IHS Towers Reports Strong Q3 2025 Growth, Raises Full-Year Outlook on Solid Demand

By: Adamu Garba

November 13, 2025

Industry Analysis

2 minute read

IHS Towers, one of the world’s largest independent owners, operators, and developers of shared telecommunications infrastructure, has reported strong third-quarter 2025 results, surpassing market expectations and prompting the company to raise its full-year financial outlook.

Strong Financial Performance in Q3 2025

For the third quarter ended September 2025, IHS Towers generated revenue of $455.1 million, marking an 8.3% year-over-year increase. The company attributed this growth to solid organic performance across key markets and favorable foreign exchange trends, particularly the stabilization of the Nigerian Naira.

Profitability also improved across the board:

Adjusted EBITDA rose 6.3% to $261.5 million.
Adjusted Levered Free Cash Flow surged 81.2% to $157.8 million.
Cash from operations increased 42.3% to $259.6 million.
Net income returned to a profit of $147.4 million, reversing the loss recorded during the same quarter last year.

These figures underscore IHS Towers’ focus on cost efficiency, cash generation, and operational excellence amid a recovering macroeconomic environment.

Network Expansion and Operational Milestones

Operationally, IHS Towers continued to expand its footprint, closing the quarter with 39,025 towers and 57,691 tenants across its markets. The company’s infrastructure growth remains supported by increasing demand for mobile connectivity, data consumption, and 5G readiness in Africa, Latin America, and other emerging regions.

Upgraded 2025 Full-Year Guidance

Following the strong third-quarter performance, IHS Towers raised its full-year 2025 financial guidance. The company now expects:

Revenue: Between $1.72 billion and $1.75 billion (up from $1.70–$1.73 billion).
Adjusted EBITDA and Adjusted Levered Free Cash Flow guidance were also increased to reflect improved profitability and stronger cash generation.

The company’s net leverage ratio improved to 3.3x, down from 3.9x a year earlier, bringing it comfortably within its target range.

Strategic Developments and Portfolio Optimization

IHS Towers continues to strengthen its strategic positioning through partnerships and asset optimization. Notably, the company:

Expanded its partnership with TIM S.A. in Brazil, with plans to build up to 3,000 new sites, reinforcing its presence in Latin America.
Completed the sale of its Rwanda operations in October 2025, as part of an ongoing portfolio optimization strategy aimed at improving operational efficiency and capital allocation.

These moves align with IHS Towers’ broader strategy to focus on high-growth markets and streamline its asset base for long-term profitability.

Outlook: Sustained Growth Momentum Ahead

IHS Towers’ strong Q3 2025 performance highlights the company’s ability to navigate economic challenges while capitalizing on growing data and connectivity demands. With an upgraded outlook, strengthened balance sheet, and ongoing expansion efforts, IHS Towers is well-positioned to sustain profitable growth through 2026 and beyond.