v3.25.1
Document and Entity Information
 3 Months Ended
Mar. 31, 2025
Document and Entity Information [Abstract]  
Document Type 6-K
Document Period End Date Mar. 31, 2025
Entity Registrant Name IHS Holding Ltd
Entity Central Index Key 0001876183
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
v3.25.1
CONDENSED CONSOLIDATED STATEMENT OF INCOME/(LOSS) AND OTHER COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CONDENSED CONSOLIDATED STATEMENT OF INCOME/(LOSS)    
Revenue $ 439.6 $ 417.7
Cost of sales (213.7) (254.3)
Administrative expenses (63.1) (166.7)
Net loss allowance on trade receivables (0.4) (4.6)
Other income 0.6 0.8
Operating income/(loss) 163.0 (7.1)
Finance income (20.5) (10.8)
Finance costs 114.3 1,563.0
Income/(loss) before income tax 69.2 (1,559.3)
Income tax (expense)/benefit (38.5) 2.0
Income/(loss) for the period 30.7 (1,557.3)
Attributable to:    
Owners of the Company 33.1 (1,553.4)
Non-controlling interests (2.4) (3.9)
Income/(loss) for the period $ 30.7 $ (1,557.3)
Income/(loss) per share ($) - basic $ 0.1 $ (4.67)
Income/(loss) per share ($) - diluted $ 0.1 $ (4.67)
Items that may be reclassified to income or loss    
Exchange differences on translation of foreign operations $ 75.2 $ 1,043.5
Other comprehensive income for the period, net of taxes 75.2 1,043.5
Total comprehensive income/(loss) for the period 105.9 (513.8)
Attributable to:    
Owners of the Company 96.8 (503.2)
Non-controlling interests 9.1 (10.6)
Total comprehensive income/(loss) for the period $ 105.9 $ (513.8)
v3.25.1
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Non-current assets    
Property, plant and equipment $ 1,450.1 $ 1,352.7
Right of use assets 650.4 699.1
Goodwill 417.8 403.2
Other intangible assets 696.7 674.0
Deferred income tax assets 76.1 73.3
Derivative financial instrument assets 32.4 29.4
Trade and other receivables 131.4 121.0
Non-current assets 3,454.9 3,352.7
Current assets    
Inventories 44.3 30.6
Income tax receivable 2.5 2.3
Trade and other receivables 285.4 313.4
Cash and cash equivalents 629.0 578.0
Current assets 961.2 924.3
TOTAL ASSETS 4,416.1 4,277.0
Non-current liabilities    
Trade and other payables 6.0 5.2
Borrowings 3,167.5 3,219.2
Lease liabilities 490.8 470.5
Provisions for other liabilities and charges 82.7 83.8
Deferred income tax liabilities 98.0 100.5
Non-current liabilities 3,845.0 3,879.2
Current liabilities    
Trade and other payables 398.3 422.5
Provisions for other liabilities and charges 0.2 0.2
Derivative financial instrument liabilities 10.2 10.2
Income tax payable 47.7 49.9
Borrowings 215.1 128.7
Lease liabilities 84.0 82.1
Current liabilities 755.5 693.6
Total liabilities 4,600.5 4,572.8
EQUITY    
Stated capital 5,418.4 5,403.1
Accumulated losses (6,892.3) (6,925.4)
Other reserves 1,121.6 1,067.7
Equity attributable to owners of the Company (352.3) (454.6)
Non-controlling interests 167.9 158.8
Total equity (184.4) (295.8)
Total equity and liabilities $ 4,416.1 $ 4,277.0
v3.25.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Millions
Attributable to owners of the Company - Total
Stated capital
Accumulated losses
Other reserves
Non-controlling interests
Total
Beginning balance, Equity at Dec. 31, 2023 $ 109.8 $ 5,394.8 $ (5,293.4) $ 8.4 $ 237.5 $ 347.3
Exercise of share options   2.9   (2.9)    
Share-based payment expense 3.3     3.3   3.3
Total transactions with owners 3.3 2.9   0.4   3.3
Income/(loss) for the period (1,553.4)   (1,553.4)   (3.9) (1,557.3)
Other comprehensive income/(loss) 1,050.2     1,050.2 (6.7) 1,043.5
Total comprehensive (loss)/income (503.2)   (1,553.4) 1,050.2 (10.6) (513.8)
Ending balance, Equity at Mar. 31, 2024 (390.1) 5,397.7 (6,846.8) 1,059.0 226.9 (163.2)
Beginning balance, Equity at Dec. 31, 2024 (454.6) 5,403.1 (6,925.4) 1,067.7 158.8 (295.8)
Exercise of share options   15.3   (15.3)    
Share-based payment expense 5.5     5.5   5.5
Total transactions with owners 5.5 15.3   (9.8)   5.5
Income/(loss) for the period 33.1   33.1   (2.4) 30.7
Other comprehensive income/(loss) 63.7     63.7 11.5 75.2
Total comprehensive (loss)/income 96.8   33.1 63.7 9.1 105.9
Ending balance, Equity at Mar. 31, 2025 $ (352.3) $ 5,418.4 $ (6,892.3) $ 1,121.6 $ 167.9 $ (184.4)
v3.25.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Cash from operations $ 216.3 $ 93.0
Income taxes paid (16.0) (13.1)
Payment for rent   (4.1)
Net cash from operating activities 200.3 75.8
Cash flow from investing activities    
Purchase of property, plant and equipment (47.1) (61.0)
Payment in advance for property, plant and equipment (9.4) (4.3)
Purchase of software and licenses (0.1) (1.6)
Proceeds from disposal of property, plant and equipment 0.7 0.9
Insurance claims received 0.1  
Interest received 9.3 4.0
Deposit of short-term deposits (1.8) (30.3)
Repayment of short-term deposits 9.1 202.8
Net cash (used in)/from investing activities (39.2) 110.5
Cash flows from financing activities    
Proceeds received from issuance of borrowings (net of transaction costs)   380.4
Repayment of borrowings (20.5) (328.7)
Fees on borrowings and derivative instruments (4.5) (3.3)
Interest paid (55.6) (81.3)
Payment for the principal portion of lease liabilities (11.4) (17.1)
Interest paid for lease liabilities (13.1) (13.2)
Interest paid on derivative instruments (3.0)  
Net loss settled on derivative instruments   (20.1)
Net cash used in financing activities (108.1) (83.3)
Net increase in cash and cash equivalents 53.0 103.0
Cash and cash equivalents at beginning of period 578.0 293.8
Exchange differences (2.0) (63.6)
Cash and cash equivalents at end of period $ 629.0 $ 333.2
v3.25.1
General information
 3 Months Ended
Mar. 31, 2025
General information  
General information

1.General Information

The financial statements are the unaudited condensed consolidated interim financial statements (hereafter “financial statements”) of IHS Holding Limited (the “Company”) and its subsidiaries (together hereafter referred to as the “Group”). IHS Holding Limited is incorporated in the Cayman Islands under the Companies Act (as amended) as an exempted company with limited liability. The Company is domiciled in the Cayman Islands and the address of its registered office is 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

IHS is principally involved in providing infrastructure for the telecommunications industry. The financial period represents the three months ended March 31, 2025, with the prior period representing the three months ended March 31, 2024. The financial statements are presented in U.S. dollars ($). During the three months ended March 31, 2025, the Group changed its rounding presentation from thousands to millions, except as otherwise indicated including in the case of per share data, and, as a result, any necessary rounding adjustments have been made to prior period disclosed amounts. This change is not material and does not impact the comparability of our financial information. In addition, certain columns and rows in financial tables within management’s discussion and analysis of financial condition and results of operations may not add due to rounding. Percentages have been calculated from the underlying whole-dollar amounts for all periods presented.
v3.25.1
Summary of material accounting policies
 3 Months Ended
Mar. 31, 2025
Summary of material accounting policies  
Summary of material accounting policies

2.Summary of material accounting policies

2.1Basis of preparation

The financial statements for the three months ended March 31, 2025, have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (“IAS 34”), as issued by the International Accounting Standards Board (“IFRS® Accounting Standards”).

The condensed financial statements do not amount to full financial statements and do not include all of the information and disclosures required for full annual financial statements. These should be read in conjunction with the consolidated annual financial statements of the Group for the year ended December 31, 2024, which have been prepared in accordance with IFRS® Accounting Standards as issued by the IASB, as noted within note 2.1 of the consolidated annual financial statements.

In management’s opinion, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2025, and its results of operations for the three months ended March 31, 2025, and 2024, cash flows for the three months ended March 31, 2025, and 2024, and statement of changes in equity for the three months ended March 31, 2025, and 2024. The condensed consolidated statement of financial position as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

2.2Approval

These condensed consolidated interim financial statements were authorized and approved for issue on May 19, 2025.

2.3Income tax

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual income or loss.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

2.4Changes in accounting policies and disclosures

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except the new standards, amendments and interpretations adopted by the Group during the period.

(a)New standards, amendments and interpretations adopted by the Group

The Group has applied the following standards, amendments and interpretations for its reporting period commencing January 1, 2025:

●Lack of Exchangeability (Amendments to: IAS 21 The Effects of Changes in Foreign Exchange Rates (“IAS 21”)).

The above did not have a material impact on the Group’s financial statements.

(b)New standards, amendments and interpretations not yet adopted by the Group

Certain standards, amendments and interpretations have been published through March 31, 2025, reporting period and have not been early adopted by the Group. These are as follows:

●Presentation and Disclosure in Financial Statements (IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”));
●Amendments to the Classification and Measurement of Financial Instruments (Amendments to: IFRS 9 Financial Instruments (“IFRS 9”) and IFRS 7);
●Annual Improvements to IFRS Accounting Standards—Volume 11; and
●Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).

The Company is in the process of analyzing the impact of the above.

(c)Transfer between right-of-use assets and property, plant and equipment

When the Group exercises a purchase option to acquire a right-of-use asset, this is reclassified to property, plant and equipment at the net book value at the time of exercise and will from then onwards be accounted for in line with the Group’s accounting policies for property, plant and equipment.

During March 2025, as part of the Oi S.A. Judicial Recovery Plan, the Group received legal title to 1,562 towers and 187 related land assets already held by the Group as right-of-use assets in partial settlement of amounts owed to the Group under its MLA with Oi S.A. These assets were reclassified to property, plant and equipment at the net book value of $71.9 million and revenue of $3.8 million was recognized for the fair value of the assets beyond their existing right-of-use lease term.
v3.25.1
Critical accounting estimates and judgements
 3 Months Ended
Mar. 31, 2025
Critical accounting estimates and judgements  
Critical accounting estimates and judgements

3.Critical accounting estimates and judgments

The preparation of interim financial statements requires management to make certain judgments, accounting estimates and assumptions that affect the amounts reported for the assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the period. The nature of the estimation means that actual outcomes could differ from those estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same, except as mentioned below, as those that applied to the consolidated financial statements for the year ended December 31, 2024.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

(a)Going Concern

As part of their regular assessment of the Group’s liquidity and financing position, the Directors have prepared detailed forecasts for a period which extends beyond 12 months after the date of approval of these financial statements. In assessing the forecasts, the Directors have considered:

●the current economic conditions in the operating markets and the impact on trading performance;
●the impact of macroeconomic factors, particularly interest rates and foreign exchange rates, including further devaluation of the Nigerian Naira up to the date of issuance of these financial statements, and the ongoing impact of geopolitical conflicts and wars;
●the status of the Group’s financial arrangements and recent activities (see also note 15 and 20);
●mitigating actions available should business activities fall behind current expectations; and
●additional sensitivity analysis under a stressed scenario to assess the impact of a severe but plausible downside case.

In addition, the Directors have considered the following:

●the Group had cash and cash equivalents of $629.0 million as of March 31, 2025;
●the Group has assessed its current cash reserves and the availability of undrawn facilities and continues to monitor available liquidity in the context of ongoing operational requirements and planned capital expenditure;
●all of the Group’s operations are cash generative; and
●our IT team monitors the risk of fraud, data or security breaches, loss of data and the potential for other cyber-related attacks and utilizes security measures to mitigate such risks.

