MTN Group Reports Record EBITDA Margins for First Half 2026

The MTN Group reported strong financial results for the first half of 2026, achieving a record EBITDA margin of 47 percent. EBITDA increased 24.4 percent to R56 billion, while service revenue rose 17.5 percent in constant-currency terms to R115 billion.

West African operations in Ghana and Nigeria emerged as the primary drivers of cash flow, contributing a combined R9.3 billion. This represents approximately 67 percent of the R13.9 billion in total cash transferred by operating companies. Ghana provided R6.6 billion and Nigeria provided R2.7 billion, significantly outpacing the R2.1 billion generated by South African operations.

Growth in Nigeria was supported by tariff adjustments approved by the Nigerian Communications Commission and increased demand for digital services and mobile data. Conversely, MTN South Africa recorded slower service revenue growth of 1.5 percent as the company shifted its strategy to prioritize customer quality and profitability over subscriber volume.