“The Group reported a pleasing set of results, driven by strong commercial execution, disciplined capital allocation and improved macroeconomic conditions. We are encouraged by the acceleration in our topline and recovery in our profitability and free cash flow generation.
We have raised our overall medium-term guidance (refer to page 14 of this H1 2025 results announcement), underlining the strength of our portfolio as well as our commitment to accelerate the growth in our business and continue to unlock value for our shareholders and broader stakeholders."
Ralph Mupita
Group President and CEO
Our performance in H1 2025 was supported by improved macroeconomic conditions, characterised by greater stability in inflation and foreign exchange (forex) rates in key markets. The Nigerian naira exhibited greater stability against the US dollar in the first half, particularly when compared to H2 2024; while the Ghanaian cedi strengthened year-to-date in H1 against both our reporting currency the rand and the US dollar. The approval of price adjustments in Nigeria, which were phased in during the period, largely benefiting Q2, boosted MTN Nigeria and the Group’s service revenue expansion.
We deployed capex of R20.8 billion (ex-leases) to enhance the capacity, coverage and quality of our networks and platforms – with an acceleration in MTN Nigeria. This capex spend also reflected strengthening of the cedi against the rand, which drove higher capex for MTN Ghana in our reporting currency. This equated to a capex intensity ratio of 19.0%, which underpinned the commercial momentum and growth of our business.
During the period, total subscribers increased by 4.7% to 297.7 million, with active data subscribers and MoMo MAU up 10.3% to 164.4 million and 1.8% to 63.2 million, respectively. Data traffic rose by 29.1% (42.1% excluding JVs) and fintech transaction volumes by 14.5%, highlighting the ongoing structural demand for our services.
The Group delivered strong service revenue growth of 22.4%* in H1 2025, with pleasing contributions from both data (up 34.3%*) and fintech (up 24.9%*). Advanced services fintech revenue increased by 42.0%* and increased its contribution to total MoMo revenue (i.e. excluding airtime advance) by 3.8pp to 33.4%. Our larger Opcos, MTN Nigeria and MTN Ghana led the growth in service revenue (up 54.1%* and 39.9%* respectively). MTN South Africa (SA) continued to navigate competitive pressures in its prepaid segment and reported service revenue growth of 2.3% in H1.
EBITDA margins expanded by 7.1pp* to 44.2%*, driving EBITDA growth of 42.3%* to R46.7 billion in the period. This outcome was underpinned by robust topline growth and continued progress in our expense efficiency programme (EEP), which yielded savings of approximately R1.5 billion in the first half.
On the back of our strong operational performance in H1, operating free cash flow (OpFCF) increased by 106.4% to R20.5 billion (before spectrum and licence acquisitions).
Within the connectivity business, we entered into agreements to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements. These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas.
The structural separation of our fintech business continues to progress, where the process is well- advanced to secure shareholder and regulatory approvals in key markets. At a 22 July 2025 extraordinary general meeting, shareholders of MTN Uganda voted 99.9% in favour of the resolution to proceed with the implementation of the proposed structural separation of MTN Mobile Money (U) Limited from MTN Uganda. This signalled strong support from MTN Uganda shareholders for the strategic evolution and delivery of the platform strategy.
Completion of these important milestones will enable the operations to satisfy regulatory requirements and accelerate growth of the businesses, boosted by strategic partnerships.
Group net-debt-to-EBITDA leverage was 0.5x as at 30 June 2025 (December 2024: 0.7x) – comfortably within the loan covenant threshold of 2.5x; with our holding company (Holdco) leverage remaining largely stable at 1.5x (December 2024: 1.4x). Cash upstreamed from Opcos in the first half amounted to R8.2 billion, including approximately R3.6 billion from MTN Ghana and R1.6 billion from MTN SA.
In terms of our Holdco debt mix, the proportion of non-rand debt was approximately 17% and remained firmly within our medium-term upper limit target of 40% for foreign currency denominated borrowings.
During H1 2025 we raised R1.8 billion under the DMTN programme to refinance maturities for the year. At Holdco, we maintained healthy liquidity headroom of R39.1 billion as at 30 June 2025 – of which R15.7 billion was held in cash.
The improvement in macroeconomic conditions in our operating environment provides a solid foundation to drive our medium-term growth ambitions, as we continue to execute on our strategy.
Within our operations, our priorities are to accelerate the performance of MTN SA and sustain the strong momentum in MTN Nigeria and MTN Ghana. For fintech, we will continue the work to scale the ecosystem, including driving the recovery of MoMo PSB in Nigeria.
Our balance sheet health and financial flexibility remain critical to our operational and strategic execution. We remain guided by our capital allocation framework to safeguard the resilience of our financial profile, further supported by our focus on expense efficiencies. We remain on track to achieve our target of R7-8 billion in cost savings between 2024-2026.
We will continue to invest in order to capture the exciting growth opportunities we see in our markets and anticipate deploying capex (ex-leases) of R33-38 billion (from R30-35 billion) in FY 2025. This reflects the impact of stronger forex rates (especially the cedi) against the rand.
Based on current assumptions, we have revised our medium-term framework - see Medium-term guidance of this H1 2025 results announcement - in light of the strong momentum we see in our business. In terms of the key change, we have raised our overall guidance for Group service revenue growth to 'at least high-teens', from 'at least mid-teens'.
The macroeconomic environment improved in the first half of 2025, supporting the Group's commercial execution and performance. Blended average inflation across the Group was 14.0% (H1 2024: 14.0%) - moderating slightly in Q2 to 13.8% - with lower inflation in the period in SA, Nigeria and Ghana, our largest markets. This supported an easing of interest rates in some markets, which also helped to alleviate the pressure on consumer spending power and business costs.
Against this backdrop, the Group delivered strong service revenue growth of 23.2% YoY to R105.1 billion. In constant currency terms, service revenue was up by 22.4%*, reflecting the robust performances in data (up 34.3%*) and fintech (up 24.9%*). In the larger Opcos, MTN SA service revenue increased by 2.3%, MTN Nigeria by 54.1%* and MTN Ghana by 39.9%*.
Data revenue expanded by 34.3%* to R47.6 billion and benefitted from a 10.3% increase in active data subscribers to 164.4 million (up 11.4% to 130.8 million excluding JVs), higher overall smartphone penetration and improved usage, which was 17.1% higher to 12.4GB per user per month (up 27.5% excluding JVs). This drove strong traffic growth of 29.1% in the period (42.1% excluding JVs), underlining the continued structural demand for data in our markets. Data now makes up approximately 45.3% of total Group service revenue (up from 40.9% in H1 2024).
We are pleased with the continued progress across the portfolio. We recorded 193 million smartphones on our network, representing 65.2% penetration of our customer base (H1 2024: 64.7%), and 3G, 4G and 5G coverage of 472 million, 449 million and 89 million people respectively.
Voice revenue was 11.6%* higher, driven by growth in MTN Nigeria (up 39.9%*), which benefitted from price adjustments, and MTN Ghana (up 13.2%*), driven by effective CVM implementation. The solid overall voice performance was supported by resilient growth in traffic in the period, which rose by 11.0% (excluding JVs).
Digital Services revenue was up 15.0%*, driven by growth in new business (TV and video, gaming, lifestyle and advertising), as well as managed legacy VAS performance. In terms of market performances, Ghana was strong while there were some challenges in other markets such as South Africa, Nigeria, Cameroon and Côte d'Ivoire. This was mainly due to shifting consumer behaviour in relation to airtime recharges and the managed decline in legacy VAS. We continued working on key growth initiatives including MTN TV, e-Verticals pilots (home security, eHealth and education), and integration of OTTs to lay the foundation to scale faster.
Enterprise service revenue grew by 16.8%*, driven primarily by Nigeria, SA and Ghana, with these larger markets again delivering double-digit growth. Platforms within enterprise continued to scale over the period, anchored by the positive performance in the mobile voice, mobile data and fixed data business. This was supported by strong growth in mobile financial services and continued strong performance and portfolio transformation from converged services.
