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IHS TOWERS 2Q26 EARNINGS RESULTS AUGUST 11 , 2026 IHS Towers of strength
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Forward-Looking Information This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this presentation may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “commits,” “projects,” “contemplates," “believes,” “estimates,” “forecast,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this presentation include, but are not limited to statements regarding our future results of operations and financial position, future organic growth, industry and business trends, business strategy and plans, the consummation of the transactions contemplated by the merger agreement with MTN Group Limited, shareholder value creation (including productivity enhancements and cost reductions, as well as our ability to refinance or meet our debt obligations, the potential payment of dividends and/or potential share buybacks), our market growth, position and our objectives for future operations, including our ability to maintain relationships with customers, the potential benefit of the terms of our contract renewals, the impact (illustrative or otherwise) of the renewed agreements with MTN Nigeria (including certain rebased fee components) on our financial results, the impact of currency and exchange rate fluctuations (including the fluctuations of the Naira) and other economic and geopolitical factors on our future results and operations, our objectives for future operations, and the timing of any of the foregoing. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: non-performance under or termination, non-renewal or material modification of our customer agreements; volatility in terms of timing for settlement of invoices or our inability to collect amounts due under invoices; a reduction in the creditworthiness and financial strength of our customers; the business, legal and political risks in the countries in which we operate; general macroeconomic conditions in the countries in which we operate and the wider global economy, including any impact of potential tariffs imposed by foreign governments as well as recent hostilities involving Iran and related developments in the Middle East, which may affect oil productions, trade routes and global energy markets; changes to existing or new tax laws, rates or fees; foreign exchange risks, particularly in relation to the Nigerian Naira, and/or ability to hedge against such risks in our commercial agreements or to access U.S. dollars in our markets; the effect of regional or global health pandemics, geopolitical conflicts and wars, and acts of terrorism including, but not limited to, or as a result of, political instability, religious differences, ethnicity and regionalism in emerging and less developed markets; our inability to successfully execute our business strategy and operating plans, including our ability to increase the number of Colocations and Lease Amendments on our Towers and construct New Sites or develop business related to adjacent telecommunications verticals (including, for example, relating to our fiber businesses in Latin America and elsewhere) or deliver on our sustainability or environmental, social and governance (ESG) strategy and initiatives under anticipated costs, timelines, and complexity, such as our Carbon Reduction Roadmap (and Project Green); our inability to successfully execute our business strategy and operating plans, and manage our growth; our reliance on third-party contractors or suppliers, including failure, underperformance or inability to provide products or services to us (in a timely manner or at all) due to sanctions regulations, supply chain issues or for other reasons; our estimates and assumptions and estimated operating results may differ materially from actual results; increases in operating expenses, including fluctuating costs for diesel or ground leases; failure to renew or extend our ground leases, or protect our rights to access and operate our Towers or other telecommunications infrastructure assets; loss of tenancies or customers; risks related to our indebtedness; changes to the network deployment plans of mobile operators in the countries in which we operate; a reduction in demand for our services; the introduction of new technology reducing the need for tower infrastructure and/or adjacent telecommunication verticals; an increase in competition in the telecommunications tower infrastructure industry and/or adjacent telecommunication verticals; our failure to integrate recent or future acquisitions; the identification by management of material weaknesses in our internal control over financial reporting, which could affect our ability to produce accurate financial statements on a timely basis or cause us to fail to meet our future reporting obligations; potential uncertainty and contingencies related to consummation of the transactions contemplated by the merger agreement with MTN Group Limited; increased costs, harm to reputation, or other adverse impacts related to increased attention to and evolving expectations for environmental, social and governance initiatives; our reliance on our senior management team and/or key employees; failure to obtain required approvals and licenses for some of our sites or businesses or comply with applicable regulations; inability to raise financing to fund future growth opportunities or operating expense reduction strategies; environmental liability; inadequate insurance coverage, property loss and unforeseen business interruption; compliance with or violations (or alleged violations) of laws, regulations and sanctions, including but not limited to those relating to telecommunications regulatory systems, tax, labor, employment (including