<\/p>\n
IHS Holding Limited Reports First Quarter 2026 Financial Results<\/b><\/p>\n
Solid Start to 2026 With Continued Revenue Growth and ALFCF Generation<\/b><\/i><\/p>\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 March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31,<\/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 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 $\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<\/tr>\n \nRevenue (from continuing operations)(a)<\/sup><\/p>\n<\/td>\n \n415.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n392.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.0<\/p>\n<\/td>\n<\/tr>\n \nRevenue from discontinued operations(a)<\/sup><\/p>\n<\/td>\n \n51.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA(b)<\/sup><\/p>\n<\/td>\n \n268.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n252.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.4<\/p>\n<\/td>\n<\/tr>\n \nIncome for the period<\/p>\n<\/td>\n \n77.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n150.8<\/p>\n<\/td>\n<\/tr>\n \nCash from operations<\/p>\n<\/td>\n \n244.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n216.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.2<\/p>\n<\/td>\n<\/tr>\n \nALFCF(b)<\/sup><\/p>\n<\/td>\n \n173.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n149.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOn February 11 and 17, 2026, the Group announced agreements to sell its 51.0% stake in I-Systems to TIM S.A. and its Latin American tower operations to Macquarie Asset Management, respectively. The 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.<\/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 Rwanda Disposal. IHS Rwanda contributed $14.5 million and $9.7 million to revenue and Adjusted EBITDA, respectively, in the first quarter of 2025.<\/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 positive start to the year, with solid first\u2011quarter revenue and free cash flow growth, underpinned by disciplined execution and continued commercial momentum across the business. The proposed sale of IHS Towers to MTN, expected to close in 2026, remains an important strategic milestone, building on our long\u2011standing partnership and supporting the Group\u2019s next phase of development.\u201d<\/p>\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<\/td>\n<\/tr>\n \nEnterprise value is defined as anticipated cash consideration to be received plus borrowings less cash in the business and is inclusive of IFRS 16 lease liabilities and stated for a 100% shareholding. 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 further information on these transactions.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n RESULTS OF OPERATIONS<\/b><\/p>\n Impact of Naira foreign exchange movements<\/span><\/i><\/p>\n \nIn 2026, the Naira exchange rate against the U.S. dollar has exhibited reduced volatility compared with 2024, broadly consistent with the trend seen in 2025. The rates used in the preparation of our financial statements are shown below:<\/p>\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 \nDecember 31, 2023<\/p>\n<\/td>\n \n911.7<\/p>\n<\/td>\n \n\u2013\u2013<\/p>\n<\/td>\n \n815.0<\/p>\n<\/td>\n \n\u2013\u2013<\/p>\n<\/td>\n<\/tr>\n \nMarch 31, 2024<\/p>\n<\/td>\n \n1,393.5<\/p>\n<\/td>\n \n(34.6)%<\/p>\n<\/td>\n \n1,315.9<\/p>\n<\/td>\n \n(38.1)%<\/p>\n<\/td>\n<\/tr>\n \nJune 30, 2024<\/p>\n<\/td>\n \n1,514.3<\/p>\n<\/td>\n \n(8.0)%<\/p>\n<\/td>\n \n1,391.8<\/p>\n<\/td>\n \n(5.4)%<\/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<\/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<\/td>\n<\/tr>\n<\/table>\n \nCompared to the same period in 2025, changes in the Naira exchange rate used to translate the results of our Nigeria operations positively impacted revenue and segment Adjusted EBITDA in the first quarter of 2026 by $26.7 million and $16.9 million, respectively. These impacts were partially offset by foreign exchange resets in some of our contracts. Movements in the Naira exchange rate in the first quarter of 2026 resulted in unrealized foreign exchange gains of $80.3 million on U.S. dollar denominated intercompany loans advanced to our Nigerian operations. These unrealized foreign exchange impacts are recognized in finance income or finance costs accordingly; however, Group net assets are not impacted, as equal and opposite movements are recorded in equity on the retranslation of the Nigerian operations\u2019 assets and liabilities (which include these loans).<\/p>\n Results for the three months ended March 31, 2026, versus 2025<\/b><\/i><\/p>\n \nOn February 11 and 17, 2026, the Group announced agreements to sell its 51.0% stake in I-Systems to TIM S.A. and its Latin American tower operations to Macquarie Asset Management, respectively. 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 now 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, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A.