Wrap Text
Quarterly update for the period ended 30 September 2025
MTN Group Limited Q3 FY 2025 SENS
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN or the Company or the Group)
Quarterly update for the period ended 30 September 2025
MTN is a pan-African mobile operator with the strategic intent of 'Leading
digital solutions for Africa's progress'. We have 301.3 million customers in
16 markets and are inspired by our belief that everyone deserves the benefits
of a modern connected life.
Third quarter (Q3) 2025 key messages
• Strong broad-based performance across our markets, led by MTN Nigeria and
MTN Ghana
• Total customers cross 300 million milestone
• MTN Nigeria restores positive retained income and net equity positions |
Resumes dividend payment
• Fintech transaction value increased by 38.0%* to US$342.3 billion
• Further expansion in EBITDA margin to 45.0%* (+6.7pp*)
• Healthy balance sheet position supported by good cash upstreaming
Highlights
• Group service revenue increased by 25.9%; up 22.6%* in constant currency
(CC)
• Data revenue increased by 40.3%; up 35.4%* in CC
• Voice revenue increased by 10.0%; up 10.8%* in CC
• Fintech revenue increased by 35.7%; up 23.1%* in CC
• Total subscribers increased by 5.8% to 301.3 million
• Active data subscribers up by 9.1% to 165.8 million
• Active Mobile Money (MoMo) (MAU) increased by 5.3% to 64.3 million
• Data traffic increased by 26.6% to 17 876 PB
• Fintech transaction value increased by 38.0%* to US$342.3 billion
* Constant currency (CC) information after accounting for the impact of the
pro forma adjustments as defined and included throughout this Stock Exchange
News Service of the JSE Limited (JSE) (SENS) announcement.
Unless otherwise stated, financial and non?financial growth rates are
presented on a CC basis and are year?on?year (YoY, 9M to September 2025 versus
9M to September 2024).
EBITDA – earnings before interest, tax, depreciation and amortisation
pp – percentage points
MAU – monthly active users
Group President and CEO Ralph Mupita comments:
MTN Group delivered a strong performance in the nine-month period to
September 2025, reflecting improved macroeconomic conditions and disciplined
execution of our strategic and commercial priorities. The pleasing overall
result was underscored by return to positive retained income and net equity
positions by MTN Nigeria, which also resumed dividend payments with an
interim declaration for the period.
We are particularly pleased to have crossed a formative milestone in
connecting over 300 million customers across our markets. MTN is grateful
for the ongoing trust of all our customers, the partnership of our suppliers
and broader stakeholders, as well as the commitment of our staff to get to
this achievement. We are excited to continue our work to connect Africa,
provide leading digital solutions that will drive the continent's digital
transformation and socioeconomic progress.
Pleasing results supported by improved macroeconomic conditions
The macroeconomic environment showed relative stability and improvement in
the period, which supported our performance in key markets, with more benign
and abating inflation and greater stability in local exchange rates. The
Group blended inflation rate moderated further to an average of 13.3% (12.1%
excluding Sudan) in the period, compared to 13.9% (13.6% excluding Sudan) in
2024.
In terms of local currencies, the rand was slightly stronger with an average
rate of R18.23/$ (versus R18.47/$ in 2024). The average naira remained
relatively stable during the period, while the Ghana cedi was stronger
against the dollar on a YoY basis and averaged GHS12.60/$ (2024: GHS14.14/$).
Strong growth performance sustained by execution
We deployed capex of R27.9 billion in our networks and platforms – with capex
intensity of 16.8% within our 15-18% target range – to sustain the growth
momentum in our business. This underpinned the continued expansion of our
commercial ecosystem, resulting in data traffic and fintech transaction
volume growth of 26.6% (39.8% excluding JVs) and 13.9%, respectively. Overall
customers grew by 5.8% to close the period at 301.3 million.
Group service revenue grew by 22.6%*, with an uptick in growth in Q3 (up
23.0%*). Data growth (up 35.4%*) was boosted by an expansion in active data
subscribers by 9.1% to 165.8 million and strong demand. Voice revenues grew
by a respectable 10.8%*. Fintech delivered growth of 23.1%* in the context
of rising competition and pricing pressures in some markets, with advanced
services revenue increasing by 39.5%*. MoMo MAU rose by 5.3% to 64.3 million.