new minimum wage regulations), unions, health and safety, antitrust and competition, environmental protection, consumer protection, data privacy and protection, import/export, foreign exchange or currency, and of anti-bribery, anti-corruption and/or money laundering laws, sanctions and regulations; disruptions in our supply of diesel or other materials, as well as related price fluctuations; legal and arbitration proceedings; our reliance on shareholder support (including to invest in growth opportunities) and related party transaction risks; risks related to the markets in which we operate, including but not limited to local community opposition to some of our sites or infrastructure, and the risks from our investments into emerging and other less developed markets; injury, illness or death of employees, contractors or third parties arising from health and safety incidents; loss or damage of assets due to security issues or civil commotion; loss or damage resulting from attacks on any information technology system or software; loss or damage of assets due to extreme weather events whether or not due to climate change; failure to meet the requirements of accurate and timely financial reporting and/or meet the standards of internal control over financial reporting that support a clean certification under the Sarbanes Oxley Act; risks related to our status as a foreign private issuer; and the important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025. The forward-looking statements in this presentation are based upon information available to us as of the date of this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this presentation and the documents that we reference in this presentation with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Additionally, we may provide information herein that is not necessarily “material” under the federal securities laws for SEC reporting purposes, but that is informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (GHG) accounting and the processes for measuring and counting GHG emissions and GHG emissions reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in future, considered by certain parties to not be in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable law, we do not assume, and expressly disclaim, any obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of any new information, future events or otherwise. Use of Non-IFRS financial measures Certain parts of this presentation contain non-IFRS financial measures, including but not limited to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Levered Free Cash Flow (“ALFCF”), ALFCF Cash Conversion Rate and consolidated net leverage ratio. The non-IFRS financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Our management uses Adjusted EBITDA and Adjusted EBITDA Margin as indicators of the operating performance of our core business. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are useful to investors and are used by our management for measuring profitability and allocating resources, because they exclude the impact of certain items which have less bearing on our core operating performance. We believe that utilizing Adjusted EBITDA and Adjusted EBITDA Margin allows for a more meaningful comparison of operating fundamentals between companies within our industry by eliminating the impact of capital structure and taxation differences between the companies. We believe ALFCF and ALFCF Cash Conversion Rate are useful to investors and are used by our management to assess the long-term, sustainable operating liquidity of our business. We believe consolidated net leverage ratio is useful to investors and is used by our management for managing capital resources, and to maintain as much consistency as possible with the calculations established by our debt covenants included in the indentures relating to our Senior Notes. Non-IFRS measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present non-IFRS measures when reporting their results. Non-IFRS financial measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing non-IFRS financial measures as reported by us to non-IFRS financial measures as reported by other companies. These metrics have limitations as analytical tools, you should not consider such financial measures in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with IFRS. These metrics are not measures of performance or, in the case of ALFCF and ALFCF Cash Conversion Rate, liquidity under IFRS and you should not consider Adjusted EBITDA and Adjusted EBITDA Margin for the period as an alternative to profit/(loss) or ALFCF and ALFCF Cash Conversion Rate as an alternative to cash from operations, or other financial measures determined in accordance with IFRS. Non-IFRS financial measures described in this presentation are unaudited and have not been prepared in accordance with IFRS or any other generally accepted accounting principles. In addition, the presentation of these measures is not intended to and does not comply with the reporting requirements of any regulatory authority and will not be subject to review by a regulatory authority; compliance with such requirements may require us to make changes to the presentation of this information. Definitions and reconciliations of these non-IFRS measures to the most directly comparable IFRS measures are provided in the Appendix and Glossary as applicable. This presentation also includes certain forward-looking non-IFRS financial measures, including Adjusted EBITDA, ALFCF and consolidated net leverage ratio. We are unable to provide a reconciliation of such forward-looking non-IFRS financial measures without an unreasonable effort due to the uncertainty regarding, and the potential variability of, the applicable costs and expenses that may be incurred in