MTN Nigeria Q1 2026 Profit Surges 169% to N546 Billion
MTN Nigeria Q1 2026 profit has shot up by 169.64% year-on-year to N546.421 billion, as the telecoms giant posted its strongest quarterly showing in recent memory. The unaudited results, covering the period ended March 31, 2026, reveal a business firing on all cylinders from data to fintech to voice.
Revenue climbed 41.62% year-on-year to N1.498 trillion, the highest quarterly revenue figure since 2019, driven by surging demand across multiple service lines. Data revenue jumped 56.2%, backed by a 9.5% rise in active data subscribers and higher average usage per subscriber, which reached 14.3GB. Voice revenue also grew 22.5%, while fintech revenue soared 77.9% with core fintech revenue, excluding Xtratime, rising a remarkable 190.6%.
What the Numbers Tell Us
EBITDA expanded 68.1% to N828.3 billion, with margins widening by 8.7 percentage points to 55.3% squarely in line with the company’s medium-term guidance. Profit after tax stood at N355.501 billion, up 165.93% year-on-year. Earnings per share surged 166% to N16.95, a figure that, if annualised, could surpass the full 2025 EPS by around 30%.
CEO Karl Toriola credited operational discipline for much of the performance, noting that strong cost management drove meaningful operating leverage despite a tough cost environment.
Total assets grew to N5.849 trillion, while borrowings dropped 25% to N315 billion as the company pressed ahead with debt reduction. Capital expenditure excluding leases rose 92.8%, reflecting accelerated investment in network capacity.
MTN Nigeria’s share price closed at N870 on April 30, gaining over 6% on the day. Year-to-date, the stock has gained 70.6%, remaining the most capitalised counter on the Nigerian Exchange with a market cap of N18.3 trillion.
The MTN Nigeria Q1 2026 profit result signals a strong trajectory for the full year. With rising data adoption, growing smartphone penetration, and an expanding fintech business, the company looks well-positioned though it flags energy cost pressures and exchange rate assumptions as key risks to watch.
