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CONNECTING PEOPLE, POWERING GROWTH C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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Disclaimer This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Helios Towers plc (the "Company") or any other member of the Helios Towers group (the “Group”), nor should it be construed as legal, tax, financial, investment or accounting advice. This presentation contains forward looking statements which are subject to known and unknown risks and uncertainties because they relate to future events, many of which are beyond the Group’s control. These forward-looking statements include, without limitation, statements in relation to the Company’s financial outlook and future performance and related projections and forecasts. No assurance can be given that future results will be achieved; actual events or results may differ materially due to forward-looking risks and uncertainties facing the Group. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. The Company undertakes no obligation to update or revise any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances. Nothing in this presentation is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of the Company or the Group or their businesses. This presentation also contains industry, market and competitive position data and forecasts from our own internal estimates and research as well as from studies conducted by third parties, publicly available information, industry and general publications and research and surveys. This information involves third-party assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources and from our and third-party estimates are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation and as described above. This presentation also contains non-GAAP financial information which the Directors believe is valuable in understanding the performance of the Group. However, non-GAAP information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Group's industry. Although these measures are important in the assessment and management of the Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. 2CAPITAL MARKETS DAY 2025
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Agenda A World-Class Tower Platform Welcome Q&A Tom Greenwood, CEO Manjit Dhillon, CFO & HT Oman Executive Chair Deep-dive presentations 14:00 – 14:10 14:10 – 14:50 16:45 – 17:45 16:00 – 16:30 Tom Greenwood, CEO Sir Samuel Jonah KBE, OSG, Chair Chris Baker-Sams, Head of Strategic Finance & Investor Relations Fireside Chat: Driving Excellence Across Our Markets1 Allan Fairbairn, Fritz Dzeklo, Gwakisa Stadi, Lara Coady, Sainesh Vallabh 15:30 – 16:00 Best-in-class Financial Performance 14:50 – 15:20 3CAPITAL MARKETS DAY 2025 Transfer to 26th floor 16:30 – 16:45 1 2 5 3 6 8 7 Mobile networks beyond 2030: 5G/6G compounding growth complimented by satellites Supercharging lease-up through GIS Elevating Business Excellence through AI Our power advantage: People, process & technology Manjit Dhillon, CFO & HT Oman Executive Chair 1 2 3 4 1. Allan Fairbairn - Director of Delivery, IT & Business Excellence, Fritz Dzeklo - Regional CEO, Central, West & Southern Africa, Gwakisa Stadi - Regional CEO, East Africa, Lara Coady - Director of Operations & Engineering, Sainesh Vallabh - Chief Commercial Officer. Break 15:20 – 15:304
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CC Sir Samuel Jonah KBE, OSG Chair Joined Helios Towers as Chair in 2019 at IPO Deep Board experience: Vodafone, Lonrho, Bank of America Corp., and Standard Bank Knighted by Queen Elizabeth II in 2003 for his significant contribution to business and industry in Africa 4 CAPITAL MARKETS DAY 2025
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CC Tom Greenwood CEO Joined Helios Towers in 2010. Previously: COO (2020-2022) CFO (2015-2020) Appointed CEO in April 2022 Leadership across all strategic cycles 5 CAPITAL MARKETS DAY 2025
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Tom Greenwood, CEO A WORLD-CLASS TOWER PLATFORM 1x 2x 3x IMPACT 2030 Our Markets have Decades of Growth Ahead Our Customers are Leading Mobile Network Operators Our Ambitious but Deliverable Financial Targets Our World-Class Platform We Deliver Operational Excellence in Complex Markets 01 03 04 06 02 05
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Executive Leadership Team – >450 years’ experience in tower, power & EM 7 Country Managing DirectorsGroup Executive Committee Karim Ndiaye Group Director, Talent Development & PE Ben Smeaton Director of Digital Innovation Will Richardson- White Head of SHEQ Ravi Suchak Head of External Affairs, Sustainability & Public Policy Gwakisa Stadi Regional CEO – East Africa Philippe Loridon Director of Coaching & Empowerment Lara Coady Director of Operations & Engineering Tom Greenwood CEO Manjit Dhillon CFO & HT Oman Executive Chair Sainesh Vallabh Chief Commercial Officer David Dzigba MD HT Tanzania Colard Nkole Tshiyoyo MD HT DRC Jadawy Al Riyamy MD HT Oman Marinus Gieselbach MD HT S.A. & Regional Director Southern Africa Fatoumata Mbaye MD HT Senegal Fritz Dzeklo Regional CEO - West, Central & Southern Africa Allan Fairbairn Director of Delivery, IT & Business Excellence Paul Barrett General Counsel & Company Secretary Fatima Coninx Director, People Maixent Bekangba MD HT Congo Brazzaville & Regional Director Central Africa Kweku Frempong MD HT Ghana Holy Andriamanamihaja MD HT Madagascar Amani Keenja MD HT Malawi Functional Specialists Lean Six Sigma (“LSS”) status: = LSS black belt = LSS orange belt CAPITAL MARKETS DAY 2025 Attending CMD today
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Our business is underpinned by >15 years’ operating at the highest levels of governance 8CAPITAL MARKETS DAY 2025 Governance embedded through multiple layers Board Deep expertise & experience. Compliant with the UK Companies Act & Corporate Governance Code DFI investors Standards Values Accreditations Sir Samuel Jonah KBE, OSG Chair Tom Greenwood CEO Manjit Dhillon CFO & HT Oman Executive Chair Alison Baker Senior Independent Non- Executive Director Richard Byrne Independent Non-Executive Director Temitope Lawani Non-Executive Director Sally Ashford Independent Non- Executive Director for Workforce Engagement Carole Wamuyu Wainaina Independent Non- Executive Director David Wassong Non-Executive Director Dana Tobak CBE Independent Non- Executive Director
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Ten years of consistent Adj. EBITDA growth 9CAPITAL MARKETS DAY 2025 54 105 146 178 205 227 241 283 370 421 c.470 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 guidance +24% CAGR Adj. EBITDA1 (US$m) 1. Adj. EBITDA is defined by management as profit/(loss) before tax for the year, adjusted for finance costs, other gains & losses, interest receivable, loss/(gain) on disposal of property, plant & equipment, amortisation of intangible assets, depreciation & impairments of property, plant & equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments & long-term incentive plan charges, & other adjusting items. Adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence.
