Helios Towers Plc · LSE:HTWS
Helios Towers — H1 2026 Earnings Presentation
45 slides from Helios Towers's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results & Multi-Decade Growth Runway
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 CONNECTING PEOPLE, POWERING GROWTH
Slide 2: Agenda
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 2 Agenda H1 2026 results Tom Greenwood, 1 Highlights 09:30 – 09:40 CEO Manjit Dhillon, 2 Financial results 09:40 – 09:50 CFO & HT Oman Executive Chair Multi-decade growth runway Multi-decade growth runway Tom Greenwood, 3 takeaways 09:50 – 0
Slide 3: Helios Towers Investment Thesis
HELIOS TOWERS INVESTMENT THESIS Multi-decade World-class Robust business Disciplined and growth runway platform model flexible capital allocation
Slide 4: H1 2026 Highlights
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 H1 2026 HIGHLIGHTS
Slide 5: Highlights – strong H1 performance and further upgraded outlook
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 5 Highlights – strong H1 performance and further upgraded outlook; tenancy pipeline supports a record year for roll out 01 02 03 04 Record tenancy Metronomic financial Further capital structure FY 26 guidance demand delivery improvements fur
Slide 6: Resilient and robust business model underpins structural growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 6 Resilient and robust business model underpins structural growth Over ten years of consistent Adj. EBITDA growth through volatile global events Adj. EBITDA1 (US$m) 520–535 +24% CAGR (Prior: 515–530) 471 519 421 370 241 283 178 205 227 105 1
Slide 7: IMPACT 2030 – Disciplined and flexible capital allocation framework
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 7 IMPACT 2030 – Disciplined and flexible capital allocation framework – with >$1.3bn recurring free cash flow1 targeted FY 26–30 Our capital allocation priorities: IMPACT 2030 target2 Optimised organic Optimised organic Capital efficient inv
Slide 8: Financial Results
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 FINANCIAL RESULTS
Slide 9: FY guidance uplift driven by robust tenancy pipeline
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 9 FY 26 guidance uplift driven by robust tenancy pipeline Tenancy additions Adj. EBITDA Recurring free cash flow (#) (US$m) (US$m) >$10m annualised Adj. EBITDA >$10m annualised RFCF c.250 sites & c.250 colocations from FY 27 from FY 27 3,500
Slide 10: Tenancy additions driven by mobile data growth and market positions
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 10 Tenancy additions driven by mobile data growth, leading market positions and customer experience excellence Sites Tenancy additions Tenancy ratio (#) (#) (x) +5% +13% +0.2x 2.3x 34,455 2.1x 14,515 15,270 30,617 4,888 2,666 4,434 2,576 13,
Slide 11: Revenue growth driven by tenancy additions
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 11 Revenue growth driven by tenancy additions, underpinned by contracted revenues with multinational customers Revenue Revenue commentary (US$m) +11% • 69% revenue in hard currency, with 71% Adj. EBITDA in hard currency, further protected th
Slide 12: Adj. EBITDA growth correlated to tenancy additions, resilient to FX, CPI and power
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 12 Adj. EBITDA growth is highly correlated to tenancy additions and resilient to FX, CPI and power price movements Q2 26 YoY revenue walkthrough1, 2 Q2 26 YoY Adj. EBITDA walkthrough1 (US$m) (US$m) +11% +13% 3 3 14 0 0 1 14 2 237 130 215 114
Slide 13: Well-invested platform supports high incremental returns from capex
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 13 Well-invested platform supports high incremental returns from capex Disciplined capex deployment Capex overview (US$m) 265– 295 • H1 26 disc. capex of $102m, reflecting +2,511 tenancies 230– (including +524 sites) 260 35 • FY 26 guidance
Slide 14: Balance sheet strengthened despite macro volatility
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 14 Balance sheet strengthened despite macro volatility Debt maturity profile extended Strong balance sheet1 (US$m) Group facilities: 6.7% Convertible Senior Oman Group cost of debt2 bond4 Notes facilities5 4yrs weighted average debt maturity
Slide 15: FY guidance – further upgraded
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 15 FY 26 guidance – further upgraded FY 25 FY 26 guidance FY 26 guidance YoY actual prior upgraded growth1 Tenancy additions +2,538 +3,000–3,500 +3,500–4,000 +10%–12% Adj. EBITDA $471m $515m–$530m $520m–$535m +10%–13% RFCF $208m $215m–$230m
