MTN Forecasts Over 200% Surge in H1 2025 Earnings Per Share
The company anticipates earnings per share (EPS) to increase by more than 200 percent, recovering from a loss of 409 cents in the first half of 2024 to a range of between 495 and 577 cents in the current period
MTN Group has issued a trading statement ahead of its half-year results, indicating a substantial rebound in earnings for the six months ended 30 June 2025. The Group attributes this expected performance to solid commercial execution, disciplined capital allocation, and improving macroeconomic conditions in key markets.
The company anticipates earnings per share (EPS) to increase by more than 200 percent, recovering from a loss of 409 cents in the first half of 2024 to a range of between 495 and 577 cents in the current period. Headline earnings per share (HEPS) are projected to rise by more than 300 percent, from a loss of 256 cents in H1 2024 to a positive range between 614 and 666 cents.
This anticipated recovery is largely driven by strong operational and financial results from MTN’s key markets, particularly Nigeria and Ghana. Both operations reported their half-year financials on 30 July and 31 July respectively, showing strong growth in service revenue and profitability.
Although MTN South Africa continued to face headwinds, especially within the prepaid segment, the Group expressed confidence in the overall positive momentum of its broader market portfolio, which has contributed meaningfully to the Group’s performance for the period.
The improvement in EPS and HEPS was also supported by more stable inflation and foreign exchange environments across MTN’s footprint. However, some downward pressure remains, with impairment losses related to investments, goodwill, and fixed assets amounting to approximately 104 cents per share—compared to 203 cents in the prior period. The difference between EPS and HEPS is mainly due to these non-operational impairment losses.
Included in the projected HEPS figures is a net amount of approximately 12 cents in non-operational items, a significant reduction from the 629 cents recorded in the first half of 2024.
This trading statement complies with the JSE Listings Requirements, which call for issuers to disclose when they are reasonably certain that earnings will vary by at least 20 percent from the previous corresponding period.
MTN Group’s audited financial results for the half-year are expected to be published on the JSE’s Stock Exchange News Service (SENS) on Monday, 18 August 2025.
