Q2 2026 Scancom PLC Earnings Call

August 3, 2026

Speaker #1: Good afternoon, everyone, and thank you for joining us today for MTN Ghana's half-year results presentation. My name is Jeremy Okoku, Senior Manager for Investor Relations at MTN Ghana.

Jeremiah Okoku: Good afternoon, everyone, thank you for joining us today for MTN Ghana's H1 results presentation. My name is Jeremiah Okoku, Senior Manager for Investor Relations at MTN Ghana. With me on the phone today are Stephen Blewett, Chief Executive Officer of MTN Ghana, Antoinette Kwofie, Chief Financial Officer of MTN Ghana, Shaibu Haruna, Chief Executive Officer of MobileMoney Limited, Suzanne Johnson, Chief Financial Officer for MobileMoney Limited, and Roy Mutooni, Group Executive for Investor Relations. Today's presentation will be led by Stephen and Antoinette, followed by a Q&A session with the entire team on the call. Today's discussion will cover five key areas. Stephen will begin with our key messages and the highlights of our H1 2026 performance before providing an overview of the operating environment and macroeconomic developments during the period. He will review our operational performance in detail, highlighting how we created value during the period.

Jeremiah Opoku: Good afternoon, everyone, thank you for joining us today for MTN Ghana's H1 Results Presentation. My name is Jeremiah Opoku, Senior Manager for Investor Relations at MTN Ghana. With me on the phone today are Stephen Blewett, Chief Executive Officer of MTN Ghana, Antoinette Kwofie, Chief Financial Officer of MTN Ghana, Shaibu Haruna, Chief Executive Officer of MobileMoney Limited, Suzanne Johnson, Chief Financial Officer for MobileMoney Limited, and Roy Mutooni, Group Executive for Investor Relations. Today's presentation will be led by Stephen and Antoinette, followed by a Q&A session with the entire team on the call. Today's discussion will cover five key areas. Stephen will begin with our key messages and the highlights of our H1 2026 performance before providing an overview of the operating environment and macroeconomic developments during the period.

Speaker #1: With me on the phone today are Stephen Blewett, CEO of MTN Ghana; Antoinette Koffi, CFO of MTN Ghana; Shaigu Haruna, CEO of Mobile Money Fintech Limited; Susan Yorsen, CFO for Mobile Money Fintech Limited; and Roy Mutuni, Group Executive for Investor Relations.

Speaker #1: Today's presentation will be led by Stephen and Antoinette, followed by a Q&A session with the entire team on the call. Today's discussion will cover five key areas: Stephen will begin with our key messages and the highlights of our H1 2026 performance.

Speaker #1: Before providing an overview of the operating environment and macroeconomic developments during the period, next, he'll review our operational performance in detail, highlighting how we created value during the period.

Jeremiah Opoku: He will review our operational performance in detail, highlighting how we created value during the period. He will provide an update on regulatory environment, before taking us through a more detailed progress made on our strategic priorities. Antoinette will discuss our financial results, covering revenue growth, cost management, profitability, and our overall financial position. Stephen will conclude with our outlook for the remainder of 2026 and the key takeaways that reinforce our confidence in the long-term growth opportunities available. After the presentation, we'll move to the Q&A session, during which I will moderate the questions submitted through the call portal. Please note that a copy of the presentation is available for download from the call portal and from the investor relations section on our website. I'll now hand over to Stephen to begin the presentation. Thank you.

Speaker #1: He will then provide an update on the regulatory environment before taking us through in more detail the progress made on our strategic priorities. Following that, Antoinette will discuss our financial results, covering revenue growth, cost management, profitability, and our overall financial position.

Jeremiah Okoku: He will provide an update on regulatory environment, before taking us through a more detailed progress made on our strategic priorities. Antoinette will discuss our financial results, covering revenue growth, cost management, profitability, and our overall financial position. Stephen will conclude with our outlook for the remainder of 2026 and the key takeaways that reinforce our confidence in the long-term growth opportunities available. After the presentation, we'll move to the Q&A session, during which I will moderate the questions submitted through the call portal. Please note that a copy of the presentation is available for download from the call portal and from the investor relations section on our website. I'll now hand over to Stephen to begin the presentation. Thank you.

Speaker #1: Finally, Stephen will conclude with our outlook for the remainder of 2026 and the key takeaways that reinforce our confidence in the long-term growth opportunities available.

Speaker #1: After the presentation, we'll move to the Q&A session, during which I will moderate the questions submitted through the call portal. Please note that a copy of the presentation is available for download from the call portal and from the Investor Relations section on our website.

Speaker #1: With that, I'll now hand over to Stephen to begin the presentation. Thank you.

Speaker #2: Thank you, Jeremiah. Good afternoon, everyone. We appreciate you taking the time to join us today as we discuss MTN Ghana's performance for the first half of 2026.

Stephen Blewett: Thank you, Jeremiah. Good afternoon, everyone. We appreciate you taking the time to join us today as we discuss MTN Ghana's performance for the H1 2026. The first six months of the year have demonstrated the resilience of our business model and the strength of our execution. Against a backdrop of evolving market conditions, we remain focused on serving our customers, executing our strategy, and delivering sustainable value for all our stakeholders. We'll now look at some key messages. As highlighted on this slide, there are five key messages I would like you to take away from today's presentation. We delivered strong service revenue growth of 32.3%, supported by continued momentum in our home, digital, enterprise, and fintech businesses. This performance reflects the success of our platform strategy and our ability to capture growing demand for connectivity and financial services.

Speaker #2: The first six months of the year have demonstrated the resilience of our business model and the strength of our execution. Against the backdrop of evolving market conditions, we remain focused on serving our customers, executing our strategy, and delivering sustainable value for all our stakeholders.

Speaker #2: We'll now look at some key messages as highlighted on this slide. There are five key messages I would like you to take away from today's presentation.

Speaker #2: First, we delivered strong service revenue growth of 32.3%, supported by continued momentum in our Home, Digital, Enterprise, and Fintech businesses. This performance reflects the success of our platform strategy and our ability to capture growing demand for connectivity and financial services.

Stephen Blewett: This performance reflects the success of our platform strategy and our ability to capture growing demand for connectivity and financial services. Our disciplined execution enabled us to sustain strong profitability with an uplifted EBITDA margin of 61.8%. This underscores the effectiveness of our revenue and cost management initiatives and our commitment to balancing growth with operational efficiency. We continue to enhance shareholder value through stronger earnings and the payment of quarterly dividends, reinforcing our commitment to delivering attractive and sustainable returns to our shareholders. We deepened customer engagement by increasing adoption of our digital channels and by using AI-driven personalization to enhance customer experience and strengthen loyalty across our platforms.

Speaker #2: Second, our disciplined execution enabled us to sustain strong profitability, with an uplifted EBITDA margin of 61.8%. This underscores the effectiveness of our revenue and cost management initiatives, and our commitment to balancing growth with operational efficiency.

Stephen Blewett: Our disciplined execution enabled us to sustain strong profitability with an uplifted EBITDA margin of 61.8%. This underscores the effectiveness of our revenue and cost management initiatives and our commitment to balancing growth with operational efficiency. We continue to enhance shareholder value through stronger earnings and the payment of quarterly dividends, reinforcing our commitment to delivering attractive and sustainable returns to our shareholders. We deepened customer engagement by increasing adoption of our digital channels and by using AI-driven personalization to enhance customer experience and strengthen loyalty across our platforms. We remain focused on building a resilient and sustainable business while positioning MTN Ghana to capture the significant growth opportunities that exist across connectivity, fintech, digital services, home, and enterprise solutions. We'll now look at our 2026 highlights.

Speaker #2: Thirdly, we continue to enhance shareholder value through stronger earnings and the payment of quarterly dividends, reinforcing our commitment to delivering attractive and sustainable returns to our shareholders.

Speaker #2: Fourth, we deepened customer engagement by increasing adoption of our digital channels and by using AI-driven personalization to enhance customer experience and strengthen loyalty across our platforms.

Speaker #2: Finally, we remain focused on building a resilient and sustainable business while positioning MTN Ghana to capture the significant growth opportunities that exist across connectivity, fintech, digital services, home, and enterprise solutions.

Stephen Blewett: We remain focused on building a resilient and sustainable business while positioning MTN Ghana to capture the significant growth opportunities that exist across connectivity, fintech, digital services, home, and enterprise solutions. We'll now look at our 2026 highlights. If you look at our performance highlights for H1 2026, which demonstrates how our continued focus on disciplined execution translated into strong growth, enhanced profitability, and improved shareholder returns. Despite a dynamic operating environment, we delivered another strong set of results, supported by sustained demand for our services, continued innovation across our platforms, and disciplined cost and capital management.

Speaker #2: We'll now look at our 2026 highlights. If you look at our performance highlights for the first half of 2026, it demonstrates how our continued focus on disciplined execution translated into strong growth, enhanced profitability, and improved shareholder returns.

Stephen Blewett: If you look at our performance highlights for H1 2026, which demonstrates how our continued focus on disciplined execution translated into strong growth, enhanced profitability, and improved shareholder returns. Despite a dynamic operating environment, we delivered another strong set of results, supported by sustained demand for our services, continued innovation across our platforms, and disciplined cost and capital management. Starting with growth, service revenue increased by 32.3% to GHS 15 billion, driven by solid contributions from our connectivity and fintech businesses. Data remained a key growth engine, with revenue increasing by 47.1% to GHS 8.8 billion, reflecting growing demand and increased customer engagement. Mobile money revenue also increased by 23.3% to GHS 3.5 billion, underpinned by higher transaction volumes and increased usage of our financial services ecosystem. This strong top-line performance translated into robust earnings growth.

Speaker #2: Despite a dynamic operating environment, we delivered another strong set of results, supported by sustained demand for our services, continued innovation across our platforms, and disciplined cost and capital management.

Speaker #2: Starting with growth, service revenue increased by 32.3% to 10.215 billion cedis, driven by solid contributions from our connectivity and fintech businesses. Data remained a key growth engine, with revenue increasing by 47.1% to 8.8 billion, reflecting growing demand and increased customer engagement.

Stephen Blewett: Starting with growth, service revenue increased by 32.3% to GHS 15 billion, driven by solid contributions from our connectivity and fintech businesses. Data remained a key growth engine, with revenue increasing by 47.1% to GHS 8.8 billion, reflecting growing demand and increased customer engagement. Mobile money revenue also increased by 23.3% to GHS 3.5 billion, underpinned by higher transaction volumes and increased usage of our financial services ecosystem. This strong top-line performance translated into robust earnings growth.

Speaker #2: Mobile Money revenue also increased by 23.3% to 3.5 billion, underpinned by higher transaction volumes and increased usage of our financial services ecosystem. This strong top-line performance translated into robust earnings growth.

Speaker #2: EBITDA increased by 37.2% to GHS 9.3 billion, while our EBITDA margin expanded by 3.4 percentage points to 61.8%, demonstrating the benefits of scale, operating leverage, and disciplined execution.

Stephen Blewett: EBITDA increased by 37.2% to GHS 9.3 billion, while our EBITDA margin expanded by 3.4 percentage points to 61.8%, demonstrating the benefits of scale, operating leverage, and disciplined execution. The strength of our earnings performance followed through to our profitability. Profit before tax increased by 56.4% to GHS 7.4 billion, while profit after tax grew by 46.8% to GHS 5.1 billion. As a result, earnings per share increased by 46.1% to GHS 0.388, reflecting our ability to convert revenue growth into meaningful earnings growth for shareholders. Importantly, we also continued to deliver attractive returns to shareholders. We declared a Q2 dividend of GHS 0.06 or 6 pesewas per share, bringing the total interim dividend for H1 2026 to GHS 0.12 per share, up 50% year-on-year.

Speaker #2: The strength of our earnings performance followed through to our profitability. Profit before tax increased by 56.4% to GHS 7.4 billion, while profit after tax grew by 46.8% to GHS 5.1 billion.

Speaker #2: As a result, earnings per share increased by 46.1% to 0.388 cedis, reflecting our ability to convert revenue growth into meaningful earnings growth for shareholders.

Speaker #2: Importantly, we also continue to deliver attractive returns to shareholders. We declared a second quarter dividend of 0.06 cedis, or 6 pesewas per share, bringing the total interim dividend for the first half of 2026 to 0.12 cedis per share, up 50% year on year.

