Quarter 1 - financial statement for 2026

MTN Nigeria Communications Plc

Unaudited condensed consolidated and separate financial statements for the three months ended 31 March 2026

Contents

Page

Financial highlights 2

Condensed consolidated and separate statements of profit or loss 3

Condensed consolidated and separate statements of other comprehensive income 4

Condensed consolidated and separate statements of financial position 5 - 6

Condensed consolidated and separate statements of changes in equity 7 - 8

Condensed consolidated and separate statements of cash flows 9

Notes to the unaudited condensed consolidated and separate financial statements 10 - 51

Financial highlights

Condensed consolidated and separate statements of profit or loss

Group Company

The accompanying notes are an integral part of these condensed consolidated and separate financial statements.

Condensed consolidated and separate statements of other comprehensive income

Group Company

1. Fair valuation (loss)/gain on investments designated at fair value through other comprehensive income (FVOCI) is recognised on Federal Government treasury bills and bonds as investments net of tax except for Federal Government bonds.

   The accompanying notes are an integral part of these condensed consolidated and separate financial statements.

   Group Company

   In millions of Nigerian Naira	Notes	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
   Assets
   Non-current assets Property, plant and equipment	13	2,113,607	1,853,524	2,113,607	1,853,524
   Right-of-use assets	14	1,739,656	1,716,877	1,739,656	1,716,877
   Intangible assets	15	425,147	421,410	422,461	418,347
   Investments in subsidiaries	16	-	-	45,386	45,386
   Other non-current investments	18.1	11,238	17,812	-	6,251
   Deferred tax assets	17	132,039	93,629	132,022	93,612
   Other non-current assets	19	72,287	46,149	72,287	46,149
   		4,493,974	4,149,401	4,525,419	4,180,146
   Current assets Inventories	20	19,441	23,298	19,441	23,298
   Trade and other receivables	21	369,384	397,029	376,567	433,716
   Current investments	18.2	364,407	162,255	314,198	116,893
   Restricted cash	22	94,083	37,707	93,883	37,507
   Cash held for MoMo customer	23.1	1,188	1,298	-	-
   Cash and cash equivalents	24	506,716	632,501	504,395	630,219
   		1,355,219	1,254,088	1,308,484	1,241,633
   Total assets		5,849,193	5,403,489	5,833,903	5,421,779
   Equity and liabilities
   Equity Share capital	25.1	420	420	420	420
   Share premium	25.2	166,362	166,362	166,362	166,362
   Other reserves	25.4	(14,490)	(14,431)	(31,977)	(31,876)
   Shares held for employee share scheme	25.3	(4,041)	(4,041)	(4,041)	(4,041)
   Retained profit		755,689	400,402	789,136	457,570
   		903,940	548,712	919,900	588,435
   Liabilities
   Non-current liabilities Borrowings	26	314,966	419,572	314,966	419,572
   Lease liabilities	27	2,092,157	2,117,047	2,092,157	2,117,047
   Provisions	28	53	52	53	52
   Share based payments liability	30	77,878	44,354	77,878	44,354
   Employee benefits	29	14,504	13,699	14,504	13,699
   Other non-current liabilities	31	11,668	11,634	2,299	2,354
   		2,511,226	2,606,358	2,501,857	2,597,078

   Group Company

   In millions of Nigerian Naira Notes 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

   Current liabilities
   Trade and other payables	32	1,249,109	1,317,659	1,249,547	1,319,134
   Borrowings	26	62,737	108,097	62,737	108,097
   Lease liabilities	27	289,964	269,182	289,964	269,182
   Contract liabilities	34	139,337	138,138	139,337	138,138
   Current tax payable	33	584,652	355,175	584,124	354,801
   Provisions	28	76,579	39,177	75,645	37,545
   Derivatives	35	1,872	2,224	1,872	2,224
   Deposit held for MoMo customers	23.2	18,868	9,842	-	-
   Employee benefits	29	7,825	6,003	7,825	6,003
   Other current liabilities	31	3,084	2,922	1,095	1,142
   		2,434,027	2,248,419	2,412,146	2,236,266
   Total liabilities		4,945,253	4,854,777	4,914,003	4,833,344
   Total equity and liabilities		5,849,193	5,403,489	5,833,903	5,421,779

   The unaudited condensed consolidated and separate financial statements were approved by the Board of Directors on the 29 April 2026 and were signed on its behalf by:

   
   
   

   Karl Toriola

   Chief Executive Officer FRC/2021/002/00000022839

   Modupe Kadri

   Chief Financial Officer FRC/2020/001/00000020737

   The accompanying notes form an integral part of the condensed consolidated and separate financial statements.

   In millions of Nigerian Naira	Share capital	Share premium	Total share Shares held capital for employee share scheme		Other reserves	(Accumulated loss)/retained profit	Total equity
   Group
   Opening balance as previously reported	420	166,362	166,782	(4,869)	(12,454)	(607,466)	(458,007)
   Prior year adjustments - MoMo PSB	-	-	-	-	-	(279)	(279)
   Balance at 1 January 2025	420	166,362	166,782	(4,869)	(12,454)	(607,745)	(458,286)
   Profit for the period	-	-	-	-	-	133,683	133,683
   Other comprehensive gain	-	-	-	-	31	-	31
   Total comprehensive income for the period	-	-	-	-	31	133,683	133,714
   Balance at 31 March 2025	420	166,362	166,782	(4,869)	(12,423)	(474,062)	(324,572)
   Opening balance as previously reported	420	166,362	166,782	(4,041)	(14,431)	400,402	548,712
   Prior year adjustments - MoMo PSB	-	-	-	-	-	(279)	(279)
   Prior year adjustments - others	-	-	-	-	-	65	65
   Balance at 1 January 2026	420	166,362	166,782	(4,041)	(14,431)	400,188	548,433
   Profit for the period	-	-	-	-	-	355,501	355,501
   Other comprehensive loss	-	-	-	-	(59)	-	(59)
   Total comprehensive (loss)/income for the period	-	-	-	-	(59)	355,501	355,442
   Balance at 31 March 2026	420	166,362	166,782	(4,041)	(14,490)	755,689	903,940

