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MTN Group Limited (MTN) investor relations material

MTN Group Limited Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary17 Nov, 2025

Executive summary

  • Achieved strong, broad-based performance across 16 markets, surpassing 300 million customers, led by Nigeria and Ghana.

  • Fintech transaction value rose 38.0% year-over-year to US$342.3 billion, with active MoMo users up 5.3% to 64.3 million.

  • Group EBITDA margin expanded to 45.0% (+6.7pp), supported by topline growth and expense efficiency.

  • MTN Nigeria restored positive retained income and net equity, resuming dividend payments.

  • Maintained a robust balance sheet, with consolidated net debt to EBITDA improving to 0.4x.

Financial highlights

  • Group service revenue grew 25.9% year-over-year (22.6% in constant currency) to R160.4 billion; data revenue up 35.4%; fintech revenue up 23.1%.

  • EBITDA increased 41.1% year-over-year, with margin reaching 45.0%.

  • MTN Nigeria service revenue up 57.1%, data revenue up 72.7%, EBITDA margin at 51.3%.

  • MTN Ghana service revenue up 35.9%, EBITDA margin at 58.4%.

  • CapEx deployed of R27.9 billion (ex-leases), with capex intensity at 16.8%.

Outlook and guidance

  • Focus on sustaining operational momentum, accelerating fintech, and driving efficiencies.

  • MTN Nigeria guidance for service revenue and EBITDA margin growth in the low-50% for FY 2025.

  • Group maintains CapEx guidance of R33–38 billion for the year.

  • MTN SA expected to track at the lower end of medium-term target ranges for the next few quarters.

  • Minimum ordinary dividend of 370cps for FY25.

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Frequently asked questions

MTN Group Limited, known as MTN, is a South African multinational mobile telecommunications company, providing a wide range of services including voice, data, fintech, digital, enterprise, wholesale, and API services. It serves over 290 million customers across 19 markets in Africa and the Middle East. Established in South Africa in 1994, MTN has grown significantly by investing in advanced communication infrastructure and developing new technologies. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.

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