Service revenue in the wholesale segment grew 8.2%*, driven again by strong performances in Bayobab, MTN Nigeria, MTN Ghana and MTN Côte d'Ivoire, while sales in MTN Uganda were challenging. MTN SA wholesale revenues grew 3.1% driven by ICT and interconnect.
Fintech revenue increased by 24.9%* amid increasingly competitive trading conditions, with growth led by Ghana, Uganda and Rwanda. Within the mix, MoMo revenue grew by 25.6%*, underpinned by an acceleration in advanced services revenue, which was up 42.0%*. Basic services revenue increased by 18.8%*, with the contribution of advanced services to total MoMo revenue (i.e. excluding airtime advance) rising to 33.4%* in H1 (up 3.8pp* YoY).
MoMo MAU increased by 1.8% to close the period with a base of 63.2 million. This reflects strong momentum across most of our markets, albeit offset by a softer performance in Nigeria. The continued strong revenue growth confirms the effectiveness of high-quality activation, deeper engagement and enhanced commercial monetisation.
Active agents closed with a footprint of 1.3 million, declining by 1.9%. Active merchants reduced to 2.0 million, although rose by 0.9% sequentially in Q2 vs Q1 2025. This reflects the impact of our strategic shift to improve the quality of our merchant network at the point of sale. This is due to our focus on retention activities. These efforts include the roll out of initiatives to improve customer experience for face-to-face payments at the merchant point, which aim to boost efficiency and enable sustainable growth.
In this context, the development of the overall fintech ecosystem remained robust, with a 14.5% increase in transaction volumes to 11.1 billion and transaction value up by 45.4%* to US$212.2 billion.
Our payments and e-commerce vertical continue to show strong momentum, with the total value of merchant payments processed through our MoMo platforms reaching US$9.9 billion - a 12.0%* increase. This was underpinned by robust growth across all fintech Opcos, driven by a 27.1% increase in unique payers. We continue to advance our strategic partnership with Mastercard, successfully launching card acceptance on our 'Market by MoMo' checkout in Uganda.
In BankTech, we facilitated a total loan value of US$1.3 billion, up 80.4%*. This continued growth was driven largely by increased utilisation within the partner lending programme in our more developed markets of Uganda and Ghana, as well as continued momentum in Benin, Rwanda, Zambia and Cameroon. MoMo Advance, an in-session lending solution for customers, continued to scale in Uganda, Cameroon and Ghana; with plans underway to expand to additional markets later in H2 2025.
Our remittance value grew 14.7%* YoY to a total of US$2.2 billion, despite lower Ghana remittance inflows and the strengthening of the cedi during the period under review. We recorded strong growth in our remittance transaction value across our fintech Opcos, driven by the focus on high impact inbound and outbound corridors, ongoing improvements in quality of service and introduction of new products and services geared to boost overall remittance flows.
In InsurTech, active policies declined by 22.3% YoY in line with our emphasis to drive growth in higher-average revenue-per-policy and high-priority markets. On a sequential basis, we saw an encouraging trend with Q2 growth of 6.6% in active polices compared to the preceding quarter.
We recently launched a new suite of products to enable users to save and invest, advancing our users from financial inclusion to financial empowerment. Two products have been launched to date: a money market product in Uganda (Yinvesta) and a mutual fund offering in Rwanda. This aligns with our priority to increase the contribution from advanced services.
Within MTN Digital Infrastructure platform, consolidated external revenue declined by 15.3%* to R2.8 billion in the first half of the year, impacted by lower international voice traffic and local currency volatility. Despite these headwinds, we recorded strong EBITDA growth of 54.8%* YoY to R0.9 billion on the back of focused cost optimisation.
The Fibre segment delivered strong growth in external revenue of 39.5%*, underpinned by the successful conclusion of new fixed connectivity infrastructure contracts, revenue contributions from new FibreCos on the African continent, as well as sustained efforts to expand the network and improve service delivery.
We continue to build out fibre infrastructure across our footprint, including the East African Corridor, launched during Q2, which provides redundant and resilient fibre infrastructure across the West and East African markets. Despite the headwinds faced during H1, we secured new infrastructure deals amounting to R148.2 million, with approximately 19 000km of fibre rolled out - bringing MTN and Bayobab's total fibre footprint to over 127 000km.
The Communication Platforms segment posted a 20.8%* YoY decline in external revenue, due to lower international voice traffic as higher smartphone penetration accelerated substitution by OTT players.
Despite these challenges, MTN Digital Infrastructure, Bayobab, continued to extend its global footprint through new strategic partnerships and product offering innovations. As the business continues to execute its growth strategy, it remains committed to delivering digital infrastructure solutions that drive network transformation and power the digital economy across Africa.
This commitment is further reinforced by MTN's strategic decision to expand its infrastructure footprint through medium-term investment in AI-grade data centres. This will position the Group to support sovereign cloud, AI services and next-generation digital innovation across the continent.
Group EBITDA before once-off items rose by 42.3%* to R46.7 billion, with a 7.1pp* gain in EBITDA margin to 44.2%* in H1 2025. This outcome was enabled by the strong growth in our topline and diligent execution of our ongoing expense efficiency programme, in terms of which we realised savings of R1.5 billion in the period.
On a reported basis, H1 2025 EBITDA margin before once-off items was 42.7%. This excluded a loss in the current period on the sale of SA towers of R13 million.
The H1 2024 EBITDA margin of 32.0% excluded non-operational items summing to a net gain of R883 million, comprising: a gain on the sale of SA towers of R11 million, a gain on disposal of MTN Afghanistan of R1.0 billion, offset by the impairment of MTN Afghanistan assets of R146 million.
We reported an increase in basic earnings per share (EPS) of 231.8% to 539 cents – a pleasing turnaround from the 409 cents loss recorded in H1 2024. Included in H1 2025 are impairment losses of -104 cents that relate to investments, goodwill, property, plant and equipment.
Adjusting for these factors including a further 2 cents loss on disposal of SA towers and loss on disposal of PPE and intangibles totalling a net loss of -106 cents, Headline EPS (HEPS) was 352.0% higher to 645 cents, from a loss of 256 cents in H1 2024. HEPS was negatively affected by some non-operational items totalling a net amount of approximately -12 cents. These included: hyperinflation adjustments of 15 cents (H1 2024: -57 cents); foreign exchange gains of 43 cents (H1 2024: -519 cents loss), which includes naira depreciation impact of approximately -2 cents (H1 2024: -389 cents); reversal of deferred tax asset of approximately -35 cents (H1 2024: -28 cents) and other non-operational items of approximately -35 cents (H1 2024: -25 cents).
Adjusted HEPS growth was 76.1% to 657 cents (H1 2024: 373 cents), after making adjustments for the abovementioned non-operational items.
On an IFRS 16 reported basis, we deployed capex of R27.3 billion (up 42.0%) as we continued to invest in the capacity and quality of the networks, which underpin our growth. Capex (ex-leases) was R20.8 billion, up 54.8% and representing an intensity of 19.0%. This reflected an acceleration in MTN Nigeria's rollout, from a low base, to support growth and improve the quality of experience following approval of price adjustments in the period. It also reflects the strengthening of the cedi against the rand, which drove higher capex for MTN Ghana in our reporting currency. The Group rolled out 1 443 3G, 1 766 4G and 542 5G sites in the first half.
Group OpFCF, including spectrum and licence acquisitions, increased by 115.5% to R19.7 billion - excluding these, OpFCF was up 106.4% to R20.5 billion. Despite increased capex, this OpFCF growth was achieved on the back of the robust operational performance.
In light of the positive momentum in our operating performance, ROE (adjusted for non-operational items, including hyperinflation) rose by 1.3pp YoY to 21.5%.
In line with our policy, no interim dividend was declared for H1 2025 (H1 2024: 0). The Board of Directors anticipates paying a minimum ordinary final dividend of 370cps for FY 2025.
