Major turnaround coming for South Africa’s top network

·7 Aug 2025

South Africa’s best mobile operator MTN expects a strong performance in the first half of 2025 following large losses in the 2024 financial year.

MTN faced extreme pressures in 2024, primarily due to the devaluation of the naira in its largest market, Nigeria.

However, the group now expects a robust performance for H1 2025, driven by strong commercial execution, disciplined capital allocation and improved macro conditions.

In a trading statement, the group said inflation and foreign exchange rates in its key markets showed improved stability, which supported the positive momentum of its operational and financial results.

MTN Nigeria and MTN Ghana showed strong growth in service revenue and profitability. MTN SA faced challenges in the market, especially in the prepaid segment.

That said, the group was encouraged by the overall H1 25 trajectory of key operations within its key broader markets portfolio, which supported the H1 25 performance.

Thus, the group expects to report an increase in earnings per share of over 200% within a range of 904 cents and 986 cents higher.

This will change the group’s EPS loss of 409 cents in 2024, translating to an EPS range of 495 cents to 577 cents for H1 25.

An increase in headline earnings per share of over 300% or within a range of 870 cents to 922 cents higher is also expected.

This will increase the HEPS loss from 256 cents in H1 2024 to positive HEPS within a range of 614 cents to 666 cents in H1 25.

A strong performance from MTN Nigeria and MTN Ghana primarily drove the growth in EPS and HEPS.

The difference between H1 25 EPS and HEPS is mainly due to impairment losses totalling approximately 104 cents related to investments, goodwill, property, plant, and equipment.

Included in H1 25 HEPS are non-operational losses totalling approximately 12 cents.

More detailed information will be found in the group’s interim financial results, which will come out on 18 August 2025.