IHS Holding Limited (IHS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones africanas, IHS Holding Limited emerge como una potencia transformadora, revolucionando la infraestructura digital en los mercados emergentes. Al desarrollar y administrar estratégicamente una red expansiva de torres de telecomunicaciones, IHS se ha convertido en un facilitador crítico de conectividad para los operadores móviles, uniendo brechas tecnológicas en regiones geográficas desafiantes. Esta exploración de Canvas Model de negocios presenta cómo IHS aprovecha las asociaciones innovadoras, la sólida experiencia en infraestructura y una gran comprensión de la dinámica del mercado para impulsar la transformación digital en todo el continente, creando valor para proveedores de telecomunicaciones, inversores y comunidades por igual.

IHS Holding Limited (IHS) - Modelo de negocio: asociaciones clave

Proveedores de infraestructura de telecomunicaciones en África

IHS Holding Limited mantiene asociaciones estratégicas con 24 proveedores de infraestructura de telecomunicaciones en 9 países africanos.

País	Número de asociaciones de infraestructura
Nigeria	8
Sudáfrica	5
Cantas d'Iffioir	4
Camerún	3
Ruanda	2
Otros países africanos	2

Operadores de redes móviles

IHS se asocia con los principales operadores de redes móviles en África.

• Grupo MTN: 1,200 sitios de torres administrados
• Airtel África: 900 sitios de torre gestionados
• Grupo Vodacom: 550 sitios de torre gestionados

Fabricantes de equipos de tecnología global

Fabricante	Detalles de la asociación
Huawei	Suministro de equipos de infraestructura
Ericsson	Soluciones de infraestructura de red
Nokia	Tecnologías de red de telecomunicaciones

Empresas de inversión locales e internacionales

IHS ha asegurado inversiones de:

• Grupo CDC: inversión de $ 250 millones
• Partners de capital emergente: inversión de $ 180 millones
• Goldman Sachs: $ 200 millones de inversión

Reguladores de telecomunicaciones gubernamentales

País	Cuerpo regulador	Enfoque de colaboración
Nigeria	Comisión de Comunicaciones de Nigeria	Cumplimiento de la infraestructura
Sudáfrica	Autoridad de comunicaciones independientes	Asignación de espectro
Cantas d'Iffioir	Artci	Regulaciones de infraestructura de telecomunicaciones

IHS Holding Limited (IHS) - Modelo de negocio: actividades clave

Desarrollo y gestión de la infraestructura de la torre

A partir de 2024, IHS Holding Limited administra 36,494 torres de comunicación total en África y América Latina. La compañía posee aproximadamente 27,245 torres en Nigeria, 6,150 torres en Sudáfrica y 3.099 torres en otros mercados emergentes.

País	Número de torres	Porcentaje de cartera
Nigeria	27,245	74.7%
Sudáfrica	6,150	16.8%
Otros mercados	3,099	8.5%

Arrendamiento de infraestructura pasiva a operadores de telecomunicaciones

IHS genera ingresos a través del arrendamiento de infraestructura pasiva, con una relación de arrendamiento promedio de 1.7 inquilinos por torre. Los ingresos de arrendamiento anuales de la compañía en 2023 alcanzaron los $ 495 millones.

• Duración promedio de arrendamiento: 5-7 años
• Tasa de arrendamiento mensual típica: $ 1,200- $ 1,800 por inquilino
• Total de operadores de telecomunicaciones CLIENTES: 15 operadores principales

Adquisición y construcción del sitio

En 2023, IHS completó 672 nuevos despliegues de torres con un gasto de capital total de $ 187 millones. El tiempo promedio de construcción por torre es de aproximadamente 4-6 meses.

Métrico	Valor 2023
Nuevos despliegues de torre	672
Gasto de capital	$ 187 millones
Tiempo de construcción promedio	4-6 meses

Optimización y mantenimiento de la red

IHS invierte $ 62 millones anualmente en mantenimiento y optimización de la red en su cartera de torres. La compañía mantiene una confiabilidad del tiempo de actividad de la red del 99.5%.

