Mtn Group Ltd Ord

Good day everybody and thank you for joining us to discuss the MTN Group Trading Update for the three months ended March 2026. My name is Roy Mutoani. I'm Head of Group Investor Relations for MTN. On the call with me is Ralph Mufita, our Group President and CEO, and Sulu Molefe, our Group CFO. Our Trading Update was published this morning on the JSC. and is posted on our website on the investor relations page. We also released the performer financial information for FY2025 related to the IHS transaction that remains in progress. You would also have seen the Q1 releases from our listed opcores over the past few weeks and I trust that you are able to join their respective investor calls. The running agenda for the call will be as usual. Ralph will start with an overview of the operational performance. He will be followed by Tulu with a review of our financial performance. Ralph will then come back to wrap up with key focus areas and the outlook. We will then move into Q&A. I encourage you to use the webcast platform to send through your questions, which I will then read out at the end. Finally, a reminder that the call is scheduled for about an hour. With that, I'd like to hand over to Ralph Mufisa.

Thank you, Roy, and a very good afternoon or morning to you all, depending on your location. Let's get straight to the results delivered in the period. In Q1 2026, the Group delivered a strong start to our Ambition 2030 strategy against an uncertain global geopolitical environment, but fairly benign economic backlog in key markets. The Group reported both service revenue growth, EBITDA margin expansion, and its strength and balance sheets underpinned by execution of our commercial and strategic priorities and disciplined capital allocation. We deployed capex of 9.6 billion rand over this quarter. Before we get into the details, let me outline the six key messages of our performance in the period. The first point is that we are pleased with the sustained commercial momentum delivered in the quarter. This was led by our businesses in Nigeria, Ghana, as well as Cote d'Ivoire and Cameroon in particular. Performance in markets such as Zambia was also very encouraging. The second highlight is that as a group, we continue to see pleasing growth in our data and FinTech businesses, which showed 35.4% and 20% revenue growth respectively. Underlying these revenue trends, data traffic was up 20.2% and value of fintech transactions rose by a third to $163 billion in constant currency terms. Thirdly, group service revenue grew by 21.1% and the EBITDA margin widened to 47.6%. Both these are in constant currency terms. Fourth, our balance sheet remained strong with group leverage at 0.1%. We also saw good cash upstreaming in the period as well as post the period and Sulu will cover the details on this a little bit later. The fifth point is that we made good progress in our strategic initiatives in our fintech business, most notably the completion of the structural separation in Ghana, our largest fintech market, as well as progress in Nigeria. continue to engage the authorities in Uganda towards the completion of the separation in that market. We also advance the progress of the IHS transaction, engaging regulatory authorities as part of the approval process. And as you can see in our separate SENS announcement, the performer results for 2025 showed that the transaction is value-accretive in terms of service revenue, earnings, and free cash flow. The sixth key message is that in the uncertain geopolitical environment, we remain focused on the resilience of our business. We remain highly engaged with partners such as IHS on diesel supply to ensure that we meet our customary high levels of network availability. In terms of our overall performance, strong commercial execution underpins our sustained growth in the quarter. Overall subscribers grew 5.4% year-on-year, our pace by growth in the number of data subscribers which increased by 8.7% to 175.6 million. Our normal users also grew by more than 8% to 67.4 million monthly active users. Strong structural demands for data continued with the number of petabytes consumed on our network increasing by 20.2%. Our FinTech platform processed 15.8% more transactions in the first quarter of 2026 and at the same period in 2025. And the value of these was up by 32.8% in constant currency terms. On a reported basis, transaction values was up 71%, $263 billion in the quarter. If we turn to our key markets, we see that Intim SA reported solid growth in post-paid enterprise and data revenue. We were encouraged by the above inflation performance of both post-trade and enterprise segments in SA and by the 4.9% growth in data revenue. The prepaid markets continued to be tough in Q1 as expected and previously communicated. Deliberate actions were taken by management to reset the base for healthier and much more sustainable growth over the median term. This resulted in the overall MTN South Africa service revenue increasing by 0.7%. MTN SA reduced its penetration on extra time advances as a percentage of recharges during the period. They have reduced penetration from around 42% to about 34% as of the end of the period. This was done to ensure sustainable advances to customers in order to drive repayment of advances within the month and not to overexpose customers to the impacts of recovery. It is also consistent with what we told the market with our annual results in March. We are working on initiatives to turn this prepaid business around and drive more sustainable growth, but it's not a quick fix. The other deliberate actions that we took and spoke about before or the simplification of bundles and sales and distribution initiatives. We're still encouraged by some of the early trends in cash recharges, as well as prepaid data that are coming through as a consequence of these deliberate actions. Prepaid data grew 3.8% year-on-year in the first quarter, a solid sequential improvement on Q4 2025, which was a growth of 0.8%. MTN SA's network leadership remains a clear differentiator in the market and provides a strong platform to support customer experience, retention and disciplined commercial delivery. MTN Nigeria reported a strong set of results at the end of April in line with the medium term guidance. They grew service revenue by 41.7% in cost and currency. This was led by data revenue which increased by 56.1%. and Fintech Group by 77.8%. The sustained strong commercial momentum, disciplined cost management and accelerated network investment translated into robust demand for a solid financial performance for the service. Towards the end of the period, we saw elevated geopolitical tensions drive energy prices higher, leading to fears of renewed inflationary pressures over the short to medium term. However, this was partly mitigated by the stronger Naira. In a more supportive macroeconomic environment led by a sharp slowdown in inflation, MTN Ghana reported strong service revenue growth of 35.7%. Again, data revenue led the overall results, growing by 52.3% as data traffic increased by 63.4%.