In the larger markets, MTN Nigeria (up 57.1%*) and MTN Ghana (up 35.9%*)
spearheaded the service revenue performance. MTN South Africa (SA) reported
growth of 2.0%, with solid performances in postpaid and enterprise offset by
continued pressure in a highly competitive prepaid market.
Group EBITDA was 41.1%* higher, with the expansion in margin to 45.0%* (up
6.7pp*) underpinned by strong topline growth and the ongoing group-wide
expense efficiency programme (EEP).
Balance sheet and liquidity strength underpins operational execution
Our balance sheet remains in a strong position with an improvement in the
Group net debt-to-EBITDA to 0.4x at end-September 2025 (December 2024: 0.7x).
The Holdco leverage of 1.4x was flat on the December 2024 level and benefitted
from R11.9 billion in cash upstreamed YTD. In October 2025, we raised R2.3
billion from our DMTN programme to refinance existing maturities and bolster
Holdco liquidity. We maintained a healthy liquidity headroom of R36.9
billion.
Leveraging AI to advance digital inclusion across Africa
MTN Group has partnered with Microsoft Corporation to expand access to AI-
powered learning and productivity tools for students and citizens across
Africa. The initiative reflects a shared commitment to help bridge the skills
and opportunity gap and support Africa's shift from connectivity to
meaningful participation. By combining MTN's reach and local insight with
Microsoft's global technology expertise, the collaboration will leverage AI
to advance digital inclusion. The initiative will begin rolling out in early
2026 across selected MTN markets.
This partnership complements MTN's broader work to integrate AI across its
network and services, focusing on practical applications that enhance
learning, accessibility and participation in the digital economy.
Outlook
We are encouraged and energised by the year-to-date performance, supported
by improved macro conditions, and delivered broadly across our markets. We
remain committed to executing our strategy, delivering our medium-term
targets and unlocking value for our shareholders and broader stakeholders.
In our operations, our focus at MTN SA is to recover the performance of the
prepaid segment, while we continue the work to sustain the strong momentum
in MTN Nigeria and MTN Ghana, as well as the turnarounds we are seeing in
other markets within our footprint. For fintech, we remain committed to our
priorities of accelerating the performance of MoMo PSB in Nigeria and
continuing to scale the overall ecosystem across our markets. We are also
focused on progressing the work on structurally separating our fintech
business.
The N5.00/share interim dividend declared by MTN Nigeria on 30 September
2025, will amount to approximately R975 million (gross amount based on
current exchange rate inputs) expected to be payable to the Group in Q4.
This will further strengthen our balance sheet health and the financial
flexibility to execute our growth strategy. We will continue to invest
prudently in support of our ambitions with a targeted capex of R33-38 billion
(ex?leases) for FY 2025 based on current currency assumptions. Our medium-
term guidance remains unchanged.
Pro forma financial information
For Group, region and by country, as appropriate: Service revenue, revenue
by segment, data revenue, enterprise revenue, wholesale revenue, fintech
revenue, digital revenue, voice revenue; outgoing voice revenue; Group EBITDA
(before once-off items); Capex (ex-leases); EBITDA; EBITDA margin; Adjusted
EBITDA; PAT; loss after tax; and net debt analysis as included in this SENS
announcement has been prepared to provide users with a further operational
understanding of the business (together, the "Non-IFRS Financial
Information"). The Non-IFRS Financial Information has been calculated from
the financial records of the Group.
Constant currency information has been presented to remove the impact of
movement in currency rates on the Group's results and has been calculated by
translating the prior financial reporting period's results at the current
period's monthly average rates. The measurement has been performed for each
of the Group's currencies, materially being that of the US dollar and Nigerian
naira. In respect of MTN Irancell, MTN Sudan, MTN South Sudan and MTN Ghana
the constant currency information has been prepared excluding the impact of
hyperinflation. The economies of Sudan, South Sudan and Iran continue to be
assessed as hyperinflationary for the period under review. Hyperinflation
accounting has therefore been applied, accordingly. The Ghana economy ceased
to be hyperinflationary in 2025, and MTN ceased applying hyperinflation
accounting from 1 July 2025. Constant currency information in this SENS
announcement is denoted with a*.
