MTN has spent N565.7 billion on capital expenditure, excluding leases, in the first six months of 2025.MTN, which revealed this in its consolidated financial statements for Q2 2025, ended June 2025, informed that the CAPEX was deployed to boost 4G sites, expand fibre rollout and build out passive infrastructure.

The financial statement also showed that the firm within the period, grew subscriber base to 84.7 million (6.7 per cent YoY); active data users, 51 million (11.8 per cent YoY), momo wallet users, 2.7 million (-51.1 per cent YoY) and free cash flow (FCF), N409.8 billion (18 per cent YoY).

MTN’s service revenue rose 54.6 per cent year-on-year to N2.36 trillion ($1.57 billion), driven by a 6.7 per cent increase in total subscribers.
Owing to the recent hike, data revenue also jumped by 69.2 per cent, with 46.4 per cent growth in data traffic, and voice revenue also gained 40.3 per cent.

According to the report, MTN added over 2,300 sites, expanded 4G coverage to 82.4 per cent and extended fibre into more cities and towns, with smartphone penetration climbing to 60.7 per cent, which further boosted data demand.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose an impressive 119.5 per cent to N1.2 trillion ($800 million), with margins up to 50.6 per cent. Most importantly, MTN reversed its previous year’s loss, posting a N414.9 billion ($276.6 million) profit after tax in H1 2025.

Commenting on the results, CEO Karl Toriola, stated: “We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market.

“Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management, and price adjustments, mainly in Q2.”

With a strong showing in both voice and data revenue within the review period, Toriola added: “During the period, we completed the phased implementation of the new price adjustments across voice and data bundles, largely benefiting Q2. Pleasingly, the demand for our services remained resilient, which supported strong service revenue growth in the period.”