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IHS Holding Limited Reports Third Quarter 2026 Financial Results

IHS
  • IHS Holding Limited reported third quarter 2026 revenue from continuing operations of $490.5 million, a 21.4% increase year-on-year.
  • Adjusted EBITDA for the quarter reached $282.7 million, representing an 8.1% year-on-year growth.
  • Adjusted Levered Free Cash Flow (ALFCF) rose 25.3% to $197.7 million.
  • The company recorded a loss of $8.2 million for the period compared to an income of $147.4 million in the prior-year quarter.
  • Revenue growth was driven by power indexation, colocation, lease amendments, new sites, and favorable foreign exchange translation, partially offset by the Rwanda disposal and FX resets.
  • Organic revenue increased by 13.4%, while non-core revenues grew by 11.6% due to the appreciation of the Nigerian Naira.
  • The company completed the disposal of its Latin American tower operations to Macquarie Asset Management in August 2026 and its 51% stake in I-Systems to TIM S.A. in May 2026.
  • Tower count decreased to 28,599 at quarter-end due to disposals, though organic additions included 347 new sites.
  • The total number of tenants stood at 42,941 with a colocation rate of 1.50x.
  • Consolidated net leverage ratio improved to 1.8x, down from 3.3x in the prior-year period, aided by disposal proceeds.
  • Capital expenditure decreased 11.8% to $68.2 million, driven by lower spending in Latin America and SSA, partially offset by higher discretionary spend in Nigeria.
  • In September 2026, the company issued $200 million in 7.875% Senior Notes due 2030 to redeem its 2026 Senior Notes.
  • Shareholders approved the acquisition of IHS Towers by MTN Group at an Extraordinary General Meeting in August 2026, with the transaction expected to close in 2026.
  • Administrative expenses increased significantly by $88.4 million, primarily due to accelerated share-based payment costs related to the MTN merger agreement.
  • Power generation costs rose due to elevated global prices linked to the conflict in the Middle East, though these were largely offset by revenue pass-through mechanisms.
  • The Nigerian Naira appreciated 4.2% against the U.S. dollar during the quarter, contributing to unrealized foreign exchange gains on intercompany loans.