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MTN Uganda

MTNU · Uganda Securities Exchange · Incorporated in Uganda · Consolidated statements

On this page
Company details
Legal name
MTN Uganda Limited
Incorporated in
Uganda
Listing
MTNU on the Uganda Securities Exchange, active · ISIN UG0000001566 (observed 2026-10-05)
Sector
Telecommunications (our classification from the stated principal activity)
Activity
Mobile, data, enterprise and mobile financial services.
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Source conflict. 2 figures in the annual report's statement pages disagree with the signed audited statements. The signed figures are shown (‡); each is explained beside its row.
Full wording and sources

  • Disputed figures: signed statements preferred

    Where the annual report's statement pages disagree with its own notes, the figure from the signed audited financial statements is shown and the annual report's figure is kept in a note on that row.

  • Revenue

    UGX 3.60 trillion

    3,604,050,553 UGX thousands · p116

    +13.6% vs 2024

  • Operating profit / (loss)

    UGX 1.39 trillion

    1,387,057,078 UGX thousands · p116

    +19.6% vs 2024

  • Profit / (loss) for the year

    UGX 679 billion

    678,762,936 UGX thousands · p116

    +5.8% vs 2024

  • Total assets

    UGX 5.36 trillion

    5,358,185,020 UGX thousands · p117

    +14.7% vs 2024

  • Total equity

    UGX 1.23 trillion

    1,226,272,413 UGX thousands · p117

    +2.5% vs 2024

  • Cash from operations

    UGX 712 billion

    712,087,624 UGX thousands · p119

    +5.0% vs 2024

Large amounts are rounded for reading (UGX million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in UGX thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, UGX thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Revenue from contracts with customers 3,604,050,553 3,172,720,658 2,669,145,697
Other income 3,117,384 878,535 1,110,147
Direct network operating costs1 (388,467,788) (350,995,959) (338,159,012)
Government and regulatory costs2 (80,093,808) (78,012,180) ‡3 (65,780,091)
‡ Note 3. Disputed figure. Annual report (2026-03-13, p116) prints (78,012,108); the signed audited financial statements (p12) print (78,012,180), with which their own subtotal adds up. Shown: the signed statements. Both figures are kept as published.
Cost of handsets and other accessories sold4 (31,516,347) (30,912,767) (41,562,051)
Interconnect and roaming5 (125,358,765) (130,841,967) (69,200,852)
Employee benefits expenses (176,624,768) (151,509,083) (135,309,708)
Selling, distribution and marketing expenses6 (633,791,560) (542,993,437) (461,829,997)
Impairment loss on trade receivables7 (21,946,577) (15,650,684) (7,038,379)
Other operating expenses (211,960,247) (217,352,753) (180,174,309)
Depreciation of property, equipment, and right-of-use assets8 (463,156,822) (408,429,839) (350,545,448)
Amortisation of intangible assets (87,194,177) (87,426,836) (91,632,699)
Operating profit 1,387,057,078 1,159,473,688 929,023,298
Net foreign exchange losses (4,494,041) (2,612,630) (1,776,253)
Finance income 68,717,280 54,174,568 54,548,122
Finance costs (316,575,721) (290,359,669)910 (275,467,751)
Profit before tax 1,134,704,596 920,675,958 706,327,416
Income tax expense (455,941,660) (279,127,690) (213,250,640)
Profit for the year 678,762,936 641,548,268 493,076,776
Other comprehensive income for the year net of tax –11 –11 –11
Total comprehensive income for the year 678,762,936 641,548,268 493,076,776
  1. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (9)
  1. “Direct network operating costs” is an issuer-specific line, not mapped to a shared definition: Leased lines, tower company costs and network and IT maintenance (note 7). Operator-specific cost line.
  2. “Government and regulatory costs” is an issuer-specific line, not mapped to a shared definition: Spectrum fees, regulatory fees and levies (note 8).
  3. “Cost of handsets and other accessories sold” is an issuer-specific line, not mapped to a shared definition: Cost of devices and accessories sold; MTN does not present cost of sales or gross profit.
  4. “Interconnect and roaming” is an issuer-specific line, not mapped to a shared definition: Interconnect and roaming charges paid to other operators.
  5. “Selling, distribution and marketing expenses” is an issuer-specific line, not mapped to a shared definition: MTN Uganda's income-statement line 'Selling, distribution and marketing expenses', kept as printed. The filings do not state that it matches the shared 'Distribution costs' concept, so it is not compared with other companies.
  6. Printed under different labels across filings: “Impairment loss on trade receivables”; “Increase in impairment of trade receivables”.
  7. Printed under different labels across filings: “Depreciation of property, equipment, and RoU assets”; “Depreciation of property, equipment, and right-of-use assets”.
  8. Annual report dated 2025-03-06 prints (290,359,668) (thousands, p68) for this line and year.
  9. Audited financial statements dated 2026-03-13 prints (290,359,668) (thousands, p12) for this line and year.

