MTN Group posted a strong rise in first-quarter earnings, with core profits climbing 27.9 percent as standout performances in Ghana and Nigeria lifted revenue and margins across the pan-African telecoms operator’s 19-country network.
The South Africa-based group said earnings before interest, tax, depreciation and amortisation (EBITDA) reached approximately $1.67 billion in the three months to March 2026, with total revenue rising to around $3.44 billion in constant currency terms.
Ghana delivered service revenue growth of 35.7 percent during the quarter, while Nigeria recorded an increase of 41.7 percent, making both markets the dominant engines behind the group’s overall expansion. MTN’s EBITDA margin widened to 47.6 percent from 44.6 percent a year earlier, supported by tighter cost controls and accelerating data consumption across its markets.
Data services remained the single largest growth driver for the group. Data revenue rose 35.4 percent year on year as internet usage continued to expand. MTN now serves approximately 312.7 million customers across its network, including around 175.6 million active data users.
The fintech business also recorded meaningful gains. Revenue from financial technology services rose 20 percent during the quarter, while the total value of transactions processed through the group’s mobile money platforms reached approximately $163 billion. Mobile money has become one of MTN’s most strategically important segments as digital payments deepen rapidly across the continent.
The group committed approximately $582 million in capital expenditure during the quarter to expand network coverage and improve service quality in response to rising demand for data and digital services.
South Africa, MTN’s home market, delivered a sharply contrasting performance. Service revenue there grew by just 0.7 percent as the company faced intense competition in the prepaid segment and weak consumer spending, reinforcing how heavily the group’s growth story now depends on its broader African operations.
The results mark a decisive shift in MTN’s revenue geography, with high-growth markets across West and Central Africa increasingly carrying the weight that South Africa once provided as the company’s primary earnings base.
