MTN : Q1 24 Trading Update JSE SENS

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)

Quarterly update for the period ended 31 March 2024

MTN is a pan-African mobile operator with the strategic intent of 'Leading digital solutions for Africa's progress'. We have 288 million customers in 18 markets and are inspired by our belief that everyone deserves the benefits of a modern connected life.

Highlights

• Group service revenue decreased by 18.8% (up 11.1%*)
• • Voice revenue decreased by 32.2% (down 1.4%*)
  • Data revenue decreased by 14.7% (up 20.2%*)
  • Fintech revenue increased by 11.4% (up 25.0%*)
• Total subscribers increased by 1.0% to 287.6 million
• Active data subscribers up by 7.8% to 149.2 million
• Active Mobile Money (MoMo) monthly active users (MAU) up by 6.2% to 65.5 million
• Data traffic increased by 36.2% to 4 359PB
• Fintech transaction volumes increased by 18.3% to 4.8 billion and transaction

value up by 11.2%* to US$72.3 billion

• Constant currency information after accounting for the impact of the pro forma adjustments as defined and included throughout this Stock Exchange News Service of the JSE Limited (JSE) (SENS) announcement.
• • • change
  • change constant

Rm	1Q 24	1Q 23	reported	currency
Group service revenue	42 901	52 831	(18.8%)	11.1%
- South Africa	10 413	10 108	3.0%	3.0%
- Nigeria	10 269	21 744	(52.8%)	31.8%
Group EBITDAˆ (before once-off items)	17 295	24 265	(28.7%)	3.9%
- South Africa#	4 519	4 554	(0.8%)	(0.8%)
- Nigeria	4 090	11 627	(64.8%)	(1.9%)
Group EBITDA margin	37.9%	43.7%	(5.8 pp)	(2.5 pp)
- South Africa#	34.9%	36.1%	(1.2 pp)	(1.2pp)
- Nigeria	39.5%	53.3%	(13.8 pp)	(13.8 pp)
Capital expenditure (capex, IFRS 16)	8 996	14 806
- Capex (ex-leases)	5 385	6 375
- Capex intensity (ex-leases)	11.8%	11.5%

^Group earnings before interest, tax, depreciation and amortisation.

• Excludes any once-offs including gains and losses on disposals.

Unless otherwise stated, financial and non-financial growth rates are presented on a constant currency basis and are year-on-year (YoY, three months to March 2024 versus three months to March 2023).

Service revenue excludes device and SIM card revenue. Data revenue is mobile and fixed access data and excludes roaming and wholesale. Fintech includes MoMo, insurance, airtime lending and e-commerce. Active data users are a count of all subscribers at a point in time who had a revenue-generating event in the specified period (90 days) prior to that point in time and during the past 30 days had data usage greater than or equal to 5 megabytes. MoMo users are 30-day active users. Non-financial numbers included in this quarterly update are reported excluding Afghanistan in the base year following the Group's exit in February 2024. MTN Afghanistan results have been disclosed up to February for 2024 as a result the 2023 comparatives include the results for the two months ending February 2023.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

Group President and CEO Ralph Mupita comments

Resilient performance in a challenging macro

"The macro environment in first quarter of 2024 remained challenging with ongoing high inflation as well as local currency devaluations in some of our key markets. Although still elevated, we are encouraged by the abating trend in the blended rate of inflation across our footprint, which reduced to 13.7% in Q1 2024; compared to 18.5% in Q1 2023 and 15.4% in Q4 2023. In Nigeria, we saw strong underlying commercial momentum in the business, despite the financial impacts of the sharp devaluation of the naira and continued elevated inflation during the period.

Global geopolitical tensions remained elevated and a factor impacting our performance. This included the ongoing civil war in Sudan, which severely affected network availability and revenue generation in our business in that market. We were also impacted by cable cuts that resulted in downtime for significant subsea cables connecting the African continent, particularly in West Africa.

Operational execution and performance

We invested capex (ex-leases) of R5.4 billion year-to-date (YTD) in our networks and platforms, with a capex intensity of 11.8% in the period. We drove data traffic and fintech transaction volumes growth of 36.2% (up 32.2% excluding JVs) and 18.3% respectively.

