IHS Holding Limited: Communications Infrastructure

IHS Holding Limited stands as a pivotal force in the global communications infrastructure landscape, specializing in the ownership, operation, and development of shared towers and related assets primarily in emerging markets. Established with a clear mission to bridge connectivity gaps, the company delivers essential infrastructure that empowers mobile network operators to extend voice, data, and fiber services to millions. This focus on engineering excellence underpins every aspect of its operations, ensuring reliable, scalable solutions that support digital inclusion across diverse geographies.

Company overview

At its core, IHS Holding Limited operates 39,229 towers as of December 31, 2024, serving a combined population of approximately 644 million people in eight markets spanning Africa and Latin America. These towers form the backbone of mobile communications, hosting equipment for leading mobile network operators who rely on the company’s neutral-host model to optimize costs and coverage. By concentrating exclusively on emerging markets, the company taps into demographic and technological trends that fuel sustained demand for infrastructure, positioning itself as the largest independent provider in this niche.

The company’s vision centers on fostering a connected world where mobile connectivity drives economic growth and social development. This ambition is realized through five core values: customer focus, which emphasizes exceeding needs and building trusted relationships; innovation, championing engineering advancements and collaborative environments; integrity, upholding ethical standards and human rights; boldness, pursuing ambitious market expansions with agility; and sustainability, prioritizing stakeholder wellbeing and environmental reductions.

• Customer focus manifests in consistent high-standard service delivery, enabling operators to meet connectivity and sustainability targets.
• Innovation drives constant improvements in products and services, contributing to industry-wide progress.
• Integrity ensures transparent governance and robust anti-bribery practices across business, suppliers, and partners.
• Boldness supports courageous entry into new markets and forward-thinking decision-making for long-term returns.
• Sustainability safeguards health and safety while creating positive community impacts through inclusive opportunities and reduced operational footprints.

Through these principles, IHS Holding Limited not only sustains operational resilience but also generates recurring revenue streams backed by long-term contracts, achieving an organic revenue growth of 48.1% in 2024 despite macroeconomic challenges.

The company’s portfolio includes 59,343 tenants and 39,671 lease amendments as of December 31, 2024, reflecting robust utilization. These metrics underscore the effectiveness of its shared infrastructure model, where colocation reduces environmental impact and costs for operators while amplifying the company’s revenue efficiency. With a tower count that deconsolidated 64 towers from Peru and 1,678 from Kuwait following sales in 2024, the adjusted portfolio remains a leader in six of eight markets and the only scaled independent operator in four.

IHS Holding Limited’s dedication to digital inclusion extends beyond commercial goals, facilitating access to education, healthcare, employment, and financial services via enhanced mobile connectivity. This societal role reinforces its strategic emphasis on organic expansion, supplemented by inorganic growth in select markets, all while navigating foreign exchange volatility and geopolitical dynamics.

Business segments and revenue breakup %

IHS Holding Limited structures its operations around key reportable segments that align with its geographical footprint and service delivery model. These segments—Nigeria, Sub-Saharan Africa (SSA), Latin America (Latam), and Middle East and North Africa (MENA)—capture the diversity of its infrastructure provision, with revenue derived primarily from colocation leasing, managed services, and ancillary offerings like fiber connectivity.

Each segment’s operational scope involves owning and managing towers, negotiating master lease agreements with mobile network operators, and executing build-to-suit programs to meet evolving network demands. Revenue is recognized from fees for space leasing, equipment amendments, and power management, with escalators linked to inflation or currency benchmarks ensuring visibility.

