Interim report
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MTN Group Limited Financial results for the six months ended 30 June 2026
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Contents Results overview: Commentary ii First half (H1) 2026 key messages 1 Highlights 2 Group President and CEO commentary 5 Business overview 10 Operational review 18 Update on the IHS transaction 18 Outlook and key focus areas for the rest of 2026 19 H1 2026 interim results teleconference 20 Abbreviations Results overview: Key financial tables 21 Key financial tables Results overview: Reviewed consolidated interim financial statements 40 Independent auditors’ report on the consolidated interim financial statements 41 Condensed consolidated income statement 42 Condensed consolidated statement of comprehensive income 43 Condensed statement of financial position 44 Condensed consolidated statement of changes in equity 45 Condensed consolidated statement of cash flows 46 Notes to the condensed consolidated interim financial statements Pro forma financial information For Group, region and by country, as appropriate: revenue; service revenue; revenue by segment; data revenue; enterprise revenue; wholesale revenue; fintech revenue; digital revenue; voice revenue; outgoing voice revenue; Group EBITDA (before once-off items); Capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA; profit after tax; loss after tax; adjusted headline earnings and adjusted headline earnings per share; operating expenses; free cashflow; operating free cashflow; depreciation and amortisation; net finance cost and taxation as included in this results booklet have been prepared to provide users with a further operational understanding of the business (together, the Non-IFRS Financial Information). The Non-IFRS Financial Information has been calculated from the financial records of the Group. Constant currency information has been presented to remove the impact of movement in currency rates on the Group’s results and has been calculated by translating the prior financial reporting period’s results at the current period’s monthly average rates. The measurement has been performed for each of the Group’s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated after translating prior year results at current year rates. In addition, in respect of Irancell, MTN Sudan and MTN South Sudan the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. Constant currency information in this results booklet is denoted with an*. The non-IFRS financial information and constant currency information is collectively referred to as “Pro forma Financial Information” and has been prepared for illustrative purposes only. Because of its nature, the Pro forma Financial Information may not fairly present MTN’s financial position, changes in equity and results of operations or cash flows. The responsibility for preparing and presenting the Pro forma Financial Information, as well as the completeness and accuracy of the Pro forma Financial Information is that of the directors of MTN and has not been audited, reviewed or otherwise reported on by the Group’s external auditors. Forward looking information Any forward looking information disclosed in this results booklet is the responsibility of the directors of MTN and has not been reviewed or audited or otherwise reported on by our external auditor. Other information The directors of MTN take full responsibility for the preparation of this results booklet. The Group’s results are presented in line with the Group’s new operational structure. The Group’s underlying operations are clustered as follows: South Africa (SA); Nigeria; Ghana; the Southern and East Africa (SEA) region; and Francophone Africa and their respective underlying operations. The SEA region includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia. The Francophone Africa region includes Cameroon, Côte d’Ivoire, Benin and Congo-Brazzaville. The Group also has equity accounted joint ventures in Botswana, Eswatini and Iran, which are excluded from regional results. Results overview for the six months ended 30 June 2026
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Results overview: Commentary for the six months ended 30 June 2026
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First half (H1) 2026 key messages Commercial momentum translating into strong growth and solid profitability • Service revenue +17.5%* | EBITDA growth +24.4%* | EBITDA margin 47.6%* • Fintech revenue up 13.3%*: excl regulatory items +19.3% | transaction value up 33.8%* to US$330.5 billion | advanced services up 31.8%* • Adjusted HEPS +21.3% to 793 cents | strong equity free cash flow growth of 32.7% • Good progress achieved on the IHS transaction • Medium-term guidance reaffirmed, share buyback programme to commence Rm H1 26 H1 25 YTD % change reported YTD % change constant currency* Contribution to Group Group service revenue 115 322 105 111 9.7 17.5 – South Africa 21 937 21 604 1.5 1.5 19.0% – Nigeria 35 331 28 227 25.2 25.7 30.6% – Ghana 22 134 20 672 7.1 32.3 19.2% Group EBITDA~ (before once-off items) 55 987 46 655 20.0 24.4 – South Africa# 8 508 9 219 (7.7) (7.7) 15.2% – Nigeria 19 869 14 326 38.7 38.7 35.5% – Ghana 13 738 12 066 13.9 40.0 24.5% Group EBITDA margin 47.1% 42.7% 4.4pp 3.1pp – South Africa# 34.3% 36.5% (2.2)pp (2.2)pp – Nigeria 55.9% 50.4% 5.5pp 5.3pp – Ghana 61.9% 58.2% 3.7pp 3.4pp Capital expenditure (capex, IFRS 16) 23 959 27 300 Capex (ex-leases) 19 749 20 799 Capex intensity (ex-leases) 16.6% 19.0% ˜ Earnings before interest, tax, depreciation and amortisation. # Excludes tower sale gain/(loss). ^ These are the markets where we have controlled operations, JVs and associates that cover any of connectivity, fintech or digital infrastructure businesses. Results overview for the six months ended 30 June 2026 MTN is a pan-African mobile operator whose purpose is ‘Leading digital solutions for Africa’s progress’. We have 317.7 million customers in 19^ markets.
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Highlights MTN delivered strong growth, exceptional profitability and robust cash generation in H1 2026. We maintained balance sheet strength and advanced key strategic initiatives that continue to support long-term shareholder value creation. Total customers up 6.7% to 317.7 million Active data subscribers increased by 9.1% to 179.3 million Data traffic up 22.8% to 14.3 PB Mobile Money (MoMo) monthly active users (MAU) up 12.1% to 70.8 million Fintech transaction volumes up 17.2% to 13.0 billion Fintech transaction value up 33.8%* to US$330.5 billion Group service revenue up 9.7% to R115.3 billion on a reported basis; up 17.5%* in CC Data revenue up 21.0% to R57.6 billion on a reported basis; up 29.2%* in CC Fintech revenue up 1.4% to R14.9 billion on a reported basis; up 13.3%* in CC Voice revenue down 3.8% to R30.4 billion on a reported basis; up 2.4%* in CC Wholesale revenue up 10.3% to R5.2 billion on a reported basis; up 15.5%* in CC EBITDA (before once-off items) up 20.0% on a reported basis; up 24.4%* in CC EBITDA margin up 4.4 pp on a reported basis to 47.1%, up 3.1pp* to 47.6%* in CC Reported headline earnings per share (HEPS) decreased by 5.8% to 615 cents (H1 2025: 653 cents restated) Adjusted HEPS increased by 21.3% to 793 cents (H1 2025: 654 cents restated) Capex (ex-leases) of R19.7 billion, with capex intensity of 16.6% Net debt-to- EBITDA of 0.3x No interim dividend declared (H1 2025: nil) * Constant currency (CC) information after accounting for the impact of the pro forma adjustments as defined and included throughout this results booklet. Refer to the relevant section for more detail on the basis upon which constant currency information is presented. Results overview for the six months ended 30 June 2026 1 Results overview Results presentation Appendices Data sheets
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Results overview Group President and CEO Ralph Mupita comments Strong commercial momentum underpinned by execution and investment Our strong H1 2026 performance reflects sustained commercial momentum across both Connectivity and Fintech. Continued investment in network quality, customer experience and digital platforms drove subscriber growth, increased engagement and higher usage across the Group. We invested R 19.7 billion in capex (ex-leases) during the period, maintaining capital intensity within our target range while enhancing network capacity, coverage and quality across our markets. Total subscribers increased by 6.7% to 317.7 million and active data subscribers rose by 9.1% to 179.3 million. Continued growth in smartphone adoption, increased digital engagement and stronger customer usage supported robust growth in data traffic and further increased data's contribution to Group service revenue. Data remained the primary growth engine, with revenue increasing by 29.2%*. Voice demonstrated resilience with growth of 2.4%*. Across Fintech, we continued to scale the ecosystem despite temporary disruptions in Nigeria and Uganda and which should improve in H2. MoMo monthly active users increased by 12.1% to 70.8 million. The strength of our broader portfolio remained evident, helping to offset temporary headwinds in individual markets. This supported Group service revenue growth of 17.5%* to R115.3 billion, led by MTN Ghana, MTN Nigeria and our broader markets portfolio. Growth moderated in Q2 2026 as we lapped the implementation of price adjustments in MTN Nigeria in the prior year and absorbed the impact of the deliberate suspension of airtime advance services in Nigeria. Commercial momentum across the business remained robust however and supports our confidence in delivering our medium-term objectives. During the period, MTN and the Syrian Arab Republic, represented by the Syrian Telecommunication and Post Regulatory Authority, agreed the settlement terms relating to the MTN investment in Syria. The remaining legal formalities are being completed, with payment of US$43.9 million to MTN authorised upon execution of the agreement. Concluding this settlement agreement is consistent with the Group's Middle East exit strategy. Robust growth in earnings and cash flows EBITDA (before once-off items) increased by 24.4%* to R56.0 billion, continuing to outpace revenue growth as we maintained discipline in executing our expense-efficiency programme. This resulted in a pleasing EBITDA margin of 47.6%*, up 3.1pp*, demonstrating the operating leverage and efficiency benefits embedded in the business. The increasing contribution from our broader markets and growth platforms continued to enhance the resilience and quality of Group earnings. Results overview for the six months ended 30 June 2026 H1 2026 results reflect solid progress on the path of our Ambition 2030 strategy “MTN delivered a strong consolidated first-half performance in 2026, with growth in our subscriber base accelerating in Q2 2026. We combined double-digit service revenue growth with record EBITDA margins, robust FCF generation and a resilient balance sheet. This performance reflects disciplined execution, the quality of our diversified portfolio and sustained investment in our networks, platforms and customer experience. Importantly, we advanced a number of strategic initiatives, including the fintech separations and the IHS transaction, while launching Ambition 2030 to guide the next phase of MTN's growth and value creation.” 2
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Earnings per share declined by 26.1% to 404 cents, while reported HEPS declined 5.8% to 615 cents principally due to a non-cash impairment of our equity-accounted investment in Irancell and foreign exchange losses in South Sudan. Adjusted HEPS increased by 21.3%, reflecting the strong underlying performance of the Group. Excluding the impact of Irancell, Adjusted HEPS was up 23.7% at 767c. The quality of earnings remained strong, with operating free cash flow increasing 27.5% to R 25.1 billion, supported by robust operational performance and disciplined capital allocation. FCF increased to R11.1 billion, and the FCF conversion ratio improved to 92.5%, reflecting the continued strength of the Group's cash-generative business model. Equity FCF – the measure on which our shareholder remuneration framework is based – grew 32.7% to R7.0 billion, with the difference relative to FCF reflecting dividends of R4.1 billion paid to non-controlling interests (H1 2025: R1.4 billion) as MTN Nigeria and MTN Ghana normalised their distributions. Our focus on profitable growth and disciplined capital allocation continues to improve returns. ROCE increased to 31.5%, remaining comfortably above our weighted average cost of capital and within our medium-term target range. Sustained financial position and liquidity health Our balance sheet remains a strategic strength and provides significant flexibility to fund growth and execute our capital allocation priorities. We maintained our disciplined approach to managing the balance sheet. Group net debt-to-EBITDA of 0.3x as at 30 June 2026 remained steady versus 31 December 2025 (0.3x). We continued to maintain a healthy liquidity headroom of R39.1 billion (FY 2025 R43.1 billio n). This headroom was supported by cash upstreamed of R13.9 billion in the first half (H1 25: R8.2 billion) – led by MTN Ghana (R6.6 billion), MTN Nigeria (R2.7 billion) and MTN South Africa (R2.1 billion). We raised R2.3 billion under our DMTN programme to refinance upcoming maturities for the year. We maintain sufficient liquidity to address our funding requirements in the upcoming period , including the forthcoming Eurobond maturity . Furthermore, financing arrangements are in place to consummate the IHS transaction. We remain focused on preserving balance sheet flexibility and maintaining a Group net debt-to- EBITDA ratio below 1.0x over the medium term. This financial resilience, built through deliberate de- risking of our balance sheet over recent years, positions the Group well to fund our capital allocation priorities. Advancing Ambition 2030 execution During the period, we moved from strategy articulation to execution following the launch of Ambition 2030. Across our Connectivity, Fintech and Digital Infrastructure platforms, we advanced initiatives designed to accelerate growth, unlock value and strengthen long-term competitiveness. Within Connectivity, we continued to scale data, home and enterprise services, supported by sustained investment in our networks, platforms and customer experience. We also launched MTN One TV, further expanding our digital services offering. Within Fintech, we completed the structural separation in Ghana and progressed the required approvals in Nigeria and Uganda, while deepening our ecosystem through the strategic partnership with Ant International. These initiatives support our objective of unlocking value and accelerating growth in one of Africa's leading fintech platforms. Within Digital Infrastructure, we continued to advance the acquisition of the remaining shares in IHS. We invested selectively in AI and data infrastructure opportunities aligned to our long-term growth ambitions. Collectively, these initiatives reinforce the strength of our diversified portfolio, demonstrate disciplined execution of Ambition 2030 and strengthen MTN's ability to deliver sustainable growth, attractive returns and long-term value creation for shareholders. Shareholder remuneration In line with the Group dividend policy, no interim dividend has been declared for the six months ended 30 June 2026 (H1 2025: nil). Shareholder remuneration is guided by the enhanced framework introduced at the end of FY 2025, which targets an annual distribution of 40% to 60% of equity FCF through a combination of a minimum cash dividend and share buybacks. Shareholders are advised that the MTN Board has confirmed the implementation of the R6 billion share repurchase programme, which will commence following the end of the current closed period. The programme will be conducted through a defined execution process within the Group's capital allocation framework and in line with the authority granted by shareholders at the annual general meeting and the JSE Limited (JSE) Listings Requirements and the Companies Act, 71 of 2008. One appointed broker will effect repurchases on behalf of the Company on an independent basis within pre-agreed parameters. Results overview for the six months ended 30 June 2026 3 Results overview Results presentation Appendices Data sheets
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Results overview continued Outlook, priorities and medium-term guidance The long-term demand outlook across connectivity, fintech and digital infrastructure remains attractive, supported by increasing digital adoption and financial inclusion across our markets. While geopolitical developments, foreign exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, strong balance sheet and disciplined execution provide resilience. Group service revenue growth moderated through H1, and we expect it to re-accelerate in H2 2026 on the back of the normalisation of airtime lending in Nigeria, the annualisation of the 2025 Nigerian price adjustments out of the comparative base, and MTN South Africa's consumer prepaid business getting back to growth. We also expect continued momentum from MTN Ghana and across our SEA+ and Francophone Africa portfolios. Consistent with prior years, cash generation is weighted towards the second half, reflecting the phasing of collections, capital expenditure and the timing of dividend receipts from our operating companies. Our priorities for the remainder of 2026 are unchanged: sustaining commercial momentum across the Group, accelerating the recovery of MTN South Africa's prepaid business, completing the fintech structural separations underway in key markets, and progressing the IHS transaction, which continues through the required approval processes and is expected to be accretive to revenue, earnings and FCF over time. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC), and several others, with further approvals underway or imminent. With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out. We reaffirm the medium-term guidance presented at our Capital Markets Day, including Group service revenue growth of at least high-teens, a return on capital employed in the high-20% to low-30% range and leverage at or below 1.0x. We remain confident in our ability to deliver sustainable growth and long-term shareholder value through disciplined execution of Ambition 2030. At a segment level, MTN Nigeria continues to target service revenue growth of at least low-20%. MTN South Africa targets low-to-mid single-digit growth with an EBITDA margin of 35–37%, while MTN Ghana targets service revenue growth in the mid-to-upper 30% and EBITDA margins in the mid-to-upper 50%. Fintech service revenue growth is expected to remain below its medium-term guidance range of high-20% to low-30% as we reintroduce airtime advance services in Nigeria. We remain encouraged by growth in advanced services, which grew at 31.8%* and transaction value grew 33.8%* to US$330.5 billion in the period. Results overview for the six months ended 30 June 2026 4