<\/p>\n Revenue from continuing operations<\/span><\/i><\/p>\n \nRevenue from continuing operations for the three month period ended March 31, 2026, (\u201cfirst quarter\u201d) was $415.4 million, an increase of 6.0% year-on-year, despite a 3.7% inorganic revenue headwind from the disposal of the Company\u2019s Rwanda operations in October 2025. Organic revenue(a)<\/sup> decreased by $6.8 million (1.7%) driven by a reduction in revenues related to foreign exchange resets and power indexation, largely as a result of the appreciation of the Naira versus the U.S. dollar. This more than offset the continued growth in revenues from Tenants, Lease Amendments and New Sites, in addition to the benefit of escalations, and came despite the impact of Churn related to the approximately 1,050 sites MTN Nigeria agreed to vacate as part of the contract renewals and extensions signed during the third quarter of 2024. Inorganic revenue(a)<\/sup> decreased by $14.5 million, which related to the disposal of operations in Rwanda in October 2025. The decrease in organic revenue was more than offset by the non-core(a)<\/sup> impact of favorable movements in foreign exchange rates used to translate the results of foreign operations of $44.7 million, or 11.4%, of which $26.7 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 March 31, 2026, presented within discontinued operations, was $51.8 million, an increase of 9.0% year-on-year.<\/p>\n Towers, tenants and lease amendments<\/span><\/i><\/p>\n \nFor the first quarter, there was a year-on-year net decrease in Towers of 1,571 (a net decrease of 104 year-on-year excluding the impact of the Rwanda disposal), resulting in total Towers of 37,641 at the end of the period. The decrease primarily resulted from the divestiture of 1,467 Towers in Rwanda in October 2025. The addition of 594 New Sites year-on-year, was more than offset by 677 Churned and 21 decommissioned sites. Tenants declined 4,752 year-on-year (including the divestiture of 3,041 from Rwanda, and a reduction of 4,132 from Churn). The Churn was inclusive of 2,576 tenants in the third quarter of 2025, which reflected an updated agreement with our smallest Key Customer in Nigeria, T2 (previously known as 9mobile), signed in that quarter. It was agreed that T2 would vacate our sites in exchange for a contractual commitment to settle portions of its historic overdue balances through July 2027. As a result, total Tenants were 54,854 at the end of the first quarter, with a Colocation Rate of 1.46x, in line with the fourth quarter of 2025. Excluding the impact of these two items, we added 865 net new tenants year-on-year. Year-on-year, we added 5,593 Lease Amendments, driven by continued incremental demand for ancillary services, resulting in total Lease Amendments of 45,298 at the end of the first quarter.<\/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 three months ended March 31, 2026 (filed on form 6-K with the Securities and Exchange Commission on May 12, 2026).<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA<\/span><\/i><\/p>\n \nAdjusted EBITDA for the first quarter of $268.7 million increased 6.4% year-on-year reflecting the increase in revenue described above. Cost of sales included within Adjusted EBITDA increased $7.3 million year-on-year, primarily driven by increases in tower repairs and maintenance costs ($2.1 million), staff costs ($1.6 million), power generation costs ($1.3 million), site rental costs ($0.9 million) and regulatory fees ($0.4 million). The $4.2 million increase in administrative expenses included within Adjusted EBITDA was primarily driven by other administrative expenses.<\/p>\n Income for the period<\/span><\/i><\/p>\n \nIncome for the first quarter of 2026 was $77.0 million, compared to $30.7 million in the first quarter of 2025. The increase was primarily driven by a $80.7 million favorable movement in net finance income\/(costs), mainly reflecting the impact of changes in the Naira exchange rate in the respective periods on U.S. dollar-denominated intercompany loans advanced to our Nigerian operations. In the first quarter of 2026, the Naira appreciated with an average exchange rate of \u20a61,385 to the U.S dollar. Revenue also increased by $23.3 million.<\/p>\n \nThese increases were partially offset by an increase in administrative expenses of $68.0 million, and an increase in cost of sales of $9.8 million. Administrative expenses in the quarter included accelerated expenses of $33.1 million related to share-based payment and long-term employee benefit expenses as a result of a change in expected vesting periods and settlement obligations following the February 2026 announcement by the Group that it had entered into a merger agreement to be acquired by MTN Group Limited. Administrative expenses also reflected a $17.9 million unfavorable movement in the net impairment of withholding tax receivables and a $8.3 million increase in business combination costs mainly due to costs associated with the merger transaction.<\/p>\n Cash from operations<\/span><\/i><\/p>\n \nCash from operations for the first quarter of 2026 was $244.9 million, compared to $216.3 million for the first quarter of 2025. The increase primarily reflected a $19.3 million reduction in working capital outflows in addition to an increase in operating income before working capital changes of $9.3 million.