Ihs Holding Limited · NYSE:IHS
Ihs — IHS Towers — Q1 2026 Earnings Presentation
26 slides from Ihs's earnings presentation, May 12, 2026
Slide 1: IHS Towers 1Q26 Earnings Results
IHS TOWERS 1Q26 EARNINGS RESULTS MAY 12, 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: 1Q26 Key Highlights
1Q26 KEY HIGHLIGHTS Solid performance across key metrics of Revenue, Adjusted EBITDA and ALFCF Revenue (from continuing operations) (1) Adj. EBITDA $269 million (2) ALFCF $174 million (2) $415 million 1Q26 growth of 6.4% year-on-year 1Q26 growth of 15.8% year-on-year Excludes revenue from disc. ops.
Slide 5: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 1Q26, we built 101 towers including 69 in Brazil 37,641 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 15,848 148,950 Cameroon 2,426 Africa Zambia 2,023 112,513 Côte d’Ivoire 2,672 South Africa 5,696 46,358 G
Slide 6: Financial Review
FINANCIAL REVIEW tHS 6
Slide 7: Consolidated Results Snapshot
CONSOLIDATED RESULTS SNAPSHOT 1Q25 (1) 1Q26 (1) Y/Y (1) Towers (#) 39,212 37,641 (4.0%) Tenants (#) 59,606 54,854 (8.0%) Colocation Rate 1.52x 1.46x (0.06x) Lease Amendments (#) 39,705 45,298 14.1% In US$M, unless stated Revenue (2) 392 415 6.0% Latam Segment Revenue (disc.ops) (2) 48 52 9.0% Adjust
Slide 8: 1Q26 Revenue Walk
1Q26 REVENUE WALK (1) 1Q26 Revenue Constant Currency Growth $M Constant Currency Growth +$15M or +3.7% +3.7% +$15M Organic Growth ($7M) or (1.7%) Organic Growth Total Growth +$23M or +6.0% 8 1 (1.7%) ($7M) 7 45 10 2 (14) (11) 52 Total Growth 48 (10) (15) +6.0% +$23M Organic Growth by Segment 392 415
Slide 9: Consolidated Adjusted EBITDA
CONSOLIDATED ADJUSTED EBITDA Adjusted EBITDA $M 1Q26 Adjusted EBITDA 269 $269M 253 261 248 250 38 36 41 37 33 • 1Q26 Adjusted EBITDA 78 increased 6.4% Y/Y, driven by 72 73 80 74 higher segment Adjusted EBITDA across all our segments, partially offset by the disposal of the Rwanda business 179 171 17
Slide 10: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 1Q26 158 174 Adjusted Levered 150 (2) Free Cash Flow 86 $174M 54 • 1Q26 ALFCF increased 15.8% Y/Y, primarily driven by a reduction in net interest payments 1Q25 2Q25 3Q25 4Q25 1Q26 • 1Q26 Total Capex decreased 5.3% +59.3% +
Slide 11: 1Q26 Segment Performance Highlights
1Q26 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) 1Q25 1Q26 Y/Y Towers 16,398 15,848 (3.4%) Nigeria Tenants 25,709 23,218 (9.7%) Lease Amendments 34,852 39,092 12.2% Revenue 271 285 5.0% Segment Adjusted EBITDA 179 183 2.0% Segment Adjusted EBITDA Margin % 66.0% 64.1%
Slide 12: Towers and Tenants
TOWERS AND TENANTS Towers (in ‘000s) Towers Built 180 175 39.2 39.2 39.0 (1) 37.6 37.6 138 8.7 8.8 8.9 8.9 9.0 86 101 141 66 87 14.2 14.2 14.2 12.8 12.8 69 74 89 6 64 16.4 16.2 15.9 15.9 15.8 33 31 10 8 1 3 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 (1) (2) (1) (2) Nigeria SSA Latam Nigeria S
Slide 13: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile(5) as of March 31, 2026 $M 2.9x $M unless otherwise noted As of Dec 31, 2025 As of Mar 31, 2026 5.625% Senior Notes due 2026 200 200 655 • As of March 31, 2026, 8% of cash held 8.000% Senior Notes due 2027 286 2
Slide 14: Appendix
APPENDIX tHS “i
Slide 15: 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 1Q26 1Q26 61% 16% 7% 5% 11% 27% 13% 20% 29% 11% (3) (3) (4) NGN EUR ZAR ZMW BRL (Disc. Ops) USD EUR Power Local Currency Latam (Disc. Ops)
Slide 16: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 1Q26 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 17: 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 18: 1Q26 Revenue Overview
1Q26 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 1Q26 Revenue by segment 62% MTN 17% Airtel 61% Nigeria 6% Orange 28% SSA 1% Telkom 11% Latam 3% Other (Disc. Ops) 11% Latam (Disc. Ops) Cust
Slide 19: 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 15,848 1st 60% 2 out of 4 South Africa 5,696 1st 37% 2 out of 4 Côte d’Ivoire 2,672 1st 100% 3 out of
Slide 20: 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) Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Income/(loss) 30.7 32.3 147.4 (83.5) 77.
Slide 21: 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 ($M) Mar 31, 2025 June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Cash from operations 216.3 254.8 259.6 252.3 244.9 Net movement in working
Slide 22: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of consolidated net leverage ratio LTM period ended ($M) Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 Borrowings 3,382.6 3,137.7 3,136.1 Lease Liabilities 574.8 372.4 366.0 Borrowings and lease liabilities classified as held for sale - 370.5 39
Slide 23: Currency Overview
CURRENCY OVERVIEW Average Period End Spot Currency FY24 1Q25 2Q25 3Q25 4Q25 1Q26 FY24 1Q25 2Q25 3Q25 4Q25 1Q26 Nigeria (Naira) - USD:NGN NAFEX 1,484 1,527 1,581 1,523 1,453 1,385 1,546 1,538 1,543 1,487 1,448 1,384 European Union (Euro) - USD:EUR 0.92 0.95 0.88 0.86 0.86 0.85 0.96 0.92 0.85 0.85 0.8
Slide 24: 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 25: Glossary of Terms
GLOSSARY OF TERMS Latam: Refers to our business segment that includes our markets in Latin America, which currently are Brazil and Colombia, but historically included Peru prior to the completion of the sale in April 2024. On February 11 and 17, 2026, the Group announced agreements to sell its 51.0%
Slide 26: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com