MTN Nigeria has continued to build on the momentum from its Q4 2024, as the Q1 2025 results place the TechCo on the path to restoring profitability and achieving a positive net asset position within the current financial year.
But, it is not yet uhuru for the MTN as the capital expenditures (CAPEX), excluding leases, increased by 159.0% to N202.4 billion within the period under review.
Key highlights points:
- Total subscribers increased by 8.2% to 84.1 million
- Added 3.2 million subscribers in Q1 2025
- Active data users rose by 13.0% to 50.3 million
- Added 2.6 million active users in Q1 2025
- Service revenue grew by 40.5% to N1.0 trillion
- EBITDA1 increased by 65.9% to N492.7 billion
- EBITDA1 margin expanded by 7.2 percentage points (pp) to 46.6%
- Profit after tax of N133.7 billion (Q1 2024: negative N392.7 billion)
- Earnings per share of N6.38 kobo
- Capital expenditure (CAPEX), excluding leases, increased by 159.0% to N202.4 billion
- Positive free cash flow (FCF) of N209.9 billion
Commenting on the Q1 2025 results, Karl Toriola, the CEO of MTN Nigeria, said:
“We are pleased with our performance in the first quarter of 2025, which reflects the continued execution of our strategic priorities and the resilience of demand for our services. Building on the momentum from Q4 2024, our Q1 results place us firmly on the path to restoring profitability and achieving a positive net asset position within the current financial year, while increasing our investments to improve network and service quality.
Challenging but improving operating conditions
Continuing, he said, “
Although macroeconomic uncertainties persist, we are encouraged by the relative stability of the naira during the period and the moderation in inflation following the rebasing of the Consumer Price Index (CPI) in January 2025. The exchange rate remained relatively stable at N1,537/US$ at the end of March 2025, while reported inflation was 24.2%.
“During the quarter, we received regulatory approval for price adjustments, a critical enabler to sustain ongoing investment in the industry and maintain the quality of service for our customers. This has empowered us to accelerate network investments with N202.4 billion in capex (up 159%), focused on boosting capacity and improving user experience.
“We also continued to explore efficiency-enhancing opportunities through infrastructure-sharing partnerships. A key milestone was the agreement between MTN Group and Airtel Africa to collaborate on passive infrastructure in Nigeria, enabling accelerated coverage and driving network cost efficiencies”.
Solid commercial and financial momentum
While the CAPEX is still major concern, a further review of the MTN Nigeria’s Q1 results shows the commercial performance remained strong, supported by sustained investment in network capacity, solid demand, and proactive customer value management (CVM) initiatives.
In Q1, MTN added 3.2 million new subscribers, bringing its total base to 84.1 million.
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