FY 2025 Key messages

Key messages

MTN is a Pan-African mobile operator with the strategic intent of
'Leading digital solutions for Africa's progress.'
We have 307.2 million customers in 16 markets and are inspired by our belief that everyone deserves the benefits of a modern connected life.

FY 2025 Key messages
  • Excellent commercial performance led by MTN Nigeria and MTN Ghana
  • Strong earnings, free cash flow and returns generated
  • FY 2025 dividend of 500 cents (+45%) | Enhanced shareholder remuneration framework
  • Ambition 2030 strategy to capture value and structural growth opportunities
  • Medium-term guidance reaffirmed with updated return and leverage metrics
Rm FY 2025 FY 2024 % change
reported		 % change
constant
currency		 Contribution
to Group
Group service revenue 218 500 177 756 22.9 22.7  
• South Africa 44 030 43 175 2.0 2.0 20.2%
• Nigeria^ 61 331 40 755 50.5 54.9 28.1%
• Ghana 40 900 25 191 62.4 35.9 18.7%
• Uganda 17 703 15 317 15.6 13.5 8.1%
Group EBITDA~ (before once-off items) 98 530 60 095 64.0 36.8  
• South Africa# 17 672 19 653 (10.1) (10.1) 17.9%
• Nigeria* 32 488 15 969 103.4 108.4 33.0%
• Ghana 24 506 14 325 71.1 43.5 24.9%
• Uganda 9 616 8 068 19.2 17.1 9.8%
Group EBITDA margin 43.5 32.0 11.5pp 5.4pp  
• South Africa# 34.6 37.4 (2.8pp) 2.8pp)  
• Nigeria* 52.7 38.9 13.8pp 13.6pp  
• Ghana 59.8 56.7 3.1pp 3.2pp  
• Uganda 53.7 52.2 1.5pp 1.6pp  
Capital expenditure (capex, IFRS 16) 51 005 53 290      
• Capex (ex-leases) 38 471 29 871      
• Capex intensity (ex-leases) % 17.0 15.9      
* Earnings before interest, tax, depreciation and amortisation.
# Excludes tower sale loss/gain.

Unless otherwise stated, financial and non-financial growth rates are presented on a CC basis and are year-on-year (YoY, 12M to December 2025 versus 12M to December 2024).

Service revenue excludes device and SIM card revenue. Data revenue is mobile and fixed access data and excludes wholesale. Fintech includes MoMo, insurance, airtime lending and e-commerce. Active data users are a count of all subscribers at a point in time who had a revenue-generating event in the specified period (90 days) prior to that point in time and during the past 30 days had data usage greater than or equal to five megabytes. MoMo users are 30-day active users.

Financial and non-financial numbers included in this results booklet are reported excluding Afghanistan, Guinea-Bissau and Guinea-Conakry in the base year following the Group’s exit in 2024.