• Nigeria Segment: This core market encompasses tower ownership, colocation, and fiber deployment, serving as the largest revenue contributor at 58.3% of total revenue, or $998.5 million in 2024 (down 27.7% from $1,382.0 million in 2023 due to Naira devaluation impacts). Operations include 16,495 towers and 25,740 tenants, with segment Adjusted EBITDA at $588.0 million (59.0% margin), reflecting 1,361 employees focused on maintenance and upgrades. The segment drives growth through 96 new build-to-suit sites and over 15,000 route kilometers of fiber connecting more than 4,000 towers, mitigating power volatility via indexation in agreements.
• Sub-Saharan Africa (SSA) Segment: Covering markets like Côte d’Ivoire, Cameroon, Zambia, and Rwanda, this segment focuses on tower expansion and rural connectivity solutions, contributing 28.2% to revenue at $483.8 million in 2024 (down 3.8% from $503.0 million in 2023, offset by $8.2 million organic growth from escalations). It operates 14,155 towers with 22,428 tenants, yielding segment Adjusted EBITDA of $308.0 million (63.6% margin) via 683 employees. Key activities include 127 new sites (91 in Cameroon) and power pass-through mechanisms, enhancing efficiency amid urbanization trends.
• Latin America (Latam) Segment: Centered on Brazil and Colombia, this segment integrates tower services with distributed antenna systems and fiber, accounting for 10.7% of revenue at $184.0 million in 2024. Operations emphasize urban densification and broadband expansion through I-Systems, passing 9.3 million homes and adding 669 build-to-suit sites in Brazil. Tenant base supports colocation for 5G readiness, with fiber access under long-term contracts bolstering connectivity in high-density areas.
• Middle East and North Africa (MENA) Segment: Primarily Kuwait-focused until its 2024 divestiture, this segment contributed 2.6% to revenue at $44.9 million in 2024, with operations deconsolidated post-sale of 70% interest. It involved 1,700 tenants across 1,678 towers, emphasizing managed services before the transaction unlocked $118.9 million in proceeds net of cash disposed.

Collectively, these segments generated total revenue of $1,711.2 million in 2024, with 72% secured through renewals and extensions, including MTN Nigeria to 2032 (13,500 tenancies), Airtel Nigeria to 2031 (6,000 tenancies plus 3,950 new over five years), and MTN Zambia/Rwanda to 2034. The geographic diversity hedges against localized risks, while shared services like fiber—deployed across Africa and Brazil—amplify cross-segment synergies, contributing to a 54.3% overall Adjusted EBITDA margin.

History and evolution

IHS Holding Limited traces its roots to 2001, when it emerged as a pioneering builder of communication towers for mobile network operators in Nigeria. Co-founded by telecommunications veterans, the company quickly addressed the nascent demand for infrastructure in a rapidly digitizing market, laying the foundation for its expansion into a global emerging markets leader.

Early milestones defined its trajectory toward ownership and shared services. In 2004, it launched managed services for operator-owned towers, encompassing maintenance, security, and power supply, which optimized costs and reliability. By 2009, the shift to tower ownership began, with initial leasing to operators in Nigeria, complemented by colocation services that allowed multiple tenants per site, reducing environmental footprints and enhancing revenue density.

The 2010s marked aggressive inorganic growth through strategic acquisitions. In 2013, IHS Holding Limited acquired MTN Côte d’Ivoire’s 911-tower portfolio and MTN Cameroon’s 818 towers, alongside master lease agreements for Orange Côte d’Ivoire’s 1,191 towers and Orange Cameroon’s 819 towers, establishing a foothold in West and Central Africa. Expansion continued in 2014 with MTN Zambia’s 719 towers and MTN Rwanda’s 550 towers, plus 10,966 towers from 9mobile in Nigeria (with 4,696 from MTN Nigeria closing in 2015). These moves solidified market leadership, amassing over 18,000 towers.

Further consolidation followed in 2015 with Airtel Zambia’s 949 towers, Airtel Rwanda’s 200 towers, and 555 additional from 9mobile Nigeria. In 2016, the acquisition of HTN Towers’ 1,211 sites in Nigeria reinforced dominance in its home market, bringing total assets to exceed 20,000 towers.

The late 2010s and early 2020s diversified into new regions. In 2020, entry into the Middle East via a controlling stake in Zain Kuwait’s 1,620 towers (first closing: 1,022; second: 140) and Latin America through the Cell Site Solution acquisition of 2,312 towers (primarily Brazil, Peru, Colombia) expanded the portfolio to over 27,000 sites. The 2021 TIM fiber deal with TIM Brasil birthed I-Systems, a neutral broadband infrastructure provider, while licenses in Egypt and the MTN South Africa tower agreement (announced) paved African growth. That year also saw the New York Stock Exchange IPO, acquisitions of Skysites (1,005 Brazil towers), Centennial Brazil (602), Centennial Colombia (217), and additional Kuwait closings (67 and 126 towers), plus 162 from Airtel Rwanda.

2022 accelerated Latam and African presence with 2,115 Brazil towers via GTS SP5 and 5,691 from MTN South Africa, entering a key market. In 2023, organic builds added 1,329 sites (812 Brazil, 237 Nigeria), I-Systems reached 8.8 million homes passed, and Kuwait’s sixth closing added 101 towers.

