Helios Towers (HTWS) Q3 2025 TU earnings summary

Executive summary

• Achieved 11% year-over-year Adjusted EBITDA growth and $70m expansion in free cash flow for the nine months ended 30 September 2025, driven by strong tenancy growth and improved tenancy ratio, reaching 2.16x, ahead of the 2026 target.

• Revenue increased 9% year-over-year to $634.5m, with operating profit up 11% to $211.2m, supported by robust contracted revenues and CPI/power price protections.

• Launched a $75m share buyback program as part of the new IMPACT 2030 strategy, targeting over $400m in returns to investors by 2030.

Financial highlights

• Adjusted EBITDA margin rose to 54% (up 1ppt year-over-year), with operating profit at $211.2m, up 11% year-over-year.

• Free cash flow improved by $69.8m year-over-year to $48.7m, driven by EBITDA growth and lower capex.

• Net leverage reduced by 0.6x year-over-year to 3.6x, reflecting improved cash generation.

• Business underpinned by $5.5bn in contracted revenues, 99% from leading mobile operators, with an average contract life of 6.7 years.

Outlook and guidance

• FY 2025 guidance raised: c.2,500 tenancy additions (prior: 2,000–2,500), Adjusted EBITDA c.$470m (prior: $460m–$470m), capex $160m–$180m, and free cash flow to exceed $60m (prior: $40m–$60m).

• Net leverage guidance unchanged at c.3.5x.