Slide 16: Multi-Decade Growth Runway
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 MULTI-DECADE GROWTH RUNWAY
Slide 17: Multi-decade growth runway takeaways
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 17 Multi-decade growth runway takeaways 01 02 03 Data growth is growing Terrestrial networks have Satellites are exponentially1 a capacity advantage complementary increase in data • Terrestrial networks are forecast to • Satellite will compl
Slide 18: Africa & Middle East have decades of outsized population and mobile growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 18 Africa & Middle East have decades of outsized population and mobile growth ahead Unique mobile Population growth1 Smartphone devices3 (FY 25–FY 40) subscribers2 (FY 25–FY 40) (FY 25–FY 40) 33% 43% 82% 12% 23% 5% A&ME RoW A&ME RoW A&ME RoW
Slide 19: Data consumption is growing exponentially
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 19 Data consumption is growing exponentially, with our markets growing at almost double the global rate Global data consumption1 HT markets data consumption3 (FY 25–FY 40, ZB2) (FY 25–FY 40, indexed) 12x 55 8 1x FY 25 FY 40 FY 25 FY 40 +7x b
Slide 20: Our subject matter experts
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 20 Our subject matter experts Marcus Weldon Allan Fairbairn Sainesh Vallabh Senior Technical Advisor to Helios Towers Chief Technology & Digital Officer & Chief Commercial Officer Executive Director, DRC Former president of Nokia Bell Labs,
Slide 21: How Networks Need to Evolve to Meet Data Demand
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 HOW NETWORKS NEED TO EVOLVE TO MEET DATA DEMAND
Slide 22: Keys to wireless (1): spectrum is finite and constrained
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 22 Keys to wireless (1): spectrum is finite and constrained WHAT LIMITS COVERAGE RANGE AND USEABLE CAPACITY? AM Radio Cellular Microwave/ Infrared Satellite Path loss Atmosphere Obstacles 103 100 0.01 10 -5 (increases absorbs (buildings, wit
Slide 23: Keys to wireless (2): spectrum and technology specifics for coverage & capacity
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 23 Keys to wireless (2): spectrum and technology specifics for coverage & capacity Terrestrial Networks LOW MID HIGH BAND MILLIMETER BAND BAND (C-BAND) WAVE (700–900 MHz) (1–3.5 GHz) (3.5–6 GHz) (24–100 GHz) Better building Balance of Higher
Slide 24: Keys to wireless (2): terrestrial and satellite networks
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 24 Keys to wireless (2): spectrum and technology specifics for coverage & capacity Terrestrial Networks Satellite Networks LOW MID HIGH BAND MILLIMETER Radio waves are transmitted from Earth to BAND BAND (C-BAND) WAVE satellites and back (or
Slide 25: Keys to wireless (3): minimum beam width grows with distance
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 25 Keys to wireless (3): there is a minimum beam width and it gets bigger the further away you are Distance Beam width Beam area Application (km)1 (km) (km2) 1 0.04 0.0013 Terrestrial Ø Satellite beam 10 0.5 0.2 Terrestrial capacities may be
Slide 26: Applying these physics to London (case study)
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 26 Applying these physics to London (case study) Next generation satellites1 beam area is 160km2, meaning …while an estimated 11,000 sites2 today a maximum of 14 beams could fit inside the M25 catering catering for the M25 commuter for c.7,0
Slide 27: Two primary architectures will be used to meet data demand
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 27 Two primary architectures will be used to meet data demand and provide global coverage Dense urban and urban environments will Deep rural environments will require require significantly denser networks with more scalable, cost-efficient t
Slide 28: Our markets are at the beginning of their technology evolution
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 28 Our markets are at the beginning of their technology evolution % OF CONNECTIONS IN OUR 9 MARKETS1, 2 ILLUSTRATIVE TOWER DISTANCES3 Tech 2025 2030 2040 24% 3% 0% 2km More tenancies 24% 14% 2% 1-2km More power with each generation 0.5-1km 4
Slide 29: Satellites expand the mobile TAM and increase tower demand through backhaul