Listed Opcos' published H1 2025 results
The published H1 results of our listed Opcos can be viewed at:
MTN SA delivered a resilient performance in H1 2025, amid ongoing competitive pressures. While inflation remained low in the period and interest rates were reduced, the South African economy recorded modest growth (GDP up 0.1% in Q1). Consumer confidence remained muted during the first half overall, though showed some improvement in Q2 2025.
MTN SA's investments have resulted in improved quality and reliability of its network, which underscores the business commitment to ensure that South Africans enjoy the benefits of a modern, connected life. From a commercial perspective, these investments have supported data growth and a solid foundation off which to drive enterprise segment growth for both large enterprises and the public sector.
MTN SA grew its service revenue by 2.3% in H1, supported by encouraging performances in the consumer postpaid, wholesale and enterprise segments. Total subscribers increased by 3.3% to 39.8 million underpinned by innovative solutions, as well as improved customer experience and distribution channel focus.
Postpaid customers increased by 4.2% to 4.4 million, supported by a stronger uptake of integrated voice and data plans, device-based offers and new device financing models. Prepaid subscribers increased by 1.7% to reach 29.5 million, on the back of refreshed region- and location-centric propositions. MTN SA also continued to optimise value for customers through CVM initiatives.
Data revenue in the first half increased by 4.3%, reflecting an acceleration in growth in Q2 to 4.8% (compared to 3.9% in Q1). This performance was underpinned by a 2.7% expansion in the active data subscriber base to 22.1 million, and a 23.0% increase in overall data traffic. The contribution of data to MTN SA's total service revenue increased to 48.5% in H1 2025 (H1 2024: 47.6%).
Data consumption continued to grow, with average usage per active postpaid data subscriber increasing to 24.5GB, up by 11.8%. A significant portion of this growth was driven by the increasing adoption of fixed wireless access (FWA), as more customers embrace home connectivity solutions. Active prepaid data subscribers saw average monthly usage increase to 3.9GB per month, reflecting a YoY increase of 25.5% compared to the prior period.
Consumer postpaid service revenue increased by 3.7% YoY in the first half of the year. This performance was driven by an expansion in subscribers and data usage. The implementation of a price increase effective 1 February 2025 further supported revenue, particularly in Q2, in terms of which growth improved to 4.5% (Q1 2025: 2.9%).
Connectivity in the Home remains a strategic area of focus. MTN SA added a significant number of FWA and fibre subscribers, supported by innovative and attractive propositions such as Shesh@5G. FWA delivered a pleasing performance with strong revenue growth, driven by higher traffic volumes and a 29.6% increase in subscribers. This outcome was supported by MTN SA's network leadership, with a 5G population coverage of 57%.
In line with prior guidance, the consumer prepaid segment was challenged in the first half, with service revenue lower by 1.7%. This was largely due to a decline in voice, which was relatively well managed, mitigated by prepaid data revenue which increased slightly.
Voice revenue declined by 2.2%, reflecting an improvement in momentum in Q2 (which declined 2.0%) compared to the 2.3% decline recorded in Q1 2025. This was largely supported by the solid performance of the consumer postpaid segment, which delivered a 5.5% increase in voice revenue.
Wholesale revenue increased by 3.1% for H1, led mainly by robust growth in fixed data and increased revenue from incoming voice traffic.
The enterprise business maintained its consistent quarterly run of strong double-digit growth, resulting in H1 service revenue increasing by 11.6%. This result was primarily driven by core mobile offerings such as bulk SMS, connectivity and converged solutions.
The continued acceleration of mobile advertising helped to soften the overall decline of 2.1% in the digital services business. The performance was driven by lower prepaid recharges as well as reductions in content VAS and rich-media services.
The fintech performance was relatively resilient, although revenue declined by 2.4%, with ongoing growth in insurance services. MTN SA launched attractive propositions like electricity lending and device rent-to-own, which are geared towards accelerating advanced services offerings beyond the insurance business.
MTN SA's EBITDA decreased by 3.9% (down 1.5% excluding the gain from the disposal of towers and the proceeds from the sale of device insurance book). The EBITDA margin decreased by 0.1pp to 36.5% (up 0.8pp to 36.5% excluding the gain on disposal of towers and the proceeds from the sale of the device insurance book).
MTN SA started to implement initiatives to accelerate its prepaid business segment, including product refinement and targeted pricing (regional and personal bundle offerings), as well as channel optimisation. In postpaid, MTN SA will focus on enhanced branding and build on the encouraging momentum in the home business, with a focus on scaling FWA and FTTH penetration. More broadly, the business is driving efficiencies through device financing models, which will also support faster data growth, as well as network sharing initiatives and other cost management programmes.
Based on current assumptions regarding market conditions and outlook in South Africa, MTN SA's medium-term guidance has been revised to: service revenue growth of 'low to mid-single digits' (from 'mid-single digits'), and EBITDA margin of '35-37%' (from '37-39%'). As the programmes being implemented by the business gain traction, it is anticipated that MTN SA's performance will improve toward the upper end of targeted topline and profitability ranges over the medium term.
MTN Nigeria delivered strong growth in service revenue in H1 2025, reflecting the successful execution of previously-communicated strategic priorities and notable improvements in macroeconomic conditions. The result was driven by robust demand for services, proactive CVM and price adjustments implemented mainly in Q2. In support of its growth, MTN Nigeria accelerated investment in the network to enhance its capacity, coverage and quality of experience.
Service revenue increased by 54.1%*, YoY, supported by strong demand and the full effect of the price adjustments over the latter part of the period. Cost pressures were mitigated through the revised IHS tower lease agreement, relative naira stability and sustained progress in underlying expense efficiency initiatives.
Data revenue rose by 68.5%*, supported by growth in the active user base, higher data traffic and price adjustments. Data traffic grew by 41.2%, while the average usage per subscriber increased by 26.3% YoY to 13.2GB.
MTN Nigeria added approximately 3.7 million smartphones to the network in H1, raising smartphone penetration to 62.6%, up 4.3pp from December 2024.
Voice revenue increased by 39.9%*, driven by a growing subscriber base, price adjustments and the continued focus on CVM initiatives. These factors helped sustain momentum in the voice segment despite a Nigerian industry-wide directive limiting third-party agents to one SIM registration per customer.
The enterprise business recorded a 40.4%* increase in revenue, supported by growth in fixed connectivity, data services and converged solutions. MTN Nigeria's digital services business recorded revenue growth of 60.2%*.
Fintech revenue grew by 71.2%*, primarily driven by the strong performance of the MTN Nigeria airtime lending product (XtraTime) and growth in advanced services, supported by the onboarding of high-value customers. The active wallet base declined by 6.1% to 2.7 million compared to December 2024. However, MTN Nigeria recorded a rebound in Q2 with the addition of approximately 562 000 new wallets. The number of active agents increased by 49.7% and merchants by 3.5% compared to December 2024.
EBITDA rose by 117.5%* with the EBITDA margin expanding by 14.7pp* to 50.4*%, demonstrating the strong MTN Nigeria operating leverage and improved cost efficiency.
MTN Nigeria reported a PAT of R4.9 billion marking a strong recovery from the loss after tax recorded in the prior year of R8.2 billion. Consequently, shareholders' equity at MTN Nigeria improved to approximately negative R0.6 billion (December 2024: negative R5.7 billion).
As a result of the strong momentum in the MTN Nigeria business performance, the FY 2025 guidance was revised up to target service revenue growth of 'at least low-50%' and EBITDA margin of 'at least low-50%'. MTN Nigeria is on track to restore positive retained earnings and net asset positions by the end of Q3 2025. Following the H1 2025 acceleration of capex deployment, this is expected to moderate in the second half in line with MTN Nigeria's FY 2025 objective, and help drive a stronger FCF trajectory in H2 2025.
The SEA region delivered a 21.9%* increase in service revenue on the back of robust growth in data (up 41.4%*) and fintech (up 21.7%*). Data and fintech now contribute 29.3% and 30.8%*, respectively, to overall SEA service revenue. EBITDA rose by 29.8%*, with a 3.1pp* gain in EBITDA margin to 48.1%*. We are encouraged by the momentum in some of the markets within the SEA region, such as MTN Rwanda, MTN Zambia and MTN South Sudan. This reflects the effectiveness of interventions implemented in the operations to improve performance. The SEA region reported growth in total subscribers of 6.5% to 43.6 million, active data subscribers of 16.7% to 18.0 million and MoMo MAU of 9.4% to 23.7 million.