Speaker #2: As in the first quarter, this dividend comprises GHS 0.03 per share from Scancom PLC and GHS 0.03 per share from Mobile Money Fintech Limited, underscoring the strength of both businesses and our commitment to returning value to shareholders.

Stephen Blewett: As in Q1, this dividend comprises, sorry, GHS 0.03 per share from Scancom Plc and GHS 0.03 per share from Mobile Money Fintech Limited, underscoring the strength of both businesses and our commitment to returning value to shareholders. Beyond this, our return metrics improved significantly, with return on invested capital increasing by 11.5 percentage points to 82.7%, return on equity increasing by 13.5 percentage points to 38.8%, and return on assets improving by 2.7 percentage points to 8.4. These outcomes reflect the continued focus on disciplined capital allocation. Overall, these results underscore the resilience of our business model and the effectiveness of our strategy. We are growing our revenue base, expanding profitability, generating strong returns, and creating sustainable value for our shareholders while continuing to invest for future growth.

Speaker #2: Beyond this, our return metrics improved significantly, with return on invested capital increasing by 11.5 percentage points to 82.7%, return on equity increasing by 13.5 percentage points to 38.8%, and return on assets improving by 2.7 percentage points to 8.4%.

Speaker #2: These outcomes reflect the continued focus on disciplined capital allocation. Overall, these results underscore the resilience of our business model and the effectiveness of our strategy.

Speaker #2: We are growing our revenue base, expanding profitability, generating strong returns, and creating sustainable value for our shareholders, while continuing to invest in future growth.

Speaker #2: Before discussing our operational performance in more detail, let me first provide an overview of the macroeconomic environment and key market developments that shaped the operating landscape during the first half of 2026.

Stephen Blewett: Before discussing our operational performance in more detail, let me first provide an overview of the macroeconomic environment and key market developments that shaped the operating landscape during H1 2026. The macroeconomic backdrop for Ghana in H1 2026 remained relatively favorable, despite renewed pressures emerging during Q2. These pressures were driven primarily by weakening of the cedi and a corresponding increase in inflation towards the end of the period. Starting with inflation, the Ghanaian economy continued to benefit from a significantly improved inflation environment compared with the previous year. Although inflationary pressures picked up during Q2, reversing some of the declines recorded in Q1, headline inflation remains substantially lower on a year-on-year basis, closing at 5.3% in June 2026, compared with 13.7% in June 2025.

Speaker #2: The macroeconomic backdrop for Ghana in the first half of 2026 remained relatively favorable, despite renewed pressures emerging during the second quarter. These pressures were driven primarily by weakening of the cedi and a corresponding increase in inflation towards the end of the period.

Speaker #2: Starting with inflation, the Ghanaian economy continued to benefit from a significantly improved inflation environment compared with the previous year. Although inflationary pressures picked up during the second quarter, reversing some of the declines recorded in the first quarter, headline inflation remained substantially lower on a year-on-year basis, closing at 5.3% in June 2026 compared with 13.7% in June 2025.

Speaker #2: As shown on the slide, the average inflation rate for the first half of the year declined sharply to 3.8%, down from 20.4% in H1 of 2025, representing an improvement of 16.6 percentage points.

Stephen Blewett: As shown on the slide, the average inflation rate for H1 declined sharply to 3.8%, down from 20.4% in H1 2025, representing an improvement of 16.6 percentage points. This rapid disinflation helped support consumer purchasing power, business planning, and overall economic stability, creating a more supportive operating environment. Turning to foreign exchange, the cedi experienced lower volatility than in previous years. Although pressure intensified during Q2, according to the Bank of Ghana interbank rates, the cedi depreciated by 8.6% against the US dollar during H1 2026, moving from GHS 10.45 per US dollar in December 2025 to GHS 11.35 per US dollar in June 2026. The depreciation was relatively modest during Q1, accelerated in Q2 due to increased pressure on the currency.

Speaker #2: This rapid disinflation helped support consumer purchasing power, business planning, and overall economic stability, creating a more supportive operating environment. Turning to foreign exchange, the cedi experienced lower volatility than in previous years, although pressure intensified during the second quarter, according to the Bank of Ghana interbank rates.

Speaker #2: The cedi depreciated by 8.6% against the US dollar in 2026, moving from 10.45 cedis per US dollar in December 2025 to 11.35 cedis per US dollar in June 2026.

Speaker #2: The depreciation was relatively modest during the first quarter, but accelerated in the second quarter due to increased pressure on the currency. The sharper weakening of the cedi contributed to renewed inflationary pressure and a somewhat less favorable cost environment towards the end of the half year.

Stephen Blewett: The sharper weakening of the cedi contributed to renewed inflationary pressure and a somewhat less favorable cost environment towards the end of H1. Overall, however, the macroeconomic environment remained considerably more supportive than the one we faced in the prior year. Against this backdrop, we remained focused on disciplined execution, enabling us to capture growth opportunities while continuing to create value for customers, shareholders, and other stakeholders. We'll now go through our operational review. As I mentioned at the beginning of the presentation, we executed strongly against our commercial objectives during the period. Before I delve deeper into the operational performance, I'd like to highlight some of the social initiatives being undertaken by both the company and the MTN Ghana Foundation as part of our commitment to creating shared value and giving back to communities we serve.

Speaker #2: Overall, however, the macroeconomic environment remained considerably more supportive than the one we faced in the prior year. Against this backdrop, we remained focused on disciplined execution, enabling us to capture growth opportunities while continuing to create value for customers, shareholders, and other stakeholders.

Speaker #2: We'll now go through our operational review. As I mentioned at the beginning of the presentation, we executed strongly against our commercial objectives during the period.

Speaker #2: However, before I delve deeper into the operational performance, I'd like to highlight some of the social initiatives being undertaken by both the company and the MTN Ghana Foundation as part of our commitment to creating shared value and giving back to the communities we serve.

Speaker #2: During the first half of 2026, we advanced our shared value agenda across healthcare, education, economic empowerment, environmental sustainability, and public sector support. Starting with healthcare, one of the most significant milestones during the period was the commissioning and handover of the newly constructed Accident and Emergency Center at the Ho Teaching Hospital.

Stephen Blewett: During H1 2026, we advanced our shared value agenda across healthcare, education, economic empowerment, environmental sustainability, and public sector support. Starting with healthcare, one of the most significant milestones during the period was the commissioning and handover of the newly constructed Accident and Emergency Center in the Ho Teaching Hospital. This modern facility strengthens emergency healthcare delivery across the Volta and Oti regions and surrounding communities, providing access to quality healthcare for hundreds of thousands of Ghanaians. The project reflects our longstanding commitment to support critical national infrastructure and improving healthcare outcomes. We further extended our healthcare impact through this year's Y'ello Care program we delivered under the theme, "Expanding equitable healthcare for every community." Through the dedication of our employees, 3,888 hospital beds and accessories were refurbished and donated to seven regional hospitals across the country.

Speaker #2: This modern facility strengthens emergency healthcare delivery across the Volta and Oti regions and surrounding communities, providing access to quality healthcare for hundreds of thousands of Ghanaians.

Speaker #2: The project reflects our longstanding commitment to support critical national infrastructure and improve healthcare outcomes. We further extended our healthcare impact through this year's Yellow Care program, where we delivered under the theme, "Expanding Equitable Healthcare for Every Community." Through the dedication of our employees, 3,888 hospital beds and accessories were refurbished and donated to seven regional hospitals across the country.

Speaker #2: In addition, we supported patients through medical bill payments, facilitated health insurance enrollment, and provided hygiene facilities for schools to promote healthier learning environments. In education, we continued to invest in Ghana's future workforce through the MTN Bright Scholarship program.

Stephen Blewett: In addition, we supported patients through medical bill payments, facilitated health insurance enrollment, and provided hygiene facilities for schools to promote healthier learning environments. In education, we continue to invest in Ghana's future workforce through the MTN Bright Scholarship program. During the period, applications were open for another cohort of 500 beneficiaries, with a strong emphasis on STEM education and teacher development. Through this initiative, we continue to remove financial barriers to education while helping develop skills needed for Ghana's growing digital economy. Supporting entrepreneurship and economic inclusion also remained a priority. Through the MTN SME Accelerate program, we provided grants, executive training, and business development to support high-potential small businesses, helping them strengthen their competitiveness, scale their operations, and create employment opportunities. On the environmental sustainability, we continue to strengthen our ESG capabilities as we advance our readiness for mandatory sustainability reporting.

Speaker #2: During the period, applications were opened for another cohort of 500 beneficiaries, with a strong emphasis on STEM education and teacher development.

Speaker #2: Through this initiative, we continue to remove financial barriers to education, while helping develop skills needed for Ghana's growing digital economy. Supporting entrepreneurship and economic inclusion also remained a priority.

Speaker #2: Through the MTN Business SME Accelerate program, we provided grants, executive training, and business development to support high-potential small businesses, helping them strengthen their competitiveness, scale their operations, and create employment opportunities.

Speaker #2: On environmental sustainability, we continue to strengthen our ESG capabilities as we advance our readiness for mandatory sustainability reporting. During the period, we focused on enhancing ESG management structures, building internal awareness, and embedding sustainability considerations more deeply into our decision-making process.

Stephen Blewett: On the environmental sustainability, we continue to strengthen our ESG capabilities as we advance our readiness for mandatory sustainability reporting. During the period, we focused on enhancing ESG management structures, building internal awareness, and embedding sustainability considerations more deeply into our decision-making process. These efforts support our ambition for creating long-term value while operating responsibly and sustainably. Beyond these social and environmental initiatives, we also continue to make a significant contribution to the national economy.

Stephen Blewett: During the period, we focused on enhancing ESG management structures, building internal awareness, and embedding sustainability considerations more deeply into our decision-making process. These efforts support our ambition for creating long-term value while operating responsibly and sustainably. Beyond these social and environmental initiatives, we also continue to make a significant contribution to the national economy. During H1 of the year, MTN Ghana paid GHS 5.6 billion in direct and indirect taxes and GHS 384.7 million in fees and levies to various government agencies, reaffirming our position as one of Ghana's largest corporate taxpayers and contributors to national development. Taken together, these investments and contributions demonstrate that our impact extends well beyond our financial results. Through our operations, our foundation, and our broader sustainability agenda, we continue to create value for shareholders, customers, and communities while supporting Ghana's long-term growth and development as a force for good partner.

Speaker #2: These efforts support our ambition to create long-term value while operating responsibly and sustainably. Beyond these social and environmental initiatives, we also continue to make a significant contribution to the national economy.

Speaker #2: During the first half of the year, MTN Ghana paid 5.6 billion cedis in direct and indirect taxes and 384.7 million in fees and levies to various government agencies, reaffirming our position as one of Ghana's largest corporate taxpayers and contributors to national development.

Stephen Blewett: During H1 of the year, MTN Ghana paid GHS 5.6 billion in direct and indirect taxes and GHS 384.7 million in fees and levies to various government agencies, reaffirming our position as one of Ghana's largest corporate taxpayers and contributors to national development. Taken together, these investments and contributions demonstrate that our impact extends well beyond our financial results. Through our operations, our foundation, and our broader sustainability agenda, we continue to create value for shareholders, customers, and communities while supporting Ghana's long-term growth and development as a force for good partner.

Speaker #2: Taken together, these investments and contributions demonstrate that our impact extends well beyond our financial results. Through our operations, our foundation, and our broader sustainability agenda, we continue to create value for shareholders, customers, and communities, while supporting Ghana's long-term growth and development as a force-for-good partner.

Speaker #2: I will now provide an update on some of our important governance and regulatory developments during the first half of 2026, starting with governance. We implemented enhancements to our dividend framework, which provides greater flexibility in returning capital to shareholders.

Stephen Blewett: I will now provide an update on some of our important governance and regulatory developments during H1 2026. Starting with governance, we implemented enhancements to our dividend framework, which provides greater flexibility in returning capital to shareholders. During the period, Scancom Plc revised its dividend policy to allow the board to declare interim dividends on a quarterly basis following the release of each quarter's financial results. This enhancement aligns to the dividend framework more closely with strong cash generating nature of our business and enables us to return value to shareholders more regularly, subject to earnings performance, cash flow generation, retained earnings, debt covenant requirements, and all applicable regulatory considerations. Turning to our fintech business, we have successfully completed the structural separation of MobileMoney Limited during Q1.

