SOLID THIRD QUARTER REVENUE GROWTH AND ALFCF GENERATION

LONDON–(BUSINESS WIRE)–IHS Holding Limited (NYSE: IHS) (“IHS Towers” or the “Company”), one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, today reported financial results for the third quarter ended September 30, 2026.

CONSOLIDATED HIGHLIGHTS – THIRD QUARTER 2026

The table below sets forth the select financial results for the three months ended September 30, 2026 and 2025:

Financial Highlights

• Revenue from continuing operations of $490.5 million (which excludes revenue of $17.6 million for the Latam segment presented within discontinued operations) increased 21.4% year-on-year, despite a 3.5% inorganic revenue^(d) headwind as a result of the Rwanda Disposal
• Organic revenue^(d) increased 13.4%, primarily driven by increased revenue from power indexation, which helped offset increased power generation costs during the period, as well as Constant Currency^(e) growth of 5.5%, which reflected higher revenue from Colocation, Lease Amendments, New Sites and escalations. This growth was partially offset by lower revenue related to foreign exchange (“FX”) resets, primarily due to the appreciation of the Nigerian Naira (“NGN” or “Naira”) relative to the U.S. dollar (“USD”). Reported revenue growth benefited from an 11.6% tailwind within non-core revenues^(d) resulting from the favorable FX movements used to translate the results of our operations
• Adjusted EBITDA was $282.7 million, an increase of 8.1% year-on-year, despite a 15.0% inorganic headwind as a result of the Rwanda Disposal, the I-Systems Disposal and the Latam Towers Disposal. The year-on-year increase reflected revenue growth that more than offset increased costs that were primarily due to higher power generation expenses resulting from elevated global power prices associated with reasons including the conflict in the Middle East. Loss for the period was $8.2 million, compared to income of $147.4 million in the prior-year period, primarily reflecting higher administrative expenses, as well as higher net finance costs and losses from discontinued operations, partially offset by revenue growth
• Adjusted Levered Free Cash Flow (“ALFCF”) increased 25.3% to $197.7 million, benefiting from the same factors driving higher Adjusted EBITDA, as well as lower maintenance capital expenditure that was primarily due to the I-Systems Disposal, and lower taxes and net interest paid. Cash from operations was $246.7 million
• Capital expenditure (“Total Capex”) of $68.2 million decreased 11.8% year-on-year, primarily due to the I-Systems Disposal and the Latam Towers Disposal, partially offset by an increase in discretionary capex in the Nigeria segment
• Consolidated net leverage ratio^(f) of 1.8x, down 1.5x year-on-year, primarily due to cash proceeds received from the I-Systems Disposal and the Latam Towers Disposal, alongside continued deleveraging
  

Strategic and Operational Highlights

• In August 2026, the Company completed the disposal of its Latin American tower operations to Macquarie Asset Management
• In August 2026, the Company held an Extraordinary General Meeting (“EGM”), at which the Company’s shareholders approved the acquisition of IHS Towers by MTN Group
• In September 2026, the Company issued an additional $200 million of 7.875% Senior Notes due 2030 and used the proceeds to fully redeem the remaining $200 million of 5.625% Senior Notes due 2026, extending debt maturities and simplifying the capital structure
• The Naira appreciated 4.2% versus the U.S. dollar during the quarter, reflecting a more stable FX environment than in prior years. U.S. dollar availability remains in line with business requirements
• Towers of 28,599 with Tenants of 42,941 at the end of the third quarter, leading to a Colocation Rate of 1.50x. Lease Amendments increased during the period to 47,444

Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, “We delivered a strong third-quarter performance, with revenue growth and higher ALFCF underpinned by operational and financial discipline and the strength of our business model. The proposed acquisition of IHS Towers by MTN continued to advance during the quarter and we still currently expect the transaction to close in 2026, subject to the remaining closing conditions.”

