MTN Reports 27.9% Jump in Q1 Earnings as Nigeria and Ghana Drive Growth

South Africa’s telecom giant MTN Group has reported a strong start to 2026, with core earnings rising 27.9 per cent in the first quarter, boosted by solid performances in key markets including Nigeria and Ghana.

The company, which operates in 16 countries and serves more than 310 million customers across Africa, said its earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 27.6 billion rand ($1.67 billion) for the three months ended March 31.

Its EBITDA margin expanded by 3 percentage points to 47.6 per cent, reflecting improved efficiency and tighter cost control across its operations.

Group service revenue, excluding currency effects, increased by 21.1 per cent to 56.8 billion rand, driven largely by strong growth in major subsidiaries. MTN Nigeria recorded a 41.7 per cent rise in service revenue, while MTN Ghana grew by 35.7 per cent. Other markets such as Cameroon and Côte d’Ivoire also posted double-digit gains.

Despite competitive pressure in South Africa’s prepaid segment, overall service revenue in the home market edged up by 0.7 per cent. The company said its prepaid recovery strategy, focused on distribution, pricing adjustments and improved credit management, was showing early signs of stabilisation.

Data remained the strongest revenue driver, growing 35.4 per cent, followed by financial services, which rose 20 per cent, and voice revenue, which increased by 4.7 per cent.

ncial services, which rose 20 per cent, and voice revenue, which increased by 4.7 per cent.

MTN also noted that it is working with partners to secure a stable energy supply, particularly diesel, to support network operations amid ongoing power challenges in several markets.

The results reinforce MTN’s position as Africa’s largest telecom operator and highlight the continued importance of Nigeria and Ghana in driving its regional earnings growth.

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