Speaker #2: During the period, Scancom PLC revised its dividend policy to allow the Board to declare interim dividends on a quarterly basis, following the release of each quarter's financial results.

Speaker #2: This enhancement aligns the dividend to the dividend framework more closely, given the strong cash-generating nature of our business, and enables us to return value to shareholders more regularly, subject to earnings performance, cash flow generation, retained earnings, debt covenant requirements, and applicable regulatory considerations.

Speaker #2: Turning to our fintech business, we have successfully completed the structural separation of Mobile Money Fintech during the first quarter. This represents a significant milestone in the evolution of our fintech strategy and reinforces our confidence in the long-term growth potential of the business.

Stephen Blewett: This represents a significant milestone on the evolution of our fintech strategy and reinforces our confidence in the long-term growth potential of the business. The separation enhances the operational focus, agility, and strategic flexibility of the fintech business, allowing management to pursue growth opportunities more effectively while strengthening the platform for future innovation and value creation. Importantly, the stapled share structure remains unchanged. This preserves the simplicity of the MTN Ghana investment proposition while ensuring that shareholders continue to participate in the growth and value creation opportunities generated by both our connectivity and fintech businesses. Together, these developments demonstrate our ongoing commitment to sound governance, effective capital management, and building the foundations for sustainable long-term growth across all parts of our business. With that, let me now take you through our operational performance and the progress we made against our strategic priorities during the period.

Speaker #2: This separation enhances the operational focus, agility, and strategic flexibility of the fintech business, allowing management to pursue growth opportunities more effectively while strengthening the platform for future innovation and value creation.

Speaker #2: Importantly, the stapled share structure remains unchanged. This preserves the simplicity of the MTN Ghana investment proposition, while ensuring that shareholders continue to participate in the growth and value creation opportunities generated by both our connectivity and fintech businesses.

Speaker #2: Together, these developments demonstrate our ongoing commitment to sound governance, effective capital management, and building the foundations for sustainable, long-term growth across all parts of our business.

Speaker #2: With that, let me now take you through our operational performance and the progress we made against our strategic priorities during the period. Our H1 2026 results highlight the resilience of both our connectivity and fintech businesses, and reflect the disciplined execution of our growth strategy.

Stephen Blewett: With that, let me now take you through our operational performance and the progress we made against our strategic priorities during the period. Our H1 2026 results highlight the resilience of both our connectivity and fintech businesses and reflect the disciplined execution of our growth strategy. Strong momentum in data, digital service, and MoMo more than offset the continued decline in traditional voice services, resulting in service revenue growth of 32.3% year-on-year to GHS 15 billion. This performance was supported by sustained demand for connectivity and financial services, increasing customer engagement across all our platforms, and continued investment in our network expansion, platform modernization, and customer experience. Collectively, these factors reinforce the diversification resilience of our revenue base and strengthen our confidence in the long-term growth opportunities ahead.

Stephen Blewett: Our H1 2026 results highlight the resilience of both our connectivity and fintech businesses and reflect the disciplined execution of our growth strategy. Strong momentum in data, digital service, and MoMo more than offset the continued decline in traditional voice services, resulting in service revenue growth of 32.3% year-on-year to GHS 15 billion. This performance was supported by sustained demand for connectivity and financial services, increasing customer engagement across all our platforms, and continued investment in our network expansion, platform modernization, and customer experience. Collectively, these factors reinforce the diversification resilience of our revenue base and strengthen our confidence in the long-term growth opportunities ahead. Starting with data, which remains our largest revenue stream, revenue increased by 47.1% to GHS 8.8 billion.

Speaker #2: Strong momentum in data, digital service, and mobile money more than offset the continued decline in traditional voice services, resulting in service revenue growth of 32.3% year-on-year to 15 billion.

Speaker #2: This performance was supported by sustained demand for connectivity and financial services, increasing customer engagement across all our platforms, and continued investment in our network expansion, platform modernization, and customer experience.

Speaker #2: Collectively, these factors reinforce the diversification and resilience of our revenue base and strengthen our confidence in the long-term growth opportunities ahead. Starting with data, which remains our largest revenue stream, revenue increased by 47.1% to 8.8 billion cedis.

Stephen Blewett: Starting with data, which remains our largest revenue stream, revenue increased by 47.1% to GHS 8.8 billion. This strong performance was supported by a 17% increase in active data subscribers to 21.3 million, and a 38% increase in average monthly data consumption to 19.3 Gb per active user. These trends reflect continued smartphone adoption and an increasing demand for digital services, including video streaming and other rich content applications. As a result, data contributed 58.7% of service revenue, up from 52.8% a year ago, highlighting the continued evolution of our revenue mix towards higher growth digital services.

Speaker #2: This strong performance was supported by a 17% increase in active data subscribers, to 21.3 million, and a 38% increase in average monthly data consumption, to 19.3 gigabytes per active user.

Stephen Blewett: This strong performance was supported by a 17% increase in active data subscribers to 21.3 million, and a 38% increase in average monthly data consumption to 19.3 Gb per active user. These trends reflect continued smartphone adoption and an increasing demand for digital services, including video streaming and other rich content applications. As a result, data contributed 58.7% of service revenue, up from 52.8% a year ago, highlighting the continued evolution of our revenue mix towards higher growth digital services. Turning to voice, revenue declined 1.4% year-on-year to GHS 1.9 billion, reflecting the ongoing migration of customers' communications to voice over internet or VoIP services. While this remains a structural industry trend, the decline was partially mitigated by targeted customer value management initiatives and disciplined commercial execution. These efforts helped support customer engagements and contributed to an 8.5% increase in subscriber base to 32.8 million.

Speaker #2: These trends reflect continued smartphone adoption and an increasing demand for digital services, including video streaming and other rich content applications. As a result, data contributed 58.7% of service revenue, up from 52.8% a year ago, highlighting the continued evolution of our revenue mix towards higher-growth digital services.

Speaker #2: Turning to voice, revenue declined 1.4% year-on-year to ₵1.9 billion, reflecting the ongoing migration of customers' communications to voice over internet or VoIP services. While this remains a structural industry trend,

Stephen Blewett: Turning to voice, revenue declined 1.4% year-on-year to GHS 1.9 billion, reflecting the ongoing migration of customers' communications to voice over internet or VoIP services. While this remains a structural industry trend, the decline was partially mitigated by targeted customer value management initiatives and disciplined commercial execution. These efforts helped support customer engagements and contributed to an 8.5% increase in subscriber base to 32.8 million. Voice accounted for 12.9% of service revenue, down from 17.3% in the prior year, reflecting the ongoing transition toward more scalable and high-growth revenue streams.

Speaker #2: The decline was partially mitigated by targeted customer value management initiatives and disciplined commercial execution. These efforts helped support customer engagements and contributed to an 8.5% increase in the subscriber base, to 32.8 million.

Speaker #2: Consequently, voice accounted for 12.9% of service revenue, down from 17.3% in the prior year, reflecting the ongoing transition toward more scalable and high-growth revenue streams.

Stephen Blewett: Voice accounted for 12.9% of service revenue, down from 17.3% in the prior year, reflecting the ongoing transition toward more scalable and high-growth revenue streams. Our digital business continued to deliver exceptional growth, with revenue increasing by 98% to GHS 377 million. Growth was driven by increased adoption of gaming, video, and digital content services, supported by stronger customer engagement, enhanced propositions, and strategic partnerships. Digital revenue contributed 2.5% of service revenue, compared with 1.7% in H1 2025, demonstrating continued progress in diversifying our revenue base and building new growth engines. Turning to mobile money revenue. Mobile money revenue increased by 23.3% to GHS 3.5 billion, supported by strong performance across both our core wallets businesses and advanced financial services. Active mobile money users increased by 3.1% to 18.3 million, while transaction activity remained robust, with transaction volumes increasing by 23.3% and transaction value growing by 44.4%.

Speaker #2: Our digital business continued to deliver exceptional growth, with revenue increasing by 98% to 3,707.4 million cedis. Growth was driven by increased adoption of gaming, video, and digital content services, supported by stronger customer engagement, enhanced propositions, and strategic partnerships.

Stephen Blewett: Our digital business continued to deliver exceptional growth, with revenue increasing by 98% to GHS 377 million. Growth was driven by increased adoption of gaming, video, and digital content services, supported by stronger customer engagement, enhanced propositions, and strategic partnerships. Digital revenue contributed 2.5% of service revenue, compared with 1.7% in H1 2025, demonstrating continued progress in diversifying our revenue base and building new growth engines. Turning to mobile money revenue. Mobile money revenue increased by 23.3% to GHS 3.5 billion, supported by strong performance across both our core wallets businesses and advanced financial services. Active mobile money users increased by 3.1% to 18.3 million, while transaction activity remained robust, with transaction volumes increasing by 23.3% and transaction value growing by 44.4%.

Speaker #2: Digital revenue contributed 2.5% of service revenue, compared with 1.7% in H1 2025, demonstrating continued progress in diversifying our revenue base and building new growth engines.

Speaker #2: Turning to mobile money revenue, our mobile money revenue increased by 23.3% to GHS 3.5 billion, supported by strong performance across both our core wallet businesses and advanced financial services.

Speaker #2: Active mobile money users increased by 3.1% to 18.3 million, while transaction activity remained robust, with transaction volumes increasing by 23.3% and transaction value growing by 44.4%.

Speaker #2: Within mobile money, basic services grew by 21.2% to ₵2.3 billion, driven primarily by strong growth in person-to-person transfers. Advanced services revenue increased by 27.3% to ₵1.2 billion, supported by increasing adoption of digital payments, lending products, and other value-added financial services.

Stephen Blewett: Within mobile money, basic services grew by 21.2% to GHS 2.3 billion, driven primarily by strong growth in person-to-person transfers. Advanced services revenue increased by 27.3% to GHS 1.2 billion, supported by increasing adoption of digital payments, lending products, and other value-added financial services. While Mobile Money's contribution to service revenue moderated to 23.4% compared with 25.1% in the prior year, this reflects the faster growth in data revenues rather than a slowdown in the business. The continued expansion of our fintech ecosystem, together with the successful structural separation completed Q1, positions the business well to capture future opportunities arising from increasing financial inclusion and the digitization of payments across Ghana. Overall, the strong growth delivered across our key revenue streams demonstrates the effectiveness of our strategy, the strength of our platforms, and our ability to adapt to evolving customer needs.

Speaker #2: While mobile money's contribution to service revenue moderated to 23.4%, compared with 25.1% in the prior year, this reflects the faster growth in data revenues rather than a slowdown in the business.

Speaker #2: The continued expansion of our fintech ecosystem, together with the successful structural separation completed in the first quarter, positions the business well to capture future opportunities arising from increasing financial inclusion and the digitization of payments across Ghana.

Speaker #2: Overall, the strong growth delivered across our key revenue streams demonstrates the effectiveness of our strategy, the strength of our platforms, and our ability to adapt to evolving customer needs.

Stephen Blewett: Overall, the strong growth delivered across our key revenue streams demonstrates the effectiveness of our strategy, the strength of our platforms, and our ability to adapt to evolving customer needs. It also reinforces our confidence that we are well-positioned to sustain growth and create long-term value for all stakeholders. I will now hand over to Antoinette for our financial review.

Speaker #2: It also reinforces our confidence that we are well positioned to sustain growth and create long-term value for all stakeholders. I will now hand over to Antoinette for our financial review.

Stephen Blewett: It also reinforces our confidence that we are well-positioned to sustain growth and create long-term value for all stakeholders. I will now hand over to Antoinette for our financial review.

Speaker #1: Thank you very much, Stephen, and good afternoon to everyone. Thank you once again for joining us today. We appreciate the time you have taken to participate in our results presentation.

Antoinette Kwofie: Thank you very much, Stephen, and a good afternoon to everyone. Thank you once again for joining us today. We appreciate the time you have taken to participate in our results presentation and your continued interest in MTN Ghana. As Stephen has highlighted, we delivered a strong operational performance during H1, supported by solid commercial execution across our connectivity and fintech businesses. This performance provides a strong foundation for the financial results, which I will discuss shortly over the next few slides. Starting with revenue. Total revenue grew by 32.2% year-on-year to GHS 15 billion, driven by sustained demand for data services, increased adoption of digital financial services, and a higher engagement across our digital platforms.

