MTN Group produced a robust H1 2025 performance with strong operational and financial results.
MTN Nigeria and MTN Ghana led the MTN Group’s service revenue growth, which rose 22.4 per cent in constant currency (CC) and 23.2 per cent on a reported basis to R105.1 billion.
Total subscribers increased by 4.7percent to 297.7 million
Total subscribers rose 4.7 per cent to 297.7 million during the period under review, while MoMo MAU and active data subscribers increased 1.7 per cent to 63.2 million and 10.3 per cent to 164.4 million, respectively.
The telecom reports robust commercial momentum supported by macroeconomic improvement in key markets. Better macroeconomic conditions, which were characterised by increased inflation and foreign exchange (forex) stability, helped the Group’s performance in H1 2025.
In the first half, the Nigerian naira was more stable against the US dollar, especially compared to H2 2024. Also, the Ghanaian cedi has appreciated year-to-date in H1.
Strong service revenue growth of 22.4 per cent, fueled by fintech
In H1 2025, the Group’s service revenue grew by 22.4 per cent, with commendable contributions from fintech (up 24.9 per cent) and data (up 34.3 per cent).
The Group’s and MTN Nigeria’s service revenue growth was aided by the approval of price adjustments in Nigeria, which were implemented gradually throughout the period and mainly benefited Q2.
While MTN Nigeria and MTN Ghana, its two biggest Opcos, drove the growth in service revenue, with increases of 54.1 per cent and 39.9 per cent, respectively, MTN South Africa (SA) reported 2.3 per cent service revenue growth in H1 despite continuing to face competition in its prepaid segment.
Fintech transaction volumes rose by 14.5 per cent.
Fintech transaction volumes increased by 14.5 per cent, and data traffic increased by 29.1 per cent (42.1 per cent excluding joint ventures), underscoring the continued structural demand for its services.
Fintech revenue from advanced services climbed 42 per cent, contributing 3.8 percentage points more to overall MoMo revenue (excluding airtime advance) than previously.
Group President and CEO Ralph Mupita commented, “H1 results reflect our business’s resilience, progress and momentum. The Group reported a pleasing set of results, driven by strong commercial execution, disciplined capital allocation and improved macroeconomic conditions. We are encouraged by the acceleration in our topline and the recovery in our profitability and free cash flow generation.”
EBITDA growth surges by 42.3% to R46.7 billion
EBITDA grew 42.3 per cent to R46.7 billion during that time, driven by a 7.1pp expansion in EBITDA margins to 44.2 per cent.
Strong topline growth and ongoing advancements in its expense efficiency program (EEP), which produced savings of about R1.5 billion in the first half, served as the foundation for this result.
Operating free cash flow (OpFCF) rose by 106.4 per cent to R20.5 billion (before spectrum and license acquisitions) due to its excellent operational performance in H1.
The company stated, “Within our operations, our priorities are to accelerate the performance of MTN SA and sustain the strong momentum in MTN Nigeria and MTN Ghana. For fintech, we will continue the work to scale the ecosystem, including driving the recovery of MoMo PSB in Nigeria.”
MTN, a pan-African cellular provider, aims to “Lead digital solutions for Africa’s progress.”
It is driven by the conviction that everyone should enjoy the advantages of a contemporary, connected life, and it currently serves 298 million customers across 16 markets.
Key highlights
- Group service revenue increased by 23.2 per cent to R105.1 billion on a reported basis, up 22.4 per cent in constant currency (CC).
- Data revenue increased by 36.5 per cent on a reported basis, up 34.3 per cent in CC.
- Fintech revenue increased by 37.3 per cent on a reported basis, up 24.9 per cent in CC.
- EBITDA (before once-off items) increased by 60.6 per cent on a reported basis; up 42.3 per cent in CC.
- EBITDA margin (before once-off items) increased by 10.7 percentage points (pp) on a reported basis to 42.7 per cent; up 7.1pp to 44.2 per cent in CC.
- Basic earnings per share (EPS) increased by 231.8 per cent to 539 cents (H1 2024: 409 cents loss).
- Reported headline EPS (HEPS) increased by 352 per cent to 645 cents (H1 2024: 256 cents loss).
- No interim dividend declared (H1 2024: nil).
- Total subscribers up 4.7 per cent to 297.7million.
- Active data subscribers increased by 10.3 per cent to 164.4 million.
- Data traffic increased by 29.1 per cent to 11.7PB.
- Mobile Money (MoMo) monthly active users (MAU) rose 1.7 per cent to 63.2 million.
- Fintech transaction volumes are up 14.5 per cent to 11.1 billion.
- Capex (ex-leases) of R20.8 billion, with a capex intensity of 19 per cent.