Ihs Holding Limited · NYSE:IHS
Ihs — IHS Towers — Q2 2025 Earnings Presentation
50 slides from Ihs's earnings presentation, August 2025
Slide 1: IHS Towers 2Q25 Company Presentation
IHS TOWERS 2Q25 COMPANY PRESENTATION | AUGUST 2025 Towers of strength
Slide 2: Disclaimer: Forward-Looking Information
DISCLAIMER Forward-Looking Information This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in S
Slide 3: Introduction
INTRODUCTION IHS 3
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Structurally strong business model with long-term contracts and cost pass-through mechanisms providing 1 visibility of revenue Leading independent multinational TowerCo focused on Emerging Markets – #1 in Africa and leading InfraCo 2 in Brazil 3 Highly attractive markets we
Slide 5: A Unique & Compelling Investment Proposition
A UNIQUE & COMPELLING INVESTMENT PROPOSITION SCALE 39,000+ (1) #1 TowerCo (1)(2) +661M (3) ~209K (2)(4) Towers In 6 of 8 Population in Incremental next generation markets our 8 markets technology PoS forecast in next 5 years (2024-2029) FINANCIAL STRENGTH $1.7B (5) $993M (5)(6) 3.4x (1) 57.4% (5)(6)
Slide 6: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 2Q25, we built +180 towers including +125 in Brazil 39,184 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 16,224 148,797 Cameroon 2,453 Africa Rwanda 1,467 110,310 Zambia 1,875 Côte d’Ivoire 2,678 44,065 Sout
Slide 7: Business Timeline
BUSINESS TIMELINE IHS has a +23-year old history of operating in emerging markets Tower Builder Managed Services Specialist Tower Ownership & Colocation Africa Scale & Leadership Global Emerging Market Leader Established in #1 Independent Tower Nigeria in 2001 Company in Africa Global Expansion – En
Slide 8: Management Team
MANAGEMENT TEAM Founder-led management team with 125+ combined years of relevant experience X Years of experience Sam Darwish William Saad 25+ Mohamad Darwish 20+ 25+ Chairman & Group CEO EVP & COO EVP & CEO (Nigeria) • Co-founded IHS Towers in 2001 • Co-founded IHS Towers in 2001 • Co-founded IHS T
Slide 9: Board of Directors
BOARD OF DIRECTORS Global, experienced, and diverse board of directors; 89% independent Independent Board Members X Years of experience Board Members Sam Darwish Mallam Bashir Ahmad El-Rufai Phuthuma Nhleko 25+ 25+ 35+ Co-founder, Chairman & Group CEO Former IHS Towers Chairman & Prominent Chairman,
Slide 10: Business Model
BUSINESS MODEL IHS = “0
Slide 11: "DM Like" Business Model in Emerging Markets
“DM LIKE” BUSINESS MODEL IN EMERGING MARKETS Developed market operating model with exception of FX impacts Africa Latam US Model Long-term Contracts Limited Termination Rights Proxy of US$ contracts: (1) Annual Escalators (2) FX Resets N/A Amendment Revenue Negligible Multi-Tenant Discounts High Qua
Slide 12: High Quality, Long-Term Contracts Generating Consistent Cash Flow
IHS TOWERS STRUCTURES HIGH QUALITY, LONG-TERM CONTRACTS, WHICH GENERATE CONSISTENT, LONG-TERM CASH FLOW Significant operating leverage realized from colocation and lease amendments helps accelerate cash flow 1 Long-term Contracts Provide Certainty & Visibility 2 USD/EUR Linked Contracts with Annual
Slide 13: FX and Power Exposure Overview
FX AND POWER EXPOSURE OVERVIEW Revenue by Reporting Currency (1) Revenue by Linked Contract Split Power Exposure by Country Power Power Pass- Country Indexation Through Nigeria Brazil South Africa 2Q25 2Q25 Côte d’Ivoire Cameroon Zambia 60% 16% (2) 10% Rwanda NGN EUR BRL 28% 13% 21% 38% (2) (3) 6% 4
Slide 14: Significant Operating Leverage
