MTN Group, Africa’s largest telecommunications operator, has reported a robust financial turnaround for the first half of 2025, marking a significant recovery from its prior-year losses. The Johannesburg-based telecom giant posted headline earnings per share (HEPS) of 645 cents, a dramatic reversal from the 256 cents loss recorded in H1 2024. This performance reflects improved execution, disciplined operations, and a more favorable macroeconomic environment across several of its key markets.
Central to MTN’s resurgence was a 23.2% increase in group service revenue, which rose to R105.1 billion (approximately $5.6 billion). This growth was fueled by strong demand in high-value digital segments:
- Data revenue surged by 36.5%
- Fintech revenue climbed by 37.3%
These figures underscore MTN’s strategic pivot toward digital platforms and services, positioning the company to capitalize on Africa’s growing appetite for mobile data and financial technology.
MTN also delivered notable improvements in operational efficiency:
- EBITDA rose by 60.6%, lifting margins to between 42–44%
- Free cash flow more than doubled to R20.5 billion ($1.1 billion)
These gains have strengthened MTN’s balance sheet and provided a solid foundation for future investments and shareholder returns. While no interim dividend was declared, the board has signaled its intention to pay a final dividend of 370 cents per share for the full year.
Despite the group-wide recovery, performance varied across regions:
- MTN Nigeria emerged as a standout, with service revenue up 54% in constant currency terms, driven by a more stable naira and strategic price adjustments in Q2. This marks a significant turnaround for a market previously hampered by currency volatility.
- MTN Ghana outperformed Nigeria in terms of profit after tax, exceeding it by $56 million, further highlighting the strength of its operations.
- MTN South Africa, a mature and highly competitive market, posted modest 2.3% service revenue growth, reflecting slower momentum in legacy segments like prepaid voice.
These contrasting results illustrate MTN’s evolving growth dynamics accelerating in high-potential digital verticals and emerging markets, while facing headwinds in saturated environments.
Buoyed by its H1 performance, MTN has raised its medium-term service revenue growth guidance from “mid-teens” to high-teens. With improved margins, stronger cash flow, and a leaner balance sheet, the company is well-positioned to unlock further value, particularly in fintech and fast-growing markets like Nigeria.
MTN’s strategic focus on digital transformation, operational efficiency, and market-specific execution continues to drive its evolution into a more agile and growth-oriented telecom leader across Africa.
