The core business is experiencing organic revenue contraction, with headline growth dependent on FX translation. The MTN acquisition at $6.2B EV provides a valuation anchor, but watch for any regulatory or shareholder issues that could delay or alter terms. Monitor organic revenue trajectory and FX stability in Nigeria.
Price Chart
Executive Summary
IHS Holdings reported Q1 2026 revenue of $415.4M (+6.0% YoY) and Adjusted EBITDA of $268.7M (+6.4%), but organic revenue declined 1.7% with reported growth entirely driven by favorable FX translation. Net income surged to $77.0M ($0.23 per share) from $30.7M, largely on $80.3M unrealized FX gains on Naira-denominated intercompany loans. The pending $6.2B MTN acquisition and completed Latam asset sales overshadow underlying operational softness.
Key Facts
- Revenue from continuing operations $415.4M, up 6.0% YoY (organic decline of 1.7%)
- Adjusted EBITDA $268.7M, up 6.4% YoY
- Net income $77.0M, up 150.8% YoY, boosted by $80.3M unrealized FX gains
- ALFCF $173.5M, up 15.8% YoY on lower interest payments
- Consolidated net leverage 2.9x, down from 3.4x a year ago
- Pending acquisition by MTN Group at $6.2B enterprise value; sale of Latam ops to Macquarie and I-Systems to TIM S.A. progressing
- Towers 37,641, tenants 54,854, colocation rate 1.46x
- Naira appreciated 4.6% vs USD during the quarter
Financial Impact
Revenue +$23.3M YoY, net income +$46.3M YoY, ALFCF +$23.6M YoY
Risk Factors
- Organic revenue decline of 1.7% despite reported growth
- Dependence on Naira appreciation for reported results; FX volatility remains a key risk
- Merger with MTN may face regulatory hurdles or renegotiation
- Elevated one-off costs ($33.1M accelerated share-based comp, $17.9M impairment) may recur
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-059021 |
| Document: tmb-20260512x6k.htm | 0001104659-26-059021 |
| Document: 0001104659-26-059021-index-headers.html | 0001104659-26-059021 |
| Document: 0001104659-26-059021-index.html | 0001104659-26-059021 |
| Document: 0001104659-26-059021.txt | 0001104659-26-059021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $8.43 | awaiting T+20 | — | $8.45 (+0.24%) |
Sep 1, 2026 7w ago | 6-K | $8.43 $8.36 | ▼ −0.83% | ▼ −0.50% | $8.45 (+0.24%) |
Aug 25, 2026 8w ago | 6-K | $8.36 $8.42 | ▲ +0.72% | ▲ +0.49% | $8.45 (+1.08%) |
Aug 11, 2026 10w ago | 6-K | $8.30 $8.46 | ▲ +1.93% | ▲ +2.99% | $8.45 (+1.81%) |
Aug 11, 2026 10w ago | 6-K | $8.30 $8.46 | ▲ +1.93% | ▲ +2.99% | $8.45 (+1.81%) |
Aug 7, 2026 11w ago | 6-K | $8.35 $8.47 | ▲ +1.44% | ▲ +1.83% | $8.45 (+1.20%) |
May 26, 2026 21w ago | 6-K | $8.37 $8.21 | ▼ −1.91% | ▲ +0.04% | $8.45 (+0.96%) |
May 12, 2026 23w ago | 6-K | $8.26 $8.30 | ▲ +0.48% | ▲ +2.21% | $8.45 (+2.30%) |
May 12, 2026 23w ago | 6-K | $8.26 $8.30 | ▲ +0.48% | ▲ +2.21% | $8.45 (+2.30%) |
May 7, 2026 24w ago | 6-K | $8.23 $8.30 | ▲ +0.85% | ▼ −2.29% | $8.45 (+2.67%) |
US Market Status
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