Ihs Holding Limited · NYSE:IHS
Ihs — IHS Towers — Q3 2025 Earnings Presentation
29 slides from Ihs's earnings presentation, Nov 12, 2025
Slide 1: IHS Towers 3Q25 Earnings Results
IHS TOWERS 3Q25 EARNINGS RESULTS NOVEMBER 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: 3Q25 Key Highlights
3Q25 KEY HIGHLIGHTS Strong performances across key metrics of revenue, Adjusted EBITDA and ALFCF, full year 2025 outlook raised (2) (2) Revenue $455 million Adj. EBITDA $261 million ALFCF $158 million 2025 Guidance increased to $1,720-1,750 million 2025 Guidance increased to $995-1,015 million 2025
Slide 6: IHS Global Tower Portfolio
IHS GLOBAL TOWER PORTFOLIO In 3Q25, we built 138 towers including 65 in Brazil 39,025 5th Largest Towers on 2 Continents (1) Independent Multinational TowerCo Globally By Tower Count (1) Nigeria 15,942 148,371 Cameroon 2,470 Africa Rwanda(2) 1,467 111,064 Zambia 1,918 Côte d’Ivoire 2,676 44,581 Sout
Slide 7: Financial Review
FINANCIAL REVIEW fHS ;
Slide 8: Consolidated Results Snapshot
CONSOLIDATED RESULTS SNAPSHOT 3Q24 3Q25 Y/Y (1) Towers (#) 40,650 39,025 (4.0%) Tenants (#) 60,315 57,691 (4.4%) Colocation Rate 1.48x 1.48x 0.00x Lease Amendments (#) 39,389 42,221 7.2% In US$M, unless stated Revenue 420 455 8.3% Adjusted EBITDA 246 261 6.3% Adjusted EBITDA Margin 58.5% 57.5% (100
Slide 9: 3Q25 Consolidated Revenue Walk
3Q25 CONSOLIDATED REVENUE WALK 3Q25 Revenue Constant Currency Growth $M Constant Currency Growth +$37M or +8.7% +8.7% +$37M Organic Growth +$28M or +6.6% Organic Growth Total Growth $35M or +8.3% 7 3 2 9 2 20 455 +6.6% +$28M 14 2 (11) 420 (13) Total Growth +8.3% +$35M Organic Growth by Segment +5.0%
Slide 10: Consolidated Revenue and Adjusted EBITDA
CONSOLIDATED REVENUE AND ADJUSTED EBITDA Revenue $M 3Q25 Revenue 455 Growth Rate Y/Y 420 438 440 433 10 51 13 45 48 45 45 120 124 121 128 136 +8.3% +$35M 242 259 271 260 268 • 3Q25 revenue increased +8.3% 3Q24 4Q24 1Q25 2Q25 3Q25 Y/Y, of which organic +6.6% and Revenue Growth Y/Y (10.0%) (14.1%) +5.
Slide 11: Adjusted Levered Free Cash Flow and Capex
ADJUSTED LEVERED FREE CASH FLOW AND CAPEX Adjusted Levered Free Cash Flow $M 158 3Q25 150 (2) Adjusted Levered 107 Free Cash Flow 87 54 $158M • 3Q25 ALFCF increased +81.2% Y/Y • 3Q25 ALFCF reflecting actions taken 3Q24 4Q24 1Q25 2Q25 3Q25 to improve free cash flow generation ALFCF Cash Conversion Ra
Slide 12: 3Q25 Segment Performance Highlights
3Q25 SEGMENT PERFORMANCE HIGHLIGHTS Revenue and segment Adjusted EBITDA in $M (1) 3Q24 3Q25 Y/Y Towers 16,488 15,942 (3.3%) Nigeria Tenants 25,648 23,114(2) (9.9%) Lease Amendments 34,855 36,759 5.5% Revenue 242 268 10.6% Segment Adjusted EBITDA 159 170 6.7% Segment Adjusted EBITDA Margin % 65.6% 63
Slide 13: Towers and Tenants
TOWERS AND TENANTS Towers (in ‘000s) Towers Built 40.7 39.2 39.2 39.2 39.0 313 1.7 8.4 8.6 8.7 8.8 8.9 193 225 180 14.1 14.2 14.2 3 14.2 14.2 138 160 87 141 66 16.5 16.5 16.4 16.2 15.9 34 74 64 54 6 22 33 8 10 3 8 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Nigeria SSA Latam MENA Nigeria SSA L
Slide 14: Debt Profile
DEBT PROFILE Consolidated net leverage ratio Debt and Net Leverage Debt Maturity Profile(3) as of September 30, 2025 $M 3.3x $M unless otherwise noted As of June 30, 2025 As of Sep 30, 2025 5.625% Senior Notes due 2026 200 200 655 • Continue to target consolidated net 8.000% Senior Notes due 2027 28
Slide 15: 2025 Guidance
2025 GUIDANCE Raising 2025 Guidance Key Points Raised Guidance Metrics Previous Range New Range • Increased revenue, Adjusted EBITDA and ALFCF guidance $1,720M - $1,750M driven by a strong year-to-date performance and favorable Revenue $1,700M - $1,730M FX movements +$20M • Organic revenue Y/Y growt
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 3Q25 3Q25 Côte d’Ivoire Cameroon Zambia (2) 59% 16% 11% Rwanda NGN EUR BRL 28% 13% 19% 39% (2) (3) 6% 4
Slide 18: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY Sustainability Initiatives in 3Q25 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: 3Q25 Revenue Overview
3Q25 REVENUE OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate 3Q25 Revenue by Key Customer 3Q25 Revenue by segment 62% MTN 15% Airtel 7% TIM 59% Nigeria 7% Orange 30% SSA 2% Vivo 2% Claro 11% 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 (3) Core Tenants (4) # out of # Major MNOs (5) Nigeria 15,942 1st 63% 3 out of 4 South Africa 5,696 1st 37% 2 out of 4 Côte d’Ivoire 2,676 1st 100% 3 out of
Slide 22: IHS Markets Overview
IHS MARKETS OVERVIEW (1) 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% 21.0% 16.8% 691 13.7 647 260 9.7 235 5.3 4.5 2024 2029E 2024 2029E 2024 2029E 2024 2029E All IHS Markets Nigeria All IHS
Slide 23: 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) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Sep 30, 2024 June 30, 2025 Sep 30, 2025 Income/(loss) (205.7) 243.1 30.7 32.3 1
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 ($M) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 June 30, 2025 Sep 30, 2025 Cash from operations 182.4 348.8 216.3 254.8 259.6 Net movement in working
Slide 25: Consolidated Net Leverage Ratio Reconciliation
CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION Reconciliation of consolidated net leverage ratio LTM period ended ($M) Sep 30, 2024 June 30, 2025 Sep 30, 2025 Borrowings 3,531.8 3,239.6 3,270.7 Lease Liabilities 607.2 614.3 643.4 Less: Cash and Cash equivalents (397.5) (533.1) (651.5) Consolidated n
Slide 26: Currency Overview
CURRENCY OVERVIEW Average Period End Spot Currency FY24 3Q24 4Q24 1Q25 2Q25 3Q25 FY24 3Q24 4Q24 1Q25 2Q25 3Q25 Nigeria (Naira) - USD:NGN NAFEX 1,484 1,601 1,629 1,527 1,581 1,523 1,546 1,669 1,546 1,538 1,543 1,487 European Union (Euro) - USD:EUR 0.92 0.91 0.94 0.95 0.88 0.86 0.96 0.90 0.96 0.92 0.8
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