MTN Nigeria Communications Plc has staged a remarkable comeback, posting a record ₦1.7 trillion profit before tax for the financial year ended December 2025, a sharp reversal from the ₦550.3 billion pre-tax loss recorded in 2024.
The audited results, filed with the Nigerian Exchange (NGX), mark one of the strongest earnings recoveries in the company’s history. The turnaround reflects a return to profitability after significant foreign exchange (FX) losses weighed heavily on performance in the prior year.
Momentum accelerated in the fourth quarter, with pre-tax profit rising 248.8% to ₦569.6 billion, compared to ₦163.3 billion in Q4 2024. The surge was underpinned by sustained revenue growth, margin expansion, and more favourable FX conditions.
On the back of the improved performance, the Board has proposed a final dividend of ₦15 per share, bringing the total dividend for the 2025 financial year to ₦20 per share. The dividend will be paid electronically to shareholders on the Register of Members as of 8 April 2026 who have completed their e-dividend registration.
MTN Nigeria delivered strong top-line growth in 2025. Total revenue rose 54.9% year-on-year to ₦5.20 trillion, while service revenue increased 55.1% to ₦5.17 trillion.
The company reported a profit after tax of ₦1.11 trillion, a significant turnaround from the ₦400.4 billion loss posted in 2024. Earnings per share climbed to ₦53.07, compared to a negative ₦19.05 in the previous year.
EBITDA more than doubled, rising 108.9% to ₦2.74 trillion. The subscriber base expanded 7.9% to 87.3 million users.
Total assets increased 28.7% to ₦5.40 trillion, while shareholders’ funds surged 219.8% year-on-year to ₦548.7 billion.
Chief Executive Officer Karl Toriola described 2025 as a “significant turning point” for the business. “We closed the year with positive retained earnings of ₦400.4 billion (December 2024: negative ₦607.5 billion) and shareholders’ equity of ₦548.7 billion (December 2024: negative ₦458.0 billion),” he said.
According to Toriola, macroeconomic conditions improved during the year, with a more stable foreign exchange market and moderated inflation easing margin pressures.
The company reaffirmed its medium-term service revenue growth target of at least the low 20% range and revised its EBITDA margin guidance upward from 53–55% to the mid-to-high 50% range.
MTN Nigeria’s performance was primarily driven by strong service revenue growth, particularly in data and fintech.
Service revenue rose 55.1% to ₦5.17 trillion. Data revenue jumped 74.5% to ₦2.78 trillion, making it the largest contributor to total service revenue. Growth was supported by a 34.0% increase in data traffic, an 11.6% rise in active data users to 53.2 million, and smartphone penetration climbing to 66.1%.
Voice revenue remained resilient, growing 42.1% to ₦1.85 trillion, supported by subscriber expansion and customer value management initiatives.
Fintech revenue surged 79.7% to ₦191.3 billion, driven by higher interest income and the expansion of advanced services. Active wallets increased to 3.7 million during the year.
On the cost side, cost of sales rose 30.3%, significantly below revenue growth, while operating expenses increased 16.7%, reflecting efficiency gains and savings from tower lease renegotiations. This operating leverage helped drive EBITDA up 108.9% to ₦2.74 trillion.
Foreign exchange was a key swing factor. The company recorded a net FX gain of ₦90.3 billion in 2025, compared to a ₦925.4 billion loss in 2024, following the settlement of outstanding letters of credit and a reduction in dollar exposure.
Capital expenditure (excluding leases) rose 126.2% to ₦1.00 trillion, reflecting significant network investment to improve service quality and capacity. Despite the increased investment, free cash flow climbed 215.5% to ₦1.2 trillion, underscoring stronger cash generation.
The balance sheet improved materially during the year. Retained earnings returned to a positive ₦400.4 billion, while shareholders’ equity rebounded to ₦548.7 billion, reversing the negative position recorded in 2024.
As of the close of trading yesterday, MTN Nigeria’s share price stood at ₦760, cementing its position as the most capitalised company on the Nigerian Exchange with a market capitalisation of approximately ₦16 trillion.
The stock has gained 33% in February alone, pushing its year-to-date return to 49%, following an impressive 155.5% rally in 2025.
After a turbulent 2024, 2025 marks a decisive reset for MTN Nigeria, one defined by restored profitability, stronger cash flows, and renewed investor confidence.
