MTN Group has reported a robust performance for the first quarter of 2026, posting a 21.1 per cent increase in service revenue and a 27.9 per cent rise in EBITDA, driven largely by strong contributions from its operations in Nigeria and Ghana.
The telecommunications giant said growing demand for data services, expanding digital adoption, and increased usage of its mobile money platform were key drivers of growth during the period.
Across its markets, MTN’s subscriber base rose to 312.7 million, while active data users increased by 8.7 per cent to 175.6 million. The Group’s fintech business also continued its upward trajectory, with Mobile Money (MoMo) users reaching 67.4 million and transaction volumes climbing to 6.3 billion transactions.
Nigeria remained MTN Group’s strongest growth market during the quarter. MTN Nigeria sustained the recovery momentum that began in 2025, delivering significant improvements in profitability despite ongoing macroeconomic pressures and elevated energy costs.
The Nigerian subsidiary reported a 169.6 per cent year-on-year increase in profit before tax, reaching ₦546.42 billion, while profit after tax more than doubled to ₦355.5 billion.
Service revenue grew by 41.8 per cent to ₦1.49 trillion, supported by strong growth in data and fintech services as well as continued expansion of the subscriber base.
MTN Nigeria also strengthened its competitive position through the Mobile Number Portability (MNP) scheme, recording 2,798 incoming subscribers during the quarter, the highest among operators.
Despite the strong performance, MTN cautioned that rising energy costs, particularly diesel prices, and evolving regulatory conditions remain significant risks to profitability and margins for the rest of the year.
The company said it expects macroeconomic challenges to persist and has therefore opted not to declare an interim dividend, choosing instead to retain earnings to support network expansion, infrastructure investments, and long-term growth initiatives.
The Q1 results mark a strong start to MTN Group’s Ambition 2030 strategy, with management expressing confidence in the company’s ability to sustain growth through continued investment in connectivity, digital services, and financial technology solutions across its markets.
