MTN win for shareholders
MTN expects to report a substantial improvement in earnings per share (EPS) and headline earnings per share (HEPS) when it releases its interim results for the first half of 2025 (H1 2025).
In a trading statement on Thursday, MTN said it expects to report a “robust performance” for the period due to strong commercial execution, disciplined capital allocation, and improved macro conditions.
“Inflation and foreign exchange (forex) rates in key markets showed improved stability, which supported the positive momentum in our operational and financial results,” the company said.
MTN expects to report an increase in EPS of 495 cents to 577 cents, an improvement of more than 200% from the EPS loss of 409 cents in the first half of 2024.
HEPS is expected to surge over 300%, from a negative 256 cents to a positive 614 cents to 666 cents.
MTN explained that the difference between the EPS and HEPS was largely attributable to impairment losses related to investments, goodwill, property, plant and equipment, totalling approximately 104 cents.
The HEPS also include non-operational items totalling a net amount of approximately 12 cents.
MTN said that although its South African business faced challenges, particularly in the prepaid segment, the trajectory of its broader operations was encouraging.
“MTN Nigeria and MTN Ghana published strong H1 25 results on 30 July 2025 and 31 July 2025, respectively, demonstrating pleasing growth in service revenue and profitability,” MTN said.
Nigeria’s Naira stabilised in 2025 after severe devaluations in 2023 and 2024, after that country’s government stopped pegging the currency at an artificially high value.
Because MTN reports its results in rand, its revenues in Nigeria plummeted despite increasing on a constant currency basis.
The table below compares MTN’s EPS and HEPS in the first halves of 2024 and 2025.
| Earnings per share (EPS) | Headline earnings per share (HEPS) | |
|---|---|---|
| H1 2024 | -409 cents | -256 cents |
| H1 2025 (expected) | 495 to 577 cents | 614 to 666 cents |
| Expected range of increase | 904 to 786 cents | 870 to 922 cents |
| Change in percentage | >200% | >300% |
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