MTN Uganda Limited has delivered a strong set of full-year results for the period ending 31 December 2025, anchored by accelerating demand for data and mobile money services against a backdrop of improving macroeconomic conditions. The company, listed on the Uganda Securities Exchange, reported service revenue of Ush 3.6 trillion — a 13.4% increase over the prior year — while EBITDA climbed 17.0% to Ush 1.9 trillion, expanding its already impressive margin to 53.8%.
Ush 3.6tnService Revenue +13.4% YoY |
Ush 1.9tnEBITDA +17.0% YoY |
53.8%EBITDA Margin +1.6pp |
Ush 678.8bnProfit After Tax +5.8% YoY |
24.2mTotal Subscribers +10.0% YoY |
Ush 1.0tnData Revenue +28.8% YoY |
Ush 1.1tnFintech Revenue +17.3% YoY |
Ush 28.75Total Dividend per share (+27.2%) |
The results cap the company’s Ambition 2025 strategic cycle and reinforce MTN Uganda’s position as the country’s largest telecommunications and mobile financial services provider, connecting 24.2 million subscribers nationwide.
“These results reflect our sustained commitment to customer centricity, supported by rigorous network investment and continued innovation in a rapidly evolving environment.” — Sylvia Mulinge, CEO, MTN Uganda
A Favourable Macro Backdrop
Uganda’s macroeconomic environment provided a supportive foundation throughout 2025. Inflation averaged 3.6% for the year — slightly above 2024’s 3.3% but still well within manageable territory — driven by subdued energy and food prices. The Uganda Shilling continued to appreciate, gaining 1.7% against major currencies, following a 2.7% gain in 2024. This appreciation was sustained by improved export earnings from gold and coffee, higher foreign direct investment, and increased international remittances.
Perhaps most significantly, Uganda recorded a balance-of-payments surplus for the first time in fifteen years — a development that the company’s leadership cited as a sign of strengthening macroeconomic fundamentals. The Ugandan central bank projects economic growth of 6.5–7.0% in FY2025/26, supported by resumed concessional funding and continued export momentum.
Revenue Performance: Data and Fintech Lead the Charge
The revenue story of 2025 is fundamentally one of diversification. Voice revenue, while still the largest single contributor, grew by just 1.0% to Ush 1.3 trillion — reflecting competitive pressures and the impact of regulatory cuts to mobile termination rates (MTR). However, data and fintech more than compensated, growing far faster and shifting the overall revenue mix in meaningful ways.
Data: The Engine Room
Data revenue surged 28.8% to Ush 1.0 trillion — the first time the segment has crossed the trillion-shilling threshold. This growth was driven by a net addition of 1.8 million active data users, bringing the total to 12.0 million. Data traffic rose 51.2%, with average usage per subscriber climbing 20.0% as 4G continued to dominate — accounting for 80.0% of total traffic.
MTN Uganda invested Ush 549.4 billion in network infrastructure during the year, extending 4G population coverage to 88.6% and 3G to 96.2%. The company also pressed forward with its 5G rollout, adding 126 new sites to reach 19.0% population coverage. Its fibre network now spans 27,037km — a 52.1% expansion over 2024 — underpinning the company’s “own-the-home” strategy that saw home broadband subscribers nearly double, growing 97.3%.
Fintech: Advanced Services Gain Momentum
Fintech revenue rose 17.3% to Ush 1.1 trillion, with mobile money (MoMo) — the dominant component — growing 17.6% to Ush 1.087 trillion. The fintech ecosystem remained broadly healthy: active users rose 6.5% to 14.7 million, agents grew 13.5% to 241,100, and merchants expanded 33.6% to 114,800. Transaction volumes reached 5.0 billion (up 16.8%) while the total value of transactions hit Ush 195.5 trillion, up 23.3%.
A key strategic highlight was the continued scaling of advanced services — comprising payments, lending, savings, and remittances — which grew their share of fintech revenue to 30.6%, up 1.8 percentage points from 28.7% in 2024. The “Pay Borrow Invest” campaign drove meaningful uptake of loan and savings products, while MoMo Pay benefited from rising merchant adoption. Fintech’s overall contribution to service revenue rose 1.1 percentage points to 31.2%.
Key Financials at a Glance
| Metric | FY 2025 | FY 2024 | YoY Change |
| Total Revenue | Ush 3,604bn | Ush 3,173bn | +13.6% |
| Service Revenue | Ush 3,566bn | Ush 3,144bn | +13.4% |
| Data Revenue | Ush 1,046bn | Ush 812bn | +28.8% |
| Voice Revenue | Ush 1,273bn | Ush 1,260bn | +1.0% |
| Fintech Revenue | Ush 1,112bn | Ush 948bn | +17.3% |
| EBITDA | Ush 1,937bn | Ush 1,655bn | +17.0% |
| EBITDA Margin | 53.8% | 52.2% | +1.6pp |
| Profit After Tax | Ush 679bn | Ush 642bn | +5.8% |
| Adjusted PAT | Ush 790bn | Ush 642bn | +23.1% |
Source: MTN Uganda FY 2025 Earnings Release. Figures in Ush millions rounded for display.