By 2024, evolution focused on optimization: renewals covered 72% of revenue, including Airtel Nigeria to 2031 and MTN Nigeria to 2032; sales of Peru (64 towers) and 70% Kuwait stake (1,678 towers) streamlined the portfolio to 39,229 towers. This progression from builder to integrated InfraCo reflects adaptability, with co-founders steering through 23 years of milestones, blending organic builds (892 new sites in 2024) and strategic divestitures for resilience.

• 2001: Founded in Nigeria as tower builder.
• 2004: Managed services launch for operator towers.
• 2009: Tower ownership and colocation in Nigeria.
• 2013: Côte d’Ivoire (911 towers), Cameroon (818 + 819 leased).
• 2014: Zambia (719), Rwanda (550), Nigeria expansions (15,662 total).
• 2015: Airtel additions (1,149 SSA), 555 Nigeria.
• 2016: HTN Towers (1,211 Nigeria).
• 2020: Kuwait (1,620), Latam CSS (2,312).
• 2021: I-Systems fiber, Egypt license, South Africa announcement, IPO, multiple acquisitions (2,091 towers).
• 2022: Brazil GTS (2,115), MTN SA (5,691).
• 2023: 1,329 new builds, 8.8M homes passed.
• 2024: Key renewals, Peru/Kuwait sales, 892 new sites.

This evolution underscores a commitment to scaling amid volatility, with tenant growth to 59,343 and lease amendments to 39,671 by 2024.

Products and services with revenue breakup %

IHS Holding Limited’s product and service portfolio centers on comprehensive communications infrastructure solutions, enabling mobile network operators to deliver wireless voice, data, and fiber access. Revenue stems from leasing space on towers, ancillary equipment installations, and managed services, with no explicit breakup by product disclosed beyond segment-level aggregates. However, colocation and lease amendments drive the majority, contributing to 48.1% organic growth in 2024 through escalations and new tenancies.

The offerings emphasize efficiency and innovation, from site acquisition to 24/7 monitoring via advanced network operating centers. Power management integrates solar, hybrid, and lithium-ion systems to reduce diesel dependency, aligning with sustainability goals.

• Colocation and Lease Amendments: Core revenue generator involving adding tenants to existing towers (colocation) or installing equipment/ancillaries for current ones (amendments). This boosts utilization—59,343 tenants across 39,229 towers—while minimizing costs; 39,671 amendments in 2024 supported 4G/5G upgrades, enhancing margins as revenue rises with marginal power increases. Colocation reduces overall telecom environmental impact, with renewals like MTN’s 25,000+ tenancies securing visibility.
• New Sites: Build-to-Suit (BTS): Full-cycle construction from site analysis (surveys, environmental assessments, zoning) to commissioning, including legal due diligence and alternatives like pole/rooftop masts. In 2024, 892 new sites (669 Brazil, 96 Nigeria, 127 SSA) added incremental revenue from ready-for-service invoicing, driving organic expansion amid urbanization.
• Inbuilding Solutions: Distributed Antenna Systems (DAS) for large venues (hotels, offices, transport hubs, retail) ensuring robust indoor coverage. These connected systems meet rising enterprise demands, generating fees from installation and maintenance.
• Small Cell: Non-intrusive deployments on lampposts/poles in urban centers to enhance density for consumer data needs, improving network quality without visual disruption.
• Fiber Connectivity: “Last mile” delivery to towers in African markets and access in Brazil under long-term contracts, supporting 4G/5G. Nigeria’s >15,000 km deployed connected >4,000 towers; I-Systems passed 9.3 million homes in Brazil, positioning for broadband revenue growth.
• Rural Telephony: Solar-powered bolt-on base stations with lithium-ion batteries for remote areas, using open-source software and satellite backhaul. These eliminate diesel reliance, bridging gaps sustainably and opening colocation opportunities.

These services interconnect: BTS feeds colocation, fiber amplifies amendments, and managed power (15% revenue linked via indexation/pass-through) stabilizes cash flows. Total revenue of $1,711.2 million in 2024 reflects this synergy, with 72% from renewed contracts ensuring escalator-driven increases.

Brand portfolio with revenue %

IHS Holding Limited operates under a unified brand as IHS Towers, encompassing all tower and infrastructure services without distinct sub-brands contributing separately to revenue. The core IHS Towers brand positions the company as the premier independent host in emerging markets, emphasizing neutral, scalable solutions for mobile operators.

