Wrap Text
Quarterly update for the period ended 30 September 2026
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Company or the MTN Group or Group)
Mobile Telephone Networks Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/001411/06)
(Issuer code: BIMTN)
(MTN Holdings)
Quarterly update for the period ended 30 September 2026
The MTN Group is a pan-African mobile operator whose purpose is ‘Leading digital solutions for
Africa’s progress’. We have 322.9 million customers in 19^ markets.
Key messages from the results
• Strong overall Group performance: Service revenue up 17.2%* (Q3 2026: 16.6%*), accelerating every month
from May monthly on a year-on-year basis to exit September at 18.1%*; EBITDA up 22.9%*, with the margin
up 2.8pp* to 47.9%* despite higher energy costs.
• Q3 2026 EBITDA acceleration: Nigeria (+32.8%*), Ghana (+42.1%*), South Africa (+7.0%), Rwanda (+26.9%*)
and Zambia (+54.2%*) all accelerated in the period from the Q2 2026 growth rates.
• Fintech improved in the period: excluding Airtime Advance, MoMo revenue +18.5%*, accelerating to 19.9%*
in Q3'. Advanced services grew at 32.4%* and fintech transaction value up 36.9%* to US$512.5 billion.
• Strong cash generation and balance sheet flexibility: Generated FCF of R22.4 billion and R21.4 billion
upstreamed to HoldCo YTD (up 80% for the nine months of 2026); net debt-to-EBITDA closed at 0.2x.
• Share buyback progressing: R2 billion worth of shares bought back during the period under the R6 billion
buyback programme.
• IHS transaction remains on track: we have received IHS shareholder, Nigerian and COMESA regulatory
approvals; South African Competition Tribunal, ECOWAS and CEMAC approvals remain outstanding;
completion expected before the end of 2026.
^These are the markets where we have controlled operations, as well as JVs and associates that cover any of connectivity, fintech or digital infrastructure
businesses.
Financial and non-financial growth rates are presented on a year-on-year basis (YoY, nine months to 30 September 2026 versus nine months to 30 September
2025 unless otherwise stated)
Highlights
The MTN Group delivered strong growth, improved profitability and robust cash generation in the first
nine months of 2026. This reflected resilient demand across the portfolio, led by data, continued
strength in Nigeria and Ghana, and improving contributions from the broader portfolio. We continued
to advance our strategic initiatives in support of long-term shareholder value creation.
• Group service revenue increased by 9.9% to R176.2 billion on a reported basis; up 17.2%* in
constant currency (CC)
• Data revenue increased by 20.9% to R88.9 billion on a reported basis; up 28.2%*
• Fintech revenue increased by 1.6% to R22.6 billion on a reported basis; up 12.7%*
• Voice revenue decreased by 3.1% to R46.0 billion on a reported basis; up 3.4%*
• Total customers up 7.2% to 322.9 million
• Active data subscribers increased by 9.6% to 181.7 million
• Data traffic up 27.3% to 22 754 PB
• Mobile Money (MoMo) MAU up 9.3% to 70.3 million
• Fintech transaction volumes up 20.1% to 20.3 billion
• Fintech transaction value up 36.9%* to US$512.5 billion
Group President and CEO Ralph Mupita comments
"The MTN Group delivered a strong performance in the nine months to September 2026. Growth
momentum was restored in MTN Nigeria; MTN Ghana sustained its strength; and the broader portfolio
made an improving contribution. Group service revenue grew by 17.2%* (Q3 2026: 16.6%*) recovering
from the Q2 2026 low, and well ahead of blended inflation of 9.5%. EBITDA grew faster, by 22.9%*,
lifting the EBITDA margin to 47.9%* (+2.8pp*).
The Q3 2026 performance was an important proof point for MTN Nigeria, where service revenue grew
by 19.7%* in the quarter, improving each month from the Q2 low to reach 21.6%* in September 2026.
MTN Ghana grew service revenue by 33.5%* while SEA+ grew by 19.7%*, supported by strong growth
in MTN Rwanda and MTN Zambia. Performance in the Francophone markets was also pleasing,
particularly in Côte d’Ivoire and Cameroon. In MTN South Africa (MTN SA), Q3 was the strongest
earnings quarter of the year, with EBITDA up 7.0% and the EBITDA margin expanding by 3.6pp to 38.1%
as structural cost interventions started to take effect. While MTN SA’s service revenue was flat in Q3
2026 and up 1.0% YoY, it remains below our medium-term target. We were however encouraged by
the month-on-month improvement in prepaid trends.
Demand across the Group remained robust. Customer numbers increased by 7.2% to 322.9 million and
data revenue grew by 28.2%*: it now accounts for 50.4% of service revenue. EBITDA growth outpaced
service revenue growth, reflecting operating leverage and our expense efficiency programme, which
absorbed higher energy costs. Reported growth in rand was lower (service revenue up 9.9%; EBITDA
up 17.7%) as the rand was on average c.10% stronger against the US dollar, which reduced the rand
value of results from our Africa ex-South Africa operations.