   In millions of Nigerian Naira	Share capital	Share premium	Total share Shares held capital for employee share scheme		Other reserves	(Accumulated loss)/retained profit	Total equity
   Company
   Balance at 1 January 2025	420	166,362	166,782	(4,869)	(29,833)	(488,318)	(356,238)
   Profit for the period	-	-	-	-	-	132,620	132,620
   Other comprehensive gain	-	-	-	-	38	-	38
   Total comprehensive income for the period	-	-	-	-	38	132,620	132,658
   Balance at 31 March 2025	420	166,362	166,782	(4,869)	(29,795)	(355,698)	(223,580)
   Opening balance as previously reported	420	166,362	166,782	(4,041)	(31,876)	457,570	588,435
   Prior year adjustments - others	-	-	-	-	-	65	65
   Balance at 1 January 2026	420	166,362	166,782	(4,041)	(31,876)	457,635	588,500
   Profit for the period	-	-	-	-	-	331,501	331,501
   Other comprehensive loss	-	-	-	-	(101)	-	(101)
   Total comprehensive (loss)/ income for the period	-	-	-	-	(101)	331,501	331,400
   Balance at 31 March 2026	420	166,362	166,782	(4,041)	(31,977)	789,136	919,900

   Condensed consolidated and separate statements of cash flows

   Group Company

   In millions of Nigerian Naira	Notes	3 months ended 31 Mar 2026	3 months ended 31 Mar 2025	3 months ended 31 Mar 2026	3 months ended 31 Mar 2025
   Cash flows from operating activities Cash generated from operations	37	854,605	538,396	852,519	528,108
   Interest received	9	20,305	7,201	18,343	4,762
   Finance cost paid	10	(110,809)	(101,444)	(110,809)	(101,444)
   Tax paid		-	(3,116)	-	(3,116)
   Net cash flows generated from operating activities		764,101	441,037	760,053	428,310
   Cash flows from investing activities
   Acquisition of property and equipment		(428,045)	(174,310)	(428,045)	(174,310)
   Acquisition of right of use assets		(4,147)	(23,042)	(4,147)	(23,042)
   Acquisition of intangible assets		(6,329)	(32,295)	(6,329)	(32,295)
   Proceeds from disposal of property and equipment		865	456	865	456
   Purchase of investment in non-current FGN bonds		-	(1,054)	-	-
   Sale of investment in non-current FGN bonds		6,871	289	6,273	289
   Purchase of bonds, treasury bills and foreign deposits		(340,972)	(16,394)	(254,249)	(4,343)
   Sale of bonds, treasury bills and foreign deposits		143,860	-	61,652	-
   Purchase of contract acquisition costs		(3,350)	(1,513)	(3,350)	(1,513)
   (Increase)/decrease in restricted cash		(25,370)	18,398	(25,370)	18,398
   Prepaid road investment tax credit cost		(25,587)	(1,032)	(25,587)	(1,032)
   Net cash flows used in investing activities		(682,204)	(230,497)	(678,287)	(217,392)
   Cash flows from financing activities
   Proceeds from borrowings		-	5,024	-	5,024
   Repayment of borrowings		(154,043)	(86,223)	(154,043)	(86,223)
   Repayment on lease liabilities		(53,495)	(80,092)	(53,495)	(80,092)
   Payments to the Ericsson Wallet Platform (EWP) liability		(157)	(595)	-	-
   Net cash flows used in financing activities		(207,695)	(161,886)	(207,538)	(161,291)
   Net (decrease)/increase in cash and cash equivalents		(125,798)	48,654	(125,772)	49,627
   Cash and cash equivalent at the beginning of the period		632,695	253,409	630,334	232,832
   Effect of exchange rate fluctuations on cash held		(17)	1,648	(17)	1,517
   Cash and cash equivalents at the end of the period	24.1	506,880	303,711	504,545	283,976

   1. Basis of preparation

      These condensed consolidated and separate financial statements for the three months ended 31 March 2026 have been prepared in accordance with IFRS Accounting Standards and International Accounting Standards (IAS) 34 Interim Financial Reporting.

      The condensed consolidated and separate financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, this report is to be read in conjunction with the audited annual financial statements for the year ended 31 December 2025 which has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS and with the requirements of the Financial Reporting Council of Nigeria (Amended) Act, 2023 and Companies and Allied Matters Act of Nigeria (CAMA) 2020.

      The condensed consolidated and separate financial statements are presented in Naira and rounded to the nearest millions, except where stated otherwise.

      The accounting policies applied in the preparation of the condensed consolidated and separate financial statements are consistent with those followed in the preparation of the Group's consolidated and separate financial statements for the year ended 31 December 2025.

      The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2026, but do not have an impact on the condensed consolidated and separate financial statements of the Group.

   2. New standards and interpretations

      1. New and amended standards adopted by the Group

         1. Classification and measurement of financial instruments - amendments to IFRS 9 and IFRS 7 Effective for annual periods beginning on or after 1 January 2026.

            Key requirements

            In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), which:

            • Clarifies that a financial liability is derecognised on the 'settlement date', i.e., when the related obligation is discharged, cancelled, expires or the liability otherwise qualifies for derecognition. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met Clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features.

