MTN Group (MTN) Q4 2025 earnings summary

Executive summary

• Achieved robust financial and operational performance in FY2025, with strong top-line growth, margin expansion, and improved cash generation across all key markets, led by Nigeria and Ghana.

• Surpassed 307 million subscribers, with notable growth in data and fintech users; monthly active fintech users approached 70 million and transaction value neared $500.3 billion.

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

• Transitioned strategic focus from Ambition 2025 to Ambition 2030, emphasizing digital and financial inclusion, connectivity, fintech, and digital infrastructure.

• Advanced Ambition 2030 strategy to capture value and structural growth opportunities, reaffirming medium-term guidance with updated return and leverage metrics.

Financial highlights

• Group service revenue grew 22.9% reported and 22.7% in constant currency, reaching ZAR 218.5 billion; EBITDA up 36.8% to ZAR 98.5 billion, with margin improving to 44.5%.

• Data revenue increased 36.4% to ZAR 101.5 billion; fintech revenue up 23.2% to ZAR 30.3 billion.

• Attributable profit rose to ZAR 20.3 billion; adjusted headline EPS up 67.7% to ZAR 13.59.

• Operating free cash flow before spectrum and licenses up 38.2% to ZAR 57 billion; consolidated free cash flow quadrupled to ZAR 26.9 billion.

• Return on equity reached 25.6%, exceeding the 25% medium-term target.

Outlook and guidance

• Reaffirmed medium-term guidance, with tweaks to return metrics (now ROCE) and leverage (targeting net debt/EBITDA <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%.

• Adjusted ROE target improvement towards 25%; holdco leverage ≤1.5x; asset realisation >ZAR 25 billion.

• Anticipates continued macroeconomic volatility, regulatory changes, and supply chain pressures, but remains focused on resilience, commercial momentum, and execution of strategic priorities.

• Prioritizes prepaid recovery in South Africa, fintech execution, and completion of the IHS Towers transaction.