Fintech revenue grew by 12.7%*. This was below our medium-term guidance of high-20%s to low-
30%s, mainly because of the temporary suspension of Airtime Advance in Nigeria in Q2 2026, the
reduction in the interest rate on float balances in Ghana, and election-related disruption in Uganda.
Excluding Airtime Advance, MoMo revenue grew by 18.5%* and accelerated to 19.9%* in Q3, led by
advanced services (+32.4%*). Airtime Advance is recovering under the new multi-partner model, and
MTN Nigeria expects the service to be restored to pre-suspension Q1 2026 levels by the end of the year.
We invested R28.8 billion in capex (ex-leases) (15.9% capex intensity). In Ghana, we secured 5G and
mobile broadband spectrum with 15-year licences at a cost of US$202 million.
Balance sheet and liquidity strength underpin operational execution
We generated FCF of R22.4 billion and our operations upstreamed R21.4 billion to the Group in the
nine months to 30 September 2026 (9M 2025: R11.9 billion). Net debt-to-EBITDA was 0.2x, and
liquidity headroom was R42.8 billion. During the quarter, we commenced the share buyback
programme announced with our H1 2026 results and repurchased shares worth approximately R2.0
billion over the period. After the period end, we settled our US$500 million Eurobond, which matured
on 13 October 2026.
Looking ahead
For the rest of the year, we will focus on sustaining the commercial momentum across our markets,
carrying MTN SA’s Q3 improvement into Q4, restoring fintech growth towards our medium-term
targets, addressing the specific challenges in MTN Uganda and completing the IHS transaction. All the
while, we will focus on maintaining cost and capital discipline and delivering FCF growth and improving
returns.”
Pro forma financial information
Certain financial information including service revenue, revenue by segment, data revenue, enterprise revenue, wholesale
revenue, fintech revenue, digital revenue, voice revenue; outgoing voice revenue; Group EBITDA (before once-off items);
capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA; FCF; net debt and net debt-to-EBITDA, as included in this
announcement have been prepared to provide users with a further operational understanding of the business (together, the
Non-IFRS Financial Information). The Non-IFRS Financial Information has been calculated from the financial records of the
Group.
Constant currency information has been presented to remove the impact of movement in currency rates on the Group’s results
and has been calculated by translating the prior financial reporting period’s results at the current period’s monthly average
rates. The measurement has been performed for each of the Group’s currencies, materially being the US dollar and Nigerian
naira. In addition, in respect of MTN Irancell, MTN Sudan and MTN South Sudan the constant currency information has been
prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be
hyperinflationary for the period under review and hyperinflation accounting was applied. Constant currency information in
this announcement is denoted with an*.
The Non-IFRS Financial Information and constant currency information is collectively referred to as “Pro forma Financial
Information” and has been prepared for illustrative purposes only. Because of its nature, the Pro forma Financial Information
may not fairly present MTN’s financial position, changes in equity and results of operations or cash flows. The responsibility
for preparing and presenting the Pro forma Financial Information, as well as the completeness and accuracy of the Pro forma
Financial Information is that of the directors of MTN and has not been audited, reviewed or otherwise reported on by the
Group’s external auditors.
Forward-looking information
Any forward-looking information disclosed in this announcement is the responsibility of the directors of MTN and has not
been reviewed or audited or otherwise reported on by the Group’s external auditors.
Other information
The directors of MTN take full responsibility for the preparation of this announcement.
The Group’s results are presented in line with the Group’s new operational structure. The Group’s underlying operations are
clustered as follows: South Africa (SA); Nigeria; Ghana; the Southern and East Africa (SEA) region; and Francophone Africa
and their respective underlying operations.
The SEA+ region includes Uganda, Rwanda, Zambia, South Sudan, Sudan and Liberia.
The Francophone Africa region includes Cameroon, Côte d’Ivoire, Benin and Congo-Brazzaville.
The Group also has equity accounted joint ventures in Botswana, Eswatini and Iran, which are excluded from regional results.
Delivering on Ambition 2030 platforms
Connectivity
Connectivity remained the core performance driver, anchored in our Ambition 2030 priorities to scale
data, accelerate home and empower enterprises. Data and voice together contributed 76.5% of Group
service revenue, with fintech, digital and wholesale contributing the bulk of the balance. We invested
capex (ex-leases) of R28.8 billion (capex intensity of 15.9%) to expand coverage and capacity and to
modernise the network. This included accelerated investment in Nigeria, Côte d'Ivoire, Uganda and
Ghana.
Data
Data revenue grew 28.2%* (Q3 2026: 26.4%*) and now contributes 50.4% of service revenue. Growth
was volume-led, with active data subscribers up 9.6% to 181.7 million, data traffic was up 27.3% (Q3:
2026 35.7%) and smartphone penetration reaching 66.4% at the end of September 2026. MTN Nigeria
grew data revenue 31.4%* in Q3 2026 as active data users rose 12.0% to 57.2 million and traffic
increased 30.1%. MTN Ghana (+39.9%*) and MTN Côte d'Ivoire (+38.2%*) both also delivered strong
growth in Q3 2026, while MTN South Africa maintained its improving momentum with Q3 2026 data
growth at 6.0%. In MTN Uganda, data revenue growth moderated to 7.8%* in Q3 2026 (Q2 2026:
17.5%*) as unauthorised public Wi-Fi resellers drew some usage away from mobile data.
Voice
Voice revenue remained resilient, increasing 3.4%* and contributing 26.1% of service revenue. Growth
improved to 5.3%* in Q3 2026 from 0.2%* in Q2 2026, despite the structural migration of
communications to data and over-the-top channels. MTN SA saw voice revenue decline by 10.5% as
usage continued to shift towards data and other platforms while MTN Nigeria grew voice revenue
10.9%* (Q3 2026: 9.3%*), supported by optimisation of the ERM. Ghana delivered strong voice
revenue growth, +7.2%, supported by targeted commercial interventions. Targeted customer value-
management initiatives continued to support engagement and voice usage across the base.
Digital Services
Digital revenue grew 22.4%*, with growth of 7.6% QoQ, supported by adoption of content services
and advertising propositions. MTN Ghana nearly doubled digital revenue (+97.7%), with paying digital
subscribers up 90.1%. MTN Nigeria grew digital revenue 24.1%, led by content services and mobile
advertising. Performance was softer in MTN SA, where portfolio refreshes are underway. As part of
this portfolio evolution, MTN One TV introduced at our Capital Markets Day in June is now live across
eight markets. The proposition expands our digital entertainment portfolio and is designed to deepen
customer engagement and data usage while creating opportunities for new digital revenue streams.
We remain focused on proposition relevance, customer engagement and sustainable monetisation.
Home
Home remains an important pillar of Connectivity, with FWA and FTTH propositions broadening
household access to high-speed connectivity. Across key markets, home broadband continued to grow,
with active revenue-generating homes growing over 50% YoY, and new homes connections growth of
58%, with both FWA and fibre scaling rapidly. Our immediate priorities include scaling coverage
efficiently, improving installation and service experience and balancing subscriber growth with
network capacity and returns.
Enterprise
Enterprise grew 13.6%*: this performance was supported by demand for fixed connectivity, cloud, IoT,
unified communications and managed services. MTN Ghana and MTN Uganda delivered double-digit
growth, MTN Nigeria grew enterprise revenue by 6.5%* and MTN SA by 4.4%, while MTN Cameroon
was softer. We continue to deepen strategic customer relationships and accelerate pipeline
conversion, including new converged unified communications, managed Wi-Fi, security and cloud
propositions in Ghana.
Wholesale
Wholesale revenue showed mid-teen growth in constant currency, reflecting broad-based demand
across the portfolio. Bayobab's fibre segment grew external revenue 40.6%* on new fixed connectivity
contracts, new FibreCos and the East African Corridor and East-to-West programmes, while
Communication Platforms was 12.2%* lower, reflecting reduced international voice traffic. We remain
focused on converting traffic growth into sustainable revenue while managing pricing pressure,
settlement exposure and network-resilience.
SCALING OUR PLATFORMS
Fintech
Fintech revenue grew by 12.7%* YoY: excluding Airtime Advance, MoMo revenue grew by
18.5%* and accelerated to 19.9%* in Q3 2026, led by advanced services (+32.4%*).
Financial performance
Growth was held back by three factors: the temporary suspension of Airtime Advance in
Nigeria, the reduction in interest rates on float balances (as mandated by the Bank of Ghana) and
election-related disruption in Uganda earlier in the year. Together, these weighed on
profitability and the fintech EBITDA margin narrowed to 41.7% (9M 2025: 44.3%).
Within MoMo revenue (excluding Airtime Advance), basic services grew by 11.5%*, tempered
by industrywide pricing pressure, liquidity constraints in South Sudan and regulatory measures
in selected markets. Advanced services grew by 32.4%* and now contribute 37.4%* of MoMo
revenue excluding Airtime Advance, up 3.9pp* YoY.
Airtime Advance in Nigeria
Airtime Advance was temporarily suspended in Nigeria in Q2 2026 following a regulatory intervention,
with a material impact on fintech revenue and EBITDA. The service resumed in July under a new multi-
partner model. Q3 2026 revenue rose 77.9%* on Q2 2026 but remained below pre-suspension levels.
MTN Nigeria expects the service to return to pre-suspension levels by the end of the year.
Ecosystem growth
Our ecosystem continued to deepen. MoMo MAU grew by 9.3% YoY to 70.3 million,
moderated by the platform migration in Nigeria. Active agents increased by 7.5% to 1.4
million. Active merchants also grew by 19.4% to 2.5 million. Together, these drove a 20.1%
increase in transaction volumes to 20.3 billion and a 36.9%* increase in transaction values to
US$512.5 billion.
