MTN delivered a robust 2025 performance, led by led by improved commercial performance from MTN Nigeria and MTN Ghana.
The group has grown its customer base by 5,6% to 307,2-million, with active data customers up 9,4% to 172,6-million and Mobile Money (MoMo) monthly active customers up 10% to 69,5-million.
Data traffic has grown 27% to 247 Petabytes, fintech transaction volumes are up 14,9% to 23,3-billion and fintech transaction value increased 37,6% to $500,3-billion.
The group reports the following financial results:
- Service revenue up 22,9% to R218,5-billion on a reported; up 22,7% in CC.
- Data revenue up 37,7% to R101,5-billion on a reported basis; up 36,4% in CC.
- Fintech revenue up 30% on a reported basis; up 23,2% in CC.
- EBITDA (before once-off items) up 64% on a reported basis; up 36,8% in CC.
- EBITDA margin up 11,5 pp on a reported basis to 43,5%; up 5,4pp to 44,5% in CC.
- Reported headline EPS (HEPS) up 1058% to 1 274 cents.
- Basic EPS up 314,5% to 1 113 cents.
- Adjusted HEPS up 67% to 1 359 cents.
- Capex (ex-leases) of R38,5-billion, with capex intensity of 17%.
- Net debt-to-EBITDA down to 0,3x.
- Holdco leverage at 1,3x; Ordinary dividend per share up 155 cents to 500 cents.
Group president and CEO Ralph Mupita comments: “In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300-million customers milestone, in alignment with our priority to deepen digital and financial inclusion in the markets we serve. We remain committed to leading digital solutions for Africa’s progress.
“Operationally, we delivered strong growth in earnings, free cash flow and improved returns. The performance was underpinned by improved macroeconomic conditions in key markets and driven by strong operational execution and disciplined capital allocation.
“Strong commercial momentum underpinned by execution and investment. Our results were supported by the sustained investment in our leading networks and platforms.”
MTN concluded a number of strategic initiatives during the year, Mupita adds.
“In 2025, we entered into a network-sharing agreement in Nigeria and Uganda aimed at improving the cost of running the networks and expanding coverage in our connectivity platform. In particular, this will enhance our ability to expand in remote and rural regions and provide enhanced mobile services to millions of customers in these areas.
“In fintech, MTN Uganda shareholders voted to approve the structural separation of MTN Mobile Money (U) Limited from MTN Uganda in July 2025.
“Similarly, MTN Ghana shareholders supported the merger of MobileMoney Limited and MobileMoney Fintech in December 2025, as part of the process in that market. For both processes, we are well progressed with the necessary statutory steps to complete the structural separation of the respective fintech businesses in those markets.
“We announced on 20 February 2026 that MTN has agreed to acquire the approximately 75% of IHS Holdings (IHS) we do not already hold (HIS Acquisition). We believe that this transaction will strengthen MTN’s operational and strategic positioning to unlock substantial value in our digital infrastructure platform, as well as capture meaningful efficiencies from internalising of complementary infrastructure into the Group.”
Mupita believes the group has achieved meaningful progress in advancing its Ambition 2025 strategic priorities.
“Over the five-year horizon of the strategy to 2025, we believe that we created, unlocked and shared value for our varied stakeholder base, including our shareholders and the nation states we serve.
“During FY 2025, the group board (the Board) carried out a comprehensive review of the Ambition 2025 strategy,” he adds. “As part of the assessment, the board evaluated the evolving geopolitical, macroeconomic, regulatory, competitive and technology landscapes. In addition, the Board acknowledged the evolving customer behaviours and needs for digital services across our footprint.
“These not only present challenges for the business, but importantly, present significant opportunities for MTN to accelerate Africa’s digital future.
“In this context, we announced on 28 August 2025 that the board has resolved that the fundamentals of Ambition 2025 remain relevant and appropriate. As MTN looks beyond 2025, the Company is streamlining its focus into three principal platforms: connectivity; fintech; and digital infrastructure.”