Ihs Holding Limited · NYSE:IHS
Ihs — IHS Towers — FY2025 Earnings Presentation
30 slides from Ihs's earnings presentation, Mar 16, 2026
Slide 1: IHS Towers 4Q/FY25 Earnings Results
IHS TOWERS 4Q/FY25 EARNINGS RESULTS MARCH 16, 2026
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: Key Highlights
KEY HIGHLIGHTS tHS 3
Slide 4: 2025 Key Highlights
2025 KEY HIGHLIGHTS Strong performances across key metrics of Revenue, Adjusted EBITDA and ALFCF Revenue (from continuing operations) (1) Adj. EBITDA $1,012 million (2) ALFCF $448 million (2) $1,582 million FY25 growth of 9.0% year-on-year Strong focus on financial discipline Excludes revenue from d
Slide 5: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 4Q25, we built 175 towers including 86 in Brazil 37,590 5th Largest Towers on 2 Continents (1)(2) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 15,873 148,824 Cameroon 2,428 Africa Zambia 1,992 111,752 Côte d’Ivoire 2,673 South Africa 5,696 46,32
Slide 6: Financial Review
FINANCIAL REVIEW tHS 6
Slide 7: Consolidated Results Snapshot
CONSOLIDATED RESULTS SNAPSHOT FY24 FY25 (1) (2) Y/Y (1) (2) ` 4Q24 4Q25 (1) (2) Y/Y Towers (#) 39,229 37,590 (4.2%) 39,229 37,590 (4.2%) Tenants (#) 59,343 54,874 (7.5%) 59,343 54,874 (7.5%) Colocation Rate 1.51x 1.46x (0.05x) 1.51x 1.46x (0.05x) Lease Amendments (#) 39,671 43,999 10.9% 39,671 43,99
Slide 8: FY25 Revenue Walk
FY25 REVENUE WALK (1) FY25 Revenue Constant Currency Growth $M Constant Currency Growth +$105M or +6.9% +6.9% +$105M Organic Growth +$155M or +10.1% Organic Growth Total Growth +$55M or +3.6% 62 +10.1% +$155M 22 15 6 64 4 (13) (6) (57) Total Growth (43) 194 184 +3.6% +$55M Organic Growth by Segment
Slide 9: 4Q25 Revenue Walk
4Q25 REVENUE WALK (1) 4Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$9M or +2.3% +2.3% +$9M Organic Growth ($12M) or (2.9%) Organic Growth Total Growth +$5M or +1.2% 12 1 6 3 1 39 (2.9%) ($12M) (13) (12) 50 45 (9) Total Growth (23) +1.2% +$5M Organic Growth by Segment 393 398 (7
Slide 10: Consolidated Adjusted EBITDA
CONSOLIDATED ADJUSTED EBITDA 4Q25 1,012 Adjusted EBITDA 928 28 147 138 $250M Adjusted EBITDA 299 $M 308 • 4Q25 Adjusted EBITDA increased +1.4% Y/Y, driven by 246 253 261 250 higher segment Adjusted EBITDA 248 7 in Nigeria, partially offset by lower 36 33 41 37 37 segment Adjusted EBITDA in 72 SSA an
Slide 11: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 448 4Q25 158 Adjusted Levered 150 (2) Free Cash Flow 304 107 86 $86M 54 • 4Q25 ALFCF decreased (19.3%) Y/Y, primarily reflecting the re- phasing of interest payments between quarters following 4Q24 1Q25 2Q25 3Q25 4Q25 FY24
Slide 12: 4Q25 Segment Performance Highlights
4Q25 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) 4Q24 4Q25 Y/Y Towers 16,495 15,873 (3.8%) Nigeria Tenants 25,740 23,045 (10.5%) Lease Amendments 35,034 37,962 8.4% Revenue 259 269 4.0% Segment Adjusted EBITDA 155 170 9.5% Segment Adjusted EBITDA Margin % 59.8% 63.0%
Slide 13: Towers and Tenants
TOWERS AND TENANTS Towers (in ‘000s) Towers Built 580 BTS in 2025 313 39.2 39.2 39.2 39.0 (1) 37.6 8.6 8.7 8.8 8.9 8.9 225 180 175 14.2 14.2 14.2 14.2 12.8 138 86 87 141 66 34 16.5 16.4 16.2 15.9 15.9 74 64 89 54 6 33 10 3 8 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 (1) (2) Nigeria SSA Latam
Slide 14: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile(3) as of December 31, 2025 $M 3.1x $M unless otherwise noted As of Sept 30, 2025 As of Dec 31, 2025 5.625% Senior Notes due 2026 200 200 655 • As of December 31, 2025, 6% of cash 8.000% Senior Notes due 2027 286
