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Leading digital solutions for Africa’s progress MTN Group Limited Results presentation for the six months ended 30 June 2025
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The information contained in this document (presentation) has not been verified independently. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Opinions and forward-looking statements expressed herein represent those of the MTN Group (the “Company”) at the time. Undue reliance should not be placed on such statements and opinions because by nature, they are subjective to known and unknown risk and uncertainties and can be affected by other factors that could cause actual results, and the Company plans and objectives to differ materially from those expressed or implied in the forward-looking statements. Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (whether based on negligence or not and/or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in the statements from the presentation whether to reflect new information or future events or circumstances otherwise. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation and any related call or webcast (including any related Question & Answer session/s) (“contents”) may include data or references to data provided by third parties. Neither the Company, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantee that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep the contents updated, nor to correct the contents in the event that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, the Company may introduce changes it deems fit and suitable, and it may also omit partially or completely as it deems it necessary any of the elements of this presentation, and in case of any deviation between such a version in question and this very presentation, the Company assumes no liability for any possible or identified discrepancies. 2 Disclaimer
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01 H1 25 Highlights Agenda 02 Operational & strategic review 03 Financial review 04 Outlook and priorities 3
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Ralph Mupita Group President and CEO 4 01 H1 25 Highlights
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Outlook & priorities Financial reviewOperational & strategic review Highlights 5 Key messages Robust H1 | Strong commercial execution, disciplined capital allocation, improved macro 1 Service revenue +22.4%* | Broad-based growth led by MTN Nigeria and MTN Ghana 2 Continued fintech ecosystem development | Fintech transaction value +45.4%* 3 MTN Nigeria – positive NAV position expected by end Q3 25 4 Enhanced medium-term guidance 5 * Denotes constant currency information after pro forma adjustments, throughout this presentation
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Service revenue EBITDA Group Leverage OpFCF^ Data revenue EBITDA margin Holdco Leverage Adjusted ROE Fintech revenue Adjusted HEPS USD:ZAR debt mix Growth Earnings Balance sheet Returns Highlights | financial performance, H1 25 +22.4%* +42.3%* R46.7bn 0.5x +106.4% R20.5bn +34.3%* +7.1pp* 42.7% 1.5x 21.5% +24.9%* +76.1% 657 cents 17:83 Outlook & priorities Financial reviewOperational & strategic review Highlights ^ Operating free cash flow before spectrum and licences 6
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Ralph Mupita Group President and CEO 7 02 Operational & strategic review
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8 South Africa Executing initiatives to accelerate growth Outlook & priorities Financial reviewOperational & strategic review Highlights Market context • GDP growth of +0.1% (Q1 25) • Stable FX and inflation (avg CPI of 3.0%) • Competitive intensity in the prepaid market • Price optimisation initiatives • Implemented device strategy • Deployed capex of R3.2bn (ex-leases) • Service revenue +2.3% • Postpaid and data commercial momentum • Improved network resilience and quality Key activities Solid results
