Ladies and gentlemen, a warm welcome to you here in the room and, of course, our virtual audience. My name is Nastassia Anassis, and I'm absolutely honored to be your host for the Capital Markets Day today. Today represents an important milestone in MTN's journey. It's an opportunity to share not only where we are today but where the business is headed. To give us a little more context on this and the business of the day, I'd like to welcome onstage Roy Mutoni, who is the Group Executive for Investor Relations at MTN Group. Roy, please join us onstage. Y'ello, Y'ello. 300 million voices. 300 million stronger. 300 million stronger. Y'ello, Y'ello. Thanks, Nastassia. You will all excuse my nerves because I usually would be sitting among you, criticizing the guy on the podium. Welcome to everyone. Welcome to everyone in the room. Welcome to all the people on the webcast, to all our MTNers, and especially members of the board and the executive who are here. Today's a big day for us. Today is our Capital Markets Day 2026. Before we get into the business of the day, I think maybe a few hygiene matters I would like to clarify. In case, in the unlikely event of an evacuation, the door's there and right there. For those of you who would like to post and communicate during the time, we have our hashtags. This is actually our disclaimer, which applies to all the presentations and interactions that we have over the course of the day. You'll be able to connect to the Wi-Fi and also post. When you post, please include our corporate hashtags, that we can all be in touch with that. The agenda and selected executive deep dive videos are already available on the microsite. You get to the microsite through the main MTN website or actually through the invites that you all got. Please feel free. It will actually inform quite a few of the presentations here. You'll see on your seats, there are charging stations. You can use a USB or your normal plug. Finally, for those joining us here, it's going to be a long day. There's going to be lots of PowerPoint, lots of talking and everything. Please join us for drinks afterwards. When you get a chance during the breaks and everything, there's a fantastic exhibition outside. There's also the Sifiso Dabengwa Exhibition Centre just inside the building. The ushers will show you. That showcases everything that we talk about here. All the technology, all the experience, and everything makes it come real. I absolutely recommend that you go there. Looking at the business of the day, like I said, it's a big day for us. Big day for me, big day for all of us. We're theming this day Driving Growth, Delivering Returns. It comes at an important point for MTN. We've come through our Ambition 2025, and now we're looking to Ambition 2030, and that's what makes us so proud to be here communicating to you. We will first take stock of 2025, our Ambition 2025. We'll be honest. Where we won, we won. Where we didn't, we'll tell you, and we'll tell you why. When we speak about Ambition 2030, we'll tell you what we hope to do, what we aspire to do, and what we believe we can achieve. We will start with Ralph. Instead of me going into those details, I think I'm much better off letting the program director go into the agenda for the day and everything. Everybody, welcome. Please feel free. We're going to have a lot of Q&A and everything. Corner the executives. I've made them promise they'll be there for drinks and during the breaks and lunch and everything. Please feel free. You are our guests today. Thank you, Nastassia. Thank you, Roy. As he mentioned, he is quite correct. Today is going to be a big day. I'm going to give you a brief outline in terms of what you're going to expect. We're going to be unpacking the three core platforms, and then we'll hear from the leadership across the key markets. We'll have a conversation a little bit later on where we explore the role of artificial intelligence, especially at a time where we want to talk about it in terms of how it's shaping MTN's future. We're going to conclude, put it all together with a financial framework on capital allocation principles that will underpin the strategy. Ultimately, today is about understanding how MTN intends to convert Africa's structural growth opportunities and sustainable value, and of course, create sustainable value for customers, communities, as well as shareholders. A reminder once again that you are more than welcome to populate your questions throughout the day as the speakers come onto stage. We will allocate a time to have those questions answered during the various Q&A sessions. With that said, ladies and gentlemen, let's begin. To set the strategic context for the day, it is fitting that we begin with the person leading MTN's next phase of growth. He'll introduce Ambition 2030, outline how MTN's three-platform strategy is designed to unlock long-term growth, and of course, value creation across the continent. Please join me in welcoming the Group President and Chief Executive Officer of MTN, Ralph Mupita. At dawn, a farmer sends a message. By midday, a student joins an online class. At dusk, a trader secures a deal. Every moment across Africa, people connect. Connection ignites clarity. It slices through noise, erases distances, sparks ideas into action. Connection fuels resilience. It keeps businesses running, students learning, families close, communities thriving, no matter the challenge. Connection drives speed because opportunity doesn't wait. Decisions are made in real time. Transactions happen in an instant. Progress moves at the pace of now. From 1994, we've pursued one mission: to empower everyone, everywhere with the benefits of a modern, connected life. To drive Africa forward by giving a voice to the unheard, putting the internet into everyone's hands. To empower the unbanked, open doors to commerce, and reshape industries that transform realities. From a single nation to an entire continent, we have become part of everyday life, woven into the fabric of culture. We are everywhere you go because progress isn't just about technology, it's about people. People who dream, build. People who push forward, no matter the odds. Because when people move, Africa moves forward. The journey is bold, and it's just the beginning. Africa's story is still being written. Together, we shape the next chapter, unlocking growth and delivering returns. Nastassia and Roy, thanks very much for the introductions, on behalf of the MTN management team and the board, welcome to all our stakeholders. Particularly to our shareholders, the ones who actually own the company. We appreciate all of you for joining us. We see a good group here, and I've had the opportunity to greet several of you. Also extending a welcome to those who are joining us virtually on the various media platforms. We're looking forward to two days of engagement. It's not just one day. We do have today the formal CMD program, where myself and the executives will tell you about how excited we are about the next five years. What we've done is also to include an additional program tomorrow. Tomorrow we are hosted by Investec, and we've got our broader leadership around. We brought them from the various markets. You'll be able to interact with them not only today, but tomorrow, so that you get a sense of the depth and the quality of the management that is actually running this company, but also our excitement about the opportunities that lie ahead. As Roy has mentioned, we are framing Ambition 2030 as unlocking growth and delivering returns. We think that's a very unique proposition for us to be focused and executing and committing ourselves to shareholders more broadly. I'm going to set the scene by just firstly reminding us a little bit about who MTN is. I don't think it needs too much introduction, but we will give a bit of that. I'll then focus on Ambition 2030. What did we deliver? To Roy's point, what were some of the issues that we had to navigate to get to where we ended off at the end of last year, and then the results that were delivered? I'll then move to framing the six big structural opportunities that we believe shape the next three to five years, and how well-positioned we are as MTN to take advantage of those opportunities. Talk about Ambition 2030, how we've organized ourselves under the One MTN, Three Platforms, and take you through the key and salient elements of that strategy. Before I conclude, I will then talk to the near-term priorities. What are the issues that we are seized with today? There's quite a bit, and I'll try and navigate the major ones that we think are important to deliver on the value. I'll close off at the end before I pass on to Selorm to talk about connectivity. Just a reminder of who we are as a group. In the end of the third quarter last year, we crossed over the 300 million subscribers served, and we're well ahead of that as of the end of quarter one. If you think about the kind of growth drivers that we still have, particularly if you think about data and fintech, we only have 176 million subscribers that are regularly using data. That's over 130 million people still stuck in the voice era across MTN markets who are our customers. Again, underpinning the growth opportunity that's already inherent in the base before we even see base growth. In terms of our mobile money business, we have Serigne, who's going to be talking to us a little bit later about our strategy to really accelerate growth there. Again, if we look at the breadth of our footprint, we probably have the largest footprint in terms of mobile money users. We still see significant growth there. Data is approximately about 45% of our service revenue, so not even 50 quite yet. You see there is ZAR 101 billion equivalent of data revenue against service revenue of ZAR 218 billion. Our EBITDA margin that we have been, on a constant currency basis, been generating as of the end of last year, at 45%. Strong performance all around. That's also underpinned by a very strong brand that we have. We've, over many successive years, been voted the most trusted and the most valuable brand, and we're operating across 19 markets. Just looking at the portfolio itself, these are numbers that many of you will be familiar with. We just arranged them in a form that we hope is interesting. Just looking at subscriber growth, conversion to active data subscribers, to mobile money subscribers, to earnings. I think if you look at the top three markets, South Africa, 14 million odd of our 313 million subscribers. Active data users, 22 million. Mobile money opportunity, we're still very small there, two million. We have aspirations for higher. We know South Africa's very well served with financial services, but we think that there is an opportunity that's there, particularly the very low end and in the merchant ecosystem. South Africa's delivering about 18% of EBITDA if you look at last year's numbers. Nigeria reached 19 million. Karl and his team are here all the way from Lagos and Abuja, where the folk variously are. We're 55 million active data users. Again, the mobile money opportunity, for us, screams a major opportunity. There's a bit of a reset on our strategy. We announced yesterday the Alipay opportunity, which we'll launch in Nigeria. We're 3 million, and we think that there's significant growth, particularly off the base of Nigeria's connectivity base. Nigeria's delivering a third of the EBITDA of the group. Then you can also see Ghana, SEA, and the Francophone market. A broad, diversified portfolio, which gives us resilience during some of the more challenging times. Before we go and talk about Ambition 2030, let's recap a little bit about what happened in Ambition 2025. It was a period of a very challenging macro. On the expense efficiency, the finance team, Tsholofelo and co., did a fantastic job of organizing and rallying the troops to always focus on expenses. We always say at MTN, expenses are like nails. You've got to keep trimming them. The job is actually never done. We ended up with over ZAR 16 billion of expense efficiencies, which underpinned the strong margins we delivered. We saw improving returns. That ROE, I think in 2017, was like 11%, good to see that that has grown. Then on the asset realization program, I think we did pretty well, given that the two biggest assets that had been in the program, IHS being one of them, and we'll talk about IHS, the other was further sell down in Nigeria. We didn't sell down. We were aiming for 25%. The strategy was executed, started actually in the midst of COVID. We're executing the strategy in the midst of the end part of COVID, dealing with a variety of forces that are all interplaying and having second order effects that are pretty significant, whether you name the geopolitical, the macroeconomic shifts in technology, as well as the regulatory environment. We had to navigate all these forces and these forces that we've spoken about at previous results presentations. Within that kind of context, we thought we delivered a fairly resilient set of results. We saw growth in our subscriber base. Effectively, we're growing 10 million subscribers per year. Active data, the conversion was a little bit higher, more like 12 million, then on mobile money, more like 6 million growth on an per annum basis. We managed to get to just under ZAR 23 billion of asset realizations without actually meaningfully progressing with Nigeria as well as the sell down for IHS. You know by now our strategy there on IHS. Holdco leverage, I think we brought down the component of USD debt quite significantly, and also brought down the holdco leverage to give the balance sheet resilience and strength, particularly during these difficult times. One of the KPIs that we have, which is in our LTI, is the TSR. We'll talk about our KPIs at the end. This is data from FactSet. If you take the TSR from day one and the dividends, or the cash is assumed to be reinvested, I think we had a pleasing delivery on the TSR on a 5-year basis, coming out at 315%. We compare ourselves to the MSCI Emerging Markets Communication Services Index, that was 119. A good growth, as you can see, we have to navigate some choppy waters in that period, in particular with the significant devaluation of the naira in Nigeria. You could see that underlying the strength of the franchise was there. As the environment improved, we saw that strength coming back in the returns. How was this all delivered? This is the management team that's pretty much been delivering the last five years. A few people have moved here and there, but substantially, the core of the team is there. Many of them will speak today. Karl will speak, Ferdi will speak today. Serigne, Mazen. We'll also have Tsulu, Selorm, and Charles. The broader executive team, they're all here in the room. Many of you who are here at 14th Avenue will have an opportunity. This is a team that understands the continent well, understands how to navigate some of the complexities that I spoke about, and I look forward to working with this team over the next five years that lies ahead. We do have some new members. Lwazi Bam is sitting in the room. It's all of 10 days in Lwazi as our new Group Chief Risk Officer. Paul Norman, who spent 29 years here, or still 29, he said he doesn't want to spend 30 years. Paul will be retiring before the end of the year, and Mitwa will be taking over his place on the ExCo in the second half of this year. Let's talk about the future, because that's all about the past. What are the structural growth opportunities we see at MTN as they pertain to Africa? We think about our world as sub-Saharan Africa, where the opportunity set for us remains significant. If you think about where we are as the end of 2025 to end of 2030, you can look at different data sets. There's going to be 150 million more people out there to serve. That's obviously underpinned by the demographics of the continent, a very young continent, median age, around 19. A very young and fast-growing continent we happen to be on. People accessing mobile internet, that's both voice and data, 200 million. This is not just data, it's people coming first time into accessing mobile services, voice, and data. Another 200 million. On financial inclusion, it's a very specific Global Findex definition, where they talk about adults who have access to financial services. That's a much narrower band, their viewpoint is there's at least 100 million people who will be moving from being unbanked or not having financial services to being provided for financial services. There is this demographic effect across our continents, which underpins the growth that we see. We think that there are six big structural growth drivers for us going forward. The first one I've already touched on a little bit is the GDP growth of the continent. I think it's the fastest growing economic region, if you want to think of it in that way. We think that data will accelerate. We take a view that consumption of data will be 2x before the end of this decade, and we'll make our case with regards to that. We believe home is the next big structural connectivity opportunity. We see workloads moving more and more increasingly to the home, and we are positioning ourselves over the next three to five years as being the leader in home connectivity. I'll touch on it a little bit, but Selorm will cover it, and you'll hear further also from Ferdi, Karl, and Stephen around our excitement around the home opportunity. The African enterprise has been an area that we believe will increasingly become more sophisticated, and we will be able to serve some of the customers that we have, particularly the small, medium enterprise. We're calling enterprise out as an opportunity, particularly around the growth of converged services, IoT, cloud, cybersecurity. Services that will make our relationship with enterprises a lot more sticky. We think that's an opportunity. Financial inclusion, I think it goes without saying. Africans are still dealing predominantly in cash. The conversion of customers using cash to much more digital, for us, is a big opportunity of growth. There's obviously a lot in the headlines around AI. We take a view from an MTN perspective that AI is another leapfrog opportunity. I think if we all go back 30 years ago, when the mobile phone came on, everyone said the mobile phone is too expensive. Some of you remember those days of the car handset market, and nobody really thought until a breakthrough came with prepaid, and all of a sudden there was mass adoption. I think there's another point of adoption, particularly around the smartphone, that enabled more and more Africans. We're taking a medium to a very long-term view that this foundational technology is one that creates a leapfrog opportunity. We're not seeing ourselves as MTN, as builders of frontier models, of builders of 1 GW data centers and all of that. We think there's a place to participate in this foundational technology, and we'll cover some of our thought processes, and we're putting financial commitments out to our shareholders about the value creation potential that we see. These are the 6 forces that we see, and I'll go through them fairly rapidly. My team will do a better job than myself. The first, as I said, is really the economic growth opportunity as well as the demographic opportunity. Particularly in markets that are commodities driven, I think we've seen a significant level of resilience in those markets. Ghana and Nigeria come to mind. Also in markets where there's critical minerals. The more there's beneficiation in these markets, we'll see economic growth expanding. The youth, the median age being 19. These are born digital, these are digital native consumers that are beginning to work through the Gen Zs and so forth. We believe that there are many reasons why we're very well positioned to capture, particularly given the brand strength that we have and the extensive network customer base, and the network positions that we have. Data acceleration. Some of this data sets are very well known. There is a usage gap. Coverage across Africa, the job to cover the population has gone very well. What's at stake right now is usage. There's still a 65% usage gap. The big issue to unlock here is smartphones, the cost of data-capable devices at price points Africans who have $3-$4 ARPU can afford. Our estimation is that you've got to be south of $35, ideally much more in the 20s, to really unlock that growth and bring many of our customers who are still stuck in the voice era to come through. As I mentioned, we anticipate that the current data usage will more than be 2x by 2030. What will drive it? We think providing raw data is not enough. What we need to do is to provide some of the services on top of that connectivity. You'd have heard that we launched the MTN One TV solution, which we're beginning to roll out to markets, is to try and curate. We're not going to be deeply in the production of some of this content, but to curate it and put it on a platform at price points our customers can afford. Some of you would have read headlines that we're trying to compete with Netflix. That's far from the truth. We see ourselves as very complementary and going to part of the market that is much, much more at a lower price point, but very focused on local content, bringing in the African content creators and creating a platform for them to be able to sell their products. Data consumption will go beyond just connectivity by providing the services that sit on top of it, and some we are looking to own. Again, many reasons for us that we are well positioned to be able to capture this opportunity. The third is home. I'm super excited by home. Previously, the way we thought about home was in Ambition 2025, we spoke about 10 million homes, and that was on mobile broadband, MBB, a bit of FTTH, and FWA. We're saying, going forward, we really need to focus on home connectivity with future-facing technologies. MBB, we kind of discount that now. Yes, a lot of our customers kind of move around with their routers from work and home, and when they're at home, they use it. That's not a future-resilient strategy if we look at the technologies. We're putting a call out here that we think that there is a 70-90 million home opportunity across our markets. If we get our fair share of that's probably 20-30 million homes that we are pursuing. Selorm will take us through a bit of that. We are taking almost a technology-agnostic positioning. We want the technology that best fits the customer base that we can monetize. You will see us talk about mixture of FWA and FTTH. FWA, there's AirFibre, some people call it unlicensed band, radios, UBR in some geographies. We think that there's space for all of that in our markets. Ultimately, we will have to embrace LEO satellites. They're not going to go away. It's a technology that's here, and the partnerships. We've already started one or two partnerships. Would have spoken about particularly in Zambia with Starlink. We are embracing the technologies. We're not running away from them. We're not pushing back. A person connected at home will be using any of these technologies. Selorm will take us through a bit of that detail. The other opportunity that I raised is really the enterprise, I think the way we've got to think about enterprises across our markets is that they look quite different from Europe. It's much more the small, medium-sized enterprises. They are largely informal, but they still need the technologies and the tool sets of today's much more commerce environment. We have about 6 million SMEs that we're serving across the markets, that's about 12%. We think there's 50 million. Probably the number is bigger because documenting all the informal economies, you don't capture everything in that way. We think we can move up the stack in terms of serving these SMEs. What's going to really drive this growth is going to be the converged services. Mobility will still play a part, but I think these enterprises need more than just raw connectivity. You'll see from Selorm's presentation that the categories of converged services that we see growth. With David Behr and his team, I think we are arranging ourselves well to capture on this opportunity. Financial inclusion. Serigne will cover this in a lot more detail. I mentioned the fact point, which is 90%. There's still a lot of cash in the market. As we drive a more digital set of solutions, I think we see an enormous opportunity for us to continue to grow. I think that data point at the bottom of the slide is quite important. 90% of our existing customers, call them approximately 70 million, their journeys are still USSD-based journeys. I always give Serigne a hard time, "Why aren't they moving to the app more quickly?" He'll answer himself. We believe that the appification of services and getting our customers to move, it also increases discoverability of all of our services. Many of you use USSD menus. It's actually quite a confined space. Very limited discovery other than when you contrast it to appified services. We think that, again, we're pushing very hard, again, as part of this partnership with Alipay, we really want to accelerate to the future. That as our customers are catching up with smartphones, use of more appified services, we're there, and ensure that the moat and the scale advantages that we have, we don't lose them over the next while. As I said, AI is very nascent, we at MTN have our feet on the ground. We don't have them in the clouds. We do recognize, particularly around inference, that there is an opportunity here, as we look medium to longer term. Charles will speak to it a little bit later in the way that we think about the opportunity, AI inside the company. That's already something that we are progressing and working at. AI to consumer, AI to business. We also have a philosophy and a thought process, AI for social. How do we help our communities more? We're not at the bleeding edge, but we're not standing still either. We have to move with this technology, which is moving very rapidly. McKinsey have a view that by 2030, there is this ZAR 100 billion of economic value that could be unlocked, and they give a sense of where the industries play. The key thing is that these industries are all connected by technologies and Connectivity. As these opportunities emerge, with our strong networks and our strong market position, we should be. I'll leave it to Charles and Mazen to give you our thoughtful approach around these technologies, with this mindset around the leapfrog opportunity. With these six forces, how are we framing the next couple of years? We've introduced this at the results of our FY 2025 in March. We spoke about the One MTN three platforms, Connectivity, Fintech, and Digital Infra. Most of our capital today, and most of our returns, is being generated from Connectivity. As I said, we still see growth in scaling data with digital services on top of that to drive usage growth. Obviously, we have to do it profitably, given the CapEx we put in there. Selorm will take us through that detail. Accelerating home, I gave you a sense of the growth opportunity that we see. As I said, this is the next big thing in Connectivity, is connecting African homes. We've seen the trends. We've seen it in Europe. We've seen it in Asia-Pacific. We've seen it in Latin America. That's the direction of travel. We will be looking at our CapEx envelope and ensuring that there is enough CapEx allocation towards home to capture this opportunity. Different markets will use different technologies, as I mentioned. I spoke briefly about empowering enterprises. Serigne will talk about the two big areas that we focused at the group level for Fintech, which is really about expanding the ecosystem. We think the ecosystem of users, agents, merchants, has still got a long runway of growth, and then deepening these advanced services. Some of the basic services are beginning to get commoditized or they're on path towards being commoditized over the medium term. There's a big push from our end, to increase the proportion of the advanced services we've spoken about. Again, Serigne will give us an update on where we are and our plans for the future. On Digital Infra, two boxes that are firmly in our control right now, open access fiber and an open access approach to data centers. In the build-out of these particular verticals, we are going to tap not only a partner capability, but partner capital. We can't fund all of this opportunity off our balance sheet. The much of what you'll hear today, and Tsholofelo will reinforce, is the growth opportunities, the funding and the capital will come partially from our own balance sheets, partially from debt being raised in specific of these verticals, and then using partner capital. The underlying thing on Digital Infra is open access. There are third-party customers beyond MTN who are here, but we'll also bring in third-party capital. We've put in Unlock Tower's Value. The IHS transaction is still going through the various processes, and subject to be completed, will be a building strategic block that we will place under Unlock Tower's Value. All of these strategic pillars have three common themes that run through the organization. Leading customer experience, we're pushing ahead with that. I think the expectation of customers or what good looks like has changed quite significantly because of how customers are engaging in appified experiences. Much of telcos is still USSD today, and that's pretty much not just for ourselves, but actually for the peer group that we compete against. On AI for growth, we'll give you our framework and how we're thinking about it, and how we're embedding it, real use cases that are alive around SIM registration, et cetera, which will be covered by Charles and the team. We have a view and a philosophy position that, for us to be sustainable, the creation of shared value is important across our markets. We can't be growing and successful in an environment where that success is not equally shared. That has driven our approach to localizations, et cetera, we think that is the right approach for long-term sustainability. How are we going to market? Pretty much going to market for the One MTN three platforms, three brands. I guess, if on the digital infra, we have the IHS being concluded, that will sit as a brand. It won't change shape. We won't rename it. It will remain IHS. But for now, connectivity uses the mother brand, MoMo, strongly endorsed from MTN, and Bayobab, another open-access company, an MTN Group company for our fiber as well as our data center assets that we will build over time. Strategy has to be underpinned by people, culture, and values. We at MTN are very proud that we have an attractive value proposition for our people. Paul Norman is in the room. Our people are passionate about the continent. They are passionate about this whole notion of giving Africans dignity, hope, and opportunity. We've had accolades in the past, coming through as one of the few African companies in the Forbes World's Best Employers. We're applying our minds for a world that has got human and agents in the workflows, in the work processes. We're not standing still. We think that human AI ecosystem is going to be what is at play. It's part of our design and thinking about the AI inside. We're increasingly focusing on acquiring talent that's fit for the future. You'll even see when Tsulu speaks about IT, you'll see an increasing amount of our CapEx spend is going to IT. We need to build software engineers inside the company. The history of telcos was, basically build the network and outsource everything. We say, actually, we need a lot more software engineers inside our own company as we're developing our own service. Talent acquisition and upskilling and reskilling is a big part of our workforce planning and building ourselves for the future. We're guided by our Live Y'ello values. These we launched about two or three years ago. They underpin how we work here at MTN. The capital allocation framework, Tsulu and I spoke about this with the full-year results. We've simplified it. The organic growth remains focus. Order of magnitude, we're saying CapEx intensity at a portfolio level, 15%-18%. Nothing has really changed. We've got to figure out how we leverage our own capital, other people's capital. The balance