MTN Group Transcript of Session 3 of Capital Markets Day 2026

from a broader market view

if you look at this mass market, this is what sometimes we refer to as inflow. Other Opcos will refer to it as gross additions, etc. This market is huge. There's a huge amount of volume sitting in this market. But the churn is exceptionally high. So, if you bring a subscriber on board today, the churn is in the high 90% in that market. So, what consistently happens is if you bring the person on board and he churns, you need to invest in the market again to get it back. So, you're continuously investing in the market.

And by the way, this is one of the initiatives we have in the structural reset, because we're saying it's expensive to manage this market. It's got discounts and commissions attached. If you think back to the end of quarter three, going into quarter four last year, we made the announcement that we needed to adjust discounts and commissions. The adjustments of those discounts and commissions related specifically to the inflow of the subscribers into the network. And you need to do it consistently. And this market also is very price sensitive. So, they will unlock value in that market.

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And then the big challenge with this market also, there's a high KYC risk sitting in in this market.

So, this is what that market looks like. Does it mean we shouldn't compete in it? Of course we should compete in it. It's a huge opportunity for us to compete in it. The question is you need to do it in the right way. You need to make sure that your commissions and your discounts are targeting the right type of behaviour. As an example, you need to have the right distributors that you work with. You need to have the right relationship: who are the distributors? And with all respect, if you look at their business model, it's in their interest to get as high as possible discounts and commissions.

So, generally in a market like this, and we've seen it elsewhere, once you start increasing discounts and commissions, the easiest lever for your competitor to pull is to match it or add 0.5% above that. And then, of course, when you've run out of runway there, then you start looking at other benefits in the market. We understand this market. We need to compete correctly and in the right way in this market.

So, to a large extent, the yellow block at the top, you'll see talks about the high-value subscribers.

And then the rest of the blocks I'll quickly unpack for you. So, portfolio simplification. Here's that word simplification again speaking about customer centricity. So, when we look at it, we've got complex products in the market. The products are complex, and there are lots of them in the market. The SKU acronym talks about number of bundles and number of products in the market.

There are 450. There were double that figure at some particular point in time. This confuses the consumer out there. It's difficult to manage these things. They all have their own rules. So, we very much talk about a portfolio simplification. How do we make it easier for consumers to decide?

By the way, I was going to put Pi for use. I'm sure you have seen that we've launched Pi. It's sort of got a green colour. Hopefully, you've downloaded it. If you haven't, please download it. Have a look at it. So Pi, for example, what we did in Pi was we tried to simplify the journey substantially. It's fully digital. You don't need to go into any service centre. You can get an e-SIM. You can get a physical

SIM through it. The entire journey is a digital journey. Doing your RICA registration is digital. The payment plan on the thing is digital. You need to have a bank card, but the payment is digital. And it speaks to a number of elements. I'll bring it up also during the course of the presentation. And I want to put it on the table just to show it to you that what you're looking in terms of our initiatives aren't things we still need to do. A lot of these things are in flight at the moment. So, when you look at something like Pi as an example, we talk about simplicity there.

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I spoke about the bundles, really looking at the bundles. And firstly, if you really look at the township and youth and grow the share of the wallet, that's what we tried to say there was the mass market versus the higher-value market. Channel productivity I've spoken about quite a bit.

And then I think the last point on channel productivity is digital recharges through MTN channels.

So, this is an important project for us. It's extremely important and it reflects what I had said earlier.

When a customer recharges through a bank account, because there are so many aggregators in play, we don't necessarily see the rich data at the end. Of course, when you put an aggregator in play, you also see cost leakage. So this is an important product for us. We need to have direct relationships with the banks as best as we can. We need to have the right payment gateway in place, etc.

Okay, then what we have next is sustainable airtime. So this talks to the provision of, let's say, advance, more of an advance, that we give within this portfolio. This is quite an important product to us. Going into the past, we penetrated this market quite extensively. What you'll see there is that we've put some benchmarks in place. So, we're talking about a penetration at this stage of about

35% - at some stage it was beyond 40% - and a repayment profile of this of 70% of repayment within the first month or within the very next recharge.

So, this is more like airtime credit. Let's call it a quasi-postpaid type of base. This is still extremely important for the prepaid subscriber. We've cleaned this base up, and of course, when you clean up this base, it has a direct impact on your revenue. So, this is still a very important product for us.

We are looking at redesigning this product substantially. In my mind, we also need to be very clear here that this is not credit. This is at best an advance. And I think it's more about keeping your data on or providing you support in times of emergency.

What I've put in place, and we haven't really spoken about that in all the one-on-one meetings we have, is CVM and loyalty. And I alluded to it a little bit earlier and this is really where that AI initiative comes into play. And this is on the CVM. For me to design a product, or for us to design a product that is unique to you, that will attract you, we need to have a good understanding of who you are, what you want, and what you would like so it can offer you the right product. So, we still have extensive CVM in place. We still work on CVM, and we want to take it to the next level.

I've put in loyalty also because loyalty is important to us. And what we've just put in there is one initiative we looked at. And this is called Flip & Win. It was just a very simple game. It wasn't complex in nature. In fact, to my earlier point in terms of USSD, we deployed it on the USSD as well. And we have about five million of the customers sitting on that base today.

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If I get to home. Just to go back to prepaid. Prepaid, it's more about quality growth as opposed to just driving top-line growth. If I go to the home, home is where we see huge opportunity for growth.

So, you'll see at the top, at the moment, we only have 401,000 home connections. By the way, when

I talk home, I prefer to talk household because it describes far more what the product is really about. Home just gives you an idea where the connectivity sits. When we start speaking household, we start speaking where the revenue sits, right, the offloading that takes place, the fact that you consume far more data at home than you would consume while you are mobile.

This is where our brand is extremely strong. So we do have a subsidiary called Supersonic.

Supersonic we acquired some time ago, and Supersonic was really the vehicle through which we went to the home. Just by moving away from the Supersonic brand and creating an MTN Fibre or

MTN Home product, we saw substantial increases in the number. We're seeing continued double- digit growth also in terms of home, just purely based on this. In fact, I think during the course of last year sometime, we slowed down a little bit because we needed some additional capex to go into the home. And as I'd also alluded to earlier, when you look at our capex envelope and where we're going to be targeting, we're going to be pushing more capex towards the home.

How do we connect the home? I think what is important here, we use multiple technologies to do this. We don't own a big FTTH footprint, or fibre footprint. Where we do have a fibre footprint, obviously, we deploy on that. But we also use partnership models to connect the home. So, for example, the fibre connection I have at home, the actual fibre is provided by, I think it's Frogfoot, whereas the ISP connection is provided by MTN. So, the big drive is to own the household, right?

Connect the home and own the household.

You'll see we've got AirFibre here. So, AirFibre is principally a product we have in South Africa. This uses unlicensed frequency that we use to connect the home. It's very reliable. It gives you a fibre- like experience. And it's obviously a lot quicker to connect than fibre. What's been interesting with this product is we initially anticipated the market would only be areas that don't have fibre footprint. But in fact, we find we're also selling within areas that already have fibre. And it's really because the fibre infrastructure in SA is not as reliable as it would be in Europe, for a number of reasons. But we also see big take-up in terms of AirFibre. So, we use that technology.

I just wanted to reflect quickly in terms of what our objective is. We want to get to a 30% market share by, I think we said 2030, if I recall correctly. That's the target that we've set ourselves. And we're very excited about the possibility for home and for household and delivery of content, etc.

