MTN Nigeria has reported a dramatic financial turnaround for the year ended 31 December 2025, posting a profit after tax of N1.1 trillion and resuming dividend payments after a loss-making 2024.
The telecom operator rebounded from a N400.4 billion loss in the previous year to deliver earnings per share of N53.07, compared with negative N19.05 in 2024. The results mark one of the strongest recoveries in the company’s history, underpinned by robust growth in data, fintech and voice services, alongside a more stable macroeconomic environment.
Service revenue rose 55.1% year-on-year to N5.2 trillion, reflecting sustained demand for connectivity and digital services. EBITDA climbed 108.9% to N2.7 trillion, while EBITDA margin expanded by 13.6 percentage points to 52.7%, signalling improved operational efficiency and cost discipline.
Subscriber growth remained steady. Total subscribers increased by 7.9% to 87.3 million, while active data users rose 11.6% to 53.2 million. Data traffic surged 34% during the year, with average data consumption per subscriber climbing 20% to 13.1GB.
Data revenue grew 74.5% to N2.78 trillion, making it the largest contributor to service revenue. Smartphone penetration reached 66.1%, reflecting growing demand for high-speed internet access. The company expanded 4G population coverage to 84.6% and broadband coverage to 91.2%, reinforcing its network leadership position.
Home broadband continued to gain traction, with about one million new users added in 2025, bringing the total home broadband subscriber base to 4.2 million. Investments in fixed wireless access and fibre-to-the-home were highlighted as central to expanding household connectivity.
Fintech also recorded strong momentum. Revenue from fintech operations rose 79.7% year-on-year to N191.3 billion, supported by higher deposit balances and expanded advanced services. Active MoMo wallets increased 30.8% to 3.7 million, driven by deeper rural penetration and agent network expansion in the second half of the year.
Digital revenue grew 36%, helped by mobile advertising and content partnerships. Enterprise revenue increased 7.7%, supported by fixed connectivity and data services. The company also began monetising its Dabengwa Data Centre and onboarded initial customers to its cloud marketplace, signalling broader ambitions in digital infrastructure.
A more stable foreign exchange environment significantly strengthened the balance sheet. The company recorded a net foreign exchange gain of N90.3 billion in 2025, compared with a loss of N925.4 billion in 2024. Reduced exposure to foreign-currency debt further supported financial recovery.
Retained earnings closed the year at a positive N400.4 billion, compared with a deficit of N607.5 billion in the prior year. Shareholders’ equity improved to N548.7 billion from negative N458.0 billion a year earlier. The company ended the year with a net cash position of N104.8 billion.
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Free cash flow rose 215.5% to N1.2 trillion, even as capital expenditure excluding leases more than doubled to N1 trillion. Capex intensity stood at 19.3%, with investments directed toward network capacity expansion, densification, spectrum optimisation and digital infrastructure upgrades.
The board proposed a final dividend of N15 per share, bringing total dividend for the year to N20 per share, subject to shareholder approval at the annual general meeting. The resumption of dividend payments signals renewed confidence in cash flow generation and balance sheet strength.
Chief Executive Officer Karl Toriola described 2025 as a significant turning point for the company. He said the return to profitability, stronger free cash flow and restoration of positive retained earnings reflect disciplined execution and focused reduction in foreign currency exposure. He added that improved macroeconomic conditions and continued network leadership position the company for sustained growth.
Looking ahead, the company expects to maintain average service revenue growth in at least the low 20% range over the medium term. It also revised its EBITDA margin guidance upward to the mid-to-high 50% range, citing disciplined capital allocation and ongoing cost efficiencies.
With data now accounting for more than half of total revenue and fintech emerging as a high-growth platform, the company is entering 2026 focused on expanding connectivity, scaling digital services and deepening financial inclusion, while strengthening its financial position and delivering consistent returns to shareholders.
