IHS Towers Nigeria posts $269.1m revenue, 3502 site exits in Q4’25

IHS Towers, a global leader in shared communications infrastructure, has recorded a $269.1 million in revenue in Nigeria during the fourth quarter of 2025. The earnings represent a 4% year-on-year surge from the $258.9 million recorded a year ago.

According to earnings released on Monday via the New York Stock Exchange (NYSE), revenue from the Nigerian market accounted for 67.6% of IHS Towers’ revenue from continuing operations during the quarter. 

In addition, revenue growth was offset by colocation and lease amendments, which continue to be offset by MTN Nigeria-related site churn. During the third quarter of 2024, MTN Nigeria agreed to vacate 1,050 sites as part of the renewed and extended contract with IHS Nigeria. 

In contrast to revenue growth, IHS Tower reported an $18.6 million decline in organic revenue (earnings from core business operations). The company attributed this to a reduction in revenues resulting from foreign exchange resets and diesel price increases. 

Also, the decrease in organic revenue was counterbalanced by favourable movements in foreign exchange. Compared to ₦1,629 to $1.00 in the fourth quarter of 2024, the conversion rate was favourable at an average Naira rate of ₦1,453 to $1.00 in the fourth quarter of 2025. 

Lagos Nigeria, July 2012: IHS tower sites
Photograph by Mike Goldwater

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) during the quarter increased 9.5% YoY to $169.7 million, resulting in a margin of 63.0%. The performance has a direct impact on IHS Towers’ revenue in Nigeria.

Capital expenditure increased by 19.3% to $40.2 million during the quarter. This was primarily driven by increased maintenance capital expenditure ($5.2 million) and other capital expenditure ($7.9 million). However, there was a decrease in fibre capital expenditure ($5.7 million) and new site ($0.8 million). 

IHS Towers is a leading independent tower company in emerging markets, and Nigeria is one of its most important geographies. The company maintains over 16,000 base stations to support the day-to-day operation of Nigerian telcos such as MTN and Airtel.

Also Read: MTN offers IHS Towers employees 12 months’ salary, other benefits in merger deal.

Tower tenants’ numbers 

IHS Towers recorded a drop in the number of tenants on its sites, primarily affecting revenue growth.

During the fourth quarter, the company saw a total of 3,502 site exits in Nigeria. This was largely driven by the 2,576 exits by T2mobile (formerly 9mobile), attributed to owing and incurring debts set to be paid gradually till July 2027.

IHS Nigeria still recorded some growth. 

According to the report, the company saw an 807 increase in site lease. Breakdown shows that 763 tenants (site lease) came from collocations (companies sharing existing towers) and another 44 from brand-new sites. 

While IHS Towers lost more than it gained in Nigeria, lease amendments increased by 2,928. This reflects how existing tenants are adding more services such as extra equipment, power, or space, even though the total number of tenants dropped.

IHS Towers in q4 2025

The company’s revenue from continuing operations increased by 1.2% YoY to $397.8 million, largely driven by its Nigerian operation. Also, adjusted EBITDA increased 1.4% to $249.8 million.

Commenting on the earnings, Sam Darwish, IHS Towers Chairman and CEO, explained that the full-year results reflect disciplined execution, sustained commercial momentum, and the resilience of the company’s overall operations. 

“We delivered a strong fourth quarter, completing a year of solid revenue growth and profitability, robust free cash flow generation and continued consolidated net leverage reduction,” he added. 

Sam Darwish

As of Q4 2025, the company has 37,590 towers with tenants of 54,874. Leased amendments increased during the period to 43,999. 

Its fleet of towers was impacted by its sale of IHS Rwanda to Paradigm Tower Ventures and its Latin America tower operations to Macquarie Asset Management. 

IHS Towers did not release its 2026 outlook as a result of its proposed sale to MTN Group. The company tagged it as.” 

Darwish painted this as  “the next step in our long‑standing partnership with MTN,” adding that the move “brings together Africa’s largest mobile network operator with one of the continent’s leading digital infrastructure platforms.”

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