2025 Annual Report and Financial Statements

‌Connecting people, powering growth

Helios Towers plc

Annual Report and Financial Statements 2025

About us

At a glance

Helios Towers is a leading independent mobile tower company connecting people and powering growth across Africa and the Middle East.

We own and operate nearly 15,000 towers across nine countries in Africa and the Middle East - the fastest growing region globally for mobile services and data consumption -providing mission critical infrastructure and world-class operations to leading mobile network operators (MNOs).

Our purpose

Connecting people, powering growth.

Our vision

To be the leading towerco across Africa and the Middle East.

Our mission

To deliver customer experience excellence through our digital business excellence platform and create sustainable value for our people, environment, customers, communities, and investors.

2025 highlights

Sites

14,746

2024: 14,325

Tenancy ratio

2.2x

2024: 2.1x

Revenue

US$854m

2024: US$792m

Adjusted EBITDA

US$471m

2024: US$421m

Operating profit

US$286m

2024: US$242m

Return on invested capital (ROIC)

13.5%

2024: 12.9%

Free cash flow (FCF)

US$66m

2024: US$19m

Net leverage

3.4x

2024: 4.0x

Δ Alternative Performance Measures (APMs) are defined on pages 57-59.

Strategic Report

1. IMPACT 2030

2. World-class platform

3. A multi-decade growth runway

4. The next five years: +28k forecast market tenancies

5. Robust business model

   Strategic Report Governance Report Financial Statements

6. Disciplined and flexible capital allocation

7. Our strategic framework

8. Chair's statement

10 Group CEO's statement

13 Our 2025 strategic KPIs

14 Sustainable Business Report

15 Material topics across the value chain

32 Market and operating review

38 Group CFO's statement

41 Non-financial and sustainability information statement

42 Risk management

43 Principal risks and uncertainties

49 TCFD disclosures

56 Viability statement

57 Alternative Performance Measures

60 Detailed financial review

Governance Report

1. Chair's introduction to the Governance Report

2. Compliance with 2024 UK Corporate Governance Code

3. Governance framework

4. Board of Directors

72 Group Executive Committee

73 Board diversity

75 Board roles and responsibilities

77 Board leadership and Company purpose

78 Board activities

81 Section 172(1) Statement and stakeholder engagement

88 Division of responsibilities

89 Composition, succession and evaluation: Nomination Committee Report

92 Sustainability Committee Report

93 Technology Committee Report

94 Audit Committee Report

101 Directors' Remuneration Report

Helios Towers plc Annual Report and Financial Statements 2025

107 Directors' Remuneration Policy

131 Other Statutory Information

134 Statement of Directors' responsibilities

Financial Statements

136 Independent auditor's report to the members of Helios Towers plc

145 Consolidated Income Statement

145 Consolidated Statement of Other Comprehensive Income

146 Consolidated Statement of Financial Position

147 Consolidated Statement of Changes in Equity

148 Consolidated Statement of Cash Flows

149 Notes to the Consolidated Financial Statements

180 Company Statement of Financial Position

180 Company Statement of Changes in Equity

181 Notes to the Company Financial Statements

185 List of subsidiaries

186 Officers, professional advisors and shareholder information

188 Glossary

Our business and strategy

IMPACT 2030: Combining leading growth, returns expansion and shareholder distributions

Strategic Report Governance Report Financial Statements

Through our world-class platform, which combines a lease-up ready tower portfolio, operational excellence and strong positioning within attractive markets, we target highly accretive growth, compounding cash flows and shareholder distributions - what we view as the 'sweet spot' for a mobile tower company.

World-class platform

Well-invested tower assets, best-in-class operational delivery and strong governance combine to create a

world-class, unique platform to deliver sustained growth and returns.

Leading independent mobile towerco

#1

in seven out of nine markets

Proven operational expertise

99.99%

power uptime; operational excellence embedded throughout the organisation

Fastest growing markets

Africa and the Middle East are characterised by decades-long structural trends, through population growth,

low mobile penetration today and exponential data consumption.

Market tenancies (2026-30)1

>28,000

driven by population growth, low mobile penetration and exponential data growth

Data growth2

4x

data growth forecast up to 2030

Robust business model

Highly visible base of earnings through long-term contracts with blue-chip MNOs, high hard-currency earnings and CPI and power escalators.

Contracted revenue3

>US$5.3bn

c.70% revenue from investment-grade customers

Hard-currency Adjusted EBITDA4

71%

principally driven by four out of nine markets being innately hard-currency

Disciplined and flexible capital allocation

Platform set-up to deliver high incremental ROIC and proven ability to allocate capital to the highest returning opportunities.

High ROIC opportunities5

12 | 25 | 34%

strong incremental returns from 1x, 2x and 3x tenants

Shareholder distributions6

Helios Towers plc Annual Report and Financial Statements 2025

>US$400m

shareholder distributions targeted up to 2030

Since 2015, and through global volatility, we have delivered 10 consecutive years of Adjusted EBITDA growth at a 24% CAGR.

1. FTI Consulting, PoS report March 2026.

2. Ericsson mobility report, Africa & Middle East region. Site-weighted consumption based on Helios Towers' mix of towers in SSA and MENA as of Q4 25. For the period 2024-30.

3. Credit rating relates our customer's group entity or majority shareholder rating as of 31st December 2025.

4. DRC is dollarised, Oman is US dollar-pegged, and Senegal and Congo B are euro-pegged.

5. Based upon our average targeted build-to-suit economics as of December 2025.

6. Targeting over US$250 million through share buyback and over US$150 million through dividends.

01

Our business and strategy continuedWorld-class platform

We are a leading independent mobile tower company operating across nine markets

Strategic Report Governance Report Financial Statements

in Africa and the Middle East. Our markets share similar attributes: decades-long growth, high lease-up potential and operational complexity. Through our well-invested platform and unique operational skill-set we are well-positioned to deliver value to all our stakeholders.

Group

Formed

2009

Sites

14,746

2

Tenancy ratio

2.2x 8

Population coverage1

158m

Markets in which Helios Towers is the sole and/ or leading independent mobile tower company

Hard-currency markets

East & West Africa

1

Tanzania

Est. operations: 2011

Sites: 4,255

Tenancy ratio: 2.6x

1. Population coverage: 46m

   2

   
   
   Senegal

   Est. operations: 2021

   Sites: 1,477

   Tenancy ratio: 1.2x

   Population coverage: 13m

   3

   
   
   Malawi

   6 Est. operations: 2022

2. Sites: 865

Tenancy ratio: 2.1x

1 Population coverage: 15m

3 Middle East &

North Africa

4

9 Oman

Est. operations: 2022

Sites: 2,648

Tenancy ratio: 1.7x

7 Population coverage: 4m

Central & Southern Africa

5

DRC

Est. operations: 2011

Sites: 2,781

Tenancy ratio: 2.7x

Population coverage: 35m

6

Congo Brazzaville

Est. operations: 2015

Sites: 553

Tenancy ratio: 1.7x

Population coverage: 4m

7

South Africa

Est. operations: 2019

Sites: 388

Tenancy ratio: 2.0x

Population coverage: 12m

8

Helios Towers plc Annual Report and Financial Statements 2025

Ghana

Est. operations: 2010

Sites: 1,100

Tenancy ratio: 2.4x

Population coverage: 19m

9

Madagascar

Est. operations: 2021

Sites: 679

Tenancy ratio: 1.3x

Population coverage: 10m

1 Population coverage represents the estimated number of people within the coverage footprint of Helios Towers sites. 02

Our business and strategy continuedA multi-decade growth runway

Africa and the Middle East is forecast to be the fastest growing region for mobile and data demand. This represents a multi-decade opportunity for mobile tower infrastructure, as MNOs require greater coverage, densification and capacity to meet the needs of increasingly digital societies.

Population growth1

2025-50

55%

Unique mobile subscriber growth2

2025-50

71%

Smartphone device growth3

Strategic Report Governance Report Financial Statements

2025-50

141%

+1.0bn by 2050

6%

A&ME RoW

+0.8bn by 2050

15%

A&ME RoW

+1.7bn by 2050

43%

Helios Towers plc Annual Report and Financial Statements 2025

A&ME RoW

Africa and the Middle East are projected to grow by more than one billion people between 2025 and 2050, creating long-term demand for greater coverage, densification and connectivity infrastructure.

Unique mobile subscribers are forecast to grow by 800 million by 2050, reflecting expanding network access, affordability improvements and the inclusion of fast-growing young populations.

Smartphone adoption is rising sharply, with 1.7 billion additional devices expected by 2050, driving higher data consumption as they become the primary device for communication.

Read more on the growth opportunities for Helios Towers at heliostowers.com/who-we-are/africa-and-the-middle-east

1 Cap IQ population forecast.

2 Global Telecoms report - BMI a fitch solutions company - September 2025 forecast through 2034, with forecast extended through to 2050 by FTI Consulting.

3 Smartphone devices growth between 2025 and 2050, FTI Consulting analysis. 03

Our business and strategy continued

The next five years: +28k forecast market tenancies

Strategic Report Governance Report Financial Statements

With some of the youngest populations in the world and low mobile and data penetration today, our nine markets represent some of the most compelling structural growth opportunities globally. Over the next five years, independent forecasts estimate over 28k market tenancies1 ; an organic growth opportunity similar to our business size today.

Data consumption2

Indexed, Exabyte/month

4.2

A&ME

Cost of 4G smartphone3

US$

273

Technology mix4

% connections

6%

24%

2G

3G

4G

5G

25%

4x

by 2030 1

1.9

RoW

US$30

smartphones targeted

by 2030

108

30

4G & 5G

cycles in the next five years

46%

30%

54%

29%

11%

52%

19%

Helios Towers plc Annual Report and Financial Statements 2025

4%

FY24 FY30

FY20 FY25

FY30

Ambition4

Data usage in Africa and the Middle East is set to quadruple by 2030, driving increased demand for towers and additional tenancies.

The cost of smartphones continues to decline rapidly. As devices become increasingly affordable, smartphone adoption is set to expand across

our markets.

Today, 4G is the leading technology across our markets, followed by 3G. Over the next five years 4G is expected to see continued investment, while 5G adoption accelerates and begins to scale, resulting in further densification requirements.

1 FTI Consulting, PoS report March 2026.

2 Ericsson mobility report, Africa and the Middle East region.Site-weighted consumption based on Helios Towers' mix of towers in SSA and MENA as of Q3 2025.

3 Average Global sales price per IDC quarterly mobile tracker and FTI Consulting analysis. Additional number of people in Sub-Saharan Africa per the GSMA report, October 2025. Reflects GSMA and big six MNOs ambition to reduce smartphone cost as per GSMA report, published October 2025.

4 Technology mix in Africa and the Middle East based on GSMA database, accessed October 2025. 04

Our business and strategy continued

Robust business model

We build, acquire, lease up and operate mobile towers that can accommodate and power the needs of multiple tenants.

Our tenants are blue-chip MNOs, and we serve them across nine markets in Africa and the Middle East. We offer a high-quality and comprehensive passive infrastructure solution that includes site selection and preparation, maintenance, security,

power management and hosting of active equipment such as antennae.

Our focus on building and acquiring sites with lease-up potential, and providing best-in-class customer service, supports the sustainable expansion of mobile connectivity.

MNOs can roll out and densify mobile coverage faster, more reliably, more cost-effectively and with a lower environmental impact.

We are proud of our role in advancing access to mobile communications in our markets, which in turn contributes to social and economic development.

We have a robust and resilient business model, set up to sustainably deliver digital infrastructure across our markets for decades ahead. Through a combination of high hard-currency earnings, contractual inflation protections, operating to world-class standards and working with top-tier mobile operators, we have a highly visible base of earnings, which is compounded through further expansion across our markets.

2

Colocation lease-up

1

Build and acquire towers

Strategic Report Governance Report Financial Statements

Our primary focus is to add tenants to our towers (lease-up), sharing space and power equipment, which allows our

customers to roll out quickly and cost-effectively. The majority of tower operating costs are fixed, therefore lease-up delivers strong earnings growth.

