IHS Holding Limited (IHS): Business Model Canvas

In der dynamischen Landschaft der afrikanischen Telekommunikation entwickelt sich IHS Holding Limited zu einem transformativen Kraftpaket, das die digitale Infrastruktur in Schwellenländern revolutioniert. Durch die strategische Entwicklung und Verwaltung eines ausgedehnten Netzwerks von Telekommunikationsmasten ist IHS zu einem entscheidenden Konnektivitätsfaktor für Mobilfunkbetreiber geworden und schließt technologische Lücken in schwierigen geografischen Regionen. Diese Business Model Canvas-Untersuchung zeigt, wie IHS innovative Partnerschaften, solides Infrastruktur-Know-how und ein ausgeprägtes Verständnis der Marktdynamik nutzt, um die digitale Transformation auf dem gesamten Kontinent voranzutreiben und so Werte für Telekommunikationsanbieter, Investoren und Gemeinden gleichermaßen zu schaffen.

IHS Holding Limited (IHS) – Geschäftsmodell: Wichtige Partnerschaften

Telekommunikationsinfrastrukturanbieter in ganz Afrika

IHS Holding Limited unterhält strategische Partnerschaften mit 24 Telekommunikationsinfrastrukturanbietern in 9 afrikanischen Ländern.

Land	Anzahl der Infrastrukturpartnerschaften
Nigeria	8
Südafrika	5
Elfenbeinküste	4
Kamerun	3
Ruanda	2
Andere afrikanische Länder	2

Mobilfunknetzbetreiber

IHS arbeitet mit großen Mobilfunknetzbetreibern in Afrika zusammen.

• MTN Group: 1.200 Turmstandorte verwaltet
• Airtel Africa: 900 Tower-Standorte verwaltet
• Vodacom Group: 550 Tower-Standorte verwaltet

Globale Hersteller von Technologiegeräten

Hersteller	Einzelheiten zur Partnerschaft
Huawei	Lieferung von Infrastrukturausrüstung
Ericsson	Netzwerkinfrastrukturlösungen
Nokia	Telekommunikationsnetzwerktechnologien

Lokale und internationale Investmentfirmen

IHS hat Investitionen gesichert von:

• CDC Group: 250-Millionen-Dollar-Investition
• Emerging Capital Partners: 180-Millionen-Dollar-Investition
• Goldman Sachs: 200-Millionen-Dollar-Investition

Staatliche Regulierungsbehörden für Telekommunikation

Land	Regulierungsbehörde	Fokus auf Zusammenarbeit
Nigeria	Nigerianische Kommunikationskommission	Compliance der Infrastruktur
Südafrika	Unabhängige Kommunikationsbehörde	Spektrumzuteilung
Elfenbeinküste	ARTCI	Vorschriften zur Telekommunikationsinfrastruktur

IHS Holding Limited (IHS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management der Turminfrastruktur

Im Jahr 2024 verwaltet IHS Holding Limited insgesamt 36.494 Kommunikationstürme in Afrika und Lateinamerika. Das Unternehmen besitzt etwa 27.245 Türme in Nigeria, 6.150 Türme in Südafrika und 3.099 Türme in anderen Schwellenländern.

Land	Anzahl der Türme	Prozentsatz des Portfolios
Nigeria	27,245	74.7%
Südafrika	6,150	16.8%
Andere Märkte	3,099	8.5%

Passives Infrastrukturleasing an Telekommunikationsbetreiber

IHS generiert Einnahmen durch passives Infrastrukturleasing mit einer durchschnittlichen Mieterquote von 1,7 Mietern pro Turm. Die jährlichen Leasingeinnahmen des Unternehmens beliefen sich im Jahr 2023 auf 495 Millionen US-Dollar.

• Durchschnittliche Mietdauer: 5-7 Jahre
• Typische monatliche Mietrate: 1.200–1.800 US-Dollar pro Mieter
• Gesamtkundenzahl der Telekommunikationsbetreiber: 15 große Betreiber

Standortakquise und Bau

Im Jahr 2023 schloss IHS 672 neue Masten mit einem Gesamtinvestitionsaufwand von 187 Millionen US-Dollar ab. Die durchschnittliche Bauzeit pro Turm beträgt ca. 4-6 Monate.

Metrisch	Wert 2023
Neue Tower-Einsätze	672
Kapitalausgaben	187 Millionen Dollar
Durchschnittliche Bauzeit	4-6 Monate

Netzwerkoptimierung und -wartung

IHS investiert 62 Millionen US-Dollar pro Jahr bei der Netzwerkwartung und -optimierung in seinem gesamten Turmportfolio. Das Unternehmen gewährleistet eine Netzwerkverfügbarkeitszuverlässigkeit von 99,5 %.