Integrated entities like I-Systems (formed 2021 via TIM Brasil fiber joint venture) enhance the portfolio, focusing on neutral broadband infrastructure in Latin America. I-Systems passed 9.3 million homes in 2024, adding fiber connectivity revenue within the Latam segment ($184.0 million total), but no isolated contribution is disclosed.

The brand’s strength lies in long-term master lease agreements, covering 72% of 2024 revenue ($1,711.2 million), with escalators linked to inflation or currencies. This unified positioning—leader in six markets, sole scaled independent in four—drives tenant loyalty (59,343 total) and organic growth (48.1%).

No brand-wise revenue percentages are broken out, as operations consolidate under IHS Towers, with ancillary brands like I-Systems supporting overall ecosystem revenue.

Geographical presence and region-wise revenue %

IHS Holding Limited’s footprint spans eight markets in Africa and Latin America, with 39,229 towers enabling connectivity for 644 million people. Operational hubs include site acquisition teams, construction crews, and network operating centers for 24/7 monitoring, supported by 2,044 employees across regions.

Manufacturing is absent; focus is on assembly and deployment of pre-fabricated towers, with offices in key cities for commercial and administrative functions. No specific office lists are detailed, but presence includes Lagos (Nigeria HQ), São Paulo (Brazil), and regional centers in SSA markets.

Revenue breakdown reflects geographic diversity:

• Nigeria (58.3% of revenue, $998.5 million in 2024): 16,495 towers, 25,740 tenants; fiber >15,000 km; 1,361 employees; leader with MTN/Airtel renewals.
• Sub-Saharan Africa (28.2%, $483.8 million): 14,155 towers, 22,428 tenants across Côte d’Ivoire, Cameroon, Zambia, Rwanda; 127 new sites; 683 employees; urbanization drives colocation.
• Latin America (10.7%, $184.0 million): Brazil/Colombia focus; 669 Brazil BTS; I-Systems 9.3M homes passed; DAS/small cells for density.
• MENA (2.6%, $44.9 million, pre-divestiture): Kuwait operations deconsolidated December 2024; 1,678 towers sold.

YoY: Nigeria -27.7% (FX impact), SSA -3.8% (organic +1.6%), Latam growth via builds. Total $1,711.2 million, with 47% USD/euro-linked.

• Africa: 75% revenue; 30,650 towers; power indexation reduces volatility.
• Latin America: 11% revenue; urban fiber/DAS emphasis.
• Operational footprint: Site development in all markets; NOCs for remote management.

This distribution balances high-growth Nigeria with stable SSA/Latam, hedging FX risks.

Financial performance analysis

IHS Holding Limited’s consolidated financial performance in 2024 demonstrated resilience amid FX headwinds, with revenue of $1,711.2 million reflecting a 19.5% YoY decline from $2,125.5 million in 2023 (up 8.3% from $1,961.3 million in 2022), driven by Naira devaluation but offset by 48.1% organic growth from colocation and escalations. No standalone performance is disclosed, as operations are fully consolidated.

Multi-year trends highlight adaptation: Revenue CAGR ~ -6.5% (2022-2024) masks organic momentum, with Adjusted EBITDA at $928.4 million (54.3% margin) down 18.0% from $1,132.5 million (53.3%) but up from implied 2022 levels. Losses widened to $1,644.2 million from $1,988.2 million, reflecting FX on intercompany loans, partially mitigated by $304.2 million Adjusted Levered Free Cash Flow (32.8% conversion).

Capex fell 56.3% to $255.9 million, prioritizing high-return BTS/fiber (892 sites, >15,000 km Nigeria fiber). No ROE/ROCE or R&D spending disclosed; equity base supports $1.6 billion refinancing, extending maturities.

Segment trends: Nigeria revenue -27.7% but EBITDA margin stable at 59.0%; SSA +19.8% EBITDA growth to 63.6% margin.

Year	Revenue ($M)	Adj. EBITDA ($M)	Margin (%)	Capex ($M)	ALFCF ($M)
2024	1,711.2	928.4	54.3	255.9	304.2
2023	2,125.5	1,132.5	53.3	586.0	N/A
2022	1,961.3	N/A	N/A	N/A	N/A

These figures connect to performance via 72% revenue visibility from renewals, funding $1.2 billion bonds and $439 million term loan for balance sheet strength.

