Helios Towers Plc · LSE:HTWS
Helios Towers — FY2025 Earnings Presentation
30 slides from Helios Towers's earnings presentation, Mar 12, 2026
Slide 1: FY 2025 Results: Connecting People, Powering Growth
FY 2025 RESULTS 12 MARCH 2026 CONNECTING PEOPLE, POWERING GROWTH
Slide 2: Helios Towers team today
HELIOS TOWERS FY 2025 RESULTS 2 Helios Towers team today Manjit Dhillon Tom Greenwood Chris Baker-Sams CFO & CEO Head of Investor Relations HT Oman Executive Chair & Strategic Finance
Slide 3: Agenda
1x AGENDA 01 Highlights 02 Financial results 03 Q&A 2x 3x
Slide 4: Highlights
FY 2025 RESULTS 12 MARCH 2026 HIGHLIGHTS
Slide 5: Continued strong growth, expanding returns, accelerating free cash flow & shareholder distributions
HELIOS TOWERS FY 2025 RESULTS 5 Highlights – continued strong growth, expanding returns, accelerating free cash flow & shareholder distributions 01 02 03 04 Delivered ‘2.2x target’ Consistently strong Further capital structure FY 26 guidance aligned ahead of plan financial delivery2 improvements to
Slide 6: Ten years of consistent Adj. EBITDA growth
HELIOS TOWERS FY 2025 RESULTS 6 Ten years of consistent Adj. EBITDA growth World-class platform, structural growth and robust business model supports metronomic delivery Adj. EBITDA1 (US$m) +24% CAGR 510 - 525 471 421 370 283 205 227 241 146 178 54 105 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22
Slide 7: FY 2025 guidance exceeded
HELIOS TOWERS FY 2025 RESULTS 7 FY 2025 guidance exceeded Initial FY 25 FY 25 FY 25 Guidance Guidance1 Actual Tenancy additions +2,000–2,500 c.2.500 +2,538 Adj. EBITDA $460m–$470m c.$470m $471m Disc. capex $100m–$130m $110m–$140m $138m Free cash flow $40m–$60m >$60m $66m Net leverage c.3.5x c.3.5x 3
Slide 8: Long runway of growth beyond 2030
HELIOS TOWERS FY 2025 RESULTS 8 Long runway of growth beyond 2030 Total YoY revenue All customers are investing Helios Towers addressable growth2 heavily: tenancies market1 >10k “Given the significant opportunity across +28k targeted +28% our markets, we have accelerated our investment” “Consistent
Slide 9: Our Customer Experience Excellence offering
HELIOS TOWERS FY 2025 RESULTS 9 Our Customer Experience Excellence offering Consistent power uptime Speed of delivery Carbon reduction Power uptime (%) BTS and colocation days to deliver from order (days) Carbon emissions per tenant reduction (%)3 BTS Colo 99.96% 99.98% 99.99% 99.99% -6% -4% -6% -10
Slide 10: 2026 guidance demonstrates progress towards 5-year financial goals
HELIOS TOWERS FY 2025 RESULTS 10 2026 guidance demonstrates meaningful progress towards our 5-year financial goals 2025 2026 IMPACT 2030 Targeted completion4 Actual Guidance Guidance (%) Tenancies 31,944 +2,000–2,500 >10,000 22% (>6% CAGR) Adj. EBITDA $471m $510m–$525m >9% CAGR 18% (+8% – 11%) >$1.3
Slide 11: Financial Results
FY 2025 RESULTS 12 MARCH 2026 FINANCIAL RESULTS
Slide 12: Targeting continued growth & further expanding returns in 2026
HELIOS TOWERS FY 2025 RESULTS 12 Targeting continued growth & further expanding our returns in 2026 Organic tenancy Adj. EBITDA RFCF2 Capital allocation additions (#) (US$m) (US$m) (US$m) Tenancy ratio expansion Organic growth 1 +0.1x +0.1x +0.1x +$46m +$51m +$50m +$39-54m 210 – 510 – 225 2,000 – 52
Slide 13: Tenancy additions driven by mobile and data growth
HELIOS TOWERS FY 2025 RESULTS 13 Tenancy additions driven by mobile and data growth, leading market positions and customer experience excellence Sites Tenancy additions Tenancy Ratio +3% +9% +0.1x 14,325 14,746 31,944 29,406 2.2x 2,549 2,648 4,529 2.1x 4,188 5,270 5,501 12,727 11,563 6,506 6,597 13,
Slide 14: Revenue growth driven by tenancy additions
HELIOS TOWERS FY 2025 RESULTS 14 Revenue growth driven by tenancy additions, underpinned by contracted revenues with multinational customers Revenue Revenue commentary (US$m) +8% • 68% revenue in hard currency, largely due to four of our nine markets being innately hard currency 854 (DRC, Oman, Sene
Slide 15: Adj. EBITDA growth correlated to tenancy additions, resilient to FX, CPI
HELIOS TOWERS FY 2025 RESULTS 15 Adj. EBITDA growth is highly correlated to tenancy additions and resilient to FX, CPI and power price movements FY 25 YoY revenue walkthrough1,2 FY 25 YoY Adj. EBITDA walkthrough1 (US$m) (US$m) +8% +12% 8 1 17 11 38 4 41 (7) Driven by power price c.1% average In year
Slide 16: Adj. EBITDA growth has high flow through to recurring free cash flow
