<\/p>\n
IHS Holding Limited Reports Third Quarter 2026 Financial Results<\/b><\/p>\n
SOLID THIRD QUARTER REVENUE GROWTH AND ALFCF GENERATION<\/i><\/p>\n
| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Three months ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change(c)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue (from continuing operations)(a)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n490.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n403.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.4<\/p>\n<\/td>\n<\/tr>\n \nRevenue from discontinued operations(a)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(65.6)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA(b)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n282.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n261.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n<\/tr>\n \n(Loss)\/income for the period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.2)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n147.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(105.6)<\/p>\n<\/td>\n<\/tr>\n \nCash from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n246.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n259.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.0)<\/p>\n<\/td>\n<\/tr>\n \nALFCF(b)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n197.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n157.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.3<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe Latin American tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025, which impacts the presentation of the Group balance sheet, and further, since the entire Latam reportable segment comprised these groups, the segment was presented as discontinued operations which impacts the Group income statement presentation including revenue. In May 2026 and August 2026, the Group completed the disposals of its 51.0% stake in I-Systems to TIM S.A. (the \u201cI-Systems Disposal\u201d) and its Latin American tower operations to Macquarie Asset Management (the \u201cLatam Towers Disposal\u201d), respectively.<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA and ALFCF are non-IFRS financial measures. See \u201cUse of Non-IFRS financial measures\u201d for additional information, definitions and a reconciliation to the most comparable IFRS measures.<\/p>\n<\/td>\n<\/tr>\n \nIn October 2025, the Company completed the disposal of its 100% interest in IHS Rwanda Limited to Paradigm Tower Ventures (the \u201cRwanda Disposal\u201d). IHS Rwanda contributed $14.3 million and $9.6 million to revenue and Adjusted EBITDA, respectively, in the third quarter of 2025. Separately, in the third quarters of 2025 and 2026 (with the 2026 period reflecting July 1, 2026 to the Latam Towers Disposal on August 6, 2026), the Latam segment contributed $51.2 million and $17.6 million, respectively, to revenue presented within discontinued operations, and $41.2 million and $16.0 million, respectively, to Adjusted EBITDA.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Financial Highlights<\/i><\/p>\n Strategic and Operational Highlights<\/i><\/p>\n Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated,<\/b> \u201cWe delivered a strong third-quarter performance, with revenue growth and higher ALFCF underpinned by operational and financial discipline and the strength of our business model. The proposed acquisition of IHS Towers by MTN continued to advance during the quarter and we still currently expect the transaction to close in 2026, subject to the remaining closing conditions.\u201d<\/p>\n \nRefer to \u201cItem 2. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for the definition of organic revenue, inorganic revenue and non-core and additional information in our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2026 (filed on Form 6-K with the Securities and Exchange Commission on November 10, 2026).<\/p>\n<\/td>\n<\/tr>\n \n\u201cConstant Currency\u201d combines the impact from CPI escalation, New Sites, new Colocation, new Lease Amendments, fiber and other revenues, as captured in organic revenue. Refer to \u201cItem 5. Operating and Financial Review and Prospects\u201d in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025 for the definition of organic revenue and additional information.