Speaker #1: And your continued interest in MTN Ghana. As Stephen has highlighted, we delivered a strong operational performance during the first half of the year, supported by solid commercial execution across our connectivity and fintech businesses.

Speaker #1: This performance provides a strong foundation for the financial results, which I will discuss shortly over the next few slides. Starting with revenue, total revenue grew by 32.2% year-on-year to 15 billion cedis.

Speaker #1: Driven by sustained demand for data services, increased adoption of digital financial services, and higher engagement across our digital platforms, this performance was supported by continued investment in network expansion, platform modernization, and customer experience initiatives.

Antoinette Kwofie: This performance was supported by continued investment in network expansion, platform modernization, and customer experience initiatives, enabling us to meet the evolving needs of our customers while further diversifying our revenue base. Turning to costs. Our total costs increased by 21.6% to GHS 5.7 billion, reflecting our continued investment to support the strong commercial momentum across the business. Breaking this down further, our cost of sales increased by 17.9% to GHS 2.3 billion, driven primarily by revenue-enhancing commercial initiatives across both connectivity and fintech businesses. On the other hand, operating expenses increased by 24.2% to GHS 3.4 billion, largely due to higher network-related expenditure, rent, utilities, and maintenance costs required to support growing customer demand and to maintain the quality and resilience of our network. Importantly, revenue growth significantly outpaced cost growth during H1.

Speaker #1: Enabling us to meet the evolving needs of our customers while further diversifying our revenue base. Turning to costs, our total cost increased by 21.6% to 5.7 billion cedis.

Speaker #1: Reflecting our continued investment to support the strong commercial momentum across the business. Breaking this down, our cost of sales increased by 17.9% to 2.3 billion cedis.

Speaker #1: Driven primarily by revenue-enhancing commercial initiatives across both connectivity and fintech businesses. On the other hand, operating expenses increased by 24.2% to GHS 3.4 billion.

Speaker #1: Largely due to higher network-related expenditure, rent, utilities, and maintenance costs required to support growing customer demand. And to maintain the quality and resilience of our network.

Antoinette Kwofie: Importantly, revenue growth significantly outpaced cost growth during H1. Combined with our ongoing focus on operational efficiency and disciplined cost management, this enabled EBITDA to increase by 39.8% to GHS 9.3 billion. This consequently resulted in an expansion in our EBITDA margin by 3.4 percentage points to 61.8%, our highest EBITDA margin recorded. This demonstrates our ability to scale the business efficiently while preserving profitability and generating operating leverage. Moving further down the income statement. Depreciation and amortization increased by 26% to GHS 1.6 billion, reflecting continued investments in network infrastructure, capacity expansion, and IT platforms. These investments are essential to supporting future growth. To us, maintaining our network leadership and enhancing customer experience, we are building a business that has sustainable growth. Net finance costs increased by 12.6% to GHS 268.8 million.

Speaker #1: Importantly, revenue growth significantly outpaced cost growth during the first half of the year. Combined with our ongoing focus on operational efficiency and disciplined cost management, this enabled EBITDA to increase by 39.8% to an amount of GHS 9.3 billion.

Antoinette Kwofie: Combined with our ongoing focus on operational efficiency and disciplined cost management, this enabled EBITDA to increase by 39.8% to GHS 9.3 billion. This consequently resulted in an expansion in our EBITDA margin by 3.4 percentage points to 61.8%, our highest EBITDA margin recorded. This demonstrates our ability to scale the business efficiently while preserving profitability and generating operating leverage. Moving further down the income statement. Depreciation and amortization increased by 26% to GHS 1.6 billion, reflecting continued investments in network infrastructure, capacity expansion, and IT platforms. These investments are essential to supporting future growth. To us, maintaining our network leadership and enhancing customer experience, we are building a business that has sustainable growth. Net finance costs increased by 12.6% to GHS 268.8 million.

Speaker #1: This consequently resulted in an expansion in our EBITDA margin by 3.4 percentage points to 61.8%, our highest EBITDA margin recorded. This demonstrates our ability to scale the business efficiently while preserving profitability and generating operating leverage.

Speaker #1: Moving further down the income statement, depreciation and amortization increased by 26% to 1.6 billion cedis, reflecting continued investment in network infrastructure, capacity expansion, and IT plus platforms.

Speaker #1: These investments are essential to supporting future growth. To us, maintaining our network leadership and enhancing customer experience are key. We are building a business that has sustainable growth.

Speaker #1: Net finance costs increased by 12.6% to 268.8 million cedis. While finance costs declined by 2.8% year-on-year to 175.7 million cedis, finance income decreased by a higher 17.4% to about 206.9 million cedis.

Antoinette Kwofie: While finance costs declined by 2.8% year-on-year to GHS 475.7 million, finance income decreased by a higher 17.4% to about GHS 206.9 million. This is in line with the evolution of the interest rate environment. The net movements in the cost and the income on the finance side resulted in a higher net finance charge for the period under review. The strength of our underlying operational performance drove strong bottom line growth. Profit after tax increased by 43.3% to GHS 5.1 billion, while earnings per share increased by 43.2% to GHS 0.388. Reflecting our ability to translate revenue growth into enhanced profitability and shareholder value. Overall, these results demonstrate the quality of our earnings, the scalability of our business model, and our continued focus on balancing growth, profitability, and disciplined investment to drive long-term value creation.

Speaker #1: And this is in line with the evolution of the interest rate environment. The net movements in the cost and the income on the finance side resulted in a higher net finance charge for the period under review.

Speaker #1: The strength of our underlying operational performance drove strong bottom line growth. Profit after tax increased by 43.3% to 5.1 billion cedis, while earnings per share increased by 43.2% to 38.8 pesewas.

Speaker #1: Reflecting our ability to translate revenue growth into enhanced profitability and shareholder value. Overall, these results demonstrate the quality of our earnings, the scalability of our business model, and our continued focus on balancing growth, profitability, and disciplined investment to drive long-term value creation.

Speaker #1: Let me now turn to our capital allocation and investment priorities during the first half of 2026. Our approach to capital allocation remains guided by our value-based capital allocation framework, which seeks to balance investment for growth, returns to shareholders, and the long-term sustainability of the business.

Antoinette Kwofie: Let me now turn to our capital allocation and investment priorities during H1 2026. Our approach to capital allocation remains guided by our value-based capital allocation framework, which seeks to balance investment for growth, returns to shareholders, and the long-term sustainability of the business. During the period, we invested GHS 1.9 billion in Ex-lease CapEx, which is much lower than we did in H1 2025, partially impacted by the shipping challenges encountered as a result of the war in the Middle East and the Gulf Area. This investment in our Ex-lease CapEx reflects our continued commitment to supporting both the near-term and the long-term growth of the business. These investments were primarily towards strengthening our network infrastructure, expanding capacity, modernizing our technology platforms, and enhancing the digital capabilities needed to support rising demand for connectivity for digital services and also financial solutions.

Speaker #1: During the period, we invested 1.9 billion cedis in ex-lease capex, which is much lower than what we did in the first half of 2025, partially impacted by the shipping challenges encountered as a result of the war in the Middle East and the Gulf area.

Speaker #1: This investment in our ex-lease capex reflects our continued commitment to supporting both the near-term and long-term growth of the business. These investments were primarily aimed at strengthening our network infrastructure, expanding capacity, modernizing our technology platforms, and enhancing the digital capabilities needed to support rising demand for connectivity.

Antoinette Kwofie: These investments were primarily towards strengthening our network infrastructure, expanding capacity, modernizing our technology platforms, and enhancing the digital capabilities needed to support rising demand for connectivity for digital services and also financial solutions. The investment also enabled us to maintain network quality, improve customer experience, and increase the scalability and resilience of our operations. As shown on this slide, a big part of our investment continued to be directed towards radio and infrastructure, which accounted for approximately 63% of total CapEx, reflecting our commitment to maintaining network leadership and supporting future traffic growth for the entire business.

Speaker #1: For digital services and also financial solutions, the investments also enabled us to maintain network quality, improve customer experience, and increase the scalability and resilience of our operations.

Antoinette Kwofie: The investment also enabled us to maintain network quality, improve customer experience, and increase the scalability and resilience of our operations. As shown on this slide, a big part of our investment continued to be directed towards radio and infrastructure, which accounted for approximately 63% of total CapEx, reflecting our commitment to maintaining network leadership and supporting future traffic growth for the entire business. We also continue to invest in IT systems and transmission infrastructure to strengthen our digital capabilities and support innovation across the business. Importantly, while we remain committed to investing in growth opportunities, we continue to place significant emphasis on capital efficiency. This is evidenced in the continued improvement in our CapEx intensity, which declined from 20.4% in H1 2025 to 12.9% in H1 2026. The reduction is partly because of the delayed deployment in our capital expenditure for this year.

Speaker #1: As shown on this slide, a big part of our investment continues to be directed towards radio and infrastructure, which accounted for approximately 63% of total capex.

Speaker #1: Reflecting our commitment to maintaining network leadership and supporting future traffic growth for the entire business. We also continue to invest in IT systems and transmission infrastructure to strengthen our digital capabilities and support innovation across the business.

Antoinette Kwofie: We also continue to invest in IT systems and transmission infrastructure to strengthen our digital capabilities and support innovation across the business. Importantly, while we remain committed to investing in growth opportunities, we continue to place significant emphasis on capital efficiency. This is evidenced in the continued improvement in our CapEx intensity, which declined from 20.4% in H1 2025 to 12.9% in H1 2026. The reduction is partly because of the delayed deployment in our capital expenditure for this year. However, the efficiency you see by the decline is real, and it reflects both the benefits of disciplined growth capital allocation and the strong growth in revenue during the period, reflecting the gains we made from previous investments.

Speaker #1: Importantly, while we remain committed to investing in growth opportunities, we continue to place significant emphasis on capital efficiency. This is evident in the continued improvement in our capex intensity.

Speaker #1: This declined from 20.4% in H1 2025 to 12.9% in H1 2026. The reduction is partly due to the delayed deployment in our capital expenditure for this year.

Speaker #1: However, the efficiency you see by the decline is real. It reflects both the benefits of this disciplined growth capital allocation and the strong growth in revenue during the period, reflecting the gains we made from previous investments.

Antoinette Kwofie: However, the efficiency you see by the decline is real, and it reflects both the benefits of disciplined growth capital allocation and the strong growth in revenue during the period, reflecting the gains we made from previous investments. While we are happy with this improvement, it is important to emphasize that our focus is not on reducing investment for its own sake. Rather, we remain committed to investing where we see compelling opportunities to drive growth, to enhance customer experience, to strengthen our competitive position, and to create long-term shareholder value. As mentioned earlier, our goal is to build a sustainable business. As demand for data, digital services, home, and fintech solutions continues to evolve, we will continue to allocate capital. Sorry about that. We will continue to allocate capital in a disciplined manner to opportunities that meet our return threshold and support sustainable growth.

Speaker #1: While we are happy with this improvement, it is important to emphasize that our focus is not on reducing investment for its own sake. Rather, we remain committed to investing where we see compelling opportunities to drive growth.

Antoinette Kwofie: While we are happy with this improvement, it is important to emphasize that our focus is not on reducing investment for its own sake. Rather, we remain committed to investing where we see compelling opportunities to drive growth, to enhance customer experience, to strengthen our competitive position, and to create long-term shareholder value. As mentioned earlier, our goal is to build a sustainable business. As demand for data, digital services, home, and fintech solutions continues to evolve, we will continue to allocate capital. Sorry about that. We will continue to allocate capital in a disciplined manner to opportunities that meet our return threshold and support sustainable growth.

Speaker #1: To enhance customer experience, strengthen our competitive position, and create long-term shareholder value. As mentioned earlier, our goal is to build a sustainable business.

Speaker #1: As demand for data, digital services, home, and fintech solutions continues to evolve, we will continue to allocate capital—sorry about that—we will continue to allocate capital in a disciplined manner to opportunities that meet our return thresholds.

