The change follows a strong rebound in Nigeria, where revenue rose 54.9% in constant currency and the business returned to profitability after a loss in 2024.
MTN Nigeria posted profit after tax of $786 million (R13.1 billion), compared with a loss of $408 million (R6.8 billion) a year earlier, as data demand surged and tariff adjustments supported revenue growth.
Across the Group, earnings before interest, tax, depreciation and amortisation (EBITDA) rose to about $5.91 billion (R98.5 billion), with margins improving on stronger operations in key markets.
Group president and CEO Ralph Mupita said the performance reflected strong execution and improved conditions.
“In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300 million customers milestone, in alignment with our priority to deepen digital and financial inclusion in the markets we serve,” he said.
Nigeria’s growth was driven by rising smartphone penetration and increased spending on data and digital services, which now account for more than half of the country’s service revenue.
The country contributes more than a quarter of Group service revenue and roughly a third of EBITDA, underlining its growing importance to the business.
By contrast, MTN South Africa recorded just 2% service revenue growth, reflecting slower economic activity and intense competition in a mature market.
The shift highlights a broader rebalancing within MTN, with high-growth West African markets, particularly Nigeria and Ghana, now accounting for a larger share of earnings.
While this strengthens MTN’s exposure to growth, it also ties more of its performance to Nigeria’s economic and regulatory environment.
