MTN Share Price Up 100% Yearly and Holding Strong Despite Group Mixed SA Results in Earnings Update
The telecom behemoth's rapid expansion in important African regions is highlighted by MTN Group's most recent earnings, with...
Quick overview
- MTN Group reported a 25.9% increase in service revenue for the first nine months of 2025, driven by digital expansion in Nigeria and Ghana.
- Nigeria's service revenue surged 57.1%, while Ghana experienced a remarkable 74.4% growth, showcasing strong demand for data and fintech services.
- Despite overall positive performance, South Africa lagged with only a 2% rise in service revenue, reflecting competitive pressures and sluggish consumer spending.
- MTN's share price remains strong, up 81% year-to-date, indicating investor confidence in the company's growth strategy.
The telecom behemoth’s rapid expansion in important African regions is highlighted by MTN Group’s most recent earnings, with transformation serving as the primary catalyst.
MTN Group Earnings: Strong Momentum Continues Into Q3 2025
The MTN Group released its latest earnings on Monday, revealing another quarter of solid progress as the company benefits from rapid digital expansion in its largest West African markets. Service revenue grew 25.9% in the first nine months of 2025, a sharp improvement largely powered by rising data usage and fintech adoption in Nigeria and Ghana.
Nigeria and Ghana Deliver Exceptional Growth
A major highlight of the update was the renewed strength of MTN Nigeria, which has shifted from past losses to a positive retained income and equity position. The unit also resumed dividend payments, showcasing a meaningful turnaround.
Nigeria’s service revenue surged 57.1%, supported by strong demand for data, mobile finance, and enterprise services. Its EBITDA margin climbed to 51.3%, a remarkable gain of 15 percentage points that underscores improving operational efficiency.
Ghana showed similar momentum, benefiting from expanded digital services and increased customer activity, contributing significantly to group-wide revenue acceleration.
Share Price Holds Firm in Strong Uptrend
Despite the robust numbers, MTN’s JSE-listed share price showed little immediate reaction. Still, the broader trend remains highly positive. The stock is up 81% year-to-date and has climbed over 100% in the past 12 months, reinforced by long-term moving averages that continue to confirm a strong bullish structure.
Investors appear confident in MTN’s strategic direction and growth trajectory, even if short-term price action remains muted.
South Africa Remains Subdued
In contrast, MTN’s home market continues to lag behind its regional counterparts. MTN SA posted a modest 2% rise in service revenue, reflecting sluggish consumer spending and stiff competition.
EBITDA margins dipped 0.6 percentage points to 35.8%, signaling persistent pressure on profitability. While South Africa remains a key operational hub, growth elsewhere in the continent continues to outshine performance in the domestic segment.
MTN Headline Figures – Group Performance
- Total group service revenue rose 31.4% between July and September 2025.
- Year-to-date service revenue reached R160.38 billion, marking a 25.9% increase compared with the same period in 2024.
- Group EBITDA surged 58.4% in Q3, and for the year so far climbed 59.8% to R73.018 billion, reflecting strong operational leverage across several markets.
Regional Performance – Nigeria
- MTN Nigeria delivered standout results, with Q3 2025 service revenue up 67.4%.
- Year-to-date revenue reached R43.94 billion, an impressive 46.9% jump versus the first nine months of 2024.
- Continued demand for data services and fintech offerings supported the strong momentum.
Regional Performance – Ghana
- Ghana posted the strongest growth within the group, with service revenue skyrocketing 74.4% in Q3 2025.
- Nine-month revenue totaled R30.25 billion, nearly double the R15.82 billion reported in the same period last year.
- Expansion in mobile money, data usage, and network upgrades contributed heavily to the surge.
Regional Performance – Uganda
- Uganda saw a steady 18.3% increase in Q3 service revenue, maintaining a healthy growth trajectory.
- Year-to-date revenue reached R13.16 billion, up 17.1% from R11.24 billion during the first three quarters of 2024.
- User growth and improved service adoption underpinned the performance.
Home Market – South Africa
- South Africa remained the weakest performer, with Q3 service revenue rising just 1.4%.
- Year-to-date revenue stood at R32.66 billion, only 2% higher than the same period last year.
- MTN noted that while postpaid and enterprise segments showed resilience, prepaid continued to struggle amid fierce competition and subdued consumer spending.
Profitability and Margins
- Despite strong top-line growth in several regions, the company recorded a decline in EBITDA within the South African segment, dragging overall margin trends.
- EBITDA fell 6.6% in Q3 2025 and dropped 4.6% year-to-date.
- Group EBITDA margins also narrowed by 1.5 percentage points in Q3 and 0.4 points year-to-date, reflecting cost pressures and uneven market performance.
Digital Ecosystem Expands Across Africa
MTN highlighted a major milestone in its latest update: the group now connects more than 300 million customers across its markets. This expanding user base is critical to its push into digital and financial services.
With Africa’s mobile-first economy transforming how consumers bank, shop, and communicate, MTN’s fast-growing digital and fintech platforms are accelerating financial inclusion and driving structural growth across the region.
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