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1 IMPACT 2030 C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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Why are we here today? Delivered our current “2.2x by 2026” strategy ahead of plan, supporting FCF inflection Highly visible route to generate >$1.3bn of cumulative recurring free cash flow1 across 2026 - 2030 Targeting >$500m discretionary capex on accretive growth opportunities and >$400m of investor distributions up to 2030 Our new strategy, IMPACT 2030, targets capital efficient organic growth through further sector- leading tenancy expansion & customer experience excellence CAPITAL MARKETS DAY 2025 11 1. Recurring free cash flow reflects free cash flow before discretionary capex & cash paid for exceptional items.
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In the cash compounding sweet spot as we target continued growth & further expanding our returns above our cost of capital 12CAPITAL MARKETS DAY 2025 Strengthened platform Integrated acquisitions and drove ROIC1 > WACC Cash compounding sweet spot 2019-22 2022-25 2025-30 12 x 8 x 5 2.2x by 26 IMPACT 2030 Sites 7k → 14k Markets 5 → 9 FCF Tenancy ratio 1.8x → 2.2x ROIC1 10% → 14% FCF - Tenancy ratio 2.2x → 2.5x ROIC (2030) 15% - 20% FCF 1. Return on invested capital (ROIC) is defined as annualised portfolio free cash flow divided by invested capital. Invested capital is defined as gross property, plant and equipment and gross intangible assets, less accumulated maintenance and corporate capital expenditure, adjusted for IFRS 3 and IAS 29 accounting adjustments and deferred consideration for future sites. Annualised portfolio free cash flow is calculated as portfolio free cash flow (PFCF) for the last twelve months, adjusted to annualise for the impact of acquisitions closed during the period.
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Our values Excellence | Partnership | Integrity IMPACT 2030: Our ambitions over next five years 13 Our mission Deliver customer experience excellence through our digital business excellence platform and create sustainable value for our people, environment, customers, communities and investors Our vision To be the leading towerco in Africa & Middle East Our purpose Connecting people, powering growth CAPITAL MARKETS DAY 2025
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2 OUR WORLD -CLASS PLATFORM C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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(millions) Population3 369 415 +12% Unique Subscribers4 173 214 +24% HT footprint (population covered) 157 >190 +21% Madagascar Senegal Ghana Congo B DRC Tanzania South Africa Oman Malawi World-class tower platform strategically focused on high-growth Africa & Middle East 15CAPITAL MARKETS DAY 2025 9 #1 #1 $5.5bn 6.7yrs High-growth markets Position in seven of our markets Most diversified towerco across A&ME Contracted future revenue2 Contracted future revenue avg. remaining term Hard currency Adj. EBITDA71% 1. Unless stated otherwise, all data as of Q3 25. 2. Contracted revenue refers to total undiscounted revenue as of 30 September 2025, with local currency amounts converted at the applicable average rate for US dollars held constant. 3. UN World Population Prospects, accessed September 2025. 4. Unique mobile subscribers, GSMA Intelligence Database, accessed September 2025. Today FY 30 Growth 14.6k towers 4.3k Tanzania 2.8k DRC 2.6k Oman 1.5k Senegal 1.1k Ghana 824 Malawi 677 Madagascar 554 Congo B 385 South Africa
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Business model provides highly attractive returns and strong earnings visibility 16 Tenant 1 (Anchor) Tenant 2 (Colocation) Tenant 3+ (Colocation) Power (Grid, batteries, solar & generators) High revenue visibility supported by 10-15 year contracts with CPI & power price escalators Predictable revenue: Colocations feature c.80% Adj. EBITDA margin flow through High operating leverage: Power expertise & managing complicated terrains Operational moat: 12% 25% 34%+ Site ROIC1 CAPITAL MARKETS DAY 2025 1. Site ROIC is for illustrative purposes only, and based on Group average build-to-suit tower economics as of December 2024. Site ROIC is calculated as site portfolio free cash flow divided by discretionary capex.
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Business model unit economics drive ROIC and FCF growth through IMPACT 2030 17CAPITAL MARKETS DAY 2025 19 49 FY 22 FY 23 FY 24 Q3 25 YTD FY 30 Targets (721) (81) 1.8x 10% 1.9x 12% 2.1x 13% 2.2x 14% >2.5x 15-20% >$400m shareholder distributions targeted up to FY 30 FCF ROIC Tenancy Ratio
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3 OUR MARKETS HAVE DECADES OF GROWTH AHEAD C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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55% 6% A&ME RoW Africa & Middle East have decades-long mobile growth ahead 19CAPITAL MARKETS DAY 2025 71% 15% A&ME RoW Unique mobile subscribers2 (2025 – 2050) Smartphone devices3 (2025 – 2050) 141% 33% A&ME RoW +1.0bn by 2050 +0.8bn by 2050 +1.7bn by 2050 Population growth1 (2025 – 2050) 1. Cap IQ population forecast. 2. Global Telecoms report - BMI a fitch solutions company - September 2025 forecast through 2034, with forecast extended through to 2050 by FTI Consulting. 3. Smartphone devices growth between 2025 and 2030, FTI Consulting analysis.
