Wrap Text
Interim financial results for the six months ended 30 June 2026
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Company or the Group)
Interim financial results for the six months ended 30
June 2026 (H1 2026)
MTN is a pan-African mobile operator whose purpose is ‘Leading digital
solutions for Africa’s progress’. We have 317.7 million customers in
19^ markets.
First half (H1) 2026 key messages
Commercial momentum translating into strong growth and solid
profitability
• Service revenue +17.5%* | EBITDA growth +24.4%* | EBITDA margin
47.6%*
• Fintech revenue up 13.3%*: excl regulatory items +19.3% |
transaction value up 33.8%* to $330.5 billion | advanced services
up 31.8%*
• Adjusted HEPS +21.3% to 793 cents | strong equity free cash flow
growth of 32.7%
• Good progress achieved on the IHS transaction
• Medium-term guidance reaffirmed, share buyback programme to
commence
Highlights
MTN delivered strong growth, exceptional profitability and robust
cash generation in H1 2026. We maintained balance sheet strength and
advanced key strategic initiatives that continue to support long-
term shareholder value creation.MTN delivered strong growth, record
profitability and robust cash generation in H1 2026, while
maintaining balance sheet strength and advancing key strategic
initiatives that support long-term shareholder value creation.
• Total customers up 6.7% to 317.7 million
• Active data subscribers increased by 9.1% to 179.3 million
• Data traffic up 22.8% to 14.3 PB
• Mobile Money (MoMo) monthly active users (MAU) up 12.1% to 70.8
million
• Fintech transaction volumes up 17.2% to 13.0 billion
• Fintech transaction value up 33.8%* in constant currency (CC) to
$330.5 billion
Financial results:
• Group service revenue increased by 9.7% to R115.3 billion on a
reported basis; up 17.5%* in CC
• Data revenue increased by 21.0% to R57.6 billion on a reported
basis; up 29.2%* in CC
• Fintech revenue increased by 1.4% to R14 .9 billion on a reported
basis; up 13.3%* in CC
• Voice revenue decreased by 3.8% to R30.4 billion on a reported
basis; up 2.4%* in CC
• Wholesale revenue increased by 10.3% to R5.2 billion on a
reported basis; up 15.5%* in CC
• EBITDA (before once-off items) increased by 20.0% on a reported
basis; up by 24.4* in CC
• EBITDA margin increased by 4.4 pp on a reported basis to 47.1%,
up 3.1pp* to 47.6%* in CC
• Reported headline earnings per share (HEPS) decreased by 5.8% to
615 cents (H1 2025: 653 cents restated)
• Adjusted HEPS increased by 21.3% to 793 cents (H1 2025: 654 cents
restated)
• Capex (ex-leases) of R19.7 billion, with capex intensity of
16.6%.
• Net debt-to-EBITDA of 0.3x
• No interim dividend declared (H1 2025: nil)
* CC information after accounting for the impact of the pro forma adjustments as
defined and included throughout this Stock Exchange News Service of the JSE Limited
results announcement. Refer to the relevant section for more detail on the basis upon
which constant currency information is presented.
^ These are the markets where we have controlled operations, JVs and associates
that cover any of connectivity, fintech or digital infrastructure businesses
Group President and CEO Ralph Mupita comments
H1 2026 results reflect solid progress on the path of our Ambition
2030 strategy
“MTN delivered a strong consolidated first-half performance in 2026,
with growth in our subscriber base accelerating in Q2 2026. We
combined double-digit service revenue growth with record EBITDA
margins, robust FCF generation and a resilient balance sheet. This
performance reflects disciplined execution, the quality of our
diversified portfolio and sustained investment in our networks,
platforms and customer experience. Importantly, we advanced a number
of strategic initiatives, including the fintech separations and the
IHS transaction, while launching Ambition 2030 to guide the next
phase of MTN's growth and value creation.”
Strong commercial momentum underpinned by execution and
investment
Our strong H1 2026 performance reflects sustained commercial
momentum across both Connectivity and Fintech. Continued investment
in network quality, customer experience and digital platforms drove
subscriber growth, increased engagement and higher usage across the
Group.
We invested R19.7 billion in capex (ex-leases) during the period,
maintaining capital intensity within our target range while
enhancing network capacity, coverage and quality across our markets.
Total subscribers increased by 6.7% to 317.7 million and active data
subscribers rose by 9.1% to 179.3 million. Continued growth in
smartphone adoption, increased digital engagement and stronger
customer usage supported robust growth in data traffic and further
increased data's contribution to Group service revenue.