Moving on to Fintech, we saw service revenue increase by 20.1%,

We continue to scale this business and are pleased with the progress we are making with our MasterCard commercial partnerships. We now have almost 700,000 virtual cards in use across the key markets. As promised with the release of our FY2025 Annual Results, today we issued the Voluntary 2025 Performer Financial Effects of the ICES transaction which were announced in February.

The regulatory process to finalize the transaction are ongoing.

and we will provide updates as and when these are warranted. The performer financial effects show that the transaction is value-creative in terms of revenue, profit after tax, adjusted headline earnings per share as well as free cash flow. Subject to approvals, we anticipate that the transaction should close in the second half of the year. With that, let me pass on to Tzulu who will provide an overview of our financial performance. Tzulu?

Thank you very much Ralph and good afternoon to everyone. It is my pleasure to walk you through the financial review of our performance in the first three months of the year. We are really pleased to present a strong set of financial results. These have been delivered against the backdrop of improved conditions and good execution by the various teams across the NTN footprint. In terms of the overall performance, group service revenue grew by 21.1% in constant currency, and the EBITDA margin widened by 3 percentage points to 47.6%. This was led by strong EBITDA growth in four West African markets, in particular, these being Nigeria, Ghana, Cote d'Ivoire, as well as Cameroon. As we worked to deliver on our purpose of leading digital solutions for Africa's progress We continue to invest to sustain the quality, the coverage and capacity of our networks and to ensure that ours are the platforms of choice for consumers, homes and businesses. Total capital expenditure invested in the period reached $9.6 billion. This translated into capex intensity of 16.4%, which is within our target range of 15% to 18%. and in line with levels in prior periods. The balance sheet remained resilient with group leverage of 0.2 times and holding company liquidity had room of 42.6 billion rand. In the first three months of this year, the op cost upstreamed a total of 2.3 billion in cash to the group and importantly, since the quarter ends, the group has received another 5.3 billion in cash from Ghana as well as 2.7 billion rand from Nigeria. MTN's strong financial performance in the first quarter was again driven by data revenue, which increased by 35.4%. Voice is not on the slide, but you have seen from the sense that we continue to grow revenue from our voice business, reporting voice revenue growth in constant currency of 4.7%. In our FinTech platform, we reported top-line growth of 20%, which is in line with indications given at our annual results in March. Advanced services revenue continued to grow strongly, and in line with our strategy, it was up 36.7% in the quarter. We continue to focus on growing FinTech revenue from advanced services, as was indicated, and this remains strong in the quarter. The Group EBITDA margin in constant currency for the three months expanded by 3 percentage points to 47.6, supported by our various expense efficiency initiatives. Turning now to the performance of our major subsidiaries, in the first quarter, you'll see that MTNSA service revenue was up by 0.7%. Ralph explained the reasons for this, which are mainly competitive pressure in prepaid coupled with the deliberate actions taken by management to make the segment more sustainable. MTNSA's EBITDA margin was 4.1 percentage points lower at 32.6%. If we exclude the impact of the provision for share price plan, the EBITDA margin was 2.7 percentage points lower at 35.4%. Touching on MTN Nigeria's performance, which was in line with medium-term guidance, service revenue grew by a strong 41.7%, moderated by the base effects of the price adjustments that were implemented from the middle of Q1 of 2025. Strong commercial momentum combined with operational discipline kept operating expenses well contained in Nigeria, delivering meaningful operating leverage. The EBITDA margin therefore widened to 55.3% by 