MTN Group has reported stronger revenue and earnings growth for the third quarter of 2026, with Nigeria and Ghana leading the performance across its markets. The Group recorded a 22.9% increase in EBITDA to R86.0 billion for the nine months ended 30 September, outpacing service revenue growth of 17.2%.

MTN Group has reported an acceleration in financial performance for the third quarter of 2026, supported by sustained demand for data and connectivity, stronger contributions from its West African operations and improved operating margins.

In constant-currency terms, Group service revenue increased by 17.2% to R176.2 billion in the first nine months of the year. Growth strengthened progressively from May, reaching 18.1% in September. For the third quarter alone, service revenue grew by 16.6%.

Earnings growth was stronger. Group EBITDA rose 22.9% to R86.0 billion, while the EBITDA margin expanded by 2.8 percentage points to 47.9%. Third-quarter EBITDA increased by 20.1%, reflecting improved operating leverage and continued cost discipline.

MTN attributed the performance to resilient demand for connectivity and data services, sustained commercial momentum in Nigeria and Ghana, and stronger contributions from Cameroon and Côte d’Ivoire.

“Q3 was our strongest quarter of 2026 and demonstrates the resilience and quality of the MTN portfolio. Service revenue growth re-accelerated through the quarter, while EBITDA continued to grow faster than revenue. We remain focused on sustaining commercial momentum, expanding margins and converting growth into cash and improved returns.”

–  Ralph Mupita, President and CEO, MTN Group 

Nigeria and Ghana strengthen West African performance

Nigeria and Ghana were among the strongest contributors to MTN’s third-quarter results, with both markets recording significant improvements in revenue and earnings.

MTN Nigeria’s service revenue grew by 19.7% in Q3, compared with 13.2% in the previous quarter, reaching 21.6% growth by September. EBITDA increased by 32.8%, supported by stronger revenue performance and cost control.

The restoration of Airtime Advance also contributed to an improved commercial trajectory. MTN expects the recovery to continue through the remainder of the year.

In Ghana, service revenue increased by 35.7% in Q3, while EBITDA grew by 42.1%. Growth was broad-based, with data, voice, digital services and Mobile Money all contributing to the results.

The performance in both countries, alongside improving contributions from other operations, helped drive the Group’s overall acceleration during the quarter.

MTN South Africa sees earnings improvement amid revenue pressure

MTN South Africa delivered its strongest earnings quarter of the year, although revenue growth remained subdued.

Q3 EBITDA increased by 7.0%, with the EBITDA margin expanding by 3.6 percentage points to 38.1%. The improvement reflects the initial benefits of structural cost interventions and tighter operational management.

However, service revenue remained flat in the quarter and increased by just 1.0% over the first nine months of 2026.

MTN identified continued pressure in the prepaid consumer voice market, lower mobile termination rates and its strategic shift towards a more sustainable and valuable prepaid customer base as factors affecting growth.

Data revenue improved during the quarter, although the Group acknowledged that converting this progress into sustained topline growth remains a priority.

Fintech growth continues, but remains below medium-term ambitions

MTN’s fintech business also recorded improved momentum, particularly across its advanced services.

Excluding Airtime Advance, MoMo revenue increased by 18.5% over the first nine months of 2026, accelerating to 19.9% in Q3. Advanced services were the strongest growth contributor, increasing by 32.4%.

Fintech transaction value rose by 36.9% to US$512.5 billion, reflecting continued adoption and activity across MTN’s digital financial services ecosystem.

Despite the improvement, overall fintech growth remains below the Group’s medium-term target. MTN said it would focus on rebuilding Airtime Advance in Nigeria while sustaining growth in advanced services.

Customer base and data usage continue to expand

MTN’s operational performance was also supported by continued growth in its customer base and data consumption.

As at 30 September 2026, the Group served 323.0 million customers, including 181.7 million active data subscribers and 70.3 million active Mobile Money users.

Data traffic increased by 27.3% to 22,754 petabytes, underlining the growing importance of data services to the Group’s revenue base.

Strong cash generation supports shareholder returns and IHS acquisition

MTN maintained a strong cash position during the period, with free cash flow reaching R22.4 billion. The Group upstreamed R21.4 billion to its holding company over the first nine months of the year.

Net debt-to-EBITDA stood at 0.2 times at the end of September, providing the Group with continued balance-sheet flexibility.

As part of its shareholder remuneration framework, MTN repurchased R2.0 billion worth of shares during the period under its R6.0 billion share buyback programme.

The proposed acquisition of IHS Holdings is also progressing. MTN has secured approval from IHS shareholders, as well as regulatory approvals in Nigeria and from COMESA. The remaining regulatory processes are under way, with completion expected before the end of 2026.

Focus shifts to sustaining growth and improving returns

Looking ahead, MTN’s priorities include maintaining growth in its major markets, rebuilding revenue momentum in South Africa and bringing fintech performance closer to its medium-term ambitions.

The Group also intends to complete the IHS acquisition while maintaining its focus on cash generation, disciplined capital allocation and shareholder returns.

The latest results highlight the contribution of MTN’s West African operations to Group performance, while also pointing to the different growth conditions across its markets. For the remainder of 2026, the challenge will be to sustain earnings momentum while translating stronger operating performance into consistent revenue growth and long-term returns.