Helios Towers plc

H1 revenue increased 11% year over year to GBP 237 million. EBITDA increased 14% year over year, and recurring free cash flow increased 52% year over year. Tenancy additions reached 2,511 in the first half, with 524 new sites added in H1 and tenancy ratio rising to 2.3 tenants per site. Net leverage fell 0.4x year over year to 3.4x. For FY26, Helios now expects 3,500 to 4,000 new tenancy additions, adjusted EBITDA of $520 million to $535 million, recurring free cash flow of $220 million to $235 million, and discretionary capex of $215 million to $245 million. The company also announced an inaugural interim dividend of 0.6 pence per share, or $8 million, with $25 million expected in total for FY26; planned shareholder distributions remain $76 million.

Tom Greenwood framed the quarter as another proof point for Helios Towers’ four-part investment thesis: structural market growth, a strong operating platform, a resilient contract base, and disciplined capital allocation. He emphasized that demand is not one-off, pointing to record tenancy additions, pipeline strength into 2027, and long-term growth in Africa and the Middle East. His tone was confident and expansive, especially in the deep dive on 2040 demand and the role of terrestrial networks versus satellite as complementary infrastructure.

Manjit Dhillon highlighted the financial translation of tenancy growth into revenue and cash generation, noting H1 revenue of GBP 237 million, EBITDA growth of 14%, and recurring free cash flow growth of 52%. He cited a strong hard-currency mix, with 69% of revenue and 71% of adjusted EBITDA in hard currency, plus contractual CPI and power-price protections. On capital allocation, he said H1 capex was GBP 115 million, including GBP 102 million of discretionary capex, and reiterated that planned shareholder distributions remain $76 million for FY26. He also pointed to leverage down to 3.4x, a blended cost of debt of 6.7%, an average debt maturity of about 4 years, and more than $500 million of available liquidity including a $250 million undrawn term loan.

Analysts focused on the cadence of tenancy additions into H2 and how management arrived at guidance given H1 was roughly similar to last year’s first half. Management said the second half should be stronger because a large portion of new site builds and rollouts are weighted to H2, and they noted 2027 is already getting meaningful attention. Another question pressed whether satellite technologies, including lasers and future satellite versions, could expand tower opportunities; management answered that satellite is complementary, mainly useful for backhaul or remote coverage, but does not change the last-mile constraint or the need for dense terrestrial networks in populated areas. A follow-up on capital allocation asked whether excess cash could mean more shareholder returns, and management said the model should keep accreting cash and that further guidance would come later.