            • Clarifies the treatment of non-recourse assets and contractually linked instruments.

            • Requires additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income.

            The amendments do not have a material impact on the recognition, classification, measurement or disclosures of financial instruments in either the MTN Group consolidated financial statements or the MTN Company Limited separate financial statements.

            2. New standards and interpretations (continued)

         2. Contracts referencing nature-dependent electricity - amendments to IFRS 9 and IFRS 7 Effective for annual periods beginning on or after 1 January 2026.

            Key requirements

            In December 2024, the Board issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The amendments:

            • Update the 'own-use' requirements for in-scope contracts. Under the amendments, the sale of unused nature dependent electricity will be in accordance with an entity's expected purchase or usage requirements, if specified criteria are met

            • Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments will allow an entity to designate a variable nominal volume of forecast electricity transactions as a hedged item, if specified criteria are met.

            • Add new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows. IFRS 7 has been amended to require specific disclosures relating to contracts that have been excluded from the scope of IFRS 9 as a result of the amendments.

            The amendments only apply to contracts that reference nature dependent electricity. These are contracts that expose an entity to variability in an underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions, typically associated with renewable electricity sources such as sun and wind.

            The amendments do not have a material impact on the recognition, classification, measurement or disclosures of financial instruments in either the MTN Group consolidated financial statements or the MTN Company Limited separate financial statements.

         3. Annual Improvements to IFRS Accounting Standards - Volume 11 IFRS 1 First-time Adoption of International Financial Reporting Standards

            This became effective for annual reporting periods beginning on or after 1 January 2026. These include amendments to IFRS 1 relating to hedge accounting by first time adopters; IFRS 7 and the related implementation guidance clarifying certain disclosure requirements, including those relating to derecognition gains or losses, credit risk disclosures and consistency of terminology; IFRS 9 amendments clarifying the accounting for lessee derecognition of lease liabilities and the determination of transaction price by reference to IFRS 15; IFRS 10 amendments clarifying the assessment of de facto agent relationships; and amendments to IAS 7 replacing the term "cost method" with "at cost". The Group has assessed the impact of these amendments and concluded that they do not have a material impact on the MTN Nigeria consolidated financial statements or the Company's separate financial statements, as the amendments are largely clarificatory in nature and do not result in changes to existing accounting treatments.

         4. Translation to a Hyperinflationary Presentation Currency - Amendments to IAS 21

         The amendments require translation from a non-hyperinflationary functional currency into a hyperinflationary presentation currency at the closing rate.

         If an entity's functional currency is the currency of a non-hyperinflationary economy, but its presentation currency is the currency of a hyperinflationary economy, its results and financial position are translated into the presentation currency by translating all amounts (i.e., assets, liabilities, equity items, income and expenses) and all comparatives at the closing rate at the date of the most recent statement of financial position.

         An entity whose functional currency and presentation currency are the currency of a hyperinflationary economy, restates the comparative amounts of a foreign operation, whose functional currency is that of a non-hyperinflationary economy, by applying the general price index, in accordance with paragraph 34 of IAS 29, to the foreign operation's comparative figures.

         The amendments also introduce certain additional disclosure requirements.

         The amendments apply for annual reporting periods beginning on or after 1 January 2027 and earlier application is permitted.

         2. New standards and interpretations (continued)

         If an entity's functional currency and presentation currency are the currency of a hyperinflationary economy (or are the currencies of different hyperinflationary economies) and it translates the results and financial position of foreign operations whose functional currency is that of a non-hyperinflationary economy, then it is required to apply the amendments from the beginning of the annual reporting period in which it first applies the amendments. In addition, it restates the comparative amounts of its foreign operations included in the entity's previously issued financial statements by applying the general price index it applies to corresponding figures in accordance with paragraph 34 of IAS 29. The amendments had no impact on the Group's consolidated and separate financial statements.

         The standard is effective for annual periods beginning on or after 1 January 2027 and the Group did not plan to adopt the standard earlier than the effective date.

      2. Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group's interim condensed consolidated and separate financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. The amendments are set out below:

1. IFRS 18 - Presentation and Disclosure in Financial Statements

   The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses. Among other requirements, this new standard requires:

   • income and expenses in the income statement to be classified into three new defined categories-operating, investing and financing-and two new subtotals-"Operating profit or loss" and "Profit or loss before financing and income tax".

   • disclosures about management-defined performance measures (MPMs) in the financial statements. MPMs are subtotals of income and expenses used in public communications to communicate management's view of the company's financial performance.

   • disclosure of information based on enhanced general requirements on aggregation and disaggregation. In addition, specific requirements to disaggregate certain expenses, in the notes, will be required for companies that present operating expenses by function in the income statement.

     The amendments are effective for annual reporting periods beginning on or after 1 January 2027. Upon adoption, the Group will change the extent of information disclosed in the notes to the financial statements to include management defined performance measures. The Group will also change the aggregation and disaggregation of certain expenses in the note to the financial statements. However, the standard is not expected to impact on the measurement of items reported in the financial statements. The Group does not plan to adopt the standard earlier than the effective date.

2. IFRS 19 - Subsidiaries without Public Accountability: Disclosures

   IFRS 19, which permits eligible subsidiaries to apply reduced disclosure requirements while applying the recognition, measurement and presentation requirements in IFRS Accounting Standards.

   An entity is eligible to apply IFRS 19 in its consolidated, separate or individual financial statements if it meets the eligibility criteria at the end of the reporting period.