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Data consumption is growing exponentially in Africa & Middle East 20CAPITAL MARKETS DAY 2025 RoW A&ME 30% 11% 4% 46% 29% 19% 24% 54% 52% 6% 25% FY 20 FY 25 FY 30 2G 3G 4G 5G Data consumption1 (Indexed, Exabyte/month) Cost of 4G smartphone2 ($) Technology mix3 (% connections) 4x by 2030 Next five years = 4G & 5G cycles $30 smartphone significantly increases affordability and access 273 108 30 FY 20 FY 25 FY 30 Ambition 1 4.2 1.9 FY 24 FY 30 1. Ericsson mobility report, Africa & Middle East region. Site-weighted consumption based on Helios Towers' mix of towers in SSA and MENA as of Q3 25. 2. Average Global sales price per IDC quarterly mobile tracker and FTI Consulting analysis. 3. Technology mix in Africa & Middle East based on GSMA database, accessed October 2025. 4. Reflects GSMA and big six MNOs ambition to reduce smartphone cost as per GSMA report, published October 2025. 4
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27k 29k 32k >42k 100k 108k 115k 142k FY 23 FY 24 FY 25 guidance FY 26 FY 27 FY 28 FY 29 FY 30 FY 50 Decades of total addressable market growth in our nine markets 21CAPITAL MARKETS DAY 2025 >10k targeted Total addressable market1 Helios Towers tenancies +27k Population growth Lower smartphone costs Increased data consumption … Increasing mobile connections and data consumption drives requirement for higher tenancies in our markets 1. Relates to market tenancies which are estimates and forecast Points of Service up to 2030 sourced from Analysys Mason, February 2024. Growth beyond FY 30 is illustrative and is expected to be driven by macro drivers. Helios Towers tenancies Total addressable market
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IMPACT 2030 will focus on our core product, with opportunities for new product development as 5G proliferates 22CAPITAL MARKETS DAY 2025 Customer synergies Operational synergies Earnings quality 2025 YTD revenue mix 2030 revenue mix 2030+ revenue mix Towers 97% c.95% 90-95% In Building Solutions 1% 5-10% oDAS1 / Smart Solution2 1% c.5% 5-10% Fringe Edge Data Centres 1% 5-10% Network-as-a-Service3 - - Fibre - - ~5% ~5-10% 1. oDas – outdoor DAS, distributed coverage from existing macro site. 2. Smart Solution – Lamp posts, camouflaged structures to support site densification in urban areas. 3. NaaS – Rural coverage solutions to connect villages without services.
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4 OUR CUSTOMERS ARE LARGE LEADING MOBILE NETWORK OPERATORS C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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Our fast-growing and well-diversified customer base comprises leading global and regional mobile operators 3 4 24CAPITAL MARKETS DAY 2025 1. Credit rating relates to Group or majority shareholder rating as of 31st October 2025, displayed as Moody’s / S&P / Fitch. Omantel refers to the credit rating of the Omani government as its major shareholder, while Viettel refers to that of the Vietnamese government. 2. Most recently reported revenue as of 31/10: Airtel Africa Group Q2 25, Vodacom Q1 25, Orange Africa & Middle East segment, Omantel results 3m ended 31 March 2025, Axian results 3m ended 30 June 2025, Viettel results 12m ended FY 24 for its Tanzanian business, and MTN Q1 25. 3. Omani government owns a 51% direct stake in Omantel. Omantel (which is rated Ba1/n.r./BB+) refers to the credit rating of the Omani Government as its majority shareholder. 4. Viettel is 100% owned by the Vietnamese government. +20% Revenue Split / # HT markets YoY revenue growth2 +19% +12% +29% +11% +12% +10% rs 99% of revenue from leading MNOs ~70% of revenue from investment grade customers and 99% of revenue from leading MNOs 10% (3 markets) 5% (1 market) 27% (5 markets) 22% (4 markets) 11% (3 markets) 7% (1 market) 5% (3 markets) Credit rating1 Baa3/BBB- /BBB- Baa2/BBB /BBB Baa1/BBB +/BBB+ Baa3/BBB- /BB+ n.r./B+/B+ Ba2/BB+ /BB+ Ba3/BB- /n.r.
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Country / region Operations commenced Number of MNOs1 Number of towercos HT market position Tenancy ratio (2022 → Q3 25) Tanzania 2011 2.2x → 2.6x DRC 2011 2.3x → 2.7x Oman 2022 1.2x → 1.7x Other markets (excl. South Africa)2 2010-22 1.5x → 1.7x Group average 3-4 1-3 1.8x → 2.2x We have deep experience and leading market positions CAPITAL MARKETS DAY 2025 25 4 4 3 ~3 2 3 3 1-2 1 1 1 1 21 – 1. GSMA Intelligence Database, accessed July 2025. Excludes MNOs with negligible market share. Group/other markets weighted based on Q3 25 site count. 2. South Africa excluded given its smaller scale as a market within Helios Tower’s portfolio.
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Our Customer Experience Excellence proposition 26CAPITAL MARKETS DAY 2025 we adhere to the highest international safety standards, with rigorous performance monitoring Speed<24hrs we can get colocation customers online 99.99% Power uptime each 1% of network downtime across our nine markets loses MNOs >$175m in annual revenue1 Capital efficiency$ MNOs can focus their capital on active technology and strengthening their balance sheet -30% Lower cost lease rate is 30% lower than the operators total cost of ownership2 5 ISOs4 International standards -37% Carbon reduction3 37% reduction in diesel emissions per tenant on towers with two tenants vs. one tenant Operational excellence Financial value Global quality standards 1. Calculated using total FY 24 cellular revenues across our 9 markets, multiplied by 1%. Cellular revenues as per GSMA database accessed July 2025. 2. Based on FY 24 average lease rate per tenant compared to Helios Towers' assessed MNOs total cost of ownership. 3. Average diesel emissions reductions have been calculated from diesel consumption figures for the Group, comparing consumption on towers with 1 and 2 tenants. 4. Our ISO accreditations include ISO 9001 (Quality Management), ISO 14001 (Environmental Management), ISO 45001 (Occupational Health & Safety), ISO 27001 (Information Security) and ISO 37001 (Anti-bribery).
