MTN Nigeria has released its unaudited financial results for the first quarter ended March 31, 2026, reporting a pre-tax profit of N546.421 billion, up 169.64 per cent year-on-year, marking the second-best quarterly profit since 2019. The profit growth was driven by impressive revenue growth, which surged by 42 per cent year-on-year to N1.498 trillion, the highest quarterly revenue since 2019.
Earnings per share increased by 166 per cent to N16.95, which is nearly 30 per cent of the 2025 full-year earnings per share. Direct networking operating cost stood at N317.893 billion, a decline of 5.77 per cent year-on-year, reflecting the company’s cost discipline. Profit after tax came in at N355.501 billion, up 165.93 per cent year-on-year, while total assets stood at N5.849 trillion, up 8.25 per cent.
Commenting on the results, CEO Karl Toriola stated: “Despite a challenging cost environment, strong operational discipline kept operating expenses well contained, delivering meaningful operating leverage. EBITDA increased by 68.1 per cent, and EBITDA margin expanded by 8.7 percentage points to 55.3 per cent, in line with our medium-term guidance of a mid-to-high 50 per cent margin range. As a result, PBT rose by 169.6 per cent to N546.4 billion.”
Data revenue increased by 56.2 per cent, supported by a 9.5 per cent increase in active data subscribers, a 5.5 percentage point rise in smartphone penetration to 66.2 per cent, and higher customer usage. Data traffic grew by 22.9 per cent, while average usage per subscriber rose by 12.3 per cent to 14.3 GB, highlighting continued demand for digital services. Voice revenue grew by 22.5 per cent, supported by subscriber growth and targeted customer value management initiatives. Digital revenue increased by 12.1 per cent, driven by mobile advertising and rich media services.
From an economic perspective, MTN Nigeria’s strong performance reflects the continued expansion of the country’s digital economy, with data consumption driving revenue growth even as consumers face inflationary pressures. The company’s ability to contain costs while growing revenue demonstrates operational efficiency, though sustained profitability will depend on regulatory stability, forex availability, and continued investment in network infrastructure.