The Non-IFRS Financial Information and constant currency information
contained in this SENS announcement is collectively referred to as "Pro forma
Financial Information" and has been prepared for illustrative purposes only.
Because of its nature, the Pro forma Financial Information may not fairly
present MTN's financial position, changes in equity, and results of
operations or cash flows. The responsibility for preparing and presenting
the Pro forma Financial Information, as well as the completeness and its
accuracy is that of the directors of MTN. The compilation of the Pro forma
Financial Information contained in this SENS announcement has not been
reviewed or reported on by the Group's external auditors.
Forward looking information
Any forward-looking information disclosed in this SENS announcement,
including the dividend guidance, is the responsibility of the directors of
MTN and has not been reviewed or audited or otherwise reported on by our
Group's external auditors.
Other information
The directors of MTN take full responsibility for the preparation of this
SENS announcement.
The Group's results and segmental report are presented in line with the
Group's operational structure. The Group's underlying operations are
clustered as follows: South Africa (SA), Nigeria, the Southern and East
Africa (SEA) region, the West and Central Africa (WECA) region and the Middle
East and North Africa (MENA) region and their respective underlying
operations.
The SEA region includes Uganda, Zambia, Rwanda, South Sudan, Botswana (joint
venture-equity accounted) and eSwatini (joint venture-equity accounted). The
WECA region includes Ghana, Cameroon, Côte d'Ivoire, Benin, Congo-Brazzaville
and Liberia. The MENA region includes Iran (joint venture-equity accounted)
and Sudan.
Although Iran, Botswana and eSwatini (JVs) form part of their respective
regions geographically and operationally, they are excluded from their
respective regional results because they are equity accounted by the Group.
Operational review
Listed Opcos' published Q3 2025 results
The published Q3 results of our listed Opcos can be viewed at:
• MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/
• MTN Ghana: https://mtn.com.gh/investors/financial-results/
• MTN Uganda: https://www.mtn.co.ug/investors/financial-reports/
• MTN Rwanda: https://www.mtn.co.rw/financial-results/
MTN South Africa
• Service revenue increased by 2.0%
• Data revenue increased by 5.0%
• Voice revenue declined by 2.8%
• Wholesale revenue increased by 1.3%
• Enterprise revenue increased by 12.3%
• Digital revenue declined by 2.7%
• Fintech revenue declined by 5.1%
• EBITDA declined by 4.8% (down 4.6% excluding loss from disposal of towers)
• EBITDA margin decreased by 0.6pp to 35.8% (down 0.4pp to 35.9% excluding
loss/gain from disposal of towers)
• Capex of R6.0 billion on IFRS 16 reported basis (R5.0 billion, ex?leases)
MTN SA delivered a resilient performance in the first nine months, amid
ongoing intense competitive pressures in the market. The South African
economy showed signs of improvement during the period, supported by a stable
inflation environment and more accommodative interest rates. The rand
remained relatively steady against major currencies, aided by favourable
commodity trends and improved investor sentiment.
Network leadership sets strong base to accelerate performance
MTN SA was once again recognised as the country's best mobile network in Q3
2025 (by the MyBroadband Network Quality Report), marking the third
consecutive quarterly win in 2025. The company also received the award for
Best Voice Network for the year in 2025. This achievement reinforces MTN's
leadership in digital connectivity and network excellence.
MTN SA operational and financial overview
MTN SA grew service revenue by 2.0% in the reporting period. Although
navigating the short-term impacts in Q3 from lower performance in digital
and Xtratime, the result was supported by encouraging performances in the
consumer postpaid and enterprise segments. Total customers increased by 2.1%
to 40.1 million, as MTN SA continued to enhance its product offerings and
drive the focus on improving customer experience and the distribution
channel.
Postpaid customers increased by 7.3% to 4.6 million, supported by a stronger
YoY uptake of integrated voice and data plans, device-based offers and
continued growth of the FWA Home customer base. Prepaid customers decreased
slightly by 0.4% to 29.4 million from 29.5 million on the back of higher
churn, as competition in the segment continued to intensify.
