Ihs Holding Limited · NYSE:IHS
Ihs — Q2 2025 Earnings Presentation
29 slides from Ihs's earnings presentation, Aug 12, 2025
Slide 1: IHS Towers 2Q25 Earnings Results
IHS TOWERS 2Q25 EARNINGS RESULTS 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: 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: 2Q25 Key Highlights
2Q25 KEY HIGHLIGHTS Strong performances across key metrics of revenue, Adjusted EBITDA and ALFCF, full year 2025 outlook raised (2) (2) Revenue $433 million Adj. EBITDA $248 million ALFCF $54 million 2025 Guidance increased to $1,700-1,730 million 2025 Guidance increased to $985-1,005 million 2025 G
Slide 6: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 2Q25, we built +180 towers including +125 in Brazil 39,184 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 16,224 148,797 Cameroon 2,453 Africa Rwanda 1,467 110,310 Zambia 1,875 Côte d’Ivoire 2,678 44,065 Sout
Slide 7: Financial Review
FINANCIAL REVIEW fHS ;
Slide 8: Consolidated Results Snapshot
CONSOLIDATED RESULTS SNAPSHOT 2Q24 2Q25 Y/Y (1) Towers (#) 40,332 39,184 (2.8%) Tenants (#) 60,382 59,743 (1.1%) Colocation Rate 1.50x 1.52x +0.03x Lease Amendments (#) 38,692 40,078 +3.6% In US$M, unless stated Revenue 435 433 (0.5%) Adjusted EBITDA 251 248 (0.9%) Adjusted EBITDA Margin 57.6% 57.3%
Slide 9: 2Q25 Consolidated Revenue Walk
2Q25 CONSOLIDATED REVENUE WALK 2Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$43M or +9.9% +9.9% +$43M Organic Growth +$48M or +11.1% Organic Growth Total Growth ($2M) or (0.5%) +11.1% +$48M Total Growth 435 (11) 433 (0.5%) ($2M) Organic Growth by Segment +10.4% Nigeria +16.1% S
Slide 10: Consolidated Revenue and Adjusted EBITDA
CONSOLIDATED REVENUE AND ADJUSTED EBITDA Revenue $M 2Q25 Revenue 435 438 440 433 Growth Rate Y/Y 420 11 45 10 48 45 46 108 45 120 13 124 121 128 (0.5%) ($2M) 270 242 259 271 260 • 2Q25 revenue decreased (0.5%) 2Q24 3Q24 4Q24 1Q25 2Q25 Y/Y, of which organic +11.1%, Revenue Growth Y/Y (20.3%) (10.0%)
Slide 11: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 150 2Q25 (2) Adjusted Levered 107 Free Cash Flow 87 67 54 $54M • 2Q25 ALFCF decreased (19.2%) Y/Y 2Q24 3Q24 4Q24 1Q25 2Q25 • 2Q25 ALFCF reflects a re-phasing of interest payments between quarters ALFCF Cash Conversion Rate
Slide 12: 2Q25 Segment Performance Highlights
2Q25 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) 2Q24 2Q25 Y/Y Towers 16,345 16,224 (0.7%) Nigeria Tenants 26,196 25,508 (2.6%) Lease Amendments 34,707 35,130 +1.2% Revenue 270 260 (3.4%) Segment Adjusted EBITDA 171 171 (0.4%) Segment Adjusted EBITDA Margin % 63.6% 6
Slide 13: Towers and Tenants
TOWERS AND TENANTS Towers (in ‘000s) Towers Built 40.3 40.7 39.2 313 39.2 39.2 1.7 1.7 8.2 8.4 8.6 8.7 8.8 207 2 193 180 225 14.1 14.1 14.2 14.2 14.2 3 151 160 87 141 16.3 16.5 16.5 16.4 16.2 34 74 32 54 6 22 22 33 8 10 3 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Nigeria SSA Latam MENA Niger
Slide 14: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile (3) as of June 30, 2025 $M 3.4x $M As of Mar 31, 2025 As of June 30, 2025 5.625% Senior Notes due 2026 200 200 • Continue to target consolidated net leverage 8.000% Senior Notes due 2027 286 286 655 ratio of 3-4
Slide 15: 2025 Guidance
2025 GUIDANCE Raising 2025 Guidance Key Points Raised Guidance Metrics Previous Range New Range • Increased revenues driven by stronger operating $1,700M - $1,730M performance and positive FX movements Revenue $1,680M - $1,710M +$20M • Improved profitability and ALFCF cash conversion rate driven by
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 2Q25 2Q25 Côte d’Ivoire Cameroon Zambia (2) 60% 16% 10% Rwanda NGN EUR BRL 28% 13% 21% 38% (2) (3) 6% 4
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 2Q25 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: 2Q25 Revenue Overview
2Q25 REVENUE OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate 2Q25 Revenue by Key Customer 2Q25 Revenue by segment 64% MTN 15% Airtel 6% TIM 60% Nigeria 6% Orange 30% SSA 2% Vivo 2% Claro 10% Latam 1% Telkom 1% 9mobile 3% 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 Towers (1) Towerco Market Position Towerco Market Share (2) Core Tenants (3) # out of # Major MNOs (4) Nigeria 16,224 1st 63% 3 out of 4 South Africa 5,693 1st 37% 2 out of 4 Côte d’Ivoire 2,678 1st 100% 3 out of
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) June 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 June 30, 2024 Mar 31, 2025 June 30, 2025 (Loss)/income (124.3) (205.7) 243.1 3
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 ($M) June 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Cash from operations 151.6 182.4 348.8 216.3 254.8 Net movement in working
Slide 25: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of Consolidated net leverage ratio LTM period ended ($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 26: Currency Overview
CURRENCY OVERVIEW Average Period End Spot Currency FY24 2Q24 3Q24 4Q24 1Q25 2Q25 FY24 2Q24 3Q24 4Q24 1Q25 2Q25 Nigeria (Naira) - USD:NGN NAFEX 1,484 1,392 1,601 1,629 1,527 1,581 1,546 1,514 1,669 1,546 1,538 1,543 European Union (Euro) - USD:EUR 0.92 0.93 0.91 0.94 0.95 0.88 0.96 0.93 0.90 0.96 0.9
Slide 27: 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 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