MTN Group has announced a very strong performance in the first half of 2025, thanks to better economic conditions and successful strategies. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) jumped by over 60%, reaching R46.65 billion. In constant currency, this was a 22.4% increase.
Their headline earnings per share rose to 645 cents, recovering from a loss of 256 cents last year. The company did not declare an interim dividend. Service revenue increased by 23.2%, with data revenue growing significantly by over 36%, and fintech revenue also saw a sharp rise of over 37%.
The improved macroeconomic environment, with stabilising inflation and exchange rates in key markets like Nigeria and Ghana, contributed to these positive results. Nigeria’s naira strengthened, and the Ghanaian cedi gained against both the rand and the dollar, helping to boost revenue. Price adjustments in Nigeria, phased in during the period, also played a part.
MTN’s total subscriber base grew by 4.7%, now exceeding 297 million, with active data users increasing by 10.3%. The company’s mobile money platform also expanded, with active users rising to over 63 million, and fintech transactions jumping 14.5%.
In South Africa, service revenue grew modestly by 2.3%, contributing about 20.65% of total group revenue. The management’s main focus is now on accelerating growth in South Africa, Nigeria, and Ghana, to sustain momentum.
CEO Ralph Mupita said they will continue investing in their markets, with planned capital expenditure increasing to between R33 billion and R38 billion for 2025. They also expect to achieve cost savings of R7 billion to R8 billion by 2026.
Thanks to the strong start, MTN has revised its medium-term targets, now aiming for service revenue growth of at least the high teens percentage, up from mid-teens. The company remains optimistic about capturing future opportunities and maintaining its growth trajectory in Africa’s biggest markets.