MTN Group reports strong 2025 performance driven by Nigeria, Ghana

MTN Group has reported strong operational and financial performance for the 2025 financial year as service revenue jumped by nearly 25% to R218 billion.

The telecom giant said the results marked the final year of its Ambition 2025 strategy, with strong commercial outcomes driven largely by its operations in MTN Nigeria and MTN Ghana.

The group also recorded strong free cash flow, improved returns, and announced a 45% increase in dividend payments to shareholders.

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**What the data is saying **

According to the company, its total customer base rose to more than 307 million across 16 markets as of December 31, 2025.

• This includes 172 million data users and 70 million Mobile Money customers.
• The growth was supported by sustained investments of about R38 billion to expand the capacity, coverage, and quality of its network infrastructure and digital platforms.
• Data traffic across the network surged by 27% during the year, while the average monthly data consumption per user increased to 12.5GB, up from 10.8GB previously.

MTN also expanded its fintech ecosystem, with total transaction volumes rising by 15% to more than 23 billion transactions. The value of these transactions exceeded $500 billion during the year.

More insights

In terms of unit performance, MTN Nigeria recorded a 54.9% increase in service revenue, while MTN Ghana posted a 35.9% rise.

• MTN South Africa grew service revenue by 2%, reflecting operational resilience in a mature market environment.
• Earnings before interest, tax and amortisation (EBITDA), excluding once-off items, climbed to R98.5 billion, representing growth of more than one-third in constant currency. The performance was also supported by expense efficiencies worth R3.6 billion during the year.
• Basic earnings per share returned to profit in 2025 after a loss in 2024, while adjusted headline earnings per share increased by 67%.

MTN’s board declared a dividend of 500 cents per share for the year, up from 345 cents in 2024 and well above the minimum dividend guidance of 370 cents previously communicated to investors.

The company also unveiled an enhanced shareholder remuneration framework, including a R6 billion share buyback programme aimed at improving shareholder value.

**Get up to speed **

MTN Nigeria earlier reported a swing into profit after tax of N1.1 trillion in 2025, compared to a N400.4 billion loss recorded in 2024, reflecting a recovery in operating conditions and improved cost management.

• The performance reflects a return to profitability following significant FX losses in the prior year and marks one of the strongest earnings recoveries in the company’s history.
• In Q4 2025, pre-tax profit rose to N569.6 billion, up 248.8% from N163.3 billion in Q4 2024, reflecting sustained revenue growth, margin expansion, and improved foreign exchange dynamics.

Following the impressive performance, the Board proposed a final dividend of N15 per share, bringing the total dividend for the 2025 financial year to N20 per share.

**What you should know  **

The sharp depreciation of the naira during the 2024 financial year had significantly eroded earnings at the Nigerian unit, largely due to foreign exchange losses.

However, with the local currency showing relative stability in recent months, Nigeria has once again emerged as a major contributor to group profitability.

Investor sentiment appears to reflect the improved outlook. MTN Group’s shares have climbed nearly 80% over the past 12 months, pushing the company’s market valuation to about 381 billion rand, equivalent to $23.7 billion.

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