<\/p>\n<\/td>\n<\/tr>\n \nConsolidated net leverage ratio is a non-IFRS financial measure. See \u201cUse of Non-IFRS financial measures\u201d for additional information, definition and a reconciliation to the most comparable IFRS measure.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n RESULTS OF OPERATIONS<\/b><\/p>\n Impact of Naira foreign exchange movements<\/span><\/i><\/p>\n \nDuring the three and nine months ended September 30, 2026, the Naira appreciated against the U.S. dollar, following relative stability in 2025 and volatility in 2024. The rates used in the preparation of our financial statements are shown below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Closing Rate<\/b><\/p>\n<\/td>\n Closing Rate Movement(a)<\/sup><\/b><\/p>\n<\/td>\n 3- Month Average Rate<\/b><\/p>\n<\/td>\n Average Rate Movement(a)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \u20a6:$<\/b><\/p>\n<\/td>\n $:\u20a6<\/b><\/p>\n<\/td>\n \u20a6:$<\/b><\/p>\n<\/td>\n $:\u20a6<\/b><\/p>\n<\/td>\n<\/tr>\n \nJune 30, 2024<\/p>\n<\/td>\n \n1,514.3<\/p>\n<\/td>\n \n\u2013\u2013<\/p>\n<\/td>\n \n1,391.8<\/p>\n<\/td>\n \n\u2013\u2013<\/p>\n<\/td>\n<\/tr>\n \nSeptember 30, 2024<\/p>\n<\/td>\n \n1,669.1<\/p>\n<\/td>\n \n(9.3)%<\/p>\n<\/td>\n \n1,601.0<\/p>\n<\/td>\n \n(13.1)%<\/p>\n<\/td>\n<\/tr>\n \nDecember 31, 2024<\/p>\n<\/td>\n \n1,546.0<\/p>\n<\/td>\n \n8.0%<\/p>\n<\/td>\n \n1,628.5<\/p>\n<\/td>\n \n(1.7)%<\/p>\n<\/td>\n<\/tr>\n \nMarch 31, 2025<\/p>\n<\/td>\n \n1,538.1<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n1,526.7<\/p>\n<\/td>\n \n6.7%<\/p>\n<\/td>\n<\/tr>\n \nJune 30, 2025<\/p>\n<\/td>\n \n1,543.0<\/p>\n<\/td>\n \n(0.3)%<\/p>\n<\/td>\n \n1,580.8<\/p>\n<\/td>\n \n(3.4)%<\/p>\n<\/td>\n<\/tr>\n \nSeptember 30, 2025<\/p>\n<\/td>\n \n1,486.5<\/p>\n<\/td>\n \n3.7%<\/p>\n<\/td>\n \n1,523.2<\/p>\n<\/td>\n \n3.6%<\/p>\n<\/td>\n<\/tr>\n \nDecember 31, 2025<\/p>\n<\/td>\n \n1,448.3<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n \n1,453.3<\/p>\n<\/td>\n \n4.8%<\/p>\n<\/td>\n<\/tr>\n \nMarch 31, 2026<\/p>\n<\/td>\n \n1,384.5<\/p>\n<\/td>\n \n4.6%<\/p>\n<\/td>\n \n1,385.0<\/p>\n<\/td>\n \n4.9%<\/p>\n<\/td>\n<\/tr>\n \nJune 30, 2026<\/p>\n<\/td>\n \n1,383.0<\/p>\n<\/td>\n \n0.1%<\/p>\n<\/td>\n \n1,366.2<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \nSeptember 30, 2026<\/p>\n<\/td>\n \n1,327.3<\/p>\n<\/td>\n \n4.2%<\/p>\n<\/td>\n \n1,352.4<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMovements presented for each period are between that period\u2019s rate and the preceding period rate and are calculated as a percentage of the period\u2019s rate.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMovements in the Naira exchange rate used to translate the results of our Nigeria operations positively impacted revenue and segment Adjusted EBITDA in the third quarter of 2026 by $40.7 million and $24.1 million, respectively, compared to the same period in 2025. These translation benefits were partially offset by foreign exchange resets under certain contracts.<\/p>\n \nDuring the quarter, appreciation of the Naira also resulted in unrealized foreign exchange gains of $63.8 million on U.S. dollar denominated intercompany loans advanced to our Nigerian operations. These gains were recognized in finance income, although they do not affect Group net assets, as equal and opposite movements are recorded in equity on the retranslation of the Nigerian operations\u2019 assets and liabilities, including these loans.<\/p>\n Results for the three months ended September 30, 2026 versus 2025<\/b><\/i><\/p>\n \nIn February 2026, the Group agreed to sell its 51.0% stake in I-Systems to TIM S.A. and its Latin American tower operations to Macquarie Asset Management. The Latin American tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. Accordingly, the description of revenue from continuing operations is presented separately from the description of revenue from discontinued operations and Adjusted EBITDA Margin is only presented for individual segments. Other key performance indicators, including Adjusted EBITDA and ALFCF, continue to reflect the performance inclusive of the Latin America segment as the associated IFRS measures of earnings and cash from operations continue to include results from discontinued operations. In May 2026 and August 2026, the Group completed the I-Systems Disposal and the Latam Towers Disposal respectively.