MTN GROUP LIMITED - Trading statement for the half year ended 30 June 2025

Trading statement for the half year ended 30 June 2025

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Group)

Trading statement for the half year ended 30 June 2025
MTN is currently finalising its results for the period ended 30 June 2025 (H1 25).

The Group expects to report a robust performance for H1 25, driven by strong commercial execution,
disciplined capital allocation and improved macro conditions. Inflation and foreign exchange (forex)
rates in key markets showed improved stability, which supported the positive momentum in our
operational and financial results.

In our larger operations, MTN Nigeria and MTN Ghana published strong H1 25 results on 30 July 2025
and 31 July 2025, respectively, demonstrating pleasing growth in service revenue and profitability. As
previously indicated, MTN South Africa (SA) has faced challenges in the market, particularly within the
prepaid segment. However, we are encouraged by the overall H1 25 trajectory of key operations within
our broader Markets portfolio, which have also supported the H1 25 performance.

The H1 25 results for MTN Nigeria and MTN Ghana, respectively, are available at:

•   MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/
•   MTN Ghana: https://mtn.com.gh/investors/financial-results/

In this context, paragraph 3.4 (b) (i) of the JSE Limited (JSE) Listings Requirements requires that issuers
must publish a trading statement as soon as they are satisfied that a reasonable degree of certainty
exists that the financial results for the upcoming reporting period will differ by at least 20% from the
financial results for the previous corresponding period.

Accordingly, MTN shareholders are advised that MTN expects to report:

•   An increase in earnings per share (EPS) of more than 200% (or within a range of 904 cents and 986
    cents higher). Considering the reported EPS loss for the corresponding period ended 30 June 2024
    (H1 24) of -409 cents, this translates to an EPS range of 495 cents to 577 cents for H1 25;
•   An increase in headline earnings per share (HEPS) of more than 300% (or within a range of 870
    cents and 922 cents higher). Considering the reported HEPS loss for the corresponding period of
    H1 24 of -256 cents, this translates to a HEPS range of 614 cents to 666 cents for H1 25.

The growth in EPS and HEPS was driven mainly by the strong performances from MTN Nigeria and
MTN Ghana. The difference between H1 25 EPS and H1 25 HEPS is largely attributable to impairment
losses that relate to investments, goodwill, property, plant and equipment totalling approximately -
104 cents (H1 24: -203 cents).

The anticipated changes in EPS and HEPS for H1 25, are illustrated in the table below:
                       H1 24     H1 25 expected range       Expected range of       Expected range of
                       [ZAc]                     [ZAc]               increase                increase
                                                                          [%]                   [ZAc]
 EPS                    (409)                495 - 577                 >200%                904 - 986
 HEPS                   (256)                614 - 666                 >300%                870 - 922



Included in H1 25 HEPS are non-operational items totalling a net amount of approximately -12 cents
(H1 24: -629 cents).

The financial information on which this trading statement is based has not been reviewed and reported
on by the external auditors of MTN. The Group's financial results are expected to be announced on
the Stock Exchange News Service of the JSE on or about Monday, 18 August 2025.



07 August 2025

Fairland

Lead sponsor

J.P. Morgan Equities (SA) Proprietary Limited

Joint sponsor

Tamela Holdings Proprietary Limited

Date: 07-08-2025 09:00:00
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