Core Viewpoint - IHS Holding (IHS) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimates - Analysts' optimism regarding IHS's earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2]. - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and stock price movements, with IHS benefiting from this trend [2][3]. Current Quarter Estimates - For the current quarter, IHS is expected to earn $0.17 per share, reflecting a year-over-year decline of 76.7% [5]. - Over the past 30 days, one estimate has increased while there have been no negative revisions, resulting in a 70% increase in the Zacks Consensus Estimate [5]. Current Year Estimates - The full-year earnings estimate stands at $0.78 per share, representing a year-over-year increase of 115.9% [6]. - Similar to the current quarter, the trend for the current year shows one estimate moving higher with no negative revisions, contributing to a positive consensus [6]. Zacks Rank - IHS Holding currently holds a Zacks Rank 2 (Buy), indicating favorable estimate revisions that could lead to significant outperformance compared to the S&P 500 [7]. - Stocks rated Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the market, suggesting a positive outlook for IHS [7]. Investment Outlook - The stock has appreciated by 7.8% over the past four weeks due to strong estimate revisions, indicating potential for further upside [8]. - Investors may consider adding IHS to their portfolios based on the current positive momentum [8].

Core Viewpoint - The analyst previously held a buy rating for IHS Holding Limited (IHS) due to its impressive adjusted EBITDA growth outlook, which the market has not fully recognized [1] Investment Philosophy - The investment approach is fundamentally driven, focusing on identifying businesses with potential for scaling and unlocking significant terminal value [1] - Emphasis is placed on understanding core business economics, including competitive moat, unit economics, reinvestment opportunities, and management quality, which are crucial for long-term free cash flow generation and shareholder value creation [1] - The analyst specializes in sectors with strong secular tailwinds, indicating a preference for industries poised for growth [1] Professional Background - The analyst has 10 years of self-education in investing and currently manages personal funds sourced from friends and family [1] - The motivation for writing on Seeking Alpha is to share investment insights and receive feedback from other investors, aiming to help readers focus on long-term equity value drivers [1] Analytical Approach - The analyst believes that good analysis should be both analytical and accessible, with the goal of providing value to readers seeking high-quality, long-term investment opportunities [1]

Core Viewpoint - IHS Holding (IHS) shows potential for significant upside, with a mean price target of $9.63 indicating a 40.2% increase from its current price of $6.87 [1] Price Targets - The average price target consists of eight estimates ranging from a low of $6.00 to a high of $17.00, with a standard deviation of $3.51, indicating variability among analysts [2] - The lowest estimate suggests a decline of 12.7%, while the highest indicates a potential upside of 147.5% [2] - A low standard deviation suggests a higher agreement among analysts regarding price movement [9] Analyst Sentiment - Analysts are optimistic about IHS's earnings prospects, with a consensus indicating better-than-previously estimated earnings [4][11] - Over the past 30 days, one estimate has increased, leading to a 105.3% rise in the Zacks Consensus Estimate for the current year [12] Zacks Rank - IHS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as they can often mislead investors [3][7][10] - Analysts may set overly optimistic targets due to business incentives, which can inflate price expectations [8]

