IHS Holding Limited (IHS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des télécommunications africaines, IHS Holding Limited apparaît comme une puissance transformatrice, révolutionnant les infrastructures numériques sur les marchés émergents. En développant et en gérant stratégiquement un vaste réseau de tours de télécommunications, IHS est devenu un catalyseur critique de la connectivité pour les opérateurs mobiles, combler les lacunes technologiques dans des régions géographiques difficiles. Cette exploration de cannevas du modèle commercial dévoile comment l'IHS exploite des partenariats innovants, une solide expertise en infrastructure et une compréhension approfondie de la dynamique du marché pour stimuler la transformation numérique à travers le continent, créant une valeur pour les fournisseurs de télécommunications, les investisseurs et les communautés.

IHS Holding Limited (IHS) - Modèle commercial: partenariats clés

Fournisseurs d'infrastructures de télécommunications à travers l'Afrique

IHS Holding Limited maintient des partenariats stratégiques avec 24 fournisseurs d'infrastructures de télécommunications dans 9 pays africains.

Pays	Nombre de partenariats d'infrastructure
Nigeria	8
Afrique du Sud	5
Côte d'Ivoire	4
Cameroun	3
Rwanda	2
Autres pays africains	2

Opérateurs de réseaux mobiles

IHS s'associe aux principaux opérateurs de réseaux mobiles en Afrique.

• Groupe MTN: 1 200 sites de tour gérés
• Airtel Africa: 900 sites de tour gérés
• Groupe Vodacom: 550 sites de tour gérés

Fabricants d'équipements technologiques mondiaux

Fabricant	Détails du partenariat
Huawei	Approvisionnement en équipement d'infrastructure
Éricson	Solutions d'infrastructure réseau
Nokia	Technologies de réseau de télécommunications

Entreprises d'investissement locales et internationales

IHS a obtenu des investissements de:

• Groupe CDC: investissement de 250 millions de dollars
• Emerging Capital Partners: 180 millions de dollars d'investissement
• Goldman Sachs: 200 millions de dollars d'investissement

Régulateurs de télécommunications gouvernementales

Pays	Corps réglementaire	Focus de la collaboration
Nigeria	Commission des communications nigérianes	Conformité aux infrastructures
Afrique du Sud	Autorité de communication indépendante	Allocation de spectre
Côte d'Ivoire	Artci	Règlement sur les infrastructures de télécommunications

IHS Holding Limited (IHS) - Modèle d'entreprise: Activités clés

Développement et gestion des infrastructures de tour

En 2024, IHS Holding Limited gère 36 494 tours de communication totale à travers l'Afrique et l'Amérique latine. La société possède environ 27 245 tours au Nigéria, 6 150 tours en Afrique du Sud et 3 099 tours sur d'autres marchés émergents.

Pays	Nombre de tours	Pourcentage de portefeuille
Nigeria	27,245	74.7%
Afrique du Sud	6,150	16.8%
Autres marchés	3,099	8.5%

Infrastructure passive Location aux opérateurs de télécommunications

IHS génère des revenus grâce à la location d'infrastructures passives, avec un ratio de location moyen de 1,7 locataire par tour. Les revenus de location annuels de la société en 2023 ont atteint 495 millions de dollars.

• Durée du bail moyenne: 5-7 ans
• Taux de location mensuel typique: 1 200 $ - 1 800 $ par locataire
• Total des clients des opérateurs de télécommunications: 15 opérateurs majeurs

Acquisition et construction du site

En 2023, IHS a effectué 672 nouveaux déploiements de tour avec une dépense en capital totale de 187 millions de dollars. Le temps de construction moyen par tour est d'environ 4 à 6 mois.

Métrique	Valeur 2023
De nouveaux déploiements de tour	672
Dépenses en capital	187 millions de dollars
Temps de construction moyen	4-6 mois

Optimisation et maintenance du réseau

IHS investit 62 millions de dollars par an dans la maintenance et l'optimisation du réseau à travers son portefeuille de tour. La société maintient une fiabilité de disponibilité du réseau de 99,5%.