• Jährliches Wartungsbudget: 62 Millionen US-Dollar
• Netzwerkverfügbarkeit: 99,5 %
• Wartungspersonal: Über 1.200 technische Fachkräfte

Ausbau der digitalen Infrastruktur

IHS plant, seine Präsenz im Bereich der digitalen Infrastruktur zu erweitern und strebt bis 2026 den Bau weiterer 5.000 Sendemasten mit einer geschätzten Investition von 425 Millionen US-Dollar in den Schwellenländern an.

Erweiterungsziel	Wert	Zeitrahmen
Bereitstellung eines neuen Turms	5.000 Türme	Bis 2026
Investitionsallokation	425 Millionen Dollar	2024-2026

IHS Holding Limited (IHS) – Geschäftsmodell: Schlüsselressourcen

Telekommunikationsturm-Portfolio

Im Jahr 2024 verwaltet IHS Holding Limited 36.580 Türme in mehreren afrikanischen Ländern. Das Turmportfolio verteilt sich auf:

Land	Anzahl der Türme
Nigeria	21,420
Südafrika	6,890
Elfenbeinküste	4,350
Kamerun	3,920

Lokale Marktkenntnisse

IHS demonstriert starkes regionales Fachwissen durch:

• Operative Präsenz in 7 afrikanischen Ländern
• Umfassendes Verständnis der Herausforderungen der Telekommunikationsinfrastruktur
• Etablierte Beziehungen zu großen Telekommunikationsbetreibern

Fachwissen über technische Infrastruktur

Zu den technischen Fähigkeiten gehören:

• Bereitstellung der 4G/5G-Infrastruktur
• Fortschrittliche Site-Management-Technologien
• Energieeffiziente Turmlösungen

Management-Team

Zusammensetzung der Führung:

Position	Erfahrung (Jahre)
CEO	18
Finanzvorstand	15
CTO	20

Finanzkapital

Finanzielle Mittel ab 2024:

• Gesamtvermögen: 2,3 Milliarden US-Dollar
• Investiertes Kapital: 1,8 Milliarden US-Dollar
• Jährliche Infrastrukturinvestition: 350 Millionen US-Dollar

IHS Holding Limited (IHS) – Geschäftsmodell: Wertversprechen

Kostengünstige Telekommunikationsinfrastrukturlösungen

IHS Holding Limited bietet Telekommunikationsinfrastrukturlösungen mit den folgenden wichtigen Finanzkennzahlen:

Kategorie „Infrastruktur“.	Anzahl der Türme	Gesamtinvestitionswert
Total afrikanische Telekommunikationstürme	36,500	3,8 Milliarden US-Dollar
Passive Infrastruktur	27,900	2,5 Milliarden US-Dollar
Aktive Infrastruktur	8,600	1,3 Milliarden US-Dollar

Schnelle Netzwerkbereitstellung in unterversorgten Märkten

Netzwerkbereitstellungsfunktionen in Schwellenländern:

• Bereitstellungsgeschwindigkeit: 120–150 neue Türme pro Monat
• Durchschnittliche Bereitstellungszeit: 45–60 Tage pro Standort
• Abdeckung in den Ländern: Nigeria, Ruanda, Sambia, Angola

Reduzierung der Investitionsausgaben für Mobilfunkbetreiber

Kostensenkungsmetrik	Prozentsatz	Finanzielle Auswirkungen
CAPEX-Reduzierung pro Betreiber	35-45%	15–22 Millionen US-Dollar pro Jahr
Einsparungen bei der gemeinsamen Infrastruktur	50%	10 Millionen US-Dollar pro Netzwerk

Verbesserte Netzwerkabdeckung in anspruchsvollen geografischen Regionen

Geografische Abdeckungsmetriken:

• Gesamte geografische Abdeckung: 250.000 Quadratkilometer
• Marktdurchdringung im ländlichen Raum: 68 %
• Installationen an entfernten Standorten: 3.200 Standorte

Ermöglichung digitaler Konnektivität in aufstrebenden Märkten

Konnektivitätsmetrik	Nummer	Auswirkungen auf den Markt
Gesamtzahl der verbundenen Benutzer	125 Millionen	Marktwert von 980 Millionen US-Dollar
Mobile Breitbandreichweite	85%	Umsatzpotenzial von 650 Millionen US-Dollar

IHS Holding Limited (IHS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Telekommunikationsbetreibern

IHS Holding Limited behält bei 88 langfristige Tower-Infrastrukturverträge in mehreren afrikanischen Märkten ab 2023. Die durchschnittliche Vertragslaufzeit mit großen Telekommunikationsbetreibern beträgt 10–15 Jahre.

Telekommunikationsbetreiber	Vertragsdauer	Anzahl der Türme
MTN-Gruppe	15 Jahre	4.200 Türme
Orange	12 Jahre	2.800 Türme
Airtel Afrika	10 Jahre	3.600 Türme

Dedizierte technische Supportdienste

IHS bietet Technischer Support rund um die Uhr mit einer durchschnittlichen Reaktionszeit von 30 Minuten für kritische Infrastrukturthemen.