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BUSINESS OVERVIEW Operating context The global operating environment became more challenging during the first half of 2026, geopolitical tensions exacerbated volatility in energy markets and created renewed inflationary pressures across several of our markets. Through proactive risk management, we strengthened our fuel security arrangements with key tower partners and accelerated energy- efficiency initiatives to mitigate potential impacts on operations and costs. Despite the external uncertainty, macro- economic conditions across much of our footprint improved from the prior year. Group blended inflation moderated to approximately 9.3% from 14.0% in H1 2025. Key operating currencies, including the Nigerian naira and South African rand, remained broadly stable against the US dollar. In aggregate, however, our African currencies broadly weakened against the South African rand over the period, detracting from earnings growth in rand terms. Although economic growth forecasts have softened in certain markets, the long-term demand for connectivity, financial services and digital infrastructure across Africa remains compelling and continues to underpin our growth outlook. The resilience of our H1 2026 performance reflects the strength of our diversified portfolio, disciplined execution and continued focus on investment in high-quality networks, platforms and customer experiences. Momentum in Connectivity driven by Home, Data and Enterprise Group service revenue increased by 17.5%* in H1 2026 to R 115.3 billion, with growth in our connectivity business led by our Ambition 2030 strategic priorities to scale data, accelerate home and empower enterprise. Data remained the largest contributor to Group service revenue (at 49.9%). Together with resilient voice performance, strong digital services contribution and double-digit wholesale growth, this underpinned the performance of the connectivity platform. Scaling our Data offering Revenue from data grew by 29.2%* in H1 2026, propelled by the 9.1% increase in active data subscribers to 179.3 million. The increase in active data subscribers coupled with higher usage per user (to 13.6 GB), drove strong data- traffic growth of 22.8% to 14.3 PB. Data revenue growth moderated relative to H1 2025 (when it was 34.3%*), largely reflecting the base effect of the prior-year MTN Nigeria price adjustments and the impact of the airtime advance issues in that country. Nevertheless, the performance continued to demonstrate the structural demand for data across our markets. Smartphone penetration continued to deepen, now at 66.5% across our footprint and we extended broadband coverage in our markets. A resilient performance in Voice Voice revenue remained resilient, up 2.4%* in H1 2026, against a higher prior-year baseline created by the MTN Nigeria price adjustments implemented in early 2025 (H1 25: 11.6%*). At an Opco level, MTN Nigeria grew voice revenue by 11.8%*, while MTN Ghana’s declined by 1.6%*, consistent with the structural migration of customer communications from traditional voice towards data-led and OTT channels. Targeted CVM initiatives continued to support engagement and voice usage across the base. Voice continued to grow across many of our markets, reflecting the continued relevance of this service for many of our customers. Digital services Digital services revenue sustained strong momentum, growing by 20.9%* YoY, driven primarily by strong growth in lifestyle and gaming services. Growth was led by MTN Ghana and MTN Nigeria, with contributions from several other markets supporting the continued diversification of our revenue base. We commenced the rollout of MTN One TV, a new entertainment proposition designed to make digital video content more accessible across our markets. Results overview for the six months ended 30 June 2026 5 Results overview Results presentation Appendices Data sheets
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Results overview continued Accelerating Home Under our 'Accelerate Home' strategic priority, we sustained strong momentum in H1 2026, with the active home customer base growing by 58.2% YoY. Growth was underpinned by continued FWA scale and an accelerated shift towards fibre: FTTH expanded materially faster than FWA and increased its contribution to the active home base. MTN Nigeria led the Group's fibre momentum with rollout and customer connections materially ahead of plan, reflecting robust underlying demand and effective commercial conversion. We continue to pursue the significant home opportunity (highlighted at the Capital Markets Day 2026) across our footprint through a capital-disciplined, geo- segmented technology approach, deploying FTTH selectively in attractive urban clusters and leveraging 4G/5G FWA for scalable expansion. Empowering Enterprise In enterprise, we continued to shift towards a stronger, converged services portfolio under our 'Empower Enterprise' strategic priority. Higher- value ICT services led growth and were broad- based across the footprint, delivering enterprise service revenue growth of 8.5%*. We continue to focus on SME digitisation and industry vertical solutions as we position the business to participate in an enterprise market expected to grow by approximately 1.6 times by 2030. Wholesale Wholesale service revenue grew by 15.5%* in H1 2026, supported by strong momentum in Bayobab and MTN South Africa, and driven by ICT and interconnect revenue. This marked acceleration follows on the 2.9%* growth delivered in FY 2025, reflecting the scaling of Bayobab’s pan-African connectivity business and increased utilisation across our informal and direct-partner routes. Fintech Fintech financial performance Fintech revenue (including airtime advance) increased by 13.3%* YoY in H1 2026. This was despite the suspension of airtime advance in Nigeria and operational disruptions within the Uganda agent network. We expect revenue growth to progressively improve in H2 2026, as lending is reinstated in Nigeria through the four newly onboarded providers and volumes ramp up over the period. Growth is expected to remain below the medium-term guidance range of high-20% to low-30% in the near term but to re-accelerate through advanced services monetisation and the Nigeria airtime advance rebuild. MoMo revenue grew by 17.8%* (excluding airtime advance) and was supported by continued growth in advanced services, particularly in Ghana, Rwanda, Zambia and Benin. This was partially offset by more muted growth in cash-out, P2P and withdrawals in Ghana, Uganda, Côte d'Ivoire and Cameroon. This moderation in basic revenue growth reflects increasing competitive and regulatory pricing pressures, alongside the industry-wide maturation of basic Mobile Money services. Our focus remains on modernising distribution and accelerating the shift towards advanced services. Advanced services revenue continued to grow strongly, up 31.8%*, increasing its contribution to total MoMo revenue (excluding airtime advance) to 37.4%* (up 4.0pp YoY). This reflects our continued focus on driving everyday usage through payments and driving monetisation through our recently launched lending platform. Over the period EBITDA margins narrowed to 42.4%* (H1 2025: 43.3%*) primarily due to the disruptions to airtime advance in Nigeria. Excluding the impact of this disruption, EBITDA margins improved to 38.8%* (H1 2025: 37.4%* equivalently), as advanced services continued to grow faster than basic services. Ecosystem Our ecosystem continued to show strong growth as our MoMo MAU increased by 12.1% YoY to 70.8 million, driven by sustained growth across most markets and particularly in Nigeria. Active agents closed with a footprint of 1.4 million, recording strong growth of 13.1% YoY. This was boosted by the expansion of our in-house digital sales tool. Active merchants increased by 18.1% YoY to 2.3 million. This reflected our focus on quality growth, supported by improved retention activities and a segmented approach to managing and deepening relationships with high-value merchants. Our transaction volumes grew 17.2% to 13.0 billion YoY and transaction value grew 33.8%* YoY to US$330.5 billion. This growth is increasingly led by our advanced services, reflecting a maturing, higher-value ecosystem and the continued strength of our platform. Results overview for the six months ended 30 June 2026 6
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Verticals The momentum in our payments and e-commerce vertical accelerated. Merchant payment value growth of 14.5%* to US$12.7 billion was driven by growth in unique payers, increased transaction frequency and higher average transactions values as we continued to optimise our key account portfolio and onboard new key accounts in Uganda, Ghana, Benin and Cameroon. Our strategic partnership with Mastercard progressed during the quarter. Virtual card by MoMo is live across seven key markets, with approximately 954k cards issued year-to-date across Rwanda, Uganda, Côte d’Ivoire, Cameroon, Nigeria, Zambia and Benin. Our lending portfolio facilitated US$2.7 billion in total loan value, representing a 78.3%* YoY increase, driven by sustained business expansion and the successful launch of new products in Ghana, Uganda, Cameroon, and Rwanda. This demonstrates the successful execution of our strategy, the scalability of our digital lending model, and accelerating customer adoption. Remittance transaction values increased by 11.5% YoY in H1 2026. This demonstrated the resilience of formal cross-border remittance flows despite growing grey-route activity, partner liquidity constraints and regulatory headwinds in selected key markets. Formal remittance flows exceeded US$3.0 billion, supported by corridor expansion, improved service quality and stronger commercial execution. The rollout of targeted marketing campaigns and enhanced operating controls continues to strengthen compliance, partner integration and transaction monitoring, positioning the business for further growth in H2 2026. MTN Digital Infrastructure MTN Digital Infrastructure generated consolidated external revenue of R2.3 billion, a decrease of 7.1%* YoY. Lower international voice traffic and persistent local currency volatility weighed on performance. Fibre (Bayobab) The Fibre segment delivered strong external revenue growth of 37.2%*, driven by new connectivity infrastructure contracts, continued network expansion and improved service delivery. Bayobab continued to strengthen its terrestrial fibre footprint during the period, supported by progress on strategic infrastructure initiatives, including the East-to- West fibre programme in partnership with Africa50. These investments support the Group's objective of expanding resilient, open-access digital infrastructure across Africa. Communication Platforms External revenue for the Communication Platforms segment declined by 14.9%*, due to reduced international voice traffic and a decline in the messaging revenue stream. During the period, the business continued to advance its partnership strategy, leveraging its Voice, Messaging, Roaming and IPX platforms to strengthen relationships with operators and customers across Africa and support future growth opportunities. Data centres In line with Ambition 2030 , MTN Digital Infrastructure continued to advance its data centre strategy, progressing the development of an AI-enabled platform to address growing demand for cloud, enterprise and data-intensive services. Priority markets have been identified, with South Africa and Nigeria selected for the initial phase of deployment. During the period, significant progress was made in developing the platform’s investment, operating and partnership model, positioning the business to execute its strategy in support of Africa's growing cloud, enterprise and AI infrastructure requirements. After the reporting period, MTN Digital Infrastructure entered into a strategic partnership with a UAE-backed data centre investment platform to accelerate the development of AI-ready digital infrastructure platforms across Africa. The partnership – Africa Data Hub Holding Limited – combines MTN's extensive African footprint, market knowledge and infrastructure assets with international investment backing and specialist data centre expertise. Africa Data Hub Holding Limited will serve as the platform through which future digital infrastructure opportunities will be developed and scaled across key African markets. The agreement marks a significant milestone in the execution of the Group's data centre strategy and supports its ambition to meet growing demand for cloud, enterprise and AI-enabled services across Africa. AI platforms Early this year, MTN Digital Infrastructure participated as a strategic investor in ODC’s Series A funding round, supporting the development of AI-native RAN and edge intelligence platforms. Since the investment, the parties have progressed joint implementation planning, with active collaboration underway to assess priority use cases, deployment opportunities and commercial models aligned to MTN’s digital infrastructure and Ambition 2030 objectives. Results overview for the six months ended 30 June 2026 7 Results overview Results presentation Appendices Data sheets
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Results overview continued FINANCIAL OVERVIEW The Group delivered service revenue growth of 17.5%* in H1 2026 to R 115.3 billion, with pleasing contributions from data (up 29.2%*) and fintech (up 13.3%*), supported by a resilient voice performance (up 2.4%*), strong digital services (up 20.9%*) and double-digit wholesale growth (up 15.5%*). Growth moderated through H1 2026, principally as we lapped the implementation of price adjustments in MTN Nigeria in the prior year and absorbed the impact of the deliberate suspension of airtime advance services in Nigeria. The broader portfolio again demonstrated its value, with the Southern and East Africa (SEA+) cluster growing by 19.8%* and Francophone Africa by 8.9%*, both ahead of their respective blended inflation rates. Group service revenue grew 21.1%* in the first quarter an d 14.2%* i n Q2 2026. Excluding MTN Nigeria and MTN Ghana, our broader markets portfolio also performed well with the operations growing service revenue by 9.5%* on average in Q2 up from 7.0% in Q1, and ten of 14 operations growing sequentially from Q1 to Q2. EBITDA before once-off items increased by 24.4%* to R 56.0 billion, with the margin expanding by 3.1pp* to a pleasing 47.6%*. This outcome was underpinned by robust topline growth and the diligent execution of our ongoing expense-efficiency programme, which continued to yield meaningful savings of R1.2 billion over the period. The margin improvement was achieved notwithstanding operating expenses increasing by 13.3%*, which included the impact of a stronger share price on share-incentive scheme costs in Nigeria. The Group’s effective tax rate for the period was 48.9%, compared with 41.7% (restated) in H1 2025. The increase was driven mainly by adjustments relating to the impairment of MTN's interest in Irancell, an increase in withholding tax attributable to higher dividend declarations during the year and unrecognised deferred taxes. The higher withholding taxes arose on increased cash upstreaming from our operating companies, which rose to R13.9 billion from R8.2 billion in the prior period. Cash tax paid increased by 38.9% to R8.0 billion, principally reflecting the withholding tax cost of the higher upstreaming, which we regard as an appropriate cost of strengthening Group liquidity and funding shareholder distributions. Profit after tax grew by 9.5%* to R12.1 billion (down 4.1% on a reported basis). In comparison attributable earnings declined by 2.1%* (down 25.0% on a reported basis), impacted by higher non-controlling interests and a lower contribution from equity-accounted investments. Basic EPS decreased by 26.1% to 404 cents. The difference between H1 26 EPS and the reported H1 26 HEPS of 615 cents is largely attributable to impairment losses of 213 cents (H1 25: 104 cents), which relate to impairments to the 49%-held, equity-accounted joint venture Irancell. This was tempered by a net gain on disposal of property, plant and equipment totalling approximately 2 cents (H1 25: 1 cent loss). Headline earnings for H1 2026 also included non-operational items totalling a net amount of approximately 178 cents (H1 25: 1 restated). The most significant contributor to these non- operational items were foreign exchange losses of 126 cents (H1 25: 43 cents gain) or R2.3 billion. While the strength in the naira was a small tailwind for earnings in H1, this was more than offset by the sharp parallel rate depreciation in the South Sudanese pound, combined with a loss on the depreciation of the cedi relative to the US dollar on Ghana cedi-held dividends. Adjusted HEPS, which MTN considers a better reflection of operating performance, increased by 21.3% YoY to 793 cents in H1 2026. Excluding Irancell, adjusted HEPS increased by 23.7% YoY to 767 cents. The impact of the previously disclosed MTN Ghana restatements, outlined in the MTN Ghana FY 2025 results announcement and related to the restatement of IFRS 16 right-of-use assets, impacted the Group H1 25 EPS and HEPS. As a result, H1 2025 EPS has been restated to 547 cents (increased by 8 cents), while HEPS for H1 25 has been restated to 653 cents (also 8 cents higher). Results overview for the six months ended 30 June 2026 8