8.7 percentage points. MTM Ghana continued with its disciplined execution of strategic priorities, driving strong top-line momentum. Service revenue increased by 35.7%, driven largely by a 29% increase as well in FinTech. Combined with a tight cost control, the sustained top-line growth translated into EBITDA growth of 42.9% and a 3.1 percentage point expansion on EBITDA margin to 61.2%. Now on to the rest of our market portfolio. We continued to perform well. As you can see from the slide, we are now reporting according to our new operating structure. This group's MTN operations into the southern and east Africa region and as well as the francophone Africa region. In the first quarter, MTN operations in our southern and east Africa region grew service revenue by 19% ahead of average blended inflation of 18.1% and driven by double-digit gains in data, voice, as well as fintech. The overall margin was slightly softer at 44.3% versus a year earlier. Within this region, MTN Uganda's performance was hampered by internet shutdown during the general elections that took place in January this year. Service revenue grew by 7.6%. However, normalizing for the impact of the election shutdown, service revenue growth would have increased by 11.5%. The performance was also impacted by changes to mobile termination rates by the Uganda Communications Commission's in the period. In the Francophone Africa region, MTN, of course, delivered service revenue growth of 8.7%, which was also well ahead of the region's blended average inflation rate of 2.3%. EBITDA for the region continued to grow, with the margin expanding to 37.5%, which was up 3.8 percentage points. In this slide, we call out again Cameroon within the Francophones, where service revenue grew by 14.4% and the EBITDA margin widening to 44.2%. With that, I will hand over back to Ralph to give our outlook and priorities for the rest of the year. Thank you, Ralph.

Thank you, Tulu, and I'll now turn to our outlook and priorities. You'll have seen these key areas at our annual results and we remain focused on following through with these in the next seven months of the year. Firstly, in an uncertain global environment, we are focused on maintaining the resilience of our business. The focus for us is on ensuring diesel availability and we're comfortable with the risk mitigation actions taken by power companies on availability. As an example, ITEF in Nigeria secured additional supply Increasing the reserves from two months cover to three months cover. So in Nigeria, over the next period ahead, we feel pretty comfortable with the supply in terms of diesel. Secondly, we aim to sustain the commercial momentum across all our markets, allocating capital to opportunities with clear growth and return visibility. The third point here is to deliver recovery in MTN South Africa's prepaid business performance. We have been encouraged with the near-term trends we're seeing in prepaid cash recharges as well as prepaid data trends, while the decline in voice continues as expected. Next, and this is the fourth focus area, which comes to commercial and strategic priorities for our fintech business. Focusing on progressing with the structural separations for Nigeria, we had the share of the votes in a few respects. Uganda and other markets post the conclusion for Ghana. The fifth and final bullet here concerns the completion of the IHS transaction which are progressing with regulatory filings and anticipate the transactions to close in H2 2026. Finally, we have maintained our medium term guidance which reflects our growth condition and investment case over the medium term. As we said in March, we expect MTM SA to track at the lower end of the medium term ranges for this calendar year. For Nigeria, we have reiterated guidance and given sensitivity to diesel price movements where the business released results at the end of April 2026. We also expect FinTech to track slightly below the guidance range for a few quarters as we manage the competitive and pricing pressures coming through in some markets such as Cameroon and Uganda. We are comfortable with the leverage and liquidity position of the business. With that, thank you very much and let me hand over to Roy to direct the Q&A.