   The eligibility criteria are:

   • the entity is a subsidiary (as defined in Appendix A of IFRS 10 Consolidated Financial Statements);

   • the entity does not have public accountability; and

   • the entity has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

     An intermediate parent that does not have public accountability and meets the above eligibility conditions is permitted to apply IFRS 19 in its separate financial statements even if it does not apply IFRS 19 in its consolidated financial statements. An entity has public accountability if:

   • its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market; or

   • it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses.

   The standard is effective for annual reporting periods beginning on or after 1 January 2027. The standard is not expected to have impact on the Group and separate financial statements because the Company is a listed entity.

   1. New standards and interpretations (continued)

3. Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28

In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalised any amendments that result from its research project on the equity method. Early application of the amendments is still permitted.

Key requirements

The amendments address the conflict between IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in IFRS 3 Business combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture.

Transition

The amendments must be applied prospectively. Early application is permitted and must be disclosed. Although, the Group plans to defer adoption until the IASB finalises its research project on the equity method.

Impact

The amendments had no impact on the Group's consolidated and separate financial statements.

1. Segmental information

   An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components, whose operating results are reviewed regularly by the Executive Committee (EXCOM), to make decisions about resources allocated to each segment and assess its performance, and for which discrete financial information is available. All costs that are directly traceable to the operating segments are allocated to the segment concerned.

   The Group has identified three reportable segments that are used by the Executive Committee (EXCOM) to make key operating decisions. All operating segment results are reviewed regularly by EXCOM to make decisions about resources to be allocated and to assess its performance. The reportable segments are largely grouped according to customer type for which discrete financial information is available. The customer segments are as follows:

   • Consumer Business Unit (CBU)

   • Enterprise Business Unit (EBU)

   • Wholesale Business Unit (WBU)

Operating results are reported and reviewed regularly by the EXCOM and include items directly attributable to a segment. Customer segment Description

Consumer Business Unit (CBU) It consists of subscribers sitting in value propositions and tariff plans dedicated to three sub segments: Youth, High Value and Mass segments. All MTN customers are assumed to fall within CBU except where otherwise stated.

Enterprise Business Unit (EBU) Enterprise customers are corporate, small and medium organisations whose business requires MTN products, services and solutions to serve their everyday business needs.

Wholesale Business Unit (WBU) The Wholesale business serves customers who buy MTN telecom products in bulk with the intention to re-sell these products (mobile or fixed) to their external clients.

A key performance measure of the Group is gross margin. This is defined as revenue less direct costs. The table below presents revenue, direct costs and gross margin for the Group's operating segments for the three months ended 31 March 2026 and 31 March 2025.

1. Segmental information (continued)

   In millions of Nigerian Naira	CBU	EBU	WBU	Total
   31 March 2026 Segment revenue	1,278,412	160,160	59,750	1,498,322
   Direct costs*	(158,764)	(10,838)	(26,069)	(195,671)
   Gross margin	1,119,648	149,322	33,681	1,302,651
   31 March 2025 Segment revenue	823,251	170,147	64,575	1,057,973
   Direct costs*	(127,604)	(8,198)	(20,742)	(156,544)
   Gross margin	695,647	161,949	43,833	901,429

   *Direct costs include interconnect cost, roaming costs, some regulatory fees (reported in direct network operating costs), costs of handsets and accessories, value added services costs and discount and commissions expenses.

   Reconciliation of reportable segment revenue and profit or loss Revenues

   There are no significant reconciling items between the reportable segment revenue and total revenue for the period. The revenue of the Company is generated majorly from one geographical location, Nigeria.

   None of the Company's customers account for 10% or more of the total revenue of the Company.

   In millions of Nigerian Naira	31 Mar 2026	31 Mar 2025
   Segment gross margin	1,302,651	901,429
   Less unallocated expenses:
   Operating expenses	(473,731)	(407,733)
   Depreciation & amortisation	(195,991)	(150,027)
   Impairment in financial assets	(624)	(950)
   Finance income	24,081	7,332
   Finance expense	(143,269)	(141,877)
   Net foreign exchange gain/(loss)	33,304	(5,525)
   Profit before taxation	546,421	202,649
   Segment assets and liabilities

   The Group has not provided information on reportable segment assets and liabilities as they are not part of the items regularly reviewed by the Executive Committee (EXCOM) to make operating decisions.

   Group Company

   In millions of Nigerian Naira

   3 months

   ended 31

   Mar 2026

   3 months

   ended 31

   Mar 2025

   3 months

   ended 31

   Mar 2026

   3 months

   ended 31

   Mar 2025

2. Revenue

   Voice	450,710	353,127	450,710	353,127
   Data (a)	826,071	528,975	826,071	528,975
   SMS (b)	54,635	38,919	54,776	39,581
   Interconnect and roaming	55,475	57,617	55,475	57,617
   Handsets and accessories	6,016	4,831	6,016	4,831
   Digital (c)	29,239	26,105	29,170	25,891
   Value added services (d)	64,119	35,867	59,883	34,618
   Rental income (e)	1	1,401	52	1,454
   Other revenues (f)	12,056	11,131	12,102	11,258
   	1,498,322	1,057,973	1,494,255	1,057,352

   1. Data revenue includes mobile data, fixed broadband and data bundles. It does not include roaming data, which is reported under the interconnect and roaming revenue stream.

   2. SMS revenue includes bulk SMS and USSD services. It does not include inbound roaming SMS which is reported under interconnect and roaming revenue stream.

   3. Digital revenue includes revenue generated from the distribution of video, music, gaming and lifestyle content and ecommerce activities.

   4. Value added services includes airtime lending and mobile money (Fintech), subscriber identification module (SIM) back up services and voice based services.

   5. Rental income comprises of income from sites leased to other telecom operators and office space leased to MoMo PSB.

   6. Other revenue comprises revenue from cloud and infrastructure services, information and communication technology (ICT) revenue.

