As JSE-listed MTN Group wraps up the final year of its Ambition 2025 strategy, the group reported strong commercial outcomes, led by MTN Nigeria and MTN Ghana; a resilient performance from MTN South Africa; robust free cash flow; improved return generation; and a 45% increase in the dividend for the year ended December 31, 2025.

During the financial year under review, MTN posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of R98.5-billion, equating to a 64% increase on a reported basis, and a 36.8% increase on a constant currency basis.

The group’s Ebitda margin rose 11.5 percentage points on a reported basis to 43.5% and 5.4 percentage points to 44.5% in constant currency.

This was underpinned by robust topline growth and the benefits of its expense efficiency programme execution, which yielded savings of about R3.6-billion during the year.

“In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300-million customers milestone, in alignment with our priority to deepen digital and financial inclusion in the markets we serve,” said MTN Group president and CEO Ralph Mupita.

MTN Group’s basic earnings per share (EPS) swung from a loss of 519c in 2024 to a profit of 1 113c in 2025, while adjusted headline EPS increased by 67% to 1 359c.

“Our strong operational performance and disciplined deployment of capital drove an increase in operating free cash flow of 81.7% to R57.1-billion, before spectrum and licence acquisitions. Free cash flow was up by 345.5% to R26.9-billion,” MTN highlighted in its financial results released on Sens on Monday.

Underpinned by improved macroeconomic conditions, the group’s service revenue increased by 22.7% to R218.5-billion, led by strong growth, in constant currency terms, of 54.9% and 35.9% in MTN Nigeria and MTN Ghana respectively.

MTN South Africa reported overall service revenue growth of 2%, as the business continued to navigate competitive pressures in the prepaid segment.

The group maintained the good momentum in other markets such as MTN Uganda, MTN Cameroon, MTN Cote d'Ivoire and MTN Zambia.

Meanwhile, data revenue increased 37.7% on a reported basis, and 36.4% in constant currency, to R101.5-billion, while fintech revenue increased 30% on a reported basis and 23.2% in constant currency during the year under review.

“Our results were supported by the sustained investment in our leading networks and platforms. We deployed capital expenditure (capex) of R38.5-billion, ex-leases, in the 2025 financial year to enhance the capacity, coverage and quality, including accelerated investment to support stronger growth in MTN Nigeria and MTN Ghana. Our capex intensity of 17% remained within the 15% to 18% target range.”

During the year ended December 2025, MTN’s total customers increased 5.6% to 307.2-million, while the number of active data customers increased by 9.4% to 172.6-million, with a 27% rise in data traffic to 24.7 PB. Mobile Money monthly active customers increased 10% to 69.5-million.

With a sustained healthy financial position and balance sheet flexibility, MTN declared a dividend of 500c a share from 345c a share in 2024.

“We also unveiled an enhanced shareholder remuneration framework, including a R6-billion share buyback programme, and reaffirmed our medium-term guidance, updating our return and leverage metrics,” Mupita continued.

In addition, the group also announced an evolution of its Ambition 2025 strategy.

While the fundamentals of Ambition 2025 remain relevant and appropriate, MTN, as it looks beyond 2025, is streamlining its focus into three principal platforms, namely Connectivity, Fintech and Digital Infrastructure.

“This three-platform approach embodies the core and drive of our evolution to the Ambition 2030 strategy, which will best position the group to capture value from the structural growth opportunities brought about by data adoption and financial inclusion across Africa.

“Through the Ambition 2030 strategy, we are energised to provide the leading customer experience, leveraging AI for growth and creating shared value,” he said, concluding that, while remaining vigilant to evolving risks in global geopolitics, Ambition 2030 embodied the right framework to sustain MTN’s medium-term growth and value-creation journey.