Profit and loss analysis

The consolidated profit and loss statement for 2024 reveals a net loss of $1,644.2 million on revenue of $1,711.2 million, compared to $1,988.2 million loss on $2,125.5 million revenue in 2023. Operating profit is not explicitly stated; focus is on Adjusted EBITDA of $928.4 million (54.3% margin, up 1.0 pp YoY), excluding $2,123.4 million finance costs (primarily FX losses on Nigerian loans).

• Revenue: $1,711.2 million, -19.5% YoY; organic +48.1% from colocation/ escalations; inorganic -$414.3 million (Peru/Kuwait sales). Breakdown: Colocation dominant, with 72% from renewals; Nigeria 58.3%, SSA 28.2%, Latam 10.7%, MENA 2.6%. Escalators (inflation/USD-linked) ensure growth; FX resets mitigated devaluation impact.
• Operating Profit and Margin: Not directly reported; implied via Adjusted EBITDA. Cost of sales $782.9 million (-15.2% YoY, diesel reductions); gross profit $928.3 million (54.3% margin, +1.0 pp from efficiencies). Corporate expenses unallocated, but segment margins (Nigeria 59.0%, SSA 63.6%) drive overall.
• Net Profit: -$1,644.2 million; YoY improvement -$344.0 million despite revenue drop, from lower finance costs ($2,123.4 million vs. $2,436.3 million) and $118.9 million disposal gains. Tax benefit $22.5 million.
• Expense Structure: Cost of sales 45.7% of revenue (power/maintenance); finance costs 124.1% (FX/intercompany); depreciation $ N/A. Reductions: Diesel via Project Green; capex discipline.
• Margin Movements: Adjusted EBITDA margin +1.0 pp to 54.3%, from colocation leverage (revenue up, costs marginal) and power pass-through (15% revenue linked). Loss margin -96.1% (stable YoY).

No ratios disclosed beyond margins; trends show cash focus, with ALFCF conversion 32.8%.

Balance sheet analysis

As of December 31, 2024, total assets stood at $5,322.5 million (2023: $6,819.0 million), liabilities $6,966.7 million (2023: $8,637.2 million), equity -$1,644.2 million (2023: -$1,818.2 million). Capital structure leans debt-heavy post-$1.6 billion refinancing.

• Assets: Non-current $3,322.5 million (towers/intangibles); current $2,000.0 million (accrued revenue $135.7 million). Investments in subsidiaries impaired $1,141.7 million (Naira impact).
• Liabilities and Equity: Borrowings $4,225.0 million (USD/ZAR tranches); trade payables $232.9 million. Net worth negative from cumulative losses; reserves N/A.
• Capital Structure: $1.2 billion bonds, $439 million term loan (5-year, $255 million USD/$184 million ZAR equiv.); local currency shift matches 53% non-USD revenue.
• Debt and Liquidity Position: Net debt $3,819.0 million; liquidity from $304.2 million ALFCF supports covenants (interest cover, leverage 3.0x target). Refinancing extended maturities, reducing short-term pressure.

Balance sheet de-risking via sales ($118.9 million proceeds) bolsters equity strength for growth.

Cash flow analysis

2024 cash flows generated $304.2 million Adjusted Levered Free Cash Flow from operations, funding capex and debt service amid FX volatility.

• Operating Cash Flow: $928.4 million Adjusted EBITDA converted to $ N/A reported; adjustments for working capital (accrued revenue $135.7 million) and taxes.
• Investing Cash Flow: -$255.9 million capex (BTS/fiber); +$118.9 million disposals (Peru/Kuwait net).
• Financing Cash Flow: -$1,600+ million refinancings (bonds/loan); no dividends.
• Free Cash Flow Insights: ALFCF $304.2 million (32.8% conversion), prioritizing high-ROI projects; supports 3.0x leverage target.

Trends: 2023 higher capex ($586 million) strained flows; 2024 discipline enhanced liquidity.

Board of directors and leadership team

The board comprises nine members, with eight independent non-executives (89%), ensuring balanced oversight. Committees include Audit (Nicholas Land chair, financial expert), Compensation, Nominating/Governance.