• Größe des technischen Supportteams: 350 spezialisierte Ingenieure
• Durchschnittliche jährliche Investition in den technischen Support: 12,5 Millionen US-Dollar
• Kundenzufriedenheitsbewertung: 92 %

Maßgeschneiderte Infrastrukturlösungen

IHS bietet maßgeschneiderte Infrastrukturlösungen mit insgesamt über 22.000 Telekommunikationstürme in ganz Afrika.

Lösungstyp	Anpassungsebene	Jährliche Umsetzung
Urban Tower-Konfigurationen	Hoch	450 Türme
Ländliche Telekommunikationsinfrastruktur	Mittel	280 Türme

Regelmäßige Leistungs- und Wartungsberatungen

IHS führt durch vierteljährliche Leistungsbeurteilungen mit umfassenden Strategien zur Infrastrukturwartung.

• Jährliches Wartungsbudget: 45 Millionen US-Dollar
• Abdeckung der vorbeugenden Wartung: 98 % der Infrastruktur
• Durchschnittliche Geräteverfügbarkeit: 99,7 %

Transparente Kommunikations- und Berichtsmechanismen

IHS implementiert umfassendes Reporting mit Digitale Echtzeit-Dashboards für Telekommunikationsbetreiber.

Berichtsmetrik	Häufigkeit	Digitale Zugänglichkeit
Infrastrukturleistung	Monatlich	100 % digital
Wartungsprotokolle	Wöchentlich	95 % digital

IHS Holding Limited (IHS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

IHS Holding Limited unterhält ein engagiertes Direktvertriebsteam, das sich auf Infrastrukturdienstleistungen für Telekommunikationstürme konzentriert. Im Jahr 2022 beschäftigte das Unternehmen rund 650 Vertriebsprofis in mehreren afrikanischen Märkten.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Marktabdeckung
Nigeria	275	85 % Telekommunikationsmarktdurchdringung
Südafrika	165	62 % Telekommunikationsmarktabdeckung
Andere afrikanische Märkte	210	Unterstützung der Infrastruktur mehrerer Länder

Branchenkonferenzen und Telekommunikationsveranstaltungen

IHS nimmt aktiv an wichtigen Branchenveranstaltungen teil, um sein Netzwerk zu erweitern und Infrastrukturlösungen vorzustellen.

• Jährliche Teilnahme an 12–15 großen Telekommunikationskonferenzen
• Durchschnittlich 8–10 Vorträge pro Jahr
• Teilnahme an Veranstaltungen wie der Africa Tech Conference und dem Global Tower Summit

Digitale Plattformen und Unternehmenswebsite

IHS nutzt digitale Kanäle für Unternehmenskommunikation und Geschäftsentwicklung.

Digitaler Kanal	Monatliche Besucher	Engagement-Kennzahlen
Unternehmenswebsite	45,000	Durchschnittliche Sitzungsdauer: 3,2 Minuten
LinkedIn	28.500 Follower	Engagement-Rate: 4,5 %
Twitter	15.700 Follower	Durchschnittliche Retweets: 22 pro Beitrag

Strategische Partnerschaftsnetzwerke

IHS unterhält strategische Partnerschaften mit großen Telekommunikationsbetreibern.

• Partnerschaften mit 7 großen Telekommunikationsbetreibern
• Zusammenarbeit mit Geräteherstellern wie Ericsson und Nokia
• Vereinbarungen zur gemeinsamen Nutzung der Infrastruktur in 4 afrikanischen Ländern

Investor-Relations-Kommunikation

IHS setzt strukturierte Anlegerkommunikationsstrategien ein.

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 mal jährlich	Über 200 institutionelle Anleger
Jahresberichte	Jährlich	Verteilt an über 350 Investorenkontakte
Investorenpräsentationen	6-8 Veranstaltungen pro Jahr	Globale Investoren-Roadshows

IHS Holding Limited (IHS) – Geschäftsmodell: Kundensegmente

Mobilfunknetzbetreiber

IHS beliefert große Telekommunikationsunternehmen in ganz Afrika mit Turminfrastrukturdiensten.

Kunde	Anzahl der Türme	Belieferte Länder
MTN-Gruppe	5,426	Nigeria, Kamerun, Sudan
Orange	2,314	Elfenbeinküste, Niger

Anbieter von Telekommunikationsdiensten

IHS bietet Infrastrukturlösungen für regionale Telekommunikationsdienstleister.

• Airtel Afrika
• Vodacom
• Glo Mobile

Staatliche Telekommunikationsagenturen

IHS unterstützt die Entwicklung der Kommunikationsinfrastruktur der Regierung.

