MTN Group H1 2026 earnings jump as service revenue hits R115bn and EBITDA R56bn, with Nigeria and South Africa driving growth

MTN Group reported a 17.5% increase in service revenue to R115.3 billion and a 20% rise in EBITDA to R56 billion for the first half of 2026, driven by strong performance in Nigeria and South Africa, the company said Thursday. The growth was supported by improved profitability and higher service revenue, with adjusted headline earnings per share rising 21.3% and equity free cash flow up 32.7%, officials added.

MTN Group’s earnings growth in the first half of 2026 was underpinned by a 20% rise in earnings before interest, taxes, depreciation and amortization (EBITDA) to R56 billion, with the EBITDA margin expanding to approximately 47–47.1%, reaching a decade-high level, according to the company’s interim financial results released in August. Adjusted headline earnings per share (HEPS) increased by 21.3%, while equity free cash flow surged 32.7%, reflecting improved profitability and cash generation, officials said.

MTN Nigeria was a standout contributor, with service revenue rising 25.7% in constant currency to N3.0 trillion (approximately R115 billion), according to the company’s Nigerian Stock Exchange filing on July 30.

Service revenue for the group climbed 17.5% on a constant-currency basis to R115.3 billion, up from R105.1 billion in the same period last year, with total revenue rising 16.2% in constant currency to R118.9 billion. Data revenue was a key driver, increasing 29.2% in constant currency and now accounting for roughly half of the group’s service revenue, according to MTN’s H1 2026 results presentation. Fintech revenue also grew by 13.3%, despite some operational disruptions in Nigeria’s fintech segment.

Nigeria’s EBITDA increased by nearly 39% to about N1.7 trillion, with the EBITDA margin improving by 5.3 percentage points to 55.9%. The Nigerian market benefited from an 8.9% increase in subscribers to 92.2 million, higher data usage averaging 14.8 gigabytes per user (up 15.1%), and around 1.3 million new mobile money wallet additions during the period, records show.

South Africa’s service revenue grew more modestly, rising 1.5% to R21.9 billion on both reported and constant-currency bases. The country’s EBITDA declined 7.7% in constant currency, with the margin contracting by 2.2 percentage points to 34.3%. Despite this, South Africa remained a significant contributor to group revenue and profitability, particularly through connectivity and enterprise services, according to the group’s financial disclosures. Cash upstreamed from South Africa to the group amounted to R2.1 billion in the first half, compared with R6.6 billion from Ghana and R2.7 billion from Nigeria, highlighting the relative scale of contributions across regions.

Other markets driving growth included Ghana, Uganda, Côte d’Ivoire and Cameroon, which along with Nigeria, were identified as leading service revenue growth for the group. Ghana and Nigeria were described as the group’s “cash engines,” collectively upstreaming R9.3 billion of the R13.9 billion in total cash sent to the group in the six months ended June 30. MTN’s strategic priorities under its Ambition 2030 framework—focused on scaling data, accelerating home connectivity, and empowering enterprise—continued to shape capital allocation and commercial efforts across its portfolio, sources confirmed.

Within the service revenue mix, voice revenue remained resilient, growing 2.4% in constant currency, while digital services revenue rose 20.9%. Wholesale revenue also contributed, delivering 15.5% growth on a constant-currency basis, according to the company’s detailed results announcement. The group’s commercial momentum was supported by subscriber growth, increased data consumption, and expansion of mobile money and fintech offerings, officials said.

MTN reaffirmed its medium-term guidance for key financial metrics, with management emphasizing that EBITDA margins are expected to remain robust, although full-year fintech revenue would fall short of targets due to certain non-operational impacts. The interim results, covering the six months ended June 30, 2026, were published via the Johannesburg Stock Exchange’s SENS platform and accompanied by a comprehensive investor presentation.

The group’s results were corroborated by external analyses, including broker and asset-manager reports, which confirmed the R115.3 billion service revenue and R56 billion normalized EBITDA figures. Subsequent media coverage and earnings call transcripts reiterated the meaningful rise in profit, cash flow, and margins, with management highlighting strong execution despite fintech headwinds.

MTN’s geographic diversification and strategic focus on data and digital services position it to maintain growth momentum across its key markets in Africa. The company’s next reporting milestone will be its full-year results for 2026, expected in early 2027, which will provide further insight into the sustainability of current trends and the impact of ongoing investments in connectivity and fintech.