Market Overview - U.S. stocks exhibited mixed trading, with the Dow Jones index increasing by over 400 points, up 0.87% to 48,343.46, while NASDAQ decreased by 0.23% to 23,414.10, and S&P 500 rose by 0.13% to 6,855.64 [1] - Financial shares experienced a notable increase of 1.2%, while communication services stocks fell by 1% [1] Company Performance - IHS Holding Limited reported third-quarter earnings of 44 cents per share, surpassing the analyst consensus estimate of 10 cents per share, and quarterly sales of $455.1 million, exceeding the consensus estimate of $424.395 million [2] Commodity Market - Oil prices decreased by 2.1% to $59.74, while gold prices increased by 0.6% to $4,139.70. Silver rose by 1.9% to $51.71, and copper increased by 1.4% to $5.1370 [4] European Market - European shares showed positive movement, with the eurozone's STOXX 600 rising by 0.7%, Spain's IBEX 35 Index gaining 1.4%, London's FTSE 100 up by 0.1%, Germany's DAX 40 increasing by 1.1%, and France's CAC 40 climbing by 1.2% [5] Asian Market - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 0.43%, Hong Kong's Hang Seng surging 0.85%, China's Shanghai Composite declining by 0.07%, and India's BSE Sensex rising by 0.71% [6] Mortgage Applications - The volume of mortgage applications rose by 0.6% from the previous week during the first week of November [7] Notable Stock Movements - Leap Therapeutics, Inc. shares surged by 87% to $0.8153 following better-than-expected third-quarter EPS results [8] - Creative Media & Community Trust Corporation shares increased by 65% to $7.91 after announcing an agreement to sell its lending division [8] - Salarius Pharmaceuticals, Inc. shares rose by 46% to $1.4201 after pricing a $7 million underwritten public offering [8] - VisionSys AI Inc. shares dropped by 77% to $0.2932 after announcing a $12 million registered direct offering [8] - Leifras Co., Ltd. shares fell by 33% to $7.59 after a significant surge of 576.79% in regular trading on Tuesday [8] - Graphjet Technology shares decreased by 27% to $2.8473 [8]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $455 million, exceeding expectations with a constant currency revenue growth of almost 9% driven by CPI escalators, colocation, lease amendments, and new sites [7][14] - Adjusted EBITDA reached $261 million with a margin of 57.5%, an increase of over 6% year-on-year, reflecting ongoing cost control and profitability efforts [7][15] - ALFCF was $158 million, showing a strong increase driven by targeted actions to enhance cash generation [7][18] - Total CapEx was $77 million, up 16% year-on-year, primarily due to quarterly phasing of CapEx in Nigeria [7][18] - Consolidated net leverage ratio improved to 3.3x, down 0.6x year-on-year, well within the target range of 3x to 4x [8][16] Business Line Data and Key Metrics Changes - In Nigeria, revenue was $268 million, with organic growth of 5% year-on-year despite tenant churn [19][20] - The Sub-Saharan African segment saw a revenue increase of 13%, while adjusted EBITDA decreased just over 1% year-on-year due to increased costs [21][22] - The Latin America segment experienced a 68.9% growth in towers and tenants, leading to 11% organic growth year-on-year [22] Market Data and Key Metrics Changes - The Nigerian market showed positive macroeconomic trends, with the naira appreciating against the dollar and inflation easing to 18% [21][22] - Brazil's telecom sector is growing at 6% to 7% year-on-year, with the Brazilian real also appreciating against the dollar [37][39] Company Strategy and Development Direction - The company is focused on reducing debt while driving organic growth, maintaining disciplined capital allocation, and considering dividends or share buybacks as leverage decreases [9][10] - There is a strong emphasis on integrating technology and AI to enhance operational efficiency [9] - The company is excited about growth opportunities in Brazil and Nigeria, particularly with new site agreements and favorable market conditions [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing strong performance in key markets and favorable foreign exchange movements [5][6] - The full-year 2025 outlook for revenue, adjusted EBITDA, and ALFCF has been raised due to strong year-to-date performance [6][26] - The company expects to maintain a focus on profitability and cash flow generation while exploring growth opportunities [44][46] Other Important Information - The company received $175 million from the Rwanda disposal shortly after the quarter-end, contributing to strong liquidity [9][24] - The average FX rate for the naira was NIS1523 to the dollar in 2025, with expectations of continued appreciation [15][28] Q&A Session Summary Question: What are the CapEx plans of carrier customers in Nigeria? - Management noted strong financial results from MTN Nigeria and Airtel Nigeria, with both carriers showing significant revenue growth and healthy margins [32][34] Question: How much should we expect the firm's willingness to invest in Latin America? - The company remains committed to growth in Brazil, highlighted by a new rollout agreement with TIM for up to 3,000 sites [35][39] Question: Can you provide an update on capital allocation and leverage? - Management indicated that leverage is expected to be around 3x to 3.1x by year-end, with plans to update on capital allocation strategies at the year-end results [42][44] Question: What is the impact of the Rwanda sale on capital structure? - The initial proceeds of $175 million will reduce leverage, with additional payments expected over the next few years [56][58] Question: Why did the number of sites in Nigeria drop? - The drop was attributed to tenant churn from MTN and Nine Mobile, which is expected to be a one-time adjustment [64][67]

