Helios Towers (HTWS) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with 9% Adjusted EBITDA growth, robust free cash flow expansion, and continued deleveraging, supported by tenancy and site growth across all regions.

• Reaffirmed FY 2025 guidance, highlighting operational momentum, high-returning organic growth, and long-term value creation.

• Tenancy additions and site expansion continue to drive revenue and profitability, underpinned by long-term contracted revenues.

• Capital Markets Day scheduled for November 2025 in London to present updated five-year strategy and capital allocation framework.

• Profit after tax improved to $30.9m from a $24.5m loss, mainly due to lower finance costs and positive FX movements.

Financial highlights

• H1 2025 revenue grew 7% year-on-year to $418.3m; Adjusted EBITDA up 9% to $226m with a 54% margin.

• Free cash flow rose by $40m year-on-year to $30m, with recurring free cash flow up 40% to $70m.

• Net leverage reduced by 0.4x year-on-year to 3.8x; cost of debt lowered from 7.2% to 6.9%.

• ROIC increased to 13.6% (up from 12.9% year-on-year).

• Cash generated from operations increased to $216.0m from $175.7m year-on-year.

Outlook and guidance

• FY 2025 guidance reaffirmed: 2,000–2,500 tenancy additions, Adjusted EBITDA $460m–$470m, capex $150m–$180m, free cash flow $40m–$60m, and net leverage ~3.5x.

• Targeting a tenancy ratio of 2.2 by 2026, with strong momentum towards this goal.

• Guidance assumes $20m net working capital outflow and continued application of current accounting policies.

• Confident in continued strong demand and growth, supported by robust pipelines across all markets.