Earnings Update: MTN Nigeria Plc Q2 2025 – Full Impact of Tarriff Hike and Cost Optimisation Sustains Optimism.

Event

MTN Nigeria reached a new milestone in H1 2025 as revenue crossed the N2 trillion threshold for the first time. Half year revenue climbed 55% year on year to N2.38 trillion (H1 2024: N1.54 trillion), driven by tariff adjustments and sustained demand across its key service segments. The momentum was most evident in Q2 2025, where revenue advanced by 68% to N1.32 trillion (Q2 2024: N786.14 billion). This was largely driven by the full effect of the tariff hike implemented earlier in the year.

Outlook

We revised our net profit projection for FY 2025 to N911.73 billion (previously N706.95 billion), reflecting stronger expectations for sustained revenue growth. This optimism is underpinned by the combined effect of tariff adjustments, rising demand for data and voice services, and continued efficiency gains from cost optimisation strategies. Beyond earnings expansion, we also expect the Group’s negative equity position to swing into positive territory in FY 2025, signalling a stronger balance sheet and improved financial resilience.

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