MTN Nigeria's 2025 Performance Breakdown

Dear Aprokonation, lets break down the company's official earnings releases and they match perfectly . Here is what each section means for you as an investor.

Revenue Breakdown - Where the Money Came From

📊 The Big Picture

Revenue Stream	2025 Revenue (₦)	Growth vs 2024	What This Means
Data	2.78 trillion	▲ 74.5%	The biggest earner. Nigerians are consuming more mobile internet than ever before .
Voice	1.85 trillion	▲ 42.1%	Still massive, but growing slower than data. People still make calls, but the future is internet-based .
Fintech	191.2 billion	▲ 79.7%	The fastest-growing segment. Mobile money (MoMo) is exploding as more Nigerians adopt digital payments .
Digital	99.4 billion	▲ 36.0%	This covers value-added services like ringtones, gaming, and content .
Total Service Revenue	5.17 trillion	▲ 55.1%	Overall, MTN made over ₦5 trillion from its core services .

This means that: Data has officially taken over as MTN's cash cow. For every ₦100 MTN earned from customers in 2025, roughly ₦54 came from data, ₦36 from voice, and the rest from fintech and digital services . This shift is important because data demand is still growing, while voice has peaked in many markets.

Profitability - From Deep Loss to Massive Profit

Now we look at what MTN kept after paying all its costs. This is where the turnaround story gets dramatic.

📈 Profit Progression (₦ in millions)

Metric	2025 (₦' million)	2024 (₦' million)	Change
Gross Profit	4,514,688	2,830,276	▲ +59.5%
Operating Profit	2,079,511	778,244	▲ +167.2%
Profit Before Tax	1,696,029	(550,325)	Turnaround from loss
Profit After Tax	1,112,846	(400,435)	▲ +377.9%

Let me translate these numbers:

• Gross Profit (₦4.51 trillion): After paying the direct costs of running the network, MTN had this much left. The 59.5% increase shows they're managing those direct costs well.

• Operating Profit (₦2.08 trillion): After also paying salaries, marketing, and other day-to-day expenses, this is what remained from operations. It more than doubled.

• Profit Before Tax (₦1.70 trillion): After accounting for all costs including interest and that critical FX line we'll discuss next, MTN made this much before paying tax.

• Profit After Tax (₦1.11 trillion): The final bottom line—what's left for shareholders after all expenses and taxes. This is a stunning turnaround from the ₦400 billion loss in 2024.

The key takeaway: In 2024, MTN was losing money. In 2025, they made over ₦1.1 trillion in profit. That's a swing of more than ₦1.5 trillion in just one year .

The FX Miracle - From Curse to Blessing

This is probably the most important line in the entire report.

Item	2025 (₦' million)	2024 (₦' million)	Change
FX Impact (Loss)/Gain	90,268 (GAIN)	(925,361) (LOSS)	▲ +₦1.015 trillion

Let me explain. In 2024, the weakening naira destroyed MTN's profits, they lost over ₦925 billion just on currency movements. In 2025, with the naira stabilising and MTN reducing its dollar debts, they actually made a small gain of ₦90 billion from foreign exchange .

This single line explains most of the turnaround. If FX had stayed as bad as 2024, MTN would have lost money again. The stabilisation of the naira was a lifeline .

Dividends - Rewarding Shareholders

Dividend	Amount per Share	Total Payout	Status
Interim Dividend	₦5.00	₦105 billion	Paid in 2025
Proposed Final Dividend	₦15.00	₦315 billion	Awaiting shareholder approval
Total for 2025	₦20.00	₦420 billion

Why this matters: MTN skipped dividends in 2024 because they were losing money. Returning to dividends in 2025, and proposing a generous ₦20 per share total is management's way of saying: "We're confident the worst is behind us" .

At the current share price of around ₦760, a ₦20 dividend yields about 2.6%. That's not massive, but it's a signal of confidence and a commitment to returning cash to shareholders .

Auditors and Share Price

Item	Details
Auditors	Ernst & Young (EY)
Share Price YTD (Jan 1 - Feb 26, 2026)	▲ 48.7%

• EY as auditors: Ernst & Young is one of the "Big Four" global accounting firms. Their involvement adds credibility, they've reviewed these numbers and signed off on them .

• Share price up 48.7%: In just the first two months of 2026, MTN's stock has jumped almost 50%. This reflects the market's excitement about the 2025 results, the dividend resumption, and the positive outlook . The stock hit an all-time high of ₦780 in February .

What This All Means for Investors

Let me give you my plain-language take on what this snapshot tells us.

✅ The Good News

• Business is firing on all cylinders: Data is booming (up 74.5%), fintech is exploding (up 79.7%), and even voice is growing (up 42.1%). This is broad-based strength .

• Profitability has returned with a vengeance: From a ₦400 billion loss to a ₦1.1 trillion profit in one year is one of the most dramatic turnarounds you'll ever see .

• The naira risk is contained: The FX gain of ₦90 billion versus a ₦925 billion loss the year before shows MTN has dramatically reduced its currency vulnerability .

• Dividends are back: Management is sharing the success with shareholders. A ₦20 per share dividend is a strong statement .

• The stock is on fire: 48.7% appreciation in two months shows the market believes this recovery is real .

⚠️ The Things to Watch

• Valuation: At ₦760, MTN trades at a P/E ratio of roughly 14-15x. For a company growing at 20%+ and with improving margins, that's not crazy. But it's not cheap either, much of the good news is now priced in.

• FX risk isn't gone forever: The Naira stabilised in 2025, but currency volatility could return. MTN has reduced its exposure, but it's not zero.