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The difference between reported and adjusted HEPS in the period is accounted for principally by three non-operational items: net foreign- exchange losses of 126 cents (H1 25: 43 cents gain), the impact of hyperinflation accounting of 52 cents loss (H1 25: 26 cents gain restated) and other non-operational items which had nil impact (H1 25: 35 cents loss). There was no repeat of the H1 25 deferred tax asset reversal of 35 cents in H1 2026. We deployed capex (ex-leases) of R19.7 billion at a capex intensity of 16.6%, keeping within our 15–18% medium-term target range. On the back of our operational performance and disciplined capital deployment, OpFCF increased by 27.5% YoY to R25.1 billion. FCF increased to R11.1 billion with a conversion ratio of 92.5%. Equity free cash flow — FCF post non-controlling interests, the measure on which our shareholder remuneration framework is based — increased by 32.7% to R7.0 billion. The difference between FCF and equity FCF reflects dividends of R4.1 billion paid to non-controlling interests (H1 2025: R1.4 billion), which absorbed 36.9% of Group FCF, as MTN Nigeria and MTN Ghana normalised their distributions following strong performance. This is a distribution effect arising from the strength of those businesses rather than a constraint on cash generation. ROCE improved to 31.5% (December 2025: 27.4%), remaining comfortably above our weighted average cost of capital and within our medium-term target range. The Group continues to hold approximately R886 million of receivables owed by Irancell; their repatriation remains constrained by the prevailing sanctions regime. MTN's stated intention is to complete our strategic exit from the Middle East in due course. The book value of net assets related to Irancell at period end was R10.5 billion. Results overview for the six months ended 30 June 2026 9 Results overview Results presentation Appendices Data sheets
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Results overview continued OPERATIONAL REVIEW Listed Opcos’ published H1 2026 results The published H1 2026 results of our listed Opcos can be viewed at: • MTN Nigeria: https://www.mtn.ng/investors/ financial-reporting/ • MTN Ghana: https://mtn.com.gh/investors/ financial-results/ • MTN Uganda: https://www.mtn.co.ug/ investors/financial-reports/ • MTN Rwanda: https://www.mtn.co.rw/ financial-results/ MTN South Africa • Service revenue increased by 1.5% • Data revenue increased by 4.0% • Voice revenue decreased by 10.2% • Wholesale revenue increased by 13.7% • Enterprise revenue increased by 5.8% • Digital revenue decreased by 7.5% • Fintech revenue decreased by 16.3% • Reported EBITDA declined by 7.6% with a margin of 34.2% (down 2.3pp). Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, the EBITDA margin was 37.1% (down 0.8pp) • Capex of R3.3 billion on IFRS 16 reported basis (R2.6 billion, ex-leases) MTN South Africa delivered a mixed performance in H1 2026, with service revenue growth of 1.5% reflecting the near-term cost of deliberate actions to improve the earnings quality of the prepaid base. This was offset by above-inflation growth in postpaid, enterprise and wholesale. Macro overview The first half of 2026 was characterised by a relatively stable macro-economic environment, although consumers remained under pressure. Households continued to face affordability pressures despite inflation averaging around 3.9% and remaining within the SARB’s target range. While inflation was relatively contained, rising fuel and energy costs during the second quarter placed additional strain on disposable income, increasing the cost of living and reducing consumers’ discretionary spending capacity. These pressures, together with elevated interest rates following the SARB’s repo rate increase to 7.0% in May 2026, contributed to ongoing financial stress among consumers and constrained overall spending activity. Economic growth remained subdued, although improved energy stability helped support business confidence and provided some relief to consumers. The rand was relatively stable over the period, in spite of heightened geopolitical uncertainty and fluctuating global sentiment. MTN SA operational and financial overview Service revenue increased by 1.5% YoY, underpinned by above-inflation growth in the consumer postpaid, enterprise and wholesale businesses, with overall growth tempered by a weaker prepaid performance. The subscriber base decreased marginally by 0.7% to 39.5 million, reflecting negative net additions in the prepaid market as the focus shifts to improving the quality of the base. MTN SA's consumer prepaid business remained under pressure in a highly competitive market where higher fuel costs and localised civil disruption have constrained customer liquidity. Prepaid service revenue declined 3.3% YoY, reflecting the impact of airtime advance reset and ongoing voice substitution by consumers. Cash recharges were broadly flat; however, excluding airtime advance repayments, cash recharges grew 9.4% YoY, providing encouraging evidence that customer spend behaviour is improving as the reset strategy gains traction. Prepaid data revenue continues to be the anchor, growing 4.4% YoY, up 5.0% in Q2 versus 3.8% in Q1 versus the prior year. The data performance reflects product refinement, yield management, regional and personalised pricing, and channel optimisation as set out in our full year 2025 and Q1 2026 updates. The deliberate reset of airtime advances, first signalled in Q1 2026, continues to trade short- term revenue for a healthier base. In-month repayment rates have progressively improved from approximately 50% in October 2025 to 70% currently, resulting in materially lower outstanding balances and a stronger quality subscriber base. Prepaid data consumption rose 23.6% to 4.9GB per subscriber. The strategic move to improve the quality of the consumer prepaid subscriber base resulted in a softening from 29.3 million in Q1 to 28.2 million in Q2, decreasing by 4.5% YoY. Results overview for the six months ended 30 June 2026 10
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Strong commercial execution in the consumer postpaid segment drove service revenue growth of 4.9% YoY. The subscriber base expanded by 9.1% to 4.8 million, reflecting sustained customer demand for integrated connectivity offerings. Data revenue growth of 4.0% YoY was supported by strong network traffic growth of 27.7%, continued migration to larger bundles, increased adoption of home connectivity solutions and rising smartphone penetration. Management remains focused on accelerating monetisation through personalised offers, regional pricing initiatives, FWA expansion and further enhancement of the digital customer experience. Data performance continued to benefit from strong underlying usage trends across both customer segments. Average usage per active postpaid data subscriber increased by 32.0% YoY to 32.3GB, supported by sustained adoption of Fixed Wireless Access (FWA) solutions. In the prepaid segment, average monthly data consumption grew by 23.6% YoY to 4.9GB, reflecting continued growth in demand for data services. The sturdy growth trajectory of the Home subscriber base (FWA and fibre) was underpinned by targeted commercial initiatives and compelling product offerings, including Shesh@5G and MTN AirFibre, which continued to resonate with customers. Voice revenue declined by 10.2% YoY, reflecting a structural shift in customer preferences as consumers increasingly migrate from out-of- bundle usage to bundled offers and pure data use, as well as adopting VoIP and digital messaging platforms in place of traditional voice services. These shifts are consistent with our portfolio strategy and were evident in both the consumer prepaid and postpaid segments. Legacy voice revenues continue to moderate. MTN SA remains well positioned to offset this decline through sustained growth in strategic growth areas including enterprise solutions, data services, home connectivity and digital offerings. This is supported by increasing data consumption, expanding connectivity needs, and the continued digitalisation of customers and businesses. Wholesale revenue increased by 13.7% YoY, an improvement on the 6.9% delivered in the first quarter, driven by strong growth in national and international roaming, as well as fixed and mobile data services. Increased international roaming traffic further supported revenue growth. Fixed and mobile data revenues also improved following price increases implemented during the half; however, data consumption trends indicate some moderation in usage levels after these price adjustments. Growth was partially offset by lower Telkom national roaming revenue, reflecting reduced traffic volumes, together with a decline in interconnect revenue following the R0.02 reduction in the mobile termination rate which took effect in July 2025. Negotiations with Cell C continue. Our relationship with Cell C is a long-standing commercial relationship that remains in place. As is normal in the governance of material long- term arrangements of this nature, the parties engage on matters relevant to the relationship. These discussions are confidential and ongoing, and no final outcome has been reached. Both parties remain constructively engaged and MTN will communicate further if disclosure is required. The enterprise segment remains a strategic growth area, with revenue increasing by 5.8% YoY, supported by continued demand for MTN’s core mobile enterprise solutions, complemented by solid contributions from ICT. Performance was partially impacted by slower public sector growth. MTN SA continued to strengthen credit risk management and improve portfolio quality in consumer postpaid and the enterprise segment, including deploying AI in fraud prevention and customer verification and tightening sales channel governance. These interventions were complemented by targeted process refinements across telesales and device financing activities, supporting a more disciplined approach to customer acquisition, risk mitigation and long- term value creation. Results overview for the six months ended 30 June 2026 11 Results overview Results presentation Appendices Data sheets
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Results overview continued Digital services revenue declined 7.5% YoY, as weakness in the prepaid segment continued to weigh on performance. Lower revenues from VAS, rich-media services and mobile advertising more than offset growth in music and gaming. While total fintech revenue declined by 16.3%, primarily due to the deliberate reset of airtime advance, underlying momentum within the MoMo ecosystem remained strong. The decline was partially offset by continued growth in MoMo, supported by strong momentum in InsurTech-related offerings, with active subscribers increasing by 63.5% YoY. MTN SA's EBITDA was 7.6% lower, with a margin of 34.2%, down 2.3pp. Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, EBITDA declined 3.8%, with a margin of 37.1%, down 0.8pp. The YoY movement in EBITDA primarily reflects the impact of the deliberate prepaid reset and the share-scheme charge, together with slower topline growth and increased commission costs. This was partially offset by cost reductions realised elsewhere in the business. Margin recovery is supported by the improving trading performance and by structural cost interventions underway. MTN SA outlook Looking ahead, while the broader macro- economic environment is expected to remain relatively stable, pressure on consumer spending and competitive intensity are likely to persist through the remainder of 2026. Against this backdrop, MTN SA remains focused on disciplined execution of its commercial initiatives, customer value propositions and the structural cost reduction programme to strengthen operational performance and sustain momentum in the second half of the year. In prepaid, the recovery strategy remains focused on key priorities: improving channel performance, rejuvenating the portfolio and resetting airtime advance. Our emphasis remains on value over volume and on simplifying the portfolio to improve customer experience. While the prepaid recovery remains in its early stages, encouraging signs are emerging. Improved airtime advance repayment rates, stronger cash recharges excluding repayments (+9.4% YoY), sequential improvement in prepaid data revenue growth (5.0% in Q2 versus 3.8% in Q1), and a continued focus on subscriber quality provide increasing confidence that the actions underway are strengthening the foundations of a more sustainable and profitable prepaid business. Data remains a key strategic growth pillar for MTN South Africa. We continue to see strong underlying demand, supported by sustained growth in network traffic, rising smartphone adoption, and increasing demand for home and mobile connectivity solutions. Building on our market-leading network position, we remain focused on improving monetisation through personalised propositions, portfolio optimisation, expanded 5G and FWA offerings and enhanced customer value management. These initiatives are expected to support stronger data revenue performance while reinforcing our long-term growth ambitions. Postpaid and enterprise performance is expected to remain resilient, supported by the annual price adjustments implemented earlier in the year, ongoing growth in customer data usage and continued optimisation of credit management processes. These initiatives are expected to support service revenue growth while maintaining portfolio quality. Home connectivity will continue to play a leading role in MTN SA’s growth strategy, with sustained focus on scaling both FWA and FTTH services while driving value realisation through differentiated customer propositions and improved commercial effectiveness. Although performance remains below our medium-term ambitions, the strategic actions undertaken across the business are beginning to yield tangible benefits. Early signs of stabilisation in prepaid are encouraging, alongside continued growth in data, home, postpaid enterprise and wholesale. This reinforces our confidence in the path to restoring service revenue growth, improving earnings quality and creating sustainable long- term value for stakeholders. Results overview for the six months ended 30 June 2026 12
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MTN Nigeria • Service revenue increased by 25.7%* • Data revenue increased by 38.2%* • Voice revenue increased by 11.8%* • Digital revenue increased by 20.9%* • Fintech revenue decreased by 8.0%* • EBITDA increased by 38.7%* • EBITDA margin increased by 5.3pp* to 55.9%* • Capex of R9.4 billion on IFRS 16 reported basis (R7.3 billion ex-leases) MTN Nigeria released its H1 2026 results on 30 July 2026, reporting service revenue growth of 25.7%*, in line with its medium-term guidance of at least low-20% growth and well ahead of the average Nigerian inflation rate of 15.5% in the period. The MTN Nigeria board approved an interim dividend of N26 per share. Service revenue growth moderated through the half, from 41.7%* in Q1 to 13.2%* in Q2, reflecting two distinct and separable effects. The first is the full annualisation of the price adjustments implemented in H1 2025, with the most significant impact of the tariff adjustments having been reflected in Q2 2025. The second is the temporary suspension of airtime advance from mid-April to early July 2026, which reduced the eligible customer base by about a quarter and which accounted for 3.0pp of service revenue growth in the half. Excluding this impact, service revenue grew by 28.7%*. Neither effect reflects a change in underlying demand: with data revenue growing 38.2%*. We anticipate a normalisation in the comparative base over the second half, while the introduction of a multi-vendor approach to our airtime lending services, in line with regulations, commenced in mid-July, with the eligible base rebuilding progressively towards pre-suspension levels over the short to medium term. Commercial momentum remained strong, with 7.5 million net additions lifting the subscriber base by 8.9% to 92.2 million. Active data users rose 9.3% to 55.7 million with smartphone penetration now at 66.4%. Data revenue increased by 38.2%*, supported by growth in active data users, higher smartphone penetration and sustained demand for high- speed connectivity. Network data traffic rose by 25.8%, while average usage per subscriber increased by 15.1% to 14.8GB, reinforcing the depth of demand and the importance of continued capacity investment. Home broadband remains a strategic growth platform and a key part of our long-term fixed connectivity opportunity. We are scaling the business in a disciplined manner, focusing on improving conversion and enhancing customer value while demonstrating attractive unit economics over time. Voice revenue grew by 11.8%*, demonstrating the resilience of the business despite evolving usage patterns and the continued shift toward data-led and OTT channels. Subscriber additions and value-led propositions supported growth. Fintech revenue declined by 8.0%*, impacted by the temporary suspension of airtime and data credit service in Nigeria, a significant contributor in the segment. However, the underlying mobile money business continued to progress, with revenue rising by approximate ly 131.1%* and active wallets increasing by 1.3 million in H1 2026 to 5.0 million. Results overview for the six months ended 30 June 2026 13 Results overview Results presentation Appendices Data sheets