sheet, we've got focusing on HoldCo, move from HoldCo leverage to Group leverage, in anticipation of IHS. We have this new shareholder remuneration framework, which is about dividends and buybacks. Inorganic opportunities, still in the picture. If we can find compelling value creation opportunities, we'll present them in front of our shareholders, and we think IHS is one of those. Obviously, we're going through the process. Just touching on the last two. On shareholder remuneration, during the road shows, I think we interacted with many of you, just to give you our sense of confidence behind the new framework. Obviously, a big part of that is buyback. What we'd like to communicate to investors is that the buyback program, we are kicking it off. I think one of the things we've committed to is to report on it on a quarterly basis. That share buyback program will be initiated no later than Q4 2026. Anticipate that with full year results. When you come up, we will, as we've committed on a quarterly basis, report how that has go. That's a kind of a voluntary disclosure that we will make from Q1 going next year. It is ZAR 6 billion that we've set out to be executed before the end of 2028. We're signaling here that in the second half of this year, we'll commence on that one. Talking about pillar 4 on capital allocation, IHS acquisition. The transaction, I think, all the detail we've provided, Tsholofelo will cover some of that. Again, I think the strategic rationale, as we've communicated, bringing operational and strategic positioning. Mazen will speak a bit later about the parts of value creation that we see going forward with the business under our control, and that we see meaningful synergies and efficiencies coming through. Financing synergies, our rating is two notches above IHS. And that creates an opportunity for some financing synergies. I'll leave that to Tsholofelo to talk about how we kind of frame that. We believe that this is a transaction going forward that will be value accretive on all the key KPIs. The debt stack will pick up for a period, but given the earnings profile of the business, will get us back into range in a pretty short period, space of time. Before I conclude, I just want to talk about near-term priorities. Much of what I've spoken about is looking three to five years out, but what are the issues that seize us as a management team today? There's quite a lot on the chart, but I think I can navigate through it fairly quickly. On connectivity, first thing, sustaining the commercial momentum that we saw coming out of Q4 and Q1. We obviously are dealing with diesel, mostly price issues, not so much supply issues. The nature of our contracts is that the diesel pricing lagging a quarter behind. Wherever you see diesel prices today, you're going to see these in Q3. As we've said before, H1 will be relatively clean because of the lag effects. Starting Q3, you'll see what has happened in Q2, and then for Q4, you'll see what has happened. For example, in Nigeria, to mitigate the supply risk, we used to have two months of diesel cover. We're now working with three months. I think some of the IHS colleagues are sitting in the room somewhere, so during the tea break, you can confirm. The commercial momentum is there. We keep pushing it. You saw with the Q1 results, the signal would be really the diesel pass-through coming through into Q3. South Africa, I don't want to steal Ferdi's thunder. I think he has a couple of key messages. One would be prepaid recovery progress. We've said the recovery, you should start seeing the green shoots in the second half of the year, Q3 going to Q4. Don't see green shoots in Q2. We've taken some tough medicine, and it will take some time for those results to come through. Ferdi will update where we are. Wholesale strategy for value. Ferdi will again talk about the approach that we're taking with regards to wholesale. That's all I'll say for now, and leave it for him to talk about what that really means practically. The SA business is going a structural cost reset, where the team will take out between ZAR 4 billion-ZAR 6 billion worth of expenses on today's basis, completely out of the expense stack going forward. We call it the structural cost reset of ZAR 4 billion-ZAR 6 billion. That's seizing us today. I spoke about the CapEx mix within the envelope. There's wireless, there's home, there's network, there's IT. We have an envelope. We've got to try and make our choices within an envelope. CapEx capital is not infinite. We're trying to be as disciplined as possible to keep the CapEx envelope in that regard. Areas or markets like Nigeria, they're growing very quickly, so you'll see them at the upper end of the CapEx intensity. South Africa will be at the lower end of that CapEx intensity. These are some of the issues that are keeping us focused. Fintech, I spoke about the growth side. Structural separations, Ghana is complete. Nigeria, the shareholder vote is done. We're going through all the regulatory approvals with the Central Bank of Nigeria. We're pretty much there with Uganda. I think before the end of this month, the one outstanding set of areas should get us there. The three big markets of Ghana, Nigeria, Uganda will have made progress. Now, these separations are complex, and the M-share structure which enabled the unbundling in Nigeria, it's a novel thing. The authorities are looking at this, trying to understand same structure that we have in, pretty much the same structure we have in Uganda to effect in the most tax-efficient way, the separation. There are many ways to separate quicker, but there's a lot of value leakage. We're very mindful of minimizing value leakage in the separation. Therefore, there's been extensive engagement, and I think that it's come through. We are looking at new licenses. We are looking at new licenses that enable us to provide our customers with the suite of products that, Serigne will talk about that. I think most importantly, Nigeria is one of those. It goes beyond Nigeria into other markets where we believe that fit for purpose, different set of licenses, given our size and scale, given our desire to monetize, float better, et cetera, the license is inefficient. This is a big area of focus, and we are already in train with that. I'll leave Serigne to talk more about the Alipay partnership announced and how that will play out across our markets. Again, on digital infra, IHS acquisition, big top of mind. As I said, we are actually engaged on the LEO strategy. Our approach is a fit-for-purpose strategy. We are doing a POC now in Zambia on direct-to-device with Starlink. In that market, we have established that that will make sense in Zambia. It will help us grow. That is not a strategy that makes sense everywhere. Every market is different. Anticipate that we will have a LEO strategy that is fit for purpose per market. We are not having an umbrella approach of saying there is a global partnership. We are already partnering on backhaul. The question is how do we partner and compete? I think that is the world we are in. Then, obviously, as I mentioned, the way we think about AI, Radio Access Network, AI at the site. We have a very valuable real estate at the site. Can there be inference workloads at the site? Can we do them profitably? That is the big question we are asking ourselves. We have made a small investment into the ODC partnership, which Mazen will cover. All of this is underpinned by a focus on what are these initiatives. We want to take AI from POCs and explorations to embedding them deeply across our business. Again, Charles will talk a bit about that. Then obviously, this free cash flow and return on capital employed focus. These are parts of our KPIs, and Tsulu will cover that in some bit a little bit later. As I close, I think we have an investment case at MTN, which I trust between today and tomorrow, we will be able to convince you as shareholders and broader stakeholders that we have a case that is about unlocking growth and delivering returns. We have got to deliver both. Delivering one is insufficient. There are significant growth opportunities across our portfolio as we are today. We want to be able to communicate these clearly to yourselves. That is why we appreciate you taking the time to be with us. There are these structural growth opportunities. The six that I spoke about are the ones most compelling for us. We are well-positioned. Pretty much most of our markets, we have scale. We are number one or number two across pretty much of our markets. Networks are well invested. We have, in most markets, sufficient spectrum. Gives us a good base for us to grow going forward. The financial framework, which Tsulu will take us through and remind, it has not changed much, but it is what disciplines us around decisions we make, particularly around how do we allocate capital. We deeply believe in this thing about shared value, localizations, the import of those. Some of them, we have done them because for regulatory reasons. Some of them, we have done them because it is the right thing to do over time. It also is a form of risk mitigation for us. Our investment case we would like to position as it is unique, it is unlocking growth, and it is delivering returns. At the end of today, and for those who are with us tomorrow, I am hoping you take out the following key messages. There is the structural growth opportunity across MTN's market. The Ambition 2030 strategy is the best way to capture this. We have got a track record as a business and as a management team to be able to execute, to manage through the macros, and the challenges that we face in pursuit of these opportunities. We have, as a business, an approach around discipline to capital allocation. That we're also giving shareholders both growth and returns, something that we think is quite unique across our markets and positions MTN as best positioned across Africa to enable digital and financial inclusion. Ladies and gentlemen, thanks very much. I'll pass on to our emcee, and I think the next speaker will be Selorm. Thank you very much. Thank you, Ralph, and we're going to catch up with him a little bit later on during the course of the day. I did take a moment to have a look at the platform that we're using for the questions, and some interesting questions coming through, very detailed. However, a reminder that we're going to set aside time as the program unfolds for us to get through all of those questions. We're loving that engagement. That is exactly what today is for. What we've heard here is a strategy that remains anchored in MTN's core purpose of enabling digital and financial inclusion, but also at the same time evolving the operating model to reflect on changing customer needs, emerging tech, as well as the new growth opportunities. We're going to move on with the program, and in this particular segment, we are going to be hearing from the leaders that are driving our growth strategy, particularly within the platforms. We're going to begin with the first of three platforms, and that is Connectivity. It is the foundation upon which everything else is built, enabling access, powering digital services, and of course, connecting millions of individuals and customers across the continent. To take us through how MTN is scaling data, accelerating home connectivity, and empowering enterprises, ladies and gentlemen, please welcome to the stage MTN Group Chief Commercial Officer, Selorm Adadevoh. Yello. Yello. Yello. Yello. 300 million voices. 300 million connections. 300 million stronger. Yello, Yello. Yello. Yello. Yello. Yello. Hello, everyone. Hello. Great to see all of you and great to be here today. It's an honor to be in front of you today. I'm going to build on from where Ralph left off and walk you through the Connectivity business, talking about our three priorities, and how we're seeking to execute on our plans to 2030. Some of you may be surprised not to see voice here under Connectivity. Our three priorities are Scale data, Accelerate home, and Empower enterprises. Now let me just talk a little bit about voice. Ralph touched a little bit on that before. Voice, obviously, is our flagship product and service, which has delivered significant value over the last 30-plus years. Today, voice contributes about 30% of our total revenue. We're seeing on a forward basis declines in its contribution towards our total revenue. However, with things like voice AI agents popping up recently and a demand for some of these services, it has been thrown some sort of lifeline. However, by 2030, we'll still expect voice to be much less than 30% as it is today, and Cholo will talk a little bit more about that. In terms of our core growth drivers, Scale data, Accelerate home, and Empower enterprises give us quite a lot of excitement. If you're not already excited after Ralph's presentation, I'm hoping that by the end of the day, you'll be extremely excited. There's a lot more to come, and I'll walk you through the first layer of this. Why is Scale data so important to us, and why do we see so much opportunity over the next five years? Less than 30% of Africans in sub-Saharan Africa today access the internet. Today, we have about 90% coverage, but within that, we still have a 65% usage gap. That presents in itself a fundamental opportunity for us to bring internet services to the continent. Structurally, there is demand. We're seeing traffic patterns growing. If you look at 2020 to 2025, a 400% increase in traffic consumption. That's a fundamental structural driver of growth. However, some of these are driven by an evolving customer behavior. We're seeing youth over 70% or close to 70% of the population are under the age of 30. The way we think about this opportunity, though, is to continue to sustain the demand for traffic, it requires quite a bit of investment. It's quite key that we're able to define the basis for investment on monetization and margin management. We look at KPIs such as data yield, which allows us a discipline around capital that basically says, for my incremental traffic, I need to generate an incremental revenue to justify that investment. That gives us the capital discipline that we need. That does not necessarily give us the margin management that we look at as well. Fundamentally, we also look at our cost of production, what it takes to deliver a gigabyte of data, and what it takes to compensate for that gigabyte of data from our revenue creation using pricing to support our balance and the health of the investment into data. That gives us the economics that allows us sustainability going forward. I was making a joke recently that my grandma used to say to me, "Selorm, if you have a bucket with a hole in it, increasing the size of the bucket doesn't give you any more water." Fundamentally, before we scale data, we need to get the economics right, and that's what we're doing with these KPIs to manage data yield and the margins. The next slide sets the ambition. Over the next five years, we expect to grow our active data users by somewhere between 60 million-70 million on the chart that you see. Again, a lot of this will be driven by the youth that are coming online. But if you think about our business today, smartphone penetration in the upper 60%, active data user penetration upper 50%. There is a gap. Bridging that gap is the first opportunity to convert marginal users or dual SIM users into smartphone active users. They already exist on our networks. They already have the device, but are not using data. The second opportunity are the non-users who do not have smartphones at all. Today, we have 300 million+ customers, of which about 175 are active data users. There is a gap of at least 100 million. We all know that there is an affordability challenge for devices. That second point on accelerating and growing 4G smartphone devices will get us there. There is a challenge. Customers can't afford to buy a smartphone, there are a number of initiatives that we've put in place to try to address this challenge. The first is to work with ODMs, device manufacturers, to design devices that are fit for purpose for the continent and for the pockets of our customers. What we do here is we think about the screen size, 4.5 inch, four inch. We think about the processing capacity, we think about the memory size, and we say, "What does a typical African customer need, and how can we design down to suit that customer?" Of course, ODMs today are looking at profitability, they're looking at high-end devices because the margins on those devices are a lot more attractive. Our goal is to lead the digital solutions for Africa's progress, we have a different problem to solve than maybe the priorities of ODMs. The third is to actually work with different organizations to think about different ways to finance devices that may be out of range from a pricing perspective for the customer. Today, we don't have all the instruments around credit that exist in other markets, but we have a lot of data from fintech and from our mobile networks, and we're able to use that to create credit relationships and profiles for these customers to be able to partner to finance them. In fact, last year, about 20%-25% of new smartphones on our network came from device financing. There's a third element, which is driving usage. We're seeing some very interesting trends when it comes to driving usage. If you look at 2020 to 2025, there's been a significant shift in the behaviors of our customers when it comes to what they do on the internet. Social media and messaging were primarily the bulk of what customers did five years ago. Today, we're seeing new trends. We're seeing gaming, we're seeing video streaming, and we're also seeing e-commerce. All the work that Serigne and the team are doing on fintech, driving the behavior of online commerce. That's driving significant growth on the commerce side. Gaming, again, we think about the youth and what they do on a daily basis. That's become a significant segment for us. We're seeing gaming as one of the big drivers going forward, as well as streaming. You think about user-generated videos, TikTok, Instagram, and what we do on Facebook as well, but also other platforms that are gaining significant traction within our consumer base. We expect to see usage go from where we are today, 14 GB at the end of Q1, to about double that size going forward. We're seeing this as a general trend on the continent in general. You would've seen about a 3x-4x growth in the previous five years. We expect to continue to see quite good growth. How do we tap into this opportunity, this trend that we're gifted by the youth? Our content-led approach is that solution. That's the catalyst to bring content and to drive usage amongst our base. Different solutions for streaming, lifestyle services. Today, education is largely online. A lot of education content is gamified. We're seeing solutions that are locally produced that customers are consuming today on some of these platforms. However, there is a gap in the market for hyperlocal and local content that these global platforms are not addressing. Ralph talked about this is not in competition with the Netflix's of the world. Our ambition is to connect the ecosystem and to bring local and hyperlocal content into our environment. That's what MTN One TV is designed to accomplish. The second thing is local producers have no local distribution. This platform allows us to bring a solution of distribution and aggregation to local producers. That changes the investment case for local content investments. Our belief is, if we get this right, and we should get this right, that you will see investments in production. We're seeing a thriving production industry in Nigeria and some of our other markets as well. We believe this brings all of that together. It also reduces our dependence on bringing significant volumes of traffic through Mazen's pipes on undersea cables if we allow local production and consumption to grow. That also affects the economics of the overall business. Let me take you to our next opportunity, accelerating the Home. Ralph already talked about how significant this is for us. It gives us significant opportunity today. Today, 70 million-90 million we estimate households addressable on the continent, and these households do not have high-speed internet as we speak. Again, our ambition is to solve that problem and to deliver high-speed internet services to 70 million-90 million homes addressable. Today, we're at about 2.8 million. Most of you may look at this number and think, "We saw a number of 10 million some time ago. What has changed?" Let me address that before I go into our ambition forward. A few years ago, we defined Home to include mobile broadband. Our decision today, as Ralph mentioned earlier, is that fixed networks reflect more the behaviors of customers when it comes to high-speed internet. The limited mobility also reflects better on fixed networks. This 2.8 million excludes mobile broadband, and that's the difference between the numbers you had seen before and what these numbers represent. Our goal, though, is to increase that number somewhere in the 8x range to get to 20 million+ across our markets. We expect to use different technology types to do that, to achieve about a 30% penetration into the addressable base that I mentioned earlier. Of course, Nigeria, South Africa, Ghana, and Uganda are the key markets that will drive the scale of this ambition forward. This is not just going to happen on its own. Let me share a few trends that we're seeing and why Home is so important. Again, in the West, we're seeing 80%-90% of data consumption on smartphones delivered through Wi-Fi networks. 80%-90%. Africa has the fastest opportunity growth on international bandwidth, but we're also seeing consumption in households to be 10x, 15x, and in some cases up to 20x what it is on mobile. A significant opportunity for growth, but it does require the investment and the diligence to deliver operationally. How are we doing this to ensure that the investment delivers the right return profile for the economics to be positive for us? First of all, we have a variety of technologies to deliver, FTTH, FWA, and complementary access technologies. How we think about FTTH, of course, dense urban areas, premium customer base, very reliable solution, but of course, it requires a premium to justify the investment. Less dense semi-urban areas, 5G FWA, fixed wireless access. That allows us to be first to reach the customer, and over time, when the economic profile justifies a different technology, we can migrate into FTTH. There are other areas that are less dense, and the economic case and the viability becomes a lot more challenging than the first two areas. Here we look at complementary technologies. LEO, for example, allows us to penetrate the rural areas. We can also use technologies on licensed bands. We're doing this in South Africa today, and there are other technologies that may come up online as we continue to evolve. This allows us to put capital discipline as an anchor in our decision-making on how we execute on Home. Operationally, we need to develop a model. Most successful Home deployments have a model. My grandma used to say to me, "You can't just be born and start walking. You need to go through the steps, crawl, and start walking." I promise you, that will be the last quote from my grandmother. We look at a variety of KPIs, homes passed, the cost per homes passed, homes connected, the cost per homes connected, the conversion ratios of our homes passed into homes connected. That gives us the license to monetize that investment. Those ratios allow us to gain confidence in returning the profile that justifies the investments. We're doing quite well if we compare ourselves to these more advanced markets, LATAM and Asia. We're building an operational excellence framework that will be MTN's way of delivering Home, our goal is to use the economic framework here to actually build something we can replicate in new markets and accelerate the scale. To go from 2.8 to 20 million, it would require an operational engine that's working at peak performance, and that's what we're putting in place to be able to deliver that. Let me bring the presentation quickly to an end by ending on enterprise, how we empower enterprises. Today, we see a massive opportunity in converged solutions. We've built some solutions in South Africa, where 15% of enterprise revenue today comes from converged. Converged represents something like 5x our fixed and mobility, where today over 80% of our enterprise revenue comes from. In Côte d'Ivoire, we have about 20% of enterprise revenue, again, that comes from converged solutions. Replicating the success of the models here across our business gives us an opportunity to increase enterprise revenue by somewhere in the 2x-3x range going forward. A significant driver of enterprise growth is SMEs as a segment. Today, we have a 12% penetration in the SME base and delivers close to half our total enterprise revenue. If you look at the verticals on products in terms of unified communications, cybersecurity, great growth opportunities in all these segments. From a segment perspective, on an industry perspective, again, trade and commerce, agriculture, services constitute a significant industry opportunity, that gives us an approach that allows us to start to think about some fundamentals. Aligning vertically to these industries that have very unique needs and require specific propositions will allow us to start to gain traction in delivering converged solutions. Moving away from infrastructure into solutions would also start to lead us into more sophisticated propositions, the role we play within these operations and customers will also change over time. We can't do that without fixing certain basics. What it will take to win, talent for starters, absolutely critical, of course, really thinking about the technology solutions and how we build a base for those solutions would also matter quite significantly. Capability and localization, making sure the relevance of the solutions make sense for these offerings will be quite important. In summary, let me bring the connectivity presentation to an end. There are a number of things that would allow us to unlock growth and deliver results as far as connectivity. The first of which, incrementally over the next five years, 40-50 million new mobile users. Second, 60-70 million new active data users. Third, in terms of our home ambitions, 20 million-30 million homes connected. Finally, growing our enterprise business 2x-3x. We're excited about these opportunities. Our pivot on the youth, our pivot on home, and ensuring the acceleration there give us a lot of excitement, but also the confidence that we will grow this business significantly and unlock growth and deliver results over the next five years. I will now step off the stage and hand over to the next speaker, Serigne at the right point. Ladies and gentlemen, thank you very much. Thank you, Selorm, for sharing those perspectives, especially around MTN's connectivity business. Selorm, I must say to you, I've attended many Capital Markets Day, and this may be the first time we've seen an investment case that's not only supported by market data, but also grandmother wisdom, so we love it. Judging by the reaction in the room, I think the grandmother may have been a persuasive source here, so we do appreciate those anecdotes. What we've heard here is the fact that connectivity growth is being driven by data adoption, expanding lifestyles, but also not forgetting that growing demand for reliable broadband and enterprise solutions. We now turn to what has become one of MTN's most exciting growth engines, that is fintech. Over the past decade, MTN has built one of Africa's largest financial services ecosystems. The opportunity now lies in deepening engagement, broadening services, and accelerating monetization. With that said, I'm going to welcome on stage MTN Group Fintech CEO, Serigne Dioum. He's going to walk us through the MoMo ecosystem, including the market opportunities, the current performance, as well as fintech's roadmap to 2030. He'll also take a moment to explain to you how yesterday's exciting announcement is a step change for the business. Ladies and gentlemen, please welcome to the stage, Serigne Dioum. Good morning, everyone. Good morning. Ralph introduced to you earlier Ambition 2030 and talked to you about One MTN, Three Platforms. Selorm presented to you the connectivity platform, I'm going to take you through the fintech platform. We started almost two decades ago, our ambition was very simple. It was to help people to move money safely. We have done much more, today we help families to receive money from diaspora, we help merchants to receive payments, we help entrepreneurs to get more working capital by getting credit from us, we help partners to participate more into the digital economy. The story I'm going to tell to you today is more about a fintech story. It is about how we help to accelerate Africa growth by allowing more people to participate into the digital economy. Also, I'm going to explain to you how, as MTN, we are the best positioned to capture the opportunity that lies ahead of us in terms of fintech. Before I go to the talk about the future, I'm going to take a pause and talk to you about what we have achieved since we've started our fintech journey. We have built one of the largest fintech platform in Africa. I hope that you're all convinced about that. Also, back in 2021, when I introduced to you our fintech business, I introduced to you Kafue. Kafue is one of our customers that her life has been changed by MoMo services. She's more closer to her family, sending money, receiving money, also she can pay bills, buy airtime, do so many things with our fintech services. We have so many Kafues around our countries where we are operating. Beyond Kafue and beyond consumer, I'm going to talk to you about what we do for one of our merchants, I'm calling her here Miriam. Miriam has a small business, we help her to receive payments. We help her to increase her working capital by giving to her capital. We help her to grow because we expose her services within our platform to more people digitally. That is what we do for so many partners, so many merchants. We have more than 2 million of them across our footprint. We do the same with our agents. We do the same with our partners. Also, most importantly is the impact that we have been having for African people. We've moved more than $22 billion from cash economy to a digital economy just for last year. Every day when you wake up, before you go to bed, we empower more than 1 million people to take a loan from us. Some of them are taking a loan to buy tomatoes or vegetables in bulk to sell them and create more value for themselves, for their family. Some of them are paying hospital bills, saving lives by that, by taking a loan from us. We help created more than 1.4 million agents and it is more than two million jobs because most of the agents have one or two people working for them. Very important, we also create connection between our partners to our broader ecosystem. Only last year, we processed more than 1 billion API calls. That means that we processed more than 1 billion time. We help people, our partners, to get access to our 70 million customers to propose to them their services. This is bringing us to get into the platform era. I will talk to you about it later. We've created big impact since we've started, and also the business we've created has generated lot of value. Last year only, we generated more than $28.8 billion as a revenue. We also processed more than half a trillion US dollar transaction value. We also processed more than 23 billion transactions only last year. All of that was done with very attractive margin that makes Tsulu very happy. Our journey started back in 2009 with very simple services, sending money to each other, paying bills. Back in 2015, we started doing merchant payment, allowing merchants to accept a payment and to digitalize cash transactions and cash use cases. Later, when we introduced Ambition 2025, we introduced as well our BankTech offers and API platforms that I talked about earlier. We have expanded our ecosystem, and we are now fully a platform business, and we are moving to what