<\/p>\n
IHS Holding Limited Reports Second Quarter 2026 Financial Results<\/b><\/p>\n
Solid Second 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 June 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 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 \n428.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n388.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.4<\/p>\n<\/td>\n<\/tr>\n \nRevenue from discontinued operations(a)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.9)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA(b)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n245.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n248.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3)<\/p>\n<\/td>\n<\/tr>\n \n(Loss)\/income for the period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.5)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(123.0)<\/p>\n<\/td>\n<\/tr>\n \nCash from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n202.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n254.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20.4)<\/p>\n<\/td>\n<\/tr>\n \nALFCF(b)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.9<\/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 $9.3 million to revenue and Adjusted EBITDA, respectively, in the second quarter of 2025. In May 2026, the Company completed the I-Systems Disposal. I-Systems contributed $3.7 million to Adjusted EBITDA in the second quarter of 2026 (being April 1, 2026, to the disposal date of May 6, 2026), and $11.0 million to Adjusted EBITDA in the second quarter of 2025.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Financial Highlights<\/i><\/p>\n Strategic and Operational Highlights<\/i><\/p>\n Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated,<\/b> \u201cWe delivered another strong quarter, with solid second\u2011quarter revenue growth and ALFCF generation, supported by continued commercial execution and the strength of our business model. The proposed acquisition of IHS Towers by MTN, an important step in the Group’s evolution, was recently approved by our shareholders and remains on track to close in 2026, subject to the remaining closing conditions.\u201d<\/p>\n \n\u201cConstant Currency\u201d combines the impact from CPI escalation, New Sites, new Colocation, new Lease Amendments, fiber and other revenues, as captured in organic revenue. Refer to \u201cItem 5. Operating and Financial Review and Prospects\u201d in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025 for the definition of organic revenue and additional information.<\/p>\n<\/td>\n<\/tr>\n \nConsolidated net leverage ratio is a non-IFRS financial measure. See \u201cUse of Non-IFRS financial measures\u201d for additional information, definition and a reconciliation to the most comparable IFRS measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n RESULTS OF OPERATIONS<\/b><\/p>\n Impact of Naira foreign exchange movements<\/span><\/i><\/p>\n \nIn 2026, the Naira exchange rate to the U.S. dollar has exhibited reduced volatility compared to 2024, consistent with the relative stability observed in 2025. The rates used in the preparation of our financial statements are shown below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Closing Rate<\/b><\/p>\n<\/td>\n Closing Rate 3- Month Average Rate \n\u00a0<\/p>\n<\/td>\n \u20a6:$<\/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 \nMarch 31, 2024<\/p>\n<\/td>\n \n1,393.5<\/p>\n<\/td>\n \n\u2013\u2013<\/p>\n<\/td>\n \n1,315.9<\/p>\n<\/td>\n \n\u2013\u2013<\/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 \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<\/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 \nMovements in the Naira exchange rate used to translate the results of our Nigeria operations positively impacted revenue and segment Adjusted EBITDA in the second quarter of 2026 by $40.7 million and $22.6 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, movements in the Naira also resulted in unrealized foreign exchange gains of $2.7 million on U.S. dollar denominated intercompany loans advanced to our Nigerian operations. These gains are 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 June 30, 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 and August 2026, the Group completed the I-Systems Disposal and Latam Towers Disposal respectively.<\/p>\n Revenue from continuing operations<\/span><\/i><\/p>\n \nRevenue from continuing operations for the three month period ended June 30, 2026, (\u201csecond quarter\u201d) was $428.6 million, an increase of 10.4% year-on-year, despite a 3.7% inorganic revenue headwind from the Rwanda Disposal in October 2025. Organic revenue(a)<\/sup> increased by $2.1 million (0.5%) driven by higher revenues from Tenants, Lease Amendments and New Sites, as well as escalations. Organic revenue also benefited from increased revenues from power indexation, with growth partly offset by lower revenues related to foreign exchange resets, largely as a result of the appreciation of the Naira versus the U.S. dollar. Inorganic revenue(a)<\/sup> decreased by $14.3 million, reflecting the Rwanda Disposal in October 2025. Revenue from continuing operations was also positively impacted by the non-core(a)<\/sup> impact of favorable movements in foreign exchange rates used to translate the results of foreign operations of $52.5 million, an increase of 13.5%, 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 June 30, 2026, presented within discontinued operations, was $42.4 million, a decrease of 5.9% year-on-year, with growth negatively impacted by the I-Systems Disposal in May 2026.