Having carefully considered the factors noted above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of issuance of these financial statements and to operate within the covenant levels of its current debt facilities. The Directors therefore continue to consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.
v3.25.1
Capital risk management and fair value measurements
 3 Months Ended
Mar. 31, 2025
Capital risk management and fair value measurements  
Capital risk management and fair value measurements

4.Capital risk management and fair value measurements

The Group’s activities expose it to a variety of financial risks including market risk (foreign exchange risk and interest rate risk), credit risk and liquidity risk.

The financial statements do not include all financial risk management information and disclosures required in annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2024.

There have been no changes in any risk management policies since December 31, 2024.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

Fair value hierarchy

The different levels have been defined as follows:

●Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
●Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
●Inputs for the asset or liability that are not based on observable market data (that is unobservable inputs) (level 3).

At the period end, the Group’s financial instruments held at fair value all had a level 2 classification. These instruments comprise foreign exchange swaps and options embedded in the Group’s bonds (see note 12 for further details). Their fair values are determined based on mark-to-market values provided by the counterparty financial institutions or valuation techniques using observable market data. There were no transfers between different levels during the reporting period and the Group did not change any valuation techniques in determining the level 2 fair values.

Fair value estimation

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2025

​

At December 31, 2024

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

    

Value

    

Value

    

Value

    

Value

​

​

$'m

​

$'m

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

Borrowings (note 15)

 

3,382.6

​

3,357.4

 

3,347.9

 

3,342.6

​

The fair values of total borrowings presented above are classified as Level 2 of the fair value hierarchy and are based on discounted cash flows using a current borrowing rate.

Other than total borrowings, the fair values of financial assets and financial liabilities are not materially different from their carrying values.
v3.25.1
Segment reporting
 3 Months Ended
Mar. 31, 2025
Segment reporting  
Segment reporting

5.Segment reporting

The Group’s Executive Committee is identified as the chief operating decision maker (“CODM”) that reviews the Company’s internal reporting to assess performance and allocate resources. Management has determined the operating segments based on these reports.

The CODM has identified three reportable and operating segments:

●Nigeria;
●SSA; and
●Latam.

The basis of segmentation and measurement of segment financial information is consistent with that of the previous financial year and the corresponding interim reporting period except as noted below.

Middle East and North Africa, or MENA comprised our operations in Kuwait and Egypt. We sold our Kuwait operations in December 2024 and do not plan to commence operations in Egypt, therefore we had no operations in MENA as of December 31, 2024, and MENA is no longer a reportable segment for the period ended March 31, 2025, and onwards.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

The CODM primarily uses a measure of Adjusted EBITDA (including by segment) as income/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net impairment/(reversal of impairment) of withholding tax receivables, impairment of goodwill, business combination transaction costs, net impairment/(reversal of impairment) of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent, reversal of provision for decommissioning costs, net (gain)/loss on sale of assets, share-based payment (credit)/expense, insurance claims, gain on disposal of subsidiary and certain other items that management believes are not indicative of the core performance of our business. The most directly comparable IFRS measure to Adjusted EBITDA is our income/(loss) for the period. The CODM also regularly receives information about the Group’s revenue, assets and liabilities. The Group has additional corporate costs which do not meet the quantitative thresholds to be separately reported and therefore are not allocated to operating segments. Segment Adjusted EBITDA represents Adjusted EBITDA excluding unallocated corporate expenses.

There are no revenue transactions which occur between operating segments. Intercompany finance income, finance costs and loans are not included in the amounts below.

The segment’s assets and liabilities are comprised of all assets and liabilities attributable to the segment, based on the operations of the segment and the physical location of the assets, including goodwill and other intangible assets and are measured in the same way as in the financial statements. Other assets and liabilities that are not attributable to Nigeria, SSA and Latam segments consist principally of amounts excluded from specific segments including costs incurred for and by Group functions not attributable directly to the operations of the reportable segments, share based payment and any amounts due on debt held at Group level as the balances are not utilized in assessing each segment’s performance.

Summarized financial information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

    

Total

​

    

$'m

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

​

​

​

​

​

​

​

Revenues from external customers

​

271.4

​

120.7

​

47.5

​

—

​

439.6

Segment Adjusted EBITDA

​

179.2

​

71.7

​

35.6

​

—

​

286.5

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

​

​

​

​

​

​

​

​

Revenues from external customers

​

227.7

​

131.3

​

47.8

​

10.9

​

417.7

Segment Adjusted EBITDA

​

102.9

​

69.7

​

33.8

​

6.1

​

212.5

​

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

Each segment's Adjusted EBITDA above includes the following items:

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

​

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

​

​

​

​

​

Power generation

 

61.7

 

22.7

 

1.2

 

—

Staff costs

 

8.0

 

8.4

 

4.4

 

—

Tower repairs and maintenance

 

5.0

 

5.7

 

2.3

 

—

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

​

​

​

​

​

​

Power generation

 

57.9

 

29.2

 

1.1

 

0.6

Staff costs

 

9.8

 

8.2

 

7.1

 

1.4

Tower repairs and maintenance

 

5.2

 

7.9

 

1.8

 

0.7

​

Reconciliation of information on reportable segments to the amounts reported in the financial statements:

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Segment Adjusted EBITDA

​

286.5

​

212.5

Finance costs (note 9)

​

(114.3)

​

(1,563.0)

Depreciation and amortization (note 6 and 7)

​

(89.4)

​

(87.6)

Share‑based payment expense (note 7)

​

(5.5)

​

(3.2)

Other costs(a)

​

(3.1)

​

(2.5)

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6)

​

(2.0)

​

(3.1)

Net (loss)/gain on disposal of property, plant and equipment and right-of-use assets (note 7)

​

(1.2)

​

0.4

Business combination costs (note 7)

​

(0.9)

​

(0.2)

Insurance claims

​

0.1

​

—

Net reversal of impairment/(impairment) of withholding tax receivables (note 7)

​

12.4

​

(8.2)

Finance income (note 8)

​

20.5

​

10.8

Impairment of goodwill (note 7)

​

—

​

(87.9)

Unallocated corporate expenses(b)

​

(33.9)

​

(27.3)

Income/(loss) before income tax

​

69.2

​

(1,559.3)

(a)Other costs for the three months ended March 31, 2025, included one-off expenses related to strategic initiatives and operating systems of $1.5 million (three months ended March 31, 2024: $1.9 million), costs related to internal reorganization of $0.5 million (three months ended March 31, 2024: $0.5 million) and one-off professional fees related to financing of $0.3 million (three months ended March 31, 2024: $nil).
(b)Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

Summarized segment assets and liabilities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

​

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

Segment assets

​

​

​

​

​

​

​

​

March 31, 2025

​

922.9

​

1,323.4

​

1,785.8

​

—

March 31, 2024

​

890.9

​

1,351.9

​

2,036.5

​

177.8

​

​

​

​

​

​

​

​

​

Segment liabilities

​

​

​

​

​

​

​

​

March 31, 2025

​

340.4

​

849.2

​

695.4

​

—

March 31, 2024

​

394.4

​

846.3

​

732.9

​

105.4

​

​

​

​

​

​

​

​

​

Additions of property, plant and equipment, right-of-use assets and intangible assets:

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

1.6

​

18.7

​

36.1

​

—

Three months ended March 31, 2024

​

21.1

​

7.4

​

44.3

​

0.8

​

Revenue from two tier one customers represents more than 10% of the Group’s total revenue as follows:

​

​

​

​

​

​

​

​

​

Three months ended

​

​

​

March 31, 

​

March 31, 

​

​

    

2025

    

2024

    

​

​

​

​

​

​

​

​

​

​

​

​

Customer A

​

64%

​

60%

​

Customer B

​

15%

​

16%

​

​
v3.25.1
Cost of sales
 3 Months Ended
Mar. 31, 2025
Cost of sales  
Cost of sales

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

6.Cost of sales

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Power generation

​

85.6

​

88.8

Depreciation

​

75.9

​

73.8

Tower repairs and maintenance

​

13.0

​

15.6

Amortization

​

10.0

​

10.0

Staff costs

​

7.5

​

6.9

Regulatory fees

​

6.8

​

7.6

Security services

​

5.7

​

7.8

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent

​

2.0

​

3.1

Travel costs

​

0.8

​

1.6

Insurance

​

0.8

​

1.2

Short-term rental

​

0.5

​

2.6

Vehicle maintenance and repairs

​

0.5

​

0.4

Professional fees

​

0.3

​

0.4

Other(a)

​

4.3

​

34.5

​

​

213.7

​

254.3

(a)Included in “Other” for the three months ended March 31, 2025, are $nil in net foreign exchange losses on cost of sales (three months ended March 31, 2024: $32.1 million).
v3.25.1
Administrative expenses
 3 Months Ended
Mar. 31, 2025
Administrative expenses.  
Administrative expenses

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

7.Administrative expenses

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Staff costs(a)

​

43.1

​

36.7

Professional fees

​

11.3

​

12.6

Facilities, short-term rental and upkeep

​

8.3

​

8.4

Depreciation

​

2.7

​

2.8

Travel costs

​

2.6

​

2.9

Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets

​

1.2

​

(0.4)

Business combination costs

​

0.9

​

0.2

Amortization

​

0.8

​

1.0

Operating taxes

​

0.1

​

0.5

Impairment of goodwill

​

—

​

87.9

Net (reversal of impairment)/impairment of withholding tax receivables(b)

​

(12.4)

​

8.2

Other

​

4.5

​

5.9

​

​

63.1

​

166.7

​

(a)Includes amounts related to key management personnel (excluding Non-Executive directors) and share-based payment expense. Costs for comparative period are re-presented on this basis.
(b)Withholding tax receivables are assessed for recoverability based on a five year cash flow projection and an analysis of the utilization of withholding tax balances in settlement of future income tax liabilities.

For the three month period ended March 31, 2024, an impairment of $87.9 million in the IHS Latam tower businesses group of cash generating units (“CGUs”) was recognized. This was mainly due to the restructuring of our customer Oi S.A. (“Oi”) in Brazil. On April 19, 2024, an Oi restructuring plan was presented to court in Brazil and was agreed upon by creditors including IHS, in relation to Oi’s ongoing judicial recovery proceedings. As a result of the agreed upon terms, the carrying amount of the IHS Latam tower businesses group of CGUs was reduced to its recoverable amount, through the recognition of an impairment loss against goodwill. This loss is included in administrative expenses in the condensed consolidated statement of income/(loss) and other comprehensive income.
v3.25.1
Finance income
 3 Months Ended
Mar. 31, 2025
Finance income  
Finance income

8.Finance income

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

Interest income - bank deposits

 

9.3

 

4.0

Net foreign exchange gain arising from financing - unrealized

 

7.9

 

—

Change in fair value of embedded options

 

2.9

 

6.6

Change in fair value of foreign exchange swaps

 

0.2

 

—

Other interest income

​

0.2

​

—

Change in fair value of interest rate caps

​

—

​

0.2

​

 

20.5

 

10.8

​
v3.25.1
Finance costs
 3 Months Ended
Mar. 31, 2025
Finance costs.  
Finance costs

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

9.Finance costs

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Interest expenses - third party borrowings

 

80.5

 

93.3

Interest and finance charges paid/payable for lease liabilities

 

15.6

 

15.7

Interest expense - withholding tax paid on bond interest

​

8.6

​

—

Net foreign exchange loss arising from financing - realized

 

5.5

 

27.8

Unwinding of discount on decommissioning liability

 

2.3

 

2.3

Fees on borrowings and financial derivatives

 

1.8

 

4.9

Net foreign exchange loss arising from financing - unrealized

 

—

 

1,373.7

Change in fair value of foreign exchange swaps

 

—

 

25.0

Net foreign exchange loss on derivative instruments - realized

 

—

 

20.3

​

 

114.3

 

1,563.0

​
v3.25.1
Taxation
 3 Months Ended
Mar. 31, 2025
Taxation  
Taxation

10.Taxation

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Current taxes

 

42.0

 

4.7

Deferred income taxes

 

(3.5)

 

(6.7)

Total taxation expense/(benefit)

 

38.5

 

(2.0)

​

Income tax expense is recognized in each interim period based on tax computations for each group entity based upon the income or loss before tax in the period. Adjustments for material temporary and permanent differences are made by reference to the relevant tax rules, making suitable pro-rated adjustments for rates applying on an annual basis for the full financial year under the tax rules. Accordingly, the interim period income tax expense is accrued at the effective tax rate that would be applicable to the pre-tax income of the interim period.