The Group delivered an increase in service revenue of 11.1%*, driven by steady growth from MTN South Africa (MTN SA, up 3.0%); as well as strong performances in MTN Nigeria (‌up 31.8%‌*), MTN Ghana (up 32.4%*) and MTN Uganda (up 19.4%*). Excluding MTN Sudan (down 83.2%*), which remains impacted by civil war conflict conditions, the Group service revenue growth in Q1 would have been 13.3%*.

Our subscribers increased by 3.0 million to 287.6 million. Base growth was hampered by subscriber registration regulations in Ghana and Nigeria, as well as a decline in subscribers in Sudan amidst the ongoing conflict. Active data subscribers were up by 7.8% (to 149.2 million), supporting increased traffic and data revenue growth.

MoMo active users increased by 6.2% to 65.5 million (up 8.1% to 62.2 million, excluding OTC) as advanced services continued their strong growth trajectory with a 63.3%* YoY growth relative to basic services (up 16.9%* YoY). Rwanda, Uganda, and Nigeria were the main contributors to the 40.1% increase of active merchants to 2.2 million in Q1. Transaction volume and value increased by 18.3% and 11.2%* respectively, supporting the 25.0%* YoY growth achieved in service revenue.

Overall Group EBITDA increased by 3.9%*. The EBITDA margin declined by 2.5pp* to 38.1%* (Q1 2023: 40.6%*), impacted by upward pressure on costs due to inflation and forex depreciation mainly in Nigeria, network resilience costs and electricity tariff escalations in MTN SA and the impact on operations from the conflict in Sudan. Through the execution of our expense efficiency programme, we realised efficiencies of R430 million in Q1.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

Balance sheet and liquidity positions

The Group net-debt-to-EBITDA ratio of 0.5x, as at 31 March 2024 (31 December 2023: 0.4x), remained well within our loan covenant limit of 2.5x. Our net interest cover of 5.6x, was also within covenant thresholds. Holding company (Holdco) leverage, at 1.7x (31 December 2023: 1.4x), was impacted by foreign exchange movements and lower upstreaming from operations.

We upstreamed cash totalling R718 million from our operating companies (Opcos) in, which is a seasonally softer quarter. Despite the headwinds, we continue to maintain a healthy liquidity position, with headroom of R39.1 billion as at 31 March 2024.

Outlook and priorities

Our trading environment is anticipated to remain challenging in the near-term, with inflation remaining elevated in some of our key markets, local currencies under pressure and the civil war in Sudan expected to continue. The medium to longer-term structural growth opportunities for data adoption and financial inclusion remain strong and as such, we will continue to be guided by our capital allocation framework, manage near-term risks and remain focused on executing on our strategic priorities to deliver on our medium-term guidance.

MTN SA will continue to execute on its priorities, including execution of device initiatives within the trade and price-ups in prepaid and fixed-wireless access (FWA), to drive the recovery in its service revenue and EBITDA margin towards medium-term guidance ranges by the end of Q4 2024.

MTN Nigeria is focused on maintaining its commercial momentum, accelerating service revenue growth, unlocking operational efficiencies, and strengthening the balance sheet to improve the profitability of the business. Further detail on this is on page 5.

MTN Ghana will continue to focus on achieving operational excellence, which will help safeguard its margins and drive sustained bottom-line growth in the medium to long term.

In our platforms, we will leverage partnerships to accelerate ecosystem growth and ramp up commercial monetisation. We will also continue the work to bring in further minority investments into our platforms. The commercial initiatives with Mastercard will ramp up in Q2 2024, with sequential launches across markets through the remainder of the year.

We will continue to explore further localisations in key markets of Uganda and Ghana over the next few quarters, as we look to meet regulatory requirements in those markets.

We will continue to drive the efficiencies in our business to maintain our balance sheet flexibility and drive return accretion. In particular, we are working to accelerate expense efficiencies, in terms of which we target R7-8 billion over the next three years. We also remain focused on cash upstreaming from our Opcos and anticipate an improving trend in cash received from our markets in coming quarters. This will support efforts to return Holdco leverage back to within the 1.5x guidance over the medium term.

We revise down our anticipated capex (ex-leases) deployment for 2024 to R28-33 billion, largely due to a reduction in expected spend by MTN Nigeria. We remain focused on our strategy execution to deliver on our medium-term guidance".

