Results overview

Operating context

The global operating environment became more challenging during the first half of 2026, geopolitical tensions exacerbated volatility in energy markets and created renewed inflationary pressures across several of our markets. Through proactive risk management, we strengthened our fuel security arrangements with key tower partners and accelerated energy-efficiency initiatives to mitigate potential impacts on operations and costs.

Despite the external uncertainty, macro-economic conditions across much of our footprint improved from the prior year. Group blended inflation moderated to approximately 9.3% from 14.0% in H1 2025. Key operating currencies, including the Nigerian naira and South African rand, remained broadly stable against the US dollar. In aggregate, however, our African currencies broadly weakened against the South African rand over the period, detracting from earnings growth in rand terms. Although economic growth forecasts have softened in certain markets, the long-term demand for connectivity, financial services and digital infrastructure across Africa remains compelling and continues to underpin our growth outlook.

The resilience of our H1 2026 performance reflects the strength of our diversified portfolio, disciplined execution and continued focus on investment in high-quality networks, platforms and customer experiences.

Momentum in Connectivity driven by Home, Data and Enterprise

Group service revenue increased by 17.5%* in H1 2026 to R115.3 billion, with growth in our connectivity business led by our Ambition 2030 strategic priorities to scale data, accelerate home and empower enterprise. Data remained the largest contributor to Group service revenue (at 49.9%). Together with resilient voice performance, strong digital services contribution and double-digit wholesale growth, this underpinned the performance of the connectivity platform.

Scaling our Data offering

Revenue from data grew by 29.2%* in H1 2026, propelled by the 9.1% increase in active data subscribers to 179.3 million. The increase in active data subscribers coupled with higher usage per user (to 13.6 GB), drove strong data-traffic growth of 22.8% to 14.3 PB. Data revenue growth moderated relative to H1 2025 (when it was 34.3%*), largely reflecting the base effect of the prior-year MTN Nigeria price adjustments and the impact of the airtime advance issues in that country. Nevertheless, the performance continued to demonstrate the structural demand for data across our markets. Smartphone penetration continued to deepen, now at 66.5% across our footprint and we extended broadband coverage in our markets.

A resilient performance in Voice

Voice revenue remained resilient, up 2.4%* in H1 2026, against a higher prior-year baseline created by the MTN Nigeria price adjustments implemented in early 2025 (H1 25: 11.6%*). At an Opco level, MTN Nigeria grew voice revenue by 11.8%*, while MTN Ghana's declined by 1.6%*, consistent with the structural migration of customer communications from traditional voice towards data-led and OTT channels. Targeted CVM initiatives continued to support engagement and voice usage across the base. Voice continued to grow across many of our markets, reflecting the continued relevance of this service for many of our customers.

Digital services

Digital services revenue sustained strong momentum, growing by 20.9%* YoY, driven primarily by strong growth in lifestyle and gaming services. Growth was led by MTN Ghana and MTN Nigeria, with contributions from several other markets supporting the continued diversification of our revenue base. We commenced the rollout of MTN One TV, a new entertainment proposition designed to make digital video content more accessible across our markets.

Accelerating Home

Under our 'Accelerate Home' strategic priority, we sustained strong momentum in H1 2026, with the active home customer base growing by 58.2% YoY. Growth was underpinned by continued FWA scale and an accelerated shift towards fibre: FTTH expanded materially faster than FWA and increased its contribution to the active home base. MTN Nigeria led the Group's fibre momentum with rollout and customer connections materially ahead of plan, reflecting robust underlying demand and effective commercial conversion. We continue to pursue the significant home opportunity (highlighted at the Capital Markets Day 2026) across our footprint through a capital‑disciplined, geo‑segmented technology approach, deploying FTTH selectively in attractive urban clusters and leveraging 4G/5G FWA for scalable expansion.

Empowering Enterprise

In enterprise, we continued to shift towards a stronger, converged services portfolio under our 'Empower Enterprise' strategic priority. Higher‑value ICT services led growth and were broad‑based across the footprint, delivering enterprise service revenue growth of 8.5%*. We continue to focus on SME digitisation and industry vertical solutions as we position the business to participate in an enterprise market expected to grow by approximately 1.6 times by 2030.

Wholesale

Wholesale service revenue grew by 15.5%* in H1 2026, supported by strong momentum in Bayobab and MTN South Africa, and driven by ICT and interconnect revenue. This marked acceleration follows on the 2.9%* growth delivered in FY 2025, reflecting the scaling of Bayobab's pan-African connectivity business and increased utilisation across our informal and direct-partner routes.

Fintech

Fintech financial performance

Fintech revenue (including airtime advance) increased by 13.3%* YoY in H1 2026. This was despite the suspension of airtime advance in Nigeria and operational disruptions within the Uganda agent network. We expect revenue growth to progressively improve in H2 2026, as lending is reinstated in Nigeria through the four newly onboarded providers and volumes ramp up over the period. Growth is expected to remain below the medium-term guidance range of high-20% to low-30% in the near term but to re-accelerate through advanced services monetisation and the Nigeria airtime advance rebuild.

MoMo revenue grew by 17.8%* (excluding airtime advance) and was supported by continued growth in advanced services, particularly in Ghana, Rwanda, Zambia and Benin. This was partially offset by more muted growth in cash-out, P2P and withdrawals in Ghana, Uganda, Côte d'Ivoire and Cameroon. This moderation in basic revenue growth reflects increasing competitive and regulatory pricing pressures, alongside the industry-wide maturation of basic Mobile Money services. Our focus remains on modernising distribution and accelerating the shift towards advanced services.