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We have materially improved power performance in our new markets 27CAPITAL MARKETS DAY 2025 03:48 47:55 10:01 05:25 00:04 00:41 01:16 00:03 -98% -99% -87% -99% Q2 21 (Acquisition closing) Q3 25 Q4 21 (Acquisition closing) Q3 25 Q1 22 (Acquisition closing) Q3 25 Q4 22 (Acquisition closing) Q3 25 Downtime per tower per week1 (mm:ss) Senegal Madagascar Malawi Oman 1. Downtime per tower per week refers to the average amount of time our sites are not powered across each week.
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Customer feedback validates our commitment to service quality 28CAPITAL MARKETS DAY 2025 Helios Towers is our preferred partner when we look to expand our network. Their speed of rollout and consistent site availability make it possible for us to extend coverage quickly, ensuring our customers enjoy strong and reliable connectivity. Helios Towers’ operational and power reliability, even in the most remote and challenging locations, has been critical in strengthening our footprint. Their consistent performance ensures we can deliver seamless, reliable connectivity to customers everywhere. Helios Towers has consistently proven to be an invaluable partner in our efforts to expand and enhance our network. Their adaptability and swift deployment of sites have significantly improved our coverage, enabling us to deliver faster and more reliable services to customers throughout Oman. Haytham Ammar CFO Vodacom International Said Abdullah Ali Al Ajmi Vice President Technology and Infrastructure Omantel Sanjeet Kumar Senior Vice President Supply Chain Airtel Africa 28CAPITAL MARKETS DAY 2025
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5 WE DELIVER OPERATIONAL EXCELLENCE IN COMPLEX MARKETS C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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6.1m km2 4.0m km2 0.2m km 3.0m km Our markets EU Land size Tarmac roads Operating towers in Africa & Middle East requires a unique operational skillset 30CAPITAL MARKETS DAY 2025 17hrs 24hrs Our markets EU Average grid hours per day3 Complicated terrains Limited grid availability 1 2 1. World bank database, accessed 2025. 2. CIA Factbook, accessed 2022. 3. Reflects 2024 site weighted average of available grid hours on Helios Towers’ site portfolio. EU grid availability from World Bank Database, accessed 2025.
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CAPITAL MARKETS DAY 2025 Our bespoke Business Excellence Programme uses Lean Six Sigma foundations combined with embedded digital tools 31 Front-end Customer experience Quality delivery Leading operations Foundation People, Finance, Legal & IT 42% 53% 58% 65% 70% FY 22 FY 23 FY 24 Q3 25 FY 26 Target Lean Six Sigma trained employees (%) What is Lean Six Sigma? How is it applied at Helios Towers? Our investment in people Data-driven decision making Process efficiency methodology Continuous improvement culture 3.4 defects / 1 million events = 6σ standard 6σ = two seconds of downtime per tower per week
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Business Excellence supports world-class operational delivery CAPITAL MARKETS DAY 2025 32 4.40 2.10 1.16 1.10 FY 22 FY 23 FY 24 Q3 25 YTD 167 133 114 105 10 7 3 2 FY 22 FY 23 FY 24 Q3 25 YTD BTS Colo 2 (62) days (8) days Power uptime (%) Speed of rollout Consistent power uptime BTS and colocation days to deliver from order (days) 1. Average amount of time our sites are not powered across each week within all our nine markets on a site-weighted basis. 2. 2022 data has been updated to include all nine current markets. Downtime per tower per week (minutes)1 99.96% 99.98% 99.99% 99.99%
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Acquired BTS Business Excellence is applied to our proprietary GIS system to drive lease-up 33CAPITAL MARKETS DAY 2025 2.9x 2.7x 1.9x2.6x 2.3x 1.6x FY 10 - 15 FY 16 - 20 FY 21 - Q3 25 Tenancy ratio by vintage Average tenancy ratio expansion per annum1 Proprietary GIS system drives lease-up +0.4x+0.2x+0.2x +0.1x+0.1x +0.1x HT site locations MNO site locationsClutter Roads Buildings Population heat map Cell splits validation 1. Analysis based on data available as of Q3 25. Current tenancy ratio of towers built / acquired
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Lean Six Sigma delivers incremental improvements across the Company 34CAPITAL MARKETS DAY 2025 After Lean Six Sigma training, I led our remote monitoring systems integration to improve customer engagement through additional equipment installations, supporting $1m incremental revenue My Lean Six Sigma project focused on technology to enhance our preventative maintenance process, improving our sites’ structural integrity and leading to a $1m capex saving per annum Gloria Msuya Senior Sales Manager, Tanzania Al Waleed Al Shuaili Project Engineer, Oman Through Lean Six Sigma, we established a process that optimised diesel consumption on high-load grid sites, achieving annualised opex savings of $1.2m Albert Mngulu Finance Director, Malawi
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6 OUR AMBITIOUS BUT DELIVERABLE FINANCIAL TARGETS C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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Growth and value – the cash compounding sweet spot 36 World-class platform Decades of growth Blue-chip customers Operational excellence Operational Financial Capital allocation Our targets >9% Adj. EBITDA CAGR (2025-2030) >42,000 Tenancies (2030) >$250m Share buyback1 (2026-2030) 15-20% ROIC (2030) >2.5x Tenancy ratio (2030) >$150m Dividend (2026-2030) $1.3bn Cumulative RFCF (2026-2030) <10s Downtime per tower per week (2030) CAPITAL MARKETS DAY 2025 >$500m Discretionary capex (2026-2030) 1. Helios Towers has initiated a share buyback programme today, with a Board authorisation of $75m until 31 December 2026.
