MTN Nigeria: From Crisis to King—The Telecom Titan’s Triumphant Rebound in 2025

MTN Nigeria’s financial revival in 2025 stands as a testament to strategic focus and resilience in a challenging macroeconomic environment. After reporting a devastating ₦519.1 billion loss in the first half of 2024—driven largely by naira devaluation and economic instability—the company delivered a remarkable turnaround in H1 2025. Net profit surged to ₦414.9 billion, indicating a powerful 180% year-on-year swing and underscoring the company’s regained profitability.

A key driver of this resurgence was a 54.6% increase in service revenue, which climbed to ₦2.4 trillion. The expansion was supported by robust data growth, increased fintech adoption, and improved pricing power. Operational efficiency also played an important role. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) doubled to ₦1.2 trillion, boosting the EBITDA margin to 50.6%. These figures not only reflect stronger topline momentum but also significant margin optimization and cost discipline.

Subscriber growth reinforced this momentum. The customer base rose by 6.7% to 84.7 million, with notable double-digit growth in both data and fintech segments. These segments now form a crucial part of MTN Nigeria’s diversified revenue base.

Investor sentiment responded accordingly. The stock price more than doubled in 2025, climbing from ₦200 at the start of the year to ₦472 by July and briefly touching ₦480 in August. This rally lifted the company’s market capitalization to over ₦9.91 trillion, making MTN Nigeria the most valuable publicly listed company in the country.

Balance sheet strength also improved. The company reduced its negative shareholders’ equity position, laying the groundwork for a potential return to positive retained earnings by Q3 2025.

Overall, MTN Nigeria’s 2025 financial results highlight a strong and sustainable recovery, positioning it for continued market leadership and long-term growth in Nigeria’s telecom sector.