Colocation Adjusted EBITDA margins are approximately 80%, which combined with low incremental capex requirements, supports site ROIC of 25% and 34% for 2x and 3x

3

Operational improvements

tenants respectively1.

1 Site ROIC is for illustrative purposes only, and based on Group average build-to-suit tower economics as of December 2025.

We have a strong foundation of US$5.3 billion contracted revenues with an average remaining life of 6.6 years.

Helios Towers plc Annual Report and Financial Statements 2025

05

Our business and strategy continued

Disciplined and flexible capital allocation

Since our initial public offering, we have successfully completed two strategies, both ahead of plan and building the platform for the highly accretive growth targeted ahead.

Our first strategy post-IPO was one of expansion. We entered four new markets, doubled the size of our platform and built a high-quality, lease-up-ready portfolio across the region.

Our next strategy focused on integration and lease-up. This phase was transformative as we embedded Business Excellence within our new markets and elevated operations across the Group, leading to accelerated tenancy growth and consistently exceeding market expectations.

As a result, we achieved our 2.2x tenancy ratio target a full year earlier than planned, supporting free cash flow inflection.

Building on this momentum, in November 2025 we announced our next five-year strategic plan: IMPACT 2030.

Through IMPACT 2030, we target generating

>US$1.3 billion of recurring free cash flow, which we will deploy through our disciplined and flexible capital allocation framework.

The first pillar of our framework is optimised organic investments. We target

>US$500 million discretionary capex up to and including 2030 on highly accretive sites, colocations and operational investments.

The second pillar of our framework is shareholder distributions, with

>US$400 million targeted up to and including 2030.

The remaining capacity will be allocated to the highest returning opportunities available to us.

12 x 8 x 5

2019-22

Strengthened platform

Tenancy ratio

1.8x

ROIC

10%

FCF

(721)

2022

Key

Not to scale

2.2x by 2026

2022-25

Integrated acquisitions and drove ROIC > WACC

2.1x 2.2x

1.9x

12% 13% 14%

(81)

2023 2024 2025

IMPACT 2030

2025-30

Cash compounding 'sweet spot'

>US$400m

shareholder distributions targeted up to 2030

>2.5x

Strategic Report Governance Report Financial Statements

15-20%

Helios Towers plc Annual Report and Financial Statements 2025

2030

06

Our business and strategy continued

Our strategic framework

Underpinning our strategy are our three key pillars: Customer Experience Excellence, People and Business Excellence and Sustainable Value Creation. Through delivering world-class service in complex markets, enabled by our talented local teams and well-invested platform, we can create value for all our stakeholders.

Our purpose

Connecting people, powering growth

Our vision

To be the leading towerco

across Africa and the Middle East

Our mission

Deliver customer experience excellence through our digital business excellence platform and create sustainable value for our

3

,

I

LSS

Our strategy

n g

T

g g p r

2

e o o w p

0

l t e h

M

C p

P

o o n w

A

n e e c r

C

i t n i Customer Experience Excellence

0

LSS

Our targets

Tenancies

(2030)

>42,000

Downtime per tower per week (2030)

<10s

ROIC

Tenancy ratio

Strategic Report Governance Report Financial Statements

(2030)

>2.5x

Adjusted EBITDA CAGR

(2025-30)

>9%

Cumulative RFCF1

people, environment, customers, communities and investors

Our values

Integrity

People and

Partnership

2.5x by 2030

Sustainable

(2030)

15-20%

Discretionary

(2026-30)

US$1.3bn

Share buyback

Integrity Striving to do the right thing

Partnership

Based on mutual respect and benefit

Excellence

Business Excellence

Excellence

Value Creation

capex

(2026-30)

>US$500m

Dividend

(2026-30)

>US$150m

(up to 2030)

t u b e n e n O o

Helios Towers plc Annual Report and Financial Statements 2025

s , s m e a n i e s

>US$250m

Our goal is to be the best we can be

Read more on our strategic highlights on pages 1-6

1 Recurring free cash flow reflects the cash generated for management to deploy on discretionary capex, investor distributions or M&A. Please see Alternative Performance

Measures on page 57-59. 07

Chair's statement

Connecting communities and businesses through operational excellence

Africa and the Middle East have the lowest mobile penetration and highest population growth globally, which is accelerating the need for more resilient and reliable digital infrastructure.

Through the dedication of our talented local teams and the strength

Strategic Report Governance Report Financial Statements

of our leadership, we continued to meet this strong demand for mobile infrastructure across our markets. In fact, we achieved our five-year tenancy ratio target one year early. Our strong delivery means that over 158 million people now receive reliable mobile network coverage and that all of our stakeholders are experiencing the value we are creating through our infrastructure sharing model."

Sir Samuel Jonah KBE, OSG

Chair

From foundation to IMPACT 2030

In my native country of Ghana, we celebrated an important milestone for our company - 15 years since we became the first independent mobile tower company to operate on the continent.

It was a moment of reflection and pride. Through our infrastructure-sharing model, we supported mobile penetration in Ghana to increase from 35% in 2010 to 59% today.

By enabling faster rollout, lower costs and more reliable power performance, we support mobile operators - and in turn, communities and businesses benefit from the transformative power of connectivity.

Our ability to deliver this impact rests on our people, who continue to demonstrate exceptional drive and commitment to our mission. Through their collective efforts, combined with our uniquely positioned tower platform, we delivered our 2.2x by 2026 strategy one year ahead of plan.

This was our second strategic cycle delivered ahead of expectations, despite the global volatility we have all experienced over the past six years.

As Chair over that period, I have seen our platform go from strength to strength; through doubling in size, increased

resilience and elevated operational capability. It is now primed for the next stage of value creation through IMPACT 2030. This is the

moment we have been working towards: The convergence of industry-leading growth, expanding ROIC, and increasing shareholder distributions.

I am truly excited for this next stage of growth and I know our colleagues, who are also shareholders, are too, with more than half of them joining us for our Capital Markets Day.

Tackling the digital divide

There has never been a more exciting time for mobile development across our markets. While mobile penetration is only 50%

Helios Towers plc Annual Report and Financial Statements 2025

today, similar to the US in the mid-2000s, forecasts point to accelerating penetration over the coming years. Combined with huge population growth, ever cheaper smartphones and forecast 5G adoption we anticipate strong mobile infrastructure demand to continue for decades.

As we expand our tower footprint, we see firsthand how reliable internet access transforms communities across Africa.

Connectivity opens the door to essential services - linking students to digital learning, supporting small businesses as they reach new customers, enabling mobile banking in remote areas and improving access to healthcare.

Every new site we roll out brings greater opportunity, inclusion and resilience, ensuring more people can participate fully in the digital

economy and shape their own futures. 08

Chair's statement continued

Population coverage

158m

2024: 151m

Local colleagues

94%

2024: 95%

Reduction in carbon emissions per tenant1

(10%)

2024: (6%)

1 Refers to the year-on-year reduction in Scope 1 and 2 carbon emissions per tenant (tCO₂e) compared to our baseline year.

Climate action

Across our markets, grid availability averages just 18 hours per day, which makes alternative technologies such as solar, batteries and, where necessary, generators essential to delivering reliable mobile connectivity.

By carefully managing our power solutions and maintaining a strong focus on operational excellence, we delivered record 99.99% power uptime despite the inherent challenges across our markets. This helped ensure people and communities could rely on their mobile connections every day.

At the same time, reducing our reliance on diesel generators remains a major priority. We are shifting towards cleaner energy solutions, strengthening grid connections in partnership with local utility companies and deploying alternative technologies wherever possible. This provides both an environmental and financial benefit to the business.

To accelerate this transition, in 2025 we invested US$11 million in initiatives including grid integration, solar power, advanced battery solutions and remote monitoring systems

to minimise our environmental footprint. Since 2022, we have invested US$44 million through Project 100 and remain on track to invest a total of US$100 million by the end of this decade. As a result, by the end of 2025 we had reduced our scope 1 and 2 carbon emissions per tenant by 10%, as compared to our baseline year. While our fuel reduction investments had been largely offset by accelerated rural rollout, notably in fuel intensive DRC, our tenancy ratio expansion

combined with continued power investments supported a material reduction in 2025.

Local, diverse, talented teams

Our ability to deliver world-class performance in complex environments is powered by the talent, resilience and

commitment of our teams. We have always believed that the best organisations are built locally and grown from within. At the end of 2025, 94% of our colleagues were local, who understand our markets, our customers and our communities better than anyone else.

We are also proud that 79% of our leadership team have been promoted from within -which not only correlates highly with strong performance, it also provides inspiration

for the next generation of talent growing in our markets.

Alongside hiring locally and promoting from within, a key facet of our people strategy is talent development.

This year we continued to expand Lean Six Sigma across the organisation, equipping teams with the tools and confidence

to problem-solve, innovate and deliver consistently high performance. Our digital capability also continued to grow, with more than 20% of our colleagues taking part in coding camps and data-driven programmes.

We remain committed to building a more diverse business. While our industry is traditionally male-dominated, particularly in the markets where we operate, we continue to make progress towards our target of 30% female representation by 2026, reaching 29% in 2025. This is supported by leadership development, structured mentoring and partnerships that are shaping our next generation of leaders.

Our local, talented and diverse teams are united behind a clear strategy and purpose. This is further driven by our HT SharingPlan, which makes every employee a shareholder and allows our success to be truly shared.

We are one team, one business, and our people remain the engine behind our success.

Responsible governance

Strong governance is the foundation of our business and our Board brings together a rich expertise of telecommunications, power, finance and emerging markets. This year I have particularly enjoyed supporting our leadership and talented local teams to develop our IMPACT 2030 strategy.

The Board is confident that our strategy and actions meet the requirements of Section

172(1). Further detail can be found throughout this report, particularly on pages 81-83.

We recognise the importance of a diverse board. We continue to exceed the FCA Listing Rules and Parker Review targets on ethnic diversity, remaining compliant with the FTSE Women Leaders Review recommendation and the FCA requirement for 40% female Board representation and at least one woman in a senior role.

Strategic Report Governance Report Financial Statements

Alongside the governance provided by the Board, our systems and processes have also been developed through our continued partnership with top tier DFI investors such

as British International Investment, DEG, EAIF and the IFC.

Outlook

Looking ahead, I am thoroughly excited about the future of our business. As Africa and the Middle East lead global population growth throughout this century, and as the demand for digital infrastructure intensifies, Helios Towers is well positioned to support this transformation and to help unlock the region's next chapter of development.

Our new strategic plan, IMPACT 2030, reflects a combination of industry-leading growth, ROIC expansion, and shareholder distributions. We are genuinely excited about what we can achieve over the next five years and the impact this will have on the markets and communities we serve.

Helios Towers plc Annual Report and Financial Statements 2025

On behalf of the Board, I extend my sincere thanks to all our stakeholders for their ongoing trust, support and partnership as we begin this exciting new chapter.

Sir Samuel Jonah KBE, OSG

Chair

09

Group CEO's statement

IMPACT 2030:

Industry-leading growth, high incremental returns

and shareholder distributions

Strategic Report Governance Report Financial Statements

In 2025 we once again exceeded market expectations, powered by our world-class platform. We achieved our 2.2x tenancy ratio target over one year ahead of plan, while continuing to elevate the customer experience through business excellence. As we look to the year ahead, we enter a new strategic cycle with a well-invested platform, proven operational capabilities and structural growth tailwinds that support sustained value through 2030 and beyond."

Tom Greenwood

Group CEO

IMPACT 2030

2025 was not only our 10th consecutive year of unbroken Adj. EBITDA growth, rising from US$54m in 2015 to US$471m, it was also a pivotal year for the business in several other important ways. As I enter

my 17th year with the Company, I have never been more excited about the opportunities ahead for Helios Towers.

Firstly, 2025 marked the launch of our new five-year strategy - IMPACT 2030 - under which Helios Towers will continue to deliver a global-quality customer experience, invest in high-return growth opportunities, and initiate a new phase of shareholder returns for the first time through our inaugural share buyback and dividend programs.

