IHS Holding Limited (IHS) Earnings
IHS Holding Limited is expected to report next earnings on August 11, 2026 (in NaN days), with a consensus EPS estimate of $0.12. IHS has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise +279.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $0.33 | $0.20 | -38.5% | $467M | +6.4% |
| Mar 16, 2026 | $0.10 | $0.98 | +858.9% | $254M | -40.0% |
| Nov 12, 2025 | $0.10 | $0.44 | +340.0% | $455M | +6.2% |
| Aug 12, 2025 | $0.17 | $0.10 | -41.2% | $433M | +3.1% |
| May 20, 2025 | $0.17 | $0.10 | -41.2% | $440M | +3.4% |
| Mar 18, 2025 | $0.08 | $0.73 | +812.5% | $438M | +13.6% |
| Mar 12, 2024 | $-0.14 | $0.46 | +428.6% | $510M | +7.6% |
| Nov 14, 2023 | $0.11 | $-0.48 | -536.4% | $467M | -3.5% |
| Aug 15, 2023 | $0.18 | $-0.27 | -250.0% | $546M | +19.3% |
| May 23, 2023 | $0.18 | $0.03 | -83.3% | $603M | +11.8% |
| Nov 15, 2022 | $0.13 | $-0.14 | -207.7% | $521M | +7.1% |
| Aug 16, 2022 | $0.08 | $-0.53 | -762.5% | $468M | +1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 12, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Management Statement and Operational Highlights - **Quarterly Performance**: Delivered strong results with revenue at $455 million, adjusted EBITDA at $261 million (margin 57.5%), ALFCF at $158 million. Constant currency revenue growth was almost 9%. - **Leverage and Liquidity**: Consolidated net leverage ratio reduced to 3.3 times, down 0.6x year on year. Liquidity remains strong over $950 million, excluding Rwanda proceeds which will take it over $1 billion. - **Priorities**: Maintain focus on reducing debt and driving organic growth; be disciplined in capital allocation; accelerate efficiency gains via technology/AI; pursue attractive organic growth opportunities; consider further disposal activity. - **Market Opportunities**: Strong growth potential in Brazil (expanded partnership with TIM for up to 3,000 new sites) and Nigeria (carrier tariff hikes and naira strengthening).
Guidance
### Guidance - **Full-Year 2025**: Revenue expected in the range of $1.72 to $1.75 billion (a $20 million uplift from previous guidance). Adjusted EBITDA expected in the range of $995 million to $1.015 billion (a $10 million uplift). ALFCF expected in the range of $400 million to $420 million (a $10 million uplift). Total CapEx remains in the range of $240 million to $270 million. - **FX Assumptions**: Stronger FX assumptions support reported numbers, including a revised naira to dollar rate assumption for the full year. - **Leverage Target**: Consolidated net leverage ratio target of three to four times remains unchanged, expected to be at the low end of the range by year-end 2025.
Segment performance
### Segment Performance - **Nigeria Segment**: Revenue was $268 million in the quarter. Organic growth was 5% year on year. Segment adjusted EBITDA was $170 million, a 7% increase from a year ago, with a margin of 63.3% (down 230 basis points). - **Sub-Saharan African Segment**: Revenue increased 13%, while segment adjusted EBITDA decreased just over 1% year on year. Revenue growth was driven by new tenants and colocations, offset by lower revenues from FX resets. Adjusted EBITDA decline was due to increased regulatory fees. - **LATAM Segment**: Towers and tenants grew by 68.9% respectively versus Q3 2024. Organic growth was 11% year on year. Segment adjusted EBITDA increased by almost 22% with a margin increase of 560 basis points versus 2024, reflecting cost-saving initiatives.
Risks & headwinds
### Risks - **Market and FX Risks**: Uncertainties related to foreign exchange movements, market volatility, and macroeconomic conditions in key markets (e.g., Nigeria, Brazil) that could impact financial performance. - **Operational Risks**: Tenant churn issues (e.g., MTN Nigeria site churn, Nine Mobile tenancy churn) and potential impacts on tower base and associated costs.
Analyst Q&A
Q: Richard Choe of JPMorgan asked about carrier customers in Nigeria and their CapEx plans.
A: Steve Howden responded that MTN and Airtel Nigeria have strong financials, CapEx moderated in Q4 but there's still business from lease amendments and air rollout. Longer-term plans not specified yet but will be covered at year-end.
Q: Michael Rollins of Citi asked about capital allocation and leverage.
A: Steve Howden said leverage is on track to be 3.1 times by year-end, and they'll update capital allocation at year-end, considering growth CapEx, debt reduction, and potential shareholder returns like dividends or buybacks. Also noted no outbound acquisition plans.
Q: Gustavo Campos of Jefferies asked about Rwanda sale, leverage, and site churn in Nigeria.
A: Steve Howden discussed the Rwanda sale proceeds timing and impact on leverage. Regarding site churn, MTN churn impacted revenue by ~$8 million, and they rationalize towers if no good tenant opportunities. Sam Darwish added MTN churn was part of MLA renewal.
Q: Stella Cridge of Barclays asked about cash cushion and capital structure.
A: Steve Howden said group cash balance is monitored to be $150 million to $200 million, currently higher. Capital structure aims for balance of bonds and term loans, with a mix of dollar-denominated debt and fixed/floating rates.