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Results overview continued Our strong financial performance reflects sustained revenue growth, disciplined cost management and continued operating leverage. Despite ongoing energy cost-related pressures, MTN Nigeria delivered a 38.7%* increase in EBITDA and a 5.3pp* expansion in EBITDA margin to 55.9%*. Profitability strengthened over the half, with the second-quarter EBITDA margin of 56.5%* representing an expansion of 1.2pp* on the first quarter. We note the power cost increases reported across the Nigerian tower industry in the second quarter, which are expected to flow through to site costs in the second half under existing indexation and pass- through arrangements and which have been reflected in our planning for the remainder of the year. Building on prior disclosures: H1 2026 diesel costs averaged around N1,100 per litre, while the Q2 diesel price that will govern Q3 costs was below N1,800 per litre, though current prices have already eased well below that level. Q4 costs will depend on prevailing diesel prices during Q3. On margins, the 55.9%* H1 EBITDA margin reflects genuine operating strength — supported by revenue growth, operating leverage, a stable naira and VAT input claims . As previously disclosed, a N2,000 H2 diesel price could reduce full-year EBITDA margin by approximately 1.8– 2.0pp. We remain committed to our mid-to- high-50% margin guidance. MTN Nigeria has continued to progress the structural separation of the fintech business following shareholder approval, subject to regulatory approvals. Capex excluding leases increased by 1.2%, with a capex intensity of 20.6%, reflecting targeted investment in network capacity and coverage, as well as home broadband expansion to support growing data demand. We expect capex intensity at MTN Nigeria to moderate in H2 26, consistent with our full-year capital allocation framework. Airtime advance began a phased reactivation in July 2026 through multiple approved vendors, and we expect the eligible base to rebuild progressively through H2 2026. Over the medium term, we remain focused on delivering service revenue growth of at least low-20% and EBITDA margin in the mid-to-high 50% range, recognising the tower and energy cost pressures described above, while converting earnings growth into stronger cash flow, dividends and long-term shareholder value. Results overview for the six months ended 30 June 2026 14
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MTN Ghana • Service revenue increased by 32.3%* • Data revenue increased by 47.3%* • Voice revenue decreased by 1.6%* • Digital revenue increased by 97.5%* • Fintech revenue increased by 23.7%* • EBITDA increased by 40.0%* • EBITDA margin increased by 3.4pp* to 61.8%* • Capex of R3.1 billion on IFRS 16 reported basis (R2.8 billion ex-leases) MTN Ghana released its H1 2026 results on a combined basis for Scancom PLC and Mobile Money Fintech LTD (MMFL), following the completion of the structural separation of the Mobile Money business on 31 March 2026. The Ghana macro-economic backdrop was more supportive in H1 26, with average inflation of just 3.8% falling sharply YoY from 20.4% in H1 25. The cedi depreciated by 8.6% against the US dollar over the half. Service revenue increased by 32.3%* YoY in H1 2026, driven by strong execution across both our Connectivity and Fintech businesses. Sustained demand for data services, increasing adoption of digital financial services and higher engagement across our digital platforms drove growth, further reinforcing the diversification and resilience of our revenue base. This growth was also supported by disciplined investment in network expansion, platform modernisation and customer experience initiatives. Data revenue grew by 47.3%* YoY supported by strong customer demand for data and digital services. This performance was underpinned by a 17.0% YoY increase in active data subscribers to 21.3 million and a 38.0% YoY rise in average monthly data consumption to 19.3GB per active user. This reflected continued smartphone growth and digital adoption, including video streaming services. Data's contribution to service revenue increased to 58.7% (H1 25: 52.8%). Voice revenue declined by 1.6%* YoY due to the continued migration of customer communications from traditional voice services to VoIP services. Despite this structural shift, targeted CVM initiatives and disciplined commercial execution partially mitigated the decline by supporting customer engagement and usage across our base. These efforts contributed to an 8.5% YoY increase in our subscriber base to 32.8 million. Digital revenue increased by 97.5%* YoY with growth driven by increased adoption of gaming, video, and content services. MTN Ghana Mobile Money revenue increased by 23.7%* YoY in H1 2026. This was supported by strong performance across both the core wallet business and advanced financial services, alongside a 3.1% YoY increase in active Mobile Money users to 18.3 million. Basic services grew by 21.2% YoY, underpinned by a robust growth in person-to-person transfers. Advanced services revenue increased by 28.8%* YoY driven by rising adoption of digital payments, lending, and other value-added services. Mobile Money contribu ted 23.4% of service revenue in H1 26 (H1 25: 25.0% ). The continued expansion of the MTN Ghana fintech platform, coupled with its successful structural separation completed in Q1 2026 positions the business well to capture the opportunities arising from increasing financial inclusion, digitisation of payments, and the growing demand for accessible digital financial services across Ghana. Robust revenue growth at MTN Ghana, coupled with ongoing operational efficiency initiatives, enabled EBITDA to increase by 40.0%* YoY. This resulted in an EBITDA margin of 61.8%*, representing an expansion of 3.4pp YoY. Profit after tax increased by 41.4%* YoY. On the back of its strong earnings and cash flows, the board of Scancom PLC declared a second-quarter interim dividend of GHS0.03 per share. The board of MMFL also declared a second-quarter dividend of GHS0.03 per share. Results overview for the six months ended 30 June 2026 15 Results overview Results presentation Appendices Data sheets
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Results overview continued Southern and East Africa (SEA+) • Service revenue increased by 19.8%* • Data revenue increased by 29.1%* • Voice revenue increased by 14.3%* • Digital revenue increased by 85.7%* • Fintech revenue increased by 14.7%* • EBITDA increased by 14.8%* • EBITDA margin decreased by 1.9pp* to 43.6%* • Capex of R2.9 billion on IFRS 16 reported basis (R2.1 billion ex-leases) The Southern and East Africa (SEA+) region delivered service revenue growth of 19.8%* comfortably ahead of its blended inflation rate of 17.6% in H1 2026. Service revenue growth was led by a strong Q2 for MTN Uganda, with ongoing recovery in H1 2026 by MTN Rwanda (21.4%*), MTN Zambia ( 18.8%*) and MTN Sudan (156.0%*). Service revenue growth was driven by a 29.1%* increase in data and a 14.3%* increase in voice, while fintech revenues rose 14.7%* in H1. Subscribers grew by 12.7% to 51.7 million, active data subscribers rose by 17.9% to 22.9 million and MoMo MAU rose 13.2% to 27.2 million. EBITDA grew 14.8%* with margins moderating by 1.9pp* to 43.6%* largely reflecting the Q1 pressures in MTN Uganda and H1 currency pressures in South Sudan. MTN Uganda reported their H1 2026 results on 7 August 2026 and delivered service revenue growth of 9.4%*, reflecting a steady recovery across both the connectivity and fintech businesses. The MTN Uganda mobile subscriber base grew to 25.4 million during the period, supported by sustained demand for our products and services. Data revenue increased by 15.6%*, supported by focused investment in network quality and CVM. Growth in the first half was moderated by the temporary internet service disruptions experienced during Q1 26, as well as the increasing prevalence of illegal public Wi-Fi resellers offering unlimited data packages through dedicated business fibre and fixed wireless services. Active data subscribers increased by 16.3% to 12.6 million. Data's contribution to service revenue expanded by 30.4% (H1 2025: 28.7%). Voice revenue increased by 1.8%* in H1 26, demonstrating the resilience of this MTN Uganda business and despite the impact of the new mobile termination rate (MTR) introduced earlier in the year. Targeted subscriber acquisition and retention initiatives supported growth by driving usage. Fintech revenue increased by 10.6%*, supported by growth in the active customer base and the enhanced proposition for our ecosystem partners. While the business experienced temporary operational disruptions within the agent network following country-wide regulatory reforms, our performance improved during the second quarter. These efforts translated into 11.5% growth in active users, contributing to a 9.5% increase in transaction volumes to 2.6 billion and a 20.8% increase in transaction value to R21.7 billion. The fintech agent network expanded by 13.8% to 248.8k, reflecting continued adoption of digital and cashless payment solutions. Advanced services revenue increased by 26.0%. MTN Uganda 's EBITDA increased by 4.7%* to R4.3 billion, supported by continued service revenue growth and despite inflationary pressure on operating expenses, particularly fuel prices in the period. The MTN Uganda EBITDA margin was 51.2%* in H1 26, above medium- term guidance of 50.0%. Results overview for the six months ended 30 June 2026 16
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Francophone Africa • Service revenue increased by 8.9%* • Data revenue increased by 25.1%* • Voice revenue decreased by 6.3%* • Digital revenue decreased by 19.1%* • Fintech revenue increased by 8.0%* • EBITDA increased by 17.8%* • EBITDA margin increased by 2.7pp* to 37.5%* • Capex of R4.6 billion on IFRS 16 reported basis (R4.2 billion ex-leases) The Francophone Africa region 's service revenue growth of 8.9%* accelerated during Q2 26 and was well ahead of its blended inflation rate of 2.4% which had moderated sharply from the prior year. Total subscribers grew by 6.2% to 40.0 million with active data subscribers up 13.9% to 22.8 million in H1 26. Growth in the region was broad-based across our operations, again demonstrating the benefits of our diversified portfolio, with service revenue growth led by our larger businesses in MTN Côte d’Ivoire and MTN Cameroon. A challenging competitive environment in Benin maintained pressure on our business there, with MTN Benin's service revenue declining by 6.1%* in the half. Data (+ 25.1%* YoY) and fintech (+ 8.0%* YoY) drove performance in the region, while voice and digital revenues were under pressure. EBITDA for the Francophone region grew 17.8%* with the EBITDA margin expanding by 2.7pp* to 37.5%* in H1 26. MTN Côte d’Ivoire delivered solid service revenue growth of 18.8%* in H1 26. This was driven by a more stable and supportive macro environment. This performance supported EBITDA growth of 43.9%* and margin expansion of 7.3pp* to 42.1%*. We continue to focus on improving our network and commercial density to compete effectively in a strongly growing market, particularly for data. Service revenue growth of 11.8%* for MTN Cameroon was driven by solid subscriber growth of 5.8% to 13.4 million as we sustained the investment in our network to maintain our market leading position. EBITDA growth of 12.5%* to R 3.0 billion supported an EBITDA margin of 43.7%* as the business focused on accelerating data consumption and commercial execution while maintaining a focus on cost discipline. Results overview for the six months ended 30 June 2026 17 Results overview Results presentation Appendices Data sheets
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Results overview continued UPDATE ON THE IHS TRANSACTION Following the announcement in February 2026 of the acquisition by MTN of the approximately 75% of IHS Holdings it does not already own, we continued during H1 2026 to work towards deal closure and secure the various regulatory approvals for the transaction. The transaction is designed to unlock compelling value for MTN and to strengthen and reintegrate MTN’s ownership of critical digital infrastructure across Africa. Key milestones and most conditions precedent have been met, with readiness planning laying the foundation for a seamless transition upon completion. Subject to receiving the requisite regulatory approvals, we expect the transaction to close in the second half of 2026. IHS shareholders approved the transaction at an extraordinary general meeting in August 2026. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) and several others, with other approvals underway or imminent. With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out. The published pro forma financial effects on FY 2025 indicate the transaction will be accretive to revenue, EBITDA and adjusted HEPS, with net debt to EBITDA (excluding leases) increasing to 0.8 times from 0.3 times and remaining within our medium-term guidance of at or below 1.0 times. OUTLOOK AND KEY FOCUS AREAS FOR THE REST OF 2026 Structural demand for connectivity, fintech and digital infrastructure services across our markets remains strong and continues to underpin our long-term growth outlook. While geopolitical developments, foreign-exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, disciplined capital allocation framework and strong balance sheet position us well to navigate the external environment. The specific matters we are monitoring for the remainder of 2026 are the flow-through of Nigerian tower power costs to site costs; global device pricing, where higher memory component costs may affect handset affordability; the reduction in the Bank of Ghana escrow rate on fintech float, a number of potential spectrum acquisition processes; and continued currency volatility, in the context of global geopolitical developments. Our operational focus for the second half follows directly from the first. In South Africa, we continue to execute the priorities of the prepaid business recovery – improving channel performance, rejuvenating the portfolio, resetting airtime advance and structural cost interventions. In Nigeria, we are rebuilding the eligible airtime advance base following the multi-vendor relaunch and sustaining the network investment that supports our data and home broadband momentum. In Fintech, we continue to shift the revenue mix from basic services towards payments, lending and other advanced services. In addition, we will continue rolling out MoMo Advance across our footprint and accelerate the digitisation of distribution. Across the Group, we will maintain capital discipline while progressing the IHS transaction to closure. Results overview for the six months ended 30 June 2026 18
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H1 2026 INTERIM RESULTS TELECONFERENCE MTN will be hosting a webcast and presentation today, Monday 24 August 2026, where we will be unpacking the Group’s performance for the half year period ended 30 June 2026. To participate, please register here: https://themediaframe.com/mediaframe/webcast.html?webcastid=njq2XFbI 24 August 2026 Fairland Lead sponsor Tamela Holdings Proprietary Limited Joint sponsor J.P. Morgan Equities South Africa Proprietary Limited Results overview for the six months ended 30 June 2026 19 Results overview Results presentation Appendices Data sheets
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Results overview continued ABBREVIATIONS • Adjusted EBITDA: EBITDA excluding hyper inflation and non-controlling interest • Adjusted HEPS: Basic EPS adjusted for hyperinflation, foreign exchange gains/(losses) and other non-operational items • Capex: Capital expenditure • cedi: Ghanaian cedi • CVM: Customer value management • DMTN: Domestic medium-term note • EBITDA: Earnings before interest, tax, depreciation and amortisation • ECOWAS: Economic Community of West African States • EPS: Earnings per share • FCCPC: Federal Competition and Consumer Protection Commission • FCF: Free cash flow • FTTH: Fibre to the Home • FWA: Fixed wireless access • FY 2025: The financial year ended 31 December 2025 • GB: Gigabyte • H1: Refers to H1 2026 unless otherwise specified • ICT: Information and communication technologies • IHS: IHS Holding Limited • JV: Joint Venture • Markets: Refers to the name of our regions incorporating WECA and SEA, as compared to ‘markets’ in the general sense • MTR: Mobile termination rate • naira: Nigerian naira • Opcos: Operating companies • OpFCF: Operating free cash flow • OTT: Over-the-Top • P2P: Peer-to-peer • PAT: Profit after tax • PB: Petabyte • pp: percentage points • PPE: Property, plant and equipment • RAN: Radio access network • ROCE: EBIT/capital employed (excludes hyperinflation, asset impairments and exceptional items for both EBIT and capital employed, and excludes investments in JVs) • ROE: Return on equity • SME: Small and medium-sized enterprise • YoY: Year-on-year • VAS: Value-added services • VoIP: Voice over internet protocol Results overview for the six months ended 30 June 2026 20
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Results overview: Key financial tables for the six months ended 30 June 2026
