MTN Group reports strong H1 2026 performance as margins, cash flow and shareholder returns improve
Ralph Mupita Executive Director: Group President and Chief Executive Office, MTN
25 August 2026 The telecommunications group said service revenue increased 17.5% in constant-currency terms to R115 billion for the six months to June, while earnings before interest, tax, depreciation and amortisation, excluding once-off items, rose by almost a quarter to R56 billion.
The performance was supported by growth across several of MTN’s key markets, including Ghana, Nigeria, Uganda, Côte d’Ivoire and Cameroon. MTN South Africa recorded more modest growth, with service revenue rising 1.5% as management continued efforts to improve the quality and sustainability of its prepaid customer base.
The South African business showed some improvement during the period, with second-quarter service revenue growth accelerating to 2.3% from 0.7% in the first quarter.
Group CEO Ralph Mupita said the results reflected the conversion of stronger commercial activity across MTN’s markets into higher earnings, cash flow and shareholder returns.
The group invested almost R20 billion in capital expenditure during the first half, focused on expanding its mobile networks, increasing household connectivity and modernising its technology infrastructure.
IHS transaction moves closer
MTN also made progress on its proposed acquisition of the remaining shares in tower company IHS Holdings.
The group said the transaction would be accretive to revenue, profit after tax and adjusted headline earnings per share on a pro forma basis. It has received several regulatory approvals, including clearance from Nigeria’s Federal Competition and Consumer Protection Commission.
As part of the regulatory conditions, MTN will sell a 30% stake in IHS Nigeria to local Nigerian investors on commercial terms. The transaction remains subject to further approvals, with completion expected during the second half of 2026.
Share buyback launched
MTN has also begun a share buyback programme covering about 31 million ordinary shares, with an aggregate value of up to R6 billion.
The programme forms part of the group’s broader shareholder remuneration policy under Ambition 2030, which targets the distribution of between 40% and 60% of equity free cash flow through dividends and share repurchases.
MTN said the buyback would continue while market conditions allowed it to create value for shareholders.
Fintech remains a major growth engine
MTN’s fintech operations continued to expand rapidly during the period.
The group had 70.8 million active Mobile Money users at the end of June, while the value of fintech transactions increased by more than a third to $330 billion. Transaction volumes rose 17% to 13 billion.
The fintech ecosystem also expanded its distribution footprint, with active agents increasing to 1.4 million and active fintech merchants rising by more than 18% to 2.3 million.
MTN said advanced financial services were the main contributor to fintech revenue growth, highlighting the growing importance of digital financial services alongside its traditional connectivity business.
Customer base reaches 317.7 million
Across its 19 markets, MTN served 317.7 million customers at the end of June. More than 179 million were active data users, contributing to a 23% increase in network traffic to 14.3 petabytes.
The group said demand for connectivity, digital services and financial inclusion remained resilient despite economic and foreign-exchange pressures in several markets.
In South Africa, however, total subscribers edged down to 39.5 million, including 28.2 million prepaid customers. MTN said the decline reflected deliberate efforts to reset its prepaid base and prioritise higher-quality customers.
Growth in the postpaid, enterprise and wholesale businesses helped offset some of the pressure and supported stronger momentum in the second quarter.
Outlook remains positive
MTN said improving digital adoption and financial inclusion across Africa continued to underpin the long-term growth prospects of its connectivity, fintech and digital infrastructure businesses.
The group acknowledged ongoing risks from geopolitical developments, currency volatility and inflation but said its diversified geographical footprint, balance sheet strength and market positions provided resilience.
With the IHS transaction progressing, a new share buyback programme under way and continued investment in networks, fintech and digital infrastructure, MTN enters the second half of 2026 focused on translating its stronger operational performance into sustained shareholder value.