MTN Group Limited
MTN delivered strong growth, exceptional profitability and robust cash generation in H1 2026. We maintained balance sheet strength and advanced key strategic initiatives that continue to support long-term shareholder value creation.
Total customers up 6.7% to
317.7 million
Active data subscribers
increased by 9.1% to
179.3 million
Data traffic up 22.8% to
14.3 PB
Mobile Money (MoMo) monthly active users (MAU) up 12.1% to 70.8 million
Fintech transaction
volumes up 17.2% to
13.0 billion
Fintech transaction
value up 33.8%* to
US$330.5 billion
Group service revenue up
9.7% to R115.3 billion on a
reported basis; up 17.5%*
Data revenue up 21.0% to R57.6 billion on a reported basis; up 29.2%* in CC
Fintech revenue up 1.4% to R14.9 billion on a reported basis; up 13.3%* in CC
Pro forma financial information
For Group, region and by country, as appropriate: revenue; service revenue; revenue by segment; data revenue; enterprise revenue; wholesale revenue; fintech revenue; digital revenue; voice revenue; outgoing voice revenue; Group EBITDA (before once-off items); Capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA; profit after tax; loss after tax; adjusted headline earnings and adjusted headline earnings per share; operating expenses; free cashflow; operating free cashflow; depreciation and amortisation; net finance cost and taxation as included in this results booklet have been prepared to provide users with a further operational understanding of the business (together, the Non-IFRS Financial Information). The Non-IFRS Financial Information has been calculated from the financial records of the Group.
Constant currency information has been presented to remove the impact of movement in currency rates on the Group’s results and has been calculated by translating the prior financial reporting period’s results at the current period’s monthly average rates. The measurement has been performed for each of the Group’s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated after translating prior year results at current year rates. In addition, in respect of Irancell, MTN Sudan and MTN South Sudan the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. Constant currency information in this results booklet is denoted with an*.
The non-IFRS financial information and constant currency information is collectively referred to as “Pro forma Financial Information” and has been prepared for illustrative purposes only. Because of its nature, the Pro forma Financial Information may not fairly present MTN’s financial position, changes in equity and results of operations or cash flows. The responsibility for preparing and presenting the Pro forma Financial Information, as well as the completeness and accuracy of the Pro forma Financial Information is that of the directors of MTN and has not been audited, reviewed or otherwise reported on by the Group’s external auditors.
Forward looking information
Any forward looking information disclosed in this results booklet is the responsibility of the directors of MTN and has not been reviewed or audited or otherwise reported on by our external auditor.
Other information
The directors of MTN take full responsibility for the preparation of this results booklet.
The Group’s results are presented in line with the Group’s new operational structure. The Group’s underlying operations are clustered as follows: South Africa (SA); Nigeria; Ghana; the Southern and East Africa (SEA) region; and Francophone Africa and their respective underlying operations.
The SEA region includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia. The Francophone Africa region includes Cameroon, Côte d’Ivoire, Benin and Congo-Brazzaville.
The Group also has equity accounted joint ventures in Botswana, Eswatini and Iran, which are excluded from regional results.
H1 2026 results reflect solid progress on the path of our Ambition 2030 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 FCF 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.”