MTN Group (MTN) Trading update summary

Financial performance highlights

• Service revenue grew in line with medium-term guidance, despite fintech pressures from regulatory actions in Nigeria.

• EBITDA margin and free cash flow expanded, with strong cash upstreaming to the group.

• Material asset impairment taken on the 49% minority investment in Irancell due to geopolitical and economic conditions.

• Adjusted HEPS expected to increase by 18–23% to 775–808 cents, reflecting underlying operating performance.

• EPS expected to decrease by 20–30% to 377–431 cents, mainly due to impairment losses and non-operational items.

Operational and market updates

• South African prepaid market remained challenging, particularly in voice service revenue.

• MTN Nigeria, Ghana, and Uganda reported solid operational performance for H1 2026.

• Progress made on the IHS acquisition, with most material conditions precedent concluded; regulatory approvals remain outstanding.

Non-operational impacts and restatements

• Impairment losses of 213 cents in H1 26, mainly from Iran operations, affected EPS.

• Non-operational items, including hyperinflation and forex losses, impacted headline earnings.

• MTN Ghana restatements will increase H1 25 EPS and HEPS by 8 cents each for comparative purposes.