IHS Holding (IHS) Company Report

IHS reported consolidated revenue of $455.1 million for Q3 2025, with Adjusted EBITDA reaching $261.5 million and an Adjusted EBITDA margin of 57.5%. The company recorded an income of $147.4 million for the period.
At the end of Q3 2025, IHS had 39,025 consolidated towers and 57,691 tenants. A notable operational change was the churn of 2,576 tenants in Nigeria during Q3 2025, resulting from an updated agreement with 9mobile.
The company generated $251.3 million in net cash from operating activities and $157.8 million in Adjusted Levered Free Cash Flow for Q3 2025. The consolidated net leverage ratio stood at 3.3x as of September 30, 2025.
IHS is currently undergoing a strategic review focused on increasing Adjusted EBITDA and cash flow generation, and reducing debt.

Nov 12, 2025, 1:30 PM

Presentation

IHS Holding Limited Reports Strong Q3 2025 Results and Raises Full-Year Guidance

IHS

Earnings

Guidance Update

Dividends

IHS Holding Limited reported strong Q3 2025 financial results, with revenue of $455 million, adjusted EBITDA of $261 million (57.5% margin), and ALFCF of $158 million, an 81% increase year-over-year.
The company raised its full-year 2025 guidance for revenue to $1.72 billion to $1.75 billion, adjusted EBITDA to $995 million to $1.015 billion, and ALFCF to $400 million to $420 million, primarily due to strong year-to-date performance and a more favorable FX environment.
IHS continued its deleveraging efforts, reducing its consolidated net leverage ratio to 3.3x as of September 30, 2025, and expects to reach the low end of its 3x to 4x target range by year-end, with pro forma leverage of 3x to 3.1x after accounting for the initial $175 million from the Rwanda disposal.
Organic growth was a key driver, with constant currency revenue growth of almost 9%. The company highlighted strong performance in Nigeria and Brazil, including a new agreement with TIM in Brazil for up to 3,000 new sites.
IHS plans to provide a comprehensive update on its capital allocation priorities at the full-year 2025 results, including potential dividends and/or share buybacks.

Nov 12, 2025, 1:30 PM

Transcript

IHS Holding Reports Strong Q3 Profit, Raises 2025 Revenue Outlook

IHS

Earnings

Guidance Update

Revenue Acceleration/Inflection

IHS Holding reported a profit before tax of $188.4 million in Q3 2025, marking a significant turnaround from a loss in the previous year.
Revenue grew 8.3% year-over-year to $455.1 million, surpassing analyst expectations and leading to an upward revision of full-year revenue and adjusted EBITDA guidance.
The company's profitability was driven by reduced administrative expenses (from $92.8 million to $58.3 million), decreased finance costs (from $350.8 million to $101.7 million), and increased finance income (from $25.7 million to $130.2 million).
Despite the positive earnings, IHS Holding faces financial challenges, including a negative debt-to-equity ratio of -14.16 and an Altman Z-Score of -0.92, signaling distress risk.

Nov 12, 2025, 11:50 AM

Morningstar

IHS Holding Ltd Reports Strong Q3 2025 Financial Results and Strategic Developments

IHS

Earnings

New Projects/Investments

M&A

IHS Holding Ltd reported revenue of $455.1 million for Q3 2025, an 8.3% increase year-on-year, and $1,328.0 million for the nine months ended September 30, 2025. The company achieved income of $147.4 million for Q3 2025, a significant improvement from a loss of $205.7 million in Q3 2024, with basic earnings per share of $0.45.
As of September 30, 2025, IHS operated 39,025 Towers. Post-reporting period, the company signed a new site agreement with TIM S.A. on October 8, 2025, to build up to 3,000 sites in Brazil, and completed the sale of IHS Rwanda, including approximately 1,467 sites, on October 9, 2025.
Revenue from two customers, Customer A and Customer B, represented 62% and 15% respectively of total revenue for Q3 2025. In Nigeria, revenue increased 10.6% year-on-year to $268.0 million for Q3 2025, despite a decrease of 2,534 tenants year-on-year due to churn, including 2,576 tenants from 9mobile vacating sites.
The company held cash and cash equivalents of $651.5 million as of September 30, 2025, with total borrowings amounting to $3,270.7 million.

