Helios Towers plc stands as a pivotal player in the telecommunications infrastructure landscape, specializing in the build, acquisition, colocation lease-up, and operation of passive telecom towers. These towers host multiple mobile network operators, facilitating efficient network rollouts and expansions across underserved regions. The company’s mission centers on delivering the growth of mobile communications across Africa and the Middle East through a robust business model that emphasizes operational excellence, sustainability, and stakeholder value creation.
Company overview
At its core, Helios Towers operates a uniquely positioned platform that serves as the leading independent towerco in number one out of nine markets. This platform supports blue-chip mobile network operators with long-term, inflation-linked contracts, ensuring strong earnings visibility and protection against foreign exchange and power volatility. The business model is designed to capture long-term structural growth in de-risked manner, providing compounding hard-currency cash flows while delivering tangible benefits to the societies served.
Key operational metrics underscore the company’s scale and efficiency. As of the end of 2024, Helios Towers managed 14,325 sites, reflecting stability following significant expansion in prior years. The tenancy ratio stood at 2.05x, indicating robust multi-tenancy utilization where towers host an average of over two operators per site, which directly enhances revenue per tower and operational leverage. This ratio’s improvement from 1.91x in 2023 highlights effective colocation strategies that drive incremental revenue without proportional cost increases.
Revenue for 2024 reached US$792 million, marking consistent growth driven by tenancy expansion and contracted escalators. Adjusted EBITDA amounted to US$421 million, representing a margin of approximately 53.2%, which demonstrates the high-margin nature of the tower leasing business where fixed costs are spread across multiple tenants. Operating profit was US$242 million, reflecting disciplined cost management and the benefits of infrastructure sharing.
Return on invested capital (ROIC) improved to 12.9% in 2024 from 12.0% the previous year, signaling better capital efficiency as the company shifts from acquisition-driven growth to organic tenancy-led expansion. Free cash flow turned positive at US$19 million, a critical inflection point after years of negative flows due to heavy investments, enabling deleveraging and potential capital returns. Net leverage ratio decreased to 3.98x, down from 4.4x in 2023, approaching the target of below 3.0x by 2026 and indicating improved financial health.
Population coverage extended to 151 million people in 2024, up from 144 million in 2023, supported by site expansions particularly in rural areas. This coverage metric illustrates the company’s role in bridging connectivity gaps in regions with only 50% mobile penetration, fostering digital inclusion by enabling access to life-enhancing services like education, agriculture updates, and mobile commerce.
Sustainability is integral, with 95% local employees driving operational localization and community impact. A 6% reduction in carbon emissions per tenant was achieved in 2024, advancing toward the 2030 target of 36% reduction from 2020 levels. Customer satisfaction reached 92%, with 89% recommending the company, underscoring trust in power uptime and rollout speeds.
The company’s values—Integrity, Partnership, and Excellence—underpin a culture focused on doing the right thing, mutual respect, and striving to be the best. With an 86% employee engagement score, Helios Towers earned the People Insight Outstanding Workplace Award for the second consecutive year, reflecting a commitment to diverse, talented teams.
- Operational footprint: 14,325 towers hosting multiple tenants across nine markets.
- Revenue drivers: Primarily from long-term leases with escalators tied to inflation.
- Sustainability focus: Infrastructure sharing reduces environmental footprint while supporting economic development.
- Market positioning: Diversified across Africa and the Middle East, capturing structural mobile growth.
This overview positions Helios Towers as a resilient infrastructure provider, leveraging its platform to generate predictable cash flows while advancing connectivity in high-potential regions.
Business segments and revenue breakup %
Helios Towers operates a unified business model centered on telecommunications infrastructure, without distinct reporting segments as traditionally defined. Instead, revenue is derived from a cohesive set of activities: building and acquiring towers, colocation lease-up, and operational management. This integrated approach ensures that all revenue streams contribute to the overall platform’s performance, with no separate segment breakups disclosed beyond country-level operations.
The core revenue stream is tower leasing, which accounts for the entirety of US$792 million in 2024 revenue. This leasing model provides a cost-effective alternative to mobile network operators owning towers, significantly reducing their total cost of ownership by up to 50% through shared infrastructure. Leasing contracts are long-term, typically 10 years with inflation-linked escalators, delivering 98% of revenue from blue-chip mobile network operators and ensuring stability.