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Market context • Stable naira | Improved FX liquidity • Easing inflation pressures | Steady policy rates • SIM registration regulations: limit on 3rd party agents • Implementation of price adjustments • Benefit of renegotiated tower lease contracts • Accelerated capex (R7.3bn, ex-leases) – capacity and quality of experience • Service revenue growth of 54.1%* • Robust demand: data traffic +41.2% | Active data users +11.8% • Sustained network leadership 9 Nigeria Strong momentum driven by commercial excellence and price adjustments Outlook & priorities Financial reviewOperational & strategic review Highlights Key activities Solid results
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Subscribers (m) Active data subscribers (m) MoMo monthly active users (MAU, m) Subscribers (m) 10 Markets 37.7 41.0 43.6 H1 23 H1 24 H1 25 13.1 15.4 18.0 H1 23 H1 24 H1 25 32.5 34.5 35.8 H1 23 H1 24 H1 25 31.9 34.6 39.2 H1 23 H1 24 H1 25 68.6 68.7 70.0 H1 23 H1 24 H1 25 +9.4%+16.7%+6.5% +1.8% +13.2% +3.8% 19.5 21.7 23.7 H1 23 H1 24 H1 25 Active data subscribers (m) MoMo monthly active users (MAU, m) SEA WECA Sustained commercial momentum in Markets Outlook & priorities Financial reviewOperational & strategic review Highlights
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Remittance 11 Scaling fintech Continued ecosystem development – advanced services revenue +42.0% Outlook & priorities Financial reviewOperational & strategic review Highlights Wallet 63.2m MoMo users +1.8% YoY 1.3m MoMo active agents -1.9% YoY Total fintech transactions 11.1 billion TX volume +14.5% YoY US$212.2bn TX value +44.9%^ YoY ^45.4% constant currency 2.0m active merchants -14.5% YoY US$9.9bn GMV +8.9%^ YoY 12.0m unique users +27.1% YoY ^12.0% constant currency US$2.1 billion +14.7%^ YoY 628 inbound corridors +8.8% YoY ^14.7% constant currency US$1.3 billion loan value~ +79.2%^ YoY 6.5m unique users +69.7% YoY ^80.4% constant currency 2.0m aYo policies -22.3% YoY Payment & e-Commerce BankTech InsurTech
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Regulatory developments Legal developments 12 Updated on regulatory and legal developments SIM regulations Turkcell matter – Constitutional Court appeal Quality of Service Taxation policies across our markets ATA cases – Chand and Davis amended complaint US DoJ1 request for information Outlook & priorities Financial reviewOperational & strategic review Highlights 1 US Department of Justice
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KPI Target Performance 13 Good progress against our medium-term guidance in H1 25 Outlook & priorities Financial reviewOperational & strategic review Highlights <1.5x | faster non-rand deleveragingHoldco leverage > R25 billionAsset realisation Improvement towards 25%Adjusted ROE Service revenue growth 1.5x | 83% ZAR mix 21.5% R22.6bn Group: ‘at least mid-teens’ South Africa: ‘mid-single-digit’ Nigeria: ‘at least 20%’ Fintech: ‘high-20% to low-30%’ 22.4%* 2.3% 54.1%* 24.9%*
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Tsholofelo Molefe Group CFO 14 03 Financial review
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15 Key financial messages Outlook & priorities Financial reviewOperational & strategic review Highlights Strong financial momentum with acceleration in topline and margin 1 Stable macro environment supported improved quality of earnings 2 Continued execution of expense efficiency programme | R1.5bn in H1 25 savings (R5.3bn^ cumulative) 3 Robust growth in FCF 4 Sustained balance sheet health and financial flexibility 5 ^ Since 2024
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16 Positive financial momentum Pleasing sequential progression Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan 19.8 24.9 Q1 25 Q2 25 Service revenue (%*) 21.7 24.1 Q1 25 Q2 25 EBITDA (Rbn*) & margin (%*) 1.9 6.3 Q1 25 Q2 25 Cash upstreaming (Rbn) 1.5 1.5 Q1 25 Q2 25 Holdco leverage (x) 0.7 0.5 Q1 25 Q2 25 Group Net debt/EBITDA (x) 44.344.1 EBITDA margin Outlook & priorities Financial reviewOperational & strategic review Highlights