The year-on-year increase in taxation expense for the quarter was primarily driven by a $39.2 million increase in the Nigeria segment, which was significantly impacted in the comparative period by the devaluation of the Naira.

​
v3.25.1
Income/(loss) per share
 3 Months Ended
Mar. 31, 2025
Income/(loss) per share  
Income/(loss) per share

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

11.Income/(loss) per share

Basic income/(loss) per share is calculated by dividing the income/(loss) for the period attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted income/(loss) per share is calculated by dividing the income/(loss) for the period attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

The reported basic and diluted income/(loss) per share were as follows:

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$

​

$

​

​

​

​

​

Basic

 

0.10

 

(4.67)

Diluted

 

0.10

 

(4.67)

The following tables set out the data used in the basic and diluted income/(loss) per share calculations:

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Income/(loss) for the period

​

30.7

​

(1,557.3)

Less: loss for the period attributable to non-controlling interests

 

2.4

 

3.9

Income/(loss) for the period attributable to owners of the Company

 

33.1

 

(1,553.4)

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

'000

​

'000

​

​

​

​

​

Weighted average number of ordinary shares outstanding

 

333,600

 

332,626

Weighted average number of potential ordinary shares

 

5,469

 

656

​

Potential ordinary shares relate to options granted under the Group’s share-based compensation schemes. Under IAS 33 Earnings per Share (“IAS 33”), potential ordinary shares are treated as dilutive when, and only when, their conversion into ordinary shares would decrease earnings per share or increase loss per share from continuing operations. For the three months ended March 31, 2024, the Group reported a loss and accordingly there were no potential ordinary shares which were dilutive.
v3.25.1
Derivative financial instruments
 3 Months Ended
Mar. 31, 2025
Derivative financial instruments  
Derivative financial instruments

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

12.Derivative financial instruments

The Group’s derivative instruments have been classified as fair value through profit or loss. The instruments are measured at fair value with the resultant gains or losses recognized in the condensed consolidated statement of income/(loss) and other comprehensive income. The related net foreign exchange gain/(loss) is included in finance income (note 8) and finance costs (note 9).

The underlying contractual notional amounts for the derivative instruments as of March 31, 2025, and as of December 31, 2024, are as follows:

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

​

​

​

​

Embedded options within listed bonds(a)

 

2,186.0

 

2,186.0

Foreign exchange swaps

 

14.5

 

14.5

​

 

2,200.5

 

2,200.5

(a)This relates to early redemption clauses within the Group’s Senior Notes (see note 22 - Borrowings). On or after November 29, 2023, 2024, or 2025, the 2026 Notes may be redeemed (in whole or in part) at a price of 102.81250%, 101.40625% and 100.00000%, respectively. On or after September 18, 2024, the 2027 Notes may be redeemed (in whole or in part) at a price of 100.00000%. On or after November 29, 2024, 2025 or 2026, the 2028 Notes may be redeemed (in whole or in part) at a price of 103.12500%, 101.56250% and 100.00000%, respectively. On or after November 29, 2026, 2027 or 2028, the 2030 Notes may be redeemed (in whole or in part) at a price of 103.93750%, 101.96875% and 100.00000%, respectively. On or after November 29, 2027, 2028 or 2029, the 2031 Notes may be redeemed (in whole or in part) at a price of 104.12500%, 102.06250% and 100.00000%, respectively.

The fair value balances are as follows:

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

​

  

​

  

Embedded options within listed bonds

 

32.4

 

29.4

Foreign exchange swaps

 

(10.2)

 

(10.2)

​

 

22.2

 

19.2

​

The change in fair value of the derivative instruments has been recorded in the condensed consolidated statement of income/(loss) and other comprehensive income as follows:

​

​

​

​

​

​

​

    

Three months ended

​

​

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

 

  

 

  

Embedded options within listed bonds

 

2.9

 

6.6

Foreign exchange swaps

 

0.2

 

(25.0)

Interest rate caps

​

—

​

0.2

​

 

3.1

 

(18.2)

​
v3.25.1
Trade and other receivables
 3 Months Ended
Mar. 31, 2025
Trade and other receivables  
Trade and other receivables

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

13.Trade and other receivables

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Non‑current

 

  

 

  

Accrued income and lease incentive

 

76.9

 

73.5

Other tax receivables

 

5.8

 

5.6

Payment in advance for property, plant and equipment

 

32.1

 

24.6

Withholding tax receivables(a)

​

14.0

​

14.9

Contingent consideration receivable(b)

​

2.6

​

2.4

​

 

131.4

 

121.0

Current

​

  

​

  

Trade receivables

 

217.6

 

237.2

Less: impairment provisions

​

(17.1)

 

(16.3)

Net trade receivables(c)

 

200.5

 

220.9

Other receivables(d)

 

42.9

 

44.4

Prepaid land rent

 

0.6

 

0.8

Other prepaid expenses

 

16.9

 

14.5

Advance payments

 

10.5

 

10.9

Withholding tax receivables(a)

 

3.4

 

10.3

VAT receivables

 

10.6

 

10.0

Contingent consideration receivable(b)

 

—

 

1.6

​

 

285.4

 

313.4

(a)Withholding tax receivables are assessed for recoverability based on a five year cash flow projection and an analysis of the utilization of withholding tax balances in settlement of future income tax liabilities.
(b)Receivable on the I-Systems Soluções de Infraestrutura S.A. acquisition.
(c)The fair value is equal to their carrying amount.
(d)Included in other receivables are short-term fixed deposits which are not classified as cash and cash equivalents as these exceed the three month maturity period.

Payments in advance for property, plant and equipment relate to the future supply of tower and tower equipment and fiber assets. All non-current receivables are due within twenty years from the end of the reporting period. All current trade and other receivables are due within the 12 months from the end of the reporting period. The Group does not secure any collateral for its trade receivables.
v3.25.1
Trade and other payables
 3 Months Ended
Mar. 31, 2025
Trade and other payables  
Trade and other payables

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

14.Trade and other payables

​

​

​

​

​

​

​

    

March 31, 

​

December 31, 

​

 

2025

​

2024

​

    

$'m

    

$'m

​

​

​

​

​

Non‑current

​

  

​

  

Other payables

​

6.0

​

5.2

​

​

6.0

​

5.2

Current

​

  

​

  

Trade payables

​

207.6

​

232.9

Deferred revenue

​

75.4

​

64.9

Withholding tax payable

​

9.1

​

2.2

Payroll and other related statutory liabilities

​

28.2

​

42.8

VAT payables

​

27.5

​

30.0

Other payables

​

50.5

​

49.7

​

​

398.3

​

422.5

​
v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Borrowings  
Borrowings

15.Borrowings

Borrowings comprised the following:

​

​

​

​

​

​

​

    

March 31, 

​

December 31, 

​

​

2025

​

2024

​

​

$’m

    

$’m

​

​

​

​

​

Non‑current

​

​

​

​

Senior Notes

​

2,165.0

​

2,164.2

Debentures and bank term loans

​

1,002.5

​

1,055.0

​

​

3,167.5

​

3,219.2

Current

​

  

​

  

Senior Notes

​

47.9

​

19.3

Debentures and bank term loans

​

162.1

​

102.6

Letters of credit

​

5.1

​

6.8

​

​

215.1

​

128.7

​

​

​

​

​

Total borrowings

​

3,382.6

​

3,347.9

​

Refer to the next page for an analysis of our borrowing facilities and related covenants:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

Analysis of borrowings

Borrowings comprised the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

​

​

​

​

​

​

​

amount

​

​

​

​

​

​

​

​

​

Carrying amount

​

​

March 31, 

​

​

​

Issue

​

Maturity

​

​

​

March 31, 

​

December 31, 

​

  

2025

  

Currency

  

date

  

date

  

Interest rate

  

2025

  

2024

​

​

​

​

​

​

​

​

​

​

​

​

$'m

​

$'m

Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

IHS Holding Limited

​

200.0M

​

USD

​

Nov'21

​

Nov'26

​

5.625%

​

203.6

​

200.8

IHS Holding Limited

​

500.0M

​

USD

​

Nov'21

​

Nov'28

​

6.250%

​

507.3

​

499.4

IHS Holding Limited

​

550.0M

​

USD

​

Nov'24

​

May'30

​

7.875%

​

556.4

​

545.4

IHS Holding Limited

​

650.0M

​

USD

​

Nov'24

​

Nov'31

​

8.250%

​

657.7

​

644.2

IHS Mauritius NG Holdco Limited

​

286.0M

​

USD

​

Sep'19

​

Sep'27

​

8.000%

​

287.9

​

293.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debentures

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Brasil - Cessão de Infraestruturas S.A.

​

1.2B

​

BRL

​

Sep'23

​

Aug'31

​

3.10% + CDI

​

187.1

​

177.6

IHS Brasil - Cessão de Infraestruturas S.A.

​

300.0M

​

BRL

​

Jun'24

​

Jun'32

​

2.80% + CDI

​

47.8

​

44.0

I-Systems Soluções de Infraestrutura S.A.

​

160.0M

​

BRL

​

Jun'24

​

May'32

​

2.10% + CDI

​

19.4

​

24.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bank Term Loans

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Côte d’Ivoire S.A.

​

8.8B

​

XOF

​

Dec'23

​

Dec'28

​

6.50%

​

14.0

​

14.4

IHS Côte d’Ivoire S.A.

​

69.5M

​

EUR

​

Dec'23

​

Dec'28

​

3.50% + 3M EURIBOR

​

73.6

​

75.5

IHS Holding Limited

​

255.0M

​

USD

​

Oct'24

​

Oct'29

​

4.50% + 3M SOFR

​

256.6

​

256.6

IHS Holding Limited

​

3.2B

​

ZAR

​

Oct'24

​

Oct'29

​

4.50% + 3M JIBAR

​

178.8

​

175.2

IHS Towers South Africa Proprietary Limited

​

3.3B

​

ZAR

​

May'22

​

May'29

​

2.75% + 3M JIBAR

​

176.1

​

174.8

IHS Zambia Limited

​

57.0M

​

USD

​

Dec'20

​

Dec'27

​

5.00% + CAS + 3M SOFR

​

57.3

​

62.2

INT Towers Limited(a)

​

123.8B

​

NGN

​

Jan'23

​

Jan'28

​

2.50% + MPR, 18% - 27% collar

​

85.5

​

91.6

I-Systems Soluções de Infraestrutura S.A.

​

400.0M

​

BRL

​

Oct'22

​

Oct'30

​

2.45% - 2.50% + CDI

​

68.4

​

61.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Credit Facilities(b)

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Holding Limited

​

300.0M

​

USD

​

Mar'20

​

Oct'26

​

3.00% + CAS + 3M SOFR

​

—

​

—

IHS Nigeria Limited

​

55.0B

​

NGN

​

Jan'23

​

Jan'26

​

2.50% + MPR, 18% - 27% collar

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Letters of Credit(b)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

IHS Nigeria

​

356.5M

​

USD

​

Feb'22

​

Jun'25

​

12.00% - 15.39%

​

5.1

​

6.8

​

​

​

​

​

​

​

​

​

​

​

​

3,382.6

​

3,347.9

a)In April 2025, INT Towers Limited fully prepaid the outstanding balance on its term loan which was originally due to mature in January 2028 (note 20).
b)Principal amount for revolving credit facilities and letters of credit are the available facilities at March 31, 2025.

