MTN Share Price Resumes Uptrend on Dividend Jump, R6 Billion Buyback as Customers Exceed 300 Million

Quick overview

Shares of MTN Group rallied after the telecom giant reported strong 2025 earnings, raised its dividend above expectations, and announced a share buyback program.

MTN Shares Rally on Strong Earnings

The stock price of MTN Group surged toward R215, continuing its upward trend after the company reported a strong set of financial results for 2025.

Africa’s largest wireless carrier returned to profitability and delivered robust operational performance across its key markets. The results boosted investor confidence, pushing the stock significantly higher on the Johannesburg Stock Exchange, where shares rose as much as 7% following the announcement.

Dividend Surprise and Share Buyback

One of the key highlights of the earnings report was a stronger-than-expected dividend.

The company declared a R5 per share payout for 2025, significantly above the R3.82 median estimate compiled by analysts. In addition, MTN introduced an enhanced shareholder remuneration framework, which includes a R6 billion share buyback program.

The company also reaffirmed its medium-term financial guidance while updating its return and leverage targets.

Strong Growth Across Key Markets

MTN’s performance was supported by strong commercial momentum in several core markets, particularly Nigeria and Ghana, while operations in South Africa remained resilient.

By the end of 2025, the group had surpassed a major milestone in its growth strategy, reaching more than 307 million voice customers, 172 million data users, and 70 million Mobile Money customers across 16 markets.

The company invested approximately R38 billion during the year to expand network capacity, improve coverage, and strengthen digital platforms.

Strategic Shift Toward Ambition 2030

According to CEO Ralph Mupita, the strong performance marks a successful conclusion to the company’s Ambition 2025 strategy.

MTN is now shifting its focus to its Ambition 2030 roadmap, which aims to capture new opportunities driven by accelerating data adoption and the expansion of financial services across the African continent.

Outlook: With strong cash flow generation, expanding digital services, and continued customer growth, MTN appears well positioned to benefit from Africa’s long-term telecommunications and financial inclusion trends. The company’s improved profitability and enhanced shareholder returns have helped reinforce investor confidence, supporting the stock’s renewed upward momentum.

MTN Share Price Chart Daily – Reversing Fast After the Pullback 

MTN’s JSE-listed share price showed immediate reaction helped by the improving sentiment in broader global stock markets. Still, the broader trend remains highly positive. The stock is up more than 15% year-to-date and has climbed 70% in the past 12 months, reinforced by long-term moving averages that continue to confirm a strong bullish structure. The price pulled back in the last two weeks due to the war on Iran from the US and Israel, but it has resumed the upside trend again  after the earnings report.

Investors appear confident in MTN’s strategic direction and growth trajectory, even if short-term price action remains muted.

MTN Group 2025 Earnings Report

Return to Profitability

• MTN Group reported a net profit of R27.4 billion in 2025, a major turnaround from the R10.9 billion loss recorded in 2024.
• The previous year’s loss was largely driven by the devaluation of the Nigerian naira in Nigeria, MTN’s largest market.
• Of the 2025 profit, around R20 billion was attributable to equity holders, with the remainder going to non-controlling interests.

Sharp Growth in Earnings

• Basic earnings per share (EPS) rose 314.5% to 1,113 cents.
• Headline earnings increased 1,058% to 1,274 cents, reflecting stronger operational performance.
• CEO Ralph Mupita said the improvement was driven by better macroeconomic conditions and disciplined operational execution.

Strong Revenue Expansion

• Service revenue increased 22.7% to R218.5 billion in 2025.
• Growth was primarily driven by strong performances in:
• Nigeria – service revenue up 54.9% (constant currency).
• Ghana – service revenue up 35.9%.
• South Africa saw more moderate growth of 2.0%, reflecting competition in the prepaid segment.

Growth Across African Markets

Other markets also maintained solid momentum, including:

• Uganda
• Cameroon
• Côte d’Ivoire
• Zambia

Customer Growth and Network Investment

• MTN invested R38.5 billion in network and platform expansion during the year.
• The company added 16.3 million new customers, bringing the total subscriber base to 307 million users.
• Active data customers increased 9.4% to 172.6 million, highlighting strong growth in mobile internet adoption.

Key Takeaway

MTN’s strong 2025 performance reflects improved profitability, solid revenue growth, and continued expansion of its customer base across Africa, reinforcing its position as the continent’s largest telecommunications operator.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Petrol Prices Pressure in South Africa Force Govt to Secure Fuel Supply as Global Oil Tensions Rise

21 h ago

Save

South African Rand: USD/ZAR Rejected Near R17 Ahead of Key Fed Meeting

2 days ago

Save

Standard Bank Earnings Hit Record but Unable to Reboot JSE: SBK Share Price Uptrend

4 days ago

Save