Thanks, Rob. We received a number of questions and I'll try and bundle them into relevant groups. The first one is, we are getting, on South Africa, we are getting mixed signals from you and your closest peer on the challenging environment of MTN seemingly more bearish. Can you help us understand what you are actually seeing on the ground in terms of the consumer and competition and from MVNOs? Why do you think there is such a discrepancy with you and your peer? That's us. That's perfect. Yes, that's the first question. And then the second question that keeps recurring is around diesel costs and energy costs. So, first of all, how much of your OPEX across the group is linked to the diesel and fuel costs? And just related to that, what is SA's and MTN Group's EBITDA sensitivity to a 10 or 20% increase in diesel price?

I think if we started with those Those two Can you pick up the one on diesel costs and then let me start with the one on the SA consumer view So on SA consumer I mean our view that the consumer is in not too bad a shape as of the exit of the quarter and obviously with diesel petrol prices going up I think they're going to be You know pick up on inflation. I think all the inflation indicators are that Inflation will pick up and then there will be second-order effects potentially around Levels of food inflation. So the consumer is not in too bad a shape relative You know, you know to probably people's expectation. What we are seeing though is that part of the consumer wallet is being taken up by by online betting and I think enough commentary and reports are out there around that. So in terms of disposable income, I mean the fight for disposable income has certainly been impacted. I think where there may be differences will come to the actions that we are taking on prepaid. We'd like to pull back on the exposure of consumers to the use of extra time. We think that's There is a healthy level of extra time in the base directed at the right customer base and we believe that we should implement full recovery of the airtime advanced. I don't think there is a consistent approach in the market around full recovery. Our understanding is we're probably the only business that's doing full recovery on extra time. You know as we've looked at the base we think that is the right thing to do is to kind of pull back which obviously hurts in the near term and we said we anticipate Q1 and Q2 will still be tough as we do that but we're seeing healthy growth from cash recharges which is giving us you know confidence of the actions of the right one for sustainability and you know prepaid data the sequential progress we see in quarter on quarter you know is also helping us you know we are also making changes around distribution increasing much more bank direct recharge and also that's got us on short-term pain before going through so and to that question I think you've got to think through how we are approaching the prepaid market relative to peers and as I said The big difference for us is that we are looking for full recovery of prepaid within the month as opposed to having these, you know, almost inverted commas as, you know, kind of rolling bits. And so that's been our approach. Suli, you want to talk to the point around cost and sensitivity?

Yeah, thanks, Raph. I mean, if we look at it within the context of tax intensities, I think if you just take diesel only, it's probably between 10% and 15%. Total energy, if we include electricity, would probably be between 15% and 20% as a percentage of Group OPEX. I think from a sensitivity perspective, and obviously something that we assist with as a company, how we think about it is that a 10% Change in energy cost would probably have an impact of between 0.4% and 0.7% impact on our EBITDA margin. South Africa is relatively insignificant. I think most of you will have been on the Nigeria call and you would have heard that Nigeria is the largest within the group in terms of those costs.

Thanks Olu. The next question, just sticking to the diesel question, apart from Nigeria, which other markets would you expect an impact on margins from higher oil price?