Group borrowings (except letters of credit) typically contain customary affirmative and negative covenants, events of default and financial covenant ratios (generally tested either quarterly or on an incurrence basis, depending on the financing type and with some exceptions). The borrowing entity may also voluntarily prepay its utilizations and/or cancel all or part of the available commitments on its term loans and facilities by giving notice. Mandatory cancellation and full or partial prepayment may be required in certain circumstances including events of default. The majority of borrowings are supported by intercompany guarantees or secured by pledges over certain assets.
v3.25.1
Lease liabilities
 3 Months Ended
Mar. 31, 2025
Lease liabilities  
Lease liabilities

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

16.Lease liabilities

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Non‑current

 

490.8

 

470.5

Current

​

84.0

​

82.1

Total lease liabilities

 

574.8

 

552.6

​

Lease liabilities represent the net present value of future payments due under long-term land leases for leasehold land on which our towers are located and for other leasehold assets such as warehouses and offices. During the three month period ended March 31, 2025, payments to the value of $24.5 million (three months ended March 31, 2024: $30.3 million) were made in respect of recognized lease liabilities. These lease liabilities are unwound using incremental borrowing rates which represent the credit risk of the lessee entity and the length of the lease agreement.

As of March 31, 2025, and December 31, 2024, the maturities of the contractual cash flows of the lease liabilities were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

Total

​

​

​

​

​

​

​

​

​

​

Carrying

​

contractual

​

Within

​

1 ‑ 3

​

3 ‑ 5

​

Over 5

​

​

value

    

cash flows

    

1 year

    

years

    

years

    

years

​

​

$'m

​

$'m

​

$'m

​

$'m

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Lease liabilities

​

574.8

 

1,178.2

 

95.4

 

189.4

 

180.2

 

713.2

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Lease liabilities

 

552.6

 

1,131.0

 

92.4

​

179.8

​

173.8

​

685.0

​

Cash flows presented above use renewal expectation assumptions consistent with those used for the application of IFRS 16. The weighted average remaining lease term remaining as of March 31, 2025, is 13 years.
v3.25.1
Stated capital
 3 Months Ended
Mar. 31, 2025
Stated capital  
Stated capital

17.Stated capital

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary Shares

​

    

​

    

​

    

Share capital

    

​

    

Share premium

​

​

Number of

​

​

​

net of

​

​

​

net of

​

​

shares

​

Share capital

​

issue costs

​

Share premium

​

issue costs

​

 

000’s

​

$'m

​

$'m

 

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

 

333,441

​

101.0

​

100.0

 

5,333.0

​

5,303.1

Shares issued on exercise of options

​

1,899

​

0.6

​

0.6

​

14.7

​

14.7

At March 31, 2025

 

335,340

​

101.6

​

100.6

 

5,347.7

​

5,317.8

​
v3.25.1
Cash from operations
 3 Months Ended
Mar. 31, 2025
Cash from operations  
Cash from operations

18.Cash from operations

​

​

​

​

​

​

​

    

Three months ended

​

​

March 31, 

​

March 31, 

​

​

2025

​

2024

​

    

$'m

    

$'m

​

​

​

​

​

Reconciliation:

​

​

​

​

Income/(loss) before taxation

​

69.2

​

(1,559.3)

Adjustments:

​

  

​

  

Depreciation of property, plant and equipment (note 6 and 7)

​

78.6

​

76.6

Amortization of intangible assets (note 6 and 7)

​

10.8

​

11.0

Amortization of prepaid site rent

​

0.7

​

2.5

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6 and 7)

​

2.0

​

3.1

Impairment of goodwill (note 7)

​

—

​

87.9

Net (reversal of impairment)/impairment of withholding tax receivables (note 7)

​

(12.4)

​

8.2

Impairment of inventory

​

0.2

​

—

Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets (note 7)

​

1.2

​

(0.4)

Share‑based payment expense

​

5.5

​

3.2

Net loss allowance on trade receivables

​

0.4

​

4.6

Finance income (note 8)

​

(20.5)

​

(10.8)

Finance costs (note 9)

​

114.3

​

1,563.0

Insurance claim income

​

(0.1)

​

—

Operating income before working capital changes

​

249.9

​

189.6

​

​

​

​

​

Changes in working capital

​

  

​

  

Increase in inventory

​

(14.2)

​

(11.4)

Decrease/(increase) in trade and other receivables

​

10.4

​

(75.3)

Decrease in trade and other payables

​

(29.8)

​

(9.9)

Net movement in working capital

​

(33.6)

​

(96.6)

​

​

​

​

​

Cash from operations

​

216.3

​

93.0

​
v3.25.1
Capital commitments and contingent liabilities
 3 Months Ended
Mar. 31, 2025
Capital commitments and contingent liabilities  
Capital commitments and contingent liabilities

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

19.Capital commitments and contingent liabilities

Capital commitments

The Group was committed to the purchase of property, plant and equipment of approximately $108.6 million at March 31, 2025 (December 31, 2024: $98.9 million).

Contingent liabilities

Note 32 ‘Capital commitments and contingent liabilities’ to the Group’s consolidated financial statements for the year ended December 31, 2024, sets forth the Group’s capital commitments and contingent liabilities as of December 31, 2024. There have been no material changes to the contingent liabilities during the period covered by this report.
v3.25.1
Events after the reporting period
 3 Months Ended
Mar. 31, 2025
Events after the reporting period  
Events after the reporting period

20.Events after the reporting period

Sale of IHS Rwanda Limited

On May 20, 2025, the Group announced it has agreed to sell 100% of IHS Rwanda Limited (“IHS Rwanda”), a wholly owned subsidiary, to Paradigm Rwanda Holdings Limited, a subsidiary of Paradigm Tower Ventures, for total consideration of up to $274.5 million, which includes deferred consideration of $70.0 million and $24.5 million payable up to two and three years, respectively, from the date of closing and an earn out of up to $5.0 million dependent on the future performance of IHS Rwanda. The transaction is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2025.

Nigeria (2023) Term Loan

In April 2025, INT Towers Limited fully prepaid the outstanding balance of NGN 132 billion (approximately $85.8 million) on its term loan originally maturing in January 2028. The prepayment was made using excess cash within the Nigeria segment in order to pay off a term loan which was bearing significantly higher interest rates than the Group average, in line with the Company's strategic priorities.
v3.25.1
Summary of material accounting policies (Policies)
 3 Months Ended
Mar. 31, 2025
Summary of material accounting policies  
Basis of preparation

2.1Basis of preparation

The financial statements for the three months ended March 31, 2025, have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (“IAS 34”), as issued by the International Accounting Standards Board (“IFRS® Accounting Standards”).

The condensed financial statements do not amount to full financial statements and do not include all of the information and disclosures required for full annual financial statements. These should be read in conjunction with the consolidated annual financial statements of the Group for the year ended December 31, 2024, which have been prepared in accordance with IFRS® Accounting Standards as issued by the IASB, as noted within note 2.1 of the consolidated annual financial statements.

In management’s opinion, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2025, and its results of operations for the three months ended March 31, 2025, and 2024, cash flows for the three months ended March 31, 2025, and 2024, and statement of changes in equity for the three months ended March 31, 2025, and 2024. The condensed consolidated statement of financial position as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
Approval

2.2Approval

These condensed consolidated interim financial statements were authorized and approved for issue on May 19, 2025.
Income tax

2.3Income tax

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual income or loss.
Changes in accounting policies and disclosures

2.4Changes in accounting policies and disclosures

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except the new standards, amendments and interpretations adopted by the Group during the period.

(a)New standards, amendments and interpretations adopted by the Group

The Group has applied the following standards, amendments and interpretations for its reporting period commencing January 1, 2025:

●Lack of Exchangeability (Amendments to: IAS 21 The Effects of Changes in Foreign Exchange Rates (“IAS 21”)).

The above did not have a material impact on the Group’s financial statements.

(b)New standards, amendments and interpretations not yet adopted by the Group

Certain standards, amendments and interpretations have been published through March 31, 2025, reporting period and have not been early adopted by the Group. These are as follows:

●Presentation and Disclosure in Financial Statements (IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”));
●Amendments to the Classification and Measurement of Financial Instruments (Amendments to: IFRS 9 Financial Instruments (“IFRS 9”) and IFRS 7);
●Annual Improvements to IFRS Accounting Standards—Volume 11; and
●Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).

The Company is in the process of analyzing the impact of the above.

(c)Transfer between right-of-use assets and property, plant and equipment

When the Group exercises a purchase option to acquire a right-of-use asset, this is reclassified to property, plant and equipment at the net book value at the time of exercise and will from then onwards be accounted for in line with the Group’s accounting policies for property, plant and equipment.

During March 2025, as part of the Oi S.A. Judicial Recovery Plan, the Group received legal title to 1,562 towers and 187 related land assets already held by the Group as right-of-use assets in partial settlement of amounts owed to the Group under its MLA with Oi S.A. These assets were reclassified to property, plant and equipment at the net book value of $71.9 million and revenue of $3.8 million was recognized for the fair value of the assets beyond their existing right-of-use lease term.
v3.25.1
Capital risk management and fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Capital risk management and fair value measurements  
Schedule of fair value estimation

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2025

​

At December 31, 2024

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

    

Value

    

Value

    

Value

    

Value

​

​

$'m

​

$'m

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

Borrowings (note 15)

 

3,382.6

​

3,357.4

 

3,347.9

 

3,342.6
v3.25.1
Segment reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment reporting  
Schedule of summarized financial information

Summarized financial information is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

    

Total

​

    

$'m

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

​

​

​

​

​

​

​

Revenues from external customers

​

271.4

​

120.7

​

47.5

​

—

​

439.6

Segment Adjusted EBITDA

​

179.2

​

71.7

​

35.6

​

—

​

286.5

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

​

​

​

​

​

​

​

​

Revenues from external customers

​

227.7

​

131.3

​

47.8

​

10.9

​

417.7

Segment Adjusted EBITDA

​

102.9

​

69.7

​

33.8

​

6.1

​

212.5
Schedule of items included in measurement of adjusted EBITDA

Each segment's Adjusted EBITDA above includes the following items:

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

​

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

​

​

​

​

​

Power generation

 

61.7

 

22.7

 

1.2

 

—

Staff costs

 

8.0

 

8.4

 

4.4

 

—

Tower repairs and maintenance

 

5.0

 

5.7

 

2.3

 

—

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2024

​

​

​

​

​

​

​

​

Power generation

 

57.9

 

29.2

 

1.1

 

0.6

Staff costs

 

9.8

 

8.2

 

7.1

 

1.4

Tower repairs and maintenance

 

5.2

 

7.9

 

1.8

 

0.7
Schedule of reconciliation of information on reportable segments to the amounts reported in the financial statements

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Segment Adjusted EBITDA

​

286.5

​

212.5

Finance costs (note 9)

​

(114.3)

​

(1,563.0)

Depreciation and amortization (note 6 and 7)

​

(89.4)

​

(87.6)

Share‑based payment expense (note 7)

​

(5.5)

​

(3.2)

Other costs(a)

​

(3.1)

​

(2.5)

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6)

​

(2.0)

​

(3.1)

Net (loss)/gain on disposal of property, plant and equipment and right-of-use assets (note 7)

​

(1.2)

​

0.4

Business combination costs (note 7)

​

(0.9)

​

(0.2)

Insurance claims

​

0.1

​

—

Net reversal of impairment/(impairment) of withholding tax receivables (note 7)

​

12.4

​

(8.2)

Finance income (note 8)

​

20.5

​

10.8

Impairment of goodwill (note 7)

​

—

​

(87.9)

Unallocated corporate expenses(b)

​

(33.9)

​

(27.3)

Income/(loss) before income tax

​

69.2

​

(1,559.3)

(a)Other costs for the three months ended March 31, 2025, included one-off expenses related to strategic initiatives and operating systems of $1.5 million (three months ended March 31, 2024: $1.9 million), costs related to internal reorganization of $0.5 million (three months ended March 31, 2024: $0.5 million) and one-off professional fees related to financing of $0.3 million (three months ended March 31, 2024: $nil).
(b)Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services.
Schedule of segment assets, liabilities and additions