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Results overview continued FINANCIAL REVIEW Headline earnings reconciliation Rm IFRS reported H1 26 Impairment of goodwill, PPE, intangibles, associates and joint ventures1 Net loss (after tax) on disposal of SA towers2 Other3 Headline earnings Hyperinflation (excluding impairments)4 Impact of foreign exchange losses and gains5 Reversal of deferred tax asset6 Other non- operational items7 Adjusted H1 26 % movement H1 26 Revenue 118 874 – – – 118 874 (47) – – – 118 827 14.7% Other income 737 – 3 – 740 – – – (716) 24 26.3% EBITDA 56 700 10 3 (35) 56 678 633 – – (8) 57 303 24.6% Depreciation, amortisation and impairment of goodwill (20 748) – – – (20 748) 1 409 – – – (19 339) 13.8% EBIT 35 952 10 3 (35) 35 930 2 042 – – (8) 37 964 30.9% Net finance cost (9 838) – – – (9 838) 71 1 973 – – (7 794) (5.7%) Hyperinflationary monetary gain/(loss) 757 – – – 757 (757) – – – – 0.0% Share of results of associates and joint ventures after tax (3 293) 3 900 – (13) 594 7 38 – – 639 (55.5%) Profit/(loss) before tax 23 578 3 910 3 (48) 27 443 1 363 2 011 – (8) 30 809 38.9% Income tax expense (11 526) (4) (1) 12 (11 519) (190) 229 – (11 480) 56.5% Profit/(loss) after tax 12 052 3 906 2 (36) 15 924 1 173 2 240 – (8) 19 329 30.2% Non-controlling interests (4 642) (1) – 1 (4 642) (226) 79 – – (4 789) 58.3% Attributable profit/(loss) 7 410 3 905 2 (35) 11 282 947 2 319 – (8) 14 540 23.0% EBITDA margin 47.7 % 47.7 % 48.2 % Effective tax rate 48.9 % 42.0 % 37.3 % Adjusted HEPS is based on 1 832 004 (HY25: 1 808 993 147 ) weighted average number of shares refer to note 10 of interim financials. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 23 Results overview Results presentation Appendices Data sheets 22
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Results overview continued FINANCIAL REVIEW continued Headline earnings reconciliation continued Rm IFRS reported H1 25 (Restated*) Impairment of goodwill, PPE, intangibles, associates and joint ventures1 Net loss (after tax) on disposal of SA towers2 Other3 Headline earnings Hyperinflation (excluding impairments)4 Impact of foreign exchange losses and gains5 Reversal of deferred tax asset6 Other non- operational items7 Adjusted H1 25 (Restated*) H1 25 Revenue 109 261 – – – 109 261 (5 708) – – – 103 553 Other income 7 – 13 – 20 (1) – – – 19 EBITDA 46 642 2 235 13 31 48 921 (3 136) – – 214 45 999 Depreciation, amortisation and impairment of goodwill (19 960) – – – (19 960) 2 973 – – – (16 987) EBIT 26 682 2 235 13 31 28 961 (163) – – 214 29 012 Net finance cost (7 460) – – – (7 460) 229 (1 031) – – (8 262) Hyperinflationary monetary gain/(loss) 630 – – – 630 (630) – – – – Share of results of associates and joint ventures after tax 1 686 – – (4) 1 682 (318) 72 – – 1 436 Profit/(loss) before tax 21 538 2 235 13 27 23 813 (882) (959) – 214 22 186 Income tax expense (8 972) (3) (4) (9) (8 988) 327 142 632 552 (7 335) Profit/(loss) after tax 12 566 2 232 9 18 14 825 (555) (817) 632 766 14 851 Non-controlling interests (2 679) (337) – 1 (3 015) 89 32 – (132) (3 026) Attributable profit/(loss) 9 887 1 895 9 19 11 810 (466) (785) 632 634 11 825 EBITDA margin 42.7% 44.8% 44.4% Effective tax rate 41.7% 37.7% 33.1% 1 Represents the exclusion of the Impairment of goodwill, PPE, Intangibles, Associates and Joint ventures. H1 26: PPE (R5 million) and joint venture (R3 900 million) ; H1 25: PPE (R1 661 million) and intangibles (R234 million). 2 Represents net loss (after tax) on disposal of SA towers. (H1 26: R2 million loss; H1 25: R9 million loss). 3 Represents the net profit/loss on disposal of PPE and intangibles. H1 26: PPE (R21 million profit), intangibles (R1 million profit) and share of results from Iran (R13 million profit); H1 25: PPE (R18 million loss), intangibles (R5 million loss) and share of results from Iran (R4 million profit). 4 The impact of hyperinflation is excluded for the operations currently accounted for on a hyperinflationary basis (MTN Irancell, MTN Sudan, MTN South Sudan and MTN Ghana), as well as those that have previously been accounted for on a hyperinflationary basis. The economy of Iran was assessed to be hyperinflationary effective 1 January 2020 and hyperinflation accounting has since been applied. The economy of Sudan was assessed as hyperinflationary during 2018 and hyperinflation accounting has since been applied. The economy of South Sudan was assessed to be hyperinflationary effective 1 January 2016 and hyperinflation accounting has since been applied. The economy of Ghana was assessed to be hyperinflationary effective 1 January 2023 and hyperinflation accounting has since been applied until 30 June 2025. The three-year cumulative rate inflation of Ghana for 2025 is below 100%, indicating that the economy has ceased to be hyperinflationary with effect from 1 July 2025. 5 Adjustment for the net forex (gains)/losses impacting earnings for the respective periods. (H1 26: forex loss of R2 319 million; H1 25: forex gain of R785 million.) This includes the impact of forex in Iran. 6 Represents reversal of deferred tax asset (H1 26: R0 million; H1 25: R632 million – aYoba). 7 Represents other non-operational items relating to H1 26: fintech separation costs and ATA matters of R581 million, impairment of deferred proceeds on Afghanistan dispos al (R127 milli on); offset by Syria Settlement gain (R716 million); H1 25: fintech separation costs and ATA matters of R268 million, reversal of accruals of warranties and indemnities of R54 million and Uganda once-off Tax settlement of R420 million. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 25 Results overview Results presentation Appendices Data sheets 24
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Results overview continued GROUP REVENUE BY COUNTRY Table 1: Group revenue by country Actual (Rm) Prior (Rm) Reported % change Constant currency % change Contribution to revenue % South Africa 24 837 25 240 (1.6) (1.6) 20.9 Nigeria 35 548 28 412 25.1 25.7 29.9 Ghana 22 172 15 432 43.7 32.3 18.7 SEA+ 16 603 15 306 8.5 19.9 14.0 Uganda 8 405 8 668 (3.0) 9.6 7.1 Other SEA+ 8 198 6 638 23.5 32.8 6.9 Francophone Africa 17 356 16 615 4.5 9.2 14.6 Cameroon 6 844 6 402 6.9 11.8 5.8 Côte d'Ivoire 5 453 4 792 13.8 19.0 4.6 Other Francophone Africa 5 059 5 421 (6.7) (2.5) 4.3 Bayobab 4 245 4 780 (11.2) (1.2) 3.6 Head offices and eliminations (1 935) (2 232) (1.6) Total 118 826 103 553 14.7 16.2 100.0 Hyperinflation 48 5 708 0.0 Total reported 118 874 109 261 8.8 16.2 100.0 Results overview for the six months ended 30 June 2026 26
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GROUP SERVICE REVENUE BY COUNTRY Table 2: Group service revenue by country Actual (Rm) Prior (Rm) Reported % change Constant currency % change Contribution to service revenue % South Africa 21 937 21 604 1.5 1.5 19.0 Nigeria 35 331 28 227 25.2 25.7 30.6 Ghana 22 122 15 389 43.8 32.3 19.2 SEA+ 16 372 15 133 8.2 19.8 14.2 Uganda 8 305 8 583 (3.2) 9.4 7.2 Other SEA+ 8 067 6 550 23.2 32.7 7.0 Francophone Africa 17 202 16 520 4.1 8.9 14.9 Cameroon 6 792 6 355 6.9 11.8 5.9 Côte d'Ivoire 5 435 4 783 13.6 18.8 4.7 Other Francophone Africa 4 975 5 382 (7.6) (3.4) 4.3 Bayobab 4 245 4 780 (11.2) (1.2) 3.7 Head offices and eliminations (1 935) (2 232) (1.7) Total 115 274 99 421 15.9 17.5 100.0 Hyperinflation 48 5 690 0.0 Total reported 115 322 105 111 9.7 17.5 100.0 Results overview for the six months ended 30 June 2026 27 Results overview Results presentation Appendices Data sheets
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Results overview continued GROUP REVENUE BY SEGMENT Table 3: Group revenue by segment Actual (Rm) Prior (Rm) Reported % change Constant currency % change Contribution to revenue % Outgoing voice1 27 274 26 607 2.5 4.7 22.9 Incoming voice2 3 138 3 891 (19.4) (14.2) 2.6 Data3 57 594 44 662 29.0 29.2 48.4 Digital4 2 114 1 752 20.7 20.9 1.8 Fintech5 14 916 13 327 11.9 13.3 12.5 SMS 2 256 1 953 15.5 16.6 1.9 Devices 3 552 4 132 (14.0) (13.9) 3.0 Wholesale6 5 177 4 663 11.0 15.5 4.4 Other 2 805 2 566 9.3 12.1 2.4 Total 118 826 103 553 14.7 16.2 100.0 Hyperinflation 48 5 708 0.0 Total reported 118 874 109 261 8.8 16.2 100.0 1 Excludes international roaming and wholesale. 2 Includes local and international roaming and excludes wholesale. 3 Includes mobile and fixed access data and excludes roaming and wholesale. 4 Includes rich media services, content VAS, e-commerce and mobile advertising. 5 Includes Xtratime and mobile financial services. 6 Includes domestic wholesale, voice, SMS and data, leased lines and BTS rentals. Results overview for the six months ended 30 June 2026 28
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GROUP DATA REVENUE BY COUNTRY Table 4: Group data revenue1 Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 10 900 10 479 4.0 4.0 Nigeria 20 232 14 687 37.8 38.2 Ghana 12 996 8 137 59.7 47.3 SEA+ 5 510 4 710 17.0 29.1 Uganda 2 522 2 467 2.2 15.6 Other SEA+ 2 988 2 243 33.2 43.3 Francophone Africa 7 729 6 466 19.5 25.1 Cameroon 3 450 2 876 20.0 25.5 Côte d'Ivoire 2 677 1 877 42.6 49.3 Other Francophone Africa 1 602 1 713 (6.5) (2.3) Bayobab 2 3 (33.3) (33.3) Head offices and eliminations 225 180 Total 57 594 44 662 29.0 29.2 Hyperinflation 4 2 957 Total reported 57 598 47 619 21.0 29.2 1 Includes mobile and fixed access data and excludes roaming and wholesale. Results overview for the six months ended 30 June 2026 29 Results overview Results presentation Appendices Data sheets
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Results overview continued GROUP FINTECH REVENUE BY COUNTRY Table 5: Group Fintech revenue2 Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 701 838 (16.3) (16.3) Nigeria 911 993 (8.3) (8.0) Ghana 5 343 3 971 34.6 23.7 SEA+ 4 714 4 473 5.4 14.7 Uganda 2 583 2 640 (2.2) 10.6 Other SEA+ 2 131 1 833 16.3 20.1 Francophone Africa 3 055 2 956 3.3 8.0 Cameroon 1 189 1 192 (0.3) 4.3 Côte d'Ivoire 351 416 (15.6) (11.8) Other Francophone Africa 1 515 1 348 12.4 17.4 Bayobab – 5 (100.0) (100.0) Head offices and eliminations 192 91 Total 14 916 13 327 11.9 13.3 Hyperinflation 1 1 389 Total reported 14 917 14 716 1.4 13.3 2 Includes Xtratime and mobile financial services. Results overview for the six months ended 30 June 2026 30
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GROUP DIGITAL REVENUE BY COUNTRY Table 6: Group digital revenue3 Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 606 655 (7.5) (7.5) Nigeria 695 583 19.2 20.9 Ghana 555 262 111.8 97.5 SEA+ 117 69 69.6 85.7 Uganda 47 33 42.4 56.7 Other SEA+ 70 36 94.4 112.1 Francophone Africa 140 182 (23.1) (19.1) Cameroon 26 67 (61.2) (59.4) Côte d'Ivoire 76 83 (8.4) (3.8) Other Francophone Africa 38 32 18.8 26.7 Bayobab – – – – Head offices and eliminations 1 1 Total 2 114 1 752 20.7 20.9 Hyperinflation 1 88 Total reported 2 115 1 840 14.9 20.9 3 Includes rich media services, content VAS, e-commerce and mobile advertising. Results overview for the six months ended 30 June 2026 31 Results overview Results presentation Appendices Data sheets
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Results overview continued COST ANALYSIS Table 7: Cost analysis Actual (Rm) Prior (Rm) Reported % change Constant currency % change % of revenue Handsets and other accessories 3 954 4 421 (10.6) (10.6) 3.3 Interconnect 2 874 3 404 (15.6) (11.0) 2.4 Roaming 726 837 (13.3) (12.4) 0.6 Commissions 8 409 7 614 10.4 12.5 7.1 Government and regulatory costs 4 193 3 821 9.7 13.2 3.5 VAS/Digital revenue share 2 418 1 885 28.3 27.5 2.0 Service provider discounts 2 387 1 909 25.0 25.5 2.0 Network and IS maintenance 17 921 18 521 (3.2) (1.1) 15.1 Marketing 1 800 1 459 23.4 25.1 1.5 Staff costs 9 010 7 560 19.2 21.7 7.6 Other opex 8 541 6 390 33.7 35.5 7.2 Total 62 233 57 821 7.6 9.7 52.4 Hyperinflation 680 4 805 0.6 Total reported 62 913 62 626 0.5 9.7 52.9 Results overview for the six months ended 30 June 2026 32
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GROUP EBITDA BY COUNTRY Table 8: Group EBITDA by country Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 8 508 9 219 (7.7) (7.7) Nigeria 19 869 14 326 38.7 38.7 Ghana 13 698 9 025 51.8 40.0 SEA+ 7 237 7 026 3.0 14.8 Uganda 4 306 4 652 (7.4) 4.7 Other SEA+ 2 931 2 374 23.5 33.8 Francophone Africa 6 508 5 781 12.6 17.8 Cameroon 2 994 2 785 7.5 12.5 Côte d'Ivoire 2 294 1 668 37.5 43.9 Other Francophone Africa 1 220 1 328 (8.1) (3.7) Bayobab 718 884 (18.8) (10.9) Head offices and eliminations 82 (510) CODM EBITDA 56 620 45 751 23.8 24.4 Gain/(loss) on disposal of SA Towers (3) (13) Syria settlement gain 716 – Hyperinflation (633) 904 CODM EBITDA before impairment of goodwill and joint ventures 56 700 46 642 21.6 24.4 Results overview for the six months ended 30 June 2026 33 Results overview Results presentation Appendices Data sheets
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Results overview continued DEPRECIATION AND AMORTISATION Table 9: Group depreciation and amortisation Depreciation Amortisation Actual (Rm) Prior (Rm) Reported % change Constant currency % change Actual (Rm) Prior (Rm) Reported % change Constant currency % change South Africa 4 796 4 901 (2.1) (2.1) 1 178 862 36.7 36.7 Nigeria 4 269 3 203 33.3 34.4 566 504 12.3 13.4 Ghana 2 013 1 466 37.3 13.9 335 251 33.5 22.7 SEA+ 1 799 1 671 7.7 17.7 551 501 10.0 18.0 Uganda 1 135 1 092 3.9 17.6 208 215 (3.3) 9.5 Other SEA+ 664 579 14.7 17.9 343 286 19.9 23.8 Francophone Africa 2 502 2 274 10.0 14.9 560 699 (19.9) (16.2) Cameroon 819 709 15.5 20.8 162 166 (2.4) 1.9 Côte d'Ivoire 981 889 10.3 15.3 221 306 (27.8) (24.6) Other WECA 702 676 3.8 8.3 177 227 (22.0) (18.1) Bayobab 346 369 (6.2) 2.7 79 71 11.3 25.4 Head offices and eliminations (5) (4) 350 219 Total 15 720 13 880 13.3 13.3 3 619 3 107 16.5 18.7 Hyperinflation 1 061 2 420 348 553 Total reported 16 781 16 300 3.0 13.3 3 967 3 660 8.4 18.7 # Ghana’s depreciation has been restated to be in line with restated right-of-use asset which was incorrectly accounted for as per IFRS 16 in the prior year. The Group’s depreciation and amortisation co sts increased by 13.3%* and 18.7%*, res pectively, largely due to network equipment capex and spectrum additions, increase in sites roll out as well as lease modifications and new leases. Results overview for the six months ended 30 June 2026 34
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NET FINANCE COST Table 10: Net finance cost Actual (Rm) Prior (Rm)# Reported % change Constant currency % change Net interest paid/(received) 7 794 8 262 (5.7) (1.4) Net forex losses/(gains) 1 973 (1 031) 291.4 295.9 Total 9 767 7 231 35.1 41.6 Hyperinflation 71 229 Total reported 9 838 7 460 31.9 41.6 # Ghana’s net finance costs have been restated to correctly reflect the finance lease costs which were incorrectly accounted for in the prior year. Net finance costs increased 41.6%* and 31.9% on a reported basis to R9.8 billion. Higher finance costs are predominantly driven by net forex losses (up 295.9%*, and 291.4% on a reported basis with forex losses of R2.0 billion in H1 2026 compare to forex gains of R1.0 billion in the prior year). Current year forex losses mainly attributable to South Sudan from volatile local currency against US dollar as well as head offices recognised forex losses on intercompany receivables due ZAR appreciating against US dollar while prior year forex gains was attributable to significant Cedi appreciation against the US dollar in the prior year. The average cost of borrowing remains unchanged at 11.4% compared to June 2025. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES AFTER TAX We recorded a negative contribution of R3.3 billion from associates and joint ventures down 295.3% (down by 17.5%*) year-on-year. The reported declined mainly attributable to R3.9 billion Iran impairment while performance in constant currency largely attributable to Iran and Internet Group (IIG) driven by on going conflict in Iran as well as slow down in performance in Botswana (Mascom). Results overview for the six months ended 30 June 2026 35 Results overview Results presentation Appendices Data sheets
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Results overview continued TAXATION Table 11: Taxation Actual (Rm) Prior (Rm)# Reported % change Constant currency % change Normal tax 10 866 6 170 76.1 93.6 Deferred tax (714) 1 764 (140.5) (160.8) Foreign income and withholding taxes 1 564 711 120.0 132.0 Total 11 716 8 645 35.5 57.0 Hyperinflation (190) 328 (157.9) – Total reported 11 526 8 973 28.5 57.0 # Ghana’s tax charge has been restated to reflect the tax impact on the restated depreciation and net finance costs. The Group tax charges amounted to R11.5 billion in H1, against a profit before tax of R23.6 billion. The increase in the tax charge compared to the prior year was primarily driven by the higher accounting profit before tax, increased withholding taxes and unrecognised deferred taxes. The increase in withholding taxes arose from higher dividend declarations and increased cash upstreaming from operating companies, which increased to R13.9 billion from R8.2 billion in the prior period. Unrecognised deferred taxes also contributed to the higher tax charge during the period. Results overview for the six months ended 30 June 2026 36
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CAPITAL EXPENDITURE Table 12: Capital expenditure Actual (IFRS 16) Actual (ex-leases) Prior (ex-leases) Reported Constant currency (Rm) (Rm) (Rm) % change % change South Africa 3 300 2 637 3 180 (17.1) (17.1) Nigeria 9 417 7 340 7 251 1.2 0.8 Ghana 3 070 2 838 3 022 (6.1) (16.9) SEA+ 2 881 2 134 1 987 7.4 15.0 Uganda 2 028 1 419 1 105 28.4 45.1 Other SEA+ 853 715 882 (18.9) (18.5) Francophone Africa 4 629 4 171 3 792 10.0 14.6 Cameroon 1 907 1 846 1 507 22.5 26.9 Côte d'Ivoire 1 984 1 816 1 100 65.1 72.2 Other Francophone Africa 738 509 1 185 (57.0) (55.0) Bayobab 291 274 113 142.5 179.9 Head offices and eliminations 356 339 194 Total 23 944 19 733 19 539 1.0 0.4 Hyperinflation 15 16 1 260 Total reported 23 959 19 749 20 799 (5.0) 0.4 Results overview for the six months ended 30 June 2026 37 Results overview Results presentation Appendices Data sheets
