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MTN Nigeria Results presentation 31 December 2025
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The information contained in this document (presentation) has not been verified independently. No representation or warranty exp ress or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained he rei n. Opinions and forward - looking statements expressed herein represent those of the MTN Group (the “Company”) at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that cou ld cause actual results, and the Company plans and objectives to differ materially from those expressed or implied in the forward - looking statements. Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (whether based on negligence or not and/or otherw ise ) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in the statements from the presentation whether to reflect new information or future events or circumstances otherwise. This presentation does not constitute an offer or invitation to purchase or subscribe for any securi tie s and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation and any related conference call or webcast (including any related Question & Answer session/s) (“contents”) ma y include data or references to data provided by third parties. Neither the Company, nor any of its administrators, directors or employees, either explicitly or i mpl icitly, guarantee that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep the contents updated, nor to correct the contents in the event that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, the Company may introduce changes it deem s f it and suitable, and it may also omit partially or completely as it deems it necessary any of the elements of this presentation, and in case of any deviation be tween such a version in question and this very presentation, the Company assumes no liability for any possible or identified discrepancies. Disclaimer
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Agenda 1 Business Overview 2 Financial Re view 3 Looking Ahead 3 Q&A
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Karl Toriola CEO Business overview
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5 Key messages Financial review Q & A Looking Ahead Business overview 3 Results underpinned by strong commercial momentum and effective execution Strong topline growth and margin expansion in supportive macro conditions 1 5 Solid financial profile with reduced forex exposure and stronger liquidity Robust free cash flow, reflecting operational efficiency and disciplined capital allocation 4 2 Positive retained earnings and shareholders’ equity with total dividend per share of N20 1 1 Interim dividend of N5 plus proposed final dividend of N15 per share
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6 Operating context 3.8% 3.1% 4.2% 4.0% 2.0% 4.0% 6.0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Economic Activity Real GDP growth rate 2 29.9% 34.8% 27.6% 15.2% 13% 17% 21% 25% 29% 33% 37% 41% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Inflation trend 1 2024 2025 Improved macro environment ▪ Inflation eased to 15.2% (rebased), supported by effective monetary policy ▪ Stronger naira supported by healthy FX reserves and CBN interventions | Improved FX liquidity ▪ Robust economy in Q3 2025 despite lower oil output with 2025 GDP growth projected at 4.5% 1 ▪ Growth supported by resilient non - oil sectors 1,535 1,537 1,530 1,475 1,436 40.9 38.3 37.2 42.8 45.0 Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 Exchange rate (N) and FX Reserves ( US$’bn ) Exchange rate 1 FX Reserve 1 Financial review Q & A Looking Ahead Business overview Data source: 1 Central Bank of Nigeria (CN) | 2 National Bureau of Statistics (NBS)
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7 Key financial highlights Sustained profitability and strengthened financial position 1 Excluding the once - off USSD revenue recognition in Q4 2024, FY 2025 service revenue sustained a strong underlying growth of 58.8 % 2 EBITDA less cash - related capex and accounting for working capital movements, income tax and interest paid | t – trillion Financial review Q & A Looking Ahead Business overview Service revenue 1 EBITDA Capex (ex - leases) Data revenue EBITDA margin Capex intensity Voice revenue PBT FCF 2 + 55.1 % +74.5% +42.1% +215.5% N1.2t Growth Earnings Capex & Cash Flow + 108.9 % N2.7t +13.6pp 52.7% + 408.2% N1 .7t + 126.2 % N1.0t +6.1pp 19.3%