Advanced services revenue continued to grow strongly, up 31.8%*, increasing its contribution to total MoMo revenue (excluding airtime advance) to 37.4%* (up 4.0pp YoY). This reflects our continued focus on driving everyday usage through payments and driving monetisation through our recently launched lending platform.

Over the period EBITDA margins narrowed to 42.4%* (H1 2025: 43.3%*) primarily due to the disruptions to airtime advance in Nigeria. Excluding the impact of this disruption, EBITDA margins improved to 38.8%* (H1 2025: 37.4%* equivalently), as advanced services continued to grow faster than basic services.

Ecosystem

Our ecosystem continued to show strong growth as our MoMo MAU increased by 12.1% YoY to 70.8 million, driven by sustained growth across most markets and particularly in Nigeria.

Active agents closed with a footprint of 1.4 million, recording strong growth of 13.1% YoY. This was boosted by the expansion of our in-house digital sales tool.

Active merchants increased by 18.1% YoY to 2.3 million. This reflected our focus on quality growth, supported by improved retention activities and a segmented approach to managing and deepening relationships with high-value merchants.

Our transaction volumes grew 17.2% to 13.0 billion YoY and transaction value grew 33.8%* YoY to US$330.5 billion. This growth is increasingly led by our advanced services, reflecting a maturing, higher-value ecosystem and the continued strength of our platform.

Verticals

The momentum in our payments and e-commerce vertical accelerated. Merchant payment value growth of 14.5%* to US$12.7 billion was driven by growth in unique payers, increased transaction frequency and higher average transactions values as we continued to optimise our key account portfolio and onboard new key accounts in Uganda, Ghana, Benin and Cameroon.

Our strategic partnership with Mastercard progressed during the quarter. Virtual card by MoMo is live across seven key markets, with approximately 954k cards issued year-to-date across Rwanda, Uganda, Côte d'Ivoire, Cameroon, Nigeria, Zambia and Benin.

Our lending portfolio facilitated US$2.7 billion in total loan value, representing a 78.3%* YoY increase, driven by sustained business expansion and the successful launch of new products in Ghana, Uganda, Cameroon, and Rwanda. This demonstrates the successful execution of our strategy, the scalability of our digital lending model, and accelerating customer adoption.

Remittance transaction values increased by 11.5% YoY in H1 2026. This demonstrated the resilience of formal cross-border remittance flows despite growing grey-route activity, partner liquidity constraints and regulatory headwinds in selected key markets. Formal remittance flows exceeded US$3.0 billion, supported by corridor expansion, improved service quality and stronger commercial execution. The rollout of targeted marketing campaigns and enhanced operating controls continues to strengthen compliance, partner integration and transaction monitoring, positioning the business for further growth in H2 2026.

MTN Digital Infrastructure

MTN Digital Infrastructure generated consolidated external revenue of R2.3 billion, a decrease of 7.1%* YoY. Lower international voice traffic and persistent local currency volatility weighed on performance.

Fibre (Bayobab)

The Fibre segment delivered strong external revenue growth of 37.2%*, driven by new connectivity infrastructure contracts, continued network expansion and improved service delivery. Bayobab continued to strengthen its terrestrial fibre footprint during the period, supported by progress on strategic infrastructure initiatives, including the East-to-West fibre programme in partnership with Africa50. These investments support the Group's objective of expanding resilient, open-access digital infrastructure across Africa.

Communication Platforms

External revenue for the Communication Platforms segment declined by 14.9%*, due to reduced international voice traffic and a decline in the messaging revenue stream. During the period, the business continued to advance its partnership strategy, leveraging its Voice, Messaging, Roaming and IPX platforms to strengthen relationships with operators and customers across Africa and support future growth opportunities.

Data centres

In line with Ambition 2030, MTN Digital Infrastructure continued to advance its data centre strategy, progressing the development of an AI-enabled platform to address growing demand for cloud, enterprise and data-intensive services. Priority markets have been identified, with South Africa and Nigeria selected for the initial phase of deployment. During the period, significant progress was made in developing the platform's investment, operating and partnership model, positioning the business to execute its strategy in support of Africa's growing cloud, enterprise and AI infrastructure requirements.

AI platforms

Early this year, MTN Digital Infrastructure participated as a strategic investor in ODC's Series A funding round, supporting the development of AI-native RAN and edge intelligence platforms. Since the investment, the parties have progressed joint implementation planning, with active collaboration underway to assess priority use cases, deployment opportunities and commercial models aligned to MTN's digital infrastructure and Ambition 2030 objectives.

The Group delivered service revenue growth of 17.5%* in H1 2026 to R115.3 billion, with pleasing contributions from data (up 29.2%*) and fintech (up 13.3%*), supported by a resilient voice performance (up 2.4%*), strong digital services (up 20.9%*) and double-digit wholesale growth (up 15.5%*). Growth moderated through H1 2026, principally as we lapped the implementation of price adjustments in MTN Nigeria in the prior year and absorbed the impact of the deliberate suspension of airtime advance services in Nigeria.

The broader portfolio again demonstrated its value, with the Southern and East Africa (SEA+) cluster growing by 19.8%* and Francophone Africa by 8.9%*, both ahead of their respective blended inflation rates. Group service revenue grew 21.1%* in the first quarter and 14.2%* in Q2 2026. Excluding MTN Nigeria and MTN Ghana, our broader markets portfolio also performed well with the operations growing service revenue by 9.5%* on average in Q2 up from 7.0% in Q1, and ten of 14 operations growing sequentially from Q1 to Q2.

