Legend Internet PLC Reports Sharp Revenue Decline in First Half of 2026

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Legend Internet PLC, Nigeria’s pioneering listed internet service provider, has reported an 18.8% decline in revenue for the first half of its 2026 financial year, as the company struggles with weaker broadband demand, rising operating costs, and increasing debt burdens.

For the six months ended January 31, 2026, the company posted revenue of ₦505.36 million ($368,000), down from ₦622.64 million ($453,400) in the same period the previous year.

The sharp drop marks a significant reversal from the growth momentum the company enjoyed following its debut on the Nigerian Exchange (NGX) in April 2025.

The decline was primarily driven by a steep fall in performance from Legend Fibre, the company’s flagship broadband segment. Revenue from this division fell sharply to ₦198.3 million ($144,401), compared to ₦318.15 million ($231,676) in the corresponding period last year.

This represents a contraction of nearly 38% in the company’s core business, raising concerns about execution challenges and competitive pressures in Nigeria’s internet service market.

Legend Internet has been grappling with multiple headwinds, including rising operational costs and growing debt obligations. The company has not yet released full profit figures, but the combination of falling revenue and increasing costs is expected to have put significant pressure on profitability.

The results come at a time when Nigeria’s digital economy continues to expand, yet many smaller internet service providers are facing intense competition from larger players, foreign entrants, and challenges around infrastructure costs and foreign exchange volatility.

As Nigeria’s first ISP to list on the NGX, Legend Internet’s performance is being closely watched by investors looking for exposure to the country’s broadband growth story. The company will need to demonstrate a clear path to recovery in the second half of the year, particularly through improved broadband uptake and cost management.

Analysts will be looking for updates on the company’s debt restructuring plans, customer acquisition strategy, and any potential partnerships or new revenue streams when full-year results are released.

The first-half performance highlights the difficult operating environment for smaller listed companies in Nigeria’s telecoms and technology sector, despite strong long-term demand for reliable internet services.