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 29 Satellites expand the mobile TAM through global coverage and increase tower demand in rural areas through backhaul Satellites unlock new In denser environments satellites are capacity constrained 1 areas that would otherwise be uncovered
Slide 30: Slide 30
Slide 31: We have a full array of tower, power and digital network solutions
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 31 We have a full array of tower, power and digital network solutions to meet the structural growth in demand Towers Power 100 m 10 m 50 m Grid Battery 50 m 25 m Solar Power generators 5m Digital network solutions Lattice 20 m Rooftop Rural/
Slide 32: Africa & Middle East Is the Fastest Growing Region Globally
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 AFRICA & MIDDLE EAST IS THE FASTEST GROWING REGION GLOBALLY
Slide 33: Our markets have seen accelerated data consumption growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 33 Our markets have seen accelerated data consumption growth over recent years Mobile money Social media growth1 Video data traffic2 (FY 24–FY 25, # new users) (FY 24–FY 25) transactions value3 (FY 25, US$bn) 18% 1,494 >2x more mobile money
Slide 34: Increasing data consumption underpins MNOs network investment
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 34 Increasing data consumption underpins MNOs network investment Mobile subscriber growth1 ARPU increase ($)2 Capex guidance increase3 (FY 23–FY 26) (FY 23–FY 26) (FY 23–FY 26) +14% +34% +33% Record growth in We have Reflecting this stronger
Slide 35: Reduction in smartphone costs supports continued data growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 35 Reduction in smartphone costs and the shift to newer technologies supports continued data growth, largely through mobile Cost of 4G smartphone1 Technology mix2 Global data traffic by source3 ($) (% connections) (ZB) 5% 55 26% 19% 2 47% 20
Slide 36: Demographics and data consumption will drive TAM growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 36 Bringing it together: demographics and data consumption will drive mid-single-digit TAM growth for decades to come A&ME +600m1 65%1 +4%2 Macro increase in below 30 years old real GDP CAGR (FY 25–FY 40) population (+33%) A&ME +800m1 +15%3
Slide 37: Unique platform well-positioned to capture growth
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 37 Unique platform well-positioned to capture a multi-decade growth opportunity across our markets Customer value Leading positions #1 Operational excellence proposition #1 in 7/9 99.99% -30% high-growth Power uptime Lower cost1 markets #1 C
Slide 38: Key takeaways
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 38 Key Strong H1 26 performance, driven by record tenancy growth, takeaways disciplined execution and continued shareholder returns through share buybacks and our inaugural dividend Further upgraded FY 26 guidance, supported by a record tena
Slide 39: Q&A
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 Q&A
Slide 40: Investor Relations
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 40 INVESTOR RELATIONS Upcoming IR IR Contact events Numis dbAccess European TMT Conference 3 September (London) RMB 2026 Annual Off Piste Investor Conference 17 September (Cape Town) RBC 2026 Global Communications Infrastructure 29-30 Septem
Slide 41: Appendix
H1 2026 RESULTS & MULTI–DECADE GROWTH RUNWAY 30 JULY 2026 APPENDIX
Slide 42: Operational & Financial highlights
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 42 Operational & Financial highlights YoY In US$m, unless otherwise stated H1 26 H1 25 Change Tenancies (#) 34,455 30,617 +13% Tenancy ratio (x) 2.26x 2.11x +0.15x Adj. EBITDA1 257 226 +14% Operating profit 163 133 +22% Return on invested ca
Slide 43: Market overview – macro & industry snapshot
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 43 Market overview – macro & industry snapshot Mobile GB/month Unique mobile PoS Growth Towers held by Credit ratings # MNOs1 Subs CAGR2 CAGR4 Credit ratings6 Penetration2 per Sub3 (FY 25–FY30) (FY 25–FY 30) MNOs5 momentum7 Tanzania 4 47% 2.
Slide 44: H1 2026: sites and tenancies
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 44 H1 2026: sites and tenancies Population Sites Tenancies Tenancy ratio coverage Q2 Q1 Q2 Q2 Q1 Q2 Q2 Q1 Q2 Q2 YoY QoQ YoY QoQ YoY QoQ 25 26 26 25 26 26 25 26 26 26 Tanzania 4,252 4,288 4,302 50 14 10,800 11,569 11,742 942 173 2.54x 2.70x 2
Slide 45: Disclaimer
HELIOS TOWERS H1 2026 RESULTS & MULTI-DECADE GROWTH RUNWAY 45 Disclaimer This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Helios Towers plc (