2025 was a year of strong, broad-based execution for MTN, delivered against a complex and often challenging operating backdrop. We saw excellent commercial momentum across several of our key markets, most notably in Nigeria and Ghana, but broader positive performance across our other markets was underpinned by sustained growth in data and fintech, disciplined execution, a focus on driving leading customer experience and continued investment in network quality.
Surpassing 300 million subscribers, nearing 70 million fintech monthly active users and strengthening the balance sheet materially are not just milestones; they are indicators of a business that is executing well against a long-term growth thesis and investment case.
What is particularly encouraging is that this operational momentum translated into robust financial outcomes. We delivered service-revenue growth of 22.7%*, earnings expansion with EBITDA growth of 36.8%*, free cash flow (FCF) generation and returns that exceeded our guidance. Adjusted HEPS grew 67% to 1 359 cents and operating FCF rose by 81.7%.
Challenging macroeconomics is a structural feature of operating across developing and growing markets, including those in Africa. While conditions in 2025 were more benign than the prior year – with some currency stabilisation and moderating inflation – management focus remained firmly on commercial execution and capital allocation.
Leadership requires distinguishing between signal and noise: acting decisively where risks are structural or material, while avoiding panic and over-reaction to short-term market disturbances. This approach allowed us to translate strong commercial execution into improved earnings quality and cash flow (CAF).
We prioritised pricing discipline where appropriate, tightly managed costs through our expense efficiency programmes (EEP), and remained deliberate in our disciplined capital-allocation framework (CAF).
Ambition 2025 was underpinned by the structural demand in data and fintech coupled with our commitment to accelerate digital and financial inclusion across Africa.
This strategy firmly repositioned MTN for sustainable growth and provided clarity and focus during a period that required restoring balance sheet resilience, improving leverage and reducing foreign-currency exposure to withstand various macro-shocks.
By the end of 2025, we had grown our subscribers to 307.2 million customers, improved return on equity (ROE) from 17.0% in 2020 to 25.6%, reduced our Holdco leverage from 2.2x to 1.3x and our non-rand debt from 48% to 16%. Furthermore, we delivered R22.6 billion through our asset realisation programme (ARP).
Over this period, MTN strengthened its operating model, materially improved returns, reduced exposure to hard currency debt and embedded a culture of disciplined capital allocation.
We have now simplified our operating structure across three distinct platforms in connectivity, fintech and digital infrastructure with a more resilient balance sheet, a more focused portfolio and improved governance and accountability across the Group.
In 2020, MTN resolved to simplify its portfolio and focus fully on its Pan-African strategy, announcing an orderly exit from the Middle East over the medium term. To this end, we have completed our exits from Yemen and Afghanistan.
In Syria, following regulatory actions that made operating in the country untenable, in 2021 we announced our decision to abandon the operation. With sanctions now lifted, we are in the process of formalising and regularising our exit through a settlement agreement with the Syrian authorities.
Our minority stake in non-controlled Irancell remains complicated by current US sanctions and the exclusion of Iran from SWIFT and the global financial system since 2018. MTN does not deploy or extract capital from this business, in strict adherence to global sanctions.
Should conditions for an exit materialise in Iran, we remain prepared to act decisively in order to complete our previously announced Middle East exit and portfolio simplification, focusing fully on growth opportunities in Africa.
Ambition 2030 is the natural evolution of our long-term strategy. It reflects confidence in the enduring structural opportunities in data and financial inclusion across Africa, while sharpening execution further and simplifying strategic focus, to capture opportunities and deliver value.
We will concentrate capital and management attention on three platforms: connectivity, fintech and digital infrastructure: One MTN, three Platforms - allocating capital based on returns and growth prospects. Within connectivity, the focus is on scaling data, accelerating home and building and empowering enterprises across our markets. In fintech, the priorities are growing the ecosystem and accelerating advanced services. In digital infrastructure, we are focused on building the fibre railroads of Africa, expanding AI-enabled data centres, and unlocking value from towers (subject to the necessary regulatory approvals on the IHS proposal). These are underpinned by leading customer experience, leveraging the use of AI to drive growth, and a strong shared-value lens aligned to the nation states in which we operate.
Alongside this, we have refreshed our capital allocation framework and introduced an enhanced shareholder remuneration policy, reflecting a strengthened financial profile and our commitment to delivering sustainable and enhanced shareholder returns.
Fundamentals of Ambition 2025 remain relevant and
appropriate
Our enduring goal is to broaden digital and financial
inclusion in Africa
A simplified and focused three-platform approach:
Connectivity | Fintech | Digital Infrastructure
Refreshed approach to serve evolving customer
behaviours, technologies and operating environment
Evolving our operating model to ensure we convert
structural opportunities into stakeholder value
The operating environment in many of our markets has evolved materially over the past few years, with increased volatility in foreign exchange, elevated inflation and power supply and energy instability. These issues directly affect the economics of tower infrastructure and the strategic relevance of passive infrastructure ownership.
The IHS transaction reflects a strategic pivot aligned to Ambition 2030, allowing MTN to regain greater control and ownership of critical digital infrastructure while maintaining an open-access operating model that serves both MTN and other customers. The transaction is expected to deliver operating synergies and efficiencies and to support MTN's digital infrastructure strategy across Africa. It is anticipated that the transaction will deliver net income and cash flow accretion.
Importantly, it has been positively assessed against our value-creation criteria, while improving operational and financial flexibility.
Subject to the necessary regulatory and shareholder approvals, we believe the transaction strengthens MTN's infrastructure strategy without compromising balance sheet resilience.
In 2026, maintaining resilience in navigating the current challenging geopolitical and macroeconomic environment remains paramount. We will continue to focus on balance sheet resilience and capital efficiency.
Sustaining commercial momentum across our markets, strengthening FCF generation and advancing Ambition 2030 in a disciplined manner remain our priorities. At the same time, executing on fintech commercial and strategic priorities and restoring profitable growth of prepaid in South Africa remain key focus areas.
Another key priority is completing the IHS transaction, subject to the relevant regulatory approvals, as part of enhancing our digital infrastructure platform.
Ultimately, our objective is to deliver sustainable returns while reinforcing MTN's purpose of leading digital solutions for Africa's progress, where we continue to drive digital and financial inclusion.
