MTN Group has launched a R6 billion share buyback programme after reporting strong growth and record profitability in the first half of 2026. The South African-based telecommunications group reported a 21.3% increase in adjusted headline earnings per share and a 17.5% rise in service revenue in constant-currency terms.
MTN Group has launched a R6 billion share buyback programme after reporting strong first-half results and record profitability for the six months ended June 30, 2026.
The pan-African telecommunications group said the programme covers approximately 31 million ordinary shares for an aggregate consideration of up to R6 billion. The buyback will be conducted subject to market conditions and will continue for as long as MTN considers it value-accretive to shareholders.
MTN reported adjusted headline earnings per share of 793 cents, representing a 21.3% increase from a year earlier. The company uses adjusted headline earnings per share to provide a view of underlying operating performance.
Group service revenue increased 17.5% in constant-currency terms to R115.3 billion, while earnings before interest, tax, depreciation and amortisation before once-off items rose 24.4% to R56 billion. The EBITDA margin reached 47.6% on a constant-currency basis, according to MTN's interim results.
The company also expanded its customer base by 6.7% to 317.7 million, while active data subscribers increased 9.1% to 179.3 million. Data traffic rose 22.8% to 14.3 petabytes, reflecting continued growth in demand for mobile data services across MTN's markets.
MTN's performance was supported by strong growth in several markets, particularly Nigeria, Ghana and Uganda. Group service revenue increased 25.7% in constant-currency terms in Nigeria, while growth in South Africa was more modest.
Despite the improvement in adjusted earnings, reported headline earnings per share fell 5.8%. MTN said the decline was mainly linked to a R3.9 billion non-cash impairment on its 49% stake in Irancell, alongside foreign-exchange effects.
The new buyback programme forms part of MTN's shareholder-remuneration framework introduced under its Ambition 2030 strategy. The framework targets distributing between 40% and 60% of equity free cash flow to shareholders through cash dividends and share buybacks.
MTN had previously indicated that any share repurchases could total up to R6 billion over a three-year period beginning in 2026. The company has now moved to implement the programme following its strong first-half cash generation and earnings performance.
The buyback gives shareholders another route to benefit from MTN's cash generation while the company continues to invest in its telecommunications, digital and fintech businesses across its African markets.
Related article
MTN Rwanda Reaffirms 2026 Growth Outlook After Strong First-Half Results
Comments (0)
You must be logged in to post comments.
No comments yet. Be the first to start the conversation!