MTN Group delivered strong growth, robust cash generation and increased returns in the first half of 2026.
During the six months ended June 30, earnings before interest, taxes, depreciation and amortisation (Ebitda), before one-off items, increased 24.4%, on a constant currency basis, and 20% on a reported basis, to R56-billion.
During the half-year under review, the group’s Ebitda margin increased by 4.4 percentage points on a reported basis to 47.1%, and 3.1 percentage points to 47.6% in constant currency.
“The group’s overall performance in the period reflects strong conversion of the commercial momentum we see across our markets into growth in earnings, cashflow and returns. We are encouraged by the record margins delivered in the period as well as the strong cash upstreaming from operations,” said MTN Group president and CEO Ralph Mupita.
Earnings per share declined by 26.1% to 404c, while reported headline earnings per share (HEPS) decreased by 5.8% to 615c, mostly owing to a non-cash impairment of its 49%-held equity-accounted investment in Irancell, equating to a loss of 213c, and foreign exchange losses in South Sudan.
