Helios Towers (HTWS) Q3 2026 TU earnings summary

Executive summary

• Record 3,435 tenancy additions YTD, including 942 new sites; total tenancies rose 12% YoY to 35,379 and the tenancy ratio reached 2.26x.

• Q3 revenue increased 17% YoY to $252m; YTD Adjusted EBITDA rose 13% to $392.2m and recurring free cash flow grew 10% to $133.7m.

• Higher ROIC, lower net leverage and cash generation support organic investment and increased shareholder distributions.

Financial highlights

• Q3 revenue was $252m, up 17% YoY; organic tenancy growth contributed 11 percentage points and power contributed 5%, principally from DRC escalators.

• YTD revenue rose 13% to $718.8m; Adjusted EBITDA increased 13% to $392.2m and operating profit rose 23% to $259.1m.

• YTD recurring free cash flow grew 10% to $133.7m; free cash flow was a $5.2m outflow as higher discretionary CapEx offset cash generation.

• Adjusted EBITDA margin was 55%, up from 54%; tenancy ratio expansion supported margins, partly offset by fuel costs and power-linked expenses.

• Contracted revenue was $6.153bn, with 98% from multinational MNOs and ~70% from investment-grade customers; average remaining contract life was 6.4 years.

Outlook and guidance

• FY 2026 guidance: ~4,000 tenancy additions, ~$535m Adjusted EBITDA and >$235m recurring free cash flow, raised from prior ranges.

• FY 2026 discretionary CapEx guidance is $230m–$245m; distributions are expected to exceed $80m.

• Initial FY 2027 outlook calls for >3,000 tenancy additions, double-digit Adjusted EBITDA growth and continued deleveraging.

• 2027 shareholder-return targets include completing the cumulative $175m buyback programme by year-end and growing the dividend 10%.

• IMPACT 2030 targets >$1.3bn cumulative recurring FCF, >$500m organic investment, >9% annual EBITDA growth and >$400m shareholder distributions through 2030.