Sonatel, the largest company by market value on the BRVM, reported consolidated revenue of 1,923.1 billion FCFA (about $3.47 billion) in 2025, up 8.3 percent year on year. Net income reached 413.6 billion FCFA (about $746.6 million), an increase of 5.1 percent from 2024.
The company’s (BRVM: SNTS) EBITDAaL stood at 921.2 billion FCFA (about $1.66 billion), representing a margin of nearly 48 percent. Operating cash flow exceeded 680 billion FCFA (about $1.23 billion), while free cash flow surpassed 422 billion FCFA (about $761.5 million).
Data and digital services continued to drive growth, with data accounting for nearly 39 percent of consolidated revenue. The group reported more than 22.5 million data users and over 640,000 fiber connections. Investments were maintained at 288.6 billion FCFA (about $520.9 million), or 15 percent of revenue.
The general meeting approved a gross dividend of 1,933 FCFA per share. After 10 percent withholding tax, the net dividend stands at 1,740 FCFA. Based on a share price of 27,985 FCFA, the net yield is about 6.22 percent.
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Key Takeaways
Sonatel combines scale, high margins and strong cash generation. With nearly 48 percent EBITDA margin and over 422 billion FCFA in free cash flow, the group remains one of the most profitable telecom operators in Africa. Revenue growth reflects structural expansion in mobile data, fiber and digital financial services, offsetting the decline in voice. While subscriber numbers declined in some markets due to stricter registration rules, usage intensity and value per customer increased. The dividend confirms Sonatel’s status as a core income stock on the BRVM. Sustained investment in 4G, 5G and fiber suggests continued modernization without weakening the balance sheet. Risks include regulatory pressure, tax changes and macro volatility in Mali and Sierra Leone, but recurring telecom revenue and regional diversification support earnings visibility.