<\/p>\n Revenue from continuing operations<\/span><\/i><\/p>\n \nRevenue from continuing operations for the three month period ended September 30, 2026 (the \u201cthird quarter\u201d) was $490.5 million, an increase of 21.4% year-on-year, despite a 3.5% inorganic revenue headwind as a result of the Rwanda Disposal in October 2025. Organic revenue increased by $54.2 million (13.4%) driven primarily by power indexation, which helped offset increased power generation costs during the period, in addition to higher revenues from Tenants, Lease Amendments and New Sites, as well as escalations. Organic growth was partially offset by lower revenues from FX resets, largely as a result of the appreciation of the Naira versus the U.S. dollar. Inorganic revenue decreased by $14.3 million, reflecting the Rwanda Disposal in October 2025. Revenue from continuing operations was also positively impacted by favorable movements in foreign exchange rates used to translate the results of foreign operations, resulting in a non-core impact of $46.7 million, an increase of 11.6%, of which $40.7 million was due to the appreciation of the Naira.<\/p>\n \nRefer to the revenue component of the segment results section of this discussion and analysis for further details.<\/p>\n Revenue from discontinued operations<\/span><\/i><\/p>\n \nRevenue from the Latin America segment for the three month period ended September 30, 2026, presented within discontinued operations, was $17.6 million, a decrease of 65.6% year-on-year, due to the I-Systems Disposal and the Latam Towers Disposal in May 2026 and August 2026, respectively.<\/p>\n Towers, tenants and lease amendments<\/span><\/i><\/p>\n \nFor the third quarter, there was a year-on-year net decrease in Towers of 10,426, resulting in total Towers of 28,599 at the end of the period. The decrease primarily resulted from the disposal of 9,053 Towers pursuant to the Latam Towers Disposal in August 2026 and 1,467 Towers relating to the Rwanda Disposal in October 2025. Excluding the impact of these disposals, there was a net increase of 94 Towers year-on-year reflecting the addition of 347 New Sites, partly offset by 227 Churned and 26 decommissioned sites. Tenants declined 14,750 year-on-year, primarily due to the disposal of 12,267 Tenants in Latin America and 3,041 Tenants in Rwanda as well as a reduction of 1,377 Tenants due to Churn. Excluding the impact of the disposals, we added 558 net new tenants year-on-year. As a result, total Tenants were 42,941 at the end of the third quarter, with a Colocation Rate of 1.50x, compared to 1.48x in the third quarter of 2025. We added 5,223 Lease Amendments year-on-year, despite a reduction of 1,488 related to the Latam Towers Disposal, reflecting continued incremental demand for ancillary services and bringing total Lease Amendments to 47,444 at the end of the third quarter.<\/p>\n Adjusted EBITDA<\/span><\/i><\/p>\n \nAdjusted EBITDA for the third quarter of $282.7 million increased 8.1% year-on-year, despite the 15.0% inorganic headwind resulting from the Rwanda Disposal, the I-Systems Disposal and the Latam Towers Disposal in October 2025, May 2026 and August 2026, respectively. The year-on-year change also reflected higher costs, which partly offset the increase in revenue described above. Cost of sales included within Adjusted EBITDA increased $40.7 million year-on-year, primarily driven by increases in power generation costs ($38.6 million), as a result of higher global power prices due to reasons including the conflict in the Middle East. This impact was offset by higher revenue generated through the Company’s power pass-through and indexation mechanisms. The $8.8 million decrease in administrative expenses included within Adjusted EBITDA was primarily driven by lower staff costs ($4.2 million) and reflected cost saving initiatives.<\/p>\n (Loss)\/income for the period<\/span><\/i><\/p>\n \nThe Group reported a loss of $8.2 million for the third quarter of 2026, compared to income of $147.4 million in the third quarter of 2025. The year-on-year decrease primarily reflected increases of $48.2 million in cost of sales and $88.4 million in administrative expenses, which more than offset an $86.6 million increase in revenue. The decrease also reflected a $78.5 million increase in net finance costs and a $16.2 million increase in losses from discontinued operations.<\/p>\n \nHigher cost of sales was primarily attributable to higher power generation costs in the Nigeria segment, driven by increased diesel prices associated with reasons including the conflict in the Middle East.