<\/p>\n Towers, tenants and lease amendments<\/span><\/i><\/p>\n \nFor the second quarter, there was a year-on-year net decrease in Towers of 1,512 (a net decrease of 45 year-on-year excluding the impact of the Rwanda disposal), resulting in total Towers of 37,672 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 464 New Sites year-on-year, was more than offset by 493 Churned and 16 decommissioned sites. Tenants declined 4,538 year-on-year (including the divestiture of 3,041 from Rwanda, and a reduction of 3,704 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. As a result, total Tenants were 55,205 at the end of the second quarter, with a Colocation Rate of 1.47x, which was a slight increase compared to 1.46x in the first quarter of 2026. Excluding the impact of these two items, we added 1,079 net new tenants year-on-year. Year-on-year, we added 6,688 Lease Amendments, driven by continued incremental demand for ancillary services, resulting in total Lease Amendments of 46,766 at the end of the second 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 our unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026 (filed on Form 6-K with the Securities and Exchange Commission on August 11, 2026).<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA<\/span><\/i><\/p>\n \nAdjusted EBITDA for the second quarter of $245.3 million decreased 1.3% year-on-year, primarily reflecting the 7.0% inorganic headwind resulting from the disposals of the Company\u2019s Rwanda operations and I-Systems stake in October 2025 and May 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 $46.2 million year-on-year, primarily driven by increases in power generation costs ($38.7 million), as a result of higher global power prices due to the conflict in the Middle East. While the Company has power pass-through and indexation mechanisms to help mitigate this impact, there is typically a one-quarter lag between movements in power generation costs and the associated revenue impact under these mechanisms. There were also year-on-year increases in tower repairs and maintenance costs ($1.9 million) and staff costs ($1.1 million). The $5.4 million decrease in administrative expenses included within Adjusted EBITDA was primarily driven by staff costs ($3.8 million).<\/p>\n (Loss)\/income for the period<\/span><\/i><\/p>\n \nThe Group reported a loss of $7.5 million for the second quarter of 2026, compared to income of $32.3 million in the second quarter of 2025. While revenue increased by $40.4 million and income from discontinued operations increased by $27.8 million, these benefits were more than offset by a $50.4 million increase in cost of sales and a $57.0 million increase in administrative expenses.<\/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 the ongoing conflict in the Middle East.<\/p>\n \nAdministrative expenses increased by $57.0 million, primarily due to $50.0 million of accelerated 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.<\/p>\n Cash from operations<\/span><\/i><\/p>\n \nCash from operations for the second quarter of 2026 was $202.1 million, compared to $254.8 million for the second quarter of 2025. The decrease was driven by a $34.8 million reduction in net working capital inflows and a $17.9 million decrease in operating income before working capital changes.<\/p>\n ALFCF<\/span><\/i><\/p>\n \nALFCF for the second quarter of 2026 was $57.1 million, compared to $54.0 million for the second quarter of 2025. The increased ALFCF was primarily due to a decrease in net interest paid ($28.4 million) primarily driven by the repayment and refinancing of high interest debt, in addition to reductions in withholding tax ($14.3 million) and maintenance capital expenditure ($6.0 million), partially offset by an increase in income taxes paid ($37.1 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 June 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 June 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended June 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 \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 \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 \n298.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n260.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n166.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n170.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n130.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n127.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.2<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 428.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 388.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 237.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 243.8<\/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 \n42.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.9<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 42.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 45.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 32.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 33.5<\/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(24.7<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.1<\/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 245.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 248.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (1.3<\/b><\/p>\n<\/td>\n )<\/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 \nSecond quarter revenue increased 14.5% year-on-year to $298.3 million, primarily driven by the favorable movements in foreign exchange rates used to translate the results of foreign operations. Organic revenue decreased by $2.9 million, a decline of 1.1% year-on-year. This reflected continued growth in revenue from Colocation, Lease Amendments, New Sites, escalations and diesel prices, which 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, and further impacted 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 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 \u20a61,366 to $1.00 in the second quarter of 2026 compared to an average rate of \u20a61,581 to $1.00 in the second quarter of 2025. This led to a non-core increase of $40.7 million, or 15.6% year-on-year.