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(Rm) H1 25 H1 24 % change reported % change constant currency Revenue 109 261 90 842 20.3 19.5 Service revenue 105 111 85 323 23.2 22.4 EBITDA before once-off items 40 655 29 046 60.6 42.3 Once-off items (13) 883 Depreciation, amortisation and goodwill impairment (20 430) (18 189) 12.3 EBIT 26 212 11 740 123.3 Net finance cost (7 088) (22 956) (69.1) Hyperinflationary monetary gain 520 276 Share of results of associates and joint ventures after tax 1 686 1 892 (10.9) 50.0 Profit before tax 21 330 (9 048) Income tax expense (8 957) (629) Profit after tax 12 373 (9 677) Non-controlling interests (2 628) 2 287 Attributable profit 9 745 (7 390) EPS (cents) 539 (409) 231.8 HEPS (cents) 645 (256) 352.0 Adjusted HEPS (cents) 657 373 76.1 Adjusted ROE (%) 21.5 20.2 1.3pp 17 Group summary profit & loss statement Group EBITDA margin of 44.2%* (+7.1pp) Lower FX losses: stable NGN and GHS appreciation Higher PBT, reversal of deferred tax asset & Uganda tax settlement Nigeria return to profitability as well as improved profits in Ghana Outlook & priorities Financial reviewOperational & strategic review Highlights
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18 Group service revenue H1 service revenue +22.4%* driven by data and fintech Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan 228 353 404 Data Voice Digital Wholesale Fintech 81 197 11 405 3 175 99 421 105 111 HyperinflationH1 24 CC H1 25 ReportedH1 25 CC 2 659 Other +22.4%* +34.3% +11.6% +15.0% +8.2% +24.9% +9.8% Outlook & priorities Financial reviewOperational & strategic review Highlights CC - Constant currency (Rm) constant currency 5 690
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H1 24 H1 25 Service revenue Expenses EBITDA and capex (ex-leases) 19 MTN South Africa Steady topline growth and stable EBITDA margin in competitive market conditions Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights 9 798 7 208 H1 24 8 325 7 698 H1 25 Cost of sales Opex 17 006 16 023 -5.8% H1 24 H1 25 9 566 9 219 -3.6% 36.5% EBITDA margin^36.5% Capex intensity12.6%17.7% -2.2% +4.3% -2.1% +7.8% -15.0% +6.8% -2.4% +3.1% EBITDA^ R4.6bn R3.2bn Capex (Rm) 1 Other – Includes enterprise, ICT & bulk SMS ^Adjusted for loss on disposal of SA towers of R13m (H1 24: R11m gain) 10 044 5 308 2 557 669 859 1 673 10 479 5 193 2 636 655 838 1 803 Data Voice Wholesale Digital Fintech Other1 21 110 21 604 +2.3%
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Service revenue Expenses EBITDA and capex (ex-leases) 20 MTN Nigeria Broad-based service revenue growth boosted by price adjustments and resilient demand Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan (Rm) constant currency Outlook & priorities Financial reviewOperational & strategic review Highlights 3 035 8 828 H1 24 3 947 10 157 H1 25 Cost of sales Opex 11 863 14 104 +18.9% H1 24 H1 25 6 587 14 326 +117.5% +39.9% +60.2% +71.2% +35.1% +30.0% +15.1% 50.4%35.7% +6.1% +68.5% EBITDA margin EBITDA 1 Other – Includes enterprise, ICT & bulk SMS 8 714 7 588 364 580 730 H1 24 14 687 10 612 583 993 986 H1 25 Data Wholesale Digital Fintech 18 321 28 227 345 366 +54.1% Capex intensity25.5%9.4% R1.9bn R7.3bn Capex Voice Other1
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SEA 21 Markets Markets portfolio delivered solid overall results, with robust growth from MTN Ghana Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights MTN Uganda Service revenue (Rbn) Service revenue (Rbn) EBITDA margin (%) Service revenue (Rbn) EBITDA margin (%) Service revenue (Rbn) EBITDA margin (%) EBITDA margin (%) 10.9 13.2 H1 24 H1 25 7.6 8.6 H1 24 H1 25 28.1 32.9 H1 24 H1 25 11.0 15.4 H1 24 H1 25 45.0 48.1 H1 24 H1 25 51.5 53.7 H1 24 H1 25 41.8 45.8 H1 24 H1 25 +21.9% +17.0% 56.0 58.5 H1 24 H1 25 +3.1pp +2.2pp +4.0pp +2.5pp WECA MTN Ghana +13.3% +39.9% Constant currency
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Revenue Revenue contribution by services 22 Fintech revenue breakdown Strong expansion of advanced services revenue, +42.0%* | EBITDA margin ahead of top-end of ‘mid to high-30%’ range Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan 25% 16%59% Advanced services Airtime advance Basic services 28% 15% 57% Advanced services Airtime advance Basic services H1 25 H1 24 6 329 2 657 1 682 H1 24 7 519 3 772 2 036 H1 25 Basic services Advanced services Airtime Advance 10 668 13 327 +24.9% +18.8% +42.0% +21.1% Basic services – withdrawals & transfer services | Advanced services – BankTech, Remittance, InsurTech, Payment & e-Commerce and other financial services (Rm) constant currency Outlook & priorities Financial reviewOperational & strategic review Highlights
