MTN plans R6bn share buyback after record first-half profits

MTN Group is to embark on a R6bn share buyback programme after delivering record profitability and robust cash generation in the first half.

The group said on Monday that earnings before interest, tax, depreciation and amortisation (ebitda) for the six months to end-June increased by 24.4% in constant currency to R56bn, or by 20% on a reported basis, reflecting strong momentum across its diversified portfolio.

Group service revenue increased by 9.7% to R115.3bn on a reported basis and by 17.5% in constant currency. Data revenue increased by 21.0% to R57.6bn and fintech revenue by 1.4% to R14.9bn, both on a reported basis.

Adjusted HEPS, which is basic EPS adjusted for hyperinflation, foreign exchange movements and other non-operational items, was up 21.3% to 793c, while reported HEPS declined 5.8% to 615c, mainly due to a noncash impairment of the group’s equity-accounted investment in Irancell and foreign exchange losses in South Sudan.

Total customers increased by 6.7% to 317.7-million, with active data subscribers rising by 9.1% to 179.3-million.

Mobile Money (MoMo) monthly active users increased by 12.1% to 70.8-million, with the value of fintech transactions up 33.8% in constant currency to $330.5bn.

The group said it will repurchase up to 31-million , or about 10%, of its shares, starting immediately. The board believes the repurchase programme will deliver longer-term incremental value to MTN shareholders, it said.

CEO Ralph Mupita said the first-half results reflect solid progress on the path of the group’s Ambition2030 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 free cashflow 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.”

The group invested R19.7bn in capex (ex-leases) during the period, maintaining capital intensity within its target range while enhancing network capacity, coverage and quality across its markets.

MTN said the strength of its broader portfolio remained evident, helping to offset temporary headwinds in individual markets. This supported group service revenue growth of 17.5%, led by MTN Ghana, MTN Nigeria and its broader markets portfolio.

Growth moderated in the second quarter as the group “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”.

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.