By The Ameh News
MTN Group has approved a R6 billion ($375 million) share repurchase programme, signalling confidence in the telecommunications giant’s financial strength as robust first-half 2026 earnings, stronger subscriber growth and rising data and fintech demand reinforce its medium-term growth outlook.
The buyback was announced alongside the group’s interim financial results for the six months ended June 30, 2026, which showed significant improvement in operating performance across its major markets.
MTN said the share repurchase programme will commence after the current closed period and will be executed within the group’s established capital allocation framework.
The repurchases will be undertaken by an independent broker operating within pre-agreed parameters and in accordance with shareholder approvals, Johannesburg Stock Exchange listing requirements and applicable company laws.
EBITDA Surges 24.4%
MTN recorded a 24.4 per cent increase in EBITDA in constant-currency terms to R56 billion, reflecting stronger operational performance and improved profitability during the period.
Group service revenue increased 9.7 per cent on a reported basis to R115.3 billion, while constant-currency growth accelerated to 17.5 per cent.
The performance was supported particularly by continued demand for mobile data and digital financial services.
Data revenue climbed 21 per cent to R57.6 billion, while fintech revenue increased 1.4 per cent to R14.9 billion on a reported basis. In constant-currency terms, fintech revenue expanded by 13.3 per cent.
Subscriber Base Approaches 318 Million
MTN’s customer base continued to expand, underlining the scale of its African telecommunications operations.
Total subscribers increased 6.7 per cent to 317.7 million, while active data users rose 9.1 per cent to 179.3 million.
Data traffic also increased sharply, growing 22.8 per cent to 14.3 petabytes, reflecting rising smartphone adoption, digital consumption and demand for high-speed connectivity.
The group’s Mobile Money business also maintained strong momentum. Monthly active MoMo users increased 12.1 per cent to 70.8 million, while fintech transaction volumes rose 17.2 per cent to 13 billion transactions.
In constant-currency terms, the value of fintech transactions increased 33.8 per cent to $330.5 billion.
Mupita: Strong Execution Supports Ambition 2030
MTN Group President and Chief Executive Officer, Ralph Mupita, said the first-half performance demonstrated strong execution and progress towards the company’s newly launched Ambition 2030 strategy.
He said the group delivered double-digit service revenue growth alongside record EBITDA margins, strong free cash flow generation and a resilient balance sheet.
According to Mupita, subscriber growth accelerated in the second quarter, while MTN continued to make progress on strategic priorities, including the restructuring of its fintech operations and the ongoing IHS transaction.
The group’s strategy increasingly focuses on extracting greater value from connectivity, digital financial services and infrastructure while maintaining disciplined capital allocation.
Nigeria Remains a Major Growth Engine
The group’s improved performance was reinforced by the exceptional results of MTN Nigeria, which delivered one of the strongest earnings performances in its history during the first half of 2026.
MTN Nigeria reported a record N1.09 trillion profit before tax, representing a 75.4 per cent increase over the corresponding period of 2025.
Revenue rose 25.9 per cent to N2.99 trillion, while profit after tax increased 70.6 per cent to N707.5 billion, reaching N707.5 billion.
The Nigerian business benefited from sustained data demand, improved operational efficiency and lower financing costs.
Following the strong performance, the MTN Nigeria board approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders whose names appeared on the register as of August 20, 2026.
Q1 Performance Set the Pace
MTN Nigeria’s first-quarter results had already established a strong earnings trajectory.
Profit before tax surged 169.6 per cent year-on-year to N546.4 billion, while revenue increased 42 per cent to N1.50 trillion.
Earnings per share rose 166 per cent to N16.95, equivalent to almost 30 per cent of the company’s full-year 2025 earnings per share.
The performance demonstrates the extent to which MTN Nigeria has recovered from the financial pressures associated with naira depreciation, high financing costs and the challenging operating environment of previous periods.
MTN Settles Syria Exit
MTN Group also disclosed progress on the settlement of its former investment in Syria.
The group has reached settlement terms with the Syrian government that will allow MTN to receive $43.9 million once the remaining legal formalities are completed.
The settlement forms part of MTN’s broader strategy of exiting Middle Eastern markets and concentrating its resources on its core African operations.
Stronger Second-Half Outlook
MTN expects its service revenue growth to accelerate during the second half of 2026.
The group identified the normalisation of airtime lending in Nigeria, the full impact of pricing adjustments implemented in 2025 and an anticipated recovery in MTN South Africa’s prepaid consumer segment as key drivers of the expected improvement.
The outlook also reflects continued structural demand for telecommunications connectivity, digital financial services and digital infrastructure across MTN’s markets.
Buyback Signals Confidence in Balance Sheet
The R6 billion share repurchase programme represents an important component of MTN’s capital allocation strategy.
Beyond returning capital to shareholders, the programme signals management’s confidence in the group’s cash-generation capacity, balance-sheet resilience and medium-term earnings prospects.
With subscriber numbers approaching 318 million, accelerating data consumption, expanding mobile-money adoption and a particularly strong contribution from Nigeria, MTN enters the second half of 2026 with stronger operating momentum.
For investors, the combination of higher earnings, improved cash generation, subscriber expansion, fintech growth and the $375 million buyback provides a stronger platform for MTN’s next phase of growth under Ambition 2030.
The Ameh News Analysis: MTN’s first-half performance increasingly shows that the group’s growth story is shifting beyond traditional voice services. Data, fintech and digital infrastructure are becoming the principal engines of expansion, while MTN Nigeria has emerged as a particularly powerful contributor to group earnings. The approved buyback therefore comes at a time when the group appears increasingly confident that improved profitability and cash generation can support both continued investment and enhanced shareholder returns.
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