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

Any forward-looking financial information disclosed in this quarterly update has not been reviewed or audited or otherwise reported on by our external auditor.

Certain information presented in this quarterly update constitutes pro forma financial information and constant currency information. This pro forma financial information and constant currency information has not been audited or reviewed or otherwise reported on by MTN's external auditor. The responsibility for preparing and presenting the pro forma financial information and constant currency information for the completeness and accuracy of the pro forma financial information and constant currency information is that of the directors of MTN. This is presented for illustrative purposes only. Because of its nature, the pro forma financial information and constant currency financial information may not fairly present MTN's financial position, changes in equity, and results of operations or cash flows.

Constant currency information has been presented to remove the impact of movement in currency rates on the Group's results and has been calculated by translating the prior financial reporting period's results at the current period's average rates. The measurement has been performed for each of the Group's currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated based on the prior period constant currency results compared to the current year results. In addition, in respect of MTN Irancell, MTN Sudan and MTN South Sudan the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied.

The Group's quarterly update is presented in line with the Group's operational structure. The Group's underlying operations are clustered as follows: South Africa (SA), Nigeria, the Southern and East Africa (SEA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations.

The SEA region includes Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), eSwatini (joint venture-equity accounted) and Business Group. The WECA region includes Ghana, Cameroon, Côte d'Ivoire, Benin, Congo- Brazzaville, Liberia, Guinea Conakry and Guinea Bissau. The MENA region includes Iran (joint venture-equity accounted), Sudan and Afghanistan.

Although Iran, Botswana and eSwatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the Group.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

Outcomes of MTN Nigeria's Extraordinary General Meeting (EGM)

MTN Nigeria's EGM was convened on 30 April 2024 in order to articulate the management team's plans to address the negative net asset position as reported in the audited financial statements for the period ending 31 December 2023.

The MTN Nigeria Board approved the implementation of initiatives geared towards safeguarding the business fundamentals and prospects. These initiatives include: (i) pursuing regulated tariff increases through engagements with authorities; (ii) driving margin recovery through accelerated top-line growth, with a focus on executing on the expense efficiency programme; (iii) optimising capex deployment targeting capex intensity in the upper single digits; (iv) reducing US$ exposure with a focus on MTN Nigeria's outstanding letters of credit (LC) obligations; and (v) exploring strategic options to manage its tower lease obligations.

The full notice, along with more detail on the abovementioned initiatives, can be viewed at: https://www.mtn.ng/investors/announcements/.

Operational review

Listed Opcos' published Q1 2024 results

The published Q1 results of our listed Opcos can be viewed at:

• MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/?report_cat=quarterly-results
• MTN Ghana: https://mtn.com.gh/investors/
• MTN Uganda: https://www.mtn.co.ug/investors/financial-reports/
• MTN Rwanda: https://www.mtn.co.rw/investors-financial-reporting/

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

MTN South Africa

MTN SA's Q1 performance was resilient in a challenging operating environment. Economic growth remained muted, with the IMF having recently downgraded its 2024 growth outlook to below 1%. More encouragingly, inflation showed signs of abating, with Q1 averaging 5.4% (Q1 2023: 7.0%), within the top-end of the South African Reserve Bank (SARB) target range of 3-6%.

There was also an improvement in the frequency and severity of power outages, with a total of 83 days of loadshedding experienced during the quarter, compared to 90 days in Q1 2023. MTN SA's investment in resilience has yielded excellent results, notably the significant improvement in network availability.

In this context, MTN SA achieved solid service revenue growth of 3.0%, with all key business segments showing positive momentum from 2023. In a tough and competitive trading environment, MTN SA grew the total number of subscribers by 3.3% YoY, to 37.1 million.

With the significant improvement in network availability compared to Q1 2023 and a greater bundle consumption of voice compared to data, the decline in total outgoing voice revenue improved to -5.0%; compared to declines of 16.0% in Q1 2023 and 9.8% in Q4 2023.

The development of data revenue was impacted by the initiatives implemented to recover legacy Xtratime data advance balances through data bundles. This partly resulted in relatively muted data revenue growth of 2.5%. Data continued to be a key growth driver for the business and showed strong underlying momentum as active data users grew by 6.1% to 20.4 million YoY.