Core Insights - IHS Holding reported quarterly earnings of $0.44 per share, significantly exceeding the Zacks Consensus Estimate of $0.10 per share, and showing a substantial improvement from a loss of $0.61 per share a year ago, resulting in an earnings surprise of +340.00% [1] - The company achieved revenues of $455.1 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 7.82% and reflecting an increase from $420.28 million in the same quarter last year [2] - IHS Holding's stock has increased by approximately 130.5% since the beginning of the year, outperforming the S&P 500's gain of 16.4% [3] Earnings Outlook - The future performance of IHS Holding's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, which includes current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $0.10 on revenues of $420.12 million, while for the current fiscal year, the estimate is $0.38 on revenues of $1.72 billion [7] Industry Context - The Communication - Infrastructure industry, to which IHS Holding belongs, is currently ranked in the top 16% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% of ranked industries [8]

Financial Performance - Revenue for 3Q25 was $455.1 million, representing a 6.6% year-over-year increase[14] - Adjusted EBITDA for 3Q25 was $261.5 million, with an Adjusted EBITDA margin of 57.5%[14] - Group ALFCF (Adjusted Levered Free Cash Flow) for 3Q25 reached $157.8 million, achieving a cash conversion rate of 60.4%[14] Regional Revenue Analysis - Nigeria's revenue in 3Q25 was $268.0 million, showing a 5.0% year-over-year increase[14] - SSA (Sub-Saharan Africa) revenue for 3Q25 amounted to $135.9 million, reflecting an 8.6% year-over-year increase[14] - Latam (Latin America) revenue in 3Q25 was $51.2 million, indicating an 11.2% year-over-year increase[14] Debt and Liquidity - Total Indebtedness as of 3Q25 was $3.9141 billion[16] - The company's cash and cash equivalents stood at $651.5 million as of 3Q25[16] - Consolidated net leverage ratio was 3.3x as of 3Q25[16] Operational Metrics - The company had 39,025 towers as of 3Q25[15] - The consolidated tenancy ratio was 1.48x in 3Q25[15]

Table of Contents Exhibit 99.1 TABLE OF CONTENTS | PART I — FINANCIAL INFORMATION | Page | | --- | --- | | Item 1. Interim Financial Statements | 8 | | Condensed Consolidated Statement of Income/(Loss) and Other Comprehensive (Loss)/Income | | | (Unaudited) | 9 | | Condensed Consolidated Statement of Financial Position (Unaudited) | 10 | | Condensed Consolidated Statement of Changes in Equity (Unaudited) | 11 | | Condensed Consolidated Statement of Cash Flows (Unaudited) | 12 | | Notes to the Unaudited Cond ...

Core Insights - IHS Towers has completed the sale of 100% of IHS Rwanda Limited, including approximately 1,467 sites, to Paradigm Tower Ventures as part of a consortium [1][2] Company Overview - IHS Towers is one of the largest independent owners, operators, and developers of shared communications infrastructure globally, focusing on emerging markets with over 37,000 towers across seven countries [3] - Paradigm Tower Ventures, founded in 2019 by experienced executives from global and African tower businesses, aims to grow shared wireless infrastructure in Sub-Saharan Africa [3]

Core Insights - IHS Brazil, part of IHS Towers, has signed a New Site agreement with TIM S.A. to enhance their partnership in Brazil [1] - The agreement aims to establish up to 3,000 sites, with an initial commitment to deploy a minimum of 500 sites [1] Company Overview - IHS Towers is recognized as one of the largest independent owners, operators, and developers of shared communications infrastructure globally, based on tower count [1] - The partnership with TIM S.A. signifies a strategic move to expand IHS Towers' footprint in the Brazilian telecommunications market [1]