SIGNIFICANT OPERATING LEVERAGE Significant operating leverage realized from colocation and lease amendments helps accelerate cash flow 4 Strong Economic Units 5 Growing Use Fees Through Lease Amendments UNIT ECONOMICS – GROSS MARGIN ($000s)(1) AMENDMENT REVENUE – OPPORTUNITY(2) 60-65% 1. Tenant (0.3
Slide 15: FX Resets Impact on Our Business
FX RESETS IMPACT ON OUR BUSINESS FX Resets and CPI Escalators offer effective revenue protection against the impact of currency devaluation USD FX Reset Frequency (1) 2024 CPI By Market (2) How FX resets work • A relevant portion of contracts is tied to a “hard currency” including USD and Euro • We
Slide 16: IHS Market Data
IHS MARKET DATA We are the leader in market share in 6 of the markets where we operate Towers (1) Towerco Market Position Towerco Market Share (2) Core Tenants (3) # out of # Major MNOs (4) Nigeria 16,224 1st 63% 3 out of 4 South Africa 5,693 1st 37% 2 out of 4 Côte d’Ivoire 2,678 1st 100% 3 out of
Slide 17: IHS Markets Overview
IHS MARKETS OVERVIEW Attractive markets well suited for organic growth Population (million people) Data Usage Per SIM (GB/Month) CAGR 2024 – 2029E CAGR 2024 – 2029E 1.3% 2.0% 21.2% 16.8% 707 13.3 661 260 9.7 235 5.1 4.5 2024 2029E 2024 2029E 2024 2029E 2024 2029E All IHS Markets Nigeria All IHS Mark
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 2Q25 Our Strategy Four-pillar Sustainability Strategy • Ethics and governance Ethics and Environment and Education and Our people and • Environment and climate change • Education and economic growth governance climate change economic growt
Slide 19: Carbon Reduction Roadmap
CARBON REDUCTION ROADMAP Our Carbon Reduction Roadmap goal is to decrease Scope 1 and Scope 2 kWh emissions intensity by ~50% by 2030. For Project Green we spent approximately $209M in capex between 2022 and 2024, and expect to deliver $77M in ALFCF savings by 2025, a 30% IRR on the overall project.
Slide 20: Financial Performance
FINANCIAL PERFORMANCE IHS = 0
Slide 21: 2Q25 Consolidated Revenue Walk
2Q25 CONSOLIDATED REVENUE WALK 2Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$43M or +9.9% +9.9% +$43M Organic Growth +$48M or +11.1% Organic Growth Total Growth ($2M) or (0.5%) +11.1% +$48M 18 Total Growth 10 4 7 2 (13) 435 17 2 (11) 433 (39) (0.5%) ($2M) Organic Growth by Segm
Slide 22: 2Q25 Revenue Overview
2Q25 REVENUE OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate 2Q25 Revenue by Key Customer 2Q25 Revenue by segment 64% MTN 15% Airtel 6% TIM 60% Nigeria 6% Orange 30% SSA 2% Vivo 2% Claro 10% Latam 1% Telkom 1% 9mobile Customer Credit Rating (1) 3% Other America
Slide 23: Consolidated Revenue and Adjusted EBITDA
CONSOLIDATED REVENUE AND ADJUSTED EBITDA Revenue $M 2,126 41 200 2Q25 Revenue 503 1,711 Growth Rate Y/Y 435 420 438 440 433 45 (0.5%) 48(1) 184 46 11 13 45 10 48 45 484 45 108 124 121 128 ($2M) 120 1,382 1,334 998 270 242 259 271 260 • 2Q25 revenue decreased (0.5%) Y/Y, of which organic +11.1%, 2Q24
Slide 24: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 433 2Q25 150 (2) (1) 43 Adjusted Levered Free Cash Flow 107 $54M 304 87 67 54 • 2Q25 ALFCF decreased (19.2%) Y/Y • 2Q25 ALFCF reflects a re-phasing of 2Q24 3Q24 4Q24 1Q25 2Q25 FY23 FY24 interest payments between quarters fo
Slide 25: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile (3) as of June 30, 2025 $M 3.4x $M As of Mar 31, 2025 As of June 30, 2025 5.625% Senior Notes due 2026 200 200 • Continue to target consolidated net leverage 8.000% Senior Notes due 2027 286 286 655 ratio of 3-4
Slide 26: ROIC and Capital Allocation
