Investment case
Why invest in Helios Towers?
Helios Towers is a leading independent mobile tower company connecting people and powering growth across Africa and the Middle East.
We own and operate nearly 15,000 towers across nine countries in Africa and the Middle East – the fastest growing region globally for mobile services and data consumption – providing mission critical infrastructure and world-class operations to leading mobile network operators.
World-class platform
We build, power and operate mission-critical telecoms infrastructure across nine markets. Our well-invested, lease-up ready portfolio combines durable contracted revenues with multi-year organic growth potential.
With market leadership in seven of our nine markets, a diverse base of blue-chip MNO customers, disciplined FX management and deep operational expertise in complex environments, we are positioned to deliver sustained growth and expanding returns.
Through IMPACT 2030, we are targeting a tenancy ratio above 2.5x and more than 42,000 tenancies by 2030, driven by disciplined lease-up and continued network expansion.
Our Business Excellence Programme - built on Lean Six Sigma principles and advanced digital tools - underpins best-in-class power uptime of ~99.99% and industry-leading rollout speeds, with colocations delivered in as little as 24 hours.
Our infrastructure-sharing model is inherently sustainable, enabling faster network expansion at lower cost and lower carbon intensity per tenant, supported by continued investment in grid integration, solar solutions and advanced monitoring technologies.
A multi-decade growth runway
Africa and the Middle East are the fastest-growing regions globally for mobile connectivity and data consumption. Structural drivers - including population growth, rising smartphone adoption and low current mobile penetration - create a multi-decade growth runway.
Over the next five years, our markets are expected to see an additional 94 million mobile connections and 4x data growth. Supporting this surge in connectivity will require significant infrastructure investment, with more than 28,000 new Points of Service forecast to meet demand.
Robust business model
We build, acquire, lease up and operate mobile towers that can accommodate and power the needs of multiple tenants.
We build for the long term with a focus on blue-chip MNO customers. More than 71% of our Adjusted EBITDA is in hard currency, with a diverse mix of investment-grade or near-investment-grade customers.
Our maximum single-customer exposure is at 28% only, and almost 100% of revenues come from multinational MNOs. We are also the most geographically diverse towerco in Africa and the Middle East.
With over US$5 billion in contracted revenues with an average remaining life of 6.6 years under a US towerco-style structure — featuring minimal cancellation rights, long-term commitments, and embedded CPI and power escalators — we have a highly visible base of earnings and cash flows, exemplified by the consecutive growth of our US dollar Adjusted EBITDA in the last ten years.
Disciplined and flexible capital allocation
Since our initial public offering, we have successfully completed two strategies, both ahead of plan and building the platform for the highly accretive growth targeted ahead.
As a result, we achieved our 2.2x tenancy ratio target a full year earlier than planned, supporting free cash flow inflection. Building on this momentum, in November 2025 we announced our next five-year strategic plan: IMPACT 2030.
Through IMPACT 2030, we target generating >US$1.3 billion of recurring free cash flow, which we will deploy through our disciplined and flexible capital allocation framework.
The first pillar of our framework is optimised organic investments. We target >US$500 million discretionary capex up to and including 2030 on highly accretive sites, colocations and operational investments.
The second pillar of our framework is shareholder distributions, with >US$400 million targeted up to and including 2030.
The remaining capacity will be allocated to the highest returning opportunities available to us.