MTN Group has reported a sharp recovery in earnings for the year to December 2025, swinging from a loss to a profit as a dramatic turnaround in Nigeria and strong growth in Ghana drove a 67% increase in adjusted headline earnings per share.
Group service revenue rose 22.7% in constant currency to R218.5-billion, while Ebitda — earnings before interest, tax, depreciation and amortisation — before once-off items climbed 36.8% to R98.5-billion, expanding the margin by 5.4 percentage points to 44.5% in constant currency terms.
Basic earnings per share swung from a restated loss of R5.19 in 2024 to R11.13, while adjusted headline earnings per share rose 67% to R13.59 from a restated R8.14.
The board declared a dividend of R5/share, a 45% increase on the prior year’s R3.45.
Group president and CEO Ralph Mupita said the performance was underpinned by improved macroeconomic conditions in key markets and driven by strong operational execution and disciplined capital allocation.
The group added 16.3 million net new customers in the year, pushing its overall subscriber base past the 300 million mark for the first time to 307.2 million across 16 markets. Active data customers grew 9.4% to 172.6 million, with data traffic up 27% to 24.7 petabytes.
Free cash flow surged 345.5% to R26.9-billion, while the net-debt-to-Ebitda ratio fell to 0.3x from 0.7x at the end of 2024.
Nigeria turnaround
MTN Nigeria was the standout performer and the single biggest driver of the group result. The Nigerian operation delivered service revenue growth of 54.9% in constant currency, with Ebitda more than doubling and the margin expanding 13.6 percentage points to 52.7%.
MTN Nigeria returned to profitability, reporting profit after tax of R13.1-billion compared to a loss of R6.8-billion in 2024. The business restored positive retained earnings and shareholders’ equity and resumed dividend payments.
Read: MTN South Africa struggles as competition bites in prepaid market
Data revenue in Nigeria surged 74.2% in constant currency and now accounts for more than half of the operation’s total revenue. Active data subscribers grew 11.6%, while smartphone penetration rose 7.9 percentage points to 66.1%.
The turnaround was supported by price adjustments effected early in 2025, which also drove voice revenue growth of 41.9% in constant currency. Fintech revenue jumped 79.5%, with active MoMo wallets expanding to 3.7 million by December 2025 and customer deposits up 142.6% from a year earlier.
Nigeria accounted for 28.1% of group service revenue and 33% of group Ebitda, making it the largest single contributor to the group on both measures.
MTN said the Nigerian result reflected excellent commercial execution underpinned by a supportive macroeconomic environment, with inflation moderating and the naira stabilising after the sharp devaluations of recent years.
Ghana delivers
MTN Ghana was the group’s other major growth engine, delivering service revenue growth of 35.9% in constant currency against the backdrop of an improved macroeconomic environment, with subsiding inflation and a strengthened cedi.
Data revenue grew 48.3% in constant currency, while fintech revenue rose 33.3%, helped by the abolishment of the e-levy. MTN Ghana’s Ebitda margin expanded 3.2 percentage points to 60.2% in constant currency, making it the group’s most profitable operation on a margin basis.
Ghana contributed 18.7% of group service revenue and 24.9% of group Ebitda.
Read: MTN Nigeria in dramatic full-year turnaround
MTN South Africa was a notable laggard, with service revenue growing just 2% and Ebitda falling 10.1% as competitive pressures in the prepaid segment intensified. The South African operation contributed 20.2% of group service revenue but only 17.9% of Ebitda. — (c) 2026 NewsCentral Media
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