MTN Group’s service revenue rose 17.2 per cent in constant currency to R176.2 billion in the nine months to 30 September 2026, the South African telecoms group reported on Monday 9 November, with growth accelerating through the third quarter on strong demand in Nigeria and Ghana.
On a reported rand basis the rise was 9.9 per cent, because the rand was on average about 10 per cent stronger against the US dollar, which reduced the rand value of results from operations outside South Africa, chief executive Ralph Mupita said, according to BusinessDay Nigeria. Earnings before interest, tax, depreciation and amortisation rose 22.9 per cent in constant currency to R86 billion, expanding the margin by 2.8 percentage points to 47.9 per cent. Free cash flow was R22.4 billion and R21.4 billion was upstreamed to the holding company, according to BusinessTech Africa’s summary published on 10 November.
Growth accelerated steadily through the period, scaling up each month from May to peak at 18.1 per cent in September, while third-quarter service revenue rose 16.6 per cent, according to Telecompaper, which reported on 9 November. Data revenue increased 28.2 per cent during the nine months and now accounts for 50.4 per cent of total service revenue for the first time in the group’s reported performance, BusinessDay Nigeria reported.
Nigeria and Ghana drive the improvement
Nigeria and Ghana emerged as the major contributors to the group’s earnings growth, with EBITDA increasing 32.8 per cent and 42.1 per cent respectively, according to BusinessDay Nigeria. In Nigeria, service revenue grew by 19.7 per cent in the third quarter, with monthly growth accelerating to 21.6 per cent in September, up from 13.2 per cent in the second quarter. Nigeria’s data revenue grew 31.4 per cent in the quarter.
MTN Nigeria’s locally published nine-month results, released on 30 October, showed service revenue of approximately N4.59 trillion, up 23.7 per cent from the corresponding period of 2025, according to The Port City News. In Ghana, service revenue rose by 35.7 per cent in the third quarter. MTN South Africa recorded its strongest earnings quarter of the year, with third-quarter EBITDA up 7 per cent and its margin expanding by 3.6 percentage points to 38.1 per cent, although service revenue was flat in the quarter and up just 1 per cent over the nine months, according to Developing Telecoms.
Active customers rose 7.2 per cent to 322.9 million over the nine-month period, the group said. At the end of September it had 323 million customers, including 181.7 million active data subscribers and 70.3 million active Mobile Money users, according to Developing Telecoms. MTN’s shares closed 5.17 per cent higher at R224.19 on Monday, their high for the day, BusinessDay South Africa reported.
Fintech lags, and the IHS deal nears completion
Group fintech revenue grew by 12.7 per cent in constant currency during the nine months, falling short of the company’s medium-term growth ambition of between 20 and 30 per cent, according to The Port City News. In Nigeria, fintech revenue fell 26.6 per cent over nine months after a regulatory intervention temporarily suspended MTN’s Airtime Advance service during the second quarter, disrupting a product that allows eligible subscribers to obtain airtime and data on credit. MTN expects the service to return to pre-suspension levels by the end of 2026.
The proposed acquisition of IHS Towers remains on track for completion before year-end after shareholder and some regulatory approvals, BusinessTech Africa reported. The $6.2 billion deal would bring approximately 29,000 telecommunications towers across the continent under MTN’s ownership and significantly reshape its infrastructure strategy, according to BusinessDay Nigeria. Mupita said demand across the group remained robust and described the third quarter as the group’s strongest of 2026, with revenue growth accelerating and earnings continuing to outpace revenue.