Speaker #1: And support sustainable growth. Overall, our capital allocation during the period demonstrates our ability to strike the right balance between investing for the future, improving capital efficiency, and delivering attractive returns to shareholders.

Antoinette Kwofie: Overall, our capital allocation during the period demonstrates our ability to strike the right balance between investing for the future, improving capital efficiency, and delivering attractive returns to shareholders. We are grateful for your continued belief and faith in us, and we will continue to update you on the progress we make as a business. With that, I will now hand over back to our CEO, Stephen, who will take you through our outlook for the remainder of 2026 as well as our medium-term priorities. Thank you very much.

Speaker #1: We are grateful for your continued belief and faith in us, and we will continue to update you on the progress we make as a business.

Speaker #1: With that, I will now hand back to our CEO, Steven, who will take you through our outlook for the remainder of 2026, as well as our medium-term priorities.

Speaker #1: Thank you very much.

Speaker #2: Thank you, Antoinette, for taking us through the financial performance. Before I conclude, let me briefly revisit the key messages we shared at the recent MTN Group Capital Markets Day that many of you attended.

Stephen Blewett: Thank you, Antoinette, for taking us through the financial performance. Before I conclude, let me briefly revisit the key messages we shared at the recent MTN Group Capital Markets Day that many of you were at. As we discussed then, the outlook for MTN Ghana remains compelling and is underpinned by our Ambition 2030 strategy. We believe we are well-positioned to capture the significant structural growth opportunities across connectivity, fintech, digital services, home broadband, enterprise solutions, and platform businesses, creating sustainable value for all our stakeholders. As we look ahead. While the global outlook for H2 2026 remains subject to some uncertainty from ongoing geopolitical developments, trade tensions, and potential disruptions to global supply chains, we believe Ghana's macroeconomic environment is likely to remain relatively supportive, notwithstanding pockets of volatility.

Speaker #2: As we discussed then, the outlook for MTN Ghana remains compelling and is underpinned by our Ambition 2030 strategy. We believe we are well positioned to capture the significant structural growth opportunities across services, home, broadband, enterprise solutions, and platform businesses, creating sustainable value for all our stakeholders.

Speaker #2: As we look ahead, while the global outlook for the second half of 2026 remains subject to some uncertainty from ongoing geopolitical developments, trade tensions, and potential disruptions to global supply chains, we believe Ghana's macroeconomic environment is likely to remain relatively supportive, notwithstanding pockets of volatility.

Speaker #2: Encouragingly, inflation is expected to continue trending towards the lower end of the Bank of Ghana's medium-term target range, supported by prudent monetary policy, fiscal consolidation efforts, and improving external buffers.

Stephen Blewett: Encouragingly, inflation is expected to continue trending towards the lower end of the Bank of Ghana's medium-term target range, supported by prudent monetary policy, fiscal consolidation efforts, and improving external buffers. These developments should help sustain a more stable operating environment for businesses and consumers and support continued demand for digital and financial services. Against this backdrop, we remain firmly focused on executing our Ambition 2030 strategy, which provides a clear and well-defined roadmap for MTN Ghana's future growth. At its core, our strategy is built around our ambition to be the platform of choice for consumers, homes, and businesses by leveraging the power of connectivity, fintech, and digital infrastructure. As you can see on the slide, our priorities are anchored around several key growth pillars. Within connectivity, we remain focused on scaling data usage, accelerating home broadband adoption, and empowering enterprise through innovative digital solutions.

Speaker #2: These developments should help sustain a more favorable operating environment for businesses and consumers, and support continued demand for digital and financial services. Against this backdrop, we remain firmly focused on executing our Ambition 2030 strategy, which provides a clear and well-defined roadmap for MTN Ghana's future growth.

Speaker #2: At its core, our strategy is built around our ambition to be the platform of choice for consumers, homes, and businesses by leveraging the power of connectivity, fintech, and digital infrastructure.

Speaker #2: As you can see on the slide, our priorities are anchored around several key growth pillars. Within connectivity, we remain focused on scaling data usage, accelerating home broadband adoption, and empowering enterprise through innovative digital solutions.

Stephen Blewett: As you can see on the slide, our priorities are anchored around several key growth pillars. Within connectivity, we remain focused on scaling data usage, accelerating home broadband adoption, and empowering enterprise through innovative digital solutions. Our continued investment in network quality, capacity, and coverage position us well to capitalize on these trends. In fintech, our priorities are to deepen ecosystem participation and accelerate the adoption of advanced financial services. At the same time, we continue investing in digital infrastructure, including fiber networks and AI, to support the next phase of Ghana's digital transformation. Supporting these growth pillars are three critical enablers.

Speaker #2: Our continued investment in network quality, capacity, and coverage positions us well to capitalize on these trends. In fintech, our priorities are to deepen ecosystem participation and accelerate the adoption of advanced financial services.

Stephen Blewett: Our continued investment in network quality, capacity, and coverage position us well to capitalize on these trends. In fintech, our priorities are to deepen ecosystem participation and accelerate the adoption of advanced financial services. At the same time, we continue investing in digital infrastructure, including fiber networks and AI, to support the next phase of Ghana's digital transformation. Supporting these growth pillars are three critical enablers. First, we remain committed to delivering a leading customer experience across all our platforms and touchpoints, and this is extremely important to us. Secondly, we will continue to leverage artificial intelligence to improve productivity, enhance personalization offers, strengthen operational efficiency, and unlock new growth opportunities. Third, we remain focused on creating shared value through greater financial inclusion, expanded digital access, environmental stewardship, and meeting social impact.

Speaker #2: At the same time, we continue investing in digital infrastructure, including fiber networks and AI, to support the next phase of Ghana's digital transformation. Supporting these growth pillars are three critical enablers.

Speaker #2: First, we remain committed to delivering a leading customer experience across all our platforms and touchpoints, and this is extremely important to us. Secondly, we will continue to leverage artificial intelligence to improve productivity, enhance personalized offers, strengthen operational efficiency, boost productivity, and unlock new growth opportunities.

Stephen Blewett: First, we remain committed to delivering a leading customer experience across all our platforms and touchpoints, and this is extremely important to us. Secondly, we will continue to leverage artificial intelligence to improve productivity, enhance personalization offers, strengthen operational efficiency, and unlock new growth opportunities. Third, we remain focused on creating shared value through greater financial inclusion, expanded digital access, environmental stewardship, and meeting social impact. Overall, we remain confident in the structural growth opportunities available in Ghana and in the strength of our diversified business model.

Speaker #2: Third, we remain focused on creating shared value through greater financial inclusion, expanded digital access, environmental stewardship, and meeting social impact goals. Overall, we remain confident in the structural growth opportunities available in Ghana.

Stephen Blewett: Overall, we remain confident in the structural growth opportunities available in Ghana and in the strength of our diversified business model. While we continue to closely monitor external risks and evolving market conditions, we believe MTN Ghana is very well positioned to execute its strategic priorities, capture emerging opportunities, and deliver sustainable long-term value for shareholders and broader stakeholders alike. Let me conclude by reiterating our medium-term outlook and the confidence we have in our strategic direction. Against the macroeconomic and strategic background and based on our current assessment of the market conditions, we are maintaining our medium-term guidance. As shown on this slide, we continue to target service revenue growth in the mid to upper 30s, supported by sustained growth in our connectivity, fintech, home enterprise, and digital business.

Speaker #2: And the strength of our diversified business model. While we continue to closely monitor external risks and evolving market conditions, we believe MTN Ghana is very well positioned to execute its strategic priorities, capture emerging opportunities, and deliver sustainable long-term value for shareholders and broader stakeholders alike.

Stephen Blewett: While we continue to closely monitor external risks and evolving market conditions, we believe MTN Ghana is very well positioned to execute its strategic priorities, capture emerging opportunities, and deliver sustainable long-term value for shareholders and broader stakeholders alike. Let me conclude by reiterating our medium-term outlook and the confidence we have in our strategic direction. Against the macroeconomic and strategic background and based on our current assessment of the market conditions, we are maintaining our medium-term guidance. As shown on this slide, we continue to target service revenue growth in the mid to upper 30s, supported by sustained growth in our connectivity, fintech, home enterprise, and digital business.

Speaker #2: Let me conclude by reiterating our medium-term outlook and the confidence we have in our strategic direction. Against the macroeconomic and strategic background, and based on our current assessment of market conditions, we are maintaining our medium-term guidance.

Speaker #2: As shown on the slide, we continue to target service revenue growth in the mid- to upper-30s, supported by sustained growth in our connectivity, fintech, home, enterprise, and digital businesses.

Speaker #2: We're also continuing to target our EBITDA margin at the mid to upper 50s, underpinned by operating leverage, continued revenue diversification, disciplined cost management, and ongoing benefits of our efficiency initiatives.

Stephen Blewett: We also continue to target our EBITDA margin the mid to up to 50s, underpinned by operating leverage, continued revenue diversification, disciplined cost management, and ongoing benefits of our efficiency initiatives. With respect to capital allocation, we remain focused on delivering and improving ex-lease CapEx intensity profile over the medium term. While capital efficiency remains a key priority, we will continue to invest selectively in opportunities that strengthen our network leadership, enhance our customer experience, expand our digital infrastructure, and support long-term growth. Finally, we remain committed to delivering attractive shareholder returns through our 60% to 80% dividend payout framework, supported by our strong cash flow generation, disciplined capital allocation, and resilient balance sheet. It is important to note that we are maintaining our current medium-term guidance. We will continue to closely monitor developments across our operating environment.

Speaker #2: With respect to capital allocation, we remain focused on delivering and improving the ex-lease capex intensity profile over the medium term, while capital efficiency remains a key priority.

Speaker #2: We will continue to invest selectively in opportunities that strengthen our network leadership, enhance our customer experience, expand our digital infrastructure, and support long-term growth.

Speaker #2: Finally, we remain committed to delivering attractive shareholder returns through our 60% to 80% dividend payout framework, supported by our strong cash flow generation, disciplined capital allocation, and resilient balance sheet.

Speaker #2: It is important to note that we are maintaining our current medium-term guidance. We will continue to closely monitor developments across our operating environment. Should market conditions evolve materially, we will reassess our assumptions and, where appropriate, update our medium-term outlook over the next three to five years.

Stephen Blewett: Should the market conditions evolve materially, we will reassess our assumptions and, where appropriate, update our medium-term outlook over the next three to five years. Before we move on to Q&A, I'd like to briefly address the legal proceedings recently initiated by Clydestone Ghana Plc. MTN Ghana has been served with a writ of summons and statement of claim relating to Clydestone's alleged role in the initiation of mobile money services in Ghana concerning matters that are said to backdate almost 20 years. MTN Ghana does not accept the claims made, consider them to be without merit, and will contest these proceedings fully. Based on our assessment of the matter and the information currently available, no financial provision has been recognized in respect of this claim. MTN Ghana will, however, not comment further on the substantive issues raised in the claim while the matter is before the court.

Speaker #2: Before we move on to Q&A, I'd like to briefly address the legal proceedings recently initiated by Cladstone Ghana PLC. MTN Ghana has been served with a writ of summons and statement of claim relating to Cladstone's alleged role in the initiation of mobile money services in Ghana, concerning matters that are said to backdate almost 20 years.

Speaker #2: MTN Ghana does not accept the claims made, considers them to be without merit, and will contest these proceedings fully. Based on our assessment of the matter and the information currently available, no financial provision has been recognized in respect of this claim.

Speaker #2: MTN Ghana will, however, not comment further on the substantive issues raised in the claim while the matter is before the court. MTN Ghana assures all of its stakeholders that the proceedings do not affect our operations, services, performance, results, or Mobile Money services, which are operated under Mobile Money Fintech Limited.

Stephen Blewett: MTN Ghana will, however, not comment further on the substantive issues raised in the claim while the matter is before the court. MTN Ghana assures all of its stakeholders that the proceedings do not affect our operations, services, performance, results, or mobile money services, which are operated under Mobile Money Fintech Limited. MTN Ghana will continue to comply with all applicable disclosure obligations and will notify shareholders and the market of any material developments in accordance with the listing rules. Our focus remains on executing our strategy, serving our customers, and delivering sustainable value for you, our shareholders. Thank you for your time and attention. I'll now hand back to Jeremiah for Q&A.

