Key messages

MTN is a pan-African mobile operator whose purpose is
'Leading digital solutions for Africa’s progress'.
We have 317.7 million customers in 19^ markets.

First half (H1) 2026 key messages

Commercial momentum translating into strong growth and solid profitability

  • Service revenue +17.5%* | EBITDA growth +24.4%* | EBITDA margin 47.6%*
  • Fintech revenue up 13.3%*: excl regulatory items +19.3%* | transaction value up 33.8%* to US$330.5 billion | advanced services up 31.8%*
  • Adjusted HEPS +21.3% to 793 cents | strong equity free cash flow growth of 32.7%
  • Good progress achieved on the IHS transaction
  • Medium-term guidance reaffirmed, share buyback programme to commence

 

Rm H1 26 H1 25 YTD %
change
reported 		YTD
% change
constant
currency* 		Contribution to Group
Group service revenue 115 322 105 111 9.7 17.5  
– South Africa 21 937 21 604 1.5 1.5 19.0%
– Nigeria 35 331 28 227 25.2 25.7 30.6%
– Ghana 22 134 20 672 7.1 32.3 19.2%
Group EBITDA~ (before once-off items) 55 987 46 655 20.0 24.4  
– South Africa# 8 508 9 219 (7.7) (7.7) 15.2%
– Nigeria 19 869 14 326 38.7 38.7 35.5%
– Ghana 13 738 12 066 13.9 40.0 24.5%
Group EBITDA margin 47.1% 42.7% 4.4pp 3.1pp  
– South Africa# 34.3% 36.5% (2.2)pp (2.2)pp  
– Nigeria 55.9% 50.4% 5.5pp 5.3pp  
– Ghana 61.9% 58.2% 3.7pp 3.4pp  
Capital expenditure (capex, IFRS 16) 23 959 27 300      
Capex (ex-leases) 19 749 20 799      
Capex intensity
(ex-leases)		 16.6% 19.0%      
~ Earnings before interest, tax, depreciation and amortisation.
# Excludes tower sale gain/(loss).
^ These are the markets where we have controlled operations, JVs and associates that cover any of connectivity, fintech or digital infrastructure businesses.