MTN Uganda Revenue Up 13.6%, Accredited to Strong Demand for Data and Fintech Services

MTN Uganda reported strong financial results for 2025, with revenue rising 13.6% to about $972 million as growing demand for mobile data and fintech services continued to drive growth in the country’s digital economy.

The telecom operator said service revenue increased 13.4% year-on-year to around $964 million in the year ended December 31, 2025, supported by higher data usage and expanding mobile money services.

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 17% to about $513 million, while the EBITDA margin improved to 53.8%, reflecting operational efficiency and increased adoption of digital services.

Profit after tax rose modestly by 5.8% to roughly $183 million. However, excluding a one-off tax settlement of about $30 million linked to a transfer pricing audit covering 2012 to 2024, adjusted profit grew significantly faster, increasing 23.1% to approximately $213 million.

Chief Executive Officer Sylvia Mulinge said the performance reflected sustained investment in network infrastructure and innovation as the company 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,” Mulinge said.

Data services drive digital growth

Data services remained a key engine of revenue growth during the year.

Data revenue increased 28.8% to about $270 million as smartphone adoption and internet usage continued to expand across Uganda.

Active data users rose 18.6% to 12 million, while total data traffic surged 51.2% as customers consumed more digital services such as video streaming, online education and e-commerce.

Smartphone penetration on MTN Uganda’s network also increased to 42.8%, supported in part by device financing programmes aimed at making smartphones more affordable.

Fintech expansion accelerates

Financial technology services also played a major role in driving the company’s performance.

Fintech revenue grew 17.3% to around $297 million as mobile money usage expanded across the country.

The company reported 14.7 million fintech subscribers, up 6.5% from the previous year. Transaction volumes increased 16.8% to five billion transactions, while the total value of transactions rose 23.3% to approximately $52.8 billion.

Advanced digital financial services, including payments, lending and savings, accounted for 30.6% of fintech revenue, highlighting growing adoption of mobile-based financial services in Uganda.

Continued investment in network infrastructure

MTN Uganda continued to expand its network infrastructure to support the rising demand for connectivity.

Capital expenditure reached about $148 million as the company upgraded network capacity and expanded coverage.

By the end of 2025, 4G population coverage had reached 88.6%, while 3G coverage rose to 96.2%. The company also continued rolling out 5G services, adding 126 new sites and extending 5G coverage to about 19% of the population.

Uganda’s macroeconomic conditions also supported business growth. Inflation averaged 3.6% in 2025, remaining relatively stable, while the Ugandan shilling appreciated 1.7% against the US dollar, supported by stronger export earnings and foreign investment inflows.

The country also recorded its first balance-of-payments surplus in 15 years.

Social and environmental initiatives

Beyond its financial performance, MTN Uganda highlighted progress on 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 in projects focused on education, healthcare and digital inclusion.

MTN Uganda also contributed about $432 million in direct and indirect taxes during 2025, underscoring its role in supporting the country’s economic development.

Looking ahead, the telecom operator expects continued growth as Uganda’s economy expands. The Bank of Uganda projects economic growth of between 6.5% and 7% in the 2025/26 financial year.

The company’s board approved a final dividend of $0.0022 per share, bringing the total dividend for the year to $0.0078 per share, with payments scheduled for April 30, 2026.

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