Helios Towers Plc · LSE:HTWS
Helios Towers — H1 2025 Earnings Presentation
34 slides from Helios Towers's earnings presentation, Jul 31, 2025
Slide 1: H1 2025 Results
H1 2025 Results Strong progress against strategy; FY 2025 guidance reaffirmed 31 July 2025
Slide 2: Today's Presenters
TODAY’S PRESENTERS Manjit Dhillon Tom Greenwood Chris Baker-Sams Chief Financial Officer & Chief Executive Officer Head of Strategic Finance HT Oman Executive Chair & Investor Relations 2 Helios Towers H1 2025 Results
Slide 3: Agenda
Agenda 1. Strategic overview 2. Financial results 3. Q&A Dar Es Salaam, Tanzania
Slide 4: Strategic overview
1x Strategic overview 2x 3x
Slide 5: Highlights
HIGHLIGHTS Strong first half with continued Adj. EBITDA, ROIC and FCF expansion and further deleveraging 1 2 3 4 Continued momentum Consistently strong Strengthened FY 25 guidance towards ‘2.2x target’ financial delivery financial position reaffirmed YoY(6) • +1,211 YTD tenancy additions, • +9% YoY
Slide 6: Decade of uninterrupted Adj. EBITDA growth despite global volatility
DECADE OF UNINTERRUPTED ADJ. EBITDA GROWTH DESPITE GLOBAL VOLATILITY Adjusted EBITDA (US$m) +25% CAGR 460 - 470 458 421 370 283 241 227 205 178 146 105 54 (1) FY 15 FY 16 FY 17 FY 18 FY19 FY 20 FY 21 FY 22 FY 23 FY 24 Q2 25 FY 25 Ann. guidance 6 Helios Towers H1 2025 Results (1) Annualised (Ann.) Ad
Slide 7: 2.2x strategy is delivering ROIC and FCF expansion
2.2X STRATEGY IS DELIVERING ROIC AND FCF EXPANSION Our target: Tenancy 2.13x 2.11x 2.05x ratio 1.96x 1.91x 1.81x 14.5% c.14% 12.9% 13.6% ROIC 11.8% 12.0% 10.3% New market Senegal Malawi acquisitions Madagascar Oman 14k 7k 1.2x (1) doubled increased hard acquired tenancy platform Currency ratio Free
Slide 8: Proven track record of tenancy ratio expansion
PROVEN TRACK RECORD OF TENANCY RATIO EXPANSION Tenancy ratio by vintage Highly attractive returns Average tenancy ratio expansion per annum(1): Illustrative incremental site ROIC for BTS(2): BTS 0.2x 0.2x 0.4x ✓ Minimal incremental opex ✓ Minimal incremental capex Acquired 0.1x 0.1x 0.1x ✓ Increment
Slide 9: Total organic addressable market: long term structural growth
TOTAL ORGANIC ADDRESSABLE MARKET DEMAND FOR MOBILE INFRASTRUCTURE HAS LONG TERM STRUCTURAL GROWTH – HELIOS TOWERS IS OPTIMALLY POSITIONED FOR THE OPPORTUNITY +34k ~6k p.a. Unique mobile subscriptions(3) (m) / penetration(3) (%) 142k 53% 132k 137k 46% 121k 127k 115k 108k 100k +29% 214m Market 166m te
Slide 10: Capital Markets Day scheduled 6 Nov
CAPITAL MARKETS DAY SCHEDULED 6 NOV, TO OUTLINE OUR UPDATED FIVE-YEAR STRATEGY AND CAPITAL ALLOCATION FRAMEWORK • Scheduled Capital Markets Day for November 6, 2025, in London • Event will provide details of the Company’s next five-year strategic targets and capital allocation framework • The event
Slide 11: Financial results
Financial results Dakar, Senegal
Slide 12: Strong progress towards FY 2025 guidance
STRONG PROGRESS TOWARDS FY 2025 GUIDANCE Organic tenancy additions (#) Adj. EBITDA (US$m) ROIC (%) Free cash flow (US$m) Tenancy ratio expansion Organic growth ROIC expansion (1) +0.1x +0.1x >0.1x +$46m +$51m +$39-49m +2ppt +1ppt +1ppt 40 - 60 c.14% 13.6% 2,481 2,000 – 2,500 12.9% 2,433 460 - 470 45
Slide 13: Tenancy additions driven by structural growth and market positions