Key fintech verticals
Payments and e-commerce
Merchant payment values grew by 16.5%* YoY to US$19.6 billion. Through our Mastercard
partnership, approximately 1.2 million cards have been issued, processing over US$50 million
in transactions YTD.
BankTech
Loan value facilitated rose by 80.1%* YoY to US$4.2 billion, driven by higher disbursements
and utilisation across market lending and MoMo Advance, particularly in Ghana, Uganda and
Cameroon.
Remittances
Remittance values grew by 15.7%* YoY to US$5.5 billion, supported by proactive
management of informal remittance routes and partner liquidity, and by directly managing
selected international money transfer operator traffic.
Insurtech
Active aYo policies increased by 23.5% YoY to 2.4 million.
Platform and strategic update
In August, we launched the new MoMo platform and super app in Nigeria, built with the
Alipay+ technology platform under the Ant International partnership announced at H1 2026. The
platform combines a better customer experience, embedded fraud management controls and
a mini-app framework for partner services, supporting the expansion of the MoMo
ecosystem. Migration of existing wallets is progressing.
Outlook
As indicated at H1 2026, we expect fintech revenue growth in FY 2026 to remain below our medium-
term range of high-20%s to low-30%s. MTN Nigeria expects Airtime Advance to recover to pre-
suspension levels by the end of 2026. Our priorities are to complete that recovery, continue scaling
advanced services, complete the migration of MoMo customers in Nigeria to the new Alipay platform
and progress the structural separation of our fintech business, subject to regulatory approvals.
Together, these position us to restore fintech growth towards our medium-term targets over time.
Digital Infrastructure
MTN Digital Infrastructure generated consolidated external revenue of R3.7 billion, a decrease of 3.7%
YoY, impacted by lower international voice traffic and persistent local currency volatility. Despite these
headwinds, the business reported 17.7% YoY growth in gross margin, reflecting improved profitability,
operational resilience and the continued benefits of diversification.
Fibre
The Fibre segment delivered external revenue growth of 40.6%*, driven by new fixed connectivity
infrastructure contracts, revenue from new FibreCos and continued investment in network expansion.
During the period, Bayobab further advanced strategic fibre initiatives, including expansion of the East
African Corridor, progress on the East-to-West connectivity programme, strengthening regional
connectivity and network resilience across Africa.
Communication Platforms
External revenue for Communication Platforms declined by 12.2%*, primarily due to lower
international and transit voice traffic. Gross margin declined by 3.0% YoY, a slower rate of decline than
revenue, resulting in improved profitability. The business continued to diversify its platform
capabilities through digital services and strategic partnerships, including progress on its Network API
strategy, demonstrating the resilience of its evolving business mix.
Data centres
During the quarter, we also advanced our digital infrastructure strategy through the launch of Africa
Data Hub Holding, a partnership with a UAE-based investment platform. This partnership will support
the development of AI-ready, cloud-enabled and carrier-neutral digital infrastructure opportunities
across the continent, with initial greenfield development planned for FY2027. Bayobab continued to
invest in fibre and digital infrastructure, supporting MTN Group’s growth ambitions and Africa’s digital
transformation.
OPERATIONAL REVIEW
Listed Opcos’ published Q3 2026 results
The published Q3 results of our listed Opcos can be viewed at:
MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/
MTN Ghana: https://mtn.com.gh/investors/financial-results/
MTN Uganda: https://www.mtn.co.ug/investors/financial-reports/
MTN Rwanda: https://www.mtn.co.rw/financial-results/
MTN South Africa
• Service revenue up 1.0% (Q3: flat)
• Data revenue up 4.7% (Q3: 6.0%), now 50.5% of service revenue
• Postpaid up 4.9%, enterprise up 4.4%, wholesale up 10.4%
• Prepaid down 3.0%, voice down 10.5%, digital down 10.2%, fintech down 15.3%
• Reported EBITDA down 2.9%, margin 35.5% (down 0.3pp); adjusted for tower gains and losses
EBITDA was down 3.0%, with margins at 35.5% (down 0.4pp); excluding the share-scheme
provision, EBITDA down 0.7%, with EBITDA margin at 37.8% (up 0.5pp)
• Q3 EBITDA up 7.0%, margin up 3.6pp to 38.1%, above the 35–37% medium-term range
• Capex of R5.2 billion (R4.3 billion ex-leases)
Q3 was MTN SA’s strongest earnings quarter of the year. EBITDA rose 7.0% YoY and the
EBITDA margin expanded by 3.6pp to 38.1%, above our 35–37% medium-term range, as
structural cost interventions began to take effect. Service revenue grew by 1.0% YoYs and was
flat in Q3, below our low-to-mid single-digit medium-term range. Growth in consumer
postpaid, enterprise and wholesale was offset by prepaid, where we have prioritised the
quality of the customer base over short-term volume. Prepaid trends improved each month
through the quarter, and data revenue growth accelerated to 6.0% in Q3.
