MTN Group launches $375m share buyback after strong H1 2026 results

MTN Group has announced a 6 billion rand ($375 million) share buyback program following a strong first-half 2026 performance. The group reported a 21.3% increase in adjusted earnings per share, reaching 793 cents. While core earnings and EBITDA margins showed significant growth, reported headline earnings per share fell by 5.8% due to a 3.9 billion rand non-cash impairment on its stake in Irancell, driven by hyperinflation in Iran.

Growth was primarily driven by markets outside South Africa, specifically Nigeria, Ghana, and Uganda. In contrast, service revenue in South Africa grew by only 1.5%. The company is also advancing its Ambition 2030 strategy, which includes the planned acquisition of IHS Holdings and the expansion of digital infrastructure. To support AI and cloud computing demand, MTN established Africa Data Hub Holding Limited in partnership with a UAE-backed investment platform, identifying South Africa and Nigeria as priority markets for AI-ready data centers.

Additionally, MTN is modernizing its fintech capabilities through a cloud-native migration of its Mobile Money (MoMo) platform in collaboration with Ericsson, targeting markets such as Ghana, Uganda, and Rwanda to improve scalability and performance.