Secondly, we achieved '2.2x by 2026' - our previous strategy's headline objective of reaching an average of 2.2 tenants per site - more than one year ahead of schedule.

This was a significant achievement for our exceptional teams and demonstrates that our relentless focus on customer experience excellence is building the trust and confidence that enables accelerated rollout, reinforcing Helios Towers as the tower partner of choice in our markets.

Thirdly, our portfolio now provides the daily connectivity needs of 158 million people, 24/7, through nearly 15,000 sites across nine markets. This represents both a significant responsibility and a powerful opportunity.

As we expand our portfolio organically through IMPACT 2030, we targeting covering close to 200 million through our tower footprint.

Most encouraging of all, our growth runway extends well beyond this five-year plan.

The structural drivers across our region -population growth, rising mobile penetration and increasing data consumption - remain firmly in place and these megatrends are set to continue for decades.

Customer Experience Excellence

Helios Towers plc Annual Report and Financial Statements 2025

The CEO of a major customer recently told me: "Your uptime and rollout speed are market leading. Now we want a closer

partnership." That was a valuable challenge, and I understood what they meant. We have been successful executing tangible elements of delivery, but how do we enhance our partnership to enhance their experience with us as we collectively drive mobile growth across our markets?

10

Group CEO's statement continued

This prompted a small but important refinement to our first strategic pillar. Under '2.2x by 2026' it was Customer

Service Excellence; under IMPACT 2030 it is Customer Experience Excellence. While this continues to prioritise critical service metrics - power uptime and rollout speed - it also broadens our focus to the full end-to-

end customer journey when working with Helios Towers.

This refinement means we now consistently ask ourselves:

• How can we make doing business with Helios Towers the easiest in the market?

• What currently frustrates customers, and how can we address it?

• How can we make partnering with Helios Towers a competitive advantage for them?

• What proactive steps can we take to anticipate opportunities and resolve issues early?

This focus is measurable and already delivering tangible impact. In 2025, we added a record 2,538 new tenancies through closer collaboration with our customers.

Power downtime per tower per week reached a record low of just 1 minute and 10 seconds, improving consistently from over four minutes in 2022. We achieved

record rollout speeds, delivering colocations in two days and build-to-suit sites in 102 days. Through our proprietary Geographic Information System (GIS), network development insight continues to strengthen, and we are now adding a second tenant

to build-to-suit sites after an average of

2.5 years, compared to five years in 2020.

These operational improvements are directly translating into financial momentum, with double-digit Adj. EBITDA and free cash

flow growth now underpinning the dividend and buyback program announced under IMPACT 2030.

As we move through the next cycle, one thing is certain: we will continue to focus relentlessly on customer experience excellence and pursue continuous improvement every day, at every site,

in every market.

People and digital excellence

Helios Towers is an asset-rich business, but its greatest asset is its people. In an increasingly digital age, that statement is even more relevant.

Our ethos is clear: we invest in our people by providing the training, development, tools and opportunities they need to excel and progress. Delivering world-class customer experience depends on world-

class people working together in world-class teams. We therefore set high performance expectations, supported by a culture of learning, curiosity, innovation and agility.

With the right support framework, we actively encourage transparency and learning from mistakes - because that is the fastest route to improvement.

To enable our people to focus on

value-enhancing work and maximise the fulfilment of working at Helios Towers, we have embedded 'Digital by Design' within IMPACT 2030. This is a transformative initiative to integrate AI and digital solutions across approximately 60 identified areas

- from site operations to back-office processes and everything in between.

Our 15 year anniversary celebrations in Ghana

Each opportunity has been assessed against three criteria: financial improvement, customer experience enhancement, and

health & safety advancement. Together, these initiatives will deliver sustained marginal gains, strengthening agility, efficiency and performance throughout this strategic phase.

Our investment in people and digital capability is already delivering tangible results. Today, 94% of our local workforce is local to the markets in which we operate. Lean Six Sigma certification - our foundational business excellence program - now covers 63% of our global workforce, up from 58% a year ago. More than 20% of colleagues participated in coding camps and hackathons in 2025, each developing AI-enabled applications to solve everyday

business inefficiencies. In parallel, our teams completed 71 business excellence projects during the year, generating US$11 million

in savings.

Strategic Report Governance Report Financial Statements

Power uptime

99.99%

2024: 99.99%

Colleagues trained in Lean Six Sigma

63%

2024: 58%

Helios Towers plc Annual Report and Financial Statements 2025

Tenancy ratio

2.2x

2024: 2.1x

Recurring free cash flow

US$208m

2024: US$148m

11

Strategic Report Governance Report Financial Statements

Group CEO's statement continued

And we are not stopping there. As we progress through IMPACT 2030, we will extend capability-building to our

maintenance, build and security partners through our Partner Engagement Programme, including Lean Six Sigma training, governance of business excellence projects and digital collaboration. Through this, we are targeting further improvements in site performance, efficiency and productivity.

Disciplined capital allocation

The business has reached what we call the cash compounding 'sweet spot'. We have achieved sufficient scale to fund all high-return organic growth opportunities while also generating surplus cash flow for sustainable shareholder returns.

This milestone reflects the successful execution of '2.2x by 2026': integrating acquired portfolios that doubled our platform, increasing tenancy ratio from 1.8x to 2.2x, and inflecting free cash flow from consumptive to generative - all of which laid the foundation for IMPACT 2030.

In November 2025, at the launch of IMPACT 2030, we announced our inaugural

shareholder return program as part of a clear capital allocation framework.

Over 2026-30, we are targeting over

>US$1.3 billion of recurring free cash flow. We will deploy over US$0.5 billion into high-returning organic growth to drive at least 9% average annual Adj. EBITDA growth, return over US$0.4 billion to shareholders, and retain the remaining US$0.4 billion of

capital flexibility for the most value-accretive opportunities across the cycle.

Supported by strong structural growth -population, mobile penetration and data consumption - demand for our infrastructure is set to continue for decades, providing long-term compounding cash flows

for investors.

Our 2025 performance sets a strong foundation for the next cycle: revenue increased 8%, Adj. EBITDA rose 12%, recurring free cash flow grew 40%, and free cash flow more than tripled to US$66 million in 2025. Operating profit increased 18% whilst cash from operations rose 21%.

ROIC improved from 13% in 2024 to 14% in

2025, up from 10% in 2022, further widening the spread over our cost of capital and strengthening long-term value creation.

We are targeting a 15-20% ROIC range by 2030.

Outlook

I look to 2026 and the full five-year cycle of IMPACT 2030 with great confidence

and excitement. We enter this new strategic phase with strong operational momentum and financial performance. Our capital allocation framework clearly sets out how we will continue investing in high-returning organic growth while returning at least US$400 million to shareholders. At the same time, our people continue to innovate and strive for excellence across every market and every site.

I remain deeply grateful for the commitment and expertise of our colleagues. With the continued support of our customers, partners and investors, Helios Towers is uniquely positioned to connect people, drive growth and deliver compounding value - today and for decades to come.

Tom Greenwood Group CEO Helios Towers

Helios Towers plc Annual Report and Financial Statements 2025

ELT strategy session, May 2025

12

KPIs

Our 2025 strategic KPIs

Our KPIs guide how we deliver value for our stakeholders. In 2025, we were proud to achieve many of our strategic targets one year ahead of plan. Accordingly, we launched our IMPACT 2030 strategy with further details on pages 1-7.

Impact KPIs1

Digital inclusion

Sites #

2025 14,746

14,746

Tenancies #

31,944

Tenancy ratio x

Strategic Report Governance Report Financial Statements

2.2x

2023 1.9x

2024 2.1x

2025 2.2x

2023 26,925

2024 29,406

2025 31,944

2024 14,325

2023 14,097

No target

No target

Achieved

Key

2024

1:16

2024

6,008

2024

151

No target In progress Achieved

Financial performance

2023 2:10

In progress

2023 5,817

Achieved

2023 144

In progress

Local, diverse, talented teams

Revenue

US$m

854m

No target

Adjusted EBITDAΔ

US$m

471m

No target

Adjusted EBITDA marginΔ %

55.2%

Achieved

Climate action

Responsible governance

Operating profit

US$m

286m

Recurring free cash flowΔ

US$m

208m

Return on invested capitalΔ %

Helios Towers plc Annual Report and Financial Statements 2025

13.5%

No target

2023 93

No target

2023 12.0

No target

2023 13.45

In progress

2023 100

Achieved

Δ Alternative Performance Measures are defined on pages 57-59.

1. Please see the Glossary for definitions of our non-financial KPIs.

2. Please see further information on our carbon footprint on page 24.

13

Sustainable Business Report

Our Sustainable Business Strategy

Our Sustainable Business Strategy is designed to create value for our people, environment, customers, communities and investors. We report progress on our strategy through four key areas.

Our strategic approach

Strategic Report Governance Report Financial Statements

As we transition to our IMPACT 2030 strategy, we remain committed to driving the growth of mobile communications across Africa and the Middle East while keeping sustainability at the core of everything we do. Our Sustainable Business Strategy is instrumental in driving our mission to deliver customer experience excellence through

our business excellence platform, creating sustainable value for all stakeholders.

Underpinned by responsible governance, the impact we create through driving digital

Digital

inclusion

p16 Climate

action

p19

inclusion, reducing our environmental impact and building local, diverse, talented teams enables the business to deliver financial and social value creation over the long term.

Read more about our governance of sustainable business on page 3 of our Sustainable Business Addendum

p25

Responsible governance

Our double materiality assessment

p28

In 2024, we revised our double materiality assessment (DMA) to identify how our activities impact the wider environment and society, while assessing how sustainability issues can trigger financial effects on our business. Our DMA process included a context analysis, interviews and workshops with internal and external stakeholders, and a deep-dive review with senior management to validate results. This assessment was overseen and approved by the Sustainability Committee. Conducting a DMA has provided

Helios Towers plc Annual Report and Financial Statements 2025

us with further insights into the sustainability-related impacts, risks and opportunities within our value chain, in turn fostering enhanced transparency, accountability

and long-term value creation.

Read more about the results of our DMA in our

Sustainable Business Addendum 14

Sustainable Business Report continued

Material topics across the value chain

As part of our double materiality assessment, we evaluated material topics across our value chain, identifying where they are most prevalent, with the icons below indicating their relevance at each stage.

1

Build and acquire towers

Corresponding material topics

We directly and indirectly support the employment and training of a local workforce who build, maintain and secure our sites.

In the design of new builds, we are reducing the use of steel and concrete, thereby lowering associated Scope 3 emissions. Health and safety is critical at this stage, and we invest in partner training and rigorous site safety checks.

Material topics1:

Strategic Report Governance Report Financial Statements

Digital inclusion Health and safety Energy

Climate change mitigation

2

Colocation lease-up

Corresponding material topics

Our infrastructure-sharing model involves leasing space to multiple MNOs. Through colocation, operational energy use and carbon emissions per tenant are lower compared to a single tenant or traditional operator-owned model.

This approach also avoids emissions associated with additional tower steel, concrete and other assets.

Security-related impacts

Working conditions in the supply chain

Local employment

Ethical business conduct

3

Operational improvements

Corresponding material topics

Through investing in power solutions such as grid optimisation, hybrid and solar technologies, we are reducing our emissions intensity per tenant. Having a highly localised workforce enables us to drive operational excellence and ensure they comply with the highest standards in health and safety.

Equal treatment and opportunities for all

Helios Towers plc Annual Report and Financial Statements 2025

Training and skills development

Strategic community investment

1 Training and skills development and strategic community investment are not included in our top material topics. However, we

monitor and manage our impacts in these areas and report on them as part of delivering our Sustainable Business Strategy. 15

Sustainable Business Report continued

Digital inclusion

TH E CHALLENGE

Africa and the Middle East account for the majority of global population growth to 2050 with a 55% increase from today over the next 25 years1. However, there is a major infrastructure and usage gap in Sub-Saharan Africa and the Middle East compared to more developed parts of the

world. Around one billion people across Africa and the Middle East do not use, or are not covered by, mobile broadband2.

