MTN Nigeria Communications Plc has released its audited 2025 financial results for the period ended December 2025, posting a strong turnaround.
According to the report filed on NGX, the telecom giant reported a record N1.70 trillion in 2025, compared to a pre-tax loss of N550.3 billion in 2024.
The performance reflects a return to profitability following significant FX losses in the prior year and marks one of the strongest earnings recoveries in the company’s history.
In the fourth quarter, pre-tax profit rose to N569.6 billion, up 248.8% from N163.3 billion in Q4 2024, reflecting sustained revenue growth, margin expansion, and improved foreign exchange dynamics.
Following the impressive performance, the Board has proposed a final dividend of N15 per share, bringing the total dividend for the 2025 financial year to N20 per share.
The dividends will be paid electronically to shareholders whose names appear on the Register of Members as of 8 April 2026, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
Financial Highlights (FY 2025 vs FY 2024)
- Total revenue: N5.20 trillion +54.9% YoY
- Service revenue: N5.17 trillion +55.1% YoY
- Profit after tax: N1.11 trillion (vs N400.4bn loss)
- Earnings per share: N53.07 (vs -N19.05)
- EBITDA: N2.74 trillion +108.9%
- Mobile subscribers: 87.3 million +7.9%
- Total Assets: N5.40 trillion +28.7%
- Shareholders’ Funds: N548.712 billion; +219.8% YoY
Management commentary
The Chief Executive Officer, Karl Toriola, described 2025 as a “significant turning point”, he said:
- “We closed the year with positive retained earnings of N400.4 billion (December 2024: negative N607.5 billion) and shareholders’ equity of N548.7 billion (December 2024: negative N458.0 billion),” the CEO stated.
He noted that macroeconomic conditions improved during the year, with a more stable foreign exchange market and moderated inflation helping to reduce margin pressure.
The company maintained its medium-term service revenue growth target of “at least the low 20%” and revised its EBITDA margin guidance upward from the 53–55% range to the “mid to high 50%” range.
Driving the numbers
MTN Nigeria’s 2025 performance was driven primarily by strong service revenue growth, especially in data and fintech.
Service revenue rose 55.1% to N5.17 trillion, with data revenue increasing 74.5% to N2.78 trillion, making it the largest contributor to total service revenue.
- Growth was supported by a 34.0% increase in data traffic, 11.6% growth in active data users to 53.2 million, and smartphone penetration rising to 66.1%.
- Voice revenue remained resilient, rising 42.1% to N1.85 trillion, supported by subscriber growth and customer value management initiatives.
- Fintech revenue grew 79.7% to N191.3 billion, driven by higher interest income and expansion of advanced services, with active wallets rising to 3.7 million.
On the cost side, cost of sales rose 30.3%, significantly below revenue growth, while operating expenses increased 16.7%, reflecting efficiency gains and savings from tower lease renegotiations.
- This operating leverage drove EBITDA up 108.9% to N2.74 trillion.
A key swing factor was foreign exchange. The company reported a net FX gain of N90.3 billion compared to a loss of N925.4 billion in 2024, following the settlement of outstanding letters of credit and reduced dollar exposure.
Capex excluding leases rose 126.2% to N1.00 trillion, reflecting heavy network investment to strengthen service quality and capacity.
- Despite this, free cash flow rose 215.5% to N1.2 trillion, demonstrating improved cash generation.
Balance sheet
The balance sheet also strengthened materially, with retained earnings returning to positive N400.4 billion and shareholders’ equity improving to N548.7 billion.
Market reaction
As of the close of trading yesterday, MTN Nigeria’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, pushing its year-to-date return to 49%, following a 155.5% rally in 2025.