the future, including, in the case of Adjusted EBITDA (and similarly for consolidated net leverage ratio, which is calculated based on Adjusted EBITDA), share-based payment expense, finance costs, insurance claims, net movement in working capital, other non- operating expenses, and impairment of inventory, and in the case of Adjusted Levered Free Cash Flow, cash from operations, net working capital movements and maintenance capital expenditures, all of which may significantly impact these non-IFRS measures. Accordingly, investors are cautioned not to place undue reliance on this information. Rounding Certain numbers, sums, and percentages in this presentation may be impacted by rounding. Percentages have been calculated from the underlying whole-dollar amounts for all periods presented. Use of Market and Industry Data We obtained the industry, market and competitive position data and forecasts in this presentation from our own internal estimates and research as well as from publicly available information, industry and general publications and research conducted by third parties, including Analysys Mason Limited (Analysys Mason), delivered in May 2026 for use in this presentation. Such market data is derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. Analysys Mason’s third-party data is also prepared on the basis of information provided and views expressed by mobile operators, tower operators and other parties (including certain views expressed and information provided or published by individual operators, service providers, regulatory bodies, industry analysts and other third-party sources of data). Although Analysys Mason has obtained such information from sources it believes to be reliable, neither we nor Analysys Mason have verified such information. This information involves a number of 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. Forecasts and other forward-looking information obtained from these sources and from our and Analysys Mason’s estimates are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation and as described under “Forward-Looking Information.” These forecasts and other forward-looking information are subject to uncertainty and risk due to a variety of factors which could cause results to differ materially from those expressed in the forecasts or estimates from independent third parties (including Analysys Mason) and us. DISCLAIMER 2
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KEY HIGHLIGHTS 3
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Revenue (from continuing operations) (1) $429 million Excludes revenue from disc. ops. of $42 million(1) 2Q26 revenue growth of 10.4% 2Q26 KEY HIGHLIGHTS Adj. EBITDA $245 million (2) 2Q26 decrease of 1.3% year-on-year Inorganic headwind from Rwanda and I-Systems disposals, alongside higher power generation costs ALFCF $57 million (2) 2Q26 growth of 5.9% year-on-year Strong focus on financial discipline and cash flow generation Total Capex $39 million 2Q26 decrease of 15.2% year-on-year Narrowed focus on capital allocation Net leverage (2)(3) 2.8x Reduced debt and improved free cash flow generation Reduction of 0.6x year-on-year Cash $1,093 million (4) Alongside $300 million undrawn Group RCF Strong liquidity following solid cash flow generation Includes I-Systems disposal proceeds but excludes Latam towers disposal proceeds (received August 2026) (1) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. (2) Adjusted EBITDA, Adjusted Levered Free Cash Flow (ALFCF) and consolidated net leverage ratio are measures not presented in ac cordance with IFRS. Please refer to the Appendix for a reconciliation of these terms to the most directly comparable IFRS measure (3) Consolidated net leverage ratio (4) Includes $19.9M of cash classified within held for sale as of June 30, 2026 4 Solid second quarter revenue growth and ALFCF generation
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(1) Tower count as reported as of June 30, 2026 (2) In August 2026, the Group completed the disposal of its Latin America tower operations, inclusive of IHS Brazil and IHS Colombia and its approximately 9,000 sites to Macquarie Asset Management. 5th Largest Independent Multinational TowerCo Globally By Tower Count (1) 37,672 Towers on 2 Continents (1) AfricaLatin America Nigeria 15,817 Cameroon 2,428 Zambia 2,027 Côte d’Ivoire 2,669 South Africa 5,696 Colombia 258 (2) Brazil 8,777 (2) IHS GLOBAL TOWER PORTFOLIO In 2Q26, we built 50 towers including 46 in Brazil GD Towers 15,270 ~32,000 ~40,000 46,390 37,672 113,440 147,605 5
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FINANCIAL REVIEW 6
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2Q25 (1) 2Q26 (1) (2) Y/Y (1) (2) Towers (#) 39,184 37,672 (3.9%) Tenants (#) 59,743 55,205 (7.6%) Colocation Rate 1.52x 1.47x (0.05x) Lease Amendments (#) 40,078 46,766 16.7% In US$M, unless stated Revenue (2) 388 429 10.4% Latam Segment Revenue (disc.ops) (2) 45 42 (5.9%) Adjusted EBITDA 248 245 (1.3%) Adjusted Levered Free Cash Flow 54 57 5.9% ALFCF Cash Conversion Rate 21.7% 23.3% 160 Bps Capex 46 39 (15.2%) Consolidated net leverage ratio 3.4x 2.8x (0.6x) CONSOLIDATED RESULTS SNAPSHOT (1) On October 9, 2025, the Group completed the sale of 100% of IHS Rwanda Limited (“IHS Rwanda”) including its approximately 1,467 and 3,041 towers and tenants, respectively to Paradigm Tower Ventures. IHS Rwanda contributed $14.3M and $9.3M to revenue and Adjusted EBITDA, respectively, in 2Q25 (2) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. I-Systems contributed $3.7M to Adjusted EBITDA in the second quarter of 2026 before the disposal completed in May 2026, and $11.0M to Adjusted EBITDA in the second quarter of 2025. 7
