The company maintained its medium-term guidance for service revenue growth in the mid-teens range and expects EBITDA margins to remain stable between 40% and 42%, while lowering its capex intensity target to between 7% and 10%.
MTN Rwandacell PLC has announced its audited financial results for the year ended 31 December 2025, reporting strong operational growth and a return to profitability. The company recorded growth across key business segments, with total subscribers rising by 7.4% year-on-year to 8.2 million. Active data subscribers increased by 14.1% to 2.8 million, while MoMo monthly active users grew by 17.3% to 6.2 million, reflecting continued adoption of digital financial services. Service revenue increased by 14.7% to Rwf 295.7 billion, while EBITDA rose by 17.3% to Rwf 106.8 billion. EBITDA margin improved by 1.0 percentage point to 35.8%, and profit after tax recovered to Rwf 10.8 billion compared with a loss of Rwf 5.4 billion in 2024. Capital expenditure excluding leases declined by 8.0% to Rwf 34.0 billion, while total capex dropped by 27.0% to Rwf 47.3 billion.
“2025 was a pivotal year for MTN Rwanda during which we expanded our market share and accelerated commercial momentum, with a strong service revenue growth and a return to profitability. We sustained our disciplined approach to expense efficiencies, which supported our underlying EBITDA margin improvement, return to profit and cash generation. Fintech, enterprise and data remained a key driver of our growth strategy and delivered another pleasing performance, as we continued to deepen financial inclusion in Rwanda. The reintroduction of mobile termination rates (MTRs) in August 2025, following constructive engagement with the regulator, supported our FY 2025 performance and we believe will help to build a more sustainable industry structure over the long-term.”
– Monzer Ali, Chief Executive Officer, MTN Rwandacell PLC
The company said Rwanda’s economic environment remained supportive during the year. According to the National Bank of Rwanda, real GDP growth for 2025 is estimated at about 7%, driven largely by the services and industry sectors. Inflation averaged around 7%, within the central bank’s target range of 2–8%, while the Rwandan franc depreciated by an average of 8.4% against the US dollar, lower than the 13.6% depreciation recorded in 2024.
Operationally, the telecom operator delivered solid commercial performance in 2025, adding about 563,000 subscribers and expanding its total base to 8.2 million. Active data subscribers grew to 2.8 million, supported by network improvements and migration from 3G to 4G. Mobile money services also continued to expand, with active users rising to 6.2 million. Service revenue growth of 14.7% was supported by strong voice and data performance alongside sustained fintech momentum. EBITDA increased to Rwf 106.8 billion, while profit after tax rebounded sharply to Rwf 10.8 billion, restoring full-year profitability.
Network investments remained a priority, with the phased rollout of 5G services and the addition of 355 new 4G sites during the year. These upgrades increased 4G population coverage by 8 percentage points to 94.8%, improving network capacity and customer experience nationwide.
MTN Rwanda also continued its social investment programmes during the year. Through initiatives such as Level Up Your Biz, the company supported 40 agents with business training and working capital. The Connect Women in Business programme equipped 500 women with financial, legal and digital skills. Under the Y’ello Care 2025 initiative, employees reached more than 1,500 beneficiaries with digital skills training, mobile money e-commerce support and donations of digital equipment, including devices and solar panels for community health workers in low-power areas.
Despite the return to profitability, the company said its board had recommended that no dividend be declared for the year. The decision was taken to strengthen the company’s balance sheet, improve leverage and retain cash for strategic growth investments, including network modernisation, expansion of 4G coverage and the rollout of 5G infrastructure across Rwanda.
Looking ahead, the company expects Rwanda’s economic outlook to remain supportive in 2026, with GDP growth projected at around 7.2%. MTN Rwanda said it will continue focusing on service revenue growth, expanding fintech services, improving customer value and strengthening its network infrastructure. The company maintained its medium-term guidance for service revenue growth in the mid-teens range and expects EBITDA margins to remain stable between 40% and 42%, while lowering its capex intensity target to between 7% and 10%.
“As we transition into our next strategic phase, we are confident that our strengthened execution and continued investment in connectivity, financial inclusion and digital transformation will enable MTN Rwanda to lead in delivering digital solutions for Rwanda’s progress.”
– Monzer Ali, Chief Executive Officer, MTN Rwandacell PLC
source : www.techafricanews.com
