MTN Group expects a significant rebound in earnings for the six months ended June 30, 2025, forecasting a more than 200% increase in Earnings Per Share (EPS) and a more than 300% jump in headline earnings per share (HEPS), as disclosed in a trading statement ahead of its interim results.
The Earnings Per Share is expected to swing from a loss of 409 cents in H1 2024 to a profit in the range of 495 to 577 cents. HEPS is projected to rise from a 256-cent loss to between 614 and 666 cents. The improvement reflects what the Group described as “solid commercial execution, disciplined capital allocation, and improving macroeconomic conditions” in key markets.
The turnaround is largely driven by strong financial and operational performance in Nigeria and Ghana, both of which posted half-year results on July 30 and July 31, respectively. The two West African markets recorded healthy growth in service revenue and profitability, offsetting continued weakness in MTN’s South African business, particularly in the prepaid segment.
Despite challenges in South Africa, MTN said momentum across its broader market portfolio remained positive and contributed meaningfully to group-level results.
Stabilising inflation and exchange rate conditions also aided performance, though the Group noted some residual pressure from impairments. Losses related to investments, goodwill, and fixed assets amounted to about 104 cents per share, down from 203 cents in the same period last year. The difference between EPS and HEPS is largely attributable to these non-operational impairment losses.
Included in the projected HEPS is a net 12 cents in non-operational items, sharply lower than the 629 cents recorded in H1 2024.
The trading statement was issued in line with JSE Listings Requirements, which mandate disclosure when earnings are expected to vary by more than 20% year-on-year.
MTN Group’s full audited financial results for the half-year is expected on the JSE’s Stock Exchange News Service (SENS) on Monday, August 18, 2025.
