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All about MTN
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Welcome to our 2025 Integrated Report
Our reporting suite
Our approach to integrated thinking and value creation
Our approach to materiality
About this report
An overview of MTN Group
Where we operate and how we perform
Views from our Chairman
Q&A with the Group President and CEO
Q&A with the Group CFO
Key financial tables
Our market context
Operational performance summary
Our outlook
Investment case – Transforming Africa's growth potential

How we create and preserve value
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Creating and preserving value through our business model
Outcomes and trade-offs
Material matters impacting value creation
Social, Ethics and Sustainability Committee Chair's review
Stakeholders with whom we partner to create value
Audit Committee Chair’s review
Risk Management and Compliance Committee Chair’s review
How we manage risk
Top risks to value creation
Delivering value through our strategy
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Finance and Investment Committee Chair’s review
Our Ambition 2030 strategy
Meaningful value delivered by Ambition 2025
Our strategic performance dashboard
Connectivity
Fintech
Digital infrastructure
Create shared value

Governance and remuneration
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Directors' Affairs and Governance Committee Chair’s review
Governance in support of value creation
Our Board of Directors
Governance in support of value creation
Our Executive Committee
Human Capital and Remuneration Committee Chair's review
Remuneration Report summary
Definitions for assured non-financial data
Independent assurance practitioner’s limited assurance report
Glossary
Administration
Delivering value through our strategy

Our strategic performance


Connectivity

Data

Data

Data is the largest structural opportunity driving the growth of our business, and was the biggest source of service revenue for MTN in 2025. Our well‑invested networks and commercial innovations have supported strong growth in customers, with higher data usage and traffic. We are leveraging our substantial subscriber base of 307.2 million to further accelerate consumer mobile data through increased coverage and by providing affordable access.

Our investment case and outlook for medium‑term growth are underpinned by structural demand.

Our CHASE framework, introduced in 2018, guides us in overcoming the five key barriers to mobile internet adoption: coverage, handsets, affordability, service bundling, and education and ease of access.

Fulfilling the connectivity and communication needs of our customers

Coverage

Ensure sufficient and affordable data coverage in rural and low-income areas

Handsets and devices

Increase the affordability of and access to smart devices

Affordability

Ensure the fair and inclusive pricing of data services

Service bundling

Create inclusive, purpose-led offerings that are relevant, simple and meaningful to customers

Education and ease of access

Enhance digital literacy and ease with which data can be accessed

Performance in 2025

New site rollout

3G: 3 499

4G: 4 453

5G: 1 001

Increased coverage

3G: 5.0m people

4G: 12.9m people

5G: 15.0m people

Population coverage (%)

2G: 95.8%

3G: 92.6%

4G: 89.3%

5G: 17.3%

Smartphone penetration

Group: 203.5 million smartphones

Scaling device financing in Nigeria, South Africa, Uganda, Ghana, Côte d'Ivoire, Cameroon, Congo-Brazzaville, Rwanda and other Opcos through various partnerships
MTN is making good progress with partners on entry-level smartphone handsets

Reducing costs of communication

Reduced effective data tariff by approximately 14.4%

14 of our markets are within the UN-recommended affordability range within the UN's affordable internet usage target, with the price of 1GB of mobile broadband data costing 2% or less of gross national income per capita

Data usage

27.0% increase in total data use (12.5GB per user per month)

Service offerings that are relevant, simple and meaningful to customers

Education

Educated over 33 million people on digital literacy

Data literacy campaigns continue to address the internet usage gap across all our markets

Future focus

Grow data to be the largest contributor to MTN Group's total revenue. ST

Accelerate the CHASE framework to close the data usage gap. ST

Drive industry engagement to reduce handset costs. ST MT

Expand device financing initiatives to new markets. ST MT

Connectivity

Own the home

Home broadband is a strategic growth pillar within MTN's connectivity portfolio. In 2025, the focus shifted decisively from opportunity creation to scaled operational execution, with an emphasis on sustainable growth, disciplined capital allocation, and consistent service delivery.

MTN addresses the home broadband opportunity through a hybrid access strategy, combining FWA on 4G and 5G with targeted FTTH deployments. This approach enables the Group to efficiently expand reach, adapt to diverse market conditions and balance rapid scaling with long-term investment discipline.