<\/p>\n ALFCF<\/span><\/i><\/p>\n \nALFCF for the first quarter of 2026 was $173.5 million, compared to $149.9 million for the first quarter of 2025. The increase in ALFCF was primarily due to a decrease of $26.4 million in net interest paid mainly due to the impact of the repayment and refinancing of high interest debt, partially offset by an increase in lease and rent payments of $7.9 million.<\/p>\n SEGMENT RESULTS<\/i><\/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 March 31, 2026, and 2025:<\/p>\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 Three months ended March 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\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 \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\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<\/tr>\n \nNigeria<\/p>\n<\/td>\n \n285.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n271.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n182.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n179.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n130.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n120.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.3<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n 415.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 392.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 260.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 250.9<\/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<\/tr>\n \nLatam<\/p>\n<\/td>\n \n51.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n 51.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 47.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 37.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 35.6<\/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<\/tr>\n \nUnallocated corporate expenses(a)<\/sup><\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(33.9<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.1<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n 467.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 439.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 268.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 252.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6.4<\/b><\/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 \nFirst quarter revenue increased 5.0% year-on-year to $285.0 million. Organic revenue decreased by $13.1 million, a decrease of 4.8% year-on-year, driven largely by a reduction in revenues linked to foreign exchange resets and diesel prices as a result of the appreciation of the Naira versus the U.S dollar during the period, which more than offset the growth primarily driven by escalations and Lease Amendments. Continued growth in revenue from Colocation, Lease Amendments and New Sites was partially offset by Churn related to the approximately 1,050 sites MTN Nigeria agreed to vacate as part of the contract renewals and extensions signed during the third quarter of 2024. The decrease in organic revenue was more than offset by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of \u20a61,385 to $1.00 in the first quarter of 2026 compared to an average rate of \u20a61,527 to $1.00 in the first quarter of 2025. This led to a non-core increase of $26.7 million, or 9.8% year-on-year.<\/p>\n \nTenants decreased by 2,491 year-on-year, with growth of 819 from Colocation and 42 from New Sites, more than offset by 3,352 Churn, which was inclusive of 2,576 tenants in the third quarter of 2025 which reflected an updated agreement with our smallest Key Customer, T2. It was agreed that T2 would vacate our sites in exchange for a contractual commitment to settle portions of its historic overdue balances through July 2027. Lease Amendments increased by 4,240 driven by continued incremental demand for ancillary services.<\/p>\n \nSegment Adjusted EBITDA for the first quarter increased 2.0% year-on-year to $182.6 million, resulting in an Adjusted EBITDA Margin of 64.1%. The year-on-year increase in segment Adjusted EBITDA for the first quarter primarily reflected the increase in revenue described above, partly offset by an increase in cost of sales and administrative expenses included within segment Adjusted EBITDA. During the first quarter the increase in costs was primarily driven by a year-on-year increase in staff costs ($4.4 million), other administrative costs ($2.3 million) and tower repairs and maintenance costs ($1.4 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 \nFirst quarter revenue increased 8.1% year-on-year to $130.4 million, despite a 12.0% inorganic revenue headwind related to the disposal of operations in Rwanda in October 2025. Organic revenue, which increased by $6.3 million, or 5.2%, led by growth in revenue from new Tenants, Colocations, New Sites and escalations, partially offset by lower revenues from foreign exchange resets. The overall increase in revenue was also driven by an increase in non-core revenues as a result of positive movements in foreign exchange rates of $18.0 million, or 14.9%.