Record MTN Growth
MTN Group Delivers Record H1 Growth and Confirms New R6 Billion Share Buyback
Key Points
MTN's first-half 2026 EBITDA margin was a record, at 47.1% on a reported basis and 47.6% in constant currency.
Regional EBITDA performance shows divergence: South Africa EBITDA declined 7.7% to R8.51-billion, while Nigeria rose 38.7% and Ghana rose 40% to R19.87b and R13.74b respectively.
MoMo and fintech momentum is robust: MoMo monthly active users reached 70.8 million (up 12.1%), fintech transaction value rose about 33.8% to $330.5 billion, and data revenue climbed 21.0% to R57.6 billion.
Ambition2030 continues to drive shareholder returns, with MTN targeting 40-60% of equity free cash flow to be returned to shareholders via dividends or buybacks, alongside a 31-million-share buyback programme.
MTN Group delivered record growth in the first half of 2026, with service revenue climbing 17.5% to roughly R115 billion and EBITDA surging 24.4% in constant currency to about R56 billion TechAfrica News. The telecom giant also announced a R6 billion share buyback and confirmed plans to acquire IHS Holdings, signaling confidence in its expansion strategy across Africa TechAfrica News. Adjusted earnings per share rose 21.3% to 793 cents, though reported earnings fell 5.8% due to non-cash charges from Iran operations and currency losses in South Sudan The Edge Malaysia.
Data and Mobile Money Drive Double-Digit Growth
MTN's core business is firing on all cylinders. Data revenue climbed 21% to R57.6 billion, while mobile money users reached 70.8 million, up 12.1% TechAfrica News. Fintech transaction value surged 33.8% to $330.5 billion, showing strong momentum in the company's digital financial services TechAfrica News. These growth engines are offsetting slower growth in traditional voice services across the continent.
Regional Weakness in South Africa Masks Strong Performance Elsewhere
South Africa, MTN's largest market, stumbled in the first half. EBITDA fell 7.7% to R8.51 billion The Edge Malaysia. But other markets roared ahead: Nigeria's EBITDA jumped 38.7%, while Ghana surged 40% to R19.87 billion and R13.74 billion respectively The Edge Malaysia. This uneven performance reflects South Africa's mature market saturation versus booming growth in West Africa.
Record Margins and Strong Cash Generation Fuel Shareholder Returns
MTN hit a landmark: EBITDA margins reached 47.1% on a reported basis and 47.6% in constant currency, the highest in company history TechAfrica News. Strong cash generation enabled the company to maintain net debt at just 0.3 times EBITDA TechAfrica News. Under its Ambition2030 strategy, MTN plans to return 40-60% of equity free cash flow to shareholders via dividends and buybacks, with a 31-million-share buyback program already underway TechAfrica News.
IHS Acquisition Set to Close by Year-End With Regulatory Approvals Progressing
MTN's planned acquisition of tower company IHS Holdings is expected to close in the second half of 2026, pending final regulatory sign-off TechAfrica News. The deal includes a condition: MTN must sell 30% of IHS Nigeria to local investors TechAfrica News. Pro forma for the deal, the company expects revenue, profit, and adjusted earnings per share to be accretive to shareholders TechAfrica News. The transaction represents a strategic bet on Africa's growing data infrastructure needs.
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