MTN vs Airtel Nigeria 2025: Financial Performance and Investment Outlook

Comparing MTN Nigeria and Airtel Africa's financial performance and stock market status in mid-2025 offers valuable insights for investors. MTN Nigeria’s stock closed at ₦472.00 per share on July 31, 2025, gaining 136% year-to-date with a market capitalization near ₦9.91 trillion. Its half-year 2025 results showed a sharp revenue increase of 54.6% to ₦2.4 trillion, and EBITDA soared 119.5% to ₦1.2 trillion. Profit after tax rebounded strongly to ₦414.9 billion, recovering from previous losses, while foreign exchange losses dropped drastically to ₦5.2 billion. MTN’s EBITDA margin improved to 50.6%, and earnings per share rose to ₦19.8 kobo. The subscriber base expanded to 84.7 million, reinforcing its market dominance. However, MTN’s high trailing P/E ratio of 79x signals ongoing investor caution due to prior currency risks.

On the other hand, Airtel Africa traded at ₦2,541.50 per share in July 2025, with a market cap of about 6.76 billion GBP. Its Q2 2025 revenue for Nigeria grew 30% year-over-year to $333 million, boosting full-year group revenue to $4.95 billion. The company reversed previous losses with a profit after tax of $328 million and demonstrated efficient cost management amid currency challenges. Airtel’s EBITDA margin at 46.5% and EPS of $0.82 reflect financial stability, despite a moderate P/E ratio range of 28x–42x.

Overall, MTN offers high-growth potential with improved profitability but carries higher volatility risk, whereas Airtel provides steadier returns through strong cost control and resilience. The choice depends on investor preference between growth and stability.