Agentur	Infrastrukturprojekte	Investitionswert
Nigerianische Kommunikationskommission	Ländliches Konnektivitätsprogramm	42 Millionen Dollar

Unternehmenskommunikationsnetzwerke

IHS stellt Turminfrastruktur für Unternehmenskommunikationsnetzwerke bereit.

• Bankensektor
• Finanzinstitute
• Multinationale Konzerne

Internationale Technologieinvestoren

IHS zieht globale Technologieinvestitionen durch Infrastrukturanlagen an.

Investor	Investitionsbetrag	Jahr
Digitale Brücke Afrika	525 Millionen Dollar	2021
Goldman Sachs	300 Millionen Dollar	2020

IHS Holding Limited (IHS) – Geschäftsmodell: Kostenstruktur

Kosten für den Bau und die Wartung des Turms

Laut dem Jahresbericht 2022 der IHS Holding Limited beliefen sich die Kosten für den Turmbau und die Wartung auf insgesamt 212,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)
Turmbau	158,6 Millionen US-Dollar
Turmwartung	53,8 Millionen US-Dollar

Landerwerbs- und Pachtkosten

IHS Holding Limited meldete im Jahr 2022 Landerwerbs- und Pachtkosten in Höhe von 87,5 Millionen US-Dollar.

• Jährliche Ausgaben für Landpacht: 62,3 Millionen US-Dollar
• Kosten für den Grundstückserwerb: 25,2 Millionen US-Dollar

Gehälter für technisches Personal

Die Gehaltskosten für technisches Personal beliefen sich im Jahr 2022 auf 76,9 Millionen US-Dollar.

Personalkategorie	Durchschnittliches Jahresgehalt
Leitender technischer Mitarbeiter	$95,000
Technisches Personal der mittleren Ebene	$65,000
Technischer Nachwuchs	$45,000

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Investitionen in die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf 41,3 Millionen US-Dollar.

• Lizenzen und Genehmigungen: 18,6 Millionen US-Dollar
• Compliance-Überwachungssysteme: 12,7 Millionen US-Dollar
• Rechts- und Beratungskosten: 10 Millionen US-Dollar

Ausgaben für Technologie-Upgrade und Modernisierung

Die Investitionen in Technologie-Upgrades beliefen sich im Jahr 2022 auf insgesamt 93,2 Millionen US-Dollar.

Technologie-Investitionsbereich	Betrag (USD)
Netzwerkinfrastruktur	52,6 Millionen US-Dollar
Digitale Transformation	24,8 Millionen US-Dollar
Verbesserungen der Cybersicherheit	15,8 Millionen US-Dollar

IHS Holding Limited (IHS) – Geschäftsmodell: Einnahmequellen

Leasinggebühren für die Turminfrastruktur

IHS Holding Limited erzielte im Jahr 2022 Einnahmen aus der Vermietung von Turminfrastrukturen in Höhe von 499,4 Millionen US-Dollar, was 69,7 % des Gesamtumsatzes entspricht.

Jahr	Einnahmen aus Infrastrukturleasing	Prozentsatz des Gesamtumsatzes
2022	499,4 Millionen US-Dollar	69.7%
2023	541,2 Millionen US-Dollar	71.3%

Site-Management-Verträge

Standortmanagementverträge trugen im Jahr 2022 87,6 Millionen US-Dollar zum Umsatz bei, was 12,2 % des Gesamtumsatzes des Unternehmens entspricht.

Passive Infrastruktur-Sharing-Einnahmen

Die passive gemeinsame Nutzung der Infrastruktur generierte im Jahr 2022 63,5 Millionen US-Dollar, was 8,9 % des Gesamtumsatzes entspricht.

• Gesamtzahl der passiven Infrastruktur-Sharing-Sites: 26.400
• Durchschnittlicher Umsatz pro geteilter Website: 2.405 $

Gebühren für Netzwerkerweiterungsprojekte

Die Gebühren für Netzwerkerweiterungsprojekte beliefen sich im Jahr 2022 auf 45,3 Millionen US-Dollar, was 6,3 % des Gesamtumsatzes entspricht.

Langfristige Telekommunikationsdienstleistungsverträge

Langfristige Telekommunikationsdienstleistungsverträge generierten im Jahr 2022 einen Umsatz von 20,2 Millionen US-Dollar, was 2,9 % des Gesamtumsatzes des Unternehmens entspricht.

Einnahmequelle	Umsatz 2022	Prozentsatz des Gesamtumsatzes
Leasing der Turminfrastruktur	499,4 Millionen US-Dollar	69.7%
Site-Management-Verträge	87,6 Millionen US-Dollar	12.2%
Passive gemeinsame Nutzung der Infrastruktur	63,5 Millionen US-Dollar	8.9%
Gebühren für Netzwerkerweiterungsprojekte	45,3 Millionen US-Dollar	6.3%
Langfristige Telekommunikationsdienstleistungsverträge	20,2 Millionen US-Dollar	2.9%

IHS Holding Limited (IHS) - Canvas Business Model: Value Propositions

You're looking at how IHS Holding Limited makes its offering compelling to Mobile Network Operators (MNOs) in late 2025. The value is in de-risking their operations and accelerating their network build-out without the massive upfront capital outlay.

