MTN Group reported a return to profitability for the year ended 31 December 2025, posting profit before tax of $2.81 billion (R47.4 billion) compared with a restated pre-tax loss of $243 million (R4.1 billion) in 2024.
The results reflect a strong recovery in key markets following heavy foreign-exchange losses and currency volatility that weighed on earnings the previous year.
Group service revenue increased 22.7% on a constant-currency basis to $12.96 billion (R218.5 billion), supported by strong growth in data services and mobile financial services.
Data revenue rose about 36%, while the company continued to expand its fintech platform across several markets. MTN’s total subscriber base surpassed 300 million customers, with notable growth in active data users.
Nigeria drives earnings recovery
Nigeria, MTN’s largest market, delivered the most significant improvement. MTN Nigeria reported profit after tax of roughly $773 million (about ₦1.1 trillion), reversing the substantial loss recorded in 2024.
The turnaround was supported by tariff adjustments approved by regulators, reduced foreign-exchange losses and continued demand for data and mobile financial services. Periods of relative naira stability also helped ease currency pressures that had previously affected earnings.
Ghana posts strong revenue growth
MTN’s operations in Ghana also recorded strong momentum, with service revenue growth in the mid-to-high 30% range in constant currency, supported by continued expansion in mobile data and fintech services.
South Africa growth slows
In contrast, South Africa, the group’s home market, recorded more modest performance. Service revenue growth was around 2%, reflecting intense competition in the prepaid segment and weaker consumer spending amid slow economic growth.
Earnings surge and shareholder returns increase
Headline earnings per share (HEPS) increased more than 1,000% to roughly $0.75–$0.76 (1,264–1,284 cents), while basic earnings per share turned positive at about $0.63–$0.69 (1,062–1,168 cents) from a loss the previous year.
The difference between the two measures partly reflects impairments on investments, goodwill and assets, which reduced earnings by about 157 cents per share.
MTN also strengthened its balance sheet, with net debt to EBITDA declining to roughly 0.3–0.5 times, supported by stronger free cash flow and ongoing cost efficiencies.
The board declared a final dividend of 500 cents per share ($0.30), a 45% increase from the previous year and above earlier minimum guidance of 370 cents.
The group also announced a share buyback programme of R6 billion (about $356 million).
Strategy transition
The results mark the completion of MTN’s Ambition 2025 strategy, which focused on improving returns and restructuring the group’s portfolio.
Management said the next phase, Ambition 2030, will focus on expanding connectivity, fintech and digital infrastructure across its markets.
Outlook
Despite the earnings recovery, MTN warned that operating conditions remain uneven across its footprint.
South Africa’s slower growth highlights ongoing competitive pressure in the group’s most mature market, while currency volatility, regulatory changes and inflation across several African economies continue to present risks.
For investors, the results underline MTN’s growing reliance on high-growth markets such as Nigeria and Ghana, which increasingly offset slower growth in South Africa.