Nov 12, 2025, 11:19 AM

6-K

IHS Holding Limited Reports Third Quarter 2025 Financial Results

IHS

Earnings

Guidance Update

M&A

IHS Holding Limited reported strong Q3 2025 financial results, with revenue increasing 8.3% year-on-year to $455.1 million and Adjusted EBITDA growing 6.3% to $261.5 million. The company also achieved $147.4 million in income for the period, a significant improvement from a loss in the prior year, and Adjusted Levered Free Cash Flow (ALFCF) increased 81.2% to $157.8 million.
The company raised its full-year 2025 guidance across all key metrics, with the new revenue range set at $1,720M - $1,750M, Adjusted EBITDA at $995M - $1,015M, and ALFCF at $400M - $420M.
IHS Towers' consolidated net leverage ratio improved to 3.3x as of September 30, 2025, down from 3.9x a year prior, remaining within its target range of 3.0x-4.0x.
Key strategic developments include a new site agreement with TIM S.A. in Brazil to build up to 3,000 sites and the completed disposal of IHS Rwanda in October 2025 for an enterprise value of $274.5 million.

Nov 12, 2025, 11:18 AM

6-K

Wendel Reports Q3 2025 NAV and Announces Strategic Business Model Transformation

IHS

M&A

Dividends

New Projects/Investments

Wendel reported a fully diluted Net Asset Value (NAV) of €163.0 per share as of September 30, 2025, reflecting a 2.8% decrease since June 2025.
The company is in exclusive negotiations to acquire a controlling stake in Committed Advisors, which is projected to increase Wendel Investment Managers' Assets Under Management (AUM) to over €46 billion and 2026 annual Fee Related Earnings (FRE) to over €200 million.
Strategic changes include IK Partners advising on principal investments from January 1, 2026, and the spin-out of Wendel Growth into Iron Wave, with Wendel retaining a 30% minority interest.
An interim dividend of €1.50 per share for the 2025 financial year will be paid on November 20, 2025.
The Loan-to-Value (LTV) ratio improved to 13.8% as of September 30, 2025, down from 19.2% on June 30, 2025.

Oct 24, 2025, 5:46 AM

Press Release

IHS Towers Finalizes Sale of Rwandan Operations

IHS

M&A

IHS Holding Limited (IHS Towers) has finalized the sale of 100% of its Rwandan operations, IHS Rwanda Limited, to Paradigm Tower Ventures.
The transaction included approximately 1,467 sites.
This divestment aligns with IHS Towers' strategic initiatives to create shareholder value.

Oct 9, 2025, 9:59 PM

Press Release

IHS Holding Concludes Sale of Rwandan Operations

IHS

M&A

IHS Holding Limited (IHS Towers) has concluded the sale of its operations in Rwanda.
The transaction involved the sale of 100% of IHS Rwanda Limited, which includes approximately 1,467 owned sites.
The buyer is Paradigm Tower Ventures, through Paradigm Infrastructure Holdings (PIH), in a consortium with Convergence Partners Digital Infrastructure Fund L.P, British International Investment PLC, and Société de Promotion et de Participation pour la Coopération Economique S.A..

Oct 9, 2025, 9:11 PM

Press Release

IHS Holding completes sale of Rwandan business

IHS

M&A

IHS Holding Limited (IHS Towers) has completed the sale of 100% of its shares in IHS Rwanda Limited.
The sale includes approximately 1,467 sites in Rwanda, as of June 30, 2025.
The buyer is Paradigm Tower Ventures, through Paradigm Infrastructure Holdings, as part of a consortium.
This transaction is part of IHS Towers' strategic initiatives aimed at creating shareholder value.

Oct 9, 2025, 8:28 PM

Press Release

IHS Towers Completes Sale of Rwanda Operations

IHS

M&A

IHS Holding Limited (IHS Towers) has completed the sale of 100% of IHS Rwanda Limited, including its approximately 1,467 sites.
The buyer is Paradigm Tower Ventures, which is part of a consortium including Paradigm Infrastructure Holdings (PIH), Convergence Partners Digital Infrastructure Fund L.P (CPDIF), British International Investment PLC (BII), and Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO).

Oct 9, 2025, 7:05 PM

Press Release