TH E OPPORTU NIT Y

By 2050, the number of unique mobile subscriptions in Africa and the Middle East is expected to reach 800 million, an increase of 70% from today3. Over the next five years, our markets are expected to see an additional 91 million mobile connections and fourfold data growth4. Meeting the anticipated future demand for digital services will require expanding our tower infrastructure.

OU R ROLE

With minimal availability of fixed-line internet in our markets, the mobile connectivity powered by our towers has enabled communities to access life-enhancing services, often for

the very first time. Our infrastructure-sharing model and expertise in maintaining reliable power enables MNOs to roll out and densify mobile coverage cost effectively and with

a lower carbon footprint.

2025 progress

Sites

14,746

Strategic Report Governance Report Financial Statements

2024: 14,325

Tenancies

31,944

2024: 29,406

Population coverage

158m

2024: 151m

Helios Towers plc Annual Report and Financial Statements 2025

Material issues:

Digital inclusion

Strategic community investment

Sustainable Development Goals:

1. Cap IQ population forecast.

2. GSMA database, accessed January 2025.

3. Global Telecoms report - BMI - Sept 2025 forecast through 2034, with forecast extended to 2050 by FTI Consulting.

4. Ericsson Mobility Report, Africa & Middle East region.

16

Sustainable Business Report continued

Bridging the connectivity and infrastructure divide

Redesigning towers for impact

Since 2024, we have been assessing tower design opportunities for enhancement,

in collaboration with our customers, particularly in locations with limited grid.

Overall the site can be deployed in

two weeks, accommodating up to three tenants, providing faster connectivity for nearby users.

Strategic Report Governance Report Financial Statements

This design uses around half the steel and reinforcement weight and requires only

a third of the concrete compared with

Growing our portfolio to drive digital inclusion

In 2025, we grew our portfolio to 14,746 sites across our nine markets. We had record organic tenancy additions of 2,538, principally colocations, reflecting our focus on customer experience excellence. We achieved our 2026 target tenancy ratio of 2.2x a year ahead of plan, backed by strong lease-up performance. Improved colocation and tenancy ratios allow shared infrastructure

to be used more efficiently, reducing environmental impact per tenant and supporting improved network coverage

for mobile users. As part of our IMPACT 2030 strategy, we plan to grow to over 42,000 total tenancies and a tenancy ratio exceeding 2.5x by 2030.

We continued to see marked improvements in our rollout speed for customers, prioritising safety and efficiency, while reducing our average colocation and BTS delivery times.

Our BTS delivery time has reduced by almost 40% since 2022 and colocation rollout

now averages two days across the Group. We continue to target further improvements through our IMPACT 2030 strategy.

At present, our infrastructure supports reliable connectivity for approximately 158 million people across Africa and the Middle East. To meet the rising demand for data and enhanced connectivity, we

are deploying innovative technologies that extend coverage into areas where traditional tower infrastructure is less effective.

Our suite of solutions addresses the practical challenges of network expansion, such as limited space in dense urban centres, through options like lamppost monopoles as well as lean, space-efficient products designed to optimise performance.

Expanding coverage for underserved communities

Across our markets, governments have set ambitious goals to ensure universal access for the population. For MNOs, rural networks tend to generate lower revenue than urban networks. Our infrastructure-sharing model ensures that rural rollout is more economical for our customers and supports digital inclusion in rural areas.

Mobile connectivity powered by our infrastructure is also fundamental for the transition to a low-carbon economy in our regions. The increasing adoption of 5G and the Internet of Things means that consumers, businesses and public administrations

can apply new technologies that reduce emissions in areas such as transport, manufacturing and agriculture1.

Through enabling mobile connectivity and contributing to social and economic

development in our markets, we contribute to the realisation of all 17 UN Sustainable Development Goals (SDGs). According to GSMA, in 2023, the mobile industry had achieved 58% of its potential contribution to the SDGs - up from 31% in 20152.

Through this approach, a leaner site solution has been developed that removes dependency on fuel-based systems

while continuing to deliver high levels of network availability.

This design requires no heavy machinery, has a smaller carbon footprint and is more cost effective.

traditional designs. For every kilogram of steel saved, approximately 2.3kg of CO₂e is avoided. Similarly, for every cubic metre of concrete saved, about 240kg of CO₂e is avoided.

During 2025, we have deployed this design across several urban sites in Kinshasa, DRC. Based on the success of this rollout, around 500 sites are to be deployed

in 2026.

Helios Towers plc Annual Report and Financial Statements 2025

Enhanced site design deployed in Kinshasa, DRC

1. GSMA, 2026 Enablement effect 2.0: getting the full picture.

2. GSMA, 2024 Mobile Industry Impact Report: Sustainable Development Goals.

17

Sustainable Business Report continued

The Coding Caravan, Mampong, Ghana

2025 highlights

Strategic community investment Alongside our business growth directly supporting digital inclusion, we are also developing strategic, long-term projects and partnerships that address the usage gap and improve digital skills.

Our community investment is focused on:

education, skills and digital inclusion;

access to cleaner power and amenities; and

addressing climate change and reducing carbon emissions.

We prioritise projects that impact rural communities and women, groups that are least likely to be connected to - and using - mobile. The rural-urban gap in mobile internet adoption in Sub-Saharan Africa is

48%1. In addition, the mobile internet gender gap in Sub-Saharan Africa is one of the widest globally at 29%2.

Helios Towers Graduate Programme

In 2025, we continued to strengthen our collaboration with the Mastercard Foundation to support youth employment and skills development across Africa as part of the

HT Graduate Programme.

Under this initiative, six key roles were successfully filled for a year across our operations in Malawi, South Africa, DRC and Senegal, contributing to functions such as engineering, data science and human resources. 50% of these placements were women, underscoring our commitment

to advancing gender diversity within our workforce. In 2026, we will welcome our second, larger cohort under the Mastercard Foundation Programme.

Ghana

In partnership with the Ghana Chamber of Telecommunications and the Institute of ICT Professionals Ghana, we sponsored and hosted a coding session at the Demonstration School for the Deaf,

Mampong, bringing coding education to hard-of-hearing learners for the first time. Our support will help to train 100 pupils and 50 facilitators in coding and equip mobile digital labs with devices and teaching aids.

Malawi

We launched an ICT Lab project at Mphungu Primary School, Lilongwe,

to address the issue of limited access to digital literacy resources in underserved communities. The project aims to enhance digital literacy, impacting the lives of thousands of students.

Tanzania

Working with our NGO partner Camara, we officially handed over a fully renovated classroom and new ICT

equipment to Igogwe Secondary School in Ilemela District. As part of our broader community investment strategy, we

also launched a tree-planting initiative at Igogwe, planting 60 trees around the

school to support a healthier environment and raise environmental awareness.

Senegal

Strategic Report Governance Report Financial Statements

At the Scientific High School of Excellence in Diourbel, we supported the establishment of a fully equipped science laboratory, enhancing the learning environment for students. The school specialises exclusively in STEM education, with girls representing 60% of the student population.

South Africa

For International Girls in ICT Day our colleagues collaborated with the University of Johannesburg in hosting learners for an ICT event. Students learnt about computer systems and attended web development workshops. They were also given free online resources to learn coding and development of websites and apps.

Congo Brazzaville

Helios Towers plc Annual Report and Financial Statements 2025

In collaboration with Airtel, we launched the Portal for People Living with Disabilities and supported the initiative with laptop donations and a rehabilitation centre. The portal is a careers and support platform supporting individuals with disabilities.

1. GSMA The State of Mobile Internet Connectivity 2025: Overview Report.

2. GSMA The Mobile Gender Gap Report 2025. 18

Sustainable Business Report continued

Climate action

TH E CHALLENGE

Decoupling our business growth - which enables vital connectivity for millions more people - from carbon emissions is a major challenge in the markets where we operate. As we work in regions with some of the lowest electrification rates in the world, we rely on generators to guarantee uninterrupted power for our customers' networks. Our African markets

face some of the most severe impacts of climate change, despite the continent accounting for less than 4% of global CO2 emissions1.

TH E OPPORTU NIT Y

Our markets are on the cusp of a mobile boom. The region would need one million more towers to match the same density per person seen in developed markets such as Europe and the US today2.

OU R ROLE

Our colocation model is the most carbon- and cost-efficient way to deploy the infrastructure network needed to meet the demand for mobile adoption and data consumption expected over the next few years. Increasing colocation, alongside rollout of optimal power solutions, reduces emissions when compared to the traditional operator-owned model.

2025 progress

Carbon emissions per tenant (tCO2e)

Strategic Report Governance Report Financial Statements

12.54

2024: 13.15

Power uptime

99.99%

2024: 99.99%

Project 100 spend

US$11m

2024: US$12m

Helios Towers plc Annual Report and Financial Statements 2025

Material issues:

Energy

Climate change mitigation

Sustainable Development Goals:

1. The International Energy Agency, 2023.

2. TowerXchange, UN World

Population Prospects, 2024. 19

Sustainable Business Report continued

Average grid availability per day (hours) and grid carbon intensity2

Includes both on- and off-grid sites

1

Tanzania

6

Congo B

8

Ghana

Grid emits 60% less CO2e Grid emits 42% less CO2e Grid emits 71% less CO2e per kWh than diesel per kWh than diesel per kWh than diesel

21

13

23

2

Senegal

7

South Africa

9

Madagascar

Grid emits 53% less CO2e Grid emits 16% less CO2e Grid emits 49% less CO2e per kWh than diesel per kWh than diesel per kWh than diesel

23

23

8

3

Malawi

Grid emits 94% less CO2e per kWh than diesel

13

4

2

4

Oman

8

Grid emits 62% less CO2e per kWh than diesel

6

5

1

23

3

9

5

DRC

Grid emits 99.9% less CO2e per kWh than diesel

7

8

Reducing our environmental impact and investing in

Strategic Report Governance Report Financial Statements

low-carbon solutions

Our operating context

Optimising our energy consumption and lowering emissions intensity are key levers to reducing our environmental impact.

As electricity supply from the national grids in most of our markets is limited and unreliable, we rely on diesel generators to guarantee power for customers. The diesel and electricity used to power our towers accounts for 99% of our Scope 1 and 2 greenhouse gas (GHG) emissions (see page 24 for more on our carbon emissions data). With diesel being a major contributor to our carbon footprint and operating costs at tower sites, we prioritise reducing diesel usage and maximising the use of grid electricity wherever possible.

However, we have a significant variance in the supply and carbon intensity of grid electricity across our markets, from eight hours a day in DRC to 23 hours in Senegal. The chart shows site-weighted average grid availability per day across the Group - averaging 18 hours

a day. It also illustrates how grid electricity carbon intensity compares to diesel generation in each market, highlighting the emissions benefit of grid-connected sites.

Power uptime for reliable mobile connectivity

Our strategic key performance indicator (KPI) of downtime per tower per week is the average amount of time that our sites are not powered across each week. Working in locations where grid electricity is unreliable or non-existent, we take pride in providing world-class power uptime.

This aligns with our efforts to build resilient infrastructure under SDG 9.

With 90% of mobile users on pay-as-you-go in our markets, 1% of downtime (or 1 hour

40 minutes a week) represents an estimated revenue loss of US$175 million for our customers and a risk of end-users switching to alternative mobile operators1.

In 2025, we achieved one minute and

10 seconds average downtime per tower per week - an 8% improvement on 2024. In May 2025, we achieved our first downtime per tower per week of 0 seconds in Senegal, followed by 0 seconds in Oman in July, reinforcing the improvements across the portfolio and our infrastructure reliability.

Digitalisation

Our IMPACT 2030 strategy places digitalisation at the centre of how the Group enhances performance and resilience.

Helios Towers plc Annual Report and Financial Statements 2025

Through digital twins - data-driven virtual replicas of our physical sites and power systems - advanced data analytics and AI-driven insights, we are developing a Smart Operations Centre that enables real-time monitoring of our sites, improved decision making and optimised power assets across our portfolio. This integrated approach supports stronger network reliability, faster issue resolution and a safer operating environment, while contributing to lower energy consumption, reduced emissions and cost efficiencies.