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Results overview continued FINANCIAL POSITION Table 13: Net debt analysis Cash and cash equivalents^ Interest- bearing liabilities Inter- company eliminations Net interest- bearing liabilities Net debt/ (cash) June 2026 Net debt/ (cash) December 2025 South Africa 1 010 26 213 (26 213) – (1 010) (867) Nigeria 11 067 4 070 – 4 070 (6 997) (3 420) Ghana 4 986 – – – (4 986) (6 752) SEA+ 3 342 11 632 (7 353) 4 279 937 (1 067) Uganda 1 044 1 778 – 1 778 734 (653) Other SEA+ 2 298 9 854 (7 353) 2 501 203 (414) Francophone Africa 5 211 9 303 – 9 303 4 092 3 474 Cameroon 2 399 935 – 935 (1 464) (2 289) Côte d'Ivoire 1 379 4 213 – 4 213 2 834 2 882 Other Francophone Africa 1 433 4 155 – 4 155 2 722 2 881 Bayobab 585 169 (1) 168 (417) (838) Head offices and eliminations 15 704 51 794 – 51 794 36 090 32 937 Total 41 905 103 181 (33 567) 69 614 27 709 23 467 Iran 909 1 491 (91) 1 400 491 1 884 ^ Includes restricted cash and current investments. Results overview for the six months ended 30 June 2026 38
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The Group interim financial statements have been independently reviewed by the Group’s external auditor. The reviewed Group interim financial statements have been prepared by the MTN finance team under the guidance of the Group Finance Executive, S Perumal, CA(SA), and were supervised by the Group Chief Financial Officer, TBL Molefe, CA(SA). The results were made available on 24 August 2026. Results overview: Reviewed consolidated interim financial statements for the six months ended 30 June 2026
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Independent auditor’s review report on the consolidated interim financial statements TO THE SHAREHOLDERS OF MTN GROUP LIMITED We have reviewed the consolidated interim financial statements of MTN Group Limited, in the accompanying interim report on pages 41 to 74, which comprise the condensed consolidated statement of financial position as of 30 June 2026 and the related condensed consolidated income statement and condensed consolidated statements of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six months then ended and selected explanatory notes. DIRECTORS’ RESPONSIBILITY FOR THE INTERIM FINANCIAL STATEMENTS The directors are responsible for the preparation and presentation of these consolidated interim financial statements in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error. AUDITOR'S RESPONSIBILITY Our responsibility is to express a conclusion on these consolidated interim financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements. A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate the evidence obtained. The procedures in a review are substantially less than and differ in nature from those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these consolidated interim financial statements. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements of MTN Group Limited for the six months ended 30 June 2026 are not prepared, in all material respects, in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. Ernst & Young Inc. Director: S Sithebe Registered Auditor 21 August 2026 Johannesburg, South Africa Results overview for the six months ended 30 June 2026 40
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Condensed consolidated income statement for the Six months Six months ended Financial ended 30 June year ended 30 June 2025 31 December 2026 Restated1 2025 Reviewed Reviewed Audited Note Rm Rm Rm Revenue 7 118 874 109 261 226 707 Other income 17 737 7 48 Direct network and technology operating costs (17 931) (19 139) (37 560) Costs of handsets and other accessories (3 975) (4 462) (8 894) Interconnect and roaming costs (3 603) (4 331) (8 222) Staff costs (9 010) (7 793) (16 670) Selling, distribution and marketing expenses (14 839) (13 527) (28 890) Government and regulatory costs (4 416) (4 115) (8 407) Impairment and write-down of trade receivables and contract assets (914) (777) (1 804) Other operating expenses (8 223) (6 249) (15 195) Depreciation of property, plant and equipment (11 363) (11 201) (21 085) Depreciation of right-of-use assets (5 418) (5 099) (10 359) Amortisation of intangible assets (3 967) (3 660) (7 580) Impairment loss on MTN Sudan's non-current assets – (2 233) (2 606) Finance income 8 1 638 1 450 3 121 Finance costs 8 (9 474) (9 882) (19 979) Net foreign exchange (losses)/gains 8 (2 002) 972 313 Net monetary gain 757 630 1 336 Share of results of associates and joint ventures after tax 9 (3 293) 1 686 3 152 Profit before tax 23 578 21 538 47 426 Income tax expense (11 526) (8 972) (20 025) Profit after tax 12 052 12 566 27 401 Attributable to: Equity holders of the Company 7 410 9 887 20 262 Non-controlling interests 4 642 2 679 7 139 12 052 12 566 27 401 Basic earnings per share (cents) 10 404 547 1 113 Diluted earnings per share (cents) 10 402 540 1 101 1 Restated, refer to note 19 for details on the restatement. Results overview for the six months ended 30 June 2026 41 Results overview Results presentation Appendices Data sheets
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Condensed consolidated statement of comprehensive income for the Six months Six months ended Financial ended 30 June year ended 30 June 2025 31 December 2026 Restated1 2025 Reviewed Reviewed Audited Note Rm Rm Rm Profit after tax 12 052 12 566 27 401 Other comprehensive income after tax: Items that may be and/or have been reclassified to profit or loss: (14 043) 16 851 6 460 Net investment hedges 16 68 425 853 Foreign exchange movement on hedging instruments 93 582 1 168 Normal tax (25) (157) (315) Exchange differences on translating foreign operations including the effect of hyperinflation2 (14 111) 16 426 5 607 (Losses)/gains arising during the year 16 (14 111) 16 426 5 607 Items that will not be reclassified to profit or loss: 1 087 4 165 6 982 Gains arising during the year on equity investments at fair value through other comprehensive income2,3 11.2 1 087 4 164 7 009 Remeasurement gain/(loss) on defined benefit obligation2 – 1 (27) Other comprehensive income for the year (12 956) 21 016 13 442 Attributable to: Equity holders of the Company (11 665) 15 387 8 340 Non-controlling interests (1 291) 5 629 5 102 Total comprehensive income for the year (904) 33 582 40 843 Attributable to: Equity holders of the Company (4 255) 25 274 28 602 Non-controlling interests 3 351 8 308 12 241 (904) 33 582 40 843 1 Restated, refer to note 19 for details on the restatement. 2 This component of other OCI does not attract any tax. 3 Equity investments at fair value through other comprehensive income (OCI) relate mainly to the Group’s investment in IHS Holding Limited (IHS Group). Results overview for the six months ended 30 June 2026 42
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Condensed statement of financial position as at 30 June 30 June 2025 31 December 2026 Restated1 2025 Reviewed Reviewed Audited Note Rm Rm Rm ASSETS Non-current assets 301 293 321 283 312 505 Property, plant and equipment 125 410 123 762 122 306 Intangible assets and goodwill 72 184 79 578 76 016 Right-of-use assets 62 696 66 341 63 972 Investments 11 12 548 8 904 11 349 Investment in associates and joint ventures 9 12 992 24 775 24 094 Deferred tax assets and other non-current assets 15 463 17 923 14 768 Current assets 175 212 156 949 185 913 Trade and other receivables 37 434 33 843 34 411 Restricted cash 2 455 2 252 871 Mobile Money deposits 84 945 77 332 91 768 Cash and cash equivalents 31 145 28 970 42 625 Other current assets 19 233 14 552 16 238 Non-current assets held for sale 274 351 294 Total assets 476 779 478 583 498 712 EQUITY Total equity 154 333 166 619 169 733 Attributable to equity holders of the Company 130 578 144 517 144 997 Non-controlling interests 23 755 22 102 24 736 Non-current liabilities 129 258 143 394 131 018 Borrowings 13 51 423 62 515 52 619 Lease liabilities 64 823 68 878 65 810 Deferred tax and other non-current liabilities 13 012 12 001 – 12 589 Current liabilities 192 988 168 273 197 727 Trade and other payables 62 398 60 621 63 183 Mobile Money payables 85 701 78 127 92 554 Lease liabilities 10 154 8 660 9 175 Interest-bearing liabilities 13 18 180 12 011 17 755 Other current and tax liabilities 16 555 8 854 15 060 Liabilities directly associated with non- current assets held for sale 200 297 234 Total liabilities 322 446 311 964 328 979 Total equity and liabilities 476 779 478 583 498 712 1 Restated, refer to note 19 for details on the restatement. Results overview for the six months ended 30 June 2026 43 Results overview Results presentation Appendices Data sheets
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Condensed consolidated statement of changes in equity for the Six months Six months ended Financial ended 30 June year ended 30 June 2025 31 December 2026 Restated1 2025 Reviewed Reviewed Audited Rm Rm Rm Balance at 1 January 2025 as previously reported – 123 445 123 445 Prior period error – (718) (718) Opening balance at 1 January 144 997 122 727 122 727 Total comprehensive income (4 255) 25 274 28 602 Profit after tax 7 410 9 887 20 262 Other comprehensive income after tax (11 665) 15 387 8 340 Transactions with owners of the Company Purchase of treasury shares (1 438) (513) (513) Proceeds from sale of treasury shares – MTN Zakhele Futhi – 3 042 3 433 Recognition of non-controlling interest – MTN Zakhele Futhi – – (2 610) MTN Ghana share localisation (251) (301) (301) Share-based payment transactions 460 595 – Dividends paid (9 168) (6 235) (6 235) Other movements 233 (72) (106) Attributable to equity holders of the Company 130 578 144 517 144 997 Non-controlling interests 23 755 22 102 24 736 Closing balance 154 333 166 619 169 733 Dividends declared during the period (cents per share) 500 345 330 1 Restated, refer to note 19 for details on the restatement. Results overview for the six months ended 30 June 2026 44
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Condensed consolidated statement of cash flows for the Six months Six months ended Financial ended 30 June year ended 30 June Restated1 31 December 2026 2025 2025 Reviewed Reviewed Audited Note Rm Rm Rm Net cash generated from operating activities 39 077 33 879 77 944 Cash generated from operations 52 881 47 638 105 938 Interest received 1 534 1 164 2 308 Interest paid (7 457) (9 158) (18 302) Dividends received from associates and joint ventures 148 15 120 Income tax paid (8 029) (5 780) (12 120) Net cash used in investing activities (27 946) (20 640) (40 930) Acquisition of property, plant and equipment (19 734) (18 866) (30 907) Acquisition of intangible assets (2 767) (2 878) (9 425) Proceeds from sale of property, plant and equipment and intangible assets 10 62 154 Increase in loans receivable (520) – (367) Increase in prepayments (40) (10) (32) Acquisition of right-of-use asset2 (363) (1 138) (1 963) Purchase of non-current investment bonds – – (97) Purchase of non-current investment bonds and equity instruments (219) – (73) (Purchase)/realisation of current investment treasury bills and foreign deposits (2 664) 2 925 1 017 Increase in restricted cash (1 708) (5 757) (8 258) Decrease in restricted cash 94 5 200 9 376 Other investing activities (35) (178) (355) Net cash used in financing activities (22 998) (14 638) (23 720) Proceeds from borrowings 14 6 628 6 665 12 551 Repayment of borrowings 14 (9 538) (11 927) (19 231) Repayment of lease liabilities (4 919) (4 283) (8 650) Dividends paid to equity holders of the Company (9 168) (6 235) (6 235) Dividends paid to non-controlling interests (4 110) (1 399) (5 309) Purchase of treasury shares (1 439) (513) (513) Proceeds from sale of treasury shares: MTN Zakhele Futhi unwind – 3 042 3 433 Consideration received on MTN Ghana share localisation – 201 201 Decrease in other non-current liabilities (62) – (669) Other financing activities (390) (189) 702 Net (decrease)/increase in cash and cash equivalents (11 867) (1 399) 13 294 Net cash and cash equivalents at the beginning of the year 41 262 29 061 29 061 Exchange (losses)/gains on cash and cash equivalents (1 116) 1 543 (184) Net monetary gain/(loss) on cash and cash equivalents 718 (1 303) (909) Net cash and cash equivalents at the end of the year3 28 997 27 902 41 262 1 Restated, refer to note 19 for details on the restatement. 2 Relates to fully prepaid leases. 3 Disclosed net of bank overdrafts of R2 154 million and before provision for impairment of cash of R6 million. Results overview for the six months ended 30 June 2026 45 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2026 1. DIRECTORS' RESPONSIBILITY The directors of MTN Group Limited (the Company), its subsidiaries, joint ventures, associates and structured entities (together, the Group) take full responsibility for the preparation of the consolidated interim financial statements. 2. GENERAL INFORMATION The Company is a leading pan-African mobile operator that provides a diverse range of voice, data, digital, fintech, wholesale and enterprise services through its subsidiary companies, joint ventures, associates and related investments. 3. BASIS OF PREPARATION The consolidated interim financial statements for the six months ended 30 June 2026 are prepared in accordance with the requirements of the Johannesburg Stock Exchange (JSE) Limited Listings Requirements for interim financial statements and the requirements of the Companies Act of South Africa No 71 of 2008, as amended (the Companies Act), applicable to interim financial statements. The interim financial statements were prepared in accordance with the framework concepts and the measurement and recognition requirements of the International Financial Reporting ( IFRS® Accounting Standards ), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council (FRSC), and prepared in accordance with and containing the information required by IAS 34 Interim Financial Reporting. The consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which were also prepared in accordance with IFRS Accounting Standards. 4. MATERIAL PRINCIPAL ACCOUNTING POLICIES The accounting policies applied in the preparation of the consolidated interim financial statements are in terms of IFRS Accounting Standards and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements. One amendment to accounting pronouncements was effective from 1 January 2026, which relates to Ame ndments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instrume nts: Disclosures) This amendment did not have a material impact on the Group. Results overview for the six months ended 30 June 2026 46
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5. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES 5.1 Deferred tax Source of estimation uncertainty Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences (as applicable) to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be used. The Group is required to make significant estimates in assessing whether future taxable profits will be available. MTN Group recognised deferred tax assets at the end of the current period amounting to R7 560 million (30 June 2025: R8 867 million and 31 December 2025: R6 373 million). MTN Mauritius recognised a deferred tax asset of R2 716 million (30 June 2025: R3 332 million and 31 December 2025: R2 716 million) mainly resulting from an assessed loss. In the prior year, the Group derecognised a deferred tax asset of R616 million in relation to MTN Mauritius. 5.2 Impairment of non-current assets The Group assesses non-current assets of cash generating units (CGUs) for impairment at each reporting date or when there is an impairment indicator identified by management. The recoverable amount of CGUs is determined based on a value-in-use method being the estimated future cash flows discounted to their present value using an appropriate discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. These calculations are performed internally by the Group and require the use of estimates and assumptions. Source of estimation uncertainty The input factors most sensitive to change are, management estimates of future cash flows based on budgets and forecasts, growth rates, terminal rates and discount rates. Further detail on these assumptions has been disclosed in note 9. The Group has performed a sensitivity analysis by varying these input factors by a reasonably possible margin and assessing whether the changes in input factors result in any non-current assets being impaired. The impairment recognised for Irancell attributed to MTN Group amounts to R3 900 million in the current period and Rnil in prior years. While for current year MTN Sudan has an impairment of Rnil (30 June 2025: R2 233 million, 31 December 2025: R2 606 million). Results overview for the six months ended 30 June 2026 47 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 6. HYPERINFLATION The financial statements (including comparative amounts) of the Group entities whose functional currencies are the currencies of hyperinflationary economies are adjusted in terms of the measuring unit current at the end of the reporting period. The impact of hyperinflation on the segment analysis is as follows: Six months ended 30 June 2026 Reviewed Revenue Capex Rm Rm Sudan 8 13 South Sudan 29 2 Ghana 11 – 48 15 Six months ended 30 June 2025 Reviewed Revenue Capex Rm Rm Sudan 181 34 South Sudan 299 13 Ghana 5 228 1 767 5 708 1 814 Financial year ended 31 December 2025 Audited Revenue Capex Rm Rm Sudan 451 69 South Sudan 1 003 88 Ghana 5 166 1 475 6 620 1 632 Results overview for the six months ended 30 June 2026 48