Data remained the primary growth engine, with revenue increasing by
29.2%*. Voice demonstrated resilience with growth of 2.4%*. Across
Fintech, we continued to scale the ecosystem despite temporary
disruptions in Nigeria and Uganda and which should improve in H2.
MoMo monthly active users increased by 12.1% to 70.8 million.
The strength of our broader portfolio remained evident, helping to
offset temporary headwinds in individual markets. This supported
Group service revenue growth of 17.5%* to R115.3 billion, led by MTN
Ghana, MTN Nigeria and our broader markets portfolio. Growth
moderated in Q2 2026 as we lapped the implementation of price
adjustments in MTN Nigeria in the prior year and absorbed the impact
of the deliberate suspension of airtime advance services in Nigeria.
Commercial momentum across the business remained robust however and
supports our confidence in delivering our medium-term objectives.
During the period, MTN and the Syrian Arab Republic, represented by
the Syrian Telecommunication and Post Regulatory Authority, agreed
the settlement terms relating to the MTN investment in Syria. The
remaining legal formalities are being completed, with payment of
US$43.9 million to MTN authorised upon execution of the agreement.
Concluding this settlement agreement is consistent with the Group's
Middle East exit strategy.
Robust growth in earnings and cash flows
EBITDA (before once-off items) increased by 24.4%* to R56.0 billion,
continuing to outpace revenue growth as we maintained discipline in
executing our expense-efficiency programme. This resulted in a
pleasing EBITDA margin of 47.6%*, up 3.1pp*, demonstrating the
operating leverage and efficiency benefits embedded in the business.
The increasing contribution from our broader markets and growth
platforms continued to enhance the resilience and quality of Group
earnings.
Earnings per share declined by 26.1% to 404 cents, while reported
HEPS declined 5.8% to 615 cents principally due to a non-cash
impairment of our equity-accounted investment in Irancell and
foreign exchange losses in South Sudan. Adjusted HEPS increased by
21.3%, reflecting the strong underlying performance of the Group.
Excluding the impact of Irancell, Adjusted HEPS was up 23.7% at
767c.
The quality of earnings remained strong, with operating free cash
flow increasing 27.5% to R25.1 billion, supported by robust
operational performance and disciplined capital allocation. FCF
increased to R11.1 billion, and the FCF conversion ratio improved to
92.5%, reflecting the continued strength of the Group's cash-
generative business model.
Equity FCF – the measure on which our shareholder remuneration
framework is based – grew 32.7% to R7.0 billion, with the difference
relative to FCF reflecting dividends of R4.1 billion paid to non-
controlling interests (H1 2025: R1.4 billion) as MTN Nigeria and MTN
Ghana normalised their distributions.
Our focus on profitable growth and disciplined capital allocation
continues to improve returns. ROCE increased to 31.5%, remaining
comfortably above our weighted average cost of capital and within
our medium-term target range.
Sustained financial position and liquidity health
Our balance sheet remains a strategic strength and provides
significant flexibility to fund growth and execute our capital
allocation priorities.
We maintained our disciplined approach to managing the balance
sheet. Group net debt-to-EBITDA of 0.3x as at 30 June 2026 remained
steady versus 31 December 2025 (0.3x). We continued to maintain a
healthy liquidity headroom of R39.1 billion (FY 2025 R43.1 billion).
This headroom was supported by cash upstreamed of R13.9 billion in
the first half (H1 25: R8.2 billion) – led by MTN Ghana (R6.6
billion), MTN Nigeria (R2.7 billion) and MTN South Africa (R2.1
billion). We raised R2.3 billion under our DMTN programme to
refinance upcoming maturities for the year.
We maintain sufficient liquidity to address our funding requirements
in the upcoming period, including the forthcoming Eurobond maturity.
Furthermore, financing arrangements are in place to consummate the
IHS transaction. We remain focused on preserving balance sheet
flexibility and maintaining a Group net debt-to-EBITDA ratio below
1.0x over the medium term.
This financial resilience, built through deliberate de-risking of
our balance sheet over recent years, positions the Group well to
fund our capital allocation priorities.
Advancing Ambition 2030 execution
During the period, we moved from strategy articulation to execution
following the launch of Ambition 2030. Across our Connectivity,
Fintech and Digital Infrastructure platforms, we advanced
initiatives designed to accelerate growth, unlock value and
strengthen long-term competitiveness.
Within Connectivity, we continued to scale data, home and enterprise
services, supported by sustained investment in our networks,
platforms and customer experience. We also launched MTN One TV,
further expanding our digital services offering.
Within Fintech, we completed the structural separation in Ghana and
progressed the required approvals in Nigeria and Uganda, while
deepening our ecosystem through the strategic partnership with Ant
International. These initiatives support our objective of unlocking
value and accelerating growth in one of Africa's leading fintech
platforms.
