MTN Group delivered a decisive nine-month performance as soaring mobile internet usage and fintech uptake countered biting currency headwinds across Africa. The Johannesburg-based telecom giant led by CEO Ralph Mupita, generated R176.2 billion ($10.75 billion) in service revenue through Sept. 30, up 17.2 percent in constant-currency terms from a year earlier.

Reported service revenue advanced 9.9 percent, while group earnings before interest, tax, depreciation, and amortization (EBITDA) rose 22.9 percent in constant currency. That pushed MTN’s EBITDA margin up 2.8 percentage points to 47.9 percent, proving the carrier could absorb steep network running expenses and volatile local energy bills across its 19 markets.

Subscriber growth anchored the expansion, climbing 7.2 percent year-on-year to 322.9 million customers. Improving operational health translated into R22.4 billion ($1.37 billion) in free cash flow, while local operating subsidiaries upstreamed R21.4 billion ($1.31 billion) to the parent company, an 80 percent surge compared to R11.9 billion ($725.84 million) in 2025.

Cash surge fuels buybacks

The massive cash influx supported management’s R6 billion ($365.97 million) share repurchase plan, with R2 billion ($121.99 million) executed during the nine-month period. MTN preserved balance sheet strength throughout the capital return drive, keeping its net debt-to-EBITDA ratio at a conservative 0.2x, giving the company ample breathing room against volatile macroeconomic cycles.

Data traffic served as the primary commercial engine across the continent, lifting segment revenue 28.2 percent in constant currency to R88.9 billion ($5.42 billion). Data now accounts for 50.4 percent of total group service revenue, backed by 181.7 million active data users consuming 22,754 petabytes of bandwidth, up 27.3 percent year-on-year.

Traditional voice revenue reached R46 billion ($2.81 billion), edging up 3.4 percent in constant currency despite structural consumer migration toward internet calling. Digital services revenue climbed 22.4 percent to R22.6 billion ($1.38 billion), reflecting deeper engagement with enterprise platforms, streaming entertainment, and localized content offerings across major regional consumer markets.

Fintech ecosystem scales fast

Fintech operations expanded 12.7 percent in constant currency to R22.6 billion ($1.38 billion), with core Mobile Money revenue up 18.5 percent excluding airtime advances. The division saw monthly active MoMo users reach 70.3 million, fueling an 80.1 percent jump in facilitated loan values to $4.2 billion across its digital financial footprint.

Total fintech transaction value jumped 36.9 percent to $512.5 billion across 20.3 billion transactions, demonstrating rapid retail adoption. Geographic performance remained robust, led by MTN Nigeria’s 23.5 percent constant-currency service revenue gain and a restored 56.9 percent EBITDA margin, while MTN Ghana grew service revenue by 33.5 percent with a 61.6 percent margin.

Regional momentum continued across other territories, with Southern and East Africa climbing 19.7 percent and Francophone Africa rising 9.4 percent. Beyond retail connectivity, the carrier is accelerating terrestrial and subsea fiber projects under Bayobab, advancing its Ambition 2030 strategy while expanding scalable broadband networks to satisfy hungry domestic enterprise and consumer demand.

Balance sheet bolsters expansion

MTN also advanced its pending tower agreement with IHS Holding, securing endorsements from shareholders, Nigerian authorities, and the Common Market for Eastern and Southern Africa. Regulatory filings now await final clearance from antitrust agencies in South Africa and other regional watchdogs before the telecom infrastructure restructuring can formally close.

Disciplined capital management left the carrier holding R42.8 billion ($2.61 billion) in liquidity headroom at the end of September. Capital expenditure excluding leases reached R28.8 billion ($1.76 billion), holding capital intensity at 15.9 percent, directly in line with long-term financial guidance and management’s conservative cash-preservation framework.

Strengthening its debt profile further, MTN redeemed its maturing $500 million Eurobond on Oct. 13, eliminating refinancing overhangs as benchmark rates fluctuate globally. With major subsidiaries generating healthy local cash and debt burdens tightly contained, Africa’s largest mobile network operator enters the final stretch of 2026 positioned for sustainable returns.