MTN Nigeria Q1 2026 Results: Profit Jumps 165.9%

MTN Nigeria released its unaudited Q1 2026 results, reporting service revenue of ₦1.489 trillion, a 41.8% year-on-year increase. Total revenue reached ₦1.498 trillion, up 41.6% from ₦1.058 trillion in Q1 2025. EBITDA rose 68.1% to ₦828.3 billion, with the EBITDA margin expanding by 8.7 percentage points to 55.3%. Profit after tax grew 165.9% to ₦355.5 billion, while earnings per share rose 166.1% to ₦16.95.

Data revenue was the leading revenue segment, climbing 56.2% year-on-year to ₦827.2 billion. Fintech revenue grew 77.9% to ₦64.2 billion. Voice revenue increased 22.5% to ₦499.1 billion. Total subscribers reached 89.5 million, up 6.5%, while active data users grew 9.5% to 55.0 million. MoMo wallets stood at 3.3 million, up 54.6% year-on-year.

Capital expenditure excluding right-of-use assets rose 92.8% to ₦390.3 billion. Free cash flow increased 55.6% to ₦326.5 billion. Net finance costs declined 38.7% year-on-year to ₦85.9 billion. The naira closed the quarter at ₦1,387 per US dollar, compared to ₦1,436 per US dollar at end of December 2025.