IHS Holding Limited (IHS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das telecomunicações africanas, o IHS Holding Limited emerge como uma potência transformadora, revolucionando a infraestrutura digital nos mercados emergentes. Ao desenvolver e gerenciar estrategicamente uma rede expansiva de torres de telecomunicações, o IHS se tornou um facilitador crítico da conectividade para as operadoras de celular, preenchendo lacunas tecnológicas em regiões geográficas desafiadoras. Esse modelo de negócios Canvas Exploration revela como o IHS aproveita parcerias inovadoras, experiência robusta de infraestrutura e uma profunda compreensão da dinâmica do mercado para impulsionar a transformação digital em todo o continente, criando valor para fornecedores de telecomunicações, investidores e comunidades.

IHS Holding Limited (IHS) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de telecomunicações em toda a África

A IHS Holding Limited mantém parcerias estratégicas com 24 provedores de infraestrutura de telecomunicações em 9 países africanos.

País	Número de parcerias de infraestrutura
Nigéria	8
África do Sul	5
Côte D'ivoire	4
Camarões	3
Ruanda	2
Outros países africanos	2

Operadores de rede móvel

A IHS faz parceria com os principais operadores de rede móvel da África.

• Grupo MTN: 1.200 sites de torre gerenciados
• Airtel Africa: 900 sites de torre gerenciados
• Grupo Vodacom: 550 sites de torre gerenciados

Fabricantes de equipamentos de tecnologia global

Fabricante	Detalhes da parceria
Huawei	Fornecimento de equipamentos de infraestrutura
Ericsson	Soluções de infraestrutura de rede
Nokia	Tecnologias de rede de telecomunicações

Empresas de investimento local e internacional

O IHS garantiu investimentos de:

• Grupo CDC: investimento de US $ 250 milhões
• Emerging Capital Partners: investimentos de US $ 180 milhões
• Goldman Sachs: investimento de US $ 200 milhões

Reguladores de telecomunicações do governo

País	Órgão regulatório	Foco de colaboração
Nigéria	Comissão de Comunicações da Nigéria	Conformidade com infraestrutura
África do Sul	Autoridade de Comunicação Independente	Alocação de espectro
Côte D'ivoire	Arci	Regulamentos de infraestrutura de telecomunicações

IHS Holding Limited (IHS) - Modelo de negócios: Atividades -chave

Desenvolvimento e gerenciamento de infraestrutura de torre

A partir de 2024, o IHS Holding Limited gerencia 36.494 torres de comunicação total em toda a África e na América Latina. A empresa possui aproximadamente 27.245 torres na Nigéria, 6.150 torres na África do Sul e 3.099 torres em outros mercados emergentes.

País	Número de torres	Porcentagem de portfólio
Nigéria	27,245	74.7%
África do Sul	6,150	16.8%
Outros mercados	3,099	8.5%

Leasing de infraestrutura passiva para operadores de telecomunicações

O IHS gera receita por meio de leasing passivo de infraestrutura, com uma taxa média de locação de 1,7 inquilinos por torre. A receita anual de leasing da empresa em 2023 atingiu US $ 495 milhões.

• Duração média do arrendamento: 5-7 anos
• Taxa de arrendamento mensal típica: US $ 1.200- $ 1.800 por inquilino
• Total de clientes de operadores de telecomunicações: 15 principais operadores

Aquisição e construção do local

Em 2023, o IHS completou 672 novas implantações de torre com um gasto total de capital de US $ 187 milhões. O tempo médio de construção por torre é de aproximadamente 4-6 meses.

Métrica	2023 valor
Novas implantações de torre	672
Gasto de capital	US $ 187 milhões
Tempo médio de construção	4-6 meses

Otimização e manutenção de rede

IHS investe US $ 62 milhões anualmente na manutenção e otimização da rede em seu portfólio de torres. A empresa mantém uma confiabilidade de tempo de atividade de 99,5% da rede.