<\/p>\n \nTenants decreased by 3,003 year-on-year, primarily due to the disposal of 3,041 tenants in Rwanda. Other than this disposal, tenants increased by 38 driven by increases of 465 from Colocation and 190 from New Sites, partially offset by a reduction of 617 tenants from Churn primarily related to ZedMobile (\u201cZedMobile\u201d), while Lease Amendments increased by 517.<\/p>\n \nSegment Adjusted EBITDA for the first quarter increased 8.3% year-on-year to $77.6 million, resulting in an Adjusted EBITDA Margin of 59.5%. The year-on-year increase in segment Adjusted EBITDA for the first quarter primarily reflected the increase in revenue described above, partially offset by a $2.3 million increase in costs included within Adjusted EBITDA. The increase in costs was primarily driven by increases in other administrative expenses ($3.1 million) largely reflecting a provision associated with the ZedMobile Churn in Zambia, power generation costs ($1.1 million) and tower repairs and maintenance costs ($0.9 million), partially offset by a reduction in staff costs ($1.3 million).<\/p>\n Latam<\/span><\/i><\/p>\n \nFirst quarter revenue increased 9.0% year-on-year to $51.8 million. Organic revenue declined 2.1% in the quarter, or $1.0 million, with the first quarter of 2025 benefiting from the recognition of non-recurring revenue of $3.6 million from our customer Oi S.A. (\u201cOi Brazil\u201d) relating to a transfer of assets as part of their judicial recovery proceedings, which was partially offset by continued growth in Tenants, Lease Amendments, New Sites and CPI escalations. The decrease in organic growth was more than offset by the non-core impact of favorable movements in foreign exchange rates of $5.2 million, or 11.0%.<\/p>\n \nTenants increased by 742 year-on-year, including 362 from New Sites and 543 from Colocation, while Lease Amendments increased by 836.<\/p>\n \nFirst quarter segment Adjusted EBITDA increased 5.6% to $37.6 million for a segment Adjusted EBITDA Margin of 72.7%, primarily driven by the increase in revenue during the period, partially offset by an increase in costs included within Adjusted EBITDA. The increase in costs was primarily driven by an increase in staff costs ($1.9 million) and site rental costs ($0.9 million).<\/p>\n \nOn February 11 and 17, 2026, the Group announced agreements to sell its 51.0% stake in I-Systems to TIM S.A. and its Latin American tower operations to Macquarie Asset Management, respectively. 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. In May 2026 the sale of the Company\u2019s I-Systems stake to TIM S.A. completed.<\/p>\n CAPITAL EXPENDITURE<\/i><\/b><\/p>\n \nSet out below is the capital expenditure for the three months ended March 31, 2026, and 2025 for each of our reporting segments:<\/p>\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 March 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/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 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 $\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<\/tr>\n \nNigeria<\/p>\n<\/td>\n \n16.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n3.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(61.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(100.0<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n 19.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 19.8<\/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<\/tr>\n \nLatam<\/p>\n<\/td>\n \n21.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.2<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n 21.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 23.8<\/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<\/tr>\n Total capital expenditure<\/b><\/p>\n<\/td>\n 41.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 43.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (5.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the first quarter of 2026, capital expenditure (\u201cTotal Capex\u201d) was $41.4 million, compared to $43.6 million for the first quarter of 2025. The decrease was primarily driven by lower capital expenditure in our SSA and Latam segments, mainly due to lower discretionary capital expenditure and lower fiber capital expenditure, respectively. These decreases were partially offset by higher capital expenditure in our Nigeria segment, reflecting the phasing of maintenance capital expenditure, fiber capital expenditure and augmentation capital expenditure, in addition to movements in foreign exchange rates.<\/p>\n Nigeria<\/span><\/i><\/p>\n \nThe 45.4% year-on-year increase for the first quarter was primarily driven by increases related to maintenance capital expenditure ($2.4 million), fiber capital expenditure ($1.7 million) and augmentation capital expenditure ($0.8 million).<\/p>\n SSA<\/span><\/i><\/p>\n \nThe 61.3% year-on-year decrease for the first quarter was primarily driven by decreases in other capital expenditure ($2.3 million), augmentation capital expenditure ($1.7 million) and maintenance capital expenditure ($1.1 million).