Africa’s largest telecommunications operator, MTN Group, has returned to profitability in the first half of 2025, buoyed by improved macroeconomic conditions, easing inflation, and more stable foreign exchange rates in its biggest markets.
The South Africa-based company reported headline earnings per share of $0.36 for the six months ending June 30, compared to a headline loss of $0.14 in the same period last year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) margins expanded by 7.1 percentage points to 44.2%, pushing EBITDA up 42.3% in constant currency terms to about $2.53 billion.
Group service revenue jumped 23.2% to roughly $5.69 billion, fuelled by strong growth in its data and fintech segments, which surged 36.5% and 37.3%, respectively.
MTN Group CEO Ralph Mupita highlighted that the Nigerian naira—whose sharp depreciation had significantly hurt profits last year—showed improved stability against the US dollar during the first half of 2025. Ghana’s cedi also appreciated year-to-date against both the South African rand and the dollar.
“The approval of price adjustments in Nigeria, phased in during the reporting period and mostly taking effect in the second quarter, played a key role in boosting MTN Nigeria’s performance and driving overall group service revenue growth,” Mupita said.
MTN South Africa, however, continued to face stiff competition in the prepaid market, managing only 2.3% growth in service revenue.