MTN Group is reporting stronger financial momentum as demand for connectivity, digital services and mobile financial solutions continues to reshape Africa’s telecommunications industry.
In its quarterly update released on 9 November 2026, the group reported service revenue of R176.2 billion for the nine months ended 30 September 2026, representing growth of 17.2% in constant-currency terms compared with the corresponding period in 2025.
The latest results highlight the growing importance of data consumption, digital financial services and operational efficiency as telecommunications companies expand their role in Africa’s digital economy.
Stronger Revenue and Improved Profitability
MTN’s financial performance showed improvements across several important measures during the reporting period.
Group earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 22.9% to R86 billion, while the EBITDA margin improved by 2.8 percentage points to 47.9%.
The company also reported that third-quarter service revenue increased by 16.6%, with growth accelerating throughout the year and reaching 18.1% in September.
This performance suggests that MTN is benefiting from increased demand for mobile connectivity while improving its ability to convert revenue into operating earnings.
The group attributed its performance to resilient demand for data and connectivity services, sustained growth in Nigeria and Ghana, and improving contributions from other markets, including Cameroon and Côte d’Ivoire.
According to MTN Group President and Chief Executive Officer Ralph Mupita, the third quarter was the company’s strongest quarter of 2026, demonstrating the resilience of its operating portfolio.
Nigeria and Ghana Drive African Growth
MTN’s performance across its African markets remains an important contributor to its overall financial results.
Nigeria delivered stronger growth momentum during the third quarter, with service revenue increasing by 19.7%, compared with 13.2% in the second quarter. Growth reached 21.6% in September.
The Nigerian operation also recorded a 32.8% increase in third-quarter EBITDA, reflecting stronger revenue performance and disciplined cost management.
Ghana delivered another particularly strong performance. Its third-quarter service revenue increased by 35.7%, while EBITDA rose by 42.1%.
Growth in Ghana was supported by demand for data, voice, digital services and Mobile Money.
These results demonstrate the importance of MTN’s diversified African footprint, where growth in some markets can help offset slower performance in others.
For investors and businesses operating across the continent, the results also highlight the commercial opportunities emerging from Africa’s expanding digital connectivity market.
South African Operations Focus on Profitability
Although MTN Group recorded strong overall growth, its South African operation continued to face a more challenging revenue environment.
Service revenue in South Africa remained flat during the third quarter and increased by just 1% over the first nine months of 2026.
The company identified continued pressure in the prepaid consumer voice market, lower mobile termination rates and its strategy of prioritising a healthier and more valuable prepaid customer base as contributing factors.
However, there were positive developments in profitability.
MTN South Africa’s third-quarter EBITDA increased by 7%, while its EBITDA margin expanded by 3.6 percentage points to 38.1%.
The improvement reflects the initial benefits of structural cost interventions and operational efficiency measures.
Data revenue also improved during the quarter, although the company acknowledged that further progress is needed to translate this improvement into sustainable revenue growth.
The South African results illustrate a wider challenge facing telecommunications operators: maintaining profitability while traditional voice services face pressure and customers increasingly expect affordable data connectivity.
Data Consumption and Mobile Money Expand
Digital services are becoming increasingly important to MTN’s long-term business strategy.
At the end of September 2026, the group served approximately 323 million customers across its markets. Its customer base included 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 growing demand for internet access and digital applications.
Data revenue increased by 20.9% to R88.9 billion on a reported basis, while fintech revenue reached R22.6 billion, representing reported growth of 1.6%.
Excluding Airtime Advance, Mobile Money revenue increased by 18.5% during the nine-month period and accelerated to 19.9% in the third quarter.
MTN also reported that fintech transaction value increased by 36.9% to US$512.5 billion.
These developments highlight the growing role of telecommunications companies in financial inclusion, digital payments and everyday financial transactions.
Mobile money platforms provide opportunities to extend financial services to consumers and businesses that may have limited access to traditional banking infrastructure.
Strong Cash Generation and Shareholder Returns
MTN’s financial position also remained relatively strong during the reporting period.
Free cash flow increased to R22.4 billion, while R21.4 billion was transferred to the group holding company during the first nine months of 2026.
The group maintained a net debt-to-EBITDA ratio of 0.2 times, indicating financial flexibility as it continues investing in its operations and strategic priorities.
MTN also repurchased R2 billion worth of shares under its R6 billion share buyback programme, demonstrating its continued focus on shareholder returns.
Meanwhile, the proposed acquisition of IHS Holdings continued progressing through regulatory processes. MTN indicated that completion was expected before the end of 2026, subject to the remaining approvals.
What the Results Mean for Africa’s Digital Economy
MTN’s latest financial performance highlights the increasing economic importance of telecommunications infrastructure across Africa.
As businesses accelerate digital transformation, reliable connectivity is becoming essential for financial services, retail, education, healthcare, logistics and other economic sectors.
The growth in data consumption and mobile financial transactions also creates opportunities for technology companies, financial institutions, infrastructure providers and entrepreneurs developing digital solutions.
However, MTN’s contrasting performances across South Africa, Nigeria and Ghana demonstrate that growth conditions remain different across individual markets.
For South Africa, improving profitability will need to be accompanied by stronger customer growth and sustainable revenue expansion. Across the wider group, the challenge will be maintaining commercial momentum while investing in network infrastructure and expanding digital financial services.
MTN’s focus for the remainder of 2026 includes strengthening performance in its major markets, rebuilding revenue momentum in South Africa, accelerating fintech growth and completing its proposed IHS transaction.
The latest results position MTN as a significant participant in Africa’s evolving digital economy, with its future performance increasingly linked to data demand, financial technology and the continent’s expanding digital infrastructure needs.
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