• Budget de maintenance annuel: 62 millions de dollars
• Time de disponibilité du réseau: 99,5%
• Personnel de maintenance: plus de 1 200 professionnels techniques

Extension des infrastructures numériques

IHS prévoit d'étendre son empreinte d'infrastructure numérique, ciblant 5 000 tours supplémentaires d'ici 2026 avec un investissement estimé à 425 millions de dollars sur les marchés émergents.

Cible d'extension	Valeur	Laps de temps
Nouveau déploiement de la tour	5 000 tours	D'ici 2026
Allocation des investissements	425 millions de dollars	2024-2026

IHS Holding Limited (IHS) - Modèle d'entreprise: Ressources clés

Portfolio de la tour des télécommunications

En 2024, IHS détenant Limited gère 36 580 tours dans plusieurs pays africains. Le portefeuille de la tour est réparti:

Pays	Nombre de tours
Nigeria	21,420
Afrique du Sud	6,890
Côte d'Ivoire	4,350
Cameroun	3,920

Connaissances du marché local

IHS démontre une forte expertise régionale à travers:

• Présence opérationnelle dans 7 pays africains
• Compréhension complète des défis des infrastructures de télécommunications
• Relations établies avec les principaux opérateurs de télécommunications

Expertise en infrastructure technique

Les capacités techniques comprennent:

• Déploiement d'infrastructure 4G / 5G
• Technologies de gestion des sites avancés
• Solutions de tour économe en énergie

Équipe de direction

Composition du leadership:

Position	Expérience (années)
PDG	18
Directeur financier	15
CTO	20

Capital financier

Ressources financières à partir de 2024:

• Actif total: 2,3 milliards de dollars
• Capital investi: 1,8 milliard de dollars
• Investissement annuel sur les infrastructures: 350 millions de dollars

IHS Holding Limited (IHS) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure de télécommunications rentables

IHS Holding Limited fournit des solutions d'infrastructure de télécommunications avec les principales mesures financières suivantes:

Catégorie d'infrastructure	Nombre de tours	Valeur d'investissement totale
Taupons de télécommunications africaines totales	36,500	3,8 milliards de dollars
Infrastructure passive	27,900	2,5 milliards de dollars
Infrastructure active	8,600	1,3 milliard de dollars

Déploiement rapide du réseau sur les marchés mal desservis

Capacités de déploiement du réseau sur les marchés émergents:

• Vitesse de déploiement: 120-150 nouvelles tours par mois
• Temps de déploiement moyen: 45 à 60 jours par site
• Couverture dans les pays: Nigéria, Rwanda, Zambie, Angola

Réduire les dépenses en capital pour les opérateurs mobiles

Métrique de réduction des coûts	Pourcentage	Impact financier
Réduction de Capex par opérateur	35-45%	15 à 22 millions de dollars par an
Économies d'infrastructures partagées	50%	10 millions de dollars par réseau

Couverture de réseau améliorée dans les régions géographiques difficiles

Métriques de couverture géographique:

• Couverture géographique totale: 250 000 kilomètres carrés
• Pénétration du marché rural: 68%
• Installations du site distant: 3 200 emplacements

Activer la connectivité numérique sur les marchés émergents

Métrique de connectivité	Nombre	Impact du marché
Utilisateurs connectés totaux	125 millions	Valeur marchande de 980 millions de dollars
Reach à large bande mobile	85%	Potentiel de revenus de 650 millions de dollars

IHS Holding Limited (IHS) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec des opérateurs de télécommunications

IHS Holding Limited Maintient 88 contrats d'infrastructure de tour à long terme sur plusieurs marchés africains en 2023. La durée moyenne du contrat est de 10 à 15 ans avec les principaux opérateurs de télécommunications.

Opérateur de télécommunications	Durée du contrat	Nombre de tours
Groupe MTN	15 ans	4 200 tours
Orange	12 ans	2 800 tours
Airtel Africa	10 ans	3 600 tours

Services de support technique dédiés

IHS fournit Assistance technique 24/7 avec un temps de réponse moyen de 30 minutes pour les problèmes d'infrastructure critiques.