From a macroeconomic perspective, consumers remained under significant pressure. Headline
inflation rose to 4.5% in September, above the SARB's 2%–4% tolerance band. Elevated fuel prices
further squeezed disposable income and the SARB raised the repo rate to 7.25% in September. GDP
contracted by 0.2% in Q2. Against this backdrop, we balanced customer affordability, commercial
competitiveness and the long-term health of the business.
Revenue by customer segment
Prepaid service revenue declined by 3.0% YoY, but the decline narrowed to 2.4% in Q3 2026
(Q2 2026: 3.2%). Prepaid data revenue grew by 5.1% YoY and accelerated to 6.3% in Q3 (Q2:
5.0%), supported by yield management, personalised pricing and channel optimisation. We
have deliberately prioritised a healthier, more valuable customer base over volume: prepaid
subscribers declined by 6.9% to 27.4 million, taking the total base down 2.7% to 39.0 million.
As part of this, we reset XtraTime, our Airtime Advance service, driving revenue down by 16.9%
as we absorbed the short-term impact of the reset.
Consumer postpaid maintained its momentum, with service revenue up 4.9% YoY and 5.0%
in Q3 (Q2: 4.3%), and subscribers up 6.1% to 4.8 million on healthy demand for converged
connectivity propositions.
Enterprise and wholesale growth slowed in Q3. Enterprise revenue grew by 4.4%, led by ICT
converged services (+28.8%) and IoT (+85.1%), but slowed to 1.8% in Q3 on lower bulk SMS
and mobile advertising revenue. Wholesale revenue grew by 10.4% on national (+13.0%) and
international (+41.5%) roaming, slowing to 3.9% in Q3 on lower traffic from major wholesale
customers.
Revenue by product
Data revenue grew by 4.7% and accelerated to 6.0% in Q3 2026, reaching 50.5% of service
revenue (9M 2025: 48.8%). Network traffic rose by 27.9%, driven by larger data bundles,
home connectivity and smartphone penetration of 70.6%. Average monthly usage rose by
31.9% to 32.8GB for active postpaid data subscribers, supported by FWA adoption, and by
28.9% to 5.2GB for prepaid. Active data subscribers declined by 4.0% to 21.1 million, reflecting
the prepaid base optimisation.
Voice revenue declined by 10.5% as usage continued to shift towards bundled propositions,
data and digital messaging platforms. Interconnect revenue fell by 20.4%, reflecting the R0.02
reductions in MTR in July 2025 and July 2026.
Digital services revenue declined by 10.2%, reflecting pressure in prepaid and lower video,
content VAS and mobile advertising revenue, partly offset by 15.5% growth in gaming.
Portfolio refreshes are underway.
Fintech revenue declined by 15.3%, largely because of the XtraTime reset. Excluding XtraTime,
MoMo revenue rose by 0.4%, and MoMo active subscribers grew by 75.5%, driven by airtime
recharges through the Retailer Profile and Spaza network.
EBITDA and margin
The EBITDA margin improved steadily through the year, from 32.6% in Q1 2026 to 35.9% in Q2
2026 and 38.1% in Q3 2026, reflecting cost discipline and a favourable mix effect from lower
device revenue (down 21.5%). For the nine months, reported EBITDA declined by 2.9%, with
a margin of 35.5% (down 0.3pp). Adjusted for tower gains and losses EBITDA was down 3.0%,
with margins at 35.5% (down 0.4pp); Excluding MTN SA employee share scheme, EBITDA
declined by 0.7%, with a margin of 37.8% (up 0.5pp). The prepaid reset, the share-scheme
charge, softer revenue and higher commission and bulk SMS costs were partly offset by a
5.0% reduction in network and IT costs, lower marketing spend and a 16.2% decline in
doubtful debts on improved credit risk management.
MTN Cell C partnership discussions
MTN SA and Cell C have engaged extensively on the terms of their long-standing commercial
relationship but have not reached agreement on certain matters. These will be addressed through the
mechanisms provided for in the parties' agreement, while engagement on the terms of the
relationship going forward continues. MTN will provide a further update when appropriate.
Outlook
We expect affordability pressure and intense competition to persist through the rest of 2026. Our
immediate aim is to carry Q3 2026 EBITDA and prepaid momentum into Q4 2026 through disciplined
commercial execution, relevant and affordable propositions, a simpler customer experience and
continued structural cost reduction. We are also engaging ICASA on the amended End-User and
Subscriber Service Charter regulations, which are due to take effect in January 2027.
In prepaid, the recovery programme is focused on improving channel productivity, simplifying and
rejuvenating the portfolio, strengthening customer value management and completing the Airtime
Advance reset. It is continuing to gain traction: the decline in prepaid service revenue is narrowing,
cash recharges excluding repayments continue to grow, and Q3 recharges were 3.1% higher than in
Q2. As the reset normalises, we expect stronger recharge activity to show increasingly in reported
service revenue.