we call AI digital-first platform, and I will talk to you about that a bit more in detail later. We have created a scaled business. We have diversified our verticals from wallet to payment, to international remittance, to lending, to insurance, and now we are moving to digital-first AI-native platform. We have done all of that, and by doing that also, we have built unique assets. We have licenses in more than 14 markets. We leverage MTN connectivity asset that have been built over the time with more than 300 million customers. We're yet to get all of them to be fintech customers. We as MTN has the most trusted brand in Africa. Most importantly, we have the best people who know Africa and who know fintech also. We have an agent distribution network of more than 1.4 million across our footprint. One fintech can build product and services, but it is very difficult to scale them. Us, we are able to do that by leveraging the assets that we have built all over the years, not only from fintech, but overall from our MTN overall business. That is very important, I will show you in the next slide how we will leverage these assets to be able to tap into the broader fintech opportunity. We have, as I said already, we've built a very scaled business, but I'm more excited. I've never been as excited like I am today because of the opportunity we see ahead of us is even bigger. In the next five years, we think that fintech opportunity, fintech revenue pool will be multiplied 13x. Despite all we have done, only 10% of transactions have been digitalized. More than 90% of transactions today are cash-based. We can say cash is still king. Also, only 5% or 4% of adult population have access to credit. That gives you the potential we have, the potential that fintech represent in Africa in the coming years. In the next coming slides, I will show to you how MTN, we are the best position to capture that opportunity. Our fintech business has been, since we've started, a transformation journey. We started with what we can call the access stage, where our ambition, as I said earlier, was to get people to the formal financial services and to be able to register to mobile money, to send money to others, to pay bills, to buy airtime with us. Later, we moved to a payment stage where we started digitalizing payment, helping more than 2 million people to receive payment from mobile money. After that, we started getting into a platform business where we offer more than basic services. We started giving lending to our customers. We started connected partners using our API platform. Also, we started doing enabling e-commerce. Now we are moving to what we call the intelligence stage, where we are leveraging AI to do a couple of things. First thing is what we call AI for our customers, for our merchants, for our partners. We have been using AI to target better our customers, to manage better our distribution network. Today, we use it also for fraud detection to protect more our customers. We are also using AI to be more efficient in terms of exploiting and/or managing our platforms. The third one is AI with our people. With the people we have, we think that AI can help us for each of us to do much more using AI, and we have a full program to help us implementing that. Also, I will talk about how we will leverage also Alipay platform, which is AI-native platform as well. How are we going to really win in Africa when it comes to fintech in the next coming five years? We have a strategy that can be summarized in this slide. Our ambition is to create seamless digital and financial solutions that empower individuals and businesses to thrive. Also, we are building Africa's largest future together. We are unlocking growth and opportunity for everyone, consumers, merchants. We want to become digital-first platform. Ralph talked about it earlier. Every day he's putting pressure on me, talking about why everyone is not using the app. We are working on really delivering to our customers an app experience which is first-in-class, world-class. Also, we are working to help people to move from USSD to app. Our ambition is each of our customers that has smartphone to interact with us using the app. Also, we will be defending or deepening our leadership in the markets where we are operating already, and I will talk later about that. How are we going to do that? First of all, technology is very important, and it is in the center of our strategy. We don't intend only to improve our technology platform, technology ecosystem. We really want to leapfrog, and I will show you later how we are going to do that. BankTech has the largest growth potential for us in the next coming years, and I will show to you how we will accelerate access to credit, but also how we will be climbing more into the value chain when it comes to BankTech. Also, the other verticals, I will show you payment, international remittance, how are we going to continue scaling them further. All that, we can do everything, but I'm confident that we, as MTN, will be able to execute against our strategy because of the people we have. That is very important. I will show to you the management team later, but also we have the best people who understand Fintech, who understand the continent, and we have identified how we need to also improve the team and to be better positioned to deliver against our strategy. Also, execution will be key. Our strategy is very clear. What we need is to be excellent when it comes to execution, and we are working towards that. I will start by talking to you about technology. As I introduced earlier, technology is in the center of our strategy because it is the biggest enabler for us. We going to implement our technology transformation with three more changes. The first one, which is the most important one, is what we announced yesterday, is a partnership with Ant International Alipay. Alipay has built one of the best and sophisticated Fintech platform across the world, and it is used by more than 2 billion people across the world. Partnering with Alipay will help us to deliver the best digital customer experience in the continent to our customers. We will also benefit from an operating model framework that has been proven to be very successful to how we can deepen our ecosystem. Also it will help us to get people that understand more AI, understand more Fintech platform that will help our own people to also be ready to use the platform to deliver a better customer experience in Africa. We are very excited about the partnership with Alipay, and we think that it will change the way we deliver services to our customers and also the customer experience we will be delivering to our customers. The second change is around API. I talked about API earlier, that last year we processed more than 1 billion financial service API calls. We think that we need to improve that platform to allow for our partners to integrate to us faster, simpler, and more seamlessly. That is ongoing. The last one, which is very important also, is team augmentation. We are augmenting our technology and product team so that we will be able really to leverage the Alipay platform to deliver world-first in class customer experience and value propositions across our markets. The outcome will be that we will be offering to our customers in each of our market a super app that will be an engagement platform that will help us to engage much better with our customers, more frequently with our customers. Instead of engaging once every week, every month with customers, we will be engaging with customers several times on a daily basis. Technology is very important, and it will be the key enabler for us in the next coming five years to deliver against our strategy. BankTech evolution. I talked about it earlier. We believe that BankTech has a great potential. We have already built a very successful and scaled BankTech business. The opportunity is so big that we need to do things differently to be able to accelerate our journey and to position ourselves. How are we going to do that? First of all, we're accelerating the implementation of our BankTech lending roadmap across our footprint. We will be providing access to more people. When it comes to credit, we will provide more credit access to more people, but also we will be repositioning ourselves when it comes to the BankTech lending value chain. Ralph talked about licenses earlier. Where needed, we will be augmenting our license to be able to use our own license to deliver loans to our customers, but also to lend against balance sheet. We will be doing it in a controlled way, making sure that we control the risk. This is ongoing, and we have started working in a couple of markets already. We think that it will help us to capture the lending opportunity, which is still very big in Africa. Payment. As I said earlier, we've helped only last year to move more than $22 billion from cash-based transactions to digital payment transactions. We think that the opportunity is bigger than that. If you look at our customer base, less than 15% only are paying to our 2 million merchants. We can increase that. If you look at also payment transactions in general in our markets, more than 90% is still cash-based. We think that we can accelerate adoption for our customers to pay digitally to our merchants. We think that also we will be able to get more merchant SMEs to accept payment with us, and that will really deepen our payment game. We also will be leveraging our Mastercard partnership. We have started already and will continue to really for our customers to get access to international commerce. International remittance. International remittance is one of the biggest also opportunity. If you look at it closely, more than 80% of international remittance transactions are still going through informal channels. Also it will be growing in the coming years to $500 billion by 2035. The opportunity is very big. MTN, over the years, we've built also unique assets and operating models that we think that will allow us to capture the value of remittance in the coming years. Only last year, we've processed more than $6 billion remittance transactions. Also we have started also internalizing most of the value chain in terms of remittance so that it can allow us. Imagine tomorrow you have a Ugandan that lives in London. He will be able to download what we call Diaspora Wallet and to transact as he was still in Uganda. It will help us to control the remittance value chain and to consider to be more inclusive with our customers who are not in our countries but in the diaspora, but still needs to be connected to their families back home. Here I'm giving few opportunities that we think that will be the next wave of growth when it comes to fintech. I've explained to you how we will be continuing scaling payment, international remittance lending that will be providing to us the immediate growth for the next 5 years. We have also services we are working on that will be the next generation of growth. To execute against our strategy, we are relying on the leadership when it comes to fintech. I have a very diverse skilled team and coming from different part of the world. Coming from also, we take people from where we think that we can when it comes to having the relevant skills and to be able to integrate to our teams. We think that with this team, we will be able to deliver against our strategy. I would like to emphasize on something. As fintech, we are not being successful just because we leverage on fintech team. Every single MTN participate into that journey. From connectivity, digital, and fintech, we are one team, and it is what makes the difference compared to others. Here I'm giving to you example of three markets, which are among the best fintech markets in Africa, starting with Ghana. We've scaled Ghana, and also what is important and interesting is that we have developed center of excellence in some of the market with different services. Ghana, for example, we've scaled lending. BankTech, we've scaled the same also in Uganda. Rwanda, I talked about earlier that across our footprint, only 15% of our customers are paying with mobile money. In Rwanda, you can see that it is more than 60%. We are working on making every single success in one country to become a global success. We have been successful on most of what we are doing. It's just a matter of maturity. When it comes to who started first, but if you look at lending, it is scaling in Uganda, in Ghana, in other countries. Payment has scaled in Rwanda and also is scaling in other countries, and it is how also we make sure that we use different teams to serve all our customers globally. Nigeria. As Ralph explained that winning in Nigeria will be very important for us in the next five years. We do acknowledge that we are not where we should be in Nigeria. For us, we learned a lot in the last 5 years in Nigeria, and we do understand why we didn't deliver against our expectation. First of all, the license have some gaps and doesn't allow us to do international remittance, doesn't allow us to do lending and some form of payment. Secondly, we didn't have the right platform to win in Nigeria. Also thirdly, you have some digital native fintechs that got the license before us and scaled the like of OPay and PalmPay. The opportunity is still big when it comes to fintech in Nigeria. You have a population of more than 200 million people. Payment is still cash, more than 90%. Lending credit is under-penetrated. As MTN, we have a customer base of more than 80 million people. Now we have the Alipay platform. We've started deploying it in Nigeria since some time, it will be live in the coming weeks. We think that with that platform, we'll be able to deliver the best value proposition in country when it comes to fintech. Also, we've augmented our team to make sure that we have the right team to win. We'll be announcing very soon the new CEO for Nigeria when it comes to fintech. Also, we are pursuing a dual strategy. That means that we think that in the north, we have lot of more underbanked or unbanked customers, we think that we can leverage more our connectivity assets there to bring those people into the formal financial service space. We have started already. The strategy we have in Nigeria, we call it reset strategy. We have already started implementing it. We have started seeing some benefit, I'm very excited to really continue implementing the strategy, we are sure that it will deliver meaningful results for us and to capture the value of full potential of fintech when it comes to Nigeria. Our Ambition 2030 fintech part will allow us to, first of all, accelerate our advanced services. By 2030, advanced services will be much more than basic services, more than 50%. That will position our business to be more sustainable, it will be much more difficult to disrupt us. Secondly, we will be also delivering the results with a very attractive margin, which will be low 40s still. Also, our CapEx intensity will be less than 10%. We have started already investing more in technology with the Alipay platform augmenting our team, that will deliver attractive also economics from the fintech business. To summarize, we've talked to you first about how we have scaled the fintech business to become one of the largest fintech platform in Africa. Secondly, we've talked to you about how we're going to scale further the advanced services. Thirdly, we talked to you about how we are going to expand further our ecosystem. Fourth, we've explained to you that we are going to win in Nigeria how we are going to do that, we are going to maintain our leadership and deepen our leadership in countries where we are already successful. All of that will deliver between 40 and 50 million more active customers additional to our base by 2030. We will add more than 2 million merchants also. We'll be doubling our merchant base by 2030. Also, we'll be increasing the participation of advanced services within the revenue mix. This really gets us very excited. We've done a lot, but it's like we are starting a new journey in fintech because of the transformation we are going through to deliver these values to you in the next coming five years. Thank you very much. Thank you, Serigne, for that presentation. I think what we've taken away from that conversation is that the focus is now on building a richer ecosystem, increasing customer engagement, and not forgetting to create that sustainable value through financial inclusion at scale. Most of you would've noticed, at least people in the room, is that typically we would've been breaking out for lunch right now, but we've adjusted that time a little just to accommodate for the presentations, that Q&A engagement. We are appreciating those questions that are coming through, and I have not forgotten about those of you who are in the room with us. We're going to move on with the rest of the program. We are going to get to the third strategic platform, and that is the one that is also underpinning Ambition 2030, and that is digital infrastructure. I would like to welcome to the stage MTN CEO for Group Digital Infrastructure, Mazen Mroue. Here's what you can expect from him. He's going to unpack the infrastructure that is going to be underpinning MTN's strategy. He'll talk about fiber expansion, tower co-ownership, including AI-enabled data centers. Ladies and gentlemen, please welcome to the stage Mazen Mroue. Hello. Hello. 300 million voices. 300 million connections. 300 million stronger. Good morning, everyone. Morning. I'm here to present the third strategic platforms for MTN Group. It's a growth engine within the Ambition 2030, focusing on the details on how we intend to unlock growth and delivering sustainable results. Again, to remind ourselves that digital infrastructure is one of the three platforms. We've seen how Selorm and Serigne are very much excited. For me, I'm super excited. The reason for that is the open-access philosophy and model in the digital infrastructure present for us a strong investment case underpinned by three structural drivers. Back to the excitements, we've seen how MTN internal plans to grow the connectivity business. That speak directly to the first driver about how we are going to benefit from the embedded demand base supported by the 300 million-plus subscribers. Ambition to grow the internal business or the connectivity business, leveraging from the internal wholesale model, that's creating a predictable contracted revenue streams. The second driver for us is we are well-positioned as a Pan-African infrastructure, capturing the demand that's coming from the cloud adoption, the AI, and the digitization across the continent. Third driver, back to the open-access, drive third-party growth that enable us from one side to monetize our infrastructure from third parties. At the same time, it create a platform for investors to directly co-invest in our programs. In addition to the three structural drivers, there are also four key advantages for our digital infrastructure strategy. One, fiber co-structure in form of an integrated, backed up by the backbone that has been built during the last 30 years by MTN across all the markets. With the access to the subsea cables, with direct investment, at least in six of those cables, in collaboration with international consortiums like Meta and Google, create an opportunity for us to continue expanding our reach beyond than just really the MTN footprint. That's what we have already established at least nine incorporated fiber cores in nine markets, and two of them are currently outside of the MTN connectivity footprint. The second advantage, we are strongly believe we are also well-positioned to co-participate in growing the Africa data center business, leveraging the growth that we see in this space that we think, according to the all reports, the data center business is anticipated to grow between 2%-5% during the next five to 10 years. For sure, that will be enabled through strategic partnerships we decided to go to reduce the pressure on our balance sheets and cash flows. The third driver, we are unlocking values from tower cores, subject definitely for the approval that we are anticipating, and we are work on it for the IHS transactions, creating value realization benefits for MTN and for all the customers. Fourth, we are well-aligned on the strong demand that is continue to be expected from the cloud adoption, from the digitization, from the IT workloads across the continent. For executing the strategy, we need a solid team. We are proud to say we have assembled experienced team currently driving all those three interventions across the three areas that among the digital infrastructure within the Ambition 2030, including the fiber, the data center, and potentially the towers. Our digital infrastructure journey is going to evolve from what we have today as three separate pillars, for sure, subject for the tower co or the IHS transaction to be concluded. We have three pillars creating, at this stage, opportunities for revenue diversifications and leveraging existing partnerships. We are moving into having, in five years from now, fully integrated AI-enabled infrastructure, generating multiple revenue streams across the structure, aiming to grow revenue on average between 7%-10%, with margins expanding between 50%-55%. All those can only be delivered, again, with strong partnerships, moving and shifting from pure commercial relationship to co-investment models. The reason for that is the direct benefits on our financial in terms of reducing the pressure on balance sheets and definitely the scalability where we can execute simultaneously in multiple markets in agility. In addition to that, the integrated platform is the second-biggest differentiator. I spoke about the open access. It's one key differentiator for our strategy. The second-biggest differentiator is the integrated structure that we are putting on the ground, combining the fiber co with the data center co and leveraging the tower co in the future. All those three assets together create a distinctive story for growth and providing reliable, resilient propositions for the players or for the customers who are looking to use our infrastructure, leveraging the open access model. When we look at the fiber co, our fiber footprint is expected to grow or increase from what we have currently, around 140,000 km, increased by three times during the next five years. Backed up by sub-sea capacity that is important to connect the Africa continent to the rest of the world, we expect the sub-sea capacity to be doubled. With the data center plan, the aim to complete and the build and the construction, starting with the ambition of having 80-150 MW, which is a scalable ambitions, leveraging joint ventures opportunities that currently we are putting in place, aiming to capture the demand that we see strongly in our footprints and across the continents, making sure that we are aligned with the overall growth that we see in the data center business across the Africa continent. Tower co present the other pillar, which is really complement all the other two pillars to provide and generate an integrated approach where it can cement and improve our integrated proposition when it comes to the overall commercializations. Also, we see that our digital infrastructure strategy is well supported by the regulatory ambitions and priorities. On the FiberCo case, we see again the open access provide a need for lowering the cost, which is really important to really ensure that there is an efficient deployment of all capital put in place. In the data center, the data sovereignty and the AI governance expectations and priorities from the regulators present a strong case to generate local demand. Across the towers, we see that the push from the regulators for efficient utilizations really drive the multi-tenant expectations, which really add more value to the business to make it more sustainable on the medium to long term. As well, the coverage targets that the regulators are putting for all the telcos across all the footprint in Africa also present another supporting factor for the TowerCo business. I want to go a bit in details on the three areas that are part of the Ambition 2030 for the digital infrastructure, starting with the FiberCo. You can see that Africa currently has around 18% of the overall world population. But is less than 1% share of the global fiber infrastructure. It's clear there is a huge gap, and we are well-positioned as a Pan-African leader telecommunication company to fill that gap on the medium to long term. That's why it's the right time to restructure ourselves and move and continue the investment that we started, leveraging the open access model and the integrated approach that I spoke about. We believe with these ambitions, it's an opportunity for us to continue our work that we started with a structural separation of our fiber assets in selected markets to support the open access model, and definitely backed up by the subsea capacity, as well, leveraging the partnership that we announced three years back with Africa50 to complete the East2West fiber that create another level of resilience and as well complement the overall fiber footprint that we are aiming to complete, creating a much more level of resilience, redundancy and capacity. On Data CenterCo, again, we see that the demand, as I said, continue to grow. We cannot sit idle. We have already agreed internally on the best approach to participate, knowing that this business continue to grow between three to five times. Looking at the capacity relative comparison between us and the rest of the world, it's clear there is a huge potential in this space. Our approach is governed by 3 drivers. One, really focus on greenfield, do it in partnerships, and start from the markets where we already exist and there is a high demand. Potentially, we can scale this to the other markets the moment we really put the right foundation and we start showing the real results. We look at the data center business as a real estate business, and that should be driven by demand-led structure. We don't sit on idle properties or real estate. That's why there is a balanced approach between putting the right structure, acquisitions of the lands, having the right partners, and having the effective commitment from the customers so that we can really ensure scalability and monetizations moving at the same time. Most importantly, to mention here, that we are not alone who are thinking about the data center business on the continent. What is differentiating us, we are not only providing real estate, we are not providing an apartment or a house. We are providing a complete infrastructure suite, starting with the connectivity, leveraging the fiber footprints with the subsea capacity, with the access to the satellites. All those together provide huge amount of advantages to the hyperscalers who are looking to have end-to-end solutions for hosting their own systems and solutions in the continents. As well, that also present another opportunity for governments and for enterprises. That also present a big opportunity for Selorm when he spoke about empowering enterprises, because we believe strongly that up the value chain, what we see here on the table, that is going to driven by the enterprise team to fulfill the demand that coming from the cloud and the applications and the other services. Again, let me put it again in a bold statement here. The approach that we are taking, we are doing it, we are building the new data center, the new greenfield in partnerships. Again, reducing the pressure on our financials, de-risking, and as well, accelerating and creating scalability advantages. When it comes to the towers, and again, subject to the approvals that we are currently actively working with, 10 years back, we decided to sell our towers. We didn't have the expertise, we maintained equity in the IHS. We didn't have the right expertise to run the tower co. Now we saw that there is a huge opportunity to do buyback, and not only to acquire the towers back, but also to leverage from the talents that has been built by the IHS teams. For that, we believe there is huge amount of synergies that already identified, and we are preparing ourselves from day one to have the right team directly responsible to drive all those synergies. I know there is questions in your mind that what are the benefits. Here when we talk about the benefit, is not only the benefit for MTN, because I want to speak the tower co language. We have customers. MTN is one of the customers. The benefits are a lot. Giving some examples vary from operational to strategic. Examples, if we have on average 1.5 tenancy ratio at this stage, that means there are operationally multiple teams, multiple vendors are really accessing the same site for maintenance. That's a basic opportunity where there is an opportunity to optimize. From security, passive infrastructure, generators, batteries, ending up with the active maintenance, all those together. Many times we find the same vendor, the same team is being contracted more than one time. That's operationally. Another also example of other opportunities, we speak about the scale of combined procurement advantages. Another example we see is currently, there is not incentive enough for the tower cos to work on the direct cost pass-through when it comes to the power. At the end, the telcos or the customers are paying the bill. In our approach here, there is much more stronger incentives for us to invest in alternative energies that can create an additional factor to reduce the cost and create much more reliable infrastructure for the future. Many examples, ending with another example, the sites by itself in many of our footprints are equipped with generators and batteries, but only feeding into the sites and feeding in fragmented ways to the active equipment. There is another also opportunity to start thinking about the power as a service as another strategic opportunity that can be added on the top of the tower core business. Finally, we took a bold step recently to go beyond than just the traditional pillars to start thinking, what can we do on the top of our networks leveraging the AI evolutions? We decided to invest in ODC along with other international players to bring solutions that can be hosted at the network edge by simply proposing and installing GPUs cost-effective solutions can run workloads that can really address the enterprise needs. Again, this is unique opportunity for our enterprise teams under Selorm to monetize and create new revenue streams leveraging the existing infrastructure that currently only connecting customers, but becoming a pool to generate additional revenue by hosting AI workloads on the top of the network. Our ambition by 2030, it's really going to be governed by several factors. Few of them are on the screens. On the financial side, our aim with the plan to triple our fiber footprint, to double our subsea capacity, to build as a phase 1 scalable demand, that demand we can see is going to grow driven and in relation to the demand we can see. Connecting, providing capacity internal and as well for the Pan-African demand that we can see, and as well for the hyperscalers who are looking as well to come and expand their own services across the continent. Financially, again, our aim is to grow the digital structure revenue on average of 7%-10% with margins vary between 50%-55%. To recap, all the information that I have just shared with you are summarized in five statements. One, we're building a differentiated, integrated, open access platforms. There are many players on the continents are playing in a different ways, but there are very few that have that integrated proposition or structure in place. MTN is one of them, we are at the leading edge. Our Pan-African fiber infrastructure going to continue to deliver scalable capacity and resilience will continue to be a demand-led model leveraging all the partnership that we already put and all the consortium that we are participating in. Our green field data strategy is well-positioned to capture the ongoing demands and scalable enough to go beyond than just the capacity that I have shown on the previous slides in multiple markets, starting from the markets we already exist and we see high demand. Number four, our towerco approach in terms of owning back these assets create significant amount of economics, efficiencies, and value to the overall consolidated business of MTN Group and for our customers as well who are benefiting from the infrastructure leveraging the open access model. Finally, our bold investments in AI RAN speak to the fact that we continue to play a leadership role in bringing the latest cost-effective technologies and hosted at the edge level to present a strong business case for our enterprise business to run additional services on the top of our active equipments. Ladies and gentlemen, thank you for your attention and looking forward for the Q&A. Thank you, Mazen. We've had three gentlemen on the floor this morning who were very excited, and they highlighted that at the outline of their presentations. There are some very exciting questions to match that excitement that you showed on stage. Gentlemen, if I can have you on stage. Mazen, please can you join us, Serigne and yourself, Selorm. Just to mention, there are quite a lot of questions that have come through, not just online, but I can imagine in the room as well, people wanting to engage. In the interest of time, I'm going to try and manage it as best as I can. Online, I'm going to take two questions, and in the room I'm going to take two. I do want to mention that this is not the only opportunity you have to be able to engage with the leaders you're going to see here. There are different parts of the program where we will again open the floor for that Q&A engagement and as well as during the networking session. We have not forgotten about you. I do see, do we have microphones? Wave at me. There we go. I can see you. Perfect. Let me take two questions. I'm going to take one on this side and one on this side, and then I'm going to take the two questions online. If you have a question, please raise your hand, give me your name and the organization that you're representing, and then fire off your question. Do we have any questions in the room? Raise your hand. Going once, going two. We've got a question over there. I'll try and get a mic over to you. Nadim Mohamed. It should be on. Nadim Mohamed from Standard Bank. Just a question for Serigne on fintech. I just would like to better understand your strategy with Alibaba in Nigeria. Are you looking to become more of a neobank similar to some of your competitors like OPay and PalmPay in the market? Should I answer now? Yes, please. Thank you. Thank you very much for the question. I think there is the frontier between neobank, Fintech is narrowing more and more. I think for us, the most important is what services are we going to provide to our customers, to fulfill the needs and demands that we have in Nigeria. In Nigeria, actually, we have a banking license, which is called a PSB license. As I explained in my presentation, we are seeing some gaps. We cannot do lending today directly. We cannot participate into international remittance directly, and there are some other many services that we cannot do. We are in the process of augmenting our license to be able to provide those services that become an ecosystem of services for our customers. OPay and others, I'm not sure if they're positioning themselves as neobank, but what is sure is that they're proposing services that are aggregated through a super app that we are going to provide to our customers. We think that the platform we have will be having a much better way of proposing it to our customers and also taking into account the deeper ecosystem we already have in Nigeria with MTN Nigeria. We think that those together will help us to be better positioned in that market. Okay. While the microphone finds its way across the room, I do see you. I'm going to take a question online, and I'm going to read it. In between the three of you can decide who wants to answer that. The question is as follows: What is the plan for transitioning away from 2G, 3G? If you have to take a view, do you think MTN Group will be able to move on to 4G, 5G only by 2030? There we go. I'm hoping in this response we might get a grandmother anecdote. Let's see how it goes. No, no grandmother anecdotes. No, thank you. No. There are a couple of things. Thanks for the question and quite an interesting one, and I feel tempted to get Charles to join me on stage. The way we think about our network infrastructure today, 2G is still a technology that we see as quite relevant into the future. There are different types of services that continue to run on 2G. Obviously, from a consumer standpoint, that's becoming less and less relevant. From a regulatory standpoint, 2G does have some legacy and some residual value that we're trying to preserve. 