MTN GROUP LIMITED - MTN Ghana results for the year ended 31 December 2025 | Prior year restatement of MTN Ghana and impact on the Group

MTN Ghana results for the year ended 31 December 2025 | Prior year restatement of MTN Ghana and impact on the Group

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


MTN Ghana results for the year ended 31 December 2025 | Prior year
restatement of MTN Ghana and impact on the Group

MTN shareholders (Shareholders) are advised that MTN Ghana has released its financial results for the year-end
to 31 December 2025, on the Ghana Stock Exchange on 27 February 2026. As MTN Ghana is a subsidiary of MTN,
Shareholders are further advised that these financial results can be viewed at
https://mtn.com.gh/investors/financial-results/

During the year ended 31 December 2025, MTN Ghana identified that network infrastructure leases had not
been remeasured following contractual lease extensions and the introduction of a fixed escalation clause that
had come into effect after the adoption of International Financial Reporting Standard (IFRS) 16. This resulted in
right-of-use assets and lease liabilities being understated.

In accordance with International Accounting Standard (IAS) 8 Accounting Policies, Changes in Accounting
Estimates and Errors, the comparative figures as of and for the year ended 31 December 2024 and opening
balances as of 1 January 2024 have been retrospectively restated (MTN Ghana Restatement) to correct these
misstatements and present accurate financial information.

Impact of MTN Ghana Restatement on the Group results for the period ended 31 December 2024 (FY 24)

The economy of Ghana was assessed to be hyperinflationary effective 1 January 2023 until 30 June 2025. As
such, the Group has also applied hyperinflationary accounting to the MTN Ghana Restatement, resulting in a
restatement to the Group financials.

In terms of the key impacts for the Group, it is anticipated that the FY 24 opening total equity balance will be
restated lower by approximately R1.1 billion to R149.1 billion (from R150.2 billion, as reported previously), to
reflect the impact of the MTN Ghana restatements relating to the financial periods from 2019 to 2023. It is
anticipated that the restated FY 24 loss after tax for the Group will be reduced by approximately R293 million,
resulting in a closing total equity at 31 December 2024 of approximately R137.6 billion (from R138.4 billion
previously).

The Group anticipates that the MTN Ghana Restatement will reduce the Group FY 24 earnings per share (EPS)
loss by approximately 12 cents to -519 cents (from -531 cents, as reported previously). We further anticipate
that the MTN Ghana Restatement will improve headline EPS (HEPS) by approximately 12 cents to 110 cents
(from 98 cents, as reported previously).

The above effects are non-cash in nature, with no impact on the Group cash and cash equivalents for the
respective restated periods.

The Group restated information is the responsibility of the MTN directors and has not been reviewed or reported
on by the external auditors of MTN. It is provided for illustrative purposes only and because of its nature, may
not fairly present the Group's financial position, changes in equity or results of operations. Group results for the
period ended 31 December 2025, which will include the restated FY 24 figures, are expected to be announced
on the Stock Exchange News Service of the JSE Limited on or about Monday, 16 March 2026.

Fairland

2 March 2026

Lead Sponsor

Tamela Holdings Proprietary Limited

Joint Sponsor

J.P. Morgan Equities South Africa Proprietary Limited

Date: 02-03-2026 07:15:00
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