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11 2 5 6 3 (19) (11) 4 (14) 53 2Q25 Revenue 2Q25 Latam (Disc. Ops) CPI Escalations New Sites New Colocation New Lease Amendments Fiber Other FX Resets Power Inorganic FX 2Q26 Latam (Disc. Ops) 2Q26 Revenue 2Q26 Revenue $M 8 2Q26 REVENUE (1) WALK TotalGrowth +10.4% OrganicGrowth +$40M +0.5% +$2M Organic Growth by Segment (1.1%) Nigeria +3.9% SSA +8.8% Latam(1) 2.8% (2.8%)0.5% 1.3% 1.6% 1.1%0.8% (5.0%) (3.7%) 13.5% Organic Growth +2M or +0.5% Total Growth +$40M or +10.4% Constant Currency Growth +$8M or +2.2% Constant CurrencyGrowth +2.2% +$8M (1) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. Total growth components presented within the revenue walk are comprised solely from continuing operations. 388 42 429 45
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171 170 170 183 166 73 80 74 78 71 33 41 37 38 33 (29) (29) (30) (29) (25) 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria SSA Latam Group (3) Adjusted EBITDA $M CONSOLIDATED ADJUSTED EBITDA (1) Segment Adjusted EBITDA (2) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. (3) Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services 9 • 2Q26 Adjusted EBITDA decreased (1.3%) Y/Y, due to lower segment Adjusted EBITDA across all our segments, driven by the disposal of the Rwanda and I-Systems businesses in October 2025 and May 2026, respectively and higher power generation costs as a result of higher global power prices due to the conflict in the Middle East. • IHS has power pass-through and indexation mechanisms to help mitigate higher power generation costs but there is typically a one- quarter lag between movements in power generation costs and the associated revenue impact under these mechanisms. 2Q26 Adjusted EBITDA $245M (1) (1)(2) (1) 248 261 250 269 245 Adjusted EBITDA Growth Y/Y (0.9%) +6.3% +1.4% +6.4% (1.3%)
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6 8 12 7 9 25 35 40 20 20 15 34 27 14 10 2Q25 3Q25 4Q25 1Q26 2Q26 New Site Capex Disc. Capex (ex-New Site) Non-disc. Capex 46 77 79 41 39 2Q25 3Q25 4Q25 1Q26 2Q26 +21.7% +60.4% +34.6% +64.6% +23.3% CAPEX $M ADJUSTED LEVERED FREE CASH FLOW AND CAPEX 10 • 2Q26 ALFCF increased 5.9% Y/Y, primarily driven by lower interest payments, partially offset by higher taxes paid • 2Q26 Total Capex decreased (15.2%) Y/Y, driven by lower capex in our SSA and Latam segments due to lower discretionary capex, in addition to lower capex in Nigeria driven by reduced augmentation capex and the timing of maintenance capex. 2Q26 Adjusted Levered Free Cash Flow $57M Adjusted Levered Free Cash Flow $M (2) ALFCF Cash Conversion Rate 5754 158 86 174
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SSA (1) Towers 14,166 12,820 (9.5%) Tenants 22,654 19,802 (12.6%) Lease Amendments 4,318 4,745 9.9% Revenue 128 130 2.0% Segment Adjusted EBITDA 73 71 (3.2%) Segment Adjusted EBITDA Margin % 57.2% 54.3% (290 Bps) Nigeria Towers 16,224 15,817 (2.5%) Tenants 25,508 23,187 (9.1%) Lease Amendments 35,130 40,541 15.4% Revenue 260 298 14.5% Segment Adjusted EBITDA 171 166 (2.5%) Segment Adjusted EBITDA Margin % 65.5% 55.8% (970 Bps) LATAM (2) Towers 8,794 9,035 2.7% Tenants 11,581 12,216 5.5% Lease Amendments 630 1,480 134.9% Revenue 45 42 (5.9%) Segment Adjusted EBITDA 33 33 (2.1%) Segment Adjusted EBITDA Margin % 74.2% 77.2% 300 Bps 2Q25 2Q26 Y/Y 2Q26 SEGMENT PERFORMANCE HIGHLIGHTS 11 Revenue and segment Adjusted EBITDA in $M (1) (1) On October 9, 2025, the Group completed the sale of 100% of IHS Rwanda Limited (“IHS Rwanda”) including its approximately 1,467 and 3,041 towers and tenants, respectively to Paradigm Tower Ventures. IHS Rwanda contributed $14.3M and $9.3M to revenue and Adjusted EBITDA, respectively, in 2Q25. (2) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. I-Systems contributed $3.7M to segment Adjusted EBITDA in the second quarter of 2026 before the disposal completed in May 2026, and $11.0M to segment Adjusted EBITDA in the second quarter of 2025.
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16.2 15.9 15.9 15.8 15.8 14.2 14.2 12.8 12.8 12.8 8.8 8.9 8.9 9.0 9.0 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria SSA Latam 35.1 36.8 38.0 39.1 40.5 4.3 4.2 4.7 4.8 4.7 0.6 1.2 1.4 1.4 1.5 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria SSA Latam 25.5 23.1 23.0 23.2 23.2 22.7 22.8 19.9 19.6 19.8 11.6 11.8 11.9 12.1 12.2 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria SSA Latam Tenants(in ‘000s) LeaseAmendments(in ‘000s) TowersBuilt TOWERS AND TENANTS Towers(in ‘000s) 1.52x 1.48x 1.46x 1.46x 1.47x Colocation Rate (4) (1) On October 9, 2025, the Group completed the sale of 100% of IHS Rwanda Limited (“IHS Rwanda”) including its approximately 1,467 and 3,041 towers and tenants, respectively to Paradigm Tower Ventures (2) In August 2026, the Group completed the disposal of its Latin America tower operations, inclusive of IHS Brazil and IHS Colombia and its approximately 9,000 sites to Macquarie Asset Management. (3) 3Q25 includes 2,576 churned tenants which reflected an updated agreement with T2. (4) Colocation rate excludes lease amendments 12 33 8 - 6 64 89 31 4 141 66 86 69 46 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria SSA Latam (3) 45.3 46.8 40.1 42.2 44.0 (2) (2) (2) 37.739.039.2 37.6 (1) 37.6 (1) (1) 54.9 55.2 59.7 57.7 (3) 54.9 (1) (1) 50 180 138 175 101 - (1) (2) 1
