Nigeria Communications Plc,MTN has delivered one of the most impressive quarterly performances in its history, reporting service revenue of ₦1.489 trillion for the first quarter ended March 31, 2026 a 41.7% increase in constant currency compared to the same period in 2025. The results confirm the telecom giant’s complete recovery from two years of losses and firmly establish Nigeria as the crown jewel of the broader MTN Group’s continental portfolio.
The Impressive number is clear: ₦1.498 trillion in total revenue the highest quarterly figure MTN Nigeria has recorded since 2019. Data revenue led the charge, surging 56.16% year-on-year to ₦826.1 billion, now accounting for the majority of total revenue. This growth was powered by a 22.9% rise in data traffic, a 12.3% increase in average data usage per subscriber (now 14.3 GB), and smartphone penetration climbing to 66.2%. Voice revenue also grew a solid 27.63% to ₦450.7 billion, while fintech services recorded the fastest proportional growth, jumping 78.77% to ₦64.1 billion, driven by expanding MoMo wallet adoption and advanced digital financial service.
Revenue growth translated directly into exceptional profitability. Pre-tax profit soared 169.6% year-on-year to ₦546.42 billion, making it MTN Nigeria’s second-best quarterly pre-tax result since listing. Profit after tax came in at ₦355.5 billion — nearly three times what the company earned in Q1 2025. EBITDA jumped 68.1% to ₦828.3 billion, with the EBITDA margin expanding by 8.7 percentage points to 55.3%, comfortably within the company’s medium-term target of a mid-to-high 50% range. Earnings per share surged 166% to ₦16.95.
At the Group level, MTN Group reported 21.1% service revenue growth (constant currency) in Q1 2026, with Nigeria leading all 19 markets. The strength of MTN Nigeria’s performance helped the Group expand its EBITDA margin to 47.6% and grow active data users by 8.7% to 175.6 million across the continent. MTN Nigeria also added 2.3 million revenue-generating subscribers during the quarter, pushing its total subscriber base to 89.5 million a 6.5% year-on-year increase.
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Several structural factors underpin this impressive run. The 50% tariff increase implemented in early 2025 is now fully reflected in revenue, while a stronger average naira against the rand aided Group-level reporting. Capital expenditure (excluding leases) surged 92.8%, reflecting aggressive network upgrades to meet soaring data demand. CEO Karl Toriola noted that operating expense growth was well contained despite rising energy costs, delivering meaningful operating leverage.
MTN Nigeria maintains guidance of at least low-20% average service revenue growth for 2026. If Q1’s annualised pace holds, the company could generate close to ₦6 trillion in full-year revenue. Investors have already taken notice — the stock rose over 6% in a single session after the results were released, reinforcing MTN Nigeria’s position as the most valuable listed company on the Nigerian Exchange. After navigating naira devaluation, mounting losses, and a difficult cost environment between 2023 and 2024, MTN Nigeria’s Q1 2026 results mark a definitive turning point — one that signals not just recovery, b
