MTN Group has announced a R6 billion ($375 million) share repurchase programme after reporting strong earnings growth for the first half of 2026 and reaffirming its medium-term financial targets.

The telecommunications giant disclosed the buyback in its interim financial results for the six months ended June 30, 2026.

MTN Group also reported a 24.4 per cent rise in earnings before interest, tax, depreciation and amortisation in constant currency terms to R56 billion during the period.

The company said the share buyback will begin after the current closed period and will be carried out within its capital allocation framework.

“Shareholders are advised that the MTN Board has confirmed the implementation of the R6 billion share repurchase programme, which will commence following the end of the current closed period,” the company said.

MTN said the share repurchases will be conducted by an independent broker under pre-agreed parameters, in line with shareholder approvals, Johannesburg Stock Exchange listing requirements and applicable company laws.

Commenting on the results, MTN Group President and Chief Executive Officer Ralph Mupita said the performance reflected strong execution and progress in implementing the company’s newly launched Ambition 2030 strategy.

“MTN delivered a strong consolidated first-half performance in 2026, with growth in our subscriber base accelerating in Q2 2026. We combined double-digit service revenue growth with record EBITDA margins, robust free cash flow generation and a resilient balance sheet,” it added.

He added that the group continued to make progress on key strategic initiatives, including its fintech restructuring and the ongoing IHS transaction.

MTN reported a 9.7 per cent increase in service revenue to R115.3 billion on a reported basis, while revenue growth reached 17.5% in constant currency terms.

Data revenue rose 21 per cent to R57.6 billion, while fintech revenue increased 1.4 per cent to R14.9 billion. On a constant-currency basis, fintech revenue grew by 13.3 per cent.

Key indices

Total subscribers increased by 6.7 per cent to 317.7 million.

Active data users rose by 9.1 per cent to 179.3 million.

Data traffic grew by 22.8 per cent to 14.3 petabytes.

Mobile Money monthly active users increased by 12.1 per cent to 70.8 million.

Fintech transaction volumes rose by 17.2 per cent to 13 billion transactions.