Balance sheet

Balance sheet, UGX thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Property, plant and equipment1 1,530,436,217 1,258,957,532 1,086,547,617
Right-of-use assets 1,248,357,937 1,163,439,969 1,091,713,853
Intangible assets 352,701,250 379,704,704 429,636,764
Deferred tax assets 13,888,969 18,344,280 21,609,312
Contract assets 39,005,518 33,075,640 23,424,082
Receivables and prepayments23 51,471,539 56,982,790 66,552,945
Non-current assets 3,235,861,430 2,910,504,915 2,719,484,573
Inventories 5,942,527 8,133,172 12,745,207
Income tax recoverable –4 3,429,277 1,976,045
Contract assets 51,113,663 35,183,204 21,716,960
Trade and other receivables 217,747,225 209,609,361 187,243,059
Trust account balances5 1,459,494,778 1,351,739,290 1,488,546,693
Cash and cash equivalents 388,025,397 152,005,049 238,562,937
Current assets 2,122,323,590 1,760,099,353 1,963,055,901
Total assets 5,358,185,020 4,670,604,268 4,682,540,474
Ordinary share capital 22,389,044 22,389,044 22,389,044
Retained earnings 1,203,883,369 1,174,402,716 991,829,855
Equity 1,226,272,413 1,196,791,760 1,014,218,899
Borrowings 164,878,258 –6 17,651,546
Lease liabilities 1,198,769,017 1,173,939,939 1,107,020,973
Other financial liability7 36,508,334 ‡8 69,591,652 97,446,644
‡ Note 8. Disputed figure. Annual report (2026-03-13, p117) prints 39,508,334; the signed audited financial statements (p13) print 36,508,334, with which their own subtotal adds up. Shown: the signed statements. Both figures are kept as published.
Deferred revenue -IRU assets910 11,858,528 13,497,438 12,395,428
Employee share-based payment liability11 19,698,314 9,418,494 10,135,073
Non-current liabilities 1,431,712,451 1,266,447,523 1,244,649,664
Bank overdraft –12 45,091 –12
Trade and other payables 742,096,483 540,482,659 510,052,772
Other financial liability7 38,655,360 29,281,425 24,192,394
Contract liabilities 34,575,631 29,970,898 31,960,239
Income tax payable 6,690,272 3,533,677 2,534,440
Borrowings 80,655,526 22,388,973 184,736,253
Lease liabilities 299,286,410 193,208,362 149,728,208
Trust account balances13 1,459,494,778 1,351,739,290 1,488,546,693
Employee share-based payment liability11 7,950,429 6,941,739 4,629,720
Provisions 30,795,267 29,772,871 27,291,192
Current liabilities 2,700,200,156 2,207,364,985 2,423,671,911
Total liabilities 4,131,912,607 3,473,812,508 3,668,321,575
Total equity and liabilities 5,358,185,020 4,670,604,268 4,682,540,474
Current investment Not reported in this filing14 Not reported in this filing1415 12,265,000
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (11)
  1. Printed under different labels across filings: “Property and equipment”; “Property, plant and equipment”.
  2. “Receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Non-current prepayments and advances to business partners (note 20); FY2024 label 'Prepayments and advances to business partners'.
  3. Printed under different labels across filings: “Prepayments and advances to business partners”; “Receivables and prepayments”.
  4. “Trust account balances” is an issuer-specific line, not mapped to a shared definition: Mobile-money balances held with banks on behalf of customers (note 23); an equal liability is presented.
  5. “Other financial liability” is an issuer-specific line, not mapped to a shared definition: Other financial liability presented under note 19(b).
  6. “Deferred revenue -IRU assets” is an issuer-specific line, not mapped to a shared definition: Deferred revenue on indefeasible right-of-use (IRU) assets (note 20(c)).
  7. Printed under different labels across filings: “Deferred revenue -IRU assets”; “Deferred revenue – indefeasible right-of-use assets”.
  8. “Employee share-based payment liability” is an issuer-specific line, not mapped to a shared definition: Cash-settled share-based payment liability (note 26).
  9. “Trust account balances” is an issuer-specific line, not mapped to a shared definition: Mobile-money balances owed to customers (note 23), equal to the trust account asset.
  10. Not reported in this filing: The FY2025 statement of financial position (p117) prints no current investment line for either year.
  11. Annual report dated 2025-03-06 presents this line for this year: - (p68). Not shown in this column, which follows one filing's presentation.