Advancing the residential strategy remains a key focus area for the business, underpinned by FWA and FTTH technologies. In addition to new Super Data offers in prepaid, MTN SA also launched new FTTH products in Q1. In addition, the business refreshed its postpaid FWA Home Internet and Mobile Internet propositions, with good uptake from customers. This underpinned growth of 34.8%, to 895k YoY, in the number of residential subscribers - including customers making use of MiFi dongles to access connectivity.

These initiatives supported overall data traffic growth of 41.7%. FWA Home Internet - which was priced aggressively in the market to accelerate penetration - was the main driver of this traffic growth. MTN SA's mobile data traffic growth (excluding FWA) was 26.5%.

An active prepaid subscriber consumed an average of 3.3GB per month (up 22.4%); an active postpaid subscriber consumed an average of 21.9GB per month (up 55.0%). Within this, a postpaid mobile user increased data consumption by 22.7% to 12.9GB per month. MTN SA is revising its above-the-line and CVM data bundle portfolios (including FWA) in Q2, to improve effective pricing.

Service revenue in consumer prepaid was 1.1% higher, reflecting the ongoing financial pressure on consumers and the impacts of macroeconomic factors on disposable income. Within the overall mix, XtraTime service fees showed strong growth at 52.2%, impacting somewhat on data growth although voice revenue has showed better resilience given the improved network availability and quality.

We are encouraged by the growth in consumer postpaid with the strong operational performance during Q1 impacted by a base clean-up during Q4 2023 and once-off releases in the prior reporting period. Postpaid service revenue increased by 2.9% during the period.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

The enterprise business delivered robust double-digit service revenue growth of 10.1% underpinned by growth in data, Bulk SMS and new contracts acquired in ICT.

The wholesale business held steady, with service revenue up by 0.8% (including incoming voice) supported by ongoing revenues from MTN SA's national roaming customers.

The fintech business continued to progress, with total revenue up by 57.9% (including Xtratime), underpinned by strong MoMo revenue growth from a low base. This was driven by the ongoing expansion of the product portfolio, including lending services (personal and micro loans) and international remittance.

EBITDA grew by 3.6% in the quarter, representing an expansion of 0.3pp in EBITDA margin to 36.5%, including the once-off gain on disposals. Excluding the effect of these once-off gains, EBITDA margin was 34.9% (1.2pp lower). As noted in the FY 2023 Group results release, MTN SA is front-loading the investment into the device market to support its revenue acceleration initiatives. This cost investment had a negative impact on EBITDA margin in Q1, although this is anticipated to abate in H2.

Network resilience plan completed, unwind of power as a service (PaaS) agreement

MTN SA has successfully completed the roll out of its network resilience plan. This deployment incorporated the upgrade of rectifiers, additional battery capacity (to allow for a minimum of six hours of battery autonomy) and a mix of static and mobile generators. MTN SA is also piloting solar solutions on a limited number of sites. In addition, where there are higher risks of theft or vandalism, additional security solutions are deployed, and active infrastructure changes implemented.

MTN SA and IHS have reached a mutual agreement to unwind the PaaS agreement entered into in June 2022. The parties agreed - given the high levels of uncertainty around loadshedding in South Africa, which required a significant acceleration in capital investment on resilience - that it would be beneficial to both parties for MTN SA to take back the operations of backup power on its portfolio of sites.

The unwind is expected to be largely cost neutral for MTN SA and the impact has been considered in terms of the business' medium-term guidance. The tower lease agreement entered into with IHS remains in place, and IHS will continue to own and operate the tower infrastructure in South Africa.

MTN SA outlook

The remainder of the year is anticipated to continue to present macro headwinds to the MTN SA's service revenue and cost development, driven by elevated inflation and interest rates, as well as the impacts from the ongoing geopolitical volatility.

Several initiatives are underway and are being executed to navigate the prevailing conditions. These include price-ups in prepaid plans and other portfolios, as well as revision of data bundle portfolios (including FWA) in Q2, to improve effective pricing. The investment into the device market to support MTN SA's revenue acceleration initiatives is anticipated to continue in Q2, before abating in H2. This will continue to weigh on EBITDA margin in the short term.