MTN Uganda reported its H1 results on 11 August 2025, which reflected solid momentum in key commercial and financial metrics. Service revenue grew by 13.3%*, with robust growth in data and fintech. Data revenue rose by 31.4%*, supported by increased adoption of data plans as well as MTN Uganda's compelling device financing proposition Pay Mpola Mpola. This helped to expand the active subscriber base by 23.4%, which drove data traffic growth of 42.6%.
Voice revenue was stable, up 0.4%*, with overall growth adversely impacted by lower incoming voice revenue due to lower MTRs. MTN Uganda's outgoing voice revenue grew by 4.7%*. Refreshed voice proposition with enhanced bundle offerings supported a 10.2% growth in mobile subscribers to 22.8 million.
Fintech revenue increased by 18.6%*, with transaction volume on the MTN Uganda platform up by 20.0% to 2.4 billion and transactions value up 43.9%*. The agent network grew by 13.7% to 218.6k as MTN Uganda addressed float management to drive platform usage in a highly competitive market. Advanced services revenues increased by 26.3%*.
MTN Uganda EBITDA grew by 17.8%* reflecting progress in the continued implementation of our operational efficiency initiatives. This was aided by currency and inflation stability, which enabled better operating cost containment. As a result, MTN Uganda achieved a margin expansion of 2.2pp* to 53.7%*.
WECA showed a 17.0%* improvement in service revenue, against a blended average inflation rate for the region of 11.6%, driven by robust performances in data (up 29.5%*) and fintech (26.4%*). Total subscribers in the region increased by 1.8% to 70.0 million for H1 2025, active data subscribers were up 13.2% to 39.2 million, and MoMo MAU was up 3.6% to 35.7 million.
Within WECA, MTN Ghana reported continued strong growth in its commercial and financial metrics, while MTN Cameroon showed pleasing momentum in its overall performance. We are also encouraged by the pick-up in MTN Côte d'Ivoire's profitability, reflecting the benefits of the ongoing interventions in the market to restore performance.
EBITDA for the region rose by 28.3%* and the EBITDA margin expanded by 4.0pp* to 45.8%*.
MTN Ghana released its H1 results on 31 July 2025 and reported service revenue growth of 39.9%*. This growth was mainly driven by expansion in data, voice and MoMo services.
Data revenue increased by 50.2%* primarily attributed to an 11.0% increase in the number of active subscribers, along with a continued strong rise in usage and data traffic (up 56.1%). Voice revenue increased by 13.2%* driven by a 6.5% increase in mobile subscribers, supported by ongoing CVM initiatives, which enhanced the value MTN Ghana offers to customers. Digital revenue grew by 91.2%* due to a 21.9% YoY rise in active digital subscribers to 5.7 million and increased engagement from the user base, spurred by video streaming and gaming services.
Fintech revenue increased by 43.3%*, supported by a 7.4% YoY rise in monthly active users to 17.7 million. Revenue from basic services grew by 35.5%*, while revenue from advanced services increased by 67.9%*. The expansion of advanced services was largely driven by digital payments and lending services, which helped to drive the contribution of fintech revenue to MTN Ghana's total service revenue to 25.8%* (from 25.2%*) in the first half of 2025.
MTN Ghana's EBITDA increased by 46.0%* during the period, with a margin expansion of 2.5pp* to 58.5%*.
MTN Cameroon delivered expansion in service revenue of 18.4%* in the first half, through focused commercial execution with gains in data, voice and fintech. EBITDA grew by 39.5%*, reflecting a 6.5pp* improvement in margin to 43.5%*.
MTN Côte d'Ivoire's service revenue was 0.7%* lower, as the business continued to navigate competitive market conditions. EBITDA, however, showed an encouraging trajectory and was up by 4.6%* with an improved margin of 34.8%* (up 1.8pp*). MTN Côte d'Ivoire demonstrated encouraging signs of recovery in its operations, including stability in its subscriber base market share trajectory.
MTN Sudan demonstrated a significantly improved performance, despite the ongoing conflict in the country, with an encouraging proportion of sites brought back online in the period. This contributed to an impressive service revenue growth of 613.5%* with an EBITDA margin of 29.4%* (from a loss position in H1 2024).
Irancell, our 49%-held equity-accounted investment, increased service revenue by 22.6%* and the EBITDA margin up 2.6pp to 44.0%*. The equity-accounted profits of Irancell increased by 29.9%*.
On 29 April 2025, the SCA handed down judgment in which it upheld MTN's argument that Iranian law is the applicable law in respect of East Asian Consortium B.V.'s (EAC) claim. However, the SCA also granted EAC's appeal in respect of the jurisdiction ruling made by the High Court. MTN has filed its application for Leave to Appeal in relation to the jurisdictional issues to the South African Constitutional Court.
The Chand and Davis cases were filed on 27 March 2022 on behalf of American service members and civilians who were injured or killed in Iraq and Afghanistan between 2005 and 2010. The plaintiffs' complaints allege that MTN supported anti-American militias in Iraq and Afghanistan through its participation in Irancell. MTN is a 49% minority non-controlling shareholder in Irancell.
Jurisdictional discovery in the cases, ordered in July 2023, has now closed and the plaintiffs filed an amended complaint on 6 August 2025. The amended complaint now includes additional claims against MTN, which are similar to those asserted in the three other pending ATA cases in which MTN is involved. MTN will file a Motion to Dismiss the amended complaint.
MTN has deep sympathy for those who have been injured or lost loved ones as a result of the tragic conflicts in Iraq and Afghanistan. The Group conducts its business in a responsible and compliant manner in all its territories and will defend its position where necessary.
MTN has been approached, through its external US counsel, regarding a DoJ grand jury investigation relating to MTN Group, its former subsidiary in Afghanistan and Irancell. MTN is cooperating with the DoJ and voluntarily responding to requests for information. The Company will update the market as appropriate on any material developments in the matter.
The strong performance of the business in H1 sets us on a good footing to drive growth momentum in the remainder of 2025 and beyond. We remain firmly committed to delivering on our medium-term objectives and unlocking value for our stakeholders. While we remain vigilant to ongoing global geopolitical uncertainties, the prevailing stabilisation of macroeconomic indicators in key markets is supportive of our ambitions.
MTN SA continues to navigate an environment characterised by elevated competitive intensity and ongoing pressure on consumers. The medium-term target for service revenue growth has been revised to 'low to mid-single-digit' growth (from 'mid-single-digit'), and a range of '35-37%' for the EBITDA margin (from '37-39%').
We continue to implement the interventions to accelerate the MTN SA performance, particularly within the prepaid segment, which we expect to drive improvements in topline growth and EBITDA margin towards the upper end of the targeted ranges over the medium term.
We are constructive on the growth outlook for MTN Nigeria and the opportunities within its evolving operating environment. We anticipate continued momentum in MTN Nigeria's service revenue, supported by sustained usage and user base growth, backed by new propositions and market expansion initiatives.
MTN Nigeria upgraded its FY 2025 guidance and now targets service revenue growth of 'at least low-50%' and EBITDA margin of 'at least low-50%'. For the medium term (from 2026 onwards), MTN Nigeria targets average service revenue growth of 'at least low-20%' and EBITDA margin in the '53-55%' range based on current economic assumptions and no price adjustments. We anticipate that MTN Nigeria will restore positive retained earnings and net asset positions by the end of Q3 2025.
MTN Ghana will build on the positive commercial momentum achieved in H1 2025 and continue to implement its commercial strategies. This includes driving user experience and usage of data and fintech services to sustain its growth trajectory. The business will continue to focus on the effective management of its costs to support profitability.
MTN Ghana raised its medium-term guidance and now targets service revenue growth of 'mid-to-upper thirties' in percentage terms, and EBITDA margins in the 'mid-to-high 50s' percent.
