MTN Nigeria Communications (MTNN) Q3 2026 earnings summary

Executive summary

• 9M service revenue grew 23.7% to N4,586.0bn; Q3 growth rebuilt to 19.7% YoY and 8.4% QoQ, with momentum increasingly volume-led.

• 9M EBITDA increased 36.8% to N2,624bn, PAT rose 55.3% to N1,165.2bn, and free cash flow grew 57.5% to N1,169.7bn.

Financial highlights

• 9M total revenue rose 23.6% to N4,613.3bn; operating expenses grew 8.5%, below revenue growth, while depreciation and amortisation increased 32.6%.

• Operating profit increased 38.2% to N1,992.5bn; net finance costs fell 25.3% to N277.0bn, and net FX gain was N80.1bn.

• Net cash from operating activities reached N2.31tn, compared with N1.56tn in 9M 2025.

Outlook and guidance

• Medium-term targets remain average service revenue growth of at least low-20% and EBITDA margin in the mid-to-high-50% range; FY26 remains on track.

• Medium-term capex intensity guidance is unchanged; 9M capex intensity was 18.7%.

• Q4 priorities include subscriber and usage growth, broadband and fintech scale-up, airtime/data-credit recovery, expense efficiency, network investment and sustainable shareholder returns.

• Airtime/data-credit recovery is targeted to reach expected levels by end-November 2026; XtraTime was expected to return to normal levels in Q4.