Profitability and the Tax Settlement Factor
Profit after tax increased 5.8% to Ush 678.8 billion. However, this figure was weighed down by a significant one-off item: a Ush 110.9 billion tax settlement with the Uganda Revenue Authority (URA) relating to a transfer pricing audit covering the period 2012 to 2024. Stripping this out, adjusted PAT grew a far healthier 23.1% to Ush 789.7 billion — a figure management considers more representative of underlying business performance.
Interestingly, MTN Uganda’s positive relationship with URA extends beyond the settlement. The company received the URA’s award for top revenue contribution in 2025, having contributed Ush 1.6 trillion in direct and indirect taxes during the year — a testament to its scale and role in Uganda’s fiscal architecture.
The EBIT margin improved to 38.5% (from 36.5% in 2024), reflecting disciplined cost management across the business. The company’s Expense Efficiency Programme (EEP) delivered Ush 64.1 billion in savings, helping to absorb higher depreciation charges stemming from increased capital investment.
Capital Expenditure and Cash Generation
Capital expenditure rose 28.5% to Ush 843.6 billion, with ex-lease capex up 31.4% to Ush 549.4 billion — representing a capex intensity of 15.2%, up from 13.2% in 2024. The increased investment reflects the company’s licence obligations under its National Telecom Operator (NTO) framework, which requires expanded geographical coverage across Uganda, as well as ongoing 5G rollout and fibre network expansion.
Despite this heavier investment cycle, cash flow generation remained robust. Adjusted free cash flow rose 9.7% to Ush 1.1 trillion. Cash and cash equivalents at year-end stood at Ush 388.0 billion — up sharply from Ush 152.0 billion at the close of 2024 — providing a strong liquidity buffer. Net debt rose 9.5% to Ush 1.36 trillion, but with EBITDA also growing strongly, the net debt-to-EBITDA leverage ratio held steady at 0.7x.
Record Dividend and New Quarterly Payment Structure
The Board approved a final dividend of Ush 8.25 per share (Ush 184.7 billion), bringing the total dividend for 2025 to Ush 28.75 per share (Ush 643.7 billion) — a 27.2% increase over the prior year. MTN Uganda maintains a minimum dividend payout ratio of 75% of annual profit after tax.
In a significant structural change, the Board also approved a transition to quarterly dividend payments going forward. This replaces the previous three-payment structure (following full-year, half-year, and Q3 results), and is expected to enhance predictability and cash flow visibility for shareholders. The book closure date for the final dividend is 10 April 2026, with payment scheduled for 30 April 2026.
ESG: Emissions Down, Women Up
MTN Uganda’s environmental commitments continued to advance in 2025. Total greenhouse gas emissions were cut by 43% from the company’s 2021 baseline — a major milestone toward its Net Zero 2040 target. The company partnered with Kiira Motors, Uganda’s local electric vehicle manufacturer, on a 13,000km African expedition as a visible demonstration of its sustainability commitments.
On the social side, the MTN Foundation invested over Ush 5.1 billion across education, health, and ICT projects, reaching more than 22,400 direct beneficiaries. The company was named Employer of the Year 2025, with women now comprising 52.4% of its workforce and 33.3% of senior leadership roles. MTN Uganda was also recognised as the most admired brand in Uganda at the Brand Africa 100 awards.
Governance Developments
Two independent directors — Ms. Rachel Ddumba and Mr. Simon Rutega — joined the board of MTN Mobile Money (U) Limited (MoMo), strengthening fintech-specific expertise at the governance level. Separately, Mr. Richard Yego, who had led MoMo for four years, stepped down as Managing Director effective 28 February 2026, with Ms. Sarah Bateta Okwi, the Chief Finance Officer, serving as Acting Managing Director from 1 March 2026.
The separation of the fintech business into a standalone entity remains in progress, with the proposed transaction currently under regulatory review. Completion is subject to approvals, no-objections, and compliance requirements for both MTN Uganda and MTN MoMo.
Outlook: Staying the Course
Management maintained its medium-term guidance of “upper-teens” service revenue growth, with EBITDA margins expected to remain above 50%. On capital expenditure, the company flagged a step-up in intensity from the previous “low-teens” guidance to “mid-teens” — reflecting the demands of NTO licence obligations and continued market investment. This is expected to be executed with disciplined capital allocation to protect long-term return profiles.
For fintech, the focus will remain on scaling the ecosystem across payments, lending, savings, and remittances, while staying vigilant on data privacy and cybersecurity. A value-based commission model for agents, introduced in Q4 2025, is expected to incentivise higher-value transactions and promote uptake of advanced services.
MTN Uganda’s voice segment will also benefit from a new MTR framework — concluded by the Uganda Communications Commission with effect from January 2026 — which sets a clear rate trajectory for the next five years and should improve affordability and bundle usage.