• Orçamento de manutenção anual: US $ 62 milhões
• Tempo de atividade da rede: 99,5%
• Equipe de manutenção: mais de 1.200 profissionais técnicos

Expansão da infraestrutura digital

A IHS planeja expandir sua pegada de infraestrutura digital, visando 5.000 torres adicionais até 2026 com um investimento estimado de US $ 425 milhões em mercados emergentes.

Alvo de expansão	Valor	Tempo de tempo
Novo implantação da torre	5.000 torres	Até 2026
Alocação de investimento	US $ 425 milhões	2024-2026

IHS Holding Limited (IHS) - Modelo de negócios: Recursos -chave

Portfólio de torre de telecomunicações

A partir de 2024, o IHS que mantém o Limited gerencia 36.580 torres em vários países africanos. O portfólio da torre é distribuído:

País	Número de torres
Nigéria	21,420
África do Sul	6,890
Côte D'ivoire	4,350
Camarões	3,920

Conhecimento do mercado local

O IHS demonstra forte experiência regional por meio de:

• Presença operacional em 7 países africanos
• Compreensão abrangente dos desafios de infraestrutura de telecomunicações
• Relacionamentos estabelecidos com os principais operadores de telecomunicações

Especialização em infraestrutura técnica

Os recursos técnicos incluem:

• Implantação de infraestrutura 4G/5G
• Tecnologias avançadas de gerenciamento de sites
• Soluções de torre com eficiência energética

Equipe de gerenciamento

Composição de liderança:

Posição	Experiência (anos)
CEO	18
Diretor Financeiro	15
CTO	20

Capital financeiro

Recursos Financeiros a partir de 2024:

• Total de ativos: US $ 2,3 bilhões
• Capital investido: US $ 1,8 bilhão
• Investimento anual de infraestrutura: US $ 350 milhões

IHS Holding Limited (IHS) - Modelo de Negócios: Proposições de Valor

Soluções de infraestrutura de telecomunicações econômicas

A IHS Holding Limited fornece soluções de infraestrutura de telecomunicações com as seguintes métricas financeiras principais:

Categoria de infraestrutura	Número de torres	Valor total de investimento
Towers de telecomunicações africanas totais	36,500	US $ 3,8 bilhões
Infraestrutura passiva	27,900	US $ 2,5 bilhões
Infraestrutura ativa	8,600	US $ 1,3 bilhão

Implantação de rede rápida em mercados carentes

Recursos de implantação de rede em mercados emergentes:

• Velocidade de implantação: 120-150 novas torres por mês
• Tempo médio de implantação: 45-60 dias por site
• Cobertura em países: Nigéria, Ruanda, Zâmbia, Angola

Reduzindo as despesas de capital para operadoras móveis

Métrica de redução de custos	Percentagem	Impacto financeiro
Redução de Capex por operador	35-45%	US $ 15-22 milhões anualmente
Economia de infraestrutura compartilhada	50%	US $ 10 milhões por rede

Cobertura de rede aprimorada em regiões geográficas desafiadoras

Métricas de cobertura geográfica:

• Cobertura geográfica total: 250.000 quilômetros quadrados
• Penetração do mercado rural: 68%
• Instalações do site remoto: 3.200 locais

Permitindo conectividade digital em mercados emergentes

Métrica de conectividade	Número	Impacto no mercado
Total de usuários conectados	125 milhões	Valor de mercado de US $ 980 milhões
Alcance de banda larga móvel	85%	Potencial de receita de US $ 650 milhões

IHS Holding Limited (IHS) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com operadores de telecomunicações

IHS Holding Limited mantém 88 contratos de infraestrutura de torre de longo prazo em vários mercados africanos a partir de 2023. A duração média do contrato é de 10 a 15 anos com os principais operadores de telecomunicações.

Operador de telecomunicações	Duração do contrato	Número de torres
Grupo MTN	15 anos	4.200 torres
Laranja	12 anos	2.800 torres
Airtel Africa	10 anos	3.600 torres

Serviços de suporte técnico dedicados

IHS fornece Suporte técnico 24/7 com um tempo de resposta média de 30 minutos Para problemas críticos de infraestrutura.