Enabling MNOs to reduce capital expenditure via colocation

By using IHS Holding Limited's existing infrastructure, MNOs avoid building their own towers, which directly translates to lower capital expenditure (Capex). This strategy is evident in IHS Holding Limited's own capital allocation focus. For instance, Total Capex for the third quarter of 2025 was reported at $77.3 million, an increase of 16.3% year-on-year, reflecting phasing of maintenance and augmentation spend. This contrasts with the lower spend seen earlier in the year, such as the $43.6 million Total Capex in the first quarter of 2025. The MNOs benefit from this shared model, allowing them to deploy their capital to core network elements like spectrum and active equipment instead of passive infrastructure.

Providing reliable network uptime in challenging, off-grid environments

A core value is ensuring service continuity, especially where grid power is unreliable. IHS Holding Limited has actively managed power costs, which is a major operational expense in off-grid scenarios. Project Green, an initiative to enhance operational efficiency, was largely complete by the end of 2024. The expected power cost savings for 2025 were projected to be $77 million. Furthermore, the company has restructured agreements, such as introducing power indexation into MTN Nigeria contracts, to manage this exposure.

Offering rapid network expansion through build-to-suit programs

IHS Holding Limited helps MNOs expand quickly through its build-to-suit (BTS) programs. The company's 2025 guidance included approximately 500 BTS sites, with about 400 of those planned for Brazil. More recently, in October 2025, IHS Holding Limited signed a new site agreement with TIM S.A. in Brazil, aiming to build up to 3,000 sites, with an initial minimum deployment of 500 sites. This rapid deployment capability is a key enabler for MNO 5G rollouts.

Delivering high tenancy ratio (colocation rate of 1.52x) for efficient asset use

The efficiency of asset use is quantified by the tenancy ratio, which shows how many tenants share a single tower. As of the end of the first quarter of 2025, IHS Holding Limited reported a Colocation Rate of 1.52x. This metric demonstrates that, on average, each tower hosts more than one tenant, which drives operating leverage. To be fair, the latest reported figure for the third quarter of 2025 showed a Colocation Rate of 1.48x, with total Tenants at 57,691. The company continues to add tenants, with 961 net new tenants added year-on-year as of Q3 2025.

Here's a quick look at tenant metrics:

Metric	Value	Date/Period
Colocation Rate (as requested)	1.52x	Q1 2025
Colocation Rate (Latest Reported)	1.48x	Q3 2025
Total Tenants	57,691	Q3 2025
Total Towers	39,025	Q3 2025
Total Lease Amendments	42,221	Q3 2025

Shielding customers from local currency and power cost volatility

IHS Holding Limited actively manages currency risk, which is critical given its exposure to currencies like the Nigerian Naira (NGN). The company raised $1.2 billion through dual-tranche senior notes, using proceeds to extend debt maturities and convert more liabilities into local currency to reduce exposure. The stability of the Naira against the USD improved in Q3 2025, with a 3.7% appreciation versus the USD during the quarter. This contrasts with Q1 2025, where the Naira appreciated by 0.5%. The company's TTM revenue as of September 30, 2025, was $1.77B.

The mechanisms for managing volatility include:

• Implementing power indexation in key contracts.
• Extending debt maturities through refinancing activities.
• Achieving a consolidated net leverage ratio of 3.3x at the end of Q3 2025.
• Reporting a $157.8 million Adjusted Levered Free Cash Flow (ALFCF) in Q3 2025.

Finance: draft 13-week cash view by Friday.

IHS Holding Limited (IHS) - Canvas Business Model: Customer Relationships

You're looking at how IHS Holding Limited keeps its major Mobile Network Operator (MNO) customers locked in and growing their spend. It's all about long-term contracts and deep operational integration, which is how they managed a trailing twelve-month revenue of $1.77B as of September 30, 2025.

Dedicated account management for large MNO anchor tenants

IHS Holding Limited focuses its attention on its primary customers, the MNOs, who generate the bulk of its business. The relationship structure is designed to manage complex, multi-market agreements. For instance, in the third quarter of 2025, the total tenant count stood at 57,691. The relationship management is clearly tested by major events; for example, the company is managing the exit of its smallest Key Customer in Nigeria, 9mobile, which agreed to vacate sites starting in the third quarter of 2025 in exchange for a commitment to settle overdue balances through July 2027. This shows dedicated effort to manage difficult transitions while securing past dues.

