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    Gustavo Finatti Campos • Jefferies

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

    Gustavo Finatti Campos's questions to IHS Holding Ltd (IHS) leadership • Q1 2025

    Question

    Gustavo Campos asked if any FX reset 'catch-up' effect remains in Nigeria, requested details on the Rwanda sale proceeds and EBITDA, questioned the future of the asset sale target, and asked about the cause of MLA reductions in Nigeria.

    Answer

    CFO Steve Howden clarified that Nigerian FX resets are current with no 'catch-up' effect. He stated the Rwanda sale will yield approximately $274.5 million in all-cash proceeds from a debt-free entity that generated 'high 30s' million in LTM EBITDA. CEO Sam Darwish and CFO Steve Howden noted that while they've hit the low end of their disposal target, they will remain opportunistic. The Nigerian tenancy reduction was attributed solely to the planned churn of 1,050 sites by MTN.

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    Gustavo Finatti Campos's questions to TCELL leadership

    Gustavo Finatti Campos's questions to TCELL leadership • Q4 2024

    Question

    Gustavo Finatti Campos questioned how Turkcell plans to maintain its EBITDA margin amid potential declines in consumer purchasing power and competitive pressures. He also asked for a breakdown of the 2025 CapEx plan and the strategy for the upcoming Eurobond maturity.

    Answer

    CFO Kamil Kalyon emphasized Turkcell's history of disciplined cost management alongside growth, noting the margin expansion in 2024. CEO Ali Koç added that the diversified revenue portfolio across telco, Techfin, and data centers supports stability. Mr. Kalyon detailed the CapEx plan, with 65% allocated to core mobile and fixed infrastructure. He also confirmed the January $1 billion Eurobond issuance was intended to refinance the bond maturing in October 2025.

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