<\/p>\n \nAdministrative expenses increased by $88.4 million, primarily due to $49.1 million of accelerated share-based payment and long-term employee benefit expenses resulting from a change in expected vesting periods and settlement obligations following the February 2026 agreement by the Group to enter into a merger agreement to be acquired by MTN Group Limited. Professional fees and business combination costs increased by $18.8 million and $10.3 million respectively.<\/p>\n Cash from operations<\/span><\/i><\/p>\n \nCash from operations for the third quarter of 2026 was $246.7 million, compared to $259.6 million for the third quarter of 2025. The decrease was driven by a $23.4 million decrease in operating income before working capital changes, partially offset by a $10.5 million improvement in net working capital.<\/p>\n ALFCF<\/span><\/i><\/p>\n \nALFCF for the third quarter of 2026 was $197.7 million, compared to $157.8 million for the third quarter of 2025. The increased ALFCF was primarily attributable to the same factors driving the increase in Adjusted EBITDA discussed above, in addition to reductions in maintenance capital expenditure ($9.3 million) primarily reflecting the I-Systems Disposal, net interest paid ($3.6 million), withholding tax ($2.7 million) and income taxes paid ($1.3 million).<\/p>\n SEGMENT RESULTS<\/b><\/p>\n Revenue and Adjusted EBITDA by segment<\/span><\/i><\/p>\n \nSet out below are revenue and segment Adjusted EBITDA for each of our reportable segments, for the three months ended September 30, 2026 and 2025:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Revenue<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNigeria<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n359.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n268.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n215.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n169.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n131.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n135.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n80.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 490.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 403.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 289.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 249.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLatam<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(65.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(61.2<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 51.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 16.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 41.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nUnallocated corporate expenses(a)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 282.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 261.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 8.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nUnallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Nigeria<\/span><\/i><\/p>\n \nThird quarter revenue increased 34.1% year-on-year to $359.4 million, primarily reflecting favorable movements in foreign exchange rates used to translate the results of foreign operations and higher diesel prices, which contributed to revenue growth through power pass-through and indexation mechanisms. Organic revenue increased by $50.8 million, an increase of 18.9% year-on-year. This reflected higher revenue related to diesel prices and escalations, as well as continued growth in revenue from Colocation, Lease Amendments, New Sites and fiber. This was partially offset by a reduction in revenues linked to foreign exchange resets as a result of the appreciation of the Naira versus the U.S. dollar during the period. The overall increase in revenue was further enhanced by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of \u20a61,352 to $1.00 in the third quarter of 2026 compared to an average rate of \u20a61,523 to $1.00 in the third quarter of 2025. This led to a non-core increase of $40.7 million, or 15.2% year-on-year.<\/p>\n \nTenants increased by 120 year-on-year, with growth of 497 from Colocation and 1 from New Sites, partially offset by 378 Churn. Lease Amendments increased by 5,768 driven by continued incremental demand for ancillary services.