      Other than rental income, other items are revenue from contract with customers.

3. Direct networking operating costs

   Regulatory fees	41,944	26,242	41,944	26,242
   Annual Numbering Plan	812	3,306	812	3,306
   BTS leases	223,477	259,880	223,477	259,880
   Network Maintenance	51,660	47,947	51,660	47,947
   	317,893	337,375	317,893	337,375

   BTS lease expense comprises costs relating to non lease components of tower lease contracts, primarily power and maintenance services. These non lease components are separated from the lease components in accordance with IFRS 16 and are recognised as expenses in profit or loss as incurred.

4. Employee costs

   Salaries and wages	24,514	17,950	22,489	17,797
   Pension - Defined contribution plan	1,384	1,032	1,281	961
   Share-based expense (a)	33,771	3,225	33,771	3,225
   Other staff costs (b)	6,134	1,854	5,744	1,704
   	65,803	24,061	63,285	23,687

   1. Share based expenses comprise provisions relating to both the local and Group Performance Share Plans (PSP).

      The share based payment expense recognised in Q1 2026 was driven by the appreciation in MTN Nigeria's

      share price, which increased the liability MTNN expects to settle in relation to employee share based compensation.

   2. Other staff costs comprises of mortgage subsidy, long service award, staff retirement benefits costs, termination benefits, reward and recognition, group life insurance, medical expenses, etc.

      Group		Company
      3 months	3 months	3 months 3 months
      ended 31	ended 31	ended 31 ended 31
      In millions of Nigerian Naira Mar 2026	Mar 2025	Mar 2026 Mar 2025

5. Impairment of financial assets

   Expected credit loss expense on trade receivables	582	900	582	900
   Expected credit loss expense on related party receivables*	30	-	25,551	-
   (Reversal of expected credit loss)/expected credit loss expense on other non-current investments	(43)	33	(2)	(3)
   (Reversal of expected credit loss)/expected credit loss expense on current investments at amortised cost	(21)	55	(21)	55
   (Reversal of expected credit loss)/expected credit loss expense on cash and cash equivalents	(30)	2	35	(2)
   Expected credit loss/(reversal of expected credit loss) expense on current investments at FVOCI	106	(40)	-	-
   	624	950	26,145	950

   *An impairment loss was recognised on intercompany receivables due from YDFS following the application of the expected credit loss (ECL) model under IFRS 9. The impairment reflects management's assessment of the subsidiary's credit risk, financial performance, and expected future cash flows as at the reporting date.

6. Other operating expenses

   Audit fees	202	177	183	157
   Directors' emoluments and expenses	190	816	123	773
   Professional and consultancy fees	20,803	18,369	20,045	17,979
   (Reversal of)/ impairment charge on property and equipment	(10)	29	(10)	29
   (Reversal of)/inventory write-down	(2,564)	102	(2,564)	102
   Provision for litigation costs	14	814	14	814
   Profit on disposal of property and equipment	(714)	(391)	(714)	(391)
   Maintenance cost- software	24,720	14,854	24,720	14,854
   Maintenance costs - others (a)	9,520	9,519	9,508	9,519
   Rent, rates, utilities and other office running cost	1,164	1,186	1,141	1,125
   Trainings, travels and entertainment cost	3,542	1,781	3,397	1,724
   Security expenses	887	621	887	621
   Insurance	2,177	1,730	2,144	1,732
   MTN Foundation	3,004	1,327	3,004	1,327
   Information technology development levy (ITDL)	-	2,015	-	2,015
   National Agency for Science and Engineering Infrastructure levy	-	504	-	504
   (NASENI)
   Other sponsorship (b)	38,644	-	38,644	-
   Other expenses (c)	1,811	1,848	1,259	1,653
   	103,390	55,301	101,781	54,537

   1. This relates to the maintenance costs on information systems hardware, motor vehicles, buildings and other equipment.

   2. This relates to the provision of sponsorships for sporting events, and youth engagement activities, the provision was reported in other provisions in provisions, see note 28.

   3. Other expenses includes bank charges, subscriptions, office refreshments, EWP platform fee, etc.

      Group Company

      In millions of Nigerian Naira

      3 months

      ended 31

      Mar 2026

      3 months

      ended 31

      Mar 2025

      3 months

      ended 31

      Mar 2026

      3 months

      ended 31

      Mar 2025

7. Finance income

   Interest income on bank deposits*	1,362	1,578	1,362	1,366
   Interest income on investments*	21,148	5,608	19,194	3,380
   Net gain on investments at fair value	1,571	146	1,563	146
   	24,081	7,332	22,119	4,892
   *Finance income calculated using effective interest rate method.
   Included as cash flows for finance income are:
   Interest income on bank deposits	1,362	1,578	1,362	1,366
   Interest income on investments	18,943	5,623	16,981	3,396
   Interest received	20,305	7,201	18,343	4,762
   10. Finance costs
   x Interest expense - leases	100,478	95,857	100,478	95,857
   Interest expense - borrowings*	20,152	44,867	20,152	44,867
   Loss on FVTPL liabilities (a)	22,179	712	22,179	712
   Other finance charges (b)	460	441	213	129
   	143,269	141,877	143,022	141,565

   *Finance costs calculated using effective interest rate method.

   1. Loss on FVTPL liabilities relate to the loss recognised from the fair valuation of derivative liability.

   2. Other finance charges includes administration cost on letters of credit acquisition, accretion of EWP platform liability for MoMo PSB, and charges on decommissioning provision.

Included as cash flows for finance expense are:

Included in the exchange differences are net realised exchange gain of N12.90 billion (31 March 2025: loss of N60.51 billion) for Group and N12.89 billion (31 March 2025: loss of N60.51 billion) for Company.