• Support technique Taille de l'équipe: 350 ingénieurs spécialisés
• Investissement moyen de soutien technique annuel moyen: 12,5 millions de dollars
• Évaluation de satisfaction du client: 92%

Solutions d'infrastructure personnalisées

IHS propose des solutions d'infrastructure sur mesure avec Plus de 22 000 tours de télécommunications totales à travers l'Afrique.

Type de solution	Niveau de personnalisation	Mise en œuvre annuelle
Configurations de la tour urbaine	Haut	450 tours
Infrastructure de télécommunications rurales	Moyen	280 tours

Consultations régulières des performances et de la maintenance

IHS conduit revues de performance trimestrielles avec des stratégies complètes de maintenance des infrastructures.

• Budget de maintenance annuel: 45 millions de dollars
• Couverture de maintenance préventive: 98% des infrastructures
• Temps de disponibilité moyen de l'équipement: 99,7%

Mécanismes de communication et de rapports transparents

IHS met en œuvre des rapports complets avec Tableaux de bord numériques en temps réel pour les opérateurs de télécommunications.

Métrique de rapport	Fréquence	Accessibilité numérique
Performance d'infrastructure	Mensuel	100% numérique
Journaux de maintenance	Hebdomadaire	95% numérique

IHS Holding Limited (IHS) - Modèle d'entreprise: canaux

Équipe de vente directe

IHS Holding Limited maintient une équipe de vente directe dédiée axée sur les services d'infrastructure de la tour des télécommunications. En 2022, l'entreprise a employé environ 650 professionnels de la vente sur plusieurs marchés africains.

Région de vente	Nombre de représentants commerciaux	Couverture du marché
Nigeria	275	Pénétration du marché des télécommunications à 85%
Afrique du Sud	165	Couverture du marché des télécommunications à 62%
Autres marchés africains	210	Support d'infrastructure de plusieurs pays

Conférences de l'industrie et événements de télécommunications

IHS participe activement à des événements clés de l'industrie pour étendre son réseau et présenter des solutions d'infrastructure.

• Association annuelle à 12-15 conférences de télécommunications majeures
• Moyenne de 8 à 10 allocutions par orage par an
• Participation à des événements comme Africa Tech Conference et Global Tower Summit

Plateformes numériques et site Web d'entreprise

IHS exploite les canaux numériques pour la communication d'entreprise et le développement des entreprises.

Canal numérique	Visiteurs mensuels	Métriques d'engagement
Site Web de l'entreprise	45,000	Durée moyenne de la session: 3,2 minutes
Liendin	28 500 abonnés	Taux d'engagement: 4,5%
Gazouillement	15 700 abonnés	Retweets moyens: 22 par poste

Réseaux de partenariat stratégiques

IHS maintient des partenariats stratégiques avec les principaux opérateurs de télécommunications.

• Partenariats avec 7 principaux opérateurs de télécommunications
• Collaboration avec des vendeurs d'équipement comme Ericsson et Nokia
• Accords de partage des infrastructures dans 4 pays africains

Communications des relations avec les investisseurs

IHS utilise des stratégies de communication des investisseurs structurés.

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 200 investisseurs institutionnels
Rapports annuels	Annuellement	Distribué à plus de 350 contacts d'investisseurs
Présentations des investisseurs	6-8 événements par an	Salles de routes d'investisseurs mondiaux

IHS Holding Limited (IHS) - Modèle d'entreprise: segments de clientèle

Opérateurs de réseaux mobiles

IHS dessert les grandes sociétés de télécommunications à travers l'Afrique avec des services d'infrastructure de tour.

Client	Nombre de tours	Pays desservis
Groupe MTN	5,426	Nigéria, Cameroun, Soudan
Orange	2,314	Côte d'Ivoire, Niger

Fournisseurs de services de télécommunications

IHS fournit des solutions d'infrastructure aux fournisseurs de services de télécommunications régionaux.

• Airtel Africa
• Vodacom
• Glo Mobile

Agences de télécommunications gouvernementales

IHS soutient le développement des infrastructures de communication gouvernementale.