EBITDA before once-off items increased by 24.4%* to R56.0 billion, with the margin expanding by 3.1pp* to a pleasing 47.6%*. This outcome was underpinned by robust topline growth and the diligent execution of our ongoing expense-efficiency programme, which continued to yield meaningful savings of R1.2 billion over the period. The margin improvement was achieved notwithstanding operating expenses increasing by 13.3%*, which included the impact of a stronger share price on share-incentive scheme costs in Nigeria.

The Group's effective tax rate for the period was 48.9%, compared with 41.7% (restated) in H1 2025. The increase was driven mainly by adjustments relating to the impairment of MTN's interest in Irancell, an increase in withholding tax attributable to higher dividend declarations during the year and unrecognised deferred taxes. The higher withholding taxes arose on increased cash upstreaming from our operating companies, which rose to R13.9 billion from R8.2 billion in the prior period. Cash tax paid increased by 38.9% to R8.0 billion, principally reflecting the withholding tax cost of the higher upstreaming, which we regard as an appropriate cost of strengthening Group liquidity and funding shareholder distributions.

Profit after tax grew by 9.5%* to R12.1 billion (down 4.1% on a reported basis). In comparison attributable earnings declined by 2.1%* (down 25.0% on a reported basis), impacted by higher non-controlling interests and a lower contribution from equity-accounted investments.

Basic EPS decreased by 26.1% to 404 cents. The difference between H1 26 EPS and the reported H1 26 HEPS of 615 cents is largely attributable to impairment losses of 213 cents (H1 25: 104 cents), which relate to impairments to the 49%-held, equity-accounted joint venture Irancell. This was tempered by a net gain on disposal of property, plant and equipment totalling approximately 2 cents (H1 25: 1 cent loss).

Headline earnings for H1 2026 also included non-operational items totalling a net amount of approximately 178 cents (H1 25: 1 restated).

The most significant contributor to these non-operational items were foreign exchange losses of 126 cents (H1 25: 43 cents gain) or R2.3 billion. While the strength in the naira was a small tailwind for earnings in H1, this was more than offset by the sharp parallel rate depreciation in the South Sudanese pound, combined with a loss on the depreciation of the cedi relative to the US dollar on Ghana cedi-held dividends.

Adjusted HEPS, which MTN considers a better reflection of operating performance, increased by 21.3% YoY to 793 cents in H1 2026. Excluding Irancell, adjusted HEPS increased by 23.7% YoY to 767 cents.

The impact of the previously disclosed MTN Ghana restatements, outlined in the MTN Ghana FY 2025 results announcement and related to the restatement of IFRS 16 right‑of‑use assets, impacted the Group H1 25 EPS and HEPS.

As a result, H1 2025 EPS has been restated to 547 cents (increased by 8 cents), while HEPS for H1 25 has been restated to 653 cents (also 8 cents higher).

The difference between reported and adjusted HEPS in the period is accounted for principally by three non-operational items: net foreign-exchange losses of 126 cents (H1 25: 43 cents gain), the impact of hyperinflation accounting of 52 cents loss (H1 25: 26 cents gain restated) and other non-operational items which had nil impact (H1 25: 35 cents loss). There was no repeat of the H1 25 deferred tax asset reversal of 35 cents in H1 2026.

We deployed capex (ex-leases) of R19.7 billion at a capex intensity of 16.6%, keeping within our 15–18% medium-term target range. On the back of our operational performance and disciplined capital deployment, OpFCF increased by 27.5% YoY to R25.1 billion.

FCF increased to R11.1 billion with a conversion ratio of 92.5%. Equity free cash flow – FCF post non-controlling interests, the measure on which our shareholder remuneration framework is based – increased by 32.7% to R7.0 billion. The difference between FCF and equity FCF reflects dividends of R4.1 billion paid to non-controlling interests (H1 2025: R1.4 billion), which absorbed 36.9% of Group FCF, as MTN Nigeria and MTN Ghana normalised their distributions following strong performance. This is a distribution effect arising from the strength of those businesses rather than a constraint on cash generation.

ROCE improved to 31.5% (December 2025: 27.4%), remaining comfortably above our weighted average cost of capital and within our medium-term target range.

The Group continues to hold approximately R886 million of receivables owed by Irancell; their repatriation remains constrained by the prevailing sanctions regime. MTN's stated intention is to complete our strategic exit from the Middle East in due course. The book value of net assets related to Irancell at period end was R10.5 billion.

Listed Opcos' published H1 2026 results

The published H1 2026 results of our listed Opcos can be viewed at:

• MTN Nigeria: https://www.mtn.ng/investors/ financial-reporting/
• MTN Ghana: https://mtn.com.gh/investors/ financial-results/
• MTN Uganda: https://www.mtn.co.ug/ investors/financial-reports/
• MTN Rwanda: https://www.mtn.co.rw/ financial-results/

MTN South Africa

• Service revenue increased by 1.5%
• Data revenue increased by 4.0%
• Voice revenue decreased by 10.2%
• Wholesale revenue increased by 13.7%
• Enterprise revenue increased by 5.8%
• Digital revenue decreased by 7.5%
• Fintech revenue decreased by 16.3%
• Reported EBITDA declined by 7.6% with a margin of 34.2% (down 2.3pp). Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, the EBITDA margin was 37.1% (down 0.8pp)
• Capex of R3.3 billion on IFRS 16 reported basis (R2.6 billion, ex-leases)

MTN South Africa delivered a mixed performance in H1 2026, with service revenue growth of 1.5% reflecting the near-term cost of deliberate actions to improve the earnings quality of the prepaid base. This was offset by above-inflation growth in postpaid, enterprise and wholesale.

