IHS Holding Limited reported third‑quarter 2025 results that exceeded expectations across every key metric. Revenue climbed to $455.1 million, an 8.3% year‑over‑year increase that beat the consensus estimate of $424.1 million by 7.8%. Net income rose to $151 million, up from a $205.7 million loss in Q3 2024, and earnings per share reached $0.44—34% above the $0.10 estimate, a 300% surprise that underscores the company’s strong operating leverage and disciplined cost management.
The earnings beat is driven by robust demand for colocation and lease‑amendment revenue, as well as new site growth in key markets such as Nigeria, Sub‑Saharan Africa, the Middle East and North Africa, and Latin America. The company’s adjusted EBITDA margin held steady at 57.5% versus 57.5% in Q2 2025, reflecting a mix shift toward higher‑margin sites and effective pricing power. Adjusted Levered Free Cash Flow surged 81.2% to $157.8 million, a result of higher operating cash generation and lower capital‑expenditure requirements after the disposal of non‑core assets.
Compared with the same quarter a year earlier, IHS Holding’s net income moved from a $205.7 million loss to a $151 million profit, while adjusted EBITDA increased from $246.0 million to $261.5 million. The company’s consolidated net leverage ratio fell to 3.3x, closer to its target range of 3.0x‑4.0x, signaling a successful deleveraging program that frees capital for future growth or shareholder returns.
Management raised its full‑year 2025 outlook, projecting revenue of $1.720 billion to $1.750 billion—up from the prior $1.700 billion to $1.730 billion range—adjusted EBITDA of $995 million to $1,015 million, and adjusted levered free cash flow of $400 million to $420 million. The upward revision reflects confidence in sustained demand for shared infrastructure, the positive impact of favorable foreign‑exchange movements, and the company’s continued focus on high‑margin sites.
Sam Darwish, Chairman and CEO, said the quarter “demonstrated disciplined execution and strong commercial momentum across our core markets.” He added that the company’s portfolio strategy—selling the Rwanda and Kuwait operations and securing a new site agreement with Brazil’s TIM S.A.—has sharpened focus on core assets and positioned IHS Holding for long‑term growth. The company also noted tenant churn from 9mobile, which is expected to have a limited financial impact, and highlighted the favorable Naira‑USD appreciation as a tailwind that helped lift revenue and margins.
Investors reacted positively to the results, citing the substantial EPS beat, revenue outperformance, and raised guidance as key drivers. Analysts noted that the company’s ability to maintain a 57.5% EBITDA margin while expanding its site portfolio signals strong pricing power and operational efficiency, reinforcing confidence in the company’s strategic trajectory.
The company’s focus on deleveraging, strategic disposals, and expansion in high‑growth markets positions it well to capitalize on the global shift toward 5G and digital services, while the continued emphasis on cost discipline and high‑margin sites supports sustainable profitability.
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