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Manjit Dhillon, CFO & HT Oman Executive Chair BEST-IN-CLASS FINANCIAL PERFORMANCE Q3 Results Highlights Disciplined and Flexible Capital Allocation Robust Business Model 07 09 08
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Joined in 2016 Previously: Interim CFO (2020) Head of Corporate Finance & IR (2018-2020) Manjit Dhillon CFO & HT Oman Executive Chair Appointed CFO in 2021 & HT Oman Executive Chair in 2025 Led >$5bn in capital raisings, multiple acquisitions, IPO 39CAPITAL MARKETS DAY 2025
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Why we are here today? Delivered our current “2.2x by 2026” strategy ahead of plan, supporting FCF inflection Highly visible route to generate >$1.3bn of cumulative recurring free cash flow1 across 2026 - 2030 Targeting >$500m discretionary capex on accretive growth opportunities and >$400m of investor distributions up to 2030 Our new strategy, IMPACT 2030, targets capital efficient organic growth through further sector- leading tenancy expansion and customer experience excellence 1. Recurring free cash flow reflects free cash flow before discretionary capex & cash paid for exceptional items.
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Q3 RESULT S HIGHLIGHTS C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5 7
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Q3 Highlights – continued growth and ROIC expansion CAPITAL MARKETS DAY 2025 41 • +2,125 YTD tenancy additions, with 296 site additions • +0.1x YoY tenancy ratio expansion to 2.2x • +11% YoY Adj. EBITDA growth to $346m • +$70m YoY FCF expansion to $49m • +1ppt YoY ROIC expansion to 14% • YoY net leverage reduction of -0.6x to 3.6x • Successfully tendered $120m convertible bonds below par • 4yrs weighted ave. remaining debt • c.2,500 tenancy adds • c.$470m Adj. EBITDA • $160m - $180m capex • >$60m free cash flow2 • c.3.5x net leverage Consistently strong financial delivery1 Strengthened financial position Delivering on our ‘2.2x target’ FY 25 guidance tightened upwards Structural growth and high ROIC opportunities underpinned by >$5bn contracted future revenues with the region’s major mobile operators 02 0301 04 1. Reflects Q3 25 YTD. 2. Implied recurring free cash flow guidance is >$170m (reflecting >$60m free cash flow plus $110m-$130m discretionary capex).
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FY 24 Actual FY 25 Prior guidance FY 25 guidance1 tightened upwards YoY Growth2 Tenancy additions +2,481 2,000 – 2,500 c.2,500 +9% Adj. EBITDA $421m $460m - $470m c.$470m +12% Capex3 $169m ($127m disc. / $42m non-disc.) $150m - $180m ($100m - $130m disc. / $50m non-disc.) $160m - $180m ($110m - $130m disc. / $50m non-disc.) (5%) – 7% Free cash flow4 $19m $40m - $60m >$60m >3x Net leverage 4.0x c.3.5x c.3.5x (0.5x) FY 25 guidance tightened upwards CAPITAL MARKETS DAY 2025 42 1. Guidance assumes the Group continues to apply the same accounting principles. 2. YoY growth relates to updated guidance. 3. Disc. refers to discretionary capex that includes acquisitions, growth and upgrade capex. Non-disc. refers to non-discretionary capex that includes maintenance and corporate capex. 4. Implied recurring free cash flow guidance is >$170m (reflecting >$60m free cash flow plus $110m-$130m discretionary capex).
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ROBUST BUSINESS MODEL C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5 8
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Global volatility Ten years of consistent Adj. EBITDA growth through global volatility CAPITAL MARKETS DAY 2025 44 54 105 146 178 205 227 241 283 370 421 c.470 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 guidance Adj. EBITDA (US$m) Covid-19 US tariffs Global inflation & rate rises Oil price shocks, US/China trade Brexit +24% CAGR
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Robust business model built on solid foundations – diversified markets, innate hard-currency FX and a strong blue-chip customer base 45CAPITAL MARKETS DAY 2025 $5.5bn contracted revenues1 with minimal cancellation rights and an average remaining life of 6.7 years 71% hard-currency Adj. EBITDA, predominantly due to operating in hard- currency markets c.70% revenues from investment grade customers, with single max exposure at 27% (spread across five markets) Most diversified towerco operating across Africa & Middle East 1. Contracted revenue refers to total undiscounted revenue as of 30 September 2025, with local currency amounts converted at the applicable average rate for US dollars held constant.