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7. SEGMENT ANALYSIS The Group has identified reportable segments that are used by the Group Executive Committee (the Chief Operating Decision Maker (CODM)) to make key operating decisions, allocate resources and assess performance. The reportable segments are largely grouped according to their geographic locations and reporting lines to the CODM. The Group’s underlying operations are clustered as follows: • South Africa • Nigeria • Ghana • Southern and East Africa (SEA) • Francophone Africa South Africa, Nigeria and Ghana comprise the segment information for the South African, Nigerian and Ghanaian cellular network services providers, respectively. The SEA and Francophone clusters comprise segment information for operations in those regions which are also network services providers in the Group. Operating results are reported and reviewed regularly by the CODM and include items directly attributable to a segment, as well as those that are attributed on a reasonable basis, whether from external transactions or from transactions with other Group segments. In line with Group strategy, reporting segment information has been revised effective 1 January 2026. As a result, Ghana is now a major subsidiary and is presented as a separate reportable segment, the SEA cluster now includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia. The Francophone Africa segment consists of Cameroon, Côte d'lvoire , Benin and Congo-Brazzaville. The Group no longer reports the WECA and MENA segments. MTN Digital Infrastructure houses Bayobab. Comparative operating segment information has been restated accordingly. Irancell Telecommunications Company Services' (PJSC) (Irancell) proportionate results have been excluded as a reportable segment as its operating results are not regularly reviewed by the CODM to make resource allocation decisions and assess its performance. A key performance measure of reporting profit for the Group is CODM EBITDA. CODM EBITDA which is defined as earnings before finance income, finance costs, foreign exchange gains or losses, tax, depreciation, and amortisation, and is also presented before recognising the following items: • Net monetary gain resulting from the application of hyperinflation. • Share of results of associates and joint ventures after tax (note 9). • Hyperinflation (note 6). • MTN Syria settlement (note 17). • Impairment loss on Sudan’s non-current assets (note 5.2). These exclusions remained unchanged from the prior year, except for the MTN Syria settlement. Impairment losses on property, plant and equipment and intangible assets are generally included in the CODM EBITDA as they are operational in nature. As the impairment of MTN Sudan’s property, plant and equipment and intangible assets arose from the conflict in Sudan, it was not considered reflective of MTN Sudan’s operational performance fo r the prior period. Results overview for the six months ended 30 June 2026 49 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 7. SEGMENT ANALYSIS continued Network services Mobile devices Interconnect and roaming Digital and fintech Other Revenue from contracts with customers Interest revenue Total revenue Revenue Rm Rm Rm Rm Rm Rm Rm Rm Six months ended 30 June 2026 South Africa 16 360 2 900 2 682 1 309 1 285 24 536 301 24 837 Nigeria 32 245 217 1 272 1 606 208 35 548 – 35 548 Ghana 15 817 50 282 5 900 123 22 172 – 22 172 SEA 10 517 231 696 4 833 326 16 603 – 16 603 Uganda 5 240 100 267 2 632 166 8 405 – 8 405 Rwanda 664 13 69 1 053 85 1 884 – 1 884 Zambia 1 506 97 72 695 42 2 412 – 2 412 South Sudan 1 374 1 48 84 11 1 518 – 1 518 Sudan 1 146 15 200 47 2 1 410 – 1 410 Liberia 587 5 40 322 20 974 – 974 Francophone Africa 12 751 154 550 3 194 707 17 356 – 17 356 Cameroon 5 336 52 166 1 216 74 6 844 – 6 844 Côte d'lvoire 4 249 18 283 427 476 5 453 – 5 453 Benin 1 633 30 33 1 052 110 2 858 – 2 858 Congo-Brazzaville 1 533 54 68 499 47 2 201 – 2 201 MTN Digital Infrastructure1 1 075 – 1 640 – 1 399 4 114 131 4 245 Head office companies2 45 – – 535 5 162 5 742 – 5 742 Eliminations (216) – (1 312) (346) (5 803) (7 677) – (7 677) Hyperinflation impact 28 – 2 2 16 48 – 48 Consolidated revenue 88 622 3 552 5 812 17 033 3 423 118 442 432 118 874 1 MTN Digital Infrastructure houses Bayobab. 2 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 51 Results overview Results presentation Appendices Data sheets 50
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 7. SEGMENT ANALYSIS continued Network services Mobile devices Interconnect and roaming Digital and fintech Other Revenue from contracts with customers Interest revenue Total revenue Revenue Rm Rm Rm Rm Rm Rm Rm Rm Six months ended 30 June 2025 - Restated1 South Africa 16 263 3 636 2 427 1 493 1 075 24 894 346 25 240 Nigeria 25 164 185 1 307 1 576 180 28 412 – 28 412 Ghana 10 652 43 356 4 233 148 15 432 – 15 432 SEA 9 658 173 661 4 542 273 15 307 – 15 307 Uganda 5 468 85 295 2 673 147 8 668 – 8 668 Rwanda 725 18 33 935 88 1 799 – 1 799 Zambia 993 55 63 439 23 1 573 – 1 573 South Sudan 1 209 1 42 78 13 1 343 – 1 343 Sudan 722 14 165 11 1 913 – 913 Liberia 541 – 63 406 1 1 011 – 1 011 Francophone Africa 12 125 95 597 3 138 659 16 614 – 16 614 Cameroon 4 826 47 156 1 259 114 6 402 – 6 402 Côte d'lvoire 3 575 9 286 499 423 4 792 – 4 792 Benin 2 033 4 87 945 80 3 149 – 3 149 Congo-Brazzaville 1 691 35 68 435 42 2 271 – 2 271 MTN Digital Infrastructure2 1 218 – 2 047 5 1 351 4 621 159 4 780 Head office companies3 256 – – 135 6 682 7 073 – 7 073 Eliminations (541) – (1 328) (43) (7 263) (9 175) (130) (9 305) Hyperinflation impact 4 015 18 121 1 477 77 5 708 – 5 708 Consolidated revenue 78 810 4 150 6 188 16 556 3 182 108 886 375 109 261 1 In line with Group strategy, reporting segment information has been revised effective 1 January 2026. 2 MTN Digital Infrastructure houses Bayobab. 3 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 53 Results overview Results presentation Appendices Data sheets 52
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 7. SEGMENT ANALYSIS continued Network services Mobile devices Interconnect and roaming Digital and fintech Other Revenue from contracts with customers Interest revenue Total revenue Revenue Rm Rm Rm Rm Rm Rm Rm Rm Year ended 31 December 2025 – Restated1 South Africa 33 255 7 060 4 965 2 978 2 141 50 399 691 51 090 Nigeria 54 989 363 2 503 3 451 388 61 694 – 61 694 Ghana 24 882 96 663 9 799 290 35 730 – 35 730 SEA 20 338 379 1 332 9 509 616 32 174 – 32 174 Uganda 11 190 188 583 5 592 338 17 891 – 17 891 Rwanda 1 435 32 88 1 984 171 3 710 – 3 710 Zambia 2 234 121 141 1 031 53 3 580 – 3 580 South Sudan 2 562 3 93 154 17 2 829 – 2 829 Sudan 1 794 34 328 36 – 2 192 – 2 192 Liberia 1 123 1 99 712 37 1 972 – 1 972 Francophone Africa 24 907 289 1 279 6 610 1 354 34 439 – 34 439 Cameroon 10 103 104 368 2 679 198 13 452 – 13 452 Côte d'lvoire 7 541 24 597 983 881 10 026 – 10 026 Benin 3 850 17 171 2 003 153 6 194 – 6 194 Congo-Brazzaville 3 413 144 143 945 122 4 767 – 4 767 MTN Digital Infrastructure2 2 428 – 3 908 5 2 783 9 124 252 9 376 Head office companies3 542 – – 285 13 213 14 040 – 14 040 Eliminations (1 064) (2) (2 797) (108) (14 260) (18 231) (225) (18 456) Hyperinflation impact 4 791 22 170 1 550 87 6 620 – 6 620 Consolidated revenue 165 068 8 207 12 023 34 079 6 612 225 989 718 226 707 1 In line with Group strategy, reporting segment information has been revised effective 1 January 2026. 2 MTN Digital Infrastructure houses Bayobab. 3 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 55 Results overview Results presentation Appendices Data sheets 54
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 7. SEGMENT ANALYSIS continued Six months ended 30 June Financial year ended 31 December Six months ended 30 June 2025 2025 2026 Restated1 Restated1 External revenue Inter- segment revenue Total revenue External revenue Inter- segment revenue Total revenue External revenue Inter- segment revenue Total revenue External vs inter-segment revenue Rm Rm Rm Rm Rm Rm Rm Rm Rm South Africa 24 573 264 24 837 25 009 231 25 240 50 492 598 51 090 Nigeria 35 289 259 35 548 28 084 328 28 412 61 063 631 61 694 Ghana 22 022 150 22 172 15 210 222 15 432 35 307 423 35 730 SEA 16 450 153 16 603 15 163 144 15 307 31 867 307 32 174 Uganda 8 292 113 8 405 8 567 101 8 668 17 669 222 17 891 Rwanda 1 856 28 1 884 1 764 35 1 799 3 652 58 3 710 Zambia 2 402 10 2 412 1 569 4 1 573 3 560 20 3 580 South Sudan 1 516 2 1 518 1 339 4 1 343 2 822 7 2 829 Sudan 1 410 – 1 410 913 – 913 2 192 – 2 192 Liberia 974 – 974 1 011 – 1 011 1 972 – 1 972 Francophone Africa 17 173 183 17 356 16 181 433 16 614 33 669 770 34 439 Cameroon 6 782 62 6 844 6 321 81 6 402 13 297 155 13 452 Côte d'lvoire 5 348 105 5 453 4 673 119 4 792 9 805 221 10 026 Benin 2 857 1 2 858 2 953 196 3 149 5 852 342 6 194 Congo-Brazzaville 2 186 15 2 201 2 234 37 2 271 4 715 52 4 767 MTN Digital Infrastructure2 2 475 1 770 4 245 2 972 1 808 4 780 5 861 3 515 9 376 Head office companies3 844 4 898 5 742 934 6 139 7 073 1 803 12 237 14 040 Eliminations – (7 677) (7 677) – (9 305) (9 305) – (18 456) (18 456) Hyperinflation impact 48 – 48 5 708 – 5 708 6 645 (25) 6 620 Consolidated revenue 118 874 – 118 874 109 261 – 109 261 226 707 – 226 707 1 In line with Group strategy, reporting segment information has been revised effective 1 January 2026. 2 MTN Digital Infrastructure houses Bayobab. 3 Head office companies consist mainly of revenue from the Group’s central financing activities and management fees from segments. Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 57 Results overview Results presentation Appendices Data sheets 56
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 7. SEGMENT ANALYSIS continued Six month Financial Six months ended year ended ended 30 June 31 December 30 June 2025 2025 2026 Restated1,2 Restated2 Reviewed Reviewed Audited CODM EBITDA Rm Rm Rm South Africa 8 508 9 219 17 672 Nigeria 19 869 14 326 32 488 Ghana 13 698 9 025 21 527 SEA 7 237 7 026 14 753 Uganda 4 306 4 652 9 616 Rwanda 731 723 1 426 Zambia 770 489 1 091 South Sudan 713 572 1 273 Sudan 404 268 760 Liberia 313 322 587 Francophone Africa 6 508 5 781 12 119 Cameroon 2 994 2 785 5 859 Côte d'Ivoire 2 294 1 668 3 617 Benin 321 403 582 Congo-Brazzaville 899 925 2 061 MTN Digital Infrastructure3 718 884 1 758 Head office companies4 94 397 (1 926) Eliminations (12) (907) (528) CODM EBITDA 56 620 45 751 97 863 Hyperinflation impact (633) 3 137 3 273 Loss on sale of MTN SA towers (3) (13) (23) MTN Syria settlement5 716 – – Impairment loss on MTN Sudan's non-current assets6 – (2 233) (2 606) CODM EBITDA before impairment of goodwill 56 700 46 642 98 507 Depreciation, amortisation and impairment loss on goodwill (20 748) (19 960) (39 024) Net finance cost (9 838) (7 460) (16 545) Net monetary gain 757 630 1 336 Share of results of joint ventures and associates after tax (3 293) 1 686 3 152 Profit before tax 23 578 21 538 47 426 1 Restated, refer to note 19 for details on the restatement. 2 In line with Group strategy, reporting segment information has been revised effective 1 January 2026. 3 MTN Digital Infrastructure houses Bayobab. 4 Head office companies consist mainly of EBITDA from the Group’s central financing activities and management fees from segments. 5 Refer to note 17 for details on MTN Syria settlement. 6 Impairment loss recognised due to Sudan conflict, refer to note 5.2. Results overview for the six months ended 30 June 2026 58
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7. SEGMENT ANALYSIS continued Six months Financial Six months ended year ended ended 30 June 31 December 30 June 2025 2025 2026 Restated1,2 Restated2 Reviewed Reviewed Audited Capital expenditure incurred Rm Rm Rm South Africa 3 300 3 813 8 380 Nigeria 9 417 11 760 18 943 Ghana 3 070 4 263 8 019 SEA 2 881 2 416 6 368 Uganda 2 028 1 406 4 096 Rwanda 165 267 541 Zambia 502 359 901 South Sudan 66 71 289 Sudan 120 191 387 Liberia – 122 154 Francophone Africa 4 629 4 004 6 255 Cameroon 1 907 1 706 2 680 Côte d'lvoire 1 984 1 112 2 047 Benin 488 873 906 Congo-Brazzaville 250 313 622 MTN Digital Infrastructure3 291 113 636 Head office companies 454 277 870 Eliminations (98) (83) (98) Hyperinflation impact 15 1 814 1 632 23 959 28 377 51 005 1 Restated, refer to note 19 for details on the restatement. 2 In line with Group strategy, reporting segment information has been revised effective 1 January 2026. 3 MTN Digital Infrastructure houses Bayobab. Results overview for the six months ended 30 June 2026 59 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 8. FINANCE INCOME, FINANCE COST AND NET FOREIGN EXCHANGE (LOSSES)/ GAINS Six months Six months Financial ended ended year ended 30 June 30 June 31 December 2026 2025 2025 Reviewed Restated1 Audited Rm Rm Rm Interest income on loans and receivables 831 411 1 383 Interest income on bank deposits 807 1 039 1 738 Finance income 1 638 1 450 3 121 Interest expense on financial liabilities measured at amortised cost (4 280) (4 484) (9 298) Lease liability interest expense (5 194) (5 398) (10 681) Finance costs (9 474) (9 882) (19 979) Net foreign exchange loss (2 002) 972 313 1 Restated, refer to note 19 for details on the restatement. 9. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES AFTER TAX Six months Six months Financial ended ended year ended 30 June 30 June 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Irancell Telecommunication Company Services (PJSC)1 (3 458) 1 401 2 620 Others 165 285 532 Total (3 293) 1 686 3 152 1 The share of attributable earnings from Irancell was reduced by the effect of hyperinflation amounting to R3 907 million (30 June 2025: R317 million increase, 31 December 202 5: R938 million increase ), which includes an impairment of R3 900 million. Impairment of non-current assets The escalation of the conflict in Iran in the first half of 2026 impacted the operational performance of Irancell. However, the deterioration of the Iranian Rial exchange rate and an increase in the discount factor have placed significant pressure on discounted future cash flows compared to the hyperinflation-adjusted net assets of Irancell. As at 30 June 2026, the Group recognised its attributable portion, amounting to R3 900 million of the impairment charge relating to the recoverable amount of assets of Irancell. The impairment assessment considered the 2026-2028 forecast and utilised the following assumptions: • Average capex intensity: 20.3% • Terminal growth rate: 25% • WACC: 79%, 44% and 36% Results overview for the six months ended 30 June 2026 60
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9. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES AFTER TAX continued Irancell loan and receivable On 20 September 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated the Central Bank of Iran (CBI) as being subject to sanctions. Sanctions imposed on the CBI create a secondary sanctions risk if the CBI allocates foreign currency to an MTN entity for the purpose of repatriating the receivable and/or loan. Considering the continued uncertainty of when the sanctions will be lifted, the Group has classified R2 009 million (30 June 2025: R2 554 million, 31 December 2025: R2 312 million) of the outstanding receivables as non-current as the settlement is neither planned nor likely to occur in the foreseeable future. This balance has been presented as part of investment in associates and joint ventures. 10. EARNINGS PER ORDINARY SHARE Number of ordinary shares As at As at As at 30 June 30 June 31 December 2026 2025 2025 Reviewed Reviewed Audited Number of ordinary shares in issue At end of the period (excluding MTN Zakhele Futhi and treasury shares) 1 833 052 479 1 830 441 441 1 832 972 375 Weighted average number of shares 1 832 986 004 1 808 993 147 1 820 702 905 Add: Dilutive shares – Share options – MTN Zakhele Futhi – 14 544 040 11 518 140 – Share schemes 8 534 134 8 188 976 7 814 969 Shares for dilutive earnings and headline earnings per share 1 841 520 138 1 831 726 163 1 840 036 014 Treasury shares Treasury shares of 626 389 (30 June 2025: 760 979, 31 December 2025: 706 493) are held by the Group and nil ( 30 June 2025: 2 476 448, 31 December 2025: nil) were held by MTN Zakhele Futhi. Results overview for the six months ended 30 June 2026 61 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 10. EARNINGS PER ORDINARY SHARE continued Headline earnings Headline earnings is calculated in accordance with Circular 1/2023 Headline Earnings as issued by the South African Institute of Chartered Accountants (SAICA), as amended from time to time and as required by the JSE Limited. Six months Financial Six months ended year ended 30 June ended 30 June Restated1 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Reconciliation between net profit attributable to the equity holders of the Company and headline earnings: Profit attributable to equity holders of the Company 7 410 9 887 20 262 Net (gain)/loss on disposal of property, plant and equipment and intangible assets (48) 27 46 – Subsidiaries (IAS 16 and IAS 38) (35) 31 52 – Joint ventures (IAS 28) (13) (4) (6) Net impairment loss on property, plant and equipment, right-of-use assets and intangibles (IAS 36) 3 910 2 235 2 853 – Subsidiaries (IAS 36) 10 2 235 2 853 – Joint ventures (IAS 36) 3 900 – – Loss on sale of MTN SA towers (IFRS 5) 3 13 17 Total non-controlling interest and tax effects of adjustments 7 (352) – Headline earnings 11 282 11 810 23 178 Earnings per share (cents) – Basic 404 547 1 113 – Headline 615 653 1 274 Diluted earnings per share (cents) – Diluted 402 540 1 101 – Diluted headline 613 645 1 260 1 Restated, refer to note 19 for details on the restatement. Results overview for the six months ended 30 June 2026 62
