MTN’s update keeps the long-running split in its story intact: one-off hits on the reported line, but signs of operational repair underneath. In a trading statement for the six months to 30 June 2026, the group guided that basic earnings per share (EPS) will fall by 20–30% from the first half of 2025, mainly because of asset impairments. Headline earnings per share (HEPS) — a South African measure that strips out profits and losses on asset sales and impairments — is expected to be flat to down 10%, while adjusted headline earnings per share, which further removes company-defined non-operational items, is set to rise by 18–23%. MTN plans to release interim results around 24 August 2026.
The divergence between weaker basic EPS and stronger adjusted headline earnings underlines how non-cash charges are masking operating performance. Impairments depress the statutory outcome, but the adjusted figure points to firmer trading and cost control in the core business. The picture aligns with MTN’s recent efforts to protect margins and cash generation across its footprint, where local-currency volatility, elevated inflation and regulatory costs can create large swings in reported earnings.
What matters next is detail: where the impairments fell, how much currency translation and inflation accounting affected different markets, and whether service revenue, data usage and financial services kept growing fast enough to offset pressure on voice and input costs. Cash metrics will be central — including free cash flow, capital expenditure intensity and net debt trends — as will any commentary on the dividend framework and repatriation of cash from high-growth markets.
For South African investors in the Johannesburg Stock Exchange-listed group, today’s guidance signals that reported profits will look weaker even as the underlying run-rate improves. Expect the interim release on or about 24 August to clarify the size and location of impairments, the trajectory of operating cash flow, and whether momentum in major markets such as South Africa and Nigeria can carry through into the second half of the year.
For more detail, read the full announcement.