Helios Towers Plc · LSE:HTWS
Helios Towers — H1 2026 Earnings Presentation
45 slides from Helios Towers's earnings presentation, 2026
Slide 1: Connecting People, Powering Growth
CONNECTING PEOPLE, POWERING GROWTH
Slide 2: Disclaimer
H1 2026 OVERVIEW 2 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 H
Slide 3: H1 2026 Overview
a Helios Ad Towers H1 2026 OVERVIEW
Slide 4: Resilient and robust business model underpins structural growth
H1 2026 OVERVIEW 4 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) 471 519 421 370 241 283 178 205 227 105 146 54 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
Slide 5: Highlights – strong H1 performance and further upgraded outlook
H1 2026 OVERVIEW 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 further upgraded • +2,511 YTD tenancy • +14%
Slide 6: IMPACT 2030 – Disciplined and flexible capital allocation framework
H1 2026 OVERVIEW 6 IMPACT 2030 – Disciplined and flexible capital allocation framework – with >$1.3bn recurring free cash flow1 targeted FY 26–30 Our capital allocation priorities: IMPACT 2030 target2 Optimised organic Optimised organic Capital efficient investments 01 investments accretive to ROIC
Slide 7: FY 26 guidance uplift driven by robust tenancy pipeline
H1 2026 OVERVIEW 7 FY 26 guidance uplift driven by robust tenancy pipeline Tenancy additions Adj. EBITDA Recurring free cash flow (#) (US$m) (US$m) >$10m annualised Adj. EBITDA >$10m annualised RFCF c.250 sites & c.250 colocations from FY 27 from FY 27 3,500– 515– 520– 220– 215– 4,000 530 535 235 3,
Slide 8: Well-invested platform supports high incremental returns from capex
H1 2026 OVERVIEW 8 Well-invested platform supports high incremental returns from capex Disciplined capex deployment Capex overview (US$m) 265– 295 • H1 26 disc. capex of $102m, reflecting +2,511 tenancies 230– (including +524 sites) 260 35 • FY 26 guidance upgraded by $35m, reflecting an additional
Slide 9: Adj. EBITDA growth is highly correlated to tenancy additions and resilient to FX, CPI
H1 2026 OVERVIEW 9 Adj. EBITDA growth is highly correlated to tenancy additions and resilient to FX, CPI and power price movements Q2 26 YoY revenue walkthrough1, 2 Q2 26 YoY Adj. EBITDA walkthrough1 (US$m) (US$m) +11% +13% 3 3 14 0 0 1 14 2 237 130 215 114 +7% +1% +1% +1% +12% 0% 0% +1% Q2 25 Organ
Slide 10: Over the last ten years our Adj. EBITDA has been driven by tenancies
H1 2026 OVERVIEW 10 Over the last ten years our Adj. EBITDA has been driven by tenancies, with minimal impact from macro volatility Tenancy Tenancies Annualised Adj. FX / Oil EBITDA (US$m) additions Our Adj. EBITDA Our Adjusted is driven by EBITDA is driven R- Squared: R-Squared: tenancy 0.97 <0.05
Slide 11: FY 26 guidance – further upgraded
H1 2026 OVERVIEW 11 FY 26 guidance – further upgraded FY 25 FY 26 guidance FY 26 guidance YoY actual prior upgraded1 growth2 Tenancy additions +2,538 +3,000–3,500 +3,500–4,000 +10%–12% Adj. EBITDA $471m $515m–$530m $520m–$535m +10%–13% RFCF3 $208m $215m–$230m $220m–$235m +6%–11% Disc. capex4 $138m $
Slide 12: Investment Thesis
1x INVESTMENT THESIS 01 Multi-decade growth runway 02 World-class platform 2x 03 Robust business model 04 Disciplined & flexible capital allocation 3x
Slide 13: Multi-decade growth runway
1 MULTI-DECADE GROWTH RUNWAY
Slide 14: Our markets have seen accelerated data consumption growth over recent years
H1 2026 OVERVIEW 14 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 value (FY 25, US$bn) 24% 18% 1,494 >2x more mobile money transactions 10% 614 0.1% HT markets Ro
Slide 15: Increasing data consumption underpins MNOs network investment
H1 2026 OVERVIEW 15 Increasing data consumption underpins MNOs network investment Mobile subscriber growth1 ARPU increase ($)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 Over the next five Africa and the Middle-
Slide 16: Africa & Middle East have decades of outsized population and mobile growth ahead
