Summary Group statement of cash flowsfor the year ended 31 December 2025


   Note  2025 
Rm 
  2024 
Restated1
Rm 
Net cash generated from operating activities     77 944    45 918 
Cash generated from operations     105 938    70 502 
Interest received     2 308    1 879 
Interest paid     (18 302)   (16 395)
Income tax paid     (12 120)   (10 152)
Dividends received from joint ventures     120    84 
Net cash used in investing activities     (40 930)   (33 341)
Acquisition of property, plant and equipment     (30 907)   (24 288)
Acquisition of intangible assets     (9 425)   (6 675)
Proceeds from sale of property, plant and equipment and intangible assets     154    70 
Increase in loans receivable     (367)   (373)
Increase in prepayments     (32)   (346)
Acquisition of right-of-use asset     (1 963)   (713)
Cash deconsolidated on disposal of subsidiaries net of cash disposed of         (836)
Purchase of non-current investment bonds     (97)   — 
Purchase of non-current investment bonds and equity instruments     (73)   (192)
Realisation/(purchase) of current investment treasury bills and foreign deposits     1 017    (5 356)
Increase in restricted cash     (8 258)   (13 553)
Decrease in restricted cash     9 376    19 154 
Other investing activities     (355)   (233)
Net cash used in financing activities      (23 720)   (15 306)
Proceeds from borrowings  14  12 551    34 849 
Repayment of borrowings  14  (19 231)   (35 487)
Repayment of lease liabilities     (8 650)   (8 125)
Dividends paid to equity holders of the Company     (6 235)   (5 963)
Dividends paid to non-controlling interests     (5 309)   (1 558)
Purchase of treasury shares     (513)   (1 237)
Consideration received on MTN Ghana share localisation  18.1  201    1 462 
Proceeds from sale of treasury shares: MTN Zakhele Futhi unwind     3 433    — 
Proceeds from MTN Uganda share localisation         1 036 
Decrease in other non-current liabilities     (669)   (80)
Contribution from non-controlling interest         300 
Acquisition of non-controlling interest         (86)
Other financing activities     702    (417)
Net increase/(decrease) in cash and cash equivalents     13 294    (2 729)
Net cash and cash equivalents at the beginning of the year     29 061    36 555 
Exchange losses on cash and cash equivalents     (184)   (4 365)
Net monetary loss on cash and cash equivalents     (909)   (1 541)
Decrease in cash classified as held for sale     —    1 141 
Net cash and cash equivalents at the end of the year      41 262    29 061 
1 Restated, refer to note 19 for details on the restatement.