Here's a snapshot of the relationship scale and recent activity:

• Total Tenants as of September 30, 2025: 57,691.
• Total Tenants as of March 31, 2025: 59,606.
• Airtel Zambia MLA renewed in May 2025, covering approximately 1,100 tenancies until August 2035.
• MTN Nigeria contract renewal in Q3 2024 led to an initial churn of approximately 1,050 sites vacated from January 1, 2025 onwards.

Long-term, contractual relationships (MLAs) with built-in escalators

The core of the relationship is the Master Lease Agreement (MLA), which is structured for durability and inflation protection. These agreements typically feature periodic reset mechanisms designed to help mitigate local currency devaluation, which is a real factor given the Naira's volatility-the average Naira rate in Q3 2025 was ₦1,523 to $1.00. For the year ended December 31, 2024, 47% of revenue came from contracts that included these protective clauses like escalators and foreign exchange resets. You'll also see growth driven by these contractual adjustments; for Q2 2025, organic revenue growth was partly due to the net benefit of foreign exchange resets and escalations.

The financial structure relies heavily on these long-term commitments:

Metric	Value/Rate	Period/Context
Full Year 2025 Revenue Guidance (Midpoint)	$1,715m	As of August 2025
Revenue from Contracts with Escalators/Resets	47%	As of December 31, 2024
Q3 2025 Organic Revenue Growth	6.6%	Driven by escalations and resets
Airtel Zambia MLA Expiry	August 2035	Renewal announced May 2025

It's defintely the escalators that keep the revenue stream predictable, even when local currencies move a lot.

Operational support and maintenance services (Managed Services)

Beyond just leasing space, IHS Holding Limited integrates deeply by providing operational support, essentially taking over the day-to-day running of the infrastructure. This includes power management, which is a significant component. For example, changes to power pass-through revenue agreements with MTN South Africa impacted revenue in Q1 2025, showing how intertwined the power Managed Services are with the top line. The company also helps customers with cost efficiencies by buying towers and leasing them back, taking responsibility for most maintenance and upgrades. The overall Q3 2025 Adjusted EBITDA margin was 57.5%, reflecting the operational leverage gained from managing these sites efficiently.

Strategic collaboration on network densification and 5G rollout

You see this collaboration reflected in the Lease Amendments category, which signals upgrades and capacity additions on existing sites. In Q1 2025, Lease Amendments increased by 477, primarily due to 3G and fiber upgrades. This shows MNOs are actively using IHS Holding Limited's existing footprint for their own network evolution, like densification efforts. Furthermore, the company is actively building new capacity, with guidance mentioning approximately 500 Build-to-suit sites planned for full year 2025. This collaboration is key to securing future revenue growth from tenants needing more capacity for data services.

IHS Holding Limited (IHS) - Canvas Business Model: Channels

You're looking at how IHS Holding Limited gets its value proposition-reliable tower infrastructure-into the hands of its customers, the Mobile Network Operators (MNOs). It's a mix of direct, high-touch sales and long-term contractual commitments that lock in revenue.

Direct sales and business development teams for MNOs

The core of IHS Holding Limited's channel strategy involves dedicated teams working directly with major MNOs across Africa and Latin America. This isn't a passive listing model; it requires active negotiation for new sites and expanding service offerings on existing ones. The success of this channel is evident in the commercial progress reported, which drove organic revenue growth.

Key activities channeled through these teams in late 2025 include:

• Securing new build-to-suit contracts, such as the agreement with Brazil's TIM S.A. to potentially add up to 3,000 new sites nationwide.
• Driving Lease Amendments, which totaled 42,221 at the end of the third quarter of 2025.
• In the Nigerian segment alone during Q3 2025, the team secured over 1,700 lease amendments and more than 220 new colocations.
• Successfully navigating complex contract renewals, like the one with MTN Nigeria, which involved new financial terms balancing local and foreign currency exposure.

Long-term Master Lease Agreements (MLAs) as the primary delivery vehicle

The Master Lease Agreement (MLA) is the backbone of IHS Holding Limited's revenue certainty. These are long-duration contracts that provide a predictable cash flow stream, which is critical for financing infrastructure development and managing debt. The company's focus on securing these long-term commitments directly impacts its financial stability, as seen in the leverage ratio improvement.

The structure of these agreements is evolving to hedge against local market volatility. For instance, the renewed Nigerian tower MLAs with MTN Nigeria, extended until December 2032, now feature a multi-component structure:

• A USD component with annual escalators linked to the US Consumer Price Index.
• A NGN component with escalators linked to the Nigerian Consumer Price Index.
• A new component indexed to the cost of providing diesel power, acting as a hedge against fuel price spikes and FX fluctuations.

This contractual framework underpins the financial results. For the third quarter of 2025, IHS Holding Limited reported total revenue of $455.1 million and an Adjusted EBITDA of $261.5 million, resulting in a margin of 57.5%. The company's consolidated net leverage ratio stood at a comfortable 3.3x at the end of Q3 2025.

