MTN Nigeria has reported a remarkable recovery in its second-quarter 2025 results, announcing a pre-tax profit of N419.61 billion, a stark turnaround from the pre-tax loss of N179.60 billion in the same period last year.
This result builds on the momentum from Q1, where it posted a N202.63 billion pre-tax profit, bringing its half-year 2025 pre-tax profit to N622.24 billion—its strongest half-year performance in years.
The performance marks MTN Nigeria’s third consecutive profitable quarter, solidifying its rebound after two difficult years marred by heavy foreign exchange losses and spiraling interest expenses triggered by the naira’s devaluation.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
Chief Executive Officer Karl Toriola attributed the recovery to disciplined execution of strategic priorities.
“We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market. Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review,” he said.
Revenue Growth Anchored on Data
MTN’s revenue surged 69% year-on-year in Q2 to N1.3 trillion, while half-year revenue rose by 54.5% to N2.4 trillion, already accounting for 71% of its full-year 2024 revenue. The increase was largely powered by demand for data and voice services, as well as pricing adjustments implemented in Q2.
Data revenue took center stage, contributing more than half of the company’s total revenue. It soared 85% to N699.95 billion in Q2, bringing the H1 total to N1.23 trillion. Although voice revenue rose 58% in Q2 to N427 billion, its relative contribution fell to just 32.36%, underlining the company’s transition into a data-led business.
Toriola noted, “During the period, we completed the phased implementation of the new price adjustments across voice and data bundles, largely benefiting Q2. Pleasingly, the demand for our services remained resilient.”
Operating Discipline and FX Stability Bolster Profit
MTN Nigeria’s bottom line was lifted not just by revenue, but also by cost discipline and a dramatic easing of forex-related pressure. While total expenses grew modestly—up 14.2% in Q2 to N611.9 billion—this paled in comparison to revenue growth, allowing the company to deliver a robust earnings before interest, taxes, depreciation, and amortization (EBITDA) of N709.5 billion, up 183% year-on-year. For the half-year, EBITDA reached N1.2 trillion, and the EBITDA margin held firm at 51%.
A major factor in the profit rebound was the reduction in net foreign exchange losses, which had previously plagued the company. In Q2 2025, MTN even posted a net FX gain of N295 million, a massive improvement from the N231.32 billion loss in Q2 2024. For H1 2025, net FX losses were down to just N5.23 billion, compared to N887.68 billion last year.
As a result, the company achieved a net profit margin of 21% in Q2 and 17.45% for the half year. Earnings per share (EPS) also rebounded significantly, rising to N13.41 in Q2 and N19.78 for H1 2025.
Stronger Balance Sheet and Asset Base
The rebound in profitability also reflected on the balance sheet. Total assets grew 13.69% to N4.77 trillion, while retained losses were slashed to N192.89 billion, compared to N607.47 billion in December 2024. This improvement helped reduce the company’s negative shareholders’ equity from -N458 billion to just -N42.45 billion, placing MTN within reach of a full capital recovery.
Subscribers and Service Use Trends
- Total subscribers grew to 84.7 million, a 6.7% increase YoY
- Active data users rose to 51.0 million, up 11.8%
- MoMo Wallet users dropped sharply by 51.1% to 2.7 million
- Capex (excluding leases) spiked by 288.4% to N565.7 billion
- Free Cash Flow (FCF) increased 18% YoY to N409.8 billion
- Stock Performance and Market Valuation
MTN’s improved financial health has not gone unnoticed by investors. Its share price has rallied 136% year-to-date, reaching N471.10 per share as of July 30, 2025. The rally has catapulted MTN Nigeria to the top of the Nigerian Exchange (NGX), overtaking Airtel Africa as the most valuable listed company on the bourse.
Outlook
In 2023 and 2024, MTN’s operations were severely constrained by Nigeria’s volatile FX market, with foreign exchange losses and debt servicing costs ballooning due to the sharp devaluation of the naira. The company’s latest earnings report signals that those headwinds have eased—at least for now—and that the telco is executing a disciplined recovery strategy.
Analysts believe that if MTN maintains its current trajectory, it may end the year with record profit and potentially positive equity, a symbolic milestone after grappling with massive retained losses.