3G, on the other hand, has an economic equation that's not very promising for us. The focus today for us is really on 3G shutdown, and we've identified a number of markets that we're trying to work through to try to migrate that, agree with regulators to put in place a plan for 3G shutdown. We should have quite a robust plan between now and 2030 to shut down some of our 3G networks, there's a lot of work that's required on the regulatory side. From a technology and commercial basis, we actually do have readiness in some of our markets, from a regulatory standpoint, that's not necessarily in place. The final piece of that is a device compatibility, where we need to shift the final legacy of our 3G devices onto 4G, then we can free up that space. We can also leverage the spectrum much better in markets where we have the ability to leverage spectrum across different bands on neutrality to give us a lot more benefits on the technology side and to drive 4G usage. That's absolutely part of the plan, there are some limitations we need to work through. Thank you. All right. Sir, you have the microphone. Please give us your name and organization. Yes. The name is Sunil Varghese from the PIC. Just a point of clarification on your announcement with Alipay and Ant. Can you clarify, can you use the Alipay on your USSD platform, or do you need to have a smartphone? If it is the latter, how does one differentiate from a Google Pay or an Apple Pay, et cetera, and would it be better to have more of an open access? Thank you. Thank you for the question. We've our Alipay platform that the way we are deploying it is why also I talked about augmenting the team. We are taking the best of Alipay platform, but we are adapting it to our markets. In our markets, USSD is still relevant. For example, what we are launching in Nigeria will be offering the app channel, but also still the USSD channel. The USSD customers will be able to get access to services through USSD, but we will be pushing, as I said, for everyone who has a smartphone to engage with us using the app. To answer to your question, it allows USSD channels. Okay. Mazen, I'm going to take an online question. This might be for you. The question is, given how the IHS deal is likely to be structured, what are the benefits that the OpCos are going to get post-deal? Is the operating leases likely to be amended to, let's say, local FX based? If not, why not? Thank you very much. Again, this is subject to the approvals that we are currently working with it with the different stakeholders. When we say OpCos here, again, I need to repeat the approach that we're taking that this transaction will be run independently to create equivalent room for quality services to all the existing customers, including MTN and others. The same amount of benefit that is going to apply for a customer one will apply to the customer two. An example of those benefits, I think I spoke about some of them, and the biggest opportunity there is to accelerate the process to find alternative or infuse the infrastructure with alternative energy supply that can really speak directly to the direct cost pass-through to the customers. Another also angle, which is more on the operational side, on how we can really combine and consolidate and optimize some of the operational activities on the side through by looking at the different players who are really operationally involved in the maintenance of the sites. Another example is how can we really bring an opportunity for the existing active equipment on the sites to allow active sharing, where we can enable much more pool of revenue monetization for the existing customers. These are just few examples, but as I said in my presentation, we have identified more than 12 different distinctive value unlock opportunities, and we are well-positioned to kick them immediately. We have the approvals, and many of them has direct impact benefits to the end customer or to the customers. Okay. In the interest of time, can I squeeze in one last question? I know I'm standing between you and lunch, but I'm just going to squeeze in one last question just for this section. If there are any other questions that pop up, we'll get through them throughout the day. Thank you very much. Very conscious of the last question just before lunch. This is Hasnen Varawalla from Absa. In the presentations today, both on Fintech as well as on Digital Infrastructure, you did speak about introducing new partners, financial partners into both those businesses. I'm presuming that's both for technology as well as risk sharing, as well as financing. Is that a first step towards MTN considering actually separately listing these businesses, the Fintech and the Digital Infrastructure business, as some of your competitors have chosen to do? This is a shareholder question. I think the team have been well-trained. Look, I think the thing that's driven our thinking is the connectivity business, we can fund that growth completely from operating cash flows and the mix of debt that we may have in the market. That does not require really any third party. This is how we're going to connect the homes and all of that. On the other two platforms, on fintech, we already said that we're open to minority shareholding all the way up to 30%. On the digital infra, it's CapEx heavy. It's capital heavy. You've heard the framing of phase one of data centers, 80 to 150, we'll be a minority shareholder in that business, as an example. We're looking for capability as well as capital within our finite envelope. You can quite see in those numbers, we will be a minority. The issue of listing is not something that's front and center for us. Obviously, we're watching it. We think the real important thing is to capture the opportunities that we're speaking about right now. If we ever, it becomes the right thing to do, we would look at it at that particular point in time. We have listed businesses before. Listing businesses is not a panacea to value unlock. What is more important for us is to capture the value, and if it's captured within MTN, I'm sure many of you will say that's good enough. We are not driven by deadlines of we must now IPO a particular We're still doing the structural separations. We want to mature the business, we want to capture the value, and you might even do it prematurely. We want to be super clear that is not our intent. These things may happen in time to come, but we're not driven by IPO timelines. Gentlemen, thank you so much for your time. Let's give them a round of applause. Fantastic. We're going to take a 40-minute lunch break, and we're going to reconvene back here at 13:10. That is 10 past one, and that also includes those who are watching us online, and we'll see you shortly. Thank you. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow, yellow. Yellow! Yellow! Yellow! Yellow, yellow. yellow. Yellow, yellow, yellow. Yellow! Yellow! Yellow! Yellow, yellow. yellow. 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Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow, yellow. Yellow. Yellow. Yellow. Yellow. Yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. 300 million voices. Yellow, yellow. 300 million connections. Yellow, yellow. 300 million stronger. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow. Welcome back, ladies and gentlemen. If you can kindly find your seats, we are going to continue with the rest of the program. Of course, welcome to those of you who are joining us online. I hope you had a really good lunch for those of you in the room, and also those of you watching online, I hope you took the opportunity to grab a bite, grab a cup of coffee, stretch a bit because this is where we're really going to be picking up even more momentum from what we've seen a little bit earlier on. Coming up for this particular segment in the afternoon, we're going to be hearing from the CEOs of MTN's major markets. That's South Africa, Nigeria, and Ghana. We'll explore MTN's approach to artificial intelligence, and that's going to be followed by a short fireside conversation. We tie it all nicely together by looking at the group's financial framework and capital allocation priorities. Let's get started. As we enter the second half of the program, we will focus on execution in MTN's major markets, as I indicated, South Africa, Nigeria, and Ghana. This is where you're going to hear directly from the market leaders. We begin with South Africa. Please welcome to the stage Ferdi Moolman, who is the CEO of MTN South Africa. Yellow. Yellow, yellow. Yellow, yellow. 300 million voices. Yellow, yellow. 300 million connections. Yellow, yellow. 300 million stronger. Good afternoon, everybody. It's very nice to see all of you again, and to all the colleagues that have come in from the regions, see a lot of people I know, Tobo, Onyinye, Modupe, Ayam, everybody else, welcome to MTN. Wanted to just quickly start off and get three issues out of the way. As I was walking through this morning, I met my team in the foyer here, and all they could ask me is if I had anything yellow on. Let me just get this out of the way. I've got yellow socks. I've got my yellow badge, and for those of you, I have a tie, as well. Right? They weren't asking me if I'm okay, if I'm ready to go, et cetera. They were more worried about the color. This does lead me to a point in that what you're going to see is a strategy plan that's been developed by the team from the bottom up. It didn't start with us. It started with Charles. Charles very much put the foundation in place and we've built on that foundation. In fact, I was threatening Charles that I was going to call him up because when we sat in the dry run here the other day with the team, Charles walked past and he sarcastically said, "Oh, you guys ready to present my plans?" I thought in this particular case, I'll invite Charles up to come and help me with the plan. No. In a more serious note, there are a lot of issues, we really had to struggle to identify those issues we wanted to discuss with you. Please, if there are areas that we haven't discussed, myself, Yolanda, Dineo, and Davesh are here. I please ask you to reach out to us and come and talk to us and ask us questions in the break, and tomorrow, we will address these issues. I think the last point I just wanted to get out of the way, when we did the dry run, I think it was two days ago, Roy Mutoni came running after me. I was standing at the elevator here, and Roy Mutoni said to me, "Ferdi, you've got to be clear the four or five messages you want to pass across." Right? He knows when I start, I tend to go all over the place. You see Ralph Mupita's already shaking his head. The point was what he had said is you have to be clear in terms of the message. I'm going to change the presentation slightly. I'm going to start with that. These are the four or five messages I'd like you to walk away with, is that, number one, we're not the same as the other markets. We don't have the market depth to grow at the level that the other markets can grow at. When it gets to what our responsibility is in terms of the Group, if I have to summarize it's really cash upstreaming and dividend anchor for Group. MTN South Africa operates in the same currency, jurisdiction as what Group is, and this, to a large extent, is what our responsibility is. Does this mean we're not excited about the market? Of course, we're excited about the market and there's a lot of opportunity in the market. What it talks to is that things like EBIT growth and EBITDA growth are far more important than, for example, EBITDA margin. Of course, you can't disconnect these things, so if we're able to present this, we can still give guidance in terms of where we think the EBITDA margin is going to be and where we can manage it. This is the first important point. The next one is this is a customer-centric approach. Do not confuse this with customer experience. This is putting the customer in the center of everything we do. This goes in terms of the products, in terms of our culture, how we service the customer. In fact, also, you will see a little bit later in terms of the network quality. This is extremely important. The third element is, Ralph Mupita referred to it in the slide, he spoke about structural expense, structural reset. This is important. For us, it's not just an expense, it's a structural reset of the business itself. It's how do we go to the market? As I said, how do we deal with the customer, right? Using modern technology to unpack and unlock efficiency. Some of the AI discussion you heard, I'll give you some examples of AI, but I'll unpack for you some other initiatives also in terms of it. It's not a pure expense efficiency program. It's far more of a restructure. Where do we think the growth is going to come from? Sorry, I want to go back. When I speak customer experience as well, or customer centricity, you will sometimes hear me words simplify, this all falls within that category. Where do we think the growth is going to come from? I'll align with what Selorm had explained in terms of the Home and the EBU. When it gets to the connectivity business specifically, the connectivity business, I think the value for us is far more in terms of quality growth as opposed to just looking at market share growth. Those, I think, are the takeaways, and I'll try and unpack them for you as we go on. The journey I'm going to take you through today really looks like the following. I'll give you a bit of a view of SA at a glance. I'll speak about the SA market. It's more just explaining and providing some detail as to why the market we operate in is different than the other OpCos, what the impact is of that. I'll give you an overview of the strategic positioning. How do we want to address this? What are our priorities? To a certain extent, how does this fall into Ambition 2030? Again, just remember there's an absolute broad range of issues, I'm not going to deal with all of them. Try to highlight those issues that are important. What does a financial framework look like in terms of what we've presented? If I look at this slide, the logic I put down here, the highlight I put is really around about structural reset. It's important that we still have an exceptionally strong brand. You'll see this, for example, when I get to the home base, where we realized our brand is still very strong and we need to leverage off our brand. It's very much also for us about cash generation. There's a lot of work we need to do around the cash generation. As I had said when I started off, it's largely also what role do we play within Group? What is our strategic role? The cash upstreaming and the dividend anchor. I spoke about value share. This is about quality growth. It's not just about taking market share. It's really about value and quality growth. Mostly we see this coming from enterprise and home, and I'll go through prepaid, where we're looking at a restructure of prepaid and a restructure of wholesale. By the way, I've moved on from terms like we need to repair prepaid or that. It's more about leveraging the value that we've created in prepaid to look at quality growth. You'll see the yellow block on the side, we need to anchor this and anchor our returns with proper cost, OpEx cost and CapEx cost discipline. That really talks to the reset is the most important. What does SA look at at a glance? I'm not going to go through all these tables. I thought what I would try and do is to unlock the data dividend that Selorm spoke about when he spoke about smartphone penetration and data subscribers. The first thing is we have a smartphone penetration of 70%. This is probably the highest in the Group, and one might say, "Oh, this dilutes a little bit the dividend story," but we still have close to 4 to 5 million 2G and 3G devices on the market today. There's still a lot of value we can unlock in that. When we look at megabyte per subscriber, we're still on the lower end. I think we're only on the starting point of exponential growth. You heard a lot that Selorm spoke about MTN One TV and these type of products out there. There's still massive growth that we see in data revenue. For us, voice is still important, but I just want to emphasize the point that Selorm also made, is that over time we'll see voice erode, and it'll move more into data. On the bottom left, we spoke a little bit about CapEx, and I thought it was important to put that down here as well. I think in Ralph's presentation, he was talking to CapEx intensity guidance of between 13% to 15%. If you go back into the past, we're sitting around about 13%, and we're targeting to remain within that 13% range going forward. If you go back into the past a little bit, you'll see 2023, 2024, we looked at higher CapEx intensity. This was pretty much around load shedding and resilience that we needed to build into the network. I also just wanted to emphasize when we look at CapEx, you're also going to see generally, of course, most of our CapEx is still going to go towards the network, more specifically towards home coverage. There has been reference once or twice in terms of CapEx also being allocated more to IS. In our particular case, this is extremely important because if we talk about customer centricity, the way you need to manage the customer is you need to have the systems to be able to manage it. We need to be able to do it digitally. We need to be able to use AI to manage our customers a lot better. For us to do this, we need to put the systems in place, implying therefore that you are going to see more of a lean towards IS expenses. Just important in this case, we are busy upgrading our BSS system. This is not a project that we started this year. The project has been ongoing for some time. This is extremely important for us, right? We've got a fragmented BSS at the moment in the network. This impacts the customer experience and the customer journey, and it's important that we get the BSS stack right so that we can build on top of it and look at the customer interface and then deal with customer service. We will see a bit of a reallocation of the CapEx more towards IS. Now that we have the strategy, we need to unpack it in a budget and in plans and have a clear view in terms of the network. Just a caution, we still need to obviously go through all of this and unpack the plan, but we're fairly confident that we would stay within the CapEx guidances as we've given it to you. I thought I'd put expense efficiency in there for you because a lot of my discussion is going to be around the structural reset. This looks at the expense efficiency program that was unlocked in the last three years. If you add this up, you get to about ZAR 4.6 billion. What we are targeting is close to ZAR 5 billion by 2029, and this is not cumulative what we're talking about. We're talking about removing actual expenses. I might repeat it later, I'm going to emphasize this now in any event because I think this is important. As a team, we had a lot of discussion around things like you can't cut yourself to greatness, right? You need to invest. We had a discussion around do we use terminology like save to invest and this type of thing. What we are looking at here is not just an expense efficiency program. It's like really doing things in a different way. If I take something like commission, if I'm going to pay commission in the market, I need to make sure that the commission I'm paying is towards a service that I'm getting. It's not just ongoing commission. I need to make sure that that cost that I'm incurring also is commensurate to the service that we are giving, just as an example. You'll see data revenue is 45% of revenue, indicating there's still a lot of space there. Then we put the MTN app users in there, and this is perhaps an opportunity for me to speak a little bit more digital because as I said, the consumer or the customer is in the center of whatever we do. There's been a lot of discussion around USSD and the app. We only have 2 million MTN app users, right? Indicating that there's still huge amount of space to move consumers to the app. It's easy to get somebody to download the app. It's not always so easy to get people to use the app consistently, right? If you just take banking apps versus telco apps, it's logical that banking apps get used far more than what telco apps are being used. There's a lot of opportunity to move consumers up the stack towards digital. Of course, the higher and the more you move them towards digital, the more your cost to serve comes down. One of the things we have done, we've looked at our USSD platform, and of course, USSD is still used excessively in the market, sometimes because it's easy, sometimes because people understand it, right? We're leaning into the USSD in the short term. How do we get that USSD to be more effective? There was reference to it that it's old-style technology. It's still very much text-based, et cetera. We've done things on the USSD. For example, we've moved the recharge from the fourth option on the menu to option number 1 on the menu. Just doing this in the USSD, we started seeing some behavioral change. I think the message here is the digital journey. The digital journey needs to take place, we lean into what we have, the ultimate objective is to move it into the channel. The market that we work in, I'm personally very excited about the market. I had the opportunity to work outside the country for 20 years, only came back in 2021. Having been away and having come back to South Africa, you notice certain things. Of course, we've got a long journey still to go. I think the government of national unity and we generally feel, I think, has been successful. I think it's working together. I think we're seeing progress. How can we see this? If we just think about load shedding and the challenge we had about load shedding three or four years ago and where we are today, where the network is fairly stable, right? We look at the geopolitical turmoil that we face today and that the economy has remained fairly resilient, right? We see the upgrading of Fitch that recently took place. Even coming off the gray list, I think, was a success. One might argue we should never have been there in the first place. There's a lot of positive issues in the market as well. We also feel the consumer is still fairly resilient. There is a movement in the market in terms of the wallet. I'll unpack that a little bit later, we think there's still a lot of value in the consumer also. All right. I've been speaking about the fact that we're different to the other OpCos in the group. When we look at our profile, we think it fits a profile far more of a developed market, of a European market than what it does of a developed market. However, there are some unique characteristics that stand out. We've split the job in three groupings, sort of what's the customer behavior, on the right, the competition and regulation environment, structural and distribution. What do we see there? I'm going to jump around a little bit. I'll go to those topics that I'm far more passionate about, I want to start with structural cost and distribution. What is important with this pillar is that this allows us to distribute our products. Over time, what we have found is that the market now has got a lot of aggregators that are operating in this channel. What this does to us, firstly, it puts a cost in place. We incur a cost. Secondly, we lose visibility of the consumer. For example, if somebody recharges and just goes through a normal banking channel and recharges through the app, we might not even see that that recharge took place at a particular bank. We'll see the date and the time and the value of the recharge, we don't know which bank was used in the recharge. We have limited visibility of what the consumers are doing. This, by the way, is extremely important when it gets to CVM. When I get to the prepaid base, you'll see I'll refer to CVM. One of the AI initiatives we're doing there, oh, I forgot the name now, Charles. It was hyperpersonalization. That's what the term is called in AI. This really talks about having a deeper understanding of your consumer. When do I communicate to you? When do I offer you something? At what particular point in time would you buy something from me? Something simple like, I need to send you offers close to payday. If I'm going to send it to you two or three weeks after payday, you're probably not going to have the funds to pay. Understanding which channels you are using. We've got to get closer to the customer, right? The other one wanted to also just highlight is device-led prepaid and postpaid market. Our market is still very much device-led. This, by the way, requires working capital from us to be able to bring the devices in. As I had said earlier, we're very focused in terms of cash generation, we are looking at other potential models to take the strain that the handset puts on our working capital off our balance sheet. High SIM churn and KYC. I'll address this when I get to the prepaid market a bit. When you look at the prepaid market, we have really high churn in the prepaid market. Principally what is happening, you have to invest substantially in that market to keep that inflow coming in. All that really happens is you're just funding churn. On the competition and regulatory space, of course, we have far more competitors in our market than what we do in our other markets. This is across the board. This goes from mobile all the way through to fiber operators, all the way through to ISPs. We have seen some market consolidation with the Massive deal that took place. I think what I wanted to stick with a little bit is in the regulatory space. When I was working with my team also in the issues we put here, this is the End-User and Subscriber Service Charter and the potential change of the ECA Act. The team was saying, "We need to highlight this. This is unique to our market." I said, "Well, the first thing is we operate in markets where we have regulations and regulators at play, we constantly see changes in the market. This is not unique." What is unique in terms of these two things, I think to a large extent, we understand some of it. If we look at the End-User and Subscriber Service Charter as an example, there's focus on data. It talks about the carryover of your data, the transfer of data from one subscriber to another subscriber. You really look at it, I think to a large extent, if we look at the complexity of the products we have out there in the market, it's almost understandable that a regulator will start looking at this and saying, "Hey, we need to take the consumer into account here. How do we deal with this?" Having said this is a short-term challenge at the moment, we are busy working with this, both as an industry, also with the regulator. Of course, by the way, we already have some products where you can share or transfer or carry over your data. Also potentially transfer data. We could look at some products to deal with it. The ECA Amendment Act is quite a big act. This has some elements in it around MVNOs and management of MVNOs. There's still some time to look at this, but I think these are important initiatives to understand in terms of how does it shape the future of what we are looking at. Customer behavior and change. Maybe I must just stick a little bit to the change in the wallet. What we have seen substantially is the proliferation of online betting. This is huge in the market at the moment. Where the money comes from is really from the telco/entertainment wallet of the consumer. The consumer has less value available to spend on telco. We're seeing this growth, and we have a number of plans in terms of how we would like to deal with this. By the way, it's quite interesting, really, if you think about it. The prepaid market was really started by telcos, was the real success, and it's now, to a large extent, you see prepaid electricity came into the market, and you're seeing online betting, and you're seeing vouchers, almost like a pseudo currency type of thing. Pseudo currency type of area, the issue that we see in the market. Hopefully, I've given you a view sort of just in terms of the difference between us and the other operators. The next slide is more of just an introduction. I'll take you through Defend and Grow Mobile. I'll focus more specifically on prepaid next. After that, I'll take you through the home broadband. I'll go through repositioning of wholesale, how do we see wholesale, and then a little bit of discussion around ICT converged services. This relates to the EBU that Selorm put in place. I'll spend some time on the structural reset. The next slide talks about prepaid. The note I have at the top here on prepaid says the following. It says, "Quality growth versus share growth." What does this mean? Firstly, when you look at the prepaid market, I think you must split your mind into two. We still have high-value subscribers sitting in that prepaid market. The old adage is true, 20% of subs generating 80% of value. Generally, the churn is low in this area, so we need to protect that base. We can grow that base by growing ARPU, growing the wallet, and obviously protecting the base. The 80% versus 20% revenue, if I can call that more of the mass market. I wanted to spend some time in terms of just unpacking the mass market for you. What does this market really look like? This is from a broader market view. If you look at this mass market, this is what sometimes we refer to this as inflow. Other opcos will refer to it as gross additions, et cetera. This market is huge. There's huge amount of volume sitting in this market. The churn is exceptionally high. If you bring a subscriber on board today, the churn is in the high 90%, 90% in that market. 