IHS : Supplemental Information (IHS Holding Limited 1Q25 Supplemental Information)

Published: 2025-05-20 07:56:13 ET IHS

Published on 05/20/2025 at 07:56

MAY 20, 2025

Contacts

Corporate Headquarters

IHS Holding Limited 1 Cathedral Piazza

123 Victoria Street London, SW1E 5BP United Kingdom https://www.ihstowers.com

Investor Relations

Robert Berg

1 Cathedral Piazza

123 Victoria Street London, SW1E 5BP United Kingdom

[email protected]

Transfer Agent

Computershare

P.O. Box 43006

Providence, RI 02940

+1 866-201-5087

Resources

Earnings Materials https://http://www.ihstowers.com/investors/earnings-materials Investor Presentations and Events https://www.ihstowers.com/investors/investor-presentations-events Distribution list / email alerts https://www.ihstowers.com/investors/email-alerts

Board of Directors Executive Officers

Director Independent

Officer Title

Aniko Szigetvari ✓

Sam Darwish X

John Ellis (Jeb) Bush ✓

Frank Dangeard ✓

Maria Carolina Lacerda ✓

Mallam Bashir Ahmad El-Rufai ✓

Nick Land ✓

Sam Darwish Chairman & Group Chief Executive Officer

Steve Howden Executive Vice President, Chief Financial Officer

William Saad Executive Vice President, Chief Operating Officer

Mohamad Darwish Executive Vice President, Nigeria Chief Executive Officer

Ayotade Oyinlola Executive Vice President, Chief Human Resources Officer

Mustafa Tharoo Executive Vice President, General Counsel

Phuthuma Nhleko ✓

Ursula Burns ✓

Securities

Common Stock

The New York Stock Exchange Ticker: IHS

Issuer

Description

Original Date Issue

Type

Debt Securities

Analyst Coverage

Equity Fixed Income

Institution

Analyst

Institution

Analyst

IHS Netherlands Holdco B.V.

US$940,000,000 8.000% Senior Notes due 2027

2019

Reg S/ 144

IHS Holding Limited US$500,000,000 5.625% Senior Notes due 2026 2021 Reg S/ 144

IHS Holding Limited

US$550,000,000 7.875% Senior Notes due 2030

2024

Reg S/ 144

IHS Holding Limited US$500,000,000 6.250% Senior Notes due 2028 2021 Reg S/ 144

IHS Holding Limited US$650,000,000 8.250% Senior Notes due 2031 2024 Reg S/ 144

Barclays Maurice Patrick

Citigroup Mike Rollins

Cowen Michael Elias

Goldman Sachs Jim Schneider

J.P. Morgan Richard Choe

New Street Research Chris Hoare

RBC Capital Markets Jon Atkin Tigress Financial Partners Ivan Feinseth Wells Fargo Securities Eric Luebchow

Barclays Stella Cridge

J.P. Morgan

Nandini Boomakanti

1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25

FY2022 FY2023 FY2024

Closing price at end of quarter/year ($)

8.76

9.78

5.55

4.60

3.53

3.20

2.99

2.92

5.22

6.15

4.60

2.92

Average daily trading volume at end of quarter/year

184,511

295,094

351,964

396,270

637,014

327,517

537,356

356,674

516,022

192,943

307,497

463,132

Potentially dilutive weighted average common shares outstanding ('000)

335,130

335,691

335,857

335,156

333,282

333,830

336,031

335,123

339,062

336,046

335,156

335,123

Fully diluted Market capitalization at end of quarter/year ($M)

2,936

3,283

1,864

1,542

1,176

1,068

1,005

979

1,770

2,067

1,542

979

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022

FY2023

FY2024

In $M

REVENUE

Segment Revenue

Organic Growth Y/Y

Nigeria

425.0

364.6

271.4

320.7

227.7

269.6

242.3

258.9

271.3

1,352.4

1,381.6

998.5

46.6%

36.7%

36.3%

65.5%

45.9%

105.1%

86.8%

61.5%

45.9%

23.2%

46.5%

73.2%

SSA

122.2

123.4

133.5

124.0

131.3

108.2

120.1

124.2

120.7

412.8

503.0

483.8

15.6%

15.2%

20.7%

12.0%

15.1%

(4.7%)

(6.2%)

3.1%

(4.6%)

5.2%

15.9%

1.6%

Latam

45.6

48.3

51.9

54.3

47.8

46.5

45.1

44.6

47.5

160.0

200.2

184.0

18.4%

13.8%

14.8%

16.6%

(0.4%)

1.5%

(0.6%)

(2.7%)

18.1%

32.1%

15.7%

(0.6%)

MENA

9.7

9.9

10.3

10.8

10.9

11.1

12.7

10.1

36.1

40.7

44.9

11.2%

8.4%

7.4%

6.4%

6.0%

6.4%

19.2%

7.5%

14.0%

8.3%

9.8%

Group

602.5(1)

546.2

467.0

509.8

417.7

435.4

420.3

437.8

439.6

1,961.3(2)

2,126.5(1)

1,711.2

38.0%

29.7%

30.6%

48.4%

35.5%

69.3%

49.0%

39.3%

25.6%

19.5%

36.9%

48.1%

ADJUSTED EBITDA(3)

Segment Adjusted EBITDA(3)

Segment Adjusted EBITDA Margin(3)

Nigeria

271.9

219.4

164.2

199.8

102.9

171.4

158.9

154.9

179.1

802.8

855.3

588.0

64.0%

60.2%

60.5%

62.3%

45.2%

63.6%

65.6%

59.8%

66.0%

59.4%

61.9%

58.9%

SSA

65.5(4)

62.9

66.3

62.4

69.7

76.5

81.0

80.8

71.7

230.1

257.1

308.0

53.6%

51.0%

49.7%

50.3%

53.0%

70.7%

67.5%

65.1%

59.4%

55.70%

51.10%

63.60%

Latam

31.2

35.3

38.2

41.1

33.8

33.3

33.8

37.1

35.6

114.4

145.8

138.0

68.3%

73.1%

73.6%

75.6%

70.8%

71.6%

74.9%

83.1%

75.0%

71.5%

72.8%

75.0%

MENA

3.7

5.4

5.2

7.9

6.1

6.2

8.0

7.3

16.0

22.1

27.6

37.6%

54.5%

50.2%

73.5%

55.6%

55.4%

63.1%

72.1%

44.4%

54.4%

61.4%

Unallocated corporate expenses(5)

(36.7)

(38.4)

(35.7)

(37.0)

(27.3)

(36.4)

(35.8)

(33.7)

(33.8)

(132.4)

(147.7)

(133.2)

Group

335.5(1)

284.7(6)

238.1(6)

274.2

185.2

250.8

246.0

246.4

252.6

1,030.9(2)

1,132.5(1)

