JSE: MTN Share Price Eyes R200 on $45M Nvidia Network Deal and Strong Earnings

Quick overview

MTN Group shares are climbing as strong earnings, shareholder returns, and a strategic AI investment reinforce confidence in its long-term growth story.

Stock Rally Driven by Strong 2025 Performance

MTN Group shares have resumed their upward trend, climbing toward R215 after the company delivered a strong set of results for 2025. The performance marked a return to profitability for Africa’s largest wireless carrier, boosting investor sentiment and driving the stock higher on the Johannesburg Stock Exchange.

The rally reflects growing confidence in MTN’s operational strength across its core markets, supported by solid execution and improving financial fundamentals.

Dividend Boost and Buyback Surprise Investors

A key highlight of the earnings report was a stronger-than-expected dividend. MTN declared a payout of R5 per share, significantly above analyst expectations, signaling confidence in its cash flow generation.

In addition, the company announced a R6 billion share buyback program, reinforcing its commitment to enhancing shareholder returns. This combination of dividend growth and capital return has played a major role in supporting the stock’s recent momentum.

MTN Joins Global Giants in AI Network Investment

Beyond earnings, MTN has taken a significant step into the future of telecommunications by joining a $45 million funding round for ODC (ORAN Development Corporation). The investment consortium includes major global players such as NVIDIA, Cisco, Nokia, AT&T, and Telecom Italia.

The funding will support the development of what is described as the first native, open-architecture mobile network platform, built on NVIDIA’s Aerial RAN technology. This initiative aims to reshape telecom infrastructure by integrating artificial intelligence directly into network operations.

MTN’s participation, through its digital infrastructure arm, aligns with its broader strategy to expand beyond connectivity into advanced digital services.

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,  with moving averages acting as support during shallow pullbacks. The stock is up more than 14% year-to-date and has climbed more than 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.

Ambition 2030 Strategy Takes Shape

The AI investment ties directly into MTN’s Ambition 2030 strategy, which focuses on three core pillars: connectivity, fintech, and digital infrastructure. Leadership sees AI-powered networks as a key enabler of future growth, particularly across emerging markets.

Executives have emphasized that AI-native networks could help accelerate financial inclusion, industrial development, and digital innovation across Africa, positioning MTN as a leader in next-generation telecom infrastructure.

Strong Growth Across Core Markets

Operationally, MTN continues to deliver solid growth across its footprint. The company now serves more than 307 million voice customers, 172 million data users, and 70 million Mobile Money users across 16 markets.

Key regions such as Nigeria and Ghana have driven much of this expansion, while South Africa remains a stable and resilient base. MTN also invested approximately R38 billion in 2025 to enhance network capacity, expand coverage, and strengthen its digital platforms.

Leadership Strengthens Governance

In a move to support its next phase of growth, MTN has appointed Stéphane Richard, former CEO of Orange, as an independent non-executive director. His extensive experience in global telecommunications and regulatory environments is expected to strengthen governance and strategic execution.

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.

Conclusion: MTN’s recent momentum reflects a powerful combination of strong financial performance, enhanced shareholder returns, and forward-looking strategic investments. The company’s entry into AI-native network development highlights its ambition to lead in the next wave of telecom innovation.

With solid fundamentals, expanding digital services, and a clear long-term roadmap, MTN appears well positioned to capitalize on Africa’s growing demand for connectivity and financial inclusion, supporting continued upside potential for the stock.

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.

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