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Expenses Expense efficiency programme (Rm) constant currency 23 Group expenses Cost of sales lower due to lower device sales | Savings of R1.5bn Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan -0.4% +10.4% 24 886 29 915 H1 24 24 784 33 037 H1 25 Cost of sales Opex 54 801 57 821 +5.5% Outlook & priorities Financial reviewOperational & strategic review Highlights 82% 9% 9% Network & IT S&D and Marketing General admin 6% 78% 14% 2% South Africa Nigeria SEA WECA Savings by region Savings by category EEP 2.0: R7-8bn targeted, between 2024-26 | R5.3 billion cumulative savings to date
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24 Adjusted HEPS Strong AHEPS growth of 76.1% Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan (R’cents) Reported H1 25 H1 24 % change Attributable EPS 539 (409) 231.8 Impairment of goodwill, PPE and associates 104 203 Impairment loss on remeasurement of disposal groups - 8 Net loss on disposal of subsidiaries - (56) Net gain (after tax) on disposal of SA towers 1 - Net loss/(gain) on disposal of property, plant and equipment and intangible assets 1 (2) Basic HEPS 645 (256) 352.0 Hyperinflation (excluding impairments) (15) 57 Impact of foreign exchange losses/(gains) (43) 519 MTN Nigeria foreign exchange losses / (gains) 2 389 Other foreign exchange losses / (gains) (45) 130 Reversal of deferred tax asset 35 28 Other non-operational items 35 25 Adjusted HEPS (excluding non-operational items) 657 373 76.1 Outlook & priorities Financial reviewOperational & strategic review Highlights
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Capex Capex segmentation across regions Capex (ex-leases) Capex driven by accelerated deployment in MTN Nigeria and stronger Ghana cedi | Intensity of 19.0% Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan 15.2% H1 23 14.8% H1 24 19.0% H1 25 17 232 20 799 CAPEX CAPEX Intensity 13 433 15% 35% 8% 39% 3% South Africa Nigeria SEA WECA MENA & HO Outlook & priorities Financial reviewOperational & strategic review Highlights 25 (Rm) 26% 74% IT Systems and other Network
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26 Free cash flow Strong cash generation, with OpFCF +106.4% to R20.5bn Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Net interest paid -5 780 Tax PaidReported EBITDA 4 206 Non-cash -3 211 Working capital Capitalised lease payments Acquisition of PPE & intangible assets OpFCF before spectrum & licences Spectrum & licences OpFCF before interest & tax -7 207 46 643 -5 070 -22 109 20 459 -773 19 686 6 699 FCF 106.4% 115.5% Outlook & priorities Financial reviewOperational & strategic review Highlights (Rm) 379.3%
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77% 79% 83% 23% 21% 17% Holdco Net Debt (Rbn) Maturity Profile (Rbn) 27 Leverage and liquidity profile Sustained healthy balance sheet and leverage ratios | Solid progress in cash upstreamed Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights Holdco leverage 1.4x 1.4x Group leverage 0.4x 0.7x USD ZAR Other key numbers: Cash upstreamed: R8.2bn R6.5bn HoldCo cash balances: R15.7bn R11.5bn HoldCo net debt: R36.7bn R40.3bn Liquidity headroom: R39.1bn R30.4bn 1.5x 0.5x 8.9 1.5 4.4 7.4 9.4 15.2 1.9 2.2 USD ZAR 20242023 H1 25 H1 25 H1 24 31.9 35.5 36.7 2025 2026 2027 2028 2029 2030 2031
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Ralph Mupita Group President and CEO 28 04 Outlook and priorities
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Currencies & commodities Inflation rates Global macro Economic outlook – GDP 29 Macro outlook Stability in macroeconomic indicators supports growth outlook, amid evolving geopolitical risks Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights Source (economic data): IMF, Standard Bank Group Securities (July 2025 AMR) South Africa Nigeria Ghana 2025F 2026F 2025F 2026F 2025F 2026F 0.9% 1.3% 3.5% 3.3% 5.5% 6.1% • Global geopolitics remain uncertain and challenging • Trade tariff impacts across our markets • Improved macro outlook in some of our markets (Nigeria & Ghana) • Evolving regulatory context • Average rand/US$: R18.16/$ R17.86/$ • Average naira/US$: N1 697.50/$ N1 913.80/$ • Average cedi/US$ GHS11.50/$ GHS12.70/$ 2025F 2026F 2025F 2026F • South Africa 3.4% 4.0% • Nigeria 23.5% 19.1% • Ghana 17.2% 11.3%
