MTN Group (MTN) Q1 2026 earnings summary

Executive summary

• Achieved strong commercial momentum in Q1 2026, led by Nigeria, Ghana, Côte d'Ivoire, and Cameroon, with encouraging performance in Zambia.

• Data and fintech businesses delivered robust growth, with data revenue up 36.1% and fintech revenue up 22.4% year-over-year.

• Group service revenue increased by 21.1% in constant currency, and EBITDA margin expanded to 47.6%.

• Progressed strategic initiatives, including fintech structural separation in Ghana and Nigeria, and regulatory engagement for the IHS transaction.

• Subscriber base grew 5.4% to 312.7 million, with active data users up 8.7% and MoMo monthly active users up 8.2%.

Financial highlights

• Group service revenue reached R56.9 billion, up 21.1% year-over-year in constant currency.

• EBITDA margin widened by three percentage points to 47.6%, driven by West African markets.

• Data revenue increased by 36.1%, and fintech revenue grew by 22.4% year-over-year.

• Fintech platform processed 15.8% more transactions, with transaction value up 32.8% to US$163 billion.

• CapEx for the quarter was R9.6 billion, with CapEx intensity at 16.4%.

Outlook and guidance

• Focus remains on business resilience, disciplined capital allocation, and cost management amid global challenges.

• Sustaining commercial momentum and capital allocation to high-return opportunities are priorities.

• Medium-term guidance maintained: Group service revenue growth targeted at least high-teens, Nigeria at least low-20%, Fintech high-20% to low-30%, and ROCE in the high-twenties to low-thirties.

• MTN SA expected to track at the lower end of medium-term guidance for 2026; Nigeria guidance reiterated.

• IHS transaction anticipated to close in H2 2026, with medium-term guidance maintained.