Headline earnings per share are expected to be between R5.80 and R6.45, a decline of up to 10%. Adjusted headline earnings per share, which strips out impairments, hyperinflation and foreign-exchange effects, is expected to rise 18-23% to between R7.75 and R8.08. MTN has not extracted capital or dividends from Iran since May 2018, when the first Trump administration reimposed sanctions after leaving the nuclear deal. The stake has generated profits MTN cannot touch – the company put its share of 2025 Irancell earnings at $136-million, none of it repatriable. But the headline this period will belong to Iran, an asset MTN has wanted rid of for six years and now has to write down without being able to sell.