MTN Group reported robust earnings for the year ended 31 December 2025, driven by surging demand for mobile data and digital financial services across its African markets. The group’s results reflect strong revenue growth, improved profitability, and a strategic shift toward a platform-driven model as it prepares to transition from its Ambition 2025 strategy to Ambition 2030.
MTN ended 2025 with 307.2 million customers across 16 markets, adding 16.3 million net new subscribers, a 5.6 percent year-on-year increase. Data usage continued to expand rapidly, with 172.6 million active data users (up 9.4 percent) and data traffic reaching 24.7 petabytes, representing a 27 percent increase. Data revenue rose 37.7 percent to US$5.5 billion, underpinning the group’s platform growth.
Mobile financial services also recorded strong growth. Active Mobile Money (MoMo) users reached 69.5 million, up 10 percent from the previous year, while fintech transaction volumes rose 14.9 percent to 23.3 billion transactions. The total value of fintech transactions reached US$500.3 billion, a 37.6 percent increase, cementing fintech as a key growth driver alongside data services.
Revenue performance was robust across MTN’s key markets. Service revenue for the year totaled US$11.9 billion, a 22.9 percent increase on a reported basis. MTN Nigeria and MTN Ghana led growth, with constant currency service revenue rising 54.9 percent and 35.9 percent, respectively.
Profitability improved sharply. Headline earnings per share jumped 1,058 percent to 1,274 cents, while basic earnings per share rose to 1,113 cents, reversing a loss recorded in 2024. EBITDA increased 36.8 percent in constant currency to US$5.4 billion, with margins expanding to 44.5 percent, reflecting revenue growth and cost efficiencies from MTN’s expense efficiency programme. Operating free cash flow surged 81.7 percent to US$3.1 billion, while free cash flow rose 345.5 percent to US$1.5 billion, strengthening the balance sheet and enabling increased shareholder distributions.
MTN’s balance sheet strengthened materially during the year. The net debt-to-EBITDA ratio declined to 0.3x from 0.7x in 2024, while holding company leverage improved to 1.3x. Liquidity remained robust, with US$2.3 billion in available liquidity, including US$1.1 billion in cash balances. Capital expenditure for the year totalled US$2.1 billion, focused on expanding network capacity and supporting growth in Nigeria and Ghana. Capex intensity was 17 percent, within the company’s target range of 15–18 percent.
Reflecting stronger earnings and cash flow, MTN declared a final dividend of 500 cents per share for 2025, up from 345 cents in the previous year. The group also announced a new share buyback framework, targeting up to US$320 million (R6 billion) over the next three years.
MTN said the results demonstrate the strength of its platform-led growth strategy, which prioritises connectivity, fintech, and digital infrastructure. The company also emphasised its ongoing commitment to financial inclusion, technology adoption, and digital services expansion across the continent, even amid increasing competition and pricing pressures in several markets.
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With data and fintech continuing to lead growth, MTN’s strong 2025 performance positions the company to achieve its Ambition 2030 objectives while strengthening shareholder value and reinforcing its presence as a leading telecommunications operator in Africa.