• Presupuesto de mantenimiento anual: $ 62 millones
• Tiempo de actividad de la red: 99.5%
• Personal de mantenimiento: más de 1,200 profesionales técnicos

Expansión de infraestructura digital

IHS planea expandir su huella de infraestructura digital, apuntando a 5,000 torres adicionales para 2026 con una inversión estimada de $ 425 millones en los mercados emergentes.

Objetivo de expansión	Valor	Periodo de tiempo
Nuevo despliegue de la torre	5,000 torres	Para 2026
Asignación de inversión	$ 425 millones	2024-2026

IHS Holding Limited (IHS) - Modelo de negocio: recursos clave

Cartera de torres de telecomunicaciones

A partir de 2024, IHS Holding Limited administra 36,580 torres en múltiples países africanos. La cartera de la torre se distribuye a través de:

País	Número de torres
Nigeria	21,420
Sudáfrica	6,890
Cantas d'Iffioir	4,350
Camerún	3,920

Conocimiento del mercado local

IHS demuestra una fuerte experiencia regional a través de:

• Presencia operativa en 7 países africanos
• Comprensión integral de los desafíos de infraestructura de telecomunicaciones
• Relaciones establecidas con los principales operadores de telecomunicaciones

Experiencia de infraestructura técnica

Las capacidades técnicas incluyen:

• Implementación de infraestructura 4G/5G
• Tecnologías avanzadas de gestión de sitios
• Soluciones de torre de eficiencia energética

Equipo de gestión

Composición de liderazgo:

Posición	Experiencia (años)
CEO	18
director de Finanzas	15
CTO	20

Capital financiero

Recursos financieros a partir de 2024:

• Activos totales: $ 2.3 mil millones
• Capital invertido: $ 1.8 mil millones
• Inversión anual de infraestructura: $ 350 millones

IHS Holding Limited (IHS) - Modelo de negocio: propuestas de valor

Soluciones de infraestructura de telecomunicaciones rentables

IHS Holding Limited proporciona soluciones de infraestructura de telecomunicaciones con las siguientes métricas financieras clave:

Categoría de infraestructura	Número de torres	Valor de inversión total
Totas de telecomunicaciones africanas	36,500	$ 3.8 mil millones
Infraestructura pasiva	27,900	$ 2.5 mil millones
Infraestructura activa	8,600	$ 1.3 mil millones

Implementación de red rápida en mercados desatendidos

Capacidades de implementación de red en los mercados emergentes:

• Velocidad de implementación: 120-150 nuevas torres por mes
• Tiempo de implementación promedio: 45-60 días por sitio
• Cobertura en países: Nigeria, Ruanda, Zambia, Angola

Reducción del gasto de capital para operadores móviles

Métrica de reducción de costos	Porcentaje	Impacto financiero
Reducción de CAPEX por operador	35-45%	$ 15-22 millones anualmente
Ahorro de infraestructura compartida	50%	$ 10 millones por red

Cobertura de red mejorada en regiones geográficas desafiantes

Métricas de cobertura geográfica:

• Cobertura geográfica total: 250,000 kilómetros cuadrados
• Penetración del mercado rural: 68%
• Instalaciones remotas del sitio: 3.200 ubicaciones

Habilitar la conectividad digital en los mercados emergentes

Métrica de conectividad	Número	Impacto del mercado
Usuarios conectados totales	125 millones	$ 980 millones de valor de mercado
Alcance de banda ancha móvil	85%	Potencial de ingresos de $ 650 millones

IHS Holding Limited (IHS) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con operadores de telecomunicaciones

Ihs Holding Limited Mantiene 88 contratos de infraestructura de torre a largo plazo En múltiples mercados africanos a partir de 2023. La duración promedio del contrato es de 10-15 años con los principales operadores de telecomunicaciones.

Operador de telecomunicaciones	Duración del contrato	Número de torres
Grupo MTN	15 años	4.200 torres
Naranja	12 años	2.800 torres
Airtel África	10 años	3.600 torres

Servicios de soporte técnico dedicados

Ihs proporciona Soporte técnico 24/7 con un tiempo de respuesta promedio de 30 minutos para problemas críticos de infraestructura.

