MTN Group plans to buy back between 1.7% and 2% of its shares, amounting to some R6-billion, over the next three years.

Speaking at the company’s investor presentation following the release of its annual results for the year ended 31 December 2025 on Monday, MTN Group CEO Ralph Mupita said the programme is part of the company’s new “enhanced shareholder remuneration framework”.

The framework encompasses both cash dividends and share buybacks, said Mupita.

“The board has approved a buyback programme over a three-year period of R6-billion; we will look opportunistically to acquire our shares and permanently cancel those shares.”

The announcement comes on the back of MTN declaring an annual dividend of R5/share, to be paid in April. Dividend payouts grew 34% year on year due to strong performance in Nigeria and Ghana.

Under the new framework, MTN Group will pay out between 40% and 60% of the its free cash flow in dividends. Mupita said 40% is guaranteed to be paid out, while a further 20% – or any part thereof – could form part of the cash dividend or be used to finance the buyback programme. Once the R6-billion target has been reached, the MTN board will then consider extending the programme.

Shares soar

In the company’s financial results, Mupita said the payments of future dividends will depend on the board’s ongoing assessment of the group’s earnings, financial position, cash needs, future earnings prospects and other future factors.

“Once we complete the buyback, we can have a relook at whether we want to further increase that programme,” said Mupita.