South Africa’s telecom giant MTN reported a 27.9 % jump in core earnings for the first quarter of 2026, a surge the company attributes to robust performance in its Nigerian and Ghanaian operations.
In its unaudited financial statement covering the three months to 31 March, MTN said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 27.6 billion rand (approximately $1.67 billion) on a constant‑currency basis. The increase follows a record profit for MTN Nigeria, which posted a post‑tax profit of N355.5 billion, up 165.9 % from the same period a year earlier.
MTN, the continent’s largest telecommunications provider with more than 310 million customers across 16 African markets, highlighted the contribution of its West‑African units to the overall earnings uplift. While the Nigerian market delivered the strongest growth, Ghana’s network also recorded significant gains, helping to offset weaker performance in other regions.
However, the company cautioned that its full‑year EBITDA margin could face pressure in the second half of the year. In the same report, MTN projected a 1.8‑ to 2.0‑percentage‑point decline in the margin if diesel prices average N2 000 per litre, reflecting the impact of rising energy costs on its network operating expenses. “We continue to monitor developments in the operating environment, including energy price volatility and regulatory dynamics,” said CEO Karl Toriola in the earnings release.
Analysts note that the outlook underscores the sensitivity of telecom operators to macro‑economic factors such as fuel prices, which affect both power generation and logistics. MTN’s ability to sustain growth will likely depend on how quickly it can mitigate these cost pressures while maintaining service quality across its diverse portfolio.
The earnings surge positions MTN favourably among Africa’s leading telecoms, reinforcing its role as a key player in the region’s digital infrastructure. Investors will be watching the second‑half results closely, particularly the company’s response to energy‑price volatility and any regulatory shifts that could influence profitability.
MTN’s Q1 performance illustrates the continued importance of the Nigerian market as a growth engine for pan‑African operators, while also highlighting the challenges of operating in a continent where energy costs and regulatory environments remain fluid. The company’s next earnings release, expected later this year, will reveal whether the early‑year momentum can be sustained amid these headwinds.