RESULTS OF OPERATIONS

Impact of Naira foreign exchange movements

During the three and nine months ended September 30, 2026, the Naira appreciated against the U.S. dollar, following relative stability in 2025 and volatility in 2024. The rates used in the preparation of our financial statements are shown below:

Movements in the Naira exchange rate used to translate the results of our Nigeria operations positively impacted revenue and segment Adjusted EBITDA in the third quarter of 2026 by $40.7 million and $24.1 million, respectively, compared to the same period in 2025. These translation benefits were partially offset by foreign exchange resets under certain contracts.

During the quarter, appreciation of the Naira also resulted in unrealized foreign exchange gains of $63.8 million on U.S. dollar denominated intercompany loans advanced to our Nigerian operations. These gains were recognized in finance income, although they do not affect Group net assets, as equal and opposite movements are recorded in equity on the retranslation of the Nigerian operations’ assets and liabilities, including these loans.

Results for the three months ended September 30, 2026 versus 2025

In February 2026, the Group agreed to sell its 51.0% stake in I-Systems to TIM S.A. and its Latin American tower operations to Macquarie Asset Management. The Latin American tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. Accordingly, the description of revenue from continuing operations is presented separately from the description of revenue from discontinued operations and Adjusted EBITDA Margin is only presented for individual segments. Other key performance indicators, including Adjusted EBITDA and ALFCF, continue to reflect the performance inclusive of the Latin America segment as the associated IFRS measures of earnings and cash from operations continue to include results from discontinued operations. In May 2026 and August 2026, the Group completed the I-Systems Disposal and the Latam Towers Disposal respectively.

Revenue from continuing operations

Revenue from continuing operations for the three month period ended September 30, 2026 (the “third quarter”) was $490.5 million, an increase of 21.4% year-on-year, despite a 3.5% inorganic revenue headwind as a result of the Rwanda Disposal in October 2025. Organic revenue increased by $54.2 million (13.4%) driven primarily by power indexation, which helped offset increased power generation costs during the period, in addition to higher revenues from Tenants, Lease Amendments and New Sites, as well as escalations. Organic growth was partially offset by lower revenues from FX resets, largely as a result of the appreciation of the Naira versus the U.S. dollar. Inorganic revenue decreased by $14.3 million, reflecting the Rwanda Disposal in October 2025. Revenue from continuing operations was also positively impacted by favorable movements in foreign exchange rates used to translate the results of foreign operations, resulting in a non-core impact of $46.7 million, an increase of 11.6%, of which $40.7 million was due to the appreciation of the Naira.

Refer to the revenue component of the segment results section of this discussion and analysis for further details.

Revenue from discontinued operations

Revenue from the Latin America segment for the three month period ended September 30, 2026, presented within discontinued operations, was $17.6 million, a decrease of 65.6% year-on-year, due to the I-Systems Disposal and the Latam Towers Disposal in May 2026 and August 2026, respectively.

Towers, tenants and lease amendments

For the third quarter, there was a year-on-year net decrease in Towers of 10,426, resulting in total Towers of 28,599 at the end of the period. The decrease primarily resulted from the disposal of 9,053 Towers pursuant to the Latam Towers Disposal in August 2026 and 1,467 Towers relating to the Rwanda Disposal in October 2025. Excluding the impact of these disposals, there was a net increase of 94 Towers year-on-year reflecting the addition of 347 New Sites, partly offset by 227 Churned and 26 decommissioned sites. Tenants declined 14,750 year-on-year, primarily due to the disposal of 12,267 Tenants in Latin America and 3,041 Tenants in Rwanda as well as a reduction of 1,377 Tenants due to Churn. Excluding the impact of the disposals, we added 558 net new tenants year-on-year. As a result, total Tenants were 42,941 at the end of the third quarter, with a Colocation Rate of 1.50x, compared to 1.48x in the third quarter of 2025. We added 5,223 Lease Amendments year-on-year, despite a reduction of 1,488 related to the Latam Towers Disposal, reflecting continued incremental demand for ancillary services and bringing total Lease Amendments to 47,444 at the end of the third quarter.

