IHS Holding Limited has announced a robust set of financial results for the second quarter of 2025, with revenue reaching $433.3 million. The company’s performance has exceeded its internal expectations, driven by operational momentum and prudent financial management.
Releasing the results on the Nigerian Exchange on Wednesday, IHS revealed that the second-quarter revenue, while slightly down by 0.5% compared to the previous year, showed a positive 2.1% growth when excluding the impact of its Kuwait operations sold off in December 2024. Adjusted EBITDA remained strong at $248.5 million for the quarter.
IHS Holding’s positive results have led to a revision of its full-year financial outlook. The company now expects revenue to fall between $1.7 billion and $1.73 billion, surpassing earlier projections. Both Adjusted EBITDA and Adjusted Levered Free Cash Flow forecasts have also been revised upwards, reflecting an improved outlook for the rest of 2025.
Sam Darwish, Chairman and CEO of IHS Towers, expressed his satisfaction with the performance: “Our positive momentum continued in the second quarter, with strong performances across our key metrics of revenue, Adjusted EBITDA, and ALFCF, in combination with a continued reduction in Total Capex.”
“Given our encouraging year-to-date progress, together with sustained macroeconomic stability across our markets, we are also pleased to be raising our full-year 2025 guidance across all key metrics,” he added.
The company has also strengthened its balance sheet by repaying high-interest debt facilities in Nigeria and Brazil, as well as agreeing to divest its Rwanda operations. These steps are part of IHS’s broader strategy to maximise free cash flow and reduce group debt. The consolidated net leverage ratio now stands at 3.4x, within the company’s target range.
IHS’s performance in Nigeria, its largest market, has been bolstered by the stability of the Naira and recent tariff increases by carriers. As part of its ongoing efforts to de-leverage, IHS Holding is also exploring the possibility of allocating excess capital towards share buybacks or implementing a dividend policy once it reaches its leverage target.
