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IHS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 results exceeded expectations, with strong revenue, Adjusted EBITDA, and ALFCF growth, and a significant rebound in net income, supporting continued deleveraging.
Full-year 2025 outlook was raised for revenue, Adjusted EBITDA, and ALFCF, driven by robust year-to-date performance and favorable FX, especially in Nigeria and Brazil.
Strategic focus remains on organic growth, efficiency, cash flow maximization, and disciplined capital allocation, with future shareholder returns under consideration.
Strategic initiatives included a new site agreement in Brazil and the completed sale of Rwanda operations.
Financial highlights
Q3 2025 revenue was $455.1 million, up 8.3% year-over-year, with constant currency growth near 9%.
Adjusted EBITDA reached $261.5 million (57.5% margin), up over 6% year-over-year.
Net income rebounded to $151.0 million, compared to a loss in prior quarters.
ALFCF was $157.8 million, an 81% increase year-over-year, with a 60.4% cash conversion rate.
CapEx was $77.3 million, up 16% year-over-year, mainly due to Nigeria and maintenance.
Consolidated net leverage ratio reduced to 3.3x, down from 3.9x a year ago.
Liquidity exceeded $950 million at quarter end, rising above $1 billion post-Rwanda disposal.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.75–$1.77 billion, Adjusted EBITDA to $995–$1,015 million, and ALFCF to $400–$420 million.
Guidance reflects strong constant currency growth, favorable FX, and organic revenue growth of about 10% at midpoint.
CapEx guidance unchanged at $240–$270 million, assuming 600 new sites.
Net leverage target remains at 3–4x, expected to be at the low end by year-end.
Management expects continued revenue growth from CPI escalators, new sites, and lease amendments.
Align asset disposals with value creation
Detail ALFCF drivers and sustainability
Analyze Nigeria market dynamics and net impact
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Frequently asked questions
IHS Holding Limited is a global provider of telecommunications infrastructure, specializing in the development, ownership, and operation of mobile towers and related facilities. The company offers colocation and lease services to mobile network operators, enabling them to expand coverage and improve connectivity. IHS Holding operates across multiple countries, focusing on emerging markets, and provides sustainable solutions to support network growth and digital inclusion. The company is headquartered in London, United Kingdom, and its shares are listed on the NYSE.
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