IHS (IHS) Q3 2026 earnings summary

Executive summary

• 3Q26 continuing revenue was $490.5m, up 21.4% YoY; Adjusted EBITDA reached $282.7m, up 8.1%, and ALFCF was $197.7m, up 25.3%.

• The quarter recorded an $8.2m loss versus $147.4m income in Q3 2025; strong Nigeria performance was partly offset by disposal-related headwinds.

Financial highlights

• Organic revenue growth was 13.4% and Constant Currency growth was 5.5%; favorable FX translation added $46.7m, including $40.7m from Naira appreciation.

• Adjusted EBITDA growth absorbed a 15.0% inorganic headwind from the Rwanda, I-Systems and Latam disposals; power generation costs rose $38.6m YoY.

• Cash from operations was $246.7m, down from $259.6m; total capex fell 11.8% YoY to $68.2m.

• Operating income was $133.7m, down from $182.6m; basic loss per share was $0.02 versus earnings per share of $0.45 in Q3 2025.

• Discontinued operations contributed $17.6m revenue and $16.0m Adjusted EBITDA, down 65.6% and 61.2% YoY, respectively.

Segment performance

• Nigeria revenue rose 34.1% to $359.4m and segment Adjusted EBITDA increased 26.8% to $215.0m; margin was 59.8%.

• Nigeria EBITDA growth reflected revenue from power pass-through and indexation, partly offset by higher power generation costs.

• SSA revenue declined 3.5% to $131.1m, including a 10.5% inorganic headwind from Rwanda; segment Adjusted EBITDA fell 6.5% to $74.8m.