Introduction

MTN Nigeria delivered a strong financial performance in the first nine months of 2026, with profit after tax climbing 55.3% to N1.17tn. The results reflect robust revenue growth, expanding data consumption, and continued investment in network infrastructure.

What Happened

The telecommunications company reported service revenue of N4.6tn, a 23.7% increase year-on-year, while earnings before interest, taxes, depreciation and amortisation rose 36.8% to N2.6tn. Profit per share advanced 55.3% to N55.60, and free cash flow grew 57.5% to N1.17tn. The subscriber base reached 94.7 million, including 57.2 million active data users, highlighting the growing contribution of internet consumption to the business.

Why This Matters

These results underscore MTN Nigeria's ability to grow profitability amid a competitive telecom environment. Increased investment in network infrastructure, including fibre-to-the-home rollout now carrying approximately 13% of total data traffic, supports rising demand for reliable broadband. The company's capacity to generate strong cash flow while rewarding shareholders through dividends signals financial resilience for the full-year outlook.

Key Takeaways

  • Profit after tax increased 55.3% to N1.17tn.
  • Service revenue grew 23.7% to N4.6tn.
  • EBITDA rose 36.8% to N2.6tn.
  • Customer base expanded to 94.7 million, with 57.2 million active data users.
  • Capital expenditure (excluding leases) reached N864.8bn, up 14.2%.
  • FTTH services now account for approximately 13% of total data traffic.
  • The company paid approximately N861bn in dividends during the period.

Conclusion

MTN Nigeria's nine-month results demonstrate robust growth driven by connectivity demand and strategic network investment. As the company continues to expand fibre coverage and maintain financial discipline, stakeholders can expect sustained momentum into the remainder of 2026 and beyond.