Cash flow

Cash flow, UGX thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
At start of year 151,959,958 238,562,937 200,772,719
Effect of exchange losses on cash and cash equivalents12 2,447,010 8,566,833 (1,445,528)
At end of year 388,025,397 151,959,958 238,562,937
Cash generated from operations 2,050,397,976 1,650,981,421 1,401,051,062
Interest received 54,925,192 51,051,476 53,283,122
Interest paid on Mobile Money deposits34 (37,123,691) (39,637,464) (42,366,940)
Interest paid on borrowings (23,358,946) (25,934,466) (32,229,116)
Interest paid on lease liabilities (231,590,005) (214,171,764) (185,140,944)
Interest on financial liability5 (6,980,142) (8,771,303) (10,042,824)
Dividends paid (649,282,283) (458,975,407) (382,855,430)
Income tax paid (444,900,477) (276,316,653) (223,580,166)
Net cash generated from operating activities 712,087,624 678,225,840 578,118,764
Purchase of property, plant and equipment6 (412,454,156) (376,869,535) (319,028,000)
Proceeds from disposal of property, plant and equipment7 1,168,839 1,185,573 1,143,792
Purchase of intangible assets (62,288,790) (37,468,069) (33,365,283)
Net cash used in investing activities (473,574,107) (413,152,031) (351,249,491)
Repayments of borrowings –8 (253,658,856) (108,419,269)
Proceeds from borrowings 222,000,000 80,000,000 60,000,000
Payment of principal portion of lease liability (203,185,705) (164,187,425) (129,004,180)
Payment for financial liability9 (23,709,383) (22,397,340) (10,210,078)
Net cash used in financing activities (4,895,088) (360,243,621) (187,633,527)
Net increase / (decrease) in cash and cash equivalents10 233,618,429 (95,169,812) 39,235,746
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (9)
  1. “Effect of exchange losses on cash and cash equivalents”: mapping to a shared definition is uncertain. FY2025 label reads 'Effect of exchange losses', but the printed amounts are added to reach closing cash (both positive); the FY2024 report labels the same line 'Exchange gains / (losses)'. Stored as printed.
  2. Printed under different labels across filings: “Effect of exchange losses on cash and cash equivalents”; “Exchange gains / (losses) on cash and cash equivalents”.
  3. “Interest paid on Mobile Money deposits” is an issuer-specific line, not mapped to a shared definition: Interest paid on mobile-money deposits; FY2024 label 'Interest paid on trust account balances'.
  4. Printed under different labels across filings: “Interest paid on Mobile Money deposits”; “Interest paid on trust account balances”.
  5. “Interest on financial liability” is an issuer-specific line, not mapped to a shared definition: Interest paid on the other financial liability (note 19(b)).
  6. Printed under different labels across filings: “Purchase of property and equipment”; “Purchase of property, plant and equipment”.
  7. Printed under different labels across filings: “Proceeds from disposal of property and equipment”; “Proceeds from disposal of property, plant and equipment”.
  8. “Payment for financial liability” is an issuer-specific line, not mapped to a shared definition: Principal paid on the other financial liability (note 19(b)).
  9. Printed under different labels across filings: “Net (decrease) / increase in cash and cash equivalents”; “Net increase / (decrease) in cash and cash equivalents”.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)1 30.32 28.65 22.02
Profit / (loss) attributable to shareholders (UGX thousands)2 678,762,936 641,548,268 493,076,776
Weighted average shares (shares)3 22,389,044 thousand 22,389,044 thousand 22,389,044 thousand
Shares in issue at year end (shares)5 22,389,044 thousand 22,389,044 thousand4 22,389,044,239
Notes and alternative reported figures (5)
  1. Earnings / (loss) per share: printed as “Basic / diluted earnings per share”.
  2. Profit / (loss) attributable to shareholders: printed as “Profit from continuing operations attributable to shareholders (Shs '000)”.
  3. Weighted average shares: printed as “Weighted average number of shares at 31 December”.
  4. Annual report dated 2025-03-06 prints 22,389,044,239 (units, p87) for this line and year.
  5. Shares in issue at year end: printed as “Ordinary shares”.