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Okay. I'm going to speed up a bit because I'd like to get to wholesale. On the enterprise space or on the converged space, Selorm took you through quite a bit of detail on this. I thought I would just focus on verticalised solutions a little bit. So, we're also working with City of Cape Town in terms of looking at the digitisation just from a practical point of view. We're also looking at other potential vertical solutions.

We have seen almost consecutive growth in this stream for I think like 12 or 16 quarters, I think with the exception of one quarter where we had to put some revenue reversals through. But we are seeing consistent growth in this quarter and at the moment a substantial part of that growth has just come from mobile, with the lesser part coming from converged services. So, there's massive opportunity in this space, and it's also, obviously, working with government.

I wanted to spend a little bit of time on wholesale, because we've had quite a lot of discussions around the wholesale base and the strategy and what we are doing. And I thought, before I start, let me introduce you to wholesale. So, what do we have under wholesale? The wholesale we have in South Africa includes, among other things, interconnect. So, this is voice interconnect that sits there. Sometimes it'll include bulk SMSs that we would sell to third-party providers like the banks, etc. It could also sit there.

If you look at inbound roamers, people coming into South Africa, roaming on the network also sits under wholesale. And there are other products sitting on the wholesale as well. Objective with wholesale has always been to sell spare capacity in the network and generate cash. And our wholesale division also deals with Mazen and Bayobab. So, the services and the traffic and the revenue we get from Bayobab also sits under wholesale. So, then you have MVNOs sitting on wholesale and then you have, let's call it national roamers.

So, let me deal with the MVNOs first before I go to national roaming. So, MVNOs, if you manage them correctly and if your pricing framework is correct to manage, MVNOs can add value, substantial value to the network. So, for example, if we are under-indexed in a certain segment, and we feel there's another party with a strong brand that can take us into that segment, we feel it's going to be very difficult for us to penetrate the segment, it makes sense to go with that emphasis, it gives us access to that particular segment.

Now, it's dangerous when you have a 60%, 70% market share or 50% plus, because what generally happens when you're moving to the MVNO, it does lead to a certain element of cannibalisation. But our market share sits around 30%. So, theoretically, when we talk about an MVNO, if we go into the right segment, it basically means that I'm going to gain value in terms of this.

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So, we did a bit of a calculation. And we said, all right, what do we think our value share, for example, is on data? You just look at total data, and let's assume it matches our market share of

30%. The wholesale business improves that value share in that data by about 3% to 4%, so it lifts it from 30% value share to 34% value share, right? Because it gives us access to a segment that we currently struggle to get access to.

The danger, of course, with this is that if you empower the MVNO to such an extent that they start destroying market value, then the value in the market reduces substantially. So, even if your value share goes up, the absolute revenue you earn goes down. That's why it's extremely important to have the right framework in place. Now, the frameworks we had in place, and by the way, the framework accounts for the national roaming also, so let me deal with national roaming first then before I go into the pricing framework structure.

When we look at national roaming, really sitting on our network is Cell C for national roaming, and we also have some Telkom national roaming agreements. So, it's a bit more complex than just

MVNOs. Firstly, the national roamers are mobile operators in their own right, their own numbers.

They also have their own charging systems and they have their own assets. Sometimes we want access to these assets. A good example of this is frequency. We can get access to frequency from one of our national roamers. It obviously impacts more efficient coverage, less capex, etc. So, it's far more complex in the roaming space than what it is in the MVNO space.

And of course, your national roamer is competing with you in the market in the first instance. Your

MVNO might just be segment-related or look at a particular segment where the national roamer competes with you in the overall market. So, if we look at the structures we have, firstly, the MVNO market has evolved exceptionally quickly over the last three or four years. We now have players in the market that when they look at the telco industry, they see it as loss leaders. So, this type of behaviour will generally lead to some element of value destruction at the top end.

Number two, as we have grown, people like the national roamers obviously become a lot bigger, their demand for capacity becomes far, far more. And when we initially went into these agreements, specifically with Cell C, it added substantial value. We got access to spectrum. We could take a lead in terms of 5G in the country. We could utilise that spectrum, etc. So, there was a lot of other value that was unlocked in that Cell C agreement other than just the straight commercial agreement in terms of revenue generation.

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But the times have moved and the market has changed. We've seen evolution in the MVNO space.

We're seeing substantial competition in the market, especially in the prepaid market on the pricing side. So, we've also had to re-look in terms of what is our pricing model like. Now, Selorm in his presentation had spoken about cost of production, and he spoke about yield and all of this. And it was on the basis of that work that we did that we realised we need to look at a new pricing structure for the MVNO and the national roaming space.

Historically, the pricing structure was based on two main issues. One was capacity and price, and to a lesser extent, quality. The new pricing, the new framework we are looking at looks at four pillars. The one pillar still is the price you are paying. The next pillar is the capacity that you provide.

The third pillar is the quality. If you want high quality, you need to pay a premium price. And the fourth pillar was what I'd referred to earlier as being the segment. Where are you? Right. I don't necessarily want to empower an MVNO that sits slap bang within an area that we have market share and we believe we indexed correctly. Otherwise, we'll see substantial erosion.

So, this gives a bit of a view in terms of where we are. Now, we're anticipating questions around

Cell C, so I just thought I'd address it quickly. Firstly, we have an NDA currently with Cell C, so I'm extremely limited in terms of what we can say. But we are busy talking to Cell C at the moment in terms of the pricing framework, and we are pushing from outside to get it done before July so that we can have a structure that both works for them and also works for us.

Let's get to the real exciting stuff. Right, restructure cost. Ultimately, you can reflect it in terms of the value we are going to unlock. And we say between R4 billion to R6 billion of savings we will unlock by 2029. And I must say that the team, both Dineo and Yolanda, did extensive work on this.

So, this is not an initiative that was driven by Group in terms of expense efficiency. This is an initiative that we came up with, that the team came up with.

So, just to give you a bit of a view. When we did the calculation, the way we did it was to say we need to have some target that we can see that we can work to. So, we did some benchmarking in the market. At some stage, when we presented to Group Exco, Karl had said, you guys need to do some benchmarking, right? You need to determine where you want to play and how you compete and where you sit compared to other operators.

So, we did some extensive benchmarking, and the team did a bottom-up calculation saying, where do we want to see? What margin do we want to see? What value do we want to unlock? And we had to make some assumptions in terms of revenue growth, of course, on the top line. And then we came up with a target, and the team brought, and we had a discussion around this. I said, this is

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10 June 2026 good work, guys, but practically, what does this mean? Where are we going to get the expenses?

Where are we going to get the efficiencies from?

So, I think the message is that we've done extensive benchmarking looking at this. And then we went down, and we started looking at some of the expenses. So, what we've done here is to just split it for you in three areas. One talks about channel economics. This really looks at acquisition cost. Channel profitability. If we find there are channels that are not profitable. And by the way, what we've also done is we haven't just stopped at data yield and looking at what data yield looks like. We took the economics all the way down to the margins.

So, if you look at something like wholesale, for example, although the data yield on wholesale is much lower than what your data yield would be on postpaid or prepaid, ultimately when you take it to value, to EBIT or EBITDA, you'll see it almost falls through directly because there's very little operational cost attached to it. Whereas if you do it with a postpaid or a prepaid, it attracts a lot of cost, opex cost to it.

