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BIMTN - Publication of the 2025 Annual Financial Statements of MTN Holdings
MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
Registration No. 1993/001411/06)
Issuer Code: BIMTN
(MTN Holdings) or (the Company)
Publication of the 2025 Annual Financial Statements of MTN Holdings
In terms of the JSE Limited Debt and Specialist Securities Listings Requirements, Noteholders are hereby
advised that the annual financial statements for MTN Holdings and MTN Group Limited for the year ended 31
December 2025 have been made available on the Company's website, which may be viewed or downloaded using the
following link: https://www.mtn.com/investors-shareholders/?tablink=debt-and-funding-updates
Noteholders are also advised that the Company's audit reports were unqualified with no modification.
Restatement of the previously published results
Although not a matter of non-compliance, MTN Holdings acknowledges the restatement of its published results for
the year ended 31 December 2024 (and the six months ended 30 June 2025), originating from its major subsidiary,
Scancom PLC ("MTN Ghana"). The restatement relates to MTN Ghana's accounting under IFRS 16 for amendments to
master tower space use agreements (covering approximately 7,100 sub-leases), where certain contractual
modifications—including lease extensions, temporary suspension of CPI-linked escalations, the introduction of CPI
floor mechanisms and rent-free periods—were not appropriately incorporated into the measurement of the related
lease liabilities and right-of-use assets. The matter was identified in September 2025 during the implementation
of an automated lease accounting system and, following a detailed review of the underlying agreements and addendums,
it was concluded that lease liabilities and right-of-use assets (and related depreciation and finance costs) had been
understated, and the results have been restated accordingly under Note 11 on pages 124 and 125 of the annual financial
statements.
30 April 2026
Johannesburg
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 30-04-2026 02:10:00
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