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11. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 11.1 FINANCIAL ASSETS AND FINANCIAL LIABILITIES AT AMORTISED COST The carrying value of current receivables and liabilities measured at amortised cost approximates their fair value. Listed long-term borrowings At 30 June 2026 , U S$500 million senior unsecured notes listed on the Euronext Dublin redeemable in 2026 (the 2026 notes) had a carrying amount of R8 310 million (30 June 2025 : R8 985 million , 31 December 2025 : R8 401 million ) and a fair value of R8 208 million (30 June 2025 : R8 964 million , 31 December 2025 : R8 381 million ). The notes are listed on the Irish bond market and the fair value of these instruments is determined by reference to quoted prices in this market. The market for these bonds is not considered to be liquid, and consequently, the fair value measurement is categorised within level 2 of the fair value hierarchy. 11.2 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IHS Group listed equity investment Included in investments in the condensed consolidated statement of financial position is an equity investment in IHS Group at fair value of R11 503 million (30 June 2025: R8 395 million, 31 December 2025: R10 530 million ). The fair value of the investment is determined by reference to published price quotations on the New York Stock Exchange. The share price of IHS Group was US$8.24 ( 30 June 2025: US$5.56, 31 December 2025: US$7.46) on the last trading day of the period. The fair value of this investment is categorised within level 1 of the fair value hierarchy. A fair value increase of R1 087 million (30 June 2025: R4 164 million increase, 31 December 2025: R7 009 million increase) has been recognised. Financial liabilities measured at fair value through profit or loss The Group has financial liabilities relating to the deferred payment terms that arose with the acquisition of the Mobile Money (MoMo) platform licence. At 30 June 2026 the financial liability had a carrying value of R1 710 million ( 30 June 2025: R2 208 million , 31 December 2025 : R1 858 million ). A portion of the deferred payments includes cash flows that vary according to the performance of each operating company in terms of revenue generation as well as the strength of the local currency compared to the fixed minimum commitment (contractually stated forward exchange rates and revenues). The economic characteristics and risks of these cash flows were assessed to be closely related to the fixed minimum commitments. Accordingly, the embedded derivative was not separated from the host contract. At initial recognition, the MoMo platform licence was measured as the present value of the future minimum commitments using each operating company’s incremental borrowing rate. At each reporting period, the financial liability is remeasured to its fair value utilising the forward-looking revenues and forward exchange rates for each operating company that will affect the value of the future minimum commitments. The fair value is categorised within level 3 of the fair value hierarchy. Results overview for the six months ended 30 June 2026 63 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 11. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 11.3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE RECONCILIATIONS The table below sets out the reconciliation of financial instruments that are measured at fair value based on inputs that are not based on observable market data (level 3): Insurance cell captives Rm Balance at 1 January 2025 1 699 Contributions paid to insurance cell captives 446 Claims received by insurance cell captives (517) Loss recognised in profit or loss (28) Balance at 1 January 2026 1 600 Contributions paid to insurance cell captives 440 Claims received by insurance cell captives (562) Profit recognised in profit or loss 127 Balance at 30 June 2026 1 605 11.4 CAPITAL MANAGEMENT Management regularly monitors and reviews covenant ratios. In terms of the banking facilities, the Group is required to comply with financial covenants. These financial covenants differ based on the contractual terms of each facility and incorporate both IFRS Accounting Standards and non-IFRS Accounting Standards various financial measures. The Group has complied with all contractual loan covenants during the current period. Results overview for the six months ended 30 June 2026 64
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12. AUTHORISED COMMITMENTS FOR THE ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT AND SOFTWARE Six months Six months Financial ended ended year ended 30 June 30 June 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Contracted 4 704 14 456 5 295 Not contracted 13 636 3 110 36 953 18 340 17 566 42 248 13. INTEREST-BEARING LIABILITIES Six months Six months Financial ended ended year ended 30 June 30 June 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Bank overdrafts 2 154 1 067 1 363 Current borrowings 16 026 10 944 17 755 Current interest-bearing liabilities 18 180 12 011 19 118 Non-current borrowings 51 423 62 515 52 619 Total interest-bearing liabilities 69 603 74 526 71 737 Results overview for the six months ended 30 June 2026 65 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 14. ISSUE AND REPAYMENT OF DEBT INSTRUMENTS During the period under review the following entities raised and repaid significant debt instruments: Six months ended 30 June Six months ended 30 June Financial year ended 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Raised Repaid Raised Repaid Raised Repaid Mobile Telephone Networks Holdings Limited 4 679 6 139 5 729 5 635 8 829 7 178 Loan facilities 1 000 1 200 1 950 2 013 1 950 2 017 General banking facilities 1 400 2 000 2 000 2 000 2 800 3 000 Domestic medium-term programme 2 279 2 939 1 779 1 622 4 079 2 161 MTN Mauritius – – – 1 843 – 1 843 Revolving credit facility – – – 1 843 – 1 843 Scancom PLC (MTN Ghana) – – – 126 – 118 Revolving credit facility – – – 126 – 118 MTN Cameroon 1 321 – 334 – 672 Syndicated loan 1 321 – 334 – 672 MTN Nigeria Communications PLC (MTN Nigeria) – 2 105 355 2 297 1 271 6 195 Long-term borrowings – 2 105 295 962 293 2 088 Bond and commercial paper – 60 1 335 978 4 107 MTN Côte d’lvoire S.A. (MTN Côte d’lvoire) 1 012 296 – 238 154 867 Syndicated term loan 1 012 296 – 238 154 867 Spacetel Benin SA – – – 403 64 411 Term loan – – – 3 – 6 Syndicated term loan – – – 400 64 405 MTN Congo-Brazzaville – 159 – 230 – 231 Syndicated loan – 159 – 230 – 231 MTN Uganda 544 123 504 – 1 102 – Syndicated term loan 544 123 504 – 1 102 – MTN Zambia 239 315 – 124 942 807 Syndicated term loan 239 287 – 105 859 653 Term loan – 28 – 19 83 154 MTN Zakhele Futhi – – – – – 620 Shareholders repayment – – – – – 620 Other 153 80 77 697 189 289 Total 6 628 9 538 6 665 11 927 12 551 19 231 Results overview for the six months ended 30 June 2026 Results overview for the six months ended 30 June 2026 67 Results overview Results presentation Appendices Data sheets 66
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 15. CONTINGENT LIABILITIES Six months Six months Financial ended ended year ended 30 June 30 June 31 December 2026 2025 2025 Reviewed Reviewed Audited Rm Rm Rm Uncertain tax exposures 1 490 649 1 071 Legal and regulatory matters 817 945 741 2 307 1 594 1 812 Uncertain tax exposures The Group operates in numerous tax jurisdictions and the Group’s interpretation and application of the various tax rules applied in direct and indirect tax filings may result in disputes between the Group and the relevant tax authority. The outcome of such disputes may not be favourable to the Group. At 30 June 2026 , there were a number of tax disputes ongoing in various of the Group’s operating entities. Legal and regulatory matters The Group is involved in various legal and regulatory matters, the outcome of which may not be favourable to the Group and none of which are considered individually material. The Group has applied its judgement and has recognised liabilities based on whether additional amounts will be payable and has included contingent liabilities where economic outflows are considered possible but not probable. Results overview for the six months ended 30 June 2026 68
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16. EXCHANGE RATES TO SOUTH AFRICAN RAND As at As at As at Six months ended Six months ended for year ended 30 June 30 June 31 December 30 June 30 June 31 December 2026 2025 2025 2026 2025 2025 Reviewed Reviewed Audited Reviewed Reviewed Audited Closing rate Average rate Foreign currency to South African rand: United States dollar US$ 16.39 17.73 16.57 16.31 18.42 17.89 South African rand to foreign currency: Ugandan shilling UGX 223.69 203.08 218.26 228.07 198.67 201.42 Cameroon Communauté Financière Africaine franc XAF 35.04 31.46 33.73 34.86 32.65 32.48 Nigerian naira NGN 84.18 86.29 86.64 84.41 83.92 84.45 Iranian rial1 IRR 88 952.18 39 165.97 47 164.94 90 112.83 37 278.95 38 882.47 Ghanaian cedi1 GHS 0.69 0.59 0.64 0.71 0.73 0.68 Sudanese pound SDG 217.42 121.17 145.37 213.58 112.57 128.73 1 Ghana was classified as a foreign operation in a hyperinflationary economy up to 30 June 2025 . The translation of its financial results, financial position and cash flows is described in Note 6. The Group’s functional and presentation currency is rand. The strengthening of the closing rate of the rand against the funct ional currencies of the Group’s largest operations contributed to the decrease in consolidated assets and liabilities and the resulting foreign currency translation reserve (FCTR) decrease of R14 111 million ( 30 June 2025 : R16 426 million increase, 31 December 2025: R5 607 million increase) for the period. Results overview for the six months ended 30 June 2026 69 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 16. EXCHANGE RATES TO SOUTH AFRICAN RAND continued Net investment hedges The Group hedges a designated portion of its United States dollar net assets in MTN (Dubai) Limited (MTN Dubai) for forex exposure arising between the US$ and ZAR as part of the Group’s risk management objectives. The Group designated external borrowings denominated in US$ held by MTN (Mauritius) Investments Limited. For the period of the hedge relationship, foreign exchange movements on these hedging instruments are recognised in OCI as part of the FCTR, offsetting the exchange differences recognised in OC I arising on translation of the designated United States dollar net assets of MTN Dubai to ZAR. The cumulative foreign exchange movement recognised in OCI will only be reclassified to profit or loss upon loss of control of MTN Dubai. To assess hedge effectiveness the Group performs hedge effectiveness testing by comparing the changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net assets designated in MTN Dubai. There was no hedge ineffectiveness recognised in profit or loss during the current or prior year. 17. OTHER INCOME MTN Syria settlement Included in Other income is a settlement agreement relating to MTN Syria. In 2021, MTN Syria was placed under judicial guardianship over a disputed licence obligation. MTN Group subsequently abandoned the operation as the regulatory actions made business untenable. During 2026, MTN Group finalised an agreement with the Syrian authorities to formally regularize its exit from Syria and entered into a settlement with the Syrian Arab Republic pursuant to which the parties agreed to resolve all outstanding disputes, and formalise MTN's exit, relating to MTN Group’s historical investment in MTN Syria. Under the settlement, MTN Group will receive US$43.9 million (R716 million 1) in full and final settlement of the investment claims and all other matters resolved under the settlement. 1 Translated at the average rate of US$1=R16.31. 18. CHANGES IN SHAREHOLDING MTN Ghana localisation On 19 March 2026 and 26 June 2026, 33 736 712 and 636 856 shares, respectively in MTN Ghana have vested and have been transferred to employees, as part of MTN Ghana's Employee Share Option Scheme. These transactions have decreased the Group’s effective shareholding from 72.91% to 72.64% and the Group recognised a loss of R251 million on transaction with non-controlling interests. Results overview for the six months ended 30 June 2026 70
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19. PRIOR PERIOD ERROR The Group adopted IFRS 16 Leases (IFRS 16) retrospectively from 1 January 2019, resulting in the recognition of right-of-use assets and lease liabilities. During the year ended 31 December 2025, the Group identified that MTN Ghana's network infrastructure leases had not been remeasured following contractual lease extensions and the introduction of a fixed escalation clause that had come into effect after the adoption of IFRS 16. This resulted in right-of-use assets and lease liabilities being understated. The economy of Ghana was assessed to be hyperinflationary effective 1 January 2023. The uplift of the assets on initial application of hyperinflation resulted in the net asset value of MTN Ghana exceeding its recoverable amount. As a result of this, the initial adjustment was capped at the recoverable amount, with the cap impacting the hyperinflation adjustment to goodwill. The restatement to correct the understatement of MTN Ghana's right-of-use assets and lease liabilities increased the net asset value on initial adoption of hyperinflation (including the effect of hyperinflating the right-of-use asset), this impacted the initial hyperinflation adjustment to goodwill. 19.1 Quantification of prior period error The impact of the restatement on the prior period results is as follows (all related notes and affected financial risk management disclosures have also been restated): Six months ended 30 June 2025 As previously reported Restatement Restated Income statement (extract) Rm Rm Rm Depreciation of right-of-use assets (5 569) 470 (5 099) Finance costs (9 510) (372) (9 882) Net monetary gain 520 110 630 Profit before tax 21 330 208 21 538 Taxation (8 957) (15) (8 972) Profit after tax 12 373 193 12 566 Attributable to: Equity holders of the Company 9 745 142 9 887 Non-controlling interests 2 628 51 2 679 Basic earnings per share (cents) 539 8 547 Diluted earnings per share (cents) 532 8 540 Results overview for the six months ended 30 June 2026 71 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 19 PRIOR PERIOD ERROR continued 19.1 Quantification of prior period error continued Six months ended 30 June 2025 Statement of comprehensive income (extract) As previously reported Restatement Restated Rm Rm Rm Profit for the year 12 373 193 12 566 Exchange differences arising on translating foreign operations including the effect of hyperinflation 16 780 (354) 16 426 Gains arising during the year 16 780 (354) 16 426 Other comprehensive income for the year 21 370 (354) 21 016 Attributable to: Equity holders of the Company 15 629 (242) 15 387 Non-controlling interests 5 741 (112) 5 629 Total comprehensive income 33 743 (161) 33 582 Attributable to: Equity holders of the Company 25 374 (100) 25 274 Non-controlling interests 8 369 (61) 8 308 Results overview for the six months ended 30 June 2026 72
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19 PRIOR PERIOD ERROR continued 19.1 Quantification of prior period error continued Six months ended 30 June 2025 Statement of financial position (extract) As previously reported Restatement Restated Rm Rm Rm Non-current assets Right-of-use assets 60 669 5 672 66 341 Intangible assets and goodwill 82 665 (3 087) 79 578 Non-current assets 318 698 2 585 321 283 Other current assets 14 525 27 14 552 Current assets 156 922 27 156 949 Total assets 475 971 2 612 478 583 Equity attributable to owners of the company 145 335 (818) 144 517 Non-controlling interests 22 318 (216) 22 102 Total equity 167 653 (1 034) 166 619 Non-current liabilities Lease liabilities 65 545 3 333 68 878 Deferred tax and other non-current liabilities 11 332 669 12 001 Current liabilities Lease liabilities 9 016 (356) 8 660 Total liabilities 308 318 3 646 311 964 Total equity and liabilities 475 971 2 612 478 583 Results overview for the six months ended 30 June 2026 73 Results overview Results presentation Appendices Data sheets
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Notes to the condensed consolidated interim financial statements continued for the six months ended 30 June 2026 19 PRIOR PERIOD ERROR continued 19.1 Quantification of prior period error continued Six months ended 30 June 2025 As previously reported Restatement Restated Statement of cash flows (extract) Rm Rm Rm CASH GENERATED FROM OPERATING ACTIVITIES Interest paid (8 371) (787) (9 158) Net cash generated from operating activities 34 666 (787) 33 879 CASH FLOWS USED IN FINANCING ACTIVITIES Repayment of lease liabilities (5 070) 787 (4 283) Net cash flows generated from financing activities (15 425) 787 (14 638) Results overview for the six months ended 30 June 2026 74
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Administration MTN GROUP LIMITED Incorporated in the Republic of South Africa Company registration number: 1994/009584/06 ISIN: ZAE000042164 Share code: MTN Board of Directors MH Jonas^ KDK Mokhele^ HL Bosman^# NP Gosa^ SAX Gwala^ SN Mabaso-Koyana^ SP Miller1^* CWN Molope^ N Newton-King^ T Pennington2^ NL Sowazi^* SLA Sanusi4^ VM Rague3^ GJ Rasethaba^# IS Sehoole^# S Richard5^# S Yeboah-Amankwah6^# RT Mupita7 TBL Molefe7 1 Belgian 2 British 3 Kenyan 4 Nigerian 5 French 6 Ghanaian 7 Executive director ^ Independent non-executive director # Appointed 31 March 2026 * Retired 29 May 2026 Acting Group Company Secretary MML Mokoka Private Bag X9955, Cresta, 2118 Registered office 216 – 14th Avenue Fairland Gauteng, 2195 American depository receipt (ADR) programme A sponsored ADR facility is in place Cusip No. 62474M108 ADR to ordinary share 1:1 Depository: The Bank of New York Mellon 101 Barclay Street, New York NY, 10286, USA MTN Group sharecare line Toll free: 0800 202 360 or +27 11 870 8206 if phoning from outside South Africa Transfer secretaries Computershare Investor Services Proprietary Limited Registration number: 2004/003647/07 Rosebank Towers, 15 Biermann Avenue Rosebank, 2196 PO Box 61051, Marshalltown, 2107 Auditor Ernst & Young Inc. 102 Rivonia Road, Sandton Johannesburg, South Africa, 2196 Lead sponsor Tamela Holdings Proprietary Limited First Floor, Golden Oak House 35 Ballyclare Drive, Bryanston, 2021 Joint sponsor J.P. Morgan Equities (SA) Proprietary Limited 1 Fricker Road, cnr Hurlingham Road Illovo, 2196 Contact details Telephone: National 083 912 3000 International +27 11 912 3000 Facsimile: National (011) 912 4093 International +27 11 912 4093 Email: investor.relations@mtn.com Website: http://www.mtn.com Date of release: 24 August 2026 75 Results overview Results presentation Appendices Data sheets
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Notes 76
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Tel: +27 83 912 3000 Innovation Centre 216 14th Avenue Fairland, 2195 South Africa