MTN Group (MTN) H2 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2024 despite macroeconomic and geopolitical headwinds, with service revenue up 13.8%* and EBITDA up 10.2%* year-over-year, driven by robust growth in data (+21.9%) and fintech (+28.5%).

• Subscriber base grew 2.2% to 290.9 million, with active data users up 7.7% and MoMo users up 0.9%.

• Exited Afghanistan, Guinea-Bissau, and Guinea-Conakry, enhancing portfolio focus and risk profile.

• Achieved a 46% reduction in Scope 1 and 2 emissions, exceeding the 2024 target.

Financial highlights

• Group service revenue: R177.8bn (+13.8%* YoY); EBITDA: R70.1bn (+10.2%* YoY); EBITDA margin: 38.2%*.

• Adjusted HEPS: 816c (-32.2% YoY); reported HEPS: 98c (-68.9% YoY) due to non-operational and once-off items.

• Capex (ex-leases): R29.9bn; capex intensity: 15.9%.

• Free cash flow: R31.4bn; cash upstreamed: R14bn.

• Dividend per share: 345c (above guidance); minimum 370c anticipated for 2025.

Outlook and guidance

• Medium-term guidance maintained: Group service revenue growth at least mid-teens, South Africa mid-single digits, Nigeria at least 20%.

• MTN Nigeria FY 2025 guidance: service revenue growth at least mid-40%, EBITDA margin at least mid-40%.

• Capex (ex-leases) targeted at R30-35bn for FY 2025.

• Focus on cost savings (EEP target R7-8bn by 2026), cash generation, and further portfolio optimisation.