Colocation, a key driver within leasing, involves adding tenants to existing towers, which requires low incremental capital expenditure—averaging 2x and 3x tenants respectively for sharing levels of 2 and 3 tenants. This activity directly boosts the tenancy ratio to 2.05x, enhancing revenue without building new sites. Operational enhancements, including power efficiencies via hybrid and solar technologies, support lease-up by improving site attractiveness and reducing downtime to less than 30 seconds per tower per week.
Build and acquisition activities, while capital-intensive, prime the platform for future leasing revenue. In 2024, the company maintained site count at 14,000, focusing on high-return opportunities with an average build-to-suit time of 90 days. These efforts contributed to the positive free cash flow of US$19 million by balancing capex with tenancy growth.
Energy management forms an embedded component, optimizing power costs—which represent the largest operating expense—through grid connections, remote monitoring, and fuel efficiencies. This not only supports operational revenue but also drives Adjusted EBITDA margins to 53.2% by cutting fuel reliance.
- Tower leasing: 100% of revenue (US$792 million), driven by multi-tenancy and escalators.
- Colocation lease-up: Integral to tenancy expansion, enabling 2.05x ratio with minimal capex.
- Build and acquisition: Supports platform growth, with disciplined allocation to ROIC >15% opportunities.
- Operational services: Enhances site performance, contributing to 10 consecutive years of Adjusted EBITDA growth.
The operational scope spans passive infrastructure solutions, including security, power management, and site maintenance, all outsourced to local partners for cost efficiency and localization. This structure allows mobile network operators to focus resources on active equipment and technology upgrades, while Helios Towers manages the passive elements to ensure 99% network reliability.
Revenue growth of 5% year-on-year in 2024 was fueled by a 7% increase in tenancy, offset by foreign exchange headwinds, demonstrating the model’s resilience. The absence of segment silos reflects the interconnected nature of the business, where colocation feeds leasing revenue, and operational excellence underpins both.
History and evolution
Helios Towers has evolved from a focused operator in East Africa to the most diversified towerco across Africa and the Middle East, marked by strategic expansions and a shift toward sustainable value creation.
The company’s value creation journey is divided into distinct phases. From 2020 to 2022, Helios Towers doubled and diversified its platform, investing over US$1 billion to enter four new markets—Senegal, Madagascar, Malawi, and Oman—and acquire and build towers. This aggressive growth phase increased sites from 7,000 in FY20 to 14,000 in FY22, priming the portfolio for tenancy ratio expansion despite a temporary dip to 1.81x due to integration challenges.
Key milestones in this period include:
- FY20: 7,000 sites, 2.13x tenancy ratio, 14.5% ROIC, negative free cash flow of US$(70.7) million from ongoing investments, net leverage at 2.9x.
- FY21: Sites expanded to 10,000, tenancy ratio at 1.96x, ROIC 11.8%, free cash flow US$(385.0) million, net leverage 3.6x.
- FY22: Reached 14,000 sites, tenancy ratio 1.81x, ROIC 10.3%, free cash flow US$(720.6) million reflecting peak capex, net leverage peaked at 5.1x.
This expansion diversified revenue sources, reducing reliance on any single market and enhancing resilience to local volatilities. The investments focused on high-growth areas with low penetration, such as rural locations in new entries, exceeding the 2026 rural sites target of over 6,000 ahead of schedule, notably through DRC rollouts.
Transitioning to 2023-2024 and beyond, the strategy pivoted to sustainable value creation, emphasizing tenancy ratio expansion to drive Adjusted EBITDA growth, ROIC improvement, and free cash flow generation. In FY23, sites stabilized at 14,000, tenancy rose to 1.91x, ROIC recovered to 12.0%, free cash flow improved to US$(81.1) million, and net leverage fell to 4.4x.
By FY24, this phase yielded tangible results:
- Sites: 14,000 (stable, allowing focus on optimization).
- Tenancy ratio: 2.05x, up 7% year-on-year, signaling successful colocation.
- ROIC: 12.9%, reflecting efficient capital use post-acquisitions.
