IHS · IHS Holding Limited

IHS Holding Limited delivered a strong first quarter of 2026, with revenue from continuing operations rising 6.0% year-on-year to $415.4 million — a result heavily influenced by $44.7 million in non-core foreign exchange translation benefits, primarily from the 4.6% appreciation of the Nigerian Naira against the U.S. dollar during the quarter. This FX benefit more than offset a $6.8 million (1.7%) organic revenue decline, which stemmed from reduced revenue related to FX resets and power indexation, despite continued growth from tenant additions, lease amendments (+5,593 YoY), new sites (+594 YoY), and escalators. The Rwanda disposal in October 2025 contributed a $14.5 million inorganic headwind, yet the Group’s underlying operational momentum remained intact: towers stood at 37,641, tenants at 54,854, and colocation rate held steady at 1.46x. Adjusted EBITDA grew 6.4% to $268.7 million, tracking revenue growth, while income for the period jumped 150.8% to $77.0 million — driven overwhelmingly by $80.7 million in favorable net finance income, reflecting $80.3 million in unrealized FX gains on USD-denominated intercompany loans to Nigeria. Administrative expenses rose $68.0 million YoY, including $33.1 million in accelerated share-based payment costs tied to the February 2026 merger agreement with MTN Group. ALFCF increased 15.8% to $173.5 million, aided by $26.4 million lower net interest paid following high-cost debt repayment and refinancing. Strategically, the Company completed the sale of its I-Systems stake to TIM S.A. in May 2026 and advanced its proposed $6.2 billion acquisition by MTN Group — a transaction Chairman and CEO Sam Darwish described as a 'key strategic milestone' supporting the Group’s next phase of development.