Helios Towers has reported a 13% increase in revenue to US$718.8 million for the nine months ended 30 September 2026, supported by increased tenancies across its markets in Africa and the Middle East.
The independent mobile telecommunications tower company recorded 3,435 tenancy additions during the period, its highest year-to-date total. This included 942 tenancies at new sites. Total tenancies increased 12% year-on-year to 35,379, while its tenancy ratio rose to 2.26x from 2.16x a year earlier.
Helios Towers operates 15,688 sites across nine countries in Africa and the Middle East. It attributed revenue growth mainly to tenancy additions, particularly in the Democratic Republic of Congo (DRC), Tanzania and Malawi, alongside power price escalations.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 13% to US$392.2 million, with the EBITDA margin improving to 55% from 54%. The company attributed the improvement partly to its higher tenancy ratio, although increased fuel costs offset some of the gains.
Operating profit rose 23% to US$259.1 million, while return on invested capital improved by 0.4 percentage points to 14.2%.
Recurring free cash flow increased 10% to US$133.7 million. However, overall free cash flow recorded an outflow of US$5.2 million, compared with an inflow of US$48.7 million in the corresponding period of 2025. The change reflected higher capital expenditure, with discretionary spending rising to US$172.8 million from US$72 million.
The company’s net leverage stood at 3.4x, down 0.2x year-on-year but unchanged from the end of 2025.
Following the performance, Helios Towers raised its full-year 2026 expectations. It now expects approximately 4,000 tenancy additions, compared with its previous guidance of 3,500 to 4,000.
Adjusted EBITDA is projected at around US$535 million, up from the previous range of US$520 million to US$535 million. Recurring free cash flow is expected to exceed US$235 million, compared with the earlier range of US$220 million to US$235 million.
The company expects discretionary capital expenditure of US$230 million to US$245 million for the year, compared with its previous guidance of US$215 million to US$245 million.
Helios Towers also increased shareholder returns through its share buyback programme. It repurchased US$48 million worth of shares during the year to date, bringing cumulative repurchases to US$72 million since the programme began in November 2025.
In September, the board increased the buyback authorisation by US$100 million to US$175 million and extended the programme to 31 December 2027. The company also paid its first interim dividend of 0.604 pence per share on 14 September 2026.
Its contracted revenue reached a record US$6.2 billion, providing visibility over future income. Approximately 98% of this revenue comes from large multinational mobile network operators, while around 70% is attributable to investment-grade customers.
The average remaining contract term stood at 6.4 years, and 69% of revenue generated during the period was in hard currency.
Tom Greenwood, Chief Executive Officer of Helios Towers, said the company continued to record strong operational and financial performance, supported by growing customer demand across its markets.
Greenwood said the company expects to deliver more than 3,000 tenancies in 2027, supporting continued double-digit adjusted EBITDA growth. He also highlighted opportunities to increase recurring free cash flow, improve returns on invested capital and expand shareholder distributions.