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27% 22% 11% 7% 10% 5% 5% 11% 2% 1. Contracted revenue refers to total undiscounted revenue as of 30 September 2025, with local currency amounts converted at the applicable average rate for US dollars. 2. Customer revenue mix as of Q3 25 YTD. 3. Credit ratings as of September 2025, displayed as Moody’s / S&P / Fitch. High quality contractual structure with global and regional mobile operators provides revenue visibility CAPITAL MARKETS DAY 2025 46 Long term • 10 – 15 years initial term • 40+ years with automatic renewals $5.5bn contracted revenues1 with minimal cancellation rights and average remaining life of 6.7 years High quality contracts Diversified customer base Utilising the US towerco contract structure Security • Minimal cancellation rights • Menu pricing for amendment revenue • Inflation & power price escalators Customer revenue mix2 Orange (1 market) Other blue-chip MNOs Other (3 markets) (5 markets) (3 markets) (1 market) (3 markets) Baa1/BBB+/BBB+ n.r./B+/B+ Baa2/BBB/BBB Baa3/BBB-/BBB-3 Baa3/BBB+/BBB+ Ba3/BB-/n.r. Ba2/BB+/BB+ (4 markets)
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DRC OMAN SENEGAL CONGO B TANZANIA GHANA MADA- GASCAR MALAWI SOUTH AFRICA GROUP OpCo EBITDA % 30% 10% 6% 6% 36% 3% 2% 5% 1% FX protected % hard currency Adj. EBITDA Inflation protected Annual CPI inflation escalators Power price protected Annual or quarterly power escalators Power pass- through Structurally protected against movements in FX, power prices and inflation1 47CAPITAL MARKETS DAY 2025 Our contracts have CPI escalators Our contracts have power escalators High hard- currency earnings 100% 100% 100% 100% c.40% c.45% c.30% 0%<5% Dollarised economy Dollar pegged Euro pegged Euro pegged 71% 1. All data as of Q3 25. >50% Adj. EBITDA from innately hard-currency markets
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241 470 164 62 30 (26) FY 25 guidance FXCPI & power movements Acquisitions Adj. EBITDA has been driven by tenancy growth, with no impact from FX/inflation – despite a volatile environment 48CAPITAL MARKETS DAY 2025 FY 21 Organic tenancy growth 97% Adj. EBITDA driven by tenancy growth CPI and power escalations have effectively offset foreign currency and power movements (US$m)
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Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Over the last ten years our Adj. EBITDA has been driven by tenancies, with minimal impact from macro volatility CAPITAL MARKETS DAY 2025 49 ZAR/USD MGA/USD Brent crude TZS/USD XOF/USD MWK/USD GHS/USD R-Squared: <0.05 R- Squared: 0.97 (Q1 15 – Q3 25) (Q1 15 – Q3 25) Our Adjusted EBITDA is driven by tenancy additions, with no correlation to local FX or oil price movements Our Adj. EBITDA is driven by tenancy additions, with no correlation to local FX or oil price movements FX / Oil Tenancy additions Annualised Adj. EBITDA (US$m) Tenancies
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The Helios Towers organic growth algorithm (2025-2030) CAPITAL MARKETS DAY 2025 50 >9% CAGR >6% CAGR (>3% site CAGR) >$1.3bn cumulative RFCF (2026-30) Principally colocations, supporting >2.5x tenancy ratio by 2030 c.20-25% tenancies through new sites Strong Adj. EBITDA growth through tenancy ratio driven operating leverage Organic strategy support high RFCF conversion Structural growth through 27k additional market tenancies to support 4x data expansion2 6% CAGR1 Market growth Tenancy growth Adj. EBITDA Recurring free cash flow 1. Analysys Mason, February 2024. Market growth CAGR reflects points of service growth % by market, calculated on Q3 25 site-weighted basis between 2025 and 2030. 2. Ericsson mobility report, Africa & Middle-East region. Site-weighted consumption based on Helios Towers' mix of towers in SSA and MENA as of Q3 25.
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>$1.3bn Cumulative (2026-30) Adj. EBITDA Non-disc. capex Payment of lease liabilities Tax paid Net payment of interest Net change in working capital RFCF Resilient Adj. EBITDA growth has high flow through to recurring free cash flow 51CAPITAL MARKETS DAY 2025 Cumulative recurring free cash flow targeted (US$m) Operating leverage expected through IMPACT 2030 strategy >9% CAGR Driven by site growth (>3% p.a.) 84%1 fixed rate debt c.5-6% of revenue 1. Fixed rate debt following the partial convertible tender using Group Term Loan proceeds, settled in October 2025.
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9 DISC IPLINED AND FLEXIBLE CAPITAL ALLOCATION C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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>$500m discretionary capex for ROIC accretive opportunities - colocations, operational efficiencies and highly selective BTS >$250m buybacks targeted, starting with $75m authorisation announced today1 >$150m dividends2 targeted, starting with $25m for fiscal 2026, growing >10% p.a. Preference for in-market M&A, with disciplined new market entry criteria Optimised organic investments Attractive investor distributions Opportunistic M&A 02 0301 Our disciplined and flexible capital allocation framework 53CAPITAL MARKETS DAY 2025 Underpinned by maintaining a strong balance sheet: Continued deleveraging expected through IMPACT 2030 and capacity to comfortably operate between 2.5 – 3.5x 1. Helios Towers has initiated a share buyback programme today, with a Board authorisation of $75m until 31 December 2026. 2. Dividend policy structured with intention for typical interim (1/3) and final (2/3) split.
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Optimised organic investments are highly accretive for our business 54CAPITAL MARKETS DAY 2025 113 93 90-110 46 51 c.4942 30 c.30 FY 23 FY 24 FY 25 guidance Growth capex Organic Adj. EBITDA expansion Organic PFCF expansion 37% 32% c.30% Growth capex drives strong Adj. EBITDA and ROIC expansion Key investment areas Incremental ROIC Investment Area Capex1 ROIC Colocation c.$10k per colo >100% Power investments c.$10m p.a. >33% High lease- up sites c.$125k per site >12% → >24% → >34% 1. Capex per site, colocations and power investments based upon our FY 25 guidance. 2. Capex figure for FY 25 reflects discretionary capex, minus $20m upgrade capex included within guidance. 2
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>$1.3bn cumulative (2026-30) >$500m cumulative >$250m cumulative >$150m cumulative RFCF Discretionary capex Share buybacks Dividends >$500m expected to be invested in accretive organic opportunities and >$400m targeted investor distributions up to 2030 CAPITAL MARKETS DAY 2025 55 Colocations, power investments & new sites Driving >9% Adj. EBITDA growth Introduction of $25m dividend in fiscal 2026, growing the total quantum at a sector-leading pace of >10% p.a. and paid semi-annually Introduction of a share buyback, targeting a minimum of $250m up to and including 2030, with $75m authorisation announced today taking us up to end of 2026
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Total towers available1 Towers that largely match our criteria2 Limited near-term M&A opportunities, though preference for in- market bolt-ons 56CAPITAL MARKETS DAY 2025 Limited near term opportunities Preference for in- market bolt-ons Site consolidation (reducing opex) Cement leadership position in market Proven market for growth and lease-up Limited incremental SG&A New markets1 are ahead of plan 4,939 5,580 At acquisition Q3 25 66 124 At acquisition Q3 25 Sites / Tenancy ratio Adj. EBITDA (US$m) 1.6x1.2x 488k 179k 23k 10k A&ME Our markets 1. Based on managements’ view of towers available across Africa & Middle-East and within its markets. 2. Our New Market Criteria focus on locations in Africa & Middle East that have three or more operators, offer potential to achieve number one or two market position, feature stable and/or pegged currencies, present power and/or tower infrastructure gap, demonstrate strong subscriber growth with low penetration, and enhances Group’s returns over the medium-term. 3. New markets reflect acquisitions in Senegal, Madagascar, Malawi and Oman. Medium term pipeline - 5k
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Key takeaways 57 Through IMPACT 2030 we will deliver high- returning, capital-efficient, organic growth and generate excess capital for investor distributions >$500m will be deployed on organic growth capex, >$400m on investor distributions with the remainder to be allocated on the best returning opportunities available at the time We have entered the sweet spot, delivering growth and value Market growth supports tenancy growth, driving >9% Adj. EBITDA CAGR and >$1.3bn cumulative recurring free cash flow1 (2026-30) 1. Recurring free cash flow reflects free cash flow before discretionary capex & cash paid for exceptional items.
