For the attention of the Editor, My Broadband

MTN is dismayed to read the headline of My Broadband’s latest article, written by Hanno Labuschagne (29 April 2026 ‘MTN South Africa CEO paid R18 million for two months’ work’), which is misleading.

The figure quoted represents MTN SA CEO Ferdi Moolman’s total remuneration – not simply salary paid – and most of it accrued over three years. We request that you correct the My Broadband headline without delay.

In line with reporting requirements, every year in our Integrated Report MTN Group details the single-figure remuneration for executive directors and prescribed officers. Ferdi Moolman is a prescribed officer.

As your article says in paragraph five, the bulk of this remuneration consists of long-term incentives (LTIs) – or the value of shares that have been allocated to executives as part of their remuneration.

LTIs made up more than R14 million of the total remuneration attributed to Ferdi Moolman in 2025.

The LTI awards at MTN are based on performance, with key performance indicators (KPIs) linked to MTN’s strategic priorities measured over a three-year period.

On page 29 of our 2025 Remuneration Report, we give details of the KPIs related to the December 2022 award – which vested in December 2025. As a participant in the MTN Group LTI scheme, Ferdi Moolman’s LTI benefit as shown on page 35 of the Remuneration Report reflects this three-year performance achievement.

The LTI that vested represents value generated through the appreciation of the MTN Group share price over the past three years.

MTN requests a correction to your headline, making clear that Ferdi was not paid R18 million for the two months that he was CEO of MTN SA. His earnings, including benefits, were worth R1.93 million in that time. In addition, he was awarded a short-term incentive (STI). The value of his LTI was R14.1 million.

ENDS.