- Free cash flow: Positive US$18.7 million, the first inflection after heavy build-out.
- Net leverage: 4.0x, on track for further reduction.
This evolution demonstrates a disciplined approach, with 10 consecutive years of USD Adjusted EBITDA growth despite global challenges. The company’s 380-strong executive leadership team, with proven expertise in emerging markets, has executed this shift, embedding Lean Six Sigma principles across operations to eliminate waste and elevate performance.
Early roots trace to establishing operational excellence in Tanzania, the foundational market, before scaling westward and southward. The 2024 revision of the double materiality assessment further refined focus on material impacts like digital inclusion and climate action, aligning evolution with stakeholder expectations.
- Phase 1 (2020-2022): Platform doubling via US$1bn+ investments, site growth 100%, diversification into Senegal, Madagascar, Malawi, Oman.
- Phase 2 (2023+): Organic growth, tenancy-led, achieving positive FCF, ROIC expansion to 12.9%, population coverage to 151 million.
- Cultural evolution: From growth-focused to excellence-driven, with 70% employees trained in Lean Six Sigma, 95-100% embedding rate.
This trajectory positions Helios Towers for compounded growth, with a clear algorithm linking tenancy increases to financial metrics.
Products and services with revenue breakup %
Helios Towers’ offerings revolve around passive telecommunications infrastructure, with all revenue—US$792 million in 2024—stemming from tower-related services. The portfolio is not broken into product lines with specific revenue percentages but integrates build, colocation, and operational management to support mobile network operators’ expansion.
The primary service is tower leasing, encompassing long-term contracts for space on passive towers. This service provides operators with a cost-effective alternative to ownership, reducing total cost of ownership significantly by sharing infrastructure. Leasing revenue benefits from multi-tenancy, where the 2.05x ratio means each tower generates revenue from multiple sources, with 98% from blue-chip operators on 10-year contracts with inflation escalators.
Build services involve constructing new towers on a build-to-suit basis, averaging 90 days from order to completion. These are undertaken only upon contractual commitment from at least one mobile network operator, ensuring high utilization from day one. In 2024, build activities contributed to maintaining 14,325 sites, focusing on rural expansions that exceeded the 6,000 rural sites target.
Colocation services enable adding tenants to existing towers, driving tenancy growth. With low incremental capex—2x for two tenants, 3x for three—this service amplified revenue by 7% in 2024 through sharing levels that optimize space and power. Colocation rollout targets 24 hours, supporting rapid network densification.
Operational services include site management, power supply, and maintenance, applying Lean Six Sigma to achieve downtime below 30 seconds per week per tower. Power optimizations, such as hybrid and solar deployments, reduce fuel costs—the largest opex—while cutting carbon intensity by 6% per tenant. These services enhance lease attractiveness, indirectly boosting leasing revenue.
Energy solutions are embedded, with over US$100 million planned investment from 2022-2030 in grid connections, solar, and remote monitoring to lower emissions and miles driven to sites.
- Tower leasing: Core revenue driver, 100% total (US$792m), via long-term contracts.
- Build-to-suit: Supports site addition, disciplined to ROIC >15%.
- Colocation lease-up: Tenancy expansion engine, low-capex revenue uplift.
- Operational management: Ensures 99% uptime, Lean Six Sigma trained 70% workforce.
This integrated suite allows operators to roll out networks 30% faster at lower cost, focusing on active upgrades. Revenue growth connects directly to tenancy, with each additional tenant adding high-margin incremental income, contributing to 53.2% Adjusted EBITDA margin.
Brand portfolio with revenue %
Helios Towers operates under a single brand, Helios Towers plc, with no disclosed sub-brands or portfolio divisions. The brand is positioned as the leading independent telecommunications infrastructure company in Africa and the Middle East, emphasizing mission-critical towers, energy, and expertise.
The Helios Towers brand encapsulates the full suite of services—build, colocation, and operations—delivering value through a platform serving nine markets. It is recognized for world-class power uptime, rapid rollout (90 days new site, 24 hours colocation), and customer satisfaction (92% overall, 89% recommendation rate).
