MTN Reports N5.2 Trillion Revenue in 2025 as Mobile Subscribers Increase by 7.9% to 87.3 Million
MTN Nigeria Communications Plc has announced a remarkable financial performance for the year ending 31 December 2025, driven by robust revenue growth, strong profitability, and strategic investments. The company’s key indicators demonstrate a significant recovery from prior losses, positioning MTN Nigeria as a leader in Nigeria’s telecommunications sector.
Key Financial Highlights:
– Total revenue surged by 54.9% to N5.2 trillion from N3.36 trillion in FY 2024.
– Service revenue increased by 55.1% to N5.17 trillion, with data revenue leading the charge, rising 74.5% to N2.78 trillion.
– Data contributed the largest portion of service revenue, supported by an 11.6% increase in active data subscribers to 53.2 million and a 34.0% growth in data traffic.
– Voice revenue grew by 42.1%, reflecting resilience amid evolving consumer preferences.
– Digital revenue expanded by 36.0%, driven by mobile advertising and content partnerships.
– Fintech revenue saw a substantial increase of 79.7%, supported by higher interest income and platform expansion.
– Total expenses increased by 20.2% to N2.46 trillion, but cost management strategies helped contain growth.
– EBITDA more than doubled, up 108.9% to N2.74 trillion, with a margin improvement of 13.6 percentage points to 52.7%.
– Profit after tax turned positive at N1.11 trillion, a significant turnaround from a loss of N400.4 billion in FY 2024.
Operational and Strategic Achievements:
– The company’s capital expenditure rose slightly by 4.2% to N1.6 trillion, with underlying capex (excluding lease-related expenses) increasing by 126.2% to N1.003 trillion, strengthening network capacity.
– Capital expenditure intensity improved to 19.3%, aligning with targeted investment levels.
– Free cash flow soared by 215.5% to N1.22 trillion, underpinning strong cash generation and balance sheet resilience.
– The mobile subscriber base grew by 7.9% to 87.3 million, with active data subscribers increasing by 11.6% to 53.2 million.
– The company also expanded its MoMo Wallets by 30.8%, reaching 3.7 million active wallets.
Balance Sheet and Financial Position:
– MTN Nigeria closed FY 2025 with a positive net cash position of N104.8 billion, a stark contrast to the negative N719.5 billion in 2024.
– The company repaid N434.0 billion in facilities, including the full settlement of all outstanding commercial papers, without additional borrowing.
– Its leverage metrics remain strong, with net debt-to-EBITDA at negative 0.1x, and interest cover at 26.5x, well within covenants.
**Outlook for 2026:**
Building on the recovery, MTN Nigeria remains optimistic about future growth, maintaining its target of at least a low 20% service revenue increase on average. The company also revised its EBITDA margin outlook to ‘mid to high 50%’, supported by disciplined capital expenditure, cost efficiency, and ongoing network investments.
CEO’s Remarks:
Karl Olutokun Toriola, CEO of MTN Nigeria, stated:
> “2025 marked a significant turning point in our business performance and resumption of dividend payments. In the period, we returned to profitability, generated stronger free cash flow and restored positive retained earnings and shareholders’ funds. Our balance sheet resilience was driven by the robust performance of the business as well as a focused reduction in foreign currency exposure and financial discipline.”
MTN Nigeria’s strategic focus on network leadership, digital transformation, and financial discipline positions it well for sustained growth amid Nigeria’s improving macroeconomic landscape.