<\/p>\n \nTenants decreased by 2,321 year-on-year, with growth of 590 from Colocation and 9 from New Sites, more than offset by 2,920 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. Lease Amendments increased by 5,411 driven by continued incremental demand for ancillary services.<\/p>\n \nSegment Adjusted EBITDA for the second quarter decreased 2.5% year-on-year to $166.5 million, resulting in an Adjusted EBITDA Margin of 55.8%. The year-on-year decrease in segment Adjusted EBITDA for the second quarter primarily reflected an increase in cost of sales and administrative expenses included within segment Adjusted EBITDA, which more than offset the increase in revenue described above. During the second quarter the increase in costs was primarily driven by a year-on-year increase in power generation costs ($35.3 million), as a result of higher global power prices due to the conflict in the Middle East. While the Company has power pass-through and indexation mechanisms to help mitigate this impact, there is typically a one-quarter lag between movements in power generation costs and the resulting impact on revenue under these mechanisms. There were also year-on-year increases in tower repairs and maintenance costs ($2.7 million), staff costs ($1.9 million) and other administrative costs ($0.7 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 \nSecond quarter revenue increased 2.0% year-on-year to $130.3 million, despite an 11.2% inorganic revenue headwind related to the Rwanda Disposal in October 2025. Organic revenue, which increased by $5.0 million, or 3.9%, led by growth in revenue from new Tenants, Colocations, New Sites and escalations, was 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 $11.8 million, or 9.2%.<\/p>\n \nTenants decreased by 2,852 year-on-year, primarily due to the disposal of 3,041 tenants in Rwanda. Other than this disposal, tenants increased by 189 driven by increases of 625 from Colocation and 188 from New Sites, partially offset by a reduction of 624 tenants from Churn primarily related to ZedMobile (\u201cZedMobile\u201d) during the first quarter of 2026, while Lease Amendments increased by 427.<\/p>\n \nSegment Adjusted EBITDA for the second quarter decreased 3.2% year-on-year to $70.8 million, resulting in an Adjusted EBITDA Margin of 54.3%. The year-on-year decrease in segment Adjusted EBITDA for the second quarter was primarily driven by the 12.7% negative impact as a result of the Rwanda Disposal. The year-on-year movement also reflects an increase in revenue, partially offset by an increase in costs included within Adjusted EBITDA. The $4.9 million increase in costs was primarily driven by year-on-year increases in power generation costs ($3.5 million) and tower repairs and maintenance costs ($0.6 million).<\/p>\n Latam<\/span><\/i><\/p>\n \nSecond quarter revenue decreased 5.9% year-on-year to $42.4 million, primarily driven by the 28.0% inorganic revenue headwind resulting from the I-Systems Disposal in May 2026, which more than offset organic and non-core revenue growth. Organic revenue increased 8.8% in the quarter, or $4.0 million, with continued growth in revenue from Tenants, Lease Amendments, New Sites and CPI escalations. Revenue also benefited from the non-core positive impact of favorable movements in foreign exchange rates of $6.0 million, or 13.3%.<\/p>\n \nTenants increased by 635 year-on-year, including 267 from New Sites and 528 from Colocation, while Lease Amendments increased by 850.<\/p>\n \nSecond quarter segment Adjusted EBITDA decreased 2.1% to $32.7 million for a segment Adjusted EBITDA Margin of 77.2%, primarily driven by the negative impact resulting from the I-Systems stake disposal, described above. As a result, there were decreases in revenue and in costs included within Adjusted EBITDA, including a decline in staff costs ($1.4 million) and repairs and maintenance costs ($1.1 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 and August 2026, the Group completed the I-Systems Disposal and Latam Towers Disposal respectively.<\/p>\n CAPITAL EXPENDITURE<\/i><\/b><\/p>\n \nSet out below is the capital expenditure for the three months ended June 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 June 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 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 \n19.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10.3)<\/p>\n<\/td>\n<\/tr>\n \nSSA<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(35.0)<\/p>\n<\/td>\n<\/tr>\n Continuing operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 24.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 28.8<\/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 \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLatam<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.3)<\/p>\n<\/td>\n<\/tr>\n Discontinued operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 15.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17.5<\/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 39.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 46.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (15.2)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the second quarter of 2026, capital expenditure (\u201cTotal Capex\u201d) was $39.2 million, compared to $46.3 million for the second quarter of 2025. The decrease was driven by lower capital expenditure in our SSA and Latam segments, mainly due to lower discretionary capital expenditure, in addition to lower capital expenditure in our Nigeria segment, primarily reflecting a reduction in augmentation capital expenditure and the phasing of maintenance capital expenditure.<\/p>\n |