H1 2026 OVERVIEW 16 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 +0.6bn by 2040 +0.8bn by 2040 +1.0bn by 2
Slide 17: Reduction in smartphone costs and the shift to newer technologies supports continued data growth
H1 2026 OVERVIEW 17 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% 21 57% 66% 108 24% 8 24% 2 31 30 14% 3% 13%
Slide 18: Data consumption is growing exponentially, with our markets growing at almost double the global rate
H1 2026 OVERVIEW 18 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 by 2040 +12x by 2040 1. FTI Consulting anal
Slide 19: Demographics and data consumption will drive mid-single-digit TAM growth
H1 2026 OVERVIEW 19 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 +12x4 Mobile more unique mobile increase i
Slide 20: Keys to wireless: there is a minimum beam width
H1 2026 OVERVIEW 20 Keys to wireless: 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 similar to terrestrial Distance Minimum LEO c
Slide 21: Applying these physics to London (case study)
H1 2026 OVERVIEW 21 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.7,000 users… population of c.13 million peopl
Slide 22: Complementary technologies will be used to meet data demand and provide global coverage
H1 2026 OVERVIEW 22 Complementary technologies 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 terrestrial spectrum and new generation te
Slide 23: World-class platform
a Helios Ad Towers WORLD-CLASS PLATFORM
Slide 24: World-class tower platform strategically focused on high-growth Africa & Middle East
H1 2026 OVERVIEW 24 World-class tower platform strategically focused on high-growth Africa & Middle East (millions) Today FY 30 Growth Population3 369 415 +12% 9 High-growth markets Unique 169 206 +22% Subscribers4 Position in seven of our #1 markets HT footprint 166 >190 +14% Senegal (population co
Slide 25: Business model provides highly attractive returns and strong earnings visibility
H1 2026 OVERVIEW 25 Business model provides highly attractive returns and strong earnings visibility Site ROIC1 Predictable revenue: Tenant 1 High revenue visibility supported by (Anchor) 12% 10-15 year contracts with CPI & power price escalators Tenant 2 25% (Colocation) High operating leverage: Co
Slide 26: IMPACT 2030 – Disciplined and flexible capital allocation framework
H1 2026 OVERVIEW 26 IMPACT 2030 – Disciplined and flexible capital allocation framework – with >$1.3bn recurring free cash flow1 targeted 2026–30 Our capital allocation priorities: IMPACT 2030 Target2 Optimised organic Optimised organic Capital efficient investments 01 investments accretive to ROIC
Slide 27: In the cash compounding sweet spot as we target continued growth
H1 2026 OVERVIEW 27 In the cash compounding sweet spot as we target continued growth & further expanding our returns above our cost of capital 2019-22 2022-25 2025-30 Strengthened Integrated acquisitions Cash compounding platform and drove ROIC1 > WACC sweet spot 12 x 8 x 5 2.2x by 26 IMPACT 2030 Si
Slide 28: Our fast-growing and well-diversified customer base
H1 2026 OVERVIEW 28 Our fast-growing and well-diversified customer base comprises leading global and regional mobile operators 3 4 5 Revenue Split / # HT 28% 23% 11% 6% 16% 5% 5% (5 markets) (5 markets) (3 markets) (1 market) (4 markets) (1 market) (3 markets) markets Credit Baa3/BBB- Baa2/BBB Baa1/
Slide 29: Robust business model
a Helios Ad Towers ROBUST BUSINESS MODEL
Slide 30: High quality contractual structure provides revenue visibility
H1 2026 OVERVIEW 30 High quality contractual structure with global and regional mobile operators provides revenue visibility High quality contracts Diversified customer base Utilising the US towerco contract structure Customer revenue mix2 (5 markets) Baa2/BBB-/BBB-3 Long term • 10 – 15 years initia
Slide 31: Structurally protected against movements in FX, power prices and inflation