Overall, these interventions - supported by improved network availability and expense efficiencies

• are expected to underpin the recovery in MTN SA's top-line growth and EBITDA margin towards the medium-term guidance by Q4 2024.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

MTN Nigeria

MTN Nigeria released its Q1 results - published on 29 April 2024 - against the backdrop of rising inflation, ongoing naira volatility and the impact of the industry-wide directive of the Nigerian Communications Commission (NCC) for a full barring of subscriber lines not linked to their National Identity Number (NIN).

Service revenue grew by 31.8%*, ahead of average inflation in Q1, helped by some favourable base effects, but underscored the continued demand for data, voice and digital services.

Voice revenue grew by 14.3%*, supported by increased usage by customers. This growth was attributable to the successful implementation of CVM initiatives and revamped voice propositions.

Data revenue rose by 53.5%* due to improved data bundle offerings, wider network coverage and enhanced capacity. MTN Nigeria acquired additional 2 600MHz spectrum in September 2023, which enabled more efficient deployment of additional capacity to the network. Data traffic grew by 40.6% YoY, underpinned by data usage (GB per user) growth of 28.5% to 10.1GB.

Fintech revenue grew marginally by 0.3%*, impacted by the NIN requirement for Know Your Customer (KYC) validation, impacting approximately a million active wallets. Active MoMo PSB wallets declined by 566k to 4.8 million as a result of the KYC requirement and delays in Central Bank of Nigeria approvals for some commercial initiatives.

Growing adoption and increased activity within the fintech ecosystem drove a 25.6% YoY rise in transaction volume. MTN Nigeria ended the quarter with 232.3k MoMo agents, including OTC agents, reflecting a decline of 94.4k in the period. Excluding OTC transaction, there were 189.6k active MoMo agents. MTN Nigeria added over 75k merchants in Q1, bringing the total number of merchants within the ecosystem to over 400k.

The focus of MoMo PSB remains on driving consumer education and awareness, leveraging the distribution network and expanding the bouquet of offering from basic to advanced services to boost adoption and monetisation.

Digital revenue grew by 88.9%*, as the increased adoption of digital products continued to grow with user journey optimisation, revamped digital offers and the growth in the active base by 43.0%, to 16.7 million. ayoba recorded a 27.3% YoY growth to 8.5 million active monthly users.

Service revenue from the enterprise business rose by 52.7%*, due to increased uptake of services, particularly mobile and fixed connectivity services.

MTN Nigeria recorded EBITDA decline of 1.9%*, impacted by the combined effects of naira depreciation, higher consumer price index (CPI) and energy costs on lease rental, as well as the introduction of the VAT on tower leases resulted in higher operating expenses. The EBITDA margin declined to 39.5%*. Adjusting for the effects of naira depreciation on margin (negative 11.6pp), the EBITDA margin for Q1 would have been 51.0%*.

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

Southern and East Africa (SEA) region

The SEA region delivered service revenue growth of 17.8%* YoY, supported by sustained growth in voice (up 10.2%*), data (up 26.1%*) and fintech (up 24.7%*). Total subscribers increased by 7.3% to

39.2 million with active data subscribers increasing by 20.0% to 15.3 million and MoMo active users increasing by 7.3% to 21.5 million. The blended inflation in SEA averaged 6.3% in Q1, compared to 13.3% in Q1 2023.

MTN Uganda published its Q1 results on 9 May 2024 and reported service revenue growth of 19.4%* YoY, underpinned by strong momentum in voice (up 15.6%*), data (up 22.5%*) and fintech (up 23.6%*). The subscriber base grew by 12.0% to 19.9 million.

Voice revenue benefited from increased adoption of personalised propositions targeting both on-net and off-net customers. Data revenue was supported by a 27.6% growth in active subscribers, further driven by the acceleration of megabytes per user by 31.6% due to improved network performance post the acquired spectrum deployment. Data traffic increased by 68.0%.

Fintech revenue growth was driven by a strong recovery in the loans and savings portfolio within advanced services, as well as resilience in revenue from basic services supported by MoMo float enhancement to our agents.

MTN Uganda's EBITDA increased by 25.0%*, underpinned by strong top-line growth and continued cost optimisation. The EBITDA margin held steady at 52.0%*.

