MTN Uganda has reported an 8.5% increase in service revenue to Ush2.84 trillion for the nine months ended 30 September 2026, supported by growth in data and fintech services. The telecommunications company’s total subscriber base also increased by 12.5% to 26.4 million, maintaining its market leadership with a 63.4% subscriber market share.
Data revenue grew by 12.8% to Ush860.6 billion, while fintech revenue increased by 11.6% to Ush902.8 billion. The company’s active data subscribers rose by 14.3% to 12.6 million, while active fintech subscribers increased by 8.6% to 15.5 million. Mobile money transaction value grew by 18.3% to Ush166.6 trillion during the period.
Profit after tax increased by 21.2% to Ush571.2 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 3% to Ush1.47 trillion. However, the EBITDA margin declined by 2.8 percentage points to 51.1%, reflecting higher operating costs associated with network expansion, fuel prices and logistics.
MTN Uganda continued investing in its network infrastructure, deploying 255 new sites and extending its fibre footprint to more than 40,000 kilometres. Its 5G population coverage increased to 25.6%, while 4G coverage reached 94%. Capital expenditure, excluding leases, rose by 32.6% to Ush397.7 billion.
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The company also expanded its digital services through the launch of MTN TV by AfroMobile, an internet-based entertainment platform offering more than 60 live television channels alongside radio, news, sports and on-demand content. Its MoMo platform introduced additional features, including Entebbe Expressway toll payments and travel services through Travel by MoMo.
Despite the growth, MTN Uganda reported challenges from rising fuel, food and transport costs, foreign exchange pressures and competition from unauthorised public Wi-Fi resellers. The company said these factors affected revenue growth, particularly in data services, which slowed to 7.8% in the third quarter. Fintech revenue growth, however, accelerated to 13.3% during the same quarter.
Commenting on the performance, CEO Sylvia Mulinge said the third quarter was marked by a challenging operating environment, with macroeconomic and market-specific pressures moderating revenue growth and commercial momentum. She added that the company remained focused on network investment, digital services and operational efficiency.
MTN Uganda declared an interim dividend of Ush4 per share, bringing total dividends declared for the nine-month period to Ush21.25 per share. Looking ahead, the company expects its full-year 2026 service revenue growth to be below its medium-term guidance and broadly in line with the growth recorded during the first nine months. It expects its EBITDA margin to remain around 50% for the year.