ROIC AND CAPITAL ALLOCATION ROIC (1) (2) FY24 Capital Allocation $M ROIC As of December 31, 2024 15.8% 15.8% In 2024 $256M • Narrowed focus on capital Capital Allocation allocation FY24 • Built 929 New Sites for $54M • Largely completed investment in Project Green 14.6% • Continued to build out I-Sy
Slide 27: Key Performance Indicators
KEY PERFORMANCE INDICATORS 27
Slide 28: IHS Towers Key Performance Indicators
IHS TOWERS KEY PERFORMANCE INDICATORS Towers – Annual +9.0% Towers – Quarterly 2020-2024 CAGR (3) (2)(3) 40,650 40,075(1) 39,229 40,332 39,652 31,043 27,807 (2) 39,229 39,212 39,184 2020 2021 2022 2023 2024 2Q24 3Q24 4Q24 1Q25 2Q25 Tenants – Annual +8.5% Tenants – Quarterly 2020-2024 CAGR (3) 60,382
Slide 29: IHS Towers Key Performance Indicators
IHS TOWERS KEY PERFORMANCE INDICATORS Lease Amendments – Annual +21.9% Lease Amendments – Quarterly 2020-2024 CAGR 40,078 39,671 39,671 39,705 36,603 39,389 31,674(1) 27,124 17,983 38,692 2020 2021 2022 2023 2024 2Q24 3Q24 4Q24 1Q25 2Q25 Net Lease (1) Net Lease Amendments 4,379 9,141 4,550 4,929 3,0
Slide 30: Markets
MARKETS IHS = "30
Slide 31: Nigeria
NIGERIA Entered Market in 2001 | #1 Independent TowerCo | 16,224 Towers (as of 2Q25) Nigeria is the 4th largest country in Africa by GDP(1). The country has a population of 235 million and is expected to grow to 260 million by 2029. Nigeria’s real GDP is expected to grow at a 3.4% CAGR over the next
Slide 32: South Africa
SOUTH AFRICA Entered Market in 2022 | #1 Independent TowerCo | 5,693 Towers (as of 2Q25) South Africa is the largest country in Africa by GDP(1). The country has a population of 64 million and is expected to grow to 68 million by 2029. South Africa’s real GDP is expected to grow at 1.7% CAGR over th
Slide 33: Cameroon
CAMEROON Entered Market in 2013 | #1 Independent TowerCo | 2,453 Towers (as of 2Q25) Cameroon is the 15th largest country in Africa by GDP(1). The country has a population of 30 million and is expected to grow to 33 million by 2029. Cameroon’s real GDP is projected to grow at a 4.5% CAGR over the ne
Slide 34: Côte d'Ivoire
CÔTE D’IVOIRE Entered Market in 2013 | #1 Independent TowerCo | 2,678 Towers (as of 2Q25) Côte d’Ivoire is the 9th largest country in Africa by GDP(1). The country has a population of 32 million and is expected to grow to 36 million by 2029. Côte d’Ivoire’s real GDP is projected to grow at a 7.0% CA
Slide 35: Rwanda
RWANDA Entered Market in 2014 | #1 Independent TowerCo | 1,467 Towers (as of 2Q25) Rwanda is the 33rd largest country in Africa by GDP(1). The country has a population of 14 million and is expected to grow to 16 million by 2029. Rwanda’s real GDP is projected to grow at a 7.0% CAGR over the next fiv
Slide 36: Zambia
ZAMBIA Entered Market in 2014 | #1 Independent TowerCo | 1,875 Towers (as of 2Q25) Zambia is the 20th largest country in Africa by GDP(1). The country has a population of 22 million and is expected to grow to 25 million by 2029. Zambia’s real GDP is expected to grow at 5.4% CAGR over the next five y
Slide 37: Brazil
BRAZIL Entered Market in 2020 | #4 Independent TowerCo | 8,525 Towers (as of 2Q25) Brazil is the largest country in Latin America by GDP(1). The country has a population of 211 million people and is expected to grow to 215 million by 2029. Brazil’s real GDP is expected to grow at a 2.2% CAGR over th
Slide 38: Colombia
COLOMBIA Entered Market in 2020 | 269 Towers (as of 2Q25) Colombia is the 4th largest country in Latin America by GDP(1). The country has a population of 53 million people and is expected to grow to 54 million by 2029. Colombia’s real GDP is expected to grow at a 2.9% CAGR over the next five years.
