IHS Towers hits 2025 targets as organic growth offsets currency volatility

IHS Holding (NYSE:IHS), one of the world's largest independent telecommunications infrastructure developers, reported its fourth-quarter and full-year 2025 financial results on March 16, 2026.

For the full year, IHS reported revenue from continuing operations of $1,582 million, representing a 3.6% increase.

This figure excludes the Latin America segment, which has been reclassified as discontinued operations following a strategic pivot.

On an organic basis, revenue grew by 10.1%, fueled by strong demand for colocation and lease amendments as mobile network operators expanded their 4G and 5G footprints.

While foreign exchange resets and power indexation provided a tailwind, these were partially offset by a 2.8% headwind caused by the depreciation of the Nigerian Naira (NGN) against the U.S. Dollar.

The company's focus on operational efficiency was evident in its bottom-line performance.

Adjusted EBITDA rose 9% year-over-year to $1,012.3 million, yielding an improved margin profile.

Even more striking was the growth in Adjusted Levered Free Cash Flow (ALFCF), which surged 47.3% to $448.1 million.

This increase was supported by a disciplined approach to capital allocation, with total capital expenditure (Capex) decreasing by 3.7% to $246.4 million.

IHS also made significant strides in strengthening its balance sheet.

The consolidated net leverage ratio ended the year at 3.1x, a reduction of 0.6x compared to 2024.

This brings the company firmly into its target leverage range of 3x to 4x.