So, we've looked at channel profitability, and there where channels are not profitable, we’re prepared to close them down. Well, firstly try and address them, and if it doesn't work, we are prepared to close them down. We need to have the right channel profitability. I've spoken a little bit about commission. I spoke about devices and then acquisition costs. So, acquisition cost is a big driver for us at the moment. There's a particular element that sits here, and this talks to you about the churn in that prepaid market that we continuously see. Imagine every month we have to acquire SIM cards. We have to put them in the market. It's a new connection in that month. I need to incur the cost. So, there are a lot of initiatives around acquisition costs. Of course, this is sensitive, right? When you start playing in the distribution market and you just take out costs, you need to be very cautious in terms of the impact it has on revenue.

In terms of our operating model, I spoke about customer focus and the fact that we need to focus on the customer. And this talks to digitisation, etc. Productivity. AI helps us improve productivity.

There are also many other areas that we can improve productivity.

And then I wanted to stop quickly on network and technology. So, there is a procurement element to it. There are a lot of contracts that we haven't had in place for a long time that we can unlock value and efficiency. So, we would need to work with our suppliers to get this done. And in this case, we’ve got GSSC, which is our centralised procurement system, a process that sits in Dubai.

We've got a team from Dubai coming down to help us as well.

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But I wanted to speak about IT a little bit. And I think what I positioned earlier was the BSS upgrade.

But it's not just good enough to upgrade your BSS. You have to upgrade your interface with the consumer. You have to get to a point where the consumer can, to a large extent, help themselves, that you don't need any further interaction. So, there's a lot of work that we're doing in terms of the consumer.

The financial framework. After I've said all of this, what does this really look like? And how does this work? I spent a lot of time on quality of revenue and revenue growth. So, I covered that block.

We're looking at margin expansion. So, I gave you a view in terms of what we are doing with margin expansion. And I want to stress again, this is not cutting for growth. This is cutting for efficiencies.

And then value-based capital allocation. Let's move the capex into areas that we believe can give us not only substantial returns, but that we can unlock value in the very near short term.

And this is where I want to stand a little bit still. If you look at where we position ourselves, and it was a conscious decision that was taken years ago to say, we want to be the best network in the country. And we want to leverage the position that we are the best network in the country. A lot of work in terms of this went into resilience when we had loadshedding. And we've achieved that now.

But it comes at a cost, right? And it doesn't necessarily add value.

For certain of our clients, it'll add value if we speak to the EBU or the bigger business and the banks. It adds value if you can say you're the best network. But for the consumer out there, does it mean anything in anybody's mind? And of course, what happens now, technically it happens because our speed is a lot higher than what other networks are. You consume data a lot quicker, even if you don't intend to. So, just scrolling down on Facebook, for example, it'll download the ad for you.

So, when we did some research into the market, we appointed independent contractors to do some research for us. It was clearly said, and we actually had a discussion with Meta as well, it was clearly said that if you look at some of our competitors, their speed was a lot slower. And therefore, when people say, I'm missing data, it's understandable, because you don't inadvertently now download content that you didn't want to.

So, it's very much moving away, not focusing so much on number one, but creating a resilient network that provides an appropriate level of service to the consumer at the appropriate level. If you want faster speed, we can give it to you. If you're more conservative in terms of data use, we want to provide you with the right level of experience. And of course, all that leads to stronger yield and stronger cash flow generation.

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I'm almost done. So quickly about working capital and cash generation. So, all of these things will obviously lead to an improvement, but there are some other steps that we are taking also. So,

South Africa, generally, historically, has been used as an incubator for some Group projects. So, when Selorm had spoken about the converged services that we have at Group, to a large extent, that sat within the SA structure for a number of years. And of course, when you're an incubator, you incur cost, but you don't necessarily generate the revenue.

So, the one example is converged services, which has now moved to Group. So, Group now is running that. And the other one for us is Mobile Money. On the Mobile Money side, we've invested substantial money into Mobile Money. Our focus needs to be in the market, and we're now busy carving out the Mobile Money entity, and it's going to go to Serigne, where they will focus extensively on Mobile Money. But it reduces our cost base, and it also allows us to focus on what is important, and this is the Connectivity business in the market.

A quick whistle stop in terms of guidance. So, we're still keeping the guidance as we gave it to you.

I think I'm far more confident now of the guidance than I was before, but we're not altering the guidance specifically. I do think that if we look at capex intensity, we're targeting 13%, but we'd have to go through a detailed process to make sure that what we're cutting doesn't hurt us.

Ladies and gentlemen. I've gone through all of this to give you a view. I'd love to go on, but I'm probably way over my time. I'm pretty sure I forgot a huge amount of things. But my team is available to answer any questions you have. And I'd like to introduce you to the team that is going to deliver this. It's not going to be me. It's not going to be the people in the room. It's going to be these people that develop it. And I'm honoured to stand here and represent the plan to you. Thank you very much.

Nastassia Arendse

Thank you so much, Ferdi, for that detailed presentation. Let's turn to MTN's largest market, which is Nigeria. It remains one of Africa's most significant digital growth opportunities and continues to play a critical role in MTN's long-term ambitions. To share his perspective on Nigeria, I'd like to welcome Chief Executive Officer of MTN Nigeria and Vice President for Francophone Africa Karl

Toriola.

Karl Toriola

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Y’ello, ladies and gentlemen. So, we'll start off, the agenda is operating context; some information on the strategy; most importantly the financial and capital allocation framework; and some key takeaways.

MTN Nigeria at a glance, you all know Nigeria well enough and how much it contributes to the

Group numbers, but we are Nigeria's leading operator and we structurally defended this over the years, keeping our market share well above 50%. It is currently at about 51.4%. This is driven by our network quality and deep brand trust, distribution scale, and these are barriers which are not easy to replicate. We operate in a high growth market, 2025 being a spectacular year, primarily due to the tariff increases - and I'll speak to that later - with a very large population, a large youthful population, and we still have quite a way to go on the consumption curve, particularly on data.

I'm extremely excited about opportunity in home. I'll speak to that as well. And we're not betting on a single thing, but we have multiple bets. Connectivity being, of course, the base. Digital, not as large in terms of contribution, but solid, continuous, steady growth. Home I've spoken to with a particular focus on FTTX. We think we are really, for all intents and purposes, the only player in that space. And of course, Fintech, which Serigne has spoken to, which we're very excited about, the place that we are right now, particularly with the announcement yesterday in terms of our platform. And we're very, very well positioned for the long term.

After the negative equity period of 2024, the rapid devaluation, our finance team led by Modupe, did some really spectacular things to our balance sheet. We completely eliminated all US dollar debt. And I think about 85% to 90% of our debt is on bonds with an interest rate of about 14%. So, a very strong balance sheet. We haven't rushed to look at additional leverage because we're in a very high interest rate operating environment, but we'll be very open minded to that as we think the time is right to strike on taking additional debt. And the history has shown that we've read that quite accurately.

We also offer attractive shareholder returns, a minimum of 80% of distributable reserves. You see that we resumed our dividend payments, and this is supported by very strong disciplined capital allocation structure, with a lot of focus on accelerating our free cash flow.

The team is on the screen. A lot of long-termers in MTN, people who have a deep emotional connection to MTN. But most importantly, a very clear track record of execution. We have a very high say-do ratio, and you'll see that in all of our commitments, tariff increases, FTTX, etc. So, we're very proud of this team. Some of them are in the room.

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Our subscriber numbers at the end of last reporting period, 89.5 million subscribers at the end of

Q1. Our data subscribers growing continuously, rapidly. Our smartphone penetration is at 66.2%.