Slide 39: Appendix
APPENDIX IHS = me)
Slide 40: All IHS-MTN Tower MLAs Renewed and Extended
ALL IHS-MTN TOWER MLAs RENEWED AND EXTENDED • Total MTN Tenancies: 13,440 | Expire Dec. 2032 Nigeria(1) • Total IHS Tenancies: 25,126 • Total MTN Tenancies: 1,942 | Expire Mar. 2033 Cameroon • Total IHS Tenancies: 3,834 • Total MTN Tenancies: 1,285 | Expire Apr. 2034 Rwanda(2) • Total IHS Tenancies:
Slide 41: Proven, Disciplined M&A Approach
PROVEN, DISCIPLINED M&A APPROACH +32,500 towers acquired in 22 transactions in 3 regions and 10 countries(1) Market Attractiveness Framework (2) Strategic Importance of Investment to IHS Nigeria SSA(3) Kuwait(4) Latam Towers Investment Total Deals 6 10 1 5 Appraisal Framework Total towers acquired 1
Slide 42: Financial Reconciliations
FINANCIAL RECONCILIATIONS 42
Slide 43: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM(11) as of 1Q23(1) 2Q23(2) 3Q23(2) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023(1) FY2024 June 30, 2024 Mar 31, 2025 June 30, 2025 $M ADJUSTED EBITDA (Loss)/income for the period 7.8 (1,270.3) (268.8) (456.8) (1,557.3) (124.3) (205.7) 243.1 30.7 32.3 (1,988.2) (1,644.2
Slide 44: Adjusted Levered Free Cash Flow Reconciliation
ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION 1Q23 2Q23(1) 3Q23(1) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 $M Cash from operations 251.9 259.1 229.9 162.1 93.0 151.6 182.4 348.8 216.3 254.8 902.9 775.9 Adjustments: Net movement in working capital 86.3 26.3 8.3 104.0 96.6 95.2 58.9 (92.1) 3
Slide 45: Return on Invested Capital Reconciliation
RETURN ON INVESTED CAPITAL RECONCILIATION Reconciliation from (loss)/income for the period to Adjusted EBITDA and Return on Invested Capital FY2023 FY2024 $M (Loss)/income for the year (1,988.2) (1,644.2) Adjustments: Income tax expense 107.5 34.0 Finance costs (1) 2,436.6 2,123.1 Finance income (1)
Slide 46: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of Consolidated net leverage ratio LTM period ended ($M) June 30, 2024 Mar 31, 2025 June 30, 2025 Borrowings 3,579.7 3,382.6 3,239.6 Lease Liabilities 582.8 574.8 614.3 Less: Cash and Cash equivalents (445.7) (629.0) (533.1) Consolidated
Slide 47: Glossary of Terms
GLOSSARY OF TERMS IHS 7
Slide 48: Glossary of Terms
GLOSSARY OF TERMS Adjusted EBITDA (including by segment): income/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net(reversal of impairment)/impairment of withholding tax receivables, impairment of goodwill, business combination tr
Slide 49: Glossary of Terms
GLOSSARY OF TERMS Lease Amendments: Refers to the installation of additional equipment on a site or the provision of certain ancillary services for an existing Tenant, for which we charge our customers a recurring lease fee. LTM Adjusted EBITDA: Adjusted EBITDA for the most recently ended four conse
Slide 50: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com ihstowers.com