• Sam Darwish: Chairman/CEO; co-founder; 25+ years telecom; leads strategy.
• John Ellis (Jeb) Bush: Lead Independent Director; ex-Florida Governor; Finback Investments chair.
• Ursula M. Burns: Independent; ex-Xerox CEO; VEON chair; Uber/Endeavor boards.
• Mallam Bashir Ahmad El-Rufai: Independent; co-founder Intercellular Nigeria; FSDH Merchant Bank director.
• Maria Carolina Lacerda: Independent; 25+ years finance; PagBank/Rumo boards.
• Nicholas Land: Independent; ex-EY Chairman; Thames Water deputy chair.
• Phuthuma Nhleko: Independent; ex-MTN CEO; JSE/Engen chairs.
• Aniko Szigetvari: Independent; Atlantica Ventures founder; ex-IFC TMT head.

Executive Leadership:

• William Saad: EVP/COO, co-founder; 27 years telecom; innovation lead.
• Steve Howden: EVP/CFO; 17 years finance; EY alum.
• Mustafa Tharoo: EVP/General Counsel; 20+ years legal; M&A expert.
• Mohamad Darwish: EVP/Nigeria CEO, co-founder; 20 years; operations growth.
• Ayotade Oyinlola: EVP/CHRO; 20+ years HR; Millicom/Ericsson alum.

Board oversees risk/governance; executives drive execution.

Subsidiaries, associates, joint ventures and revenue %

IHS Holding Limited consolidates 100% owned operating subsidiaries focused on telecom infrastructure; no associates/JVs with revenue disclosed.

• IHS Nigeria Limited: 100%; Nigeria revenue $998.5 million.
• IHS Côte d’Ivoire S.A.: 100%; SSA portion.
• IHS Cameroon S.A.: 100%; SSA.
• IHS Zambia Limited: 100%; SSA.
• IHS Rwanda Limited: 100%; SSA.
• IHS South Africa Proprietary Limited: 100%; SSA revenue.
• IHS Brazil Participações Ltda.: 100%; Latam $184.0 million.
• I-Systems (TIM JV): Neutral fiber; Brazil homes passed.
• Others: Egypt (license, no ops); deconsolidated Peru/Kuwait.

Ownership 100% unless noted; revenue via segments.

Physical properties (offices, plants, factories, etc.)

Physical assets center on 39,229 towers, with no plants/factories; offices support operations.

• Towers: Steel structures with antennas, solar/hybrid power; Nigeria 16,495, SSA 14,155.
• Offices: Lagos HQ; São Paulo Brazil; regional in Abidjan, Yaoundé, Lusaka, Kigali.
• Fiber: >15,000 km Nigeria routes.
• DAS/Small cells: Urban installations on buildings/poles.

Maintenance via NOCs; sustainability via Project Green (50% emissions cut by 2030).

Segment-wise performance

Nigeria: Revenue $998.5 million (-27.7% YoY); Adjusted EBITDA $588.0 million (59.0% margin); 16,495 towers (+100 YoY); tenants 25,740 (-1.0%); 96 BTS; fiber >4,000 towers connected. Performance tied to MTN/Airtel renewals; FX resets mitigated devaluation.

SSA: Revenue $483.8 million (-3.8%); EBITDA $308.0 million (+19.8%, 63.6% margin); 14,155 towers (+99); tenants 22,428 (+3.8%); 127 BTS. Growth from escalations/Churn offset; power efficiencies boosted margins.

Latam: Revenue $184.0 million; 669 BTS Brazil; I-Systems 9.3M homes. Urban focus drives colocation for 5G.

MENA: Revenue $44.9 million (pre-sale); deconsolidated December 2024.

YoY movements: Organic offsets inorganic/FX; EBITDA resilience via cost controls.

Founders

Co-founders Sam Darwish (Chairman/CEO), Mohamad Darwish (EVP/Nigeria CEO), and William Saad (EVP/COO) established IHS in 2001. Sam: 25+ years telecom, ex-CELIA/Lintel. Mohamad: Cornell ME, Rollins MBA; Nigeria growth. William: AUB engineering; operations vision. Their expertise built from Nigeria tower building to global scale.

Shareholding pattern

No detailed pattern disclosed; shareholders include MTN Group affiliates via contracts. Oranje-Nassau (Wendel) >10% for director rights; ECP/Wendel designate one each. Public float post-IPO; no promoter/institutional/public %.

Changes: 2024 AGM approved Articles updates for governance.

Parent

IHS Holding Limited is the ultimate parent; no upstream entity.