<\/p>\n \nSegment Adjusted EBITDA for the third quarter increased 26.8% year-on-year to $215.0 million, resulting in an Adjusted EBITDA Margin of 59.8%. The year-on-year increase in segment Adjusted EBITDA for the third quarter reflected the increase in revenue described above, partially offset by an increase in cost of sales and administrative expenses included within segment Adjusted EBITDA. During the third quarter the increase in costs was primarily driven by a year-on-year increase in power generation costs ($38.8 million), as a result of higher global power prices due to reasons including the conflict in the Middle East. This impact was offset by higher revenue generated through the Company’s power pass-through and indexation mechanisms. There were also year-on-year increases in staff costs ($3.8 million) and tower repairs and maintenance costs ($2.4 million), with increases enhanced by the appreciation of the Naira, which is used to translate the results of our Nigeria operations.<\/p>\n SSA<\/span><\/i><\/p>\n \nThird quarter revenue decreased 3.5% year-on-year to $131.1 million, primarily reflecting the 10.5% inorganic revenue headwind as a result of the Rwanda Disposal in October 2025. Organic revenue increased by $3.4 million, or 2.5%, led by growth in revenue from new Tenants, Colocations, New Sites and escalations. Revenue was also supported by an increase in non-core revenues as a result of positive movements in foreign exchange rates of $6.1 million, or 4.5%.<\/p>\n \nTenants decreased by 3,097 year-on-year, primarily due to the disposal of 3,041 tenants in Rwanda. Other than this disposal, tenants decreased by 56, as increases of 656 from Colocation and 125 from New Sites were more than offset by Churn of 837 tenants, primarily related to ZedMobile (\u201cZedMobile\u201d) during the first quarter of 2026. Lease Amendments increased by 694.<\/p>\n \nSegment Adjusted EBITDA for the third quarter decreased 6.5% year-on-year to $74.8 million, resulting in an Adjusted EBITDA Margin of 57.0%. The year-on-year decrease in segment Adjusted EBITDA for the third quarter was primarily driven by the 12.0% negative impact as a result of the Rwanda Disposal. The year-on-year movement also reflected an increase in revenue from other markets, partially offset by an increase in costs included within Adjusted EBITDA. The $0.4 million increase in costs was primarily driven by year-on-year increases in power generation costs ($1.4 million) and other administrative expenses, partially offset by a decrease in staff costs ($1.3 million) and regulatory fees ($1.0 million).<\/p>\n Latam (discontinued operation)<\/span><\/i><\/p>\n \nThird quarter revenue and Adjusted EBITDA decreased 65.6% and 61.2% year-on-year to $17.6 million and $16.0 million, respectively, primarily reflecting the inorganic headwind as a result of the I-Systems Disposal in May 2026 and the Latam Towers Disposal in August 2026.<\/p>\n \nAs of the end of the third quarter of 2025, the Latam segment had 8,856 Towers, 11,773 Tenants and 1,239 Lease Amendments. Following completion of the Latam Towers Disposal in August 2026, Latam Towers, Tenants and Lease Amendments were no longer included in our reported results as of September 30, 2026.<\/p>\n CAPITAL EXPENDITURE<\/b><\/p>\n \nSet out below is the capital expenditure for the three months ended September 30, 2026 and 2025 for each of our reporting segments:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $\u2019m<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNigeria<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 63.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 54.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLatam<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(77.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 22.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total capital expenditure<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 68.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 77.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (11.8<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the third quarter of 2026, capital expenditure (\u201cTotal Capex\u201d) was $68.2 million, compared to $77.3 million for the third quarter of 2025. The decrease was driven by lower capital expenditure in our Latam segment, reflecting the Latam Towers Disposal and I-Systems Disposal, and in SSA, driven by a reduction in both discretionary and maintenance capital expenditure. This was partially offset by higher capital expenditure in our Nigeria segment, primarily due to higher discretionary capital expenditure.<\/p>\n |