Macro overview

The first half of 2026 was characterised by a relatively stable macro-economic environment, although consumers remained under pressure. Households continued to face affordability pressures despite inflation averaging around 3.9% and remaining within the SARB's target range. While inflation was relatively contained, rising fuel and energy costs during the second quarter placed additional strain on disposable income, increasing the cost of living and reducing consumers' discretionary spending capacity. These pressures, together with elevated interest rates following the SARB's repo rate increase to 7.0% in May 2026, contributed to ongoing financial stress among consumers and constrained overall spending activity. Economic growth remained subdued, although improved energy stability helped support business confidence and provided some relief to consumers. The rand was relatively stable over the period, in spite of heightened geopolitical uncertainty and fluctuating global sentiment.

MTN SA operational and financial overview

Service revenue increased by 1.5% YoY, underpinned by above-inflation growth in the consumer postpaid, enterprise and wholesale businesses, with overall growth tempered by a weaker prepaid performance.

The subscriber base decreased marginally by 0.7% to 39.5 million, reflecting negative net additions in the prepaid market as the focus shifts to improving the quality of the base.

MTN SA's consumer prepaid business remained under pressure in a highly competitive market where higher fuel costs and localised civil disruption have constrained customer liquidity. Prepaid service revenue declined 3.3% YoY, reflecting the impact of airtime advance reset and ongoing voice substitution by consumers. Cash recharges were broadly flat; however, excluding airtime advance repayments, cash recharges grew 9.4% YoY, providing encouraging evidence that customer spend behaviour is improving as the reset strategy gains traction. Prepaid data revenue continues to be the anchor, growing 4.4% YoY, up 5.0% in Q2 versus 3.8% in Q1 versus the prior year. The data performance reflects product refinement, yield management, regional and personalised pricing, and channel optimisation as set out in our full year 2025 and Q1 2026 updates.

The deliberate reset of airtime advances, first signalled in Q1 2026, continues to trade short-term revenue for a healthier base. In-month repayment rates have progressively improved from approximately 50% in October 2025 to 70% currently, resulting in materially lower outstanding balances and a stronger quality subscriber base.

Prepaid data consumption rose 23.6% to 4.9GB per subscriber.

The strategic move to improve the quality of the consumer prepaid subscriber base resulted in a softening from 29.3 million in Q1 to 28.2 million in Q2, decreasing by 4.5% YoY.

Strong commercial execution in the consumer postpaid segment drove service revenue growth of 4.9% YoY. The subscriber base expanded by 9.1% to 4.8 million, reflecting sustained customer demand for integrated connectivity offerings.

Data revenue growth of 4.0% YoY was supported by strong network traffic growth of 27.7%, continued migration to larger bundles, increased adoption of home connectivity solutions and rising smartphone penetration. Management remains focused on accelerating monetisation through personalised offers, regional pricing initiatives, FWA expansion and further enhancement of the digital customer experience.

Data performance continued to benefit from strong underlying usage trends across both customer segments. Average usage per active postpaid data subscriber increased by 32.0% YoY to 32.3GB, supported by sustained adoption of Fixed Wireless Access (FWA) solutions. In the prepaid segment, average monthly data consumption grew by 23.6% YoY to 4.9GB, reflecting continued growth in demand for data services.

The sturdy growth trajectory of the Home subscriber base (FWA and fibre) was underpinned by targeted commercial initiatives and compelling product offerings, including Shesh@5G and MTN AirFibre, which continued to resonate with customers.

Voice revenue declined by 10.2% YoY, reflecting a structural shift in customer preferences as consumers increasingly migrate from out-of-bundle usage to bundled offers and pure data use, as well as adopting VoIP and digital messaging platforms in place of traditional voice services. These shifts are consistent with our portfolio strategy and were evident in both the consumer prepaid and postpaid segments. Legacy voice revenues continue to moderate. MTN SA remains well positioned to offset this decline through sustained growth in strategic growth areas including enterprise solutions, data services, home connectivity and digital offerings. This is supported by increasing data consumption, expanding connectivity needs, and the continued digitalisation of customers and businesses.

Wholesale revenue increased by 13.7% YoY, an improvement on the 6.9% delivered in the first quarter, driven by strong growth in national and international roaming, as well as fixed and mobile data services. Increased international roaming traffic further supported revenue growth.

Fixed and mobile data revenues also improved following price increases implemented during the half; however, data consumption trends indicate some moderation in usage levels after these price adjustments.

Growth was partially offset by lower Telkom national roaming revenue, reflecting reduced traffic volumes, together with a decline in interconnect revenue following the R0.02 reduction in the mobile termination rate which took effect in July 2025.

Negotiations with Cell C continue. Our relationship with Cell C is a long-standing commercial relationship that remains in place. As is normal in the governance of material long-term arrangements of this nature, the parties engage on matters relevant to the relationship. These discussions are confidential and ongoing, and no final outcome has been reached. Both parties remain constructively engaged and MTN will communicate further if disclosure is required.

The enterprise segment remains a strategic growth area, with revenue increasing by 5.8% YoY, supported by continued demand for MTN's core mobile enterprise solutions, complemented by solid contributions from ICT. Performance was partially impacted by slower public sector growth.

MTN SA continued to strengthen credit risk management and improve portfolio quality in consumer postpaid and the enterprise segment, including deploying AI in fraud prevention and customer verification and tightening sales channel governance. These interventions were complemented by targeted process refinements across telesales and device financing activities, supporting a more disciplined approach to customer acquisition, risk mitigation and long-term value creation.

Digital services revenue declined 7.5% YoY, as weakness in the prepaid segment continued to weigh on performance. Lower revenues from VAS, rich-media services and mobile advertising more than offset growth in music and gaming.

