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Trading statement for the half year ended 30 June 2026
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Group)
Mobile Telephone Networks Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/001411/06)
(Issuer code: BIMTN)
(MTN Holdings)
Trading statement for the half year ended 30 June 2026
MTN is currently finalising its half year results for the period ended 30 June 2026 (H1 26).
The MTN Group delivered a resilient performance, with strong commercial execution and disciplined
capital allocation in the period. Overall service revenue has grown in line with medium-term guidance,
with some pressures in fintech partially driven by the regulatory suspension of airtime advance in
Nigeria. As previously communicated and expected, the South African prepaid market continued to
be tough in Q2 2026, specifically on voice service revenue trends. Overall, we experienced strong
EBITDA margin expansion and free cash flow growth in the period, with strong cash upstreaming to
the Group. Given the geopolitical and economic conditions as well as the war in Iran during the period,
we took a material asset impairment in the 49% minority investment in Irancell. We are making good
progress with the IHS acquisition, with a number of the material conditions precedent for the
transaction concluded. The completion of regulatory approvals across the various markets remains
the only outstanding condition precedent.
MTN Nigeria, MTN Ghana and MTN Uganda have reported solid operational performance in their H1
26 results. The full releases of the results are available at:
• MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/
• MTN Ghana: https://mtn.com.gh/investors/financial-results/
• MTN Uganda: https://www.mtn.co.ug/investors/financial-reports/
In this context, paragraph 6.26 of the JSE Limited (JSE) Listings Requirements requires that issuers must
publish a trading statement as soon as they are reasonably certain that the results for the period to be
reported upon next will differ by at least 20% from the published results for the previous corresponding
period (H1 25).
MTN shareholders and MTN Holdings noteholders are advised that MTN anticipates reporting the
following changes in earnings per share (EPS) and headline earning per share (HEPS) as shown in the
table below:
H1 25 H1 26 expected range Expected range of Expected range of
[ZAc] [ZAc] increase/(decrease) increase/(decrease)
[%] [ZAc]
EPS 539 377 – 431 -20% to -30% -162c to -108c
HEPS 645 580 - 645 -10% to 0% -65 to 0c
Adjusted 657 775 - 808 18% to 23% 118c to 151c
HEPS*
* MTN considers Adjusted HEPS (a non-IFRS measure, which normalises for non-operational items
included in the HEPS calculation) a better reflection of our operating performance.
The difference between H1 26 EPS and H1 26 HEPS is largely attributable to impairment losses of 213
cents (H1 25: 104 cents) which relate to impairments to the operations in Iran, tempered by a net gain
on disposal of property, plant and equipment totalling approximately 2 cents (H1 25: 1 cent loss).
Non-operational items accounted for in H1 26 HEPS amount to a total of approximately 178 cents (H1
25: 12 cents) and include the impact of hyperinflation of 52 cents (H1 25: 15 cents gain), and foreign
exchange losses of 126 cents (H1 25: 43 cents gain). Non-operational items had nil impact on HEPS (H1
25: 35 cents losses) and there was no repeat of the H1 25 deferred tax asset reversal of 35 cents in H1
2026.
On this basis, MTN anticipates Adjusted HEPS to increase by 18-23% from the 657 cents base in H1 25.
As per the 31 December 2025 (FY 25) results, the comparative H1 25 figures in this announcement
have not been restated to the guidance provided in the MTN Ghana results regarding its restatements.
However, we anticipate that the MTN Ghana restatements outlined in the MTN Ghana results
announcement will impact the Group H1 25 EPS and HEPS as follows:
• EPS for H1 25 will be restated higher by 8 cents to 547 cents (reported previously at 539 cents),
• HEPS for H1 25 will be restated higher by 8 cents to 653 cents (reported previously at 645 cents).
This impact of the restatement and the Adjusted HEPS are provided for illustrative purposes only and
because of their nature, may not fairly present the Group's financial position, changes in equity or
results of operations for H1 25.
The Group's interim financial results are expected to be announced on the Stock Exchange News
Service of the JSE on or about Monday, 24 August 2026.
The financial information on which this trading statement is based is the responsibility of the Group
directors and has not been reviewed and reported on by the external auditors of MTN.
11 August 2026
Fairland
Lead Equity Sponsor
Tamela Holdings Proprietary Limited
Joint Equity Sponsor
J.P. Morgan Equities (SA) Proprietary Limited
Debt Sponsor
The Standard Bank of South Africa
Date: 11-08-2026 04:00:00
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