MTN Nigeria has released its unaudited financial results for the Q1 ended March 31, 2026, reporting a pre-tax profit of N546.421 billion, up 169.64% YoY.
The Q1 2026 profit is the 2nd best quarterly profit since 2019; 4% lower than the Q4 2025 pre-tax profit of N569.588 billion.
The profit growth was driven by an impressive revenue growth, which surged by 42% YoY to N1,498 trillion, the highest quarterly revenue since 2019
Earnings per share increased by 166% to N16.95, which is nearly 30% of the 2025 full-year earnings per share.
When annualized, it is likely to exceed the 2025 figure by about 30%.
This suggests that, if MTNN sustains Q1 performance, it is likely to hit earnings per share of N67.80
MTN Nigeria believes that cost discipline buoyed the Q1 2026 performance. Commenting on the results, CEO Karl Toriola stated:
That said, a cursory review of the financial statements and earnings shows that major drivers of the solid performance include strong revenue growth, almost flat growth in finance cost, foreign exchange gain against foreign exchange loss, expansion, etc.
The communication giant posted revenue of N1.49 trillion, the highest since 2019. This actually helped the bottom line. This is attributed to strong underlying demand.
On cost, the cost of sales increased by 25.0%, well below service revenue growth, supporting a stronger gross margin profile.
This supported robust EBITDA growth of 68.1% to N828.3 billion, with EBITDA margin expanding by 8.7pp to 55.3%.
However, operating expenses grew by 16.19%, due to higher energy prices late in the quarter.
Total assets grew by 8.25%, now standing at N5.849 trillion.
On the liability side, total borrowings decreased by 25% to N315 billion, primarily due to a N154 billion repayment as the company continues to reduce its exposure, which in turn helps moderate finance costs
MTN Nigeria’s Q1 2026 performance highlights continued strong growth, following a robust 2025 full-year performance that marked the company’s return to dividend payouts, with a total dividend of N20 per share after the last payment in 2023.
The company expressed confidence in the structural demand drivers supporting its business, including rising data adoption, increasing smartphone penetration, and the ongoing acceleration of digitalization across Nigeria.
However, it remains mindful of the dynamic environment and will continue monitoring factors such as energy price volatility.
MTN also said that it is keeping its mid-to-high 50% EBITDA margin target range.
This guidance is based on current macroeconomic assumptions, including average inflation remaining in the mid-teens and exchange rates in the N1,400–1,700/US$ range.”
Share price performance
MTNN shares closed yesterday, April 30, 2026, at N870, gaining over 6% from its previous day’s closing price.
YtD it has gained 70.6% and is still the most capitalized stock on the NGX with a market capitalization of N18.3 trillion.
