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Mar 31
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.
IHS
IHS
IHS Revenue by Segment
IHS Revenue by Geographic Location
Revenue by Segment
Nigeria Revenue
CapyFin.comSSA Revenue
CapyFin.comLatam Revenue
CapyFin.comRevenue by Geographic Location
Nigeria Revenue
CapyFin.comSSA Revenue
CapyFin.comLatam Revenue
CapyFin.com 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.
- Uncertain regulatory approval timeline for Rwanda deal close.