The news
- MTN made a profit of 645 cents per share in H1 2025, after a loss of 256 cents last year.
- The company’s service revenue grew by 23% to R105.1 billion ($5.6 billion), driven by data and fintech.
- Free cash flow doubled to R20.5 billion ($1.1 billion), and the company reduced its debt levels.
MTN Group has staged a striking return to form in the first half of 2025, delivering a sharp reversal from its prior-year loss. The Johannesburg‑based telecoms giant reported a headline earnings per share (HEPS) of 645 cents, swinging from a 256 cents loss in H1 2024, a clear testament to its improved execution, operational discipline, and more favourable macroeconomic backdrop.
Central to this recovery was an impressive 23.2% rise in group service revenue, reaching R105.1 billion ($5.6 billion). Growth was powered by surging demand in data (≈36.5%) and fintech services (≈37.3%), which together showcased MTN’s pivot toward higher‑value digital platforms.
Efficiency gains also played a role. EBITDA leapt 60.6%, lifting margins to around 42–44%, while free cash flow more than doubled to R20.5 billion ($1.1 billion), helping to bolster the balance sheet.
Yet beneath this group-wide rally, regional performance diverged notably. MTN Nigeria, long dragged by currency volatility, emerged as a standout. Service revenue grew approximately 54% in constant currency terms, propelled by a more stable naira and strategic price increases phased in during Q2. This reversal speaks volumes about the impact of macro stability on operational outcomes.
MTN Ghana’s H1 2025 profit after tax, however, surpassed Nigeria’s by $56 million.
Meanwhile, MTN South Africa, a mature market facing tight competition, managed only 2.3% service revenue growth, underscoring the subdued momentum in traditional segments like prepaid voice. The contrasting trajectories between these two key markets underscore MTN’s evolving growth dynamics, accelerating in high-opportunity digital verticals and select geographies, while moderating in the legacy, competitive South African terrain.
In all, MTN’s H1 2025 performance suggests a business positioned for growth. With improved margins, stronger cash flow, and a leaner balance sheet, the company has raised its medium‑term service revenue growth guidance from “mid‑teens” to at least high‑teens. The stage appears set for MTN to further unlock value, particularly in fintech and high-growth markets like Nigeria, while navigating headwinds in more saturated environments.