While total fintech revenue declined by 16.3%, primarily due to the deliberate reset of airtime advance, underlying momentum within the MoMo ecosystem remained strong. The decline was partially offset by continued growth in MoMo, supported by strong momentum in InsurTech-related offerings, with active subscribers increasing by 63.5% YoY.

MTN SA's EBITDA was 7.6% lower, with a margin of 34.2%, down 2.3pp. Excluding the effect of movements in the Group share price on the provision for the MTN SA employee share scheme, EBITDA declined 3.8%, with a margin of 37.1%, down 0.8pp. The YoY movement in EBITDA primarily reflects the impact of the deliberate prepaid reset and the share-scheme charge, together with slower topline growth and increased commission costs. This was partially offset by cost reductions realised elsewhere in the business. Margin recovery is supported by the improving trading performance and by structural cost interventions underway.

MTN SA outlook

Looking ahead, while the broader macro-economic environment is expected to remain relatively stable, pressure on consumer spending and competitive intensity are likely to persist through the remainder of 2026. Against this backdrop, MTN SA remains focused on disciplined execution of its commercial initiatives, customer value propositions and the structural cost reduction programme to strengthen operational performance and sustain momentum in the second half of the year.

In prepaid, the recovery strategy remains focused on key priorities: improving channel performance, rejuvenating the portfolio and resetting airtime advance. Our emphasis remains on value over volume and on simplifying the portfolio to improve customer experience.

While the prepaid recovery remains in its early stages, encouraging signs are emerging. Improved airtime advance repayment rates, stronger cash recharges excluding repayments (+9.4% YoY), sequential improvement in prepaid data revenue growth (5.0% in Q2 versus 3.8% in Q1), and a continued focus on subscriber quality provide increasing confidence that the actions underway are strengthening the foundations of a more sustainable and profitable prepaid business.

Data remains a key strategic growth pillar for MTN South Africa. We continue to see strong underlying demand, supported by sustained growth in network traffic, rising smartphone adoption, and increasing demand for home and mobile connectivity solutions. Building on our market-leading network position, we remain focused on improving monetisation through personalised propositions, portfolio optimisation, expanded 5G and FWA offerings and enhanced customer value management. These initiatives are expected to support stronger data revenue performance while reinforcing our long-term growth ambitions.

Postpaid and enterprise performance is expected to remain resilient, supported by the annual price adjustments implemented earlier in the year, ongoing growth in customer data usage and continued optimisation of credit management processes. These initiatives are expected to support service revenue growth while maintaining portfolio quality.

Home connectivity will continue to play a leading role in MTN SA's growth strategy, with sustained focus on scaling both FWA and FTTH services while driving value realisation through differentiated customer propositions and improved commercial effectiveness.

Although performance remains below our medium-term ambitions, the strategic actions undertaken across the business are beginning to yield tangible benefits. Early signs of stabilisation in prepaid are encouraging, alongside continued growth in data, home, postpaid enterprise and wholesale. This reinforces our confidence in the path to restoring service revenue growth, improving earnings quality and creating sustainable longterm value for stakeholders.

MTN Nigeria

• Service revenue increased by 25.7%*
• Data revenue increased by 38.2%*
• Voice revenue increased by 11.8%*
• Digital revenue increased by 20.9%*
• Fintech revenue decreased by 8.0%*
• EBITDA increased by 38.7%*
• EBITDA margin increased by 5.3pp* to 55.9%*
• Capex of R9.4 billion on IFRS 16 reported basis (R7.3 billion ex-leases)
• Capex of R3.3 billion on IFRS 16 reported basis (R2.6 billion, ex-leases)

MTN Nigeria released its H1 2026 results on 30 July 2026, reporting service revenue growth of 25.7%*, in line with its medium-term guidance of at least low-20% growth and well ahead of the average Nigerian inflation rate of 15.5% in the period. The MTN Nigeria board approved an interim dividend of N26 per share.

Service revenue growth moderated through the half, from 41.7%* in Q1 to 13.2%* in Q2, reflecting two distinct and separable effects. The first is the full annualisation of the price adjustments implemented in H1 2025, with the most significant impact of the tariff adjustments having been reflected in Q2 2025.

The second is the temporary suspension of airtime advance from mid-April to early July 2026, which reduced the eligible customer base by about a quarter and which accounted for 3.0pp of service revenue growth in the half. Excluding this impact, service revenue grew by 28.7%*.

Neither effect reflects a change in underlying demand: with data revenue growing 38.2%*. We anticipate a normalisation in the comparative base over the second half, while the introduction of a multi-vendor approach to our airtime lending services, in line with regulations, commenced in mid-July, with the eligible base rebuilding progressively towards pre-suspension levels over the short to medium term.

Commercial momentum remained strong, with 7.5 million net additions lifting the subscriber base by 8.9% to 92.2 million. Active data users rose 9.3% to 55.7 million with smartphone penetration now at 66.4%.

Data revenue increased by 38.2%*, supported by growth in active data users, higher smartphone penetration and sustained demand for high-speed connectivity. Network data traffic rose by 25.8%, while average usage per subscriber increased by 15.1% to 14.8GB, reinforcing the depth of demand and the importance of continued capacity investment.

Home broadband remains a strategic growth platform and a key part of our long-term fixed connectivity opportunity. We are scaling the business in a disciplined manner, focusing on improving conversion and enhancing customer value while demonstrating attractive unit economics over time.

Voice revenue grew by 11.8%*, demonstrating the resilience of the business despite evolving usage patterns and the continued shift toward data-led and OTT channels. Subscriber additions and value-led propositions supported growth.