The momentum in data revenue growth was sustained in the period with growth
of 5.0%, reflecting an acceleration in trend to 6.4% in Q3. This outcome was
supported by a 1.7% increase in active data subscribers to 22.0 million and
driven by stronger data traffic, which grew by 24.7%. Data revenue
contributed 48.8% to total service revenue, up from 47.4% in the prior year.
Data consumption continued to rise, with average usage per active postpaid
data subscriber rising 13.4% YoY to 24.9GB – this uplift was largely driven
by increased adoption of FWA. The average monthly usage per prepaid active
data subscriber grew by 27.0% to 4.1GB, reflecting expanding demand and
deeper engagement.
Consumer postpaid service revenue grew by 4.0%, with an acceleration in Q3
to 4.7%. This sequential improvement in the quarter reflects sustained growth
momentum in the segment, underpinned by the expansion in customer base and
increased data usage. The outcome was also supported by the implementation
of a postpaid price adjustment from 1 February 2025. Bad debts remain elevated
as consumers continue to face financial pressure, with affordability
challenges impacting their ability to meet payment obligations.
Further supporting consumer postpaid growth was the continued scaling of the
Home proposition, which remains a strategic area of focus. MTN SA added 30%
Home customers (FWA and fibre base, having grown from 264k to 344k), supported
by innovative and attractive offerings such as Shesh@5G.
As indicated previously, the consumer prepaid segment continued to face
increased competitive intensity. This drove a 1.7% decline in prepaid service
revenue for the period, largely due to pressure on data monetisation.
Encouragingly, the overall trend has improved sequentially despite the
headwinds, with a decline of 1.8% in Q3 (compared to a 2.3% decline in Q2).
Voice revenue remained under pressure, with a decline of 2.8% YoY. This was
mainly due to the lower performance in the consumer prepaid segment, although
mitigated by resilience in consumer postpaid, which delivered voice revenue
growth of 4.4% notwithstanding ongoing shifts towards VoIP.
Wholesale revenue increased by 1.3%, supported by ongoing growth in data but
with some pressures in BTS and ICT.
The enterprise business sustained double-digit growth of 12.3%, accelerating
in Q3 to 13.6%. This result was primarily driven by core mobile offerings
such as bulk SMS, connectivity and converged solutions.
Digital services revenue declined by 2.7%. The performance was impacted by
lower prepaid recharges, as well as declines in content VAS and rich media
services. The overall decline was partially mitigated by continued double-
digit growth of mobile advertising.
Fintech declined by 5.1%, mainly due to a deceleration in Xtratime on the
back of a slowdown in recharges. Within the segment, the MoMo business
delivered robust YoY growth driven by InsurTech.
MTN SA's EBITDA decreased by 4.8% (down 3.2% excluding loss from the disposal
of towers and the proceeds from sale of device insurance book). The EBITDA
margin decreased by 0.6pp to 35.8% (up 0.1pp to 35.9% excluding loss/gain on
disposal of towers and the proceeds from sale of device insurance book).
MTN SA outlook
MTN SA has continued to focus on its strategic initiatives aimed at
accelerating growth in the prepaid segment. These include ongoing product
refinement, targeted regional and personalised bundle pricing and channel
optimisation efforts. In the postpaid segment, the business is actively
enhancing brand visibility and leveraging the positive momentum in Home
connectivity; particularly scaling FWA and FTTH penetration.
In parallel, MTN SA is driving operational efficiencies through the rollout
of device financing models and network sharing initiatives. While these
programmes are still in the implementation phase, they are progressing well
and are expected to begin delivering measurable impact in the foreseeable
future, laying a solid foundation for sustained medium-term growth.
It is anticipated that the prepaid market will remain under pressure in the
short term as the business continues to navigate the effects of competitive
pressures. MTN SA's service revenue and EBITDA margin is expected to be at
the lower end of guidance in the next few quarters.
MTN Nigeria
MTN Nigeria reported results on 30 October 2025 and has restored its positive
retained earnings and shareholders' equity positions. This is a significant
milestone that demonstrates strong operational momentum and disciplined
execution. During the period under review, macroeconomic conditions in
Nigeria improved significantly, with the naira trending stronger, improved
foreign exchange liquidity and easing inflationary pressures.