Stephen Blewett: MTN Ghana assures all of its stakeholders that the proceedings do not affect our operations, services, performance, results, or mobile money services, which are operated under Mobile Money Fintech Limited. MTN Ghana will continue to comply with all applicable disclosure obligations and will notify shareholders and the market of any material developments in accordance with the listing rules. Our focus remains on executing our strategy, serving our customers, and delivering sustainable value for you, our shareholders. Thank you for your time and attention. I'll now hand back to Jeremiah for Q&A.

Speaker #2: MTN Ghana will continue to comply with all applicable disclosure obligations and will notify shareholders and the market of any material developments in accordance with the listing rules.

Speaker #2: Our focus remains on executing our strategy, serving our customers, and delivering sustainable value for you, our shareholders. Thank you for your time and attention, and I'll now hand back to Jeremiah for Q&A.

Speaker #1: Thank you, Stephen and Antoinette, for your presentations. So we'll now move on to the Q&A session. And thank you to everyone who submitted their questions through the call portal.

Jeremiah Okoku: Thank you, Stephen and Antoinette, for your presentations. We'll now move on to the Q&A sessions. Thank you to everyone who submitted their questions through the call portal. I'll begin by reading the first question. Can you please comment on the slowing Q2 mobile money revenue growth, which was around the 18.7% mark, and whether there are any price pressures within the product suite? It appears the advanced services revenue growth slowed quite a bit. Any color on the reasons for this would be helpful. Shaibu, if you can take that, please.

Jeremiah Opoku: Thank you, Stephen and Antoinette, for your presentations. We'll now move on to the Q&A sessions. Thank you to everyone who submitted their questions through the call portal. I'll begin by reading the first question. Can you please comment on the slowing Q2 mobile money revenue growth, which was around the 18.7% mark, and whether there are any price pressures within the product suite? It appears the advanced services revenue growth slowed quite a bit. Any color on the reasons for this would be helpful. Shaibu, if you can take that, please.

Speaker #1: So, I'll begin by reading the first question.

Speaker #2: Can you please comment on the slowing second-quarter mobile money revenue growth, which was around the 18.7% mark, and whether there are any price pressures within the product suite?

Speaker #2: Oh, sweet, sorry. It appears the advanced services revenue growth slowed quite a bit. Any color on the reasons for this would be helpful.

Speaker #3: Should I go, if you can take that, please?

Speaker #1: Thank you very much, and good afternoon to our investors. Let me say I have seen quite a number of mobile money-related questions, so I'll try to take them and present a color of the nature of the performance.

Shaibu Haruna: Thank you very much, and good afternoon to our investors. I've seen quite a number of mobile money-related questions, so I'll try and take them and present a color of the nature of the performance. I think on the surface of it appears to have slowed down. If you also look at it within the context of the macroeconomic setting, if you look at real growth on a real growth basis, you would say that it's a very resilient performance. I also want to just touch on some of the elements around the performance that you're seeing. Part of it is driven by a structural shift that we've seen in the behavior of our customers, right?

Speaker #1: I think, on the surface of it, it appears to have slowed down. But if you also look at it within the context of the macroeconomic setting—if you look at real growth, on a real growth basis—you would say that it's a very resilient performance.

Speaker #1: But I also want to just touch on some of the elements around the performance that you're seeing, which is—part of it is driven by a structural shift that we've seen in the behavior of our customers, right?

Speaker #1: In our call in April 2025, when the eLevy was abolished, we saw a trend where customers started declining the rate of their cash-out utilization.

Shaibu Haruna: If you recall, in April 2025, when e-Levy was abolished, we saw a trend where customers started declining the rate of their cash-out utilization, and it shifted behavior towards P2P transactions, which is great for our ecosystem play. However, from a short-term revenue impact, it is higher because on our cash-out leg the take rates there are significantly higher compared to the P2P rails. We've seen that pattern accelerate quite aggressively over the period. Just to put it in context, in 2025, the cash-out contribution to our revenue pool was around 47.5%. As at the end of H1 2026, this has decelerated to around 41.6%, so representing almost a 5.9 percentage point drop. Now, in the rebase, you would also see the P2P elements also improve in other transfers, which saw a growth from 18.9% H1 2025 contribution to revenue to around 23.7%.

Speaker #1: And it shifted behavior towards P2P transactions, which is great for our ecosystem play. However, from a short-term revenue impact, it is higher, because on our cash-out leg, the tech reserves are significantly higher compared to the P2P rails.

Speaker #1: And we've seen that pattern accelerate quite aggressively over the period. Just to put it in context, in 2025, the cash-out contribution to our revenue pool was around 47.5%.

Speaker #1: As at the end of H1 2026, this has decelerated to around 41.6%, representing almost a 5.9 percentage point drop. Now, in reverse, you would also see the P2P element improving.

Shaibu Haruna: Now, in the rebase, you would also see the P2P elements also improve in other transfers, which saw a growth from 18.9% H1 2025 contribution to revenue to around 23.7%. While this is a positive trend and also speaking to the ecosystem play we see overall, we also recognize the fact that that shift in revenue is not enough to compensate for the cash-out element. In the short term, that translates into a marginal drop in terms of the revenue contribution overall. Now, if you also look at the shift of the macroeconomic factors, for instance, speaking to treasury bill rates and then also the interest on floats, we've seen very low levels in terms of our T-bill rates.

Speaker #1: That was a transfer which saw a growth from 18.9% half-year 2025 contribution to revenue to around 23.7%. While this is a positive trend and also speaks to the ecosystem play we see overall, we also recognize the fact that this shift in revenue is not enough to compensate for the cash-out element.

Shaibu Haruna: While this is a positive trend and also speaking to the ecosystem play we see overall, we also recognize the fact that that shift in revenue is not enough to compensate for the cash-out element. In the short term, that translates into a marginal drop in terms of the revenue contribution overall. Now, if you also look at the shift of the macroeconomic factors, for instance, speaking to treasury bill rates and then also the interest on floats, we've seen very low levels in terms of our T-bill rates. Also in April, we also saw a reduction of the interest of floats, which was issued by Bank of Ghana from 4% to 1%. These drops impact on our treasury activities in terms of monetization of floats, and that translates directly into the element.

Speaker #1: So, in the short term, that translates into a marginal drop in terms of the revenue contribution overall. Now, if you also look at the shape of the macroeconomic factors—for instance, speaking to treasury bill rates and then also the interest on floats—we've seen very low levels in terms of our T-bill rates.

Speaker #1: And also in April, we saw a reduction of the interest on floats, which was issued by Bank of Ghana, from 4% to 1%.

Shaibu Haruna: Also in April, we also saw a reduction of the interest of floats, which was issued by Bank of Ghana from 4% to 1%. These drops impact on our treasury activities in terms of monetization of floats, and that translates directly into the element. Overall, I think what we've seen is that there is a direct, strong correlation between the economic activity and the level of mobile money ecosystem activity. Let me also state that despite the seeming slowdown, we've also seen increased activity on the platform. That points to a very strong ecosystem activity.

Speaker #1: These drops impact on our treasury activities in terms of monetization of floats. And that translates directly into the element. But overall, I think we what we've seen is that there is a direct, you know, a strong correlation between the economic activity and the level of mobile money ecosystem activity.

Shaibu Haruna: Overall, I think what we've seen is that there is a direct, strong correlation between the economic activity and the level of mobile money ecosystem activity. Let me also state that despite the seeming slowdown, we've also seen increased activity on the platform. That points to a very strong ecosystem activity. I think I spoke earlier on to the bit around the P2P growth rates that we have seen, which is quite exciting for us because what it means is that there is a lot of velocity on the ecosystem, and that is also feeding up into what we see in terms of the size of the floats on our ecosystem, which also saw both quarter-on-quarter as well as year-on-year strong growth in terms of our float plate.

Speaker #1: And let me also state that, despite the seeming slowdown, we've also seen increased activity on the platform. So, that points to a very strong ecosystem activity.

Speaker #1: I think I spoke earlier on to the bit around the P2P growth rate that we have seen, which is quite exciting for us because what it means is that there is a lot of velocity on the ecosystem and that is also feeding up into what we see in terms of the size of the flux on our ecosystem, which also saw, you know, both quarter on quarter as well as year on year, strong growth in terms of our float's float play.

Shaibu Haruna: I think I spoke earlier on to the bit around the P2P growth rates that we have seen, which is quite exciting for us because what it means is that there is a lot of velocity on the ecosystem, and that is also feeding up into what we see in terms of the size of the floats on our ecosystem, which also saw both quarter-on-quarter as well as year-on-year strong growth in terms of our float plate. This is a very resilient performance under very, to put it in a mobile money context, a very challenging macro space because of the treasury operations. I think that would give a good color in terms of the picture.

Speaker #1: So, this is a very resilient performance under very, you know, to put it in a mobile money context, a very challenging macro space because of the, you know, the treasury operations.

Shaibu Haruna: This is a very resilient performance under very, to put it in a mobile money context, a very challenging macro space because of the treasury operations. I think that would give a good color in terms of the picture.

Speaker #1: So, I think that would give a good color in terms of the color of the picture.

Speaker #2: Thank you so much, Shaibu. I have a number of questions on 5G, so I'm going to do my best to put them all together and ask at once.

Jeremiah Okoku: Thank you so much, Shaibu. I have a number of questions on 5G, I'm going to do my best to put all together. Can you comment on when MTN Ghana will acquire 5G spectrum, and can you talk about the cost you intend to pay for the 5G spectrum?

Jeremiah Opoku: Thank you so much, Shaibu. I have a number of questions on 5G, I'm going to do my best to put all together. Can you comment on when MTN Ghana will acquire 5G spectrum, and can you talk about the cost you intend to pay for the 5G spectrum?

Speaker #2: So, can you comment on when MTN Ghana will acquire 5G spectrum, and can you talk about the cost you intend to pay for the 5G spectrum?

Speaker #3: Okay, yeah. So, thanks for all the questions on 5G. Let me just recap a bit in Rwanda. As you recall from the last quarterly call we had, we did say we expected the announcement of 5G to come out in July, which was accurate.

Stephen Blewett: Okay. Yeah, thanks for all the questions on 5G. Let me just recap a bit and rewind. As you recall from the last call we had, quarterly call, we did say we expected the announcement of 5G to come out in July, which was accurate. It did come out in July. It's not an auction, it's an RFA, there's a whole lot of engagement and process that goes around it. The first thing around 5G is with any spectrum, and let me just back away from 5G only, when we buy any spectrum in MTN, we go through a very comprehensive process, which includes valuation, comparison to other spectrum we bought, comparison to spectrum in the sub-region, and we follow a very specific process around this.

Speaker #3: It did come out in July. It's not an auction; it's an RFA. So there's a whole lot of engagement and process that goes around it.

Speaker #3: The first thing around 5G is, with any spectrum—and let me just back away from 5G only—when we buy any spectrum in MTN, we go through a very, very comprehensive process, which includes valuation, comparison to other spectrum we bought, comparison to spectrum in the subregion, and we follow a very, very, very specific process around this.

Speaker #3: So that's the same process that applied to the 1800 we bought, remember? And it will apply to this process for 5G and any other spectrum we may acquire going forward.

Stephen Blewett: That's the same process that applied to the 1800 we bought, remember, and it will apply to this process for 5G and any other spectrum we may acquire going forward. That is the process. Of course, we're not going to share now what we would see as the cost that we would spend on that. I know there was a question around the bands. There are many different bands available that are being offered. There's 700 band, there is 2300, there's 2600, there's 3500. From an MTN perspective, we know the bands that work best for us in terms of our operating environment and in terms of what our network has in terms of some of that spectrum being able to be used on current equipment. All of those are taken into account when we look at 5G. That process is ongoing at the moment.

Speaker #3: So, that is the process. Of course, we're not going to share now what we would see as the cost that we would spend on that.

Speaker #3: I know there was a question around the bands. There are many different bands available that are being offered. There's the 700 band. There is the 2300.

Speaker #3: There's 2,600. There's 3,500. So from an MTN perspective, we know the bands that work best for us in terms of our operating environment and in terms of what our network has, in terms of some of that spectrum being able to be used on current equipment.

Speaker #3: So all of those are taken into account when we look at 5G. That process is ongoing at the moment. We are engaging with the regulator through the formal processes that are in place, sending questions of clarification, etc.

