MTN Group, South Africa’s largest mobile operator, has announced that it expects a significant rebound in performance for the first half of 2025, following a difficult 2024 financial year marked by substantial losses.
The group faced severe financial pressures in 2024, primarily due to the sharp devaluation of the Nigerian naira in its largest market. This currency volatility, combined with inflationary pressures, weighed heavily on MTN’s earnings and profitability during the period.
In a recent trading statement, MTN said it anticipates robust operational and financial results for H1 2025, driven by:
- Strong commercial execution
- Disciplined capital allocation
- Improved macroeconomic conditions in key markets
The group noted that inflation and foreign exchange rates have stabilized across its major operating regions, supporting positive momentum.
- MTN Nigeria and MTN Ghana delivered strong growth in service revenue and profitability, reinforcing their role as key growth drivers.
- MTN South Africa, however, continued to face market challenges, particularly in the prepaid segment, which remains highly competitive.
Despite these headwinds, MTN expressed confidence in the overall trajectory of its core markets, which underpins its improved outlook for the first half of the year.
MTN expects a dramatic turnaround in earnings, projecting:
- Earnings Per Share (EPS): An increase of over 200%, within a range of 904 cents to 986 cents higher than the prior period. This represents a shift from an EPS loss of 409 cents in 2024 to a positive range of 495 cents to 577 cents for H1 2025.
- Headline Earnings Per Share (HEPS): An increase of over 300%, or 870 cents to 922 cents higher, moving from a HEPS loss of 256 cents in H1 2024 to a positive range of 614 cents to 666 cents in H1 2025.
The strong performance in Nigeria and Ghana was the primary driver of these improvements.
The difference between EPS and HEPS is mainly due to impairment losses totaling approximately 104 cents, related to investments, goodwill, and property, plant, and equipment. Additionally, non-operational losses of about 12 cents are included in HEPS.
MTN will release its interim financial results on 18 August 2025, providing more detailed insights into its performance and strategic priorities for the remainder of the year.
| Metric | H1 24 | H1 25 Expected Range | Expected Range of Increase | Expected Range of Increase |
|---|---|---|---|---|
| EPS | -409 | 495 – 577 | >200% | 904 – 986 |
| HEPS | -256 | 614 – 666 | >300% | 870 – 922 |
