MTN Group (MTN) Q4 2025 earnings summary

Executive summary

• Achieved robust financial results for FY2025, with strong top-line growth, margin expansion, and improved profitability across key markets, led by Nigeria and Ghana.

• Service revenue grew 22.9% reported and 22.7% in constant currency, reaching ZAR 218.5 billion, well ahead of guidance.

• EBITDA increased 64% reported and 36.8% constant currency, with margin improving to 44.5%.

• Net subscriber base surpassed 307 million, with strong growth in data and fintech users.

• Declared a ZAR 5.00 per share dividend, 45% above the prior year, and introduced an enhanced shareholder remuneration framework and buyback program.

Financial highlights

• Attributable profit rose to ZAR 20.3 billion, with ROE up 6.9% to 25.6%.

• Operating free cash flow before spectrum and licenses increased 38.2% to ZAR 57 billion; surged 81.7% YoY.

• Consolidated free cash flow reached ZAR 26.9 billion, over four times the prior year.

• Net debt to EBITDA improved to 0.3x; HoldCo leverage at 1.3x, both below targets.

• ZAR 38.5 billion CapEx spent, with intensity at 17%, focused on network and IT.

Outlook and guidance

• Reaffirmed medium-term guidance, shifting return metric to ROCE and targeting net debt/EBITDA below 1x.

• Group service revenue growth at least high-teens, South Africa low to mid-single-digit, Nigeria at least low-20%, fintech high-20% to low-30%.

• Focus on resilience amid global macro uncertainty, supply chain risks, and evolving regulation.

• Priorities include prepaid recovery in South Africa, fintech execution, and completing the IHS Towers transaction.

• Capital allocation framework simplified to four pillars: organic growth, financial health, shareholder returns, and value-creative inorganic opportunities.