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Debt Maturity Profile(5) $M $M unless otherwise noted As of Mar 31 , 2026 As of June 30 , 2026 5.625% Senior Notes due 2026 200 200 8.000% Senior Notes due 2027 286 286 6.250% Senior Notes due 2028 500 500 7.875% Senior Notes due 2030 550 550 8.250% Senior Notes due 2031 650 650 Other Indebtedness(1)(2)(3) 1,714 1,609 TotalIndebtedness 3,900 3,795 Cash and Cash Equivalents(4) 967 1,093 Consolidated net leverage 2,933 2,701 Consolidated net leverage ratio 2.9x 2.8x Fixed Debt 69% 71% Floating Debt 31% 29% Weighted Average Cost of Debt 8.2% 7.9% Debt linked to hard currencies 85% 88% DEBT PROFILE (1) Other indebtedness consists of other credit facilities, accrued interest and IFRS 16 lease liabilities, all net of unamortized issuance costs (2) Includes $105.5M and $nil of borrowings classified within held for sale as of March 31, 2026, and June 30, 2026, respectively (3) Includes $292.4M and $305.0M of leases classified within held for sale as of March 31, 2026, and June 30, 2026, respectively (4) Includes $26.0M and $19.9M of cash classified within held for sale as of March 31, 2026, and June 30, 2026, respectively (5) Maturity profile as of June 30, 2026. Figures represent full year impact of debt maturity profile, except for 2026E which only includes 3Q26 through 4Q26, and excludes Letters of Credit • As of June 30, 2026, 5% of cash held in Naira • Cash and cash equivalents of $1,093M, alongside $300M of undrawn Group RCF • Cash and cash equivalents as of June 30, 2026 excludes Latam towers disposal proceeds received in August 2026 • Weighted average cost of debt improved to 7.9% in 2Q26 (1Q26: 8.2%) reflecting the derecognition of $105.5M of debt associated with the I- Systems disposal in May 2026 Debt and Net Leverage 13 Consolidated net leverage ratio as of June 30, 2026 2.8x 200 486 500 453 550 650 33 73 56 109 2026E 2027E 2028E 2029E 2030E 2031E Group Other 233 559 556 562 550 650
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APPENDIX 14
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NGN EUR ZAR ZMW BRL (Disc. Ops) (1) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. (2) COP represents less than 1% of reported revenue for 2Q26 (3) EUR represents XAF/XOF currencies, which are pegged to the Euro (4) Power primarily relates to Power Indexation USD EUR Power Local Currency Latam (Disc. Ops) Revenue and revenue within disc.ops (1) by Linked Contract SplitRevenue and revenue within disc.ops (1) by Reporting Currency (2) 63% (3) (3) (4) FX AND POWER EXPOSURE OVERVIEW 15 2Q26 15% 7% 5% 9% 2Q26 26% 13% 30%22% 61% “Hard” Currencies and Power 9% (Local Currency)
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Our Strategy • IHS Zambia supported Kanyanja Community School’s greening efforts with the IKOE Foundation through a tree- planting initiative, planting 30 trees to promote sustainability • IHS Nigeria partnered with the Ambulance Academy to mark World Environment Day, engaging 166 students through sessions on environmental conservation, waste management, and climate action • IHS Nigeria launched a sustainability training workshop to strengthen ESG capabilities among key suppliers, covering frameworks, risk considerations, KPI development and cross- functional ESG roadmap planning Ethics and governance Environment and climate change • IHS Côte d'Ivoire sponsored a STEM teacher training programme by the Centre Ivoirien de Robotique, equipping 36 secondary school teachers with digital and robotics skills to support STEM education and school robotics clubs • IHS South Africa supported education at Merafe Primary School by converting a classroom into its first library, equipped with furnishings, laptops and improved internet connectivity to promote reading and digital learning Education and economic growth • IHS Cameroon partnered with the Helen Keller Foundation to provide cataract surgery for 175 patients from vulnerable communities, improving vision, independence and quality of life • IHS Brazil continued to support youth development through the 2026 Afrogames cohorts in Maré, São Gonçalo, and Vigário Geral, providing 240 places across e-athlete training, coding and English classes Our people and communities Sustainability Initiatives in 2Q26 OUR APPROACH TO SUSTAINABILITY 16 Four-pillar Sustainability Strategy • Ethics and governance • Environment and climate change • Education and economic growth • Our people and communities UN Sustainable Development Goals • Alignment with 9 of 17 Goals ESG Ratings 2025 Sustainability Report • Published our 8th Sustainability Report on 26th May 2026 • This is our fourth report prepared with reference to the Global Reporting Initiative (GRI) Standards • As of December 18, 2025, IHS scored 37 (out of 100) in the 2025 S&P Global Corporate Sustainability Assessment (CSA Score)
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Quarterly Monthly 95% 5% 23.0% 3.4% 1.0% 3.2% 14.0% 5.0% 5.1% 2.7% Nigeria Cameroon Côte d’Ivoire South Africa Zambia Brazil Colombia US How FX resets work • A relevant portion of contracts is tied to a “hard currency” including USD and Euro • We are paid in local currency, but in certain countries, the absolute amount adjusts based on the USD FX rate Illustrative Example • Simplistically, if the local currency devalues, the local currency portion of the invoice linked to USD would increase proportionally to keep the USD value constant, albeit with a timing lag based on frequency and applicable rates of reset • Escalator for portion of contracts tied to USD is based on US CPI • Frequency of FX reset varies by contract, with all of USD contracted revenue resetting quarterly or sooner FX RESETS IMPACT ON OUR BUSINESS FX Resets and CPI Escalators offer effective revenue protection against the impact of currency devaluation (1) Based on Revenue for 2Q26 (2) CPI adjustments vary across contracts and are based on rates published by local central banks and/or government agencies and can include escalation caps. Rates above provide a general illustration of CPI in markets where IHS operates and do not necessarily reflect the rate used to determine CPI escalators. Rates above are based on publicly available independent sources. Rates represent the full year average 17 2025 CPI By Market (2)USD FX Reset Frequency (1)