928.4

55.7%

52.1%

51.0%

53.8%

44.3%

57.6%

58.5%

56.3%

57.5%

52.6%

53.3%

54.3%

ALFCF(7)

Cash Conversion Rate

Group

154.9(8)

74.0(6)

85.8(6)

118.2

43.1

66.9

87.1

107.1

149.9

363.1(2)

432.8(8)

304.2

46.2%

26.0%

36.0%

43.1%

23.3%

26.7%

35.4%

43.5%

59.3%

35.2%

38.2%

32.8%

CAPEX

New Site

10.4

23.9

29.2

28.3

15.1

8.2

14.7

15.6

8.5

87.0

91.9

53.7

Non-discretionary

44.2

52.3

19.3

26.3

10.0

20.1

18.8

23.7

13.3

169.7

142.1

72.6

Discretionary (ex-New Site)

97.9

125.7

52.4

76.0

28.0

25.3

32.9

43.4

21.9

376.7

352.0

129.6

Total

152.6

201.9(6)

100.9(6)

130.6

53.1

53.7

66.5

82.6

43.7

633.5

586.0

255.9

ROIC(9)

Group

9.9%(10)

14.6%

15.8%

Note: refer to page 18 (Appendix section) for footnotes related to these Financial Metrics

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022

FY2023

FY2024

KPIs

Towers

Consolidated

39,104(1)

39,298

39,739

40,075

40,278

40,332

40,650

39,229

39,212

39,652

40,075(1)

39,229

Tenants

Colo Rate(2)

Nigeria

25,650

25,798

25,927

26,009

26,129

26,196

25,648

25,740

25,709

26,210

26,009

25,740

1.57x

1.58x

1.59x

1.60x

1.56x

1.57x

1.54x

1.59x

1.56x

SSA

21,106

21,193

21,429

21,593

21,711

21,931

22,158

22,428

22,579

21,036

21,593

22,428

1.52x

1.53x

1.54x

1.55x

1.57x

1.58x

1.59x

1.52x

1.54x

1.58x

Latam

9,837

9,896

10,155

10,429

10,463

10,577

10,812

11,175

11,318

9,781

10,429

11,175

1.35x

1.33x

1.32x

1.31x

1.29x

1.30x

1.31x

1.34x

1.31x

1.30x

MENA

1,553

1,560

1,685

1,696

1,694

1,698

1,697

1,546

1,696

1.01x

Consolidated

58,146(1)

58,447

59,196

59,727

59,997

60,382

60,315

59,343

59,606

58,573

59,727(1)

59,343

1.49x

1.50x

1.48x

1.51x

1.52x

1.48x

1.49x

1.51x

Amendments

Nigeria

31,460

32,496

33,254

33,999

34,375

34,707

34,855

35,034

34,852

30,218(3)

33,999

35,034

SSA

1,523

1,669

1,922

2,433

2,565

3,775

3,983

4,120

4,253

1,403

2,433

4,120

Latam

171

186

196

279

517

600

171

517

MENA

272

Consolidated

33,038

34,234

35,254

36,603

37,126

38,692

39,389

39,671

39,705

31,674

36,603

39,671

REVENUE DRIVERS

Y/Y growth(4)

CPI Escalators

7.3%

7.9%

7.1%

5.0%

5.9%

6.1%

8.5%

8.4%

5.6%

5.2%

6.8%

7.1%

New Sites

1.0%

1.2%

0.7%

0.8%

0.7%

0.5%

1.2%

1.0%

0.8%

New Colocation

1.5%

1.4%

1.1%

1.2%

1.5%

1.9%

1.0%

2.0%

1.3%

1.7%

1.3%

1.6%

New Lease Amendments

4.4%

2.8%

2.3%

3.4%

1.9%

2.6%

2.9%

4.7%

1.1%

2.7%

3.2%

3.0%

Fiber

1.0%

1.2%

1.3%

2.8%

2.1%

2.9%

2.0%

1.0%

0.8%

1.2%

1.6%

2.0%

FX Resets

3.4%

4.3%

16.6%

27.0%

30.8%

58.8%

21.0%

19.4%

13.0%

2.5%

13.4%

33.1%

Power

5.1%

1.0%

1.6%

3.1%

4.3%

17.6%

10.8%

4.7%

5.0%

3.0%

8.4%

Inorganic

8.3%

3.9%

0.1%

0.0%

(0.3%)

(2.7%)

9.6%

2.9%

0.0%

(11.3%)

(16.9%)

(41.2%)

(51.7%)

(66.2%)

(89.7%)

(59.1%)

(53.1%)

(17.7%)

(4.9%)

(31.4%)

(67.5%)

Consolidated

35.1%

16.8%

(10.4%)

(3.1%)

(30.7%)

(20.3%)

(10.0%)

(14.1%)

5.2%

24.2%

8.4%

(19.5%)

Constant Currency

29.6%

20.4%

13.1%

19.9%

1.6%

6.2%

10.4%

9.2%

7.9%

12.0%

20.4%

6.5%

Note: refer to page 18 (Appendix section) for footnotes related to KPIs and Revenue Drivers

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022

FY2023

FY2024

DEBT ($M)

5.625% Senior Notes due 2026

500.0

200.0

500.0

200.0

8.000% Senior Notes due 2027

940.0

286.0

940.0

286.0

6.250% Senior Notes due 2028

500.0

7.875% Senior Notes due 2030

550.0

8.250% Senior Notes due 2031

650.0

Other Indebtedness(1)

2,119.4

2,118.5

2,196.1

2,172.8

2,110.0

2,222.4

2,198.9

1,714.5

1,771.4

2,010.0

2,172.8

1,714.5

Total Indebtedness

4,059.4

4,058.5

4,136.1

4,112.8

4,050.0

4,162.4

4,138.9

3,900.5

3,957.4

3,950.0

4,112.8

3,900.5

Consolidated net leverage

3,544.8

3,625.5

3,710.6

3,819.0

3,716.8

3,716.7

3,741.4

3,323.5

3,328.5

3,435.9

3,819.0

3,323.5

Consolidated net leverage ratio(2)

3.1x

3.3x

3.4x

3.8x

3.9x

3.7x

3.4x

3.2x

3.4x

3.7x

Weighted average cost of debt

9.4%

9.5%

9.6%

9.4%

8.8%

9.0%

9.2%

9.3%

8.6%

9.4%

9.2%

Fixed debt

57%

55%

56%

57%

55%

56%

66%

65%

56%

66%

Floating debt

43%

45%

44%

43%

45%

44%

34%

35%

44%

34%

Debt linked to hard currencies

77%

79%

78%

79%

78%

77%

78%

77%

LIQUIDITY

Cash and Cash Equivalents

515.6

433.0

425.4

293.8

333.2

445.7

397.5

578.0

629.0

514.1

293.8

578.0

IHS Group RCF (undrawn)

270.0

300.0

270.0

300.0

IHS Group Term-Loan (undrawn)