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10 BREAK C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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DRIVING EXCELLENCE ACROSS OUR MARKETS 1x 2x 3x A fireside chat with: Allan Fairbairn, Director of Delivery, IT and Business Excellence Fritz Dzeklo, Regional CEO, West, Central & Southern Africa Gwakisa Stadi, Regional CEO, East Africa Lara Coady, Director of Operations and Engineering Sainesh Vallabh, Chief Commercial Officer
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Sainesh Vallabh Chief Commercial Officer Gwakisa Stadi Regional CEO, East Africa Fritz Dzeklo Regional CEO, Central, West & Southern Africa 61CAPITAL MARKETS DAY 2025 Lara Coady Director of Operations & Engineering Allan Fairbairn Group Director of Delivery, IT & Business Excellence
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11 Q&A C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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12 Appendix C A P I T A L M A R K E T S D A Y 6 N O V E M B E R 2 0 2 5
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Introducing additional P&L performance measure CAPITAL MARKETS DAY 2025 64 FY 22 FY 23 FY 24 Basic EPS (16.4) (9.5) 3.2 Add back: FX movements 5.0 8.1 2.6 Other gains and losses 4.9 0.6 (0.3) Other 2.3 0.5 1.2 Adjusted basic EPS (4.2) (0.3) 6.6 From FY 25 we intend to start reporting Adjusted EPS to provide a picture of underlying earnings, excluding non -cash movements that can create periodic variability 1 2 3 Principally related to non-cash intercompany SHL balances Non-cash and principally related to the call option in our bond instrument and hyperinflation accounting Other reflects deal costs, share based payments, gain/loss on PPE and other exceptional costs Introduction of Adjusted EPS, to better reflect underlying P&L performance and improve transparency Adjusts for non-cash and non-recurring items that have no economic impact but can create large swings in reported EPS FY 22-24 Adjusted EPS bridge 1 2 3
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126 850 180 445 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30+ At IPO Today Cost of debt4 8.8% 7.2% Credit rating5 B2/B/n.r. B1(+ve)/BB-/BB- Continued proactive balance sheet management through partial convertible tender 65CAPITAL MARKETS DAY 2025 Transaction overview Debt maturity ladder • On 30 September, we successfully tendered $120m principal convertible bonds below par • Financed using existing Group Term Loan • Removed 41 million potentially dilutive shares • Combined with amendments made to certain loan agreements in July 2025, our cost of debt is maintained at 7.2% • Through proactive management over the past few years, weighted average remaining debt is 4 years with 84% at a fixed interest rate1 Convertible bond2 Senior Notes1 Term loan Group facilities: Oman facilities3 Continued balance sheet improvement 1. Fixed rate debt following the partial convertible tender using Group Term Loan proceeds, settled in October. 2. The convertible bond is accounted for as a compound instrument, with $148m considered as liability and $32m an equity component before transaction costs and excluding accrued interest. 3. Oman facilities feature principal amortisation through 2025 and beyond. These amounts are largely immaterial compared to the Group’s total debt and therefore have not been disclosed. 4. Helios Towers cost of debt calculated on a weighted basis utilising drawn debt. 5. Helios Towers’ credit ratings. Credit ratings as of 30th September 2025 in the order of Moody’s, S&P and Fitch.
