MTN Unleashes $375 Million Buyback as Strong Half Year Profit Strengthens Investor Returns

MTN Group has approved a R6 billion ($375 million) share buyback programme after delivering a strong first half performance, with adjusted headline earnings per share rising 21.3% to 793 cents, as reported by Reuters and CNBC Africa. The programme, which covers approximately 31 million shares or about 10% of the company’s issued shares, is designed to enhance long term shareholder value.

The South African telecoms giant reported 24.4% growth in EBITDA to R56 billion in constant currency, while service revenue increased 17.5% on the same basis to R115.3 billion. Customer numbers rose 6.7% to 317.7 million, with active data subscribers climbing 9.1% to 179.3 million as demand for connectivity continued to expand across MTN’s markets.

Growth was particularly strong across several African markets, including Nigeria, Ghana and Uganda, while data revenue increased 21% to R57.6 billion. MTN’s fintech operations also expanded, with Mobile Money monthly active users rising 12.1% to 70.8 million. However, reported headline earnings per share declined 5.8% because of a non cash impairment linked to its 49% stake in Iran’s Irancell and foreign exchange losses in South Sudan.

The buyback marks a significant shift in MTN’s capital allocation as the group seeks to return more value to investors while continuing to invest in connectivity, fintech and digital infrastructure. The company expects service revenue growth to accelerate in the second half of 2026, supported partly by improved performance in Nigeria and other African markets, reinforcing its broader Ambition 2030 growth strategy.