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    Gustavo Campos • Jefferies

    Gustavo Campos's questions to IHS Holding Ltd (IHS) leadership

    Gustavo Campos's questions to IHS Holding Ltd (IHS) leadership • Q2 2025

    Question

    Gustavo Campos from Jefferies asked if the company has a total debt target for the end of the year and how the geographic mix of EBITDA is expected to evolve over the medium term.

    Answer

    EVP & CFO Steve Howden responded that there is no specific total debt target; the focus remains on achieving the net leverage target of approximately 3x. He added that the future EBITDA mix by geography is dependent on potential future disposals and that previous targets are being re-evaluated in light of current strategic priorities like profitability and cash flow.

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    Gustavo Campos's questions to IHS Holding Ltd (IHS) leadership • Q4 2024

    Question

    Gustavo Campos of Jefferies sought confirmation of the $0.5 billion to $1 billion asset disposal target, asking if it represented proceeds or enterprise value. He also inquired about year-end debt targets, potential bond tenders, and the working capital outlook for 2025.

    Answer

    CFO Steve Howden confirmed the asset sale target represents proceeds to be received and that the primary deleveraging goal is to reach the lower half of the 3x-4x leverage range. He also projected a flat-to-positive working capital result for 2025. CEO Sam Darwish added that recent asset sales highlight the company's valuation disconnect with public markets.

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    Gustavo Campos's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership

    Gustavo Campos's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership • Q2 2024

    Question

    Gustavo Campos of Jefferies asked for a review of the mobile contract structure, specifically regarding tenor and CPI adjustments. He also sought to confirm if refinancing the 2025 Eurobond is the company's base case and inquired about the future direction of net leverage.

    Answer

    Executive Ali Koç clarified that postpaid contracts are for a 12-month period and that two price increases in the year (February and July) resulted in a year-over-year increase of around 90%. CFO Kamil Kalyon confirmed the company plans to be in the market to refinance the Eurobond. He stated that the current net leverage of 0.6x is low and expects to maintain these levels, supported by cash from the Ukraine sale and a careful financing structure.

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