MTN Group has reported a robust financial performance for the first quarter of 2025, with earnings before interest, tax, depreciation, and amortisation (EBITDA) increasing by 33% and the EBITDA margin improving by 5.3 percentage points to 44.1%.
This growth was primarily driven by strong performances in Nigeria and Ghana, which contributed significantly to the group’s overall service revenue increase of 10.4% in reported currency or 19.8% in constant currency terms.
In Nigeria, MTN’s largest market, service revenue rose by 40.5% year-on-year to ₦1.05 trillion. This growth was fuelled by a 51.5% increase in data revenue and a 27.7% rise in voice revenue.
The company returned to profitability, posting a profit after tax of ₦133.7 billion ($83 million), a significant turnaround from a ₦392.7 billion loss in the same period last year. The EBITDA margin in Nigeria expanded by 7.2 percentage points to 46.6%, reflecting improved operational efficiency and cost management.
MTN Ghana also delivered strong results, with service revenue increasing by 39.6% to GHS5.4 billion ($410 million); the company’s profit after tax rose by 53.7% to GHS1.7 billion ($129 billion).
Data revenue surged by 54.9%, driven by a 39.7% increase in average monthly data usage per user. Mobile Money (MoMo) revenue grew by 53.1%, supported by a 44.8% rise in basic services and a 72.4% increase in advanced services.
The EBITDA margin in Ghana improved by 2.2 percentage points to 58.1%, indicating strong profitability.
Group president and CEO Ralph Mupita commented on the results, stating that the company’s performance was anchored in the continued strong execution of strategic and operational priorities and improved macroeconomic conditions in key markets.
He highlighted MTN Nigeria and MTN Ghana’s significant contributions, noting that their robust growth in data and fintech services played a crucial role in the group’s overall success.
Looking ahead, MTN Group remains focused on expanding its digital and fintech services, enhancing network infrastructure, and driving financial inclusion across its markets. The company is optimistic about sustaining its growth momentum amid evolving market dynamics.
