IHS Holding reports Q EPS (36c), consensus 12c

Reports Q2 revenue $435.37M , consensus $428.3M. Adjusted Levered Free Cash Flow or ALFCF, was $66.9M Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, “We’re reporting solid performance on Revenue, Adjusted EBITDA and ALFCF, while Capex decreased meaningfully. As of this quarter, we began putting the negative impacts of the January 2024 Naira devaluation in the rearview mirror, as we realized more of the benefits of the FX resets in our revenue contracts and saw a significant step-up in Adjusted EBITDA and Adjusted EBITDA margin from the first quarter. The reduction in Capex reflects the actions we’re taking to try to generate more cash and narrow our focus to projects that we believe will deliver the highest returns, two of the main goals of our ongoing strategic review. Organic growth for the quarter was 69%. Groupwide, we added net 385 tenants and 1,566 lease amendments and built 207 towers, including 136 in Brazil. For the remainder of the year, we expect strong performance in our KPIs as the underlying trends driving our business remain healthy, and the higher Adjusted EBITDA margin continues after the dip of 1Q24 margins emanating from the January 2024 devaluation in Nigeria.