Helios Towers Upgrades Outlook After Adding More Than 1,400 Tenancies in First Quarter of 2026
The Africa- and Middle East-focused telecom tower operator said total tenancies rose 11% year-on-year to 33,350, while revenue increased 12% to US$229.2 million for the three months ended 31 March 2026.
Helios Towers has reported a strong start to 2026, upgrading its full-year guidance after posting double-digit growth in revenue, EBITDA and tower tenancies in the first quarter.
The Africa- and Middle East-focused telecom tower operator said total tenancies rose 11% year-on-year to 33,350, while revenue increased 12% to US$229.2 million for the three months ended 31 March 2026. Adjusted EBITDA climbed 14% to US$127.2 million, with EBITDA margins improving to 56%.
Chief Executive Tom Greenwood said demand for mobile data and connectivity across Africa and the Middle East continues to accelerate, driving stronger investment from telecom operators and increasing demand for Helios Towers’ infrastructure.
The company added 1,406 tenancies during the quarter, including 246 new sites, bringing its total portfolio to nearly 15,000 towers across nine countries. The tenancy ratio — a key profitability metric showing how many operators share each tower — improved to 2.22x from 2.09x a year earlier.
Buoyed by a “significant” customer pipeline, Helios Towers upgraded its FY2026 outlook. It now expects 3,000–3,500 tenancy additions this year, up from previous guidance of 2,000–2,500. Adjusted EBITDA guidance was also raised to US$515–530 million.
The group said the additional 1,000 expected tenancies should contribute more than US$15 million in annualised EBITDA from 2027 onward.
Helios Towers also highlighted balance sheet improvements. In April, it refinanced its 2028 term loan through a US$500 million senior notes issuance due 2031, reducing borrowing costs and extending debt maturities. The company added that it now has more than US$500 million in cash and available debt facilities.
Despite stronger earnings, recurring free cash flow declined to US$9.7 million from US$16.9 million a year earlier, mainly due to working capital movements and increased growth investment. Total capital expenditure more than doubled year-on-year to US$44.7 million as the company accelerated site rollout and network expansion.
The company’s operations span markets including Ghana, South Africa, Tanzania, Democratic Republic of the Congo and Oman.
