IHS Holding Limited

IHS Holding Limited Earnings Recaps

IHS 2 recaps
Q3 2025 Nov 12, 2025

IHS Holding Limited delivered a strong third quarter in 2025, reporting revenues of $455 million and an adjusted EBITDA of $261 million, both exceeding expectations while continuing to reduce leverage.

Key takeaways
  • Revenues increased by nearly 9% year-over-year on a constant currency basis, driven by CPI adjustments and new site additions.
  • Adjusted EBITDA margin rose to 57.5%, reflecting effective cost control measures.
  • ALFCF reached $158 million, showcasing significant cash generation improvements.
  • Consolidated net leverage ratio improved to 3.3x, down 0.6x year-over-year, enhancing financial stability.
  • Strong liquidity position with over $950 million, anticipated to exceed $1 billion post-Rwanda proceeds.
Full recap
Q2 2025 Aug 12, 2025

IHS Holding Limited exceeded expectations in Q2 2025, reporting strong organic growth and improved profitability while effectively reducing capital expenditures and debt levels.

Key takeaways
  • Revenue reached $433 million, reflecting an 11% organic growth driven by colocation and lease amendments.
  • Adjusted EBITDA was $248.5 million with a stable margin of over 57% year-on-year.
  • Net leverage improved to 3.4x, down from 3.9x a year ago, following the repayment of $154 million in high-interest debt.
  • Total CapEx decreased by 14% year-on-year to $46 million, demonstrating disciplined capital allocation.
  • Liquidity remains robust at over $830 million, supporting continued growth and debt reduction initiatives.
Full recap