Group EBITDA margin of 44.5%*; improved in H2 to 44.7%* vs H1 of 44.2%*
| Rm | 2025 | Restated 2024 |
Reported % |
Constant currency change % |
|---|---|---|---|---|
| Revenue | 226 707 | 188 001 | 20.6 | 20.4 |
| Service revenue | 218 500 | 177 756 | 22.9 | 22.7 |
| EBITDA before once-off items | 98 530 | 60 095 | 64.0 | 36.8 |
| Once-off items | (23) | (797) | (97.1) | – |
| Depreciation, amortisation and impairment of goodwill | (39 024) | (36 013) | 8.4 | 7.6 |
| EBIT | 59 483 | 23 285 | 155.5 | 61.1 |
| Net finance cost | (16 545) | (35 164) | (52.9) | (46.9) |
| Hyperinflationary monetary gain/(loss) | 1 336 | 3 071 | (56.5) | – |
| Share of results of associates and joint ventures after tax | 3 152 | 4 735 | (33.4) | (24.1) |
| Profit/(loss) before tax | 47 426 | (4 073) | 1 264.4 | 319.1 |
| Income tax expense | (20 025) | (6 841) | 192.7 | 151.3 |
| Profit/(loss) after tax | 27 401 | (10 914) | 351.1 | 587.3 |
| Non-controlling interests | (7 139) | 1 545 | (562.1) | 357.2 |
| Attributable profit | 20 262 | (9 369) | (316.3) | 723.8 |
| EPS (cents) | 1 113 | (519) | 314.5 | |
| HEPS (cents) | 1 274 | 110 | 1 058.2 | |
| Adjusted HEPS (cents) | 1 359 | 814 | 67.0 % |
| * | Constant currency information after accounting for the impact of the pro forma adjustments as defined and included throughout these Annual Financial Results. |
Improvement supported by higher retained earnings from strong operational performance, IHS upward revaluation and Ghana translation impact
| Rm | 2025 | Restated 2024 |
% change |
| Property, plant and equipment | 122 306 | 109 731 | 11.5 |
|---|---|---|---|
| Intangible assets and goodwill | 76 016 | 69 123 | 10.0 |
| Right-of-use assets | 63 972 | 62 303 | 2.7 |
| Other non-current assets | 50 211 | 47 897 | 4.8 |
| Mobile Money deposits | 92 554 | 60 844 | 52.1 |
| Other current assets | 93 359 | 81 386 | 14.7 |
| Non-current assets held for sale | 294 | 447 | (34.2) |
| Total assets | 498 712 | 431 731 | 15.5 |
| Total equity | 169 733 | 137 574 | 23.4 |
| Interest-bearing liabilities | 71 737 | 80 602 | (11.0) |
| Lease liabilities | 74 985 | 76 325 | (1.8) |
| Mobile Money payables | 92 554 | 60 844 | 52.1 |
| Other liabilities | 89 469 | 75 984 | 17.7 |
| Non-current liabilities held for sale | 234 | 402 | (41.8) |
| Total equity and liabilities | 498 712 | 431 731 | 15.5 |
Closing rates are utilised when translating balance sheet items.
Certain information presented in these key financial tables, including constant currency financial information, constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information as well as the completeness and accuracy of such information, is that of the directors of the company. This information is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present MTN's financial position, changes in equity, and results of operations or cash flows. The pro forma financial information and selected constant currency financial information contained in these key financial tables have been reported on by the Group's auditor (Ernst & Young Inc), which has issued auditor's assurance reports thereon and their unmodified auditor's assurance reports, prepared in terms of ISAE 3420, are available on the FY 25 annual results booklet.
Constant currency information has been presented to remove the impact of currency rate fluctuations on the Group's results and has been calculated by translating the prior financial reporting period's results at the current period's average rates.
Cash generated from operations up 50.3%, impacted mainly by an increase in reported EBITDA from increased revenues and lower overall growth in total costs versus growth in revenue.
| Rm | 2025 | 2024 | % change |
| Cash generated from operations | 105 938 | 70 502 | 50.3 |
|---|---|---|---|
| Dividends received from associates and joint ventures | 120 | 84 | 42.9 |
| Net interest (paid)/received | (15 994) | (13 617) | 17.5 |
| Tax paid | (12 120) | (10 152) | 19.4 |
| Cash generated by operating activities | 77 944 | 46 817 | 66.5 |
| Acquisition of property, plant and equipment and intangible assets | (42 295) | (31 675) | 33.5 |
| Movement in investments and other investing activities | 1 365 | (1 666) | 181.9 |
| Cash used in investing activities | (40 930) | (33 341) | 22.8 |
| Dividends paid to equity holders of the Company | (6 235) | (5 963) | 4.6 |
| Dividends paid to non-controlling interests | (5 309) | (1 558) | 240.8 |
| Other financing activities | (12 174) | (8 684) | 40.2 |
| Cash used in financing activities | (23 718) | (16 205) | 46.4 |
| Cash movement | 13 296 | (2 729) | NM |
| Cash and cash equivalents at the beginning of the year | 29 062 | 36 555 | (20.5) |
| Effect of exchange rates and net monetary gain | (1 093) | (5 906) | (81.5) |
| Cash classified as held for sale | – | 1 141 | (100.0) |
| Cash and cash equivalents at the end of the period | 41 264 | 29 061 | 42.0 |