MTN Nigeria service revenue was up by 57.1%* YoY (Q3 2025: up 62.9%*), driven
by strong demand and price adjustments. Mobile customers expanded to 85.4
million, while active data users reached 51.1 million. Demand for data
remained robust, driving a 36.3% YoY increase in data traffic and data revenue
growth of 72.7%*. This growth was supported by MTN Nigeria's CVM initiatives
and ongoing investments in network capacity, along with higher smartphone
penetration.
Voice revenue increased by 41.6%* in MTN Nigeria, driven by a growing customer
base, price adjustments and the continued focus on CVM initiatives. This
performance was further aided by relatively lower price elasticity, helping
sustain momentum in the voice segment and reinforcing its relevance within
the diversified portfolio.
Digital services business in Nigeria delivered strong revenue growth of
42.9%*, despite temporary impacts from platform optimisation initiatives.
Demand for rich media content and an improved user experience continued to
drive performance; bolstered by higher engagement levels and targeted content
offerings.
MTN Nigeria's fintech revenue rose by 72.3%*, supported by higher interest
income from deposits, continued growth in advanced services and onboarding
high-value customers. Customer deposits increased by 80.5% compared to
December 2024. Following a comprehensive revamp of the customer acquisition
strategy, active wallets expanded to 2.9 million in September 2025. The
number of active agents grew by 73.6% and merchants by 42.6% compared to
December 2024, reflecting a deliberate focus on optimising distribution
quality and building a more sustainable fintech ecosystem for long-term
growth.
The positive impact of a stronger naira, savings from revised tower lease
agreements and continued expense efficiency initiatives supported a rise in
MTN Nigeria EBITDA by 121.8%* to R22.7 billion*, with the EBITDA margin
expanding by 15.0pp* to 51.3%*.
MTN Nigeria expects to deliver continued resilience in service revenue,
supported by robust demand and user base growth. It remains on track to
deliver on the full single-year guidance, including service revenue growth
of "at least low-50%" and "EBITDA margin of at least low-50%", underpinned
by disciplined execution of its commercial priorities and cost efficiencies.
Capex intensity is expected to moderate in Q4, supporting stronger free cash
flow generation.
Southern and East Africa (SEA)
We delivered robust service revenue growth of 22.0%* in the SEA region;
exceeding blended inflation for the region of 12.2% in the period and
supported by broad-based improvements across the operations. In addition to
the resilient performance of MTN Uganda, we are especially encouraged by the
continued turnaround of MTN Rwanda and MTN Zambia.
Data revenue rose by 38.8%*, voice by 12.6%* and fintech by 21.9%*, with
growth underpinned by overall customer increased by 8.2% to 45.0 million in
the region. Active data subscribers increased by 15.2% to 18.5 million, while
the MoMo MAU base expanded by 12.2% to 25.2 million.
The SEA markets reported pleasing EBITDA growth of 30.6%*, with EBITDA
margins up 3.2pp* at 48.4%*.
MTN Uganda reported service revenue growth of 13.6%*, anchored by strong
growth in data and the resilience of the fintech business. Voice revenue
continued to be impacted by the revised mobile termination rates (MTR)
implemented in Q4 2024, however this was mitigated through intensified on-
ground execution in customer acquisition and service excellence.
Data revenue increased by 30.2%* as a function of growth in active data
customers and usage per customer, which grew by 18.6% and 21.4% respectively.
The voice segment grew revenue by 0.8%* – with overall customers 8.8% higher
– supported by a resilient performance in outgoing voice, albeit the overall
voice portfolio continued to be impacted by the lower MTR. Fintech revenue
increased by 17.9%* underpinned by growth in the MoMo business and strong
turnaround in Xtratime.
MTN Uganda EBITDA grew by 18.5%* with EBITDA margins expanding 2.1pp* to
53.8%*, demonstrating strong operating leverage and cost efficiency in the
business.
MTN Uganda's board of directors declared a second interim dividend payment
equivalent to R1.2 billion and approved an enhancement of the company's
dividend policy, increasing the minimum medium-term payout ratio to 75% of
annual profits after tax; up from the previous ratio of 60% approved in 2020.
