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This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation ( EU ) 596/2014 , as it forms part of retained EU law Helios Towers plc announces results for the year ended 31 December 2020 Full year results in line with expectations Business underpinned by long - term contracted revenues with blue - chip mobile network operators London , 10 March 2021 : Helios Towers plc ( ' the Company ' and together with its subsidiaries ' Helios Towers ' or ' the Group ' ) , the independent telecommunications infrastructure company , today announces results for the year to 31 December 2020 . FY 2020 FY 2019 Change Q4 2020 Q3 2020 Change Sites Tenancies Tenancy ratio Revenue ( US $ m ) 7,356 6,974 + 5 % 7,356 7,222 + 2 % 15,656 14,591 + 7 % 15,656 15,082 + 4 % 2.13x 2.09x + 0.04x 2.13x 2.09x + 0.04x 414.0 387.8 + 7 % 106.1 103.6 + 2 % Adjusted EBITDA ( US $ m ) ¹ 226.6 205.2 + 10 % 60.1 57.4 + 5 % Adjusted EBITDA margin¹ 55 % 53 % + 2ppt 57 % 55 % + 2ppt Operating profit / ( loss ) ( US $ m ) 56.3 ( 4.5 ) +60.8 10.9 16.1 ( 5.2 ) Portfolio free cash flow ( US $ m ) 1 174.4 168.9 + 3 % 41.1 44.2 ( 7 ) % Net debt ( US $ m ) ¹ 692.4 626.5 + 11 % 692.4 662.2 + 5 % Net leverage 1,2 2.9x 2.9x 2.9x 2.9x 1. Alternative Performance Measures are described in our defined terms and conventions . 2. Calculated as net debt divided by last quarter annualised Adjusted EBITDA for the period . Financial highlights Full year Group revenue increased by 7 % year - on - year to US $ 414.0m ( 2019 : US $ 387.8m ) , driven by the continued growth in the number of sites and tenancies across the Group . ○ Q4 2020 Group revenue increased by 2 % quarter - on - quarter to US $ 106.1m ( Q3 2020 : US $ 103.6m ) . Full year Adjusted EBITDA increased by 10 % year - on - year to US $ 226.6m ( 2019 : US $ 205.2m ) , driven by tenancy growth and continued improvements in operational efficiency , with Adjusted EBITDA margin expanding to 55 % ( 2019 : 53 % ) , up 2ppts . О Q4 2020 Adjusted EBITDA increased by 5 % quarter - on - quarter to US $ 60.1m ( Q3 2020 : US $ 57.4m ) . Full year operating profit increased by US $ 60.8m year - on - year to US $ 56.3m ( 2019 : US $ -4.5m ) . О Q4 2020 operating profit decreased by US $ 5.2m quarter - on - quarter to US $ 10.9m ( Q3 2020 : US $ 16.1m ) , driven by a loss on disposal of PPE related to our site consolidation program . Portfolio free cash flow increased by 3 % year - on - year to US $ 174.4m ( 2019 : US $ 168.9m ) . о Q4 2020 portfolio free cash flow decreased by -7 % quarter - on - quarter to US $ 41.1m ( Q3 2020 : US $ 44.2m ) reflecting timing of capex and corporate income tax payments . Net leverage of 2.9x remained flat year - on - year and quarter - on - quarter ( 2019 and Q3 2020 : 2.9x ) , below the Group's target range of 3.5x - 4.5x . Business underpinned by long term contracted revenues of US $ 2.8bn , of which 82 % is from Africa's Big- Five MNOS , with an average remaining life of 6.8 years .