You see further in my presentation, I speak to 50% smartphone penetration, but that's across the market. That actually tells you that we have a higher density of smartphone penetration in the market than our competitors have.

We've solidly maintained our market share in the 51% range. We believe that's a critical thing to defend as we grow our connectivity into the future. Capital expenditure, we cut back very aggressively during the negative equity years, but we're back to just under 20% range. You see the spike in Q1. We always get our factory out to generate the minutes and megabits very early in the year, so we always have a high capex intensity quarter one, quarter two, which tapers down further in the year.

And we continue to accelerate our population coverage, particularly with broadband population coverage. And you see there the growth of our revenue from 2023’s ₦2.46 trillion. We ended 2025 at ₦5.2 trillion. With our low 20%s guidance, you can do your estimates of where you think 2026 is going to go. Of course, we did still have quite a strong first quarter because we didn't have the full effects of the tariff increases flushing out yet. But our guidance is where we maintain our position.

Very strong EBITDA margin in Q1 of 55.3%, and all the other growth metrics very positive, particularly on the traffic and the broadband subscribers.

Our service revenue evolution has shown a 31% compound average growth rate, and you see that over the years from 2020 to 2025. Voice, exceptionally I think, is still growing at 16% CAGR. Data, very strong at 53% CAGR. Fintech, 34%, and as I've mentioned, we believe we're just at the start of that journey in Fintech. Yes, we had a few missteps, but I think we're getting it together now. Digital, very strong revenue growth, albeit not as large in terms of contribution, and you can see the others there. So, no need to go into that in any great detail.

I'll move on to the operating context. You all know we suffered from very high inflation as a result of primarily the currency devaluation, also the removal of subsidies in 2024. That has tapered gradually in 2025 and 2026. Of course, the conflict in the Strait of Hormuz has driven energy prices up. In some ways, in terms of supply chain, we're very resilient because of the Dangote refinery that's now operating at 700,000 barrels a day. But we're not immune to the input material cost of the crude oil price. So, a light lifting in inflation in Q1. We might see a bit more of that in Q2 as the full effect of the conflict on energy prices hits us. But what's very positive is we have a very well- governed forex reserve, rather than foreign exchange rates. The liberalisation was done. So, we

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10 June 2026 don't expect any of the extreme volatilities that we saw in 2023. We have actually a strengthening naira, contrary to what maybe a lot of the expectations were. And reserves are accruing steadily.

I spoke to the smartphone penetration. This is market wide. MTN smartphone penetration is about

63%.

So I think, by Nigeria standards, a very good macro. Yes, we could have better GDP growth. But as the full effects of the policies come into place, I think we will see further appreciation of our GDP growth rates.

In terms of key regulatory landscape decisions and activities, the NIN SIM registration, that was something which was really large and overarching over many, many years. I think that petered away into the background because it actually has strengthened our subscriber data integrity and our KYC compliance. We're extremely compliant. No real question marks around that space. We have an enhanced ecosystem security and very strong regulatory oversight in that space. So, we have no red or amber flags in the space of NIN SIM registration.

Tariff adjustment was done. Again, I remind the market that it was higher than all the expectations.

30% to 40% was the expectation. We got a 50% tariff increase which came through. And that was indicative of the understanding of the stakeholders that the industry actually needed this to survive. So, not only are we surviving. I think to a large extent we are thriving and it is helping us to drive our investments in the market. There will always be questions about further opportunities for further tariff increases. I think with this the door has been opened. The psychology is there that the industry will get to points when it needs further tariff increases. Of course, politics, election year, there are questions around that. So, we'll see how that plays out over time.

MVNO, an interesting piece of regulation. It enables infrastructure sharing and supports broader industry collaboration. We're supporting that as much as we can. And as you know, the entity which used to be 9 Mobile, now T2, actually roams on us. And we have this on the spectrum to support the capacity in that space.

Tax reform, I think there's been a lot said about it by Nigerian government. They have simplified the tax framework, enhanced transparency, and it makes it much easier to predict how your tax is going to play out in the future. And our regulator has a lot of focus on quality of service compliance with specific focus on quality of experience. But the positive thing is they’re not looking at enforcing this from a penalty means but much more from a compensation of subscribers, which is a positive step in terms of enhancing the quality of service.

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So, moving on to the market structure, I think the first thing I would like to say is we’ve had all the

nice awards

Fastest 5G network in West Africa. Best mobile network in Nigeria. Best video experience in Nigeria. I think those are really strong compliments to our network.

Looking at market share, 2023, just to mention that there was a restatement of one of the operators by the regulator, so nothing really effectively changed. It was just, I think, a correction of how market share was calculated or declared by one of the operators in 2023. So, it's safe to assume that all the way in the past few years, we've been in the 50% to 52% range of market share, and we've defended that robustly. We also do carry a majority of the 4G market share in the market.

Again, those market shares are broadly in the range of 56% to 58%. We're not losing any position there. It's something which we defend very, very robustly.

Quarter one, there's cycles of how this plays out every year, so we will maintain that. But what I think is quite interesting is that we started off with a coverage advantage on 5G. And we were holding 88% of the 5G traffic and users specifically, according to this chart in the market. Our competition didn't have much coverage. They've subsequently rolled out coverage quite aggressively, but we still hold 80.6% of the 5G users in the market. What does this tell you? The high-end quality handsets and consequently the high-end quality subscribers still remain with

MTN. So, that's an interesting little point.

A few comments on our Ambition 2030 and strategic positioning of our Ambition 2030. I'll start with the Connectivity business and make some comments to complement what Serigne and Mazen have spoken to. We will continue to focus on strong growth in our Connectivity and Digital businesses. We are going to absolutely sustain our data leadership. We will lead through superior customer experience. We have a programme now called the Heaven Experience, which is really driving at reaching that zenith, which is impossible to actually achieve in terms of customer experience and enhanced personalisation, driven a lot by artificial intelligence. So, that's a huge focus area of ours, and one of the things that we are going to use to draw value and market share towards ourselves. And as I've said, we protect market and value share almost at all costs.

We will be accelerating Own the Home, and we're very excited about it. There are a few slides coming up on that. We're scaling fibre to the home. We spent 2025 learning all the lessons around ramping up fibre to the home. And if you see the growth rates reported by the regulator, you'll see that pretty much we took all of the growth in fibre to the home in 2025. In 2026, I think we hit, according to the regulator reports, which are public, 126,000 FTTX subscribers, which is in multiple levels higher than the closest competitor. I'm talking eight to 10 times more than the closest competitor.

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We will, however, in parallel, as the opportunity arises and where we cannot address consumption through FTTX, we'll continue to accelerate our fixed wireless data uptake. So, that's still a major focus area on wireless to the home.

We will reposition our enterprise, learning from all the great examples from all the markets that we've seen, what Selorm spoke about, by driving and enhancing our enterprise business capabilities and converged services capabilities.

We'll continue to accelerate new business and innovation. We're simplifying our digital experience.

We have 8.1 million active subscribers, monthly active users on our MyMTN App. And we're using artificial intelligence to also drive hyper-personalisation. SIM registration procedures, smart capex execution and business intelligence in our marketing function. So, just on a speech prompt, you can ask in MTN Nigeria today, what’s the reason for the drop in revenue in one specific local government in this segment of subscribers in this age bracket? So, AI is real. I'm driven by the

Group initiatives. But we like to lead in that space. So, we're very keen on driving artificial intelligence in that space.