West and Central Africa (WECA)
Customers in the WECA region rose to 70.6 million (up 1.8%), which underpinned
the service revenue growth of 17.1%* achieved in the period. This outcome
compared favourably against a blended average inflation rate for the region
of 10.2% in the period. Data revenue grew by 29.1%*, voice declined 2.3%*
and fintech increased by 23.6%*; with the active data subscribers and MoMo
MAU bases expanding by 11.0% to 40.6 million and 0.1% to 35.3 million,
respectively.
EBITDA for the region was 28.2%* higher and the EBITDA margin expanded by
4.0pp* to 46.6%*.
MTN Ghana delivered service revenue growth of 35.9%*, driven by consistent
execution of commercial strategies. The performance was broad-based,
underpinned by continued capex deployment to improve network quality, as
well as expand coverage and capacity. MTN Ghana gained 1.8 million (up 6.4%
YoY) mobile customers, raising the total customer base to 30.5 million by
the end of the period.
Data revenue grew by 46.1%* for MTN Ghana, driven by an 11.4% increase in
active subscribers (ending Q3 on 18.9 million) and higher data usage. Voice
revenue remained resilient with a 9.5%* increase, driven by customer growth,
strategic investments in the network and enhanced customer offerings. Digital
revenue increased by 106.1%*, driven by an 18.7% rise in active digital
subscribers to 5.7 million and improved user engagement.
MTN Ghana's fintech revenue increased by 36.8%*, mainly due to a 4.1% increase
in active users to 17.7 million. Revenue from basic services grew by 28.6%*,
while revenue from advanced services increased by 60.7%*.
During the period, MTN Ghana grew EBITDA by 41.5%*, accompanied by a margin
expansion of 2.3pp* to 58.4%*.
MTN Cameroon's service revenue was up by 19.0%* in the period, on the back
of disciplined commercial execution and sustained market leadership. The
EBITDA margin expanded by 4.9pp* to 44.2%*, as a result of the strong topline
performance and focused cost efficiency initiatives.
MTN Côte d'Ivoire continued to drive its turnaround, with data subscribers
and Home fibre deployment supporting the performance in the connectivity
business. Service revenue rose by 2.9%*, with a strong acceleration in Q3
growth to 10.1%*. This was largely boosted by gains in data, while the fintech
business continued to navigate a highly competitive market. The EBITDA margin
improved by 3.9pp* to 36.2%*, supported by a focus on cost discipline and
efficiencies.
Middle East and North Africa (MENA)
The MENA region continued to show improvements in its performance. The result
was driven by the ongoing recovery in MTN Sudan, which grew service revenue
by 331.0%* and delivered an EBITDA margin of 32.1%* (from a loss position in
the prior comparable period). This was achieved in an operating environment
that remained challenging, but was supported by an increased number of sites
restored and price adjustments in high-inflation conditions.
Associates, joint ventures and investments
Service revenue in our 49%-held equity-accounted investment, Irancell, grew
by 17.1%*, with EBITDA margins up by 0.7pp* to 39.7%*.
Scaling our fintech platform
Building the largest and most valuable fintech platform
Fintech revenue increased by 23.1%* led by Ghana, Nigeria (mainly airtime
advance) and Rwanda. The solid growth was achieved against a backdrop of
intensifying competitive aggression from new entrants in some markets. This
has disrupted pricing in some markets, including the repricing of basic
services such as cashout.
Within the mix, MoMo grew by 23.6%*, with steady growth in basic services
revenue (up 16.9%*) and continued momentum in advanced services revenue,
which increased by 39.5%*. Notably, the contribution of advanced services to
total MoMo revenue (excluding airtime advance) rose to 33.4% (up 3.8pp) in
Q3.
MoMo MAU increased by 5.3% YoY to close the period with a base of 64.3
million. Growth was underpinned by strong performances in Uganda, Ghana,
Rwanda and Zambia; driven by higher-quality customer engagement and
retention. Active agents closed with a footprint of 1.3 million, an increase
of 16.3%, as we continued to tactically grow our agent network to optimise
profitability of standalone agents and offering the best proximity of service
to our customers.
