Africa’s largest mobile network operator MTN has reversed its loss-making position, reporting profit after tax of R27 billion for the year to December, versus a loss of R10.9 billion in 2024.
This, as it shifts from its Ambition 2025 to Ambition 2030 priorities.
Shareholders reacted positively to the financial results, with its stock up 6.57% as of mid-morning, while, by comparison, Vodacom was up 0.7% and Telkom had gained 0.8%.
Reko Nare, portfolio manager at Anchor Capital, says: “The quality of the results was encouraging for us… Overall, a constructive result that supports the investment case for MTN.”
The listed company’s performance was led by its operations in Nigeria and Ghana, with Nigeria making a major turnaround from 2024, while Ghana reported net profit up 55.9%. Nigeria remains MTN Group’s largest operating company by revenue and profit, and the 2025 results mark a sharp recovery after the currency-driven losses in 2024.
The group reported a 45% increase in its dividend to 500 cents per share − ahead of the board’s minimum guidance of 370 cents and up from 345 cents in 2024.
By the end of the year, across 16 markets, it served more than 307 million voice, 172 million data and 70 million Mobile Money customers. These gains were supported by focused commercial execution and continued investment of R38 billion to improve the capacity, coverage and quality of MTN’s networks and platforms.
Key metric growth
MTN Group reported data traffic growth of 27%, with average monthly data usage per customer rising to 12.5GB from 10.8GB. Group service revenue rose 25% to R218 billion, supported by improved macro-economic conditions.
The telco says it contributed about R150 billion in economic and social value across Africa, expanded broadband coverage to more than 94% of the population, and reduced the average cost of data for customers by 14%.
The group also expanded its fintech platform as adoption of more advanced services increased, supporting a 15% rise in transaction volumes to more than 23 billion during the year, with total transaction value exceeding $500 billion.
Ambitions met
“The group’s overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone in line with our priority to deepen digital and financial inclusion,” says MTN Group president and CEO Ralph Mupita.
MTN Group’s Ambition 2025 strategy, launched in 2021, aimed to transform the company from a traditional mobile operator into a broader digital platform business focused on Africa.
The strategy centred on expanding beyond voice and data into fintech, digital services and enterprise platforms, supported by investment in mobile and fibre networks to meet rising demand for data. It also included restructuring parts of the business to unlock value, including separating certain infrastructure and fintech assets and refining its portfolio of markets.
Its successor, Ambition 2030, streamlines the group’s execution approach around three core platforms: connectivity, fintech and digital infrastructure, serving consumers, homes and businesses.
On its key strategic initiatives, MTN says it is prioritising the structural separation of its fintech businesses in Ghana, Uganda and Nigeria.
In mid-February, MTN said it would buy the 75.3% of IHS Holding Limited’s African tower portfolio that it did not already own in a deal valued at about $2.2 billion (R35.2 billion at the time), after the tower company agreed to sell its Latin American business.
This gives MTN greater control over a significant portion of its passive mobile infrastructure across Africa and potentially reducing lease costs while improving operational flexibility.
Mupita says Ambition 2030 will prioritise customer experience and use artificial intelligence to support growth and create shared value. While the company remains mindful of risks linked to shifting global geopolitical conditions, he said Ambition 2030 provides the framework needed to sustain MTN’s medium-term growth and value creation.
Nare adds: “Ambition 2030 reinforces confidence in sustained cash generation and shareholder returns.”
MTN also announced a R6 billion share buyback programme, which will benefit shareholders by returning cash to investors who sell their shares, reducing the number of shares in circulation and potentially supporting the value of remaining shares.
“We are hugely excited about Africa’s potential and are well-positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified. We are committed to accelerate [sic] our impact and empower the people, businesses and nation states we serve,” notes Mupita.
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