Fintech revenue declined by 8.0%*, impacted by the temporary suspension of airtime and data credit service in Nigeria, a significant contributor in the segment. However, the underlying mobile money business continued to progress, with revenue rising by approximately 131.1%* and active wallets increasing by 1.3 million in H1 2026 to 5.0 million.

Our strong financial performance reflects sustained revenue growth, disciplined cost management and continued operating leverage. Despite ongoing energy cost-related pressures, MTN Nigeria delivered a 38.7%* increase in EBITDA and a 5.3pp* expansion in EBITDA margin to 55.9%*. Profitability strengthened over the half, with the second-quarter EBITDA margin of 56.5%* representing an expansion of 1.2pp* on the first quarter. We note the power cost increases reported across the Nigerian tower industry in the second quarter, which are expected to flow through to site costs in the second half under existing indexation and pass-through arrangements and which have been reflected in our planning for the remainder of the year. Building on prior disclosures: H1 2026 diesel costs averaged around N1,100 per litre, while the Q2 diesel price that will govern Q3 costs was below N1,800 per litre, though current prices have already eased well below that level. Q4 costs will depend on prevailing diesel prices during Q3.

On margins, the 55.9%* H1 EBITDA margin reflects genuine operating strength – supported by revenue growth, operating leverage, a stable naira and VAT input claims. As previously disclosed, a N2,000 H2 diesel price could reduce full-year EBITDA margin by approximately 1.8 – 2.0pp. We remain committed to our mid-to-high-50% margin guidance.

MTN Nigeria has continued to progress the structural separation of the fintech business following shareholder approval, subject to regulatory approvals.

Capex excluding leases increased by 1.2%, with a capex intensity of 20.6%, reflecting targeted investment in network capacity and coverage, as well as home broadband expansion to support growing data demand. We expect capex intensity at MTN Nigeria to moderate in H2 26, consistent with our full-year capital allocation framework.

Airtime advance began a phased reactivation in July 2026 through multiple approved vendors, and we expect the eligible base to rebuild progressively through H2 2026.

Over the medium term, we remain focused on delivering service revenue growth of at least low-20% and EBITDA margin in the mid-to-high 50% range, recognising the tower and energy cost pressures described above, while converting earnings growth into stronger cash flow, dividends and long-term shareholder value.

MTN Ghana

• Service revenue increased by 32.3%*
• Data revenue increased by 47.3%*
• Voice revenue decreased by 1.6%*
• Digital revenue increased by 97.5%**
• Fintech revenue increased by 23.7%*
• EBITDA increased by 40.0%*
• EBITDA margin increased by 3.4pp* to 61.8%*
• Capex of R3.1 billion on IFRS 16 reported basis (R2.8 billion ex-leases)

MTN Ghana released its H1 2026 results on a combined basis for Scancom PLC and Mobile Money Fintech LTD (MMFL), following the completion of the structural separation of the Mobile Money business on 31 March 2026. The Ghana macro-economic backdrop was more supportive in H1 26, with average inflation of just 3.8% falling sharply YoY from 20.4% in H1 25. The cedi depreciated by 8.6% against the US dollar over the half.

Service revenue increased by 32.3%* YoY in H1 2026, driven by strong execution across both our Connectivity and Fintech businesses. Sustained demand for data services, increasing adoption of digital financial services and higher engagement across our digital platforms drove growth, further reinforcing the diversification and resilience of our revenue base. This growth was also supported by disciplined investment in network expansion, platform modernisation and customer experience initiatives.

Data revenue grew by 47.3%* YoY supported by strong customer demand for data and digital services. This performance was underpinned by a 17.0% YoY increase in active data subscribers to 21.3 million and a 38.0% YoY rise in average monthly data consumption to 19.3GB per active user. This reflected continued smartphone growth and digital adoption, including video streaming services. Data's contribution to service revenue increased to 58.7% (H1 25: 52.8%).

Voice revenue declined by 1.6%* YoY due to the continued migration of customer communications from traditional voice services to VoIP services. Despite this structural shift, targeted CVM initiatives and disciplined commercial execution partially mitigated the decline by supporting customer engagement and usage across our base. These efforts contributed to an 8.5% YoY increase in our subscriber base to 32.8 million. Digital revenue increased by 97.5%* YoY with growth driven by increased adoption of gaming, video, and content services.

MTN Ghana Mobile Money revenue increased by 23.7%* YoY in H1 2026. This was supported by strong performance across both the core wallet business and advanced financial services, alongside a 3.1% YoY increase in active Mobile Money users to 18.3 million. Basic services grew by 21.2% YoY, underpinned by a robust growth in person-to-person transfers. Advanced services revenue increased by 28.8%* YoY driven by rising adoption of digital payments, lending, and other value-added services. Mobile Money contributed 23.4% of service revenue in H1 26 (H1 25: 25.0%). The continued expansion of the MTN Ghana fintech platform, coupled with its successful structural separation completed in Q1 2026 positions the business well to capture the opportunities arising from increasing financial inclusion, digitisation of payments, and the growing demand for accessible digital financial services across Ghana.

Robust revenue growth at MTN Ghana, coupled with ongoing operational efficiency initiatives, enabled EBITDA to increase by 40.0%* YoY. This resulted in an EBITDA margin of 61.8%*, representing an expansion of 3.4pp YoY. Profit after tax increased by 41.4%* YoY.

On the back of its strong earnings and cash flows, the board of Scancom PLC declared a second-quarter interim dividend of GHS0.03 per share. The board of MMFL also declared a second-quarter dividend of GHS0.03 per share.

