IHS Towers Reports Strong Q3 Growth, Lifts 2025 Outlook on Robust Demand
The company announced revenue of $455.1 million, an increase of 8.3% year-over-year.
IHS Towers reported strong financial results for the third quarter of 2025, exceeding expectations and leading the company to raise its full-year guidance. The company announced revenue of $455.1 million, an increase of 8.3% year-over-year.
Profitability also saw significant improvement. Adjusted EBITDA rose 6.3% to $261.5 million. A standout performance was in cash generation, with Adjusted Levered Free Cash Flow surging 81.2% to $157.8 million, and cash from operations increasing 42.3% to $259.6 million. The company also returned to a profit of $147.4 million, a substantial improvement from the loss reported in the same period last year.
The strong results were driven by solid organic growth across its key markets and favorable foreign exchange movements, particularly the stabilization of the Nigerian Naira. Operationally, the company continued to expand, ending the quarter with 39,025 towers and 57,691 tenants.
Following this performance, IHS Towers raised its financial outlook for the full 2025 fiscal year. The company now expects revenue between $1.72 billion and $1.75 billion, up from the previous range of $1.70 billion to $1.73 billion. Similarly, guidance for Adjusted EBITDA and Adjusted Levered Free Cash Flow was increased.
Strategically, the company highlighted the recent expansion of its partnership with TIM S.A. in Brazil, which aims to build up to 3,000 new sites. The company also completed the sale of its Rwanda operations in October 2025, as part of its ongoing portfolio optimization. The company’s consolidated net leverage ratio improved to 3.3x, down from 3.9x a year ago, placing it within its target range.
