Ihs Holding Limited · NYSE:IHS
Ihs — Q1 2025 Earnings Presentation
29 slides from Ihs's earnings presentation, May 20, 2025
Slide 1: IHS Towers 1Q25 Earnings Results
IHS TOWERS 1Q25 EARNINGS RESULTS MAY 20, 2025
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: Presenting Today
PRESENTING TODAY Sam Darwish Steve Howden Robert Berg Chairman & CEO Executive Vice President & CFO Head of Investor Relations 3
Slide 4: Key Highlights
KEY HIGHLIGHTS fHS :
Slide 5: 1Q25 Key Highlights
1Q25 KEY HIGHLIGHTS (2) (2) Revenue $440 million Adj. EBITDA $253 million ALFCF $150 million (2025 Guidance $1,680-1,710 million) (2025 Guidance $960-980 million) (2025 Guidance $350-370 million) (2) 1Q25 Constant Currency growth of 7.9% 1Q25 Adj. EBITDA Margin of 57.5% (1Q24: 44.3%) Strong focus on
Slide 6: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 1Q25, we built +87 towers including +74 in Brazil 39,212 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 16,398 148,637 Cameroon 2,449 Africa Rwanda 1,465 109,357 Zambia 1,875 Côte d’Ivoire 2,679 GD Towers ~40
Slide 7: Financial Review
FINANCIAL REVIEW fHS ;
Slide 8: Consolidated Results Snapshot
CONSOLIDATED RESULTS SNAPSHOT 1Q24 1Q25 (1) Y/Y (1) Towers (#) 40,278 39,212 (2.6%) Tenants (#) 59,997 59,606 (0.7%) Colocation Rate 1.49x 1.52x +0.03x Lease Amendments (#) 37,126 39,705 +6.9% In US$M, unless stated Revenue 418 440 +5.2% Adjusted EBITDA 185 253 +36.4% Adjusted EBITDA Margin 44.3% 57
Slide 9: 1Q25 Consolidated Revenue Walk
1Q25 CONSOLIDATED REVENUE WALK 1Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$33M or +7.9% +7.9% +$33M Organic Growth +$107M or +25.6% Organic Growth Total Growth +$22M or +5.2% +25.6% +$107M (11) Total Growth 440 418 +5.2% +$22M 440 Organic Growth by Segment +45.9% Nigeria (4.6
Slide 10: Consolidated Revenue and Adjusted EBITDA
CONSOLIDATED REVENUE AND ADJUSTED EBITDA Revenue $M 1Q25 Revenue 435 440 Growth Rate Y/Y 418 420 438 11 45 10 48 48 11 46 108 45 120 13 124 121 +5.2% 131 +$22M 228 270 242 259 271 • 1Q25 revenue increased +5.2% 1Q24 2Q24 3Q24 4Q24 1Q25 Y/Y, of which organic +25.6%, Revenue Growth Y/Y (30.7%) (20.3%)
Slide 11: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 150 1Q25 (2) Adjusted Levered 107 Free Cash Flow 87 67 $150M 43 • 1Q25 ALFCF increased +247.7% Y/Y 1Q24 2Q24 3Q24 4Q24 1Q25 • 1Q25 ALFCF reflects updated phasing of quarterly interest ALFCF Cash Conversion Rate +23.3% +26.7
Slide 12: 1Q25 Segment Performance Highlights
1Q25 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) 1Q24 1Q25 Y/Y Towers 16,409 16,398 (0.1%) Nigeria Tenants 26,129 25,709 (1.6%) Lease Amendments 34,375 34,852 +1.4% Revenue 228 271 +19.1% Segment Adjusted EBITDA 103 179 +74.1% Segment Adjusted EBITDA Margin % 45.2% 6
Slide 13: Towers and Tenants
TOWERS AND TENANTS Towers (in ‘000s) Towers Built 40.3 40.3 40.7 313 39.2 39.2 1.7 1.7 1.7 8.1 8.2 8.4 8.6 8.7 216 4 207 2 193 225 14.1 14.1 14.2 14.2 3 14.1 161 151 160 87 16.4 16.3 16.5 16.5 16.4 34 74 39 32 54 22 22 12 8 10 3 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Nigeria SSA Latam MEN
Slide 14: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile (2) as of Mar 31, 2025 $M 3.4x $M As of Dec 31, 2024 As of Mar 31, 2025 5.625% Senior Notes due 2026 200 200 • Continue to target consolidated net 8.000% Senior Notes due 2027 286 286 leverage ratio of 3-4x 697
Slide 15: 2025 Guidance