Southern and East Africa (SEA+)

• Service revenue increased by 19.8%*
• Data revenue increased by 29.1%*
• Digital revenue increased by 85.7%**
• Fintech revenue increased by 14.7%*
• EBITDA increased by 14.8%*
• EBITDA margin decreased by 1.9pp* to 43.6%*
• Capex of R2.9 billion on IFRS 16 reported basis (R2.1 billion ex-leases)

The Southern and East Africa (SEA+) region delivered service revenue growth of 19.8%* comfortably ahead of its blended inflation rate of 17.6% in H1 2026. Service revenue growth was led by a strong Q2 for MTN Uganda, with ongoing recovery in H1 2026 by MTN Rwanda (21.4%*), MTN Zambia (18.8%*) and MTN Sudan (156.0%*).

Service revenue growth was driven by a 29.1%* increase in data and a 14.3%* increase in voice, while fintech revenues rose 14.7%* in H1. Subscribers grew by 12.7% to 51.7 million, active data subscribers rose by 17.9% to 22.9 million and MoMo MAU rose 13.2% to 27.2 million. EBITDA grew 14.8%* with margins moderating by 1.9pp* to 43.6%* largely reflecting the Q1 pressures in MTN Uganda and H1 currency pressures in South Sudan.

MTN Uganda reported their H1 2026 results on 7 August 2026 and delivered service revenue growth of 9.4%*, reflecting a steady recovery across both the connectivity and fintech businesses. The MTN Uganda mobile subscriber base grew to 25.4 million during the period, supported by sustained demand for our products and services.

Data revenue increased by 15.6%*, supported by focused investment in network quality and CVM. Growth in the first half was moderated by the temporary internet service disruptions experienced during Q1 26, as well as the increasing prevalence of illegal public Wi-Fi resellers offering unlimited data packages through dedicated business fibre and fixed wireless services. Active data subscribers increased by 16.3% to 12.6 million. Data's contribution to service revenue expanded by 30.4% (H1 2025: 28.7%).

Voice revenue increased by 1.8%* in H1 26, demonstrating the resilience of this MTN Uganda business and despite the impact of the new mobile termination rate (MTR) introduced earlier in the year. Targeted subscriber acquisition and retention initiatives supported growth by driving usage.

Fintech revenue increased by 10.6%*, supported by growth in the active customer base and the enhanced proposition for our ecosystem partners. While the business experienced temporary operational disruptions within the agent network following country-wide regulatory reforms, our performance improved during the second quarter. These efforts translated into 11.5% growth in active users, contributing to a 9.5% increase in transaction volumes to 2.6 billion and a 20.8% increase in transaction value to R21.7 billion. The fintech agent network expanded by 13.8% to 248.8k, reflecting continued adoption of digital and cashless payment solutions. Advanced services revenue increased by 26.0%.

MTN Uganda's EBITDA increased by 4.7%* to R4.3 billion, supported by continued service revenue growth and despite inflationary pressure on operating expenses, particularly fuel prices in the period. The MTN Uganda EBITDA margin was 51.2%* in H1 26, above medium-term guidance of 50.0%.

Francophone Africa

• Service revenue increased by 8.9%*
• Data revenue increased by 25.1%*
• Voice revenue decreased by 6.3%*
• Digital revenue decreased by 19.1%*
• Fintech revenue increased by 8.0%*
• EBITDA increased by 17.8%*
• EBITDA margin increased by 2.7pp* to 37.5%*
• Capex of R4.6 billion on IFRS 16 reported basis (R4.2 billion ex-leases)

The Francophone Africa region's service revenue growth of 8.9%* accelerated during Q2 26 and was well ahead of its blended inflation rate of 2.4% which had moderated sharply from the prior year. Total subscribers grew by 6.2% to 40.0 million with active data subscribers up 13.9% to 22.8 million in H1 26. Growth in the region was broad-based across our operations, again demonstrating the benefits of our diversified portfolio, with service revenue growth led by our larger businesses in MTN Cote d'Ivoire and MTN Cameroon. A challenging competitive environment in Benin maintained pressure on our business there, with MTN Benin's service revenue declining by 6.1%* in the half.

Data (+25.1%* YoY) and fintech (+8.0%* YoY) drove performance in the region, while voice and digital revenues were under pressure. EBITDA for the Francophone region grew 17.8%* with the EBITDA margin expanding by 2.7pp* to 37.5%* in H1 26.

MTN Côte d'Ivoire delivered solid service revenue growth of 18.8%* in H1 26. This was driven by a more stable and supportive macro environment. This performance supported EBITDA growth of 43.9%* and margin expansion of 7.3pp* to 42.1%*. We continue to focus on improving our network and commercial density to compete effectively in a strongly growing market, particularly for data.

Service revenue growth of 11.8%* for MTN Cameroon was driven by solid subscriber growth of 5.8% to 13.4 million as we sustained the investment in our network to maintain our market leading position. EBITDA growth of 12.5%* to R3.0 billion supported an EBITDA margin of 43.7%* as the business focused on accelerating data consumption and commercial execution while maintaining a focus on cost discipline.

Following the announcement in February 2026 of the acquisition by MTN of the approximately 75% of IHS Holdings it does not already own, we continued during H1 2026 to work towards deal closure and secure the various regulatory approvals for the transaction.

The transaction is designed to unlock compelling value for MTN and to strengthen and reintegrate MTN's ownership of critical digital infrastructure across Africa. Key milestones and most conditions precedent have been met, with readiness planning laying the foundation for a seamless transition upon completion.

Subject to receiving the requisite regulatory approvals, we expect the transaction to close in the second half of 2026. IHS shareholders approved the transaction at an extraordinary general meeting in August 2026. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) and several others, with other approvals underway or imminent.

With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out.