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2025 LTIP and annual bonus CAPITAL MARKETS DAY 2025 66 LTIP Adj. EBITDA / share ROIC1 Relative TSR2 Impact scorecard Weighting 30% 30% 20% 20% Purpose Measure of profitability Measure of efficiency Measure of shareholder value creation Measure of sustainability Annual bonus Adj. EBITDA1 Recurring free cash flow Free cash flow1 Strategic projects Network performance International standards Weighting 30% 25% 25% 7.5% 7.5% 5% Purpose Measure of profitability Measure of cash flow generation before capital allocation decisions Measure of cash flow generation available for capital providers and/or future investments Based on the implementation of certain strategic initiatives during the financial year Operational and customer service performance metric. Measure of site network uptime relative to levels specified in our customer service level agreements Attaining and maintaining ISO accreditations standards across the business in relation to quality management, environment, health & safety, information security, and anti-bribery 1. For definitions of the Adj.EBITDA, ROIC and Portfolio Free Cash Flow, please refer to Glossary and definitions. 2. Total shareholder returns relative to constituents of the FTSE 250 index, excluding financial services and investment trusts. Each year, the Remuneration Committee carefully considers the appropriateness of the LTIP and annual bonus operation, including the performance metrics, their relative weightings and targets, and alignment with the Company's strategy and forecasts
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Financial measures CAPITAL MARKETS DAY 2025 67 Adj. EBITDA Defined by management as loss before tax for the year, adjusted for finance costs, other gains and losses interest receivable , less on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairments of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share -based payments and long-term incentive plan charges, and other adjusting items Adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence Adjusted EPS Earnings per share adjusted for non-cash and non-recurring items to better reflect underlying performance Annualised / LQA Adj. EBITDA Means Adjusted EBITDAfor the last three months of the respective period, multiplied by four, adjusted to reflect the annualised contribution from acquisitions that have closed in the last three months of the respective period Annualised portfoliofree cash flow Means portfolio free cash flow for the respective period, adjusted to annualise for the impact of acquisitions closed during the period Average remaining life Means the average of the periods through the expiration of the term under certain agreements CAGR Means compound annual growth rate Contracted revenue Means total undiscounted revenue as at that date with local currency amounts converted at the applicable average rate for US dollars held constant. Our contracted revenue calculation for each year presented assumes: (i) no escalation in fee rates, (ii) no increases in sites or tenancies other than our committed tenancies (which include committed colocations and/or committed anchor tenancies), (iii) our customers do not utilise any cancellation allowances set forth in their MLAs (iv) our customers do not terminate MLAs early for any reason and (v) no automatic renewal Net leverage Means net debt divided by last quarter annualised Adj. EBITDA Portfoliofree cash flow Defined as Adjusted EBITDAless maintenance and corporate capital additions, payments of lease liabilities (including interest and principal repayments of lease liabilities) and tax paid Invested capital Represents the cumulative capital deployed Recurring free cash flow Means portfolio free cash flow less net payment of interest and net change in working capital ROIC Means ‘Returns on Invested Capital” and ROIC is defined as annualised portfolio free cash flow divided by Invested Capital. Invested capital is defined as gross plant, property and equipment and gross intangibles, less accumulated maintenance and corporate capital expenditure
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Glossary and definitions CAPITAL MARKETS DAY 2025 68 2G Means the second-generation cellular telecommunications network commercially launched on the GSM and CDMA standards 3G Means the third-generation cellular telecommunications networks that allow simultaneous use of voice and data services, and prov ide high-speed data access using a range of technologies 4G Means the fourth-generation cellular telecommunications networks that allow simultaneous use of voice and data services, and provide high-speed data access using a range of technologies (these speeds exceed those available for 3G) 5G Means the fifth-generation cellular telecommunications networks. 5G does not currently have a publicly agreed upon standard; how ever, it provides highspeed data access using a range of technologies that exceed those available for 4G Airtel Means Airtel Africa Analysys Mason Means Analysys Mason Limited Build-to-suit/BTS Means sites constructed by our Group on order by an MNO Colocation Means the sharing of site space by multiple customers or technologies on the same site, equal to the sum of standard colocati on tenants and amendment colocation tenants Congo Brazzaville / Congo B. Otherwise also known as the Republic of Congo DRC Means Democratic Republic of Congo Fringe Edge Data Centre Means secure temperature-controlled technical facilities which are smaller than a standard core network data centre and position ed on the edge of a telecommunications network. They are used by operators to regenerate fibre signal, deliver cloud computing reso urces or cache streaming content for local users Free Means Saga Africa Holdings Limited SA (which operates under the ‘Free’ trademark) Ghana Means Republic of Ghana Group Means Helios Towers, Ltd (‘HTL’) and its subsidiaries prior to 17 October 2019, and Helios Towers plc and its subsidiaries on or after 17 October 2019
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Glossary and definitions 69CAPITAL MARKETS DAY 2025 GIS Means Geographical Information System (“GIS”). GIS is a platform used for proprietary analysis which leverages network infrastructu re and demographic information, enabling Helios Towers to pinpoint where new sites and colocations will be needed IBS Means in-building cellular enhancement IFRS Means International Financial Reporting Standards as adopted by the European Union Independent tower company Means a tower company that is not majority owned by a telecommunications operator Madagascar Means Republic of Madagascar Malawi Means Republic of Malawi Middle East Region includes thirteen countries namely Hashemite Kingdom of Jordan, Kingdom of Bahrain, Kingdom of Saudi Arabia, Republic of Iraq , Republic of Lebanon, State of Kuwait, Sultanate of Oman, State of Palestine, State of Qatar, Syrian Arab Republic, The Republ ic of Yemen, The Islamic Republic of Iran and The United Arab Emirates MNO Means mobile network operator Mobile penetration Means the amount of unique mobile phone subscriptions as a percentage of the total market for active mobile phones MTN Means MTN Group Ltd NOC Means network operating centre Oman Means Sultanate of Oman Orange Means Orange S.A
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Glossary and definitions CAPITAL MARKETS DAY 2025 70 Our established markets Refers to Tanzania, DRC, Congo Brazzaville, Ghana and South Africa Our markets / markets in which we operate Refers to Tanzania, DRC, Congo Brazzaville, Ghana, South Africa, Senegal, Madagascar and Malawi PoS Means points of service, which is an MNO’s antennae equipment configuration located on a site to provide signal coverage to subscribers. At Helios Towers, a standard PoS is equivalent to one tenant on a tower Senegal Means the Republic of Senegal SHEQ Means Safety, Health, Environment and Quality SouthAfrica Means the Republic of South Africa Sub-Saharan Africa / SSA Means African countries that are fully or partially located south of the Sahara Tanzania Means the United Republic of Tanzania Tenancy Means a space leased for installation of a base transmission site and associated antennae Tenancy ratio Means the total number of tenancies divided by the total number of our sites as of a given date and represents the average number of tenants per site within a portfolio Tenant Means an MNO that leases vertical space on the tower and portions of the land underneath on which it installs its equipment Viettel Means Viettel Tanzania Limited