1 Calculated using total FY24 cellular revenues across our 9 markets, multiplied by 1%. Cellular revenues as per GSMA database accessed July 2025.

2 Carbon intensity calculated using grid emission factors and average efficiency assumptions for diesel generators.

20

Sustainable Business Report continued

Our carbon reduction target

We have set a near-term target to reduce Scope 1 and 2 emissions per tenant by 36% by 2030, compared to a 2020 baseline, alongside a long-term ambition to achieve Net Zero by 2040, representing a 90% overall reduction against the same baseline.

Our 2030 target covers Scope 1 and 2 emissions where we can make the most material impact (the diesel and electricity used to power our customers' networks). The target was updated in 2024 to reflect portfolio expansion since 2021, including four additional markets, and our increased exposure to more fuel-intensive geographies where grid infrastructure is limited, particularly in the DRC.

There is a clear correlation between low mobile penetration, limited grid availability and higher carbon intensity per tenant, meaning the markets with the greatest connectivity gaps are often those with the highest operational emissions intensity.

Based on our 2030 target of >42,000 tenancies and the associated growth required to address the mobile infrastructure gap, a 36% reduction per tenant would equate to an increase in absolute emissions of approximately 22% compared to 2020 levels. This tenancy growth reflects the

scale of infrastructure expansion required in Sub-Saharan Africa, where unique mobile subscriber penetration remains below 50% in many markets and electricity access is often unreliable or unavailable. Importantly, this trajectory would still represent a stabilisation of emissions relative to the scale of portfolio growth.

While we support scientific recommendations to limit global warming to 1.5°C, our operating context makes it

challenging to deliver annual absolute Scope 1 and Scope 2 emissions reductions aligned with a Science Based Targets initiative (SBTi)

1.5°C pathway. Our approach prioritises structural reductions in emissions intensity through operational efficiency, electrification, hybridisation and renewable deployment, rather than reliance on carbon offsets.

Our 2040 Net Zero ambition is dependent on the availability of cleaner and reliable national grids and a supportive policy environment for renewable energy and low-carbon technologies. We continue

to engage with policymakers and utility providers to advocate for progress in these areas, recognising that expanded digital infrastructure also plays an important role in enabling emissions reductions across other sectors.

Climate transition plan

Strategic Report Governance Report Financial Statements

We have reviewed the Transition Plan Taskforce (TPT) Disclosure Framework to ensure our climate strategy remains aligned with the evolving external environment and our business priorities. In 2025, we developed a transition plan setting out our pathway to reduce GHG emissions while continuing to deliver resilient digital infrastructure across Africa and the Middle East.

Our pathway is underpinned by clear decarbonisation levers reflected in our investment priorities and emissions reduction glidepath. These include:

• Colocation growth, which reduces emissions per tenant by sharing infrastructure, power systems and maintenance activity across multiple mobile network operators.

• Operational optimisation, including improved grid utilisation, energy efficiency and Remote Monitoring Systems to lower fuel consumption.

• Hybridisation and battery storage, minimising generator runtime at off-grid and limited-grid sites.

• Renewable energy deployment, particularly solar where technically and commercially viable.

• Value chain engagement, improving Scope 3 data quality and supporting supplier and customer emissions reductions over time.

Helios Towers plc Annual Report and Financial Statements 2025

Progress towards our 2030 target will be driven by increased colocation and direct carbon reduction initiatives aligned to these levers. Delivery is supported by Project 100, our commitment to invest US$100 million between 2022 and 2030 in proven lower-carbon energy solutions (see page 22).

Our transition plan has been developed with reference to leading frameworks, including TPT, CDP and the European Sustainability Reporting Standards, and will be overseen by the Board and senior management.

We intend to publish the full plan in 2026.

2030 carbon target

36%

reduction in carbon emissions per tenant, compared to 2020.

2025 target progress

10%

reduction in carbon emissions per tenant, compared to 2020. 2024: 6% reduction.

21

Sustainable Business Report continued

Energy efficiency

Prioritising low-carbon solutions and energy-efficiency practices are critical decarbonisation levers.

Through our Project 100 initiative, in 2025 we spent US$11 million, totalling US$44 million since 2022. Our spend includes low-carbon solutions such as grid connections and restorations, our Remote Monitoring System (RMS), solar and hybrid solutions. Our current roadmap, aligned with our transition plan, focuses investment on technologies we

have seen proven to promote energy efficiency and reduce carbon intensity across our portfolio.

Grid connections

We prioritise connecting off-grid sites to the grid to reduce fuel consumption and energy costs.

Investing in grid connections is the most cost-effective power investment we make. By installing new power lines and step-down transformers, and upgrading shared transformers, we ensure stable electricity supply to our sites while also

improving reliability for local communities. These measures significantly reduce reliance on diesel generators and fuel use. We also work with national grid providers to encourage greater access.

Over 100 sites in Tanzania were grid-connected in 2025, taking overall connectivity in the country to above 80%. These sites have created savings of over 80,000 litres of fuel per month.

Sites connected to grid

85%

2024: 80%

RMS and power optimisation

RMS is being integrated with performance dashboards to support performance improvement across sites. As our 'eyes and ears' on a site, it gives real-time information on site power equipment and energy production.

The data received from RMS has been transformational in driving better decision-making on how to optimise the power configuration and efficiency of sites. With the ability to identify and rectify issues such as grid failure, we can improve our power reliability as well as reduce our fuel consumption and emissions.

By the end of 2025, 90% of sites had RMS installed, with an average connectivity of over 95%.

Hybrid solutions

Hybrid installations maximise the power we consume from battery technology, thereby limiting or eliminating generator runtime.

Strategic Report Governance Report Financial Statements

This configuration uses generators with improved efficiency by operating them at a higher load for a shorter time, with the remaining time covered by stored battery energy. The proportion of hybrid sites increased during the year, primarily reflecting improved RMS data accuracy.

We are transitioning to longer-life lithium battery technology, which has improved in cost and power density over recent years - 71% of our hybrid sites now have lithium batteries. As a result of deploying hybrid solutions, in Senegal, we now have 100 generator-free sites.

Hybrid sites

56%

2024: 29%

Solar

We use solar solutions where possible at off-grid and limited-grid sites, depending on factors such as location, space and site performance needs.

With further innovation expected in panel technology, this will be a key solution for our energy-efficiency strategy.

Helios Towers plc Annual Report and Financial Statements 2025

We have deployed over 1,500 solar sites across the portfolio to date. Using learnings across the Group, our Operations team

had their first solar workshop to support deployment during 2025. Our Madagascar operation significantly expanded its solar portfolio from 14 to 116 sites supported by real-time monitoring using RMS to drive fuel and carbon savings.

Solar sites

10%

2024: 7%

22

Sustainable Business Report continued

Solar hybridisation in Ghana

Ghana has become the Group's carbon innovation hub with over one-third of total sites in its portfolio powered by solar, demonstrating how renewable energy solutions can lower emissions while strengthening operational efficiency. In 2023, our Ghana team initiated a large-scale solar hybridisation programme across 409 sites.

A small number of installations were completed in early 2024, to optimise daytime energy consumption through solar generation. Collaboration between functions ensured that solutions were tailored to varying site conditions across the country.

As of July 2025, the original solar installations had generated approximately 1,470,000kWh of energy. This resulted

in fuel savings of about 50,000 litres over the same period, alongside reduced grid dependency during daylight hours. Improved maintenance and panel cleaning further enhanced output, delivering a 27% increase in average weekly solar production. The programme continues to provide important insights for solar deployments across our

Group portfolio.

Solar installation in Ghana

Powering performance through upskilling

Once we have configured power solutions for each site, we focus on improving the technical skills of our maintenance partners, whose efficient and effective maintenance of our towers contributes to reducing energy consumption - and carbon - prolonging the life of our assets.

In 2025, we worked with our power equipment suppliers to develop training on how to install, use and maintain equipment. Over 950 engineers from our maintenance partner network participated. We have training centres established within each OpCo for practical delivery with interactive videos to improve standards in preventative maintenance.

In DRC, we trained field engineers in end-to-end site integration and

configuration, to ensure sites operate in line with approved design and configuration standards. We tailor our training to support correct site configuration, early detection of deviations and timely remediation to align operational performance with our business excellence standard.

Equipment workshop in Senegal

Operational excellence in DRC

With limited and unreliable grid electricity in DRC - averaging eight hours of grid per day - we rely on generators to maintain site power uptime for our customers.

Our team in DRC delivered a standout operational transformation in 2025

by pairing a comprehensive grid management and fuel reduction programme with the rollout of an operational excellence model.

Through a three-month trial across Kinshasa, Lubumbashi and

Kolwezi, the team introduced a new contractor model that has streamlined operations and reduced site call outs. We have also collaborated with our grid maintenance partner and strengthened governance pathways, significantly reducing overconsumption of fuel and accelerating grid fault resolution.

Combined with investment in our maintenance partner upskilling programme, this has resulted in a fuel reduction of 4.66% per equivalent site, totalling two million litres of fuel reduced compared to 2024. Over the year, these changes have amounted to a 5% reduction in carbon emissions per tenant in DRC.

Network operating centre using RMS

Helios Towers plc Annual Report and Financial Statements 2025

Strategic Report Governance Report Financial Statements

Our solutions in action

23

Sustainable Business Report continued

Our 2025 footprint tCO₂e

31%

39%

548,576

30%

Scope 1 Scope 2 Scope 3

Total emissions per year tCO₂e1

Emissions intensity

UK Streamlined Energy and Carbon Reporting (SECR)1,2

2024

2025

UK and UK and

offshore Global offshore Global

Overall emissions intensity per tenant has decreased by 5% since 2024 and 10%

Strategic Report Governance Report Financial Statements

since the 2020 baseline. This is our highest reduction to date against our 2020 baseline. This reflects our tenancy ratio expansion and the Company's focus on growing colocation tenants faster than site expansion, which leads to financial and emissions efficiencies across the portfolio.

Absolute emissions

Our Scope 1 emissions have decreased by 5% since 2024, also primarily driven by reductions in tower diesel consumption in Tanzania, where annual consumption fell by over four million litres. Notable reductions were also captured in Ghana and Senegal across the year (-21% and -23% consumption of diesel respectively).

Our 2025 Scope 1, 2 and 3 (category 3) emissions have been externally assured.

Scope 1 and 2 emissions per tower and per tenant (tCO₂e)

2020 2024 2025

intensity increased due to droughts affecting the renewable hydropower supply to the country's grid, which has resulted in a greater reliance on natural gas.

This single factor accounts for the majority of the overall emissions increase, with tower electricity emissions across all other OpCos rising by 1% over the same period.

extracting, refining and distributing fuels and electricity for our towers, which constitute 62% of our Scope 3 emissions. Our focus on minimising fuel consumption will result in reduced emissions from this category.

benchmark study and providing data inputs, with a goal of quantifying network energy consumption, efficiency levels and fuel sources to help provide an evidence base for measuring progress across the tower industry. The outputs of the study will be published in 2026.

Energy use (kWh)

2025

Helios Towers plc Annual Report and Financial Statements 2025

See our Independent assurance report in our Sustainable Business Addendum

Read more about our approach to climate risk in our TCFD disclosures, pages 49-55

1. Scope 1 includes tower diesel, fuel used for company vehicles and refrigerants. Scope 2 is location-based and includes tower grid electricity and electricity purchased for our offices. Scope 3 includes well-to-tank and transmission and distribution of energy, capital goods, purchased goods and services, business travel, freight, employee commuting and working from home emissions, and downstream leased assets. Scope 3 emissions include calculations using the Comprehensive Environmental Data Archive. Refrigerant data is based on estimates provided by our Operations teams in 2025. Scope 2 location-based emissions are calculated using the average carbon intensity of the local electricity grid where the electricity is consumed. Historical emissions for South Africa and the UK have been restated due to improvements in the accuracy of the data. Previous year emissions, intensities and energy consumption have been restated to include data improvements in emission factors data. Our reporting is prepared in accordance with the WRI Greenhouse Gas Protocol: Corporate Standard, Revised Edition.

