IHS Holding (IHS) Company Report

Analyst Coverage

Research analysts who have asked questions during IHS Holding earnings calls.

Michael Rollins

Citigroup

4 questions for IHS

Also covers: AMT, ATUS, CCI +17 more

Gustavo Campos

Jefferies

3 questions for IHS

Also covers: SSL, TCELL, TKC

James Schneider

Goldman Sachs

3 questions for IHS

Also covers: ACN, AMAT, AMKR +28 more

Richard Choe

JPMorgan Chase & Co.

2 questions for IHS

Also covers: AMT, CCI, DBRG +3 more

Stella Cridge

Barclays

2 questions for IHS

Also covers: KOS, SSL

David Lopes

New Street Research

1 question for IHS

Also covers: LILA

Jim Schneider

Goldman Sachs

1 question for IHS

Also covers: ACN, ADI, AMD +26 more

Maurice Patrick

Barclays Capital

1 question for IHS

Also covers: KKPNY, LBTYA, SNRE +2 more

Latest news

Recent press releases and 8-K filings for IHS.

IHS Towers Confirms MTN Acquisition Discussions

IHS

M&A

Takeover Bid

IHS Towers confirmed it is in ongoing discussions with MTN Group Limited regarding a potential acquisition by MTN of all remaining shares it does not already own in IHS Towers.
The approach is currently non-binding, has not been agreed upon, and there is no certainty that a transaction will be finalized or as to its terms.
This statement was issued on February 5, 2026, following a Cautionary Announcement by MTN Group Limited.

1 day ago

Press Release

IHS Towers Confirms MTN Group Acquisition Approach

IHS

M&A

Takeover Bid

IHS Holding Limited (IHS Towers) has confirmed it has been approached by MTN Group Limited regarding a potential acquisition.
The potential acquisition involves MTN Group Limited acquiring all remaining shares of IHS Towers that it does not currently own.
Discussions regarding this potential acquisition are ongoing, but the approach is non-binding and there is no certainty that a transaction will be agreed upon.

1 day ago

6-K

IHS Towers Confirms MTN Acquisition Talks

IHS

M&A

Takeover Bid

MTN Group is in advanced talks to acquire the remaining 75% of IHS Towers it does not already own, in a potential transaction valued at approximately $2.07 billion (about R33.4 billion).
Both MTN and IHS Towers have stressed that the approach is non-binding, and there is no certainty that a deal will be agreed upon, with IHS confirming ongoing discussions but no final terms set.
MTN, which already holds a 25% stake in IHS Towers, stated that if the takeover does not materialize, it will continue to explore options to "unlock value" from its investment.

1 day ago

Morningstar

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

IHS

Earnings

Guidance Update

M&A

IHS Holding Limited reported strong Q3 2025 results, with revenue of $455 million, Adjusted EBITDA of $261 million (57.5% margin), and Adjusted Levered Free Cash Flow (ALFCF) of $158 million.
The company's consolidated net leverage ratio decreased to 3.3 times as of September 30, 2025, and it expects to be at the low end of its three to four times target range by year-end.
IHS raised its full-year 2025 guidance, projecting revenue between $1.72 billion and $1.75 billion, Adjusted EBITDA between $995 million and $1.015 billion, and ALFCF between $400 million and $420 million.
Strategic focus remains on debt reduction, organic growth, and potential shareholder returns like dividends or share buybacks as leverage targets are met. The recent disposal of the Rwanda business generated $175 million in initial proceeds, further supporting deleveraging.

Nov 12, 2025, 1:30 PM

Transcript

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

IHS

Earnings

Guidance Update

Share Buyback

IHS Holding Limited delivered strong third-quarter 2025 results, with revenue of $455 million, Adjusted EBITDA of $261 million, and ALFCF of $158 million.
The company raised its full-year 2025 guidance for revenue to a range of $1.72-$1.75 billion, Adjusted EBITDA to $995 million to $1.015 billion, and ALFCF to $400-$420 million, reflecting strong year-to-date performance and a more favorable FX environment.
IHS continued its deleveraging efforts, reducing its consolidated net leverage ratio to 3.3 times as of September 30, 2025, and expects to be at the low end of its three to four times target range by year-end. The company is considering introducing dividends and/or share buybacks as leverage nears the lower end of its target.
Organic growth is being driven by an expanded partnership with TIM in Brazil for up to 3,000 new sites over five years, with an initial minimum deployment of 500 sites over two years, alongside strong fundamental telecom market performance in Nigeria and Brazil.

Nov 12, 2025, 1:30 PM

Transcript

IHS Reports Q3 2025 Financial Results and Operational Updates

IHS

Earnings

Demand Weakening

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.