MTNN: 55.3% EBITDA margin, data revenue at ₦827bn — the 2026 growth story

MTN Nigeria Communications Plc (MTNN) traded at ₦830.00 as of our latest TradingView price check, consolidating near the upper end of its 2026 recovery range. The stock has been rerating as the market focuses on the underlying operational strength rather than the FX-related noise of prior years.

The operational story

The headline numbers from Q1 2026 tell a clear story:

• Data revenue: ₦827.2 billion, growing at double digits year-on-year as 4G/5G penetration deepens
• EBITDA margin: 55.3% — evidence of pricing power and scalable network economics
• MoMo fintech revenue: Mobile money transaction volumes continue to climb, adding a high-margin, non-telecom revenue stream

For the full recovery timeline and historical context, see our earlier analysis in MTNN earnings recovery 2026.

FX headwinds receding

The 2024-2025 earnings cycle was dominated by FX revaluation losses as the Naira adjusted sharply. In 2026:

• The pace of Naira depreciation has slowed
• MTNN has restructured a portion of its dollar-denominated liabilities
• The operational cash flow is increasingly covering the remaining FX obligations

If this trend holds, the Q2 2026 report (part of the upcoming earnings season) could show a material improvement in bottom-line profit.

Sector context

MTNN is the largest telecom stock on the NGX by market capitalisation. For a framework on how telecom stocks fit into the broader market structure, see our guide to NGX sector indices.

The telecommunications sector index has been a standout performer, and MTNN’s weight in that index means its performance drives a significant portion of sector-level returns.

What to track next

• Data ARPU: Is average revenue per user rising as subscribers migrate to higher-value data plans?
• Fintech monetisation: MoMo transaction value and the path to full banking licence
• Dividend trajectory: With earnings recovering, the dividend per share is a key variable for holders focused on income

For the broader telecom sector story, see the MTNN earnings recovery 2026 deep dive and the sector indices guide.