The telecom giant recorded significant growth across key performance indicators, with revenue rising by 54.9% to N5.20 trillion from N3.36 trillion, driven largely by strong data demand, improved macroeconomic conditions, and disciplined operational execution.
Key Highlights
- Total subscribers increased by 9% to 87.3 million
- Active data users rose by 6% to 53.2 million
- Service revenue grew by 1% to N5.2 trillion
- EBITDA surged 9% to N2.7 trillion
- EBITDA margin improved by 6 percentage points to 52.7%
- Profit After Tax (PAT) stood at 1 trillion, up 377.9% from a loss position in 2024
- Earnings per share rose to 07, compared with negative N19.05 in the previous year
- Retained earnings stood at 4 billion, while shareholders’ equity reached N548.7 billion
- Capital expenditure (Capex) more than doubled to N1 trillion, representing 3% capex intensity
- Free cash flow increased 5% to N1.2 trillion
- Final dividend declared: N15 per share, bringing total dividend for the year to N20 per share
Strong Earnings, Resilient Balance Sheet
MTN’s strong financial performance was supported by improved cash flow generation and a strengthened balance sheet, enabling the company to resume dividend payments to shareholders.
The company maintained its medium-term outlook, targeting average service revenue growth of at least the low 20% range, while revising its EBITDA margin guidance upward from 53–55% to the mid-to-high 50% range.
CEO Commentary
Commenting on the results, MTN Nigeria CEO, Karl Toriola, described 2025 as a turning point for the company.
“2025 marked a significant turning point in our business performance and the resumption of dividend payments. During the period, we returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds,” he said.
According to him, the company’s improved balance sheet was driven by strong operational performance, reduction in foreign currency exposure, and disciplined financial management.
Improved Macroeconomic Environment
MTN noted that macroeconomic conditions improved during the year, supported by a more stable foreign exchange market and better liquidity.
The naira strengthened to N1,436 per dollar at year-end, compared to N1,535 in 2024, while tight monetary policy helped bring headline inflation down to 15.2%, with the 2025 average at 23.4%.
These developments, combined with the renegotiation of tower lease contracts, helped ease pressure on operating margins and strengthened the company’s ability to generate sustainable cash flows.
Expanding Digital Infrastructure
As part of its commitment to building sustainable digital ecosystems, MTN expanded broadband coverage to 91.2%, driven by continued investments in network infrastructure.
Through the MTN Nigeria Foundation, the company committed N2.7 billion to youth empowerment, digital inclusion, and national development initiatives.
The telecom operator also supported the Federal Ministry of Communications, Innovation and Digital Economy’s 3 Million Technical Talent (3MTT) programme, aimed at strengthening Nigeria’s digital skills pipeline.
In addition, the rehabilitation of the 110-kilometre Enugu–Onitsha Expressway under the Road Infrastructure Tax Credit Scheme continued during the year, with additional tax credits secured to offset future tax liabilities.
Significant Contribution to Government Revenue
MTN reported that it paid N878.7 billion in taxes and levies to government during the year.
The company was also recognised by the Nigeria Revenue Service for its compliance and transparency in tax matters.
Growing Data Demand
MTN continued to see strong demand for data services, with data traffic on its network increasing by 34% during the year.
The company also more than doubled its investment in network infrastructure to N1 trillion, up from N443.5 billion in 2024, aimed at improving service quality and expanding capacity in Nigeria’s increasingly data-driven market.
MTN also secured a three-year spectrum lease with T2 Mobile effective October 1, 2025, under a national roaming agreement designed to improve network performance.
These efforts helped the company earn recognition as Nigeria’s best mobile network at the 2025 Ookla Speedtest Awards, reinforcing its leadership in speed and latency performance.
Outlook
Looking ahead, MTN expressed confidence in sustaining its growth trajectory.
The company said favourable macroeconomic conditions, continued network leadership, and disciplined capital allocation would help strengthen its financial position and drive long-term value creation.
“We remain focused on delivering profitable growth, reinforcing our financial strength, and providing consistent returns to our shareholders,” Toriola added.