Brand strength is evidenced by external accolades: highest ‘AAA’ rating from MSCI and FTSE4Good Index inclusion for the third consecutive year. The brand’s focus on sustainability—digital inclusion, climate action, local teams, responsible governance—resonates with stakeholders, supporting 86% employee engagement and the People Insight Outstanding Workplace Award.
Revenue attribution is wholly to the Helios Towers brand at US$792 million, with no breakdowns by sub-brand as the model is unified. Positioning highlights diversification, serving blue-chip mobile network operators with 98% revenue from long-term contracts, capturing structural growth in low-penetration markets.
- Unified brand: Helios Towers, synonymous with operational excellence and sustainability.
- Positioning: Most diversified towerco, #1 in key markets, 151 million population coverage.
- Recognition: AAA MSCI ESG, FTSE4Good, compliance with FTSE Women Leaders Review (40% female board).
The brand’s ethos—”One Team, One Business”—fosters partnership, integrity, and excellence, driving consistent performance across the portfolio.
Geographical presence and region-wise revenue %
Helios Towers maintains a strong footprint across nine high-growth markets in Africa and the Middle East: Tanzania, Democratic Republic of Congo (DRC), Congo Brazzaville, Ghana, South Africa, Senegal, Malawi, Madagascar, and Oman. These markets are selected for their unparalleled macroeconomic expansion, with population growth of +46 million from 2024-2029, 65% under 30 years old, GDP CAGR +5%, driving mobile connections +79 million, penetration +6%, data consumption +3x, and points of service growth +30,000 (+6% CAGR).
The operational scope includes approximately 14,325 towers as of 2024, with c. 15,000 by late 2025 per updated disclosures. Towers are strategically placed to extend coverage to rural and urban areas, achieving 151 million population coverage, up 7 million year-on-year. Manufacturing is not applicable; instead, towers are built locally with partner contractors, emphasizing localized workforces (95% local employees).
Offices support operations in each market, with headquarters in London for strategic oversight. Key office locations include Dar es Salaam (Tanzania), Kinshasa (DRC), Brazzaville (Congo Brazzaville), Accra (Ghana), Johannesburg (South Africa), Dakar (Senegal), Lilongwe (Malawi), Antananarivo (Madagascar), and Muscat (Oman). These hubs facilitate training, maintenance, and colocation activities, with Lean Six Sigma embedded 95-100%.
No explicit region-wise revenue percentages are disclosed, but the diversified portfolio mitigates risks, with Tanzania as the foundational market and recent entries like Oman contributing to balance. Site-weighted metrics show full-year 2024 basis for growth calculations, reflecting balanced exposure.
- Tanzania: Foundational market, strong urban and rural presence, key to initial growth.
- DRC: Significant rural rollout, exceeding 6,000 rural sites target, high population density in Kinshasa (projected 29 million by 2050).
- Congo Brazzaville: Emerging footprint, supporting network expansion in Central Africa.
- Ghana: Coastal operations, benefiting from economic growth.
- South Africa: Urban-focused, leveraging mature infrastructure.
- Senegal: New entry 2022, rapid integration for West African diversification.
- Malawi: Rural emphasis, addressing connectivity gaps.
- Madagascar: Island market, unique logistical challenges met with local teams.
- Oman: Middle East bridgehead, stable currency, long-term contracts.
Revenue of US$792 million is generated across these markets, with foreign exchange impacts noted but offset by hard-currency flows. The presence enables 50% mobile penetration uplift potential, with 30,000 PoS additions forecast over five years.
Financial performance analysis
Helios Towers’ financial performance in 2024 reflects a successful transition to sustainable growth, with consolidated figures showing revenue expansion, margin stability, and cash flow positivity. Multi-year trends from FY20 to FY24 illustrate the evolution from investment-heavy expansion to efficient operations.
Consolidated revenue grew to US$792 million in 2024 from US$751 million in 2023, a 5.4% increase driven by 7% tenancy growth, partially offset by FX headwinds. This growth aligns with the tenancy-led algorithm, where each 0.1x ratio increase supports multi-million dollar revenue uplift through colocation.
Adjusted EBITDA rose to US$421 million, up from US$397 million, maintaining a 53.2% margin—consistent with the model’s scalability. Operating profit reached US$242 million, up from US$189 million, benefiting from cost controls and power efficiencies that reduced opex intensity.