Investments and capital expenditure plans

Capex $255.9 million in 2024 (-56.3% YoY), allocated to BTS (892 sites) and fiber (>15,000 km Nigeria). No R&D disclosed.

• Ongoing: Project Green (solar/hybrid for 50% kWh intensity cut by 2030).
• Planned: Double-digit organic growth; BTS/fiber for colocation; AI for site monitoring.

Strategic priorities: Revenue maximization, cash generation, asset disposals (Peru/Kuwait $118.9 million proceeds).

Future strategy

Management strategy emphasizes organic growth via colocation, lease amendments, BTS, and fiber, targeting double-digit revenue increases. Capacity expansion through 5G support (SSA 50% 4G/17% 5G by 2030; Brazil 77% 5G).

• Market focus: Existing eight markets; opportunistic inorganic.
• Technology: AI for operations; hybrid power.
• Sustainability: 50% Scope 1/2 emissions reduction by 2030; community education/inclusion.

De-risk via local-currency debt, power indexation (15% revenue linked).

Competitive landscape

Competitors include Helios Towers, SBA Communications, Eaton Towers, Phoenix Tower International, BAI Communications, Escotel, Vertical Bridge. IHS positions as emerging markets leader by tower count (39,229), with 72% revenue visibility and market dominance in six countries.

Key strengths

• Proven model: Recurring revenue from long-term MLAs (7.0 years avg. for key customers; $11.9 billion contracted).
• Scale: Largest independent in emerging markets; 59,343 tenants.
• Organic growth: 48.1% in 2024 via colocation (54.3% EBITDA margin).
• Resilience: FX mitigation; 32.8% ALFCF conversion.
• Innovation: Solar/hybrid; fiber for 9.3M homes.

Key challenges and risks

• FX volatility: 53% non-USD revenue; Naira devaluation cut Nigeria revenue 27.7%.
• Customer concentration: Top three MNOs 61% revenue; churn risk (1,334 in 2023).
• Power costs: Diesel dependency; health/environmental liabilities.
• Competition: Industry consolidation may reduce tenancies.
• Regulatory: Tax hikes, site access in emerging markets.
• Debt: $3,819 million net; covenant breaches possible.
• Geopolitical: Political instability impacts operations/revenue.

Conclusion and strategic outlook

IHS Holding Limited’s 2024 performance—$1,711.2 million revenue, $928.4 million Adjusted EBITDA—positions it for sustained growth amid tailwinds like 3x data usage by 2028 and 5G adoption. Strategy of organic expansion (892 BTS, fiber) and de-risking (refinancings, sales) targets double-digit revenue, 3.0x leverage, and 50% emissions cut by 2030, ensuring long-term connectivity leadership.

What is IHS Holding Limited’s core business? IHS Holding Limited owns, operates, and develops shared communications infrastructure, including 39,229 towers for mobile network operators in eight emerging markets.

How many towers does IHS Towers operate? As of December 31, 2024, IHS Towers operates 39,229 towers across Africa and Latin America.

What was IHS Holding Limited’s 2024 revenue? Revenue for 2024 was $1,711.2 million, with 48.1% organic growth driven by colocation and renewals.

What is the geographical revenue breakdown for IHS Towers? Nigeria 58.3% ($998.5 million), Sub-Saharan Africa 28.2% ($483.8 million), Latin America 10.7% ($184.0 million), MENA 2.6% ($44.9 million).

Who are the co-founders of IHS Holding Limited? Co-founders are Sam Darwish (Chairman/CEO), Mohamad Darwish (EVP/Nigeria CEO), and William Saad (EVP/COO).

What sustainability targets does IHS Towers have? Target to reduce kWh emissions intensity by 50% by 2030 via Project Green, focusing on solar and hybrid power.

What key contracts did IHS Towers renew in 2024? Renewed MTN Nigeria to 2032 (13,500 tenancies), Airtel Nigeria to 2031 (6,000+3,950 new), MTN Zambia/Rwanda to 2034, covering 72% of revenue.

What is IHS Holding Limited’s Adjusted EBITDA for 2024? Adjusted EBITDA was $928.4 million, with a 54.3% margin.

How does IHS Towers manage power volatility? Through power indexation (15% revenue linked) and pass-through in Nigeria/South Africa, plus solar/hybrid systems.

What divestitures occurred in 2024? Sale of IHS Peru (64 towers) in April and 70% IHS Kuwait (1,678 towers) in December.

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.