Group Company

*The old and repealed Company Income Tax Act (CITA) provision that applied a minimum tax of 0.5% of gross turnover has been replaced with a minimum effective tax rate requirement. Under the new framework, large companies are required to maintain an effective tax rate (ETR) of at least 15%, calculated as covered taxes divided by net income. Where a company's effective tax rate falls below the 15% threshold, a top-up tax becomes payable to bridge the shortfall and ensure compliance with the minimum effective tax rate.

A company is subject to the minimum ETR if it meets any of these criteria:

• it is a constituent entity of a Multinational Entity group, with aggregate group turnover of at least £750 million or its equivalent.

• Or it has an aggregate turnover of N50,000,000,000 and above in the financial year

In the current period, MTNN does not have minimum effective tax, as its ETR (as defined by the Nigeria Tax Act).

13. Property, plant and equipment Group

Total cash outflow for property and equipment as at 31 March 2026 was N428.05 billion.

Reclassification relates to assets moved from capital work in progress to other categories of property and equipment. Total reclassification for the period was N236.10 billion.

*Impairment relates to loss recognized due to obsolescence and damaged network infrastructure. Technological obsolescence is one of the indicators of impairment according to IAS 36.15b and this occurs frequently in the telecommunications industry. The impairment loss was driven by change in technology which made the carrying amount of the related infrastructure equipment to be written down to nil.

Total cash outflow for prepaid right-of-use assets as at 31 March 2026 is N4.15 billion.

Total cash outflow for intangible asset as at 31 March 2026 was N6.33 billion for Group and Company.

Reclassification relates to assets moved from capital work in progress to other categories of intangible assets. Total reclassification for the period was N26.69 billion.

Total cash outflow for intangible asset as at 31 March 2026 was N6.33 billion for Group and Company. Reclassification relates to assets moved from capital work in progress to other categories of intangible assets. Total reclassification for the period was N26.69 billion.

Group Company

Deferred tax credit recognised in the profit or loss for the period ended 31 March 2026 was due to timing differences arising from provisions, unrealised exchange differences, and fair value movements.

Charge to other comprehensive income (OCI) comes from the deferred tax impact on fair valuation of FVOCI investments and actuarial gains from employee benefits. The deferred tax charge on fair value was not assessed for the period ended and is not material to these financial statements.

1. Investments

   1. Other non-current investments

      Treasury bonds at amortised cost	11,246	17,863	-	6,253
      Allowance for expected credit losses	(8)	(51)	-	(2)
      	11,238	17,812	-	6,251

   2. Current investments

      Treasury bills at amortised cost		212,156	92,387	179,920	85,548
      NGN deposits at amortised cost		-	13,829	-	-
      Allowance for expected credit losses		(270)	(291)	(205)	(226)
      		211,886	105,925	179,715	85,322
      Treasury bills and bonds at FVTPL		132,921	29,081	22,941	29,081
      Treasury bills and bonds at FVOCI		19,600	27,249	111,542	2,490
      		364,407	162,255	314,198	116,893
      19. Other non-current assets
      Other non-current asset comprises of: Contract acquisition costs	19.1	13,237	12,319	13,237	12,319
      Non-current prepayment	19.2	59,050	33,830	59,050	33,830
      		72,287	46,149	72,287	46,149

      Group Company

      In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

2. Other non-current assets (continued)

   1. Contract acquisition costs

      Opening balance	12,319	9,344	12,319	9,344
      Additions	3,350	11,047	3,350	11,047
      Amortised in the period/year	(2,432)	(8,072)	(2,432)	(8,072)
      Closing balance	13,237	12,319	13,237	12,319

      Contract acquisition costs are incremental costs of obtaining a contract with a customer that would not have incurred if the contract had not been obtained. They include incremental commission fees paid to trade partners for SIM activations and the costs of virtual NIMC tokenization incurred during customer identity verification exercises at all service touchpoints.

   2. Non-current prepayment

1. These are costs incurred towards the reconstruction of the Enugu-Onitsha expressway under the Road Infrastructure Development and Refurbishment Investment Tax Credit ("Road Tax Credit") Scheme. The Scheme is a public-private partnership (PPP) intervention that enables the Nigerian Government to leverage private sector capital and efficiency for the construction, repair, and maintenance of critical road infrastructure in key economic areas in Nigeria. MTN Nigeria shall be entitled to utilize the total cost incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.

2. This includes the non-current portion of the prepaid Indefeasible right of use (IRU) asset access to the West African Cable System (WACS).

During the period, there was a write down reversal of N2.56 billion (31 March 2025: charge of N0.10 billion) for SIM starter packs, handsets and accessories. Inventory write-down/(reversal) is recognised in the other operating expenses line (note 8). The reversal of inventory write-down arose from a reduction in gross inventory, following the utilisation and sale of inventory items previously written down to net realisable value.

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

1. During the period, a credit loss expense of N0.58 billion (March 2025: N0.90 billion) was recognised on trade receivables for both the Group and the Company. In addition, a credit loss expense of N25.55 billion was recognised on YDFS related party receivables (Company only), while a credit loss expense of N0.03 billion was recognised in respect of MTN Benin receivables for both the Group and the Company. Credit loss expenses for the period is reported in impairment of financial assets (see note 7).

2. Other receivables includes uninvoiced expenses covered for related parties and subsidiaries.

3. Sundry receivables and advances includes advances to staff for travel expenses and other work related expenses.

4. Other non-financial receivables includes contracted Advance Payment Guarantees (APGs) and performance bonds with vendors and withholding tax receivables.

