MTN's resilient business model positions us for accelerated growth and relevance in 2025 and beyond. Here, we provide our views on our operating context over the short to medium term.
Geopolitics
Inflation
Forex
movements
Regulations
We are encouraged by signs of improving stability in certain macro indicators that impact our operations. While globally the outlook remains uncertain, given the impact of increased trade and tariff insecurities and the reduction in aid funding provided to some of our markets, the trajectory we are currently seeing in key economic metrics is supportive. We are particularly encouraged by naira stability and the outlook for the implementation of our tariff increases in Nigeria to leverage structural demand. Our focus remains on improving our cash flow profile, driven by progress in our South African and Nigerian operations, while sustaining the growth and turnarounds in our various Markets. We have implemented refreshed commercial strategies to ensure more sustainable and profitable growth in our fintech ecosystem in certain markets, including for MoMo PSB in Nigeria.
MTN Nigeria has reinstated its medium-term guidance (service revenue growth of 'at least 20%*'', and an EBITDA margin of 'at least 50%*'), while the rest of the Group's guidance framework remains unchanged. For FY 2025, MTN Nigeria targets service revenue growth of 'at least mid-40%' and EBITDA margin of 'at least mid-40%', as tariff adjustments take effect.
We remain on track to achieve our EEP target of R7-8 billion in cost savings between 2024 and 2026. In line with our capital allocation framework, we will
continue investing to support our medium-term growth ambitions and target capex (ex-leases) of between
R30 – 35 billion for FY 2025, based on current currency
assumptions. Given our confidence in the outlook for our leverage, combined with our solid leverage position, the Board anticipates paying a minimum ordinary dividend per share of 370 cents for 2025.
Service
revenue growth
Holdco leverage
Adjusted ROE
Group: at least mid-teens growth
South Africa: mid-single-digit growth
Nigeria: at least 20%
Fintech: high – 20% to low – 30%
≤1.5x
Improvement towards 25%
'at least mid-40%' service revenue growth 'at least mid-40%' EBITDA margin underpinned by tariff adjustments ST
Minimum ordinary dividend of 370cps for FY 2025
We provide outlook information throughout
this report, particularly in: