Key highlights (Q3 2020)
- Adjusted EBITDA for the 9 months to 30 September 2020 increased by 10% year-on-year to US$166.5m (30 Sep 2019: US$151.5m), driven by tenancy growth and continued improvements in operational efficiency. Adjusted EBITDA margin for the 9 month period of 54% reflects a 1ppt year-on-year increase (30 Sep 2019: 53%).
- Q3 2020 Adjusted EBITDA increased by 4% quarter-on-quarter to US$57.4m (Q2 2020: US$55.1m), with Q3 2020 Adjusted EBITDA margin at a record 55% (Q3 2019: 54%), up 1ppt, within our medium-term target range of 55-60%.
- Continuing to deliver on our growth strategy, with revenue for the 9 months to 30 September 2020 increasing by 7% year-on-year to US$307.9m (30 Sep 2019: US$288.0m), driven by continued growth in the number of sites and tenancies across the Group.
- Q3 2020 Group revenue increased by 1% quarter-on-quarter to US$103.6m (Q2 2020: US$102.2m).
- Enhanced shareholder value by improving the Group’s capital structure with the successful upsize and pricing on 9 September 2020 of US$225m of aggregate principal of the existing 7.00% Senior Notes due 2025. The notes were issued at a price of 106.25 of principal and reflect a yield-to-maturity of 5.6%, lowering the Group’s cost of debt. The proceeds will be utilised primarily for expansion opportunities in existing and new markets.
- Helios Towers continues to monitor the impact of COVID-19 on its operations. The telecommunications sector has been classified as an ‘essential service’ in our markets, allowing us to operate at our normal high levels of service. To date, there has been minimal impact on the Group’s delivery of service and operational execution: impact has been limited to minor delays to customer rollouts earlier in the year.
Operational performance continues at very high levels, with power uptime of 99.99% recorded in Q3 2020 for a second consecutive quarter.
Increase in tenancies of 856 tenants year-on-year to 15,082 tenants (Q3 2019: 14,226 tenants). Q3 2020 tenancies increased by 176 quarter-on-quarter (Q2 2020: 14,906).
Increase of 319 sites year-on-year to 7,222 sites (Q3 2019: 6,903 sites). Increase of 130 sites quarter-on-quarter (Q2: 7,092).
Tenancy ratio increased year-on-year by 0.03x to 2.09x (Q3 2019: 2.06x). Q3 2020 tenancy ratio marginally decreased by 0.01x quarter-on-quarter to 2.09x (Q2 2020: 2.10x), reflecting strong site growth.