​

​

​

​

​

​

​

​

​

​

​

​

Nigeria

    

SSA

    

Latam

    

MENA

​

    

$'m

    

$'m

    

$'m

    

$'m

​

​

​

​

​

​

​

​

​

Segment assets

​

​

​

​

​

​

​

​

March 31, 2025

​

922.9

​

1,323.4

​

1,785.8

​

—

March 31, 2024

​

890.9

​

1,351.9

​

2,036.5

​

177.8

​

​

​

​

​

​

​

​

​

Segment liabilities

​

​

​

​

​

​

​

​

March 31, 2025

​

340.4

​

849.2

​

695.4

​

—

March 31, 2024

​

394.4

​

846.3

​

732.9

​

105.4

​

​

​

​

​

​

​

​

​

Additions of property, plant and equipment, right-of-use assets and intangible assets:

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

1.6

​

18.7

​

36.1

​

—

Three months ended March 31, 2024

​

21.1

​

7.4

​

44.3

​

0.8
Schedule of revenue from tier one customers

​

​

​

​

​

​

​

​

​

Three months ended

​

​

​

March 31, 

​

March 31, 

​

​

    

2025

    

2024

    

​

​

​

​

​

​

​

​

​

​

​

​

Customer A

​

64%

​

60%

​

Customer B

​

15%

​

16%

​

​
v3.25.1
Cost of sales (Tables)
 3 Months Ended
Mar. 31, 2025
Cost of sales  
Schedule of cost of sales

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Power generation

​

85.6

​

88.8

Depreciation

​

75.9

​

73.8

Tower repairs and maintenance

​

13.0

​

15.6

Amortization

​

10.0

​

10.0

Staff costs

​

7.5

​

6.9

Regulatory fees

​

6.8

​

7.6

Security services

​

5.7

​

7.8

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent

​

2.0

​

3.1

Travel costs

​

0.8

​

1.6

Insurance

​

0.8

​

1.2

Short-term rental

​

0.5

​

2.6

Vehicle maintenance and repairs

​

0.5

​

0.4

Professional fees

​

0.3

​

0.4

Other(a)

​

4.3

​

34.5

​

​

213.7

​

254.3

(a)Included in “Other” for the three months ended March 31, 2025, are $nil in net foreign exchange losses on cost of sales (three months ended March 31, 2024: $32.1 million).
v3.25.1
Administrative expenses (Tables)
 3 Months Ended
Mar. 31, 2025
Administrative expenses.  
Schedule of administrative expenses

​

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Staff costs(a)

​

43.1

​

36.7

Professional fees

​

11.3

​

12.6

Facilities, short-term rental and upkeep

​

8.3

​

8.4

Depreciation

​

2.7

​

2.8

Travel costs

​

2.6

​

2.9

Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets

​

1.2

​

(0.4)

Business combination costs

​

0.9

​

0.2

Amortization

​

0.8

​

1.0

Operating taxes

​

0.1

​

0.5

Impairment of goodwill

​

—

​

87.9

Net (reversal of impairment)/impairment of withholding tax receivables(b)

​

(12.4)

​

8.2

Other

​

4.5

​

5.9

​

​

63.1

​

166.7

​

(a)Includes amounts related to key management personnel (excluding Non-Executive directors) and share-based payment expense. Costs for comparative period are re-presented on this basis.
(b)Withholding tax receivables are assessed for recoverability based on a five year cash flow projection and an analysis of the utilization of withholding tax balances in settlement of future income tax liabilities.
v3.25.1
Finance income (Tables)
 3 Months Ended
Mar. 31, 2025
Finance income  
Schedule of finance income

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

Interest income - bank deposits

 

9.3

 

4.0

Net foreign exchange gain arising from financing - unrealized

 

7.9

 

—

Change in fair value of embedded options

 

2.9

 

6.6

Change in fair value of foreign exchange swaps

 

0.2

 

—

Other interest income

​

0.2

​

—

Change in fair value of interest rate caps

​

—

​

0.2

​

 

20.5

 

10.8

​
v3.25.1
Finance costs (Tables)
 3 Months Ended
Mar. 31, 2025
Finance costs.  
Schedule of finance costs

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

    

2025

    

2024

​

​

$'m

​

$'m

​

​

​

​

​

Interest expenses - third party borrowings

 

80.5

 

93.3

Interest and finance charges paid/payable for lease liabilities

 

15.6

 

15.7

Interest expense - withholding tax paid on bond interest

​

8.6

​

—

Net foreign exchange loss arising from financing - realized

 

5.5

 

27.8

Unwinding of discount on decommissioning liability

 

2.3

 

2.3

Fees on borrowings and financial derivatives

 

1.8

 

4.9

Net foreign exchange loss arising from financing - unrealized

 

—

 

1,373.7

Change in fair value of foreign exchange swaps

 

—

 

25.0

Net foreign exchange loss on derivative instruments - realized

 

—

 

20.3

​

 

114.3

 

1,563.0

​
v3.25.1
Taxation (Tables)
 3 Months Ended
Mar. 31, 2025
Taxation  
Schedule of income tax expense

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Current taxes

 

42.0

 

4.7

Deferred income taxes

 

(3.5)

 

(6.7)

Total taxation expense/(benefit)

 

38.5

 

(2.0)
v3.25.1
Income/(loss) per share (Tables)
 3 Months Ended
Mar. 31, 2025
Income/(loss) per share  
Schedule of basic and diluted income/(loss) per share

The reported basic and diluted income/(loss) per share were as follows:

​

​

​

​

​

​

​

Three months ended

​

​

March 31, 

​

March 31, 

​

    

2025

    

2024

​

​

$

​

$

​

​

​

​

​

Basic

 

0.10

 

(4.67)

Diluted

 

0.10

 

(4.67)

The following tables set out the data used in the basic and diluted income/(loss) per share calculations:

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Income/(loss) for the period

​

30.7

​

(1,557.3)

Less: loss for the period attributable to non-controlling interests

 

2.4

 

3.9

Income/(loss) for the period attributable to owners of the Company

 

33.1

 

(1,553.4)

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

    

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

'000

​

'000

​

​

​

​

​

Weighted average number of ordinary shares outstanding

 

333,600

 

332,626

Weighted average number of potential ordinary shares

 

5,469

 

656
v3.25.1
Derivative financial instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative financial instruments  
Schedule of contractual notional amount for the derivative instruments

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

​

​

​

​

Embedded options within listed bonds(a)

 

2,186.0

 

2,186.0

Foreign exchange swaps

 

14.5

 

14.5

​

 

2,200.5

 

2,200.5

(a)This relates to early redemption clauses within the Group’s Senior Notes (see note 22 - Borrowings). On or after November 29, 2023, 2024, or 2025, the 2026 Notes may be redeemed (in whole or in part) at a price of 102.81250%, 101.40625% and 100.00000%, respectively. On or after September 18, 2024, the 2027 Notes may be redeemed (in whole or in part) at a price of 100.00000%. On or after November 29, 2024, 2025 or 2026, the 2028 Notes may be redeemed (in whole or in part) at a price of 103.12500%, 101.56250% and 100.00000%, respectively. On or after November 29, 2026, 2027 or 2028, the 2030 Notes may be redeemed (in whole or in part) at a price of 103.93750%, 101.96875% and 100.00000%, respectively. On or after November 29, 2027, 2028 or 2029, the 2031 Notes may be redeemed (in whole or in part) at a price of 104.12500%, 102.06250% and 100.00000%, respectively.
Schedule of fair value of derivative instruments

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

​

  

​

  

Embedded options within listed bonds

 

32.4

 

29.4

Foreign exchange swaps

 

(10.2)

 

(10.2)

​

 

22.2

 

19.2
Schedule of changes in fair value of derivative instruments

​

​

​

​

​

​

​

    

Three months ended

​

​

March 31, 

    

March 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Derivative instruments

 

  

 

  

Embedded options within listed bonds

 

2.9

 

6.6

Foreign exchange swaps

 

0.2

 

(25.0)

Interest rate caps

​

—

​

0.2

​

 

3.1

 

(18.2)

​
v3.25.1
Trade and other receivables (Tables)
 3 Months Ended
Mar. 31, 2025
Trade and other receivables  
Trade and other receivables

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Non‑current

 

  

 

  

Accrued income and lease incentive

 

76.9

 

73.5

Other tax receivables

 

5.8

 

5.6

Payment in advance for property, plant and equipment

 

32.1

 

24.6

Withholding tax receivables(a)

​

14.0

​

14.9

Contingent consideration receivable(b)

​

2.6

​

2.4

​

 

131.4

 

121.0

Current

​

  

​

  

Trade receivables

 

217.6

 

237.2

Less: impairment provisions

​

(17.1)

 

(16.3)

Net trade receivables(c)

 

200.5

 

220.9

Other receivables(d)

 

42.9

 

44.4

Prepaid land rent

 

0.6

 

0.8

Other prepaid expenses

 

16.9

 

14.5

Advance payments

 

10.5

 

10.9

Withholding tax receivables(a)

 

3.4

 

10.3

VAT receivables

 

10.6

 

10.0

Contingent consideration receivable(b)

 

—

 

1.6

​

 

285.4

 

313.4

(a)Withholding tax receivables are assessed for recoverability based on a five year cash flow projection and an analysis of the utilization of withholding tax balances in settlement of future income tax liabilities.
(b)Receivable on the I-Systems Soluções de Infraestrutura S.A. acquisition.
(c)The fair value is equal to their carrying amount.
(d)Included in other receivables are short-term fixed deposits which are not classified as cash and cash equivalents as these exceed the three month maturity period.
v3.25.1
Trade and other payables (Tables)
 3 Months Ended
Mar. 31, 2025
Trade and other payables  
Schedule of trade and other payables

​

​

​

​

​

​

​

    

March 31, 

​

December 31, 

​

 

2025

​

2024

​

    

$'m

    

$'m

​

​

​

​

​

Non‑current

​

  

​

  

Other payables

​

6.0

​

5.2

​

​

6.0

​

5.2

Current

​

  

​

  

Trade payables

​

207.6

​

232.9

Deferred revenue

​

75.4

​

64.9

Withholding tax payable

​

9.1

​

2.2

Payroll and other related statutory liabilities

​

28.2

​

42.8

VAT payables

​

27.5

​

30.0

Other payables

​

50.5

​

49.7

​

​

398.3

​

422.5

​
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Borrowings  
Schedule of external debt classification

​

​

​

​

​

​

​

    

March 31, 

​

December 31, 

​

​

2025

​

2024

​

​

$’m

    

$’m

​

​

​

​

​

Non‑current

​

​

​

​

Senior Notes

​

2,165.0

​

2,164.2

Debentures and bank term loans

​

1,002.5

​

1,055.0

​

​

3,167.5

​

3,219.2

Current

​

  

​

  

Senior Notes

​

47.9

​

19.3

Debentures and bank term loans

​

162.1

​

102.6

Letters of credit

​

5.1

​

6.8

​

​

215.1

​

128.7

​

​

​

​

​

Total borrowings

​

3,382.6

​

3,347.9
Schedule of debt by debt instrument

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

​

​

​

​

​

​

​

amount

​

​

​

​

​

​

​

​

​

Carrying amount

​

​

March 31, 

​

​

​

Issue

​

Maturity

​

​

​

March 31, 

​

December 31, 

​

  

2025

  

Currency

  

date

  

date

  

Interest rate

  

2025

  

2024

​

​

​

​

​

​

​

​

​

​

​

​

$'m

​

$'m

Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

IHS Holding Limited

​

200.0M

​

USD

​

Nov'21

​

Nov'26

​

5.625%

​

203.6

​

200.8

IHS Holding Limited

​

500.0M

​

USD

​

Nov'21

​

Nov'28

​

6.250%

​

507.3

​

499.4

IHS Holding Limited

​

550.0M

​

USD

​

Nov'24

​

May'30

​

7.875%

​

556.4

​

545.4

IHS Holding Limited

​

650.0M

​

USD

​

Nov'24

​

Nov'31

​

8.250%

​

657.7

​

644.2

IHS Mauritius NG Holdco Limited

​

286.0M

​

USD

​

Sep'19

​

Sep'27

​

8.000%

​

287.9

​

293.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debentures

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Brasil - Cessão de Infraestruturas S.A.

