MTN Reports 27.9% Rise in Q1 Core Earnings Driven by Nigeria, Ghana Growth

South African telecom giant MTN Group reported a 27.9% rise in core earnings for the first quarter of 2026, driven by strong performances in Nigeria and Ghana as tighter cost controls boosted profitability.

The company said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 27.6 billion rand ($1.67 billion) in constant currency for the three months ended March 31. MTN’s EBITDA margin also widened by three percentage points to 47.6%.

Group service revenue, excluding currency fluctuations, increased by 21.1% to 56.8 billion rand, with MTN Nigeria recording a 41.7% rise in revenue while MTN Ghana posted a 35.7% increase. MTN Cameroon and MTN Côte d’Ivoire also recorded double-digit growth of 14.4% and 18.3% respectively.

Data services remained the biggest driver of revenue growth across the group, climbing 35.4%, while financial services revenue rose by 20%. Voice revenue increased by 4.7%, according to the company.

Despite the strong group performance, MTN said its South African operations continued to face pressure in the highly competitive prepaid market, where service revenue growth edged up by just 0.7%. The company said its prepaid recovery strategy, which includes improving distribution, refreshing product offerings and tightening credit was beginning to show signs of stabilisation.

MTN added that growth in cash recharges was helping offset declining use of its XtraTime service, which allows prepaid subscribers to borrow airtime and data bundles when low on credit.

The telecom operator also highlighted ongoing energy supply risks in several African markets, saying it was working with partners to secure sufficient diesel supplies to maintain uninterrupted network operations.

With more than 310 million customers across 16 African markets, MTN remains Africa’s largest telecom operator by subscriber base. Analysts say the latest results underline the growing importance of its Nigerian and West African businesses in supporting overall group growth.