TENANCY ADDITIONS DRIVEN BY STRUCTURAL GROWTH, LEADING MARKET POSITIONS AND CUSTOMER SERVICE EXCELLENCE Sites Tenancies Tenancy ratio +2% +7% +0.10x 14,185 14,515 30,617 2.11x 28,574 2.01x 2,546 2,576 4,434 3,978 5,209 5,405 11,230 12,065 6,430 6,534 13,366 14,118 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25
Slide 14: Revenue growth driven by tenancy additions, contracted revenues
REVENUE GROWTH DRIVEN BY TENANCY ADDITIONS, UNDERPINNED BY CONTRACTED REVENUES WITH MULTINATIONAL CUSTOMERS H1 25 revenue by currency Revenue (US$m) Revenue commentary 18% USD +10% • 67% H1 25 revenue in hard currency, CFA Franc / EUR largely due to four of our nine markets LCY (Power) 215 15% being
Slide 15: Adj. EBITDA growth correlated to tenancy additions, resilient to FX
ADJ. EBITDA GROWTH IS HIGHLY CORRELATED TO TENANCY ADDITIONS AND RESILIENT TO FX, CPI AND POWER PRICE MOVEMENTS Q2 25 YoY revenue walkthrough(1,2) Q2 25 YoY Adj. EBITDA walkthrough(1) (US$m) (US$m) +10% +10% 20 (5) 3 1 0 1 0 9 Driven by power price decreases in DRC and Tanzania 215 114 195 104 +10%
Slide 16: Capex tightly controlled and focused on ROIC-accretive opportunities
CAPEX IS TIGHTLY CONTROLLED AND FOCUSED ON ROIC-ACCRETIVE OPPORTUNITIES 203 Guidance: 20 150 - 180 169 H1 25 5 • H1 25 capex of $54m, of which $16m was non-discretionary 113 FY 25 guidance 93 • Capex guidance unchanged at $150m - $180m (c.$50m non- 100 - 130 discretionary), reflecting timing of 54 c
Slide 17: Robust financial position with largely fixed rate debt
ROBUST FINANCIAL POSITION WITH LARGELY FIXED RATE DEBT AND NO UPCOMING MATURITIES Debt KPIs (US$m) Q2 24 Q1 25 Q2 25 Credit profile Gross debt 1,903 1,935 1,904 • Continued improvement in our credit Cash & cash equivalents 145 166 185 ratings YTD with Fitch and S&P upgrading to BB- and Moody's Net d
Slide 18: Operational and financial leverage supporting +$40m FCF improvement
OPERATIONAL AND FINANCIAL LEVERAGE SUPPORTING +$40M FCF IMPROVEMENT H1 25 Management cash flow (US$m)(1) Commentary (16) RFCF is the cash • 2.2x strategy supports high fall generated that (20) management can allocate through from Adj. EBITDA to RFCF, (24) towards discretionary with $19m YoY H1 Adj.
Slide 19: FY 2025 guidance reaffirmed
FY 2025 GUIDANCE REAFFIRMED FY 24 H1 25 YTD FY 25 Actual Actual Guidance(1) Organic tenancy additions +2,481 +1,211 +2,000 - 2,500 Adj. EBITDA $421m $226m $460m - $470m $169m $54m $150m - $180m Capex(2) ($127m disc. / ($38m disc. / ($100m - $130m disc. / $42m non-disc.) $16m non-disc.) $50m non-disc
Slide 20: Key takeaways
KEY TAKEAWAYS ✓ ✓ ✓ ✓ Strong momentum Consistent Adj. FY 25 guidance Next phase of on 2.2x tenancy ratio EBITDA growth, FCF reaffirmed strategy, including target and ROIC five-year targets and expansion, and capital allocation deleveraging framework, to be outlined at Capital Markets Day 20 Helios T
Slide 21: Q&A Thank you
Q&A Thank you Jërëjëf Medaase Zikomo Merci Matondi Asante Misaotra Shukranًشكرا Siyabonga Matondo Sur, Oman
Slide 22: Investor Relations
INVESTOR RELATIONS IR Contact Upcoming IR events 3 to 4 September DB Access European TMT conference (London) Chris Baker-Sams Head of Strategic Finance and Investor Relations 17 to 18 September Annual Off Piste Investor Conference (Cape Town) cbaker-sams@heliostowers.com Helios Towers Capital Market
Slide 23: Appendix
Appendix Blantyre, Malawi
Slide 24: Our business model