Net profit details are not separately highlighted, but operating profit growth indicates underlying profitability amid deleveraging. ROIC expanded to 12.9% from 12.0%, calculated on invested capital, showing improved returns as capex moderates.
Equity strength is supported by reserves and retained earnings, though specific net worth figures are not detailed. Capital base remains robust, with net leverage at 3.98x Adjusted EBITDA, down from 4.4x, targeting below 3.0x by 2026.
No standalone performance is disclosed, as the group operates as a single entity with subsidiaries fully consolidated.
Multi-year trends:
- Revenue: Steady climb, with 2024 at US$792m reflecting organic drivers.
- Adjusted EBITDA: 10 years consecutive USD growth, 2024 US$421m.
- ROIC: Recovery from 10.3% low in FY22 to 12.9%, targeting further expansion.
- Free cash flow: Inflection to +US$19m in 2024 from negative trends.
Capital expenditure focused on maintenance and selective builds, supporting ROIC >15% thresholds. Medium-term targets include 2.2x tenancy by 2026, driving Adjusted EBITDA growth and FCF compounding. Long-term, the 2030 carbon reduction target of 36% per tenant ties to US$100m+ investments in low-carbon solutions.
This performance connects directly to business health: higher tenancy boosts margins, positive FCF enables debt reduction, and ROIC expansion validates capital allocation.
Profit and loss analysis
The profit and loss statement for 2024 underscores Helios Towers’ high-margin profile, with revenue of US$792 million translating to strong profitability through efficient cost structures.
Revenue breakdown is primarily from tower leasing, totaling US$792 million, up 5% from US$751 million in 2023. This growth stems from tenancy expansion (2.05x ratio) and inflation escalators on 98% of contracts, providing visibility despite 2% FX drag.
Operating expenses are dominated by power costs, the largest item, mitigated by efficiencies that reduced carbon per tenant by 6%. Site lease costs and maintenance follow, with Lean Six Sigma applications cutting waste and supporting 53.2% Adjusted EBITDA margin, stable from 52.9% in 2023.
Operating profit increased to US$242 million from US$189 million, yielding a 30.6% margin, up from 25.2%. This expansion reflects lower relative capex and opex leverage from higher tenancy, where incremental tenants add revenue with minimal cost.
Net profit is influenced by finance costs on net debt, but specific figures are not isolated; the focus on Adjusted EBITDA of US$421 million (up 6%) highlights core earnings power before interest and tax.
Expense structure:
- Power: Largest opex, reduced via solar/hybrid, saving on fuel reliance.
- Site leases: Fixed, spread across tenants for efficiency.
- Maintenance: Outsourced locally, 95% local workforce.
- Administrative: Minimal, with 86% engagement supporting lean operations.
Margin movements show resilience: EBITDA margin held at ~53%, operating margin +5.4 percentage points, driven by 7% revenue growth outpacing opex. Financial ratios include net leverage 3.98x, ROIC 12.9%, and implied EBITDA/interest coverage >5x from deleveraging.
Regionally, no P&L breakups, but diversified markets ensure balanced contributions. Capex was maintenance-focused, ~US$150 million estimated from FCF dynamics, with no R&D spending disclosed as the model is asset-light.
These metrics interconnect: Revenue scale drives margin expansion, operating profit funds deleveraging, positioning for 2026 targets of 2.2x tenancy and ROIC growth.
Balance sheet analysis
The balance sheet reflects a capital-intensive yet deleveraging structure, with assets centered on tower infrastructure.
Total assets include property, plant, and equipment valued at the site’s depreciated cost, supporting 14,325 towers. Investments in low-carbon solutions, over US$100 million planned to 2030, bolster long-term asset quality. Current assets cover receivables from long-term contracts, with 98% blue-chip payers ensuring collectibility.
Liabilities are dominated by debt, with net debt at ~US$1.68 billion implied from 3.98x leverage on US$421 million EBITDA. This represents a reduction from prior years, with gross debt structured for hard-currency matching. Current liabilities include trade payables for power and maintenance.
Equity comprises share capital and reserves, with net worth strengthened by retained earnings from operating profit. No specific equity figure disclosed, but positive FCF supports accumulation.
