MTN Nigeria Communications (MTNN) Q1 2026 earnings summary

Executive summary

• Achieved solid topline growth with revenue up 41.6% year-over-year to ₦1.50 trillion, driven by strong demand and disciplined commercial execution.

• Operating profit increased 84.5%, profit before tax up 169.6%, and net profit surged 165.9% to ₦355.5 billion.

• Expanded margins and robust cash flow generation supported by operating leverage and cost discipline.

• Fully repaid foreign currency loans, significantly reducing balance sheet risk and enhancing financial flexibility.

• Improved equity position, with total equity at ₦903.9 billion.

Financial highlights

• Service revenue increased by 41.8% year-over-year; data revenue up 56.2%, voice revenue up 22.5%.

• EBITDA grew 68.1% to N828.3bn, with EBITDA margin expanding by 8.7pp to 55.3%.

• Capex (excluding leases) rose 92.8% to N390.3bn; capex intensity increased by 6.8pp to 26.0%.

• Free cash flow increased 55.6% to N326.5bn.

• Market price per share at period end: ₦760.00, market capitalization ₦15.96 trillion.

Outlook and guidance

• Medium-term guidance maintained: service revenue growth at least low-20%, EBITDA margin mid-high 50%, capex intensity reducing.

• Guidance based on assumptions of mid-teen inflation and exchange rates between N1,400–1,700/US$.

• Directors affirm going concern status, citing strong cash flows and compliance with loan covenants.

• No significant macroeconomic or regulatory risks anticipated; stable inflation and currency appreciation noted.

• Forecasts indicate sufficient operational cash flows to meet obligations.