MTN Nigeria Communications (MTNN) Q2 2026 earnings summary

Executive summary

• Achieved strong financial performance in H1 2026, with revenue up 25.9% to N2.99 trillion and operating profit rising 41.9% to N1.27 trillion.

• Profit after tax increased 70.6% to N707.5 billion, and EPS rose 70.6% to N33.76.

• Market capitalization reached N15.1 trillion, up 40.9% from December 2025.

• Data services remain the primary growth engine, with rising usage and smartphone adoption.

• Home broadband and fintech segments are expanding, providing long-term growth opportunities.

Financial highlights

• Service revenue grew by 25.9% year-over-year to N2.99 trillion; data revenue up 38.4%.

• EBITDA increased by 39.2% to N1.7tn, with margin expanding by 5.3pp to 55.9%.

• Profit before tax rose 75.4% to N1.1tn; profit for the period was N707.5 billion, up 70.6%.

• Interim dividend of N26 per share, up 73.3% versus FY 2025 final dividend, approved post-period end.

• EPS reached N33.76, up 70.6%.

Outlook and guidance

• Medium-term guidance targets at least low 20% service revenue growth and mid-high 50% EBITDA margin for FY26-28.

• Capex intensity expected to remain stable; guidance based on inflation in mid-teens and exchange rates between N1,400–1,700/US$.

• Directors assessed the company as a going concern, citing strong revenue growth, improved operating profit, and robust cash flows.

• Positive cash flow from operations (N1.55 trillion) and adequate resources to meet obligations are expected to continue.