MTN Nigeria Hits Major Milestone with N1.1 Trillion Profit, Data and Fintech Growth

MTN Nigeria  has released its financial results for the year ended 31 December 2025, reporting a dramatic return to profitability, a surge in revenue and cash flow, and the resumption of dividend payments after a loss-making 2024. The telecom operator posted profit after tax of N1.1 trillion, a sharp reversal from the N400.4 billion loss recorded in the previous year. Earnings per share came in at N53.07, compared with a negative N19.05 in 2024.

The company’s service revenue rose 55.1% year-on-year to N5.2 trillion, driven largely by strong growth in data usage, fintech services and voice revenue. EBITDA more than doubled, climbing 108.9% to N2.7 trillion, while EBITDA margin expanded by 13.6 percentage points to 52.7%.

Subscriber growth and data momentum

MTN Nigeria grew its total subscriber base by 7.9% to 87.3 million, while active data users increased 11.6% to 53.2 million. Data traffic on its network surged by 34%, with average usage per subscriber rising 20% to 13.1GB.

Data revenue jumped 74.5% to N2.78 trillion, making it the largest contributor to service revenue. Smartphone penetration increased to 66.1%, reflecting rising demand for high-speed connectivity. The company also expanded 4G population coverage to 84.6% and increased broadband coverage to 91.2%.

Home broadband remained a strategic focus, with the operator adding about one million users in 2025 to bring its home broadband subscriber base to 4.2 million. Investments in fixed wireless access (FWA) and fibre-to-the-home (FTTH) were positioned as central to its ambition to deepen household connectivity.

Fintech and digital expansion

Fintech revenue grew 79.7% year-on-year to N191.3 billion, supported by higher deposit balances and expansion of advanced services. Active MoMo wallets increased by 30.8% to 3.7 million, as the company intensified rural penetration and agent activation in the second half of the year.

Digital revenue rose 36%, driven by mobile advertising and content partnerships, while enterprise revenue grew 7.7%, supported by fixed connectivity and data services. The company also commenced monetisation of its Dabengwa Data Centre and onboarded initial customers to its cloud marketplace.

Balance sheet recovery and dividend resumption

A more stable foreign exchange environment and reduced exposure to foreign-currency debt significantly strengthened the company’s financial position. MTN Nigeria reported a net foreign exchange gain of N90.3 billion in 2025, compared to a loss of N925.4 billion in 2024.

Retained earnings closed the year at a positive N400.4 billion, compared with a deficit of N607.5 billion in 2024, while shareholders’ equity rose 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.

Free cash flow increased 215.5% to N1.2 trillion, even as capital expenditure excluding leases more than doubled to N1 trillion, representing a capex intensity of 19.3%. The company said investments were directed at capacity expansion, network densification, spectrum optimisation and digital infrastructure.

The board has 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.

Looking ahead, MTN Nigeria said it expects to sustain average service revenue growth of 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 improved macroeconomic conditions, disciplined capital allocation and ongoing cost efficiencies.

Chief Executive Officer Karl Toriola described 2025 as a “significant turning point” for the business, highlighting the return to profitability, strengthened balance sheet and renewed capacity to deliver shareholder returns.

“2025 marked a significant turning point in our business performance and resumption of dividend payments. In the period, we returned to profitability, generated stronger free cash flow and restored positive retained earnings and shareholders’ funds. Our balance sheet resilience was driven by the robust performance of the business as well as a focused reduction in foreign currency exposure and financial discipline. Looking ahead, we are encouraged by the trajectory of our business as we seek to consolidate the significant gains achieved in 2025. The favourable macroeconomic environment, our disciplined execution and continued network leadership position us well for sustained growth across our connectivity and platform businesses. Our commitment to operational excellence and disciplined capital allocation will remain steadfast, ensuring that we progressively strengthen our balance sheet. We remain focused on driving profitable growth, reinforcing our financial strength and providing consistent returns to our shareholders.”

– Karl Toriola, Chief Executive Officer, MTN Nigeria 

With data now accounting for more than half of total revenue and fintech emerging as a fast-growing platform, the company signalled continued focus on network leadership, digital services expansion and financial inclusion as it enters 2026.