IHS (IHS) Corporate Presentation summary

Key investment highlights

• Structurally strong business model with long-term contracts and cost pass-throughs, ensuring revenue visibility.

• Leading independent multinational tower company in emerging markets, ranked #1 in Africa and a top infrastructure provider in Brazil.

• Attractive markets with high potential for organic growth and resilient market share.

• Prudent capital structure and active balance sheet management support financial stability.

• Ongoing strategic initiatives focus on enhancing credit profile, equity story, and sustainability impact.

Scale and market position

• Operates over 39,000 towers across 8 markets, serving a population of 661 million.

• Holds #1 market share in 6 of 8 markets, with a 1.52x colocation rate and diversified presence.

• Fifth largest independent multinational tower company globally by tower count.

• Recent divestitures include the sale of IHS Rwanda and IHS Kuwait.

• Promising adjacencies in fiber, DAS, and small cells support future growth.

Financial performance and capital allocation

• 2Q25 revenue was $433M, with organic growth of 11.1% offset by FX and inorganic impacts.

• Adjusted EBITDA for 2Q25 was $248M, with a margin of 57.3%.

• Adjusted Levered Free Cash Flow for 2Q25 was $54M, down 19.2% year-over-year.

• Consolidated net leverage ratio stands at 3.4x, with 85% of debt linked to hard currencies.

• FY24 ROIC reached 15.8%, with $256M in capital allocation focused on new sites and Project Green.