2. 'Global' excludes UK and offshore. All markets are reflected. 2024 emissions for South Africa and the UK have been restated due to improvements in the accuracy of the data.

24

Sustainable Business Report continued

Local, diverse, talented teams

TH E CHALLENGE

Skills shortages remain a significant barrier across Sub-Saharan Africa, particularly in technical roles. Only 9% of youth aged 15-24 across Sub-Saharan Africa have basic computer skills1. As our footprint grows, attracting, developing and retaining the right expertise requires sustained focus and investment.

TH E OPPORTU NIT Y

Due to Africa's growing youth population, the continent

is developing an unprecedented pool of talent. The Organisation for Economic Co-operation and Development (OECD) estimates that Africa's working-age population will almost double, from 849 million in 2024 to 1,556 million in 20502.

A more concerted approach to skills development and

job creation can transform Africa's demographic challenge into a demographic dividend.

OU R ROLE

We prioritise hiring and developing local employees for each market, building teams that reflect the communities we serve, thereby strengthening operational performance while supporting broader socioeconomic development.

Through technical and leadership training and mentoring we support career progression and specialist capability across our value chain.

2025 progress

Local employees in OpCos

Strategic Report Governance Report Financial Statements

94%

2024: 95%

Female employees3

29%

2024: 29%

Investment in training

US$1.81m

2024: US$1.1m

Helios Towers plc Annual Report and Financial Statements 2025

Material issues:

Local employment

Equal treatment and opportunities for all Training and skills development

Sustainable Development Goals:

1. OECD, Africa's Development Dynamics 2024: Skills, Jobs and Productivity

2. UN, Africa Renewal, 2024

3. Our 2025 gender diversity data has been externally assured. For additional gender diversity data please refer to

page 133. 25

Sustainable Business Report continued

Building an inclusive business and embedding a culture of learning

Our diverse and representative workforce We are committed to developing a more diverse and inclusive work environment where all employees feel equally valued and respected.

In 2025, we had 29% women working across our business, progressing towards our

2026 target of a 30% female workforce.

Our Executive Committee (ExCo) comprised 20% women and 22% of our OpCo managing directors are women.

Within our OpCos, we focus on recruiting female engineers as part of the Helios Towers Graduate Programme, with the 50% female target being achieved in 2025. We have also embedded diversity, equity and inclusion (DEI) modules as part of our leadership training programmes to improve

DEI awareness for managers, with 75 leaders completing the training in 2025.

We promote employment opportunities in our markets by hiring and empowering a localised workforce. In 2025, we had

During the year, we also strengthened our local senior leadership with the appointment of two female Managing Directors in Madagascar and Senegal. These appointments reinforce our commitment to developing internal talent and gender diversity across our markets.

Employees by market1

182

105

49

27

735

46

59

37

142

46

42

Strategy day in our London office

Engaging our people

We want every colleague to feel empowered and engaged, and welcome the insights, ideas and experience our diverse colleagues bring. Regular Group-wide town halls, quarterly updates and bi-annual strategy

We had a 96% participation rate, and following feedback sessions held across our OpCos and business functions, we will continue to focus on wellbeing and engagement initiatives.

94% local employees in our OpCos and 92 colleagues promoted internally. Our 2026 target of 95-100% provides us with the flexibility to offer colleagues opportunities to work in different markets, formalised by

Corporate

Congo B

DRC

Ghana

Madagascar

Malawi

Oman

South Africa

Senegal

Tanzania

days are held in all offices so all colleagues

Strategic Report Governance Report Financial Statements

can contribute to our strategy. These inputs helped to shape our IMPACT 2030

cycle development.

Sally Ashford, our designated Non-Executive

CEO Commendation Award

Helios Towers plc Annual Report and Financial Statements 2025

Our annual CEO Commendation Award recognises colleagues who make exceptional contributions to our Sustainable Business Strategy. In 2025, we received over 700

our Short Term Assignment Policy. Over 15 colleagues participated in global mobility assignments during 2025.

We are committed to aligning with the recommendations of the Parker Review for ethnicity. In 2025, 48% of our senior management positions were held by

individuals from ethnic minority backgrounds.

1 Includes permanent, fixed-term and temporary employees: reflects year-end data.

Ethnicity

Ethnically diverse Other Not disclosed

Director (NED) for workforce engagement, conducted 'Voice of the Employee' sessions in Oman and the UK. Feedback, including an increased focus on wellbeing and career development, will be reviewed in 2026.

During the year, we conducted a shorter 'pulse' survey in order to collect feedback from employees and track the impact of change initiatives following our full survey in 2024. This survey serves as a check-in alongside the main engagement survey that is held every two years.

submissions, from which 14 winners were selected.

The winning entries delivered meaningful impact, including efficiency improvements, enhanced customer service and reduced environmental impact. One recognised project supported operations in Ghana, using learnings from Oman, with an automated power-billing management system,

helping to standardise smarter and more efficient processes.

26

Sustainable Business Report continued

Developing talent for excellence

Our talent development programme, which encompasses upskilling colleagues and delivering field-based training to our maintenance partners is critical to our business success. In 2025, we invested

US$1.81 million in programmes for our people, around a 65% increase compared to the previous year.

We continued to deliver our bespoke HT AAA management programme, developing 142 line managers with embedded coaching support. We also broadened the Thomas Connect system, a psychometric assessment platform, to all leaders and people managers, enabling teams to work to their strengths and creating stronger working relationships and collaboration.

During 2025, we expanded our Talent Mentoring programme, connecting experienced leaders with emerging talent to support skills development and career progression. The six-month programme fosters cross-functional collaboration through mentor-mentee matches aligned to

individual development goals and professional backgrounds. Our inaugural cycle launched with 50 mentor-mentee pairs across the business, with 42% female representation.

LSS remains our core methodology for reducing inefficiencies and improving service quality. To date, 63% of colleagues are trained at orange or black belt level, with

a target of 70% by 2026. This capability is delivering measurable value across our markets. For example, in Tanzania, we

improved our customer installation process by integrating remote monitoring, enabling faster delivery and creating an additional US$1 million in revenue. These initiatives, all driven through LSS techniques, demonstrate how our people are embedding continuous improvement into day-to-day operations.

Spotlight

Karim Ndiaye

Group Director, talent development and partnership excellence

How is Helios Towers evolving its approach to talent development?

KN: We're moving from individual initiatives to a unified talent ecosystem that develops skills more intentionally and consistently across the business. This includes defining clear competencies and behaviours, strengthening internal career pathways and improving readiness for internal promotions, with a key focus on DEI.

Leadership development - particularly for managers - remains a core focus, but we're now cascading programmes more broadly to ensure every colleague can see a clear path for growth. Our strategy is built around four pillars: attracting and growing top talent, empowering inclusive

Helios Towers plc Annual Report and Financial Statements 2025

leaders, embedding excellence in delivery, and enhancing partners' technical and leadership capability. Together, they ensure our teams and partners have the skills and mindset to deliver reliable network uptime and high-quality service, aligning with our strategic business objectives.

Why is this shift important?

KN: By building structured pathways and competency frameworks, we help people better understand their development journey, which directly supports retention and strengthens our leadership pipeline and succession planning.

How does this strategy support our maintenance partners?

KN: Our partners are an extension of our 'One Team, One Business' philosophy.

We're introducing on-site learning, training aids and video resources in English and French, and we've extended access to

our learning management system so partners' teams can upskill alongside our own, while leveraging digital as well as 'on-the-ground' bespoke training and development programmes.

Our structured partner engagement plan will train more than 60% of our relevant partner workforce. This will include capability assessments to embed operational excellence and drive improvements in power uptime as well as leadership programmes by ensuring partners recruit and develop the right talent, with maintenance training for more efficiency.

By investing in people, skills and leadership, we are

building a future-ready talent ecosystem that will help us achieve IMPACT 2030."

Karim Ndiaye

What will be the priority going into 2026?

Strategic Report Governance Report Financial Statements

KN: Talent to Value: in essence this refers to scaling leadership and operational training across OpCos, expanding functional development programmes and strengthening the link between talent, operational excellence and maintenance partner performance. Ultimately, our goal is to build a robust pipeline of skilled, empowered people, both within Helios Towers and across our partners, who

can deliver sustainable and long-term operational excellence.

27

Sustainable Business Report continued

Responsible governance

TH E CHALLENGE

Operating across diverse regulatory environments brings varying legal requirements, compliance expectations, and security and geopolitical risks. Ensuring consistent

governance standards across all markets, from anti-bribery and corruption controls to data protection and responsible procurement, requires ongoing coordination, training

and monitoring.

TH E OPPORTU NIT Y

Strong governance is essential to safeguarding our operations. Our stakeholders expect us to uphold the highest standards of ethics, transparency and accountability. By maintaining robust frameworks and clear oversight, we can strengthen trust and reinforce our licence to operate in all our markets.

OU R ROLE

We work with our colleagues, suppliers, contracted partners and peers to promote safe, ethical business practices and improve industry standards. We also prioritise transparent reporting and open engagement with regulators and stakeholders, while maintaining accessible channels for raising concerns safely.

2025 progress

Near miss reporting rate1

Strategic Report Governance Report Financial Statements

146%

2024: 119%

Spend with local suppliers

75%

2024: 81%

ISO standards maintained2

100%

2024: 100%

Material issues:

Helios Towers plc Annual Report and Financial Statements 2025

Health and safety

Security-related impacts

Working conditions in the supply chain

Ethical business conduct

Sustainable Development Goals:

1. Per one million people hours worked.

2. Includes IEC standard for

Information Security. 28

Sustainable Business Report continued

Promoting safe, ethical business practices across our supply chain

Line of Fire safety training

Helios Towers partnered with Gravity Training to pilot a 'Line of Fire' (potential injury zones) safety training workshop, focused on reducing exposure to high-risk

Strategic Report Governance Report Financial Statements

The pilot highlighted the value of industry collaboration in improving safety standards. Building on its success, Helios Towers plans to further develop the programme with Gravity Training, with a view to wider rollout from 2026 as part of our ongoing Line of Fire

Safety

The safety of our people and contracted partners is our top priority and one of our most significant human rights impacts, given the higher risk activities involved across

our sites. Our approach to safety, health, environment and quality (SHEQ) combines adherence to international safety standards with a culture of robust management, accountability and improvement, on which we collaborate extensively with our partners. Through our safety risk management framework, we focus on mitigating our

most significant risks, including driving and site-based activities, while strengthening awareness of safe working practices across our markets, where there are varying levels of regulatory oversight.

Safety management and governance

Our safety culture is embedded throughout the organisation, from Board oversight to site-level briefings. We monitor and report on the safety performance of contracted partners in the same way as our own people, reinforcing shared accountability.

Helios Towers plc Annual Report and Financial Statements 2025

All nine OpCos are certified to the integrated management system under ISO 9001 (Quality Management), ISO 14001 (Environmental

We maintain a structured approach to partner oversight. Our OpCo Managing Directors review detailed assessments with maintenance partners every month. Using a bespoke benchmarking tool covering 127 SHEQ criteria, we audit partner performance and review outcomes through Group and OpCo governance forums. This approach supports transparency, consistency and continuous improvement across our extended supply chain. During the year, our maintenance and build partners scored 95% average in our audits.

Leadership engagement remains a core element of our governance approach. OpCo leadership teams undertake regular site visits as part of their SHEQ KPIs, while Executive Committee members conduct site visits during OpCo engagements.

These interactions support the identification of good practice, reinforce expectations and enable learning.

Reporting, learning and digitalisation Our safety approach is centred on encouraging the reporting of near-misses and incidents, creating the foundation for learning and prevention. During 2025, we continued to enhance digital reporting,

site activities. The session demonstrated practical techniques for safely manoeuvring generators and lifting poles, eliminating line of fire risks without the use of cranes.

safety campaign.