Serigne has spoken to Fintech. I will talk to one or two slides. And on Digital Infrastructure I think

Mazen has spoken to the IHS initiatives. I think one thing that we can say is the quality of service on our TowerCos, which is significantly important for our wireless quality of service, is much better managed by Bayobab than external parties. So, we're very excited about that, even though we're going to stress Mazen to the ends of the earth. And of course, there's opportunities working together with Mazen to scale and monetise the data centre opportunities in Nigeria.

Quickly on home, I think I've spoken to my excitement. Our market is extremely excited. Egerton, our Chief Broadband Officer, is in the room here. The pace at which we've accelerated and built systems to get to where we are on fibre connections is really superior to anything that we've seen in the market. We're taking pretty much the whole market in that space. It's almost a blue ocean space. I think we've heard that 80% to 85% payloads in developed countries are moving on to fibre home solutions, office solutions. So, we think on a long-term basis, that's what we can do.

And we're seeing good uptake ratios. We are increasing our ARPU by eliminating the lower consumption bands. So, we think we are getting pretty much everything right. And there is nobody in our space that is really coming close to us in the FTTX space. Of course, once you are successful, you will tend to attract competition. So, I'll take this slide as read, but we are, of course, focusing on where the opportunities for the highest homes passed to homes connected ratios. That is where

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10 June 2026 we are rolling out the fibre. And that gives us the quickest returns. We continue to use 4G and 5G with fixed wireless access to accelerate the rest of our space. We are very strong on digital sales and we've got a good sales and customer services maturing running there.

MoMo, so a big opportunity in MoMo. We're still very, very positive on the MoMo opportunity in

Nigeria. As of end of quarter one 2026, we ended at 3.3 million wallets. The opportunity, we think, in our Ambition 2030 is 20 to 25 million wallets. The current fintech space is US$5.2 billion. We expect it to grow to about US$17 billion in 2033. And there's a few things which we're going to use to drive our advantage. Our distribution network has always been that. The brand trust. If you go into the hinterlands, the rural subscribers, the unbanked, are very quick to adopt MTN as a brand.

They have immediate trust because they've experienced us. And then we have a multi-channel strategy.

So I will just go to the next slide which actually shows on the bottom the key business enablers which really is going to drive the success in Fintech. One is the tech stack transformation. Serigne has spoken to that through the announcement yesterday. We think that one of the things that really held us back, we didn't have the right tech stack to compete with the type of people that we have in our market. We all know that Nigeria is probably number one and number two in terms of the advancement of the market for financial services.

There's a lot of work that's done on the retooling of our skills base and the people that we have in the organisation. There'll be a few announcements following that. Our brand, very strong.

Immediate trust from customers. They have a trust in placing deposits into wallets in our names.

And then there's, of course, licence optimisation. We've spoken to an absence of a direct remittance licence, a lending licence. And we're working on evolving that. And of course, very strong governance. So, I won't dwell on this extensively.

Quickly on the financial framework, you can see how we've grown, starting with the revenue lines, how we've grown voice, data, fintech and other services, and digital from 2023 to date. 2023, data Commented [HG1]: Corrected to align with slide 17. accounted for 44%. It's in 2025, in the range of 54% and growing. We see it in 2030 coming to 60%. Please confirm

Voice remains very material. We continue to grow on voice. It's very material. But of course, with the accelerated growth on data, it will taper out over time. And then we see our opportunities in terms of financial services and digital continue to grow. But of course, the growth of the other revenue streams will somewhat crowd their growth contribution out of this.

So, in 2030, expecting that mix you see on the board, 25% range, maybe a bit less on voice, 60% on data, 5% on fintech, etc.

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The financial framework is driven by a few key things. Service revenue growth, we’ve given the guidance of at least 20% service revenue growth short-term guidance. Margin expansion, we expect an EBITDA expansion from operational leverage and expense efficiencies of mid-to-high

50%s, again emphasising that we have zero forex debt on our balance sheet today. Also very low leverage.

We'll continue to drive digitisation of our processes through artificial intelligence. And then we have a very clear value-based capital allocation, so stable capex intensity. And when we do deploy capex, I will emphasise this, the first and easiest and most efficient way to expand your network capacity is spectrum. So, as we find opportunities to acquire further spectrum, we will never pass those up as long as we're allowed to by the regulator. So, we focus always first on spectrum acquisitions, but then also on rolling out the capex in the right places and maintaining our position in terms of market share and value share.

So, we do those right, and it leads to very attractive free cash flow. And you'll see that come through in our quarter one results, and eventually, ultimately, in our dividend payments. So, it's mentioned there are capital allocation priorities. We start with network investment. It is mentioned in spectrum efficiencies here. Capacity upgrade, 4G and 5G coverage expansion, FTTX. Those are the focus areas. Shareholder value, dividend to shareholders of at least minimum 80% net distributable income, and we've maintained the minimum as long as we were in positive distributable income. You remember that we actually paid the dividend in quarter three once we came back into positive reserves.

Our platform enhancement will continue in terms of our data centre expansion with Bayobab of course. We will drive artificial intelligence investment. And of course, we continue to optimise and leverage our capital structure. I’ve spoken to how little debt we have there, absolute zero forex debt in that space.

A quick slide. I think Ralph has actually covered this in entirety in his introduction. The energy pricing for H1 has already been banked. Quarter one was defined by the end quarter for 2025 rates. Quarter two energy prices are defined by quarter one prices. So, that is all banked. We all know what the energy price is going to be for H1. H2 is going to depend on of course our current macro realities. And we’ve given a guidance indication that we expect an impact of 1.8% to 2%

EBITDA impact on the basis of a ₦2,000 price for diesel in the country. So, I think that is well covered by Ralph already and no need to dwell on that extensively.

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Key takeaways. MTN Nigeria is the leading operator in Nigeria. We protect robustly our market share and value share. And we're anchored by network quality, strong band trust, and a large distribution scale. We still believe that we're in relatively early demand curve stages, most certainly on the home solutions, particularly with focus on FTTX, with structural tailwinds coming from rising data and digital adoption. There's a whole generation of digital natives that are in Nigeria that are adopting our technology at the speed of light.

The fintech opportunity is now really well positioned. Both Serigne and I are completely aligned and very excited of where we are now to take advantage of all the assets that we have, the technology that we're putting in space and the changing competencies that we'll have in that space. And we think that's going to really to make material inroads going forward.

The strongest balance sheet possible, some might say actually too strong. There's someone in particular that I'm looking at when I'm making that comment. And we'll explore how that evolves, particularly as interest rates and the cost of debt comes down in the market.

And a continued disciplined capital allocation framework which supports sustainable returns.

Sustainable returns which are a lot less at risk than they were previously because we've eliminated our US Dollar debt. And with the renegotiation of the IHS contract, regardless of what happens with Mazen and Co going forward, in August 2024, we've significantly reduced the US dollar component of that contract. So, really strong, robust business, excellent management team, hyper-competitive in everything that we do, and very positive about the future. Thank you very much.

Nastassia Arendse

Thank you, Karl, for your presentation, really reinforcing why Nigeria remains such an important growth market for the Group. And just as a side note, we are continuing with what I call the entirely unofficial audit of visible MTN yellow. So, you can see if you can spot it among the team. I'm going to call this the MTN spirit rankings. And I spotted my next speaker. And he's wearing a yellow pocket square. So, making an early lead there in my MTN spirit rankings. Let's see if you can spot any other yellow. But my next speaker is going to be giving us an update from Ghana. And I'd like to welcome to the stage the CEO of MTN Ghana, Stephen Blewett. He will share some of his thoughts on the business in that market. Ladies and gentlemen, please welcome Stephen.