Within the Markets portfolio, we are focused on continuing the solid momentum in operations such as MTN Uganda, MTN Cameroon and MTN South Sudan. We also remain committed to sustaining the encouraging turnarounds in markets like MTN Côte d'Ivoire, MTN Rwanda and MTN Zambia.
In the fintech platform, we have noted an increased competitive intensity in various markets, however the priority is to continue leveraging our partnerships to accelerate the scale and commercial monetisation of the business. We continue to implement initiatives to expand the ecosystem in a way that safeguards quality and stickiness, which is the cornerstone of our fintech's medium to long-term growth outlook.
In Nigeria, the work remains ongoing to drive the recovery of MoMo PSB over the medium term, with a focus on growing wallets and transaction volumes, as well as expanding advanced services. We are also investing in the development of new payment use cases aimed at enhancing wallet stickiness and driving recurring usage.
We will continue the work on structural separation of our fintech business with a focus on completing the shareholder and regulatory processes for Ghana, Uganda and Nigeria.
We are committed to maintain the health of our balance sheet, which enables the execution of our strategy and provides the flexibility to navigate the volatility that may stem from our operating environment. We have made good progress in our EEP and remain firmly on track to deliver on our target of R7-8 billion in cost savings between 2024-2026.
We are steadfast in our focus to drive the growth of our business, supported by continued investment. We anticipate deploying capex of R33-38 billion for FY 2025 (from R30-35 billion), mainly reflecting forex rate impacts from MTN Ghana.
Our investment case is underpinned by the structural demand for data and fintech services in our markets, and the strength of our overall portfolio. In light of the strong momentum in our business, and based on current assumptions, we revise up our medium-term guidance framework for the Group as follows:
On 13 June 2025, we announced that the MTNZF board determined it to be an opportune time to fully unwind the 2016 MTN Broad-Based Black Economic Empowerment Scheme operated through MTNZF Scheme and settle its funding obligations. This was implemented through an accelerated bookbuild offering, resulting in a placement of 1.26% of the total issued ordinary shares of MTN at the time. In terms of IFRS Accounting Standards the Group's issued number of shares increased by approximately 23.8 million shares, which mainly affects H2 from an earnings per share perspective.
MTN remains firmly committed to transformation and the creation of shared value in the markets we serve and will continue our work to improve the lives of South Africans.
MTN will be hosting a webcast and presentation today, Monday, 18 August 2025, where we will be unpacking the Group's performance for the half-year period ended 30 June 2025. To participate, please register here: https://themediaframe.com/mediaframe/webcast.html?webcastid=H9kg48x7
For and on behalf of the board
MH Jonas - Group Chairman
RT Mupita - Group President and CEO
TBL Molefe - Group CFO
18 August 2025
Fairland
Lead sponsor
J.P. Morgan Equities (SA) Proprietary Limited
Joint sponsor
Tamela Holdings Proprietary Limited
We are targeting capex (ex-leases) of R33 – 38 billion, based on current currency assumptions, for FY 2025 and capex intensity over the medium term in the 15 – 18% range.
| IFRS reported H1 25 |
Impairment of goodwill, PPE and associates1 |
Impairment loss remeasurement disposal group2 |
(Gain)/loss on disposal/ dilution of investment in JV/associate/ subsidiary and fair value gain on acquisition of subsidiary3 |
Net (gain)/ loss (after tax) on disposal of SA towers4 |
Other5 | Headline earnings |
|
| H1 25 Revenue |
109 261 | – | – | – | – | – | 109 261 |
| Other income | 7 | – | – | – | 13 | – | 20 |
| EBITDA before once-off items | 46 642 | 2 235 | – | – | 13 | 31 | 48 921 |
| Depreciation, amortisation and impairment of goodwill | (20 430) | – | – | – | – | – | (20 430) |
| EBIT | 26 212 | 2 235 | – | – | 13 | 31 | 28 491 |
| Net finance cost | (7 088) | – | – | – | – | – | (7 088) |
| Hyperinflationary monetary gain/(loss) | 520 | – | – | – | – | – | 520 |
| Share of results of associates and joint ventures after tax | 1 686 | – | – | – | – | (4) | 1 682 |
| Profit/(loss) before tax | 21 330 | 2 235 | – | – | 13 | 27 | 23 605 |
| Income tax expense | (8 957) | (3) | – | – | (4) | (9) | (8 973) |
| Profit/(loss) after tax | 12 373 | 2 232 | – | – | 9 | 18 | 14 632 |
| Non-controlling interests | (2 628) | (337) | – | – | – | 1 | (2 964) |
| Attributable profit/(loss) | 9 745 | 1 895 | – | – | 9 | 19 | 11 668 |
| EBITDA Margin | 42.7% | 44.8% | |||||
| Effective tax rate | 42.0% | 38.0% |
| Hyperinflation (excluding impairments)6 |
Impact of foreign exchange losses and gains7 |
Reversal of deferred tax asset8 |
Other nonoperation al items9 |
Adjusted H1 25 |
% movement |
|
| H1 25 Revenue |
(5 708) | – | – | – | 103 553 | 12.9% |
| Other income | (1) | – | – | – | 19 | (93.2%) |
| EBITDA before once-off items | (3 136) | – | – | 214 | 45 999 | 35.8% |
| Depreciation, amortisation and impairment of goodwill | 3 280 | – | – | – | (17 150) | 6.9% |
| EBIT | 144 | – | – | 214 | 28 849 | 61.8% |
| Net finance cost | 136 | (1 031) | – | – | (7 983) | 20.4% |
| Hyperinflationary monetary gain/(loss) | (520) | – | – | – | – | 0.0% |
| Share of results of associates and joint ventures after tax | (318) | 72 | – | – | 1 436 | (7.5%) |
| Profit/(loss) before tax | (558) | (959) | – | 214 | 22 302 | 74.8% |
| Income tax expense | 266 | 142 | 632 | 552 | (7 381) | 41.9% |
| Profit/(loss) after tax | (292) | (817) | 632 | 766 | 14 921 | 97.6% |
| Non-controlling interests | 20 | 32 | (132) | (3 044) | 266.7% | |
| Attributable profit/(loss) | (272) | (785) | 632 | 634 | 11 877 | 76.7% |
| EBITDA Margin | 44.4% | |||||
| Effective tax rate | 33.1% |
| Rm | IFRS reported H1 24 |
Impairment of goodwill, PPE and associates1 |
Impairment loss on remeasurement of disposal group2 |
(Gain)/loss on disposal/ dilution of investment in JV/associate/ subsidiary and fair value gain on acquisition of subsidiary |
Net (gain)/ loss (after tax) on disposal of SA towers4 |
Other5 | Headline earnings |
| H1 24 Revenue |
90 842 | – | – | – | – | – | 90 842 |
| Other income | 1 307 | – | – | (1 018) | (11) | – | 278 |
| EBITDA before once-off items | 29 929 | 3 807 | 146 | (1 018) | (11) | (35) | 32 818 |
| Depreciation, amortisation and impairment of goodwill | (18 189) | 437 | – | – | – | – | (17 752) |
| EBIT | 11 740 | 4 244 | 146 | (1 018) | (11) | (35) | 15 066 |
| Net finance cost | (22 956) | – | – | – | – | – | (22 956) |