230.0

130.0

60.0

230.0

130.0

Total Liquidity

1,015.6

933.0

955.4

723.8

693.2

745.7

697.5

878.0

929.0

1,014.1

723.8

878.0

Average NGN/USD

461

508

768

815

1,316

1,392

1,601

1,629

1,527

428

638

1,484

Debt Maturity Profile(3)(*)

200

111

338

445

114

500

621

591

613

431

160

550

697

650

Notes and Facilities

Notes

Issuer Description Original Date Issued Type

IHS Holding Limited US$500,000,000 5.625% Senior Notes due 2026 2021 Reg S/144A

IHS Mauritius NG Holdco Limited US$940,000,000 8.000% Senior Notes due 2027 2019(4) Reg S/144A

IHS Holding Limited US$550,000,000 7.875% Senior Notes due 2030 2024 Reg S/144A

IHS Holding Limited US$500,000,000 6.250% Senior Notes due 2028 2021 Reg S/144A

44 20

IHS Holding Limited US$650,000,000 8.250% Senior Notes due 2031 2024 Reg S/144A

Type Description Entered in Outstanding ($M) Undrawn ($M) Maturity

Facilities

RCF

IHS Holding Revolving Credit Facility

March 2020

300

October 2026

Term Loan

IHS Holding Term Loan

October 2024

431

October 2029

RCF

Nigeria Revolving Credit Facility

January 2023

January 2026

Term Loan(*)

Nigeria Term Loan

January 2023

January 2028

286

132

2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E

Note: refer to page 19 (Appendix section) for footnotes related to Debt and Liquidity

(*) In April 2025, the outstanding balance of NGN 132 billion (approximately $85.8 million) of principal and interest on the Nigeria term loan (originally maturing in January 2028) was fully prepaid using excess cash within the Nigeria segment .

1Q23(1)

2Q23(2)

3Q23(2)

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022(1)(3)

FY2023(1)

FY2024

2,116.8

1,864.4

1,746.0

1,740.2

1,516.2

1,423.0

1,436.9

1,352.7

1,450.1

2,075.4

1,740.2

1,352.7

966.2

902.6

883.2

886.9

826.4

795.0

807.0

699.1

650.4

965.0

886.9

699.1

761.5

664.5

638.5

619.3

468.0

442.5

442.0

403.2

417.8

763.4

619.3

403.2

1,043.8

973.1

908.8

933.0

862.0

804.6

809.7

674.0

696.7

1,049.1

933.0

674.0

89.1

59.3

60.9

63.8

63.5

60.9

64.5

73.3

76.1

78.4

63.8

73.3

4.4

7.2

1.9

1.5

8.2

12.1

31.2

29.4

32.4

6.1

1.5

29.4

152.7

131.0

154.0

147.4

125.7

119.8

127.2

121.0

131.4

130.4

147.4

121.0

5,134.5

4,602.1

4,393.3

4,392.1

3,870.0

3,657.9

3,718.5

3,352.7

3,454.9

5,067.8

4,392.1

3,352.7

66.2

22.9

54.3

40.6

39.9

33.6

31.9

30.6

44.3

74.2

40.6

30.6

1.5

2.2

2.4

3.8

4.0

3.0

1.9

2.3

2.5

1.2

3.8

2.3

0.6

0.5

0.4

0.2

0.6

776.4

610.4

629.3

607.8

351.6

399.6

421.2

313.4

285.4

663.4

607.8

313.4

515.6

433.0

425.4

293.8

333.2

445.7

397.5

578.0

629.0

514.1

293.8

578.0

21.1

26.0

6.9

26.0

1,359.7

1,068.5

1,132.5

972.6

736.1

882.3

852.7

924.3

961.2

1,252.9

972.6

924.3

6,494.2

5,670.6

5,525.8

5,364.7

4,606.1

4,540.2

4,571.2

4,277.0

4,416.1

6,320.7

5,364.7

4,277.0

2.2

2.3

5.6

4.6

5.0

5.3

5.2

6.0

1.5

4.6

5.2

3,104.4

3,028.8

3,084.2

3,056.7

3,285.1

3,421.9

3,354.8

3,219.2

3,167.5

2,906.3

3,056.7

3,219.2

515.7

504.1

507.0

510.8

492.5

492.7

513.5

470.5

490.8

518.3

510.8

470.5

86.3

87.7

84.8

86.1

80.1

81.0

95.4

83.8

82.7

84.5

86.1

83.8

170.4

154.6

141.8

137.1

123.3

121.0

127.9

100.5

98.0

183.5

137.1

100.5

3,879.0

3,777.5

3,823.4

3,795.3

3,986.0

4,121.9

4,096.8

3,879.2

3,845.0

3,694.1

3,795.3

3,879.2

687.3

524.5

575.8

532.6

411.2

386.4

400.9

422.5

398.3

669.2

532.6

422.5

0.5

0.3

0.2

0.5

0.3

0.2

1.1

50.1

51.9

68.1

40.7

12.9

10.5

10.2

1.4

68.1

10.2

71.7

59.4

65.3

75.6

58.7

60.5

58.1

49.9

47.7

70.0

75.6

49.9

351.6

437.3

457.9

454.2

183.2

157.8

177.0

128.7

215.1

438.1

454.2

128.7

87.7

88.3

86.9

91.2

89.2

90.1

93.7

82.1

84.0

87.2

91.2

82.1

1,199.9

1,159.9

1,238.1

1,222.0

783.2

707.9

740.4

693.6

755.5

1,266.4

1,222.0

693.6

5,078.9

4,937.4

5,061.5

5,017.3

4,769.2

4,829.8

4,837.2

4,572.8

4,600.5

4,960.5

5,017.3

4,572.8

5,385.3

5,401.4

5,391.4

5,394.8

5,397.7

5,399.2

5,399.6

5,403.1

5,418.4

5,312.0

5,394.8

5,403.1

(3,307.1)

(4,573.0)

(4,839.8)

(5,293.4)

(6,846.7)

(6,967.8)

(7,171.9)

(6,925.4)

(6,892.3)

(3,317.7)

(5,293.4)

(6,925.4)

(892.5)

(331.6)

(316.5)

8.5

1,059.0

1,076.3

1,299.9

1,067.7

1,121.6

(861.3)

8.5

1,067.7

1,185.7

496.8

235.1

109.9

(390.0)

(492.3)

(472.4)

(454.6)

(352.3)

1,133.0

109.9

(454.6)

229.6

236.4

229.2

237.5

226.9

202.7

206.4

158.8

167.9

227.2

237.5

158.8

1,415.3

733.2

464.3

347.4

(163.1)

(289.6)

(266.0)

(295.8)

(184.4)

1,360.2

347.4

(295.8)

