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HELIOS TOWERS plc Unaudited results for the 6 months ended 30 June 2021 Strong H1 performance through acquisitions and continued operational excellence Transformational period underway for the Company through multiple acquisitions 2021 tenancy outlook for existing markets unchanged London , 19 August 2021 : Helios Towers plc ( " Helios Towers " , " the Group " or " the Company " ) , the independent telecommunications infrastructure company , today announces results for the six months to 30 June 2021 . H1 2021 H1 2020 Change Q2 2021 Q1 2021 Change Sites 8,603 7,092 + 21 % 8,603 7,358 + 17 % Tenancies Tenancy ratio Revenue ( US $ m ) 17,090 14,906 + 15 % 17,090 15,732 + 9 % 1.99x 2.10x -0.11x 1.99x 2.14x -0.15x 212.4 204.0 + 4 % 108.8 103.6 + 5 % Adjusted EBITDA ( US $ m ) ¹ Adjusted EBITDA margin¹ Operating profit ( US $ m ) 114.2 109.1 + 5 % 58.4 55.8 + 5 % 54 % 53 % + 1ppt 54 % 54 % 26.9 29.3 -8 % 9.8 17.1 -43 % Portfolio free cash flow ( US $ m ) ¹ 73.8 89.1 -17 % 36.8 37.0 -1 % Cash generated from operations ( US $ m ) 45.7 88.3 -48 % 15.7 30.0 -48 % Net debt ( US $ m ) ¹ 786.0 655.7 + 20 % 786.0 673.2 + 17 % Net leverage 1,2 3.2x 3.0x + 0.2x 3.2x 3.0x + 0.2x 1 Alternative Performance Measures are described in our defined terms and conventions . 2 Calculated as per the Senior Notes definition of net debt divided by annualised Adjusted EBITDA . Kash Pandya , Chief Executive Officer , said : " The first half of 2021 has been a busy period for the Group , closing the acquisition of Free Senegal's tower assets and announcing five further acquisitions across Africa and the Middle - East . We are delighted to have commenced operations in the attractive Senegal market and through our experienced new markets function we have created a strong local team with our processes , systems and culture in place , ready to support mobile network operators efficiently expand coverage . We will be applying our tried and tested framework across each of the announced acquisitions , which we expect to close over the coming nine months . At the same time we remain incredibly focused on delivering exceptional customer service to our MNO partners in all our operating markets and driving organic growth . In Q2 2021 we delivered steady organic growth and another quarter of leading power uptime , while strengthening our tenancy pipeline to support accelerated growth in the second half of 2021. " Financial highlights • H1 2021 revenue increased by 4 % year - on - year to US $ 212.4m ( H1 2020 : US $ 204.0m ) driven by continued organic tenancy growth across the Group and the addition of 1,264 tenancies through the acquisition of Free Senegal's passive infrastructure assets , which closed during Q2 2021 . о Q2 2021 revenue increased by 5 % quarter - on - quarter to US $ 108.8m ( Q1 2021 : US $ 103.6m ) . H1 2021 Adjusted EBITDA increased by 5 % year - on - year to US $ 114.2m ( H1 2020 : US $ 109.1m ) , driven by tenancy growth and continued improvements in operational efficiency , with H1 2021 Adjusted EBITDA margin at 54 % ( H1 2020 : 53 % ) , up 1ppt . Q2 2021 Adjusted EBITDA increased by 5 % quarter - on - quarter to US $ 58.4m ( Q1 2021 : US $ 55.8m ) , including a contribution of US $ 2.3m from Senegal , with Q2 2021 Adjusted EBITDA margin at 54 % ( Q1 2021 : 54 % ) . Operating profit decreased by US $ 2.4 million , from US $ 29.3 million in H1 2020 to US $ 26.9 million in H1 2021 , driven by an increase in deal costs , depreciation and loss on disposal of property , plant and equipment , partially offset by an increase in adjusted EBITDA and lower amortisation and project costs . Portfolio free cash flow decreased by 17 % year - on - year to US $ 73.8m ( H1 2020 : US $ 89.1m ) , driven by timing of corporate income tax and non - discretionary capex payments . 1