​

1.2B

​

BRL

​

Sep'23

​

Aug'31

​

3.10% + CDI

​

187.1

​

177.6

IHS Brasil - Cessão de Infraestruturas S.A.

​

300.0M

​

BRL

​

Jun'24

​

Jun'32

​

2.80% + CDI

​

47.8

​

44.0

I-Systems Soluções de Infraestrutura S.A.

​

160.0M

​

BRL

​

Jun'24

​

May'32

​

2.10% + CDI

​

19.4

​

24.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bank Term Loans

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Côte d’Ivoire S.A.

​

8.8B

​

XOF

​

Dec'23

​

Dec'28

​

6.50%

​

14.0

​

14.4

IHS Côte d’Ivoire S.A.

​

69.5M

​

EUR

​

Dec'23

​

Dec'28

​

3.50% + 3M EURIBOR

​

73.6

​

75.5

IHS Holding Limited

​

255.0M

​

USD

​

Oct'24

​

Oct'29

​

4.50% + 3M SOFR

​

256.6

​

256.6

IHS Holding Limited

​

3.2B

​

ZAR

​

Oct'24

​

Oct'29

​

4.50% + 3M JIBAR

​

178.8

​

175.2

IHS Towers South Africa Proprietary Limited

​

3.3B

​

ZAR

​

May'22

​

May'29

​

2.75% + 3M JIBAR

​

176.1

​

174.8

IHS Zambia Limited

​

57.0M

​

USD

​

Dec'20

​

Dec'27

​

5.00% + CAS + 3M SOFR

​

57.3

​

62.2

INT Towers Limited(a)

​

123.8B

​

NGN

​

Jan'23

​

Jan'28

​

2.50% + MPR, 18% - 27% collar

​

85.5

​

91.6

I-Systems Soluções de Infraestrutura S.A.

​

400.0M

​

BRL

​

Oct'22

​

Oct'30

​

2.45% - 2.50% + CDI

​

68.4

​

61.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Credit Facilities(b)

​

​

​

​

​

​

​

​

​

  

​

​

​

​

IHS Holding Limited

​

300.0M

​

USD

​

Mar'20

​

Oct'26

​

3.00% + CAS + 3M SOFR

​

—

​

—

IHS Nigeria Limited

​

55.0B

​

NGN

​

Jan'23

​

Jan'26

​

2.50% + MPR, 18% - 27% collar

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Letters of Credit(b)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

IHS Nigeria

​

356.5M

​

USD

​

Feb'22

​

Jun'25

​

12.00% - 15.39%

​

5.1

​

6.8

​

​

​

​

​

​

​

​

​

​

​

​

3,382.6

​

3,347.9

a)In April 2025, INT Towers Limited fully prepaid the outstanding balance on its term loan which was originally due to mature in January 2028 (note 20).
b)Principal amount for revolving credit facilities and letters of credit are the available facilities at March 31, 2025.
v3.25.1
Lease liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Lease liabilities  
Schedule of current and non current lease liabilities

​

​

​

​

​

​

​

    

March 31, 

    

December 31, 

​

​

2025

​

2024

​

​

$'m

​

$'m

​

​

​

​

​

Non‑current

 

490.8

 

470.5

Current

​

84.0

​

82.1

Total lease liabilities

 

574.8

 

552.6
Schedule of contractual maturities of the lease liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

Total

​

​

​

​

​

​

​

​

​

​

Carrying

​

contractual

​

Within

​

1 ‑ 3

​

3 ‑ 5

​

Over 5

​

​

value

    

cash flows

    

1 year

    

years

    

years

    

years

​

​

$'m

​

$'m

​

$'m

​

$'m

​

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Lease liabilities

​

574.8

 

1,178.2

 

95.4

 

189.4

 

180.2

 

713.2

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Lease liabilities

 

552.6

 

1,131.0

 

92.4

​

179.8

​

173.8

​

685.0
v3.25.1
Stated capital (Tables)
 3 Months Ended
Mar. 31, 2025
Stated capital  
Schedule of stated capital

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary Shares

​

    

​

    

​

    

Share capital

    

​

    

Share premium

​

​

Number of

​

​

​

net of

​

​

​

net of

​

​

shares

​

Share capital

​

issue costs

​

Share premium

​

issue costs

​

 

000’s

​

$'m

​

$'m

 

$'m

​

$'m

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024

 

333,441

​

101.0

​

100.0

 

5,333.0

​

5,303.1

Shares issued on exercise of options

​

1,899

​

0.6

​

0.6

​

14.7

​

14.7

At March 31, 2025

 

335,340

​

101.6

​

100.6

 

5,347.7

​

5,317.8

​
v3.25.1
Cash from operations (Tables)
 3 Months Ended
Mar. 31, 2025
Cash from operations  
Schedule of cash flow from operations

​

​

​

​

​

​

​

    

Three months ended

​

​

March 31, 

​

March 31, 

​

​

2025

​

2024

​

    

$'m

    

$'m

​

​

​

​

​

Reconciliation:

​

​

​

​

Income/(loss) before taxation

​

69.2

​

(1,559.3)

Adjustments:

​

  

​

  

Depreciation of property, plant and equipment (note 6 and 7)

​

78.6

​

76.6

Amortization of intangible assets (note 6 and 7)

​

10.8

​

11.0

Amortization of prepaid site rent

​

0.7

​

2.5

Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6 and 7)

​

2.0

​

3.1

Impairment of goodwill (note 7)

​

—

​

87.9

Net (reversal of impairment)/impairment of withholding tax receivables (note 7)

​

(12.4)

​

8.2

Impairment of inventory

​

0.2

​

—

Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets (note 7)

​

1.2

​

(0.4)

Share‑based payment expense

​

5.5

​

3.2

Net loss allowance on trade receivables

​

0.4

​

4.6

Finance income (note 8)

​

(20.5)

​

(10.8)

Finance costs (note 9)

​

114.3

​

1,563.0

Insurance claim income

​

(0.1)

​

—

Operating income before working capital changes

​

249.9

​

189.6

​

​

​

​

​

Changes in working capital

​

  

​

  

Increase in inventory

​

(14.2)

​

(11.4)

Decrease/(increase) in trade and other receivables

​

10.4

​

(75.3)

Decrease in trade and other payables

​

(29.8)

​

(9.9)

Net movement in working capital

​

(33.6)

​

(96.6)