Adjusted EBITDA

Adjusted EBITDA for the third quarter of $282.7 million increased 8.1% year-on-year, despite the 15.0% inorganic headwind resulting from the Rwanda Disposal, the I-Systems Disposal and the Latam Towers Disposal in October 2025, May 2026 and August 2026, respectively. The year-on-year change also reflected higher costs, which partly offset the increase in revenue described above. Cost of sales included within Adjusted EBITDA increased $40.7 million year-on-year, primarily driven by increases in power generation costs ($38.6 million), as a result of higher global power prices due to reasons including the conflict in the Middle East. This impact was offset by higher revenue generated through the Company’s power pass-through and indexation mechanisms. The $8.8 million decrease in administrative expenses included within Adjusted EBITDA was primarily driven by lower staff costs ($4.2 million) and reflected cost saving initiatives.

(Loss)/income for the period

The Group reported a loss of $8.2 million for the third quarter of 2026, compared to income of $147.4 million in the third quarter of 2025. The year-on-year decrease primarily reflected increases of $48.2 million in cost of sales and $88.4 million in administrative expenses, which more than offset an $86.6 million increase in revenue. The decrease also reflected a $78.5 million increase in net finance costs and a $16.2 million increase in losses from discontinued operations.

Higher cost of sales was primarily attributable to higher power generation costs in the Nigeria segment, driven by increased diesel prices associated with reasons including the conflict in the Middle East.

Administrative expenses increased by $88.4 million, primarily due to $49.1 million of accelerated share-based payment and long-term employee benefit expenses resulting from a change in expected vesting periods and settlement obligations following the February 2026 agreement by the Group to enter into a merger agreement to be acquired by MTN Group Limited. Professional fees and business combination costs increased by $18.8 million and $10.3 million respectively.

Cash from operations

Cash from operations for the third quarter of 2026 was $246.7 million, compared to $259.6 million for the third quarter of 2025. The decrease was driven by a $23.4 million decrease in operating income before working capital changes, partially offset by a $10.5 million improvement in net working capital.

ALFCF

ALFCF for the third quarter of 2026 was $197.7 million, compared to $157.8 million for the third quarter of 2025. The increased ALFCF was primarily attributable to the same factors driving the increase in Adjusted EBITDA discussed above, in addition to reductions in maintenance capital expenditure ($9.3 million) primarily reflecting the I-Systems Disposal, net interest paid ($3.6 million), withholding tax ($2.7 million) and income taxes paid ($1.3 million).

SEGMENT RESULTS

Revenue and Adjusted EBITDA by segment

Set out below are revenue and segment Adjusted EBITDA for each of our reportable segments, for the three months ended September 30, 2026 and 2025:

Nigeria

Third quarter revenue increased 34.1% year-on-year to $359.4 million, primarily reflecting favorable movements in foreign exchange rates used to translate the results of foreign operations and higher diesel prices, which contributed to revenue growth through power pass-through and indexation mechanisms. Organic revenue increased by $50.8 million, an increase of 18.9% year-on-year. This reflected higher revenue related to diesel prices and escalations, as well as continued growth in revenue from Colocation, Lease Amendments, New Sites and fiber. This was partially offset by a reduction in revenues linked to foreign exchange resets as a result of the appreciation of the Naira versus the U.S. dollar during the period. The overall increase in revenue was further enhanced by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of ₦1,352 to $1.00 in the third quarter of 2026 compared to an average rate of ₦1,523 to $1.00 in the third quarter of 2025. This led to a non-core increase of $40.7 million, or 15.2% year-on-year.

Tenants increased by 120 year-on-year, with growth of 497 from Colocation and 1 from New Sites, partially offset by 378 Churn. Lease Amendments increased by 5,768 driven by continued incremental demand for ancillary services.

Segment Adjusted EBITDA for the third quarter increased 26.8% year-on-year to $215.0 million, resulting in an Adjusted EBITDA Margin of 59.8%. The year-on-year increase in segment Adjusted EBITDA for the third quarter reflected the increase in revenue described above, partially offset by an increase in cost of sales and administrative expenses included within segment Adjusted EBITDA. During the third quarter the increase in costs was primarily driven by a year-on-year increase in power generation costs ($38.8 million), as a result of higher global power prices due to reasons including the conflict in the Middle East. This impact was offset by higher revenue generated through the Company’s power pass-through and indexation mechanisms. There were also year-on-year increases in staff costs ($3.8 million) and tower repairs and maintenance costs ($2.4 million), with increases enhanced by the appreciation of the Naira, which is used to translate the results of our Nigeria operations.

