MTN Uganda’s first quarter results reflect a business that absorbed a political and operational shock—but still kept its core engines running.
Profit after tax fell 3.8 percent to Shs174 billion, while margins softened under pressure from higher costs, increased depreciation from heavy network investment, and rising finance charges. Yet EBITDA still rose 4.3 percent to Shs462.9 billion, signalling underlying operational resilience.
The defining event of the quarter was the January internet shutdown during the general elections. The disruption curtailed both data services and mobile money access, affecting usage, transaction flows and new customer onboarding.
That impact is evident in the numbers: revenue growth slowed to 7.8 percent, while fintech performance—though positive—was uneven. In a normal operating environment, these segments would likely have posted stronger gains.
Even so, mobile money delivered the standout metric of the quarter.
Transaction values surged 31.2 percent to Shs55.1 trillion, far outpacing the 7.0 percent growth in volumes to 1.25 billion transactions.
This divergence points to a deeper shift: users are increasingly transacting larger amounts on the platform, signalling growing trust and the migration of more substantive economic activity onto mobile money rails.
Fintech revenue rose 7.4 percent to Shs274.5 billion, suggesting monetisation is still lagging usage growth. Data revenue grew 13.6 percent to Shs267.6 billion, supported by a 16.4 percent rise in users—though even here, growth was tempered by the shutdown.
Meanwhile, MTN ramped up investment, with capex (ex-leases) jumping nearly 70 percent to Shs201.5 billion, reinforcing its long-term digital infrastructure play.
Summary of results
| Metric | Q1 2026 | Q1 2025 | % Change |
|---|---|---|---|
| Total Revenue (Shs bn) | 914.5 | 848.0 | +7.8% |
| Service Revenue (Shs bn) | 905.9 | 841.4 | +7.7% |
| Data Revenue (Shs bn) | 267.6 | 235.6 | +13.6% |
| Fintech Revenue (Shs bn) | 274.5 | 255.6 | +7.4% |
| EBITDA (Shs bn) | 462.9 | 444.0 | +4.3% |
| Profit After Tax (Shs bn) | 174.0 | 180.9 | -3.8% |
| Capex ex-leases (Shs bn) | 201.5 | 118.7 | +69.8% |
| MoMo Value (Shs tn) | 55.1 | 42.0 | +31.2% |
The takeaway is straightforward: the shutdown dented momentum, but did not derail it. If anything, the surge in mobile money values suggests that once normal conditions resume, MTN’s growth story—anchored on data and fintech—remains firmly intact.
