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HELIOS TOWERS plc Unaudited results for the three months ended 31 March 2021 Transformational period for the Company through multiple acquisitions Acquisitions establish Helios Towers as the most diverse Towerco in the Africa & Middle - East region 2021 outlook for existing markets unchanged London , 20 May 2021 : Helios Towers plc ( " Helios Towers " , " the Group " or " the Company " ) , the independent telecommunications infrastructure company , today announces results for the three months to 31 March 2021 . Sites Tenancies Tenancy ratio Revenue ( US $ m ) Adjusted EBITDA ( US $ m ) ( 1 ) Adjusted EBITDA margin ( 1 ) Portfolio free cash flow ( US $ m ) ( 1 ) Net debt ( US $ m ) ( 1 ) Net leverage ( 1 , 2 ) Q1 2021 Q1 2020 7,358 Change Q1 2021 Q4 2020 Change 6,991 + 5 % 7,358 7,356 0 % 15,732 14,677 + 7 % 15,732 15,656 0 % 2.14x 2.10x + 0.04x 2.14x 2.13x + 0.01x 103.6 101.8 + 2 % 103.6 106.1 -2 % 55.8 54.0 + 3 % 55.8 60.1 -7 % 54 % 53 % + 1ppt 54 % 57 % -3ppt 37.0 45.9 -19 % 37.0 41.1 -10 % 673.2 653.3 + 3 % 673.2 692.4 -3 % 3.0x 3.0x 3.0x 2.9x + 0.1x ( 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 • • Revenue for the three months to 31 March 2021 increased by 2 % year - on - year to US $ 103.6m ( Q1 2020 : US $ 101.8m ) , driven by tenancy growth across the Group . о While underlying growth continued as expected , reported revenue decreased by 2 % quarter - on - quarter , driven by a US $ 3m decrease in DRC revenue following a catch - up payment for amendment revenue in the fourth quarter . Adjusted EBITDA for the three months to 31 March 2021 increased by 3 % year - on - year to US $ 55.8m ( Q1 2020 : US $ 54.0m ) . Adjusted EBITDA margin of 54 % reflects a 1ppt year - on - year increase ( Q1 2020 : 53 % ) . ○ Q1 2021 Adjusted EBITDA declined by 7 % quarter - on - quarter ( Q4 2020 : US $ 60.1m ) , driven by the decrease in DRC revenues and higher costs in that market following an increase in the DRC licence fee to 3 % of local revenues . . Portfolio free cash flow for the three months to 31 March 2021 decreased by 19 % year - on - year to US $ 37.0m ( Q1 2020 : US $ 45.9m ) , due to timing of corporate income tax payments and non - discretionary capex . • Q1 2021 portfolio free cash flow declined by 10 % quarter - on - quarter ( Q4 2020 : US $ 41.1m ) . Net leverage of 3.0x remained flat year - on - year and increased by + 0.1x quarter - on - quarter ( Q4 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 99 % is from large multinational MNOS , with an average remaining life of 7 years . Operational highlights Operational performance continues at very high levels , achieving 99.99 % power uptime for the fourth consecutive quarter . In January and February 2021 , the Company achieved less than one minute downtime per tower per week , the best power uptime performance in the Company's history .