Capital structure: 70/30 debt-to-equity approximate, targeting optimization via FCF. Liquidity position improved with US$19 million free cash flow, enabling US$75 million share buyback launch in 2025.
- Assets: Tower PP&E core, population coverage 151m as intangible value.
- Liabilities: Net leverage 3.98x, down from 5.1x peak.
- Equity: Reserves from profitability, supporting ROIC 12.9%.
This structure balances growth investments with financial prudence, with debt covenants tied to leverage targets.
Cash flow analysis
Cash flow generation marked a pivotal shift in 2024, with positive free cash flow highlighting operational maturity.
Operating cash flow, derived from US$421 million Adjusted EBITDA, was robust after working capital adjustments, supporting day-to-day operations across nine markets. Collections from leasing contracts, 98% from reliable payers, ensure steady inflows.
Investing cash flow focused on maintenance capex, estimated at US$200 million annually, lower than prior build phases. Selective builds and US$100 million+ sustainability investments (grid, solar) were offset by no major acquisitions, contributing to net investing outflow moderation.
Financing cash flow included debt repayments reducing leverage to 3.98x, dividend payments if any, and the 2025 US$75 million buyback initiation. Net financing supported deleveraging without equity dilution.
Free cash flow inflected to US$19 million positive, calculated as operating cash minus capex, the first since FY20 negatives. This US$18.7 million figure (per table) enables compounding, with targets for sustained positivity.
Insights:
- Operating: EBITDA conversion >90%, power savings boost.
- Investing: Disciplined, ROIC >15% hurdle.
- Financing: Deleveraging priority, leverage to <3.0x by 2026.
- FCF: Tenancy-driven, 2.2x target to accelerate growth.
These flows connect performance: Operating strength funds investing, positive FCF deleverages, enhancing long-term capacity.
Board of directors and leadership team
The board of Helios Towers plc comprises experienced leaders overseeing strategy and governance, with full compliance to UK Corporate Governance Code.
Sir Samuel Jonah KBE, OSG serves as Chair, bringing passion for the business’s impact. Almost six years in role, he emphasizes execution on 2026 targets, customer trust, and team engagement. Recent visits to Senegal, Tanzania, South Africa, and Oman reinforced commitment to excellence.
Board composition meets diversity targets: 40% female representation per FTSE Women Leaders Review and FCA Listing Rules, with a female director in senior positions. Ethnicity targets exceeded per Parker Review.
Key directors include Sally Ashford, Independent Non-Executive Director for Workforce Engagement, hosting sessions to shape action plans.
Executive leadership: 380-strong team with emerging market expertise, led by management focused on Lean Six Sigma (70% trained).
Committees:
- Sustainability Committee: Approved 2030 carbon target update to 36%.
- Nominations Committee: Oversees diversity.
- Audit, Remuneration, etc., ensuring Section 172(1) compliance.
- Sir Samuel Jonah: Chair, strategic oversight.
- Sally Ashford: Workforce engagement lead.
- Full board: Balanced, AAA MSCI-rated governance.
This leadership drives 92% customer satisfaction and 86% engagement.
Subsidiaries, associates, joint ventures and revenue %
Helios Towers operates through wholly-owned subsidiaries in each market, fully consolidated with no associates or joint ventures disclosed. Ownership is 100% in entities like Helios Towers Tanzania Limited, ensuring control over operations.
Revenue contribution is integrated, with US$792 million from the group. No entity-level breakups, but subsidiaries handle local leasing.
- Tanzania subsidiary: Core operations.
- DRC subsidiary: Rural focus.
- Others: Full ownership, localized execution.
This structure supports 95% local employment.
Physical properties (offices, plants, factories, etc.)
Physical properties center on 14,325 telecom towers, with no manufacturing plants or factories. Towers are steel structures, often hybrid with solar, located in rural/urban sites for 151m coverage.
Offices: Market-specific hubs for management.
- Dar es Salaam, Tanzania: Headquarters for East Africa.
- Kinshasa, DRC: Operational base.
- Brazzaville, Congo Brazzaville: Central hub.
- Accra, Ghana: West Africa support.
- Johannesburg, South Africa: Southern office.
- Dakar, Senegal: New market center.
- Lilongwe, Malawi: Rural coordination.
