0001104659-26-028162
SEC filingIHS 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.
IHS Holding Limited achieved FY 2025 revenue of $1.58B from continuing ops (+3.6% YoY from $1.527B), with organic growth of 10.1% driven by FX resets, escalations, colocations, and new sites, offset by Naira devaluation and disposals. Adjusted EBITDA rose 9.0% to $1.012B (margin 64.0%), reflecting efficiencies. Operating income surged 36.1% to $821.4M. Net income flipped to $126.8M profit from $1.644B loss, boosted by $177.7M Rwanda disposal gain and stable Naira. Discontinued Latam ops: $193.5M revenue but $477.6M loss from $459.4M impairments. Balance sheet: $4.49B assets, $853M cash, net debt/EBITDA 3.1x. Post-year, Latam sales and MTN merger announced, enhancing liquidity.
Continuing ops revenue $1.58B (+3.6% YoY). Nigeria: $1.069B (+7.0%, 68% share), organic +12.6% via resets/escalations despite churn. SSA: $513M (+6.1%), organic +6.0% from colocations/Leases. MENA: $0 (Kuwait disposed). Organic drivers: FX resets, escalations, colocations (+763 Nigeria), new sites (+580). Inorganic -$57M from disposals. Non-core -$43M FX. Latam disc.: $194M (+5.2%), organic +9.7%.
Gross margin 55.4% (vs 46.8% prior), from lower impairments ($2.3M vs $9.8M) and diesel costs. Op margin 51.9% (vs 39.5%). Cost of sales $705M (-3.8%), power gen $337M (-1.8%). Admin $235M (-14.7%), withholding tax reversal $60M. Finance costs $350M (-82.9%) from stable Naira. Tax $86M. Profitability aided by disposals, efficiencies; covenants met.
Op cash $936M (+28.3% YoY), from $983M ops cash. Investing -$22M (capex $252M). Financing -$644M (repayments $387M). Cash $853M (+47.5%). Total assets $4.49B, PPE $816M, goodwill $263M. Liabilities $4.58B, borrowings $3.14B (3.1x net debt/EBITDA). Equity -$90M. Liquidity $1.23B incl. $300M undrawn RCF.
Post-2025: Latam tower/fiber sales (Feb 2026, ~$1.4B EV) boost cash. MTN merger ($8.50/share, $6.2B EV) pending approvals. Nigeria/SSA focus: organic growth, efficiencies. Risks: FX volatility, diesel prices, covenants. Strategy: cash gen, deleveraging.