A view from our leadership

mcebisi

Accelerating Africa's
digital future

Mcebisi Jonas

Group Chairman

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We are pleased to report a strong underlying performance and strategic execution for 2024.

Ralph Mupita

Group president and CEO

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mcebisi

tsholofelo

We begin 2025 encouraged by the trajectory of key financial metrics such as service revenue, efficiencies, free cash flow and leverage.

Tsholofelo Molefe CA(SA)

Group Chief Financial Officer

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Investment case

01

Exciting demographic opportunity

Fast-growing, youthful population.
Low data, fintech and digital adoption.
Partner in socioeconomic development of our regions.

02

Exciting demographic opportunity

Fast-growing, youthful population.
Low data, fintech and digital adoption.
Partner in socioeconomic development of our regions.

03

Exciting demographic opportunity

Fast-growing, youthful population.
Low data, fintech and digital adoption.
Partner in socioeconomic development of our regions.

04

Exciting demographic opportunity

Fast-growing, youthful population.
Low data, fintech and digital adoption.
Partner in socioeconomic development of our regions.

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Material matters impacting value creation

Our material matters in 2024

Here is a summary of the material matters identified in 2024. For the IR, although the elements below take into account for both 'financial' and 'impact' materiality, we believe that they all have a high 'financial' materiality and are therefore relevant to providers of capital who seek to assess MTN's enterprise value. Where there is a high 'impact' materiality, the matters are further unpacked in the SR and related suite of reports. Our approach to materiality is outlined on material matters impacting value creation. We have enhanced our analysis of the material matters by providing a sense of our view of the 'temperature' of each matter in terms of probability of occurrence/impact and ability or not to remediate the respective impact.

Rank

2023

2024

Material matter

Financial materiality

Impact materiality

Rank

2023

1

2024

MM

1

Material matter

Macroeconomic conditions (Macro)^

Financial materiality

Financial materiality

Impact materiality

Rank

2023

1

2024

MM

2

Material matter

Geopolitical landscape (Geopolitics)^

Financial materiality

Financial materiality

Impact materiality

Rank

2023

2

2024

MM

3

Material matter

Complex regulatory and tax environment (Regulatory/tax)

Financial materiality

Financial materiality

Impact materiality

Rank

2023

4

2024

MM

4

Material matter

Financial resilience (Finance)

Financial materiality

Impact materiality

Financial materiality

Rank

2023

5

2024

MM

5

Material matter

De-layering of the telecoms business model (Platforms)

Financial materiality

Impact materiality

Financial materiality

Rank

2023

5^#

2024

MM

6

Material matter

Competitive landscape and market structure (Competition)

Financial materiality

Financial materiality

Impact materiality

Rank

2023

10

2024

MM

7

Material matter

AI, Low Earth Orbit (LEO) satellites and other emerging technologies (Emerging tech)

Financial materiality

Financial materiality

Impact materiality

Rank

2023

7^#

2024

MM

8

Material matter

Future-fit skills (Skills)^

Financial materiality

Financial materiality

Impact materiality

Rank

2023

9

2024

MM

9

Material matter

Governance, ethics and risk management (Governance)

Financial materiality

Financial materiality

Impact materiality

Rank

2023

6^#

2024

MM

10

Material matter

Enabling digital and financial inclusion (DigiFin inclusion)^

Financial materiality

Financial materiality

Impact materiality

Rank

2023

8

2024

MM

11

Material matter

Cybersecurity and digital safety (Cybersecurity)

Financial materiality

Financial materiality

Impact materiality

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About MTN

Board of Directors Executive Committee

Reporting centre

Annual reports Financial results

Definitions and glossary

Definitions for assured non-financial data Glossary Administration