Management) and ISO 45001 (Occupational Health & Safety) standards. We continue

to support our maintenance partners in

improving visibility and performance management of key safety indicators across our operations. We have established Tier 1

Combined safety performance of contracted partners and Helios Towers

achieving these standards, recognising the role of competent supervision and consistent quality management in reducing risk. In 2025, 94% of our maintenance partners were

ISO 45001 certified.

and Tier 2 Safety Influencers, with a focus on consistent reporting of observations and near misses across partner organisations, from senior leadership to frontline teams.

This supports us in reducing the risk of more severe incidents and fatalities, with reinforced accountability and an embedded culture of proactive reporting.

Lost-time incident frequency rate1

Total recordable case frequency rate1

Road traffic accident frequency rate2

1. Per one million people hours worked.

2. Per one million kilometres driven.

29

Sustainable Business Report continued

We leverage digital tools to support virtual supervision and assurance. The rollout of over 390 camera helmets across all markets has enabled remote site safety observations, virtual permit-to-work reviews and stronger evidence capture following site activities.

The helmets are also used for adjacent maintenance activities on site such as refuelling and security.

These tools have enabled real-time feedback on site safety compliance, particularly in remote locations and have been positively adopted by partners.

Driving

Driving remains the most significant physical risk across our operations, with over

1 This is based on monthly, voluntarily reported people hours from our partners in 2025.

30 million kilometres driven annually, often in remote environments. We mandate that all our vehicles and those of our partners are equipped with in-vehicle monitoring systems (IVMS). We also continue to roll out dashcams, and as of 2025, 93% of vehicles have one installed. We then use the data analytics to proactively identify risk patterns and gain insight into driving behaviours.

Site-based activities

Our approach to site-based risk management focuses on competent supervision, task planning and quality controls.

Working with our partners, we ensure a bilaterally approved plan along with assurance that the necessary equipment and personnel are in place before any work commences.

Activities involving lifting and line of fire risks remain areas of focus, supported by targeted training, such as our bespoke workshop with Gravity Training, equipment assurance and partner engagement. Strengthening quality management is a key priority, recognising the link between quality lapses and elevated safety risk.

External engagement

We actively engage with peers, partners and stakeholders to share best practice and promote higher safety standards across the industry. During 2025, Helios Towers was the first organisation to present exclusively on health and safety

management at TowerXchange, a key tower

industry event, sharing our approach to driving safety culture within complex and dispersed organisations.

We hold partner conferences, which include the opportunity to communicate on progress and reward teams for the best safety initiatives. During 2025, we held conferences with 45 partners in DRC, Congo Brazzaville and Senegal, with a dedicated SHEQ forum in Madagascar.

The Lifting Safety to New Heights conference held in Malawi brought together government representatives, regulators, operators, investors and partners, reinforcing a collective commitment to advancing

safety standards through collaboration and innovation.

Physical security

The security of our teams, partners and assets is paramount and is overseen at Board level. Led by our Group Head of Security, we have a developed Group Security Policy and strategy. We work to

minimise any risks associated with operations on site. Our guards are not armed, although confrontation can take place between guards and individuals who are trying to

gain unauthorised access to site.

We tailor security solutions to the risk profile of each site, informed by GIS and heat-mapping analysis. Our mitigation includes an integrated approach using motion sensors, CCTV, alarms, electronic access locks and guards, supported by site monitoring through our RMS and fuel alarm systems.

During 2025, we experienced periods of heightened security risk in the DRC, Tanzania and Madagascar. The activation of our robust Business Continuity Plan measures supported staff safety, operational resilience and uninterrupted customer service during these periods.

Responsible supply chain practices

Helios Towers works with suppliers globally to meet the needs of our business and customers, with a strong focus on local sourcing wherever possible.

Strategic Report Governance Report Financial Statements

Our product procurement typically includes telecommunications towers, generators, rectifiers, batteries, solar power units and fuel. We engage local contractors as partners in services such as site maintenance, civil construction, power management and security provision.

We work closely with our suppliers and contractors to promote responsible and ethical behaviour, with a focus on safety, fair treatment and effective risk management across our operations. In 2025, we progressed an end-to-end digitalisation programme across

our procurement systems to strengthen governance, consistency and resilience.

We support an indirect workforce of over 10,000 people who build, maintain and secure our sites. By investing in partner capability and business excellence, we support improved asset performance, reinforce our operational standards and contribute to the development of a skilled local workforce over the long term.

Helios Towers plc Annual Report and Financial Statements 2025

In line with our IMPACT 2030 strategy, we are strengthening our approach to supplier engagement, including a phased rollout of business excellence training for key partners from 2026, supporting consistent site standards, clearer safety and compliance messaging, and improved long-term operational resilience across our extended supply chain.

We continued our supplier forum initiative in 2025, holding forums with our partners in five out of nine OpCos. We shared our Third Party Code of Conduct and Sustainable Business Strategy, with interactive discussions including safety, business excellence, compliance and cyber security. Building on the success of this initiative, we intend to hold a Global Partner Forum in 2026 to support collaboration and training at scale.

30

Sustainable Business Report continued

Advancing labour and human rights

We are committed to conducting our business in a way that respects the human rights of all our stakeholders, including our employees, workers within our supply chain and the communities where we operate.

Our most salient human rights impacts lie in the area of health and safety and labour rights for our third-party employees, and workers in our wider supply chain.

Our commitment is outlined in our Human Rights Policy, Code of Conductand Third Party Code of Conduct. Helios Towers is also a member of the United Nations Global Compact Network and follows its guiding principles on labour and human rights.

Our suppliers and contractors are expected to comply with our Third Party Code of Conduct, which, among other expectations, applies strict labour standards and prohibits any form of modern slavery or child labour. We conduct annual Third Party Code of Conduct training and certification with all suppliers. We also check and inspect our partners' records and processes when needed and promptly investigate any concerns raised regarding potential violations of our Code. Read more about the measures we take in our Modern Slavery Statement.

During 2025, we piloted our partner evaluation procedure with site service providers. Our team in Malawi was able to work alongside our security partners and improve awareness of the guards' working rights overall. This evaluation will

be expanded to other operational partners across all OpCos in 2026.

Ethical business conduct

We apply high standards of governance and comply with all applicable laws and recognised best practice. Our compliance programme is managed by our Group Legal and Compliance function, with oversight

from the Board and Audit Committee, where compliance remains a standing agenda item. We also have regional compliance managers covering our Anglophone and Francophone markets, supported by a network of trained compliance champions.

We work with our colleagues and partners to uphold our standards, as set out in our internal Integrity Policy, Code of Conductand Third Party Code of Conduct. Together,

these frameworks articulate our commitment to ethical business practices and address

key areas including conflicts of interest, fraud, gifts and hospitality, environmental standards, information security and non-discrimination. They are supported by a suite of internal policies, including our Investigation and International Sanctions policies, which address risks such as modern slavery, money laundering and the financing of terrorism, and set out clear procedures for internal investigations and reporting concerns.

Anti-bribery and corruption

We operate a zero-tolerance approach to bribery and corruption and expect the same standards from our colleagues and contracted partners. Our policies,

procedures and training reflect the elevated risk profile of our markets and the nature of our interactions with third parties, including government officials. We continue to use

a third-party risk management platform to screen partners against sanctions and

enforcement watchlists, alongside ongoing monitoring, risk assessments and internal audits. During 2025, we successfully maintained our ISO 37001 Anti-Bribery Management system certification with no non-conformities identified.

Training

We provide ongoing training to strengthen awareness of ethical conduct, bribery and corruption risks, and to empower colleagues to speak up when faced with integrity concerns. All new colleagues receive initial compliance training, complemented by targeted and risk-based sessions for key functions. During 2025, we continued conflict of interest and fraud risk training, supported by scenario-based learning and global anti-bribery and corruption initiatives.

As part of the supplier forum initiative we engaged partners on our Third Party Code of Conduct, human trafficking and modern slavery risks and reporting and collaborative risk mitigation.

In 2025, we launched an Economic Crime and Corporate Transparency Act (ECCTA) risk assessment for the Group with the support of an external partner. As part of the activities, a series of workshops were organised with all OpCos to carry out fraud risk assessment, in light of ECCTA.

Reporting concerns

We encourage colleagues and suppliers to raise concerns through our confidential reporting line, which allows issues to be reported anonymously where preferred. The General Counsel and Company Secretary, Director of People, and Group Head of Compliance receive details of all incidents reported. The Audit Committee

also has oversight of all cases that are logged on the reporting line.

We investigate all concerns in line with our policies, including non-retaliation

provisions, and take appropriate disciplinary and remedial action where required.

Learnings from investigations continue to inform training and awareness activities across the Group, conducted annually.

Cyber security and data privacy Maintaining the security and integrity of our IT systems is critical to maintaining operational excellence and power uptime.

Strategic Report Governance Report Financial Statements

Our incident management and response processes align with the Information Technology Infrastructure Library (ITIL®) framework, covering identification, containment, eradication, recovery and lessons learned. Cyber security and information security updates, including user security, supplier cyber security,

network authentication, AI-enabled security capabilities and business continuity are regularly reported to the Audit Committee by the Group Head of IT Infrastructure

& Cyber Security.

Our strategy focuses on prevention and recoverability, supported by regular testing, independent assurance and Group-wide training. During 2025, we

maintained our ISO/IEC 27001 certification and Cyber Essentials Plus accreditation, while further benchmarking our maturity against recognised industry frameworks. We continue to enhance AI-enabled security technologies to improve threat detection and response, alongside governance and acceptable use controls.

Supplier cyber risk management remains a key focus, with structured assessments of critical third parties and targeted

Helios Towers plc Annual Report and Financial Statements 2025

remediation where required. Looking ahead to 2026, the Group will consider alignment with emerging standards such as ISO/IEC 42001 to further strengthen governance of artificial intelligence within our security and technology environment.

While we do not have direct access to end consumers' data, we process certain personal data in the normal course of

business, including employee and contractor information. We comply with the General Data Protection Regulation and equivalent legislation in other jurisdictions, which governs how personal data is collected, used and protected.

1. Our ISO accreditations include ISO 9001 (Quality Management), ISO 14001 (Environmental Management), ISO 45001 (Occupational Health & Safety), ISO 37001 (Anti-Bribery Management) and ISO/IEC 27001 (Information Security).

   Read more in our Audit Committee Report on pages 94-100
   
   

   31

   Market and operating review

   Strategic Report Governance Report Financial Statements

   East & West Africa

   Locations Tanzania Senegal Malawi

   Population (2025)1

   +1,033Tenancy additions

   112m

   Population growth CAGR1

   3%

   Helios Towers plc Annual Report and Financial Statements 2025

   Mobile penetration (2025)2

   47%

   Mobile connections CAGR2

   7%

   PoS additions CAGR3

   6% 1 UN World Population Prospects (2025-30), accessed January 2026.

2. GSMA database, accessed January 2026. Calculated on a site-weighted basis (2025-30).

3. FTI Consulting, PoS report March 2026. Calculated on a site-weighted basis. 32

Market and operating review: East & West Africa continued

In 2025, the East & West Africa region delivered resilient organic growth, adding 91 sites and 1,033 tenancies.

This growth was driven by a combination of network densification and rural expansion. 4G connections increased by 3ppt to 33%, while site expansion supported an increase in population coverage of 4 million people.

In terms of market performance, Tanzania continued its strong momentum, adding 669 tenancies, equivalent to 6% growth. Malawi added 212 colocations, representing a 30% increase, and reaching a 2.1x tenancy ratio just three years after acquisition, while Senegal recorded 108 additional tenancies, a 7% increase.

Power price decreases, which reduced revenue and operational expenditure comparably, led to moderated revenue growth of 7% compared to tenancy growth of 8%. However, and as expected, Adj. EBITDA grew 12%, reflecting strong operating leverage as a result of tenancy ratio expansion.

2025 highlights:

• Strong organic tenancy additions of 1,033 for the region, an 8% increase year on year led by both Tanzania and Malawi with 669 and 256 additions respectively;

• 0.1x increase in tenancy ratio from 2.1x to 2.2x;

• 7% increase in revenue to US$348 million reflecting tenancy growth, partially offset by lower power prices in Tanzania;

• 12% increase in Adjusted EBITDA to US$236 million driven by tenancy growth; and

• 3ppt expansion in Adjusted EBITDA margin to 68%, driven by margin-accretive tenancy ratio expansion.