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MTN Airtel Orange Telkom Other Latam (Disc. Ops) Nigeria SSA Latam (Disc. Ops) 2Q26 Revenue by segment Customer Credit Rating (2) 63% 63% (1) In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. (2) Source: Bloomberg, as of August 7, 2026. Parent Company credit rating used as applicable 2Q26 REVENUE (1) OVERVIEW Our key customers consist of the largest MNOs in the markets where we operate MTN Group Airtel Africa TIM S.A Orange S.A. America Movil (Claro) Telefonica Brasil (Vivo) Telkom Millicom (Tigo) Oi S.A. Fitch NR BBB- BB+ BBB+ A- BBB NR BB+ RD Moody’s Ba2 Baa2 Ba1 Baa1 Baa1 Baa3 NR Ba2 NR S&P BB- BBB+ BB+ BBB+ A- BBB- BB+ NR NR 18 Revenue and revenue within disc.ops (1) by Key Customer 28% 9% 18% 6% 3% 9% 1%
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Source: Analysys Mason (1) Tower count as reported and as of June 30, 2026 (2) Market share of independent TowerCos based on December 31, 2025 figures as per Analysys Mason (3) Oi represents Oi S.A.’s fixed wireless business only and is not considered a major MNO in Brazil (4) Represents major MNOs for each market in which IHS operates (5) In August 2026, the Group completed the disposal of its Latin America tower operations, inclusive of IHS Brazil and IHS Colombia and its approximately 9,000 sites to Macquarie Asset Management. IHS MARKET DATA We are the leader in market share in 5 of the markets where we operate 19 Towers (1) Towerco Market Position Towerco Market Share (2) Core Tenants (3) # out of # Major MNOs (4) Nigeria 15,817 1st 60% 2 out of 4 South Africa 5,696 1st 37% 2 out of 4 Côte d’Ivoire 2,669 1st 100% 3 out of 3 Cameroon 2,428 1st 100% 2 out of 3 Zambia 2,027 1st 100% 2 out of 3 Africa 28,637 59% - Brazil (5) 8,777 - - 3 out of 3 Colombia (5) 258 - - 3 out of 4
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ADJUSTED EBITDA RECONCILIATION (1) Adjustments include amounts in relation to discontinued operations (2) Finance costs consist of interest expense and loan facility fees on borrowings, the unwinding of the discount on our decommissioning liability and lease liability, net realized and unrealized foreign exchange losses arising from financing arrangements a nd net realized and unrealized losses from valuations of financial instruments. Finance income consists of interest income from bank deposits, net realized and unrealized foreign exchange gains arising from financing arrangements, net realized and unrealized gains from valuations of financial instruments and other interest income (3) Withholding tax primarily represents amounts withheld by customers in Nigeria and paid to the local tax authority. The amounts withheld may be recoverable through an offset against future corporate income tax liabilities in the relevant operating company. Withholding tax receivables are reviewed for recoverability at each reporting period end and impaired if not forecast to be recoverable (4) Represents non-cash charges related to the impairment of property, plant and equipment, right-of-use assets, intangible assets, excluding goodwill and related prepaid land rent on the decommissioning of sites (5) Represents expenses related to share-based compensation, which vary from period to period depending on timing of awards and changes to valuation input assumptions (6) Represents insurance claims included as other income (7) Other costs may include aborted transaction costs; one-off consulting fees related to corporate structures; one-off expenses related to strategic initiatives and operating systems; costs related to internal reorganization; one-off professional fees related to financing; loss allowance on trade receivables and one-off long term employee benefit costs (8) Adjusted EBITDA is a measure not presented in accordance with IFRS Reconciliation from Income/(loss) for the period to Adjusted EBITDA 3-month period ended LTM as of LTM as of LTM as of ($M) June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 June 30, 2026 June 30, 2025 Mar 31, 2026 June 30, 2026 Income/(loss) 32.3 147.4 (83.5) 77.0 (7.5) 100.4 173.2 133.4 Adjustments (1) Income tax expense/(benefit) 35.4 41.0 (122.3) 43.0 31.6 73.6 (2.9) (6.7) Finance costs (2) 114.3 101.7 124.1 125.0 117.0 731.0 465.1 467.8 Finance income (2) (35.6) (130.2) (58.7) (126.5) (52.5) (257.5) (351.0) (367.9) Depreciation and amortization 89.0 105.0 92.5 55.8 56.2 366.4 342.3 309.5 Net (reversal of impairment)/impairment of withholding tax receivables (3) (0.5) (24.9) (22.0) 5.5 (4.9) (22.7) (41.9) (46.3) Impairment of goodwill - - 181.7 - - - 181.7 181.7 Business combination transaction costs 0.3 0.1 9.3 9.2 6.3 2.1 18.9 24.9 Net impairment of property, plant and equipment, right-of-use assets, intangible assets excluding goodwill and related prepaid land rent (4) 1.7 1.8 276.9 32.8 47.5 12.5 313.2 359.0 Net (gain)/loss on disposal of property, plant, and equipment and right-of-use assets (2.2) 0.6 (4.2) (1.5) (1.9) 21.4 (7.3) (7.0) Share-based payment expense (5) 8.5 6.0 9.1 23.9 16.8 33.9 47.5 55.8 Insurance claims (6) (0.2) (0.1) (0.1) - (0.1) (0.3) (0.4) (0.3) Gain on disposal of subsidiary - - (177.7) - (20.0) (83.8) (177.7) (197.7) Other costs (7) 5.5 13.1 24.7 24.5 56.8 16.5 67.8 119.1 Adjusted EBITDA (8) 248.5 261.5 249.8 268.7 245.3 993.4 1,028.5 1,025.3 20
