IHS Holding Limited

Q3 2025 revenue was $455 million, up 8.3% reported and about 9% on a constant-currency basis. Adjusted EBITDA was $261 million, up more than 6% year over year, with a margin of 57.5%, and ALFCF was $158 million, up 81% year over year. Total CapEx was $77 million, up 16% year over year, and consolidated net leverage was 3.3x, down 0.6x year over year; liquidity was over $950 million, including $651 million of cash and cash equivalents and a $300 million undrawn RCF. Full-year 2025 guidance was raised to revenue of $1.72 billion-$1.75 billion, adjusted EBITDA of $995 million-$1.015 billion, and ALFCF of $400 million-$420 million, while total CapEx stayed at $240 million-$270 million.

Sam Darwish said the quarter showed strong execution across revenue, profitability, cash generation, and balance sheet deleveraging, and he called it IHS's strongest quarterly financial performance since 2023. He emphasized a strategy centered on organic growth, cost control, and cash flow generation, with favorable FX and stronger telecom conditions in Nigeria and Brazil helping the business. He also framed capital allocation as shifting toward a comprehensive update at year-end, including possible dividends and/or buybacks as leverage moves lower.

Steve Howden said revenue growth was driven by about 9% constant-currency growth, aided by CPI escalators, lease amendments, new sites, and FX tailwinds, while adjusted EBITDA improved despite losing Kuwait contribution. He noted ALFCF of $158 million benefited from actions to improve cash generation and lower interest payments, and that the cash balance was $651 million with total liquidity of $951 million at quarter-end. He also said external debt and IFRS 16 lease liabilities were about $3.9 billion, weighted average cost of debt was 8.3%, and the company expects leverage to be about 3.1x by year-end after considering post-quarter Rwanda proceeds.

Analysts focused on Nigeria carrier capex after tariff increases, Brazil growth and capital allocation, the pro forma leverage impact of the Rwanda sale, and how the company might prioritize dividends, buybacks, debt reduction, and growth capex. Management said MTN Nigeria and Airtel Nigeria are seeing strong financial results, that some carrier capex has moderated, but that IHS is still seeing healthy colocations and lease amendments. On Brazil, management said growth capex remains a priority because the market is still attractive, while on capital returns they said they will give a fuller update at year-end and are not yet specifying dividends versus buybacks.