An employee passes an illuminated MTN logo on display inside an MTN Group Ltd. telecommunications store in the Hyde Park district of Johannesburg. MTN's Nigeria subsidiary has reported strong financial growth in the three months to March 31, 2026.
Image: : Waldo Swiegers/Bloomberg
MTN Nigeria, the biggest subsidiary abroad of the JSE-listed pan-African telecoms group MTN, increased earnings per share by 166,1% to N16,95 for the quarter to March 31.
Total subscribers increased by 6,5% to 89,5 million in the first quarter of the group's financial year. Active data users increased by 9,5% to 55 million. Service revenue increased by 41,8% to N1,5 trillion. Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 68,1% to N828,3 billion.
CEO Karl Toriola said the group had maintained strong commercial momentum even though they were operating in a “complex and evolving operating environment.” Elevated geopolitical tensions towards the end of the period drove higher energy prices and renewed inflationary pressures.
However, this was partly mitigated by a relatively stronger naira, which closed at N1,387/US$ (December 2025: N1,436/US$).
"As a result, we delivered service revenue growth and EBITDA margin performance in line with our medium-term guidance. Commercial performance remained strong, underpinned by robust underlying trends across customer additions, consumption patterns, and data traffic," he said.
Some 2,3 million revenue-generating subscribers and 1,8 million active data users were added in the first quarter, while data traffic grew by 22,9%.
"To support this momentum, we invested N390,3bn in capex excluding leases, prioritising network capacity and quality of experience. The more supportive FX backdrop enabled us to accelerate this investment while strengthening our ability to capture future revenue opportunities," he said.
Operating expenses were well contained. Free cash flow was up 55,6% to N326.5bn, reinforcing the ability to fund priority investments, maintain financial resilience, and continue to create value for stakeholders, he said.
“We remain confident in the structural demand drivers underpinning our business, while recognising that the operating environment will remain dynamic. We will continue to prioritise network investment and customer experience, ensuring we are positioned to capture growth opportunities,” said Toriola.
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