MTN Group (MTN) Q3 2025 earnings summary

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.