Mtn Nigeria Communications Plc · NSENG:MTNN
Mtn Nigeria Communications — 9M 2026 Earnings Presentation
19 slides from Mtn Nigeria Communications's earnings presentation, November 2026
Slide 1: MTN Nigeria Results presentation
MTN Nigeria Results presentation for the nine months ended 30 September 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document (presentation) has not been verified independently. No representation or warranty, ex press or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or op ini ons conta
Slide 3: Agenda
Agenda 01 Business Overview 02 Financial Review 03 Looking Ahead 04 Q&A 3
Slide 4: Business Overview
Business Overview Karl Toriola CEO
Slide 5: Key Messages
Key Messages Q2 was a once - off event: service revenue growth rebuilt to 19.7% in Q3 1 • Q3 service revenue increased 8.4% QoQ, supporting 9M growth of 23.7% • Volume - led: data traffic +30.1% on more data users (+12.0%) and higher usage (+16.2%) • Airtime and data credit service commission up 78.
Slide 6: Operating context
Operating context Easing inflation, lower interest rates and a stronger naira improved the operating backdrop Exchange rate (N/US$) Inflation & MPR (%) Economic growth (%) 1,475 30 1,436 1,387 1,380 9.7 9.2 1,329 25 8.1 7.7 20 4.4 4.0 4.1 3.9 15 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 10 FX reserves (US$
Slide 7: Key Financial Highlights
Key Financial Highlights Strong operating momentum drove earnings growth, margin expansion and robust cash generation Growth Earnings Capex & Cash Flow Service +36.8% Capex +14.2% Revenue +23.7% EBITDA (ex - leases) N864.8bn N2.6tn Data EBITDA +5.5pp Capex - 1.6pp Revenue +35.8% Margin 56.9% intensi
Slide 8: Service revenue | Growth momentum sustained
Service revenue | Growth momentum sustained T wo - year CAGR 1 holds at 39.6% through a high post - tariff base Service revenue growth (%) 9M service revenue (N'trillion) Reported YoY growth (quarterly) Two-year CAGR (quarterly) 80% 70% CAGR: 39.6% 4.6 60% 3.7 50% 39.6% 40% 2.4 30% 19.7% 20% 10% 0%
Slide 9: Service revenue | Q3 Recovery driven by demand
Service revenue | Q3 Recovery driven by demand Momentum regained in Q3, supported by strong data demand Service revenue Data revenue Voice revenue +41.8% YoY +13.2% YoY +19.7% YoY +56.2% YoY +24.9% YoY +31.4% YoY +22.5% YoY +3.1% YoY +9.3% YoY +1.7% QoQ −0.2% QoQ +8.4% QoQ +2.8% QoQ +5.9% QoQ +12.1%
Slide 10: Connectivity | Solid Commercial Momentum
Connectivity | Solid Commercial Momentum Strong customer additions and increased data usage underpin volume - led growth +16.2% +0.9pp Active +12.0% Usage/ GB per 15.3GB Smartphone data Users 57.2m Active User Penetration 66.0% Q3: 17.2GB Q3: 66.0% Q3: +1.5m +10.9% - 9.4% +14.4% Blended Subscribers
Slide 11: Fintech Progress
Fintech Progress Fintech growth accelerating in Q3 as the airtime and data credit service recovers under the multi - partner model Fintech Revenue (N’bn) Customer Deposits (N’bn) Airtime & data credit: Recovered progressively through Q3 under - 2 5.9% YoY 345.2 % the new multi - partner model, with
Slide 12: Financial Review
Financial Review Modupe Kadri CFO
Slide 13: Revenue, Expense Profile & Cash Flow Generation
Revenue, Expense Profile & Ca sh F low Generation Revenue grew more than twice as fast as costs, with margin expanding every quarter From revenue to free cash flow, 9M 2026 (N'bn) EBITDA margin by quarter (%) Data Voice Digital Fintech Wholesale Other¹ 2,684.4 +35.8% 1,496.7 +11.1% 88.3 +24.0% 97.5
Slide 14: Capital Structure
Capital Structure Stronger balance sheet supports growth investment and sustainable shareholder returns Total borrowings (N’bn) Net Debt (N’bn) Net cash position of N47.7bn 527.7 Net debt/EBITDA¹ of (0.02x) against a covenant −36.8% 719.5 maximum of 2.5x 333.3 since December 2025 Finance income exce
Slide 15: Looking Ahead
Looking Ahead Karl Toriola CEO
Slide 16: Medium Term guidance
Medium Term guidance Nine - month delivery within guidance; on track for FY 2026 Medium - term 9M 2026 KPI guidance (FY 26 - 28) Performance Service revenue At least low 20% 23.7% growth EBITDA margin Mid - high 50% 56.9 % Capex intensity Stable 18.7% 16
Slide 17: Q4 2026 priorities: sustaining growth and protecting margins
Q4 2026 priorities: sustaining growth and protecting margins Converting earnings growth into stronger cash flow and long - term shareholder value Sustain growth • Subscriber and usage growth, with deeper data adoption • Scale home broadband, digital and enterprise services • Complete the migration o
Slide 18: Total Shareholder return: MTN Nigeria has outpaced naira devaluation
Total Shareholder return: MTN Nigeria has outpaced naira devaluation An investment in the MTN Nigeria 2021 public offer has grown in real US$ terms, despite naira devaluation and inflation 9.9% 3.6% +US$1,112 +0.63pp Real US$ return p.a. | MTN Nigeria Real US$ return p.a. | Eurobond More per N1m tha
Slide 19: Thank you
Thank you
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