MTN Nigeria Communications Plc recorded a 59.4% enhance in pre-tax profit to N1.80 trillion for the 9 months ended September 30, 2026, from N1.13 trillion within the corresponding interval of 2025, supported by stronger knowledge revenue, subscriber progress and improved working margins.
For the third quarter alone, pre-tax profit elevated by 39.6% to N704.1 billion from N504.2 billion in Q3 2025, as the telecommunications firm sustained its earnings progress.
According to the corporate’s unaudited consolidated monetary statements and earnings launch dated October 30, 2026, revenue elevated by 23.6% to N4.61 trillion from N3.73 trillion.
The stronger revenue efficiency translated into increased profitability, with working profit rising by 38.2% to N1.99 trillion from N1.44 trillion and profit after tax rising by 55.3% to N1.17 trillion from N750.19 billion, whereas earnings per share rose to N55.60 from N35.80.
Key Highlights
- Revenue: N4.61 trillion (Up 23.6% YoY from N3.73 trillion).
- Service revenue: N4.59 trillion (Up 23.7% YoY from N3.71 trillion).
- EBITDA: N2.62 trillion (Up 36.8% YoY from N1.92 trillion).
- EBITDA margin: 56.9% (Up 5.5 proportion factors from 51.4%).
- Operating profit: N1.99 trillion (Up 38.2% YoY from N1.44 trillion).
- Net finance prices: N277.00 billion (Down 25.3% YoY from N370.92 billion).
- Total property: N5.97 trillion (Up 10.6% from N5.40 trillion).
- Total shareholders’ fairness: N843.91 billion (Up 53.8% from N548.71 billion).
- Cash and money equivalents: N380.99 billion (Down 39.8% from N632.50 billion).
Management commentary
Commenting on the outcomes, MTN Nigeria’s Chief Executive Officer, Karl Toriola, highlighted the corporate’s improved third-quarter efficiency and stronger working margins.
- “We delivered a very strong third quarter, reversing the temporary slowdown in Q2,” he stated.
Toriola famous that service revenue progress accelerated through the quarter, supported by increased buyer utilization, growing knowledge adoption, and continued funding in community infrastructure. According to him,
“Growth is increasingly volume-led, driven by more users, deeper data adoption, higher usage and rising demand for home broadband, supported by continued investment in network coverage, capacity and quality.”
He additionally highlighted the group’s stronger monetary place, noting that its borrowings have been absolutely denominated in naira and carried mounted rates of interest.
Management reaffirmed its medium-term steering of service revenue progress, averaging not less than the low-20% vary and EBITDA margin within the mid-to-high-50% vary.
Driving the numbers
MTN Nigeria’s revenue progress was primarily pushed by its knowledge enterprise, which remained the biggest contributor to service revenue through the nine-month interval.
- Data revenue elevated by 35.8% to N2.68 trillion from N1.98 trillion, accounting for 58.5% of complete service revenue.
- Voice revenue elevated by 11.1% to N1.50 trillion from N1.35 trillion, whereas digital providers revenue rose by 24% to N88.3 billion from N71.2 billion.
- Other service revenue, which incorporates enterprise-related providers, elevated by 21.3% to N219.2 billion.
However, fintech revenue declined by 25.9% to N97.5 billion from N131.6 billion, reflecting the momentary suspension of the corporate’s airtime and knowledge credit score service between April and June 2026.
- Management defined that the service resumed beneath a brand new multi-partner mannequin, with revenue growing by 78.5% within the third quarter in contrast with the previous quarter.
Data utilization and subscriber progress assist revenue
MTN Nigeria’s cellular subscriber base elevated by 10.9% to 94.7 million from 85.4 million in September 2025.
- Active knowledge customers additionally elevated by 12% to 57.2 million, whereas common month-to-month knowledge consumption per energetic consumer rose by 16.2% to 15.3GB.