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ADJUSTED LEVERED FREE CASH FLOW RECONCILIATION (1) Withholding tax primarily represents amounts withheld by customers which may be recoverable through an offset against future corporate income tax liabilities in the relevant operating company (2) Represents the aggregate value of interest paid and interest income received (3) Other costs may include aborted transaction costs; one-off consulting fees related to corporate structures; one-off expenses related to strategic initiatives and operating systems; costs related to internal reorganization; and one-off professional fees (4) We incur capital expenditures in relation to the maintenance of our towers and fiber equipment, which is non-discretionary in nature and required in order to optimally run our portfolio and to perform in line with our service level agreements with customers. Maintenance capital expenditures includes the periodic repair, refurbishment and replacement of tower, fiber equipment and power equipment at existing sites to keep such assets in service (5) Corporate capital expenditures, which are non-discretionary in nature, consist primarily of routine spending on information technology infrastructure (6) Adjusted Levered Free Cash Flow and ALFCF Cash Conversion Rate are measures not presented in accordance with IFRS Reconciliation of Cash From Operations for the period Adjusted Levered Free Cash Flow 3-month period ended ($M) June 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 June 30, 2026 Cash from operations 254.8 259.6 252.3 244.9 202.1 Net movement in working capital (9.9) 1.1 (38.0) 14.3 24.9 Income taxes paid (15.0) (7.7) (6.0) (16.3) (52.1) Withholding tax (1) (24.0) (14.9) (10.1) (8.7) (9.7) Lease and rent payments made (30.3) (29.3) (27.6) (32.4) (33.5) Net interest paid (2) (111.2) (24.2) (92.1) (22.9) (82.8) Business combination transaction costs 1.0 1.3 11.7 0.7 2.6 Other costs (3) 4.1 5.5 23.3 8.3 15.7 Maintenance capital expenditure (4) (15.5) (33.6) (27.0) (14.4) (9.5) Corporate capital expenditures (5) - - - - (0.6) Adjusted Levered Free Cash Flow (6) 54.0 157.8 86.5 173.5 57.1 Divided by Adjusted EBITDA 248.5 261.5 249.8 268.7 245.3 ALFCF Cash Conversion Rate (6) 21.7% 60.4% 34.6% 64.6% 23.3% 21
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CONSOLIDATED NET LEVERAGE RATIO RECONCILIATION (1) See reconciliation from income/(loss) for the period to Adjusted EBITDA (2) Consolidated net leverage ratio is a measure not presented in accordance with IFRS Reconciliation of consolidated net leverage ratio LTM period ended ($M) June 30, 2025 Mar 31, 2026 June 30, 2026 Borrowings 3,239.6 3,136.1 3,109.8 Lease Liabilities 594.8 366.0 379.9 Borrowings and lease liabilities classified as held for sale 19.5 397.9 305.0 Less: Cash and Cash equivalents (531.8) (940.5) (1,073.5) Less: Cash and cash equivalents classified as held for sale (1.3) (26.0) (19.9) Consolidated net leverage 3,320.8 2,933.5 2,701.3 LTM Adjusted EBITDA (1) 993.4 1,028.5 1,025.3 Exclude: amounts related to disposals (15.5) (19.9) (47.4) 977.9 1,008.6 977.9 Consolidated net leverage ratio (2) 3.4x 2.9x 2.8x 22
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Currency FY25 2Q25 3Q25 4Q25 1Q26 2Q26 FY25 2Q25 3Q25 4Q25 1Q26 2Q26 Nigeria (Naira) - USD:NGN NAFEX 1,521 1,581 1,523 1,453 1,385 1,366 1,448 1,543 1,487 1,448 1,384 1,383 European Union (Euro) - USD:EUR 0.89 0.88 0.86 0.86 0.85 0.86 0.85 0.85 0.85 0.85 0.87 0.88 Zambia (Kwacha) - USD: ZMW 25.31 26.61 23.55 22.85 19.53 18.61 22.28 23.69 23.84 22.28 19.14 18.16 Brazil (Real) - USD:BRL 5.59 5.67 5.45 5.40 5.26 5.05 5.48 5.49 5.32 5.48 5.25 5.17 Colombia (Peso) - USD:COP 4,053 4,196 4,005 3,821 3,701 3,611 3,776 4,098 3,919 3,776 3,672 3,453 South Africa (Rand) - USD:ZAR 17.89 18.30 17.64 17.13 16.35 16.49 16.59 17.82 17.27 16.59 17.19 16.42 CURRENCY OVERVIEW Source: Bloomberg 23 Average Period End Spot
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Adjusted EBITDA (including by segment): income/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net (reversal of impairment)/ impairment of withholding tax receivables, impairment of goodwill, business combination transaction costs, net impairment/(reversal of impairment) of property, plant and equipment, right-of-use assets, intangible assets excluding goodwill and related prepaid land rent, reversal of provision for decommissioning costs, net (gain)/loss on disposal of property, plant and equipment and right-of-use assets, share-based payment (credit)/expense, insurance claims, gain on disposal of subsidiary and certain other items that management believes are not indicative of the core performance of our business. Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue for the applicable period, expressed as a percentage. Adjusted Levered Free Cash Flow (“ALFCF”): cash from operations, before certain items of income or expenditure that management believes are not indicative of the core cash flow of our business (to the extent that these items of income and expenditure are included within cash flow from operating activities), and after taking into account net working capital movements, income taxes paid, withholding tax, lease and rent payments made, net interest paid or received, business combination transaction costs, maintenance capital expenditure, and routine corporate capital expenditure. We believe that it is important to measure the free cash flows we have generated from operations, after accounting for the cash cost of funding and routine capital expenditure required to generate those cash flows. ALFCF Cash Conversion Rate: Adjusted Levered Free Cash Flow divided by Adjusted EBITDA, expressed as a percentage. Churn: Refers to the loss of tenancies when services provided by us are terminated, a Tenant does not renew its contract or we have ceased recognizing revenue for sites under a customer’s contract in any particular period, adjusted for the reintegration of previously lost tenancies. When we decommission a site and move a customer from one of our sites to another site to rationalize our portfolio, this is not included in Churn. Colocation Rate: Refers to the average number of Tenants per Tower across our portfolio at a given point in time. We calculate the Colocation Rate by dividing the total number of Tenants