$100M Cash Flow Surge, 2,481 New Tenancies: Helios Towers’ 2024 Signals a New Era of Growth

Helios Towers has delivered a defining year in its financial journey, achieving two major milestones: ten consecutive years of Adjusted EBITDA growth and the company’s first-ever positive free cash flow. This marks a significant shift from expansion-driven financial strategies to a business model that is not just scaling, but self-sustaining.

What the Numbers Reveal

• Tenancy Growth as a Profit Driver: The company recorded 2,481 new tenancies, bringing its total to 29,406. This translated into a 14% jump in Adjusted EBITDA and a 10% revenue increase to $792 million.
• Efficiency at Scale: The tenancy ratio rose to 2.05x (from 1.91x), reinforcing the efficiency of Helios’ colocation model. This ratio is key—higher colocation rates mean greater revenue from existing assets, reducing capital intensity and improving return on invested capital (ROIC).
• Positive Free Cash Flow – A Pivotal Moment: With $100 million in cash flow expansion, Helios recorded $18.7 million in free cash flow, a crucial turning point that signals financial self-sufficiency. This is a game-changer, paving the way for deleveraging and potential capital returns to shareholders in 2026.
• Debt Refinancing & Improved Credit Profile: Net debt fell by 3% to $1.73 billion, and leverage reduced to 4.0x from 4.4x. Rating agencies took notice—S&P upgraded Helios to BB-, marking its second upgrade within a year.

Beyond the Numbers: The Strategic Impact

Helios Towers’ success is not just about revenue and profit growth—it is about optimizing operational efficiency while expanding network reach. The company now covers 151 million people, up from 144 million in 2023, and has exceeded its 2026 target for rural sites two years ahead of schedule.

The strong 99.99% power uptime further underlines Helios’ focus on reliability, a key metric for mobile operators in emerging markets where infrastructure challenges remain a bottleneck.

Looking ahead, Helios’ 2.2x tenancy ratio target by 2026 is critical. Achieving this will unlock even greater margin expansion, strengthen free cash flow, and ensure sustainable, long-term growth. The company’s commitment to digital transformation, AI-powered network planning, and energy efficiency will further bolster its competitive edge.

What This Means for Africa’s Telecom Landscape

Helios Towers’ trajectory highlights the evolving telecom infrastructure model in Africa. The shift from single-operator sites to shared infrastructure is not just about cost savings—it is about accelerating connectivity in a sustainable way. As mobile penetration deepens and data demand surges, Helios is positioning itself as a linchpin in Africa’s digital transformation.

With its 2024 results setting a solid financial foundation, Helios Towers is no longer just expanding—it is now poised to optimize and monetize its infrastructure at an unprecedented scale.