MTN Group: 2026 CMD: Fast growth and potential high returns ahead

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MTN Group: 2026 CMD: Fast growth and potential high returns ahead

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MTN Group

2026 CMD: Fast growth and potential high

returns ahead

Maintain Rating: BUY | PO: 260.00 ZAR | Price: 214.46 ZAR

Event confirms long term secular growth prospects. Buy 11 June 2026

MTN’s CMD (June 10) reinforced a compelling long-term growth story across core Equity

telecom, Fintech and AI, alongside a disciplined financial and capital allocation

Cesar Tiron >>

framework. While we do not expect material near-term consensus upgrades, the event Research Analyst

should strengthen market conviction that MTN can deliver high-teens growth through Merrill Lynch (DIFC) +971 4 425 8216

2030. We maintain Buy driven by 22% upside potential to our PO. Least bullish cesar.tiron@bofa.com

presentation was SA with V-shape recovery on the cards but it’s now only contributing Ophelie Grassini >>

c.16% to our SOTP. Research Analyst Merrill Lynch (DIFC)

MTN has multiple levers for growth +971ophelie.grassini@bofa.com4 425 8332

Key drivers 1) Growing population +150m in SSA 2) Increase in smartphone penetration

from 53 to 84% by 2030 3) 2x uplift in average data consumption in 5 years from the

current 14GB level 4) Capture 8-9m home broadband customers - 70-90m home market Stock Data

opportunity split between 4/5G and FTTH 5) Fintech transformation into an AI platform

6) Infrastructure – targets 80-150MW in data centre capacity via $1-2bn JV. Price 214.46 ZAR

Price Objective 260.00 ZAR

Fintech opportunity seems largely untapped Date Established 05-Jun-2026

Key opportunities: 1) Market revenue growth: ~13x (2021-30 to $65bn given structural Investment Opinion C-1-7

gaps: ~90% cash usage, low credit penetration (~4%) which should drive MTN user base 52-Week Range 122.95 ZAR-220.24 ZAR