… Data, Fintech Propelling Growth
Mobile Network Operator, MTN Nigeria, has posted its latest nine-month financial results for 9 months ending September 30, 2025, showing a positive liquidity position of N93 billion, driven by a turnaround in the company’s profit after tax of N750.2 billion, a figure that contrasts with the N514.9 billion loss in the corresponding period last year.
This result was driven by strong data and fintech growth, a strengthening naira, and improved macroeconomic stability. The company also declared an interim dividend of N5 per share for shareholders of record as of November 20, 2025, and highlighted investments in 5G, 4G, and fibre-to-the-home expansion.
Key financial highlights
- Total subscribers increased by 11.0% to 85.4 million
- Active data users increased by 12.8% to 51.1 million
- Service revenue increased by 57.5% to N3.7 trillion
- EBITDA increased by 123.0% to N1.9 trillion
- EBITDA margin increased by 15.1pp to 51.4%
- PAT of N750.2 billion, up 245.7% (same period 2024: negative N514.9 billion)
- Earnings per share of N35.77 kobo (same period 2024: negative N24.51 kobo)
- Positive retained earnings and shareholders’ equity of N142.7 billion and N293.1 billion, respectively
- Capex, excluding leases, increased by 248.0% to N757.4 billion as the company accelerated investments in H1 2025
- Free cash flow (FCF) of N742.6 billion, up 38.5%
- Interim dividend of N5.00 per share
- Data revenue: Surged 73.2% year-on-year to N1.98 trillion.
- Net foreign exchange (FX) gain: N55.57 billion, the first since 2022.
Strategic investments and outlook
- Network investment: Increased capital expenditure to N1.4 trillion (excluding leases) on network expansion, site deployment, and fibre-to-the-home rollouts.
- Home broadband: User base grew to 4 million, with a focus on accelerating fibre-to-the-home connections.
- Fintech: Aiming to sustain recovery by growing active users, transaction volumes, and new use cases.
Dividend
- Interim dividend: N5.00 per share has been approved and will be paid to shareholders on the register as of November 20, 2025.
Presenting the results, Chief Executive Officer of MTN Nigeria, Karl Olutokun Toriola, expressed the telecom company’s resolve to continue improving on its fortunes.
“We expect continued resilience in service revenue, supported by robust demand and user base growth. Our commercial strategy will remain focused on deepening customer engagement, enhancing experience and driving adoption across key segments.
We will continue to invest in home broadband, with an emphasis on fibre-to-the-home acceleration, to capture rising demand for high-speed connectivity. This is complemented by targeted investments in network capacity and quality to support growth across consumer and enterprise segments,” he enthused.
Speaking on the future of fintech, the MTN Nigeria boss said: “We aim to sustain the recovery by growing active wallets, expanding transaction volumes and accelerating advanced services. We are also developing new payment use cases to enhance wallet stickiness and drive recurring usage, reinforcing our commitment to financial inclusion.”
On the digital and fintech front, fintech revenue jumped 72.5% to N131.6 billion, with active MoMo wallets expanding to 2.9 million. MTN said customer deposits grew by 80.5% compared to December 2024, while its agent and merchant networks expanded by 73.6% and 42.6%, respectively, underscoring its drive to deepen financial inclusion.
“Fintech remains a critical growth area that drives inclusion and long-term value,” Toriola said, noting that recent initiatives have begun to rebuild momentum across MTN’s mobile money ecosystem.
