MTN Nigeria Communications (MTNN) Q4 2025 earnings summary

Executive summary

• Achieved strong topline growth and margin expansion, supported by improved macroeconomic conditions and effective execution.

• Positive retained earnings and shareholders' equity, with a total dividend per share of N20.

• Robust free cash flow generation and disciplined capital allocation contributed to a solid financial profile.

• Reduced forex exposure and stronger liquidity enhanced financial stability.

Financial highlights

• Service revenue grew by 55.1% year-over-year, with underlying growth of 58.8% excluding a one-off USSD item.

• EBITDA increased by 108.9% to N2.7 trillion, with margin up 13.6pp to 52.7%.

• Free cash flow rose by 215.5% to N1.2 trillion.

• Capex (excluding leases) increased by 126.2%, with capex intensity at 19.3%.

• Voice and data revenue grew by 42.1% and 74.5% respectively.

Outlook and guidance

• FY 2025 performance aligned with single-year guidance: service revenue and EBITDA margin both above 50%, capex intensity at 19.3%.

• Medium-term (FY26-28) EBITDA margin guidance raised to mid-high 50% (from 53-55%), with service revenue expected to grow at least low-20%.

• Capex intensity expected to reduce, assuming inflation below 20% and exchange rates between N1,400-1,700/US$.