MTN Group has reported strong first-half results, with service revenue rising 17.5% in constant-currency terms and adjusted headline earnings per share jumping 21.3%, as the telecom giant launched a R6 billion share buyback programme.
The pan-African telecom operator said service revenue reached R115.3 billion in the six months ended June 2026 on a reported basis, while earnings before interest, tax, depreciation and amortisation rose 24.4% in constant-currency terms to R56 billion.
The company will repurchase about 31 million ordinary shares for up to R6 billion, with the programme beginning on August 24 and continuing subject to market conditions and its ability to create value for shareholders.
MTN said the buyback forms part of its shareholder remuneration framework, which targets distributing between 40% and 60% of equity free cash flow through dividends and share repurchases.
The group’s growth was driven largely by MTN Ghana, MTN Nigeria, MTN Uganda, MTN Côte d’Ivoire and MTN Cameroon, while South Africa recorded a more modest 1.5% increase in service revenue.
Data remained one of the strongest growth engines, with data revenue rising 29.2% in constant-currency terms to R57.6 billion. Active data subscribers increased 9.1% to 179.3 million, while data traffic jumped 22.8% to 14.3 petabytes.
MTN’s fintech business also continued to expand. Monthly active Mobile Money users increased 12.1% to 70.8 million, while the value of fintech transactions climbed 33.8% to $330.5 billion.
The company invested R19.7 billion in capital expenditure during the period to expand network capacity, improve coverage and modernise its infrastructure across its markets.
MTN is also progressing with its planned acquisition of the remaining stake in IHS Towers, a deal that would give the telecom group greater control of its tower infrastructure.
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The transaction has received regulatory approval in several markets, including Nigeria, where the Federal Competition and Consumer Protection Commission has given conditional approval requiring MTN to sell down up to 30% of its Nigerian IHS business to local investors. MTN expects the transaction to close in the second half of 2026, subject to remaining approvals.
However, MTN’s reported headline earnings per share fell 5.8% to 615 cents, largely reflecting a R3.9 billion non-cash impairment on its 49% stake in Irancell. Adjusted headline earnings per share, which exclude such effects, increased 21.3% to 793 cents.
MTN said its long-term outlook remains positive as rising digital adoption and financial inclusion continue to drive demand for connectivity, fintech and digital infrastructure across its markets.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