<\/p>\n Latam<\/span><\/i><\/p>\n \nThe 8.2% year-on-year decrease for the first quarter was primarily driven by decreases related to the fiber business ($2.9 million), New Sites ($1.8 million) and maintenance capital expenditure ($0.2 million), partially offset by an increase related to augmentation capital expenditure ($2.9 million).<\/p>\n FINANCING ACTIVITIES FOR PERIOD JANUARY 1, 2026, TO MARCH 31, 2026<\/i><\/b><\/p>\n \nApproximate U.S. dollar equivalent values for non-USD denominated facilities stated below are translated from the currency of the debt at the relevant exchange rates on March 31, 2026.<\/p>\n Nigeria (2026) Revolving Credit Facility<\/i><\/b><\/p>\n \nIHS Mauritius NG Holdco Limited, IHS (Nigeria) Limited, IHS Towers NG Limited, INT Towers Limited and IHS Holding Limited entered into an NGN100.0 billion (approximately $72.2 million) Naira-denominated revolving credit facility agreement in January 2026 (with the potential to upsize to NGN200.0 billion (approximately $144.5 million)) (as amended and\/or as amended and restated from time to time the \u201cNigeria 2026 RCF\u201d), between, amongst others, IHS (Nigeria) Limited, IHS Towers NG Limited and INT Towers Limited as borrowers and guarantors; IHS Mauritius NG Holdco Limited, IHS Holding Limited, IHS Mauritius NG1 Limited, IHS Mauritius NG2 Limited, IHS INT Mauritius Limited and INT Towers NG Finco 1 Plc as guarantors; Stanbic IBTC as agent and certain financial institutions listed therein as original lenders.<\/p>\n \nThe interest rate under the Nigeria 2026 RCF is equal to the Nigerian MPR plus a margin of 1.0% per annum. IHS Mauritius NG Holdco Limited also pays certain other fees and costs, including a supplemental agency fee, an arranging fee, a management fee and an agent fee.<\/p>\n \nThe Nigeria 2026 RCF is scheduled to terminate in March 2029 and is repayable in full on that date. Subject to certain conditions, IHS Mauritius NG Holdco Limited and the borrowers may voluntarily prepay utilizations and\/or permanently cancel all or part of the available commitments by giving five business days\u2019 prior notice (or such shorter period as the majority lenders may agree). In addition to voluntary prepayments, the Nigeria 2026 RCF requires mandatory cancellation, and if applicable, prepayment in full or in part in certain circumstances.<\/p>\n \nAs of May 8, 2026, there were no amounts drawn and outstanding under the Nigeria 2026 RCF.<\/p>\n Hedging Transactions<\/i><\/b><\/p>\n \nIn connection with the disposal of our Latin American fiber operations, we entered into a BRL915 million (approximately $174 million) deal contingent non-deliverable foreign exchange forward transaction with JPMorgan Chase Bank, N.A. on February 12, 2026. The transaction has a long-stop date of February 11, 2027. We entered into this transaction to hedge the proceeds from the disposal, which will be denominated in Brazilian Real. The transaction matured and settled in connection with the completion of this disposal. As a result, we entered into a new BRL935 million (approximately $178 million) non-deliverable foreign exchange forward transaction to continue to hedge the proceeds from the disposal until the proceeds are upstreamed. The long-stop date of this hedge is in June 2026.<\/p>\n \nIn connection with the disposal of our Latin American tower operations, we entered into a BRL1,500 million (approximately $285 million) deal contingent non-deliverable foreign exchange forward transaction with Itau BBA International plc on February 18, 2026. The transaction has a long-stop date of February 17, 2027. We entered into this transaction to hedge the Brazilian Real-denominated component of the sale price that is not fixed to U.S. dollars directly in the stock purchase agreement.<\/p>\n ACTIVITIES AFTER THE REPORTING PERIOD ENDED MARCH 31, 2026<\/i><\/b><\/p>\n Sale of I-Systems<\/b><\/p>\n \nIn May 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A. Refer to note 20.2 of our unaudited condensed consolidated interim financial statements for further details including the assets and liabilities held for sale as at March 31, 2026. The Group\u2019s related deal contingent non-deliverable foreign exchange forward transaction matured and settled in connection with the completion of this disposal. As a result, the Group entered into a new BRL935 million (approximately $178 million) non-deliverable foreign exchange forward transaction to continue to hedge the proceeds from the disposal (until the proceeds are upstreamed), which are denominated in Brazilian Real. The long-stop date of this hedge is in June 2026.<\/p>\n Conference Call<\/b><\/p>\n \nFurther to the Company\u2019s announcements on February 17, 2026, including the proposed sale of the Company to MTN Group Limited, please note that the Company will not be hosting a conference call or webcast in relation to these financial results.<\/p>\n About IHS Towers<\/b><\/p>\n \nIHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets. The Company has over 37,000 towers across its seven markets, including Brazil, Cameroon, Colombia, C\u00f4te d\u2019Ivoire, Nigeria, South Africa and Zambia. For more information, please email: communications@ihstowers.com<\/a> or visit: www.ihstowers.com<\/a>.<\/p>\n |