MTN Adjusted Earnings Rise 21.3% as Revenue Growth Strengthens First-Half Results

MTN Adjusted Earnings Rise 21.3% as Revenue Growth Strengthens First-Half Results

MTN Group reported stronger underlying earnings for the first half of 2026, supported by subscriber growth, higher data demand and improved operating margins across its markets.

Adjusted headline earnings per share (HEPS) rose 21.3% to 793 South African cents in the six months ended June 30, from 654 cents a year earlier.

Group service revenue increased 9.7% to R115.3 billion on a reported basis. On a constant-currency basis, service revenue grew 17.5%.

MTN’s customer base increased 6.7% to 317.7 million, while active data subscribers rose 9.1% to 179.3 million. Data revenue increased 21% to R57.6 billion.

Reported Earnings Were Weaker

The stronger adjusted result came alongside a decline in reported earnings.

Reported HEPS fell 5.8% to 615 cents, from a restated 653 cents in the first half of 2025.

The reported result was affected in part by an impairment of MTN’s 49% investment in Irancell, highlighting the difference between the group’s underlying operating performance and its reported earnings.

Margins Improved as Revenue Grew

MTN’s earnings growth was also supported by stronger profitability.

EBITDA before once-off items increased 20% to R56.0 billion on a reported basis, while the EBITDA margin increased 4.4 percentage points to 47.1%.

On a constant-currency basis, EBITDA increased 24.4%, with the margin reaching 47.6%.

MTN spent R19.7 billion on capital expenditure excluding leases during the first half as it continued investing in its networks and digital infrastructure.

Data Remains a Major Growth Driver

Data continued to be one of the strongest areas of the business.

Data revenue increased 21% to R57.6 billion, while active data subscribers reached 179.3 million, up 9.1% from a year earlier.

The growth reflects increasing data usage across MTN’s customer base and continued demand for mobile connectivity across its markets.

Balance Sheet Gives MTN Room to Invest

MTN ended the first half with net debt to EBITDA of 0.3 times, keeping leverage relatively low despite continued investment in the business.

The group also announced a R6 billion share buyback programme. No interim dividend was declared.

The balance sheet gives MTN room to continue investing while returning some capital to shareholders through the buyback.

What the Result Show

According to Makon Financials, the key point in MTN’s first-half results is the gap between its underlying and reported performance.

Adjusted HEPS increased 21.3%, service revenue rose 9.7%, and EBITDA before once-off items increased 20%. At the same time, reported HEPS declined because of the impact of items including the Irancell impairment.

The operating numbers nevertheless point to a stronger first half, with revenue growth, rising data adoption and wider margins supporting the group’s underlying performance.

MTN now enters the second half of 2026 with 317.7 million customers, stronger operating earnings and low leverage, while its R6 billion buyback adds another channel for returning capital to shareholders.

Sources: Makon Financials | MTN Group H1 2026 Interim Financial Results