As per the financial report published by MTN Group, the telecoms giant has delivered a strong set of financial results for the first half of 2025, supported by stabilising macroeconomic conditions across its key markets and continued demand for connectivity and fintech services. The company reported that performance was aided by greater stability in inflation and foreign exchange rates, particularly in Nigeria and Ghana.

Investment and subscriber growth

MTN deployed R20.8 billion in capital expenditure (excluding leases) during the period, with a focus on expanding the capacity, coverage and quality of its networks. The Group noted that the strengthening of the cedi against the rand pushed up reported capital expenditure in Ghana.

This spend translated into a capex intensity ratio of 19.0%. Subscriber numbers rose 4.7% to 297.7 million, with active data users up 10.3% to 164.4 million. Mobile Money (MoMo) monthly active users increased 1.7% to 63.2 million. Data traffic climbed by 29.1% (42.1% excluding joint ventures), while fintech transaction volumes rose 14.5%.

Revenue and earnings performance

Service revenue expanded by year-on-year in the first half, with data up and fintech increased by 24.9%. Advanced services within fintech grew by 42.0%, lifting their contribution to total MoMo revenue to 33.4%, excluding airtime advance.

MTN Nigeria and MTN Ghana were the main drivers, posting service revenue growth of 54.1% and 39.9% respectively. MTN South Africa recorded more modest growth of 2.3% amid challenges in the prepaid segment.

The Group’s EBITDA margin rose by 7.1 percentage to 44.2%, pushing EBITDA up 42.3% to R46.7 billion. Cost-saving measures under its expense efficiency programme delivered around R1.5 billion in savings in the half.

Operating free cash flow more than doubled, rising 106.4% to R20.5 billion before spectrum and licence acquisitions.

Progress on strategy

MTN said it had advanced its strategic priorities across both connectivity and fintech. In Uganda and Nigeria, agreements were reached to share network infrastructure, a move aimed at reducing costs, expanding coverage, and improving services in rural and remote areas.

The separation of the fintech business is moving forward, with approvals progressing in several markets. At an extraordinary general meeting on 22 July 2025, shareholders of MTN Uganda voted overwhelmingly in favour of separating MTN Mobile Money (U) Limited from MTN Uganda. This decision marked a significant step in advancing its platform strategy and ensuring regulatory compliance.

Balance sheet and liquidity

Net debt to EBITDA leverage stood at 0.5x at the end of June, down from 0.7x in December 2024, comfortably below the covenant threshold of 2.5x. At the holding company level, leverage was stable at 1.5x.

The Group reported that R8.2 billion was upstreamed from operating companies, including R3.6 billion from MTN Ghana and R1.6 billion from MTN South Africa. Around 17% of Holdco’s debt is non-rand denominated, within its target limit of 40% for foreign currency borrowings.

MTN raised R1.8 billion under its domestic medium-term note programme to refinance debt maturing this year. Liquidity headroom at Holdco was R39.1 billion at the end of June, of which R15.7 billion was held in cash.

Outlook and guidance

Looking ahead, MTN said that the improving economic backdrop in its markets gives it a strong base to build on. The Group intends to accelerate performance in South Africa while maintaining momentum in Nigeria and Ghana.

For fintech, efforts will focus on scaling the ecosystem and advancing the recovery of MoMo Payment Service Bank in Nigeria. The company reaffirmed its commitment to expense efficiencies and maintaining a healthy balance sheet.

It remains on track to achieve cost savings of R7–8 billion between 2024 and 2026. Capital expenditure for the full year 2025 is expected at between R33 billion and R38 billion, higher than earlier guidance of R30–35 billion, reflecting the stronger cedi against the rand.

The Group concluded that continued investment, coupled with cost discipline and structural initiatives, positions it to capture growth opportunities across its markets in the coming years.