MTN Group Limited
MTN delivered a robust FY 2025 performance, with strong momentum in our operational and financial results:
Total customers up 5.6% to
307.2 million
Active data customers up 9.4% to
172.6 million
Data traffic up 27.0% to
24.7 PB
Mobile Money (MoMo) monthly active customers up 10.0% to 69.5 million
Fintech transaction volumes up 14.9% to
23.3 billion
Fintech transaction value up 37.6%* to
$500.3 billion
Service revenue up 22.9% to R218.5 billion on a reported basis; up 22.7%* in CC
Data revenue up 37.7% on a reported basis; up 36.4%* in CC
Fintech revenue up 30.0% on a reported basis; up 23.2%* in CC
EBITDA (before once-off items) up 64.0% on a reported basis; up 36.8%* in CC
EBITDA margin up 11.5 pp on a reported basis to 43.5%; up 5.4pp* to 44.5%* in CC
Reported headline EPS (HEPS) to
1 274 cents
Adjusted HEPS up 67.0% to
1 359 cents
Capex (ex-leases) of R38.5 billion, with capex intensity of 17.0%
Net debt-to-EBITDA down
to 0.3x (Dec 2024: 0.7x)
Holdco leverage at
1.3x (Dec 2024: 1.4x)
Ordinary dividend per share of 500 cents (FY 2024: 345 cents)
For Group, region and by country, as appropriate: revenue; service revenue; revenue by segment; data revenue; enterprise revenue; wholesale revenue; fintech revenue; digital revenue; voice revenue; outgoing voice revenue; Group EBITDA (before once-off items); Capex (ex-leases); EBITDA; EBITDA margin; Adjusted EBITDA; profit after tax; loss after tax; adjusted headline earnings and adjusted headline earnings per share; operating expenses; free cashflow; operating free cashflow; depreciation and amortisation; net finance cost and taxation as included in this results booklet has been prepared by incorporating certain adjustments described in the Financial Analysis section to provide users with a further operational understanding of the business (together, the “Non-IFRS Financial Information”). The Non-IFRS Financial Information has been calculated from the financial records of the Group.
Constant currency (CC) financial information has been presented to remove the impact of movement in currency rates on the Group's results and has been calculated by translating the prior financial reporting period's results at the current period's monthly average rates. The measurement has been performed for each of the Group's currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated after translating prior-year results at current year rates. In addition, in respect of MTN Irancell, MTN Sudan, MTN South Sudan and MTN Ghana the constant currency financial information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan, Iran and Ghana were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. Constant currency financial information in this results booklet is denoted with an asterisk (*).
The Non-IFRS Financial Information and Constant currency financial information are collectively referred to as “Pro forma Financial Information” and has been prepared in terms of the Johannesburg Stock Exchange (JSE) Listings Requirements 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 responsibility for preparing and presenting the Pro forma Financial Information, as well as the completeness and accuracy of the Pro forma Financial Information is that of the directors of MTN. The compilation of the Pro forma Financial Information contained in this results booklet has been reported on by the Group's auditor (Ernst & Young Inc.) in terms of ISAE 3420 who has issued an auditor's assurance report thereon and their unmodified auditor's assurance report is included in the Independent Auditor's Assurance Report.
Any forward-looking information disclosed in this results booklet, including the dividend guidance, is the responsibility of the directors of MTN and has not been reviewed, audited or otherwise reported on by our external auditor.
The directors of MTN take full responsibility for the preparation of this results booklet and ensuring that the financial information has been correctly extracted from the underlying audited financial statements. The Group’s results and segmental report are presented in line with the Group’s operational structure.
The Group’s underlying operations are clustered as follows: South Africa (SA), Nigeria, the Southern and East Africa (SEA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations.
The SEA region includes Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted) and Eswatini (joint venture-equity accounted). The WECA region includes Ghana, Cameroon, Côte d’Ivoire, Benin, Congo-Brazzaville and Liberia. The MENA region includes Iran (joint venture-equity accounted) and Sudan.
Although Iran, Botswana and Eswatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the Group.
"In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300 million customers milestone, in alignment with our priority to deepen digital and financial inclusion in the markets we serve. We remain committed to leading digital solutions for Africa's progress.
Operationally, we delivered strong growth in earnings, free cash flow and improved returns. The performance was underpinned by improved macroeconomic conditions in key markets and driven by strong operational execution and disciplined capital allocation."
Ralph Mupita
Group President and CEO