MTN Nigeria Communications Plc has delivered a historic financial recovery for the year ended December 31, 2025, recording a net profit of ₦1.1 trillion.
The result marks a complete structural turnaround from the ₦400.4 billion loss recorded in 2024, which was driven by severe currency devaluation.
With service revenue crossing the ₦5 trillion mark for the first time, MTN has not only restored its balance sheet but also announced a return to cash distributions, declaring a final dividend of ₦15 per share.
MTN Nigeria is the nations largest listed company as at February 26th, 2026, with a market capitalisatin of N15.95 trillion ($11.5 billion).
The Trillion-Naira Turnaround: 2024 vs. 2025
The 2025 performance was characterized by explosive revenue growth and a successful “inflation-hedging” strategy that allowed the company to rebuild its equity position.
MTN Nigeria reported a PAT of N1.1 trillion, up 377.9%, which marked a strong turnaround from the N400.4 billion after-tax loss in the prior year, supporting the restoration of positive retained earnings and shareholders’ equity.
CEO of MTN Nigeria Karl Toriola said:
“2025 marked a significant turning point in our business performance and resumption of dividend payments. In the period, we returned to profitability, generated stronger free cash flow and restored positive retained earnings and shareholders’ funds. Our balance sheet resilience was driven by the robust performance of the business as well as a focused reduction in foreign currency exposure and financial discipline. These results were delivered through excellent commercial execution, commitment to operational efficiency and disciplined capital allocation, underpinned by a supportive macroeconomic environment. We more than double the investment in our network to N1 trillion in 2025 (2024: N443.5 billion), strengthening service quality and user experience in line with our commitment to our customers and the government, while positioning our business for growth in an increasingly data-driven market.”
Operational Engines: Data and Subscribers
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Connectivity Growth: Total subscribers grew 7.9% to 87.3 million, solidifying MTN’s lead in the Nigerian market.
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The Data Boom: Active data users surged 11.6% to 53.2 million. The shift toward 5G and fiber-to-the-home (FTTH) contributed to the 55% jump in service revenue.
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Capex Intensity: The company more than doubled its capital expenditure to ₦1 trillion, focusing on network resilience and 4G/5G expansion. This represents a capex intensity of 19.3%, signaling aggressive long-term infrastructure play.
Balance Sheet Restoration and Dividends
A critical highlight for investors is the return to positive territory for the company’s internal reserves:
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Equity Reset: Shareholders’ equity returned to ₦548.7 billion, while retained earnings hit ₦400.4 billion, erasing the technical insolvency risks of 2024.
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Cash Flow Power: Free Cash Flow (FCF) skyrocketed 215.5% to ₦1.2 trillion, providing the liquidity needed for the ₦15 per share final dividend. This brings the total dividend for the year to N20 per share.
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Revised Guidance: Management has grown increasingly bullish, revising its mid-term EBITDA margin target upward to the “mid to high 50%” range, up from the previous 53-55% target.
“Looking ahead, we are encouraged by the trajectory of our business as we seek to consolidate the significant gains achieved in 2025. The favourable macroeconomic environment, our disciplined execution and continued network leadership position us well for sustained growth across our connectivity and platform businesses. Our commitment to operational excellence and disciplined capital allocation will remain steadfast, ensuring that we progressively strengthen our balance sheet. We remain focused on driving profitable growth, reinforcing our financial strength and providing consistent returns to our shareholders,” Toriola said.
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