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Thu 3 Sep 2026
Close: 20 550c 
Day's move: 1 050c (5.38%)
Volume: 7 632 383
Trades: 15 497
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Revenue for the interim period climbed to R118.9 billion (R109.3 billion) and profit attributable to equity holders lowered to R7.4 billion (R9.9 billion). Additionally, headline earnings per share decreased to 615cps (653cps).
Dividends
In line with the Group dividend policy, no interim dividend has been declared for the six months ended 30 June 2026 (H1 2025: nil).
H1 2026 interim results teleconference
MTN will be hosting a webcast and presentation today, Monday 24 August 2026, where we will be unpacking the Group’s performance for the half year period ended 30 June 2026. To participate, please register here: themediaframe.com/mediaframe/webcast.html?webcastid=njq2XFbI
Group outlook, priorities and medium-term guidance
The long-term demand outlook across connectivity, fintech and digital infrastructure remains attractive, supported by increasing digital adoption and financial inclusion across our markets. While geopolitical developments, foreign exchange volatility and inflationary pressures remain areas of focus, our diversified portfolio, strong balance sheet and disciplined execution provide resilience.
Group service revenue growth moderated through H1, and we expect it to re-accelerate in H2 2026 on the back of the normalisation of airtime lending in Nigeria, the annualisation of the 2025 Nigerian price adjustments out of the comparative base, and MTN South Africa's consumer prepaid business getting back to growth. We also expect continued momentum from MTN Ghana and across our SEA+ and Francophone Africa portfolios.
Consistent with prior years, cash generation is weighted towards the second half, reflecting the phasing of collections, capital expenditure and the timing of dividend receipts from our operating companies.
Our priorities for the remainder of 2026 are unchanged: sustaining commercial momentum across the Group, accelerating the recovery of MTN South Africa's prepaid business, completing the fintech structural separations underway in key markets, and progressing the IHS transaction, which continues through the required approval processes and is expected to be accretive to revenue, earnings and FCF over time. The remaining conditions are principally regulatory, with approvals received from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC)and several others, with other approvals underway or imminent. With regards to the FCCPC in Nigeria, conditional approval of the transaction has been received. This is conditional on MTN Group selling down up to 30% of the Nigerian component of the IHS business at market prices over time. MTN is comfortable with the conditions as set out.
We reaffirm the medium-term guidance presented at our Capital Markets Day, including Group service revenue growth of at least high-teens, a return on capital employed in the high-20% to low-30% range and leverage at or below 1.0x..
We remain confident in our ability to deliver sustainable growth and long-term shareholder value through disciplined execution of Ambition 2030.
At a segment level, MTN Nigeria continues to target service revenue growth of at least low-20%. MTN South Africa targets low-to-mid single-digit growth with an EBITDA margin of 35–37%, while MTN Ghana targets service revenue growth in the mid-to-upper 30% and EBITDA margins in the mid-to-upper 50%.
Fintech service revenue growth is expected to remain below its medium-term guidance range of high-20% to low-30% as we reintroduce airtime advance services in Nigeria. We remain encouraged by growth in advanced services, which grew at 31.8%* and transaction value grew 33.8%* to USD330.5 billion in the period.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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