The published pro forma financial effects on FY 2025 indicate the transaction will be accretive to revenue, EBITDA and adjusted HEPS, with net debt to EBITDA (excluding leases) increasing to 0.8 times from 0.3 times and remaining within our medium-term guidance of at or below 1.0 times.

Structural demand for connectivity, fintech and digital infrastructure services across our markets remains strong and continues to underpin our long-term growth outlook. While geopolitical developments, foreign-exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, disciplined capital allocation framework and strong balance sheet position us well to navigate the external environment.

The specific matters we are monitoring for the remainder of 2026 are the flow-through of Nigerian tower power costs to site costs; global device pricing, where higher memory component costs may affect handset affordability; the reduction in the Bank of Ghana escrow rate on fintech float, a number of potential spectrum acquisition processes; and continued currency volatility, in the context of global geopolitical developments.

Our operational focus for the second half follows directly from the first.

In South Africa, we continue to execute the priorities of the prepaid business recovery – improving channel performance, rejuvenating the portfolio, resetting airtime advance and structural cost interventions.

In Nigeria, we are rebuilding the eligible airtime advance base following the multi-vendor relaunch and sustaining the network investment that supports our data and home broadband momentum.

In Fintech, we continue to shift the revenue mix from basic services towards payments, lending and other advanced services. In addition, we will continue rolling out MoMo Advance across our footprint and accelerate the digitisation of distribution.

Across the Group, we will maintain capital discipline while progressing the IHS transaction to closure.

MTN will be hosting a webcast and presentation today, Monday 24 August 2026, where we will be unpacking the Group's performance for the half year period ended 30 June 2026. To participate, please register here: https://themediaframe.com/mediaframe/webcast.html?webcastid=njq2XFbI

24 August 2026

Fairland

Lead sponsor

Tamela Holdings Proprietary Limited

Joint sponsor

J.P. Morgan Equities South Africa Proprietary Limited

• Adjusted EBITDA: EBITDA excluding hyper inflation and non-controlling interest
• Adjusted HEPS: Basic EPS adjusted for hyperinflation, foreign exchange gains/(losses) and other non-operational items
• Capex: Capital expenditure
• cedi: Ghanaian cedi
• CVM: Customer value management
• DMTN: Domestic medium-term note
• EBITDA: Earnings before interest, tax, depreciation and amortisation
• ECOWAS: Economic Community of West African States
• EPS: Earnings per share
• FCCPC: Federal Competition and Consumer Protection Commission
• FCF: Free cash flow
• FTTH: Fibre to the Home
• FWA: Fixed wireless access
• FY 2025: The financial year ended 31 December 2025
• GB: Gigabyte
• H1: Refers to H1 2026 unless otherwise specified
• ICT: Information and communication technologies
• IHS: IHS Holding Limited
• JV: Joint Venture
• Markets: Refers to the name of our regions incorporating WECA and SEA, as compared to 'market' in the general sense
• MTR: Mobile termination rate
• naira: Nigerian naira
• Opcos: Operating companies
• OpFCF: Operating free cash flow
• OTT: Over-the-Top
• P2P: Peer-to-peer
• PAT: Profit after tax
• PB: Petabyte
• pp: percentage points
• PPE: Property, plant and equipment
• RAN: Radio access network
• ROCE: EBIT/capital employed (excludes hyperinflation, asset impairments and exceptional items for both EBIT and capital employed, and excludes investments in JVs)
• ROE: Return on equity
• SME: Small and medium-sized enterprise
• YoY: Year-on-year
• VAS: Value-added services
• VoIP: Voice over internet protocol

Headline earnings reconciliation

Table 1: Group revenue by country

Table 2: Group service revenue by country

Table 3: Group revenue by segment

Table 4: Group data revenue¹

Table 5: Group Fintech revenue²

Table 6: Group digital revenue³

Table 7: Cost analysis

Table 8: Group EBITDA by country

Table 9: Group depreciation and amortisation

The Group’s depreciation and amortisation costs increased by 13.3%* and 18.7%*, respectively, largely due to network equipment capex and spectrum additions, increase in sites roll out as well as lease modifications and new leases.

Table 10: Net finance cost

Net finance costs increased 41.6%* and 31.9% on a reported basis to R9.8 billion.

Higher finance costs are predominantly driven by net forex losses (up 295.9%*, and 291.4% on a reported basis with forex losses of R2.0 billion in H1 2026 compare to forex gains of R1.0 billion in the prior year). Current year forex losses mainly attributable to South Sudan from volatile local currency against US dollar as well as head offices recognised forex losses on intercompany receivables due ZAR appreciating against US dollar while prior year forex gains was attributable to significant Cedi appreciation against the US dollar in the prior year.

The average cost of borrowing remains unchanged at 11.4% compared to June 2025.

We recorded a negative contribution of R3.3 billion from associates and joint ventures down 295.3% (down by 17.5%*) year-on-year. The reported declined mainly attributable to R3.9 billion Iran impairment while performance in constant currency largely attributable to Iran and Internet Group (IIG) driven by on going conflict in Iran as well as slow down in performance in Botswana (Mascom). Results overview

Table 11: Taxation

The Group tax charges amounted to R11.5 billion in H1, against a profit before tax of R23.6 billion.

The increase in the tax charge compared to the prior year was primarily driven by the higher accounting profit before tax, increased withholding taxes and unrecognised deferred taxes. The increase in withholding taxes arose from higher dividend declarations and increased cash upstreaming from operating companies, which increased to R13.9 billion from R8.2 billion in the prior period. Unrecognised deferred taxes also contributed to the higher tax charge during the period.

Table 12: Capital expenditure

Table 13: Net debt analysis