​

​

​

​

​

Cash from operations

​

216.3

​

93.0

​
v3.25.1
Summary of material accounting policies (Details)
$ in Millions
 1 Months Ended
Mar. 31, 2025
USD ($)
Disclosure of detailed information about property, plant and equipment [line items]  
Number of towers converted from right-of-use assets to property, plant and equipment 1,562
Number of tower related land assets converted from right-of-use assets to property, plant and equipment 187
Gains (losses) recognised on reclassification from right of use assets to property, plant and equipment $ 3.8
Towers and tower equipment  
Disclosure of detailed information about property, plant and equipment [line items]  
Increase (decrease) through transfers, property, plant and equipment 71.9
Increase (decrease) through transfers, right-of-use assets $ (71.9)
v3.25.1
Critical accounting estimates and judgements (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Critical accounting estimates and judgements        
Cash and cash equivalents $ 629.0 $ 578.0 $ 333.2 $ 293.8
v3.25.1
Capital risk management and fair value measurements - Financial instruments that are measured at fair value (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Capital risk management and fair value measurements  
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period $ 0.0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period 0.0
Transfers into Level 3 of fair value hierarchy, assets 0.0
Transfers out of Level 3 of fair value hierarchy, assets 0.0
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period 0.0
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period 0.0
Transfers into Level 3 of fair value hierarchy, liabilities 0.0
Transfers out of Level 3 of fair value hierarchy, liabilities $ 0.0
v3.25.1
Capital risk management and fair value measurements - Fair value estimation (Details) - Borrowings - Not measured at fair value in statement of financial position but for which fair value is disclosed - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Financial liabilities, Carrying value $ 3,382.6 $ 3,347.9
Fair value $ 3,357.4 $ 3,342.6
v3.25.1
Segment reporting - Summarized financial information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Disclosure of operating segments [line items]    
Number of operating segments | segment 3  
Revenues from external customers $ 439.6 $ 417.7
Segment Adjusted EBITDA 286.5 212.5
Elimination of intersegment amounts    
Disclosure of operating segments [line items]    
Revenues from external customers 0.0  
Nigeria    
Disclosure of operating segments [line items]    
Revenues from external customers 271.4 227.7
Segment Adjusted EBITDA 179.2 102.9
SSA    
Disclosure of operating segments [line items]    
Revenues from external customers 120.7 131.3
Segment Adjusted EBITDA 71.7 69.7
Latam    
Disclosure of operating segments [line items]    
Revenues from external customers 47.5 47.8
Segment Adjusted EBITDA $ 35.6 33.8
MENA    
Disclosure of operating segments [line items]    
Revenues from external customers   10.9
Segment Adjusted EBITDA   $ 6.1
v3.25.1
Segment reporting - Items included in measure of adjusted EBITDA (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Nigeria    
Disclosure of operating segments [line items]    
Power generation $ 61.7 $ 57.9
Staff costs 8.0 9.8
Tower repairs and maintenance 5.0 5.2
SSA    
Disclosure of operating segments [line items]    
Power generation 22.7 29.2
Staff costs 8.4 8.2
Tower repairs and maintenance 5.7 7.9
Latam    
Disclosure of operating segments [line items]    
Power generation 1.2 1.1
Staff costs 4.4 7.1
Tower repairs and maintenance $ 2.3 1.8
MENA    
Disclosure of operating segments [line items]    
Power generation   0.6
Staff costs   1.4
Tower repairs and maintenance   $ 0.7
v3.25.1
Segment reporting - Reconciliation of information on reportable segments to the amounts reported in the financial statements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Geographical information      
Segment Adjusted EBITDA $ 286.5 $ 212.5  
Finance costs (114.3) (1,563.0)  
Depreciation and amortization (89.4) (87.6)  
Share-based payment expense (5.5) (3.2)  
Other costs (3.1) (2.5)  
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (2.0) (3.1)  
Net (loss)/gain on disposal of property, plant and equipment and right-of-use assets (1.2) 0.4  
Business combination costs (0.9) (0.2)  
Insurance claims 0.1    
Net reversal of impairment/(impairment) of withholding tax receivables 12.4 (8.2)  
Finance income 20.5 10.8  
Impairment of goodwill   (87.9)  
Unallocated corporate expenses (33.9) (27.3)  
Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets 1.2 (0.4)  
Income/(loss) before income tax 69.2 (1,559.3)  
Segment assets 4,416.1   $ 4,277.0
Segment liabilities 4,600.5   $ 4,572.8
Costs related to internal reorganization 0.5 0.5  
Expenses related to strategic initiatives and operating systems 1.5 1.9  
Professional costs related to financing 0.3 0.0  
Cost of sales      
Geographical information      
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (2.0) (3.1)  
SSA      
Geographical information      
Segment Adjusted EBITDA 71.7 69.7  
Segment assets 1,323.4 1,351.9  
Segment liabilities $ 849.2 846.3  
MENA      
Geographical information      
Segment Adjusted EBITDA   6.1  
Segment assets   177.8  
Segment liabilities   $ 105.4  
v3.25.1
Segment reporting - Summarized segment assets and liabilities and additions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Disclosure of operating segments [line items]      
Segment assets $ 4,416.1   $ 4,277.0
Segment liabilities 4,600.5   $ 4,572.8
Nigeria      
Disclosure of operating segments [line items]      
Segment assets 922.9 $ 890.9  
Segment liabilities 340.4 394.4  
Additions of property, plant and equipment, right of use assets and intangible assets 1.6 21.1  
SSA      
Disclosure of operating segments [line items]      
Segment assets 1,323.4 1,351.9  
Segment liabilities 849.2 846.3  
Additions of property, plant and equipment, right of use assets and intangible assets 18.7 7.4  
Latam      
Disclosure of operating segments [line items]      
Segment assets 1,785.8 2,036.5  
Segment liabilities 695.4 732.9  
Additions of property, plant and equipment, right of use assets and intangible assets $ 36.1 44.3  
MENA      
Disclosure of operating segments [line items]      
Segment assets   177.8  
Segment liabilities   105.4  
Additions of property, plant and equipment, right of use assets and intangible assets   $ 0.8  
v3.25.1
Segment reporting - Major customers (Details) - customer
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Geographical information    
Number of major customers 2  
Customer A    
Geographical information    
Revenue percentage 64.00% 60.00%
Customer B    
Geographical information    
Revenue percentage 15.00% 16.00%
v3.25.1
Cost of sales (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Expense by nature    
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent $ 2.0 $ 3.1
Cost of sales    
Expense by nature    
Power generation 85.6 88.8
Depreciation 75.9 73.8
Tower repairs and maintenance 13.0 15.6
Amortization 10.0 10.0
Staff costs 7.5 6.9
Regulatory fees 6.8 7.6
Security services 5.7 7.8
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent 2.0 3.1
Travel costs 0.8 1.6
Insurance 0.8 1.2
Vehicle maintenance and repairs 0.5 0.4
Professional fees 0.3 0.4
Other 4.3 34.5
Short-term rental 0.5 2.6
Total 213.7 254.3
Foreign exchange gains (losses) $ 0.0 $ (32.1)
v3.25.1
Administrative expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Expense by nature    
Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets $ 1.2 $ (0.4)
Business combination costs 0.9 0.2
Net (reversal of impairment)/impairment of withholding tax receivables (12.4) 8.2
Other 3.1 2.5
Impairment of goodwill   87.9
IHS Latam Group    
Expense by nature    
Impairment of goodwill   87.9
Administrative expense    
Expense by nature    
Staff costs 43.1 36.7
Professional fees 11.3 12.6
Facilities, short term rental and upkeep 8.3 8.4
Depreciation 2.7 2.8
Travel costs 2.6 2.9
Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets 1.2 (0.4)
Business combination costs 0.9 0.2
Amortization 0.8 1.0
Operating taxes 0.1 0.5
Net (reversal of impairment)/impairment of withholding tax receivables (12.4) 8.2
Other 4.5 5.9
Impairment of goodwill   87.9
Total $ 63.1 $ 166.7
v3.25.1
Finance Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Finance income    
Interest income - bank deposits $ 9.3 $ 4.0
Net foreign exchange gain arising from financing - unrealized 7.9  
Change in fair value of embedded options 2.9 6.6
Change in fair value of foreign exchange swaps 0.2  
Other interest income 0.2  
Change in fair value of interest rate caps   0.2
Total Finance income $ 20.5 $ 10.8
v3.25.1
Finance Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Finance costs.    
Interest expenses - third party borrowings $ 80.5 $ 93.3
Interest and finance charges paid/payable for lease liabilities 15.6 15.7
Interest expense - withholding tax paid on bond interest 8.6  
Net foreign exchange loss arising from financing - realized 5.5 27.8
Unwinding of discount on decommissioning liability 2.3 2.3
Fees on borrowings and financial derivatives 1.8 4.9
Net foreign exchange loss arising from financing - unrealized   1,373.7
Change in fair value of foreign exchange swaps   25.0
Net foreign exchange loss on derivative instruments - realized   20.3
Finance costs $ 114.3 $ 1,563.0
v3.25.1
Taxation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]      
Total current tax charge $ 42.0 $ 4.7  
Deferred income taxes (3.5) (6.7)  
Total tax charge/(credit) 38.5 $ (2.0)  
Deferred tax liabilities 98.0   $ 100.5
Nigeria      
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]      
Year-on-year Increase (decrease) in income tax expense (income) $ 39.2    
v3.25.1
Income/(loss) per share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income/(loss) per share    
Basic loss per share $ 0.1 $ (4.67)
Diluted loss per share $ 0.1 $ (4.67)
Income/(loss) for the period $ 30.7 $ (1,557.3)
Less: loss for the year attributable to non-controlling interests 2.4 3.9
Income/(loss) for the period attributable to owners of the Company $ 33.1 $ (1,553.4)
Weighted average number of ordinary shares outstanding, diluted 333,600,000 332,626,000
Weighted average number of potential ordinary shares, dilutive 5,469,000 0
Weighted average number of potential ordinary shares, antidilutive   656,000
v3.25.1
Derivative financial instruments - Notional amount (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
IHS Holding limited, Senior Note Maturing 2026    
Derivative financial instruments    
Derivative instruments, notional amount $ 200.0  
IHS Holding limited, Senior Note Maturing 2028    
Derivative financial instruments    
Derivative instruments, notional amount 500.0  
IHS Holding limited, Senior Note Maturing 2030    
Derivative financial instruments    
Derivative instruments, notional amount 550.0  
IHS Holding limited, Senior Note Maturing 2031    
Derivative financial instruments    
Derivative instruments, notional amount $ 650.0  
Redemption after September 17, 2024 | IHS Netherlands Holdco B.V., Senior Note Maturing 2027    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 100.00%  
Redemption between November 29, 2023 - November 28, 2024 | IHS Holding limited, Senior Note Maturing 2026    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 102.8125%  
Redemption between November 29, 2024 - November 28, 2025 | IHS Holding limited, Senior Note Maturing 2026    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 101.40625%  
Redemption between November 29, 2024 - November 28, 2025 | IHS Holding limited, Senior Note Maturing 2028    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 103.125%  
Redemption after November 29, 2025 | IHS Holding limited, Senior Note Maturing 2026    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 100.00%  
Redemption between November 29, 2025 - November 28, 2026 | IHS Holding limited, Senior Note Maturing 2028    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 101.5625%  
Redemption between November 29, 2026 - November 28, 2027 | IHS Holding limited, Senior Note Maturing 2030    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 103.9375%  
Redemption between November 29, 2027 - November 28, 2028 | IHS Holding limited, Senior Note Maturing 2030    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 101.96875%  
Redemption between November 29, 2027 - November 28, 2028 | IHS Holding limited, Senior Note Maturing 2031    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 104.125%  
Redemption between November 29, 2028 - November 28, 2029 | IHS Holding limited, Senior Note Maturing 2031    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 102.0625%  
Redemption after November 29, 2026 | IHS Holding limited, Senior Note Maturing 2028    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 100.00%  
Redemption after November 29, 2028 | IHS Holding limited, Senior Note Maturing 2030    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 100.00%  
Redemption after November 29, 2029 | IHS Holding limited, Senior Note Maturing 2031    
Derivative financial instruments    
Early redemption price as a percentage of notional amount 100.00%  
Derivatives    
Derivative financial instruments    
Derivative instruments, notional amount $ 2,200.5 $ 2,200.5
Embedded options within listed bonds    
Derivative financial instruments    
Derivative instruments, notional amount 2,186.0 2,186.0
Foreign exchange swaps    
Derivative financial instruments    
Derivative instruments, notional amount $ 14.5 $ 14.5
v3.25.1
Derivative financial instruments - Fair value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives    
Derivative financial instruments    
Derivative financial instruments at fair value $ 22.2 $ 19.2
Embedded options within listed bonds    
Derivative financial instruments    
Derivative financial instruments at fair value 32.4 29.4
Foreign exchange swaps    
Derivative financial instruments    
Derivative financial instruments at fair value $ (10.2) $ (10.2)
v3.25.1
Derivative financial instruments - Change in fair value of the derivative instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative financial instruments    
Change in fair value of the derivative instruments $ 3.1 $ (18.2)
Embedded options within listed bonds    
Derivative financial instruments    
Change in fair value of the derivative instruments 2.9 6.6
Foreign exchange swaps    
Derivative financial instruments    
Change in fair value of the derivative instruments $ 0.2 (25.0)
Interest rate caps    
Derivative financial instruments    
Change in fair value of the derivative instruments   $ 0.2
v3.25.1
Trade and other receivables (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Trade and other non-current receivables [abstract]    
Accrued revenue and lease incentive $ 76.9 $ 73.5
Other tax receivables 5.8 5.6
Payment in advance for property, plant and equipment 32.1 24.6
Withholding tax receivables 14.0 14.9
Contingent consideration receivable 2.6 2.4
Trade and other non-current receivables 131.4 121.0
Trade and other current receivables [abstract]    
Net trade receivables 200.5 220.9
Other receivables 42.9 44.4
Prepaid land rent 0.6 0.8
Other prepaid expenses 16.9 14.5
Advance payments 10.5 10.9
Withholding tax receivables 3.4 10.3
VAT receivables 10.6 10.0
Contingent consideration receivable   1.6
Trade and other current receivables $ 285.4 313.4
Maximum    
Trade and other current receivables [abstract]    
Non-current receivable due term 20 years  
Cost    
Trade and other current receivables [abstract]    
Net trade receivables $ 217.6 237.2
Allowance for expected credit losses    
Trade and other current receivables [abstract]    
