South African telecommunications group MTN reported R86 billion in EBITDA for the first nine months of 2026, up 22.9% in constant currency. In results released on Monday, 9 November, the operator highlighted a recovery in its Nigerian business and continued strong growth in Ghana.
Service revenue reached R176.2 billion, rising 17.2% at constant exchange rates and 9.9% on a reported basis. EBITDA grew faster than revenue, lifting the Group’s margin to 47.9%, an increase of 2.8 percentage points from the comparable period.
The recovery was particularly evident in Nigeria, where MTN’s service revenue grew 19.7% in constant currency during the third quarter, compared with 13.2% in the preceding quarter. In Ghana, third-quarter service revenue increased 35.7% and EBITDA rose 42.1%. MTN also reported improving contributions from Cameroon and Côte d’Ivoire.
Digital finance and shareholder returns
Mobile financial services provided another source of activity. Fintech transaction value reached US$512.5 billion in the nine months, an increase of 36.9% in constant currency. At the end of September, MTN had 70.3 million monthly active Mobile Money users within a total customer base of about 323 million across its markets.
Cash generation allowed the Group to continue repurchasing its shares. MTN said it had bought back R2 billion of stock under its R6 billion programme, while free cash flow for the nine months reached R22.4 billion.
The company is also pursuing its proposed acquisition of IHS Holdings. With IHS shareholder approval and regulatory clearances secured in Nigeria and from COMESA, MTN is aiming to complete the transaction before the end of 2026 as the remaining regulatory procedures progress.