MTN Nigeria Communications Plc has reported a strong financial performance for the nine months ended September 30, 2026, recording a 55.3 per cent increase in profit after tax (PAT) to N1.2 trillion, as revenue growth, rising data adoption and improved operational efficiency strengthened its financial position.
The telecommunications company, in its financial results released on the Nigerian Exchange (NGX), disclosed that service revenue increased by 23.7 per cent to N4.6 trillion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36.8 per cent to N2.6 trillion.
The performance reflects growing demand for telecommunications services, particularly mobile data and home broadband, as well as the company’s continued investments in network infrastructure and operational efficiency.
MTN Nigeria’s total subscriber base grew by 10.9 per cent to 94.7 million, while active data users increased by 12 per cent to 57.2 million, highlighting the expanding adoption of digital services across its customer base.
The company’s EBITDA margin also improved by 5.5 percentage points to 56.9 per cent, while its profit after tax margin expanded by 5.1 percentage points to 25.3 per cent. Earnings per share rose by 55.3 per cent to N55.60.
Capital expenditure, excluding leases, increased by 14.2 per cent to N864.8 billion, representing a capital expenditure intensity of 18.7 per cent. Free cash flow rose by 57.5 per cent to N1.2 trillion, reflecting stronger cash generation.
Commenting on the results, Chief Executive Officer of MTN Nigeria, Karl Toriola, said the company delivered a strong third-quarter performance, recovering from the temporary slowdown recorded in the second quarter.
According to him, service revenue grew by 19.7 per cent in the third quarter, representing an 8.4 per cent increase quarter-on-quarter, with monthly growth accelerating to 21.6 per cent in September.
Profitability also strengthened, as third-quarter EBITDA increased by 32.8 per cent, or 12.5 per cent quarter-on-quarter, while EBITDA margin widened by 5.8 percentage points to 58.7 per cent.
Toriola said the nine-month revenue growth of 23.7 per cent and EBITDA margin of 56.9 per cent placed the company comfortably within its full-year guidance of at least low-20 per cent revenue growth and a mid-to-high-50 per cent EBITDA margin.
He attributed the growth increasingly to higher subscriber numbers, deeper data adoption, increased usage and rising demand for home broadband, supported by sustained investments in network coverage, capacity and service quality.
The CEO also highlighted growing contributions from the company’s fintech operations, disclosing that core mobile money revenue more than doubled, rising by 102.2 per cent during the period.
Similarly, revenue from its airtime and data credit service increased by 78.5 per cent compared with the second quarter, following the resumption of the service under a multi-partner operating model.
He said the company’s efficiency programme was delivering improved margins and stronger cash generation despite persistent energy cost pressures, adding that the gains were increasingly structural.
On its financial position, Toriola noted that MTN Nigeria’s borrowings were fully denominated in naira and carried fixed interest rates, eliminating foreign exchange and floating-rate exposure on its debt.
Looking ahead, he expressed confidence in the company’s ability to sustain its growth momentum and meet its full-year financial targets.
He identified sustaining revenue growth, protecting profit margins, expanding home broadband and rebuilding fintech momentum as key priorities for the final quarter.
The latest results underscore MTN Nigeria’s growing financial capacity to invest in network expansion, improve service quality and deepen digital and financial inclusion, while positioning the company to benefit from Nigeria’s expanding digital economy.