MTN Nigeria 9-Month 2026 Results: Revenue, Profit and Margins

MTN Nigeria reported service revenue of ₦4.6 trillion for the nine months ended 30 September 2026, representing a 23.7% year-on-year increase. EBITDA grew 36.8% to ₦2.6 trillion, with the EBITDA margin expanding by 5.5 percentage points to 56.9%. Profit after tax rose 55.3% to ₦1.2 trillion, with the PAT margin widening by 5.1 percentage points to 25.3%. Earnings per share stood at ₦55.6, also up 55.3%.

Total subscribers grew 10.9% to 94.7 million, while active data users increased 12.0% to 57.2 million. Data revenue rose 35.8%, driven by higher digital adoption and increased average monthly usage of 15.3GB per active data user. Voice revenue grew 11.1%.

In fintech, core mobile money revenue increased 102.2%, though overall fintech revenue declined 25.9% due to the suspension of the airtime and data credit service between April and June. That service resumed under a multi-partner model in Q3, with revenue up 78.5% on Q2. MoMo PSB migrated to a new Alipay+ platform in August 2026. Free cash flow reached ₦1.2 trillion, up 57.5%. Capital expenditure, excluding leases, rose 14.2% to ₦864.8 billion. The company reaffirmed its medium-term guidance of at least low-20% average service revenue growth and an EBITDA margin in the mid-to-high-50% range.