20-F - IHS Holding Limited | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

IHS Holding Limited reported revenue from continuing operations of $1.58B for FY 2025 ended December 31, 2025, up 3.6% YoY from $1.527B in 2024, driven by organic growth of 10.1% offset by FX headwinds and inorganic declines from Rwanda and Kuwait disposals. Operating income rose to $821.4M from $604.0M, reflecting cost efficiencies and higher Adjusted EBITDA of $1.012B (+9.0% YoY). Net income swung to a $126.8M profit from a $1.644B loss, aided by $177.7M gain on Rwanda disposal and stabilized Naira FX. Profit attributable to owners was $143.6M. Discontinued Latam ops reported $193.5M revenue but $477.6M loss due to $459.4M impairments. Balance sheet shows $4.49B total assets, $3.14B borrowings (net debt/EBITDA 3.1x), and $853M cash. FY 2025 marked profitability return amid Latam exit (announced Feb 2026 sales) and MTN merger (Feb 2026, $8.50/share). Forward, focus on cash generation, covenant compliance, and SSA/Nigeria growth supports deleveraging.

Key Takeaways

1Revenue $1.58B, +3.6% YoY from continuing ops.

2Adjusted EBITDA $1.012B, +9.0% YoY.

3Net income $126.8M profit vs $1.644B loss prior year.

437,590 towers operated as of Dec 31, 2025.

5Net debt/EBITDA 3.1x, cash $853M.

Key Financial Metrics

EPS

$0.43

$0 prior year

Revenue

$1.58B

+3.6%

Net Income

$126.8M

N/A

Gross Margin

55.4%

46.8% prior year

Gross Profit

$876.6M

+19.5%

free cash flow

$N/A

Operating Income

$821.4M

+36.1%

operating margin

51.9%

Business Segments

Nigeria68% of continuing revenue

$1.07B+7.0% YoY

SSAIncludes South Africa, Zambia

$513M+6.1% YoY

Latam (disc.)Held for sale

$194M+5.2% YoY