across our portfolio by the total number of Towers across our portfolio at a given time. Consolidated net leverage: The sum, expressed in U.S. dollars, of the aggregate outstanding indebtedness of IHS Holding Limited and its restricted subsidiaries on a consolidated basis. Consolidated net leverage ratio: Ratio of consolidated net leverage (being the aggregate outstanding indebtedness of IHS Holding Limited and its restricted subsidiaries on a consolidated basis) to consolidated Adjusted EBITDA for the most recently ended four fiscal quarters (“LTM Adjusted EBITDA”), as further adjusted to reflect the provisions of the indentures governing the Senior Notes. We use LTM Adjusted EBITDA to maintain as much consistency as possible with the calculations established by our debt covenants included in the indentures relating to our Senior Notes. Constant Currency: Constant currency combines the impact from CPI escalation, New Sites, new Colocation, new Lease Amendments, fiber and other revenues, as captured in organic revenue. Discontinued operations: In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. Gross Debt: Borrowings as stated on the statement of financial position plus lease liabilities as stated on the statement of financial position. Group: IHS Holding Limited and each of its direct and indirect subsidiaries. Inorganic revenue: Inorganic revenue captures the impact on revenue from existing Tenants of new tower portfolios or businesses that we have acquired, or tower portfolios or businesses that we have disposed of, since the beginning of the prior period (except as described in the organic revenue). Where tower portfolios or businesses were acquired during the current period under review, inorganic revenue is calculated as the revenue contribution from those acquisitions in their “at acquisition” state (measured as the local currency revenue generated during the first full month following the acquisition) in the current period. Where tower portfolios or businesses were disposed during the period under review, inorganic revenue impact is calculated as the revenue contribution from those tower portfolios or businesses in their reported state (measured in U.S. dollars) in the period. This treatment continues for 12 months following acquisition or disposal. GLOSSARY OF TERMS 24
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Latam: Refers to our business segment that includes our markets in Latin America, which currently are Brazil and Colombia, but historically included Peru prior to the completion of the sale in April 2024. In May 2026 and August 2026, the Group completed the disposal of its 51.0% stake in I-Systems to TIM S.A and its Latin America tower operations to Macquarie Asset Management, respectively. The Latin America tower operations and I-Systems disposal groups were classified as held for sale from December 31, 2025. These disposal groups comprised the entire Latam reportable segment and therefore this segment was presented as a discontinued operation. Lease Amendments: Refers to the installation of additional equipment on a site or the provision of certain ancillary services for an existing Tenant, for which we charge our customers a recurring lease fee. LTM Adjusted EBITDA: Adjusted EBITDA for the most recently ended four consecutive fiscal quarters. Organic revenue: Organic revenue captures the performance of our existing business without the impact of new tower portfolios or businesses acquired since the beginning of the prior year period (except as described in the inorganic revenue). Specifically, organic revenue captures the impact of (i) new Colocation and Lease Amendments; (ii) changes in pricing including from contractual lease fee escalation, power indexation and foreign exchange resets; (iii) new site construction, (iv) fiber connectivity and (v) any impact of Churn and decommissioning. In the case of an acquisition of new tower portfolios or businesses, the impact of any incremental revenue after the date of acquisition from new colocation and Lease Amendments or changes in pricing on the Towers acquired, including from contractual lease fee escalation, foreign exchange resets and power indexation, is also captured within organic revenue. Senior Notes: The (a) 8.000% Senior Notes due 2027 issued by IHS Mauritius NG Holdco Limited, (b) 5.625% Senior Notes due 2026 issued by IHS Holding Limited, (c) 6.250% Senior Notes due 2028 issued by IHS Holding Limited, (d) 7.875% Senior Notes due 2030 issued by IHS Holding Limited, and (e) 8.250% Senior Notes due 2031 issued by IHS Holding Limited, issued pursuant to indentures which are filed with the SEC as exhibits to our Annual Report on Form 20-F for the year ended December 31, 2025, filed March 16, 2026. SSA: Refers to our business segment that includes our markets in the Sub-Saharan region of Africa, which currently are Cameroon, Côte d’Ivoire, South Africa and Zambia. Until October 9, 2025, the business segment also included Rwanda. Tenants: Refers to the number of distinct customers who have leased space on each Tower across our portfolio. For example, if one customer had leased tower space on five of our Towers, we would have five tenants. Towers: Refers to ground-based towers, rooftop and wall-mounted towers, cell poles, in-building solutions, small cells, distributed antenna systems and cells-on-wheels, each of which is deployed to support wireless transmission equipment. We measure the number of Towers in our portfolio at a given time by counting the number of Towers that we own or operate with at least one Tenant. The number of Towers in our portfolio excludes any towers for which we provide managed services. GLOSSARY OF TERMS 25
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IHS Towers Investor Relations investorrelations@ihstowers.com