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. You're continuously investing in the market. 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 to it. If you think back of quarter three, I think it was quarter three last year, end of quarter three going into quarter four, 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. By the way, you need to do it consistently, right. This market also is very price sensitive, so they will unlock value in that market. The big challenge with this market also, there's a high KYC risk sitting in this market. 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 behavior. As an example, you need to have the right distributors as well that you work with. You need to have the right relationship with the distributors. With all respect, if you look at their business model, it's in their interest to get as high as possible discounts and commissions. 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. Of course, when you 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. The first one really talks, apologies. 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. Portfolio simplification. Here's that word simplification again, speaking about customer centricity. 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. Don't ask me, by the way, what the SKU acronym is for. I asked Davesh yesterday, and he told me, and I can't remember. I can tell you what it means. It talks about number of bundles and number of products in the market. There are 450. There was 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. We very much talk about portfolio simplification. How do we make it easier for consumers to decide? By the way, I was going to put Pi for you. I'm sure you guys have seen that we've launched Pi. It's sort of got like a green color thing. Hopefully, you've downloaded it. If you haven't, please download it. Have a look at it. 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 center. You can get an eSIM. You can get a physical SIM through it. The entire journey is a digital journey. Doing your registration is digital. The payment plan on the thing is digital. You need to have a bank card, but the payment is digital. It speaks to a number of elements. I'll bring it up also during the course of the presentation. I more want to put it on the table just to show 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. When you look at something like Pi as an example, we talk about simplicity there. I spoke about the bundles, really looking at the bundles. Firstly, if you really look at between the township and youth and grow the share of the wallet, that is what we tried to say there was the mass market versus the higher value market. Channel productivity, I have spoken about quite a bit. I think the last point on channel productivity is digital recharges through MTN channels. This is an important project for us. It is 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 do not necessarily see the recharge data at the end. Of course, when you put an aggregator in play, you also see cost leakage. 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, et cetera. What we have next is sustainable airtime. This talks to the provision of, let us 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 will see there is that we have put some benchmarks in place. We are talking about a penetration at this stage of about 35%. At some stage, it was beyond 40%. A repayment profile of this of 70% of repayment within the first or within the very next recharge. This is more like airtime credit. Let us call it a quasi-postpaid type of base. This is still extremely important for the prepaid subscriber, we have cleaned this base up, and of course, when you clean up this base, it has a direct impact on your revenue. This is still a very important product for us. We are looking at redesigning this product substantially, right? 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 is more about keeping your data on or providing you support in times of emergency. What I have put in place, and we have not 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 when I could not remember the AI initiative. 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 I can offer you the right product. We still have extensive CVM in place. We still work on CVM, and we want to take it to the next level. I have put in loyalty also because loyalty is important to us, and what we have just put in there is one initiative we looked at, and this is called just Flip & Win. It was just a very simple game, right? It was not complex in nature. In fact, to my earlier point in terms of USSD, we deployed it on the USSD as well. We have about 5 million of the customers sitting on that base today. If I get to Home. 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 is where we see huge opportunity for growth. You'll see at the top where 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. We do have a subsidiary called Supersonic. Supersonic we acquired some time ago. Supersonic was really the vehicle through which we went to the home. Just by moving away from the Supersonic brand and creating an MTN Fiber 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. As I had 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, it has been alluded to, we use multiple technologies to do this. We don't own a big FTTH footprint or fiber footprint. Where we do have a fiber footprint, obviously we deploy on that. We also use partnership models to connect the home. For example, the fiber connection I have at home, the actual fiber is provided by, I think it's Frogfoot, whereas the ISP connection is provided by MTN. The big drive is to own the household, right? Connect the home and own the household. You'll see we've got Airfiber here. Airfiber, I think 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 fiber-like experience. It's obviously a lot quicker to connect than fiber. What's been interesting with this product is we initially anticipated the market would only be areas that don't have fiber footprint. In fact, we find we're also selling within areas that already have fiber. It's really because the fiber infrastructure in SA is not as reliable as it would be in Europe for a number of reasons. We also see big take-up in terms of Airfiber. We use that technology. 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. We're very excited about the possibility for home and for household and delivery of content, et cetera. 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 vertical solutions a little bit. We're also working with City of Cape Town in terms of looking at the digitization just from a practical point of view. We're also looking at other potential vertical solutions. We've seen almost consecutive growth in this stream for I think 12 or 16 quarters, I think with the exception of one quarter where we had to put some revenue reversals through. We are seeing consistent growth in this quarter. At the moment, a substantial part of that growth has just come from mobile with a lesser part coming from converged services. 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. I thought before I start, I thought, let me introduce you to wholesale. What do we have under wholesale? The wholesale we have in South Africa includes, amongst other things, interconnect. This is voice interconnect that sits there. Sometimes it'll include bulk SMSs that we would sell to third-party providers like the banks, et cetera. It could also sit there. If you look at inbound roamers, people coming into South Africa, roaming on the network also sits under wholesale. There are other products sitting under wholesale as well. Objective with wholesale has always been to sell spare capacity in the network and generate cash. This has always been the objective with wholesale. Our wholesale division also deals with Mazen and Bayobab. The services and the traffic and the revenue we get from Bayobab also sits under wholesale. Right. Then you have MVNOs sitting on wholesale, and then you have, let's call it national roamers. Let me deal with the MVNOs first before I go to national roaming. MVNOs, if you manage them correctly and if your pricing framework is correct, MVNOs can add value, substantial value to the network. 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 MVNO that gives us access to that particular segment, right? Now, it's dangerous when you have a 60%-70% market share or 50% plus because what generally happens when you move into the MVNO, it does lead to a certain element of cannibalization. Our market share sits around 30% or 32% odd where you sit. 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. We did a bit of a calculation and we said, all right, what do we think our value share, for example, is on data? 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 bar about three to four percentage points. 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. 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. The frameworks we had in place, and by the way, the framework accounts for the national roaming also. 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 as well. 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, right. They have their own assets. Sometimes we want access to these assets. A good example of this is frequency. If we can get access to frequency from one of our national roamers, it obviously impacts more efficient coverage, less CapEx, et cetera. It's far more complex in the roaming space than what it is in the MVNO space. 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. 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. This type of behavior will generally lead to some element of value destruction at the top end. Right. Number two, as we have grown, people like the national roamers obviously become a lot bigger. Their demand for capacity becomes far more. 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 utilize that spectrum, et cetera. 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. The times have moved and the market has changed, right. We've seen an evolution in the MVNO space. We're seeing substantial competition in the market, especially in the prepaid market on the pricing side. We've also had to relook in terms of what does our pricing model look like. Selorm, in his presentation, had spoken about cost of production and he spoke about yield and all of this. It was on the basis of that work that we did that we realized 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. The fourth pillar was what I'd referred to earlier as being the segment. Where are you? I don't necessarily want to empower MVNO that sits slap bang within an area that we have market share and we believe we're indexed correctly, otherwise we'll see substantial erosion. This gives a bit of a view in terms of where we are. 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. We are busy talking to Cell C at the moment in terms of the pricing framework, and we are pushing from our side 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. Ultimately, you can reflect it in terms of what is the value we are going to unlock, and we say between ZAR 4 billion-ZAR 6 billion of savings we'll unlock by 2029. I must say that the team, both Dineo and Yolanda, did extensive work on this. This is not an initiative that was driven by group in terms of expense efficiency. This is an initiative that the team came up with. Just to give you a bit of a view, and when we did the calculation, by the way, the way we did it was to say we need to have some target that we can see, that we can work to. 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. You need to determine where you want to play and how you compete and where you sit compared to other operators." 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?" We had to make some assumptions in terms of revenue growth, of course, from the top line. Then we came up with a target, and the team brought, and we had a discussion around this and said, "This is 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?" I think the message here is, we've done extensive benchmarking looking at this, and then we went down and we started looking at some of the expenses. 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, 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 margin. 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 OpEx cost to it. We've looked at channel profitability, and there where channels are not profitable, we prepared to close them down. 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've spoke about devices and then acquisition cost. Acquisition cost is a big driver for us at the moment. There's a particular element that sits here, and this talks to 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. There are a lot of initiatives around acquisition cost. Of course, this is sensitive. When you start playing in the distribution market and you just take out cost, 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 when this gets to, this talks to digitization, et cetera. Productivity, AI helps us improve productivity. There are also many other areas that we can improve productivity. Wanted to stop quickly on network and technology. There is a procurement element to it. There are a lot of contracts that we have had in place for a long time that we can unlock value and efficiency. We would need to work with our suppliers to get this done, in this case, we've got GSSC, which is our centralized procurement system, a process that sits in Dubai. We've got a team from Dubai coming down to help us as well. 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. 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. I covered that block. We're looking at margin expansion. 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. Right. This is cutting for efficiencies. Right. 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. Maybe this is where I want to stand it a little bit still as well. 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 load shedding, and we've achieved that now. It comes at a cost, right? 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. For the consumer out there, does it mean anything in anybody's mind? Of course, what happens now technically happens because our speed is a lot higher than what the other networks are. You consume data a lot quicker, right? Even if you don't intend to. Just scrolling down on Facebook, for example, it'll download the ad for you. When we did some research into the market, we appointed independent contractors to do some research for us. It was clearly said, and we had 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. It's very much moving away, not focusing so much on number one, but creating a resilient network that provides 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. Of course, all that leads to stronger yield and stronger cash flow generation. I'm almost done. Don't worry. Quickly about working capital and cash generation. All of these things will obviously lead to an improvement, but there are some other steps that we are taking also. South Africa generally, historically, has been used as an incubator for some group projects. 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. Of course, when you're an incubator, you incur cost, but you don't necessarily generate the revenue. The one example is converged services, which has now moved to group. Group now is running that, and the other one for us is mobile money. What this does 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. It also allows us, 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. 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. We're not altering the guidance specifically. I do think that if we look at CapEx intensity, we're targeting 13. 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'd love to go on. I've gone through all of this to give you a view. I'd love to go on. Davesh has already said no. I'm probably way over my time. As I'd said, I'm pretty sure I forgot a huge amount of things. My team is available to be able to answer any questions you have. I'd like you 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. I'm honored to stand here and represent the plan that they developed to you. Thank you very much. Thank you so much, Ferdi, for that detailed presentation. The one thing that has caught my eye when it comes to Ferdi, he took so much time to tell us that, "You know what, guys? I know you're seeing me wearing a gray jersey." If you look really closely, there are MTN colors there. There's the socks. We've got a tie. I think he also has a wristband. Because, okay, you do. Okay, fantastic. Because now we know we have to look closely, I took the opportunity to look closely at my next speaker. I can confirm there's no yellow tie, there are no yellow socks. We're solely going to be relying on the strength of his presentation to compensate for those colors. He's got a yellow. See, the thing with the yellow pen, it doesn't really count. I don't know. We'll see. Anyway, 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 would like to welcome Chief Executive Officer of MTN Nigeria and Vice President for Francophone Africa, Karl Toriola. Yellow, yellow. Yellow. Yellow. Yellow. Yellow. Yellow. Voices. 300 million stronger. 300 million stronger. Yellow, yellow. Yellow, ladies and gentlemen. Can you hear me? Yes. Audio's good. All right. Roy has sent a message that I need to keep it crisp, which I will promptly ignore and go on for the next 2 hours. Starting by showing you my yellow underwear. No, this is all there is. Okay. We'll start off, the agenda is operating context, some information around the strategy, most importantly, the financial or capital allocation framework and some key takeaways which I would like you to take with me. Nigeria at a glance. You all know Nigeria well enough and how much it contributes to the group numbers. We're Nigeria's leading operator, and we structurally defended this over the years, keeping our market share well above 50%, currently at about 51.4%. This is driven by our network quality, 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 tariff increases. I'll speak to that later. With a very large population, a large youthful population, we still have quite a way to go on the consumption curve, particularly on data. I'm extremely excited about our opportunity in Home. I'll speak to that as well. 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. 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. We're very well-positioned for the long term. After the negative equity period of 2024, the rapid devaluation, our finance team, led by Modupe, who's in the crowd here, did some really spectacular things to our balance sheet. We completely eliminated all US dollar debt, I think about 85%-90% of our debt is on bonds with an interest rate of about 14%. 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. 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. This is supported by a very strong capital, 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, most importantly, a very clear track record of execution. We have a very high say-do ratio. You'll see that in all of our commitments, tariff increases, FTTX, et cetera. We're very proud of this team. Some of them are in the room. Our subscriber numbers at the end of the last reporting period, 89.5 million subscribers, at the end of Q1. Data subscribers growing continuously, rapidly. Our smartphone penetration is at 66.2%. You'll 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 steadily 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 aggressive during the negative equity years, but we're back to just under 20% range. You'll 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. We continue to accelerate our population coverage, particularly with broadband population coverage. You see there, the growth of our revenue, from 2023, NGN 2.46 trillion. We ended 2025 at NGN 5.2 trillion with our low 20s guidance. You can do your estimates of where you think 2026 is going to go. Of course, we did still have quite a strong quarter because we did not have the full effects of the tariff increases flushing out yet. Our guidance is where we maintain our position. Very strong EBITDA margin in Q1, 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% compounded average growth rate, and you see that over the years from 2020 to 2025. Voice, exceptionally, I think still growing at 16% CAGR. Data, very strong at 53% CAGR. Fintech, 34%, and as I have mentioned, we believe we are just at the start of that journey in fintech. Yes, we had a few missteps, but I think we are getting it together now. Data, very strong revenue growth, albeit not as large in terms of contribution, and you can see the others there. No need to go into that in any great detail, especially with Roy's instruction. I will 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 Straits of Hormuz has driven energy prices up. In some ways, in terms of supply chain, we are very resilient because of the Dangote Refinery that is now operating at 700,000 barrels a day, but we are not immune to the input material cost of the crude price of oil. 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. What is very positive is we have a very well-governed forex reserve than foreign exchange rate. The liberalization was done, so we do not expect any of the, I think the extreme volatilities that we saw 2023. We have actually a strengthening NGN, 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 very, 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 a 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 sort of petered away into the background because it actually has strengthened our subscriber data integrity and our KYC compliance. We are extremely compliant. No real question marks around that space. We have an enhanced ecosystems 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 adjustments was done. Again, I remind the market that it was higher than all the expectations. 30%-40% was 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. Not only are we surviving, I think to a large extent, we're thriving, and it's helping us to drive our investments in the market. There will always be questions about the further opportunities for further tariff increases. I think, look, 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. We'll see how that plays out over time. MVNO, interesting piece of regulation. It enables infrastructure sharing, and supports broader industry collaboration. We're supporting that as much as we can, as you know, the entity which used to be 9mobile, now T2 actually roams on us, and we have leased some of their spectrum to support the capacity in that space. Tax reform, I think there's been a lot said about it by the Nigerian government. They've simplified the tax framework, enhanced transparency, and it makes it much more easy to predict how your tax is going to play out in the future. Our regulator has a lot of focus on quality of service compliance with specific focus on quality of experience. The positive thing is they're not looking at how enforcing this from a penalty means, but much more of a compensation of subscribers, which is a positive step in terms of enhancing quality of service. Moving on to the market structure. I think first thing I'd like to say is Ookla, 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 it was a really strong compliment to our network. Looking at market share 2023, just to mention that there was a restatement of one of the operators, by the regulator, 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. It's safe to assume that all the way in the past few years, we've been in the 50%-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%-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, we will maintain that. 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. That's an interesting little point. Few comments on our Ambition 2020 and strategic positioning of our Ambition 2020. 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 program 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 personalization, driven a lot by artificial intelligence. 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 ourself. 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 Own the Home. There are a few slides coming up on that. We're scaling fiber to the home. We spent 2025 learning all the lessons around ramping of fiber to the home. If you see the growth rates reported by the regulator, you'll see that pretty much we took all of the growth in fiber to the home in 2025. In 2026, I think we hit, according to the regulatory 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. We will, however, in parallel, as the opportunity arises and where we cannot address consumption through FTTX, we'll be continuing to accelerate our fixed wireless data uptake. That's still a major focus area on wireless to the home. We will reposition our enterprise learning from all the great examples from other markets that we've seen, what Selorm spoke about, by driving and enhancing our enterprise business capabilities, and convert 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-personalization, SIM registration procedures, onboarding of SIM registration procedures, smart CapEx execution, and business intelligence in our marketing function. 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? AI is real, 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'll talk to one or two slides. These points are referred to there. On digital infrastructure, I think Mazen has spoken to the IHS initiatives. I think one thing that we can say, it's really for Mazen or Ralph to say is, the quality of service on our tower cores, which is significantly important for our wireless quality of service, is much better managed by Bayobab than external parties. We're very excited about that, even though we're going to stress Mazen to the ends of the earth. Of course, there's opportunities working together with Mazen to scale and monetize the data center opportunities in Nigeria. Quickly on homes, I think I've spoken to my excitement. Our market is extremely excited. Egerton Idehen, 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 fiber 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%-85% of payloads in developed countries are moving on to fiber home solutions, office solutions. We think on the long-term basis, that's what we can do. We're seeing good uptake ratios. We are increasing our ASP by eliminating the lower consumption bands. We think we're getting pretty much everything right, and there's nobody in our space that's really coming close to us in the FTTx space. Of course, once you are successful, you will tend to attract competition. I'll take this slide as read, but we are of course, focusing on where the opportunities for the highest home passed to homes connected ratios. That's where we're rolling out the fiber, and that gives us the quickest returns. We continue to use 4G and 5G, which 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 machinery running there. MoMo. Big opportunity in MoMo. We're still very, very positive on the MoMo opportunity in Nigeria. As of end of Q1 2026, we ended at 3.3 million wallets. The opportunity we think in our Ambition 2030 is 20 million-25 million wallets. The current fintech space is NGN 5.1 billion, expected to grow to about NGN 17 billion in 2035. There's a few things which we're going to use to drive our advantage. Our distribution network, it's always been that. The brand trust, if you go into the hinterland, 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. I'll 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 Dioum has spoken to that and through the announcement yesterday. We think that's one of the things that really held us back. We didn't have the right tech stack to compete with the type of the people that we have in our markets. We all know that Nigeria is probably number one or number two in terms of the advancement of the market for financial services. There's a lot of work that's done on to the retooling of our skills base, and the people that we have in the organization. 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. Then there's of course, license optimization. We've spoken to an absence of a direct remittance license, lending license, and we're working on evolving that, and of course, very strong governance. 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 till date. In 2023, voice accounted for 44%. It's now in 2025 in range of 54% and growing. We see it in 2030 coming to 60%. Voice remains very material. We continue to grow on voice. It's very material. With the accelerated growth on data, it will taper out over time. We see our opportunities in terms of financial services and digital continue to grow. The growth of the other revenue streams will somewhat crowd their growth contribution out of this. In 2030, expecting that mix you see on the board, 25% range, maybe a bit less on voice, 60% on data, 5% on Fintech, et cetera. 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 efficiency of mid to high 50s. Again, emphasizing that we have zero Forex debt on our balance sheet today. Also very, very low leverage. We'll continue to drive digitization of our processes through artificial intelligence. We have a very clear value-based capital allocation, so stable CapEx intensity. When we do deploy CapEx, I will emphasize this, the first and easiest and most efficient way to expand your network capacity is spectrum. As we find opportunities to acquire further spectrum, we will never parcel those up as long as we're allowed to by the regulator. 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. We do those right and it leads to very attractive free cash flow. You'll see that come through in our quarter one results, and eventually, ultimately in our dividend payments. It's mentioned there our 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. 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 center expansion with Bayobab, of course, will drive artificial intelligence investment. We continue to optimize and leverage our capital structure. I've spoken to how little debt we have there and absolute zero Forex debt in that space. 