HELIOS TOWERS FY 2025 RESULTS 16 Adj. EBITDA growth has high flow through to recurring free cash flow Management cash flow1 (US$m) RFCF ahead of expectations through working capital (41) (46) • RFCF conversion from Adj. EBITDA is high, with +$50m YoY Adj. EBITDA growth (46) delivering +$60m YoY RFCF
Slide 17: Well-invested platform supports high incremental returns from capex
HELIOS TOWERS FY 2025 RESULTS 17 Well-invested platform supports high incremental returns from capex Disciplined capex deployment Capex overview 203 Growth capex Organic Adj. EBITDA expansion Organic PFCF expansion Incremental ROIC 113 110 • Strategy over FY 23–FY 25 has 93 consistently delivered in
Slide 18: Continued proactive balance sheet management
HELIOS TOWERS FY 2025 RESULTS 18 Continued proactive balance sheet management Improved financial position Balance sheet momentum 203 • Consistent credit ratings momentum with FY 19 FY 22 FY 25 ratings upgrades by Moody’s to Ba3 and by S&P and Fitch to BB-5 Ba3(St)/BB- Credit rating1 B2/B/n.r. B2/B/B
Slide 19: FY 26 guidance – progress towards IMPACT 2030 targets
HELIOS TOWERS FY 2025 RESULTS 19 FY 26 guidance – meaningful progress towards IMPACT 2030 targets FY 24 FY 25 FY 26 YoY Actual Actual guidance1 Growth2 Tenancy additions +2,481 +2,538 2,000–2,500 +6%–8% Adj. EBITDA $421m $471m $510m–$525m +8%–11% RFCF3 $148m $208m $210m–$225m +1%–8% Disc. capex4 $12
Slide 20: Key takeaways
20 Key takeaways Delivered 2.2x tenancy ratio target a full year ahead of schedule Continued Adj. EBITDA growth and ROIC expansion, underpinning strong RFCF growth and increasing shareholder returns as we enter the cash compounding ‘sweet spot’ FY 26 growth is looking compelling, with strong Adj. EB
Slide 21: Q&A
FY 2025 RESULTS 12 MARCH 2026 Q&A
Slide 22: Investor Relations
HELIOS TOWERS FY 2025 RESULTS 22 INVESTOR RELATIONS Upcoming IR events IR Contact Berenberg UK Corporate Conference 18 March (Watford) New Street 2026 Conference 24 March (London) Jefferies Pan-European Mid-Cap 25 March Conference (London) 7 May Q1 2026 Results (Virtual) 30 July H1 2026 Results (Lon
Slide 23: Appendix
FY 2025 RESULTS 12 MARCH 2026 APPENDIX
Slide 24: Operational & Financial highlights
HELIOS TOWERS FY 2025 RESULTS 24 Operational & Financial highlights YoY In US$m, unless otherwise stated FY 25 FY 24 Change Tenancies (#) 31,944 29,406 +9% Tenancy ratio (x) 2.17x 2.05x +0.12x Adj. EBITDA1 471.1 421.0 +12% Operating profit 286.0 242.3 +18% Recurring free cash flow1 207.5 147.9 +40%
Slide 25: Market overview – macro & industry snapshot
HELIOS TOWERS FY 2025 RESULTS 25 Market overview – macro & industry snapshot Mobile GB/month Unique Mobile Unique mobile PoS Growth Towers held by Credit ratings # MNOs(1) Subs(2) Subs CAGR(2) CAGR(4) Credit ratings(6) Penetration(2) per Sub(3) (YoY) (2025 – 2030) (2025 – 2030) MNOs(5) momentum(7) T
Slide 26: FY 2025: sites and tenancies
HELIOS TOWERS FY 2025 RESULTS 26 FY 2025: sites and tenancies Population Sites Tenancies Tenancy ratio coverage Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q4 Q4 YoY QoQ YoY QoQ YoY QoQ 24 25 25 24 25 25 24 25 25 25 Tanzania 4,226 4251 4255 29 4 10,495 11,010 11,164 669 154 2.48x 2.59x 2.62x 0.14x 0.03x 46m Senegal 1,4
Slide 27: Income statement
HELIOS TOWERS FY 2025 RESULTS 27 Income statement 12 months ended 31 December US$m 2025 2024 Revenue 854.1 792.0 Cost of sales (414.2) (408.9) Gross profit 439.9 383.1 Administrative expenses (155.1) (135.6) Profit on disposal of property, plant and equipment 1.2 (5.2) Operating profit 286.0 242.3 I
Slide 28: Balance sheet
HELIOS TOWERS FY 2025 RESULTS 28 Balance sheet US$m Non-current assets 31 December 2025 31 December 2024 Intangible assets 528.1 531.4 Property, plant and equipment 1,104.9 981.0 Right-of-use assets 256.9 246.9 Deferred tax asset 26.0 42.2 Derivative financial assets 18.9 13.5 1,934.8 1,815.0 Curren
Slide 29: Management cash flow
HELIOS TOWERS FY 2025 RESULTS 29 Management cash flow 12 months ended 31 December US$m 2025 2024 Adjusted EBITDA 471.1 421.0 Less: Maintenance and corporate capital additions (41.2) (41.7) Payments of lease liabilities1 (46.2) (47.7) Tax paid (45.5) (33.2) Portfolio free cash flow 338.2 298.4 Net pa
Slide 30: Disclaimer
HELIOS TOWERS FY 2025 RESULTS 30 Disclaimer This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Helios Towers plc (the "Company") or any other m