MTN Group (MTN) Q2 2025 earnings summary

Executive summary

• Delivered robust H1 2025 results with service revenue growth of up to 23.2% year-over-year, strong EBITDA expansion, and disciplined capital allocation, led by Nigeria and Ghana amid improved macroeconomic conditions.

• Data and fintech revenues grew over 36%, with fintech transaction value up 45.4% year-over-year, and total subscribers rising 4.7% to 297.7 million.

• Upgraded medium-term guidance and positive NAV position expected for Nigeria by end Q3 2025.

• Strategic focus remains on data and fintech growth, operational efficiency, and disciplined investment, with ongoing structural separation in fintech and continued regulatory engagement.

• No interim dividend declared; Board anticipates minimum final dividend of 370cps for FY 2025.

Financial highlights

• Service revenue grew up to 23.2% reported (22.4% in constant currency), with data revenue up to 36.5% and fintech revenue up to 37.3%.

• EBITDA increased up to 60.6% reported (42.3% in constant currency), with margin up to 42.7%.

• Operating free cash flow surged 106.4% to R20.5bn, and net free cash flow reached ZAR 6.7 billion.

• Adjusted HEPS grew 76.1% to 657c, and adjusted ROE reached 21.5%.

• Capex (ex-leases) was R20.8bn, with capex intensity at 19.0%.

Outlook and guidance

• Group service revenue growth guidance raised to at least high-teens; capex (ex-leases) for FY 2025 revised to R33-38bn.

• Nigeria guidance: service revenue growth at least low-50%, EBITDA margin at least low-50%, and positive distributable reserves anticipated.

• Ghana targets service revenue growth in the mid- to upper thirties percent, EBITDA margin in the mid- to high 50s.

• South Africa guidance: service revenue growth low to mid-single digits, EBITDA margin 35-37%.

• Fintech service revenue growth guidance unchanged at high-20% to low-30%.