MTN Group notes the recent Business Day editorial commentary. It is incorrect to suggest that the leadership changes announced alongside interim results on 18 August 2025 were not explained to stakeholders.

As communicated in the SENS announcement of 18 August, the rationale was clear: the changes follow a review of the strategy by the Group Board of Directors and are intended to strengthen strategy execution and delivery over the next three to five years as we look beyond 2025, supporting MTN’s work to accelerate Africa’s digital future.

The fact that the Group decided – in addition to the H1 results announcement – to publish a separate SENS announcement entitled “Group strategic review and operating model changes to support execution / Changes to the board of MTN South Africa” underscores the seriousness with which MTN took this comprehensive disclosure.

In addition to the SENS announcement, these changes were explained in the Group’s interim results presentation; during investor and media calls, meetings and interviews; and directly to employees through numerous internal engagements – like the Open Session held with staff on 18 August and in communications across other internal platforms. They were also unpacked directly with members of our Executive Committee, including at a three-day off-site gathering.

Stakeholders were provided with links to the premiere episode of MTN’s Y’ello Chair podcast, which was produced in collaboration with Business Day. This was also made available on our www.mtn.com landing page.

We continue to engage with shareholders in our H1 results roadshow, the first leg of which our leadership has just completed in South Africa. During these meetings, our executives engaged with major shareholders. The next stage of the roadshow takes our leadership to investors in the United Kingdom and United States.  

Across all channels, the message has been consistent: these leadership transitions are deliberate, strategic, and aligned with the Group’s medium-term objectives.

A key quote from MTN Group President and CEO Ralph Mupita during the results presentation sums it up: “I think the key feature is that the same team that has been executing is still the same team that we’ve appointed to take the strategy forward. Some people have been moved around in terms of different roles, but the aim is still to create value as we look three to five years out.”  

MTN remains committed to transparent, accurate, and timely communication with all stakeholders in line with regulatory requirements and best practice. In line with our commitment to good governance, we are available to engage with stakeholders through our Press Office (MTNGroup.PressOffice@mtn.com) and Investor Relations (investor.relations@mtn.com).