IHS (IHS) Investor Presentation summary

Renewal and extension of MTN tower agreements

• All tower Master Lease Agreements (MLAs) in Nigeria renewed and extended through December 2032, covering about 13,500 tenancies and 23,800 lease amendments.

• Approximately 1,430 of 2,500 MTN Nigeria tenancies due to expire by 2025 will be renewed under new terms.

• All MTN-IHS MLAs across Africa extended to or after 2032, covering around 26,000 tenancies in Nigeria, Cameroon, Côte d'Ivoire, South Africa, Rwanda, and Zambia.

• Nigeria: 13,440 MTN tenancies now expire Dec. 2032; Cameroon: 1,942 expire Mar. 2033; Rwanda: 1,285 expire Apr. 2034; Zambia: 1,237 expire Apr. 2034; Côte d'Ivoire: 2,137 expire Apr. 2033; South Africa: 5,691 expire May 2034.

• Group-wide, there are 59,312 IHS tenancies and 25,732 MTN tenancies as of June 30, 2024.

Key financial and contract terms

• Use fee components rebased: power, USD, and NGN components; USD use fee has quarterly FX resets and annual US CPI escalators, NGN use fee has semi-annual Nigerian CPI escalators.

• Overall use fees aligned to market norms.

• Group-wide contracted revenue is $12.3B, with a weighted average tenant term of 8.1 years.

• Updated 2024 guidance: revenue $1,670M–$1,700M (previously $1,700M–$1,730M), Adjusted EBITDA $900M–$920M (previously $935M–$955M), ALFCF $250M–$270M (previously $285M–$305M), capex unchanged at $330M–$370M.

Revenue profile and risk management

• Long-term contracts provide revenue certainty and visibility, with $12.3B total contracted revenue and 8.1 years average remaining tenant term.

• 60% of revenue is linked to hard currencies (USD/EUR) and power, with annual escalators; 40% is local currency-linked.

• Average churn is 2.1% (2021–2023), reflecting low tenancy loss.

• High-quality tenants include major telecom operators with strong credit ratings.

• USD revenue resets: 8% monthly, 92% quarterly.