Slide 15: Appendix
APPENDIX fHS %
Slide 16: FY25 Segment Performance Highlights
FY25 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) FY24 FY25 Y/Y Towers 16,495 15,873 (3.8%) Nigeria Tenants 25,740 23,045 (10.5%) Lease Amendments 35,034 37,962 8.4% Revenue 998 1,069 7.0% Segment Adjusted EBITDA 588 689 17.2% Segment Adjusted EBITDA Margin % 58.9% 64
Slide 17: FX and Power Exposure Overview
FX AND POWER EXPOSURE OVERVIEW Revenue and revenue within disc.ops (1) by Reporting Currency(2) Revenue and revenue within disc.ops (1) by Linked Contract Split 4Q25 FY25 4Q25 FY25 60% 17% 7% 4% 11% 60% 16% 6% 4% 3% 11% 27% 14% 20% 27% 11% 28% 13% 20% 28% 11% (3) (3) (3) (4) (3) (4) NGN EUR ZAR ZMW
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 4Q25 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) 2025 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: 4Q25 Revenue Overview
4Q25 REVENUE (1) OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate Revenue and revenue within disc.ops (1) by Key Customer 4Q25 Revenue by segment 63% MTN 15% Airtel 60% Nigeria 7% Orange 29% SSA 1% Telkom 11% Latam 3% Other (Disc. Ops) 11% Latam (Disc. Ops) Cust
Slide 21: IHS Market Data
IHS MARKET DATA We are the leader in market share in 5 of the markets where we operate Towers (1) Towerco Market Position Towerco Market Share (2) Core Tenants (3) # out of # Major MNOs (4) Nigeria 15,873 1st 63% 2 out of 4 South Africa 5,696 1st 37% 2 out of 4 Côte d’Ivoire 2,673 1st 100% 3 out of
Slide 22: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Reconciliation from Income/(loss) for the period to Adjusted EBITDA 3-month period ended LTM as of LTM as of LTM as of ($M) Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Income/(loss) 243.1 30.7 32.3 147.4 (83.
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Reconciliation from (loss)/income for the period to Adjusted EBITDA 2024 2025 ($M) Income/(loss) (1,644.2) 126.8 Adjustments Income tax expense/(benefit) 34.0 (7.3) Finance costs (1) 2,123.1 436.9 Finance income (1) (33.7) (227.5) Depreciation and amortization 362.7 37
Slide 24: Adjusted Levered Free Cash Flow Reconciliation
ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION Reconciliation of Cash From Operations for the period Adjusted Levered Free Cash Flow 3-month period ended ($M) Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Cash from operations 348.8 216.3 254.8 259.6 252.3 Net movement in working
Slide 25: 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 ($M) 2024 2025 Cash from operations 775.9 983.0 Net movement in working capital 158.7 (13.2) Income taxes paid (38.6) (44.7) Withholding tax (1) (85.1) (54.2) Lease an
Slide 26: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of consolidated net leverage ratio LTM period ended ($M) Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Borrowings 3,347.9 3,270.7 3,137.7 Lease Liabilities 552.6 624.7 372.4 Borrowings and lease liabilities classified as held for sale - 18.7 370
Slide 27: Currency Overview
CURRENCY OVERVIEW Average Period End Spot Currency FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Nigeria (Naira) - USD:NGN NAFEX 1,484 1,527 1,581 1,523 1,453 1,521 1,546 1,538 1,543 1,487 1,448 1,448 European Union (Euro) - USD:EUR 0.92 0.95 0.88 0.86 0.86 0.89 0.96 0.92 0.85 0.85 0.8
Slide 28: 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
Slide 29: 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 30: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com