MTN Uganda Delivers Solid 9M 2025 Results, Reports 13.6% Revenue Growth

MTN Uganda Limited  has announced strong financial results for the nine months ended 30 September 2025, underscoring its continued commercial momentum, strategic execution, and resilience amid a competitive market.

The telecom giant reported a 13.6% increase in service revenue to Ush 2.6 trillion, propelled by sustained growth in data and fintech segments. Data revenue surged 30.2% to Ush 762.8 billion, reflecting a significant rise in active data subscribers by 18.6% and higher usage per customer. Fintech revenues, including mobile money, rose 17.9% to Ush 809.0 billion, supported by a 23% increase in MoMo transaction value to Ush 140.8 trillion

EBITDA climbed 18.5% to Ush 1.4 trillion, lifting the EBITDA margin to 53.9%, while Adjusted Profit After Tax (PAT) advanced 26.7% to Ush 582.1 billion.
The company also declared a second interim dividend of Ush 10.5 per share (a total of Ush 235.1 billion), scheduled for payment on December 19, 2025

Commenting on the results, Sylvia Mulinge, Chief Executive Officer of MTN Uganda, noted that the company’s strong performance reflects disciplined execution and a stable macroeconomic environment.

“MTN Uganda’s nine months performance reflected our continued commercial execution and momentum in a competitive operating environment, mitigated by some benefit from the ongoing macroeconomic stability in the country. We are pleased with the positive trajectory in our overall topline growth and profitability in Q3, demonstrating the resilience of our portfolio and continued efforts to drive efficiencies in the business.”

– Sylvia Mulinge, Chief Executive Officer, MTN Uganda

She added that the Board’s approval to enhance the company’s dividend policy—raising the minimum payout ratio from 60% to 75% of annual profits—underscored MTN Uganda’s commitment to delivering strong shareholder returns.

MTN Uganda continued to strengthen its network and service capabilities. During the period, the company invested Ush 299.8 billion in capital expenditure, modernizing its network and expanding fiber and broadband coverage.
Notably, 5G population coverage increased to 19.0%, while 4G coverage expanded to 88.3%, with over 5,880 km of new fiber deployed

On the fintech front, MTN launched cross-border payment services between Uganda and Tanzania and partnered with Dubai Duty Free to enhance international remittances. Its fintech ecosystem recorded 3.6 billion transactions, up 19.2% year-on-year.

MTN Uganda was recognized as the Most Admired Brand in Uganda at the Brand Africa 100 awards and also named Employer of the Year 2025 by the Federation of Uganda Employers.

In its sustainability drive, the company published its inaugural Sustainability Report, aligning its operations with the UN Sustainable Development Goals, and launched the Pachi Panda Innovation Challenge in partnership with the World Wildlife Fund to promote youth-led environmental solutions

Looking ahead, MTN Uganda maintained its medium-term guidance of “upper teens” service revenue growth and an EBITDA margin above 50%, despite expecting a modest slowdown in voice and fintech revenue growth due to regulatory changes in mobile termination rates (MTR).

The company plans to sustain its network investments and enhance agent structures to drive fintech wallet growth in the coming quarters.