Beyond prepaid, our growth levers are clear: monetising rising data consumption through personalised
propositions and broader 5G and FWA adoption, scaling home connectivity across FWA and fibre-to-
the-home, and building on resilient postpaid and enterprise businesses supported by ICT, IoT and
better credit management.
Performance is not yet at the level of our ambitions, but Q3 marks a clear improvement. Our cost base
is leaner, our customer base healthier and our margin stronger. Our focus now is to convert this into
top-line growth, rebuilding service revenue growth to the low-to-mid single digits while delivering an
EBITDA margin within the 35–37% range.
MTN Nigeria
MTN Nigeria published its results on 30 October 2026. These showed service revenue grew 23.5%* in
the first nine months of the year (Q3: 19.7%*, accelerating each month to 21.6%* in September 2026),
with an EBITDA margin of 56.9%*. Both are within our guidance of ‘at least low-20%’ revenue growth
and a ‘mid-to-high-50%’ margin.
Growth was increasingly volume-led, driven by more users, deeper data adoption, higher usage and
rising demand for home broadband, supported by continued network investment.
Data revenue grew by 35.6%*, driven by growing digital adoption. Active data users increased by
12.0% to 57.2 million, with average monthly usage per data user up by 16.2%. This lifted network data
traffic by 30.1%. Smartphone adoption continued to deepen, with smartphones on MTN Nigeria’s
network up 12.4%, a penetration rate of 66.0%.
Voice revenue grew by 10.9%* (Q3 2026: 9.3%*), supported by a 10.9% increase in mobile subscribers
to 94.7 million and targeted propositions, which offset softer usage per subscriber as customers shift
towards data.
Digital revenue increased by 24.1%*, led by rich media services and mobile advertising. Enterprise
revenue increased by 6.5%*, led by bulk SMS, fixed connectivity and converged services, supported by
the acquisition of high-quality customers.
In fintech, the core Mobile Money business continued to scale, with revenue up 102.2%*, driven
mainly by higher interest income on wallet balances as they more than quadrupled from December
2025. Overall fintech revenue declined 26.6% due to the suspension of the airtime and data credit
service between April and June. The service resumed under a new multi-partner model and continued
to recover in Q3, with revenue up 77.9% on Q2.
In August 2026, MoMo PSB moved to its new Alipay+ technology platform that is more scalable and
offers customers a richer experience with more features. Migration of existing wallets continues.
Monthly active users at the end of Q3 were 3.2 million, reflecting only customers on the new platform.
Underlying engagement remained robust, with Q3 transaction volumes up 69.1% on Q2.
Operating expenses rose by 8.5%, well below revenue growth and inflation, reflecting the expense
efficiency programme, a stronger naira and VAT input claims, which together contained the impact of
higher diesel-linked tower costs in Q3.
Outlook
Based on our strong overall performance in the first nine months of the year, MTN Nigeria is on track
to deliver on its medium-term guidance for service revenue growth and EBITDA margin.
Growth will be underpinned by subscriber and usage growth, deeper data adoption and the scaling of
home broadband, digital and enterprise services. In fintech, priorities are to complete the migration
of customers to the new MoMo platform, deepen wallet activity and use cases, and sustain the
recovery of the airtime and data credit service to expected levels by the end of the year. MTN Nigeria
continues to progress the structural separation of the fintech business, subject to regulatory approvals.
MTN Ghana
MTN Ghana published its results on 29 October 2026, which showed sustained strong performance,
with service revenue growth of 33.5%* YoY for the first nine months of the year, up from 32.3%* YoY
at H1 2026. Data revenue increased by 44.7% YTD, Mobile Money revenue by 24.4% and digital
revenue by 97.7%.
The increase in data revenue was underpinned by a 16.1% YoY increase in active data subscribers to
22.0 million and a 36.8% YoY increase in average monthly data consumption. MoMo revenue growth
was supported by a 6.9% increase in active MoMo users to 18.9 million and growth in both core wallet
services and advanced financial services.
Voice revenue increased by 7.2% YoY, helped by a 12.7% increase in subscribers to 34.3 million.
Strong revenue growth, disciplined cost management and operating leverage supported EBITDA
growth of 40.7% YoY, with the EBITDA margin expanding by 3.2 percentage points to 61.6%.
Outlook
As MTN Ghana accelerates investment in 5G, fintech and digital platforms, fulfils coverage
commitments and strengthens network quality, the EBITDA margin is expected to moderate toward
the mid-to-high-50% range over the medium term. This reflects disciplined reinvestment from a
position of strength to support customer experience and sustainable long-term growth. MTN Ghana
expects FY 2026 service revenue growth in the low-to-mid 30% range, with EBITDA margins in the high-
50%s to low-60%s range, and will review its medium-term expectations at year-end once its business
planning process concludes.
Following the award in Q3 of spectrum in the 700 MHz and 3 GHz bands, MTN Ghana is progressing
the required formalities and preparations for future deployment to support growing 5G and mobile
broadband connectivity needs.