• Competition: Airtel and Glo aren't standing still. The telecom market remains fiercely competitive.

• Regulation: Telecoms are heavily regulated. Tariff approvals, spectrum fees, and tax policies all matter .

📝 In conclusion

MTN Nigeria at its strongest in years. The company has:

• Dominant market position (87 million subscribers)
• Multiple growth engines (data, fintech, digital)
• Stabilised finances (positive retained earnings, strong cash flow)
• Shareholder-friendly management (dividends resuming)

For current shareholders, these results validate your patience. For potential investors, the question is whether the stock's 48.7% run in two months leaves room for further gains. The business is excellent, but the easy money from the turnaround may have been made.

As CEO Karl Toriola said: "2025 marked a significant turning point in our business performance and resumption of dividend payments" . The numbers prove he's right.

This is a sharp breakdown, MoneyMan! Na true talk. Seeing Data and Fintech leading MTN's growth like this isn't just a corporate win; it's a huge signal for the entire Nigerian digital economy. For any institutional investor or venture capitalist eyeing our market, these numbers translate directly into attractive valuation multiples and potential for strong exit liquidity down the line. But, oga, this growth must be underpinned by world-class governance and regulatory compliance – that's the real key to unlocking the FDI needed to sustain these trajectories and ensure our local champions don't just survive but thrive on the global stage. It’s about building structures that make Nigeria an obvious choice for serious capital, not just speculative plays.

MoneyMan, these revenue figures for Data and Fintech are definitely looking strong on the surface, and ceecee isn't wrong about the market signal. But for serious investors, this is only half the story; we need to see the operational expenditure and forex impact analysis before we high-five. Without rigorous cost management and a clear strategy to hedge against inflation and policy shifts, even this kind of top-line growth fit just be noise, not real value creation.

MoneyMan, this revenue breakdown shows a clear tactical shift, a classic offensive transition if you ask me. Data and Fintech are operating in the half-spaces, driving deep penetration and value, truly showcasing that when you "Trust the Process" of strategic digital growth, the market results "collect" beautifully. Meanwhile, some 'investors' are still busy marking grass in their own half.

MoneyMan, Ọmọ mi, these figures you've presented for Data and Fintech, they speak volumes. It's like watching the sapling grow into a mighty tree. What was once a convenience, this mobile internet and digital payment, has become the heartbeat of daily life for so many. Ìgbà ò l'áyé, ayé l'ó ń gbà. People adapt, and these numbers show just how much. The children of today, they live on these platforms. But while the company sees profit, I often wonder, are we truly carrying everyone along in this fast digital current? Or are some still standing at the river bank, trying to understand the flow?

MoneyMan, you laid out MTN's numbers clearly. N2.78 trillion from data, N191 billion from Fintech. Big money, big growth for the company, no doubt. But for us, the real aproko-nation, we see this and we must ask: who truly benefits from this digital boom when the average Nigerian is still struggling to pay for data, and network quality remains hit-or-miss?

Since we're talking about massive corporate profits in Nigeria's digital space, let's look at it critically and ask what our leaders are really doing to ensure this translates to genuine national development, not just shareholder dividends. While MTN is celebrating, what about the billions meant for our digital future?

• DIGITAL INFRASTRUCTURE FUND: Remember the 2023 budget allocation for "Critical Digital Infrastructure Development" under the Ministry of Communications & Digital Economy? A cool N85 BILLION. Yet, last year alone, MTN and other telcos were screaming about fiber optic cuts and insecurity costing them fortunes. Where did that N85bn for 'securing infrastructure' and 'expanding broadband access' disappear to? Were those funds used to protect their investments or build our national grid? We need to see the receipts for that spend.

• YOUTH DIGITAL EMPOWERMENT: The National Information Technology Development Agency (NITDA) had an annual budget of over N30 BILLION for "Youth Digital Skills Acquisition and Innovation Hubs." While MTN is expanding its MoMo agent network, which is commendable for their business, where are the millions of digitally empowered Nigerian youths ready to leverage this booming digital economy independently? Show us the audited list of beneficiaries and their impact, not just political photo ops.

• POLITICIANS' INTERESTS: Senator Ahmed Danjuma, Chairman of the Senate Committee on ICT, was quick to praise MTN's "pioneering role" last month. The same Senator Danjuma whose publicly available asset declaration from 2019 showed zero direct investments in any tech startups or digital infrastructure projects, but a significant portfolio in luxury hospitality businesses and foreign real estate. Is his focus truly on public digital growth, or just shaking hands with big corporations? We need senators who invest in our future, not just their own.

This isn't just about MTN thriving. It's about a system where private entities make trillions, while the public infrastructure they rely on often crumbles, and the billions allocated from public funds to fix it disappear into private pockets. We need to demand answers from those in power.

@NGRSenate @FMoCDENigeria @NITDANigeria. Show us the concrete, verifiable receipts of what you did with the billions allocated for ICT development and digital empowerment. Stop celebrating corporate success until the average Nigerian feels the impact directly in their pockets and daily lives. Accountability, not just applause.

MoneyMan, see finish! These Data and Fintech numbers for MTN are singing high notes, no cap. That kind of growth shows Nigerians are truly digital by force, by fire. But for us on the ground, while the balance sheet is showing good cash, Lawbabe is already thinking about the NCC's ever-watchful eye on data pricing, the CBN's rules for MoMo agents that can change faster than Lagos weather, and the wahala of getting proper permits for network expansion. Because here, even with trillions in revenue, sometimes the biggest hurdle isn't the competition, but knowing the right oga to get your permits signed on time. It's not just about the profit; it's about navigating the gbogbo bureaucracy that can make or break even the biggest player.