MTN’s H1 earnings surge, launches R6bn share buyback
The mobile network operator delivers strong growth, robust cash generation and increased returns in the first half of 2026.
In the first half of 2026, South Africa's telecommunications giant MTN Group reported a 17.5% increase in service revenue, reaching R115 billion, alongside a 23% rise in earnings before interest, tax, depreciation, and amortisation. The company introduced its Ambition 2030 strategy, which unveiled new initiatives such as the planned acquisition of tower group IHS Holdings and a share buyback programme.
MTN Group president and CEO Ralph Mupita highlighted the company's strong conversion of commercial momentum into growth in earnings, cash flow, and returns. The company anticipates the proposed IHS transaction will close in the second half of 2026. MTN announced a share buyback programme of 31 million ordinary shares for up to six billion rand, contingent on market conditions.
Despite macroeconomic factors such as slowing inflation and stable foreign exchange rates, MTN noted that the company's performance was bolstered by strong demand for its services, improved margins, and robust cash generation.
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