MTN Group delivered a strong performance in the first nine months of 2026, with service revenue and earnings growth accelerating through the third quarter, margins expanding and cash generation remaining robust.

In constant-currency terms, Group service revenue increased by 17.2% to R176.2 billion in the period to 30 September 2026. Growth accelerated every month from May and reached 18.1% in September. Q3 service revenue grew by 16.6%. Group EBITDA increased by 22.9% to R86.0 billion, with the EBITDA margin expanding by 2.8 percentage points to 47.9%. Q3 EBITDA grew by 20.1%.

The performance reflected resilient demand for data and connectivity services, sustained momentum in MTN Nigeria and MTN Ghana, improving contributions from other markets including Cameroon and Côte d’Ivoire, and disciplined execution across the portfolio.

“Q3 was our strongest quarter of 2026 and demonstrates the resilience and quality of the MTN portfolio. Service revenue growth re-accelerated through the quarter, while EBITDA continued to grow faster than revenue,” said MTN Group President and CEO Ralph Mupita. “We remain focused on sustaining commercial momentum, expanding margins and converting growth into cash and improved returns.”

MTN South Africa recorded its strongest earnings quarter of the year. Q3 EBITDA increased by 7.0% and the EBITDA margin expanded by 3.6 percentage points to 38.1%, reflecting the initial benefits of structural cost interventions. Service revenue was flat in Q3 and grew by 1.0% in the first nine months. This reflected continued pressure in the prepaid consumer voice market, the impact of lower mobile termination rates and the deliberate prioritisation of a healthier, more valuable prepaid customer base. Data revenue improved through the quarter, but the focus remains on converting this progress into sustainable topline growth.

MTN Nigeria’s growth momentum strengthened materially in Q3. Service revenue increased by 19.7%, compared with 13.2% in Q2, and exited September at 21.6%. Q3 EBITDA increased by 32.8%, supported by stronger revenue growth and disciplined cost management. The restoration of Airtime Advance supported an improving commercial trajectory, with further recovery expected through the remainder of the year.

MTN Ghana sustained strong, broad-based growth. Q3 service revenue increased by 35.7% and EBITDA by 42.1%, with growth supported by data, voice, digital services and Mobile Money. The strong performance in Nigeria and Ghana, together with improving contributions from the wider portfolio, underpinned the Group’s Q3 acceleration.

Fintech performance improved in the quarter. Excluding Airtime Advance, MoMo revenue increased by 18.5% in the first nine months and accelerated to 19.9% in Q3. Advanced services remained the principal growth engine, increasing by 32.4%, while fintech transaction value rose by 36.9% to US$512.5 billion. Total fintech growth remained below the Group’s medium-term target, and execution remains focused on rebuilding Airtime Advance in Nigeria and sustaining advanced-services momentum.

Demand across MTN’s markets remained strong. At 30 September 2026, MTN served 323.0 million customers, including 181.7 million active data subscribers and 70.3 million active Mobile Money users. Data traffic increased by 27.3% to 22,754 petabytes.

The Group maintained a strong balance sheet and significant financial flexibility. Free cash flow increased to R22.4 billion, while R21.4 billion was upstreamed to the Group holding company in the first nine months. Group net debt-to-EBITDA ended the period at 0.2 times.

MTN also continued to execute its shareholder remuneration framework. The Group bought back R2.0 billion of shares during the period under the R6.0 billion share buyback programme.

The proposed acquisition of IHS Holdings remains on track. MTN has secured IHS shareholder approval as well as regulatory approvals in Nigeria and from COMESA and continues to progress the remaining regulatory processes. Completion is expected before the end of 2026.

For the remainder of the year, MTN will focus on sustaining growth in its major markets, rebuilding topline momentum in South Africa, accelerating fintech towards its medium-term targets, completing the IHS transaction and maintaining disciplined capital allocation, cash generation and returns.

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