| Hyperinflationary monetary gain/(loss) | 276 | – | – | – | – | – | 276 |
| Share of results of associates and joint ventures after tax | 1 892 | – | – | – | – | (4) | 1 888 |
| Profit/(loss) before tax | (9 048) | 4 244 | 146 | (1 018) | (11) | (39) | (5 726) |
| Income tax expense | (629) | – | – | – | 3 | – | (626) |
| Profit/(loss) after tax | (9 677) | 4 244 | 146 | (1 018) | (8) | (39) | (6 352) |
| Non-controlling interests | 2 287 | (580) | – | – | – | 2 | 1 709 |
| Attributable profit/(loss) | (7 390) | 3 664 | 146 | (1 018) | (8) | (37) | (4 643) |
| EBITDA Margin | 32.9% | 36.1% | |||||
| Effective tax rate | (7.0%) | (10.9%) |
| Rm | Hyperinflation (excluding impairments)6 |
Impact of foreign exchange losses and gains7 |
Reversal of deferred tax asset8 |
Other nonoperational items9 |
Adjusted H1 24 |
| H1 24 Revenue |
871 | – | – | – | 91 713 |
| Other income | 1 | – | – | – | 279 |
| EBITDA before once-off items | 606 | – | – | 454 | 33 878 |
| Depreciation, amortisation and impairment of goodwill | 1 707 | – | – | – | (16 045) |
| EBIT | 2 313 | – | – | 454 | 17 833 |
| Net finance cost | 88 | 16 238 | – | – | (6 630) |
| Hyperinflationary monetary gain/(loss) | (276) | – | – | – | – |
| Share of results of associates and joint ventures after tax | (390) | 55 | – | – | 1 553 |
| Profit/(loss) before tax | 1 735 | 16 293 | – | 454 | 12 756 |
| Income tax expense | (377) | (4 700) | 500 | – | (5 203) |
| Profit/(loss) after tax | 1 358 | 11 593 | 500 | 454 | 7 553 |
| Non-controlling interests | (325) | (2 214) | – | – | (830) |
| Attributable profit/(loss) | 1 033 | 9 379 | 500 | 454 | 6 723 |
| EBITDA Margin | 36.9% | ||||
| Effective tax rate | 40.8% |
| 1 | Represents the exclusion of the impact of goodwill, PPE, intangibles and joint venture impairments. H1 25: PPE (R1 661 million) and intangibles (R234 million); H1 24: Goodwill (Ayo Group: R437 million), PPE (R2 822 million) and Intangibles (R405 million). |
| 2 | Represents the impairment loss on remeasurement of disposal group. H1 25: (R0 million); H1 24: Afghanistan (R146 million). |
| 3 | Represents the gain on disposal/dilution of investment in JV/associate/subsidiary and fair value gain on acquisition of subsidiary. H1 25: (R0 million); H1 24: Gain on disposal of Afghanistan (R1 018 million). |
| 4 | Represents net loss/(gain) (after tax) on disposal of SA towers. (H1 25: R9 million loss; H1 24: R8 million gain). |
| 5 | Represents the net profit/loss on disposal of PPE and intangibles. H1 25: PPE (R18 million loss), intangibles (R5 million loss) and share of results from Iran (R4 million profit); H1 24: PPE (R33 million profit) and share of results from Iran (R4 million profit). |
| 6 | The impact of hyperinflation is excluded for the operations that are currently accounted for on a hyperinflationary basis (MTN Irancell, MTN Sudan, MTN South Sudan and MTN Ghana), as well as those that have previously been accounted for on a hyperinflationary basis. The economy of Iran was assessed to be hyperinflationary effective 1 January 2020 and hyperinflation accounting has since been applied. The economy of Sudan was assessed to be hyperinflationary during 2018 and hyperinflation accounting has since been applied. The economy of South Sudan was assessed to be hyperinflationary effective 1 January 2016 and hyperinflation accounting has since been applied. The economy of Ghana was assessed to be hyperinflationary effective 1 January 2023 and hyperinflation accounting has since been applied. |
| 7 | Adjustment for the net forex (gains)/losses impacting earnings for the respective periods. (H1 25: forex gain of R785 million; H1 24: forex loss of R9 379 million.) This includes the impact of forex in Iran. |
| 8 | Represents reversal of deferred tax asset (H1 25: R632 million – aYoba; H1 24: R500 million – Mauritius). |
| 9 | Represents other non-operational items relating to H1 25: fintech separation costs and ATA matters of R268 million, reversal of accruals of warranties and indemnities of R54 million and Uganda once off Tax settlement of R420 million; H1 24: fintech separation costs and ATA matters of R454 million. |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
Contribution to revenue % |
|
|---|---|---|---|---|---|
| South Africa | 25 240 | 26 198 | (3.7) | (3.7) | 23.1 |
| Nigeria | 28 412 | 20 667 | 37.5 | 54.0 | 26.0 |
| SEA | 13 383 | 11 986 | 11.7 | 21.6 | 12.2 |
| Uganda | 8 668 | 7 456 | 16.3 | 13.1 | 7.9 |
| Other SEA | 4 715 | 4 530 | 4.1 | 41.1 | 4.3 |
| WECA | 33 057 | 29 524 | 12.0 | 17.1 | 30.3 |
| Ghana | 15 432 | 11 347 | 36.0 | 39.8 | 14.1 |
| Cameroon | 6 402 | 5 457 | 17.3 | 18.6 | 5.9 |
| Côte d'Ivoire | 4 792 | 4 899 | (2.2) | (1.0) | 4.4 |
| Other WECA | 6 431 | 7 821 | (17.8) | (7.6) | 5.9 |
| MENA | 913 | 736 | 24.0 | 613.3 | 0.8 |
| Sudan | 913 | 238 | 283.6 | 613.3 | 0.8 |
| Afghanistan | – | 498 | (100.0) | 0.0 | 0.0 |
| Bayobab | 4 780 | 5 678 | (15.8) | (14.0) | 4.4 |
| Head offices and eliminations | (2 232) | (3 076) | (2.0) | ||
| Total | 103 553 | 91 713 | 12.9 | 19.5 | 94.8 |
| Hyperinflation | 5 708 | (871) | 5.2 | ||
| Total reported | 109 261 | 90 842 | 20.3 | 19.5 | 100.0 |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
Contribution to service revenue % |
|
| South Africa | 21 604 | 21 110 | 2.3 | 2.3 | 20.6 |
| Nigeria | 28 227 | 20 523 | 37.5 | 54.1 | 26.9 |
| SEA | 13 224 | 11 822 | 11.9 | 21.9 | 12.6 |
| Uganda | 8 583 | 7 371 | 16.4 | 13.3 | 8.2 |
| Other SEA | 4 641 | 4 451 | 4.3 | 42.0 | 4.4 |
| WECA | 32 919 | 29 403 | 12.0 | 17.0 | 31.3 |
| Ghana | 15 389 | 11 302 | 36.2 | 39.9 | 14.6 |
| Cameroon | 6 355 | 5 424 | 17.2 | 18.4 | 6.0 |
| Côte d'Ivoire | 4 783 | 4 878 | (1.9) | (0.7) | 4.6 |
| Other WECA | 6 392 | 7 799 | (18.0) | (8.0) | 6.1 |
| MENA | 899 | 730 | 23.2 | 613.5 | 0.9 |
| Sudan | 899 | 235 | 282.6 | 613.5 | 0.9 |
| Afghanistan | – | 495 | (100.0) | 0.0 | 0.0 |
| Bayobab | 4 780 | 5 678 | (15.8) | (14.0) | 4.5 |
| Head offices and eliminations | (2 232) | (3 076) | (2.1) | ||
| Total | 99 421 | 86 190 | 15.4 | 22.4 | 94.6 |
| Hyperinflation | 5 690 | (867) | 5.4 | ||
| Total reported | 105 111 | 85 323 | 23.2 | 22.4 | 100.0 |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
Contribution to revenue % |
|
| Outgoing voice1 | 26 607 | 25 150 | 5.8 | 14.8 | 24.4 |
| Incoming voice2 | 3 891 | 4 423 | (12.0) | (6.2) | 3.6 |
| Data3 | 44 662 | 35 346 | 26.4 | 34.3 | 40.9 |
| Digital4 | 1 752 | 1 599 | 9.6 | 15.0 | 1.6 |
| Fintech5 | 13 327 | 10 961 | 21.6 | 24.9 | 12.2 |
| SMS | 1 953 | 1 743 | 12.0 | 19.6 | 1.8 |
| Devices | 4 132 | 5 523 | (25.2) | (24.7) | 3.8 |
| Wholesale6 | 4 663 | 4 355 | 7.1 | 8.2 | 4.3 |
| Other | 2 566 | 2 613 | (1.8) | 3.3 | 2.3 |
| Total | 103 553 | 91 713 | 12.9 | 19.5 | 94.8 |