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8 Connectivity | Solid commercial momentum Strong commercial momentum through demand resilience, network investments and disciplined execution Financial review Q & A Looking Ahead Business overview MOU – Minutes of use; ARPU – Average Revenue Per User; GB – Gigabytes | 1 Strongest subscriber growth achieved since 2022 10.9 13.1 FY 24 FY 25 47.7 53.2 FY 24 FY 25 Active Data Subscribers (m) Data Usage per Active U ser (GB) 11.6% 20.0% 80.9 87.3 FY 24 FY25 145.7 144.5 FY 24 FY 25 Subscribers 1 (m) MOU/Subscriber 7.9% - 0.8% 58.2% 66.1% FY 24 FY 25 Smartphone Penetration 7.9pp Blended ARPU (N) 3,222 4,685 +45.4% FY 24 FY25
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9 Fintech progress Fintech strategy recalibration yielding positive results 3.8 9.8 FY 24 FY 25 Customer Deposits ( N’bn ) Active MoMo Wallets (m) 156.1% 30.8% 2.8 3.7 FY 24 FY 25 Core fintech Revenue 1 ( N’bn ) 3.8 10.9 FY 24 FY 25 188.0 % Financial review Q & A Looking Ahead Business overview ▪ Scaled rural distribution engine to deepen market penetration and financial inclusion ▪ Strengthened CVM initiatives to drive customer retention ▪ Improved MoMo PSB app experience ▪ Intensified agent and merchant activations Growth Enablers 1 Core fintech revenue excludes Xtratime
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10 Creating shared value cm Financial review Q & A Looking Ahead Business overview Eco - responsibility Commitments Sustainable Societies Sound Governance Economic value - added “We are committed to protecting our planet” “We are committed to driving digital, financial inclusion and diverse society” “We are committed partners with stakeholders to create and protect value ” “We are committed to boosting inclusive economic growth on the continent” Achievements ▪ 6.7% reduction in Scope 1 and 2 emissions ▪ Integrated 229 solar - powered rural telephony sites (up 18% YoY) ▪ Maintained a “B” rating for climate change and a “C” rating for water security ▪ 3.7m active MoMo users (up 30.8%) ▪ 91.2% broadband penetration, up 1.1pp ▪ 43.4% female representation in workforce (up 2pp) ▪ N2.7 billion committed to corporate social investment ▪ 80.2% reputation index ( 5.22pp above the benchmark of 75%) ▪ Best ESG Disclosure and Transparency Award by the African Securities Exchanges Association (ASEA) ▪ Recognised as the Most Compliant Taxpayer by the Nigeria Revenue Service (NRS) ▪ N1.0 trillion Capital investment ▪ N878.7 billion in taxes, levies and duties paid to the government ▪ Declared over N424 billion in dividends
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Service revenue EBITDA Margin Capex Intensity 11 FY 2025 Results vs. Guidance FY 2025 performance in line with our single - year guidance KPI FY 2025 Single - Year Guidance FY 2025 Performance At least low - 50% At least low - 50% ‘Upper teens’ 55.1% 52.7% 19.3% Financial review Q & A Looking Ahead Business overview
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Modupe Kadri CFO Financial review
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1 3 Factors underpinning our performance Overall, we delivered positive retained earnings and shareholders’ equity of N400.4 billion and N548.7 billion, respectively. Proposed final dividend of N15, bring ing the total dividend for the financial year to N 20 per share Financial review Q & A Looking Ahead Business overview Improved macro conditions ▪ Stronger naira and improved FX liquidity ▪ Easing inflation Price adjustments ▪ Regulatory approval of a 50% price adjustment in January 2025 ▪ Commenced phased implementation in mid - February with full impact realised starting from Q2 2025 Operational efficiency ▪ Significant savings from the renegotiated IHS contract ▪ Savings from reduced FX indexation, cap on CPI escalation, diesel price indexation and discounted use fee ▪ Savings from underlying expense efficiency initiatives Enhanced capex ▪ Accelerated investment in connectivity and platform ▪ Improved quality of service and user experiences
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14 Revenue and expense profile Strong topline growth and cost efficiencies Resilient topline growth | Service revenue +13.6%*, ex - MTN Sudan Financial review Q & A Looking Ahead Business overview 1 Other includes enterprise, ICT & SMS Expenses ( N’b ) Revenue ( N’b ) 1,519.2 1,772.6 528.2 688.3 2,047.4 2,460.9 FY 24 FY 25 + 20.2 % Cost of sale +30.3% 64 .5 FY 2 4 FY 25 1594.4 1,302.1 106.5 73.1 218.0 2,782.0 1,850.1 191. 3 63.0 217.2 3,358.5 + 54 .9% Data +74.5% Voice +42.1% Other 1 - 0.4 % Fintech +79.7% Digital +36.0% Wholesale - 2.3% 5,203.0 99.4 Average Inflation 33.2% 23.4% Opex +16.7%
