MTN Nigeria has reported a profit after tax (PAT) of N750.2 billion for the nine months ended September 30, 2025, marking one of the strongest corporate turnarounds in the Nigerian telecom industry’s history.
The result represents a 245.7 percent rebound from a N514.9 billion loss recorded in the same period last year, driven by robust data growth, fintech expansion, and improved macroeconomic stability.
The company’s performance was buoyed by a strengthened naira, easing inflation, and disciplined cost management that doubled operating margins.
Total service revenue surged 57.5 percent year-on-year to N3.7 trillion, while EBITDA more than doubled to N1.9 trillion, with margins expanding by 15.1 percentage points to 51.4 percent.
“We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This milestone demonstrates strong operational momentum and disciplined execution, supported by a more favourable macroeconomic environment and prudent financial management,” said Karl Toriola, chief executive officer of MTN Nigeria.
The telco’s resurgence coincided with a period of relative macroeconomic recovery in Nigeria. The naira appreciated from N1,535/$ in December 2024 to N1,475/$ by the end of September 2025, while headline inflation slowed from 34.8 percent to 18 percent, prompting the Central Bank of Nigeria to cut the Monetary Policy Rate to 27 percent.
These shifts improved foreign exchange liquidity, reduced financing costs, and strengthened investor sentiment, creating a more conducive environment for network expansion and service delivery.
Data, fintech and broadband fuel growth
MTN Nigeria’s data business continued to be its dominant growth engine. Data revenue soared 73.2 percent year-on-year to N1.98 trillion, supported by rising smartphone penetration (now at 65.1 percent), expanded 4G capacity, and a 36.3 percent surge in data traffic. Average data usage per subscriber climbed to 13.2GB per month, while the company’s home broadband user base grew to 4 million, up 281,000 in Q3 alone.
Voice revenue also rose by 41.9 percent to N1.35 trillion, reflecting both subscriber growth and new pricing strategies.
On the digital and fintech front, fintech revenue jumped 72.5 percent to N131.6 billion, with active MoMo wallets expanding to 2.9 million. MTN said customer deposits grew by 80.5 percent compared to December 2024, while its agent and merchant networks expanded by 73.6 and 42.6 percent respectively, underscoring its drive to deepen financial inclusion.
“Fintech remains a critical growth area that drives inclusion and long-term value,” Toriola said, noting that recent initiatives have begun to rebuild momentum across MTN’s mobile money ecosystem.
Read also: MTN Nigeria updates investors on spectrum lease agreements
Balance sheet strength restored
The telecom giant also returned to financial health after several quarters of FX-induced strain. Retained earnings swung to a positive N142.7 billion from a N607.5 billion deficit in December 2024, while shareholders’ equity improved to N293.1 billion, reversing last year’s negative position.
Free cash flow rose 38.5 percent to N742.6 billion, reflecting strong underlying cash generation despite a record N757.4 billion in capital expenditure, a 248 percent increase as the company accelerated network and fibre investments. MTN expects capex intensity to moderate in the fourth quarter, aligning with its full-year guidance and supporting stronger free cash flow.
The company also announced an interim dividend of N5.00 per share, marking a return to dividend payments after a turbulent 2024.
Accelerated investment and strategic partnerships
MTN’s capital investments were directed toward capacity expansion, fibre rollout, and a new data centre development. The company also reported progress on the 110-kilometre Enugu–Onitsha Expressway, now 50 percent complete under the Federal Government’s Road Infrastructure Tax Credit (RITC) scheme. In July, it secured an additional N23 billion tax credit to offset future tax liabilities starting in 2026.
To strengthen network efficiency, MTN entered a spectrum lease agreement with T2 Mobile (formerly 9mobile) covering 20MHz of frequency bands for three years. The move, part of a broader infrastructure-sharing initiative, is expected to support capacity expansion and improve service quality nationwide.
Enterprise and digital transformation
MTN’s enterprise business delivered 28.6 percent growth, supported by increased adoption of fixed connectivity and cloud services. The launch of MTN Cloud, powered by the new Dabengwa Tier III Data Centre, has positioned the operator as a leading digital transformation partner for Nigerian businesses.
The company’s digital services segment also maintained momentum, growing 41.9 percent despite temporary platform optimisations, with richer content offerings and higher user engagement boosting performance.
Looking ahead, MTN Nigeria expects to sustain strong momentum into the final quarter of the year.
The company reaffirmed its 2025 full-year guidance for service revenue growth of at least low-50 percent, and EBITDA margins in the low-50 percent range.
For the medium term (2026 onward), MTN forecasts service revenue growth averaging at least low-20 percent and EBITDA margins between 53 percent to 55 percent, assuming inflation below 20 percent and exchange rates in the N1,500 to N1,800/$ range.
“We are confident in the resilience of our business model and our ability to manage emerging risks. Our focus remains on disciplined execution, cost efficiency, and creating long-term value for all stakeholders,” Toriola added.