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30 FY 2025 priorities Focus on continued operational and strategic execution Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights Accelerate fintech strategy • Sustain cash upstreaming • Sustain healthy balance sheet profile and flexibility • Earnings growth in Nigeria to drive improved equity and reserves • Fintech ecosystem growth, leverage Mastercard partnership • Scale MoMo PSB • Structural separation • Accelerate MTN SA topline growth, EBITDA margin and FCF • MTN Nigeria – maintain growth acceleration • Sustain momentum in Markets cluster • Progress EEP 2.0 R5.3bn to date of R7-8bn savings • Capital allocated of R33-38bn to fund underlying growth • Improving returns Sustain operational momentum Drive expense and capital efficiencies Strengthen balance sheet
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31 Resilient topline growth | Service revenue +13.6%*, ex-MTN Sudan Outlook & priorities Financial reviewOperational & strategic review Highlights Group strategy review and operating model evolution Strategic review in context of evolving macro and technological landscape Ambition 2025 priorities remain relevant and appropriate 3-platform approach: Connectivity | Fintech | Digital Infrastructure Streamlined focus to enhance positioning to capture structural growth opportunities Evolution of operating model and leadership structures to reinforce strategy execution
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32 Investment case – a compelling African growth story Outlook & priorities Financial reviewOperational & strategic review Highlights Exciting demographic opportunity • Fast-growing, youthful population. • Low data, fintech and digital adoption. • Partner in socioeconomic development of our regions Africa’s leading and scale connectivity and infrastructure business • #1 or #2 subscriber share in all our markets. • Well-invested networks/platforms. • Enterprise, wholesale and infrastructure-sharing opportunities. Well positioned for the long term • Accelerated digitisation of Africa. • Portfolio transformation enhances risk/return profile. • Exposing value in infrastructure assets and platforms. Attractive return profile • Accelerating growth outlook. • Attractive cash flow and ROE profile. • Balance sheet flexibility, faster non-rand deleveraging 01 02 03 04 Digitalservices Data Fintech Fintech Networkas a Service
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33 Outlook & priorities Financial reviewOperational & strategic review Highlights Data traffic Fintech transaction volume Structurally higher demand for data & fintech MTN’s investment case and medium-term growth underpinned by structural demand The charts above denote each measure indexed to 100 in Q1 19 and illustrates how ensuing quarters have developed relative thereto. Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Average transaction volume per quarter (billions) +1.3 +1.9 +2.5 +3.3 +4.4 +5.1 Average data traffic per quarter (Petabytes) +282 +570 +800 +1 070 +1 394 +2 073 +5.5 +1 821
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Target KPI 34 Enhanced medium-term guidance Outlook & priorities Financial reviewOperational & strategic review Highlights Minimum ordinary dividend of 370cps for FY 25 MTN Nigeria FY 25 guidance • ‘at least low-50%’ service revenue growth • ‘at least low-50%’ EBITDA margin • Underpinned by tariff adjustments <1.5xHoldco leverage Improvement towards 25%Adjusted ROE Service revenue growth Group: ‘at least high-teens’ SA: ‘low to mid-single-digit’ Nigeria: ‘at least low-20%’ Fintech: ‘high-20% to low-30%’
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Leading digital solutions for Africa’s progress Thank you