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IHS Towers Generated $268 Million in Nigerian Revenue During Q3 2025
IHS Towers generated $268 million in Nigerian revenue during the third quarter of 2025, showing strong business growth despite some challenges in the telecom market. The company, known as a global leader in shared communications infrastructure, benefited from a few key factors this quarter: telecom tariff adjustments, a stronger naira, and growing demand from major mobile network operators like MTN and Airtel.
Looking closer at the details, the $268 million IHS Towers generated in Nigerian revenue made up nearly 59% of the company’s total earnings, which hit $455 million overall for Q3 2025. Even with ongoing issues like telecom site vandalism in Nigeria, the company managed to boost its Nigerian revenue by 11% compared to the same period last year. That helped push the group’s total revenue up by 8.3% year-on-year.
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Nigeria remains one of IHS Towers’ most important markets. The company operates more than 16,000 base stations there, supporting everyday telecom services for millions of users. During this quarter, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Nigeria reached $170 million, a 7% jump from last year. However, the EBITDA margin slipped by about 2.3 percentage points to 63.3%, mainly because of higher operating costs, inflation-driven expenses, and some costs tied to revised agreements with T2Mobile (formerly 9mobile).
On the group level, IHS Towers reported adjusted EBITDA of $261 million, while adjusted levered free cash flow soared 81% year-on-year to $158 million. Earnings per share came in at $0.44, beating expectations that were around $0.11. This positive surprise caused the company’s stock price to jump 13.37% in pre-market trading, reaching $7.63.
The CEO, Sam Darwish, commented on this financial performance, noting that Nigeria’s economy is stabilizing. He praised the government under President Bola Tinubu for efforts to strengthen the naira, increase foreign reserves, and reduce bureaucratic hurdles. The naira showed improvement during the quarter, averaging about N1,523 to the US dollar. The Central Bank of Nigeria cut interest rates by 50 basis points to 27%, and inflation dropped to 18%, the lowest it’s been in over three years.
Darwish remained optimistic about Nigeria’s economic future, highlighting growing confidence in the market and better foreign-exchange conditions. He also pointed out that the strong performance was partly due to over 1,700 lease amendments and more than 220 new collocations completed during the quarter. Despite these gains, IHS Towers faced some setbacks. The group suffered a revenue loss of roughly $8 million related to MTN Nigeria site churn, where 510 tenants left and 980 lease amendments were made. Also, IHS Towers asked T2Mobile to exit 2,576 tower sites following a review of their agreement. This move, starting in Q3 2025, delivered a blow to T2Mobile’s rebranding efforts.
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The company explained that it cut ties with T2Mobile, which is the smallest key customer in Nigeria, and is seeking clearance for parts of its longstanding debt. This situation adds more pressure on T2Mobile, which has been trying to stage a comeback with important deals but has struggled for years with debt, subscriber losses, and falling market and investor confidence since its Etisalat days.
All in all, IHS Towers generated $268 million in Nigerian revenue during Q3 2025, marking a solid showing against a complex backdrop. Their success reflects Nigeria’s stabilizing economy and the company’s ability to adapt and grow in a challenging telecom environment.
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