Southern and East Africa
The SEA+ region maintained good commercial momentum, delivering service revenue growth of
19.7%* YTD (Q3: 19.5%*), ahead of the region’s blended inflation rate of 18.2% for the nine months
to September 2026. MTN Zambia’s profitability improved strongly in Q3 2026, while MTN South Sudan
and MTN Sudan remained exposed to macroeconomic, currency and operational pressures. These
factors continue to elevate earnings and cash-flow volatility within the regional portfolio. EBITDA for
the region rose 15.2%*, with the EBITDA margin at 44.1%*, 1.7pp* lower YoY.
SEA+ recorded a 12.7% increase in subscribers to 53.4 million. Active data subscribers and the MoMo
MAU base expanded by 18.4% to 23.5 million and 10.4% to 28.3 million, respectively.
MTN Rwanda
MTN Rwanda – which reported results on 5 November – delivered a strong Q3 performance, with YTD
service revenue increasing by 20.0%* (Q3 2026: 17.6%*). EBITDA increased by 29.1%* (Q3: 26.9%*).
The operating environment remained challenging, including elevated cost pressures, with
management maintaining a strong focus on cost efficiencies and sustainable margin delivery.
Positively, in August 2026 the regulator announced a two-year extension to the current MTR regime
providing welcome certainty.
MTN Uganda
MTN Uganda published Q3 2026 results on 5 November 2026, after a quarter in which challenging
macroeconomic and market-specific headwinds moderated topline growth and commercial
momentum.
MTN Uganda added 2.9 million customers, expanding the base to 26.4 million (+12.5%). Active data
subscribers grew by 14.3% to 12.6 million. Service revenue rose by 8.5%*, driven by data and fintech.
Data revenue increased by 12.8%*, with growth moderating to 7.8% in Q3 2026 as unauthorised public
Wi-Fi resellers weighed on mobile data. Fintech remained resilient, with revenue up 11.5% in the first
nine months and growth accelerating to 13.3% in Q3 2026, and transaction value increasing by 18.3%.
The EBITDA margin was 51.1%*.
Outlook
MTN Uganda now expects FY 2026 service revenue growth to be below its mid-teen medium-term
guidance and broadly in line with the growth delivered in the first nine months, with prudent cost
management expected to support an EBITDA margin of around 50% for the year. MTN Uganda remains
confident that its ongoing investments and commercial initiatives will support future growth.
Francophone Africa
The Francophone Africa portfolio continued its improving trajectory, delivering 9.4%* service revenue
growth in the nine months to September 2026, comfortably ahead of the region’s blended average
inflation rate of 2.4%.
Customer numbers rose to 40.4 million (up 6.4%); active data subscribers and MoMo MAU bases
expanded by 11.0% to 23.1 million and 6.0% to 17.7 million, respectively. Data revenue grew by
25.4%*, voice declined 4.9%* and fintech increased by 7.7%*.
EBITDA for the region was 11.4%* higher YoY and the EBITDA margin expanded by 0.6pp* to 36.5%*.
Côte d’Ivoire and Cameroon remained important contributors to the region’s performance, while
momentum in Benin improved materially towards the end of the period.
Across Francophone Africa, our priorities remain to sustain the commercial recovery, accelerate data
adoption and monetisation, improve fintech performance and maintain disciplined cost and capital
allocation. We will continue to invest selectively in network capacity and coverage to strengthen
customer experience and support sustainable growth.
MTN Côte d’Ivoire
MTN Côte d’Ivoire sustained its operational and financial turnaround during the period. Service
revenue increased by 16.1%* in the YTD, supported by data revenue growth of 45.4%* YTD. EBITDA
increased by 27.5%* with EBITDA margins improving by 3.4pp* to 39.6%*.
Usage and the active data subscriber base continued to improve YoY, and the customer base grew by
3.4% YoY to 15.8 million, although it declined by 1.6% QoQ in Q3 2026. We continue to invest capex
for additional 5G, 4G capacity and coverage expansion. These investments are intended to support
continued growth and customer experience.
MTN Cameroon
MTN Cameroon sustained double-digit service revenue growth, increasing by 10.7%* in Q3 and
11.4%* YTD. Data revenue increased by 24.4%* YTD, while voice revenue increased by 1.5%* and
fintech revenue rose 3.4%*. MTN Cameroon retained its market share leadership, continuing to invest
in network capacity and coverage.
Updates on significant litigation and US Department of Justice (DoJ) investigation
Anti-Terrorism Act (ATA) litigation
On Friday, 25 September 2026, the US District Court for the Eastern District of New York denied MTN’s
requests to reconsider, or permit an immediate appeal of, its earlier decision allowing certain claims
under the US Anti-Terrorism Act in Zobay v. MTN Group Limited to proceed. The rulings are procedural
and do not constitute a finding of wrongdoing or liability against MTN. Please refer to our Stock
Exchange News Service of the JSE Limited (SENS) announcement dated 29 September 2026 for further
details.