- Antananarivo, Madagascar: Island operations.
- Muscat, Oman: Middle East entry.
London headquarters for group strategy. Properties emphasize sustainability, with remote monitoring reducing site visits.
- Towers: 14,325 passive sites, power-optimized.
- Offices: 9 local, plus London, supporting 95% local teams.
Segment-wise performance
As an integrated operator, performance is viewed through operational lenses: build/acquire, colocation, operations.
Build/acquire: Stable sites at 14k, capex disciplined, ROIC 12.9%.
Colocation: Tenancy to 2.05x, +7% YoY, low capex uplift.
Operations: Downtime <30s/week, 92% satisfaction, 6% carbon reduction.
YoY: Revenue +5%, EBITDA +6%, FCF + from negative.
Country-wise no metrics, but diversified.
Founders
Founders details not disclosed in available data.
Shareholding pattern
Shareholding pattern emphasizes institutional ownership, with promoters not specified. Public shareholding includes retail, with 2025 US$75m buyback signaling confidence.
Changes: Buyback up to $75m launched November 2025.
- Institutional: Majority, blue-chip holders.
- Public: Balanced float.
Parent
No parent company; Helios Towers plc is the ultimate parent.
Investments and capital expenditure plans
Investments prioritize tenancy expansion and sustainability, with capex allocated to maintenance and high-ROIC builds.
Ongoing: US$100m+ 2022-2030 in low-carbon (grid, solar, monitoring).
Capex: ~US$200m annual, focused on <3.0x leverage.
No R&D, asset-light model.
Strategic: Rural sites >6,000 achieved, colocation rollout.
Future strategy
Management strategy focuses on 2026 targets: 2.2x tenancy, ROIC expansion, FCF generation.
Capacity: Tenancy-led, +30k PoS capture.
Market focus: Nine markets, digital inclusion.
Technology: Lean Six Sigma 95-100%, solar/hybrid.
Sustainability: 36% carbon reduction by 2030, local teams 30% female.
Competitive landscape
Competitors include American Tower Corporation, Crown Castle, IHS Towers, and TowerCo peers in Africa/Middle East.
Positioning: #1 independent in key markets, diversified, AAA ESG.
Key strengths
- Diversified platform: Nine markets, 14k sites.
- Tenancy 2.05x, on track 2.2x.
- Positive FCF US$19m.
- 95% local employees.
- 92% customer satisfaction.
- AAA MSCI rating.
Key challenges and risks
Risks: FX volatility, power supply unreliability in DRC/Malawi/Madagascar, regulatory changes, carbon intensity in rural sites.
Operational: Downtime targets.
Financial: Leverage 3.98x.
Market: Competition for colocation.
Conclusion and strategic outlook
2024 performance—US$792m revenue, 12.9% ROIC, 151m coverage—positions for 2026 targets. Long-term, structural growth in nine markets drives compounding FCF, sustainability advances 36% carbon goal.
FAQ
What is Helios Towers’ core business?
Helios Towers builds, acquires, colocates, and operates passive telecom towers for multiple mobile network operators across nine markets in Africa and the Middle East.
How many sites does Helios Towers operate?
Helios Towers operates 14,325 sites as of 2024, providing coverage to 151 million people.
What is Helios Towers’ tenancy ratio?
The tenancy ratio is 2.05x in 2024, targeting 2.2x by 2026 through colocation expansion.
What are Helios Towers’ 2024 financial highlights?
Revenue US$792 million, Adjusted EBITDA US$421 million, operating profit US$242 million, free cash flow US$19 million, net leverage 3.98x.
In which markets does Helios Towers operate?
Nine markets: Tanzania, DRC, Congo Brazzaville, Ghana, South Africa, Senegal, Malawi, Madagascar, Oman.
What sustainability targets does Helios Towers have?
36% reduction in carbon emissions per tenant by 2030, over 6,000 rural sites achieved, 95% local employees, 30% female workforce target.
Who is the Chair of Helios Towers?
Sir Samuel Jonah KBE, OSG, leading the board with focus on 2026 strategy execution.
What is Helios Towers’ ROIC in 2024?
Return on invested capital (ROIC) is 12.9%, up from 12.0% in 2023.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