Stephen Blewett

Good morning, everyone. I'm always inspired when I see that video. That's the reason we do what we do. I almost forgot to stand up because I was enjoying watching our country Ghana, a wonderful

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10 June 2026 country. When I was thinking about what we would present, there's a question that I get all the time, a question that you're probably thinking now, and a question that most of you have asked

me frequently. And the question is this

How sustainable is the performance of MTN Ghana? I'm asking the question you're thinking already.

So, what we're going to do in our presentation, I've been told to keep it crisper. It seems to be getting crisper as you go further along. It's crisper than crisper. What we're going to do in our presentation, which we're going to share with you now, is by the end of this presentation, we would have shown you that the performance is sustainable. And why is it sustainable? It's sustainable because it's built on our Ambition 2030 strategy, which we are delivering on. That's why you can trust us to have a sustainable business.

So, I'll take you through that, and you will see that as we go through together. There's our agenda.

We'll just quickly cover some key messages. We'll go through MTN Ghana at a glance, our operating environment, the strategic outlook that I mentioned, and we'll give you some key takeaways as we go forward.

So, what is our key message? If I look at this slide holistically, there's a lot on the slide, but the key

message is this

We are executing strongly and we have a robust performance. The execution is key and it's delivering results. And that's really a summation of everything on the slide, is that we are doing that. Now, the last point is we have a team that does that.

And that team is this team. There's a very strong depth of knowledge and experience of our market.

We've had some of our team that have gone into other Opcos, come back to Ghana, so they bring that experience with them. A very experienced team. And we all focused on ensuring that we deliver performance, that we execute with agility, that we are looking to continuous improvement for our customers, and that within our work environment, that we are delivering an environment where our staff feel appreciated and enjoy the environment they work with. That allows us to produce results. Beyond that, we have a board that is supportive and actively involved in our business. And that allows us to perform the way we do.

A bit about MTN Ghana at a glance. Similar to what Karl was sharing, this is a business that sits in a very strong strategic position. We have a market share in the mobile market of just over 70%. In the MoMo it's over 82%. We have a strong network. We are trusted. The brand is trusted. And that's really key because the brand forms the basis for how we perform. And our distribution is very strong. And that creates quite a nice moat around our business in terms of executing and bringing our go-to-market strategies alive.

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If you look across the slide, I'm hoping you're seeing all the key elements. But I'll call out some.

There're no single bets. And you'll see just now when I show you the evolution of our revenue that that is the case. What you can also see, which I'm sure some of you picked up, we do have a 60% to 80% dividend pay-out. However, you may have noticed that now we've committed to a quarterly dividend pay-out. So, that shows the resilience and the performance of this business.

So, let's talk a bit about our overall business performance. We have 31.2 million customers in our business. The smartphone penetration is key because that allows some more growth for us, and

I'll talk about that a bit when we look at data. We have a healthy EBITDA margin of 60%. You can see there that it's 24.4 billion at the end of last year in revenue. Our capex investment has increased the capex intensity. Our medium-term guidance is to reduce that, and that still remains.

I'll mention that later. However, you need to put next to that a return on invested capital, which is, at the end of last year, almost 66% return on invested capital. So, a good dividend pay-out, strong business, and we have a 70% market share.

Just to talk and touch on fintech a bit, Serigne mentioned a bit about the different markets. Let me give you first an anecdotal view on MTN Ghana. I've had the privilege of working in quite a few markets. One of the things that struck me when I came to MTN Ghana is that the fintech model is pervasive, the ecosystem. You never go to someone in Ghana, and Selorm would know this as well, you never go there and ask someone, do you take mobile money? It's default position. That's how far the ecosystem has developed.

What are some of the key aspects I'd like to pull out here? Obviously, the MoMo revenue is growing well. The transactions are growing well. The active MoMo users are growing at a good pace. What's key there is two numbers I'd like to call out. Active agents, active merchants. Those are the people on the ground enabling your business. Those are the people allowing us to scale our fintech, and very important for the growth of fintech for MTN Ghana.

Let's have a look briefly at our evolution of our business. This slide really speaks to the point of our shifting business. So, if you look at our compound annual growth rate, we're looking at 35.4%.

But what's more important than that is where is it coming from? And that speaks to us performing against the strategy, because you've got 51% growth coming from data. Voice still growing. It's still there. And later on, I'll show you how the mix has changed in the right way. And then MoMo revenue also doing very heavy lifting and growing quite nicely. And digital showing some unbelievably good performance. So, later on, I'll double click on that quickly and tell you about that. But a good, robust business growing in the right ways.

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If you look at our macros, and we've had a big improvement in our macros, as you all know. We know that the GDP has improved 5.5%. We've got an improvement in inflation. It's now down to

14.6% at the end of 2025. And the FX rate is pretty stabilised. So, that creates a nice environment in which we operate. As you can see, the 63.4% gain in the Ghana Stock Exchange, make it the second best-performing market based on May's statistics. So, the stock exchange in Ghana has been a well-performing stock exchange. And it's one of the most attractive digital financial markets in Africa, Ghana.

Well, what about our competitive landscape and where we stand? Similar to Karl, we've invested a lot in the network. And that has led to us receiving certain accolades in terms of the performance of the network. But we can't just stop there. We need to continue to improve our network. One of the reasons we have managed to acquire this data market share is because we've invested in the network. Over the last five years, we've invested US$1 billion in our network. During times of hyperinflation, we continued to invest.

Now, as we get to where we are now, we are looking at doing 800 more sites in this year over the next 12 months from now. That's to increase our coverage, which is important for quality of service.

And we have spoken about a US$1.1 billion over the next three years, so the cadence has improved.

Now, nothing changes when it comes to that. You'll see later that that's still predicated by the fact that we want to continue giving our medium-term guidance returns. So, it's not like we're just spending. We're spending where it makes sense.

The regulatory environment. We do work within a regulatory environment like everyone else, and there are obviously different challenges. One of the key things at the moment, or some of the key aspects that are on the slide, you can see is there are some new policies coming out, which we're engaging on. You also see there's a lot of discussion around 5G, some of us have discussed it, around 5G and the deployment of 5G and a 5G licence, that's also under discussion.

SMP and in particular quality of service has been a big discussion point, hence the reason I'm speaking to you about us investing in these sites that we're doing now. These are all very important areas of our business, but I can assure you we are proactively engaging with our regulators, to ensure that they hear our voice, our voice is in the room, and that we can discuss these. And they've always been open to that. So, we proactively engage in the regulatory environment.

What is our strategic positioning? Well, Ralph spoke to this earlier and gave you this, so I'm not going to go through each of the individual items. By now you know them, the Connectivity, the

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Finech and the Digital Infrastructure. I'd like to draw your attention to the bottom, which is what underpins this? What underpins this is the continued revenue growth we have. What also underpins it is business diversification, which means different streams of business that we are encouraging and working on, which you would have seen in our numbers.

Cost efficiency. You're always going to focus on cost efficiency when you are at the top of your game. Why? Because you need to make sure that nothing is left to us not managing it correctly.

So, we always do it every day. Now, cost efficiency sounds counterintuitive to people when the performance is so high. But you always have to then pay more attention to it. And our team knows that and focuses on that. AI for growth and efficiency, there is AI Inside that we're working on. And a lot of that's around how do we give our customers a better experience, and we can engage better with the customers, as well as offerings to customers.

And then force for good. Force for good goes beyond just through our foundation. It's how we work with our stakeholders to ensure we are a positive force for good due to our size.

