MTN Group has reported stronger financial performance for the third quarter of 2026, with growth in Nigeria and Ghana, rising data demand and improved operating margins supporting its results.
For the nine months ended 30 September 2026, Group service revenue increased by 17.2% to R176.2 billion in constant-currency terms. Growth accelerated progressively from May, reaching 18.1% in September. Third-quarter service revenue increased by 16.6%.
Earnings growth outpaced revenue. EBITDA rose by 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 cost management.
MTN attributed the performance to sustained demand for connectivity and data services, stronger contributions from its West African operations and continued commercial momentum in Nigeria and Ghana.
MTN Group President and CEO Ralph Mupita said the third quarter was the company’s strongest quarter of 2026, highlighting the acceleration in service revenue and the continued growth in EBITDA.
Nigeria and Ghana were among the strongest contributors. MTN Nigeria’s service revenue grew by 19.7% in the third quarter, compared with 13.2% in the previous quarter, reaching 21.6% growth by September. EBITDA increased by 32.8%, supported by revenue growth and cost control. The restoration of Airtime Advance also contributed to improved commercial performance.
In Ghana, service revenue increased by 35.7% in the third quarter, while EBITDA grew by 42.1%. Data, voice, digital services and Mobile Money all contributed to the growth.
MTN South Africa recorded its strongest earnings quarter of the year, with third-quarter EBITDA increasing by 7.0%. Its EBITDA margin expanded by 3.6 percentage points to 38.1%, reflecting the initial benefits of cost interventions and tighter operational management. However, service revenue remained flat during the quarter and grew by only 1.0% over the first nine months of the year.
The Group’s fintech operations also recorded improved momentum. Excluding Airtime Advance, MoMo revenue increased by 18.5% over the first nine months and accelerated to 19.9% in the third quarter. Advanced services grew by 32.4%, while fintech transaction value increased by 36.9% to US$512.5 billion.
Despite this growth, MTN said its fintech performance remained below its medium-term ambitions. Its priorities include rebuilding Airtime Advance in Nigeria and sustaining growth in advanced services.
MTN served 323.0 million customers as at 30 September 2026, 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, reflecting continued growth in customer usage.
The Group generated R22.4 billion in free cash flow during the period and upstreamed R21.4 billion to its holding company. Net debt-to-EBITDA stood at 0.2 times at the end of September. MTN also repurchased R2.0 billion worth of shares under its R6.0 billion share buyback programme.
Meanwhile, the proposed acquisition of IHS Holdings progressed following approval from IHS shareholders and regulatory approvals in Nigeria and from COMESA. Other regulatory processes remain under way, with completion expected before the end of 2026.
MTN’s priorities for the remainder of the year include sustaining growth in its major markets, improving revenue performance in South Africa, strengthening fintech operations and completing the IHS acquisition. The Group also intends to maintain its focus on cash generation, capital allocation and shareholder returns.
