IHS : Presentation (IHS Holding Limited 4QFY24 Presentation)

Published: 2025-03-18 07:24:05 ET IHS

PRESENTING TODAY

Sam Darwish

Steve Howden

Robert Berg

Chairman & CEO

Executive Vice President & CFO

Head of Investor Relations

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KEY HIGHLIGHTS

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2024 KEY FINANCIAL HIGHLIGHTS

Revenue $1,711 million

(2024 Guidance $1,670-1,700 million)

FY24 Constant Currency growth of 6.5% (4Q24: 9.2%)

4Q24 revenue growth of 4.2% vs. 3Q24

Total Capex $256 million

(2024 Guidance $270-300 million)

FY24 decrease of 56.3% year-on-year

Narrowed focus on capital allocation

Adj. EBITDA $928 million(1)

(2024 Guidance $900-920 million)

FY24 Adj. EBITDA margin of 54.3% (4Q24: 56.3%)(1)

Continued cost control and profitability focus

Net Leverage(2) 3.7x

(2024 Target 3.0x - 4.0x)

Extended maturities, shifted debt into local currency Disposal proceeds improving leverage (-0.2x vs 3Q24)

ALFCF $304 million(1)

(2024 Guidance $250-270 million)

Strong focus on cash flow generation

Reflects narrowed focus on capital allocation

Upstreamed $271 million

(from Nigeria alone in 2024)

Continued U.S. dollar availability

Reduced Naira volatility compared to earlier in 2024

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SIGNIFICANT PROGRESS ON STRATEGIC PRIORITIES

Strong Commercial Progress

Reduced Power Exposure

Improving Financial Profile

Strengthened Balance Sheet

Shareholder Resolution

Started Asset Disposals

(1)

Proportion of FY24 revenue renewed since the start of 2023

(2)

As of December 31, 2024

(3)

Adjusted EBITDA margin is a measure not presented in accordance with IFRS. Please refer to the Appendix for a reconciliation of this term to the most directly comparable IFRS measure.

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(4)

"Enterprise Value" is defined as anticipated cash consideration to be received (as of December 2, 2024, the date of transaction announcement) plus borrowings less cash in the business and stated for a 100% shareholding. Refer to note 31.2 in our Annual Report on Form 20-F for the fiscal year ended

December 31, 2024 for further information on the disposal of the Kuwait business.

IHS GLOBAL TOWER PORTFOLIO

In 4Q24, we built +313 towers including +217 in Brazil

39,229

Towers on 2 Continents (1)

Africa

Latin America

Nigeria

16,495

Cameroon

2,443

Rwanda

1,462

Zambia

1,875

Côte d'Ivoire

2,682

South Africa

5,693

Colombia 253

Brazil8,326

5th Largest

Independent Multinational TowerCo Globally By Tower Count (1)

148,097

110,155

GD Towers

~40,000

39,749

39,229

~24,000

14,325

(1) Tower count as reported as of December 31, 2024

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SUMMARY

2024 Financial results ahead of guidance

Significant progress on strategic priorities

Well placed to leverage our market leading positions and support growing demand

Remain focused on delivering increasing returns for all our stakeholders

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FINANCIAL REVIEW

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CONSOLIDATED RESULTS SNAPSHOT

Impact of

Kuwait disposal

FY23

FY242

Y/Y^

4Q23

4Q242

Y/Y

Towers (#)

40,075

39,229

(2.1%)

40,075

39,229

(2.1%)

Tenants (#)

59,727

59,343

(0.6%)

59,727

59,343

(0.6%)

Colocation Rate

1.49x

1.51x

+0.02x

1.49x

1.51x

+0.02x

Lease Amendments (#)

36,603

39,671

+8.4%

36,603

39,671

+8.4%

In US$M, unless stated

Revenue

2,126

1,711

(19.5%)

510

438

(14.1%)

Adjusted EBITDA

1,133

928

(18.0%)

274

246

(10.1%)

Adjusted EBITDA margin

53.3%

54.3%

+100 Bps

53.8%

56.3%

+250 Bps

Adjusted Levered Free Cash Flow

433

304

(29.7%)

118

107

(9.3%)

ALFCF Cash Conversion Rate

38.2%

32.8%

(540 Bps)

43.1%

43.5%

+40 Bps

Capex

586

256

(56.3%)

131

83

(36.8%)

Consolidated Net Leverage Ratio (1)

3.4x

3.7x

+0.3x

3.4x

3.7x

+0.3x

Deconsolidated

1,678 Towers,

1,700 Tenants and

272 Lease

Amendments on

December 19, 2024

FY24 and 4Q24

contained 12 fewer days of trading from Kuwait operations resulting in an adverse impact to Revenue and Adjusted EBITDA

Includes net cash

proceeds

(2) On December 19, 2024, the Company completed the disposal of its 70% interest in IHS Kuwait Limited, resulting in 12 fewer trading days for this operation in both the three month and full year periods ended December 31, 2024 when compared to the equivalent periods ended

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December 31, 2023. IHS Kuwait Limited's Towers, Tenants and Lease Amendments were deconsolidated on that date.

Disclaimer

IHS Holding Ltd. published this content on March 18, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 18, 2025 at 11:23:07.470.