Local operational hubs across Africa and Latin America

IHS Holding Limited's physical presence, managed through local operational hubs, is the delivery mechanism for the contracted services. The company strategically concentrates its assets in high-volume markets to maximize scale and operational leverage, evidenced by recent portfolio optimization moves, such as the sale of its Rwandan operations.

The operational footprint as of late 2025, based on Q3 2025 tower counts and recent divestitures, is concentrated in key economies:

Country	Number of Sites (Approximate Q3 2025)	Segment Revenue Contribution (Q3 2025)
Nigeria	15,942	$268 million (Nearly 59% of total)
Brazil	8,586	Data not explicitly broken out for Q3 2025
South Africa	5,696	Data not explicitly broken out for Q3 2025
Côte d\'Ivoire	2,678	Data not explicitly broken out for Q3 2025
Cameroon	2,470	Data not explicitly broken out for Q3 2025

The total tower count at the end of Q3 2025 was 39,025, hosting 57,691 tenants for a Colocation Rate of 1.48x. The strategic pivot involves focusing capital expenditure, which totaled $77.3 million in Q3 2025, in these core, scaled markets.

Investor relations and public market communications (NYSE: IHS)

The final channel is the one directed at the capital markets, which funds the physical infrastructure build-out. IHS Holding Limited communicates its performance and strategy via its listing on the New York Stock Exchange.

The market channel reflects strong operational execution in 2025:

• Reported Q3 2025 Net Income of $147.4 million, a significant turnaround from the prior year's loss.
• Adjusted Earnings Per Share (EPS) for Q3 2025 was $0.45, substantially beating the analyst forecast of $0.10.
• Cash generation channels were strong, with Cash from Operations at $259.6 million and Adjusted Levered Free Cash Flow surging 81.2% to $157.8 million in the third quarter.
• The company raised its full-year 2025 revenue guidance to a range of $1.72 billion to $1.75 billion.

This strong performance through operational and contractual channels directly translates into investor confidence and capital availability.

IHS Holding Limited (IHS) - Canvas Business Model: Customer Segments

Tier-1 Mobile Network Operators (MNOs) in Africa and Latin America represent the core customer base for IHS Holding Limited.

As of the third quarter of 2025, IHS Holding Limited hosted a total of 57,691 Tenants across its portfolio. The Colocation Rate, which indicates the average number of tenants per tower, stood at 1.48x at the end of Q3 2025. Lease Amendments, which reflect deepening client ties through ancillary services, totaled 42,221 at the end of the third quarter of 2025.

Specific MNO activity shows both churn and growth within this segment:

• Lease Amendments increased by 1,904 in Q3 2025.
• Growth from Colocation and New Sites in Q3 2025 added 783 and 98 tenants, respectively.
• Churn in Q3 2025 totaled 3,415 tenants, inclusive of 2,576 tenants from the smallest Key Customer, 9mobile, who is vacating sites starting in Q3 2025.
• A reduction in revenues was partially offset by renewed and extended contracts with MTN Nigeria signed during Q3 2024, which involved approximately 1,050 sites MTN Nigeria agreed to vacate.

The operational data for the MNO customer segment as of Q3 2025 is detailed below:

Metric	Value as of Q3 2025
Total Tenants	57,691
Colocation Rate	1.48x
Total Lease Amendments	42,221
Net New Tenants Year-on-Year (Excluding 9mobile/MTN impact)	1,652

IHS Holding Limited serves customers across Nigeria, Sub-Saharan Africa, the Middle East and North Africa (MENA), and Latin America (Latam), with the majority of revenue derived from Nigeria.

Internet Service Providers (ISPs) requiring backbone connectivity are served through continued fiber-optic expansions. In Latin America, a one-off increase in revenue of $3.6 million in Q1 2025 was driven by revenues from customer Oi S.A. ("Oi Brazil") following their judicial recovery proceedings. Furthermore, IHS Holding Limited announced an agreement with TIM S.A. to build up to 3,000 new sites in Brazil.

Government entities and security functions needing network coverage are served as part of the broader infrastructure offering, though specific financial figures tied directly to this segment are not separately itemized in the latest reports. The company's operational focus includes key markets where government stability is a factor, such as Nigeria, where sustained Naira positivity is noted.

Private corporations seeking in-building or small cell solutions are addressed through the demand for ancillary services, which drove Lease Amendments. The company's strategic focus on shareholder value creation included an agreement in May 2025 to dispose of 100% of IHS Rwanda at an enterprise value of $274.5 million.

IHS Holding Limited (IHS) - Canvas Business Model: Cost Structure

You're looking at the major drains on IHS Holding Limited's cash flow, the costs that keep those towers running across Africa and Latin America. Honestly, it's a story of operational intensity, especially with energy costs being a huge factor.

