MTN Group has reported a marked recovery in its financial position, reflecting both internal operational adjustments and broader macroeconomic shifts across key African markets. According to its latest results for the year ended December 2025, the Johannesburg listed telecommunications company recorded a profit after tax of R27.4 billion, reversing a loss of R10.9 billion in the prior year. This shift is consistent with wider patterns in African telecommunications, where currency stabilisation and regulatory changes have increasingly shaped firm performance and earnings visibility.
The group’s subscriber base expanded to 307.2 million, surpassing its Ambition 2025 target, supported by net additions of 16.3 million users. This growth aligns with long term trends in mobile penetration across the continent, where telecommunications firms continue to play a central role in extending connectivity and enabling digital participation in both urban and rural contexts. More information on MTN’s strategic positioning can be found in its official reporting at MTN Group.
Earnings growth was pronounced, with basic earnings per share rising by more than threefold to 1,113 cents, while headline earnings per share increased substantially to 1,274 cents. Of the total profit, R20.3 billion was attributable to shareholders. The board declared a final dividend of 500 cents per share, indicating a restoration of shareholder returns following a period characterised by foreign exchange volatility and constrained cash flows.
Service revenue increased to R218.5 billion, representing growth of 22.9 percent on a reported basis, with similar expansion recorded in constant currency terms. Data revenue exceeded R100 billion for the first time, rising by 37.7 percent, while fintech revenue grew by 30 percent. These trends reflect the continued shift from traditional voice services towards data driven and platform based revenues, a transition that has been widely observed across African telecommunications markets.
Nigeria and Ghana were central to the group’s recovery. In Nigeria, a combination of regulatory intervention and currency stabilisation supported improved performance. The approval of a 50 percent tariff adjustment in early 2025, the first significant increase in over a decade, contributed to revenue growth and improved margins. The naira’s relative stability further strengthened the rand denominated contribution of the Nigerian business. MTN Nigeria reported a profit after tax of N1.11 trillion, compared with a loss in the previous year, alongside revenue of N5.2 trillion. Additional context on Nigeria’s telecommunications sector and regulatory environment is available via the Nigerian Communications Commission.
The Nigerian operation also returned to positive retained earnings and net equity, addressing balance sheet concerns that had weighed on investor sentiment. Capital expenditure increased significantly as network investment accelerated, while free cash flow rose sharply, enabling the resumption of dividend flows to the parent company.
Ghana contributed to the earnings uplift through both operational growth and favourable currency movements. The relative strength of the cedi against the rand enhanced reported performance, underscoring the extent to which exchange rate dynamics continue to influence the financial outcomes of multinational African firms. Broader regional contributions from markets such as Uganda, Cameroon, Côte d’Ivoire and Zambia further illustrate the geographic diversity underpinning MTN’s operations.
In contrast, South Africa recorded more modest growth, with service revenue increasing by 2 percent. Competitive pressures in the prepaid segment were identified as a constraint, and management has indicated that restoring momentum in this market remains a priority. Insights into South Africa’s telecommunications landscape can be accessed through the Independent Communications Authority of South Africa.
Looking ahead, MTN has outlined its Ambition 2030 strategy, structured around connectivity, fintech and digital infrastructure. Its mobile money platform, MoMo, reported 69.5 million monthly active users and processed transactions valued at over 500 billion dollars during the year. This scale reflects the growing importance of financial inclusion and digital services in markets where traditional banking infrastructure remains unevenly distributed. Further information on mobile money trends across the continent is available from the GSMA Mobile Money programme.
The group has noted that its improved performance in 2025 was supported in part by more favourable macroeconomic conditions. However, it has also highlighted ongoing risks, including geopolitical tensions, energy supply constraints and inflationary pressures, which may affect future performance. These factors are not unique to MTN but are indicative of the broader operating environment in which African telecommunications firms continue to evolve.
MTN’s latest results therefore illustrate both the resilience and complexity of operating across multiple African markets. The recovery reflects a combination of regulatory shifts, currency dynamics and sustained demand for digital services, while also pointing to the structural challenges that remain embedded within the continent’s diverse economic landscape.