Agence	Projets d'infrastructure	Valeur d'investissement
Commission des communications nigérianes	Programme de connectivité rurale	42 millions de dollars

Réseaux de communication d'entreprise

IHS fournit une infrastructure de tour aux réseaux de communication d'entreprise.

• Secteur bancaire
• Institutions financières
• Sociétés multinationales

Investisseurs technologiques internationaux

IHS attire l'investissement technologique mondial grâce à des actifs d'infrastructure.

Investisseur	Montant d'investissement	Année
Digital Bridge Africa	525 millions de dollars	2021
Goldman Sachs	300 millions de dollars	2020

IHS Holding Limited (IHS) - Modèle d'entreprise: Structure des coûts

Frais de construction et d'entretien de la tour

Selon le rapport annuel en 2022 d'IHS Holding Limited, les frais de construction et d'entretien des tours ont totalisé 212,4 millions de dollars.

Catégorie de dépenses	Montant (USD)
Construction de tour	158,6 millions de dollars
Entretien de la tour	53,8 millions de dollars

Frais d'acquisition et de location de terres

IHS Holding Limited a déclaré l'acquisition de terrains et les frais de location de 87,5 millions de dollars en 2022.

• Dépenses annuelles de location foncière: 62,3 millions de dollars
• Dépenses d'acquisition des terres: 25,2 millions de dollars

Salaires du personnel technique

Les dépenses de salaire du personnel technique pour 2022 étaient de 76,9 millions de dollars.

Catégorie de personnel	Salaire annuel moyen
Personnel technique principal	$95,000
Personnel technique de niveau intermédiaire	$65,000
Personnel technique junior	$45,000

Investissements de conformité réglementaire

Les investissements de conformité réglementaire s'élevaient à 41,3 millions de dollars en 2022.

• Licence et permis: 18,6 millions de dollars
• Systèmes de surveillance de la conformité: 12,7 millions de dollars
• Frais juridiques et de conseil: 10 millions de dollars

Dépenses de mise à niveau et de modernisation technologiques

Les investissements de mise à niveau technologique pour 2022 ont totalisé 93,2 millions de dollars.

Zone d'investissement technologique	Montant (USD)
Infrastructure réseau	52,6 millions de dollars
Transformation numérique	24,8 millions de dollars
Améliorations de la cybersécurité	15,8 millions de dollars

IHS Holding Limited (IHS) - Modèle d'entreprise: Strots de revenus

Frais de location des infrastructures de tour

IHS Holding Limited a généré 499,4 millions de dollars de revenus de location d'infrastructures de tour en 2022, ce qui représente 69,7% des revenus totaux.

Année	Revenus de location d'infrastructure	Pourcentage du total des revenus
2022	499,4 millions de dollars	69.7%
2023	541,2 millions de dollars	71.3%

Contrats de gestion du site

Les contrats de gestion du site ont contribué 87,6 millions de dollars de revenus pour 2022, représentant 12,2% du total des revenus de l'entreprise.

Infrastructures passives partageant des revenus

Le partage des infrastructures passives a généré 63,5 millions de dollars en 2022, ce qui représente 8,9% des revenus totaux.

• Total des sites de partage des infrastructures passives: 26 400
• Revenu moyen par site partagé: 2 405 $

Frais de projet d'expansion du réseau

Les frais du projet d'expansion du réseau s'élevaient à 45,3 millions de dollars en 2022, ce qui représente 6,3% des revenus totaux.

Accords de service de télécommunications à long terme

Les accords de service de télécommunications à long terme ont généré 20,2 millions de dollars de revenus pour 2022, ce qui représente 2,9% du total des revenus de l'entreprise.

Flux de revenus	2022 Revenus	Pourcentage du total des revenus
Location d'infrastructures de tour	499,4 millions de dollars	69.7%
Contrats de gestion du site	87,6 millions de dollars	12.2%
Partage d'infrastructure passive	63,5 millions de dollars	8.9%
Frais de projet d'expansion du réseau	45,3 millions de dollars	6.3%
Accords de service de télécommunications à long terme	20,2 millions de dollars	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.