MTN swings to R27 billion profit
MTN has seen its bottom line improve from a loss of close to R11 billion in 2024 to a profit of over R27 billion, as the company breaks the 300-million-customer mark.
In 2024, MTN recorded a loss of R10.9 billion, with the group heavily impacted by the devaluation of the Naira in its largest market, Nigeria.
2025 was a stronger year for the group, with it swinging into a profit of R27.4 billion. R20 billion of this was attributable to the company’s equity holders, with the rest going to non-controlling interests.
Basic earnings per share thus increased by 314.5% to 1,113 cents, while reported headline earnings rose 1,058% to 1,274 cents.
“Operationally, we delivered strong growth in earnings, free cash flow and improved returns,” said Group CEO and President Ralph Mupita.
“The performance was underpinned by improved macroeconomic conditions in key markets and driven by strong operational execution and disciplined capital allocation.”
The group’s service revenue grew by 22.7% to R218.5 billion in 2025, led by strong growth of 54.9% and 35.9% in MTN Nigeria and MTN Ghana, respectively, on a constant currency basis.
MTN South Africa reported overall service revenue growth of 2.0%, as it faced competitive pressures in the prepaid segment.
The group maintained strong momentum in other markets, including MTN Uganda, MTN Cameroon, MTN Côte d’Ivoire, and MTN Zambia.
Its results were also supported by sustained investment in its networks and platforms, with the group deploying R38.5 billion over the year.
It also connected 16.3 million net new customers to its networks, bringing its total base to 307 million. Its active data customers increased by 9.4% to 172.6 million.
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Service revenue | R218.5 billion | R177.8 billion | +22.9% reported / +22.7% CC |
| Data revenue | R101.5 billion | R73.7 billion | +37.7% reported / +36.4% CC |
| Profit and Loss | R27.4 billion | (R10.9 billion) loss | +351% |
| Profit and Loss Attributable to Equity Holders of the Parent | R20.3 billion | (R9.4 billion) loss | +316% |
| Headline EPS (HEPS) | 1,274 cents | 110 cents | +1,058% |
| Basic EPS | 1,113 cents | (519 cents) loss | +314.5% |
| Ordinary dividend per share | 500 cents | 345 cents | +155 cents |
Outlook
“The more supportive macroeconomic conditions across our markets boosted the strong performance of our business in FY 2025 and provided a foundation for continued growth going forward.”
“In this context, we believe that our Ambition 2030 strategy embodies the right framework to sustain our medium-term growth and value creation journey.”
Ambition 2030 forms part of the group’s streamlining of three principal platforms, namely ‘Connectivity’, ‘Fintech’ and ‘Digital Infrastructure’.
It believes that focusing on these three will best position the group to capture value from the structural growth opportunities brought about by data adoption and financial inclusion across Africa.
Although macro conditions are supportive of the business, the group has noted the rapidly evolving developments in global geopolitics, which include conflicts in the Middle East and Ukraine.
These conflicts can impact indicators such as energy supply and prices, foreign exchange rate volatility, and the trajectory of inflation in MTN’s markets.
“If sustained, the escalating geopolitical risks may adversely impact our operating environment and prospects, including our market guidance,” the group said.
“Operationally, we remain focused on maintaining the robust performances in MTN Nigeria, MTN Ghana and MTN Uganda; as well as the traction in various markets within our broader portfolio.”
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