6,494.2

5,670.6

5,525.8

5,364.7

4,606.1

4,540.2

4,571.2

4,277.0

4,416.1

6,320.7

5,364.7

4,277.0

Non-current assets

Property, plant and equipment Right of use assets

Goodwill

Other intangible assets Deferred income tax assets

Derivative financial instrument assets Trade and other receivables

Current assets

Inventories

Income tax receivable

Derivative financial instrument assets Trade and other receivables

Cash and cash equivalents Assets held for sale

TOTAL ASSETS

Non-current liabilities

Trade and other payables Borrowings

Lease liabilities

Provisions for other liabilities and charges Deferred income tax liabilities

Current liabilities

Trade and other payables

Provisions for other liabilities and charges Derivative financial instrument liabilities Income tax payable

Borrowings

Lease liabilities

TOTAL LIABILITIES

Stated capital Accumulated losses Other reserves

Equity attributable to owners of the Company

Non-controlling interests

TOTAL EQUITY

TOTAL EQUITY AND LIABILITIES

Note: refer to page 19 (Appendix section) for footnotes related to the Consolidated Balance Sheet

1Q23(1)

2Q23(2)

3Q23(2)

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022(3)(4)

FY2023(1)

FY2024

602.5

546.2

467.0

509.8

417.7

435.4

420.3

437.8

439.6

1,961.3

2,125.5

1,711.2

(306.6)

(297.1)

(358.9)

(220.7)

(254.3)

(206.7)

(201.7)

(227.8)

(213.7)

(1,157.0)

(1,183.3)

(890.5)

(97.3)

(100.7)

(93.8)

(112.9)

(166.7)

(83.8)

(97.1)

(82.3)

(63.1)

(501.2)

(404.8)

(429.8)

(3.6)

(1.0)

(0.7)

(2.0)

(4.6)

2.4

4.3

(2.1)

(0.4)

4.4

(7.2)

0.0

0.2

0.0

0.1

0.8

0.9

0.0

86.7

0.6

4.7

0.5

88.2

195.2

147.6

13.6

174.3

(7.1)

148.2

125.8

212.3

163.0

312.2

530.7

479.1

6.8

8.4

5.8

8.4

10.8

43.0

25.7

175.7

20.5

15.8

25.2

33.7

(179.0)

(1,369.1)

(271.5)

(621.1)

(1,563.0)

(279.2)

(350.8)

(151.6)

(114.3)

(872.0)

(2,436.6)

(2,123.0)

23.0

(1,213.1)

(252.1)

(438.4)

(1,559.3)

(88.0)

(199.3)

236.4

69.2

(544.0)

(1,880.7)

(1,610.2)

(15.2)

(57.2)

(16.7)

(18.4)

2.0

(36.3)

(6.4)

6.7

(38.5)

75 .0

(107.5)

(34.0)

7.8

(1,270.3)

(268.8)

(456.8)

(1,557.3)

(124.3)

(205.7)

243.1

30.7

(469.0)

(1,988.2)

(1,644.2)

10.6

(1,266.7)

(266.8)

(453.6)

(1,553.4)

(121.1)

(204.1)

246.5

33.1

(459.0)

(1,976.6)

(1,632.0)

(2.8)

(3.6)

(2.0)

(3.2)

(3.9)

(3.2)

(1.6)

(3.4)

(2.4)

(10)

(11.6)

(12.2)

7.8

(1,270.3)

(268.8)

(456.8)

(1,557.3)

(124.3)

(205.7)

243.1

30.7

(469.0)

(1,988.2)

(1,644.2)

0.03

(3.73)

(0.79)

(1.36)

(4.67)

(0.36)

(0.61)

0.74

0.10

(1.39)

(5.93)

(4.90)

0.03

(3.73)

(0.79)

(1.36)

(4.67)

(0.36)

(0.61)

0.73

0.10

(1.39)

(5.93)

(4.90)

Revenue

Cost of sales

Administrative expenses

(Net loss allowance)/reversal of net loss allowance on trade receivables

Other income

Operating profit/(loss)

Finance income

Finance costs

(Loss)/Profit before income tax

Income tax (expense)/benefit

(Loss)/Profit for the period

(Loss)/Profit attributable to:

Owners of the Company

Non-controlling interests

(Loss)/Profit for the period

(Loss)/Income per share-basic

(Loss)/Income per share-diluted

Other comprehensive income/(loss)

Items that may be reclassified to profit or loss

44.2

585.2

5.3

336.0

1,043.5

(7.0)

227.5

(267.5)

75.2

72.7

970.8

996.5

44.2

585.2

5.3

336.0

1,043.5

(7.0)

227.5

(267.6)

75.2

72.7

970.8

996.4

52.0

(685.1)

(263.5)

(120.8)

(513.8)

(131.3)

21.8

(24.5)

105.9

(396.3)

(1,017.4)

(647.8)

49.6

(692.0)

(254.3)

(129.1)

(503.2)

(107.1)

18.0

(0.0)

96.8

(399.5)

(1,025.8)

(592.2)

2.4

6.9

(9.2)

8.3

(10.6)

(24.2)

3.8

(24.5)

9.1

3.2

8.4

(55.6)

52.0

(685.1)

(263.5)

(120.8)

(513.8)

(131.3)

21.8

(24.5)

105.9

(396.3)

(1,017.4)

(647.8)

Exchange gain recycled to income statement on disposal of subsidiary - - - - - - - (0.1) - - - (0.1)

Exchange differences on translation of foreign operations

Other comprehensive income/(loss) for the period, net of taxes

Total comprehensive (loss)/income for the period

Total comprehensive (loss)/income attributable to:

Owners of the Company

Non-controlling interests

Total comprehensive (loss)/income for the period

Note: refer to page 19 (Appendix section) for footnotes related to the Consolidated Statement of Comprehensive Income

1Q23

2Q23(1)

3Q23(1)

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022

FY2023

FY2024

Cash flows from operating activities

Cash from operations

251.7

259.2

229.9

162.0

93.0

151.6

182.5

348.8

216.3

966.9

902.9

775.9

Employee long term retirement benefits

Income taxes paid

(14.4)

(19.5)

(8.5)

(3.0)

(13.1)

(15.4)

(6.6)

(3.5)

(16.0)

(51.2)

(45.4)

(38.6)

Payment for rent

(2.3)

(0.7)

(1.2)

0.4

(4.1)

(1.5)

(1.4)

(1.0)

(8.0)

(3.7)

(7.9)

Payment for tower and tower equipment decommissioning

(0.0)

(0.3)

(0.0)

(0.4)

(0.3)

(0.1)

Net cash generated from operating activities

235.0

238.7

220.2

159.4

75.8

134.7

174.5

344.3

200.3

907.3

853.5

729.3

Cash flows from investing activities

Purchase of property, plant and equipment

(105.3)

(158.2)

(119.8)

(81.6)

(61.0)

(60.5)

(52.2)

(61.4)

(47.1)

(378.5)