Reported measures outside the statements

Issuer-reported EBITDA, as printed outside the primary statements; definition and scope are the issuer's. EBITDA as printed by the issuer in the segment note (p140); not a statement line.
Measure (as printed)FY2025FY2024FY2023
EBITDA1,937,408,080 p1401,655,330,363 p1401,371,201,445 p84

Segments

Segment tables as printed in “Annual Report 2025 (consolidated financial statements for the year ended 31 December 2025)”

Segments are the issuer's own; they are not mapped to shared definitions or compared across companies. UGX thousands.

Year ended 2025-12-31 · p139
Line (as printed)ConsumerEnterprise Business unitWholesale and carrier servicesTotal TelecommunicationsMobile financial servicesTotalTelecommunicationsEliminations
Dec 2025 Revenue 2,092,321,730 282,792,702 141,595,176 2,516,709,608 1,087,340,945 3,604,050,553 not printed not printed
Direct network operating expenses (372,813,347) (621,317) (1,171,201) (374,605,865) (13,861,923) (388,467,788) not printed not printed
Selling, distribution and marketing expenses (88,248,806) (7,420,551) (16,100) (95,685,457) (538,106,103) (633,791,560) not printed not printed
Dec 2025 EBITDA 1,097,644,480 244,388,681 130,809,634 1,472,842,795 464,565,285 1,937,408,080 not printed not printed
Telecommunications EBITDA not printed not printed not printed not printed 491,720,876 1,937,408,080 1,645,380,194 (199,692,990)
December 2025 Capex additions not printed not printed not printed not printed 26,593,600 549,403,423 522,809,823 not printed
Year ended 2024-12-31 · p139
Line (as printed)ConsumerEnterprise Business unitWholesale and carrier servicesTotal TelecommunicationsMobile financial servicesTotalTelecommunicationsEliminations
Dec 2024 Revenue 1,816,806,582 255,837,127 175,314,771 2,247,958,480 924,762,178 3,172,720,658 not printed not printed
Direct network operating expenses (339,586,102) (1,037,863) (1,279,396) (341,903,361) (9,092,598) (350,995,959) not printed not printed
Selling, distribution and marketing expenses (89,405,166) (7,273,843) (9,960) (96,688,969) (446,304,468) (542,993,437) not printed not printed
Dec 2024 EBITDA 873,856,767 218,918,968 171,280,948 1,264,056,683 391,273,680 1,655,330,363 not printed not printed
Telecommunications EBITDA not printed not printed not printed not printed 394,414,419 1,655,330,363 1,564,907,592 (303,991,648)
December 2024 Capex additions not printed not printed not printed not printed 16,320,689 418,000,116 401,679,427 not printed

