Helios Towers (HTWS) H2 2025 earnings summary

Executive summary

• Achieved record operational delivery in 2025, with 2,538 tenancy additions, 421 new sites, and a 2.2x tenancy ratio reached a year ahead of plan, reflecting strong demand and execution.

• Adjusted EBITDA grew 12% year-over-year to $471 million, with recurring free cash flow up 40% to $208 million and free cash flow more than tripling to $66 million.

• Launched inaugural shareholder distributions, including $24 million in buybacks and a new dividend policy, while maintaining a robust capital structure.

• Entered the 'cash compounding sweet spot' of the business, driven by disciplined capital allocation and high incremental returns.

• Positioned for multi-decade growth, supported by structural demand for mobile connectivity and data across Africa and the Middle East.

Financial highlights

• Revenue grew 8% year-over-year to $854 million, with 68% in hard currencies, driven by tenancy growth and strong customer demand.

• Operating profit increased 18% to $286 million, and cash generated from operations rose 21% to $480.5 million.

• Net leverage reduced to 3.4x, supported by credit rating upgrades to Ba3 / BB-.

• $24 million in share buybacks completed, repurchasing 11 million shares at an average price of £1.58.

• Recurring free cash flow conversion from Adjusted EBITDA remained high.

Outlook and guidance

• FY26 guidance: 2,000–2,500 tenancy additions, $510–$525 million Adjusted EBITDA, $210–$225 million recurring free cash flow, $110–$140 million discretionary capex, $51 million buybacks, and $25 million dividend.

• At least 9% CAGR in EBITDA and $1.3 billion cumulative recurring free cash flow targeted by 2030.

• IMPACT 2030 targets supported by $5.3 billion contracted future revenues and an average contract life of 6.6 years.

• Guidance assumes continued strong demand, disciplined capex, and high incremental ROIC on growth investments.