MTN Rwanda cell Plc (MTN Rwanda) announced its audited financial results for the full year ended 31 December 2025
The Group's profit for the year ended on 31 December 2025 was Rwf 10.777 billion (2024 (restated): Loss of Rwf 5.372 billion).
MTN Rwanda enters 2026 with a strong recovery and growth momentum, driven by a return to profitability (Rwf 10.8bn from a loss in 2024), double-digit service revenue growth (~15%), and expanding fintech (MoMo +30% revenue, +17% users), which will likely remain the main earnings driver going forward; however, several key factors will shape future performance, including continued heavy investment in network expansion (4G/5G rollout) and digital platforms that support long-term growth but may pressure short-term cash flows, high finance costs and significant lease liabilities that remain material and could affect profitability if interest rates rise, and no dividend policy in 2025, signaling a strategic focus on balance sheet strengthening and reinvestment rather than immediate shareholder returns; on the macro side, Rwanda’s stable GDP growth (~7%) supports demand, but inflation pressures (~7%) and currency depreciation (8.4%) pose risks to costs and margins, while regulatory developments such as the reintroduction of mobile termination rates (MTRs) improve industry structure and revenue stability; overall, MTN Rwanda’s outlook is positive with expected mid-teens revenue growth and improving margins, but performance will depend on managing leverage, cost efficiency, and sustaining fintech and data-driven growth in an increasingly competitive and capital-intensive-telecom-market.
Financial Performance Salient points:
- Net profit margin improved from -2.1% in FY 2024 to 3.6% in FY 2025.
- Return on average equity improved from -8.9% in FY 2024 to 20.5% in FY 2025.
- Return on average assets improved from -0.9% in FY 2024 to 1.6% in FY 2025.
- Operating profit margin increased from 14.5% in FY 2024 to 18.9% in FY 2025.
- EBITDA increased to about Rwf 106.8 billion in FY 2025 from about Rwf 91.1 billion in FY 2024, up 17.3%.
- EBITDA margin improved from 35.1% in FY 2024 to 36.0% in FY 2025.
- These changes show that revenue growth, especially in fintech, was strong enough to absorb higher operating costs and improve earnings quality.
Dividends:
In view of the recovery from the prior year loss and the need to strengthen the Group’s financial position, the Board did not declare a dividend for 2025 (2024: Rwf 5.725 billion from 2023 profit).
Source: https://www.mtn.co.rw/financial-results/