MTN Uganda Limited has posted a resilient set of results for the first half of 2025, underlining the company’s robust operational execution in a challenging business environment. The telecom giant recorded a 13.3% year-on-year increase in service revenue to Ush 1.7 trillion, driven by double-digit growth in both data and fintech segments.
Growth
Data revenue surged 31.3% to Ush 490.2 billion, fueled by increased adoption of MTN’s data plans, device financing offers, and the performance of the Kabode Supa smartphone initiative. Active data subscribers grew 23.4% to 10.8 million, pushing data traffic up by 42.6%. Fibre coverage also expanded significantly, supporting a 59.2% rise in home broadband subscribers.
Fintech revenue rose 18.6% to Ush 524.6 billion, buoyed by a 20.3% increase in transaction volumes and a 28.7% jump in transaction value to Ush 89.3 trillion. Mobile money users reached 13.3 million, with notable growth in advanced services such as MoMo Advance lending and the newly launched MoMo Virtual Card in partnership with Mastercard.
Voice
Voice revenue remained broadly flat, up just 0.4% to Ush 629.0 billion, as regulatory changes to mobile termination rates offset gains in outgoing voice calls. Despite this, MTN’s total subscriber base rose 10.2% to 22.8 million, aided by refreshed voice bundles and improved customer value propositions.
Profit Hit by Tax Settlement
Earnings before interest, tax, depreciation, and amortization (EBITDA) climbed 17.8% to Ush 924.2 billion, with the EBITDA margin improving 2.2 percentage points to 53.7%, thanks to cost efficiencies and a stable inflationary environment.
However, profit after tax (PAT) fell 9.7% to Ush 267.0 billion, primarily due to a one-off Ush 110.9 billion settlement with the Uganda Revenue Authority over a transfer pricing audit covering 2012–2024. Excluding this impact, adjusted PAT jumped 27.8% to Ush 377.9 billion, reflecting the underlying strength of the business.
Expansion
The company invested Ush 219.7 billion (excluding leases) in its core network, rolling out 355 new sites to improve 4G and 5G capacity. This lifted 4G population coverage to 88.2% and 5G to 19.0%, while fibre rollout reached 18,510 km. MTN also benefited from network-sharing agreements with Airtel, helping reduce capital intensity to 12.8%.
Under its National Telecom Operator license, MTN is required to achieve 90% geographical coverage by June 2025. Internal assessments show the operator has reached 84%, and discussions are ongoing with the Uganda Communications Commission for an extension.
Milestone
In a significant strategic development, shareholders overwhelmingly approved (99.9% in favour) the structural separation of MTN’s fintech arm, MTN Mobile Money Uganda Ltd, from its core GSM operations. This move aims to unlock growth potential and enhance value creation, subject to regulatory approvals.
Corporate Social Responsibility and Tax Contribution
MTN reinforced its commitment to community development, investing Ush 1.6 billion in CSR activities during the half year, including providing digital tools to hospitals and schools in partnership with cultural institutions. The company also paid Ush 681 billion in taxes in H1 2025, excluding the recent tax settlement.
Dividend
On the back of strong free cash flow and a healthy balance sheet, MTN’s board declared a first interim dividend of Ush 10 per share, amounting to Ush 223.9 billion. Shareholders on record by 1 September 2025 will receive payment on 19 September 2025.
Outlook
Looking ahead, MTN expects continued momentum in data and fintech, with new products such as Yinvesta micro-investment and Cover by MoMo insurance, launched in partnership with Sanlam, set to deepen customer engagement. The company maintains its medium-term guidance of “upper-teens” service revenue growth, EBITDA margins above 50%, and “low-teens” capex intensity.
Chief Executive Officer Sylvia Mulinge expressed optimism: “We remain confident in our growth potential and committed to delivering the benefits of a modern connected life to all Ugandans.”