MTN Nigeria powers parent’s half-year growth as data consumption hits 1.7 petabytes

MTN Nigeria powered MTN Group’s half-year 2025 earnings performance, as surging customer demand for internet services pushed data consumption to 1.7 petabytes, reinforcing Nigeria’s position as the telecoms giant’s largest market.

South Africa’s MTN Group today reported strong financial and operational performance for the first half of 2025, with service revenue rising 22.4% on the back of double-digit growth in its key markets of Nigeria and Ghana.

The pan-African telecoms giant, and parent of MTN Nigeria, which serves nearly 298 million customers across 16 markets, says Group service revenue climbed 23.2% year-on-year to R105.1 billion on a reported basis, while data and fintech services drove momentum.

According to the results released Monday, data revenue surged 36.5% while fintech revenue rose 37.3%, reflecting rising demand for digital services. Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 60.6% to R46.7 billion, pushing EBITDA margins to 44.2% in constant currency.

South Africa’s MTN Group today reported strong financial and operational performance for the first half of 2025, with service revenue rising 22.4% on the back of double-digit growth in its key markets of Nigeria and Ghana.

Basic earnings per share swung to a profit of 539 cents from a loss of 409 cents in H1 2024, while headline EPS improved 352% to 645 cents. No interim dividend was declared.

Ralph Mupita, MTN Group President and CEO, says the performance highlights “the resilience, progress and momentum” of the telecoms group’s business.

“We are encouraged by the acceleration in our topline and the recovery in our profitability and free cash flow generation,” Mupita says, adding that MTN Group has raised its medium-term guidance for service revenue growth to “at least high-teens” from “at least mid-teens.”

MTN Nigeria and Ghana power growth

MTN Nigeria and MTN Ghana were the standout performers, delivering service revenue growth of 54.1% and 39.9% respectively. Both markets benefited from more stable macroeconomic conditions, with the Naira and Cedi showing improved performance against major currencies compared to late 2024, Mupita says.

The MTN Group CEO says that price adjustments in Nigeria, phased in during the period, boosted revenue expansion in its largest market.

Across the Group, subscribers rose 4.7% to 297.7 million, with active data users increasing 10.3% to 164.4 million. Mobile Money (MoMo) monthly active users edged up 1.7% to 63.2 million, with transaction volumes rising 14.5% to 11.1 billion in the first half.

Data traffic grew 29.1% to 11.7 petabytes, reflecting continued strong demand for broadband services across MTN’s footprint.

MTN Group CEO says the telco’s strategic focus will remain on sustaining strong momentum in Nigeria and Ghana, accelerating performance in South Africa, and scaling its fintech ecosystem, including recovery of its MoMo Payment Service Bank in Nigeria.

Capex and Balance Sheet
MTN invested R20.8 billion in capital expenditure (excluding leases) in the half-year period, equivalent to a capex intensity of 19%. The company said the spend was directed at enhancing capacity, coverage and quality of networks in key markets, including accelerated investments in Nigeria.

Net-debt-to-EBITDA leverage improved to 0.5x from 0.7x at year-end 2024, keeping the Group comfortably within its loan covenant threshold. MTN maintained liquidity headroom of R39.1 billion at the end of June, of which R15.7 billion was held in cash.

Outlook
Looking ahead, MTN said it plans to deploy R33–38 billion in capex (ex-leases) in 2025, up from earlier guidance of R30–35 billion, reflecting stronger forex rates impacting costs, especially in Ghana.

MTN Group CEO says the telco’s strategic focus will remain on sustaining strong momentum in Nigeria and Ghana, accelerating performance in South Africa, and scaling its fintech ecosystem, including recovery of its MoMo Payment Service Bank in Nigeria.

“Improved macroeconomic conditions in our operating environment provide a solid foundation to drive our medium-term growth ambitions,” according to Mupita.

The company reaffirmed its cost savings target of R7–8 billion between 2024 and 2026 as part of its expense efficiency programme.

MTN Group’s key plans for Nigeria

• Deepening data growth
  

• MTN Nigeria will continue to drive mobile data adoption, building on the surge that saw consumption hit 1.7 petabytes in H1 2025.
• The operator is expanding 4G and 5G coverage to meet Nigeria’s fast-rising internet demand.
  

• Expanding 5G rollout
  

• With spectrum already secured, MTN Nigeria is accelerating the deployment of 5G sites to enable faster connectivity and support Nigeria’s digital economy.
  

• Strengthening fintech services
  

• MTN plans to scale its fintech offerings in Nigeria, particularly mobile money and payments, as part of its “Ambition 2025” strategy to diversify revenue beyond traditional voice and data.

• Investing in Infrastructure
  

• The company is committing resources to expand its fibre-optic backbone and data centres, ensuring higher capacity and lower latency for Nigerian users.
  

• Enhancing Digital Services
  

• MTN Nigeria aims to grow its suite of digital lifestyle services in entertainment, education, and health, aligning with consumer demand beyond connectivity.
  

• Driving Rural Connectivity
  

• The telco is prioritising rural broadband penetration to close Nigeria’s digital divide and bring millions more online.
  

• Supporting Government’s Digital Economy Goals
  

• MTN is aligning its investments with Nigeria’s National Digital Economy Policy and Strategy (NDEPS), strengthening collaboration with policymakers.
  

• Focus on Customer Experience
  

• The operator plans to leverage AI and digital platforms to enhance customer engagement, self-service, and network reliability.
  

• Sustainability and ESG Commitment
  

• MTN Nigeria is advancing its net zero by 2040 pledge with investments in green energy solutions and reducing reliance on diesel-powered base stations.
  

• Boosting Shareholder Value
  

• Through consistent growth in Nigeria, MTN aims to sustain dividends and returns to investors, with the market remaining its largest revenue contributor across Africa.

MTN Nigeria’s strategic priorities: H2 2025 and beyond