(464.9)

(235.2)

Payment in advance for property, plant and equipment

(35.8)

(34.3)

(18.8)

(22.1)

(4.3)

(1.5)

(9.7)

(14.3)

(9.4)

(165.2)

(111.0)

(29.9)

Purchase of software and licenses

(7.3)

(8.9)

(3.5)

(3.1)

(1.6)

(1.1)

(0.6)

(0.7)

(0.1)

(15.7)

(22.8)

(4.0)

Consideration paid on business combinations, net of cash acquired

(4.5)

0.0

(735.7)

(4.5)

Proceeds from sale of subsidiaries, net of cash disposed

4.1

114.9

(0.0)

119.0

Proceeds from disposal of property, plant and equipment

0.6

0.4

0.5

1.5

0.9

1.1

13.0

11.7

0.7

1.8

2.9

26.7

Insurance claims received

0.1

0.0

0.1

2.1

0.3

0.1

Interest income received

6.5

5.1

5.8

7.7

4.0

3.9

5.0

5.8

9.3

15.2

25.0

18.7

Net movement in short-term deposits

(47.0)

(61.1)

(43.3)

4.1

172.5

(4.4)

(0.0)

(0.3)

7.3

(241.3)

(147.2)

167.8

Net cash used in investing activities

(188.2)

(256.9)

(183.6)

(93.5)

110.5

(58.4)

(44.5)

55.7

(39.2)

(1,517.3)

(722.2)

63.2

Cash flows from financing activities

Transactions with non-controlling interest

0.0

Shares repurchased and cancelled through buyback program

(5.7)

(4.3)

(10.0)

Proceeds received from issuance of borrowings (net of transaction costs)

368.1

290.0

318.7

9.7

380.4

231.2

(0.2)

1,597.0

1263.3

986.6

2,208.4

Repayment on borrowings

(264.3)

(153.5)

(226.7)

(45.3)

(328.7)

(78.1)

(59.2)

(1,683.5)

(20.5)

(506.5)

(689.9)

(2,149.4)

Fees on borrowings and derivative instruments

(6.5)

(2.2)

(6.1)

(4.6)

(3.3)

(4.0)

(2.0)

(1.3)

(4.5)

(19.9)

(19.4)

(10.6)

Interest paid

(68.5)

(76.4)

(79.2)

(74.9)

(81.3)

(84.6)

(87.0)

(74.0)

(55.6)

(234.6)

(299.0)

(327.0)

Payment for the principal of lease liabilities

(20.1)

(24.5)

(14.8)

(13.4)

(17.1)

(15.5)

(11.9)

(10.8)

(11.4)

(76.6)

(72.9)

(55.2)

Interest paid for lease liabilities

(12.1)

(13.2)

(15.4)

(17.7)

(13.2)

(17.5)

(15.8)

(19.5)

(13.1)

(36.2)

(58.4)

(66.0)

Margin received on non-deliverable forwards

(3.0)

12.9

Premium paid on interest rate cap instruments

(8.8)

(0.9)

(8.8)

Net gain/(loss) settled on derivative instruments

0.5

0.1

0.0

(20.1)

0.2

(2.6)

0.2

(3.2)

0.7

(22.4)

Net cash (used in)/generated from financing activities

(3.4)

20.7

(29.1)

(150.5)

(83.3)

31.7

(178.7)

(200.7)

(108.1)

398.2

(162.3)

(431.0)

Net increase/(decrease) in cash and cash equivalents

43.4

2.5

7.5

(84.6)

103.0

108.0

(48.7)

199.3

53.0

(211.8)

(31.0)

361.5

Cash and cash equivalents at beginning of period

514.1

515.6

433.0

425.4

293.8

333.2

445.7

397.5

578.0

916.5

514.1

293.8

Effect of movements in exchange rates on cash

(40.9)

(85.1)

(15.1)

(47.0)

(63.6)

4.5

0.5

(18.8)

(2.0)

(190.6)

(189.3)

(77.3)

Cash and cash equivalents at end of period

516.6

433.0

425.4

293.8

333.2

445.7

397.5

578.0

629.0

514.1

293.8

578.0

Note: refer to page 19 (Appendix section) for footnotes related to the Consolidated Statement of Cash Flows

LTM as of

1Q23(1)

2Q23(2)

3Q23(2)

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022(3)(4)

FY2023(1)

FY2024

Mar 31, 2024

Dec 31, 2024

Mar 31, 2025

ADJUSTED EBITDA

(Loss)/income for the period

7.8

(1,270.3)

(268.8)

(456.8)

(1,557.3)

(124.3)

(205.7)

243.1

30.7

(469.0)

(1,988.2)

(1,644.2)

(3,553.2)

(1,644.2)

(56.3)

Adjustments:

Income tax expense/(benefit)

15.2

57.2

16.7

18.4

(2.0)

36.3

6.4

(6.7)

38.5

(75.0)

107.5

34.0

90.2

34.0

74.5

Finance costs(5)

179.0

1,369.1

271.5

621.1

1,563.0

279.2

350.8

151.6

114.3

872.0

2,436.6

2,123.1

3,824.8

2,123.1

895.9

Finance income(5)

(6.8)

(8.4)

(5.8)

(8.4)

(10.8)

(43.0)

(25.7)

(175.7)

(20.5)

(15.8)

(25.2)

(33.7)

(33.4)

(33.7)

(265.0)

Depreciation and amortization

119.0

116.5

104.9

95.2

87.6

87.2

91.3

96.7

89.4

468.9

435.6

362.7

404.2

362.7

364.6

Net (impairment reversal)/impairment of withholding tax receivables(6)

11.3

13.3

10.5

12.9

8.2

2.8

21.9

(31.7)

(12.4)

52.3

48.0

1.1

45.0

1.1

(19.5)

Impairment of Goodwill

87.9

121.6

87.9

Business combination transaction costs

1.5

0.0

0.2

0.8

0.2

0.1

0.6

0.3

0.9

20.9

2.4

1.3

1.2

1.3

1.9

Net impairment/(reversal of impairment) of property, plant and

equipment, intangible assets excluding goodwill and related

4.1

0.9

103.4

(20.8)

3.1

5.8

4.1

4.7

2.0

38.2

87.7

17.7

86.6

17.7

16.6

prepaid land rent(7)

Net loss/(gain) on disposal of property, plant and equipment

(0.7)

0.2

(0.4)

(2.9)

(0.4)

(1.9)

(1.3)

23.7

1.2

3.4

(3.8)

20.2

(3.4)

20.2

21.7

Share-based payment expense(8)

3.3

3.6

2.7

3.8

3.2

4.9

1.8

18.1

5.5

13.3

13.4

27.9

13.3

27.9

30.3

Insurance claims(9)

(0.2)

(0.1)

(0.0)

(0.1)

(0.0)

(0.1)

(2.1)

(0.3)

