South Africa: MTN Group, Africa’s largest telecommunications operator, reported a 21.3% increase in adjusted profit for the first half of 2026, driven by subscriber growth and strong service revenue across several of its markets.
The company said adjusted headline earnings per share rose to 793 cents for the six months ended June 30, compared with 654 cents a year earlier. MTN has more than 317 million customers across 19 markets.
What Drove MTN’s Profit Growth?
MTN’s group service revenue, excluding currency fluctuations, increased 17.5% to 115.3 billion rand ($7.21 billion). Strong performances in Nigeria, Ghana, Cameroon, Uganda and Côte d’Ivoire supported the growth.
Service revenue at MTN Nigeria increased 25.7%, while Ghana recorded 32.3% growth. In South Africa, service revenue rose 1.5% despite continued competitive pressure in the prepaid market.
Core earnings increased 24.4% to 56 billion rand, while the group’s EBITDA margin widened by 3.1 percentage points to 47.1%.
Why Did Reported Earnings Decline?
Despite the increase in adjusted profit, MTN’s reported headline earnings per share fell 5.8%.
The company attributed the decline largely to a non-cash impairment on its 49% stake in Irancell amid the Iran conflict, along with foreign-exchange losses in South Sudan.
The results highlight continued growth across MTN’s core telecommunications operations while currency pressures and geopolitical developments weighed on reported earnings.