2025 GUIDANCE Reiterating 2025 Guidance Key Points Metrics Range Revenue Guidance • Implies organic growth of ~12% (at the mid-point) Revenue $1,680M - $1,710M • Includes impact from the ~1,050 sites not renewed as part of agreement with MTN Nigeria BTS Guidance Adjusted EBITDA(1) $960M - $980M • In
Slide 16: Appendix
APPENDIX tHS
Slide 17: 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 1Q25 1Q25 Côte d’Ivoire Cameroon Zambia (2) 62% 14% 11% Rwanda NGN EUR BRL 30% 12% 20% 38% (2) (3) 6% 4
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 1Q25 Our Strategy Four-pillar Sustainability Strategy • Ethics and governance • Environment and climate change Ethics and Environment and Education and Our people and • Education and economic growth governance climate change economic growt
Slide 19: 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 20: 1Q25 Revenue Overview
1Q25 REVENUE OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate 1Q25 Revenue by Key Customer 1Q25 Revenue by segment 64% MTN 15% Airtel 6% TIM 62% Nigeria 6% Orange 27% SSA 2% Vivo 2% Claro 11% Latam 1% Telkom 1% 9mobile 4% Other Customer Credit Rating (1) America
Slide 21: IHS Market Data
IHS MARKET DATA We are the leader in market share in 6 of the markets where we operate Country Towers (1) Towerco Market Position Towerco Market Share (2) Core Tenants (3) # out of # Major MNOs (4) Nigeria 16,398 1st 63% 3 out of 4 South Africa 5,693 1st 37% 2 out of 4 Côte d’Ivoire 2,679 1st 100% 3
Slide 22: 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 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Reconciliation from (loss)/income for the period to Adjusted EBITDA 3-month period ended LTM as of LTM as of LTM as of ($M) Mar 31, 2024 June 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Mar 31, 2024 Dec 31, 2024 Mar 31, 2025 (Loss)/income (1,557.3) (124.3) (205.7)
Slide 24: Adjusted Levered Free Cash Flow Reconciliation
ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION Reconciliation of Cash From Operations for the period Adjusted Levered Free Cash Flow 3-month period ended ($M) Mar 31, 2024 June 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Cash from operations 93.0 151.6 182.4 348.8 216.3 Net movement in working c
Slide 25: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of Consolidated net leverage ratio LTM period ended ($M) Mar 31, 2024 Dec 31, 2024 Mar 31, 2025 Borrowings 3,468.3 3,347.9 3,382.6 Lease Liabilities 581.7 552.6 574.8 Less: Cash and Cash equivalents (333.2) (578.0) (629.0) Consolidated ne
Slide 26: Currency Overview
CURRENCY OVERVIEW Average Period End Spot Currency FY23 1Q24 2Q24 3Q24 4Q24 1Q25 FY23 1Q24 2Q24 3Q24 4Q24 1Q25 Nigeria (Naira) - USD:NGN NAFEX 638 1,316 1,392 1,601 1,629 1,527 912 1,394 1,514 1,669 1,546 1,538 European Union (Euro) - USD:EUR 0.92 0.92 0.93 0.91 0.94 0.95 0.91 0.93 0.93 0.90 0.96 0.
Slide 27: Glossary of Terms
GLOSSARY OF TERMS Adjusted EBITDA (including by segment): (loss)/income for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net impairment/(reversal of impairment) of withholding tax receivables, impairment of goodwill, business combination t
Slide 28: Glossary of Terms
GLOSSARY OF TERMS MENA: Refers to our business segment that included our markets in the Middle East and North Africa region, which were Egypt and Kuwait. Organic Revenue: Organic revenue captures the performance of our existing business without the impact of new tower portfolios or businesses acquir
Slide 29: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com