Telecom giant records stronger revenue, rising data demand and improved cash generation as currency stability eases financial pressure.
MTN Nigeria has delivered a strong financial performance in the first half of 2026, with profit after tax climbing 70.6% year-on-year to ₦707.5 billion, supported by sustained data demand, improved operational efficiency and a more stable naira.
For the six months ended June 30, 2026, the telecom operator reported revenue of ₦2.99 trillion, representing a 25.9% increase from the ₦2.38 trillion recorded during the same period in 2025.
The company’s earnings growth was also reflected in its EBITDA, which rose 39.2% to ₦1.7 trillion. EBITDA margin expanded by 5.3 percentage points to 55.9%, while free cash flow surged 73.9% to ₦712.7 billion.
MTN Nigeria said the stronger naira provided greater planning visibility and helped moderate some cost pressures. The currency closed the first half at approximately ₦1,380 to the dollar, compared with ₦1,530 to the dollar a year earlier.
The improved foreign exchange environment also helped the company record a net foreign exchange gain of ₦36.4 billion, reversing a ₦5.2 billion loss reported in H1 2025.
Data Demand Remains a Key Growth Driver
Data services continued to power MTN Nigeria’s commercial performance, with data revenue increasing 38.4% during the period.
The company added 4.9 million net subscribers in the first half, taking its total subscriber base to 92.2 million, an 8.9% increase year-on-year.
Active data users also grew by 9.3% to 55.7 million, while average data consumption per subscriber increased 15.2% to 14.8GB. Smartphone penetration reached 66.4%, highlighting the growing shift toward mobile internet and digital services among Nigerian consumers.
Voice revenue, meanwhile, grew by 12%, while enterprise revenue declined marginally by 0.4% following portfolio optimisation measures implemented earlier in the year.
Fintech Business Faces Short-Term Pressure
MTN Nigeria’s broader fintech segment recorded a 7.2% decline in revenue following the temporary suspension of its airtime and data credit service.
However, the company’s mobile money business continued to show strong momentum. MoMo revenue increased by approximately 132%, while active wallets rose by 1.3 million to reach 5 million during the first half.
MTN Nigeria also confirmed that plans to structurally separate its fintech business remain ongoing, subject to regulatory approval. The company expects the move to improve financial flexibility while allowing it to maintain exposure to the long-term growth potential of digital financial services.
Stronger Balance Sheet and Shareholder Returns
The telecom operator ended the period with a net cash position of ₦116.3 billion, an 11% improvement from December 2025. Its net debt-to-EBITDA ratio stood at negative 0.4 times, reflecting its strengthened liquidity position.
The company also declared an interim dividend of ₦26 per share, reinforcing its commitment to returning value to shareholders as profitability and cash generation improve.
Looking ahead, MTN Nigeria expects continued growth to be driven by rising demand for mobile data, greater smartphone adoption, home broadband expansion, enterprise digitalisation and the long-term potential of fintech.
Despite the improved financial performance, the company said it will continue to monitor key operating risks, including energy costs, inflation, foreign exchange conditions and customer affordability.
The H1 2026 results underline the resilience of Nigeria’s telecommunications market, where growing demand for connectivity and digital services continues to create opportunities for operators even amid broader economic pressures.
