MTN Nigeria Communications Plc, Nigeria’s leading telecommunications provider, has clawed its way back to profitability, reporting a pre-tax profit of N1.70 trillion for the fiscal year ended December 2025.
This marks a dramatic turnaround from the N550.3 billion pre-tax loss recorded just a year earlier, underscoring the company’s resilience amid lingering economic headwinds.
The audited results, filed with the Nigerian Exchange (NGX), highlight one of the most impressive earnings recoveries in MTN Nigeria’s history. The telecom behemoth attributed the rebound to robust revenue growth, operational efficiencies, and a more favorable foreign exchange environment that alleviated the crushing FX losses that plagued its 2024 performance.
The fourth quarter of 2025 proved particularly strong, with pre-tax profit soaring 248.8% to N569.6 billion from N163.3 billion in the same period of 2024. This surge was fueled by sustained top-line expansion, wider profit margins, and stabilizing currency dynamics.
Analysts have hailed this as evidence of MTN’s strategic agility, positioning it as a bellwether for Nigeria’s broader economic stabilization.
In recognition of the stellar results, MTN’s Board of Directors has recommended a final dividend of N15 per share, elevating the total payout for the 2025 financial year to N20 per share.
Shareholders listed on the Register of Members, who have opted for e-dividend registration, will receive payments directly into their bank accounts. This move not only rewards investors but also signals confidence in the company’s cash flow generation and prospects.
A Snapshot of Strength
MTN Nigeria’s 2025 figures paint a picture of vigorous growth across the board. Here’s a breakdown of the major highlights compared to 2024:
| Metric | FY 2025 | FY 2024 | YoY Change |
|---|---|---|---|
| Total Revenue | N5.20 trillion | N3.36 trillion | +54.9% |
| Service Revenue | N5.17 trillion | N3.33 trillion | +55.1% |
| Profit After Tax | N1.11 trillion | (N400.4 billion) | Turnaround |
| Earnings Per Share | N53.07 | (N19.05) | Turnaround |
| EBITDA | N2.74 trillion | N1.31 trillion | +108.9% |
| Mobile Subscribers | 87.3 million | 80.9 million | +7.9% |
| Total Assets | N5.40 trillion | N4.20 trillion | +28.7% |
| Shareholders’ Funds | N548.7 billion | (N458.0 billion) | +219.8% |
These metrics reflect a company firing on all cylinders, with service revenue emerging as the star performer. Data services, in particular, drove the momentum, climbing 74.5% to N2.78 trillion and accounting for the lion’s share of total service revenue.
This was bolstered by a 34.0% spike in data traffic, an 11.6% rise in active data users to 53.2 million, and smartphone penetration reaching 66.1%—a testament to Nigeria’s accelerating digital adoption.
Voice revenue, often seen as a mature segment, defied expectations, rising 42.1% to N1.85 trillion, driven by subscriber additions and targeted customer value initiatives.
Meanwhile, the fintech arm, encompassing mobile money and related services, expanded 79.7% to N191.3 billion, propelled by higher interest income and a growing ecosystem of advanced offerings. Active wallets swelled to 3.7 million, highlighting MTN’s pivot toward diversified revenue streams beyond traditional telecom.
On the expense front, MTN demonstrated prudent cost management. Cost of sales grew by 30.3%—well below revenue growth—while operating expenses rose a modest 16.7%. These efficiencies, combined with savings from renegotiated tower leases, amplified operating leverage and propelled EBITDA to a staggering N2.74 trillion, more than doubling from the prior year.
A pivotal factor in the recovery was the foreign exchange landscape. MTN booked a net FX gain of N90.3 billion in 2025, a sharp contrast to the N925.4 billion loss in 2024. This improvement stemmed from settling outstanding letters of credit and trimming dollar-denominated exposures, aligning with Nigeria’s broader efforts to stabilize the naira.
Capital expenditure (excluding leases) jumped 126.2% to N1.00 trillion, as the company ramped up investments in network infrastructure to enhance service quality and capacity. Yet, despite the hefty outlays, free cash flow ballooned 215.5% to N1.2 trillion, underscoring MTN’s enhanced ability to generate and retain cash.
The balance sheet tells an equally compelling story of rehabilitation. Retained earnings flipped to a positive N400.4 billion from a negative N607.5 billion, while shareholders’ equity rebounded to N548.7 billion from a deficit of N458.0 billion.
In a statement accompanying the results, Chief Executive Officer Karl Toriola described 2025 as a “significant turning point” for MTN Nigeria. “We closed the year with positive retained earnings of N400.4 billion and shareholders’ equity of N548.7 billion,” Toriola said. He credited the performance to improving macroeconomic conditions, including a more stable foreign exchange market and tempered inflation, which eased pressure on margins.
Looking ahead, Toriola reaffirmed the company’s medium-term ambitions: service revenue growth of at least the low 20% range, with EBITDA margins now upgraded to the mid-to-high 50% bracket from the previous 53–55% guidance. This optimism is rooted in Nigeria’s ongoing digital transformation and MTN’s strategic investments in data, fintech, and network resilience.
Shares Soar to New Heights
Investors have responded enthusiastically to the news. As of yesterday’s market close on February 26, MTN Nigeria’s shares traded at N760, cementing its status as the most capitalized entity on the NGX with a market value hovering around N16 trillion.
The stock has surged 33% in February alone, contributing to a year-to-date gain of 49%. This builds on a remarkable 155.5% rally throughout 2025, reflecting renewed faith in the telecom sector’s role as a cornerstone of Nigeria’s economy.
Industry watchers suggest that MTN’s performance could set a precedent for other Nigerian firms grappling with FX volatility and inflation. As the Central Bank of Nigeria continues its reforms, companies like MTN are poised to benefit from a more predictable operating environment.
However, challenges remain. With capex set to remain elevated to support 5G rollout and rural expansion, MTN must navigate potential regulatory shifts and competitive pressures from rivals like Airtel and Globacom. Still, the 2025 results affirm that MTN Nigeria is not just surviving—it’s thriving, ready to lead the charge in Africa’s largest mobile market.
WHAT YOU SHOULD KNOW
MTN Nigeria delivered one of the most impressive recoveries in its history, swinging from a ₦550 billion pre-tax loss in 2024 to a record ₦1.70 trillion pre-tax profit in 2025.
After suffering massive foreign exchange losses the previous year, the company returned to strong profitability through explosive service revenue growth (+55%), especially in data (+75%) and fintech (+80%), combined with significantly improved FX dynamics and disciplined cost control.
This powerful combination drove EBITDA to more than double, restored positive retained earnings and shareholders’ equity, enabled a generous ₦20/share dividend, and pushed the share price to new highs—making MTN Nigeria the country’s most valuable listed company once again.