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 is defined by quarter one rates. That's all banked. We all know what the energy pricing is going to be for H1. H2 is going to depend on, of course, our current macro realities. We've given a guidance indication that we expect an impact of 1.82 percentage points EBITDA impact on the basis of a 2,000 NGN price for diesel in the country. I think that's well covered by Ralph already. No need to dwell on that extensively. Key takeaways. MTN Nigeria is the leading operator in Nigeria. We protect robustly our market share and value share. We are anchored by network quality, strong brand 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 have in that space. We think that's going to really start 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. We'll explore how that evolves, particularly as interest rates and the cost of debt comes down in the market. 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 USD debt. With the renegotiation of the IHS contract, regardless of what happens with Mazen and Co going forward, in August 2024, we significantly reduced the USD component of that contract. Really strong, a robust business, excellent management team, hyper-competitive in everything that we do, and very positive about the future. Thank you very much. Thank you, Karl, for your presentation, really reinforcing why Nigeria remains such an important growth market for the group. Just as a side note, we are continuing with what I call the entirely unofficial audit of visible MTN yellow. You can see if you can spot it amongst the team. I'm going to call this the MTN Spirit rankings. I spotted my next speaker, and he's wearing a yellow pocket square. Making an early lead there in my MTN Spirit rankings. Let's see if you can spot any other yellow. My next speaker is going to be giving us an update from Ghana. 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. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. yellow. Yellow, yellow. yellow. Yellow, yellow. Yellow, yellow. Yellow, yellow. Good morning, everyone. I'm always inspired when I see that video. It's the reason we do what we do. I almost forgot to stand up because I was enjoying watching our country, Ghana. A wonderful 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. The question is this: How sustainable is the performance of MTN Ghana? I'm asking the question you're thinking already. 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. Why is it sustainable? It's sustainable because it's built on our 2030 strategy, which we are delivering on. That's why you can trust us to have a sustainable business. 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. 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. That's really a summation of everything on the slide, is that we are doing that. 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. 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 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. 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. If you look across the slide, I'm hoping you're seeing all the key elements, but I'll call out some. There's 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%-80% dividend payout. However, you may have noticed that now we've committed to a quarterly dividend payout. That shows the resilience and the performance of this business. Let's talk a bit about our overall business performance. We have a 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 ZAR 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. Okay? 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). A good dividend payout, strong business, and we have a 70% market share. Just to talk and touch on fintech a bit. Serigne, where's Serigne? Sorry. There's Serigne. He mentioned a bit about the 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, and the SVP, 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 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, I think, really speaks to the point of our shifting business. If you look at our compound annual growth rate, we're looking at 35.4%. What's more important than that is where is it coming from? That's the important part. 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. MoMo revenue also doing very heavy lifting and growing quite nicely. Digital showing some unbelievably good performance. Later on, I'll double-click on that quickly and tell you about that. A good, robust business growing in the right ways. If you look at our macros, we have had a big improvement in our macros, as you all know. We know that the GDP improved 5.5%. We have got an improvement in inflation. It is now down to 14.6% at the end of 2025. The FX rate is pretty stabilized. That creates a nice environment in which we operate. As you can see, the 63.4%, the Ghana Stock Exchange make it the second-best performing market based on May's statistics. The stock exchange in Ghana has been a well-performing stock exchange. It is 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 have invested a lot in the network, and that has led to us receiving certain accolades in terms of the performance of the network. 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 have invested in the network. Over the last five years, we have invested $1 billion in our network. During times of hyperinflation, we continued to invest. 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 is to increase our coverage, which is important for quality of service. We have spoken about our $1.1 billion over the next three years, so the cadence has improved. Nothing changes when it comes to that. You will see later that that is still predicated by the fact that we want to continue giving our medium-term guidance returns. It is not like we are just spending. We are 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 are engaging on. You also see there is a lot of discussion around 5G. Some of us have discussed it. Around 5G and the deployment of 5G, and a 5G license. That is also under discussion. SMP, and in particular, quality of service, has been a big discussion point, hence the reason I am speaking to you about us investing in these sites that we are doing now. These are all very important areas of our business, 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. They have always been open to that. We proactively engage in the regulatory environment. What is our strategic positioning? Ralph spoke to this earlier and gave you this. I am not going to go through each of the individual items. By now you know them. The Connectivity, the Fintech, and the Digital Infrastructure. I would 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. We always do it every day. Cost efficiency sounds counterintuitive to people when the performance is so high, 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's 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. 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. I'm looking for Roy. I have to take my glasses off. He'll tell me when I'm running out of time. I'm just going to show those to you, and I'll deep dive into each one briefly so that you can get a flavor of them. Mobile data. Mobile data continues to be a key element for us in securing and growing our business. 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 is still a lot of growth in terms of smartphones. We had 70% smartphone penetration. That means there's still a long way to go. Within that, you have customers that may be on 3G devices who would move to better devices, 4G devices. We also see opportunity to move customers who are currently on 3G to using 4G and ultimately 5G. There's opportunities within data in all of those areas to continue to grow, and we see that as a key opportunity. 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 two, showing exceptional growth, 100% year-over-year, outpacing the rest of the business, which is quite key. Where's that growth coming from? Well, it's coming from things such as what I've mentioned there somewhere, 202% on gaming. Not betting, gaming. What is that? Well, we have a youthful population. Especially for data, this is very key. That population communicates via gaming, multiplayer games, and as Selorm mentioned, gaming. It's very key for them, and we've noticed that continues to grow and scale. Great opportunity across multiple because it's One MTN, three platforms. 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. It brings all three together. Very exciting growth area for us in Ghana, and we're already seeing the growth in that. Besides that, Selorm 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 is now at 5 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. We hope to get-- We will, not we hope. We will get above 3% contribution from digital. On broadband, obviously, like Karl was mentioning, 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 fiber 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. When you think home, don't always think the home you may think of. The homes we do. I sent Ralph something the other day showing these small homes that we're doing, that we are connecting fiber to. There's an opportunity cost saving with home as well because you move heavy usage onto the fiber and off the broadband network, mobile broadband network, which obviously brings you some savings. 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. That's broadband. Fintech. Fintech has continued to produce stellar results. We see them as a 20% contributor to our revenue. The key thing with our fintech business is it's a focused business. As, Serigne, you said, this is, and I think Ralph said it, this business is separated now. What does that do? That allows this business to focus. It allows this team to focus. We are One MTN, and we work hand in glove across everything. You will see that in our numbers, and you can see it in our performance. This is a very robust business, and they are totally focused as a separate entity. We look forward to them scaling to 21 million and above active wallets before 2030. 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. That service revenue allows us to produce good returns. We are focused on margin expansion. Cost efficiency is always there. It's not that Selorm says to us, "Oh, you're doing okay, 60% EBITDA margin. We're not going to give you EEP targets." Doesn't work that way. We have the same targets as everyone else. Margin expansion. Margin expansion comes when you're disciplined in your costs and your capital allocation. The next point, value-based capital allocation. We're always looking where the next opportunity and how we can do it efficiently. That has positioned us as a business to have a very attractive free cash flow. You would have seen that. This is an important slide on our mix. Karl has it as well. Roy, how am I doing? He gave me a thumbs up. That's a good sign. All right. What's key here is if I had to summarize this slide, and this is why this slide is so important, this slide is telling us that this business is executing against our 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." What are the numbers shouting to us? The numbers are shouting to us. His gran is very wise. I speak to her every day. That is the main reason we do so well. 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, will go to 60 to 65. It's telling you that our 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 center, and it's telling you that digital will continue to grow. Take that, put it on top of our 2030 strategy. That's what it looks like. That's what the numbers should look like. The numbers shout loudly, thanks to Selorm's grandmother. The next slide. I'm going to show you the next slide. This is the slide, if you've zoned out, come back. This is the slide that is going to tell you what I started with right in the beginning. I said, there's a question: can we sustain the growth? Here is the slide that tells you we can. 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. 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. Win at the home. That's something that we are totally focused on. Not only getting into the home but layering OTT services. 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 home, there's no point in us just putting a connection. You all have devices in your homes that can connect. 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 had entertainment services, security services, and layering on top. 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 CAGR of 35%, much higher than that. Where's 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. We have really amazing products under that and working with the Fintech team on that. Finally, cost optimization will continue to be there. We will always look at how we can do things more efficiently and deliver shareholder return. Key takeaways, that's our medium-term guidance. You're all aware of it. It hasn't changed. Service revenue growth, mid to upper 30s. Why? Because we've got so many good opportunities that we're capitalizing on. EBITDA margin, mid to upper 50s. Okay? Medium-term guidance, that's where we will leave it. Improving intensity, I mentioned that previously. We will improve the intensity as we go forward. The dividend payout ratio, 60%-80% with a quarterly payout at the moment. What are your key takeaways that you should take away from listening to MTN Ghana for the last how many minutes we've done? First of all, we are on track to meet our medium-term guidance. That's the first thing. 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. Free cash flow, we have zero leverage at the moment. Doesn't mean we won't, it just means at the moment. Finally, our performance is sustainable, and you can be sure of that. Thank you. 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. Gentlemen, thank you so much for those presentations. If you can join me on stage, Karl. Let's get Stephen as well as Ferdi. I saw you in the room. You're still here. Let's get into the Q&A session. Cheers. Let's see. Maybe we can let them stand. I don't know. Are you comfortable standing? I'm standing. You're okay? You're comfortable standing. Not at all. That works. Okay, great. 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 try and find a balance. In between, 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 where we sort of put a bow on things for today's discussion. Gentlemen, the questions are as follows. Let me start online first and see what we've got. 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. 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. 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 that's going to be reinstated. That's up to the courts. 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 interest of MTN and the interest of the subscribers. That's our objective in the long term basis. Thanks. Okay. Let's take questions in the room. If you have a question, I see a hand over there. There's a microphone coming to you. If you could just introduce yourself and the organization. Thank you. Myron from Metal Industries Pension Fund. A question to Karl and Ferdi about Ghana. At some time in the future, Ghana's going to make more profits and send more dividends to the mothership than you guys individually. Are you going to be happy with that? Let me start off. We are all part of one group, we're happy for everybody to send a lot of profits to MTN Group. 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. Stephen wasn't there then. We have recently come out of our cycle. Look, at the end of the day, if Ghana does that, everybody wins, we're still a 220 million subscriber nation, Nigeria. Okay? Read through our numbers for quarter one, we'll see how the year plays out. Right? Honestly, we're very happy with it, too. Ferdi? I think it's important. Historically, really, was based on South Africa and Nigeria largely. We were always looking at diversifying the revenue, I think it's excellent that Ghana has stepped up. I think there are a lot of initiatives also that are very interesting in Ghana. I think it's more than just the value that they upstream, it's also how they develop the market. Very, very efficient and effective team. 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. Okay. Wonderful. Any other questions from the floor? We've got a question over there. Good afternoon. I'm Mudiwa Gavaza from Business Day. I've got a question, one for Ferdi, one for Karl. For Karl, could you help us to understand, I think Serigne gave quite a bit of detail around fintech and partnership. Up until this point, just getting a characterization of fintech in Nigeria. What have the dynamics looked like up until now? The issues around the PSPs, and some of the gaps that were being identified by Serigne. What was leading to some of those dynamics? It's just to understand what the market looks like broadly and how MTN has been playing there. 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? 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. 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. We captured all of the opportunity, growing gradually over this period of time. We got our license 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. 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, et cetera. We entered with 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's been fixed through the announcement that came through the fintech space. That's been long in progress, by the way, so it's not just an announcement. There's a lot of work that's gone on behind that. We fixed that one. Second was licensing. MoMo PSP was actually deliberately designed, influenced by the traditional Nigerian banks to hamper us, to hamstring us. We pretty much had a wallet that could do P2P, a transfer, and really not much else. Now the philosophy of the Central Bank has changed, where they said, "Come one, come all. Any license you want, we'll give you as long as you're compliant with all the fiduciary and governance regulations." 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, digitized market, there's a certain set of skills that we need, which are different from the skills that we used to build up. Those are really S&D, foot soldier, field activations skills that we used 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. In Nigeria, we need a whole new different set of skills to drive competitiveness in our market. That is also part of the things that I think Serigne made a mention that there are some announcements imminent around competencies that we will have in our business. Let me talk Supersonic quickly and MTN Home. I want to answer the question a little bit broader. I think what is important is the support structure for MTN 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? Squad? Geek Squad. Geek Squads that go in, right. You look at that support structure, it is completely different to the Mobile side. 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? My point just was that the brand is still exceptionally strong, and that when we moved Supersonic or we created a fiber product on the MTN side, the brand pushed a lot of it. 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? 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. I'm going to wrap this section off the Q&A. Just wrap it up with a quick one for you, Stephen. It says here, "You've stepped up your towers investments this year. Are you anticipating greater competition or regulatory pressure? 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. The first thing is, and just to put it in context, we only did 50 sites in 2024 and about 50 in the time, it's a big scale. The main reason is there's been a lot of peri-urban creep. 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 GB per customer. It's high usage, and it puts a lot of load on the network. 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, et cetera. Okay, gentlemen, thank you so much for your time and engaging with us. Let's give them a round of applause. What we're gonna do now is take a 15-minute tea, coffee break. We do have the station set up for you just so you can energize. When we come back, we'll have a conversation looking at AI. Again, we'll talk about the financial aspects of what we've discussed throughout the day. See you back here in the next 15 minutes. Yellow! Yellow, yellow, yellow! 300 million voices. 300 million stronger. 300 million stronger. Yellow, yellow, yellow. Yellow, yellow, yellow. Yellow, yellow. Yellow, yellow. Yeah! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow! Yellow, yellow. Yellow! Yeah! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow! Yellow, yellow. Yellow! Yeah! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow, yellow. Yellow! Yellow! Yellow, yellow. Yellow! Yeah! Yellow, yellow. Yellow! Yellow, yellow. Yellow! 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Yello, Yello, Yello!. 300 million voices. 300 million stronger. 300 million stronger. Yello, Yello. Yeah, yeah. Yello. Yello. Yello. Yello. Yello. Yay. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yeah, Yello. Yello. Yello. 300 million voices. 300 million connections. 300 million stronger. Yello, Yello. Hey, hey. Yello. Hey, hey. Yello. Hey, hey. hey. Yello. Hey, hey. Yello. Hey, hey. hey. Yello. Hey, hey. Yello. Hey, hey. hey. Yello. Hey, hey. Yello. Hey, hey. hey. Yello. Hey, hey. Yello. Hey, hey. Yello. Yello, Yello. Yello, Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. Yello. 300 million voices. Yello. 300 million connections. Yello. 300 million stronger. Yello. Yello. Yello. Yello. Yello. Yello. Yeah, yeah. Yello. Yeah, yeah. Yello. Yello. Yello. Welcome back, ladies and gentlemen. We're going to get right into the next aspect of the program. The rest of our colleagues will find us as the program continues. We're just going to give it a couple more minutes. Hopefully they should be done with getting their coffees and their waters. They will join us shortly. Let's give them 2 more minutes or so. 300 million stronger. 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Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, Yeah, yello. Yello! Yeah, yello. Yello! Yeah, yello. Yello! Yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yeah, yeah, yello. Yello! Yellow, yellow. 300 million voices. 300 million connection. 300 million stronger. Yello, yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Yello, yello, yello. Yello! Yello! Yello! Yello, Yello! Yello, Yello! Yello, yello. Yello, Yello, yello. 300 million voices. Yello, yello. 300 million connections. Yello, yello. 300 million stronger. Yello, yello. Yello, yello. Yello, yello. Yello, yello. Welcome back ladies and gentlemen. Welcome back to those of you who are joining us virtually. If you can kindly find your seats, we're going to get into the next part of the program. We wrapped up the first section looking at the key markets and really having good conversation there with the leaders of those key markets. Now it's time to turn our attention to one of the most transformative technologies shaping business and society. That is artificial intelligence. Across industries AI is redefining customer experiences, operational efficiency, and new business models. For MTN though, the question is not whether AI will transform the business, but how quickly and effectively that transformation can be harnessed to create value. To explore that topic, I'd like to welcome to the stage Group Chief Technology and Information Officer Charles Molapisi. At the end of his presentation, we'll get into a short fireside discussion that will involve the CEO of MTN Group Digital Infrastructure. That is Mazen. For now please put your hands together for Charles. Yello, yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Hey, hey. Yello, yello. Yello, yello, yello. Yello! Yello! Good afternoon. Good afternoon. Thank you. My colleagues have touched a lot on AI today. It is my intention that in the next few minutes I'll sort of stitch their story together, provide a little bit more color on how we intend to play. My ask is that when I do this presentation, that you look at this with an upside downside asymmetry lens. And I'll explain that a little bit more in detail as I go into detail on the presentation. I also want to say, ladies and gentlemen, that one of the critical success factors of this technology, I think, is well documented, that you need a solid level of buy-in from your CEO. I think I'm hoping that in Ralph's presentation and all his articulation, that you're getting a sense of his ambition and expectation about this technology for MTN and also for Africa at large. How are we framing it? We have seen this before. We're placing artificial intelligence across all the segments or the towers of our business. We expect that we'll implement this in the connectivity space, in the Fintech, and of course, you heard what Mazen captured around digital infrastructure. I'll spend a little bit more time giving you a little bit more color in terms of how are we organized and where do we see the value unlock for this technology. The arrangement goes like this. We're seeing three pillars for AI in MTN. We believe that we have an opportunity to play very solidly around AI inside the organization. That could translate into a number of initiatives. We're talking about AI native networks and operations. You can talk about agentic capabilities on the network, autonomous networks, AI in finance, AI in technology, AI in RA or legal. I'll double-click on how we see this tower, the expectation in terms of delivery. On the B2C side, the colleagues spoke a lot more around hyper-personalization. How are we taking our products to market? How are we segmenting our customer base? How we make sure that we're able to target customers in a micro way? I'll cover a little bit some of the use cases that we are doing. Another part of B2C is going to be how we commercialize and bring and white label new product, AI-centric use cases to the market. See the B2C pillar into two layers. Hyper-personalization, GTM capabilities, which part of it we're already doing as we speak, but we're going to deepen it, but we also have ambitions in terms of creating new services that can actually use the plumbing that has been created in terms of new product and services. There's a B2B part. This B2B is larger enterprise play. Think about GPU as a service. There's a lot of expectations around inference. I think it's very clear that the future, largely, if you think about a data center, you must think about a data center as a continuum. Essentially, we must think about central data centers, regional, and then inference. It's very clear if you look at the trend of this tech, that a lot of work and capacity and services are going to be consumed at the edge nodes. We're positioning ourself to play in terms of AI RAN, which was also captured yesterday. You can think about the AI RAN and say we have a whole inventory of physical assets, which is the base bands that you see on the towers. Those basebands today, the capacity and the prioritization on that is only to service the radio network. What we're seeing is that we're going to expand the utilization of that infrastructure, in a way, reprice the profile of infrastructure by enabling it to provide more capability than just a RAN. Maybe give a bit more services that we can deploy on the network. AI insight, AI B2C, and AI B2B. How do we know if we're successful? We have to see a revenue uplift. We have to see a margin uplift. There must be some form of a CapEx optimization, which I'll touch on it, and then, of course, customer experience uplift. There are certain things that we have to be sure about. All of us know about the sprawling of agents on the network. We have to contain that. We have to manage that. We have to make sure that as we deploy AI, that is AI that is safe, that is well-governed, that is ethical. Of course, I think all of us know the pre- and post-Mythos world. It's important that as we deploy this, we are very practical about the security implications of this technology and how we're going to govern it. Another way to look at this, again, we see, like I said, these are three pillars. Let me say again, margin lever, that's what you must expect in terms of AI insight. Essentially, what we are going after here, we are going after OpEx optimization using AI as a margin lever, and we're pushing aggressively for CapEx optimization. Avoidance in this case. In a sense, we expect that there must be some form of a margin expansion. If we think about it, we think that this tower or this pillar, largely, it will be self-funded. I think it's got a high certainty of execution. It is the primary pillar that we must execute with speed. Like I said, if you think about upside, downside asymmetry, you must see this as a portfolio. Essentially, you must be able to expect that where is the management most certain about their bets, and how are they managing that what doesn't work is still manageable. That balance of the lens is what I spoke about. B2C, we are excited about it. Again, measured and very practical in terms of the expected revenue uplift. If you think about it and you say, "Charles, what could be the challenges around the B2C implementation?" I'll say to you that it is gated by adoption, meaning that the rate of adoption and expectation from customers, and it's also an issue of token economics. How much will you be able to profile these solutions? At what cost base are you going to do? What is the engagement in terms of the partners or the customers? How much are they prepared to pay whatever service that you are putting forward? Take it to the far right, the revenue lever. This essentially is just the selling of compute. We expect that you are selling capacity at a particular price. The big metric here, and you have seen that in the presentation that Mazen covered on, is going to be token per watt when it comes to the economics. The mathematics is very clear. The ones who are able to produce tokens at the most economical rate wins the game. It's not about who's got the best compute and the best models. It's about energy implication in terms of token generation. If you are to say, what is management handling? What is the handle that management is negotiating on this pillar? You have to think about energy, you have to think about capital, you have to think about encouraging the demand, expectation of how quickly you can roll out, and the take-up rate. You have to think about token economics. I'm giving you this so that you understand the extent of the profile of the portfolio, that the portfolio is not uniform, and it must be managed and attacked and measured differently across all the pillars. This slide is slightly a bit of a busy chart. I'm headlining this chart, I'm saying that the AI insight imperative. I'm hoping that as we leave here, you'll leave here with a very clear understanding that MTN will ruthlessly execute AI insight. I'll come back to the other two pillars. Why do we think we have the right to win in this space? Because we believe the execution risk is very low. We also know that the complexity is very low. Also, it's internal. It's only a function of your cost profile. The base of how much you can exploit is only the function of how much your cost profile looks like. It's pretty much ring-fence. What is the right to win? I would say near absolute. And it's only, like I said, capped at the cost base. What could be a challenge? Data integration capabilities, we must handle and fix that. We're doing that. Any binding constraint could be how is management managing the organizational change capacity to absorb AI insight. If you solve for the issue of binding constraint, if you are able to manage what could break the business case, essentially, you can execute this, like we're doing already, quite radically, quickly, and demonstrate value. I'll give an indication of what my expectation is to go for what we're going to unlock on this. B2C, like I said, is a portfolio. If you think about AI, if you think about where we were in 2022, if you think about the chips profile, when the chips like Hopper were announced versus Blackwell, Vera Rubin, and I think Feynman that's expected in 2028, you have to be very smart in terms of how you deploy capital and the choice of