Office National des Télécommunications du Burkina Faso (BRVM: ONTBF), operating under the Moov Africa brand and 61% owned by Morocco's Maroc Telecom, posted a net profit of 15.89 billion XOF ($28.4 million) for the year ended December 31, 2025, down 26% from 21.47 billion XOF ($38.3 million) in 2024, according to provisional financial statements certified by auditors.
Revenue grew 3% to 146.18 billion XOF ($261 million) from 141.84 billion XOF ($253.2 million), driven by mobile services and accessory products. But that revenue growth did not translate to the bottom line. Value added fell 8% and gross operating surplus dropped 12%, as external services costs, financial charges, and a heavier tax bill -- up 29% to 6.5 billion XOF ($11.6 million) -- compressed what remained after depreciation charges of 32.5 billion XOF ($58 million).
The operating result fell to 25.67 billion XOF ($45.8 million) from 33.57 billion XOF ($59.9 million) a year earlier. The financial result remained negative and worsened slightly, reflecting higher interest charges on borrowings. The subscriber base reached 7.3 million mobile customers by year-end, up 6.7%, with fixed broadband subscriptions growing 28%.
Total assets grew to 324.9 billion XOF ($580 million), supported by continued infrastructure investment. Capital expenditure on fixed and intangible assets exceeded 44.5 billion XOF ($79.5 million) during the year. Dividends paid in 2025 reached 15.16 billion XOF ($27.1 million), drawn from prior-year earnings.
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The balance sheet shows net treasury of 10.65 billion XOF ($19 million) at year-end, up from 6.06 billion XOF ($10.8 million) at the close of 2024, reflecting stronger operating cash generation despite weaker earnings.
Key Takeaways
ONATEL's profit squeeze is part of a multi-year trend driven by conditions specific to Burkina Faso. The country has been under military rule since 2022, and a jihadist insurgency now disrupts operations across more than 30% of national territory -- forcing the company to spend heavily on site security, maintenance in insecure zones, and network rehabilitation after vandalism. The three-player mobile market -- ONATEL, Orange, and Telecel -- generated a combined 490.5 billion XOF in revenue in 2024. Still, competition has intensified as voice ARPU falls with the rise of over-the-top messaging services. The military government has also imposed a new obligation requiring telecom operators with revenue above 100 billion XOF to construct permanent headquarters in Ouagadougou, adding a capital expenditure burden that is separate from network investment. Moov Africa has already broken ground on a 9 billion XOF headquarters project. Meanwhile, at the Maroc Telecom group level, Moov Africa subsidiaries collectively delivered revenue growth of 5.3% at constant exchange rates in 2025, with an EBITDA margin of 42.5% -- suggesting ONATEL Burkina Faso is underperforming relative to its regional peers within the same parent group.
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