Scancom (MTNGH) Q3 2025 earnings summary

Executive summary

• Achieved strong top-line growth across all business segments for the nine months ended 30 September 2025, driven by commercial momentum, operational efficiency, and significant investments in network and digital infrastructure.

• Service revenue rose 36.3% YoY to GHS 17.3bn, with strong gains in data, Mobile Money, and voice segments.

• EBITDA increased 41.6% YoY to GHS 10.2bn, with margin expanding by 2.2pp to 58.4%.

• Profit after tax surged 45.9% YoY to GHS 5.5bn, and EPS rose 45.9% to GHS 0.415.

• Mobile subscribers grew 6.4% YoY to 30.5 million; active data subscribers up 11.4% to 18.9 million.

Financial highlights

• Total revenue for 9M 2025 reached GHS 17.4bn, up 36.2% YoY.

• Data revenue increased 48.6% YoY to GHS 6.3bn; voice revenue up 9.3% YoY to GHS 9.3bn.

• Data revenue grew 46.8% YoY to GHS 9.3bn; Mobile Money revenue up 39.2% to GHS 4.3bn.

• Digital revenue surged 103.3% YoY to GHS 324.4m.

• Total costs increased 29.4% YoY to GHS 7.2bn, with opex up 37.0% and cost of sales up 19.8%.

Outlook and guidance

• Service revenue growth guidance reaffirmed at mid- to upper-thirties percent; EBITDA margin expected to remain in the mid- to upper-fifties percent range.

• Dividend payout ratio guided at 60% to 80%.

• Management expects macroeconomic stability in Q4 2025, with inflation projected to decrease further.

• Focus remains on cost management, digital innovation, and expanding fintech and connectivity platforms.

• Continued focus on capital efficiency, ESG goals, and digital platform enhancements.