IHS Towers demonstrates how a single market can transform a global company.
In fact, Nigeria, its largest operation, has powered stronger-than-expected third-quarter results for the NYSE-listed firm.
With over 40,000 towers worldwide, IHS Tower has long led Africa’s shared communications infrastructure sector.
Recently, however, developments in Nigeria have accelerated its growth.
Revenue from Nigeria climbed 10.6% year-on-year to $268 million, thanks to organic growth and a stronger naira.
Moreover, the company attributes its success to policy reforms that stabilised the country’s economy and encouraged investment.
Chairman and CEO Issam Darwish highlighted government efforts, saying, “They strengthened reserves, improved currency stability, and reduced bureaucratic hurdles, creating real growth opportunities.”
Consequently, Nigeria achieved solid results despite sector challenges.
IHS Towers Operational Strength
Organic revenue increased by $12.2 million, or 5%, as colocation, lease amendments, and new tower sites offset churn from MTN Nigeria site renewals.
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In addition, currency gains contributed $13.5 million, or 5.6%, further boosting performance.
Across its global operations, IHS Tower grew revenue to $455.1 million, up 8.3%, while adjusted EBITDA rose 6.3% to $261.5 million, maintaining a healthy 57.5% margin.
Net income climbed to $147.4 million, and the firm raised adjusted levered free cash flow by 81.2% to $157.8 million.
Furthermore, operational cash flow increased 42.3% to $259.6 million, and capital expenditure grew 16.3% to $77.3 million as the company expanded and maintained its towers.
Net leverage improved to 3.3x, comfortably within its 3.0–4.0x target range.
Future Outlook
Buoyed by strong performance and stable currency trends, IHS Power raised its 2025 guidance.
“Nigeria will continue to be a cornerstone of growth, supported by reforms and infrastructure demand,” Darwish emphasised.
Looking ahead, the firm plans to harness Africa’s telecom expansion actively, with Nigeria firmly at the centre of its growth strategy.
