- Revenue increased 23% year-on-year to US$127.5m (Q1 2021: US$103.6m), driven by acquisitions in Senegal, Madagascar and Malawi and strong organic tenancy growth across the Group. Excluding acquisitions, revenue increased 10% year-on-year.
- Revenue increased by 4% quarter-on-quarter (Q4 2021: US$122.3m).
- Adjusted EBITDA increased by 20% year-on-year to US$66.7m (Q1 2021: US$55.8m), driven by the three acquisitions closed over the past twelve months and organic tenancy growth in our established markets, partially offset by corporate SG&A investments previously communicated to support the Group’s transformational expansion from five markets to ten markets.
- Adjusted EBITDA increased by 2% quarter-on-quarter (Q4 2021: US$65.6m).
- Operating profit decreased year-on-year by US$2.7m and quarter-on-quarter by US$2.6m to US$14.4m, driven by higher depreciation from acquired assets, partially offset by Adjusted EBITDA growth.
- Portfolio free cash flow increased by 34% year-on-year to US$49.4m (Q1 2021: US$37.0m), driven by the increase in Adjusted EBITDA, lower maintenance and corporate capital additions, lower tax payments partially offset by higher lease payments, due to higher site count.
- Portfolio free cash flow was broadly flat quarter-on-quarter (Q4 2021: US$49.6m).
- Cash generated from operations increased by 76% year-on-year to US$52.7m (Q1 2021: US$30.0m), driven by higher Adjusted EBITDA and working capital movements. The decrease quarter-on-quarter was primarily due to working capital movements.
- Net leverage of 3.7x increased by +0.7x year-on-year (Q1 2021: 3.0x) and +0.1x quarter-on-quarter (Q4 2021: 3.6x), and remains at the low end of the Group's medium-term target range of 3.5x-4.5x.
- Business underpinned by long-term contracted revenues of US$4.2bn (Q1 2021: US$2.8bn), of which 99% is from multinational MNOs, with an average remaining life of 7.4 years (Q1 2021: 6.6 years).
Read the Q1 2022 results announcement here