5. Current prepayments includes, prepaid operational costs, short term software licenses, insurance and the prepaid RITC cost of N23.95 billion.

1. This comprises cash build up on forward contracts and the usance letters of credit (LC) that is backed by restricted cash deposit (known as cash collateral) in US$ and Naira.

2. This is the cash build up on forward contract.

3. Restricted cash - others comprises of: the retention fee on purchase of Visafone Communications Limited (now liquidated) of N378.64 million; Dividends received and funds utilised to acquire additional 10,000,000 shares for the MTNN employee shares scheme implementation by Vetiva Trustee Ltd: N7.30 billion (2025: N500.80 million) including garnishees against court judgments of N64.98 million (2025: 64.98 million) and garnishees against court judgments of N64.98 million (2025: 64.98 million). For Group, YDFS has a deposit of N200 million (2025: N200 million) with the Central Bank of Nigeria for access to the PSSP (Payment service solution provider) & PTSP (Payment terminal service provider) platforms.

For the purpose of cash flows, total net cash outflow to banks for restricted cash for Group and Company was N25.37 billion: (31 March 2025: net cash inflow of N18.40 billion).

1. Cash and deposits held for MoMo customers

   1. Cash held for MoMo Customer

      Cash held for MoMo customers 1,188 1,298 - -

      Group Company

      In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

      23. Cash and deposits held for MoMo customers (continued)

      Cash held for MoMo Customers represent funds received from MoMo customers. When customers fund their wallets, MoMo recognises a financial asset (representing the cash received or held) and a corresponding deposit liability, reflecting its obligation to repay these funds to customers (see note 23.2). In line with the Central Bank of Nigeria (CBN) guidelines, these deposits may only be invested in permissible liquid instruments as specified in the regulatory framework.

   2. Deposits held for MoMo Customer

Deposits held for MoMo customers 18,868 9,842 - -

Deposits held for MoMo customers represent deposit liabilities arising from funds received into customers' mobile money wallets. These deposit liabilities are either payable on demand or withdrawable at short notice, consistent with the nature of mobile money services. Accordingly, deposits held for MoMo customers are measured at amortised cost in accordance with IFRS 9. Mobile money customer deposits increased during the first quarter of 2026. The growth was driven primarily by higher wallet utilisation and changes in customer funding behaviour, rather than any modifications to product terms or pricing. Deposits continued to be largely short-term and transactional in nature, with balances payable on demand.

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

1. Equity (continued)

   Shares held for the employee share scheme represent 25,443,414 ordinary shares of MTN Nigeria acquired and held in trust by Vetiva Trustee Limited for the purpose of implementing the employee share scheme (2025: 25,443,414 ordinary shares).

   1. Other reserves

      Opening balance	(14,431)	(12,454)	(31,876)	(29,833)
      Net fair valuation (loss)/gain on FVOCI investments (a)	(59)	156	(101)	90
      Net remeasurement loss on employee benefits liability (b)	-	(2,133)	-	(2,133)
      Closing balance	(14,490)	(14,431)	(31,977)	(31,876)

      1. Fair valuation loss/gain on financial assets classified as fair value through other comprehensive income (FVOCI) is recognised on Federal Government treasury bills and treasury bonds investments net of tax except for Federal Government bonds, which are exempted from company income tax.

      2. The remeasurement of gain on employee benefits valuation in accordance with IAS 19 Employee benefits.

   2. Dividends

   Interim dividend for 2026: nil (2025: 5:00 kobo per share) - 104,978 - 104,978

   MTN Nigeria did not propose interim dividends for the period ended 31 March 2026 (31 December 2025: 104.98 billion).

   26. Borrowings
   The maturity of the loan is as follows: Payable within one year (included in current liabilities)	62,737	108,097	62,737	108,097
   More than one year but not exceeding two years	56,344	131,090	56,344	131,090
   More than two years but not exceeding five years	161,700	199,632	161,700	199,632
   More than five years	96,922	88,850	96,922	88,850
   Amounts included in non-current liabilities	314,966	419,572	314,966	419,572
   Total borrowings	377,703	527,669	377,703	527,669
   Borrowings reconciliation
   Opening balance	527,669	972,915	527,669	972,915
   Drawdown	-	107,357	-	107,357
   Repayment	(154,043)	(523,090)	(154,043)	(523,090)
   Interest payment	(10,331)	(141,329)	(10,331)	(141,329)
   Interest charge	21,688	127,743	21,688	127,743
   Exchange gain	(7,280)	(12,285)	(7,280)	(12,285)
   Deferred income liability*	-	(3,642)	-	(3,642)
   	377,703	527,669	377,703	527,669

   *This is the grant on BOI term loan priced below market interest rate. see note 26.1.

2. Borrowings (continued)

   1. Summary of borrowing arrangements

MTN Nigeria has a loan portfolio with a consortium of local banks, foreign banks and export development agencies. The details of the facilities are as follows:

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

The Group's leases include network infrastructure (including tower space and land), land and buildings and motor vehicles. The leases have varying terms, escalation clauses and renewal rights. Penalties are chargeable on certain leases should they be cancelled before the end of the agreement.

Short-term lease payments of N49 miillion (December 2025: N413 million) for Group and N41 million (December 2025: N282 million) for Company not included in the lease liabilities are included as rent, rates, utilities and other office running cost in other operating costs during the year. In all significant operating lease arrangements in place during the year, the Group acted as the lessee.

MTNN as a lessor

Leases in which the MTNN does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included as revenue in the statement of profit or loss due to its operating nature.

Group Company

Other provisions include provisions for some regulatory and tax matters, other consultancy and strategic advisory services payable to various consultants and legal advisers. In 2026, balance also includes provisions for other sponsorships.

