Ihs Holding Limited · NYSE:IHS
Ihs — IHS Towers — Q3 2025 Earnings Presentation
49 slides from Ihs's earnings presentation, November 2025
Slide 1: IHS Towers 3Q25 Company Presentation
IHS TOWERS 3Q25 COMPANY PRESENTATION | NOVEMBER 2025 Towers of strength
Slide 2: Disclaimer
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) +647M (3)(4) ~207K (2)(4)(5) 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 $1.8B (6) $1.0B (6)(7) 3.3x (1) 57.1%
Slide 6: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 3Q25, we built 138 towers including 65 in Brazil 39,025 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 15,942 148,371 Cameroon 2,470 Africa Rwanda(2) 1,467 111,064 Zambia 1,918 Côte d’Ivoire 2,676 44,581 Sout
Slide 7: Business Timeline
BUSINESS TIMELINE IHS has a +23-year old history of operating in emerging markets Tower Builder Managed Services Specialist Tower Ownership & Colocation Africa Scale & Leadership Global Emerging Market Leader Established in #1 Independent Tower Nigeria in 2001 Company in Africa Global Expansion – En
Slide 8: Management Team
MANAGEMENT TEAM Founder-led management team with 125+ combined years of relevant experience X Years of experience Sam Darwish William Saad 25+ Mohamad Darwish 20+ 25+ Chairman & Group CEO EVP & COO EVP & CEO (Nigeria) • Co-founded IHS Towers in 2001 • Co-founded IHS Towers in 2001 • Co-founded IHS T
Slide 9: Board of Directors
BOARD OF DIRECTORS Global, experienced, and diverse board of directors; 89% independent Independent Board Members X Years of experience Board Members Sam Darwish Mallam Bashir Ahmad El-Rufai Phuthuma Nhleko 25+ 25+ 35+ Co-founder, Chairman & Group CEO Former IHS Towers Chairman & Prominent Chairman,
Slide 10: Business Model
BUSINESS MODEL IHS = “0
Slide 11: "DM Like" Business Model in Emerging Markets
“DM LIKE” BUSINESS MODEL IN EMERGING MARKETS Developed market operating model with exception of FX impacts Africa Latam US Model Long-term Contracts Limited Termination Rights Proxy of US$ 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 3Q25 3Q25 Côte d’Ivoire Cameroon Zambia 59% 16% (2) 11% Rwanda NGN EUR BRL 28% 13% 19% 39% (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 (3) Core Tenants (4) # out of # Major MNOs (5) Nigeria 15,942 1st 63% 3 out of 4 South Africa 5,696 1st 37% 2 out of 4 Côte d’Ivoire 2,676 1st 100% 3 out of
Slide 17: IHS Markets Overview
IHS MARKETS OVERVIEW (1) 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% 21.0% 16.8% 691 13.7 647 260 9.7 235 5.3 4.5 2024 2029E 2024 2029E 2024 2029E 2024 2029E All IHS Markets Nigeria All IHS
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 3Q25 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: 3Q25 Consolidated Revenue Walk
3Q25 CONSOLIDATED REVENUE WALK 3Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$37M or +8.7% +8.7% +$37M Organic Growth +$28M or +6.6% Organic Growth Total Growth $35M or +8.3% 7 3 2 9 2 20 455 +6.6% +$28M 14 2 (11) 420 (13) Total Growth +8.3% +$35M Organic Growth by Segment +5.0%
Slide 22: 3Q25 Revenue Overview
3Q25 REVENUE OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate 3Q25 Revenue by Key Customer 3Q25 Revenue by segment 62% MTN 15% Airtel 7% TIM 59% Nigeria 7% Orange 30% SSA 2% Vivo 2% Claro 11% 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 3Q25 Revenue 503 1,711 Growth Rate Y/Y 455 45 438 440 433 +8.3% 420 48(1) 184 10 51 13 45 48 45 45 484 124 121 128 136 +$35M 120 1,382 1,334 998 242 259 271 260 268 • 3Q25 revenue increased +8.3% Y/Y, of which organic +6.6% and 3Q24 4Q
Slide 24: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 433 3Q25 158 Adjusted Levered (2) 150 (1) 43 Free Cash Flow 107 $158M 304 87 54 • 3Q25 ALFCF increased +81.2% Y/Y • 3Q25 ALFCF reflecting actions taken 3Q24 4Q24 1Q25 2Q25 3Q25 FY23 FY24 to improve free cash flow generation
