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HELIOS TOWERS plc Unaudited trading update for the nine months and quarter ended 30 September 2021 Strong quarter of organic tenancy growth with 2021 tenancy outlook reiterated Transformational period underway for the Company through multiple acquisitions and CEO transition London , 28 October 2021 : Helios Towers plc ( " Helios Towers " , " the Group " or " the Company " ) , the independent telecommunications infrastructure company , today announces results for the nine months to 30 September 2021 ( " YTD 2021 " ) . YTD 2021 YTD 2020 Change Q3 2021 Q2 2021 Change Sites Tenancies Tenancy ratio Revenue ( US $ m ) 8,765 7,222 + 21 % 8,765 8,603 + 2 % 17,773 15,082 + 18 % 17,773 17,090 + 4 % 2.03x 2.09x -0.06x 2.03x 1.99x + 0.04x 326.8 307.9 + 6 % 114.4 108.8 + 5 % Adjusted EBITDA ( US $ m ) ¹ 175.0 166.5 + 5 % 60.8 58.4 + 4 % Adjusted EBITDA margin¹ Operating profit ( US $ m ) Portfolio free cash flow ( US $ m ) ¹ Cash generated from operations ( US $ m ) 54 % 54 % 53 % 54 % -1ppt 42.0 45.4 -7 % 15.1 9.8 + 54 % 118.7 133.3 -11 % 44.9 36.8 + 22 % 98.6 145.9 -32 % 52.9 15.7 + 237 % Net debt ( US $ m ) ¹ 835.9 662.2 + 26 % 835.9 786.0 + 6 % Net leverage 1,2 3.4x 2.9x + 0.5x 3.4x 3.2x + 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 : " We are delighted to deliver our strongest quarter of organic tenancy additions in six years , with 683 incremental organic tenancies and we have a busy quarter ahead , reflecting the significant demand we are seeing from mobile operators across all our markets . Our tenancy pipeline remains robust and accordingly , we have reiterated our full - year tenancy outlook and look forward to supporting our customers ' network expansion in Q4 2021 and beyond . " Tom Greenwood , Chief Operating Officer and CEO - Designate , added : " Alongside the robust tenancy growth in the quarter , we also delivered solid revenue and Adjusted EBITDA growth , reflecting the contribution from our newest market , Senegal . Our new markets team is well progressed with the integration plans for each of the five other announced acquisitions , and we are excited to commence operations in these attractive markets , supporting our customers to efficiently expand mobile communications . " Financial highlights • • • YTD 2021 revenue increased by 6 % year - on - year to US $ 326.8m ( YTD 2020 : US $ 307.9m ) , driven by the acquisition of Free Senegal's tower portfolio in Q2 2021 and continued organic tenancy growth across the Group . O Q3 2021 revenue increased by 5 % quarter - on - quarter to US $ 114.4m ( Q2 2021 : US $ 108.8m ) . YTD 2021 Adjusted EBITDA increased by 5 % year - on - year to US $ 175.0m ( YTD 2020 : US $ 166.5m ) , driven by the addition of Free Senegal's tower portfolio and continued organic tenancy growth across our markets , partially offset by increased SG & A investment to support our expansionary strategy . YTD 2021 Adjusted EBITDA margin of 54 % is flat year - on - year . Q3 2021 Adjusted EBITDA increased by 4 % quarter - on - quarter to US $ 60.8m ( Q2 2021 : US $ 58.4m ) , with Q3 2021 Adjusted EBITDA margin at 53 % ( Q2 2021 : 54 % ) . о YTD 2021 operating profit decreased by 7 % year - on - year to US $ 42.0m ( YTD 2020 : US $ 45.4m ) due to higher deal costs in the current year in relation to acquisitions , which is partially offset by continued Adjusted EBITDA growth . Q3 2021 operating profit increased by 54 % quarter - on - quarter to US $ 15.1m ( Q2 2021 : US $ 9.8m ) , due to lower Ideal costs in the quarter . YTD 2021 portfolio free cash flow decreased by 11 % year - on - year to US $ 118.7m ( YTD 2020 : US $ 133.3m ) , driven by an increase in corporate income tax , non - discretionary capex and lease payments . 1