MTN Nigeria Communications Plc operates post employment benefit plans for non-contributory, long service award and staff retirement benefits. Employees are automatically beneficiaries of the long service award after completing five consecutive years of service with the Company. Employees' retirement benefits are calculated based on number of years of continuous service, and upon attaining the compulsory retirement age of 60 years. The defined benefit obligation actuaries valuation is carried out annually by Alexander Forbes Consulting Actuaries Nigeria (FRC/2012/0000000000504) signed by Wayne van Jaarsveld (FRC/2021/002/00000024507).

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

1. Share based payments liability (continued)

   * The cash settled share-based payments under the PSP and ESOP were measured at fair value on the vesting date, based on the closing share price of N760 as at 27 March 2026 (31 Decemeber 2025: N511).

   **The cash settled share-based payment for Group PSP, GAN & LAN was measured at fair value on the vesting date using the appropriate share price.

   MTN Nigeria Communications Plc operates a Notional Share Scheme, where qualifying staff receive the increase in a phantom MTN share price at exercise date as compared to the offer price. The scheme is a cash-settled share-based payment scheme. The share based payment liability relates to Locally Aligned Notional (LAN) shares and Group Aligned Notional (GAN) shares. MTN Nigeria also runs an Employee share scheme plan managed by Vetiva Trustee Limited.

   The share-based payment liability consists of:

   • fair value of options issued to employees under the LAN notional share scheme

   • fair value of options issued to employees under the GAN notional share scheme

   • the issue of shares held in Trust by Vetiva Trustee for employees under Performance Share Plan (PSP) and Employee Stock Ownership Plan (ESOP).

   Share based liability is made up of:
   GAN share options	48	48	48	48
   LAN share options	3	3	3	3
   Local Performance share plan (PSP) & ESOP	25,169	24,534	25,169	24,534
   Group performance share plan	52,658	19,769	52,658	19,769
   	77,878	44,354	77,878	44,354
   Vested Shares under the MTNN Employee Share Scheme

   As at 31 March 2026, a total of 17.31 million shares granted under the MTNN Share Scheme vested. Of this amount, 8.69 million shares related to cash settled share based payment and were settled at a price of N718 per share, resulting in a total cash payout of N6.24 billion inclusive of associated PAYE. The remaining 8.63 shares vested under equity settled share based payment. In addition, N7.2 billion held in restricted cash was transferred to the Vetiva Trustee for the acquisition of 10,000,000 ordinary shares, to be held in trust for the purposes of the scheme. This impact will be shown in subsequent financial statements.

   31. Other liabiltiies
   Financial liabilities EWP liability (a)	11,358	11,060	-	-
   Other non-current liabilities	754	564	754	564
   Non -financial liabilities	12,112	11,624	754	564
   Deferred grant income (b)	2,640	2,932	2,640	2,932
   	14,752	14,556	3,394	3,496

   1. This relates to the MoMo PSB's Ericsson Wallet Platform (EWP) intangible asset. The outstanding liability is contractually due over more than one year and includes a financing component. Its accretion is reported within finance expenses, while platform fee charges are detailed in the other operating expenses notes (note 8).

   2. This relates to the grant on Bilateral loan Facility (Bank of Industry) term loan priced below market interest rate. The grant represents the difference between the fair value of the loans, calculated using the market interest rate of 21.13% per annum, and the proceeds received. No other forms of government assistance or grants were received during the reporting period.

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

1. Other accrued expenses include BTS lease accruals, accruals for cloud services and services provided by vendors.

2. Other non financial instrument accrued expenses include accrued technical inventory costs, unclaimed dividend, accrued staff expenses and other regulatory fees.

3. Sundry payables includes security deposits and advance payments from some enterprise and wholesale business customers.

4. Other non-financial instrument payables include withholding and value added tax liabilities.

*Others relate to prior-year tax adjustments arising from MoMo PSB, recognised in the current year.

Group Company

Contract liability relates to payments received in advance from sales of recharge cards and on Subscriber Identification Module (SIM) cards. Contract liabilities are recognised as revenue when the subscribers use the airtime for network services such as voice, SMS, data and digital services and when the SIM cards are activated on the network

35. Derivatives

Current liabilities: forward contract 1,872 2,224 1,872 2,224

All gains and losses from changes in the fair value of derivatives are recognised immediately in the profit or loss statement as finance income or cost. The Group uses derivative financial instruments such as forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Earnings per share (EPS) is calculated by dividing the profit after tax attributable to owners of the company by the weighted average number of ordinary shares in issue during the period, excluding the average number of ordinary shares held as treasury shares (31 March 2026: 25,443,414 shares; 31 December 2025: 25,443,414 shares).

Group Company

Group Company

In millions of Nigerian Naira 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025

1. Related party transactions

   Related party transactions constitute the transfer of resources, services or obligations between the Group and a party related to the Group, regardless of whether a price is charged or not.

   Various transactions are entered into by the Company and its subsidiaries during the period/year with related parties. The terms of these transactions are at arm's length. Intra-group transactions are eliminated on consolidation.

   1. Holding and ultimate holding companies

      The Company's holding company is MTN International (Mauritius) Limited, a Company incorporated in the Republic of Mauritius and its ultimate holding Company is MTN Group Limited, a Company incorporated in South Africa. MTN Nigeria Communications Plc's subsidiaries are XS Broadband Limited, Yello Digital Financial Services Limited, and MoMo Payment Service Bank Limited. XS Broadband Limited provides broadband fixed wireless access services and high-quality telecommunication services, while Yello Digital Financial Services Limited and MoMo Payment Service Bank Limited offer mobile financial services (Fintech).

   2. Transactions with related parties

Group Company