Ihs Holding Limited · NYSE:IHS
Ihs — Q2 2025 Earnings Presentation
24 slides from Ihs's earnings presentation, Aug 12, 2025
Slide 1: IHS Towers 2Q25 Supplemental Information
IHS TOWERS 2Q25 SUPPLEMENTAL INFORMATION AUGUST 12, 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: Company and Securities Information
COMPANY AND SECURITIES INFORMATION Contacts Corporate Headquarters Investor Relations Transfer Agent Resources IHS Holding Limited Robert Berg Computershare Earnings Materials 1 Cathedral Piazza 1 Cathedral Piazza P.O. Box 43006 http://www.ihstowers.com/investors/earnings-materials 123 Victoria Stre
Slide 4: Common Stock Information
COMMON STOCK INFORMATION 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2022 FY2023 FY2024 Closing price at end of quarter/year ($) 8.76 9.78 5.55 4.60 3.53 3.20 2.99 2.92 5.22 5.56 6.15 4.60 2.92 Average daily trading volume at end of quarter/year 184,511 295,094 351,964 396,270 637,014 327,51
Slide 5: Financial Metrics
FINANCIAL METRICS 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 In $M REVENUE Segment Revenue Organic Growth Y/Y Nigeria 425.0 364.6 271.4 320.7 227.7 269.6 242.3 258.9 271.3 260.4 1,381.6 998.5 46.6% 36.7% 36.3% 65.5% 45.9% 105.1% 86.8% 61.5% 45.9% 10.4% 46.5% 73.2% SSA 122.2 123.
Slide 6: KPIs and Revenue Drivers
KPIs AND REVENUE DRIVERS 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 KPIs Towers Consolidated 39,104(1) 39,298 39,739 40,075 40,278 40,332 40,650 39,229 39,212 39,184 40,075(1) 39,229 Tenants Colo Rate(2) Nigeria 25,650 25,798 25,927 26,009 26,129 26,196 25,648 25,740 25,709 25,5
Slide 7: Debt and Liquidity
DEBT AND LIQUIDITY 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 DEBT ($M) 5.625% Senior Notes due 2026 500.0 500.0 500.0 500.0 500.0 500.0 500.0 200.0 200.0 200.0 500.0 200.0 8.000% Senior Notes due 2027 940.0 940.0 940.0 940.0 940.0 940.0 940.0 286.0 286.0 286.0 940.0 286.0 6.250
Slide 8: Consolidated Financials
CONSOLIDATED FINANCIALS fHS 3
Slide 9: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET 1Q23(1) 2Q23(2) 3Q23(2) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023(1) FY2024 $M Non-current assets Property, plant and equipment(3) 2,086.3 1,833.9 1,715.5 1,709.7 1,485.7 1,392.5 1,406.4 1,322.2 1,419.6 1,426.2 1,709.7 1,322.2 Right of use assets 966.2 902.6 883.2 886.9 82
Slide 10: Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1Q23(1) 2Q23(2) 3Q23(2) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023(1) FY2024 $M Revenue 602.5 546.2 467.0 509.8 417.7 435.4 420.3 437.8 439.6 433.3 2,125.5 1,711.2 Cost of sales (306.6) (297.1) (358.9) (220.7) (254.3) (206.7) (201.7) (227.8) (213.7) (211
Slide 11: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS 1Q23 2Q23(1) 3Q23(1) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 $M Cash flows from operating activities Cash from operations 251.7 259.2 229.9 162.0 93.0 151.6 182.5 348.8 216.3 254.8 902.9 775.9 Employee long term retirement benefits - - - - - - - - - - -
Slide 12: Financial Reconciliations
FINANCIAL RECONCILIATIONS 12
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM(11) as of 1Q23(1) 2Q23(2) 3Q23(2) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023(1) FY2024 June 30, 2024 Mar 31, 2025 June 30, 2025 $M ADJUSTED EBITDA (Loss)/income for the period 7.8 (1,270.3) (268.8) (456.8) (1,557.3) (124.3) (205.7) 243.1 30.7 32.3 (1,988.2) (1,644.2
Slide 14: Adjusted Levered Free Cash Flow Reconciliation
ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION (1) 1Q23 2Q23(1) 3Q23(1) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 FY2023 FY2024 $M Cash from operations 251.9 259.1 229.9 162.1 93.0 151.6 182.4 348.8 216.3 254.8 902.9 775.9 Adjustments: Net movement in working capital 86.3 26.3 8.3 104.0 96.6 95.2 58.9 (92.
Slide 15: Return on Invested Capital Reconciliation
RETURN ON INVESTED CAPITAL RECONCILIATION FY2023 FY2024 Reconciliation from (loss)/income for the period to Adjusted EBITDA and Return on Invested Capital $M (Loss)/income for the year (1,988.2) (1,644.2) Adjustments: Income tax expense 107.5 34.0 Finance costs (1) 2,436.6 2,123.1 Finance income (1)
Slide 16: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of Consolidated net leverage ratio LTM period ended ($M) June 30, 2024 Mar 31, 2025 June 30, 2025 Borrowings 3,579.7 3,382.6 3,239.6 Lease Liabilities 582.8 574.8 614.3 Less: Cash and Cash equivalents (445.7) (629.0) (533.1) Consolidated
Slide 17: Appendix
APPENDIX tHS =
Slide 18: Footnotes
FOOTNOTES Financial Metrics (p5) (1) 1Q23 and FY23 Revenue and Adjusted EBITDA include $48M of one-off revenue as adjusted for withholding tax from our smallest key customer in Nigeria for services previously provided but for which revenue had not been recognized (2) Adjusted EBITDA (including by se
Slide 19: Footnotes
FOOTNOTES Debt and Liquidity (p7) (1) Other indebtedness consists of other credit facilities, IFRS-16 lease liabilities, as well as unamortized issuance costs and accrued interest (2) Consolidated net leverage is a measure not presented in accordance with IFRS (3) Maturity profile as of March 31, 20
Slide 20: Footnotes
FOOTNOTES Adjusted EBITDA Reconciliation (p13) (1) Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of MTN SA Acquisition in May 2022 (2) Re-presented to reflect an adjustment related to the accounting treatment of foreign excha
Slide 21: Footnotes
FOOTNOTES Return on Invested Capital Reconciliation (p15) (1) Finance costs consist of interest expense and loan facility fees on borrowings, the unwinding of the discount on our decommissioning liability and lease liability, realized and unrealized net foreign exchange losses arising from financing
Slide 22: 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 23: Glossary of Terms
GLOSSARY OF TERMS MENA: Refers to our business segment that includes 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 24: IHS Towers Investor Relations
IHS Towers Investor Relations investorrelations@ihstowers.com