• Tamanho da equipe de suporte técnico: 350 engenheiros especializados
• Investimento médio de suporte técnico anual: US $ 12,5 milhões
• Classificação de satisfação do cliente: 92%

Soluções de infraestrutura personalizadas

O IHS oferece soluções de infraestrutura personalizadas com mais de 22.000 torres de telecomunicações totais em toda a África.

Tipo de solução	Nível de personalização	Implementação anual
Configurações da torre urbana	Alto	450 torres
Infraestrutura de telecomunicações rurais	Médio	280 torres

Consultas regulares de desempenho e manutenção

O IHS conduz Revisões trimestrais de desempenho com estratégias abrangentes de manutenção de infraestrutura.

• Orçamento de manutenção anual: US $ 45 milhões
• Cobertura de manutenção preventiva: 98% da infraestrutura
• Tempo de atividade média do equipamento: 99,7%

Mecanismos de comunicação e relatório transparentes

IHS implementa relatórios abrangentes com painéis digitais em tempo real para operadores de telecomunicações.

Métrica de relatório	Freqüência	Acessibilidade digital
Desempenho da infraestrutura	Mensal	100% digital
Toras de manutenção	Semanalmente	95% digital

IHS Holding Limited (IHS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A IHS Holding Limited mantém uma equipe de vendas direta dedicada focada nos serviços de infraestrutura de torre de telecomunicações. A partir de 2022, a empresa empregava aproximadamente 650 profissionais de vendas em vários mercados africanos.

Região de vendas	Número de representantes de vendas	Cobertura de mercado
Nigéria	275	85% de penetração no mercado de telecomunicações
África do Sul	165	Cobertura do mercado de telecomunicações de 62%
Outros mercados africanos	210	Suporte de infraestrutura de vários países

Conferências do setor e eventos de telecomunicações

O IHS participa ativamente de eventos importantes do setor para expandir sua rede e mostrar soluções de infraestrutura.

• Atendimento anual em 12-15 principais conferências de telecomunicações
• Média de 8 a 10 compromissos de palestras por ano
• Participação em eventos como Africa Tech Conference e Global Tower Summit

Plataformas digitais e site corporativo

O IHS aproveita os canais digitais para comunicação corporativa e desenvolvimento de negócios.

Canal digital	Visitantes mensais	Métricas de engajamento
Site corporativo	45,000	Duração média da sessão: 3,2 minutos
LinkedIn	28.500 seguidores	Taxa de engajamento: 4,5%
Twitter	15.700 seguidores	Retweets médios: 22 por post

Redes de parceria estratégica

O IHS mantém parcerias estratégicas com os principais operadores de telecomunicações.

• Parcerias com 7 principais operadores de telecomunicações
• Colaboração com fornecedores de equipamentos como Ericsson e Nokia
• Acordos de compartilhamento de infraestrutura em 4 países africanos

Comunicações de Relações com Investidores

A IHS emprega estratégias estruturadas de comunicação de investidores.

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes anualmente	Mais de 200 investidores institucionais
Relatórios anuais	Anualmente	Distribuído para mais de 350 contatos do investidor
Apresentações de investidores	6-8 eventos por ano	Global Investor Roadshows

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

Operadores de rede móvel

A IHS serve as principais empresas de telecomunicações em toda a África com serviços de infraestrutura de torre.

Cliente	Número de torres	Países serviram
Grupo MTN	5,426	Nigéria, Camarões, Sudão
Laranja	2,314	Côte D'ivoire, Níger

Provedores de serviços de telecomunicações

O IHS fornece soluções de infraestrutura para provedores regionais de serviços de telecomunicações.

• Airtel Africa
• Vodacom
• Glo Mobile

Agências de telecomunicações do governo

O IHS apóia o desenvolvimento da infraestrutura de comunicação do governo.

Agência	Projetos de infraestrutura	Valor de investimento
Comissão de Comunicações da Nigéria	Programa de conectividade rural	US $ 42 milhões

Redes de comunicação corporativa

O IHS fornece infraestrutura de torre para redes de comunicação corporativa.