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividend recommended, subject to shareholder approval The directors recommend the payment of a final dividend of Shs 8.25 per share amounting to Shs 184,710 million (2024: Shs 8.5 per share amounting Shs 190,307 million) for the year ended 31 December 2025. no amount Annual report, p143
31 Dec 2025 Final dividend for the prior year, declared and paid in this period, per share Final Dividends declared and paid for prior yearPer-share column headed "Shs '000"; read as shillings per share, as the note's narrative states amounts 'per share' in Shs. 8.5 UGX per share Annual report, p143
31 Dec 2025 Interim dividend per share for the period Interim dividend paidPer-share column headed "Shs '000"; read as shillings per share. 20.5 UGX per share Annual report, p143
31 Dec 2025 Dividends paid per share during the period (whatever period they relate to) Dividends paid during the yearPer-share column headed "Shs '000"; read as shillings per share. Sum of the two lines above. 29.0 UGX per share Annual report, p143
31 Dec 2025 Dividend proposed per share, as printed in a statement Approved after reporting date and not recognised as a liabilityThe final dividend for the year: 'The directors recommend the payment of a final dividend of Shs 8.25 per share'. Header "Shs '000" read as Shs. 8.25 UGX per share Annual report, p143
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (649,282,283) UGX thousands Annual report, p119
31 Dec 2024 Dividend recommended, subject to shareholder approval The directors recommend the payment of a final dividend of Shs 8.5 per share amounting to Shs 190,307 million (2023: Shs 6.4 per share amounting Shs 143,290 million) for the year ended 31 December 2024. no amount Annual report, p87
31 Dec 2024 Dividends paid per share during the period (whatever period they relate to) Dividends declared and paidPer-share column headed "Shs '000"; read as shillings per share. 20.5 UGX per share Annual report, p87
31 Dec 2024 Interim dividend per share for the period Interim dividendListed under 'Dividends for the year'. Per-share column headed "Shs '000"; read as shillings per share. 14.1 UGX per share Annual report, p87
31 Dec 2024 Dividend proposed per share, as printed in a statement Final dividendFinal dividend for the year: 'The directors recommend the payment of a final dividend of Shs 8.5 per share'. Header "Shs '000" read as Shs. 8.5 UGX per share Annual report, p87
31 Dec 2024 Dividends for the year, paid and proposed, per share Dividends for the year (paid and proposed)Interim plus final for the year. 22.6 UGX per share Annual report, p87
31 Dec 2024 Final dividend for the prior year, declared and paid in this period, per share Final Dividends declared and paid for prior yearPer-share column headed "Shs '000"; read as shillings per share, as the note's narrative states amounts 'per share' in Shs. 6.4 UGX per share Annual report, p143
31 Dec 2024 Interim dividend per share for the period Interim dividend paidPer-share column headed "Shs '000"; read as shillings per share. 14.1 UGX per share Annual report, p143
31 Dec 2024 Dividends paid per share during the period (whatever period they relate to) Dividends paid during the yearPer-share column headed "Shs '000"; read as shillings per share. Sum of the two lines above. 20.5 UGX per share Annual report, p143
31 Dec 2024 Dividend proposed per share, as printed in a statement Approved after reporting date and not recognised as a liabilityThe final dividend for the year: 'The directors recommend the payment of a final dividend of Shs 8.25 per share'. Header "Shs '000" read as Shs. 8.5 UGX per share Annual report, p143
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (458,975,407) UGX thousands Annual report, p119
31 Dec 2023 Dividends paid per share during the period (whatever period they relate to) Dividends declared and paidPer-share column headed "Shs '000"; read as shillings per share. 17.1 UGX per share Annual report, p87
31 Dec 2023 Interim dividend per share for the period Interim dividendListed under 'Dividends for the year'. Per-share column headed "Shs '000"; read as shillings per share. 11.6 UGX per share Annual report, p87
31 Dec 2023 Dividend proposed per share, as printed in a statement Final dividendFinal dividend for the year: 'The directors recommend the payment of a final dividend of Shs 8.5 per share'. Header "Shs '000" read as Shs. 6.4 UGX per share Annual report, p87
31 Dec 2023 Dividends for the year, paid and proposed, per share Dividends for the year (paid and proposed)Interim plus final for the year. 18.0 UGX per share Annual report, p87
31 Dec 2023 Dividends paid (cash flow statement) Dividends paid (382,855,430) UGX thousands Annual report, p69

