By Ayomide Otitoju
MTN Nigeria Communications Plc has posted robust financial results for the year ended December 31, 2025, highlighting strong subscriber growth, broad-based revenue gains, and continued momentum across its connectivity, digital, and fintech businesses. The company also declared a final dividend of N15 per share, bringing total dividends for the year to N20 per share. The full results were released on the Nigerian Exchange (NGX) on February 26, 2026.
Key highlights of MTN Nigeria’s 2025 performance include:
Total subscribers rose 7.9% to 87.3 million
Active data users increased 11.6% to 53.2 million
Service revenue jumped 55.1% to N5.2 trillion
EBITDA surged 108.9% to N2.7 trillion with a margin of 52.7% (up 13.6pp)
Profit after tax (PAT) reached N1.1 trillion, reversing a N400.4 billion loss in 2024
Earnings per share climbed to N53.07 kobo from a negative N19.05 kobo
Retained earnings and shareholders’ equity stood at N400.4 billion and N548.7 billion, respectively
Capital expenditure (excluding leases) more than doubled to N1 trillion, with a capex intensity of 19.3%
Free cash flow rose 215.5% to N1.2 trillion
The results reflect MTN Nigeria’s success in deepening access to connectivity and expanding its digital financial ecosystem.
Commenting on the results, Chief Executive Officer Karl Toriola said, “2025 marked a significant turning point in our business performance and the resumption of dividend payments. We returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds. These results were driven by excellent commercial execution, operational efficiency, disciplined capital allocation, and a supportive macroeconomic environment.”
Chief Financial Officer Modupe Kadri added, “Turnarounds are built through tough trade-offs, deliberate choices, and focused teams. I am proud of our people and grateful to shareholders, regulators, and partners who supported us throughout the year.”
With the final dividend approval, MTN Nigeria reaffirmed its commitment to delivering shareholder value while investing in infrastructure critical to Nigeria’s digital economy. The company plans to sustain growth, expand broadband penetration, strengthen its fintech ecosystem, and accelerate digital solutions for both individuals and enterprises nationwide.
