MTN Uganda reported strong financial performance for 2025, with rising demand for mobile data and financial technology services driving revenue and earnings growth despite regulatory pressures.
The telecom operator said total revenue increased 13.6% year-on-year to about $972 million (Ush3.6 trillion) for the year ended 31 December 2025. Service revenue also rose 13.4% to roughly $964 million (Ush3.57 trillion), according to Business Insider Africa.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 17% to around $513 million (Ush1.9 trillion), while the EBITDA margin improved to 53.8%.
Profit after tax rose 5.8% to about $183 million (Ush678.8 billion). However, when excluding a one-off tax settlement of roughly $30 million (Ush110.9 billion) related to a transfer pricing audit covering 2012 to 2024, adjusted profit increased 23.1% to approximately $213 million (Ush789.7 billion).
Chief Executive Officer Sylvia Mulinge said the results reflected the company’s ongoing investment in network infrastructure and innovation as it concluded its Ambition 2025 strategy.
“As we conclude the Ambition 2025 strategy, I am pleased with the achievements delivered by MTN Uganda over this period. These results reflect our sustained commitment to customer centricity, supported by rigorous network investment and continued innovation in a rapidly evolving environment. We are encouraged by the favorable macroeconomic conditions, characterized by low inflation and a stable currency, which supported business confidence and investment,” she said.
Uganda’s macroeconomic environment also supported the company’s performance. Inflation averaged 3.6% in 2025, slightly higher than the 3.3% recorded the previous year but still relatively stable due to subdued energy and food prices.
The Ugandan shilling appreciated by 1.7% during the year after strengthening 2.7% in 2024. The gains were supported by stronger export earnings from commodities such as coffee and gold, as well as higher foreign direct investment and remittances.
Uganda also recorded a balance-of-payments surplus for the first time in 15 years.
Within the company’s operations, data and fintech services remained the main drivers of growth. Data revenue rose 28.8% to about $270 million (Ush1.0 trillion), supported by increasing smartphone adoption and higher internet usage.
Active data users grew 18.6% to 12 million during the year, while data traffic surged 51.2% as customers consumed more digital services. Smartphone penetration on the network increased to 42.8%, partly driven by device financing programmes.
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Financial technology services also continued to expand strongly. Fintech revenue grew 17.3% to around $297 million (Ush1.1 trillion), supported by the continued growth of the company’s mobile money platform.
MTN Uganda reported 14.7 million fintech subscribers, representing a 6.5% increase year-on-year. Transaction volumes rose 16.8% to 5 billion, while the total value of transactions increased 23.3% to about $52.8 billion (Ush195.5 trillion).
Advanced services such as payments, lending and savings accounted for 30.6% of fintech revenue, reflecting the growing adoption of digital financial services.
The telecom operator also increased investment in network infrastructure to expand connectivity. Capital expenditure reached about $148 million (Ush549.4 billion) as the company upgraded network capacity and coverage. By the end of 2025, 4G population coverage had reached 88.6%, while 3G coverage rose to 96.2%.
The company also continued its 5G rollout, adding 126 sites and expanding coverage to 19% of the population.
Beyond its core telecom operations, MTN Uganda highlighted several environmental and social initiatives. The company said it reduced greenhouse gas emissions by 43% from its 2021 baseline as part of its Net Zero 2040 commitment.
Through the MTN Foundation, the company invested more than $1.38 million (Ush5.1 billion) in projects focused on education, health and digital development.
Mulinge said the company remains committed to responsible business practices and expanding access to digital and financial services.
“We are dedicated to creating shared value through responsible environmental, social and governance practices, which underpin our mission to drive digital and financial inclusion in Uganda and support the country’s socioeconomic progress,” she said.
MTN Uganda also reported that it contributed about $432 million (Ush1.6 trillion) in direct and indirect taxes in 2025, highlighting its role in supporting the country’s economic development.
Looking ahead, the company expects growth to continue as Uganda’s economy expands. Bank of Uganda projects economic growth of between 6.5% and 7% in the 2025/26 financial year, supported by rising investment, stronger exports and a recovery in tourism.
The board approved a final dividend of $0.0022 (Ush8.25) per share, bringing the total dividend for the year to $0.0078 (Ush28.75) per share. MTN Uganda said the dividend book closure will take place on 10 April 2026, with payments scheduled for 30 April.
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Image Credit: CediRates