Market opportunity

Across MTN's core markets, the addressable home broadband market is at least 55 million households, (with potential to reach 70 million depending on technology evolution), representing an annual revenue opportunity of around US$10 billion as fixed broadband penetration continues to expand.

Structural growth drivers

  • Increasing household demand for reliable high-speed connectivity.
  • Rapid growth in video streaming, gaming, and digital services.
  • Expansion of remote work, digital education, and home-based businesses.
  • Increasing smartphone and smart device penetration across African markets.

Performance in 2025

Continued growth in the home customer base, supported by expansion of addressable households across priority markets.

Improved activation of customers from existing and newly expanded network reach.

Progress in deployment efficiency and operating discipline, supporting capital-efficient growth.

MTN's Home subscriber base (FWA and FTTH combined) increased from 1.53 million in FY 2024 to 2.45 million in FY 2025, representing net additions of approximately 926 000 customers (+61% year-on-year^).

Growth driven by FWA, as the primary engine for rapid scale across MTN footprint. FTTH expanded strongly on accelerated deployments and improved commercial traction in selected high‑density markets.

FTTH increased its share of the home base from 8% to 12%.

^ The 7.0m total Home subscriber base comprises 2.45m FTTH and FWA subscribers and 4.55m MBB subscribers.

Particulars

Households
Households
(Mn)^
121m
125m
150m
Eligible Households
Eligible
households
(Mn)^
33m
37m
55m
Coverage
Coverage
(4G)
~81%
~89%
~92%
Coverage
Coverage
(5G)
~15%
~17%
~40%
FTTH homes
FTTH homes
passed
5.5m
7.2m
~30m
^ Nigeria, South Africa, Ghana, Uganda, Cote d'Ivoire and Cameroon. Source: MTN network team; MTN internal home opportunity model.
Flags

Hybrid delivery model

MTN's home connectivity strategy is built around a hybrid technology model, combining fixed wireless access with fibre deployments.

This allows MTN to optimally match technology to market conditions, ensuring capital efficiency and service quality.

Fixed wireless access > enables rapid and capital-efficient expansion across a wide geographic footprint. This allows MTN to scale broadband coverage using existing mobile network infrastructure.

Fibre deployment > focused on providing a premium experience in high-density urban and peri-urban areas where demand and population density support deeper infrastructure investment.

FTTH market position

Leading fibre market positions in Nigeria, Ghana, and Uganda, supported by strong brand equity, extensive coverage and integrated connectivity.

Côte d'Ivoire gained momentum in 2025 supported by targeted network expansion and improved commercial execution, resulting in increased market participation and customer adoption.

Focus going forward

Key priorities include:

Scaling Home subscribers across FTTH, 5G FWA and opportunistic 4G FWA.

Maintaining discipline on deployment costs, ARPU, and churn.

Introducing digital offers, bundled services and value-added propositions to enhance customer lifetime value.

Scaling Operational Excellence programmes to ensure execution and sustainable margins.

Connectivity

Voice

In many of MTN's developing markets, the demand for voice services continues to grow. As the demand for data is increasing, voice services still play a key role in generating revenue for the Group by serving as a crucial connectivity lifeline in the customer journey across our markets. At MTN, protecting revenue in the voice segment remains an important priority. This is achieved through improved network quality and by implementing enhanced customer value management strategies.

Progress in 2025

Achieved target of
307.2m subscribers
Grew our voice user base by
+5.6%
Managed voice substitution risk by continued acceleration of integrated bundle penetration across our base and giving our customers more voice value.
The voice USME strategic framework is pivotal in ensuring we protect voice revenues across our footprint
Voice User
growth
Voice user subscriber growth grew to 307.2 million in 2025.
Voice Substitution
risk
Increasing penetration of customers consuming integrated bundles to ~23.5% of subscriber base
Proactive MTR
management
We managed mobile termination rates by following clear benchmark guidelines from regulators
Voice Elasticity
growth
Continued to scale innovative voice solutions that stimulate usage across our footprint

Focus going forward

Continue to drive increased integrated bundle penetration percentage across our base. ST MT LT

Defend and grow our share of wallet through CVM initiatives and segmented customer propositions. ST MT LT

Close monitoring of voice pricing initiatives both above the line and below the line to ensure stability of voice effective rates across our footprint. ST MT LT