MTN Group reported a 27.9% rise in first-quarter core earnings to R27.6 billion ($1.67 billion) on Tuesday, bolstered by a significant operational recovery and surging data demand in its key West African markets.
The South African telecommunications giant saw constant-currency service revenue climb 21.1%, while its earnings before interest, tax, depreciation and amortization (EBITDA) for the three months ended March 31 expanded to 47.6%. This performance was primarily anchored by a 165.9% jump in profit from its Nigerian subsidiary.
Strong results in Nigeria and Ghana offset a flatter trajectory in South Africa, where service revenue grew by just 1.2% amid intense prepaid competition and a challenging domestic macroeconomic environment.
In Nigeria, the stabilization of the Naira and a net foreign exchange gain of N33.3 billion marked a sharp turnaround from the currency volatility that hampered the group’s 2025 fiscal performance.
Data consumption remains the group’s primary engine, with average monthly usage per subscriber in Nigeria hitting 14.3 GB. Consequently, the company has nearly doubled its network investment in the region this year.
This growth follows a strategic period of recapitalization for MTN Nigeria. Recent central bank policies and infrastructure master plans in major hubs like Abuja have further supported the digital economy’s expansion.
“A more supportive macroeconomic and foreign exchange backdrop in key markets like Ghana, Nigeria and Uganda supported accelerated investment to meet robust demand and to capture the future opportunities we have identified,”Group President and CEO Ralph Mupita commented.
Management confirmed it remains on track with its “Ambition 2025” strategy. This includes the structural separation of its fintech business and ongoing efforts to deleverage the group’s balance sheet.
