MTN Uganda reported strong financial results for the 2025 financial year, with revenue rising significantly as growing demand for mobile data and financial technology services strengthened the telecom operator’s performance.
The company announced that total revenue increased by 13.6 percent year on year to about US$972 million, equivalent to roughly 3.6 trillion Ugandan shillings, for the period ending 31 December 2025. Service revenue also rose by 13.4 percent to approximately $964 million, reflecting increased usage of digital services across the network.
Earnings before interest, tax, depreciation and amortisation grew by 17 percent to around $513 million, pushing the company’s EBITDA margin up to 53.8 percent. The improved margin reflects stronger operational efficiency and rising demand for digital services among customers.
Profit after tax increased by 5.8 percent to about $183 million. However, when excluding a one off tax settlement of roughly $30 million linked to a transfer pricing audit covering the period from 2012 to 2024, adjusted profit rose more sharply by 23.1 percent to around $213 million.
Chief executive officer Sylvia Mulinge said the results demonstrate the company’s continued focus on network investment, innovation and customer centric services as it completes its Ambition 2025 strategic programme.
Mulinge noted that favourable economic conditions also contributed to the company’s performance. Inflation in Uganda averaged about 3.6 percent in 2025, slightly higher than the 3.3 percent recorded in 2024 but still relatively stable due to moderate food and energy prices.
The Ugandan shilling strengthened during the year, appreciating by 1.7 percent after rising by 2.7 percent in 2024. Economists attribute the stronger currency to improved export earnings from commodities such as Gold and Coffee, alongside higher foreign direct investment and remittances.
Uganda also recorded a balance of payments surplus for the first time in 15 years, highlighting improving external economic conditions.
Within MTN Uganda’s operations, mobile data services remained the primary growth engine. Data revenue surged by 28.8 percent to around $270 million as smartphone adoption and internet usage increased across the country.
The company reported that active data users rose by 18.6 percent to 12 million customers. Data traffic on the network grew even faster, jumping by 51.2 percent during the year as users consumed more online content, streaming services and digital applications.
Smartphone penetration across the network reached 42.8 percent, supported partly by device financing programmes designed to make smartphones more affordable for consumers.
Financial technology services also delivered strong performance. Revenue from fintech operations increased by 17.3 percent to approximately $297 million, driven by the continued expansion of the company’s mobile money ecosystem.
MTN Uganda reported about 14.7 million fintech subscribers, representing a 6.5 percent increase compared with the previous year. Transaction volumes rose by 16.8 percent to about five billion transactions, while the total value of transactions increased by 23.3 percent to around $52.8 billion.
Advanced digital financial services such as payments, lending and savings accounted for more than 30 percent of fintech revenue, highlighting the growing role of digital finance in Uganda’s economy.
The telecom operator also stepped up investment in network infrastructure during the year. Capital expenditure reached about $148 million as the company expanded capacity and improved connectivity across the country.
By the end of 2025, fourth generation mobile coverage had reached 88.6 percent of the population, while third generation coverage rose to 96.2 percent. The company also continued its fifth generation rollout, adding 126 new sites and extending 5G coverage to about 19 percent of the population.
Beyond commercial performance, MTN Uganda highlighted its environmental and social initiatives. The company said it had reduced greenhouse gas emissions by 43 percent from its 2021 baseline as part of its commitment to achieve net zero emissions by 2040.
Through the MTN Foundation, the telecom operator invested more than $1.38 million in projects focused on education, healthcare and digital development across Uganda.
Mulinge said the company remains committed to expanding access to digital connectivity and financial services while promoting responsible environmental, social and governance practices.
The company also reported contributing about $432 million in direct and indirect taxes during 2025, underlining its role in supporting national development.
Looking ahead, growth prospects remain positive as the Ugandan economy continues to expand. The Bank of Uganda projects economic growth of between 6.5 percent and 7 percent for the 2025 to 2026 financial year, driven by stronger investment, rising exports and a recovery in tourism.
MTN Uganda’s board approved a final dividend of $0.0022 per share, bringing the total dividend payout for the year to $0.0078 per share. The company said the dividend register will close on 10 April 2026, with payments scheduled for 30 April.
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