IHS Holding Limited, one of the world’s largest independent tower operators, on Monday reported its financial results for the fourth quarter and full year ended December 31, 2025, delivering revenue and profitability growth from continuing operations while advancing a major portfolio transformation.
For the full year, revenue from continuing operations rose 3.6% to $1.582 billion, while organic revenue growth stood at a robust 10.1%. Adjusted EBITDA increased 9.0% to $1.012 billion, and Adjusted Levered Free Cash Flow (ALFCF) surged 47.3% to $448.1 million. The company also reduced its consolidated net leverage ratio to 3.1x, down 0.6x from the prior year and within its target range.
The results reflect continued commercial momentum through colocation, lease amendments, new sites, and fiber, partially offset by foreign exchange headwinds, particularly from the Nigerian Naira. Total capital expenditure declined 3.7% to $246.4 million, and the full-year performance met or exceeded guidance across key metrics.
In the fourth quarter, revenue from continuing operations grew 1.2% to $397.8 million, with Adjusted EBITDA up 1.4% to $249.8 million. However, the company reported a net loss of $83.5 million, mainly due to impairment charges related to discontinued operations in Latin America.
Strategic Transformation Accelerates
The year marked significant progress in reshaping the business. IHS completed the sale of its Rwanda operations and announced major disposals, including its Latin American tower portfolio to Macquarie Asset Management and its stake in I-Systems to TIM S.A. These moves classified the LatAm segment as discontinued operations.
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Most notably, in February 2026, IHS agreed to be acquired by MTN Group Limited in a landmark transaction valuing the company at an enterprise value of approximately $6.2 billion. The deal, which builds on MTN’s existing stake and long-standing partnership, is expected to close in 2026, subject to approvals.
At the end of 2025, IHS Towers operated 37,590 towers with 54,874 tenants, achieving a colocation rate of 1.46x.
Chairman and CEO Sam Darwish commented: “We delivered a strong fourth quarter, completing a year of solid revenue growth and profitability, robust free cash flow generation and continued consolidated net leverage reduction. Our full-year results reflect disciplined execution, sustained commercial momentum, and the resilience of our operations across key markets.
Looking ahead, the proposed sale of IHS Towers to MTN represents the next step in our long-standing partnership with MTN. The transaction brings together Africa’s largest mobile network operator with one of the continent’s leading digital infrastructure platforms, highlighting the deep connection we have built with the markets we serve across Africa.”
