IHS Towers’ revenue from continuing operations rose 21.4% year-on-year to $490.5 million in the third quarter of 2026, up from $403.9 million in the same period last year.
The company, which owns and manages telecommunications infrastructure across several emerging markets, counts MTN Nigeria and Airtel as customers.
Nigeria remained its largest market, contributing $359.4 million in revenue, a 34.1% increase from $268 million in Q3 2025. Sub-Saharan Africa generated a further $131.1 million, although this represented a 3.5% decline year-on-year.
The Nigerian revenue growth was partly driven by the naira’s appreciation against the US dollar, which contributed $40.7 million to reported revenue. Higher diesel prices also supported revenue through the company’s power pass-through and indexation mechanisms.
The results come as IHS advances its proposed acquisition by MTN Group. Shareholders approved the transaction at an extraordinary general meeting in August, with CEO Sam Darwish saying the company still expects it to close before the end of 2026, subject to outstanding conditions.
IHS also completed the sale of its Latin American tower operations to Macquarie Asset Management in August, following the earlier disposal of its stake in Brazilian fibre infrastructure company I-Systems to TIM.
Despite revenue growth, IHS recorded a net loss of $8.2 million, compared with a profit of $147.4 million a year earlier. The reversal reflected higher costs, including a $48.2 million year-on-year increase in cost of sales and an $88.4 million increase in administrative expenses. The latter included $49.1 million in accelerated share-based payment and employee benefit expenses linked to the proposed MTN acquisition.
Adjusted EBITDA rose 8.1% to $282.7 million, while adjusted levered free cash flow increased 25.3% to $197.7 million.
The company’s consolidated net leverage ratio also improved to 1.8 times from 3.3 times a year earlier, supported by proceeds from the disposal of its Latin American operations and continued debt reduction.
Last updated: November 10, 2026