Active merchants increased by 8.2% to 2.1 million. We are executing a
strategic shift from volume to value by focusing on merchant retention,
engagement and transactional segmentation to strengthen our payment
ecosystem. This is improving the quality and reliability of our merchant
base while deepening insights into merchant behaviour. Going forward, we aim
to scale a differentiated payment acceptance platform that supports growth
and drives long-term monetisation across markets.
We are pleased with the overall development of our fintech ecosystem, with
a 13.9% increase in transaction volumes to 16.9 billion and transaction value
up by 38.0%* to US$342.3 billion.
Key fintech verticals
The momentum in our payments and e-commerce vertical continued to accelerate,
with the total value of merchant payments processed through our MoMo
platforms up by 19.5%* to US$15.8 billion. This was underpinned by robust
growth in unique payers (+18.5%) and usage across our key fintech Opcos.
This reflects a pleasing trajectory in overall adoption and engagement, with
more customers actively using the platform, more frequently.
We continued to advance our strategic partnership with Mastercard, with
virtual card by MoMo live in Côte d'Ivoire. Through our partnership with
Mastercard, we have 309k cards issued YTD across three live markets (Côte
d'Ivoire, Rwanda and Uganda).
In BankTech, total loan value facilitated reached US$2.2 billion,
representing a 68.6%* YoY increase. This strong growth was primarily driven
by higher utilisation within the marketplace lending programme across our
more mature markets, Uganda and Ghana, as well as continued momentum in MoMo
Advance in Uganda. Meanwhile, our other markets continue to scale their
BankTech services – with Benin, Rwanda and Zambia successfully launching new
products during Q3.
Our remittance value grew 5.8%* to a total of US$3.4 billion, impacted by
Ghana remittance inflows being channelled to alternative routes in the
current year. We recorded strong growth in our remittance transaction value
across the rest of our Opcos, enabled by direct partnerships with the top
Money Transfer Operators and joint marketing campaigns. We will continue to
introduce new and innovative products into the market to accelerate growth.
In InsurTech, revenue growth was supported by an increase in active products
in Ghana, Uganda and South Africa. We continued to drive growth in high-
priority markets focusing on achieving sustainable growth.
We introduced a new suite of products in the period to enable users to save
and invest, advancing our users from financial inclusion to financial
empowerment. To date, we have launched a money market product in Uganda and
a mutual fund offering in Rwanda, where we have seen pleasing adoption.
MTN Digital Infrastructure (Bayobab)
MTN Digital Infrastructure reported a consolidated external revenue decline
of 22.8%* to R4.3 billion, impacted by lower international voice traffic and
local currency volatility. Despite these headwinds, we recorded EBITDA growth
of 57.3%* to R1.4 billion driven by improved revenue mix and focused cost
optimisation.
The Fibre segment delivered robust external revenue growth of 41.9%*, boosted
by new fixed connectivity infrastructure contracts, revenue from new
FibreCos, as well as ongoing expansion of our networks and improved service
delivery. In the period, we continued to accelerate fibre expansion across
our footprint, including the East African Corridor.
The Communication Platforms segment posted a 29.6%* decline in external
revenue, due to lower international and transit voice traffic.
Post the end of Q3, MTN Digital Infrastructure secured a 15-year licence
through its South Sudan subsidiary. The licence, effective 16 October 2025,
authorised the construction, installation and operation of electronic
communications systems. This development strengthens MTN's commitment to
expand connectivity across Africa and supports its strategic ambition to
accelerate digital transformation on the continent.
During the quarter, Bayobab announced the initiation of its greenfield data
centre programme, a strategic expansion aligned with the Group's medium to
long-term digital infrastructure vision exploring opportunities to bring AI-
ready, scalable data centres to key markets across the MTN footprint.
Updates on significant regulatory and legal considerations
Update on Anti-terrorism Act (ATA) litigation – Long
The Long complaint was filed on 28 July 2023 on behalf of four additional
plaintiffs who were not previously included in the other ATA cases (Cabrera,
Zobay, Chand and Davis) and contains the same core allegations. MTN had filed
its Motion to Dismiss Syria-related claims in the Long complaint.
