MTN Reports revenue of N3.73 trillion for 9M 2025: Strong Earnings and Strategic Expansion

MTN reports revenue of N3.73 trillion for the first 9 months of 2025 as Strong Earnings Recovery and Strategic Expansion Drive Growth. this is an impressive financial turnaround for the nine months ended 30 September 2025, with results reflecting strong revenue growth, operational efficiency, and a return to profitability. The company reported a 57.4% year-on-year (y/y) increase in topline revenue to N3.73 trillion, also achieving a 2.5% quarter-on-quarter (q/q) growth. This solid performance is underpinned by improving macroeconomic fundamentals in Nigeria—supported by a stronger Naira, enhanced foreign exchange liquidity, moderating inflation, and strategic price adjustments across its core business segments.

Revenue Performance: Data Leads the Way

Data services remained MTN’s dominant growth engine, contributing 53.0% of total revenue and expanding by 73.2% y/y and 6.4% q/q. The surge was driven by increased data traffic, growing smartphone penetration, and sustained customer migration to higher data bundles. Voice revenue also recorded a solid 48.4% y/y rise, although it declined 3.4% q/q due to evolving usage trends and pricing changes. Interconnect and roaming revenues advanced 9.6% y/y but fell 6.3% q/q, reflecting a shift in consumer behaviour and continued optimisation of tariffs.

Operational Efficiency and Profitability

MTN’s cost control efforts and strategic efficiency initiatives translated into a remarkable 123.0% y/y increase in EBITDA, with margins expanding 15.1 basis points to 51.4%. Operating expenses rose modestly by 16.4%, supported by the stronger Naira, cost savings from renegotiated tower lease agreements, and continuous process optimisation. Depreciation and amortisation grew 23.8%, mainly reflecting higher right-of-use assets arising from the updated tower lease structures.

Net finance costs increased 30.6% y/y, primarily due to higher lease expenses from extended tower contracts. However, a significant turnaround in foreign exchange performance saw MTN record a net FX gain of N55.6 billion, compared with a massive N904.9 billion loss in 9M 2024. This reversal was driven by stabilised currency movements and reduced exposure to FX-denominated liabilities.

Earnings and Balance Sheet Recovery

The company’s Profit Before Tax (PBT) rebounded sharply from a N713.6 billion loss in the previous year to N1.13 trillion, driven by revenue growth, efficiency gains, and favourable FX movements. Profit After Tax (PAT) climbed to N750.2 billion y/y (N335.3 billion q/q), marking a complete recovery from the N514.9 billion loss recorded in 2024. Although tax expenses surged to N376.3 billion—compared to a tax credit of N198.7 billion in 9M 2024—the impact was offset by higher operating income.

Crucially, MTN restored positive retained earnings and shareholders’ equity, which rose to N142.7 billion and N293.1 billion respectively (Dec 2024: -N607.5 billion and -N458.0 billion). Earnings per share (EPS) improved dramatically to N35.77 from a negative N24.51 in the same period last year, confirming the company’s return to profitability and financial stability.

Capital Expenditure and Network Investments

Capital expenditure (Capex) declined 8.7% y/y, reflecting the impact of lease modifications linked to tower lease extensions with IHS Towers. Excluding leases, however, Capex surged by 248.0% y/y as MTN intensified investments in expanding network capacity, reducing congestion, and rolling out new infrastructure. Major spending areas included the fibre-to-the-home (FTTH) project, broadband network upgrades, and the development of a state-of-the-art data centre—key elements in MTN’s strategy to enhance connectivity and customer experience.

Despite elevated investment activity, free cash flow remained strong at N742.6 billion, underlining disciplined capital allocation and sustained cash generation. The company effectively managed foreign currency exposure, having settled all outstanding USD letters of credit. In addition, MTN repaid N254.9 billion in Naira-denominated loans, including all outstanding commercial papers, reducing its effective borrowing cost by 3.5 percentage points. As of September 2025, 70% of its total debt is now denominated in Naira, improving currency risk management.

Dividend Declaration and Investor Returns

In recognition of its improved financial position, MTN’s Board approved an interim dividend of N5.00 per share, payable to shareholders on the register as of 20 November 2025. This marks a significant milestone in the company’s recovery, demonstrating management’s confidence in MTN’s cash flow strength and earnings sustainability.

Outlook and Investment View

MTN Nigeria’s 9M 2025 results highlight a strong turnaround, driven by revenue growth, disciplined cost management, and a stabilised macroeconomic backdrop. The return to positive equity and restored profitability reflect prudent financial stewardship and operational resilience. With ongoing investments in network expansion, fibre infrastructure, and data centre development, the company is strategically positioned to capture surging data demand and maintain leadership in Nigeria’s telecoms market.

The company’s share price performance further underscores investor confidence—rising from N200.00 to N520.10 year-to-date, representing a 160.1% gain. Given MTN’s solid fundamentals, enhanced balance sheet, and sustained operational momentum, the outlook remains positive. Analysts maintain a bullish stance on the stock, projecting continued earnings growth and long-term value creation for shareholders

MTN Nigeria’s robust performance in 9M 2025 confirms its resilience, adaptability, and strategic foresight amid Nigeria’s evolving economic landscape. With a reinforced balance sheet, strong cash generation, and steady infrastructure expansion, the company is well-positioned to sustain profitability and deliver consistent shareholder value in the coming quarters.