MTN Group is anticipating a significant financial turnaround for its full-year earnings ending 31 December 2025, projecting a fourfold increase, which translates to over 300% growth. This robust performance follows a loss recorded in 2024, with headline earnings per share (HEPS) for 2025 expected to fall within a range of $0.66 (R 10.62) to $0.78 (R 11.68). Earnings per share (EPS) are also set to surge by more than 300%, moving from a negative $0.033 (R 0.531) in 2024 to a positive range of $0.98 (R 15.93) to $1.05 (R 16.99).

The leading African telecommunications company attributes this expected reversal in fortunes to improved operational progress and a conducive macroeconomic environment in key markets, primarily Nigeria and Ghana. The company noted that both MTN Nigeria and MTN Ghana delivered exceptionally strong results in their respective full-year earnings releases, demonstrating enhanced profitability driven by better revenue growth.

MTN Nigeria, a significant contributor to the group, reported a robust turnaround, achieving a profit after tax of N1.1 trillion in 2025. This represents an impressive 377.9% surge compared to the N400.4 billion loss posted in 2024. This strong recovery was bolstered by tariff increases, the appreciation of the naira against the dollar, and supportive macroeconomic policies that helped to manage headline inflation effectively.

Similarly, MTN Ghana showcased strong performance, with its net income climbing by over 50% in 2025. Profit after tax for the Ghanaian subsidiary surged by 55.9% to $731 million (GHS 7.8 billion), with earnings per share (EPS) also increasing by 55.9%. This positive trajectory was attributed to strategic network investments and targeted commercial initiatives. Furthermore, MTN Ghana posted a 36.2% year-on-year increase in service revenue, reaching $2.2 billion (GHS 24.4 billion), while earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 43.5%.

Collectively, MTN Nigeria and Ghana contributed more than 40% of the MTN Group's total revenue, underscoring their critical role in the anticipated strong overall performance for the 2025 financial year. This improved operational and financial momentum from these and other MTN subsidiaries across Africa is described as a defining moment for the group's financial health.

Despite the strong performance in these key markets, the group acknowledged ongoing challenges in its South African market. This segment continues to navigate heightened competition within its prepaid business, facing off against major local players such as Telkom, Vodacom, Rain, and Cell C.

The company also clarified that the difference between the 2025 EPS and HEPS figures is primarily due to impairment losses. These losses are associated with investments, goodwill, property, plant, and equipment. The full financial results for the group, which will also include adjusted 2024 EPS figures reflecting MTN Ghana's 2024 adjustments, are expected to be released on March 16.