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MTN South Africa has lowered its medium-term revenue growth outlook, citing rising competition in its home market and persistent pressure on consumers, despite strong performance elsewhere across the continent.
In its interim results for the six months to June 30, 2025, MTN Group revised its service revenue guidance from “mid-single-digit” to “low-to-mid-single-digit” growth. The operator also adjusted its EBITDA margin forecast downward to a range of 35–37%, from a previous 37–39%.
The results highlight a slowdown in MTN’s South African operation, where service revenue rose only 2.3% year on year. Data revenue grew 4.3%, but voice revenue fell 2.2%, and fintech growth was muted at 2.4%. The enterprise division was the bright spot, recording 11.6% growth, the only double-digit performer.
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By contrast, MTN Group as a whole reported service revenue growth of 22.4% year on year, driven by a turnaround in Nigeria. Data and fintech revenue jumped 34% and 25%, respectively, lifting the group’s EBITDA margin by seven percentage points to 44.2%.
Describing its South African business as “resilient”, MTN said the local market was still challenged by intense rivalry among operators and muted consumer confidence, despite lower inflation and interest rates during the reporting period.
As part of leadership changes announced on Monday, Charles Molapisi will step down as MTN South Africa CEO and return to his previous role as head of group technology. He will be succeeded by Ferdi Moolman, who previously led MTN Nigeria between 2016 and 2021.
Speaking at the investor presentation, MTN Group CEO Ralph Mupita said the operator will intensify efforts to revive growth in South Africa, with a focus on the prepaid segment.
“The focus is really on prepaid,” Mupita stressed, expressing optimism that targeted interventions could push margins back toward the upper end of the revised range.
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