- The progress in utilization contributed to a 30.1% enhance in community knowledge visitors, supported by larger smartphone adoption and demand for broadband providers.
- Smartphones on the community elevated by 12.4%, bringing smartphone penetration to 66%.
The firm additionally disclosed that fibre-to-the-home providers now account for roughly 13% of complete knowledge visitors, reflecting the rising contribution of house broadband to its operations.
Operating effectivity strengthens profitability
MTN Nigeria’s working bills elevated by 8.5% to N1.42 trillion from N1.31 trillion, considerably beneath the 23.6% progress in revenue.
- Management attributed the slower enhance in bills to its cost-efficiency programme, a stronger naira and the good thing about VAT enter claims, which helped include increased energy-related prices.
Consequently, EBITDA elevated by 36.8% to N2.62 trillion from N1.92 trillion, whereas EBITDA margin improved to 56.9% from 51.4%.
- Operating profit rose by 38.2% to N1.99 trillion, regardless of depreciation and amortisation bills growing by 32.6% to N631.9 billion, reflecting continued funding in community infrastructure.
On funding, finance prices declined to N359.58 billion from N404.18 billion, whereas finance earnings elevated to N82.58 billion from N33.26 billion.
- As a end result, internet finance prices diminished by 25.3% to N277.00 billion from N370.92 billion.
The firm additionally recorded a internet international alternate achieve of N80.14 billion, in contrast with N55.58 billion within the corresponding interval of 2025, additional supporting pre-tax earnings.
Third-quarter efficiency
For the three months ended September 30, 2026, revenue elevated by 19.7% to N1.62 trillion from N1.35 trillion in Q3 2025.
- Data revenue rose by 31.4% to N981.4 billion, whereas voice revenue elevated by 9.3% to N503.3 billion.
- Quarterly EBITDA elevated by 32.8% to N951 billion from N716 billion, whereas EBITDA margin expanded to 58.7% from 52.9%.
- Pre-tax profit rose by 39.6% to N704.1 billion from N504.2 billion, whereas profit after tax elevated by 36.5% to N457.6 billion from N335.3 billion.
- Management additionally disclosed that service revenue elevated by 8.4% quarter-on-quarter, indicating an acceleration in progress following the slower efficiency recorded within the second quarter.
Balance sheet and money movement
MTN Nigeria’s complete property elevated by 10.6% to N5.97 trillion as of September 30, 2026, from N5.40 trillion on the finish of December 2025.
- The enhance was pushed largely by increased non-current property, significantly property, plant and tools, which rose to N2.33 trillion from N1.85 trillion, reflecting continued community investments.
- Current investments additionally elevated to N330.75 billion from N162.26 billion, whereas deferred tax property rose to N139.08 billion from N93.63 billion.
On the funding aspect, complete borrowings declined by 36.8% to N333.32 billion from N527.67 billion, whereas shareholders’ fairness elevated by 53.8% to N843.91 billion from N548.71 billion, supported by retained earnings.
- The group ended September with a internet money place of N47.7 billion, in contrast with N104.8 billion at December 2025.
Cash movement efficiency remained sturdy, with internet money generated from working actions growing to N2.31 trillion from N1.56 trillion within the corresponding interval of 2025.
- But general, money and money equivalents declined to N380.99 billion from N632.50 billion on the finish of 2025.
Nevertheless, MTN Nigeria reported free money movement of N1.17 trillion, up 57.5% from N742.6 billion, highlighting its stronger cash-generating capability.
Market response
MTN Nigeria’s share worth elevated by 3.03% to shut at N850.00 on Friday, October 30, 2026, from N825.00 within the previous buying and selling session.
The inventory has gained 66.34% year-to-date from its opening worth of N511 initially of 2026. Month-to-date, the inventory recorded a achieve of 0.95%, in accordance to the equipped market knowledge.
At the closing worth of N850, MTN Nigeria’s market capitalisation stood at N17.85 trillion, rating it the third largest firms listed on the Nigerian Exchange.
