MTN : Q3 2025 results Presentation

MTN Group Limited

Quarterly update

for the period ended 30 September 2025

Agenda

1. Operational overview

2. Financial overview

3. Outlook and priorities

3

Operational overview Ralph Mupita

Group President and CEO

4

Operational overview

Financial overview

Outlook and priorities

Key messages

1

Strong broad-based performance across our markets, led by MTN Nigeria and MTN Ghana

2

#300millionStronger | Total customers cross 300 million milestone

3

Fintech transaction value increased by 38.0%* to US$342.3 billion

4

Further expansion in EBITDA margin to 45.0%* (+6.7pp*)

5

Healthy balance sheet and leverage positions supported by good cash upstreaming

6

MTN Nigeria restores positive retained income and net equity positions | Resumes dividend payment

* Denotes constant currency information after pro forma adjustments, throughout this presentation

5

Operational overview

Financial overview

Outlook and priorities

Operational highlights | strong commercial momentum

Service revenue +22.6%* | Data revenue +35.4%* | Fintech revenue +23.1%*

Subscribers (m)

296.8

297.7

301.3

Q1 25

Q2 25

Q3 25

5.8% YoY

Active data subscribers (m)

161.7

164.4

165.8

Q1 25

Q2 25

Q3 25

9.1% YoY

Data traffic (PB)

17 876

5 677

5 997

6 202

Q1 25

Q2 25

Q3 25

YTD'25

26.6% YoY

MoMo monthly active users (MAU, m)

Fintech TX volume (bn)

Fintech TX value (US$bn)

64.3

16.9

342.3

63.2

62.2

5.5

5.6

5.8

95.3

116.9

130.1

Q1 25

Q2 25

Q3 25

Q1 25

Q2 25

Q3 25

YTD'25

Q1 25

Q2 25

Q3 25

YTD'25

Includes JV's

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38.0%* YoY

13.9% YoY

5.3% YoY

Operational overview

Financial overview

Outlook and priorities

Operational highlights | delivering sustained growth

Growth momentum underpinned by execution excellence

MTN SA

MTN Nigeria

Markets

Fintech

• Service revenue +2.0% | Pressure in prepaid market

• Data revenue +5.0%; traffic

  +24.7% | Q3 acceleration, +6.4%

• Robust growth in postpaid (+7.3%), enterprise (+12.3%)

• Positive Q3 growth momentum in key segments

• Service revenue +57.1%* | Broad-based growth

• Resilient demand, strong execution, price increases

• Data traffic +36.3%

• Positive retained income / net equity positions | N5.00 DPS interim, ~R975m for Group

• Strong service revenue growth: SEA +22.0%*, WECA +17.1%*

• Service revenue > inflation

• Robust MTN GH

• Momentum in turnaround markets - Cote d'Ivoire, Zambia, Rwanda, Sudan

• Service revenue +23.1%*

• Advanced services 33.4% of total MoMo (+3.8pp)

• Mastercard virtual card live in 3 markets

• Save and invest products launched in Uganda and Rwanda

7

Financial overview Tsholofelo Molefe

Group CFO

8

Operational overview

Financial overview

Outlook and priorities

Financial highlights | Group service revenue and EBITDA margin

Strong topline performance in our key segments | Fintech advanced services revenue growth of +39.5%* | EBITDA was up +41.1%*

Constant currency

Service revenue

Data revenue

Fintech revenue

EBITDA margin

24.9%

23.0%

22.6%

19.8%

Q1 25 Q2 25 Q3 25 YTD'25

39.4%

37.2%

35.4%

28.7%

Q1 25 Q2 25 Q3 25 YTD'25

25.2%

24.7%

23.1%

20.1%

Q1 25 Q2 25 Q3 25 YTD'25

46.6%

44.1%

44.3%

45.0%

Q1 25 Q2 25 Q3 25 YTD'25

+6.7pp

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Operational overview

Financial overview

Outlook and priorities

Financial highlights | MTN SA and MTN Nigeria

MTN SA impacted by competitive environment | Strong MTN Nigeria performance underpinned by execution and price adjustments

Constant currency

MTN SA

Service revenue

EBITDA margin

36.8% 36.3%

34.5%

35.9%

2.6%

2.1%

2.0%

1.4%

Q1 25 Q2 25 Q3 25 YTD'25

Q1 25 Q2 25 Q3 25 YTD'25

(0.4pp)