Within Digital Infrastructure, we continued to advance the
acquisition of the remaining shares in IHS. We invested selectively
in AI and data infrastructure opportunities aligned to our long-term
growth ambitions.
Collectively, these initiatives reinforce the strength of our
diversified portfolio, demonstrate disciplined execution of Ambition
2030 and strengthen MTN's ability to deliver sustainable growth,
attractive returns and long-term value creation for shareholders.
Shareholder remuneration
In line with the Group dividend policy, no interim dividend has been
declared for the six months ended 30 June 2026 (H1 2025: nil).
Shareholder remuneration is guided by the enhanced framework
introduced at the end of FY 2025, which targets an annual
distribution of 40% to 60% of equity FCF through a combination of a
minimum cash dividend and share buybacks.
Shareholders are advised that the MTN Board has confirmed the
implementation of the R6 billion share repurchase programme, which
will commence following the end of the current closed period. The
programme will be conducted through a defined execution process
within the Group's capital allocation framework and in line with the
authority granted by shareholders at the annual general meeting and
the JSE Limited (JSE) Listings Requirements and the Companies Act,
71 of 2008. One appointed broker will effect repurchases on behalf
of the Company on an independent basis within pre-agreed parameters.
Outlook, priorities and medium-term guidance
The long-term demand outlook across connectivity, fintech and
digital infrastructure remains attractive, supported by increasing
digital adoption and financial inclusion across our markets. While
geopolitical developments, foreign exchange volatility and
inflationary pressures remain areas of focus, our diversified
portfolio, strong balance sheet and disciplined execution provide
resilience.
Group service revenue growth moderated through H1, and we expect it
to re-accelerate in H2 2026 on the back of the normalisation of
airtime lending in Nigeria, the annualisation of the 2025 Nigerian
price adjustments out of the comparative base, and MTN South
Africa's consumer prepaid business getting back to growth. We also
expect continued momentum from MTN Ghana and across our SEA+ and
Francophone Africa portfolios.
Consistent with prior years, cash generation is weighted towards the
second half, reflecting the phasing of collections, capital
expenditure and the timing of dividend receipts from our operating
companies.
Our priorities for the remainder of 2026 are unchanged: sustaining
commercial momentum across the Group, accelerating the recovery of
MTN South Africa's prepaid business, completing the fintech
structural separations underway in key markets, and progressing the
IHS transaction, which continues through the required approval
processes and is expected to be accretive to revenue, earnings and
FCF over time. The remaining conditions are principally regulatory,
with approvals received from the Nigerian Federal Competition and
Consumer Protection Commission (FCCPC)and several others, with other
approvals underway or imminent. With regards to the FCCPC in
Nigeria, conditional approval of the transaction has been received.
This is conditional on MTN Group selling down up to 30% of the
Nigerian component of the IHS business at market prices over time.
MTN is comfortable with the conditions as set out.
We reaffirm the medium-term guidance presented at our Capital
Markets Day, including Group service revenue growth of at least
high-teens, a return on capital employed in the high-20% to low-30%
range and leverage at or below 1.0x..
We remain confident in our ability to deliver sustainable growth and
long-term shareholder value through disciplined execution of
Ambition 2030.
At a segment level, MTN Nigeria continues to target service revenue
growth of at least low-20%. MTN South Africa targets low-to-mid
single-digit growth with an EBITDA margin of 35–37%, while MTN Ghana
targets service revenue growth in the mid-to-upper 30% and EBITDA
margins in the mid-to-upper 50%.
Fintech service revenue growth is expected to remain below its
medium-term guidance range of high-20% to low-30% as we reintroduce
airtime advance services in Nigeria. We remain encouraged by growth
in advanced services, which grew at 31.8%* and transaction value
grew 33.8%* to US$330.5 billion in the period.
Pro forma financial information
For Group, region and by country, as appropriate: Service revenue, revenue by segment,
data revenue, enterprise revenue, wholesale revenue, fintech revenue, digital
revenue, voice revenue; outgoing voice revenue; Group EBITDA (before once-off items);
Capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA and adjusted HEPS as
included in this results announcement have been prepared to provide users with a
further operational understanding of the business (together, the Non-IFRS Financial
Information). The Non-IFRS Financial Information has been calculated from the
financial records of the Group.
