IHS Holding Ltd (NYSE: IHS)

IHS Holding Limited is an independent owner operator and developer of shared communications infrastructure. The company provides tower infrastructure and related services to mobile network operators and other customers in emerging markets across Africa and Latin America. As of December 31 2025 it operated approximately 37 590 towers in five African countries and two Latin American countries. IHS Holding Limited also offers fiber connectivity services such as fiber to the tower and fiber to the home in selected markets.

The company generates revenue primarily by leasing space on its towers to customers through colocation arrangements. Additional revenue comes from lease amendments where existing tenants add equipment or require ancillary services. The company also builds new sites to customer specifications and earns fees from those constructions. In certain markets it provides fiber to the tower and fiber to the home services which generate recurring service fees. Managed services such as power supply security and maintenance for third party owned towers also contribute to income. The majority of customers are leading mobile network operators in each country of operation.

IHS Holding Limited ranks among the largest independent tower operators globally measured by tower count. In Africa it is the largest independent tower operator in five of the seven markets where it has a presence and the only independent operator of scale in three of those markets. Globally it competes with companies such as American Tower Corporation Cellnex Helios Towers SBA Communications and Phoenix Towers International. Competitive advantages include a large scalable platform long term contracts with inflation linked escalators a high colocation rate and expertise in power management and site development.

The company's customer base consists chiefly of the leading mobile network operators in each country of operation such as MTN in Nigeria South Africa Côte d’Ivoire Cameroon and Zambia Airtel in Nigeria and Zambia and Telkom in South Africa. In Brazil the company’s fiber business serves TIM as a major anchor client. Additional customers include providers of wireless broadband broadcasting companies transmission companies and enterprises seeking enterprise connectivity.