… As Global Firm Earns $268m Q3 Revenue From Nigeria
The NYSE-listed IHS Towers, the largest independent owner, operator and developer of shared communications infrastructure in Africa and one of the largest in the world by tower count, has delivered strong third-quarter earnings ahead of expectations while revisiting its full 2025 guidance upwards.
Speaking to Wall Street investors and analysts, Chairman and CEO, IHS Holding, Sam Darwish, spoke glowingly of the strong Nigerian performance that helped the figures for the company.
The company’s revenue from Nigeria increased 10.6% year-on-year to $268.0 million, driven by organic growth during the period and supplemented by favourable movements in the Naira versus the U.S. dollar.
Pinning it down, Darwish stated: “The current Nigerian administration has done, in our opinion, a great job in stabilizing and improving the economic outlook of the country as they increase reserves and strengthen the currency, while reducing red tape for businesses, among other fundamental actions. So, we are upbeat about Nigeria.”
Across the Group, revenue for the period increased by 8.3% year-on-year to $455.1 million, despite a 3.0% inorganic revenue headwind resulting from the disposal of the Company’s Kuwait operations in December 2024.
Organic revenue growth of 6.6% reflected constant currency growth of 8.7% and the benefit of foreign exchange (“FX”) resets, partially offset by a reduction in revenues linked to power indexation. Constant currency growth was primarily driven by higher contributions from colocation, lease amendments, new sites, fibre, and escalators.
This strong underlying performance was further supported by a 4.7% benefit from favourable FX movements, particularly the appreciation of the Nigerian Naira against the U.S. dollar.
Adjusted EBITDA rose by 6.3% year-on-year to $261.5 million, despite a 3.3% impact from the Kuwait disposal. The Adjusted EBITDA margin of 57.5% remained consistent with the second quarter of 2025, while net income for the period totalled $147.4 million.
Adjusted Levered Free Cash Flow (ALFCF) surged by 81.2% to $157.8 million, reflecting management actions to enhance free cash flow generation and the re-phasing of interest payments between quarters following the November 2024 bond refinancing. Cash from operations increased by 42.3% to $259.6 million.
