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IHS

IHS Holding Limited

IHS

IHS Holding Limited • NYSE
$7.10 ▲ 3.35% (+0.23)
Market Cap $2.37 B
52w High $8.00
52w Low $2.90
Dividend Yield 0%
P/E 5.14
Volume 581.20K
Outstanding Shares 334.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $455.1M ▲ $56.2M ▼ $151M ▲ 33.18% ▲ $0.45 ▲ $283.2M ▲
Q2-2025 $433.3M ▼ $75.9M ▲ $35.4M ▲ 8.17% ▲ $0.11 ▲ $256.1M ▼
Q1-2025 $439.6M ▲ $62.9M ▲ $33.1M ▼ 7.53% ▼ $0.1 ▼ $272.9M ▲
Q4-2024 $437.822M ▲ $-2.25M ▼ $246.515M ▲ 56.305% ▲ $0.74 ▲ $-1.408B ▼
Q3-2024 $420.282M $92.75M $-204.143M -48.573% $-0.61 $242.827M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $647.6M ▲ $4.683B ▲ $4.645B ▲ $-135.8M ▲
Q2-2025 $531.8M ▼ $4.49B ▲ $4.588B ▼ $-270.8M ▲
Q1-2025 $629M ▲ $4.416B ▲ $4.601B ▲ $-352.3M ▲
Q4-2024 $577.956M ▲ $4.277B ▼ $4.573B ▼ $-454.579M ▲
Q3-2024 $397.499M $4.571B $4.837B $-472.441M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $151M ▲ $251.3M ▲ $-43.3M ▲ $-93M ▲ $118.4M ▲ $176.9M ▼
Q2-2025 $67.6M ▼ $237.7M ▲ $-47.3M ▼ $-291.3M ▼ $-95.9M ▼ $191.4M ▲
Q1-2025 $69.2M ▼ $200.3M ▼ $-39.2M ▼ $-108.1M ▲ $51M ▼ $143.7M ▼
Q4-2024 $236.354M ▲ $344.308M ▲ $55.659M ▲ $-200.694M ▼ $180.457M ▲ $267.876M ▲
Q3-2024 $-204.1M $174.5M $-44.5M $-178.7M $-48.2M $112.6M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past few years but slipped most recently, suggesting momentum has cooled after a strong expansion phase. Gross profit remains healthy, yet high operating and financing costs mean the company has reported sizeable net losses year after year. Profitability has not kept pace with the scale of the business: operating results have improved versus earlier years, but earnings after interest and other charges remain deeply negative, with per‑share losses widening. Overall, the income statement tells a story of a business with solid demand and scale, but still struggling to convert that into sustainable profits for shareholders.

Balance Sheet

Balance Sheet The balance sheet is heavily debt‑funded, with borrowings making up a large share of the capital structure. Equity has moved from positive to negative, which signals accumulated losses and a thin financial cushion against shocks. The company still carries a meaningful cash balance, but it is small compared with its total debt, which keeps financial risk elevated. In short, the asset base is sizable, but leverage is high and balance‑sheet flexibility looks constrained.

Cash Flow

Cash Flow Despite accounting losses, the core business generates steady cash from operations, which is an important positive. The company has been investing heavily in its network and infrastructure, but recent capital spending has eased, helping free cash flow turn and stay positive. This means the business is able to fund much of its investment from internal cash rather than relying entirely on new borrowing. The main challenge is using that cash generation to gradually strengthen the balance sheet while still supporting growth needs.

Competitive Edge

Competitive Edge IHS operates in a niche with strong structural demand: mobile data growth and network expansion in emerging markets. Its large tower base, long‑term contracts with major mobile operators, and deep local experience create meaningful barriers to entry and fairly predictable revenue streams. Operating know‑how in difficult environments and an end‑to‑end service model raise switching costs for customers. The flip side is exposure to political, regulatory, currency, and customer‑concentration risks typical of its markets, which can pressure results even with a solid competitive moat.

Innovation and R&D

Innovation and R&D Innovation is focused on operations and infrastructure rather than traditional lab‑style R&D. Key efforts include advanced monitoring centers, energy‑efficient and hybrid power solutions for off‑grid sites, and tailored products like small cells, distributed antenna systems, and rural connectivity offerings. The company is also extending into fiber, office connectivity, and early moves in data centers and edge computing, positioning itself as a broader digital‑infrastructure provider. These initiatives could deepen customer relationships and unlock new revenue streams, but they require disciplined execution and capital management to pay off financially.

Summary

IHS combines a strong strategic position in fast‑growing emerging markets with a weak financial bottom line. The business model delivers stable, contracted revenue and solid operating cash flow, but persistent net losses, high debt, and negative equity are notable red flags from a financial health standpoint. Innovation around energy, fiber, and edge infrastructure gives the company avenues for long‑term growth and differentiation, yet it also adds execution and funding complexity. Overall, the story is of a strategically important infrastructure player that still needs to translate its scale and innovation into durable profitability and a stronger balance sheet.

NEWS

November 12, 2025 · 6:55 AM UTC

IHS Holding Limited Reports Third Quarter 2025 Financial Results

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October 9, 2025 · 10:55 AM UTC

IHS Towers Completes Sale of Rwanda Operations to Paradigm Tower Ventures

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October 8, 2025 · 11:31 AM UTC

IHS Brazil Signs New Site Agreement with TIM S.A.

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