Some of this, similar to what Karl talked about, our focus areas, mobile data, digital, home broadband, and fintech. I'm going to deep dive into all of them. So, I'm just going to show those to you, and I'll deep dive into each one briefly so that you can get a flavour of them.

Mobile data. Mobile data continues to be a key element for us in securing and growing our business. Now, this part of our business has a lot of runway. We're seeing it becoming a 60% revenue contribution to our business. How do we see that happening? We see that because there's still a lot of growth in terms of smartphones. We are at 70% smartphone penetration. That means there's still a long way to go.

But within that, you have customers that may be on 3G devices who had moved to better devices,

4G devices. We also see opportunity to move customers who are currently on 3G to using 4G and ultimately 5G. So, these opportunities within data in all of those areas to continue to grow. And we see that as a key opportunity. And the 60%, we believe, is the direction we'll head in by 2030. And it's our largest growth engine.

Digital, we're particularly happy with the performance of digital. For many years, our digital sat at about a 1.5% contribution. At the end of last year, it had gone to 2%, showing exceptional growth.

100% year on year, so outpacing the rest of the business, which is quite key. Where is that growth coming from? Well, it's coming from things such as what I've mentioned there somewhere, 202% on gaming, not betting, gaming.

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So, what is that? Well, we have a youthful population, especially for data this is very key. That population communicates via gaming, multiplayer games. And I still mentioned gaming. It's very key for them. And we've noticed that continues to grow in scale, a great opportunity across multiple… because it's one MTN, three platforms. So, in gaming, you can have someone using your

Mobile Money to pay for a particular game. They're using your data and they're buying a service, a gaming product or gaming package under your digital offering. So, it brings all three together. A very exciting growth area for us in Ghana, and we're already seeing the growth in that. Besides that, Selorme mentioned MTN One TV, and we are ready to launch that over the next few months.

I'd be remiss in not mentioning that our MyMTN App is now at five million MyMTN App users, so that's quite key. It shows you that our customers are enjoying the app and enjoying engaging with it, and we'll continue to drive that as part of our digital growth. And we hope to get - we will, not we hope - we will get above 3% contribution from digital.

On home broadband, obviously, like Karl was mentioning, a key growth area for us. 189,000 homes connected. That's homes connected. We will continue to grow that at a three to four times multiple.

We see a lot of opportunity there. We have got a well-developed process of rolling fibre to the home. We're looking at how we manage those costs effectively. We have got a home app that allows customers to engage with us. And when you think home, don't always think the home you may think of. I sent Ralph something the other day showing these small homes that we're doing that we are connecting fibre to.

There's an opportunity cost saving with home as well because you move heavy usage onto the fibre and off the broadband network, mobile broadband network, which obviously brings you some savings. And we do obviously see opportunity in FWA. But for us, FWA, we have some of it on 4G, but we would like to do that under 5G, because it gives you scale and a better experience. So, that's broadband.

Fintech. Fintech has continued to produce stellar results. We see them as a 20% contributor to our revenue. And the key thing with our Fintech business is it's a focused business. As Serigne has said, and I think Ralph said it, this business is separated now. So, what does that do? That allows this business to focus. It allows this team to focus. But we are one MTN, and we work hand in glove across everything. And you will see that in our numbers, and you can see it in our performance.

But this is a very robust business, and they are totally focused as a separate entity. And we look forward to them scaling to 21 million and above active wallets before 2030.

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What does our financial framework look like? Well, I suppose I don't have to explain too much here, because you see it in the numbers. We have good service revenue, and that service revenue allows us to produce good returns. And we have focused on margin expansion. So, cost efficiency is always there. It's not that Tsholo says to us, oh, you're doing okay, 60% EBITDA margin, we're not going to give you EEP targets. It doesn't work that way. We have the same targets as everyone else. So, margin expansion. But margin expansion comes when you're disciplined in your costs and your capital allocation.

So, the next point, value-based capital allocation. So, we're always looking where the next opportunity and how we can do it efficiently. And that has positioned us as a business to have a very attractive free cash flow. And you would have seen that. And this is an important slide on our mix. Karl has it as well.

What's key here is, if I had to summarise this slide, and this is why this slide is so important, this slide is telling us that this business is executing against our Ambition 2030 strategy, and it's shown in the numbers. I'm sure if I'd asked Selorm's grandmother, she would say, people talk, numbers shout loudly. And what are the numbers shouting to us? His gran is very, very wise. I speak to her every day. That is the main reason we do so well.

Okay, so what are the numbers telling us? The numbers that are shouting loudly are telling you as investors that this business is evolving in the right direction. Why? Because data has gone from 44 to 55%, and will go to 60 to 65%. It's telling you that voice is declining as a contribution. It's growing, but its contribution is less because it's being outpaced. It's telling you that MoMo continues to be front and centre. And it's telling you that digital will continue to grow. Now take that, put it on top of our Ambition 2030 strategy. That's what it looks like. That's what the numbers should look like.

Okay, the next slide. And if you've zoned out, come back. Because this is the slide that is going to tell you what I started with right in the beginning. I said there's a question that, can we sustain the growth? Here's the slide that tells you we can. So, we can sustain growth in mobile data. And I've mentioned why. Expanding our users, protecting our high-value customers, offering more, and growing our mobile data ecosystem. And I'll come to enterprise now and tell you how that also underpins it.

Expand our fintech ecosystem. So much opportunity, especially across lending and other advanced services products. Shaibu and the team are driving that hard, and they're doing an excellent job.

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Win at the home. That's something that we're totally focused on. Not only getting into the home but layering OTT services. You know, we have something in the home called geek squads. I was told to explain it, and I'll tell you now what it is. When we go into a home, there's no point in us just putting a connection. You all have devices in your homes that can connect, but we go in and help you connect them. You'd be surprised how many people don't know they can do wireless printing to the printer in the home. When we do that, it creates a relationship that people want to stay with us. Beyond that, you have entertainment services, security services, and and and ,layering on top.

So, that's where we're going with home.

Enhancing digital. You will see us continue to enhance this. We are really getting scale in digital, and we're getting the momentum. And you can see it in our numbers. Accelerating enterprise, I haven't spoken too much about this. David will hunt me down afterwards, so I'll speak about it now.

Our growth in enterprise is outpacing our total growth, our compounded annual growth rate of 35.

It is much higher than that. Where is it coming from? It's coming from attracting SMEs, converged services and connectivity products.

I said to our head of enterprise when I came to Ghana a few years ago, I said, everyone tells me they're going to crack SMEs. Are you going to be the one to do it? I can stand here today and say she has done it. And we're seeing it in our numbers. So, we have really amazing products under that and working with the Fintech team on that.

And then finally, cost optimisation will continue to be there. We will always look at how we can do things more efficiently and deliver shareholder return.

So, that's our medium-term guidance. You're all aware of it. It hasn't changed. Service revenue growth, mid-to-upper 30%s. Why? Because we've got so many good opportunities that we're capitalising on. EBITDA margin, mid-to-upper 50%s. Improving intensity. We will improve the intensity as we go forward. And the dividend pay-out ratio, 60% to 80% with a quarterly pay-out at the moment.

So, what are your key takeaways? First of all, we are on track to meet our medium-term guidance.

Secondly, MTN Ghana's growth is real and it's anchored on our clear six growth levers that I showed you in that slide I asked you to pay attention to. Our growth translates into free cash flow.

