This Integrated Report is MTN Group Limited’s primary communication to providers of capital and other stakeholders. As a comprehensive yet concise overview of the Group, it explains how our activities create, preserve or erode value over time. The theme for the 2025 report is ‘Accelerating Impact, Empowering Africa’. This is aligned with our purpose and values.
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 Chief Financial Officer (CFO). In determining its content, we assess the annual business plan; the Ambition 2025 and Ambition 2030 strategies; and 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 Exco and then by the Audit Committee, before being recommended to the Board.
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 and our auditors. We also obtain limited assurance on selected non-financial data (indicated by LA).
We have sought to ensure that the information in this IR will help readers assess progress made in MTN's journey of value creation.
The report is anchored by our material matters and our strategy. It provides an overview of who we are, where we operate and the context of our operations. It outlines our governance and business model; our strategy and investment case; our risks and opportunities; and our operational and financial performance for the period 1 January to 31 December 2025. 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, MTN Nigeria and Ghana – and for our two operating regions:
Our listed operating companies (Opcos) publish their own integrated reports. The reports for MTN Nigeria, MTN Ghana and MTN Uganda have been released on their websites. MTN Rwanda's report is due for release by the end of May 2026.
MTN Group Limited
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).
The structure of this report, dated 29 April 2026, draws on the Integrated Reporting Framework. The 2024 Integrated Report was published on 29 April 2025.
Certain information, including constant currency financial information, constitutes pro forma financial information, and is the responsibility of the directors. Certain non-financial information has been assured by Ernst & Young and is identified by LA. See the Independent assurance practitioner's limited assurance report for more information.
Supplementary information is in the associated reports on the Investor Relations section of our website. The icons of these reports are in Our reporting suite. Our interactive Integrated Reporting suite is online 
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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 and financial materiality. These are likely to influence the value, timing and certainty of MTN's future cash flows and enterprise value in the short, medium and long term and are discussed in our IR. Those matters with more significant impacts on the environment and society are detailed in our SR.
The outcomes of our 2025 materiality determination process are in Material matters impacting value creation.
The Board ensures an effective control environment that 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 2025, we assessed our controls to be adequate and effective. Where we found control deficiencies, the Board was comfortable that adequate steps were taken to remediate the gaps identified.
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 2026
The Board hereby confirms that MTN is operating in compliance with the provisions of the Companies Act 71 of 2008 and is operating in conformity with its memorandum of incorporation.