Investment case

Helios Towers builds, powers and operates a mission-critical telecoms infrastructure platform in Africa and the Middle East. We combine durable, contracted cash flows with multi-year organic growth potential.
With market leadership in seven of our nine regions, proven expertise in navigating complex environments, a diverse base of blue-chip customers, de-risked FX management and a well-invested platform, we are strategically placed to deliver sustained growth and strong returns in the years ahead.

We are targeting a 2.5x tenancy ratio by 2030, driven by disciplined lease-up and continued investment in network expansion.

Operating towers in Africa and the Middle East requires a unique operational skillset to excel in complicated terrains with limited grid availability. Our Business Excellence Programme, built on Lean Six Sigma principles of eliminating excess and improving precision and supported by advanced digital tools, enables world-class delivery. This approach has resulted in best-in-class uptime of ~99.99% and rapid rollout, with colocations going live in under 24 hours.

Our infrastructure-sharing model is inherently sustainable — enabling mobile operators to expand networks faster, at lower cost and with reduced carbon emissions. We continue to invest in efficiency initiatives such as grid integration, solar power, advanced battery systems, and remote monitoring to further minimise environmental impact.

Africa and the Middle East represent the world’s fastest-growing mobile markets, driven by both low current mobile penetration and exceptional population growth. By the end of this century, the region is projected to become the most populous in the world, surpassing Asia, while other regions experience relatively flat population trends.

Over the next five years alone, our markets are expected to see an additional 91 million mobile connections and 4x data growth. Supporting this surge in connectivity will require significant infrastructure investment, with more than 27,000 new Points of Service forecast to meet demand.

We build for the long term with a focus on blue-chip MNO customers. More than 70% 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 26% only, and 98% of revenues come from blue-chip MNOs. We are also the most geographically diverse towerco in Africa and the Middle East.

With over US$5 billion in contracted revenue 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.

We maintain a disciplined approach to capital allocation, prioritising high-return organic investments while balancing share buybacks and a progressive dividend policy.

With a projected 9% EBITDA CAGR over the next five years, we have strong visibility towards generating $1.3 billion in Recurring Free Cash Flow (FY26–FY30). Of this, more than $500 million is expected to be reinvested in accretive organic growth opportunities (driving ROIC expansion from 15% to 20%), and over $400 million allocated to shareholder distributions, all while continuing to focus on deleveraging the business.

Our organic investments are focused on colocations and selective build-to-suit (BTS) developments, targeting an average return on invested capital (ROIC) of 12% for the first tenant, 25% for the second, and 34% for the third.