MTN Group has announced impressive financial results for the first half of 2025. The company reported a 22.4% increase in service revenue, driven primarily by strong performances in Nigeria and Ghana. This growth, achieved in constant-currency terms, highlights its ability to navigate challenging macroeconomic conditions, including stabilising inflation and forex rates in key markets.
Headline earnings per share (HEPS) soared by over 350% to 645 cents, a significant rebound from a 256-cent loss in H1 2024. This places MTN’s performance squarely within its guided range, reflecting disciplined execution and operational resilience. The company also raised its medium-term guidance from mid-teens to at least high-teens growth, signalling confidence in sustained momentum.
According to the Group President and CEO Ralph Mupita, “H1 results reflect the resilience, progress and momentum in our business.
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,” he said.
“We have raised our overall medium-term guidance, underlining the strength of our portfolio as well as our commitment to accelerate the growth in our business and continue to unlock value for our shareholders and broader stakeholders,” he added.
MTN Nigeria emerged as a key driver of the group’s success. The subsidiary posted a 35.6% surge in service revenue, bolstered by tariff adjustments combined with a more stable naira in H2 2024, which have significantly improved profitability. The subsidiary is now expected to achieve a positive net asset value by Q3 2025, a critical milestone following years of currency-related challenges.
The Nigerian operation benefited from renegotiated tower lease contracts, which mitigated macroeconomic pressures.
Additionally, its focus on data services saw an 8% increase in active data subscribers, reaching 158 million across the group. This growth underscores the rising demand for digital connectivity in Africa’s largest economy.
Similarly, MTN Ghana also played a pivotal role in the group’s H1 2025 performance. The subsidiary delivered strong service revenue growth, supported by robust demand for data and fintech services. Ghana’s contribution highlights MTN’s ability to capitalise on diverse markets, with local ownership initiatives further strengthening its foothold.
The company’s investment in network quality and capacity, with R30 billion allocated in 2024, has paid off. Data traffic across MTN’s markets surged by a third, driven by Ghana’s expanding digital ecosystem. This infrastructure focus positions the subsidiary as a cornerstone of the group’s Ambition 2025 strategy.
MTN fintech (MoMo) continues to shine
MTN’s fintech ecosystem continues to shine, with a 45.4% increase in transaction value, reaching over $320 billion. Fintech service revenue grew by 28.5% in constant currency, with advanced services like banktech, remittances, and payments surging by 52%.
The number of active Mobile Money (MoMo) users rose slightly to 63 million, reflecting efforts to enhance the platform’s quality and profitability.
Disciplined capital allocation and expense efficiencies underpin MTN’s H1 2025 success. The company realised R1.5 billion in savings through its Expense Efficiency Programme (EEP), with a target of R7-8 billion by 2026. These savings have bolstered financial flexibility, enabling MTN to maintain a healthy balance sheet despite currency challenges in Nigeria and impairments in Sudan.
Strategic divestitures, including the disposal of operations in Afghanistan, Guinea-Bissau, and Guinea-Conakry, have sharpened MTN’s focus on high-growth markets.
In South Africa, the extension of the MTN Zakhele Futhi B-BBEE transaction reinforces the company’s commitment to transformation and inclusivity. These moves align with MTN’s broader goal of creating sustainable value for stakeholders.
Reflecting its strong financial performance, MTN declared a dividend of 345 cents per share, up from 330 cents in 2023. The board anticipates a minimum ordinary dividend of 370 cents for the 2025 financial year, signalling optimism about future earnings and cash flow.
This decision underscores MTN’s commitment to rewarding shareholders while maintaining balance sheet flexibility. The group’s share price performance also reflects investor confidence.
Looking ahead, the company is well-positioned to capitalise on Africa’s growing demand for digital and financial services. Its upgraded medium-term guidance reflects confidence in sustained growth, driven by data, fintech, and strategic partnerships.