IHS Nigeria generated $268 million in income within the third quarter of 2025, accounting for almost 59% of IHS Holding’s complete income of $455 million.
That is in line with the corporate’s Q3 2025 earnings report and investor presentation.
The expansion was pushed by elevated service tariffs, a stronger naira, and strong demand from cellular community operators like MTN and Airtel, regardless of ongoing website churn associated to MTN Nigeria.
The Nigerian phase noticed an 11% year-on-year enhance in income, contributing considerably to IHS Holding’s general 8.3% YoY income development.
Nigeria additionally delivered $170 million in segment-adjusted EBITDA, up 7% from the prior yr, though margins barely declined resulting from elevated vitality and administrative prices.
Administration additionally stated it stays optimistic about Nigeria’s macroeconomic trajectory, citing improved FX circumstances and a secure regulatory surroundings.
What the info is saying
IHS Holding reported complete Q3 2025 income of $455.1 million, with the Nigerian phase contributing $268 million, making it the corporate’s largest revenue-generating market.
- This determine represents an 11% year-on-year development in Nigeria, in comparison with the general group’s 8.3% development.
- The efficiency was bolstered by over 1,700 lease amendments and greater than 220 new colocations through the quarter.
- Regardless of a income lack of about $8 million resulting from MTN Nigeria-related website churn, involving 510 vacated tenants and 980 lease amendments, natural development in Nigeria stood at 5% YoY.
- Adjusted EBITDA within the nation got here in at $170 million, reflecting a 7% enhance year-on-year.
- Nonetheless, the EBITDA margin declined by 230 foundation factors to 63.3% resulting from greater diesel and electrical energy prices, inflation-related value changes, and bills tied to 9 Cell’s up to date agreements.
On a bunch stage, IHS Holding posted earnings per share of $0.44, properly above the forecasted $0.11, leading to a 13.37% surge in pre-market inventory worth to $7.63.
Adjusted EBITDA for the group stood at $261 million, whereas adjusted levered free money stream surged 81% year-on-year to $158 million.
Further insights and context
Nigeria’s enhancing macroeconomic circumstances have supported IHS’s efficiency. The naira appreciated in opposition to the greenback through the quarter, averaging N1,523/$1, which translated into optimistic FX tailwinds for IHS. It’s at present N1,440/$1 on common.
Inflation additionally declined to 18%, the bottom in over three years, whereas GDP development continued each year-on-year and quarter-on-quarter.
The Central Bank of Nigeria additionally minimize rates of interest by 50 foundation factors to 27%, signaling that financial coverage tightening is starting to yield outcomes.
CEO Sam Darwish highlighted the nation’s financial stabilization, noting that “Nigeria is firing on all cylinders in the meanwhile,” and praising the administration’s efforts to spice up reserves, strengthen the foreign money, and streamline forms.
These developments, he stated, have bolstered IHS’s confidence within the Nigerian market.
In accordance with HIS, cellular community operators, the first purchasers of IHS, additionally delivered robust ends in Q3. MTN Nigeria reported a 63% enhance in income and now boasts an EBITDA margin of 53%, whereas Airtel Nigeria noticed income develop 56% with a 57% margin.
These positive aspects adopted the implementation of a 50% service tariff enhance, which helped drive stronger financials and infrastructure demand from tower suppliers like IHS.
Whereas the MTN Nigeria churn impacted short-term income, Darwish described it as a one-time occasion tied to the renewal of long-term grasp lease agreements (MLAs), now prolonged for 8–9 extra years. He emphasised that IHS stays well-positioned as each MTN and Airtel proceed to spend money on community densification and high quality of service.
What it’s best to know
IHS Holding Ltd is a distinguished impartial tower firm in rising markets, and Nigeria is one in all its most necessary geographies.
In Nigeria, IHS has confronted regulatory and operational headwinds lately, together with disputes with MTN Nigeria over shareholding buildings and licensing.
Nonetheless, the corporate seems to be on firmer footing in 2025, backed by improved government-business relations and optimistic macroeconomic tailwinds.
For extra on Nigeria’s telecom sector and macroeconomic reforms, see associated protection on Nairametrics:
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