Net trade receivables $ (17.1) $ (16.3)
v3.25.1
Trade and other payables (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Non-current    
Other payables $ 6.0 $ 5.2
Trade and other payables, non current 6.0 5.2
Current    
Trade payables 207.6 232.9
Deferred revenue 75.4 64.9
Withholding tax payable 9.1 2.2
Payroll and other related statutory liabilities 28.2 42.8
VAT payables 27.5 30.0
Other payables 50.5 49.7
Trade and other payables $ 398.3 $ 422.5
v3.25.1
Borrowings - Debt classification (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Borrowings    
Non Current Borrowings $ 3,167.5 $ 3,219.2
Current borrowings 215.1 128.7
Borrowings 3,382.6 3,347.9
Senior Notes    
Borrowings    
Non Current Borrowings 2,165.0 2,164.2
Current borrowings 47.9 19.3
Debentures and bank term loans    
Borrowings    
Non Current Borrowings 1,002.5 1,055.0
Current borrowings 162.1 102.6
Letters of credit    
Borrowings    
Current borrowings $ 5.1 $ 6.8
v3.25.1
Borrowings - Debt instrument (Details)
€ in Millions, R$ in Millions, $ in Millions, ₦ in Billions, XOF in Billions, R in Billions
Mar. 31, 2025
USD ($)
Mar. 31, 2025
BRL (R$)
Mar. 31, 2025
XOF
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
ZAR (R)
Mar. 31, 2025
NGN (₦)
Dec. 31, 2024
USD ($)
Borrowings              
Borrowings $ 3,382.6           $ 3,347.9
IHS Holding limited, Senior Note Maturing 2026              
Borrowings              
Notional amount $ 200.0            
Interest rate 5.625% 5.625% 5.625% 5.625% 5.625% 5.625%  
Borrowings $ 203.6           200.8
IHS Holding limited, Senior Note Maturing 2026 | Redemption between November 29, 2023 - November 28, 2024              
Borrowings              
Early redemption price as a percentage of notional amount 102.8125% 102.8125% 102.8125% 102.8125% 102.8125% 102.8125%  
IHS Holding limited, Senior Note Maturing 2026 | Redemption between November 29, 2024 - November 28, 2025              
Borrowings              
Early redemption price as a percentage of notional amount 101.40625% 101.40625% 101.40625% 101.40625% 101.40625% 101.40625%  
IHS Holding limited, Senior Note Maturing 2026 | Redemption after November 29, 2025              
Borrowings              
Early redemption price as a percentage of notional amount 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%  
IHS Holding limited, Senior Note Maturing 2028              
Borrowings              
Notional amount $ 500.0            
Interest rate 6.25% 6.25% 6.25% 6.25% 6.25% 6.25%  
Borrowings $ 507.3           499.4
IHS Holding limited, Senior Note Maturing 2028 | Redemption between November 29, 2024 - November 28, 2025              
Borrowings              
Early redemption price as a percentage of notional amount 103.125% 103.125% 103.125% 103.125% 103.125% 103.125%  
IHS Holding limited, Senior Note Maturing 2028 | Redemption between November 29, 2025 - November 28, 2026              
Borrowings              
Early redemption price as a percentage of notional amount 101.5625% 101.5625% 101.5625% 101.5625% 101.5625% 101.5625%  
IHS Holding limited, Senior Note Maturing 2028 | Redemption after November 29, 2026              
Borrowings              
Early redemption price as a percentage of notional amount 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%  
IHS Holding limited, Senior Note Maturing 2030              
Borrowings              
Notional amount $ 550.0            
Interest rate 7.875% 7.875% 7.875% 7.875% 7.875% 7.875%  
Borrowings $ 556.4           545.4
IHS Holding limited, Senior Note Maturing 2031              
Borrowings              
Notional amount $ 650.0            
Interest rate 8.25% 8.25% 8.25% 8.25% 8.25% 8.25%  
Borrowings $ 657.7           644.2
IHS Mauritius NG Holdco Limited, senior notes issued 2019              
Borrowings              
Notional amount $ 286.0            
Interest rate 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%  
Borrowings $ 287.9           293.7
IHS Netherlands Holdco B.V., Senior Note Maturing 2027 | Redemption after September 17, 2024              
Borrowings              
Early redemption price as a percentage of notional amount 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%  
IHS Brasil - Cesso de Infraestruturas S.A, debentures issued in 2023              
Borrowings              
Notional amount | R$   R$ 1,200.0          
Borrowings $ 187.1           177.6
IHS Brasil - Cesso de Infraestruturas S.A, debentures issued in 2023 | CDI              
Borrowings              
Borrowings, adjustment to interest rate basis 3.10% 3.10% 3.10% 3.10% 3.10% 3.10%  
IHS Brasil - Cesso de Infraestruturas S.A, debentures issued in 2024              
Borrowings              
Notional amount | R$   R$ 300.0          
Borrowings $ 47.8           44.0
IHS Brasil - Cesso de Infraestruturas S.A, debentures issued in 2024 | CDI              
Borrowings              
Borrowings, adjustment to interest rate basis 2.80% 2.80% 2.80% 2.80% 2.80% 2.80%  
I-Systems Solues de Infraestrutura S.A., debentures issued in 2024              
Borrowings              
Notional amount | R$   R$ 160.0          
Borrowings $ 19.4           24.3
I-Systems Solues de Infraestrutura S.A., debentures issued in 2024 | CDI              
Borrowings              
Borrowings, adjustment to interest rate basis 2.10% 2.10% 2.10% 2.10% 2.10% 2.10%  
IHS Cote d Ivoire S.A., CIV XOF Tranche II              
Borrowings              
Notional amount | XOF     XOF 8.8        
Interest rate 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%  
Borrowings $ 14.0           14.4
IHS Cote d Ivoire S.A., CIV Euro Tranche II              
Borrowings              
Notional amount | €       € 69.5      
Borrowings $ 73.6           75.5
IHS Cote d Ivoire S.A., CIV Euro Tranche II | 3M EURIBOR              
Borrowings              
Borrowings, adjustment to interest rate basis 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%  
IHS Holding (2024) Dual Tranche Bullet Term Loan Facility, USD Tranche              
Borrowings              
Notional amount $ 255.0            
Borrowings $ 256.6           256.6
IHS Holding (2024) Dual Tranche Bullet Term Loan Facility, USD Tranche | 3M SOFR              
Borrowings              
Borrowings, adjustment to interest rate basis 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%  
IHS Holding (2024) Dual Tranche Bullet Term Loan Facility, ZAR Tranche              
Borrowings              
Notional amount | R         R 3.2    
Borrowings $ 178.8           175.2
IHS Holding (2024) Dual Tranche Bullet Term Loan Facility, ZAR Tranche | 3M JIBAR              
Borrowings              
Borrowings, adjustment to interest rate basis 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%  
IHS Towers South Africa Proprietary Limited, maturing 2029              
Borrowings              
Notional amount | R         R 3.3    
Borrowings $ 176.1           174.8
IHS Towers South Africa Proprietary Limited, maturing 2029 | 3M JIBAR              
Borrowings              
Borrowings, adjustment to interest rate basis 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%  
IHS Zambia Limited, maturing 2027              
Borrowings              
Notional amount $ 57.0            
Borrowings $ 57.3           62.2
IHS Zambia Limited, maturing 2027 | CAS + SOFR              
Borrowings              
Borrowings, adjustment to interest rate basis 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%  
INT Towers Limited, borrowings issued January 2023              
Borrowings              
Notional amount | ₦           ₦ 123.8  
Borrowings $ 85.5           91.6
INT Towers Limited, borrowings issued January 2023 | Minimum              
Borrowings              
Interest rate 18.00% 18.00% 18.00% 18.00% 18.00% 18.00%  
INT Towers Limited, borrowings issued January 2023 | Maximum              
Borrowings              
Interest rate 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%  
INT Towers Limited, borrowings issued January 2023 | MPR              
Borrowings              
Borrowings, adjustment to interest rate basis 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%  
I-Systems Solues de Infraestrutura S.A., maturing 2030              
Borrowings              
Notional amount | R$   R$ 400.0          
Borrowings $ 68.4           61.4
I-Systems Solues de Infraestrutura S.A., maturing 2030 | CDI | Minimum              
Borrowings              
Borrowings, adjustment to interest rate basis 2.45% 2.45% 2.45% 2.45% 2.45% 2.45%  
I-Systems Solues de Infraestrutura S.A., maturing 2030 | CDI | Maximum              
Borrowings              
Borrowings, adjustment to interest rate basis 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%  
IHS Holding 2020 Revolving Credit Facility              
Borrowings              
Notional amount $ 300.0            
IHS Holding 2020 Revolving Credit Facility | CAS + SOFR              
Borrowings              
Borrowings, adjustment to interest rate basis 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%  
Nigeria (2023) Revolving Credit Facility              
Borrowings              
Notional amount | ₦           ₦ 55.0  
Nigeria (2023) Revolving Credit Facility | Minimum              
Borrowings              
Interest rate 18.00% 18.00% 18.00% 18.00% 18.00% 18.00%  
Nigeria (2023) Revolving Credit Facility | Maximum              
Borrowings              
Interest rate 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%  
Nigeria (2023) Revolving Credit Facility | MPR              
Borrowings              
Borrowings, adjustment to interest rate basis 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%  
IHS Nigeria, letters of credit issued February 2022              
Borrowings              
Notional amount $ 356.5            
Borrowings $ 5.1           $ 6.8
IHS Nigeria, letters of credit issued February 2022 | Minimum              
Borrowings              
Interest rate 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%  
IHS Nigeria, letters of credit issued February 2022 | Maximum              
Borrowings              
Interest rate 15.39% 15.39% 15.39% 15.39% 15.39% 15.39%  
v3.25.1
Lease liabilities - Components of lease (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Lease liabilities      
Non-current $ 490.8   $ 470.5
Current 84.0   82.1
Total lease liabilities 574.8   $ 552.6
Lease payments $ 24.5 $ 30.3  
v3.25.1
Lease liabilities - Contractual maturities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Disclosure of quantitative information about right-of-use assets [line items]    
Carrying value $ 574.8 $ 552.6
Total contractual cash flows $ 1,178.2 1,131.0
Weighted average    
Disclosure of quantitative information about right-of-use assets [line items]    
Average remaining lease term 13 years  
Within one year    
Disclosure of quantitative information about right-of-use assets [line items]    
Total contractual cash flows $ 95.4 92.4
2-3 years    
Disclosure of quantitative information about right-of-use assets [line items]    
Total contractual cash flows 189.4 179.8
4-5 years    
Disclosure of quantitative information about right-of-use assets [line items]    
Total contractual cash flows 180.2 173.8
Over 5 years    
Disclosure of quantitative information about right-of-use assets [line items]    
Total contractual cash flows $ 713.2 $ 685.0
v3.25.1
Stated capital (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disclosure of classes of share capital [line items]    
Beginning Balance, Number of shares 333,441  
Shares issued on exercise of options (in shares) 1,899  
Ending Balance, Number of shares 335,340  
Beginning balance, Equity $ (295.8) $ 347.3
Ending balance, Equity (184.4) (163.2)
Stated capital net of issue costs    
Disclosure of classes of share capital [line items]    
Beginning balance, Equity 5,403.1 5,394.8
Shares issued on exercise of options 15.3 2.9
Ending balance, Equity 5,418.4 $ 5,397.7
Share capital    
Disclosure of classes of share capital [line items]    
Beginning balance, Equity 101.0  
Shares issued on exercise of options 0.6  
Ending balance, Equity 101.6  
Share capital net of issue costs    
Disclosure of classes of share capital [line items]    
Beginning balance, Equity 100.0  
Shares issued on exercise of options 0.6  
Ending balance, Equity 100.6  
Share premium    
Disclosure of classes of share capital [line items]    
Beginning balance, Equity 5,333.0  
Shares issued on exercise of options 14.7  
Ending balance, Equity 5,347.7  
Share premium net of issue costs    
Disclosure of classes of share capital [line items]    
Beginning balance, Equity 5,303.1  
Shares issued on exercise of options 14.7  
Ending balance, Equity $ 5,317.8  
v3.25.1
Cash from operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Income/(loss) before taxation $ 69.2 $ (1,559.3)
Adjustments:    
Depreciation of property, plant and equipment 78.6 76.6
Amortization of intangible assets 10.8 11.0
Amortization of prepaid site rent 0.7 2.5
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent 2.0 3.1
Impairment of goodwill   87.9
Net (reversal of impairment)/impairment of withholding tax receivables (12.4) 8.2
Impairment of inventory 0.2  
Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets 1.2 (0.4)
Share-based payment expense 5.5 3.2
Net loss allowance on trade receivables 0.4 4.6
Finance income (20.5) (10.8)
Finance costs 114.3 1,563.0
Insurance claim income (0.1)  
Operating income before working capital changes 249.9 189.6
Changes in working capital    
Increase in inventory (14.2) (11.4)
Decrease/(increase) in trade and other receivables 10.4 (75.3)
Decrease in trade and other payables (29.8) (9.9)
Net movement in working capital (33.6) (96.6)
Cash from operations $ 216.3 $ 93.0
v3.25.1
Capital commitments and contingent liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Capital commitments and contingent liabilities.    
Commitments to purchase property, plant and equipment $ 108.6 $ 98.9
v3.25.1
Events after the reporting period (Details)
$ in Millions, ₦ in Billions
 1 Months Ended 3 Months Ended
Apr. 03, 2025
USD ($)
Apr. 03, 2025
NGN (₦)
Mar. 31, 2025
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
May 20, 2025
USD ($)
Disclosure of non-adjusting events after reporting period [line items]            
Repayments of borrowings, classified as financing activities       $ 20.5 $ 328.7  
Number of towers converted from right-of-use assets to property, plant and equipment through business combination     1,562      
Number of tower related land assets converted from right-of-use assets to property, plant and equipment through business combination     187      
Drawdowns and repayments of borrowings | INT Towers Limited, maturing 2028            
Disclosure of non-adjusting events after reporting period [line items]            
Repayments of borrowings, classified as financing activities $ 85.8 ₦ 132        
Disposal of major subsidiary | IHS Rwanda Limited            
Disclosure of non-adjusting events after reporting period [line items]            
Percentage of ownership interests in subsidiary to be disposed           100.00%
Disposal of major subsidiary | Between one and two years | IHS Rwanda Limited            
Disclosure of non-adjusting events after reporting period [line items]            
Agreed deferred consideration for sale of subsidiary           $ 70.0
Disposal of major subsidiary | Between two and three years | IHS Rwanda Limited            
Disclosure of non-adjusting events after reporting period [line items]            
Agreed deferred consideration for sale of subsidiary           24.5
Disposal of major subsidiary | Maximum | IHS Rwanda Limited            
Disclosure of non-adjusting events after reporting period [line items]            
Agreed consideration for sale of subsidiary           274.5
Agreed performance related earn out consideration from sale of subsidiary           $ 5.0