MTN Nigeria

Service revenue

EBITDA margin

68.1%

62.9%

57.1%

53.8%

52.9%

51.3%

40.4%

46.5%

Q1 25 Q2 25 Q3 25 YTD'25

Q1 25 Q2 25 Q3 25 YTD'25

+15.0pp*

YTD capex^ R5.0bn | Capex intensity 13.1%

YTD capex^ R8.9bn | Capex intensity 20.2%

^ Ex-leases

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Operational overview

Financial overview

Outlook and priorities

Financial highlights | Markets portfolio

Robust overall results and pleasing momentum in the Markets portfolio | Topline growth ahead of blended inflation, with EBITDA margin improvements

Constant currency

SEA MTN Uganda WECA MTN Ghana

Service revenue Service revenue

Service revenue Service revenue

39.5% 40.2%

29.9%

35.9%

22.6% 21.3% 22.2% 22.0%

13.5% 13.0% 14.2% 13.6%

14.0% 19.6% 17.3% 17.1%

Q1 25 Q2 25 Q3 25 YTD'25

Q1 25 Q2 25 Q3 25 YTD'25

Q1 25 Q2 25 Q3 25 YTD'25

Q1 25 Q2 25 Q3 25 YTD'25

EBITDA Margin EBITDA margin EBITDA Margin EBITDA margin

+3.2pp*

+2.1pp*

+4.0pp*

+2.3pp*

47.3% 48.8% 48.9% 48.4%

Q1 25 Q2 25 Q3 25 YTD'25

52.4% 55.0% 54.1% 53.8%

Q1 25 Q2 25 Q3 25 YTD'25

44.3% 47.0% 48.1% 46.6%

Q1 25 Q2 25 Q3 25 YTD'25

58.1% 58.7% 58.3% 58.4%

Q1 25 Q2 25 Q3 25 YTD'25

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Operational overview

Financial overview

Outlook and priorities

Financial highlights | healthy financial profile

Prudent deployment of capex, within intensity target | Healthy leverage ratios | R11.9bn upstreamed from Opcos in Q3

Capex (ex-leases)

Group Net debt/EBITDA

(R'bn)

27.9

Capex intensity

16.8%

19.8

14.7%

YTD'24

YTD'25

YTD'24

YTD'25

0.7x

0.4x

Q3 24

Q3 25

Holdco leverage

Cash upstreaming (Rbn)

1.4x

1.4x

11.9

8.7

Q3 24

Q3 25

YTD'24

YTD'25

12

Outlook and priorities Ralph Mupita

Group President and CEO

13

Operational overview

Financial overview

Outlook and priorities

Advancing strategic partnerships to accelerate digital inclusion

LEO partnerships

Mastercard commercial partnership

Microsoft AI-learning partnership

• Accelerating agreements from 2024

• Launch of partnerships with Starlink in Zambia and South Sudan

• Accelerating launch of virtual and physical cards

• Live in Côte d'Ivoire, Uganda and Rwanda

• Expansion of AI learning tools for students in select markets

• Complements work to integrate AI across MTN business and services

14

Operational overview

Financial overview

Outlook and priorities

FY 2025 priorities

Focus on continued operational and strategic execution

Sustain operational momentum

Accelerate fintech strategy

Drive expense and capital efficiencies

Strengthen balance sheet

• Accelerate MTN SA topline growth, EBITDA margin and FCF

• MTN Nigeria - maintain growth acceleration

• Sustain momentum in Markets cluster

• Fintech ecosystem growth, leverage Mastercard partnership

• Scale MoMo PSB

• Structural separation

• EEP target of R7-8bn savings

• Capital allocated of R33-38bn to fund underlying growth

• Improving returns

• Sustain cash upstreaming

• Sustain healthy balance sheet profile and flexibility

• Earnings growth in Nigeria to drive improved equity and reserves

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Operational overview

Financial overview

Outlook and priorities

Medium-term guidance

KPI

Target

Service revenue growth

Holdco leverage

Adjusted ROE

MTN Nigeria FY 25 guidance

Group: 'at least high-teens' SA: 'low to mid-single-digit' Nigeria: 'at least low-20%'

Fintech: 'high-20% to low-30%'

<1.5x

Improvement towards 25%

• 'at least low-50%' service revenue growth

• 'at least low-50%' EBITDA margin

• Underpinned by tariff adjustments

Minimum ordinary dividend of 370cps for FY 25

16

Thank you

Contact:

Thato Motlanthe

Group executive - Investor Relations [e-mail]

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