IHS Holding Ltd
IHS Holding Ltd is a telecommunications infrastructure company that owns, operates, and develops shared tower and related network assets for mobile operators and other communications providers. It serves markets across Africa and Latin America through tower leasing, colocation, new site build-to-suit projects, in-building systems, distributed antenna systems, fiber connectivity, and selected managed services.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueSpace on existing towers for mobile network operators to install equipment and expand coverage.
Build-to-suit tower construction and commissioning for customer-specific requirements.
Indoor wireless coverage systems deployed in large venues and complex facilities.
Shared optical fiber network services and related wholesale connectivity offerings.
Operational services such as maintenance, security, and power for third-party tower assets.
Customers
The company primarily serves mobile network operators that need tower access, site expansion, and coverage densification to support voice, data, and fiber services. It also works with other communications service providers and, in some cases, customers seeking indoor wireless coverage or wholesale fiber connectivity.
Lease tower space, colocation, new sites, and related services to extend coverage and capacity
Buy infrastructure access and connectivity services to support wireless and fiber networks
Use IBS/DAS solutions to improve indoor coverage in airports, malls, and stadiums
Outsource maintenance, security, and power-related managed services
Strategy
The company is focusing its portfolio on lower-capex, higher-return infrastructure businesses and has been simplifying its geographic and asset mix. Its strategy is centered on deepening relationships with MNOs, increasing tenancy on existing towers, and concentrating capital on shared infrastructure where returns are highest.
More tenants per tower improves asset utilization and supports returns on the installed base
Portfolio simplification reduces complexity and directs capital to scalable tower assets
Anchor tenants drive long-duration demand for tower space and related services
Geography
IHS operates across Nigeria, Cameroon, Côte d’Ivoire, South Africa, Zambia, Brazil, and Colombia, with its reported footprint centered on emerging markets. The company also exited Rwanda and later completed the sale of its Latin America tower operations, leaving its platform concentrated in African markets.
Risks
The business depends on a concentrated set of telecom tenants, so contract renewals, tenant consolidation, or network-sharing decisions can affect occupancy and cash generation. It is also exposed to regulatory change, FX volatility, political risk, power reliability, and execution risk when developing or disposing of infrastructure assets across multiple emerging markets.
- FX and repatriation riskImpact: HighLikelihood: High
Revenue and costs may be denominated in different currencies across local markets and holding-company reporting
Exposure: Multiple operating countries
- Customer concentrationImpact: HighLikelihood: Medium
MNOs are the primary buyers of tower and connectivity services, so churn or consolidation can reduce tenancy
Exposure: Anchor tenant contracts and colocation demand
- Emerging-market country riskImpact: HighLikelihood: Medium
Operations are concentrated in markets with political, regulatory, and macro volatility
Exposure: Nigeria and other African operating markets
- Infrastructure uptime and power riskImpact: MediumLikelihood: High
Tower economics depend on reliable power, maintenance, and site security
Exposure: Tower portfolio and managed services
- Asset sale and portfolio transition riskImpact: MediumLikelihood: High
Disposals can change the earnings base and create separation or closing risks
Exposure: Latin America and fiber exits
Accounting
Judgemental itemsTower and related infrastructure are long-lived assets, so estimated lives materially affect expense recognition
Impact: Affects operating profit and carrying value of network assets
Asset values depend on tenant demand, contract renewals, and market conditions
Impact: May trigger non-cash write-downs if cash flows weaken
Disposals such as Latin America operations change classification and comparability
Impact: Affects balance sheet presentation and period-to-period earnings comparability
Tower and site arrangements can create right-of-use assets and lease liabilities
Impact: Changes reported leverage and expense timing
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Last updated: 28/09/2026