(0.1)

(0.2)

(0.1)

(0.2)

Gain on disposal of subsidiary

(83.8)

Other costs(10)

2.1

2.7

3.2

11.0

2.5

3.8

1.8

6.1

3.1

4.8

19.0

14.3

19.3

14.3

15.1

Other income(11)

(0.1)

(0.0)

(0.1)

(2.6)

(0.2)

(0.1)

Adjusted EBITDA(12)

335.5

284.7

238.1

274.2

185.2

250.8

246.0

246.4

252.6

1,030.9

1,132.5

928.4

982.1

928.4

995.8

Divided by total revenue

602.5

546.2

467.0

509.8

417.7

435.4

420.3

437.8

439.6

1,961.3

2,125.5

1,711.2

1,940.8

1,711.2

1,733.1

Adjusted EBITDA margin

55.7%

52.1%

51.0%

53.8%

44.3%

57.6%

58.5%

56.3%

57.5%

52.6%

53.3%

54.3%

50.6%

54.3%

57.5%

Note: refer to page 20 (Appendix section) for footnotes related to the Adjusted EBITDA Reconciliation

1Q23

2Q23(1)

3Q23(1)

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

FY2022

FY2023

FY2024

Cash from operations

251.9

259.1

229.9

162.1

93.0

151.6

182.4

348.8

216.3

966.9

902.9

775.9

Adjustments:

Net movement in working capital

86.3

26.3

8.3

104.0

96.6

95.2

58.9

(92.1)

33.6

46.2

225.0

158.7

Income taxes paid

(14.4)

(19.5)

(8.5)

(3.0)

(13.1)

(15.4)

(6.6)

(3.5)

(16.0)

(51.2)

(45.4)

(38.6)

Withholding tax(2)

(33.4)

(33.5)

(23.2)

(27.5)

(13.5)

(30.6)

(20.2)

(20.8)

(5.2)

(116.1)

(117.6)

(85.1)

Lease and rent payments made

(34.5)

(38.4)

(31.5)

(30.7)

(34.4)

(34.5)

(29.1)

(31.2)

(24.5)

(120.8)

(135.0)

(129.1)

Net interest paid(3)

(62.0)

(71.4)

(73.4)

(67.2)

(77.3)

(80.8)

(82.0)

(77.0)

(49.3)

(219.4)

(274.0)

(317.2)

Business combination transaction costs

2.2

1.9

0.3

2.4

1.1

0.6

0.2

4.9

1.4

21.4

6.8

6.7

Other costs(4)

3.1

1.8

3.0

4.5

0.7

0.8

2.3

1.7

6.9

8.4

12.2

5.5

Other income(5)

(2.5)

Maintenance capital expenditure(6)

(43.8)

(51.2)

(19.1)

(25.8)

(9.8)

(19.9)

(18.7)

(23.3)

(13.2)

(166.4)

(140.0)

(71.8)

Corporate capital expenditures(7)

(0.5)

(1.1)

(0.0)

(0.6)

(0.2)

(0.1)

(0.4)

(0.1)

(3.4)

(2.2)

(0.8)

Adjusted Levered Free Cash Flow(8)

154.9

74.0

85.8

118.2

43.1

66.9

87.1

107.1

149.9

363.1

432.8

304.2

Note: refer to page 20 (Appendix section) for footnotes related to the Adjusted Levered Free Cash Flow Reconciliation

Reconciliation from (loss)/income for the period to Adjusted EBITDA and Return on Invested Capital

FY2022(1)

FY2023

FY2024

(Loss)/income for the year

(469.0)

(1,988.2)

(1,644.2)

Adjustments:

Income tax expense

(75.0)

107.5

34.0

Finance costs (2)

872.0

2,436.6

2,123.1

Finance income (2)

(15.8)

(25.2)

(33.7)

Depreciation and amortization

468.9

435.6

362.7

Impairment of withholding tax receivables (3)

52.3

48.0

1.1

Impairment of Goodwill

121.6

87.9

Business combination transaction costs

20.9

2.4

1.3

Impairment of property, plant and equipment and related prepaid land rent (4)

38.2

87.7

17.7

Net loss/(profit) on sale of assets

3.4

(3.8)

20.2

Share-based payment expense (5)

13.3

13.4

27.9

Insurance claims (6)

(2.1)

(0.3)

(0.1)

Gain on disposal of subsidiary

(83.8)

Other costs (7)

4.8

19.0

14.3

Other income (8)

(2.6)

(0.2)

Adjusted EBITDA

1,030.9

1,132.5

928.4

Lease payments made

(120.8)

(135.0)

(129.1)

Amortization on prepaid site rent

9.6

9.5

9.9

Withholding tax

(116.1)

(117.6)

(85.1)

Income taxes paid

(51.2)

(45.4)

(38.6)

Maintenance capital expenditure (9)

(166.4)

(140.0)

(71.8)

Corporate capital expenditures (10)

(3.3)

(2.1)

(0.8)

Return Adjusted EBITDA (Numerator)

582.7

701.9

612.9

Gross property, plant and equipment (11)

3,736.1

2,938.5

2,462.2

Gross goodwill

885.6

751.0

578.0

Gross other intangibles

1,266.5

1,113.7

838.9

Denominator

5,888.2

4,803.2

3,879.1

ROIC (12)

9.9%

14.6%

15.8%

Note: refer to page 21 (Appendix section) for footnotes related to the Reconciliation of Return on Invested Capital

Reconciliation of Consolidated net leverage ratio

LTM period ended

($M)

Mar 31, 2024

Dec 31, 2024

Mar 31, 2025

Borrowings

3,468.3

3,347.9

3,382.6

Lease Liabilities

581.7

552.6

574.8

Less: Cash and Cash equivalents

(333.2)

(578.0)

(629.0)

Consolidated net leverage

3,716.8

3,322.5

3,328.4

LTM Adjusted EBITDA(1)

982.1

928.4

995.8

Adjustments related to disposals

(28.1)

(21.7)

982.1

900.3

974.1

Consolidated net leverage ratio(2)

3.8x

3.7x

3.4x

Note: refer to page 21 (Appendix section) for footnotes related to the Reconciliation of consolidated net leverage ratio

Financial Metrics (p5)

1Q23 and FY23 Revenue and Adjusted EBITDA include $48M of one-off revenue as adjusted for withholding tax from our smallest key customer in Nigeria for services previously provided but for which revenue had not been recognized

FY22 Revenue, Adjusted EBITDA and ALFCF include $18M of one-off revenue from a key customer in Nigeria having reached agreement on certain contractual items

Adjusted EBITDA (including by segment) and Adjusted EBITDA margin are measures not presented in accordance with IFRS. Please refer to slide 13 for a reconciliation of (loss)/profit for the period, the most directly comparable IFRS measure to Adjusted EBITDA and Adjusted EBITDA margin

