MTN Uganda Income Statement

Financials in millions UGX. Fiscal year is January - December.

Millions UGX. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	3,604,051	3,172,721	2,669,146	2,286,252	2,060,087
Other Revenue	3,117	878.54	1,110	30,799	-
Revenue	3,607,168	3,173,599	2,670,256	2,317,051	2,060,087
Revenue Growth (YoY)	13.66%	18.85%	15.24%	12.47%	9.71%
Cost of Revenue	802,061	715,217	626,262	526,304	463,985
Gross Profit	2,805,106	2,458,382	2,043,994	1,790,748	1,596,102
Selling, General & Admin	633,792	570,048	485,580	430,060	375,300
Amortization of Goodwill & Intangibles	87,194	87,427	91,633	76,610	117,700
Other Operating Expenses	211,960	217,353	180,174	173,498	153,995
Operating Expenses	1,418,049	1,297,815	1,114,675	1,017,961	959,826
Operating Income	1,387,057	1,160,567	929,318	772,787	636,276
Interest Expense	-316,576	-290,360	-275,468	-191,512	-147,507
Interest & Investment Income	68,717	54,175	54,548	28,046	5,314
Currency Exchange Gain (Loss)	-4,494	-2,613	-1,776	-17,782	-3,141
Other Non Operating Income (Expenses)	-	-	-	-0	-
EBT Excluding Unusual Items	1,134,705	921,769	706,622	591,538	490,943
Asset Writedown	-	-1,093	-294.98	-509.39	-
Pretax Income	1,134,705	920,676	706,327	591,029	490,943
Income Tax Expense	455,942	279,128	213,251	184,979	150,533
Earnings From Continuing Operations	678,763	641,548	493,077	406,050	340,410
Net Income	678,763	641,548	493,077	406,050	340,410
Net Income to Common	678,763	641,548	493,077	406,050	340,410
Net Income Growth	5.80%	30.11%	21.43%	19.28%	5.82%
Shares Outstanding (Basic)	22,401	22,389	22,389	22,389	22,389
Shares Outstanding (Diluted)	22,401	22,389	22,389	22,389	22,389
Shares Change (YoY)	0.06%	-	-	-	-
EPS (Basic)	30.30	28.65	22.02	18.14	15.20
EPS (Diluted)	30.30	28.65	22.02	18.14	15.20
EPS Growth	5.74%	30.11%	21.43%	19.28%	5.82%
Free Cash Flow	948,916	760,332	641,946	591,791	680,993
Free Cash Flow Per Share	42.36	33.96	28.67	26.43	30.42
Dividend Per Share	28.750	22.600	18.000	15.900	4.706
Dividend Growth	27.21%	25.56%	13.21%	237.87%	-99.99%
Gross Margin	77.77%	77.46%	76.55%	77.29%	77.48%
Operating Margin	38.45%	36.57%	34.80%	33.35%	30.89%
Profit Margin	18.82%	20.21%	18.47%	17.52%	16.52%
Free Cash Flow Margin	26.31%	23.96%	24.04%	25.54%	33.06%
EBITDA	1,937,408	1,397,089	1,143,608	998,715	908,919
EBITDA Margin	53.71%	44.02%	42.83%	43.10%	44.12%
D&A For EBITDA	550,351	236,523	214,290	225,928	272,642
EBIT	1,387,057	1,160,567	929,318	772,787	636,276
EBIT Margin	38.45%	36.57%	34.80%	33.35%	30.89%
Effective Tax Rate	40.18%	30.32%	30.19%	31.30%	30.66%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.