MTN Nigeria has reported a 55.3% increase in profit after tax to N1.17 trillion for the nine months ended 30 September 2026, supported by strong revenue growth, improved operating margins and higher cash generation. The company, which published its unaudited results on the Nigerian Exchange, said service revenue rose 23.7% to N4.6 trillion, while earnings before interest, tax, depreciation and amortisation increased 36.8% to N2.6 trillion.

Data revenue was the main driver, rising 35.8% to N2.68 trillion, as active data users grew 12% to 57.2 million and average monthly usage per user rose to 15.3GB. Total subscribers increased 10.9% to 94.7 million, while voice revenue rose 11.1% to about N1.50 trillion. Capital expenditure excluding leases reached N864.8 billion, up 14.2%, and free cash flow rose 57.5% to N1.17 trillion. Earnings per share climbed 55.3% to N55.60.

Data, not voice, is now the story

Chief executive Karl Toriola said the company delivered a strong third quarter after a temporary slowdown in the preceding three months, with service revenue growing 19.7% in the quarter. The results remain within full-year guidance of at least low-20% revenue growth and a mid-to-high-50% EBITDA margin. Core mobile money revenue more than doubled, up 102.2%, though from a smaller base. As the final quarter begins, the question is whether MTN can sustain data growth while balancing infrastructure spending, customer expectations and the cost of operating in a high-inflation economy.