MTN Results Neutral
MTN GROUP LIMITED - MTN Ghana results for the year ended 31 December 2025 | Prior year restatement of MTN Ghana and impact on the Group
MTN Group Limited
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What this filing means
MTN Group has restated prior-year financials due to lease accounting errors in Ghana, resulting in a non-cash R1.1bn equity reduction but a marginal 12-cent improvement to FY24 HEPS.
Bull case
- Restatement leads to an accounting improvement in FY24 Headline EPS (HEPS) by approximately 12 cents.
- The adjustments are entirely non-cash in nature with no impact on the Group's cash and cash equivalents.
Bear case
- Systemic internal control weaknesses identified in the Ghana subsidiary spanning the 2019-2023 period.
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