Annual report
Chair’s statement
"Africa and the Middle East have the lowest mobile penetration and highest population growth globally, which is accelerating the need for more resilient and reliable digital infrastructure.
Through the dedication of our talented local teams and the strength of our leadership, we continued to meet this strong demand for mobile infrastructure across our markets. In fact, we achieved our five-year tenancy ratio target one year early. Our strong delivery means that over 158 million people now receive reliable mobile network coverage and that all of our stakeholders are experiencing the value we are creating through our infrastructure sharing model."
Sir Samuel Jonah, Chair
Group CEO’s statement
"In 2025 we once again exceeded market expectations, powered by our world-class platform. We achieved our 2.2x tenancy ratio target over one year ahead of plan, while continuing to elevate the customer experience through business excellence.
As we look to the year ahead, we enter a new strategic cycle with a well-invested platform, proven operational capabilities and structural growth tailwinds that support sustained value through 2030 and beyond."
Tom Greenwood Group, Chief Executive Officer
2025 Highlights
| (In US$m, unless indicated otherwise) | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Sites (#) | 14,746 | 14,325 | +421 |
| Tenancy ratio | 2.2x | 2.1x | +0.1x |
| Adjusted EBITDA | 471 | 421 | +12% |
| ROIC | 13.5% | 12.9% | +0.6ppt |
| Free cash flow | 66 | 19 | +247% |
| Net leverage | 3.4x | 4.0x | -0.6x |
Digital inclusion in action
Scaling connectivity, accelerating growth in DRC
Our DRC business delivered strong operational performance in 2025, adding 128 sites and 763 tenancies while expanding coverage to over one million additional people. With millions still unconnected, the DRC remains a significant long-term growth opportunity and a key market for advancing digital inclusion.
World-class power uptime
In 2025, Helios Towers Senegal became the first market in the Group to achieve zero seconds of downtime per tower per week, a milestone that reflects years of continuous improvement, strong teamwork, and a data-driven approach to performance.
