MTN Delivers Record H1 Growth, Announces Buyback

MTN Group posted strong first-half 2026 results with EBITDA up 24.4% in constant currency to about R56 billion and service revenue rising 17.5% to roughly R115 billion, driven by data and fintech growth and record EBITDA margins. Adjusted HEPS climbed 21.3% to 793c while reported HEPS fell 5.8% to 615c due to non-cash Irancell impairment and South Sudan FX losses, with overall free cash flow strong and net debt-to-EBITDA at about 0.3x. The group also highlighted solid cash generation, ongoing network and platform investments, and expanding subscriber fundamentals, including double-digit service revenue growth across multiple markets. MTN confirmed a R6 billion share buyback and announced the planned acquisition of IHS Holdings, with a 31-million-share programme underway and regulatory approvals progressing, including a condition to sell 30% of IHS Nigeria to local investors as part of the deal scope. Pro forma for the IHS tie-up, MTN’s revenue, PAT and adjusted HEPS are expected to be accretive, with the transaction anticipated to close in the second half of 2026 subject to remaining approvals. All of these moves are aligned with the Ambition2030 strategy, which also envisages delivering substantial equity free cash flow to shareholders through dividends and buybacks.