Yeah, I was going to say that there are probably two others, which would be Cameroon, because part of the network Relies on diesel And then Zambia in particular The other markets I think are Kind of more resilient So it's more Cameroon and Zambia To be specific Okay just going back To the prepaid question On SA How much of your prepaid revenue is driven By extra time And then also it's interesting that You're reducing your reliance On extra time

When the consumer is under pressure, what are you seeing that your peers are not seeing and how's the cash recharge momentum over April and May?

Yeah, I mean, I think what we said is that extra time is probably currently around 34%. Yeah, so, I mean, it's come down given the interventions. So what was the second question?

How is the cash recharge momentum over April and May?

We obviously have seen an improvement which was already the intention in the first quarter of the financial year and we expect that to improve further. So I think we will provide you with details as we do H1 but we're comfortable that we've seen an improvement since we last spoke to you in December.

And just sticking to that theme, can management provide some colour as to whether the trend of declining extra-time advances is occurring beyond SA and Nigeria? That is, is there a broader trend to return to cash top-ups across the markets?

Yeah. I mean, maybe just to tap and tell on Sulu's prior question, I think there was also a question around why would you pull back right now where the consumer is under pressure I mean I think my overall comments were that the consumer is fairly resilient and not in a fantastic shape and right now not so much under pressure I mean we can debate how much inflation will spike as a consequence of diesel and fuel prices I mean we're just looking at this thing with the view of the medium to long term to say recharge behaviour should not be as dependent on extra time. We think that's much healthier. And as we look to markets elsewhere, in emerging markets, we see almost in some markets there's an absence of FM advance, even though consumers have the equivalent disposable trends. You look at India, you won't see such a product. And we have to do this responsibly. We just think that that is the right thing to do is to have you know a You know somewhere around the third so it took somewhere around thirty percent or thereabouts probably the right number So we we're moving, you know towards that level You know across our base. Um The question is, you know, are we seeing it, you know in other markets? I mean, I think our view is that One across our markets would be that we want a healthy level of the customer base exposed to airtime advances. Markets all differ, but I think as a thematic and a trend, we think that's the right place for us to be. I think we've got actions in other markets as well, and we feel that that's directionally It's not like zero, but certainly bringing it back a little bit to drive more cash recharges.

Okay, then on upstreaming, your cash upstream from the OPCOS has been around $11 billion as opposed to $17.4 billion for the whole of last year, suggesting very strong momentum. What's your outlook for the rest of the year? Should you expect the full year number to grow in line with operating fee cash flow?

Yeah, I mean, I think if you think about it, and we've just reported now that post the quarter end, we've received additional upstreaming from Ghana and Nigeria. I think in line with what we communicated at our year-end results, we do expect our cash upstreaming to obviously improve, particularly because Nigeria now is fully declaring dividends we see an improvement of course due to performance as well in Ghana I think if you think about it our dividends in those markets are based on a percentage of distributable earnings and then the rest of the markets as we see an improvement in performance we then expect to see improved cash out streaming and then just shifting to FinTech given how strong

Africa Stock is doing ahead of its Momo IPO would you consider a listing as well and how would you rate your Momo business in Africa as compared to competition I mean on the second part obviously we would rate our Momo business as strong and resilient and with good runway growth over the medium term so that would be our position I think you would assume that we would say that In terms of the IPO, and I think we've said this before, is that where our focus is on is growing the ecosystem as quickly as we can and sustainably as we can. That's our priority. And drive as quickly as we can the shift towards advanced services. I think you'll have seen in our results very good, strong growth. when you look at a vertical like bank tech, bank tech which we've said over time is super critical. So we focused on that, we focused on ensuring we have the right licenses, we're looking at what license regimes do we need for the long term and we will discuss that more at CMD. So for us it's all about capturing the growth and as sustainably as we can. The IPO in of itself for us is not necessarily a something we're driving towards I think you know in years to come that may be something we look at but we're not there isn't a deadline we're working to and I don't think you should anticipate an IPO from MDM in the near term certainly not in the next two to three years you know our focus is just grow the business sustainably and I think you will hear at the CMD quite a lot from Serene and myself around the work we're doing around the platform, the partnership with MasterCard, the progress we've made on structural separations, and how do we get growth at the level of guidance and above in terms of both service revenue and expanding margins. So the issue of the IPO near term for us is not something that is front and center.