chips. You have to time your investment very smartly because these chips, as they evolve, they're evolving at the order of magnitude. You need to be very balanced in terms of your choices and the textures that you are making in terms of investment. What will be the concern for management? Will be, okay, risk a little bit higher and moderate compared to Insight. Complexity is manageable. It's something that we're doing today, I think we can do it. Right to win, real but partial, I think we can execute that. What could be the challenges? What could break the model could be the cost, token economics. It comes down to the economics in terms of tokens. Of course, that's what management, the plans that we're putting in place. As we execute B2C, the assurance I'm giving you is that we are alive to the implications of every tower adoption, and we're managing those accordingly to ensure that we drive the maximum upside possible. B2B, we're dealing with much more risk of execution. It's evident. You can see that globally, what's happening with the DCs and Edge, and that we can see. Complexity is slightly higher compared to the other 2 towers. Contestable space, so you need to be able to box smart. That's why I'm saying the trick of capital allocation is going to be very important, and the timing thereof is going to be very important. Of course, we have to deal with take-up rate, and this is where the model breaks quite aggressively at the energy level. This sort of gives you a perspective of how we intend, how we have set up our stall, what we're negotiating, what we must solve for to make sure that we can unlock value across all the three towers. We will prioritize A insight, but we're executing B2C and B2B. We're a little bit more nuanced in terms of timing and profiling, in terms of capital allocation decision-making. Let me give you a bit of a view on the use cases, because we all know that the last two years, for everyone across the world, I think has been the years of POCs. I'm happy to inform you that the markets have deployed this. We've heard Karl talk about this quite extensively. We are grateful to the Nigeria team for the work they've done. Many markets have come to play. You look at revenue uplift and assurance. I'll talk about NBX, which is hyper-personalization, deployed in many markets. We've been doing personalization before. We are doing it. I'm talking about hyper-personalization, where we've got much more data set around the customer. If you are to get time, I'll suggest that you go into the lab, and we'll show you the extent of now how micro we're becoming in terms of being targeted for customers purely using AI. At RA, very clear, SA, Cameroon, then we're rolling out in a number of markets. Network, big one. We're excited about what we're doing in markets like SA, largely on energy, I'll touch a little bit on that. Customer experience, SIM registration, I'm going to give a bit of a deep dive on that use case. Voice-enabled chatbot that we've implemented in Nigeria, of course, back office transformation that we're doing. Quick example is what we intend to do and what we're doing on the legal. We're putting pretty much all the contract profiles, all the contracts in one vault, manage them centrally, their ability to draft and to amend contracts and to get the alert in case there's regulatory changes, we're able now to pick that up that we can be able to manage this properly. This is sort of like what I say, we have to see this as a portfolio. My ambition is that we get more value that where we don't win, it doesn't actually crush the ambitions, able to neutralize areas where we cannot be successful. We are prioritizing the following. This gives you a sense. On the NBX, like I said, we are doing personalization across all the markets, but we are now going super micro on the level of personalization. We have done this in six markets. We are going to roll it out at scale, 44 million customers reach across South Africa, Nigeria, Ghana, Cameroon, and then we are going to scale across all markets. Revenue assurance, 10,000 data points that we are now able. Basically, what the tool is giving us is what humans cannot be able to diagnose and to be able to fix. We are dealing with that in terms of revenue assurance. SIM registration, one of our exciting use cases. I hope you can make a turn and have a look at that. This is the solution that we have taken from our team in Nigeria. We do SIM registrations in Nigeria on a daily basis. Give and take, you have about, let's say, 200-plus employees doing eyeballing. A record comes in with biometric data into the center. Human beings look at it and say, "Okay, this is Charles. This is Charles from the database center. This is Charles from the biometric." Tick. Access into the network. Today, we have put down 13 agents that are able to do this at scale, faster and more accurate. 13 automated agents that work together to distribute load. When I say agent, I mean agentic AI. That is what we have done today. We expect that this solution will scale across many markets. We expect that should give us proper upside in terms of improvement, accuracy, compliance, but of course, there will be issue of governance, control, and human in the loop. I wanted to give you a perspective that these are live use cases that you can go and see the actual demo with the real data that shows what is happening in those markets as we speak. The MTN P&L says that 55% of total group OpEx comes from network and IT, circa 55%. Of course, if you think about the CapEx profile, the entire envelope, 80% of the envelope sits in network and IT. It therefore follows that this is what we have to go after if we are to create value. If you think about the P&L, I think you think about one of the biggest lines around tech is energy cost. We are going after that line. We are implementing AI with solid, demonstrable value that we have seen in terms of savings per site. Someone can say to me, "Look, this is not the first time telcos talk about energy savings." All I can tell you is that the level of ingestion that we are doing, the number of parameters that AI can interrogate are nothing compared to what we are able to do before. We expect that we have done this in South Africa, in the Western Cape. We have rolled out on a number of sites. We are seeing significant level of gains in terms of how we are going to be able to manage that in the operations. Another exciting one is, I am sure investors will know about autonomous networks, level 1 to level 4. How smart is our network, and can it function by itself? We are working on deploying agents. We have built it in the SA network where we can deploy agents on the network. Essentially, what agents will be able to do is to help us with incident management, triaging of incidents as well. To the extent possible, our ambition is to be able to ensure that they can tune some parameters through an approval process on the network. It's a significant gain for us. This is what every telco in the world is doing. The assurance I'm leaving with the investors today is that we are nowhere, we are not even far compared to what everybody is doing in the world. I think we are moving at a faster rate. Fiber cut sensing. We lose a lot of service today because of fiber cuts. We have a lot of challenges in terms of excavation, not necessarily because of how we manage it, but general excavation, road maintenance, and all of that. We are now turning the fiber network into a sensor network, which means that it actually observes the micro vibrations on the network, and it picks up patterns. It start to learn how the fiber, the surrounding area of the fiber area, is supposed to behave. Any form of a change in pattern of those fluctuations, it alerts us. When people are mobilizing and before they put that TLB to dig, we're already there to be able to manage that and support ourselves. We cannot find ourselves in a situation where our fiber has been cut, and we don't know about it, and it takes 8 hours to diagnose and to fix. That time to repair is going to be completely narrowed, and we have demonstrated the solution, and it's working very well for us. RAN CapEx, Smart CapEx. Very exciting what we are demonstrating, and we've deployed this. We are now able, with a significant level of accuracy, able to forecast what we think the revenue profile and the trade profile of a locality will look like in six months, 12 months, using all the ingestion of the AI parameters. Which means with a significant level of accuracy, we can deploy our sites a bit much more informed than what we were in the past. Huge savings and optimization of our CapEx profile is what we're going to do. We're doing this for both radio access network and of course, the fix network as well. If you say, "Charles, what is the construction of the formula? How are you driving this? How do we know if we are winning? How are you measuring? How are you tracking it?" I'll say that we have to track if the company is capable. The second thing you must track, you must track if there's adoption rate within the business. You must test the maturity at a tech level. We must curate and make sure that the use cases are impactful. What is the promise we're putting forward? We have an Ambition 2030, but for AI intensity formula, we are calling out that by 2028, my expectation is that we need to deliver 80% of the P&L impact using AI insight by 2028. For that to hold true, a few variables must come forth. Adoption must improve at 70%. I'm comfortable that that should give us required leverage in the business. 40% adoption in terms of models and agents. This number, someone will say, "Why 40%? Sounds so low." We have to remember that this is not about giving every employee access to models. This is not about everyone must have access to Claude and GPT. We're allocating model licenses according to the level of usage and value generation. We don't want to find ourselves in a situation like many other companies who are now withdrawing access to models because they're over-provisioned without checking the economics. You have to time it very well. It's going to be targeted. We are not going to say everybody must have access to Claude. It's an expensive model. It's quite hungry in terms of tokens. We are going to target it and say, "Ralph, Executive Committee, maybe so and so must have access to Claude." Why? It's because it's a different model, we have to treat it differently, and we must isolate the level of usage according to value creation. The idea is not that the future is 100% model penetration in the business. It's a targeted and measured deployment of models. At 40%, let's take a 40%, we should be able to get to what we're looking for. The non-negotiable on this equation is IT maturity, because without proper IT governance, data, API capabilities, you really cannot deliver AI at all. We're indexing this thing as 80%. Hopefully, we get that to more in the top six markets. We have to make sure that our data lake is clean. We have to make sure that we've got the right information. In the future, the whole construct and architecture of telecoms, of what people build, which is batch processed information, where you load information and you process it later, we have to move away from that. The future is constant streaming of data into a data lake. It doesn't stop. The architecture needs to be able to do that. If and when it happens, it doesn't have to wait for a batch job to run for it to land into a lake. We have to fix those things, and then we have to sort out APIs. We invested in the API platform, I think around 2018. We're excited about what this platform has done for us. Now it's answering the question of AI. There's no AI without API capabilities. We've done amazing work in terms of the interface that we have built. I'm putting AI governance here deliberately because in essence, if you don't manage governance is a derailer, is a deduct essentially in terms of this. We have to make sure that we amplify our alignment on governance. When this is done, we expect that there should definitely be some form of an uplift at the margin level, certainly customer experience, and also governance overall, if you think about security as well. We're injecting, we have what we call AI for security and security for AI, especially because of the pre and post Mythos world. We're a little bit more paranoid about the implications of AI in terms of this. We are doing that as well. A bit more clear on this equation. The equation measures the 2028 ambition on AI insight, though we're executing AI ambition for 2030 overall. like I said, you need to make sure that you intensify the AI insight much more faster, for you to be able to deliver B2C and B2B. A little more technical, if someone asks and says, if you think about the five-stack or what they call the five-layered cake of AI, what is MTN doing on silicon? What is MTN's views around data centers? How do we intend to play around cloud? How do we see models? Particularly because we're talking about moving from large language models to small language models, where we can be able to start to curate our own localized information and languages. Our intention is not to take our rich languages and call center information and ship it abroad, and only to buy back as intelligence. We expect that we must localize these models, the call center information, use it, and build intelligence for ourselves, because if we don't do that, all we'll be doing is going to be an exportation of raw data and importation of intelligence. The expectation is that we'll build this. Think about this way. Silicon is a procuring game, and again, on silicon, we are going to be measured. It's not the race to say who buys the first GPUs. It's going to be who buys the GPUs, who buys for inference. These chips differ depending on which workloads you are solving for. In the past, it was a big focus around training. Training was more about the GPU game. As we move forward, moving towards LPUs and TPUs. It's going to be very important about how we make our choices here, this is a procuring game. The data center question is answered by Mazen. Cloud localized in our own DCs, hybrid off-premise, on-premise. Models curate and to the extent possible, because most of this, the secret source in terms of models deployment has been cracked wide open. These models are all open source, most of them. You can actually deploy them centrally, locally for ourself. Everybody in this room can be able to run a model on their local PC, by the way. Then what are we going to do around applications? When we test the whole case for AI, people will tell you that money is concentrated at the bottom at this stage. It is the picks and shovels people who are the plumbing guys who are making the money. The future of AI in terms of revenue generation lies at the top, in terms of applications. That's where the biggest fight is going to be in terms of value generation, that's why the whole B2C element for us start to make more sense. We intend to play on the DC at the procurement level. You understand what we're going to do around data centers, and eventually what we intend to do around models. What are we playing for? The promise we're making, and this is an ambition, that three to five years. Through AI, we must deliver ZAR 30 billion value creation, ZAR 30 billion of value creation, three to five years. 50% of that ZAR 30 billion lives in AI insight. This is what we can feel and touch every day. Let me give a bit of comfort. We have done bottom up in SA, working with McKinsey, and we are not too far in terms of what we believe AI insight can unlock. This is going to be a number that is properly grounded on facts and use cases, market by market, to make sure. We believe that we have a clear ambition that AI insight should be able to unlock ZAR 30 billion, and 50% of that will be AI insight, B2C and then B2B. Of course, depending on what happens on the B2C, the number and the scale, who knows what the number become. We're a little bit more certain in terms of our ability to be able to execute on AI insight. Thank you so much. I'll leave it there and then I'll move on to take questions. Thank you. Thank you so much, Charles, for that very nice presentation. Lots to unpack there, especially in terms of themes, and I'm hoping that I can unpack some of those themes with some of Mazen's aspects of his presentation and hopefully tie it together there quite nicely. There's so much to go through, and there's so much to ask, especially around the idea of AI, especially when we talk about AI infrastructure investment as well. I'm going to try and be quick with my questions and hopefully if there are any other questions that stand out to you as an audience and as those of you who are watching us online, you'll be able to take the opportunity a little bit later on to engage a little bit further with them. Charles, let me start off with you. I'm curious here, when we look at your presentation, and we take in all that you have said and what the different leaders have presented as well, which part of the business is likely to be transformed first by AI if all the things you've mentioned actually start tracking? Are we likely to see it with customer experience? Is it more network operations or the fintech services? I think it's a very good question. In my framing is that we expect AI to pretty much be in every segment of the business. We have to be very pragmatic in terms of our focus areas, because the idea here is that can we unlock value quickly? If we're able to unlock value quickly, we in a way set ourself up for B2C and B2B. To do that, you must attack the bigger areas. Network is a primary one that we are going after because we've got very strong partners there. Network, energy to be specific in network, operations to be specific, because if you think about the MTN P&L, the biggest cost sits around network, energy cost, managed services, operations. We want to attack that element on the P&L. It's imperative that we do that. Finance operations, it's a clear one as well. Revenue assurance, legal, I think to help us to manage risk. There are a number of areas, but I think to maybe give you a bit of a clear answer, I'll say my expectation is that we're chasing value, and I think value at this stage sits largely in the network area. Okay. Mazen, I want to bring you into the conversation because Charles just mentioned that we've got to be pragmatic. I think as we become pragmatic, we also have to have a, what I call an AI reality check. I'm curious here, there's a lot of excitement around AI infrastructure globally. When you think about it, what's the biggest misconception that investors have when it comes to the African AI infrastructure opportunity? When you're listening to that conversation and you're reading various reports, what's the one misconception we can dispel right now? I think first of all, what probably the external world doesn't know about the excitement that's happening in our markets about technologies. I think there is already proven, let's say, practices about the adoption of technology in our markets. Where the whole world or the other part of the world think we are extremely behind, if you look at our network infrastructure, the electronics that we are using them in our networks, actually, they are the same electronics being utilized outside of Africa. That misconception, I believe, it's behind the reality. I believe we have a role as an MTN to continue innovate and definitely invest and co-invest in the infrastructure to bring the latest technologies up to the level where the consumers and the businesses to be exposed and utilizing it effectively in their business operations. Let me stay with you. With that said, there's a lot of investments that are poured into data center AI infrastructure. When you're having a conversation with the team, with the board, with the ExCo, how do you distinguish between genuine long-term demand and what may ultimately prove to be over-investment? Correct. That's a very good question, We're extremely cautious on the design of our real estate when it comes to data centers. It's very important for us to really construct the foundation, the property, the land. However, the actual finishing of our data center properties, it's a demand-led process. That's really what we are trying to ensure, that there is a balanced approach in the investments. We see, as an example, customers who are looking for hosting, and customers are looking for co-locations, and other customers are also looking for installing AI-enabled solutions. Each one of them requires different design, architecture, and SLA levels. Definitely, there is a big difference in investments between providing triple nines and five nines of service level of availability, because really that also incurs huge amount of cost of deployment. Again, as Charles said, our strategy in deployment of data centers and AI-enabled infrastructure is very much pragmatic and is demand-led across. Can I maybe- Sure Just add to the point that Mazen is making? I think also what makes us slightly different as a DC provider, as MTN, is because we also carry significant amount of internal load. While we are also targeting external third parties for this, there's an opportunity to make sure that this infrastructure can pay itself by using our own internal workloads. I think all of us need to understand that pretty much every data center on the planet at some point needs to transition to becoming an AI data center. Largely because the application sets that sit on top of this infrastructure, eventually they're going to be so inefficient to run on old computing. That's going to force everybody to upgrade. What he's doing now, essentially creating opportunity for MTN internal workloads space to run for us also going forward, not just for third party. In a way, de-risk us as an organization and also create an upside for him. A lot of this is going to require talent. How are you thinking about retaining talent, attracting talent, if we had to have this AI at scale, and the objectives that you've just presented really taking off here? First of all, on our own, we won't have the capacity to do this. This is a partner game. The way we're doing this, and we pretty much have spoken to about a few partners already, and we sort of like creating towers. We want to understand who's most strong when it comes to revenue assurance, who's strong in the finance portfolio, who's strong. We want to work with partners. There's absolutely no way that as MTN we'll be able to anchor this all on our own. However, we are building a very strong software engineering capability internally. That we'll also use to be able to augment that, and eventually it will scale up to an extent that it's able to carry most of the load. In the immediate, if you look at the race that we are on now, I think we're going to rely largely on collaboration with partners as well. Okay. As I begin to wrap this conversation, I'm curious here, how are you balancing innovation with AI governance or AI safety, or however people want to frame that aspect of the safety governance part? Non-negotiable. Governance on many levels. The creation of agents in the business, because if you don't manage the sprawling of agents, you're actually going to open the company to vulnerability. Non-negotiable on that. We have an AIS steerco. The steerco manages all manner of governance. We've created a framework around the creation of agents in the business. We are governing this with exco members who participate into the steerco. It's not just a technology thing, it's a big key part of this. Like we say, if you don't manage governance, essentially, actually, you deduct all your gains that you make on AI. All right. Gentlemen, thank you so much for engaging with me and unpacking in greater detail some of the key themes here. We're going to wrap it up there. Thank you so much, Charles and Mazen, for engaging in that conversation. Let's give them a round of applause. Today's discussions, we've heard about strategy, we spoke about platforms, market execution. The final piece of the puzzle, ladies and gentlemen, this is the part where we want to talk about how do we translate all of this into shareholder value, and to outline MTN's Ambition 2030 financial targets, and how we're approaching capital allocation as well as various aspects of it across the portfolio. I'd like to welcome to the stage Group Chief Financial Officer, Tsholofelo Molefe. Good afternoon, ladies and gentlemen. It's great to see you all here in person and online. I must say that I think I missed the brief about consulting Selorm's grandmother. I am quite sure that with all these investment requirements today, I should have received her wise counsel. I want to leave the investors today and our key stakeholders with some level of confidence. I think that it starts from the foundation that we have built over the last five years. I think you will all agree with me that over the years that we've seen very strong momentum across the organization, lots of resilience despite very tough regulatory and macroeconomic conditions. Mine here today is really to translate how this investment requirements and the Ambition 2030 strategy is going to translate financially, particularly in terms of growth, in terms of returns, in terms of cash generation, particularly to our investors. I just want to start firstly by leaving you with a few key messages this afternoon. I will cover five key messages this afternoon. One is that we have delivered on our financial commitments for Ambition 2025. Number two, we are sharpening the financial framework 2030, and we haven't fundamentally changed this financial framework. We're really just building on a solid foundation, particularly building four compounding drivers. As I indicated, it's about growth, it's about efficiency, it's about capital discipline, and cash conversion. Number three, again, our cash generation has become structurally stronger, and I will share with you later on. Number four, returns are compounding above our average cost of capital with return on capital employed significantly now above our weighted average cost of capital. Lastly, we have also stepped up on our shareholder returns, anchored on equity free cash flow, introducing the buyback policy, which, as Ralph indicated, we intend to initiate by the fourth quarter of this year. Before I look ahead, I think it's important to just briefly reflect of what we have been able to deliver under Ambition 2025. We've delivered consistently across the strategic pillars. Service revenue, as you can see, with growth averaging 16.7% over the five-year period, margins expanded by 1.8 percentage points amid a very tough economic environment. As we indicated, 2023, 2024 was particularly tough for us, underpinned by ZAR 16.4 billion that we delivered in expense efficiencies and the CapEx remaining disciplined with intensity of 17.6%. We also strengthened the balance sheet, reducing both the group leverage as well as the whole core leverage by 0.5 times and 0.9 times respectively. As we said, foreign denominated debt also reduced by 32 percentage points to 16% from 48%. If I just move on quickly into the key financial metrics that matter for us. As we step back and look at the last five years, you will see that our service revenue was strong on a reported basis, moving from ZAR 170 billion to ZAR 219 billion by 2025. Margins expanding from 42.7% to 44.5%, despite the macro headwinds that we experienced, and as I said, supported by the growth that we saw as well as the efficiencies that we continue with. EBITDA in absolute ZAR terms increased from ZAR 81 billion to ZAR 99 billion. We invested with discipline and kept CapEx within the targeted range of 15%-18%. Operating cash flow improved significantly from around ZAR 43 billion-ZAR 55 billion, showing that growth that we have delivered is converting into cash. As a result, returns have improved, supported by both operational performance and disciplined capital allocation. The picture that you see here is very clear. We are growing while we are strengthening returns, while we're generating cash, and also strengthening the balance sheet. I just want to double-click on our free cash flow because it has been a focus area for us over the last five years. As you can see, we generated approximately ZAR 82 billion in free cash flow, and we were able to upstream ZAR 80 billion from our markets. This is despite the dip that we saw in 2023 and 2024, where, as Karl said, we had negative equity in Nigeria, and we were not able to get any dividend out of Nigeria in those years. We saw a recovery in 2025, with free cash flow rebounding to ZAR 26.9 billion, following a stable macro recovery in Nigeria and the actions that we've been taking to improve the quality as well as the sustainability of our cash generation. This is really, ladies and gentlemen, what gives us the conviction as we move now into the next phase of Ambition 2030. Let me now turn into Ambition 2030. At its core, our financial framework has a formula that has been simple and has worked for us over the last five years, and we will continue with it. As we indicated, we grow service revenue ahead of inflation because we continue to see structurally high demand for our services, particularly in data and in Fintech. We will grow costs in line or below inflation, which also gives us operating leverage as those costs grow below revenue growth. We will allocate capital with discipline to generate returns above our weighted average cost of capital, and therefore resulting in improved and sustainable free cash flow. We are confident with the growth above inflation because the structural demand drivers remains intact. We do expect that data will continue to be dominant, expected to contribute, as you see by 2030 there, over 55% of group service revenue, voice remaining resilient, as Selorm explained earlier on. While Fintech continues to scale, it is expected to directionally be over 20% as advanced services pick up. Other, which includes digital ICT services, wholesale, and bulk SMS, is also anticipated to contribute about 12% of the group service revenue. We also expect margins to expand over the medium term, underpinned by an ongoing cost discipline. I will share with you later on. We remain focused on accelerating the investments that generate returns across our networks and platforms, targeting return on capital employed of high 20s and low 30s over the medium term, and CapEx intensity remaining within the 15%-18% range. As we said, this will result in improved and sustainable free cash flow. This for us is what underpins long-term shareholder value creation. Now, if I can just move on to efficiencies. It is a critical enabler for us into 2030 because it supports both margin expansion as well as cash generation. We are targeting ZAR 10 billion-ZAR 12 billion of expense efficiencies from 2026 to 2028. Importantly, this is broad-based across operations, Capital Expenditure, as well as financing synergies. Now, if you look at our operational efficiencies, this represents the largest component. Firstly, we're looking at network optimization here, which is really around legacy shutdown. Selorm did explain that earlier on. Network efficiency improvements. This is really about simplifying the network footprint, removing underperforming towers, and improving the utilization as well. Operational model simplification, which involves process re-engineering, workflow redesign, as well as IT rationalization. I think you picked that up from Ferdi's cost reset program as well. A key differentiator in this phase of our EEP, our expense efficiency program, is the use of AI, which is embedded into our operations, not really as a standalone initiative, but as a core enabler of how we run our operations. I think Charles did elaborate on that earlier on. AI-led energy optimization, AI-enabled network operations transformation, AI-driven fiber cut sensing, as he explained to you. Through AI, we are also looking at efficiencies through smart CapEx deployment with AI-enabled RAN optimization, smart fiber access, and network investment, and so forth. This will ensure that at least every ZAR of capital that we deploy is deployed more efficiently. On procurement optimization, which is important, we are also targeting renegotiation of vendor contracts