MTN Nigeria has reported a dramatic reversal in fortunes, swinging from a lack of ₦400.4-billion (R4.7-billion) in 2024 to a revenue after tax of ₦1.1-trillion (R12.9-billion) for the 12 months ended 31 December 2025, as a extra steady naira and surging information demand powered a restoration throughout the enterprise.
The end result — a 377.9% enchancment — allowed the corporate to renew dividend funds, with the board proposing a closing dividend of ₦15/share, bringing the full payout for the 12 months to ₦20/share.
Service income rose 55.1% to ₦5.2-trillion, whereas Ebitda — earnings earlier than curiosity, tax, depreciation and amortisation — greater than doubled to ₦2.7-trillion, lifting the Ebitda margin by 13.6 proportion factors to 52.7%.
CEO Karl Toriola mentioned 2025 marked a “vital turning level” for the enterprise. “We returned to profitability, generated stronger free money move and restored optimistic retained earnings and shareholders’ funds,” he mentioned.
The turnaround was underpinned by a pointy enchancment in Nigeria’s macroeconomic setting. The naira strengthened to ₦1 436/US$ by year-end from ₦1 535/$ a 12 months earlier, whereas headline inflation declined to fifteen.2%.
In 2024, extreme naira depreciation had saddled MTN Nigeria with a overseas trade lack of ₦925.4-billion. That swung to a achieve of ₦90.3-billion in 2025, pushed by the total settlement of excellent letters of credit score and a discount in overseas forex loans to $105-million from US$146-million.
Information overtakes voice
The development within the overseas trade place was central to the stability sheet restoration. Shareholders’ fairness moved from adverse ₦458-billion to optimistic ₦548.7-billion, whereas retained earnings swung from adverse N607.5-billion to optimistic N400.4-billion.
Information was the standout performer, with income surging 74.5% to ₦2.78-trillion and overtaking voice as MTN Nigeria’s largest income stream. Lively information customers grew 11.6% to 53.2 million, whereas information site visitors on the community elevated by 34%. Voice income rose 42.1% to ₦1.85-trillion, whereas fintech income jumped 79.7% to ₦191.3-billion.
Learn: MTN to purchase again its personal mobile towers in R35-billion deal
MTN Nigeria greater than doubled its community funding to ₦1-trillion (excluding leases), up from N443.5-billion in 2024, leading to a capex depth ratio of 19.3%. The corporate expanded 4G inhabitants protection by 2.1 proportion factors to 84.6% and grew its residence broadband subscriber base to 4.2 million.
Regardless of the elevated funding and vital debt repayments — together with N434-billion in amenities — free money move reached N1.2-trillion, up 215.5%. The corporate closed the 12 months with a optimistic internet money place of ₦104.8-billion, in comparison with adverse ₦719.5-billion a 12 months earlier.
Complete subscribers rose 7.9% to 87.3 million, whereas MoMo cell cash wallets grew 30.8% to three.7 million.
Wanting forward, MTN Nigeria maintained its medium-term service income development goal of “a minimum of the low 20%” vary and raised its Ebitda margin steering from 53-55% to the “mid to excessive 50%” vary. The steering assumes common inflation within the mid-teens and trade charges within the N1 400-1 700/$ vary. — (c) 2026 NewsCentral Media
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