MTN Nigeria Reports Strong Q1 Growth as Revenue and Profit Surge
May 6th 2026
MTN Nigeria Communications Plc has posted strong financial results for the first quarter ended 31 March 2026, with service revenue rising 41.8% year-on-year to NGN 1.489 trillion, supported by continued growth in data, fintech, and voice services.
The results highlight the operator’s commercial resilience despite ongoing macroeconomic challenges, including higher energy prices and renewed inflationary pressure toward the end of the quarter.
Data remained the primary growth driver, with revenue increasing 56.2% year-on-year to NGN 827.2 billion. This performance was supported by a 9.5% rise in active data subscribers to 55 million, smartphone penetration increasing to 66.2%, and stronger user engagement, with average monthly consumption climbing to 14.3 GB per subscriber. Data traffic also expanded 22.9% over the period.
MTN Nigeria’s total mobile subscriber base reached 89.5 million, up 6.5% year-on-year, including 2.3 million new revenue-generating subscribers added during the quarter.
The company also improved profitability, with EBITDA increasing 68.1% to NGN 828.3 billion and margin expanding to 55.3%, reflecting disciplined cost management despite rising operating pressures. Operating expenses grew 16.1%, significantly below revenue growth.
Profit before tax rose 169.6% to NGN 546.4 billion, while profit after tax climbed 165.9% to NGN 355.5 billion, with earnings per share increasing to NGN 16.95 from NGN 6.37 in the same period last year.
Capital expenditure excluding leases surged 92.8% to NGN 390.3 billion, underlining MTN Nigeria’s continued investment in network expansion and service quality improvements. Free cash flow increased 55.6% year-on-year to NGN 326.5 billion, while the operator closed the quarter with a positive net cash position of NGN 129.0 billion.
Fintech remained a fast-growing segment, with revenue up 77.9% to NGN 64.2 billion. Excluding the temporary suspension of Xtratime following new consumer lending compliance requirements, core fintech revenue grew 190.6%, supported by stronger adoption of advanced financial services and higher deposit balances.
MTN Nigeria also confirmed progress in restructuring its fintech business through the proposed separation of MoMo Payment Service Bank Limited and Y’ello Digital Financial Services Limited, as part of a transaction with MTN Group Fintech Holdings B.V.
Commenting on the performance, CEO, Karl Toriola, said:
“Looking ahead, we remain confident in the structural demand drivers underpinning our business, while recognizing that the operating environment will remain dynamic. We will continue to prioritize network investment and customer experience, ensuring we are well-positioned to capture growth opportunities.”
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