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15 EBITDA Growth and Margin Expansion Sustained EBITDA and margin progression through the year, supporting a strong ~1 09 % YoY EBITDA growth Resilient topline growth | Service revenue +13.6%*, ex - MTN Sudan ( N’b ) ▪ EBITDA more than doubled, driven by strong service revenue growth and disciplined operating cost execution. ▪ Margins expanded meaningfully, reflecting operational leverage as revenue growth outpaced the cost base. ▪ Lower FX risk supported margins, underpinned by reduced FX exposure and a stronger naira through the year. ▪ FX - linked costs remain a key driver: approximately 35 – 37 % of opex is USD - denominated, largely from lease - related costs. ▪ EBITDA margin FX sensitivity: a 10% move in the exchange rate is estimated to impact EBITDA margin by ~0.9 – 1.1pp. 1,313.4 492.7 709.5 716.0 825.5 2,743.8 39.1% 46.6% 53.8% 52.9% 56.1% 52.7% Q1 25 Q3 25 Q4 25 FY 24 +13.6pp Q2 25 +108.9% FY 25 Financial review Q & A Looking Ahead Business overview
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16 Strong free cash flow generation Stronger margins and disciplined capex allocation underpinned robust free cash flow generation Resilient topline growth | Service revenue +13.6%*, ex - MTN Sudan ( N’b ) 388.2 1,430.4 - 592.2 1,226.4 - 24.4 105.1 - 142.2 60.0 1,224.9 FY 24 EBITDA Capex AFCF WC Tax Lease interest others FY 25 Financial review Q & A Looking Ahead Business overview ▪ Stronger free cash flow generation, up by more than three times. ▪ Working capital inflows declined by 24.9% to N 73 billion in 2025, reflecting increased supplier payments during the period . ▪ Increase in interest expense on leases leading to the N 142 billion outflow. ▪ Others reflect lower interest expense on borrowings and other finance charges, net of interest income. 1 Adjusted Free Cash Flow | 2 Working Capital 1 2
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17 Capital structure De - risked balance sheet through deleveraging and improved liquidity | Debt metrics within covenant headroom Resilient topline growth | Service revenue +13.6%*, ex - MTN Sudan Financial review Q & A Looking Ahead Business overview Net Debt ( N’b ) Tenor mix Borrowings by currency Debt mix 832.2 719.5 - 107.5 Dec - 23 Dec - 24 Dec - 25 114.9% 56% 72% 71% 44% 28% 29% Dec-23 Dec-24 Dec-25 NGN USD 54% 32% 18% 46% 68% 82% Dec-23 Dec-24 Dec-25 Short Term Long Term 49% 51% 94% 51% 49% 6% Dec-23 Dec-24 Dec-25 Fixed Floating Net Debt/EBITDA 1 FY 25: - 0.1x Covenant: Max 2.5x Interest Cover 2 FY 25: 26.5x Covenant: Min 5x ▪ Repaid N434 billion in facilities, including all outstanding commercial papers | No additional borrowing. ▪ FX exposure contained in absolute terms through the full settlement of outstanding US$ LC obligations and the reduction in our US$ loan balance to US$105 million. ▪ Net debt - to - EBITDA of negative 0.1x reflecting positive net cash position (N104 billion). 1 Net debt/EBITDA inclusive of leases ) | 2 Interest cover (EBITDA/Net Interest payable
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Karl Toriola CEO Looking ahead
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Our priorities Financial review Q & A Looking Ahead Business overview ▪ Deliver strong growth in voice and sustain data leadership ▪ Deliver superior customer experience including enhanced personalisation ▪ Generate returns and grow market/value share through investment and commercial execution Deliver Strong Growth in Connectivity Services ▪ Scale fibre - to - the - home connections ▪ Accelerate fixed wireless access uptake ▪ Enhance last - mile fiber rollout through faster deployment and improved network availability Accelerate Owning the Home ▪ Actively enrich and expand digital service offerings ▪ Simplify and consolidate digital channels Simplify Digital Experience ▪ Deliver reliable digital financial services to the unbanked/ underserved to enhance financial inclusion ▪ Scale intra - Africa and international remittances and improve service experience ▪ Upgrade our technology architecture to improve service delivery and elevate user experience Drive Fintech Growth Strategy Connectivity Fintech 01 ▪ Actively scale and monetise data centre infrastructure ▪ Leverage AI to enhance productivity, improve customer experience and drive cost efficiency under robust governance ▪ Enhance AI capability and develop customer - facing applications Capture Data Center & AI Opportunities Digital Infrastructure Driving growth through connectivity, fintech & digital infrastructure 19
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20 Guidance Updated an raised our medium - term EBITDA margin guidance to reflect recent developments KPI Medium Term Guidance (FY 26 - 28) Service revenue EBITDA Margin Capex Intensity At least low - 20% Mid - high 50% (revised from 53 - 55% range) Reducing Financial review Q & A Looking Ahead Business overview Our medium - term guidance is based on current economic assumptions, including average inflation rates below 20% and exchange rates remaining in the N1,400 - 1,700/US$ range .
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Q&A
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Doing tomorrow, today Thank you Q&A Doing for tomorrow, today. Thank you