Turkcell matter
The matter was argued before the Constitutional Court of South Africa on 31 August 2026, and
judgment has been reserved. Please refer to our SENS announcement dated 12 May 2025.
US Department of Justice (DOJ) Investigation
In relation to the previously disclosed DoJ grand jury investigation relating to MTN Group, its former
subsidiary in Afghanistan and Irancell, MTN continues to cooperate with the DoJ and is voluntarily
responding to requests for information. Please refer to our SENS announcement dated 17 November
2025.
Outlook
The Group remains well positioned to deliver on medium-term guidance of Group service revenue
growth of at least high teens in percentage terms; return on capital employed in the high-20% to low-
30% range and Group leverage of 1.0x or lower.
We are encouraged by the year-to-date performance and remain committed to executing our strategy,
delivering our medium-term targets and unlocking value for our shareholders and broader
stakeholders.
MTN Nigeria has reaffirmed its medium term guidance of service revenue growth of at least the low-
20% range and an EBITDA margin in the mid-to-high 50%s. While energy costs remain an important
consideration, recent trends give MTN Nigeria increased confidence in its margin outlook, and it
expects Airtime Advance to recover to pre-suspension levels by the end of the year. We will continue
to invest to capture the growth opportunities we see across Nigeria that will support data and home
acceleration.
In MTN SA, we expect FY 2026 service revenue growth to be below our low-to-mid single-digit
medium-term range, with the EBITDA margin within the 35–37% range. Our focus is on carrying Q3's
EBITDA and prepaid momentum into Q4 and rebuilding service revenue growth towards the medium-
term range.
MTN Ghana expects FY 2026 service revenue growth in the low-to-mid 30% range and will accelerate
its 5G and network rollout. MTN Uganda expects FY 2026 service revenue growth to be below its mid-
teen medium-term guidance; we are working with the authorities to address the impact of
unauthorised public Wi-Fi resellers and to restore data growth.
In the rest of our markets, we are encouraged in particular by the momentum in MTN Côte d’Ivoire,
MTN Cameroon, MTN Rwanda and MTN Zambia. The work is ongoing to ensure that these trajectories
are sustained and support the overall growth of the Group.
In Fintech, as indicated at H1 2026, we expect FY 2026 revenue growth to remain below our medium-
term range of high-20%s to low-30%s as Airtime Advance in Nigeria is restored, and we remain focused
on restoring growth towards that range over time.
We are working on completing outstanding requirements for the IHS transaction within 2026, subject
to regulatory approvals.
We will continue to invest prudently and expect FY 2026 capex investment (ex-leases) to remain within
our disclosed capex envelope of US$2.0-2.5 billion.
As we close out 2026, we remain committed to our work of connecting Africa and leading its digital
transformation. We remain focused on executing on our Ambition 2030 priorities and sustaining the
operational momentum achieved in the first nine months of 2026. The structural demand for data and
fintech services remains supportive, while continued network investment, CVM and platform
monetisation provide important foundations for medium-term growth.
While broader macroeconomic uncertainty remains a consideration, for the rest of 2026 we will
continue to focus on those areas that are within management’s control.
We will continue managing operating-cost growth and protecting margins while maintaining
disciplined capital allocation and balance-sheet flexibility.
Q3 2026 TRADING UPDATE TELECONFERENCE
MTN will be hosting a teleconference on Monday, 9 November 2026, where we will unpack the Group’s
trading update for the nine months ended 30 September 2026. To participate, please register here:
https://presentations.corpcam.com/PreRegPage.aspx?id=MTN09112026
9 November 2026
Fairland
Lead sponsor
Tamela Holdings Proprietary Limited
Joint sponsor
J.P. Morgan Equities (SA) Proprietary Limited
Abbreviations
API Application Programming Interface
CC Constant currency
CEMAC The Economic and Monetary Community of Central Africa
CVM Customer value management
COMESA Common Market for Eastern and Southern Africa
DoJ United States Department of Justice
EBITDA Earnings before interest, tax, depreciation and amortisation
ECOWAS The Economic Community of West African States
ERM Effective rate per minute
FCF Free cash flow
FTTH Fibre to the Home
FWA Fixed wireless access
GB Gigabyte
HoldCo Holding Company
ICASA Independent Communications Authority of South Africa
ICT Information and communications technology
IHS Information Handling Services
IoT Internet of things
JV Joint venture
MAU Monthly active users
MTR Mobile termination rates
Opco Operating company
PB Petabyte
pp Percentage points
PSB Payment service bank
QoQ Quarter on quarter (Q3 2026 versus Q2 2026)
SARB South African Reserve Bank
SMS Short message service
VAS Value-added services
VoIP Voice over Internet Protocol
YTD Year to date
YoY Year-on-year (nine months to 30 September 2026 versus nine months to 30 September
2025)
Date: 09/11/2026 07:05:00
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