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MTNZF unmodified reviewed interim financial statements for the six months ended 30 June 2025
MTN Zakhele Futhi (RF) Limited
(Incorporated in the Republic of South Africa)
(Date of incorporation: 21 June 2016)
(Registration number: 2016/268837/06)
JSE share code: MTNZF
ISIN: ZAE000279402
LEI: 378900429C4F73B1BE74
("MTNZF" or the "Company")
MTNZF unmodified reviewed interim financial statements for the six months ended 30 June 2025
("Interims")
MTNZF shareholders ("Shareholders") are advised that the Company's Interims, which incorporate
the unqualified report of the independent auditors, SizweNtsalubaGobodo Grant Thornton Inc.
("Report") thereon, have been released and are available on MTNZF's website at
https://www.mtnzakhelefuthi.co.za/investor-relations.
This announcement is the responsibility of the directors of MTNZF ("Board") and has not been
reviewed or reported on by MTNZF's external auditors. Any investment decisions should be based
on the Interims as the information in this announcement does not provide all of the details.
Profit increased by 1259% from a loss of R238m for the six months ended 30 June 2024 to a profit of
R2 759m for the six months ended 30 June 2025.
Earnings per share and headline earnings per share ("HEPS") increased by 1192% from R1.73 for the
six months ended 30 June 2024 to R22.41 for the six months ended 30 June 2025. There are no
items included in the calculation of profit attributable to shareholders which are required to be
excluded in terms of circular 1/2023, Headline Earnings, in the calculation of HEPS.
In addition, the Net Asset Value ("NAV") per share increased by 272% from R6.66 as at 30 June 2024
to R24.79 as at 30 June 2025 based on the MTN share price of R140.84 as at close of business on 30
June 2025.
Furthermore, Shareholders are referred to the "Update on the MTNZF scheme and Cautionary
Announcement" released on the Stock Exchange News Service of the JSE Limited on 22 August 2025
wherein Shareholders were advised that the Board would update Shareholders as more information
becomes available regarding the format, timing and quantum of the unwind of the MTNZF scheme
and return of the residual NAV to Shareholders ("Final Unwind Distribution"). The final amount of
the residual NAV is dependent on the costs of the unwind and associated provisions to be made by
MTNZF for any liabilities following the implementation of the Final Unwind Distribution.
Shareholders are advised that Report contains the following paragraph on material uncertainty
relating to going concern: "We draw attention to note 10 in the condensed financial statements,
which indicates management's intention to wind down the scheme. As stated in note 10, these
events or conditions, along with other matters as set forth in note 10, indicate that a material
uncertainty exists that may cast significant doubt on the company's ability to continue as a going
concern. Our conclusion is not modified in respect of this matter."
Johannesburg
18 September 2025
JSE Sponsor:
Tamela Holdings Proprietary Limited
Date: 18-09-2025 11:00:00
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