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MTN Nigeria Communications (MTNN) investor relations material

MTN Nigeria Communications Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Service revenue surged 54.6% year-over-year to N2.4 trillion, driven by price adjustments, resilient demand, and disciplined execution.

  • EBITDA increased 119.5% to N1.2 trillion, with margin expanding to 50.6% due to cost efficiencies and strong operating leverage.

  • PAT reached N414.9 billion, a turnaround from a loss of N519.1 billion in H1 2024, underpinned by strategic execution and improved macroeconomic conditions.

  • Accelerated investments aimed at enhancing service quality and capturing growth opportunities, with capex (ex-leases) up 288.4% to N565.7 billion.

  • On track to restore positive retained earnings and shareholders' equity by Q3 2025.

Financial highlights

  • Service revenue: N2.36 trillion, up 54.6% year-over-year; data revenue up 69.2%, voice up 40.3%, fintech up 71.8%.

  • EBITDA: N1.2 trillion, up 119.5% year-over-year; EBITDA margin at 50.6%, up 15.0pp.

  • PAT: N414.9 billion, compared to a loss of N519.1 billion in H1 2024; EPS of N19.8 kobo versus negative N24.7 kobo.

  • Capex (excluding leases): N565.7 billion, up 288.4%; total capex: N986.1 billion, up 208.2%.

  • Free cash flow: N409.8 billion, up 18.0% year-over-year.

Outlook and guidance

  • FY 2025 service revenue and EBITDA margin expected to grow at least low-50%; medium-term (FY26-28) at least low-20% for revenue and 53-55% margin.

  • Capex intensity to remain in the 'upper teens' for FY 2025, moderating over the medium term.

  • On track to restore balance sheet to a positive net asset position by end of Q3 2025.

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Frequently asked questions

MTN Nigeria Communications PLC is a Nigeria-based telecommunications company that provides a wide range of voice, data, digital, fintech, and enterprise services. It operates mobile and fixed networks, offering solutions for individuals, businesses, and government organizations across Nigeria. The company’s services include mobile voice and internet, mobile financial services, enterprise connectivity, and digital content distribution. MTN Nigeria is a subsidiary of MTN Group Limited, a multinational telecommunications group. The company is headquartered in Lagos, Nigeria, and its shares are listed on the NGX.

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