MTN Nigeria 9M 2026 results: profit up 55%, revenue ₦4.6trn

MTN Nigeria reported service revenue of ₦4.6 trillion for the nine months ended 30 September 2026, a 23.7% year-on-year increase. EBITDA rose 36.8% to ₦2.6 trillion, with the EBITDA margin expanding by 5.5 percentage points to 56.9%. Profit after tax grew 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 rose 12.0% to 57.2 million. Average monthly data usage per active user reached 15.3GB. Capital expenditure, excluding leases, rose 14.2% to ₦864.8 billion, representing a capex intensity of 18.7%. Free cash flow came in at ₦1.2 trillion, up 57.5%.

Data revenue grew 35.8%, voice revenue grew 11.1%, and digital revenue increased 24.0%. In fintech, core mobile money revenue rose 102.2%, driven by higher float income as wallet balances exceeded ₦43.8 billion. Overall fintech revenue declined 25.9%, attributed to the April-to-June suspension of the airtime and data credit service. The company reaffirmed medium-term guidance of at least low-20% average service revenue growth and an EBITDA margin in the mid-to-high-50% range.