| Hyperinflation | 5 708 | (871) | 5.2 | ||
| Total reported | 109 261 | 90 842 | 20.3 | 19.5 | 100.0 |
| 1 | Excludes international roaming and wholesale. |
| 2 | Includes local and international roaming and excludes wholesale. |
| 3 | Includes mobile and fixed access data and excludes roaming and wholesale. |
| 4 | Includes rich media services, content VAS, e-commerce and mobile advertising. |
| 5 | Includes Xtratime and mobile financial services. |
| 6 | Includes domestic wholesale, voice, SMS and data, leased lines and BTS rentals. |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
|
| South Africa | 10 479 | 10 044 | 4.3 | 4.3 |
| Nigeria | 14 687 | 9 760 | 50.5 | 68.5 |
| SEA | 3 874 | 3 054 | 26.9 | 41.4 |
| Uganda | 2 467 | 1 828 | 35.0 | 31.4 |
| Other SEA | 1 407 | 1 226 | 14.8 | 63.4 |
| WECA | 14 997 | 12 046 | 24.5 | 29.5 |
| Ghana | 8 137 | 5 527 | 47.2 | 50.2 |
| Cameroon | 2 876 | 2 177 | 32.1 | 33.5 |
| Côte d'Ivoire | 1 877 | 1 698 | 10.5 | 11.9 |
| Other WECA | 2 107 | 2 644 | (20.3) | (9.6) |
| MENA | 442 | 307 | 44.0 | 904.5 |
| Sudan | 442 | 84 | 426.2 | 904.5 |
| Afghanistan | – | 223 | (100.0) | 0.0 |
| Bayobab | 3 | 4 | (25.0) | (25.0) |
| Head offices and eliminations | 180 | 131 | ||
| Total | 44 662 | 35 346 | 26.4 | 34.3 |
| Hyperinflation | 2 957 | (465) | ||
| Total reported | 47 619 | 34 881 | 36.5 | 34.3 |
| 1 | Includes mobile and fixed access data and excludes roaming and wholesale. |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
|
| South Africa | 838 | 859 | (2.4) | (2.4) |
| Nigeria | 993 | 649 | 53.0 | 71.2 |
| SEA | 4 068 | 3 428 | 18.7 | 21.7 |
| Uganda | 2 640 | 2 166 | 21.9 | 18.6 |
| Other SEA | 1 428 | 1 262 | 13.2 | 27.8 |
| WECA | 7 332 | 5 929 | 23.7 | 26.4 |
| Ghana | 3 971 | 2 835 | 40.1 | 43.3 |
| Cameroon | 1 192 | 1 055 | 13.0 | 14.3 |
| Côte d'Ivoire | 416 | 470 | (11.5) | (10.5) |
| Other WECA | 1 753 | 1 569 | 11.7 | 15.3 |
| MENA | – | 9 | (100.0) | 0.0 |
| Sudan | – | 1 | (100.0) | 0.0 |
| Afghanistan | – | 8 | (100.0) | 0.0 |
| Bayobab | 5 | 1 | 400.0 | 400.0 |
| Head offices and eliminations | 91 | 86 | ||
| Total | 13 327 | 10 961 | 21.6 | 24.9 |
| Hyperinflation | 1 389 | (242) | ||
| Total reported | 14 716 | 10 719 | 37.3 | 24.9 |
| 2 | Includes Xtratime and mobile financial services. |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
|
| South Africa | 655 | 669 | (2.1) | (2.1) |
| Nigeria | 583 | 408 | 42.9 | 60.2 |
| SEA | 57 | 56 | 1.8 | 5.6 |
| Uganda | 33 | 29 | 13.8 | 10.0 |
| Other SEA | 24 | 27 | (11.1) | 0.0 |
| WECA | 445 | 452 | (1.5) | 3.2 |
| Ghana | 262 | 142 | 84.5 | 91.2 |
| Cameroon | 67 | 124 | (46.0) | (45.1) |
| Côte d'Ivoire | 83 | 158 | (47.5) | (46.8) |
| Other WECA | 33 | 28 | 17.9 | 106.3 |
| MENA | 11 | 11 | 0.0 | 450.0 |
| Sudan | 11 | 4 | 175.0 | 450.0 |
| Afghanistan | – | 7 | (100.0) | 0.0 |
| Bayobab | – | – |
0.0 | 0.0 |
| Head offices and eliminations | 1 | 3 | ||
| Total | 1 752 | 1 599 | 9.6 | 15.0 |
| Hyperinflation | 88 | (14) | ||
| Total reported | 1 840 | 1 585 | 16.1 | 15.0 |
| 3 | Includes rich media services, content VAS, e-commerce and mobile advertising. |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
% of revenue | |
|---|---|---|---|---|---|
| Handsets and other accessories | 4 421 | 6 016 | (26.5) | (25.7) | 4.0 |
| Interconnect | 3 404 | 4 330 | (21.4) | (15.7) | 3.1 |
| Roaming | 837 | 983 | (14.9) | (11.9) | 0.8 |
| Commissions | 7 614 | 6 982 | 9.1 | 14.6 | 7.0 |
| Government and regulatory costs | 3 821 | 3 754 | 1.8 | 9.6 | 3.5 |
| VAS/Digital revenue share | 1 885 | 1 577 | 19.5 | 25.2 | 1.7 |
| Service provider discounts | 1 909 | 1 612 | 18.4 | 25.7 | 1.7 |
| Network and IS maintenance | 18 521 | 18 208 | 1.7 | 12.9 | 17.0 |
| Marketing | 1 459 | 1 741 | (16.2) | (12.2) | 1.3 |
| Staff costs | 7 560 | 6 867 | 10.1 | 15.8 | 6.9 |
| Other opex | 6 390 | 6 468 | (1.2) | 4.5 | 5.8 |
| Total | 57 821 | 58 538 | (1.2) | 5.5 | 52.9 |
| Impairment loss on remeasurement of disposal group | – | 146 | 0.0 | ||
| Hyperinflation | 4 805 | 3 535 | 4.4 | ||
| Total reported | 62 626 | 62 219 | 0.7 | 5.5 | 57.3 |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
|
|---|---|---|---|---|
| South Africa | 9 219 | 9 566 | (3.6) | (3.6) |
| Nigeria | 14 326 | 7 377 | 94.2 | 117.5 |
| SEA | 6 436 | 5 268 | 22.2 | 29.8 |
| Uganda | 4 652 | 3 842 | 21.1 | 17.8 |
| Other SEA | 1 784 | 1 426 | 25.1 | 77.0 |
| WECA | 15 128 | 11 886 | 27.3 | 28.3 |
| Ghana | 9 025 | 6 371 | 41.7 | 46.0 |
| Cameroon | 2 785 | 2 021 | 37.8 | 39.5 |
| Côte d'Ivoire | 1 668 | 1 621 | 2.9 | 4.6 |
| Other WECA | 1 650 | 1 873 | (11.9) | (18.2) |
| MENA | 268 | (83) | 422.9 | 298.5 |
| Sudan | 268 | (241) | 211.2 | 298.5 |
| Afghanistan | – | 158 | (100.0) | 0.0 |
| Bayobab | 884 | 591 | 49.6 | 54.8 |
| Head offices and eliminations | (510) | (1 151) | ||
| Total | 45 751 | 33 454 | 36.8 | 42.3 |
| Gain/(loss) on disposal of SA Towers | (13) | 11 | ||
| Impairment loss on remeasurement of disposal group | – | (146) | ||
| Afghanistan profit on sale | – | 1 018 | ||
| Bissau gain on disposal | – | – | ||
| Conakry loss on disposa | – | – | ||
| Hyperinflation | 904 | (4 408) | ||
| CODM EBITDA before impairment of goodwill and joint ventures | 46 642 | 29 929 | 55.8 | 42.3 |
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
|
|---|---|---|---|---|---|---|---|---|
| South Africa | 4 901 | 4 825 | 1.6 | 1.6 | 862 | 831 | 3.7 | 3.7 |
| Nigeria | 3 203 | 2 702 | 18.5 | 33.0 | 504 | 567 | (11.1) | (1.4) |
| SEA | 1 524 | 1 637 | (6.9) | (2.9) | 433 | 441 | (1.8) | 5.4 |
| Uganda | 1 092 | 954 | 14.5 | 11.4 | 215 | 217 | (0.9) | (4.0) |
| Other SEA | 432 | 683 | (36.7) | (26.7) | 218 | 224 | (2.7) | 16.6 |
| WECA | 4 014 | 3 560 | 12.8 | 14.4 | 982 | 907 | 8.3 | 9.6 |
| Ghana | 1 629 | 1 258 | 29.5 | 32.1 | 251 | 257 | (2.3) | (1.2) |
| Cameroon | 709 | 697 | 1.7 | 2.8 | 166 | 166 | 0.0 | 1.2 |
| Côte d'Ivoire | 889 | 858 | 3.6 | 4.7 | 306 | 262 | 16.8 | 18.6 |
| Other WECA | 787 | 747 | 5.4 | 6.8 | 259 | 222 | 16.7 | 17.7 |
| MENA | 36 | 26 | 38.5 | 140.0 | 36 | 19 | 89.5 | 260.0 |
| Sudan | 36 | 26 | 38.5 | 140.0 | 36 | 19 | 89.5 | 260.0 |
| Afghanistan | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Bayobab | 369 | 319 | 15.7 | 17.9 | 71 | 55 | 29.1 | 31.5 |
| Head offices and eliminations | (4) | (8) | 219 | 163 | ||||
| Total | 14 043 | 13 061 | 7.5 | 11.2 | 3 107 | 2 983 | 4.2 | 8.0 |
| Hyperinflation | 2 727 | 1 537 | 553 | 171 | ||||
| Total reported | 16 770 | 14 598 | 14.9 | 11.2 | 3 660 | 3 154 | 16.0 | 8.0 |
The Group’s depreciation and amortisation costs increased by 14.9% and 16.0%, respectively, largely due to network equipment capex and spectrum additions, increase in sites roll out as well as lease modifications and new leases.