OUR BUSINESS MODEL Tenant hosting & power services Long term cash flows 1 What we do 2 Our value creation 3 Contracted future revenue Cash-on-cash ROIC(1) 1x tenant (Day-1 anchor) 34% $5.3bn ~7 years tenant 2x (colocation) average 25% tenant remaining min. 3x (colocation) term POWER 12% Grid TOWER B
Slide 25: Operational & financial highlights
OPERATIONAL & FINANCIAL HIGHLIGHTS YoY In US$m, unless otherwise stated H1 25 H1 24 Change Sites (#) 14,515 14,185 +2% Tenancies (#) 30,617 28,574 +7% Tenancy ratio (x) 2.11x 2.01x +0.10x Revenue 418 390 +7% Adj. EBITDA(1) 226 206 +9% Adj. EBITDA margin (%) (1) 54% 53% +1ppt Operating profit 133 132
Slide 26: Market overview: macro and industry snapshot
MARKET OVERVIEW: MACRO AND INDUSTRY SNAPSHOT Mobile GB/month Unique Mobile Unique mobile PoS Growth Towers held by Credit ratings # MNOs(1) Subs(2) Subs CAGR(2) CAGR(4) Credit ratings(6) Penetration(2) per Sub(3) MNOs(5) momentum(7) (YoY) (2025 – 2030) (2025 – 2030) Tanzania 4 47% 2.8 6% 6% 3% 0.7k
Slide 27: H1 2025: Sites and tenancies
H1 2025: 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 24 25 25 24 25 25 24 25 25 25 Tanzania 4,176 4,252 4,252 76 - 10,308 10,648 10,800 492 152 2.47x 2.50x 2.54x 0.07x 0.04x 45m Senegal 1,458 1,458 1,458 - - 1,603 1,647
Slide 28: ROIC breakdown
ROIC BREAKDOWN US$m 2020 2021 2022 2023 2024 H1 25 Property, plant and equipment 594.7 708.2 907.9 918.3 981.0 1,033.8 Accumulated depreciation 713.0 833.3 934.0 1,127.5 1,236.5 1,248.9 Accumulated maintenance and corporate capital expenditure (180.6) (202.7) (224.8) (260.3) (302.0) (317.8) Intangib
Slide 29: Income statement
INCOME STATEMENT 6 months ended 30 June US$m 2025 2024 Revenue 418.3 389.9 Cost of sales (210.9) (188.9) Gross profit 207.4 201.0 Administrative expenses (75.1) (68.8) Profit on disposal of property, plant and equipment 0.8 0.1 Operating profit 133.1 132.3 Interest receivable 2.0 0.9 Other gains and
Slide 30: Balance sheet
BALANCE SHEET US$m 30 June 2025 30 June 2024 Non-current assets Intangible assets 539.1 519.9 Property, plant and equipment 1,033.8 940.6 Right-of-use assets 248.1 241.7 Deferred tax asset 26.4 10.6 Derivative financial assets 16.1 13.5 1,863.5 1,726.3 Current assets Inventories 12.3 13.4 Trade and
Slide 31: Management cash flow
MANAGEMENT CASH FLOW 6 months ended 30 June US$m 2025 2024 Adjusted EBITDA 225.5 206.2 Less: Maintenance and corporate capital additions (15.8) (22.6) Payments of lease liabilities(1) (20.0) (26.2) Tax paid (23.5) (15.4) Portfolio free cash flow 166.2 142.0 Cash conversion %(2) 74% 69% Net payment o
Slide 32: Sustainable business strategy update
SUSTAINABLE BUSINESS STRATEGY UPDATE Positive progress with our local, diverse and talented teams delivering reliable and expanded mobile connectivity Mgmt. • H1 2025 downtime per tower per week of Impact KPI comp(1) FY 23 FY 24 H1 25 FY 26 1:06 Developing talent % staff trained in Lean Six Sigma En
Slide 33: Leading ESG credentials
LEADING ESG CREDENTIALS Third ‘AAA’ ESG rating from MSCI, Feb 25 FTSE4Good Index inclusion, Jun 24 Scored B, Feb 25 Gold rating, Feb 24 (the highest possible score from MSCI) (for a third consecutive year) (2024 rating reaffirmed) (rated top 5% of telecoms industry) ESG Risk Rating of 16.7 (Low Risk
Slide 34: Disclaimer
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 (the "Company") or any other member of the Helios Towers group