MTN Group has reported a 27.9 per cent increase in core earnings for the first quarter of 2026, driven largely by strong performances in Nigeria and Ghana.
The telecom giant, which operates across 16 African markets and serves more than 310 million customers, said its earnings before interest, tax, depreciation, and amortisation (EBITDA) for the three months ended March 31 rose to 27.6 billion rand, equivalent to about $1.67 billion, in constant currency terms.
The company attributed the growth to improved operational performance in key markets, particularly Nigeria and Ghana, despite ongoing economic and regulatory challenges across parts of the continent.
MTN Nigeria had earlier announced a profit after tax of N355.5 billion for the first quarter of 2026, representing a 165.9 per cent increase compared to the same period last year.
In its unaudited financial results released last month, the Nigerian subsidiary warned that rising energy costs could affect profitability in the second half of the year.
The telecom operator projected a possible decline of between 1.8 and 2.0 percentage points in its full-year EBITDA margin if diesel prices average N2,000 per litre during the second half of 2026.
Chief Executive Officer of MTN Nigeria, Karl Toriola, said the company remains cautious about developments in the operating environment.
“We continue to monitor developments in the operating environment, including energy price volatility and regulatory dynamics,” Toriola said in the Q1 report.
MTN has continued to face pressure from high operating costs, foreign exchange fluctuations, and inflation in several African markets, although recent performance in Nigeria has boosted investor confidence.
The company remains one of Africa’s largest telecommunications providers and a major player in mobile connectivity and digital financial services across the continent.