SSA

Third quarter revenue decreased 3.5% year-on-year to $131.1 million, primarily reflecting the 10.5% inorganic revenue headwind as a result of the Rwanda Disposal in October 2025. Organic revenue increased by $3.4 million, or 2.5%, led by growth in revenue from new Tenants, Colocations, New Sites and escalations. Revenue was also supported by an increase in non-core revenues as a result of positive movements in foreign exchange rates of $6.1 million, or 4.5%.

Tenants decreased by 3,097 year-on-year, primarily due to the disposal of 3,041 tenants in Rwanda. Other than this disposal, tenants decreased by 56, as increases of 656 from Colocation and 125 from New Sites were more than offset by Churn of 837 tenants, primarily related to ZedMobile (“ZedMobile”) during the first quarter of 2026. Lease Amendments increased by 694.

Segment Adjusted EBITDA for the third quarter decreased 6.5% year-on-year to $74.8 million, resulting in an Adjusted EBITDA Margin of 57.0%. The year-on-year decrease in segment Adjusted EBITDA for the third quarter was primarily driven by the 12.0% negative impact as a result of the Rwanda Disposal. The year-on-year movement also reflected an increase in revenue from other markets, partially offset by an increase in costs included within Adjusted EBITDA. The $0.4 million increase in costs was primarily driven by year-on-year increases in power generation costs ($1.4 million) and other administrative expenses, partially offset by a decrease in staff costs ($1.3 million) and regulatory fees ($1.0 million).

Latam (discontinued operation)

Third quarter revenue and Adjusted EBITDA decreased 65.6% and 61.2% year-on-year to $17.6 million and $16.0 million, respectively, primarily reflecting the inorganic headwind as a result of the I-Systems Disposal in May 2026 and the Latam Towers Disposal in August 2026.

As of the end of the third quarter of 2025, the Latam segment had 8,856 Towers, 11,773 Tenants and 1,239 Lease Amendments. Following completion of the Latam Towers Disposal in August 2026, Latam Towers, Tenants and Lease Amendments were no longer included in our reported results as of September 30, 2026.

CAPITAL EXPENDITURE

Set out below is the capital expenditure for the three months ended September 30, 2026 and 2025 for each of our reporting segments:

During the third quarter of 2026, capital expenditure (“Total Capex”) was $68.2 million, compared to $77.3 million for the third quarter of 2025. The decrease was driven by lower capital expenditure in our Latam segment, reflecting the Latam Towers Disposal and I-Systems Disposal, and in SSA, driven by a reduction in both discretionary and maintenance capital expenditure. This was partially offset by higher capital expenditure in our Nigeria segment, primarily due to higher discretionary capital expenditure.

Nigeria

The 31.8% year-on-year increase for the third quarter was primarily driven by increases related to fiber capital expenditure ($7.3 million) and other discretionary capital expenditure ($10.4 million), partially offset by decreases in augmentation capital expenditure ($4.8 million) and maintenance capital expenditure ($1.3 million).

SSA

The 34.5% year-on-year decrease for the third quarter was primarily driven by decreases in capital expenditure related to New Sites ($3.5 million) and maintenance capital expenditure ($1.8 million).

Latam

The 77.6% year-on-year decrease for the third quarter primarily reflected the I-Systems Disposal and the Latam Towers Disposal in May 2026 and August 2026, respectively.

FINANCING ACTIVITIES FOR THE PERIOD JULY 1, 2026 TO SEPTEMBER 30, 2026

Approximate U.S. dollar equivalent values for non-USD denominated facilities stated below are translated from the currency of the debt at the relevant exchange rates on September 30, 2026.

Hedging Transactions

In connection with the disposal of our Latin American tower operations, we entered into a BRL1,500 million (approximately $288.2 million) deal contingent non-deliverable foreign exchange forward transaction with Itau BBA International plc on February 18, 2026.

Contacts

For more information, please email: communications@ihstowers.com or visit: www.ihstowers.com.

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