MTN Nigeria Communications Plc has bounced back strongly in the first nine months of 2025, reporting a profit after tax of N750.2 billion, marking a major turnaround from a loss of N514.9 billion in the same period last year. The company’s performance was powered by broad-based growth across all key business segments and a stabilising economic environment.
Strong Revenue Growth Across All Segments
Service revenue grew 57.5% year-on-year to N3.7 trillion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 123% to N1.9 trillion, expanding the EBITDA margin by 15.1 percentage points to 51.4%. The company also reported a strong free cash flow of N742.6 billion, up nearly 39% from the prior year, despite a significant ramp-up in capital expenditure.
Subscriber Base Expands to 85.4 Million
MTN Nigeria’s subscriber base continued to expand, with mobile users up 11% to 85.4 million and active data subscribers rising 12.8% to 51.1 million. Data usage also jumped 36%, reflecting strong demand for digital services and connectivity across Nigeria.
CEO Highlights Operational Resilience
CEO Karl Toriola said the performance underscores MTN Nigeria’s resilience and disciplined execution.
“We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This is a significant milestone that demonstrates strong operational momentum and disciplined execution. Supported by a more favourable macroeconomic environment and price adjustments, the outcome was driven by the delivery of our strategic and commercial initiatives, commitment to efficiency, and prudent financial management.”
–Karl Toriola, CEO, MTN Nigeria
Major Infrastructure Investments Drive Network Expansion
MTN accelerated its capital investments, spending N757.4 billion (excluding leases) to expand network capacity, enhance service quality, and support Nigeria’s digital growth agenda. The company also advanced key infrastructure projects, including the rehabilitation of the 110-kilometre Enugu–Onitsha Expressway, now 50% complete under the Road Infrastructure Tax Credit scheme.
Fintech Business Records 72.5% Revenue Growth
In fintech, the company recorded 72.5% revenue growth, with active MoMo wallets reaching 2.9 million. Customer deposits grew by 80%, while the number of agents and merchants rose 73% and 42%, respectively. Toriola said fintech remains a key pillar of MTN’s strategy to drive financial inclusion and long-term value creation.
Home Broadband Reaches 4 Million Subscribers
MTN’s home broadband business also gained momentum, adding 281,000 new subscribers in the third quarter to reach 4 million users. The operator also entered a new spectrum lease agreement with T2 Mobile (formerly 9Mobile), allowing it to boost capacity and enhance national roaming services.
Interim Dividend of N5.00 Per Share Declared
Following the strong performance, MTN’s board declared an interim dividend of N5.00 per share, reaffirming the company’s commitment to shareholder returns.
Toriola expressed optimism about the outlook for the rest of the year, noting that MTN Nigeria is on track to meet its full-year targets.
–Karl Toriola, CEO, MTN Nigeria
“We remain confident in the resilience of our business model, the strength of our execution, and our ability to navigate market dynamics. This progress reinforces our commitment to delivering sustainable value to shareholders and advancing Nigeria’s digital and financial inclusion agenda.”