1Q23 was re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of MTN SA Acquisition in May 2022

Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, legal, finance, tax and treasury services

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

ALFCF is a measure not presented in accordance with IFRS. Please refer to slide 14 for a reconciliation of cash flows from operating activities for the period, the most directly comparable IFRS measure to ALFCF

1Q23 and FY23 ALFCF includes $43M of one-off revenue adjusted for withholding tax from our smallest key customer in Nigeria for services previously provided but for which revenue had not been recognized

ROIC is a measure not presented in accordance with IFRS. Please refer to the Financial Reconciliations for the reconciliation of ROIC to loss/profit for the period, the most directly comparable IFRS measure to ROIC

2022 is updated for the provisional purchase price allocation included in the 2Q23 results (refer to our 2Q23 financial results furnished to the SEC on Form 6-K)

KPIS and Revenue Drivers (p6)

1Q23 and 2023 tower and tenant count includes the impact of the start of a rationalization program agreed with a Key Customer, which resulted in the net rationalization of 755 towers and a total of 731 tenants

Colocation rate excludes lease amendments

FY22 Lease Amendments include the reduction of 1,444 Lease Amendments in Nigeria that are billed variably based on power consumption rather than a recurring use fee. Previous quarters not updated for reduction in Lease Amendments

3Q24 and 4Q24 Revenue growth drivers are illustrative of the rebased use fee components for the MTN Nigeria MLA which was renewed on August 7, 2024, as if the renewed MLA was in place 3Q23 and 4Q23

Debt and Liquidity (p7)

Other indebtedness consists of other credit facilities, IFRS-16 lease liabilities, as well as unamortized issuance costs and accrued interest

Consolidated net leverage is a measure not presented in accordance with IFRS

Maturity profile as of March 31, 2025, Figures represent full year impact of debt maturity profile, except for 2025E which only includes 2Q25 through 4Q25, and excludes Letters of Credit

On July 31, 2020, IHS Netherlands Holdco B.V. issued an additional $140 million in aggregate principal amount of 2027 notes, resulting in an aggregate principal amount of $940 million of 2027 notes

Consolidated Balance Sheet (p9)

Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of MTN SA Acquisition in May 2022

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

Restated or re-presented for the correction in accounting and remeasurement period adjustments in respect of the acquisitions of I-Systems Soluções de Infraestrutura S.A. and Säo Paulo Cinco Locaqäo de Torres Ltda

Consolidated Statement of Comprehensive Income (p10)

Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of MTN SA Acquisition in May 2022

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of GTS SP5 Acquisition in March 2022 and MTN SA Acquisition in May 2022

Consolidated Statement of Cash Flows (p11)

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

Adjusted EBITDA Reconciliation (p13)

Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of MTN SA Acquisition in May 2022

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

Re-presented to reflect the remeasurement period adjustments in respect of updates to the accounting for the acquisition of GTS SP5 Acquisition in March 2022 and MTN SA Acquisition in May 2022

Finance costs consist of interest expense and loan facility fees on borrowings, the unwinding of the discount on our decommissioning liability and lease liability, realized and unrealized net foreign exchange losses arising from financing arrangements and net realized and unrealized losses from valuations of financial instruments. Finance income consists of interest income from bank deposits, realized and unrealized net foreign exchange gains arising from financing arrangements and net realized and unrealized gains from valuations of financial instruments

Withholding tax primarily represents amounts withheld by customers in Nigeria and paid to the local tax authority. The amounts withheld may be recoverable through an offset against future corporate income tax liabilities in the relevant operating company. Revenue withholding tax receivables are reviewed for recoverability at each reporting period end and impaired if not forecast to be recoverable

Represents non-cash charges related to the impairment of property, plant and equipment, intangible assets excluding Goodwill, and related prepaid land rent on the decommissioning of sites

Represents expenses related to share-based compensation, which vary from period to period depending on timing of awards and changes to valuation inputs assumptions

Represents insurance claims included as non-operating income

Other costs may include aborted transaction costs; redundancy costs; acquisition start-up costs; site safety, structural integrity and compliance review costs; one-off professional and consultancy fees related to financing and/or restrictions placed on bank accounts; SOX and/or IFRS 16 implementation costs; consultancy, facility set up and other related expenses for the Group's finance transformation program; and escrow amounts received relating to the IHS Towers NG Limited acquisition

Other income may include remeasurement of contingent consideration liability related to business combinations; one-off termination fees received from customers; and tax indemnity receipt from a seller relating to a prior acquisition

Adjusted EBITDA is a measure not presented in accordance with IFRS

See definition of LTM Pro Forma Adjusted EBITDA for an explanation of Adjustments Related to Acquisitions/Dispositions

Adjusted Levered Free Cash Flow Reconciliation (p14)

Re-presented to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria

Withholding tax primarily includes amounts withheld by customers and amounts paid on bond interest in Nigeria which is paid to the local tax authority. The amounts withheld by customers may be recoverable through an offset against future corporate income tax liabilities in the relevant operating company

Represents the aggregate value of interest paid and interest income received

We incur capital expenditures in relation to the maintenance of our towers and fiber equipment, which is non- discretionary in nature and required in order to optimally run our portfolio and to perform in line with our service level agreements with customers. Maintenance capital expenditures includes the periodic repair, refurbishment and replacement of tower, fiber equipment and power equipment at existing sites to keep such assets in service

Corporate capital expenditures, which are non-discretionary in nature, consist primarily of routine spending on information technology infrastructure

Adjusted Levered Free Cash Flow is a measure not presented in accordance with IFRS

Reconciliation of Return on Invested Capital (p15)

2022 is updated for the provisional purchase price allocation included in the 2Q23 results (refer to our 2Q23 financial results furnished to the SEC on Form 6-K)

operating company. Revenue withholding tax receivables are reviewed for recoverability at each reporting period end and impaired if not forecast to be recoverable

Represents non-cash charges related to the impairment of property, plant and equipment and related prepaid land rent on the decommissioning of sites

Represents credits and expense related to share-based compensation, which vary from period to period depending on timing of awards and changes to valuation inputs assumptions

Represents insurance claims included as non-operating income

Other costs may include aborted transaction costs; redundancy costs; acquisition start-up costs; site safety, structural integrity and compliance review costs; non-recurring professional and consultancy fees related to financing and/or restrictions placed on bank accounts; SOX and/or IFRS 16 implementation costs; consultancy, facility set up and other related expenses for the Group's finance transformation program; and escrow amounts received relating to the IHS Towers NG Limited acquisition

We incur capital expenditures in relation to the maintenance of our towers, which is non-discretionary in nature and required in order for us to optimally run our portfolio and to perform in line with our service level agreements with customers. Maintenance capital expenditures includes the periodic repair, refurbishment and replacement of tower and power equipment at existing sites to keep such assets in service

Corporate capital expenditures, which are non-discretionary in nature, consist primarily of routine spending on information technology infrastructure

Excludes the cost of right-of-use assets resulting from leases accounted for under IFRS 16

ROIC is a measure not presented in accordance with IFRS

Reconciliation of consolidated net leverage ratio (p16)

See reconciliation from (loss)/income for the period to Adjusted EBITDA

Consolidated net leverage ratio is a measure not presented in accordance with IFRS

Adjusted EBITDA (including by segment): (loss)/income for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net impairment/(reversal of impairment) of withholding tax receivables, impairment of goodwill, business combination transaction costs, net impairment/(reversal of impairment) of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent, reversal of provision for decommissioning costs, net (gain)/loss on sale of assets, share-based payment (credit)/expense, insurance claims, gain on disposal of subsidiary and certain other items that management believes are not indicative of the core performance of our business.

Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue for the applicable period, expressed as a percentage.

Adjusted Levered Free Cash Flow ("ALFCF"): cash from operations, before certain items of income or expenditure that management believes are not indicative of the core cash flow of our business (to the extent that these items of income and expenditure are included within cash flow from operating activities), and after taking into account net working capital movements, income taxes paid, withholding tax, lease and rent payments made, net interest paid or received, business combination transaction costs, maintenance capital expenditure, and routine corporate capital expenditure. We believe that it is important to measure the free cash flows we have generated from operations, after accounting for the cash cost of funding and routine capital expenditure required to generate those cash flows.

Adjusted Levered Free Cash Flow (ALFCF) Cash Conversion Rate: Adjusted Levered Free Cash Flow divided by Adjusted EBITDA, expressed as a percentage.

Colocation Rate: Refers to the average number of Tenants per Tower across our portfolio at a given point in time. We calculate the Colocation Rate by dividing the total number of Tenants across our portfolio by the total number of Towers across our portfolio at a given time.

Consolidated net leverage: The sum, expressed in U.S. dollars, of the aggregate outstanding indebtedness of IHS Holding Limited and its restricted subsidiaries on a consolidated basis.

Consolidated net leverage ratio: Ratio of consolidated net leverage (being the aggregate outstanding indebtedness of IHS Holding Limited and its restricted subsidiaries on a consolidated basis) to consolidated Adjusted EBITDA for the most recently ended four fiscal quarters ("LTM Adjusted EBITDA"), as further adjusted to reflect the provisions of the indentures governing the Senior Notes. We use LTM Adjusted EBITDA to maintain as much consistency as possible with the calculations established by our debt covenants included in the indentures relating to our Senior Notes.

Constant Currency: Constant currency combines the impact from CPI escalation, New Sites, new Colocation, new Lease Amendments, fiber and other revenues, as captured in organic revenue

Gross Debt: Borrowings as stated on the statement of financial position plus lease liabilities as stated on the statement of financial position.

Group: IHS Holding Limited and each of its direct and indirect subsidiaries.

Inorganic Revenue: Inorganic revenue captures the impact on revenue from existing Tenants of new tower portfolios or businesses that we have acquired, or tower portfolios or businesses that we have disposed of, since the beginning of the prior period (except as described in the organic revenue). Where tower portfolios or businesses were acquired during the current period under review, inorganic revenue is calculated as the revenue contribution from those acquisitions in their "at acquisition" state (measured as the local currency revenue generated during the first full month following the acquisition) in the current period. Where tower portfolios or businesses were disposed during the period under review, inorganic revenue impact is calculated as the revenue contribution from those tower portfolios or businesses in their reported state (measured in U.S. dollars) in the period. This treatment continues for 12 months following acquisition or disposal.

Latam: Refers to our business segment that includes our markets in Latin America, which currently are Brazil and Colombia

Lease Amendments: Refers to the installation of additional equipment on a site or the provision of certain ancillary services for an existing Tenant, for which we charge our customers a recurring lease fee.

LTM Adjusted EBITDA: Adjusted EBITDA for the most recently ended four consecutive fiscal quarters.

MENA: Refers to our business segment that includes our markets in the Middle East and North Africa region, which were Egypt and Kuwait.

Organic Revenue: Organic revenue captures the performance of our existing business without the impact of new tower portfolios or businesses acquired since the beginning of the prior year period (except as described in the inorganic revenue). Specifically, organic revenue captures the impact of (i) new Colocation and Lease Amendments; (ii) changes in pricing including from contractual lease fee escalation, power indexation and foreign exchange resets; (iii) new site construction, (iv) fiber connectivity and (v) any impact of Churn and decommissioning. In the case of an acquisition of new tower portfolios or businesses, the impact of any incremental revenue after the date of acquisition from new colocation and Lease Amendments or changes in pricing on the Towers acquired, including from contractual lease fee escalation and foreign exchange resets, is also captured within organic revenue.

Return on Invested Capital ("ROIC"): We measure our return on invested capital by looking at Return Adjusted EBITDA for the period, which we define as Adjusted EBITDA further adjusted for lease payments made and amortization of prepaid site rent, less withholding tax, income taxes paid, maintenance capital expenditures and corporate capital expenditures, as a function of gross property, plant and equipment, gross intangibles and gross goodwill, as of the end of the period. Management uses this metric in order to measure the effectiveness of our capital allocation strategy. Return Adjusted EBITDA is not a measure defined by IFRS, and other companies may calculate Return Adjusted EBITDA or return on invested capital, differently. As a result, investors should not consider Return Adjusted EBITDA in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with IFRS.

Senior Notes: The (a) 8.000% Senior Notes due 2027 issued by IHS Netherlands Holdco B.V., (b) 5.625% Senior Notes due 2026 issued by IHS Holding Limited, (c) 6.250% Senior Notes due 2028 issued by IHS Holding Limited, (d) 7.875% Senior Notes due 2030 issued by IHS Holding Limited, and (e) 8.250% Senior Notes due 2031 issued by IHS Holding Limited, issued pursuant to indentures which are filed with the SEC as exhibits to our Annual Report on Form 20-F for the year ended December 31, 2024, filed March 18, 2025.

SSA: Refers to our business segment that includes our markets in the sub-Saharan region of Africa, which currently are Cameroon, Cote d'Ivoire, Rwanda, South Africa and Zambia.

Tenants: Refers to the number of distinct customers who have leased space on each Tower across our portfolio. For example, if one customer had leased tower space on five of our Towers, we would have five tenants.

Towers: Refers to ground-based towers, rooftop and wall-mounted towers, cell poles, in-building solutions, small cells, distributed antenna systems and cells-on-wheels, each of which is deployed to support wireless transmission equipment. We measure the number of Towers in our portfolio at a given time by counting the number of Towers that we own or operate with at least one Tenant. The number of Towers in our portfolio excludes any towers for which we provide managed services.

IHS Towers Investor Relations

[email protected]

Disclaimer

IHS Holding Ltd. published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 20, 2025 at 11:55 UTC.