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Annual Report 2025 (consolidated financial statements for the year ended 31 December 2025)

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Ernst & Young, unmodified opinion · signed

    Auditor's sign-off: Ernst & Young; engagement partner CPA Geoffrey Byamugisha

    Final status: Auditor's report signed by Ernst & Young and the engagement partner and dated 13 March 2026 (p115); statement of financial position signed by the chairman, approved 12 March 2026 (p117); checked on the page images.

    Document date
    13 Mar 2026
    Auditor's report
    13 Mar 2026
    Board approval
    12 Mar 2026
    Retrieved by us
    5 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · UGX thousands (printed “Shs '000”)
    Technical details
    File
    169 pages, with a text layer
    SHA-256
    010980f35fefc737f7140ff32bcde25d48d5ee10345d7f00c2612ed51132db9a
    Entity as printed
    MTN Uganda Limited and its subsidiaries (the 'Group'); consolidated
    Note
    The auditor's report refers to statements 'set out on pages 10 to 62' and the board approval to 'pages 116 to 158'; the first numbering belongs to the standalone audited statements.
    Note
    The issuer also publishes 'FY 2025 Consolidated Audited Financial Statements' (64 pages, SHA-256 38e2443c…, no text layer). It is archived but not transcribed: the same statements are entered from this text copy.
    Note
    Discovery: the issuer's reports page links the FY2025 integrated report at /2026/05/MTN-Uganda-Limited-FY-Annual-Report-2025.pdf, which returned HTTP 404 on 2026-10-05. This copy was found by trying the /2026/04/ folder and file naming used for the page's other reports; it was not reached through a link and is not presented as a linked publication. Corroboration: a web search index lists a second issuer URL, /2026/04/MTN-Uganda-Limited-FY2025-Annual-Report.pdf (retrieved 2026-10-05T23:32:26Z, SHA-256 98247799…, 17.9 MB): a different file whose extracted text is identical on all 169 pages; it is archived, not imported. No Uganda Securities Exchange announcement of the report was found (four likely announcement addresses returned 404); the signed consolidated statements linked from the same page are in mtn-fy2025-signed-afs.
    Issuer copy
    retrieved 2026-10-05T20:02:21Z · found via https://www.mtn.co.ug/reports-suite/

  • Annual report and audited consolidated financial statements for the year ended 31 December 2025 (signed, scanned)

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Ernst & Young, unmodified opinion · signed

    Auditor's sign-off: Ernst & Young; engagement partner Geoffrey Byamugisha

    Final status: Auditor's report signed and dated 13 March 2026 (p11); statement of financial position signed by the chairman and a director, approved 12 March 2026 (p13); checked on the page images.

