MTN Uganda 2025 financial results: A look at revenue, profits, users and more figures

MTN Uganda recorded service revenue of Shs 3.6 trillion in the year ended December 31, 2025, an increase of 13.4 percent compared with the previous year, according to the company’s latest financial results.

Service revenue refers to the money earned from services such as calls, internet and mobile money.

The telecom company said its core operating earnings, known as EBITDA, rose by 17.0 percent to Shs 1.9 trillion.

EBITDA is a measure used to show how much a company earns from its main business before paying interest, taxes and other accounting costs.

Its EBITDA margin increased by 1.6 percentage points to 53.8 percent, up from 52.2 percent in 2024.

Profit after tax grew by 5.8 percent to Shs 678.8 billion. When adjusted to remove the impact of a one-off tax settlement of Shs 110.9 billion with the Uganda Revenue Authority, profit increased by 23.1 percent to Shs 789.7 billion.

MTN Uganda’s customer base also grew during the year. Total mobile subscribers increased by 10 percent to 24.2 million. Active internet users rose by 18.6 percent to 12.0 million, while active mobile money users grew by 6.5 percent to 14.7 million.

Revenue from internet services increased strongly. Data revenue rose by 28.8 percent to Shs 1.0 trillion. This growth followed the addition of 1.8 million new active data users, bringing the total to 12.0 million.

Data traffic increased by 51.2 percent, while average data usage per subscriber rose by 20.0 percent. About 80 percent of total data traffic was carried on the 4G network.

Smartphone penetration on the MTN network reached 42.8 percent after a 4.9 percent increase in smartphones connected to the network.

Mobile money services also recorded strong growth. Fintech revenue rose by 17.3 percent to Shs 1.1 trillion. The number of active fintech users increased by 6.5 percent to 14.7 million.

The fintech ecosystem expanded further. The number of agents grew by 13.5 percent to 241,100 while merchants accepting mobile money payments increased by 33.6 percent to 114,800.

Customers carried out 5.0 billion mobile money transactions during the year, an increase of 16.8 percent. The total value of those transactions rose by 23.3 percent to Shs 195.5 trillion.

Advanced services such as payments, loans and savings accounted for 30.6 percent of fintech revenue, up from 28.7 percent in 2024. Overall, fintech services contributed 31.2 percent of MTN Uganda’s service revenue.

Voice services generated Shs 1.3 trillion in revenue after growing by 1.0 percent. Active voice users increased by 10 percent to 24.2 million while voice traffic rose by 13.7 percent.

However, voice contribution to service revenue declined to 35.7 percent from 40.1 percent in 2024 as customers increasingly used data and fintech services.

Digital services revenue increased by 36.8 percent, although it accounted for only 0.4 percent of service revenue.

MTN Uganda invested heavily in expanding its network. The company spent Shs 549.4 billion on network infrastructure and upgrades to extend coverage across the country under its National Telecommunications Operator licence.

Total capital expenditure reached Shs 843.6 billion in 2025, representing a 28.5 percent increase. Capital spending excluding leases rose by 31.4 percent to Shs 549.4 billion, raising capex intensity to 15.2 percent from 13.2 percent.

Network coverage continued to expand. By the end of the year, 4G population coverage reached 88.6 percent compared with 87.9 percent in 2024, while 3G coverage reached 96.2 percent compared with 94.6 percent in 2024.

MTN Uganda also added 126 new 5G sites, increasing 5G population coverage to 19.0 percent.

The company’s fibre network expanded to 27,037 kilometres, representing a 52.1 percent increase from the previous year. Subscribers using home internet solutions increased by 97.3 percent.

Cost efficiency programmes also helped improve performance. The company saved Shs 64.1 billion through its expense efficiency programme.

Depreciation increased to 11.0 percent due to higher network investment while net finance costs rose by 5.7 percent.

Adjusted free cash flow increased by 9.7 percent to Shs 1.1 trillion. The company maintained a net debt-to-EBITDA ratio of 0.7 times, indicating low debt relative to its earnings.

MTN Uganda recommended a final dividend of Shs 8.25 per share, equivalent to Shs 184.7 billion for shareholders. Total dividends for the year will amount to Shs 28.75 per share, equivalent to Shs 643.7 billion.

The company said it will begin paying dividends quarterly instead of three times a year while maintaining a dividend payout of at least 75 percent of annual profit after tax.