as well as unit cost reductions, because these deliver more immediate and tangible savings while also improving pricing discipline across the group. Lastly, on financing synergies, we are anticipating roughly about 100-200 basis points savings in financing costs from the refinancing and interest cost optimizations. Of course, this is particularly dependent on the closing of our IHS transaction. As we have indicated, the IHS does come with some debt stack that will be maturing that we will need to refinance. Going on to the next slide. Important to also share with you how we are managing the energy price shocks that will come, particularly due to the geopolitical impacts as energy is a material component of our cost base. As you can see, energy represents approximately 15%-20% of total OpEx. Within that, we have got diesel component that roughly contributes about 10%-15% of total OpEx, with around 80% of that exposure concentrated particularly in Nigeria. From a sensitivity point of view, a 10% increase in diesel price translates to approximately between 0.4 percentage points and 0.7 percentage points impact on the group EBITDA margins. This is before any mitigations are implemented. However, as you can see on the right-hand side, we are actively managing the risk through ongoing efficiencies and other multiple levers, which, as you can see, we are looking at resilience and infrastructure, which is really a critical part of our overall solutions. We are actively looking at shutting down loss-making and low-efficiency sites, enhancing battery storage across the network, improving energy resilience at a site level. I have talked about procurement discipline earlier. It is very important as well as managing fuel security, bulk procurement strategies, fixed pricing arrangements are important because these improve predictability and reduce the short-term price volatility. Third, on alternative energy transition, we are scaling alternative energy solutions to reduce reliance on diesel over time in our markets. Finally, just to mention, also under forecast risk management, we have implemented multi-vendor supply and emergency agreements. This is really a critical control for us because it does ensure that we are not dependent on one single vendor, but particularly in those markets where we see supply disruption, that the supply disruption risk is higher. This is not only about cost optimization, it is really about ensuring continuity of operations under really stressed conditions for us. Now, if I can touch on the capital allocation framework, Ralph has touched on it. I will not go through the detail. I think you are all aware of the priority orders. I think suffice to say here is that we have a very clear, disciplined capital hierarchy, which is really about investing in areas that give us reasonable returns. We want to continue to protect the balance sheet. Returns to shareholders is a key component of our capital allocation framework, as we've indicated, we've introduced the buyback program as well, and our shareholder remuneration is now anchored on equity free cash flow. Of course, as Ralph indicated, selective M&A transactions are very important as well, as and when they arise. We obviously make sure that we assess them very robustly from a financial assessment as well as risk assessment criteria. This framework really ensures that the capital is allocated in line with the Ambition 2030 that we will be delivering on. Having outlined the capital allocation framework, let me just show how this now translates into CapEx deployment as well as funding. We do expect to invest approximately between ZAR 2 billion and ZAR 2.5 billion per annum over the Ambition 2030 period. This, again, we have included some requirements for IHS, but it is de minimis, and it relates to tower maintenance. We are stepping up investment in IT and digital infrastructure to accelerate Ambition 2030 while continuing to invest in connectivity as we have been doing. You'll see that on connectivity there, we will be spending about 60% of the total envelope, and we'll continue to invest in 4G and 5G expansion as well as network modernization. A key part of our growth in connectivity, as we indicated earlier, is also accelerating the home, which then underpins the core of our business. For fintech to scale, we also need to invest in platform capability as well as the digital ecosystem development. Lastly, on digital infrastructure, the investments will be in fiber, which is mainly long-distance fiber, subsea cables, data centers, as well as maintaining the towers post the acquisition, as I indicated. You can see on the left-hand side that we have now a very clear allocation around these areas. I think what's important to mention here is that this is now a strategic shift to support Ambition 2030, where in the past we were allocating close to about 70%-75% towards network and connectivity. As I indicated to you now, you now see that it's at 60%, with IT making up now 15% of the total envelope and around 12% towards digital infrastructure and fintech, which is really CapEx light here, but obviously very important for us from a scaling perspective, makes up about 6% of the total envelope. In terms of how we are funding this, we have a very clear strategy on how this will be funded. You can see that on your right-hand side. For connectivity, for us, it's important that because it's capital intensive, we fund it through a combination of cash generated from operations, debt funding, as well as equity or even strategic partnerships. For fintech, which is high growth and asset light, we will be using internally generated cash as well as strategic partnerships to match the capital structure with the investments that we are making. Digital infrastructure, Mazen has actually touched on some of it as well, is that we will be looking at a combination of JV partnerships as well as debt funding. Partner capital will be important as we now start thinking about greenfield data centers. This is important for us in terms of managing the health of our balance sheet. Importantly, across all of this, we do maintain a clear commitment that our group net debt to EBITDA ratio will be at or below one time over the medium term. Just a bit of recap on the IHS pro forma financial effect. We will have shared this with you when we released our Q1 results. As we said, the proposed transaction is expected to be earnings and free cash flow accretive and does support our long-term digital infrastructure strategy. As we've previously also communicated, the debt stack in IHS, as well as the acquisition funding, will result in an uplift in our group leverage. Our expectation remains that the leverage will return to targeted levels within two to three years. Importantly, financing synergies are expected to be realized on an ongoing basis over the tenure of the debt. We will actively manage that through funding optimization, refinancing strategies, as well as interest cost reductions, as I mentioned earlier. Now, how do we unlock this for shareholders? We have already communicated to you our enhanced shareholder remuneration framework. We have linked it to distributions more directly to free cash flows and as an equity free cash flow specifically, we've also introduced the share buyback, as I said. Just as a reminder, we are targeting a minimum of 40%-60% of equity free cash flow with up to a further 20% through buyback program, as Ralph mentioned earlier on. I won't dwell on this. I think we have discussed it in a bit more detail with our investors. Just in closing, ladies and gentlemen, I think it's important to just share with you some of these points that I would like you to take away. We are targeting service revenue growth ahead of inflation, with the medium-term growth expected to remain at least in the high teens, supported by structurally high demand for our services across all our markets. We also see a clear path to sustained margin expansion, supported by our ongoing efficiency program, with a targeted ZAR 10 billion to ZAR 12 billion I mentioned, with AI and operational simplification playing a significant part for us going forward. This is obviously from an already improved EBITDA margin of 44.5% that we delivered in 2025. Returns have also strengthened meaningfully with return on capital employed compounding from 18% in 2021 to 27%. As I indicated, we are ramping that up, targeting low 30s over time, well above our weighted average cost of capital across the cycle. Ladies and gentlemen, that brings me to the end of my presentation. I think it's important also to mention that the balance sheet remains in a position of strength, as I indicated, it gives us a very good foundation for us to be able to invest in the future going forward. Again, shareholder remuneration, as we indicated, is a key priority for us. We will deliver on those commitments. I'll now end my presentation. I think we hand over to Ralph. Right. Thank you, Tsulu. Before I welcome both Tsulu and Ralph actually back onto stage, there's a very interesting proverb that I quite like. It goes something like this: If you want to go fast, go alone. If you want to go far, go together. I think when we look at some of the presentations that we saw today that speak towards Ambition 2030, partnerships remain a critical enabler of that growth, bringing together complementary strengths to create bigger opportunities and greater impact. The video that you're going to see on screen shortly is going to bring that idea to life. Let's turn our attention to the screen. Mastercard has a very simple mission. We are here to power economies and empower individuals and businesses. We believe there's no better partner than MTN, given their scale with 300 million subscribers, their distribution network, their trusted brand, and their fintech wallet, which is already used by more than 60 million consumers. Over the past decade at Meta, we've had the opportunity to build a multidimensional partnership with MTN Group, a partnership that now spans connectivity, infrastructure, messaging, and consumer growth, all together united towards a common shared vision of accelerating Africa's digital future. We are extremely grateful to the MTNs across these countries for their support and commitment to the MTN next score for their belief in this partnership. This is purely an example of what can happen when two technology leaders united by a common vision come together. At Ant International, we are proud to be a partner with you in our Midas joint venture. With the combination of MTN's deep market knowledge and insight and our digital payment and financial AI technology, we hope to support the digitization of the economy through new fintech services and constant innovation across Africa. We are incredibly proud and energized to welcome MTN Group into our elite Series A syndicate. Our mutual partnership is targeted towards enabling 3 pillars. Pillar 1, accelerating MTN's Ambition 2030. Pillar 2, we want to drive profitable growth and AI as a Force for Good. Pillar 3, the power of global leadership syndicate. By joining a syndicate of leading global technology and telecommunications innovators, MTN becomes part of a coalition helping to shape the future of physical world AI. All right. Well, this is the moment you've been waiting for. This is the moment where you get to engage with both Ralph and Tsulu as well. We do have some of the leaders who are still in the room, so if there are any questions that you may have, we can field them out to them. Ralph, please join us on stage, sir. And Tsulu. Yes, please, have a seat. We do have a roving mic, so if there are any questions in the room that you have for either Tsulu or Ralph, please raise your hand. There is a question over here. Thank you for the very informative investor day today. My question actually relates to what Charles presented on the AI deployment in MTN Group. A lot of emphasis on the benefits from AI inside, in the group, and how certain you were of those benefits. Can you maybe just talk a little bit about the D2C, I mean, the AI to consumer deployment? Because I think the AI inside is almost table stakes for a company like yourselves. What will actually entrench your moat is if you use your customer data to enhance the offering. So if you could just talk a little bit about that. Where do you see the most upside potential? Is it the connectivity or telco side of your business, or is it the fintech side of your business? Could you give us some examples of what you're thinking of there? Thanks. Do you want to take this? Yeah, I'll take the question. As you said, Pallavi, AI inside is probably table stakes, I think the point Charles wanted to make was we've got to, as MTN, practice what we preach and what we take out to the markets. I think there are a couple of areas on AI to consumer. I think the hyper-personalization is a pretty straightforward one. Ferdi spoke about the challenges in South Africa because of intermediation, and the fact that we want a much more direct. Actually, in the rest of Africa, we have that much more direct because most of the top-up is actually from the bank channels, so we actually know the customer. I think the hyper-personalization, the kind of more for more type offerings, that should actually drive more value across the piece. Also in the fintech space, I think the big thing we've got to deal with is fraud detection. Fraud is a big issue. We have all the social engineering happening. You heard the stories in Ghana. Some of these stories are quite unfortunate. People lose wallet balances through social engineering. It undermines trust across. I wouldn't say it's just there's more of connectivity versus fintech. Hyper-personalization, fintech, much more on the fraud side. The one area that I'm personally excited about, I'm not sure most people are enthusiastic about, is revenue assurance. Most telcos lose about 3% of revenue from fraud. I think everyone has accepted that there's at least 3%. Now, if you see Tsholofelo number two, ZAR 1.9 billion, and you improve it by 1%, it's a meaningful amount. I'm quite keen on that particular number because there's a lot of revenue leakage that has been accepted by telcos as, "Well, this is normal." You improve that by one percentage point. To me, it's the hyper-personalization, and on the fintech side, fraud detection and dealing with the social engineering issues which could undermine the brand. Okay. Any other questions? We've got a hand over there. Nadeem Mohammed from Standard Bank Securities. Just one question from my side. Just on your digital infra ambitions. I noticed on the CapEx slide, you're looking to allocate 15%-18% of CapEx to digital infrastructure. In a rough guesstimate, that sounds like you could build about two, maybe three data centers of the size with the Bangui data center over the next few years. Is that your ambition? Secondly, what does the return profile look like of these digital infra investments relative to your normal CapEx and your other fintech capital allocation priorities? I think you did the maths very quickly. Your maths is right. We're taking a phased approach. We speak about phase 1, 80 MW-150 MW. With phase I, demand led, we're saying to Mazen, "Yes, you want to build them." We'll start in Nigeria and South Africa, to be clear. That capacity that we talk about, phase I, we said we'll go in markets where we're strong, where we see the workloads and the opportunity. It'll be Nigeria and SA. Let's complete phase I, we'll come back and talk about phase II. There's no ability to fund a one gigawatt data center, certainly right now. You're talking about two, one in South Africa, one in Nigeria, phase I. Yeah, I guess Charles spoke to some of the issues that we've got to think about. Can you deal with these tokens per what pay user? The economics are going to be important. I think the most important thing is we're anchoring it with our own workloads. You anticipate we're going to go into a partnership. The partner, this is what they do. They understand how to build data centers. We'll partner them. We'll have a minority stake. What we are bringing is our own workloads, our own connectivity to customers, particularly the enterprise customers. Our formula right now is we'll be minority shareholders in these data centers. You saw the ZAR 1 billion-ZAR 2 billion. We are on that minority range of equity investment. We will be bringing in our workloads so that we can monetize day one. Demand driven, we want to make sure that we can anchor it with signing up, e.g., the hyperscalers, to come in so that it's like building a big retail mall in Sandton. You won't do it without big retailers already anchoring. We need in these to anchor decent workloads beyond ourselves as we build. As I said, phase 1, anticipate that you'll see it's Nigeria and South Africa. Yeah. I think maybe just, if I can just add, I don't know if you can hear me. It looks like Yeah. Let's see if we can get Can I borrow that for a moment? Just to clarify, the CapEx envelope that you're seeing there, to Ralph's point, partner capital for greenfield data centers. What you see in the digital infrastructure, the 12% is the combination of the fiber, the subsea cables, brownfield data centers, and a bit of, as I indicated, the tower maintenance. There isn't greenfield data centers accommodated in that because obviously we're taking a minority share. While we get a microphone to you, I'm going to read this question that's come through. What is the free cash flow accretion of the IHS deal? Any color or moving parts you can share there would be appreciated. I think it's in the presentation that I gave. I did give some of the numbers there. I think Roy can give you more detail after this, but it's in the presentation that I shared there. Perfect. In terms of the pro forma financial effects. Perfect. Sir, over to you. Yeah. Thanks, everyone. Yeah, I've got a similar question. Just a quick one. Just name and designation, please. You don't know me? No. It's Prashant from 36ONE. Thank you. Just similar question to what Nadeem was talking about, CapEx and infrastructure. Looking back onto fiber, you mentioned that you want to go from 140,000 kilometers 3X by 2030. If I look over the last five years, you went from 85,000 to 140,000. Most of that, probably all of that, is your own build. My question is leading on, is that fiber going to come from your own build? Because your CapEx envelope is going to be very stretched to meet that. Or the more leading question is, are you going to look at buying a fiber operator? No, we can't put into our own plans inorganic of that nature. I think Mazen kind of alluded to it, is the Africa50 type partnerships, we'll do more of those. East2West. Particularly if we're going across the continent. The continent needs a lot more fiber for the growth in data traffic, needs more resilience. There are a couple of choke points which are quite risky for us in the long term. Concentration of fiber cables in the Middle East and actually in West Africa. A lot of that will be partnership driven. I think you need to think of both the fintech as well as digital infra, as these are spaces that we think we are well-aligned to doing partners, partner capability, and partner capital. We won't build out 3X from 144 all our own balance sheet and still maintain the envelope. I think you should anticipate the Africa50 type partnerships and more of those going forward. Okay. Any other questions from the floor? I am going to take one more question that's come through here. The question is, it relates to South Africa, and it reads: Are you currently prioritizing growth, market share recovery, or returns? If those objectives were to come into conflict, which one wins? It's the tyranny of and. I think people like to think about or's. At MTN, we say it's and. We want growth with returns. What Ferdi was talking about is we're not chasing growth for growth's sake. We are chasing quality growth in South Africa. South Africa, we feel, is becoming more like Europe. What you see in Europe, is what we anticipate we will see here. Europe went through a period of pressure on the telcos, that pressure eventually released, probably a year or two ago, pretty much driven by market consolidation and the ability to lift up prices. In South Africa, we're saying to Ferdi, Dineo, Yolanda, the broader team is take the hard medicine now, which is to take this structural cost reset. It's very painful, I think it's necessary medicine, because it's not an attractive market in aggregate if you think about what South Africa should be generating. It's not a trade-off. You've got to ultimately deliver both. As Ferdi said, what South Africa does is provide us with a foundation. Yes, we've got growth vectors ex SA that are part of our equity story. What you do want is an SA that is generating enough cash flow. It will fund the data center to be a base on the group dividend, to finance the group overhead, that's not a small thing to do. It's not a trade-off, it's an and. All right. Just checking one last time. Any questions? Oh, there we go. Hi, this is Inchira from Barclays. I just wanted to ask, post the IHS deal, is MTN looking to consolidate any other tower infrastructure assets within the markets that you operate in? I think the IHS deal is going to be eating a bit of an elephant for us. We have to raise external financing to do the transaction, ZAR 1.1 billion. That's priority one. We have on the fourth part of Tsulu's capital allocation framework, M&A that's value creative. If there was an opportunity that came and we thought was compelling, we would consider it. There is not a strict, "No, we won't look at it." It's a high hurdle test to get to that point. Right now the IHS transaction makes sense for us. Five markets, 100% overlap. 70% of the customer revenue is MTN. The other 30 is very important third-party clients. There isn't a plan beyond where we've got to now. We'll remain open if the opportunities do arise. Any other questions? Going once? Going twice? Fine. We are going to close this particular Q&A session. If there are any other questions that you have that are left unanswered, and perhaps maybe you want a little more one-on-one time with the other leaders as well, we can do that after this particular session. Tsulu, I'm going to let you go, ma'am. Thank you so much for answering your question. Thank you. There we go. I'm going to be handing over to Ralph Mupita right now to do the closing. Just one last announcement from me. We are going to be having gifts that we're going to be handing over to you in the cocktail session, just as a way to say thank you so much for giving us your time today, and we really do appreciate you. From me, I've had a wonderful time being your host for the day, and I leave you in the capable hands of Ralph Mupita. Nastassia, to the broader team that have supported us, thank you very much for keeping this MTN Group executive disciplined throughout the day. I know we've taken a bit more time, but want to extend our thanks to you and the broader partners who have enabled us hosting this Capital Markets Day. As well as also thanking those who are going to be supporting us tomorrow, because tomorrow we'll have opportunities to engage with shareholders, investors, as we are hosted by Investec tomorrow at their offices. I also want to thank the management team who've presented here. Beyond the ones you saw today, there's a broader management team. There's depth in the management team, and I think you'll see some of them tomorrow. Ebenezer didn't speak much today, but he is leading our SEAGHAS, Ghana reports to him, so you'll have an opportunity to talk to him. I think we have other CEOs who are here from the markets. There's a big contingent of the Nigerian executive team here, the SA team, but Wanda from Cameroon, Mitwa from Côte d'Ivoire, and Sylvia from Uganda will also be in attendance tomorrow. Please, use those opportunities to engage further. Just some closing remarks from ourselves. I think we spent today putting the case forward that is really around unlocking growth and delivering returns. We believe that it's best approached through our One MTN three-platform strategy, where, beyond the connectivity, which we're still very excited about, we see growth opportunities, growth engines, in fintech and the digital infra. There are some strategic value that we see in the digital infrastructure over time. We set out the case under each of the pillars for connectivity, Fintech, as well as digital infra. We unpacked the leveraging of AI. We're pretty excited about it. I think we're probably one of the few who are putting out targets. At MTN, if you don't put a target, it doesn't happen. By putting a target out for the value creation we see in AI, I think you'll see us execute and look to beat that value. We take the point that AI inside is taken as stable takes, but I think the reorganization of work internally is no small feat today. We are putting that center so that we can leverage the value that we think, and we truly believe it's a leapfrog opportunity. Do we have all the answers? No, it's not perfect. Technology's evolving, and we need to stay lockstep with that technology as it evolves, and we look to take advantage of it going forward. We trust that that framework is clear, that the capital allocation framework is also clear. There's a new shareholder remuneration framework which we remain super committed to. I think internally, people are talking more about free cash flow and return on capital employed than EBITDA, because we say EBITDA is not cash, it's not returns. The industry still likes to talk about it, so we do talk about it so that we kind of keep the language consistent. There is a much more significant focus on free cash flow generation, sustainable free cash flow generation, and returns. As we mentioned, our buyback program kicks off in the second half of this year, and we'll be reporting in Q1 next year how far we've gone with that program. Value creative opportunities, we will look at them. They really need to pass the high hurdle test of value creative that is clearly demonstrable and any synergies that we will look. Won't dwell too much on that. If we're saying, what has this really been about is we want to communicate to investors is we're excited about the growth opportunities across our markets. The way we framed it in the slide is to capture the essence of what's come out of the discussions today. What is the incremental growth that we see across our markets over the next five years? 60 to 70 million more active data users. We spoke about the number of people coming into use of mobile services in Sub-Saharan Africa, but also it's about deepening data usage within our own base. We have over 130 million of our customers still stuck in the voice era, and there's an opportunity to bring all of them more into the digital era. Mobile money, incremental 40 to 50, certainly at least 20 million of that out of Nigeria. We're at four odd, so if you're looking at cross-referencing the numbers you saw from Karl's presentation, it takes you to that 20 to 25. Homes connected, 20 to 30. Leveraging multiple technologies. We're technology agnostic. We'll use the technology that best connects us to the home, and we're seeing home usage being a big driver of where the workloads will be, and taking off capacity from the mobile network to ensure that the mobile networks remain strong. On the efficiency side, again, Tsulu spoke about expense efficiency. Another ZAR 10 billion-ZAR 12 billion in the next two years that we're committing to. Ferdi spoke about the structural cost reset by 2029 up to ZAR 4 billion-ZAR 6 billion by then. The AI value creation. Under the three buckets, we'll be able to report how we are making progress. I think that's one of the areas that I think we could exceed our own targets. Charles spoke about bucket A is OpEx avoidance and CapEx avoidance. In that bucket, it's at least half of that number, and I think we can actually do more. This is all about pursuing the growth that we see in the market. Now, how do management stay lockstep with shareholders? If we look at our remuneration and you look at short-term incentives as well as long-term incentives, how is that connected to the story of unlocking growth and delivering returns? For our STIs, the management team for 2026, we have a formula. I won't go through everything. It's in our integrated report. In the rem section, you can pick it up. For short-term incentives, there are two components. For the executive team, the major component is purely on how the company has performed, and then there's some very specific team metrics. These company performance metrics, I think, are common to all of you. They flow into the value creation equation. Service revenue, adjusted headline earnings per share, free cash flow, cash upstreaming, and churn being the competitive measures. The team-based performance has a component of the four blocks that you see there, driving business growth, digital adoption, strategy execution, people, and culture. Trying to deliver a balanced approach, sustainable approach to growth. On the LTIs, the LTIs, 2026 to 2028, we have TSR, operating free cash flow, return on capital employed, and ESG, where we're measuring the dimensions of women representation in our leadership, POP coverage, as well as Scope 1, Scope 2. Now, potentially with IHS Towers, we're internalizing what is Scope 3 back into, at a group aggregate level, inside the Scope 1 elements of emission. These are the targets that we have. They're aligned. You see lots of cash flow metrics, you see lots of return metrics. As was also communicated in the integrated report, that the board is looking at minimum shareholding requirements, looking to up these over time to make sure that there is alignment between management and shareholders more generally. Medium-term guidance. We're reconfirming the medium-term guidance that we issued in March. No new changes. This is guidance three to five years out. That three to five years out view is what builds the revenue mix that Tsulu showed earlier on. How we feel convicted and strongly convicted that you'll see return on capital employed in the high 20s and the low 30s. We're already at about 27 in terms of our formula, and we want to push that out by another two to four percentage points in the next three years to meet our LTI targets. The medium-term guidance is being confirmed. The five takeaways that I started off with, I don't want to repeat them. Suffice to say, we're pretty excited about what comes ahead. We're not overly starry-eyed. We understand that we operate in very complex markets. I'd like to reassure the shareholders and stakeholders more broadly that we have a team that is able to navigate the complexities that are in our markets. There's a lot of complexities, either geopolitically, regulatory, the tech side, et cetera. At MTN, we have a management team that's broad, that understands how to navigate and work with nation-states, work with regulators to deliver on a very compelling investment case of unlocking growth and delivering returns. We're very excited, and we trust that the time you've spent with us, it's an enormous amount of time to dedicate to us, and we do these things every three years or so. We trust that today has been useful. We invite those who are in Johannesburg to join us tomorrow, where we've set aside another day and a half. Another day rather, not another day and a half. My team would say, "Raf, you're overdoing this thing." Tomorrow, we will kick off with the South African Minister of Finance, as well as our Minister for Digital Technologies, opening the session and giving their remarks about the macro, and then we'll go into the various one-on-ones where you'll have more exposure to the executive management team. Be able to deep dive with Ferdi, with Karl, with Stephen, with Ebenezer, and the broader management team. Tsholofelo and I will be there. We initially didn't want to be there because we said it's an opportunity for you to engage the teams that are actually delivering the value. I will be there for parts of the morning tomorrow, and look forward to attend that. As was said much earlier on, please join us outside for refreshments. Again, thank you for your time and commitment, paying attention for the last couple of hours. Thank you very much.