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IHS (IHS) investor relations material
IHS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 results exceeded expectations, with revenue of $455.1M, adjusted EBITDA of $261.5M (57.5% margin), and strong free cash flow, driven by robust performance in Nigeria and Brazil, and continued deleveraging to a net leverage ratio of 3.3x.
Net income rebounded to $151.0M in Q3 2025, a significant turnaround from prior losses.
Full-year 2025 outlook was raised for revenue, adjusted EBITDA, and ALFCF, reflecting robust operating performance and favorable FX movements.
Strategic initiatives included a new 3,000-site agreement in Brazil and completed disposals of Rwanda and Kuwait operations.
Total towers at quarter-end were 39,025, with a consolidated colocation rate of 1.49x.
Financial highlights
Q3 2025 revenue reached $455.1M, up 8.3% year-over-year, with constant currency growth of nearly 9%.
Adjusted EBITDA was $261.5M (57.5% margin), up 6.3% year-over-year; ALFCF was $157.8M, up 81.2% year-over-year.
Net income for Q3 2025 was $151.0M, compared to a loss in prior quarters.
CapEx totaled $77.3M, up 16.3% year-over-year, mainly in Nigeria.
Liquidity exceeded $950M at quarter end, rising above $1B after Rwanda proceeds.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.75B–$1.77B, adjusted EBITDA to $995M–$1.015B, and ALFCF to $400M–$420M.
Guidance reflects strong constant currency growth, favorable FX, and organic revenue growth of 10% at midpoint.
CapEx guidance unchanged at $240M–$270M, assuming 600 new sites.
Net leverage target remains 3x–4x, expecting to reach the low end by year-end.
Management expects continued revenue growth from CPI escalators, new sites, and lease amendments.
Align asset disposals with value creation
Detail ALFCF drivers and sustainability
Analyze Nigeria market dynamics and net impact
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Frequently asked questions
IHS Holding Limited is a global provider of telecommunications infrastructure, specializing in the development, ownership, and operation of mobile towers and related facilities. The company offers colocation and lease services to mobile network operators, enabling them to expand coverage and improve connectivity. IHS Holding operates across multiple countries, focusing on emerging markets, and provides sustainable solutions to support network growth and digital inclusion. The company is headquartered in London, United Kingdom, and its shares are listed on the NYSE.
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