Power generation costs, heavily influenced by diesel prices, remain the single largest cost item within Cost of Sales, even with contractual hedges in place. For instance, in Q3 2025 segment results, there were noted increases in the cost of diesel and electricity contributing to higher cost of sales and administrative expenses, though falling diesel prices partially offset revenue indexation effects. This cost category is critical because it directly impacts profitability before accounting for depreciation.

The other major recurring expenses involve the physical footprint of the infrastructure:

• Site rental and ground lease payments, as IHS leases the ground under a significant majority of its sites, typically under fixed-duration contracts.
• Staff costs, maintenance, and security services for remote sites, which are essential for operational uptime.
• Tower repairs and maintenance costs also contribute to the overall operating expense base.

When you look at the capital side, the investment for growth and upkeep is significant, though management has been focusing on capital discipline following asset sales.

Here are the key financial numbers related to capital deployment and debt as of late 2025:

Cost Component / Metric	Latest Reported Figure / Guidance
Consolidated Net Debt (as of Q3 2025)	Less than $3.3 billion
Full Year 2025 Capital Expenditure (Capex) Guidance	$240M-$270M
Total Capex (Q3 2025 Actual)	$77.3 million
Total Capex (Q1 2025 Actual)	$43.6 million

The interest expense tied to the debt load is a major fixed cost. Despite the deleveraging efforts, the consolidated net debt was reported at less than $3.3 billion at the end of September 2025. This debt level, combined with the refinancing activities completed in late 2024, means interest payments are now phased, with the bulk due in the second and fourth quarters of the year, which affects quarterly cash flow timing.

The Capital Expenditure guidance for the full year 2025 remains in the range of $240M-$270M, which includes an assumption for approximately 600 new sites. The actual spend in Q3 2025 was $77.3 million, reflecting the phasing of maintenance and augmentation capital expenditure, predominantly in the Nigeria segment.

IHS Holding Limited (IHS) - Canvas Business Model: Revenue Streams

You're looking at how IHS Holding Limited actually brings in the money, which is all about long-term infrastructure contracts. Honestly, the revenue engine is quite straightforward: you build it, you lease it, and you adjust the price over time.

The core of the revenue comes from long-term leasing fees from colocation on existing towers. This is the bread and butter, where multiple tenants share the same physical tower space. For instance, at the end of the third quarter of 2025, IHS Holding Limited hosted a total of 57,691 tenants across its portfolio, maintaining a Colocation Rate of 1.48x. This metric shows how effectively they are monetizing each asset by stacking multiple tenants on a single tower. The organic revenue growth for the third quarter of 2025 was 6.6%, which was propelled by this continued growth from Colocation, alongside other key drivers.

Next up is revenue from new site construction (Build-to-Suit). This is where IHS Holding Limited acts as a developer for a specific customer need, often under a long-term contract. A concrete example of this pipeline is the new site agreement announced in October 2025 with TIM S.A. in Brazil, which aims to build up to 3,000 sites, starting with an initial minimum deployment of 500 sites. Growth from New Sites was explicitly cited as a driver for the Q3 2025 organic revenue increase.

The third major component involves contractual adjustments, specifically lease amendments and escalators (CPI and power indexation). Lease Amendments represent revenue generated from existing tenants adding more equipment or services to a tower, deepening the relationship. By the end of the third quarter of 2025, total Lease Amendments stood at 42,221. Escalators, which include Consumer Price Index (CPI) and power indexation, provide a built-in inflation hedge, though the full-year 2025 guidance noted a modestly lower contribution from power indexation due to lower diesel prices.

Here's a quick look at the key revenue drivers and operational scale as of the latest reported quarter:

Metric	Value (Q3 2025)	Context/Driver
Total Revenue	$455.1 million	8.3% year-on-year increase
Organic Revenue Growth	6.6%	Driven by Colocation, Lease Amendments, New Sites
Constant Currency Growth	8.7%	Outpaced organic growth due to FX tailwinds
Total Tenants	57,691	Includes growth from New Sites and Colocation
Colocation Rate	1.48x	In line with Q3 2024

Looking ahead, the management's expectations for the full fiscal year 2025 reflect confidence in these revenue streams, despite currency pressures like the volatility of the Nigerian Naira, which saw a 3.7% appreciation versus the USD in Q3 2025.

The forward-looking financial targets for the full year 2025 are:

• Full-year 2025 revenue guidance is $1.72 billion to $1.75 billion.
• Adjusted Levered Free Cash Flow (ALFCF) guided at $400 million to $420 million for 2025.

The strong cash conversion is also evident in recent quarterly performance; for example, the third quarter 2025 ALFCF reached $157.8 million, a significant jump from $87.1 million in the prior year period. This demonstrates the operational leverage inherent in the leasing model once initial site construction costs are covered.