MTN Nigeria recorded a 55.3% increase in profit after tax (PAT) to N1.2 trillion in the nine months ended 30 September 2026, while its PAT margin expanded by 5.1 percentage points to 25.3%. Earnings per share (EPS) also rose 55.3% to N55.6.
The performance reinforces the Nigerian operation's importance to MTN Group, given its scale and contribution to the parent company's earnings.
Nigeria has historically accounted for about 40% of Group revenue, making its performance a significant influence on the broader business.
In its FY2025 results, MTN Group reported that Nigeria contributed 28.1% of Group service revenue and 33% of EBITDA, underlining the market's continued importance to Group profitability.
Karl Toriola, CEO of MTN Nigeria, said the company delivered a strong third quarter, reversing the temporary slowdown recorded in Q2.
“Service revenue grew 19.7% (8.4% QoQ), with growth accelerating each month to 21.6% in September. Profitability grew even faster: Q3 EBITDA rose 32.8% (12.5% QoQ) and the EBITDA margin widened by 5.8pp to 58.7%. For the nine months, service revenue grew 23.7% with an EBITDA margin of 56.9%.
“Both are comfortably within the guidance of ‘at least low-20%’ revenue growth and a ‘mid-to-high-50%’ margin.
“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.
“In fintech, core mobile money revenue more than doubled, up 102.2%, while our airtime and data credit service continued to recover following its resumption under a multi-partner model, with revenue up 78.5% on Q2.”
Toriola said MTN would continue implementing its efficiency programme to expand margins and strengthen cash generation despite rising energy costs. He added that the gains were becoming increasingly structural.
“Our balance sheet is strong, with borrowings fully naira-denominated and at fixed rates, eliminating foreign currency and floating-rate exposure on our debt.
“We enter the final quarter with confidence and remain on track to deliver our guidance. Our priorities are clear: sustain growth, protect margins, scale home broadband and rebuild fintech momentum, while creating sustainable value for all our stakeholders.”
MTN Nigeria's total subscriber base increased by 10.9% to 94.7 million during the period, while active data users grew by 12% to 57.2 million.
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