MTN Nigeria’s 9M pre-tax profit rises 59.4% to N1.80 trillion as revenue hits N4.61 trillion

For the third quarter alone, pre-tax profit increased by 39.6% to N704.1 billion from N504.2 billion in Q3 2025, as the telecommunications company sustained its earnings growth.

According to the company’s unaudited consolidated financial statements and earnings release dated October 30, 2026, revenue increased by 23.6% to N4.61 trillion from N3.73 trillion.

The stronger revenue performance translated into higher profitability, with operating 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, while earnings per share rose to N55.60 from N35.80.

Commenting on the results, MTN Nigeria’s Chief Executive Officer, Karl Toriola, highlighted the company’s improved third-quarter performance and stronger operating margins.

Toriola noted that service revenue growth accelerated during the quarter, supported by higher customer usage, increasing data adoption, and continued investment in network infrastructure. According to him,

He also highlighted the group’s stronger financial position, noting that its borrowings were fully denominated in naira and carried fixed interest rates.

Management reaffirmed its medium-term guidance of service revenue growth, averaging at least the low-20% range and EBITDA margin in the mid-to-high-50% range.

MTN Nigeria’s revenue growth was primarily driven by its data business, which remained the largest contributor to service revenue during the nine-month period.

However, fintech revenue declined by 25.9% to N97.5 billion from N131.6 billion, reflecting the temporary suspension of the company’s airtime and data credit service between April and June 2026.

The company also disclosed that fibre-to-the-home services now account for approximately 13% of total data traffic, reflecting the growing contribution of home broadband to its operations.

MTN Nigeria’s operating expenses increased by 8.5% to N1.42 trillion from N1.31 trillion, significantly below the 23.6% growth in revenue.

Consequently, EBITDA increased by 36.8% to N2.62 trillion from N1.92 trillion, while EBITDA margin improved to 56.9% from 51.4%.

On funding, finance costs declined to N359.58 billion from N404.18 billion, while finance income increased to N82.58 billion from N33.26 billion.

The company also recorded a net foreign exchange gain of N80.14 billion, compared with N55.58 billion in the corresponding period of 2025, further supporting pre-tax earnings.

For the three months ended September 30, 2026, revenue increased by 19.7% to N1.62 trillion from N1.35 trillion in Q3 2025.

MTN Nigeria’s total assets increased by 10.6% to N5.97 trillion as of September 30, 2026, from N5.40 trillion at the end of December 2025.

On the funding side, total borrowings declined by 36.8% to N333.32 billion from N527.67 billion, while shareholders’ equity increased by 53.8% to N843.91 billion from N548.71 billion, supported by retained earnings.

Cash flow performance remained strong, with net cash generated from operating activities increasing to N2.31 trillion from N1.56 trillion in the corresponding period of 2025.

Nevertheless, MTN Nigeria reported free cash flow of N1.17 trillion, up 57.5% from N742.6 billion, highlighting its stronger cash-generating capacity.

MTN Nigeria’s share price increased by 3.03% to close at N850.00 on Friday, October 30, 2026, from N825.00 in the preceding trading session.

The stock has gained 66.34% year-to-date from its opening price of N511 at the beginning of 2026. Month-to-date, the stock recorded a gain of 0.95%, according to the supplied market data.

At the closing price of N850, MTN Nigeria’s market capitalisation stood at N17.85 trillion, ranking it the 3rd largest companies listed on the Nigerian Exchange.

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