- H1 2021 revenue increased by 4% year-on-year to US$212.4m (H1 2020: US$204.0m) driven by continued organic tenancy growth across the Group and the addition of 1,264 tenancies through the acquisition of Free Senegal’s passive infrastructure assets, which closed during Q2 2021.
- Q2 2021 revenue increased by 5% quarter-on-quarter to US$108.8m (Q1 2021: US$103.6m).
- H1 2021 Adjusted EBITDA increased by 5% year-on-year to US$114.2m (H1 2020: US$109.1m), driven by tenancy growth and continued improvements in operational efficiency, with H1 2021 Adjusted EBITDA margin at 54% (H1 2020: 53%), up 1ppt.
- Q2 2021 Adjusted EBITDA increased by 5% quarter-on-quarter to US$58.4m (Q1 2021: US$55.8m), including a contribution of US$2.3m from Senegal, with Q2 2021 Adjusted EBITDA margin at 54% (Q1 2021: 54%).
- Operating profit decreased by US$2.4 million, from US$29.3 million in H1 2020 to US$26.9 million in H1 2021, driven by an increase in deal costs, depreciation and loss on disposal of property, plant and equipment, partially offset by an increase in adjusted EBITDA and lower amortisation and project costs.
- Portfolio free cash flow decreased by 17% year-on-year to US$73.8m (H1 2020: US$89.1m), driven by timing of corporate income tax and non-discretionary capex payments.
- Q2 2021 portfolio free cash flow decreased by 1% quarter-on-quarter to US$36.8 million (Q1 2021: US$37.0m), driven by forward purchases of non-discretionary capex and upfront ground lease payments in our new market Senegal.
- Cash generated from operations decreased by US$42.6 million from US$88.3 million in H1 2020 to US$45.7 million in H1 2021, primarily driven by working capital movements including escrow deposit payments in relation to acquisitions.
- Net leverage increased by +0.2x both year-on-year and quarter-on-quarter to 3.2x (H1 2020: 3.0x), remaining below the Group's medium term target range of 3.5x-4.5x.
- In June 2021, Helios Towers successfully raised US$160m gross proceeds through a US$110m equity placing and retail offer and US$50m convertible bond tap issuance. The proceeds have further enhanced the Company’s balance sheet and provides additional capital to drive the Group's organic and inorganic growth strategy.
- Business underpinned by long-term contracted revenues of US$3.5bn (H1 2020: US$2.8bn), of which 99% is from multinational MNOs, with an average remaining life of 7.4 years (H1 2020: 6.8 years).
Read the H1 2021 results announcement here