Slide 25: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile(3) as of September 30, 2025 $M 3.3x $M unless otherwise noted As of June 30, 2025 As of Sep 30, 2025 5.625% Senior Notes due 2026 200 200 655 • Continue to target consolidated net 8.000% Senior Notes due 2027 28
Slide 26: ROIC and Capital Allocation
ROIC AND CAPITAL ALLOCATION ROIC (1) 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-System
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 (2) (3) (2)(3) 40,650 40,075(1) 39,229 39,652 39,229 39,212 39,184 39,025 31,043 27,807 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Tenants – Annual +8.5% Tenants – Quarterly 2020-2024 CAGR (2) (3) (2
Slide 29: IHS Towers Key Performance Indicators
IHS TOWERS KEY PERFORMANCE INDICATORS Lease Amendments – Annual +21.9% Lease Amendments – Quarterly 2020-2024 CAGR 39,671 42,221 36,603 39,671 40,078 31,674(1) 39,389 39,705 27,124 17,983 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 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 | 15,942 Towers (as of 3Q25) 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 | 5,696 Towers (as of 3Q25) 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 | 2,470 Towers (as of 3Q25) 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 | 2,676 Towers (as of 3Q25) 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(1) Entered Market in 2014 | #1 Independent TowerCo | 1,467 Towers (as of 3Q25) Rwanda is the 33rd largest country in Africa by GDP(2). 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
Slide 36: Zambia
ZAMBIA Entered Market in 2014 | #1 Independent TowerCo | 1,918 Towers (as of 3Q25) 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 | 8,586 Towers (as of 3Q25) 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 | 270 Towers (as of 3Q25) 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: Financial Reconciliations
FINANCIAL RECONCILIATIONS 41
Slide 42: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM(9) as of 3Q24 4Q24 1Q25 2Q25 3Q25 FY2023 FY2024 Sep 30, 2024 June 30, 2025 Sep 30,2025 $M ADJUSTED EBITDA Income/(loss) for the period (205.7) 243.1 30.7 32.3 147.4 (1,988.2) (1,644.2) (2,344.1) 100.4 453.5 Adjustments: Income tax expense/(benefit) 6.4 (6.7) 38.5 3
Slide 43: Adjusted Levered Free Cash Flow Reconciliation
ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION 3Q24 4Q24 1Q25 2Q25 3Q25 FY2023 FY2024 $M Cash from operations 182.4 348.8 216.3 254.8 259.6 902.9 775.9 Adjustments: Net movement in working capital 58.9 (92.1) 33.6 (9.9) 1.1 225.0 158.7 Income taxes paid (6.6) (3.5) (16.0) (15.0) (7.7) (45.4) (38.6)
Slide 44: 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 $M (Loss)/income for the year (1,988.2) (1,644.2) Adjustments: Income tax expense 107.5 34.0 Finance costs (1) 2,436.6 2,123.1 Finance income (1)
Slide 45: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of Consolidated net leverage ratio LTM period ended ($M) Sep 30, 2024 June 30, 2025 Sep 30, 2025 Borrowings 3,531.8 3,239.6 3,270.7 Lease Liabilities 607.2 614.3 643.4 Less: Cash and Cash equivalents (397.5) (533.1) (651.5) Consolidated n
Slide 46: Glossary of Terms
GLOSSARY OF TERMS IHS = 8
Slide 47: 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 48: Glossary of Terms
GLOSSARY OF TERMS Internal Rate of Return (“IRR’’): The expected rate of return. kWh Emissions Intensity: The number of grams of carbon dioxide it takes to make one unit of electricity at one kilowatt per hour (kW/hour). Latam: Refers to our business segment that includes our markets in Latin Americ
Slide 49: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com ihstowers.com