Okay. Your reported EBITDA margin of 47% is a multi-year high. Do you think this is sustainable?

We are confident that we can sustain the margin if you think about the various operating companies, how they are performing. We're confident with the work that we're doing in South Africa over the medium term. We believe that the world will recover into the 35% to 37% EBITDA margin corridor, and we continuously look at what we need to do from a cost discipline perspective. So our expense efficiency program continues, and that's where we get our comfort from.

Okay, and just moving back to Ross, there was significant improvement in the Cote d'Ivoire margin. Maybe if you could give some color as to what the drivers to this margin expansion were?

Yeah, I think we're pleased with the overall competitiveness of the business. The business was struggling for some time, to be frank. And, you know, on the connectivity business, you know, we did up the level of CapEx. in second half of last year and we sustained the kind of growth adding new sites particularly in and around the areas Abidjan and so forth so we've seen a pullback of market share particularly around the number one in the market being orange there so we think we can sustain the growth and that turnaround has been pleasing, we still have some work to do really around the fintech business there but as we've looked at sequential quarter and quarter, the capex we've put down the closing of the total sites count to orange that's helped and sustained the level of growth that we've seen and that's why we've made a call out particularly around Cote d'Ivoire I mean it's an economy the size of Any update on the buyback plans and along the same lines?

Please provide color on the higher back debts in SAEBU. Will this persist for the next few quarters?

Yeah, I think on the last question on the EBU, I mean, it is an ongoing effort to try and reduce. And I think the first thing that we do, obviously, make sure that we have the right trade management policies in place. I think we have a policy, obviously, where customers don't pay. that we cut off after various interventions, after looking at payment plans. So we had a robust process in place. So again, enterprise is mainly one or two government customers where obviously we are struggling, but there's ongoing effort to make sure that we can recover. So I think that's only the first one. I think as we've indicated in South Africa specifically, there are other interventions we're looking at to try and manage the working capital to acceptable levels. So that's the first one. The second question is? Oh, the buyback, yeah. So, I mean, I think, obviously, as we indicated, we will continue to look at, you know, opportunity for buyback where it makes sense, given the criteria that we have given as well. So, we will provide you with, you know, additional updates at our H1 results, or even at the capital market stage that is coming.

Yeah, just sticking with Zulu, Because of the charge, the share-based payment charge in MTN SE, at current share prices and without additional provisions, would you expect margins to remain within the medium-term guidance for the balance of the year?

Yeah, so I mean, I think how we look at it, we do think that because it's driven by the share price movement of MTN Group shares, The right thing to do is obviously to, you know, adjust for it. But so if you normalize for that, we're comfortable that we will still, you know, be within the 35% to 37%. Obviously, with the interventions that we're looking at to, you know, recover prepaid, the cost interventions, you know, we take comfort that we will see an improvement in margins in SAE.

And just sticking with you on CAPEX, CAPEX intensity, do you think we'll maintain this run rate for the rest of the year? Or do you feel that the CAPEX that was announced now had an element of front-loading?

Yeah, so, I mean, it's a mixed bag, you know, OPCO by OPCO. We obviously look at, as Ralph indicated, what we're doing in coded work. So each OPCO is looked at in terms of their performance, ability to generate free cash, and whether there's a need to, you know, front load capex. In other markets, obviously, we will hold back depending on their performance. But taking that, you know, whatever guidance we've given for the year, we're comfortable that we will be within that capex intensity range. Some markets will be ahead like Nigeria where we see exponential growth, Ghana for instance, but we're also mindful of the over-flipped global impact and we continue to monitor that very closely in terms of how we deploy capital.

Moving back to Ralph, from Iran, it was encouraging to see quarter-and-quarter growth in certain output despite the conflict in the country. Is this because you had a good Jan-Feb? What was the impact in March and where are we now in April and May?

