IHS Holding Logs $1.01B Adjusted EBITDA, Agrees $6.2B MTN Tower Sale
IHS Holding delivered 2025 revenue of $1.58 billion (+3.6%) and Adjusted EBITDA of $1.01 billion (+9%), returning to a $126.8 million profit. It agreed to sell its tower assets to MTN for a $6.2 billion EV and reduced net leverage to 3.1x.
1. Full-Year 2025 Financial Results
IHS Holding reported 2025 revenue from continuing operations of $1.58 billion, up 3.6%, and Adjusted EBITDA of $1.01 billion, up 9%. Net income swung to $126.8 million from a prior loss, operating cash flow rose 26.7% to $983.0 million, and ALFCF climbed 47.3% to $448.1 million.
2. Q4 2025 Performance
In the fourth quarter, revenue from continuing operations was $397.8 million (+1.2%) and Adjusted EBITDA reached $249.8 million (+1.4%). The period saw an $83.5 million loss due to impairment charges in Latin America, partially offset by a disposal gain from the Rwanda sale, while ALFCF decreased 19.3% to $86.5 million.
3. Strategic Asset Sales
The company agreed in February to sell its tower portfolio to MTN for a $6.2 billion enterprise value, alongside deals to divest Latin American towers for $952 million and a 51% stake in its I-Systems unit for $453 million. A separate transaction completed the sale of its Rwanda operations to Paradigm Tower Ventures.
4. Leverage and Operations
Deleveraging efforts included repaying $154 million of high-cost debt in Nigeria and Brazil, reducing net leverage to 3.1x. Currency volatility eased with a 6.7% appreciation of the Nigerian Naira, and tower count stood at 37,590 with 54,874 tenants, yielding a colocation rate of 1.46x and 43,999 lease amendments.