H1 2026 OVERVIEW 31 Structurally protected against movements in FX, power prices and inflation1 MADA- SOUTH DRC OMAN SENEGAL CONGO B TANZANIA GHANA MALAWI GROUP GASCAR AFRICA 100% 100% 100% 100% c.40% <5% c.80% c.60% 0% 71% FX protected % hard currency Adj. EBITDA Dollarised Dollar Euro Euro High ha
Slide 32: Adj. EBITDA growth is highly correlated to tenancy additions and resilient to FX, CPI
H1 2026 OVERVIEW 32 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$m) +11% +13% 3 3 14 0 0 1 14 2 237 130 215 114 +7% +1% +1% +1% +12% 0% 0% +1% Q2 25 Orga
Slide 33: Over the last ten years our Adj. EBITDA has been driven by tenancies
H1 2026 OVERVIEW 33 Over the last ten years our Adj. EBITDA has been driven by tenancies, with minimal impact from macro volatility Tenancy Tenancies Annualised Adj. FX / Oil EBITDA (US$m) additions Our Adj. EBITDA Our Adjusted is driven by EBITDA is driven R- Squared: R-Squared: tenancy 0.97 <0.05
Slide 34: Disciplined & flexible capital allocation
4 DISCIPLINED & FLEXIBLE CAPITAL ALLOCATION
Slide 35: Our disciplined and flexible capital allocation framework
H1 2026 OVERVIEW 35 Our disciplined and flexible capital allocation framework 01 02 03 Optimised organic Attractive investor Opportunistic investments distributions M&A >$500m discretionary capex for >$250m buybacks targeted, Preference for in-market M&A, ROIC accretive opportunities - starting with
Slide 36: Well-invested platform supports high incremental returns from capex
H1 2026 OVERVIEW 36 Well-invested platform supports high incremental returns from capex Disciplined capex deployment Capex overview (US$m) 265– 295 • H1 26 disc. capex of $102m, reflecting +2,511 tenancies 230– (including +524 sites) 260 35 • FY 26 guidance upgraded by $35m, reflecting an additional
Slide 37: Well-invested platform supports high incremental returns from capex
H1 2026 OVERVIEW 37 Well-invested platform supports high incremental returns from capex Disciplined capex deployment Capex overview 203 Growth capex Organic Adj. EBITDA expansion Organic PFCF expansion Incremental ROIC 113 110 • Strategy over FY 23–FY 25 has 93 consistently delivered incremental 37%
Slide 38: >$500m invested in accretive organic opportunities and >$400m investor distributions
H1 2026 OVERVIEW 38 >$500m expected to be invested in accretive organic opportunities and >$400m targeted investor distributions up to 2030 Colocations, power investments & new sites Driving >9% Adj. EBITDA growth Introduction of a share buyback, >$500m targeting a minimum of $250m up to and includi
Slide 39: Balance sheet strengthened despite macro volatility
H1 2026 OVERVIEW 39 Balance sheet strengthened despite macro volatility Debt maturity profile extended Strong balance sheet1 (US$m) Group facilities: 6.7% Convertible Senior Oman Group cost of debt2 bond4 Notes facilities5 4yrs weighted average debt maturity 3.4x net leverage, down 0.4x YoY 850 3yr
Slide 40: Appendix
a Helios Ad Towers APPENDIX
Slide 41: Keys to wireless (1): spectrum is finite and constrained
H1 2026 OVERVIEW 41 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, with energy terrain, frequency & foliage) dis
Slide 42: Keys to wireless (2): spectrum and technology specifics for coverage & capacity
H1 2026 OVERVIEW 42 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 between satellites) for (700–900 MHz) (1–
Slide 43: Our markets are at the beginning of their technology evolution
H1 2026 OVERVIEW 43 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 47% 57% 13% More/new 0.1-1km technology (in
Slide 44: Achievable satellite adoption
H1 2026 OVERVIEW 44 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 2 so cannot be used direct to consumer but
Slide 45: We have a full array of tower, power and digital network solutions
H1 2026 OVERVIEW 45 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/deep In Building Outdoor Edge data towers