For this report, we made the following enhancements:
Our report reflects integrated thinking at MTN. It is prepared by the Investor Relations team, reporting to the MTN Group Chief Financial Officer (CFO). In determining its content, we assess the annual business plan, the Ambition 2025 strategy, 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 (Exco) 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. This process involves consultation with our Board, our senior management, our sponsors and our auditors. We also obtain limited assurance on selected
non-financial data indicated by LA.
The report is anchored by our material matters and our Ambition 2025 strategy. It provides an overview of who we are, and where we operate, and the context of our operations.
It also outlines 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 2024. Financial data from our subsidiaries and non-financial data from subsidiaries, associates, and joint ventures (JVs) are fully consolidated.
The report provides commentary, performance insights and prospects for our material subsidiaries – MTN South Africa and MTN Nigeria – and as for our three operating regions:
Additional information on our listed operating companies (Opcos) can be found in their separate integrated reports online for MTN Nigeria, MTN Ghana, MTN Uganda, and MTN Rwanda 
. The reports for MTN Nigeria and MTN Ghana have been released, and are available on their respective corporate websites. MTN Uganda's report is scheduled to be published before end-April 2025, and MTN Rwanda's report is due for release by end-May 2025.
We consider the outlook over three time horizons:
ST The short term (less than three years).
MT The medium term (three to five years).
LT The long term (beyond five years).
MTN Group Limited
The structure of this report, dated 29 April 2025, draws on the Integrated Reporting Framework. The 2023 Integrated Report was published on 29 April 2024.
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.
Non-financial data excludes operations disposed of in the year.
Supplementary information is on the Investor Relations section of our website in associated reports, the icons of which are in Navigating this report. Our interactive Integrated Reporting suite can be found online .
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.
Material matters that meet the criteria for double materiality are those that fall within 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, and are unpacked in our IR; including sustainability issues impacting enterprise value. Those matters with more significant impacts on the environment and society are focused on in the sustainability suite of report SR.
We have sought to ensure that all the information in this IR will help readers assess MTN's value creation, preservation or erosion journey.
The outcomes of our 2024 materiality determination process are on Material matters impacting value creation.
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 2024, we assessed our controls to be adequate and effective.
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 the capitals and their impact on MTN's strategic positioning.
Approval date: 29 April 2025