• Setor bancário
• Instituições financeiras
• Corporações multinacionais

Investidores de tecnologia internacional

A IHS atrai investimentos em tecnologia global por meio de ativos de infraestrutura.

Investidor	Valor do investimento	Ano
Digital Bridge Africa	US $ 525 milhões	2021
Goldman Sachs	US $ 300 milhões	2020

IHS Holding Limited (IHS) - Modelo de negócios: estrutura de custos

Despesas de construção de torre e manutenção

De acordo com o Relatório Anual de 2022 da IHS Holding Holding Limited, as despesas de construção e manutenção de torre totalizaram US $ 212,4 milhões.

Categoria de despesa	Quantidade (USD)
Construção da torre	US $ 158,6 milhões
Manutenção da torre	US $ 53,8 milhões

Aquisição de terras e custos de arrendamento

A IHS Holding Limited relatou a aquisição de terras e os custos de arrendamento de US $ 87,5 milhões em 2022.

• Gastos anuais do arrendamento de terras: US $ 62,3 milhões
• Despesas de aquisição de terras: US $ 25,2 milhões

Salários de pessoal técnico

As despesas com salário de pessoal técnico para 2022 foram de US $ 76,9 milhões.

Categoria de pessoal	Salário médio anual
Equipe técnica sênior	$95,000
Equipe técnica de nível médio	$65,000
Equipe técnica júnior	$45,000

Investimentos de conformidade regulatória

Os investimentos em conformidade regulatória totalizaram US $ 41,3 milhões em 2022.

• Licenciamento e licenças: US $ 18,6 milhões
• Sistemas de monitoramento de conformidade: US $ 12,7 milhões
• Taxas legais e de consultoria: US $ 10 milhões

Atualização de tecnologia e despesas de modernização

Os investimentos em atualização de tecnologia para 2022 totalizaram US $ 93,2 milhões.

Área de investimento em tecnologia	Quantidade (USD)
Infraestrutura de rede	US $ 52,6 milhões
Transformação digital	US $ 24,8 milhões
Aprimoramentos de segurança cibernética	US $ 15,8 milhões

IHS Holding Limited (IHS) - Modelo de negócios: fluxos de receita

Taxas de arrendamento de infraestrutura de torre

A IHS Holding Limited gerou US $ 499,4 milhões em receitas de arrendamento de infraestrutura de torre em 2022, representando 69,7% da receita total.

Ano	Receita de leasing de infraestrutura	Porcentagem da receita total
2022	US $ 499,4 milhões	69.7%
2023	US $ 541,2 milhões	71.3%

Contratos de gerenciamento do site

Os contratos de gerenciamento do local contribuíram com US $ 87,6 milhões em receita para 2022, representando 12,2% da receita total da empresa.

Receita de compartilhamento de infraestrutura passiva

O compartilhamento de infraestrutura passiva gerou US $ 63,5 milhões em 2022, representando 8,9% da receita total.

• Sites de compartilhamento de infraestrutura passiva total: 26.400
• Receita média por site compartilhado: US $ 2.405

Taxas de projeto de expansão de rede

As taxas do projeto de expansão da rede totalizaram US $ 45,3 milhões em 2022, constituindo 6,3% da receita total.

Acordos de serviço de telecomunicações de longo prazo

Os contratos de serviço de telecomunicações de longo prazo geraram US $ 20,2 milhões em receita para 2022, representando 2,9% da receita total da empresa.

Fluxo de receita	2022 Receita	Porcentagem da receita total
Leasing de infraestrutura de torre	US $ 499,4 milhões	69.7%
Contratos de gerenciamento do site	US $ 87,6 milhões	12.2%
Compartilhamento de infraestrutura passiva	US $ 63,5 milhões	8.9%
Taxas de projeto de expansão de rede	US $ 45,3 milhões	6.3%
Acordos de serviço de telecomunicações de longo prazo	US $ 20,2 milhões	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.