Stephen Blewett: All of those are taken into account when we look at 5G. That process is ongoing at the moment. We are engaging with the regulator through the formal processes that are in place, sending questions of clarification, et cetera. That's progressing well. At such time as we have more information to share on 5G, we will share it. Overall, that is where the 5G process is.

Stephen Blewett: We are engaging with the regulator through the formal processes that are in place, sending questions of clarification, et cetera. That's progressing well. At such time as we have more information to share on 5G, we will share it. Overall, that is where the 5G process is.

Speaker #3: And that's progressing well. At such time as we have more information to share on 5G, we will share it. But overall, that is where the 5G process is.

Speaker #2: Thank you so much, Steven. So again, quite a number of questions on CAPEX, so I'll try to batch them up together. Antoinette alluded to logistical challenges due to the war in the Middle East being one of the reasons for lower CAPEX in H1 2026 versus H1 2025.

Jeremiah Okoku: Thank you so much, Stephen. Again, quite a number of questions on CapEx, I'll try to batch them up together. Antoinette alluded to logistical challenges due to the war in the Middle East being one of the reasons for lower CapEx in H1 2026 versus H1 2025. Are we correct to assume that CapEx intensity will increase once these challenges are solved? Can you also shed some light on what to expect during H2 for CapEx spend?

Jeremiah Opoku: Thank you so much, Stephen. Again, quite a number of questions on CapEx, I'll try to batch them up together. Antoinette alluded to logistical challenges due to the war in the Middle East being one of the reasons for lower CapEx in H1 2026 versus H1 2025. Are we correct to assume that CapEx intensity will increase once these challenges are solved? Can you also shed some light on what to expect during H2 for CapEx spend?

Speaker #2: Are we correct to assume that CAPEX intensity will increase once these challenges are solved? And can you also shed some light on what to expect during H2 for CAPEX spend?

Speaker #4: Okay, thanks for the question. Yes, CAPEX deployment has been slightly delayed this year compared to last year. We do believe that by the end of the year, we will have fully deployed our CAPEX.

Antoinette Kwofie: Okay. Thanks for the question, Jeremiah. Yes, our CapEx deployment has been slightly delayed this year compared to last year. We do believe that by the end of the year we would have fully deployed our CapEx. I believe in Q1 we mentioned that our planned CapEx spend for 2026 was in the region of GHS 4.6 billion. That expectation hasn't changed. Yes, we expect that CapEx intensity will go up in the second half. However, we do also believe that year-on-year, our Ex-lease CapEx intensity will show an improving trend, just as our medium-term guidance indicates. Then there was-

Speaker #4: I believe in Q1, we mentioned that our planned CAPEX spend for 2026 was in the region of $4.6 billion. That expectation hasn't changed. So yes, we expect that CAPEX intensity will go up in the second half.

Speaker #4: However, we do also believe that, year on year, our ex-lease CAPEX intensity will show an improving trend, just as our medium-term guidance indicates. And then I was—.

Speaker #2: Expectation for H2?

Jeremiah Okoku: Expectation for H2?

Jeremiah Opoku: Expectation for H2?

Speaker #4: Yes. We'll spend the rest of the $4.6 billion. Yeah.

Antoinette Kwofie: Yes. We will spend the rest of the GHS 4.6 billion. Yeah.

Speaker #2: Thank you so much for that. So, the next question: digital revenue doubled alongside a surge in paying subscribers. How much of this expansion was driven by short-term world capital engagements?

Jeremiah Okoku: Thank you so much for that. The next question, digital revenue doubled alongside a surge in paying subscribers. How much of this expansion was driven by short-term World Cup engagements?

Jeremiah Opoku: Thank you so much for that. The next question, digital revenue doubled alongside a surge in paying subscribers. How much of this expansion was driven by short-term World Cup engagements?

Speaker #3: No, we obviously do, as a business, utilize what is trending at the moment. But there are a few things that need to be taken into account.

Stephen Blewett: No, we obviously do as a business, utilize what is trending at the moment. There is a few things that need to be taken into account, and I see there is a few questions on revenue. Let me just, Jeremiah, I am going to cover a few questions that have come out. The performance you saw in Q2 was a robust performance, and some of that performance is underpinned by what is happening in the environment, such as World Cup, but it was a part of it, especially in digital. You also have in digital, it is underpinned by some key structural pieces, which are really important to understand, that our business there is underpinned by gaming and an increasing level of streaming. We are in the early stages of doing some things around our MTN TV, which I have mentioned, I think, at CMD.

Speaker #3: And I think there are a few questions on revenue, so let me just—Jeremiah, I'm going to cover a few questions that have come up. I mean, the performance you saw in Q2 was a robust performance.

Speaker #3: And some of that performance is underpinned by what's happening in the environment, such as the World Cup, but it was a part of it—especially in digital.

Speaker #3: But you also have, in digital, it's underpinned by some key structural pieces, which are really, really important to understand. Our business there is underpinned by gaming and an increasing level of streaming. We're in the early stages of doing some things around our MTN TV, which I've mentioned—I think it's CMD.

Stephen Blewett: You also have in digital, it is underpinned by some key structural pieces, which are really important to understand, that our business there is underpinned by gaming and an increasing level of streaming. We are in the early stages of doing some things around our MTN TV, which I have mentioned, I think, at CMD. Digital has got some really core business initiatives that are driving it. The spikes that you would see over a World Cup or any promotions we see are things that are not the fundamental reason for the growth in that business. That business is underpinned by really strong structural things.

Speaker #3: So, digital has got some really core business initiatives that are driving it. The spikes that you would see over a World Cup or any promotions we see are things that are not the fundamental reason for the growth in that business.

Stephen Blewett: Digital has got some really core business initiatives that are driving it. The spikes that you would see over a World Cup or any promotions we see are things that are not the fundamental reason for the growth in that business. That business is underpinned by really strong structural things. For us, it is very pleasing to see because, as I have said previously, when you look at our Ambition 2030 and you look at our growth opportunities as a business, the fact that you see high growth in the home business, high growth in the enterprise business, high growth in our digital business, it shows you, and that is what is underpinning the massive growth in data, because you need data foundationally to grow these service elements.

Speaker #3: That business is underpinned by really strong structural factors. And for us, it's very pleasing to see because, as I've said previously, when you look at our 2030 ambition and you look at our growth opportunities as a business, the fact that you see high growth in the home business, high growth in the enterprise business, high growth in our digital business—it shows you, and that's what's underpinning the massive growth in data. You need data, foundationally, to grow these service elements.

Stephen Blewett: For us, it is very pleasing to see because, as I have said previously, when you look at our Ambition 2030 and you look at our growth opportunities as a business, the fact that you see high growth in the home business, high growth in the enterprise business, high growth in our digital business, it shows you, and that is what is underpinning the massive growth in data, because you need data foundationally to grow these service elements. It shows that this business has a long runway and a good future when you see those kind of growth elements come to the fore. We're very pleased with the direction of those businesses.

Speaker #3: It shows that this business has a long runway and a good future when you see those kinds of growth elements come to the fore.

Stephen Blewett: It shows that this business has a long runway and a good future when you see those kind of growth elements come to the fore. We're very pleased with the direction of those businesses.

Speaker #3: So we're very pleased with the direction of those businesses.

Speaker #2: Thank you so much, Steven. So, during the MTN Ghana CMD, Steven, there were comments about the capital structure of the business. Can you share what your view is on the capital structure and what the optimal capital structure looks like?

Jeremiah Okoku: Thank you so much, Stephen. During the MTN Ghana CMD, Stephen did comment about the capital structure of the business. Can you share what your view is on the capital structure and how the optimal capital structure looks like?

Jeremiah Opoku: Thank you so much, Stephen. During the MTN Ghana CMD, Stephen did comment about the capital structure of the business. Can you share what your view is on the capital structure and how the optimal capital structure looks like?

Speaker #3: Antoinette, thank you.

Stephen Blewett: Antoinette, thank you.

Speaker #4: Thank you. So, our optimal capital structure on paper is a debt-to-equity ratio of 70–30%. However, I'm sure you will agree with me that this is dependent on a number of factors.

Antoinette Kwofie: Thank you. Our optimal capital structure on paper is a debt-to-equity ratio of 70/30%. However, I'm sure you will agree with me that this is dependent on a number of factors. Currently, yes, we have zero debt, but that is partly because of the interest rate environment we've just come out of. We had very high interest rates, and it was not of good value to the business to borrow and pay such high interest when the business was still able to fund these from internally generated funds and still return at a very high level to shareholders. It would have been value destroying for us to take on debt at that point. With interest rates currently at maybe 5-year lows or maybe even longer, we are actually looking at how we can optimize the capital structure that we have.

Speaker #4: And currently, yes, we have zero debt, but that is partly because of the interest rate environment we've just come out of. We had a very high we had very high interest rates.

Speaker #4: And it was not of good value to the business to borrow and pay such high interest, when the business was still able to fund these from internally generated funds and still return, at a very high level, to shareholders.

Speaker #4: And so it would have been value-destroying for us to take on debt at that point. With interest rates currently at maybe five-year lows, or maybe even longer, we are actually looking at how we can optimize the capital structure—the capital structure that we have.

Antoinette Kwofie: With interest rates currently at maybe 5-year lows or maybe even longer, we are actually looking at how we can optimize the capital structure that we have. We will keep shareholders updated on how we take this forward. Yes, we do expect that sometime this year, we would gear the balance sheet a bit and go closer towards our target capital structure. Thank you very much.

Speaker #4: And we will keep shareholders updated on how we take this forward. But yes, we do expect that sometime this year, we would gear the balance sheet a bit and go closer towards our target capital structure.

Antoinette Kwofie: We will keep shareholders updated on how we take this forward. Yes, we do expect that sometime this year, we would gear the balance sheet a bit and go closer towards our target capital structure. Thank you very much.

Speaker #4: Thank you very much.

Speaker #2: Thank you so much, Antoinette. I have quite a number of questions on tariffs, so I'll probably batch them together. What is the takeaway for cash out versus P2P versus advanced services?

Jeremiah Okoku: Thank you so much, Antoinette. I have quite a number of questions on tariffs, so I will probably batch them together. What is the takeaway for cash outs versus P2P versus advanced services? What is the proportion of float interest to MoMo revenue, and how has that changed over the period? Okay, I think then the next one is, have there been any tariff reductions in data during the second quarter? What is driving the decline in the sector revenue versus gigabits?

Jeremiah Opoku: Thank you so much, Antoinette. I have quite a number of questions on tariffs, so I will probably batch them together. What is the takeaway for cash outs versus P2P versus advanced services? What is the proportion of float interest to MoMo revenue, and how has that changed over the period? Okay, I think then the next one is, have there been any tariff reductions in data during the second quarter? What is driving the decline in the sector revenue versus gigabits?

Speaker #2: And what is the proportion of float interest to normal revenue? And how has that changed over the period? Okay. I think then the next one is, have there been any tariff reductions in data during the second quarter?

Speaker #2: What is driving the decline in effective revenue versus gigabits?

Speaker #3: So I'll shadow onto the first one. One second.

Stephen Blewett: Shaibu will answer the first one.

Jeremiah Okoku: Okay

Jeremiah Opoku: Okay

Stephen Blewett: I will take the second.

Shaibu Haruna: Thank you very much. As regards to the question on the take rates, just let me provide this color in terms of the way the pricing structure in the market is as regards to our transfers and cash out. On the cash out rail, there is a pricing of 1%, which is capped at GHS 2,000. Whilst on the P2P side, the pricing is structured along the lines of a 0.75%, and it is capped at GHS 1,000. Clearly, you have a higher take rate coming through from the cash out environment. When you have that shift happening in the payment side, you almost need to grow almost 1.5% over in order to compensate for the change in that space. That explains the reason for the gap.

Speaker #2: Thank you very much. As regards the question on the take rates, just let me provide this color in terms of the way the pricing structure in the market is, as regards our transfers and cash out.

Speaker #2: So, on the cash-out rail, there is a pricing of 1%, which is capped at 2,000 Ghana cedis. Whilst on the P2P side, the pricing is structured along the lines of 0.75%, and is capped at 1,000 Ghana cedis.

