MTN Uganda's profit after tax rose 5.8% to USh 679 billion for the full year ended 31 December 2025, the weakest bottom-line growth in four years, after a USh 110.9 billion one-off tax settlement clouded what was otherwise the telco's strongest operating performance since listing.
- •Stripping out the settlement, adjusted net profit grew 23.1% to USh 790 billion on service revenue of USh 3.6 trillion, up 13.4%.
- •The tax charge, related to a transfer pricing audit covering 2012 to 2024, pushed income tax expense up 63.3% to USh 456 billion and compressed the reported PAT margin to 18.8% from 20.2%. Excluding the settlement, the adjusted margin expanded to 21.9%.
- •Data was the standout segment with its revenue jumping 28.8% to USh 1.0 trillion as active data subscribers rose 18.6% to 12.0 million and traffic surged 51.2%, with 80% carried on 4G.
Smartphone penetration reached 42.8%. Data's share of service revenue climbed 3.5 percentage points to 29.3%, narrowing the gap with voice, which grew just 1.0% to USh 1.3 trillion under pressure from regulatory cuts to mobile termination rates. Voice contribution fell to 35.7% from 40.1%.
Fintech revenue grew 17.3% to USh 1.1 trillion, with mobile money up 17.6%. Advanced services (lending, savings, merchant payments) now account for 30.6% of fintech revenue, up from 28.7%. Transaction volumes rose 16.8% to 5.0 billion and values climbed 23.3% to USh 195.5 trillion.
EBITDA expanded 17.0% to USh 1.9 trillion, the fifth consecutive year of margin expansion, reaching 53.8% from 51.3% in 2021. The expense efficiency programme delivered USh 64.1 billion in savings.
| Metric | FY 2025 | FY 2024 | YoY Change |
|---|---|---|---|
| Total Revenue | USh 3.6 Tn | KSh 104.6 Bn | USh 3.2 Tn | KSh 92.1 Bn | ▲ +13.6% |
| Service Revenue | USh 3.6 Tn | KSh 103.5 Bn | USh 3.1 Tn | KSh 91.2 Bn | ▲ +13.4% |
| Data Revenue | USh 1.0 Tn | KSh 30.4 Bn | USh 0.8 Tn | KSh 23.6 Bn | ▲ +28.8% |
| Voice Revenue | USh 1.3 Tn | KSh 36.9 Bn | USh 1.3 Tn | KSh 36.6 Bn | ▲ +1.0% |
| Fintech Revenue | USh 1.1 Tn | KSh 32.3 Bn | USh 0.9 Tn | KSh 27.5 Bn | ▲ +17.3% |
| EBITDA | USh 1.9 Tn | KSh 56.2 Bn | USh 1.7 Tn | KSh 48.0 Bn | ▲ +17.0% |
| EBITDA Margin | 53.8% | 52.2% | ▲ +1.6 pp |
| Operating Profit (EBIT) | USh 1.4 Tn | KSh 40.2 Bn | USh 1.2 Tn | KSh 33.6 Bn | ▲ +19.6% |
| Profit Before Tax | USh 1.1 Tn | KSh 32.9 Bn | USh 0.9 Tn | KSh 26.7 Bn | ▲ +23.3% |
| Profit After Tax | USh 0.7 Tn | KSh 19.7 Bn | USh 0.6 Tn | KSh 18.6 Bn | ▲ +5.8% |
| Adjusted PAT | USh 0.8 Tn | KSh 22.9 Bn | USh 0.6 Tn | KSh 18.6 Bn | ▲ +23.1% |
| Total Assets | USh 5.4 Tn | KSh 155.5 Bn | USh 4.7 Tn | KSh 135.6 Bn | ▲ +14.7% |
| Total Equity | USh 1.2 Tn | KSh 35.6 Bn | USh 1.2 Tn | KSh 34.7 Bn | ▲ +2.5% |
| Total Borrowings | USh 0.2 Tn | KSh 7.1 Bn | USh 0.02 Tn | KSh 0.6 Bn | ▲ +996.8% |
| Total Subscribers | 24.2 Mn | 22.0 Mn | ▲ +10.0% |
| Active Data Subscribers | 12.0 Mn | 10.1 Mn | ▲ +18.6% |
| Fintech Subscribers | 14.7 Mn | 13.8 Mn | ▲ +6.5% |
| Total Dividend Per Share | USh 28.75 | KSh 0.83 | USh 22.60 | KSh 0.66 | ▲ +27.2% |
- •The balance sheet tells a more complex story with the total borrowings surging to USh 246 billion from USh 22 billion after the company drew USh 222 billion in new debt with zero repayments, reversing a three-year deleveraging cycle that had brought borrowings down from USh 364 billion in 2021.
- •Trade payables jumped 37.3% to USh 742 billion, the largest single-year increase in at least five years. Net debt rose 9.5% to USh 1.36 trillion, though leverage held steady at 0.7x EBITDA.
- •Capital expenditure excluding leases rose 31.4% to USh 549 billion, taking capex intensity to 15.2% from 13.2%, as MTN expanded its fibre network 52.1% to 27,037 km and added 126 5G sites.
Revenue has nearly doubled in five years at a 14% compound annual growth rate, with PAT compounding at 19% over the same period. The structural separation of the MoMo fintech unit is still under regulatory review.
The board declared a total dividend of USh 28.75 per share (USh 643.7 billion), up 27.2%, and announced a shift to quarterly payments. Book closure is 10 April 2026.