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
% of revenue |
|
|---|---|---|---|---|---|
| Net interest paid/(received) | 7 983 | 6 630 | 20.4 | 26.3 | 7.3 |
| Net forex losses/(gains) | (1 031) | 16 238 | (106.3) | (107.8) | (0.9) |
| Total | 6 952 | 22 868 | (69.6) | (64.3) | 6.4 |
| Hyperinflation | 136 | 88 | 0.1 | ||
| Total reported | 7 088 | 22 956 | (69.1) | (64.3) | 6.5 |
Net finance costs decreased by 64.3%* and 69.1% on a reported basis to R7.1 billion. Lower finance costs are predominantly driven by net forex gains (down 107.8%* , and 106.3% on a reported basis to forex gains of R1.0 billion) due to a decrease in net forex losses in Nigeria following the stable Naira and the Cedi appreciation against the US dollar and ZAR.
The average cost of borrowing was 11.4% (2024: 12.7%) as a result of lower inflation and interest rates cuts across our markets.
We recorded a positive contribution of R1.7 billion from associates and joint ventures down 10.9% (up by 50.0%*) year-on-year. The contribution for H1 2025, in constant currency terms, was largely attributable to improved results from the Iran Internet Group (IIG) and USO adjustment.
| Actual (Rm) |
Prior (Rm) |
Reported % change |
Constant currency % change |
Contribution to taxation % |
|
|---|---|---|---|---|---|
| Normal tax | 6 174 | 3 455 | 78.7 | 83.3 | 68.9 |
| Deferred tax | 1 806 | (3 149) | 157.4 | 179.4 | 20.2 |
| Foreign income and withholding taxes | 711 | 700 | 1.6 | 2.7 | 7.9 |
| Total | 8 691 | 1 006 | 763.9 | 386.3 | 97.0 |
| Hyperinflation | 266 | (377) | 3.0 | ||
| Total reported | 8 957 | 629 | 1324.0 | 386.3 | 100.0 |
The Group tax charges amounted to R9.0 billion in H1, against a profit before tax of R21.3 billion.
The increase in the tax charge compared to prior year is due to the once off tax settlement in Uganda and the increased accounting profit before tax compared to an accounting loss for the same period in the prior year. The favourable profit before tax is mainly attributed to the positive growth in Nigeria, Ghana and other markets.
| Actual (IFRS 16) (Rm) |
Actual (ex-leases) (Rm) |
Prior (ex-leases) (Rm) |
Reported % change |
Net debt/ Constant currency % change |
|
|---|---|---|---|---|---|
| South Africa | 3 813 | 3 180 | 4 625 | (31.2) | (31.2) |
| Nigeria | 11 760 | 7 251 | 1 948 | 272.2 | 318.6 |
| SEA | 2 103 | 1 674 | 1 891 | (11.5) | (6.3) |
| Uganda | 1 406 | 1 105 | 1 073 | 3.0 | 0.3 |
| Other SEA | 697 | 569 | 818 | (30.4) | 51.6 |
| WECA | 7 635 | 6 936 | 4 556 | 52.2 | 51.6 |
| Ghana | 3 509 | 3 022 | 2 264 | 33.5 | 27.8 |
| Cameroon | 1 706 | 1 507 | 533 | 182.7 | 188.7 |
| Côte d'Ivoire | 1 112 | 1 100 | 640 | 71.9 | 72.7 |
| Other WECA | 1 308 | 1 307 | 1 119 | 16.8 | 24.2 |
| MENA | 191 | 191 | 13 | 1 369.2 | 100.0 |
| Sudan | 191 | 191 | – | 100.0 | 100.0 |
| Afghanistan | – | – | 13 | (100.0) | 0.0 |
| Bayobab | 113 | 113 | 254 | (55.5) | (55.0) |
| Head offices and eliminations | 194 | 194 | 191 | ||
| Total | 25 809 | 19 539 | 13 478 | 45.0 | 50.6 |
| Hyperinflation | 1 491 | 1 260 | (45) | ||
| Total reported | 27 300 | 20 799 | 13 433 | 54.8 | 50.6 |
| Cash and cash equivalents^ |
Interest- bearing liabilities |
Intercompany eliminations |
Net interest- bearing liabilities |
Net debt/ (cash) June 2025 |
Net debt/ (cash) December 2024 |
|
|---|---|---|---|---|---|---|
| South Africa | 1 228 | 28 911 | (28 911) | – | (1 228) | (17) |
| Nigeria | 5 626 | 9 430 | – | 9 430 | 3 804 | 6 897 |
| SEA | 1 782 | 3 843 | (1 122) | 2 721 | 939 | 684 |
| Uganda | 1 018 | 605 | – | 605 | (413) | (666) |
| Other SEA | 764 | 3 238 | (1 122) | 2 116 | 1 352 | 1 350 |
| WECA | 8 804 | 11 389 | (1 491) | 9 898 | 1 094 | (363) |
| Ghana | 3 287 | – | – | – | (3 287) | (4 120) |
| Cameroon | 2 423 | 1 736 | – | 1 736 | (687) | (297) |
| Côte d'Ivoire | 1 003 | 3 970 | – | 3 970 | 2 967 | 3 186 |
| Other WECA | 2 091 | 5 683 | (1 491) | 4 192 | 2 101 | 868 |
| MENA | 365 | 5 293 | (5 293) | – | (365) | (415) |
| Sudan | 365 | 5 293 | (5 293) | – | (365) | (415) |
| Bayobab | 888 | 86 | 18 | 104 | (784) | (765) |
| Head offices, other and eliminations | 15 703 | 52 372 | 1 | 52 373 | 36 670 | 35 500 |
| Total | 34 396 | 111 324 | (36 798) | 74 526 | 40 130 | 41 521 |
| Iran | 958 | 1 517 | – | 1 517 | 559 | 395 |
| ^ | Includes restricted cash and current investments. |