    Document date
    13 Mar 2026
    Auditor's report
    13 Mar 2026
    Board approval
    12 Mar 2026
    Retrieved by us
    5 Oct 2026 (not a publication date)
    Used for
    not a column source (supplementary or comparison only)
    Basis
    consolidated statements · UGX thousands (printed “Shs '000”)
    Technical details
    File
    64 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    38e2443c3ed62a4edf06b5bf82785eda3107de9e718c2700c6138f1bf98d6b60
    Entity as printed
    MTN Uganda Limited (consolidated)
    Note
    Scanned, signed statements. Entered only for the targeted check of two conflicts found in the FY2025 annual report: the income statement (p12) and the non-current liabilities block (p13). Other pages are archived, not transcribed.
    Issuer copy
    retrieved 2026-10-05T20:01:51Z · found via https://www.mtn.co.ug/reports-suite/

  • Annual Report 2024 (consolidated financial statements for the year ended 31 December 2024)

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Ernst & Young, unmodified opinion · signed

    Auditor's sign-off: Ernst & Young; engagement partner Geoffrey Byamugisha

    Final status: Auditor's report signed by Ernst & Young and the engagement partner and dated 06 March 2025 (p67), checked on the page image; board approval dated 05 March 2025 (p68).

    Document date
    6 Mar 2025
    Auditor's report
    6 Mar 2025
    Board approval
    5 Mar 2025
    Retrieved by us
    5 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023
    Basis
    consolidated statements · UGX thousands (printed “Shs '000”)
    • Two segment views: customer segments (Consumer, Enterprise Business Unit, Wholesale and carrier, Mobile financial services) with revenue, costs, other income and EBITDA; and nature of operations (Telecommunications, Mobile financial services) with revenue, profit after tax, total assets and total liabilities. The FY2025 report changes both presentations.
    Technical details
    File
    105 pages, with a text layer
    SHA-256
    502a59c818fc8d98eb090ea0e6ce6b3da94f882bc8af0ba8c1ff7a20ad51a5a7
    Entity as printed
    MTN Uganda Limited and its subsidiaries (the 'Group'); consolidated
    Note
    The issuer also publishes 'FY 2024 Consolidated Audited Financial Statements' (65 pages, SHA-256 d20ec95a…, no text layer). It is archived but not transcribed.
    Note
    Each PDF page holds two printed report pages (e.g. PDF p68 = report pp. 134-135); page references here are PDF pages.
    Issuer copy
    retrieved 2026-10-05T20:01:53Z · found via https://www.mtn.co.ug/reports-suite/

Data notes

  • Government and regulatory costs — 31 Dec 2024 column: this report prints (78,012,108) (p116); its note 8 (p140), the FY2024 report and the signed consolidated statements (scanned, p12, page image) print (78,012,180), with which 2024 operating profit adds up. The signed statements do not repeat the conflict. Both published figures are kept. (Annual Report 2025 (consolidated financial statements for the year ended 31 December 2025), p116)
  • Finance costs — 31 Dec 2024 column: this report prints (290,359,669) (p116); the signed consolidated statements (p12) and the FY2024 report print (290,359,668). One unit; both kept. (Annual Report 2025 (consolidated financial statements for the year ended 31 December 2025), p116)
  • Other financial liability — 31 Dec 2025: this report's balance sheet (p117) prints 39,508,334; its note 19(b) (p149) and the signed consolidated statements (scanned, p13, page image) print 36,508,334, with which the non-current liabilities subtotal (1,431,712,451) adds up. The signed statements do not repeat the conflict: they agree with the note. Both published figures are kept; nothing is corrected. (Annual Report 2025 (consolidated financial statements for the year ended 31 December 2025), p117)
  • Employee share-based payment liability — OCR read '9.418,494'; the page image shows '9,418,494'. OCR read a full stop for the comma. (Annual report and audited consolidated financial statements for the year ended 31 December 2025 (signed, scanned), p13)

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (6 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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