MTN Uganda Limited has released its annual financial results for the year ended 31 December 2025, reporting strong growth in service revenue, data usage, and fintech services despite a challenging operating environment.
The telecom operator recorded total revenue of UGX 3.6 trillion, representing a 13.6% increase year-on-year, while service revenue grew 13.4% to UGX 3.57 trillion. EBITDA rose by 17.0% to UGX 1.9 trillion, with the EBITDA margin improving by 1.6 percentage points to 53.8%.
The company’s profit after tax increased by 5.8% to UGX 678.8 billion. When adjusted for a one-off tax settlement of UGX 110.9 billion relating to a transfer pricing audit covering 2012 to 2024, adjusted profit after tax grew 23.1% to UGX 789.7 billion. The board approved a final dividend of UGX 8.25 per share, bringing the total dividend for the year to UGX 28.75 per share.
Sylvia Mulinge, Chief Executive Officer, MTN Uganda, said:
As we conclude the Ambition 2025 strategy, I am pleased with the achievements delivered by MTN Uganda over this period. These results reflect our sustained commitment to customer centricity, supported by rigorous network investment and continued innovation in a rapidly evolving environment. We are encouraged by the favorable macroeconomic conditions, characterized by low inflation and a stable currency, which supported business confidence and investment.
The company noted that Uganda’s inflation averaged 3.6% in 2025, while the Ugandan shilling appreciated for the second consecutive year, supported by improved export receipts and foreign investment inflows.
Operationally, MTN Uganda reported strong growth in data and fintech services. Data revenue increased by 28.8% to UGX 1.0 trillion, supported by an 18.6% rise in active data users to 12 million and a 51.2% surge in data traffic. Smartphone penetration on the network rose to 42.8% as more customers adopted smartphones through device financing.
Fintech continued to be a key growth driver, with revenue increasing 17.3% to UGX 1.1 trillion. The company reported 14.7 million fintech subscribers, up 6.5% year-on-year, while transaction volumes rose 16.8% to 5 billion and transaction value climbed 23.3% to UGX 195.5 trillion. Advanced fintech services accounted for 30.6% of fintech revenue, reflecting the increasing adoption of services such as payments, lending, and savings through the mobile money platform.
The telecom operator also continued expanding its network infrastructure, investing UGX 549.4 billion in network upgrades and coverage expansion. By the end of 2025, 4G population coverage reached 88.6%, while 3G coverage rose to 96.2%. The company also continued rolling out 5G, adding 126 sites and expanding population coverage to 19%.
MTN Uganda emphasized its commitment to environmental, social and governance (ESG) initiatives as part of its strategy. The company reduced greenhouse gas emissions by 43% from its 2021 baseline as part of its Net Zero 2040 commitment. It also invested more than UGX 5.1 billion through the MTN Foundation in projects focusing on education, health, and ICT development.
Mulinge added:
We are dedicated to creating shared value through responsible environmental, social and governance practices, which underpin our mission to drive digital and financial inclusion in Uganda and support the country’s socioeconomic progress.
Looking ahead, MTN Uganda expects continued growth supported by positive macroeconomic conditions. The Bank of Uganda projects economic growth of between 6.5% and 7.0% in the 2025/26 financial year, driven by investment inflows, export earnings, and tourism recovery. The company said it remains confident in its strategy and plans to continue investing in network expansion, home broadband, and fintech services to sustain growth.
MTN Uganda confirmed that book closure for the dividend will take place on 10 April 2026, with payments scheduled for 30 April 2026. The company’s audited financial statements were approved by the board on 12 March 2026 and received an unqualified audit opinion.
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