Speaker #2: So clearly, when you have a higher take rate coming through from the cash-out environment, when you have that shift happening on the payment side, you almost need to grow by almost 1.5% over in order to compensate for the change in that space.

Speaker #2: So, that explains the reason for the gap. In terms of the question around the proportion of floats' contribution to revenue, I want you to look at it this way.

Shaibu Haruna: In terms of the question around the proportion of floats contribution to revenue, I want you to look at it this way. Our interest on float revenue declined on a year-on-year basis as a result of the strong markers. On a high year basis, it declined by 45.5%. If you compare Q2 versus Q2 last year, the drop was around 60.1%. Of course, even on a quarter-on-quarter basis, we still saw a drop. It is quite a significant drop. A 45.5% drop in terms of interest on floats revenue. Quite significant impact on the viewership of the revenue care. Thank you.

Speaker #2: So, our interest on float revenue declined on a year-on-year basis as a result of the strong macros on a high-year basis. It declined by 45.5%.

Speaker #2: If you compare Q2 versus Q2 last year, the drop was around 60.1%. And of course, even on a quarter-on-quarter basis, we still saw a drop.

Speaker #2: So it's quite a significant drop. I mean, you can see a 45.5% drop in terms of interest on float revenue, so quite a significant impact on the overall shape of the revenue curve.

Speaker #2: Thank you.

Speaker #3: Thanks. Thanks, Shadow. I'll take up the next one that you are on, my post from the investors. So, on data, a couple of things. The first thing is, our data RPO is actually increasing.

Stephen Blewett: Thanks, Shaibu. I will take up the next one that Jeremiah posed from the investors. On data, a couple of things. The first thing is our data RPU is actually increasing. If you look at our megabits, of course, they increased from 18.8 Gb per customer to 19.3 Gb per customer, and I think it is the point we keep making. It is underpinned by the fact that we are delivering on the 2030 ambition that we spoke about, and now we are getting close to 21 million out of our 32 million customers that are on data. That has been driven by the way, it is very important to understand this, and I will just give you a few data sets that are important for all of you. Our smartphone penetration, smartphones in use are now 23.5 million. You have got the influx of smartphones, quarter-on-quarter, that grew 13.3%. Year-on-year, smartphones grew 16.6%.

Speaker #3: If you look at our megabits, of course, they increase from 18.8 gigabits per customer to 19.3. And I think it's the point we keep making.

Speaker #3: It's underpinned by the fact that we are delivering on the 2030 ambition that we spoke about. And now we're getting close to 21 million out of our 32 million customers that are on data.

Speaker #3: And that's been driven by the way. It's very important to understand this, and I'll just give you a few data sets that are important for all of you.

Stephen Blewett: That has been driven by the way, it is very important to understand this, and I will just give you a few data sets that are important for all of you. Our smartphone penetration, smartphones in use are now 23.5 million. You have got the influx of smartphones, quarter-on-quarter, that grew 13.3%. Year-on-year, smartphones grew 16.6%. You have got more smartphones coming in. That is the device you need. As you bring in more smartphones, you then layer services. Digital is getting momentum. Enterprise services for SMEs bigger than just connectivity are getting momentum.

Speaker #3: Our smartphone penetration—smartphones in use—are now 23.5 million. So, you've got the influx of smartphones quarter-on-quarter, which grew 13.3%. Year-on-year, smartphones grew 16.6%.

Speaker #3: So, you've got more smartphones coming in—that's the device you need. And as you bring in more smartphones, you then layer services. So, digital is getting momentum.

Stephen Blewett: You have got more smartphones coming in. That is the device you need. As you bring in more smartphones, you then layer services. Digital is getting momentum. Enterprise services for SMEs bigger than just connectivity are getting momentum. Then you are growing your homes connected and your homes passed, which it also eases up your network, and we are also moving a lot of our customers on voice over LTE, moving from 3G to 4G. We are really trying to optimize usage of our capacity. When you do that, you get a business that is resilient, and it allows people to have a better experience on the network. When they have a better experience on the network, they use more, and especially media, as we know, TikTok's a big usage for us.

Speaker #3: Enterprise services for SMEs, bigger than just connectivity, are gaining momentum. And then you're growing your home connectors and your home's POS, which also eases up your network.

Stephen Blewett: Then you are growing your homes connected and your homes passed, which it also eases up your network, and we are also moving a lot of our customers on voice over LTE, moving from 3G to 4G. We are really trying to optimize usage of our capacity. When you do that, you get a business that is resilient, and it allows people to have a better experience on the network. When they have a better experience on the network, they use more, and especially media, as we know, TikTok's a big usage for us. Data revenue grew 5% quarter-on-quarter, as I said earlier, 52.3% year-on-year, if you take Q2 2025 versus Q2 2026.

Speaker #3: And we're also moving a lot of our customers onto voice over LTE, so moving from 3G to 4G. So we're really trying to optimize use of our capacity.

Speaker #3: So when you do that, you get a business that's resilient, and it allows people to have a better experience on the network. And when they have a better experience on the network, they use more.

Speaker #3: And especially media, as we know, TikTok is a big usage for us. Our data revenue grew 5% quarter-on-quarter, and as I said earlier, 52.3% year-on-year if you take Q2 2025 versus Q2 2026.

Stephen Blewett: Data revenue grew 5% quarter-on-quarter, as I said earlier, 52.3% year-on-year, if you take Q2 2025 versus Q2 2026. The ARPU itself has increased 3% in the quarter from the previous quarter. It's an increasing usage, and it's something that we see continuing to grow. The reason we have that confidence is because of the services we're layering on top, of course, including the fact that we acquired the 1800 spectrum, and we see a good future for us in efficient usage of spectrum and capital allocation. Beyond that, as you would know, I mentioned this at CMD, we are progressing very well at the moment as we head into H2 on our 500 new sites coverage, which is a 10% increase in 2026 in new sites. That obviously comes with the coverage, comes with better quality and more usage.

Speaker #3: But the RPO itself has increased 3% in the quarter from the previous quarter, so it's an increasing usage, and it's something that we see continuing to grow.

Stephen Blewett: The ARPU itself has increased 3% in the quarter from the previous quarter. It's an increasing usage, and it's something that we see continuing to grow. The reason we have that confidence is because of the services we're layering on top, of course, including the fact that we acquired the 1800 spectrum, and we see a good future for us in efficient usage of spectrum and capital allocation. Beyond that, as you would know, I mentioned this at CMD, we are progressing very well at the moment as we head into H2 on our 500 new sites coverage, which is a 10% increase in 2026 in new sites. That obviously comes with the coverage, comes with better quality and more usage.

Speaker #3: And the reason we have that confidence is because of the services we're layering on top, of course, including the fact that we acquired the 1,800 spectrum. We see a good future for us in efficient usage of spectrum and capital allocation.

Speaker #3: And beyond that, as you would know—I mentioned this at CMD—we are progressing very well at the moment as we head into H2 on our 500 new sites coverage.

Speaker #3: Which is a 10% increase in 2026 in new sites. And that obviously comes with coverage, comes with better quality, and more usage. So we have a very robust view of the future for this business, given these factors.

Stephen Blewett: We have a very robust view of the future for this business, given these factors. Thank you.

Speaker #3: Thank you.

Speaker #2: Okay. Thank you, Shadow and Steven, for your response. I believe due to the time, we will take our final question. So, MoMo subscriber growth continues to lag mobile subscriber growth.

Jeremiah Okoku: Okay. Thank you, Shaibu and Stephen, for your response. I believe due to the time, we will take our final question. MoMo subscriber growth continues to lag mobile subscriber growth, despite the low MoMo penetration of your own subscriber base. Can you help us understand this dynamic?

Jeremiah Opoku: Okay. Thank you, Shaibu and Stephen, for your response. I believe due to the time, we will take our final question. MoMo subscriber growth continues to lag mobile subscriber growth, despite the low MoMo penetration of your own subscriber base. Can you help us understand this dynamic?

Speaker #2: Despite the low MoMo penetration of your own subscriber base, can you help us understand this dynamic?

Shaibu Haruna: Thank you very much. That's a very good question. If you recall, during last quarter's review, we did indicate the reason for the drop in the base when we exited 2025 at about 19.3 to the then number of around 18 million. The reason was based on the CVM and customer engagement activity that we did in Q4 last year. The key insights from that activity was the fact that for an operation where you have multiple SIM in on one network, when you throw in offers to consumers, they will pick up the offer and consolidate to their primary account, because typically, individuals have multiple SIM, but they will use one MoMo account in funding and doing transaction of the others.

Speaker #3: Thank you very much. That's a very good question. If you recall, during last quarter's review, we did indicate the reason for the drop in the base when we exited 2025 at about 19.3 to the then number of around 18 million.

Speaker #3: And the reason was based on the CVM and customer engagement activity that we did in Q4 last year. And the key insights from that activity were the fact that for an operation where you have multiple SIMs on one network, when you throw in offers to consumers, they will pick up the offer and consolidate.

Speaker #3: To their primary account, because typically individuals have multiple SIMs, and they will use one MoMo account in funding and doing transactions for the others.

Speaker #3: So the key insight for us was that there was no value in aggressively pursuing a 100% base cover, because the incremental effect will be more cost in maintaining the base that we are adding on.

Shaibu Haruna: The key insight for us was that there was no value in aggressively pursuing 100% base cover, because the incremental effect will be more costs in maintaining the base that we are adding on. That's how we progress. On the basis of that, our strategic focus has been bringing in quality customers who are engaging on the platform, and this is reflected in the activity base of our customers and also the incremental growth in ARPU that we are seeing. The value of the additional GSM customers that are coming on is also reflected in the value improvement that we see on the ARPU on the base. That lag may exist, but our strategy is to focus on getting unique customers who are transacting and driving value for. Thank you.

Speaker #3: So that's how we progressed. And on the basis of that, our strategic focus has been bringing in quality customers who are engaging on the platform.

Speaker #3: And this is reflected in the activity base of our customers and also the incremental growth in our pool that we are seeing. So the value of the additional GSM customers that are coming on is also reflected in the value improvement that we see in the output on the base.

Speaker #3: So, that lag may exist, but our strategy is to focus on getting unique customers who are transacting and driving value from them. Thank you.

Speaker #2: Thank you much.

Jeremiah Okoku: Thank you so much, Shaibu. That concludes the Q&A session. Do we have any further final remarks from Stephen?

Jeremiah Opoku: Thank you so much, Shaibu. That concludes the Q&A session. Do we have any further final remarks from Stephen?

Speaker #3: Thank you so much, Shadow.

Speaker #2: And that concludes the Q&A session. Do we have any final remarks from Steven?

Speaker #3: Yeah, thanks, everyone. As usual, thank you for taking time out of your busy schedules to be with us. We thank you for your support of us as an organization.

Stephen Blewett: Thanks, everyone. As usual, thank you for taking the time out of your busy schedules to be with us. We thank you for your support of us as an organization. I'd be remiss, and I would say this, without commenting on the hard work and support of the team of people at MTN Ghana. We've got an amazing group of people working for this company who work long hours to deliver these results, and they should be recognized for that. We're looking forward to a good H2. We look forward to seeing you at our next call. Thank you very much.

Speaker #3: I'd be remiss if I didn't comment on the hard work and support of the team of people at MTN Ghana.

Speaker #3: We've got an amazing group of people working for this company, who work long hours to deliver these results, and they should be recognized for that.

Speaker #3: We're looking forward to a good H2, and we look forward to seeing you at our next call. Thank you very much.

Speaker #2: Thank you so much, Steven. If there are any further questions that aren't answered, please reach out to me and I'll be happy to address them.

Jeremiah Okoku: Thank you so much, Stephen. If there are any further questions that are unanswered, please reach out to me. I'll be happy to address them after the call. You can also visit the investor relations section on our website to download the transcript of this call, which will be made available during the week. Thank you so much. Have a good day.

Jeremiah Opoku: Thank you so much, Stephen. If there are any further questions that are unanswered, please reach out to me. I'll be happy to address them after the call. You can also visit the investor relations section on our website to download the transcript of this call, which will be made available during the week. Thank you so much. Have a good day.

Speaker #2: After the call, you can also visit the Investor Relations section on our website to download the transcript of this call, which will be made available during the week.

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