MTN GROUP LIMITED - Trading statement for the full year ended 31 December 2025

Trading statement for the full year ended 31 December 2025

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

Trading statement for the full year ended 31 December 2025

MTN is currently finalising its results for the period ended 31 December 2025 (FY 25).

The Group anticipates reporting a strong performance for FY 25 driven by pleasing operational
progress and a supportive macroeconomic environment in key markets. The improved momentum
across several of our markets underpinned strong growth in service revenue and profitability.

In our larger operations, MTN Nigeria and MTN Ghana delivered robust results in their FY 25 earnings
releases on 26 February 2026 and 27 February 2026, respectively, highlighting improved profitability
on better revenue growth. MTN South Africa continued to navigate increased competitive pressures
in its prepaid business. The positive operational and financial momentum in a number of our other
markets was also supportive of the Group's overall FY 25 performance.

The FY 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 6.26 of the JSE Limited Listings Requirements requires that issuers must
publish a trading statement as soon as they are reasonably certain that the results for the period to be
reported upon next will differ by at least 20% from the published results for the previous corresponding
period ended 31 December 2024 (FY 24).

Accordingly, MTN shareholders are advised that MTN expects to report the following changes in
earnings per share (EPS) and headline earnings per share (HEPS) compared to FY 24, as illustrated in
the table below:

                       FY 24       FY 25 expected range       Expected range of         Expected range of
                       [ZAc]                      [ZAc]            increase [%]            increase [ZAc]
    EPS                 -531              1 062 - 1 168                  >300%              1 593 - 1 699
    HEPS                  98              1 264 - 1 284                 >1000%              1 166 - 1 186



The difference between FY 25 EPS and FY 25 HEPS is largely attributable to impairment losses that
relate to investments, goodwill, property, plant and equipment totalling approximately 157 cents
(FY 24: 578 cents).

Included in FY 25 HEPS are non-operational items totalling a net amount of approximately -85 cents
(FY 24: -718 cents).

The comparative FY 24 figures in this announcement have not been restated to the guidance provided
in the announcement titled: "MTN Ghana results for the year ended 31 December 2025 | Prior year
restatement of MTN Ghana and impact on the Group", released on the Stock Exchange News Service
of the JSE Limited this morning (2 March 2026) (Ghana Announcement).

However, we anticipate that the MTN Ghana restatements outlined in the Ghana Announcement will
impact the Group FY 24 EPS and HEPS as follows:

•   EPS loss for FY 24 will improve by approximately 12 cents to -519 cents (reported previously at -
    531 cents);
•   HEPS for FY 24 will improve by approximately 12 cents to 110 cents (reported previously at
    98 cents).

This impact 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 for FY 24.

The Group's financial results, which will include the restated FY 24 figures, are expected to be
announced on the Stock Exchange News Service of the JSE on or about Monday, 16 March 2026.

The financial information on which this trading statement is based is the responsibility of the Group
directors and has not been reviewed and reported on by the external auditors of MTN.



02 March 2026

Fairland



Lead sponsor

Tamela Holdings Proprietary Limited

Joint sponsor

J.P. Morgan Equities (SA) Proprietary Limited

Date: 02-03-2026 08:00:00
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