MTN Uganda’s profit after tax jumped 37.7 percent to Shs367.5 billion in the first half of 2026, from Shs267.0 billion in the corresponding period last year, helped by growth in data and mobile money revenues and a significantly lower tax charge.
Total revenue increased 9.7 percent to Shs1.89 trillion from Shs1.72 trillion, while service revenue grew 9.4 percent to Shs1.87 trillion. Data revenue rose 15.6 percent to Shs566.8 billion and fintech revenue increased 10.7 percent to Shs580.6 billion. Voice revenue grew more modestly, up 1.8 percent to Shs640.4 billion.
“MTN Uganda delivered a solid performance in the first half of 2026, with improving momentum in the second quarter, as the business recovered from the disruptions experienced earlier in the year,” MTN Uganda Chief Executive Officer Sylvia Mulinge said.
MTN Uganda H1 financial summary
| Financial indicator | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Total revenue | Shs1.888tn | Shs1.722tn | +9.7% |
| Service revenue | Shs1.866tn | Shs1.705tn | +9.4% |
| Data revenue | Shs566.8bn | Shs490.2bn | +15.6% |
| Voice revenue | Shs640.4bn | Shs629.0bn | +1.8% |
| Fintech revenue | Shs580.6bn | Shs524.6bn | +10.7% |
| EBITDA | Shs967.5bn | Shs924.2bn | +4.7% |
| EBITDA margin | 51.2% | 53.7% | -2.5pp |
| Profit before tax | Shs525.1bn | Shs543.8bn | -3.4% |
| Profit after tax | Shs367.5bn | Shs267.0bn | +37.7% |
| PAT margin | 19.5% | 15.5% | +4.0pp |
| Capex | Shs455.1bn | Shs279.7bn | +62.7% |
| Earnings per share | Shs16.4 | Shs11.9 | +37.8% |
MTN’s EBITDA grew 4.7 percent to Shs967.5 billion, although its EBITDA margin narrowed to 51.2 percent from 53.7 percent as total expenses increased 15.1 percent. The margin nevertheless remained above the company’s medium-term target of 50 percent.
The strong PAT growth came despite profit before tax declining 3.4 percent to Shs525.1 billion from Shs543.8 billion. MTN said its tax charge fell 43.1 percent, reflecting the effect of a one-off transfer-pricing settlement in the previous year. The lower tax expense helped lift the net profit margin to 19.5 percent from 15.5 percent.
The company continued to benefit from increased use of data and digital financial services. Its overall subscriber base rose 11.2 percent to 25.4 million, while active data subscribers increased 16.3 percent to 12.6 million and fintech users grew 11.5 percent to 14.8 million.
Mobile money transaction volumes increased 9.5 percent to 2.6 billion transactions, while their value jumped 26.8 percent to Shs113.3 trillion. MTN's fintech agent network grew 23.8 percent to 270,500.
Investment also accelerated sharply during the period. Capital expenditure increased 62.7 percent to Shs455.1 billion, while capex excluding leases rose 44.6 percent to Shs317.7 billion. MTN deployed 224 network sites, increasing 4G population coverage to 93.3 percent from 88.2 percent and 5G coverage to 25.6 percent from 19 percent.
Shs8.75 dividend declared
The stronger earnings will translate into another payout to shareholders. MTN Uganda’s board declared a Q2 2026 interim dividend of Shs8.75 per share, equivalent to Shs195.9 billion.
The latest declaration takes total dividends for the first half of 2026 to Shs17.25 per share, or Shs386.2 billion. MTN said the payout reflected the strength of its earnings, cash generation and balance sheet.
The book closure date is September 1, 2026, while the dividend will be paid on Friday, September 18, 2026, subject to withholding tax. Payments will be transferred electronically to shareholders’ bank accounts or mobile money wallets.
Looking ahead, MTN maintained its medium-term guidance for upper-teen service revenue growth, EBITDA margins above 50 percent and capex intensity in the mid-teens as it continues investing in network capacity and expanding its fintech business.
