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MTN Uganda Reports +13.1% Revenue Growth in HY1 2025

MTN Uganda Reports +13.1% Revenue Growth in HY1 2025
Frontier Africa Reports By Frontier Africa Reports • August 11, 2025 at 1:09 PM GMT+1

Abbreviations

  • EBITDA – Earnings before interest, tax, depreciation, and amortization

  • Capex – Capital expenditure

  • PAT – Profit after tax

  • pp – Percentage points

Key Performance Highlights

  • Overall subscribers: ↑ 14.6% to 22.8 million

  • Active data subscribers: ↑ 19.4% to 10.2 million

  • Fintech subscribers: ↑ 9.8% to 13.6 million

  • Earnings per share (EPS): ↑ 20.6% to Ush 8.1/share

  • Return on Equity (ROE): ↑ 1.0 pp to 52.5%

  • Capex: Ush 211.4B (Ush 118.6B ex-leases, intensity 14.0%)

  • Leverage ratio: ↓ to 0.6x (Q1 2024: 0.7x)

  • Net debt: ↓ 2.4% to Ush 1.12T (Q1 2024: Ush 1.24T)

  • Service revenue: ↑ 13.5% to Ush 841.4B

  • Data revenue: ↑ 32.5% to Ush 235.6B

  • Voice revenue: ↑ 1.5% to Ush 320.1B

  • Fintech revenue: ↑ 18.4% to Ush 255.6B

  • EBITDA: ↑ 13.7% to Ush 444.0B

  • EBITDA margin: ↑ 0.4 pp to 52.4%

  • MoMo transactions volume: ↑ 19.9% to 1.2B

  • MoMo transactions value: ↑ 23.9% to Ush 42.0T

  • Advanced service revenue share: ↑ 3.3 pp to 34.1%

CEO’s Message – Sylvia Mulinge

MTN Uganda had a resilient start despite regulatory changes, particularly the MTR (mobile termination rate) reduction from Ush 45 to Ush 26, which impacted voice revenues. Macroeconomic conditions were favourable:

  • Shilling appreciated by 5.7% against USD

  • Inflation stable at 3.6% (Q1 2024: 3.2%)

Strategic execution supported data and fintech growth, margin resilience, and value preservation.

Financial Summary (Ush Millions)

Metric Q1 2025 Q1 2024 YoY Change
Total Revenue 847,951 750,493 13.0%
Non-service Revenue 6,570 9,123 -28.0%
Service Revenue 841,382 741,370 13.5%
– Data 235,595 177,858 32.5%
– Voice 320,122 315,418 1.5%
– Fintech 255,627 215,964 18.4%
– Mobile Money 249,527 209,674 19.0%
– Xtra Time 6,100 6,290 -3.0%
Other Revenue 30,038 32,130 -6.5%
Expenses (404,000) (360,084) 12.2%
EBITDA 443,951 390,408 13.7%
EBITDA Margin 52.4% 52.0% +0.4 pp
EBIT 316,946 272,591 16.3%
EBIT Margin 37.4% 36.3% +1.1 pp
PAT 180,887 150,026 20.6%
PAT Margin 21.3% 20.0% +1.3 pp

Operational Insights

  • Network investments: Ush 118.6B ex-leases; focused on 5G expansion (+16.3% coverage), 4G expansion to 88.0%, and network sharing with Airtel Uganda.

  • Smartphone penetration: +9.8% via Pay Mpola Mpola and subsidies.

  • Fintech growth:

    • Transactions volume: +19.9% to 1.2B

    • Transactions value: +23.9% to Ush 42.0T

    • Active agents: 212,044; Merchants: 100,985

    • Virtual Card by MoMo launched with Mastercard, DTB, and Network International.

  • CSR: Ush 1B Digital Access Project – 11 computer labs (5 inclusive for visually/hearing-impaired learners).

  • Youth empowerment: 250 women graduated from Girls in Tech, 33 from Girls with Tools.

Segment Performance

  • Data:

    • Revenue ↑ 32.5%

    • Active users ↑ 19.4% to 10.2M

    • Traffic ↑ 33.7%

    • Share of service revenue ↑ 4 pp to 28%

  • Voice:

    • Revenue ↑ 1.5% (outgoing +11.9%)

    • Share ↓ 4.5 pp to 38%

  • Fintech:

    • Revenue ↑ 18.4%

    • Advanced revenue share ↑ 3.2 pp to 34.1%

    • Share of service revenue ↑ 1.3 pp to 30.4%

  • Digital:

    • Revenue ↑ 23.5%

    • Share steady at 0.4%

Balance Sheet (Ush ‘000)

Assets: 4,911,315,796
Equity: 1,377,678,738
Liabilities: 3,533,637,068

Cash Flow (Ush ‘000)

  • Operating activities: +264,928,570

  • Investing activities: -45,843,400

  • Financing activities: +47,517,240

  • Closing cash: 418,437,325

Outlook

  • Maintain upper-teen service revenue growth

  • EBITDA margin >50%

  • Capex intensity (ex-leases) in low-teens

  • Focus on defending voice revenues, expanding data, and leading in fintech innovation.

Contacts
? Amanda Bbosa Rabwoni – Investor Relations: +256 772 123 195 | ✉ investorrelationsug@mtn.com
? Rhona Arinaitwe – Public Relations: +256 772 123 067 | ✉ mediaqueriesug@mtn.com