MTN Group reports strong 2025 results, unveils Ambition 2030 strategy
The telecommunications giant delivered robust commercial performance driven largely by MTN Nigeria and MTN Ghana, alongside a resilient showing from MTN South Africa
KAMPALA, March 16, 2026 — MTN Group has reported strong operational and financial results for 2025, marking the successful conclusion of its Ambition 2025 strategy while unveiling a new long-term roadmap aimed at capturing growth opportunities across Africa.
The telecommunications giant delivered robust commercial performance driven largely by MTN Nigeria and MTN Ghana, alongside a resilient showing from MTN South Africa. The Group also recorded strong free cash flow, improved returns and a 45 percent increase in dividends.
In addition, the company introduced an enhanced shareholder remuneration framework, including a R6 billion share buyback programme, while reaffirming its medium-term guidance and updating its return and leverage metrics.
“The Group’s overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone in line with our priority to deepen digital and financial inclusion,” said Group President and CEO Ralph Mupita.
As of December 31, 2025, the Group served more than 307 million voice customers, 172 million data users and 70 million Mobile Money customers across 16 markets. The growth was supported by disciplined commercial execution and sustained investment of R38 billion to enhance the capacity, coverage and quality of its networks and platforms.
MTN’s data traffic grew by 27 percent, while average monthly data usage per customer increased to 12.5GB from 10.8GB. The company also expanded its fintech ecosystem, benefiting from higher adoption of advanced digital services.
This helped drive a 15 percent increase in transaction volumes to more than 23 billion during the year, with the total value of transactions surpassing US$500 billion.
In line with its commitment to creating shared value, MTN said it contributed approximately R150 billion in economic and social value across Africa. The Group also expanded broadband coverage to more than 94 percent of the population and reduced the average cost of data for customers by 14 percent.
The company added that its engagement with communities, governments and other stakeholders contributed to its highest reputation and trust scores since the launch of its Reputation Index Survey in 2019.
Supported by improving macroeconomic conditions, the Group’s service revenue rose by nearly a quarter to R218 billion. In constant-currency terms, MTN Nigeria and MTN Ghana increased service revenue by 54.9 percent and 35.9 percent respectively. Meanwhile, MTN South Africa recorded a 2.0 percent increase in service revenue, reflecting operational resilience despite the challenges of operating in a mature and highly competitive market.
Earnings before interest, tax and amortisation [before once-off items] reached R98.5 billion, representing growth of more than a third in constant currency. The improvement was supported by expense efficiencies of R3.6 billion achieved during the year.
Basic earnings per share [EPS] recovered from a loss in 2024 to a profit in 2025, while adjusted headline EPS rose by 67 percent.
With a strong balance sheet and sustained financial flexibility, MTN declared a dividend of 500 cents per share, up from 345 cents in 2024, comfortably exceeding the minimum 370 cents the Board of Directors had previously anticipated.
Looking ahead, the Group announced the launch of Ambition 2030, an evolution of its strategy designed to streamline execution around three core platforms: Connectivity, Fintech and Digital Infrastructure.
Through this strategy, the company aims to deliver a leading customer experience, leverage artificial intelligence for growth and expand the value it creates across its markets.
While acknowledging evolving global geopolitical risks, Mupita said the new strategy provides a solid framework to sustain MTN’s medium-term growth and value creation.
“We are hugely excited about Africa’s potential and are well positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified,” he said.
“We remain committed to accelerating our impact and empowering the people, businesses and nation states we serve.”
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