Our business has no leverage at the moment, but I'm sure I'm going to get the same question Karl got about lazy balance sheets or lazy CEO, one of the two. So, free cash flow, we have zero leverage at the moment. Doesn't mean we won't. It just means at the moment. And finally, our performance is sustainable, and you can be sure of that. Thank you.

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Nastassia Arendse

Thank you, Stephen, for that presentation. What we're also learning is that Selorm's grandmother seems to be consulting across all markets. We can see how we can get that information through to you at the end if it's going to be useful. So, gentlemen, thank you so much for those presentations. If you can join me on stage, let's get into the Q&A session.

So, we're going to do it the same way. I'm going to take a couple of questions in the room and then a couple of questions online. And then, if there are any other questions that are left unanswered, we'll leave it for that tea break interaction or a little bit later on. So, the first question reads, and

this relates to Nigeria

with SA reducing their airtime lending, do you have the same view in

Nigeria? There are new regulations coming through. Perhaps take us through this.

Karl Toriola

Okay, I think we were more conservative with the quantum of airtime lending we were doing.

Somewhere around 26% of our recharges came through airtime lending. So, we didn't have as high a concern as Ferdi would have had in that space. Now, regulation was introduced, which determined that people had to be licensed to provide the service and we were instructed to stop.

We complied immediately.

That regulation has been, in this interim period, struck down. We don't know whether it's going to be reinstated. That's up to the courts. And we will reintroduce airtime lending, but we'll be careful to ensure we do it in a measured manner to ensure that it protects the interests of MTN and the interests of the subscribers. And that's our objective on a long-term basis. Thanks.

Nastassia Arendse

Okay. Let's take questions in the room. If you could just introduce yourself and the organisation.

Myuran Rajaratnam

Thank you. Myuran from Metal Industries Pension Fund. A question to Karl and Ferdi about Ghana.

At some time in the future, Ghana is going to make more profits and send more dividends to the mothership than you guys individually. So, are you going to be happy with that?

Karl Toriola

Let me start off. We are all part of one group, so we're happy for everybody to send a lot of profits to MTN Group. And I think we think Ghana's done great. A lot of things we learned from them. Look, we've all gone through cycles in our time. There was a time there was a huge devaluation in Ghana.

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Stephen wasn't there then. And we have recently come out of our cycle. Look, at the end of the day if Ghana does that, everybody wins. But we're still a 220 million subscriber nation. Read through our numbers for quarter one, and we'll see how the year plays out. But honestly, we're very happy with it. Ferdi?

Ferdi Moolman

I think it's important. Historically, really, it was based on South Africa and Nigeria largely. We were always looking at diversifying the revenue and I think it's excellent that Ghana stepped up. I think there are a lot of initiatives also that are very interesting in Ghana. So, I think it's more than just the value that they upstream, it's also how they develop the market. A very, very efficient and effective team. So, I think it's wonderful news. I look forward to much more coming from the other operations as well. Right. Diversify the portfolio and grow. Wonderful.

Nastassia Arendse

Any other questions from the floor?

Mudiwa Gavaza

Good afternoon. Mudiwa Gavaza from Business Day. I've got a question, one for Ferdi, one for Karl.

I think Serigne gave quite a bit of detail around Fintech, the Ant partnership. But up until this point, just giving a characterisation of Fintech in Nigeria, what have the dynamics looked like up until now? The issues around the PSBs and some of the gaps that were being identified by Serigne.

What was leading to some of that, some of those dynamics? It's just to understand what the market looks like broadly and how MTN has been playing there.

And then for Ferdi, it's just around the home, the different propositions that you identified, from

AirFibre to Supersonic, having your own MTN branded product there. Does that cause any confusion? How do people respond to having all of these different propositions that they can take on?

Karl Toriola

Okay, really in a lot of ways it's Serigne's question to answer. Maybe you can top and tail maybe at the end or another session. But let me start off by saying that the markets where we've done exceedingly well with our financial services, we entered as greenfields. We started markets like

Ghana in 2009. There was really no digital solution, even on as basic as USSD. And we captured all of the opportunity, growing gradually over this period of time.

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We got our licence in Nigeria at a point in time where Nigeria was a very advanced market.

Probably, between us and South Africa, the most advanced market that there is. We've had switching between financial institutions in Nigeria for 15 years. Instantaneous switching. So, you transfer from MoMo to Access Bank, you get credit within half a second. You don't see that in most

Western countries today, by the way. And so we entered into this space with very high penetration of digital services, very highly digital-native banking services outside of the rural areas, and very aggressive traditional banks and financial services companies like Moniepoint, OPay, etc.

And we entered with like three different balls tied to our legs, weights tied to our legs. One was the platform. The platform wasn’t fit for purpose for that kind of market. That has been fixed through the announcement that came through the Fintech space. That has been long in progress, by the way. So, it’s not just an announcement. There is a lot of work that has gone on behind that. So, that's one.

The second was licensing. MoMo PSB was deliberately designed, influenced by the traditional

Nigerian banks to hamstring us. And so, we pretty much had a wallet that could do P2P transfer and really not much else. Now, the philosophy of the central bank has changed, where they said, come one, come all, any licence you want, we'll give you, as long as you're compliant with all the fiduciary and governance regulations. And so, we're going to build on top of that and get all the licensing that we need to provide a holistic bouquet of services.

Finally, in this kind of hyper-competitive digitised market, there's a certain set of skills that we need, which are different from the skills that we used to build up. Those were really S&D foot soldier field activation skills that we use to build up the historical MoMo business. We need a whole new different set of skills. I think our other markets have developed those as they've gone along. But in Nigeria, we need a whole new different set of skills to drive competitiveness in our market. And that's also part of the things that we… I think Serigne made a mention that there are some announcements imminent around the competencies that we'll have in our business.

Ferdi Moolman

Let me talk Supersonic quickly and home. I want to answer the question a little bit broader. I think what is important is the support structure for home is actually totally different to the support structure we have for mobile. I think in Stephen's presentation, he alluded to it. What did you call these people? Geek squads that go in, right? I mean, you look at that support structure, it's completely different to the mobile side. So, this leads to how do we ultimately go to the market? Do we take MTN? Do we take Supersonic? Or do we perhaps look at something completely different?

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My point just was that the brand is still exceptionally strong, and that when we moved Supersonic or we created a fibre product on the MTN side, the brand pushed a lot of it. So, we are busy unpacking this. What does it really look like? Would we do the full support under MTN? Would we do it under Supersonic? Or would we perhaps do it under a different structure? So, we would need to get a clear answer for this, both from a sales point of view as well as from a support structure point of view.

Nastassia Arendse

Okay, so I'm going to wrap this section of the Q&A with a quick one for you, Stephen. And it says here, you've stepped up your towers investments this year. Are you anticipating greater competition or regulatory pressure?

Stephen Blewett

Yeah, both. I think as a business, as I alluded to when I talked about data, you need to have a robust network because that underpins your data performance. So the first thing is, and just to put it in context, we only did 50 sites in 2024, and about 50 in the time. So, it's a big scale. The main reason is there's been a lot of peri-urban creep. So, we needed to cover that, and for a quality of service point of view, but also to ensure that our network is robust enough to cope with our customers taking over 18 gigabytes per customer. So, it's high usage, and it puts a lot of load on the network.

So for us, it was very important to allow that coverage to happen, but also to have a better experience, because that helps you to manage your pricing, etc.

Nastassia Arendse

Okay. Gentlemen, thank you so much for your time and engaging with us.

End of session 3.

Edited for accuracy.