CODM EBITDA before impairment of goodwill and joint ventures 56 700 46 642 21.6 24.4 DEPRECIATION AND AMORTISATION Depreciation Amortisation Table 9: Group depreciation and amortisation Actual (Rm) Prior (Rm) Reported % change Constant currency % change Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 4 796 4 901 (2.1) (2.1) 1 178 862 36.7 36.7 Nigeria 4 269 3 203 33.3 34.4 566 504 12.3 13.4 Ghana 2 013 1 466 37.3 13.9 335 251 33.5 22.7 SEA+ 1 799 1 671 7.7 17.7 551 501 10.0 18.0 Uganda 1 135 1 092 3.9 17.6 208 215 (3.3) 9.5 Other SEA+ 664 579 14.7 17.9 343 286 19.9 23.8 Francophone Africa 2 502 2 274 10.0 14.9 560 699 (19.9) (16.2) Cameroon 819 709 15.5 20.8 162 166 (2.4) 1.9 Côte d'Ivoire 981 889 10.3 15.3 221 306 (27.8) (24.6) Other WECA 702 676 3.8 8.3 177 227 (22.0) (18.1) Bayobab 346 369 (6.2) 2.7 79 71 11.3 25.4 Head offices and eliminations (5) (4) 350 219 Total 15 720 13 880 13.3 13.3 3 619 3 107 16.5 18.7 Hyperinflation 1 061 2 420 348 553 Total reported 16 781 16 300 3.0 13.3 3 967 3 660 8.4 18.7 # Ghana's depreciation has been restated to be in line with restated right-of-use asset which was incorrectly accounted for as per IFRS 16 in the prior year. The Group's depreciation and amortisation costs increased by 13.3%* and 18.7%*, respectively, largely due to network equipment capex and spectrum additions, increase in sites roll out as well as lease modifications and new leases. NET FINANCE COST Table 10: Net finance cost Actual Prior Reported Constant currency (Rm) (Rm) # % change % change Net interest paid/(received) 7 794 8 262 (5.7) (1.4) Net forex losses/(gains) 1 973 (1 031) 291.4 295.9 Total 9 767 7 231 35.1 41.6 Hyperinflation 71 229 Total reported 9 838 7 460 31.9 41.6 # Ghana's net finance costs have been restated to correctly reflect the finance lease costs which were incorrectly accounted for in the prior year. Net finance costs increased 41.6%* and 31.9% on a reported basis to R9.8 billion. Higher finance costs are predominantly driven by net forex losses (up 295.9% * , and 291.4% on a reported basis with forex losses of R2.0 billion in H1 2026 compare to forex gains of R1.0 billion in the prior year). Current year forex losses mainly attributable to South Sudan from volatile local currency against US dollar as well as head offices recognised forex losses on intercompany receivables due ZAR appreciating against US dollar while prior year forex gains was attributable to significant Cedi appreciation against the US dollar in the prior year. The average cost of borrowing remains unchanged at 11.4% compared to June 2025. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES AFTER TAX We recorded a negative contribution of R3.3 billion from associates and joint ventures down 295.3% (down by 17.5%*) year-on-year. The reported declined mainly attributable to R3.9 billion Iran impairment while performance in constant currency largely attributable to Iran and Internet Group (IIG) driven by on going conflict in Iran as well as slow down in performance in Botswana (Mascom). TAXATION Table 11: Taxation Actual Prior Reported Constant currency (Rm) (Rm) # % change % change Normal tax 10 866 6 170 76.1 93.6 Deferred tax (714) 1 764 (140.5) (160.8) Foreign income and withholding taxes 1 564 711 120.0 132.0 Total 11 716 8 645 35.5 57.0 Hyperinflation (190) 328 (157.9) - Total reported 11 526 8 973 28.5 57.0 # Ghana's tax charge has been restated to reflect the tax impact on the restated depreciation and net finance costs. The Group tax charges amounted to R11.5 billion in H1, against a profit before tax of R23.6 billion. The increase in the tax charge compared to the prior year was primarily driven by the higher accounting profit before tax, increased withholding taxes and unrecognised deferred taxes. The increase in withholding taxes arose from higher dividend declarations and increased cash upstreaming from operating companies, which increased to R13.9 billion from R8.2 billion in the prior period. Unrecognised deferred taxes also contributed to the higher tax charge during the period. CAPITAL EXPENDITURE Table 12: Capital expenditure Actual (IFRS 16) Actual (ex-leases) Prior (ex-leases) Reported Constant currency (Rm) (Rm) (Rm) % change % change South Africa 3 300 2 637 3 180 (17.1) (17.1) Nigeria 9 417 7 340 7 251 1.2 0.8 Ghana 3 070 2 838 3 022 (6.1) (16.9) SEA+ 2 881 2 134 1 987 7.4 15.0 Uganda 2 028 1 419 1 105 28.4 45.1 Other SEA+ 853 715 882 (18.9) (18.5) Francophone Africa 4 629 4 171 3 792 10.0 14.6 Cameroon 1 907 1 846 1 507 22.5 26.9 Côte d'Ivoire 1 984 1 816 1 100 65.1 72.2 Other Francophone Africa 738 509 1 185 (57.0) (55.0) Bayobab 291 274 113 142.5 179.9 Head offices and eliminations 356 339 194 Total 23 944 19 733 19 539 1.0 0.4 Hyperinflation 15 16 1 260 Total reported 23 959 19 749 20 799 (5.0) 0.4 FINANCIAL POSITION Table 13: Net debt analysis Cash and cash equivalents^ Interest-bearing liabilities Intercompany eliminations Net interest-bearing liabilities Net debt/ (cash) June 2026 Net debt/ (cash) December 2025 South Africa 1 010 26 213 (26 213) - (1 010) (867) Nigeria 11 067 4 070 - 4 070 (6 997) (3 420) Ghana 4 986 - - - (4 986) (6 752) SEA+ 3 342 11 632 (7 353) 4 279 937 (1 067) Uganda 1 044 1 778 - 1 778 734 (653) Other SEA+ 2 298 9 854 (7 353) 2 501 203 (414) Francophone Africa 5 211 9 303 - 9 303 4 092 3 474 Cameroon 2 399 935 - 935 (1 464) (2 289) Côte d'Ivoire 1 379 4 213 - 4 213 2 834 2 882 Other Francophone Africa 1 433 4 155 - 4 155 2 722 2 881 Bayobab 585 169 (1) 168 (417) (838) Head offices and eliminations 15 704 51 794 - 51 794 36 090 32 937 Total 41 905 103 181 (33 567) 69 614 27 709 23 467 Iran 909 1 491 (91) 1 400 491 1 884 ^ Includes restricted cash and current investments.

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