• Tamaño del equipo de soporte técnico: 350 ingenieros especializados
• Inversión promedio de soporte técnico anual: $ 12.5 millones
• Calificación de satisfacción del cliente: 92%

Soluciones de infraestructura personalizadas

IHS ofrece soluciones de infraestructura a medida con Más de 22,000 torres de telecomunicaciones totales a través de África.

Tipo de solución	Nivel de personalización	Implementación anual
Configuraciones de la torre urbana	Alto	450 torres
Infraestructura de telecomunicaciones rural	Medio	280 torres

Consultas regulares de rendimiento y mantenimiento

IHS conduce Revisiones trimestrales de rendimiento con estrategias integrales de mantenimiento de infraestructura.

• Presupuesto de mantenimiento anual: $ 45 millones
• Cobertura de mantenimiento preventivo: 98% de infraestructura
• Tiempo de actividad promedio del equipo: 99.7%

Mecanismos de comunicación e informes transparentes

IHS implementa informes integrales con paneles digitales en tiempo real para operadores de telecomunicaciones.

Métrica de informes	Frecuencia	Accesibilidad digital
Rendimiento de infraestructura	Mensual	100% digital
Registros de mantenimiento	Semanalmente	95% digital

IHS Holding Limited (IHS) - Modelo de negocio: canales

Equipo de ventas directas

IHS Holding Limited mantiene un equipo de ventas directo dedicado centrado en los servicios de infraestructura de la torre de telecomunicaciones. A partir de 2022, la compañía empleó a aproximadamente 650 profesionales de ventas en múltiples mercados africanos.

Región de ventas	Número de representantes de ventas	Cobertura del mercado
Nigeria	275	85% de penetración del mercado de telecomunicaciones
Sudáfrica	165	62% de cobertura del mercado de telecomunicaciones
Otros mercados africanos	210	Soporte de infraestructura de múltiples países

Conferencias de la industria y eventos de telecomunicaciones

IHS participa activamente en eventos clave de la industria para expandir su red y exhibir soluciones de infraestructura.

• Asistencia anual a 12-15 conferencias principales de telecomunicaciones
• Promedio de 8-10 compromisos de habla por año
• Participación en eventos como África Tech Conference y Global Tower Summit

Plataformas digitales y sitio web corporativo

IHS aprovecha los canales digitales para la comunicación corporativa y el desarrollo de negocios.

Canal digital	Visitantes mensuales	Métricas de compromiso
Sitio web corporativo	45,000	Duración promedio de la sesión: 3.2 minutos
LinkedIn	28,500 seguidores	Tasa de compromiso: 4.5%
Gorjeo	15,700 seguidores	Retweets promedio: 22 por publicación

Redes de asociación estratégica

IHS mantiene asociaciones estratégicas con importantes operadores de telecomunicaciones.

• Asociaciones con 7 operadores principales de telecomunicaciones
• Colaboración con proveedores de equipos como Ericsson y Nokia
• Acuerdos para compartir infraestructura en 4 países africanos

Comunicaciones de relaciones con los inversores

IHS emplea estrategias estructuradas de comunicación de inversores.

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces anualmente	Más de 200 inversores institucionales
Informes anuales	Anualmente	Distribuido a más de 350 contactos de inversores
Presentaciones de inversores	6-8 eventos por año	Roadshows de inversores globales

IHS Holding Limited (IHS) - Modelo de negocio: segmentos de clientes

Operadores de redes móviles

IHS atiende a las principales compañías de telecomunicaciones en África con servicios de infraestructura de torres.

Cliente	Número de torres	Países atendidos
Grupo MTN	5,426	Nigeria, Camerún, Sudán
Naranja	2,314	Côte d'Ifvoire, Níger

Proveedores de servicios de telecomunicaciones

IHS proporciona soluciones de infraestructura para proveedores de servicios de telecomunicaciones regionales.

• Airtel África
• Vodacom
• Glo Mobile

Agencias de telecomunicaciones gubernamentales

IHS apoya el desarrollo de la infraestructura de comunicación gubernamental.