Constant currency information has been presented to remove the impact of movement in
currency rates on the Group’s results and has been calculated by translating the
prior financial reporting period’s results at the current period’s monthly average
rates. The measurement has been performed for each of the Group’s currencies,
materially being that of the US dollar and Nigerian naira. The constant currency
growth percentage has been calculated after translating prior year results at current
year rates. In addition, in respect of Irancell, MTN Sudan and MTN South Sudan the
constant currency information has been prepared excluding the impact of
hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be
hyperinflationary for the period under review and hyperinflation accounting was
applied. Constant currency information in this results announcement is denoted with
an *.
The Non-IFRS Financial Information and Constant currency information is collectively
referred to as “Pro forma Financial Information” and has been prepared for
illustrative purposes only. Because of its nature, the Pro forma Financial Information
may not fairly present MTN’s financial position, changes in equity and results of
operations or cash flows. The responsibility for preparing and presenting the Pro
forma Financial Information, as well as the completeness and accuracy of the Pro
forma Financial Information is that of the directors of MTN and has not been audited,
reviewed or otherwise reported on by the Group’s external auditors.
Forward-looking information
Any forward-looking information disclosed in this results announcement is the
responsibility of the directors of MTN and has not been reviewed or audited or
otherwise reported on by our external auditor.
Other information
The directors of MTN take full responsibility for the preparation of this results
announcement.
The Group’s results are presented in line with the Group’s new operational structure.
The Group’s underlying operations are clustered as follows: South Africa (SA);
Nigeria; Ghana; the Southern and East Africa (SEA) region; and Francophone Africa
and their respective underlying operations.
The SEA region includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia.
The Francophone Africa region includes Cameroon, Côte d’Ivoire, Benin and Congo-
Brazzaville.
The Group also has equity accounted joint ventures in Botswana, Eswatini and Iran,
which are excluded from regional results.
H1 2026 INTERIM RESULTS
TELECONFERENCE
MTN will be hosting a webcast and presentation today, Monday 24
August 2026, where we will be unpacking the Group’s performance for
the half year period ended 30 June 2026. To participate, please
register here:
https://themediaframe.com/mediaframe/webcast.html?webcastid=njq2XFbI
This results announcement has been prepared in compliance with the
JSE Limited Listings Requirements, is the responsibility of the
directors and is a summary of the full interim results. The interim
results have been reviewed by the Company’s external auditors, Ernst
& Young Inc., who have expressed an unmodified review conclusion
thereon.
Any investment decisions should be based on the full interim results
as the information in this results announcement does not provide all
the details and investors and/or shareholders are encouraged to review
the full interim results which are available through the JSE cloudlink
at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/MTN/MTNH126.pdf
and on MTN’s website at:
https://www.mtn.com/financial-results/?report_cat=interim-results
Copies of the interim results may also be requested by emailing
investor.relations@mtn.com.
24 August 2026
Fairland
Lead sponsor
Tamela Holdings Proprietary Limited
Joint sponsor
J.P. Morgan Equities South Africa Proprietary Limited
ABBREVIATIONS
• Adjusted EBITDA: EBITDA excluding hyper inflation and non-controlling
interest
• Adjusted HEPS: Basic EPS adjusted for hyperinflation, foreign exchange
gains/(losses) and other non-operational items
• Capex: Capital expenditure
• cedi: Ghanaian cedi
• CVM: Customer value management
• DMTN: Domestic medium-term note
• EBITDA: Earnings before interest, tax, depreciation and amortisation
• ECOWAS: Economic Community of West African States
• EPS: Earnings per share
• FCCPC: Federal Competition and Consumer Protection Commission
• FCF: Free cash flow
• FTTH: Fibre to the Home
• FWA: Fixed wireless access
• FY 2025: The financial year ended 31 December 2025
• GB: Gigabyte
• H1: Refers to H1 2026 unless otherwise specified
• ICT: Information and communication technologies
• IHS: IHS Holding Limited
• JV: Joint Venture
• Markets: Refers to name of our regions incorporating WECA and SEA, as
compared to ‘markets’ in the general sense
• MTR: Mobile termination rate
• naira: Nigerian naira
• Opcos: Operating companies
• OpFCF: Operating free cash flow
• OTT: Over-the-Top
• P2P: Peer-to-peer
• PAT: Profit after tax
• PB: Petabyte
• pp: percentage points
• PPE: Property, plant and equipment
• RAN: Radio access network
• ROCE: EBIT/capital employed (excludes hyperinflation, asset impairments
and exceptional items for both EBIT and capital employed and excludes
investments in JVs)
• ROE: Return on equity
• SIM: Subscriber Identity/Identification Module
• SME: Small and medium-sized enterprise
• YoY: Year-on-year
• VAS: Value-added services
• VoIP: Voice over internet protocol
Date: 24/08/2026 05:05:00
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