MTN Nigeria records N1.1 trillion profit after tax in 2025, a robust recovery from 2024

Leading telco MTN Nigeria has reported a robust turnaround in earnings, posting a profit after tax (PAT) of N1.1 trillion for the year ended 31 December 2025. This represents a 377.9% increase from the N400.4 billion loss recorded in 2024.

According to the financial statement made available on the Nigerian Stock Exchange on Thursday evening, the strong margin restored the company’s retained earnings and shareholders’ equity. 

As against the macroeconomic headwinds experienced in the prior year, 2025’s performance was driven by the 50% tariff adjustment and the appreciation of the naira against the dollar, which averaged N1,436/$1 compared to 2024’s N1,535/$1. Additionally, tight monetary policy measures helped reduce headline inflation to 15.2%, which was attributed to the rebasing of the consumer price index (CPI).

MTN Nigeria’s tower lease contract also boosted its earnings for the year. As part of this, recall that the telco secured a three-year spectrum lease with T2mobile (formerly 9mobile) in October as part of its national roaming agreement.

Not only was the year a turning point in earnings, but MTN also resumed payment of dividends.

Karl Toriola

Reacting to the report, Karl Toriola, the CEO, noted that: “These results were delivered through excellent commercial execution, commitment to operational efficiency and disciplined capital allocation, underpinned by a supportive macroeconomic environment.”

Also Read: MTN offers IHS Tower employees 12 months’ salary, other benefits in merger deal.

Data and voice revenue 

MTN Nigeria saw its service revenue increase by 55.1% to N5.17 trillion, powered by data and voice revenue with N2.8 trillion (+74.5%) and N1.9 trillion (+42.1%), respectively. 

The company saw its total subscribers increase by 7.9% to 87.3 million during the year. Active data users increased by 11.6% to 53.2 million, showing the continued spike in smartphone penetration. Data traffic increased by 34.0%, and average usage per subscriber rose by 20% to 13.1GB. In addition, 4G population coverage improved by 2.1pp to 84.6%. 

A strong driver of MTN’s data growth is its home broadband, which includes fixed wireless access (FWA) and fibre-to-the-home (FTTH). The company now has 4.2 million customers under the home connectivity, fueled by the 1 million addition in 2025. 

The company’s Fintech arm, MoMo PSB, saw its revenue up by 79.7% to N191.3 billion, fueled by higher interest from deposits. Active MoMo users in Nigeria have now reached 3.7 million, intending to deepen penetration and reach remote areas. 

Other service revenue was N249.7 billion, while non-service revenue, which includes revenue from the sale of devices and SIM cards, accounted for N30.5 billion. EBITDA increased by 108.9% to N2.7 trillion, with an EBITDA margin up by 13.6pp to 52.7%. Operating expenses for the period amounted to N1.8 trillion, with the cost of sales at N688.3 billion. 

In terms of infrastructure upgrade, MTN doubled the investment to N1 trillion in 2025, compared to N443.5 billion in 2024. This reflects its way of strengthening service quality and user experience as promised during the 50% telecoms tariff adjustment.

Also, taxes and levies paid during the period amounted to N878.7 billion.

MTN Nigeria is optimistic about 2026

While acknowledging the robust recovery experienced in 2025, MTN Nigeria said it’s optimistic about its 2026, guided by “disciplined execution.” At the foundation of the confidence is the Nigerian economy, which has in recent months seen a recovery in market measures such as interest rates and inflation. 

The company expected a consistent increase in data consumption powered by its home broadband packages: FTTH and FWA scaling. “We will balance cost, feasibility, demand and execution speed to deliver best-in-class connectivity at scale,” it added.

The telecom operator is also betting on onboarding more users to its Fintech platform to deepen financial inclusion and drive economic impact across Nigeria. 

In addition, MTN expects the tariff adjustment impact to fully materialise by Q2 2026, a time when the price adjustment implementation will reach 1 year. With this, average service revenue is expected to grow by at least 20%.

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