MTN South Africa: 5 Big Revelations From Its Latest Financial Results

MTN reports 17.2% revenue growth and stronger earnings in 2026. Discover five major revelations from its latest financial results.

MTN Group has delivered an impressive financial performance during the first nine months of 2026, recording stronger revenue, rising earnings and millions of additional customers across its African markets. The telecommunications giant released its third-quarter trading update on 9 November 2026, revealing that demand for mobile data, connectivity and digital financial services continues to support its growth.

However, the results also exposed an important challenge closer to home. While MTN is performing strongly across several African countries, its South African business continues to struggle to achieve the revenue growth targeted by the group. The latest figures provide an important look at the company’s financial position, its customers and the future of telecommunications in South Africa.

1. MTN Reports R176.2 Billion in Service Revenue

One of the biggest highlights from the latest financial update is MTN’s strong service revenue performance. The group recorded service revenue of R176.2 billion for the nine months ended 30 September 2026, representing growth of 17.2% in constant-currency terms. The company also reported that growth accelerated throughout the period, reaching 18.1% in September. For the third quarter alone, service revenue increased by 16.6%.

This performance demonstrates the importance of telecommunications services in African markets, where mobile connectivity has become essential for communication, business activities, entertainment and financial transactions.MTN continues to benefit from increasing demand for data services as more consumers use smartphones and digital platforms.

2. Earnings Increase by 22.9%

MTN’s financial performance was also supported by stronger earnings. Group EBITDA increased by 22.9% to R86 billion during the first nine months of 2026. EBITDA is an important financial measure that helps investors understand how much a business earns from its operations before interest, taxes, depreciation and amortisation. The group’s EBITDA margin also expanded by 2.8 percentage points to 47.9%.

This means MTN managed to improve its operating profitability while continuing to invest in its telecommunications business. During the third quarter, EBITDA increased by 20.1%, reflecting stronger operating performance across several markets. The company attributed its performance to increased demand, improved contributions from different countries and disciplined cost management.

3. MTN Now Serves More Than 323 Million Customers

Another major achievement is the growth in MTN’s customer base. At the end of September 2026, the telecommunications group served approximately 323 million customers across its markets. This represents an increase of 7.2%. The company also reported 181.7 million active data subscribers, reflecting growth of 9.6%.

Meanwhile, data traffic increased by 27.3% to 22,754 petabytes. These figures highlight how important mobile internet has become across the African continent. Consumers increasingly rely on mobile networks for social media, online banking, education, entertainment and communication.

For MTN, growing data usage creates opportunities to increase revenue while expanding its digital services. The group is therefore placing significant attention on improving network capacity and providing customers with reliable connectivity.

4. South African Operations Still Face Revenue Challenges

Despite the impressive group performance, MTN South Africa remains an area requiring attention. According to the trading update, South African service revenue increased by just 1% year-on-year during the third quarter. The company attributed the pressure to continued weakness in the prepaid voice market and lower mobile termination rates.

However, there were some encouraging developments. MTN South Africa recorded its strongest earnings quarter of the year, with EBITDA increasing by 7%. Its EBITDA margin also improved by 3.6 percentage points to 38.1%.

The company said structural cost-saving measures were beginning to produce results. Nevertheless, the relatively slow service revenue growth means the South African business still has work to do to reach the group’s medium-term targets. The local market remains competitive, with telecommunications companies fighting to attract customers through affordable data packages, network quality and improved customer experiences.

5. Mobile Money Continues to Grow Across Africa

MTN’s fintech business is another important part of its expansion strategy. The group reported 70.3 million active Mobile Money users at the end of September 2026. This represents an increase of 9.3%. Fintech transaction volumes also increased by 20.1% to 20.3 billion transactions. Meanwhile, the total value of fintech transactions grew by 36.9% to approximately US$512.5 billion.

These results demonstrate how mobile financial services are becoming increasingly important across African economies. Mobile Money allows customers in supported markets to make payments, transfer funds and access financial services using their mobile phones. For MTN, the growth of these services provides an opportunity to diversify its business beyond traditional telecommunications. The company believes digital financial services will remain an important contributor to its long-term growth strategy.

What Happens Next for MTN?

MTN has several important priorities for the remainder of 2026. The company wants to maintain strong growth in its major markets, improve revenue performance in South Africa and expand its fintech operations. Another important development is its proposed acquisition of IHS Holdings.

According to MTN, the transaction remains on track, with shareholder approval and certain regulatory approvals already secured. The group expects completion before the end of 2026, subject to the remaining processes.

The acquisition is significant because telecommunications infrastructure plays an important role in expanding network coverage and supporting growing demand for mobile connectivity. Investors will also be watching how MTN manages its debt, investments and shareholder returns as it continues expanding its operations.

A Strong African Business With Work Still Ahead

MTN’s latest financial results demonstrate that the company continues to benefit from growing demand for connectivity and digital financial services across Africa.

Its 17.2% service revenue growth and 22.9% EBITDA increase provide encouraging signs for the telecommunications giant. However, the performance of its South African operations shows that strong group results do not automatically mean every market is performing equally well.

The coming months will be important as MTN attempts to strengthen its local business, complete its proposed acquisition and maintain growth across its African markets. For customers and investors, the biggest question is whether the company can turn its impressive financial momentum into sustained improvements in network services, affordability and long-term profitability.