New Street Research - MTN (MTN) MTN Group (Buy, TP: ZAR280, +43%) Q4 25: Improved shareholder remuneration driven by strong earnings and CF; robust group trends but SA still challenged

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New Street Research

Chris Hoare

EUR 8737.00 For Business Accounts Only

MTN Group (Buy, TP: ZAR280, +43%) Q4 25: Improved shareholder remuneration driven by strong earnings and CF; robust group trends but SA still challenged

MTN has reported a good set of Q4 results and announced an increased dividend for 2025 and a positive shareholder remuneration over the medium term.

16/03/2026 1 EN

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MTN

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New Street Research

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Chris Hoare

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MTN Group (Buy, TP: ZAR280, +43%) Q4 25: Improved shareholder remuneration driven by strong earnings and CF; robust group trends but SA still challenged

MTN (Buy, TP: ZAR280, +54%) MTN Uganda – Q4 25: Decent quarter; MT guidance maintained for SR and EBITDA but lifted for capex

MTN (Buy, TP: ZAR280, +52%) MTN Rwanda – Q4 25: Decent quarter; Focus on balance sheet improvement

Carr Again Threatens Broadcast Licenses; Implications for Investors

Grasping the AI Infra buildout (XI): Can cloud revenues triple in 4 years?

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