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Mar 31, 2025
IHS Q1 2025 Earnings Report
IHS delivered strong revenue and profitability growth in Q1 2025, led by a sharp rise in Adjusted EBITDA and a return to positive net income.
Key Takeaways
IHS Holding Limited posted a solid Q1 2025 with revenue reaching $439.6 million and net income turning positive at $30.7 million. Adjusted EBITDA jumped 36.4%, while cash from operations more than doubled year-over-year.
Revenue grew to $439.6M, primarily driven by organic growth and FX resets.
Net income recovered to $30.7M, reversing a $1.56B loss in Q1 2024.
Adjusted EBITDA margin improved to 57.5%, supported by cost controls and FX gains.
Cash from operations rose to $216.3M, driven by better profitability and tax optimization.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
IHS reiterated its FY2025 outlook, expecting revenue between $1.68B and $1.71B and improved profitability, supported by continued 5G rollout and cost discipline.
Positive Outlook
- Full year 2025 revenue guidance of $1.68B–$1.71B maintained.
- Adjusted EBITDA expected between $960M–$980M.
- Strong cash generation outlook with ALFCF guidance of $350M–$370M.
- Continued Naira stabilization in Q1 2025.
- Rwanda divestiture enhances balance sheet flexibility.
Challenges Ahead
- FX volatility remains a risk across key markets.
- Revenue headwinds from churn in MTN Nigeria sites.
- SSA revenue decline due to pass-through contract changes.
- Capex guidance still includes high investment in Brazil new sites.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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