On 25 September 2025, the court ruled in favour of MTN and dismissed the
Syria-related claims. The proceedings will, therefore, now continue only in
relation to the claims that have not been dismissed, which primarily relate
to MTN's former subsidiary in Afghanistan and its minority, non-controlling
investment in Iran.
MTN has deep sympathy for those who have been injured or lost loved ones as
a result of the tragic conflicts in Iraq and Afghanistan. The Group conducts
its business in a responsible and compliant manner in all its territories
and will defend its position where necessary.
Outlook
Our growth outlook and investment case is underpinned by the structural
demand for data and fintech services in our markets, as well as the strength
and diversity of our overall portfolio. Looking ahead, we are focused on
sustaining the strong momentum in our business performance buoyed by a more
supportive macro environment.
MTN SA will focus on sustaining good growth in the postpaid and enterprise
segments and continue to implement recovery initiatives in the prepaid
market. In the next quarters, we expect MTN SA service revenue and EBITDA
margin to track at the lower end of guidance, before we see progress towards
the upper end of medium-term targets.
MTN Nigeria's return to positive net equity sets a strong foundation for
further growth and value creation. We will continue to execute with
discipline, leveraging our broad revenue streams and strengthened balance
sheet in the business to navigate market dynamics and capture growth
opportunities.
MTN Ghana continues to focus on managing operational costs to protect margins
and increase profitability while scaling its platforms. The expansion of our
MoMo business and strengthening the entire fintech ecosystem remains a
priority that underpins the sustained growth outlook of MTN Ghana.
In the rest of the Markets, we are encouraged by the momentum we are seeing
in Opcos like MTN Uganda, MTN Cameroon and MTN Sudan; while MTN Côte d'Ivoire,
MTN Rwanda and MTN Zambia are showing pleasing turnarounds. The work is
ongoing to ensure that these trajectories are sustained and support the
overall growth of the Group.
The priorities for our fintech business remain the same. As highlighted in
our H1 2025 results announcement, we have noted an increased competitive
intensity, including pricing disruptions, in various markets and the focus
of the business will be to continue to leverage our partnerships to scale
the ecosystem faster. We are intensifying our CVM campaigns, including in-
app promotions to boost adoption, retention and sustained engagement. In
addition, we are accelerating the investment in our technology platform to
enhance the customer experience and velocity within the business
Our initiatives are geared toward safeguarding the growth, quality and
stickiness within our fintech ecosystem, accelerating MoMo PSB in Nigeria,
as well as continuing to drive advanced services in support of the medium-
term growth of the business.
The strength of our balance sheet provides the flexibility that enables us
to effectively navigate our dynamic operating environment and execute on our
strategic ambitions. We will sustain the health of our financial profile
through continued focus on our EEP and disciplined capital allocation to
support further value creation for our stakeholders.
We expect to deploy capex of R33-38 billion (ex-leases) in FY 2025, based on
current currency assumptions, to drive the growth of our business. We leave
our medium-term guidance unchanged. As we reflect on MTN's journey to over
300 million customers, we are thankful for the partnership of our
stakeholders and excited for what lies ahead. We remain committed to our
work of connecting Africa and leading its digital transformation.
Q3 2025 trading update teleconference
MTN will be hosting a teleconference on Monday 17 November 2025, where we
will unpack the Group's trading update for the nine months ended 30
September 2025. To participate, please register here:
https://presentations.corpcam.com/PreRegPage.aspx?id=MTN17112025
17 November 2025
Fairland
Lead sponsor
J.P. Morgan Equities (SA) Proprietary Limited
Joint sponsor
Tamela Holdings Proprietary Limited
Abbreviations
BTS: base transceiver station
CVM: Customer value management
DMTN: Domestic Medium-Term Note programme
FTTH: Fibre to the Home
FWA: Fixed wireless access
GB: Gigabyte
Holdco: Holding company
Holdco leverage: Holdco net debt (including Bayobab)/SA EBITDA + cash
upstreaming
ICT: information and communications technology
JV: Joint venture
KPI: Key performance indicators
Opco: Operating company
PB: Petabyte
PSB: Payment service bank
SIM: Subscriber Identity/Identification Module
SMS: Short message service
VAS: value-added services
VoIP: Voice over Internet Protocol
YTD: year to date
Date: 17-11-2025 07:05:00
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