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About this report

This Integrated Report is MTN Group Limited’s primary communication to all stakeholders and provides a comprehensive yet concise view of the Group. It endeavours to enable readers to make an informed assessment of our performance, prospects and the value we seek to create and preserve through our activities

Changes in reporting and enhancements

For this report, we made the following enhancements:

Additional context on our enhanced materiality determination process.
Further detail on our performance against the constituents of our strategic priorities.
More granular background of specific market context information on our three regions.
Our milestones over the last 30 years.
Streamlined the duplication and enhanced cross referencing throughout the reports, including embedding hyperlinks to the website.
Provided more information on how the Board transformed our refreshed values into action.

Basis for preparation

Our report reflects integrated thinking at MTN: it is prepared by the Investor Relations team, reporting to the MTN Group Chief Financial Officer. In determining its content, we assess the annual business plan, Ambition 2025, the issues that materially impact our ability to create and preserve value, as well as those that could erode value.

We also draw on monthly standardised reports prepared by management across the Group and submitted to the Board of Directors. These comprehensive updates include details of our operating context, our strategic performance, our stakeholder engagements, as well as risks and opportunities. The IR is reviewed by the Executive Committee and then presented to the Audit Committee for review, before being recommended to the Board of Directors.

In line with our commitment to comprehensive, reliable and transparent reporting, the process we follow in the preparation of our IR is robust – and encompasses numerous checks and balances, in consultation with our Board, our senior management, our sponsors and our auditors. We also obtain limited assurance on selected non-financial data.

Reporting boundary for this report (risks and opportunities, outcomes)

Financial reporting entity (control and significant influence)

MTN Group Limited

Subsidiaries

Joint ventures

Other investments

(see our portfolio, Where we operate and how we performed )

Stakeholders (Stakeholders with whom we partner to create value )

Scope and boundary

The material matters and our Ambition 2025 strategy form the anchor of the report, which explains who we are and where we operate, the context in which we work, our governance and business model, our strategy and investment case, our risks and opportunities, as well as our operational and financial performance for the period 1 January to 31 December 2023. Financial data from our subsidiaries and non-financial data from subsidiaries, associates, and joint ventures are fully consolidated.

The report gives commentary, performance and prospects for our material subsidiaries: MTN South Africa and MTN Nigeria, as well as for our three operating regions:

SEA – Southern and East Africa.
WECA – West and Central Africa.
MENA – Middle East and North Africa.

Details of listed operating companies (Opcos) MTN Nigeria, MTN Ghana, MTN Uganda and MTN Rwanda are in their separate integrated reports online The reports for MTN Nigeria and MTN Ghana have been released. MTN Uganda's report will be published before end-April 2024, and MTN Rwanda's is due for release by end-May 2024.

We consider the outlook over three time horizons:

The short term (less than three years).
The medium term (three to five years).
The long term (beyond five years).

The structure of this report, dated 29 April 2024, draws on the Integrated Reporting Framework. The 2022 Integrated Report was published on 26 April 2023.

Certain information presented in this report, including constant currency financial information, constitutes pro forma financial information. Certain non-financial information has been assured by Ernst & Young and is identified by LA . The Limited Assurance Report is in Independent assurance practitioner's limited assurance report.

Supplementary information is on our website in associated reports, the icons of which are in Navigating this report.

Materiality

Material matters are those factors that could substantially affect the delivery of our strategy, our profitability and our sustainability and therefore influence our ability to create and sustain value for our stakeholders. Informed by recent developments in global disclosure standards and frameworks, we have adopted ‘double materiality’ across our suite of annual reports.

Material matters which meet the criteria for double materiality are those that fall within the impact materiality and financial materiality. These matters are likely to influence the value, timing and certainty of MTN’s future cash flows across the short, medium and long term. Our IR also unpacks financially material impacts resulting from ESG risks and opportunities.

Impact materiality: refers to significant impacts on individuals, society and the environment.
Financial materiality: captures the impacts on the Group’s value and cash flow, including events during the financial year and those that are integrated into prospective cash flow projections.

We have sought to ensure that all the information in this IR will help readers assess MTN’s value creation.

The outcomes of our 2023 materiality determination process are in Material matters impacting value creation.

We report with reference to the following standards and frameworks

The Integrated Reporting Framework				IR	AFS
Companies Act, No 71 of 2008 (as amended)		IR	AFS	SR	KIV
JSE Listings Requirements		IR	AFS	SR	KIV
FTSE/JSE Responsible Investment Index	IR	SR	KIV	TR	CDP
King IV™^ Principles	IR	AFS	SR	KIV	TR
International Financial Reporting Standards (IFRS)				IR	AFS
UN GRI				IR	SR
JSE Sustainability Disclosure Guidance				IR	SR
Global System for Mobile Communications Association (GSMA) ESG Metrics				SR	TR
Sustainability Accounting Standards Board (SASB) Telecommunication Services industry				IR	SR
UNSDGs				IR	SR
UN Global Compact (UNGC)				SR	TR
UN Guiding Principles on Business and Human Rights				SR	TR
CDP				SR	CDP
IFRS® Sustainability Disclosure Standard				IR	SR
IFRS® Climate-related Disclosures			SR	CDP	CR

^	Copyright and trademarks are owned by the Institute of Directors South Africa NPC and all of its rights are reserved.

Controls and combined assurance

The Board ensures an effective control environment which supports the integrity of our information. We use a combined assurance model which considers the role of management, control functions, internal and external audit, and Board committees. For 2023, we assessed our controls to be adequate and effective.

Approval by the Board

MTN’s Board acknowledges its responsibility to ensure the integrity of the IR. We, as the Board, believe that this report has been prepared in accordance with the Integrated Reporting Framework. We are of the opinion that it addresses all material matters and offers a balanced view of MTN’s strategy and how it relates to the organisation’s ability to create and preserve value in the short, medium and long term, as well as how it relates to efforts to prevent instances where value is eroded. The report adequately addresses the use of, and effects on, the capitals and the way the availability of capitals is impacting MTN’s strategic positioning.

Approval date: 29 April 2024