MTN Group (MTN) investor relations material

Executive summary

• Achieved robust financial and operational performance in FY2025, with strong top-line growth, margin expansion, and improved cash generation across all key markets, led by Nigeria and Ghana.

• Service revenue grew 22.9% reported and 22.7% constant currency, outpacing blended inflation of 13%.

• Subscriber base surpassed 307 million, with strong net additions and data subscriber growth; fintech monthly active users neared 70 million.

• Declared a ZAR 5.00 per share dividend, 45% above the prior year, and introduced an enhanced shareholder remuneration framework including a share buyback program.

• Transitioned strategic focus from Ambition 2025 to Ambition 2030, emphasizing digital and financial inclusion, connectivity, fintech, and digital infrastructure.

Financial highlights

• EBITDA increased 64% reported, 36.8% constant currency; EBITDA margin improved to 44.5%, up 5.4 percentage points.

• Service revenue grew 22.7% YoY (constant currency) to R218.5bn; EBITDA up 36.8% to R98.5bn; EBITDA margin rose 5.4pp to 43.5%.

• Data revenue increased 36.4% to R101.5bn; fintech revenue up 23.2% to R30.3bn.

• Operating free cash flow before spectrum and licenses grew 38.2% to ZAR 57 billion; consolidated free cash flow quadrupled to ZAR 26.9 billion.

• Net debt to EBITDA improved to 0.3x; HoldCo leverage at 1.3x, both well below targets.

Outlook and guidance

• Reaffirmed medium-term guidance, with tweaks to return metrics (now ROCE) and leverage (targeting net debt/EBITDA <1x).

• Medium-term guidance: group service revenue growth at least high-teens, South Africa low to mid-single-digit, Nigeria at least low-20%, fintech high-20% to low-30%.

• Anticipates continued macroeconomic volatility, regulatory changes, and supply chain pressures, but remains focused on resilience, commercial momentum, and execution.

• Priorities include prepaid recovery in South Africa, fintech execution, and completing the IHS Towers transaction.