Agencia	Proyectos de infraestructura	Valor de inversión
Comisión de Comunicaciones de Nigeria	Programa de conectividad rural	$ 42 millones

Redes de comunicación empresarial

IHS proporciona infraestructura de torre para redes de comunicación corporativa.

• Sector bancario
• Instituciones financieras
• Corporaciones multinacionales

Inversores de tecnología internacional

IHS atrae la inversión tecnológica global a través de activos de infraestructura.

Inversor	Monto de la inversión	Año
Puente digital África	$ 525 millones	2021
Goldman Sachs	$ 300 millones	2020

IHS Holding Limited (IHS) - Modelo de negocio: Estructura de costos

Gastos de construcción y mantenimiento de la torre

Según el informe anual de IHS Holding Limited 2022, los gastos de construcción y mantenimiento de la torre totalizaron $ 212.4 millones.

Categoría de gastos	Cantidad (USD)
Construcción de torres	$ 158.6 millones
Mantenimiento de la torre	$ 53.8 millones

Costos de adquisición de tierras y arrendamiento

IHS Holding Limited informó la adquisición de tierras y los costos de arrendamiento de $ 87.5 millones en 2022.

• Gasto anual de arrendamiento de tierras: $ 62.3 millones
• Gastos de adquisición de tierras: $ 25.2 millones

Salarios de personal técnico

Los gastos salariales de personal técnico para 2022 fueron de $ 76.9 millones.

Categoría de personal	Salario anual promedio
Personal técnico senior	$95,000
Personal técnico de nivel medio	$65,000
Personal técnico junior	$45,000

Inversiones de cumplimiento regulatorio

Las inversiones de cumplimiento regulatorio ascendieron a $ 41.3 millones en 2022.

• Licencias y permisos: $ 18.6 millones
• Sistemas de monitoreo de cumplimiento: $ 12.7 millones
• Tarifas legales y de consultoría: $ 10 millones

Actualización tecnológica y gastos de modernización

Las inversiones de actualización de la tecnología para 2022 totalizaron $ 93.2 millones.

Área de inversión tecnológica	Cantidad (USD)
Infraestructura de red	$ 52.6 millones
Transformación digital	$ 24.8 millones
Mejoras de ciberseguridad	$ 15.8 millones

IHS Holding Limited (IHS) - Modelo de negocio: flujos de ingresos

Tarifas de arrendamiento de infraestructura de la torre

IHS Holding Limited generó $ 499.4 millones en ingresos de arrendamiento de infraestructura de torre en 2022, lo que representa el 69.7% de los ingresos totales.

Año	Ingresos de arrendamiento de infraestructura	Porcentaje de ingresos totales
2022	$ 499.4 millones	69.7%
2023	$ 541.2 millones	71.3%

Contratos de gestión del sitio

Los contratos de gestión del sitio contribuyeron con $ 87.6 millones en ingresos para 2022, lo que representa el 12.2% de los ingresos totales de la compañía.

Ingresos de intercambio de infraestructura pasiva

El intercambio de infraestructura pasiva generó $ 63.5 millones en 2022, lo que representa el 8.9% de los ingresos totales.

• Sitios de intercambio de infraestructura pasiva total: 26,400
• Ingresos promedio por sitio compartido: $ 2,405

Tarifas del proyecto de expansión de la red

Las tarifas del proyecto de expansión de la red ascendieron a $ 45.3 millones en 2022, constituyendo el 6.3% de los ingresos totales.

Acuerdos de servicio de telecomunicaciones a largo plazo

Los acuerdos de servicio de telecomunicaciones a largo plazo generaron $ 20.2 millones en ingresos para 2022, lo que representa el 2.9% de los ingresos totales de la compañía.

Flujo de ingresos	2022 Ingresos	Porcentaje de ingresos totales
Arrendamiento de infraestructura de la torre	$ 499.4 millones	69.7%
Contratos de gestión del sitio	$ 87.6 millones	12.2%
Intercambio de infraestructura pasiva	$ 63.5 millones	8.9%
Tarifas del proyecto de expansión de la red	$ 45.3 millones	6.3%
Acuerdos de servicio de telecomunicaciones a largo plazo	$ 20.2 millones	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.