owned by mtn group Earnings for the year to December 2025 recorded a sharp improvement, as a dramatic turnaround in Nigeria from loss to profit and strong growth in Ghana led to adjusted headline earnings per share rising 67%.
Group services revenue rose 22.7% in constant currency to R218.5 billion, while Ebitda – earnings before interest, taxes, depreciation and amortization – before one-off items rose 36.8% to R98.5 billion, with margin expanding 5.4 percentage points to 44.5% in constant currency terms.
Core earnings per share rose to R11.13 in 2024 from a restated loss of R5.19, 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 previous year's R3.45.
Group Chairman and CEO Ralph Mupita said the performance was driven by improved macroeconomic conditions in key markets and strong operating execution and disciplined capital allocation.
The group added 16.3 million net new customers in the year, taking its total customer base across 16 markets to 307.2 million, surpassing the 300 million mark for the first time. Active data subscribers increased 9.4% to 172.6 million, data traffic increased 27% to 24.7 petabytes.
Free cash flow rose 345.5% to R26.9-billion, while the net-debt-to-Ebitda ratio fell from 0.7x to 0.3x at end-2024.
nigeria makeover
MTN Nigeria was the standout performer and the biggest driver of the group results. The Nigerian operation delivered service revenue growth of 54.9% in constant currency, with EBITDA more than doubling and margin expanding 13.6 percentage points to 52.7%.
MTN Nigeria returned to profitability in 2024, reporting a profit after tax of R13.1 billion compared to a loss of R6.8 billion. The business restored positive retained earnings and shareholders' equity and resumed dividend payments.
Reading: MTN South Africa struggles due to increasing competition in prepaid market
Data revenue in Nigeria grew 74.2% in constant currency and now accounts for more than half of the operation's total revenue. Active data subscribers increased by 11.6%, while smartphone penetration increased by 7.9 percentage points to 66.1%.
The turnaround was supported by a pricing adjustment made in early 2025, which also delivered sound revenue growth of 41.9% in constant currency. Fintech revenues surged 79.5%, active Momo wallets grew to 3.7 million by December 2025 and customer deposits increased 142.6% from a year earlier.
Nigeria accounted for 28.1% of group services revenue and 33% of group EBITDA, making it the group's largest single contributor on both measures.
MTN said the Nigerian results reflect excellent commercial execution supported by a supportive macroeconomic environment, with inflation declining and the naira stable following the sharp devaluation of recent years.
Ghana distributes
MTN Ghana was the group's other key growth engine, delivering service revenue growth of 35.9% in constant currency against the backdrop of an improved macroeconomic environment with reduced inflation and a stronger cedi.
Data revenues in stablecoins increased by 48.3%, while fintech revenues increased by 33.3% due to the abolition of e-levy. MTN Ghana's EBITDA margin increased by 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% to group service revenue and 24.9% to group EBITDA.
Reading: A full year of dramatic changes at MTN Nigeria
MTN South Africa was a notable laggard, with service revenues growing by only 2% and EBITDA falling by 10.1% due to increased competitive pressure in the prepaid segment. The South African operation contributed 20.2% to group service revenues but only 17.9% to Ebitda. — (c) 2026 NewsCentral Media
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