Yeah, look, I mean, as is noted, you know, there's ongoing conflict and, you know, the Internet, the global Internet, let's call it that, you know, has been shut down or is not. There's a bit of whitelisting in the market, you know, to access the global Internet. There is a local Internet that's there. I don't think one should read kind of too much into the trends. I mean, what we normally find is that there are situations where there is increased activity on the network, you know, election results or periods of uncertainty. People end up talking a lot or communicating more than they normally do. So I would ascribe, you know, the trends that you're making reference to to that more than anything else. Election periods, times of strife, etc. People end up talking or using data a lot more than is usual. Nothing more than that would be my comments on those trends and results that you're referencing.

Just sticking with you, Ralph, on IHS, in the disclosure we noted significant earnings accretion. Does this factor in any synergies that you previously talked about such as listing costs, funding costs, diesel consumption? And then also, would leverage increase significantly once the IHS convert and closes?

Yeah, I mean with performance as investors we know that there's a very strict you know requirements around what you disclose so I think on the first stage of performance is just the results as reported for FY 2025 so it's not to be we're not putting that out for you to to think about guiding on an ongoing basis. But specific to the questions, one is there are no synergies in those numbers. You know, we believe that they're meaningful synergies, but there are no synergies in the numbers that we disclosed, because that would be kind of forward-looking, but there is none of that. And I think Suruli has previously raised that, you know, we're going to have to raise about 1.1, and we are on track with that. 1.1 Billion Dollars Worth Of Debt So We Will Pick Up You Know The 0.2 Group Leverage Will Increase And I Think On A Performer Basis You See It's There At 0.8 0.7 0.8 On A Performer So It Will Increase It Will Come Back Into Range You Know Over A Very Short Period Of Time So Because Of You Know The Earnings generated and internalized from holding 100% or a controlling stake in IHFs.

Just speaking with you, Ralph, have you seen any impact from the Free Voice offer from Capitec so far?

I think that is very early. I mean, they announced it. It's for their base and the subscribers that they have. So it's early to attribute That's all the questions we've received so far. So maybe I'll hand over back to Ralph for closing comments. Yeah, thanks very much for taking the time to join on this earnings call. I think as you will appreciate that we're very focused on ensuring the resilience of the business. A big priority area is really around easel availability and ensuring and I think you should take comfort from our comments that we're on top of this and we are talking to IHS and related in ensuring that availability is not an issue. Obviously diesel prices are a function of market prices and so we'll manage that. I think we've clearly communicated the sensitivity particularly to Nigeria. Nigeria is the most sensitive but as I mentioned that there is Cameroon and Zambia that one would look at and sort of gave you kind of the overall sensitivity for the group. We have expense efficiency actions to mitigate, so when there are pressures at the OPEX level, we do look to accelerate some of those expense efficiencies, delay some more discretionary spend. The other issue we are focused on is resilience on key components, SIM cards, Server Equipment Anything With Chipsets We're Managing That So That We Don't Have Any Disruptions And Ensuring Business Continuity So That Is An Area Of Focus For Us And Then You Know Continuing With The Momentum And Execution Of Our Commercial Strategies You Know Executing On IHS On The Fintech Sides And Making Sure That We Deliver in line with our commitments in terms of our medium-term guidance. And then finally, we hope to see all of you, if not most of you, for our Capital Markets Day, which will be held in Johannesburg, 10th and the 11th. That's format day one with this presentation. And then day two, we've created a platform for investors to spend time with the Hefei team, Nigeria, Ghana, markets and then Sula and myself for more strategy and capital allocation. So we look forward to you joining us there and I think for those who are making the trip, it will be a trip worth making to engage with Sula, myself and the senior leadership team at the MTM Group. So thanks for joining us again. Back to you Roy.

There are no more questions from the conference call. With that, I'd like to bring this call to an end. Thank you for spending this time with us. If you have any questions, please send them into the Investor Relations inbox. We'll be happy to follow up from here.