MTN Rwanda, which published Q1 results on 7 May 2024, reported service revenue growth of 2.2%* impacted by the cut in mobile termination rates (MTR), which negatively impacted voice (down 23.4%*) and data (flat). Fintech revenue increased by 26.4%* YoY. Excluding the impact of MTR, service revenue growth would have been 8.0%*. The subscriber base grew by 7.0% YoY growth in the subscriber base to 7.4 million.

Voice was severely impacted by the aforementioned introduction of zero MTR, while data pricing also came under pressure as MTN Rwanda defended its market position amidst increased competitive intensity. Active data subscribers grew by 13.6% to 2.5 million subscribers, supported by initiatives to drive smartphone penetration, which reached 29.2% (Q1 2023: 23.5%).

The fintech performance was supported by the 16.8% YoY growth in MoMo active users, as well as the robust growth of advanced services revenue (up 52.9%*).

MTN Rwanda's EBITDA declined by 10.6%* with an EBITDA margin of 40.0%* (down 5.8pp* YoY). This resulted largely from the zero MTR policy and aggressive pricing in the market. Excluding the effects of the regulatory MTR cuts, EBITDA would have been up by 2.5%* YoY.

Overall, the SEA portfolio reported a flat blended EBITDA margin of 45.6%* (Q1 2023: 45.5*%).

Quarterly update for the period ended 31 March 2024

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MTN Group Limited

Quarterly update for the period ended 31 March 2024

West and Central Africa (WECA) region

The WECA region delivered service revenue growth of 11.6%* largely driven by data (up 26.2%*) and fintech (up 23.4%*). Total subscribers increased by 0.3% to 72.3 million with active data subscribers increasing by 10.8% to 36.7 million and active MoMo users increasing by 3.4% to 34.0 million.

The average blended inflation for the region abated to 11.8% over the period, from 19.8% in 2023, as Ghana subsided from an elevated level. Excluding Ghana, WECA inflation was 4.1% for the period (Q1 2023: 5.2%).

MTN Ghana, which published Q1 results on 30 April 2024, delivered service revenue growth of 32.4%* supported by data (up 59.9%*) and fintech (up 31.2%*). Mobile subscribers increased by 1.2%, impacted by the SIM re-registration exercise completed in 2023. This brought the total number of subscribers to 27.8 million by the end of Q1.

Voice revenue growth was broadly flat with 0.8%* YoY growth, impacted by pending regulatory approvals in support of our ongoing price optimisation initiatives. The growth in data was supported by the implementation of pricing initiatives in Q4 2023 and a 6.0% YTD (since December 2023) increase in megabytes consumed per active user per month, which consequently led to a 16.3% YoY growth in data traffic over the period.

MTN Ghana's fintech performance was underpinned by growth in the active user base and driven by growth in cashout services, P2P and advanced services.

EBITDA increased by 31.6%* YoY, with a relatively stable margin of 55.9%* (0.4pp lower) in the context of high inflation, which impacted fuel, rent and utilities.

MTN Côte d'Ivoire's service revenue decreased by 2.0%*, largely underpinned by 7.6%* growth in data revenue. Performance was impacted by the regulation allowing the extension of unused data to roll-over to the next month, as well as the large-scale undersea fibre cuts in March 2024. Fintech revenue (up 1.7%*) was affected by lower MAU, which declined by 27.5% YoY. Initiatives are in place to address customer churn through an improved agent, merchant and customer app, with enhanced security.

The regulatory environment in Cote d'Ivoire remains challenging and engagements with the relevant authorities are ongoing to address the impact of increased price-based competition in the sector.

The EBITDA margin increased by 7.3pp* to 36.2%*, supported by strong execution on the expense efficiency programme.

MTN Cameroon reported solid service revenue growth of 15.3%* notwithstanding socio-economic headwinds, rising inflation and disruptions caused by the undersea fibre cuts. CVM initiatives continued to drive growth in voice (up 3.8%*), data (up 21.4%*) and fintech (up 37.0%*) revenue, despite increased pricing competition in the market. The EBITDA margin for MTN Cameroon improved by 6.3pp* to 40.3%* due to strong topline growth and expense efficiency.

WECA reported a 21.1%* increase in EBITDA and a blended EBITDA margin of 41.1%*, up by 3.2pp*. Excluding MTN Ghana, the WECA markets reported a 2.8pp* increase in the blended EBITDA margin to 32.0%*.

Quarterly update for the period ended 31 March 2024 10