We reported very strong commercial outcomes led by MTN Nigeria and MTN Ghana; a resilient performance from MTN South Africa; robust free cash flow; improved return generation; and a 45% jump in the dividend.
 

We also unveiled an enhanced shareholder remuneration framework, including a R6 billion share buyback programme, and re-affirmed our medium-term guidance, updating our return and leverage metrics.
 

"The Group's overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone in line with our priority to deepen digital and financial inclusion," said MTN Group President and CEO Ralph Mupita.
 

At 31 December 2025 across 16 markets, we served more than 307 million voice, 172 million data and 70 million Mobile Money customers. Increases were supported by diligent commercial execution as well as sustained investment of R38 billion to enhance the capacity, coverage and quality of our networks and platforms. 

MTN's data traffic accelerated by 27%, with average monthly data use per customer up at 12.5GB from 10.8GB. We continued to scale our fintech platform, growing the ecosystem and benefiting from greater customer take-up of more advanced services. This supported a 15% increase in the volume of transactions to more than 23 billion in the year, with total transaction value topping US$500 billion.
 

In line with our commitment to create shared value, we contributed approximately R150 billion in economic and social value across Africa; expanded broadband coverage to more than 94% of the population; and cut the cost of data to communicate for customers by an average 14%. Our work with communities, nation states and other stakeholders led to the achievement of our strongest reputation and trust scores since the launch of our Reputation Index Survey in 2019.
           

Underpinned by improved macroeconomic conditions, the Group increased service revenue by nearly a quarter to R218 billion. In constant-currency terms MTN Nigeria and MTN Ghana – which announced results in late February – lifted service revenue by 54.9% and 35.9% respectively. MTN SA increased service revenue by 2.0%, demonstrating operational resilience and sustained commercial momentum as it navigated the challenges of a mature and competitive market.
 

At R98.5 billion, earnings before interest, tax and amortisation (before once-off items) were up by more than a third in constant currency. This was supported by expense efficiencies of R3.6 billion in the year. Basic earnings per share (EPS) swung from a loss in 2024 to a profit in 2025 and adjusted headline EPS increased by 67%.
 

With a sustained healthy financial position and balance sheet flexibility, MTN declared a dividend of 500 cents per share from 345 cents in 2024, comfortably outstripping the minimum 370 cents the Board of Directors had anticipated.
 

The Group also announced an evolution of strategy, unveiling Ambition 2030, which streamlines our execution approach into three principal platforms of choice for consumers, homes and businesses: Connectivity; Fintech; and Digital Infrastructure. Through the strategy, we are energised to provide the leading customer experience, leveraging AI for growth and creating shared value.

While remaining vigilant to evolving risks in global geopolitics, Mupita said Ambition 2030 embodied the right framework to sustain MTN's medium-term growth and value-creation journey: "We are hugely excited about Africa's potential and are well positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified. We are committed to accelerate our impact and empower the people, businesses and nation states we serve."
 

For more detailed information, see our announcement on the JSE's Stock Exchange News Service here.