MTN Nigeria has released its audited financial results for the year ended December 31, 2025, posting a remarkable earnings recovery in one of the strongest corporate turnarounds in recent years.
In its filing on the Nigerian Exchange, the telecom giant reported a pre-tax profit of N1.70 trillion for 2025, a sharp reversal from the N550.3 billion pre-tax loss recorded in 2024. The rebound was driven by improved foreign exchange stability, robust service revenue growth, expanding margins, and enhanced operational efficiency.
Strong Fourth Quarter Boosts Full-Year Performance
In the fourth quarter alone, pre-tax profit surged by 248.8% year-on-year to N569.6 billion, compared to N163.3 billion in Q4 2024.
The board proposed a final dividend of N15 per share, bringing the total dividend for the 2025 financial year to N20 per share. Dividends will be paid electronically to shareholders on the register as of April 8, 2026, subject to completed e-dividend mandates.
Full-Year Financial Highlights (FY 2025 vs FY 2024)
- Total revenue:20 trillion (+54.9% YoY)
- Service revenue:17 trillion (+55.1% YoY)
- Profit after tax:11 trillion (vs N400.4 billion loss)
- Earnings per share:07 (vs -N19.05)
- EBITDA:74 trillion (+108.9%)
- Mobile subscribers:3 million (+7.9%)
- Total assets:40 trillion (+28.7%)
- Shareholders’ funds:7 billion (+219.8%)
Chief Executive Officer Karl Toriola described 2025 as a defining year for the company’s recovery. He noted that retained earnings closed positive at N400.4 billion, compared to negative N607.5 billion in December 2024. Shareholders’ equity also improved significantly to N548.7 billion from negative N458.0 billion a year earlier.
Management credited the recovery to improved foreign exchange conditions, moderated inflationary pressures, and sustained demand for data services. The company reaffirmed its medium-term service revenue growth guidance in the low-20% range and raised its EBITDA margin outlook to the mid-to-high 50% range.
Data and Fintech Lead Revenue Expansion
Service revenue rose 55.1% to N5.17 trillion, supported largely by strong growth in data and fintech segments.
- Data revenue:78 trillion (+74.5%)
- Data traffic: +34.0%
- Active data users:2 million (+11.6%)
- Smartphone penetration:1%
- Voice revenue:85 trillion (+42.1%)
- Fintech revenue:3 billion (+79.7%)
Operating efficiency improved, with cost of sales rising 30.3%—below revenue growth—while operating expenses increased by 16.7%. EBITDA more than doubled to N2.74 trillion.
FX Gains Reverse Prior-Year Losses
Foreign exchange performance played a critical role in the turnaround. The company recorded a net FX gain of N90.3 billion in 2025, compared to a N925.4 billion FX loss in 2024. The improvement followed the settlement of outstanding letters of credit and reduced dollar exposure.
Capital expenditure excluding leases climbed 126.2% to N1.00 trillion, reflecting significant investment in network expansion. Despite higher capex, free cash flow rose 215.5% to N1.2 trillion.
Balance Sheet Strengthens, Stock Rallies
MTN Nigeria’s balance sheet improved markedly, with shareholders’ equity turning positive and retained earnings fully restored.
As of the latest market close, the company’s share price stood at N760, making it the most capitalised company on the Nigerian Exchange, with a market capitalisation of approximately N16 trillion. The stock has gained 33% in February, lifting year-to-date returns to 49%, following a 155.5% rally in 2025.
This report forms part of Nigeria News Today’s corporate and capital markets coverage.