Site additions #

+91

2025

2024

2023

6,597

6,506

6,396

Strategic Report Governance Report Financial Statements

Tenancy additions #

+1,033

2023

12,608

13,655

2024

14,688

2025

Tenancy ratio expansion x

0.13x

2023

1.97x

2.10x

2024

2.23x

2025

Revenue growth US$m

+7%

Adj. EBITDA growth US$m

steady growth - building resilient infrastructure that advances digital inclusion as we look forward to delivering IMPACT 2030."

Gwakisa Stadi

Regional CEO - East Africa

Helios Towers plc Annual Report and Financial Statements 2025

Adj. EBITDA margin expansion %

+3.2ppt

63.9

2023

64.6

2024

67.8

2025

Digital inclusion

Senegal

World-class power uptime

In August 2025, Helios Towers Senegal became the first of the Group's markets to achieve zero seconds of downtime per tower per week from 5:57 minutes at acquisition. This milestone reflects more than strong technical performance; it demonstrates our culture of

continuous improvement and always striving to elevate our customer experience.

This achievement reflects several years of integrating business excellence, and strong teamwork within our Senegal OpCo. As a result of Lean Six Sigma training, our teams have a data-driven approach to elevating performance. In 2025, this capability combined with the latest remote monitoring technologies, which supported real-time analytics, and supported our best ever year of power uptime.

Senegal downtime per tower per week1

0:04 min

At acquisition: 5:57 min2

Senegal colleagues trained in LSS

67%

2025 target: 65%

2 At acquisition downtime per tower per week reflects expectation of the acquired assets in the first full-year of ownership.

33

Market and operating review

Central & Southern Africa

Locations

Strategic Report Governance Report Financial Statements

DRC

Congo Brazzaville South Africa Ghana Madagascar

+Tenancy additio1ns ,164

Population (2025)1

252m

Population growth CAGR1

3%

Helios Towers plc Annual Report and Financial Statements 2025

Mobile penetration (2025)2

43%

Mobile connections CAGR2

6%

PoS additions CAGR3

9%

1. UN World Population Prospects (2025-30), accessed January 2026.

2. GSMA database, accessed January 2026. Calculated on a site-weighted basis (2025-30).

3. FTI Consulting, PoS report March 2026. Calculated on a site-weighted basis. 34

Market and operating review: Central & Southern Africa continued

Strong population growth and increasing demand for mobile connectivity are driving sustained demand for digital infrastructure across Central & Southern Africa. Accordingly in 2025, we added 231 sites and 1,164 tenancies across the region.

Central & Southern Africa is one of our fastest growing regions, with a population of 252 million today and expected growth of 3% per annum over the next five years.

Mobile penetration has increased over the years, but remains one of the lowest globally at just 43%.

As mobile penetration increases across the region, we are well-positioned to support the demand through our well-invested platform and continued focus on customer experience excellence.

In 2025, tenancy growth of approximately 10%, largely driven by colocations, translated into Adjusted EBITDA growth of 12%.

This demonstrates the sustained and strong link between tenancy growth and Adjusted EBITDA expansion.

Looking ahead, and supported by IMPACT 2030, we are excited by the opportunities across our markets over the next five years, as mobile connectivity adoption continues to rise and demand for higher-quality network services accelerates.

2025 highlights:

• 1,164 organic tenancy additions, a 10% increase year-on-year;

• 0.1x expansion in tenancy ratio, reaching

  2.3x (2024: 2.2x);

• 8% growth in revenue to US$431 million;

• 12% growth in Adjusted EBITDA; and

• Adjusted EBITDA margin improved by 2ppt year-on-year to 52%, driven by margin-accretive tenancy ratio expansion.

Site additions #

+231

2023

5,166

5,270

2024

5,501

2025

Strategic Report Governance Report Financial Statements

Tenancy additions #

+1,164

2023

10,942

11,563

2024

12,727

2025

Tenancy ratio expansion x

0.12x

2025

2024

2023

2.31x

2.19x

2.12x

Revenue growth US$m

+8%

2025

2024

2023

431.4

397.9

350.9

We are proud of what our teams achieved in 2025, enabling connectivity for an additional 3 million people across Central & Southern Africa. With demand driven by strong population growth and rapid urbanisation, we are now gearing up to deliver IMPACT 2030 with our MNO partners, bringing with it significant social and economic benefits to the communities we serve."

Allan Fairbairn

Chief Technology and Digital Officer and Executive Director, DRC

Fritz Dzeklo Regional CEO - West & Southern Africa

Adj. EBITDA growth US$m

Helios Towers plc Annual Report and Financial Statements 2025

+12%

2023

167.6

199.3

2024

223.8

2025

Adj. EBITDA margin expansion %

+1.8ppt

2023

47.8

50.1

2024

51.9

2025

Digital Inclusion

DRC

Scaling connectivity, accelerating growth in DRC

In 2025, our DRC business delivered strong operational performance, including adding 128 sites and 763 tenancies. This performance reflects sustained demand for network expansion and strong execution in one of the Group's largest but least developed mobile markets and we were delighted our roll out expanded our coverage footprint by over one million people.

The DRC continues to represent a significant long-term growth opportunity for the business. At the end of 2025, 24% of the population remained unconnected, making the country one of the most underpenetrated mobile markets globally. This highlights both the scale of the digital inclusion challenge and the critical role of reliable mobile infrastructure in supporting social and economic development.

Sites (DRC)

2,781

2024: 2,653

Population coverage (DRC)

35m

2024: 34m

35

Market and operating review

Middle East & North Africa

Strategic Report Governance Report Financial Statements

Locations

Oman

Tenancy additions

Population (2025)1

6m

+341

Population growth CAGR1

3%

Mobile penetration (2025)2

80%

Helios Towers plc Annual Report and Financial Statements 2025

Mobile connections CAGR2

2%

PoS additions CAGR3

5%

1. UN World Population Prospects (2025-30), accessed January 2026.

2. GSMA database, accessed January 2026. Calculated on a site-weighted basis (2025-30).

3. FTI Consulting, PoS report March 2026. Calculated on a site-weighted basis. 36

Market and operating review: Middle East & North Africa continued

In 2025, our Middle East & North Africa business continued to demonstrate strong performance across multiple metrics, adding 99 sites and 341 tenancies.

Since entering the Oman market in December 2022, we have rapidly scaled our presence, and now operate 2,648 sites with 4,529 tenancies. Growth in 2025 was driven by continued 5G adoption and the continued expansion and densification of new entrant, Vodafone.

Tenancy growth of 8% during the year translated into revenue growth of 9% and Adjusted EBITDA growth of 12%, demonstrating strong Adjusted EBITDA

flow-through from tenancy growth. In 2025, average downtime per tower per week improved by 93% YoY, reaching just two seconds, bringing world-class operational standards to Oman and supporting our customer experience focus.

Looking ahead, under IMPACT 2030, we continue to target further lease-up and network densification as 5G rollout accelerates, supporting all three mobile network operators in Oman.

2025 highlights:

• 341 tenancy additions in the third year of operation, reaching 4,529;

• Tenancy ratio expansion of 0.1x reaching

  1.7x (2024: 1.6x);

• 9% growth in revenue to US$74.5 million;

• 12% growth in Adjusted EBITDA; and

• Adjusted EBITDA margin expansion of 2ppt to 74% (2024: 72%).

Site additions #

+99

2,535

2023

2,549

2024

2,648

2025

Strategic Report Governance Report Financial Statements

Tenancy additions #

+341

2023

3,375

4,188

2024

4,529

2025

Tenancy ratio expansion x

0.07x

2023

1.33x

1.64x

2024

1.71x

2025

Revenue growth US$m

+9%

2023

57.5

68.6

2024

74.5

2025

In 2025, our third full year in Oman, HTO exceeded all KPIs and continued to enable the nation's 5G rollout with our strong partnership with Omantel. Our achievements have been made possible by the outstanding dedication of our people, customers, partners, and stakeholders; thank you for an exceptional year and the momentum

it creates for sustainable growth ahead."

Manjit Dhillon

Group CFO and Executive Chair of Helios Towers Oman

Adj. EBITDA growth US$m

Helios Towers plc Annual Report and Financial Statements 2025

+12%

2025

2024

2023

55.0

49.3

38.5

Adj. EBITDA margin expansion %

+1.9ppt

2023

66.8

71.9

2024

73.8

2025

Digital inclusion

Oman

Delivering on our targets, almost three years ahead of plan

Helios Towers Oman achieved a significant milestone in Q1 25, reaching a 1.7x tenancy ratio and delivering its five-year target almost three years ahead of plan. This performance reinforces its position as one of the Group's fastest-scaling OpCos.

The rapid progress was underpinned by Vodafone's large-scale national rollout, complemented by Omantel's 5G expansion and Ooredoo's network upgrades. These programmes materially accelerated early colocation demand. Close customer engagement further enabled the acceleration and conversion of Omantel's build-to-suit pipeline.

Operational excellence played a central role in this achievement. Markedly improved build-to-suit cycle times enhanced site readiness, supporting earlier tenancy realisation and underpinning the rapid scale-up of the business.

Tenancy ratio

1.7x

At acquisition: 1.2x

Adjusted EBITDA

US$55m

At acquisition: US$34m1

1 At acquisition Adjusted EBITDA reflects expectation

of the acquired assets in the first full-year of ownership.

37

Group CFO's statement

We have entered the cash compounding 'sweet spot' of our story

2025 was another year of strong metronomic financial delivery, improved returns, and enhanced balance sheet strength.

We achieved our 2.2x tenancy ratio target a full year ahead

Strategic Report Governance Report Financial Statements

of plan, expanded Adjusted EBITDA to US$471 million, achieving 10 consecutive years of growth, more than tripled free cash flow and reduced net leverage to 3.4x.

These achievements underpin the next stage of our journey as we start IMPACT 2030 with momentum. We are well positioned to capitalise on the phenomenal mobile market growth through our best-in-class operational capabilities and our well-invested, colo-ready and financially robust platform."

Manjit Dhillon Group CFO and HT Oman Executive Chair

Robust business model

In 2025, we extended our track record

of consistent delivery, achieving our 10th consecutive year of Adjusted EBITDA growth, despite global pandemics, oil price shocks, rising inflation, rising interest rates and increasing global volatility.

This sustained performance reflects the strength of our business model, which is designed to capture the phenomenal growth drivers in a robust and resilient manner.

This is achieved through a combination of predictable hard-currency earnings, longterm customer partnerships and a disciplined, sustainable pricing strategy. Together, these elements ensure that our financial growth is driven primarily by tenancy expansion and operational excellence, rather than external macroeconomic factors.

Hard-currency earnings

One of the key strengths of the business is our hard-currency earnings. In 2025, 71% of Adjusted EBITDA was generated in

hard-currency, supported by our diversified presence across nine markets. Four of our markets are innately hard-currency, being dollarised or pegged to the US Dollar or Euro, while several of our remaining markets have revenue streams directly linked to hard-currency price structures.

Our contracts also include CPI and power price escalators, providing structural protection against inflation and power price movements. As a result, our Adjusted EBITDA growth continues to be almost entirely driven by tenancy additions and efficiency gains, with limited sensitivity to FX or energy

price volatility. This dynamic was evident again in 2025: despite fluctuations in local currencies, inflation and fuel prices across our markets, Adjusted EBITDA increased to US$471 million, up 12% year-on-year.

Long-term, high-quality contracts

Our customer contracts provide exceptional visibility and security. With initial terms

Helios Towers plc Annual Report and Financial Statements 2025

of 10-15 years, minimal cancellation rights and automatic renewal provisions, our business benefits from stable, long-duration revenue streams.

At the end of 2025, we had US$5.3 billion of contracted future revenue, with an average remaining term of 6.6 years, all without assuming any new business. This contracted foundation gives us confidence in our future earnings and provides a strong platform

for incremental growth as we continue to roll out new sites and add tenants across our portfolio.

38