IHS Holding LtdIHS
What IHS Holding Ltd does.
We are one of the largest independent owners, operators and developers of shared communications infrastructure in the world, providing our customers, most of whom are leading MNOs, with critical infrastructure that facilitates mobile communications coverage and connectivity for approximately 647 million people in emerging markets, across two regions and seven countries. We are the largest independent multinational emerging-market-only tower operator and one of the largest independent multinational tower operators globally, in each case by tower count. As of December 31, 2025, we operated 37,590 Towers across five countries in Africa and two countries in Latin America . As of December 31, 2025, we are the largest independent tower operator in five of the seven markets in which we operate, and we are the only independent tower operator of scale in three of these markets.
We have a well-defined organic growth strategy designed to expand in existing markets with our existing and new customers and, given the significant global emerging market opportunities in communications infrastructure, we have historically also grown inorganically, entering into carefully selected growth-oriented markets with compelling underlying fundamentals. Since 2020, we have complemented our historical investment on the African continent with investments into other regions and adjacent communications infrastructure offerings. Each of these investments supported our inorganic growth strategy of expanding into additional regions that met our investment criteria, which opened up new markets that we believed would provide future organic and inorganic growth opportunities. Our investment criteria suggests that inorganic growth opportunities will be limited for the foreseeable future, as we assess inorganic investment as just one of various forms of capital allocation.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.6B | $2.0B | $1.9B | $1.5B | $1.6B |
| Net income | -$322.0M | -$25.8M | -$459.0M | -$2.0B | -$1.6B | $143.6M |
| Free cash flow | $540.5M | $512.0M | $528.8M | $388.6M | $494.2M | $718.7M |
More on IHS.
- IHS Holding Ltd summary
- IHS Holding Ltd financial statements
- IHS Holding Ltd key metrics
- IHS Holding Ltd health scores and style box
- IHS Holding Ltd earnings
- IHS Holding Ltd dividends
- IHS Holding Ltd valuation
- IHS Holding Ltd ownership and insiders
- IHS Holding Ltd peers
Figures from IHS Holding Ltd's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.