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Helios Towers, the African and Middle Eastern telecom infrastructure group backed by Nigerian private-equity executive Temitope Lawani, has reported another period of solid growth as it enters a new strategic phase built around stronger cash generation and shareholder returns.
The London-listed tower operator booked revenue of nearly $635 million, up from less than $585 million a year earlier. The performance buoyed by sustained tenancy growth across its footprint and a tightening grip on costs marks a continuation of Helios’ transformation from an expansion-focused operator into a more balanced business prioritizing disciplined capital allocation and cash returns.
Helios grows earnings on stronger operations
Helios reported revenue of $634.5 million for the nine months ending Sept. 30, 2025, marking a 9 percent increase from a year earlier. The rise was achieved due to the pan-African tower operator added more tenants in its main markets, such as the Democratic Republic of the Congo, Tanzania, and Oman.
Adjusted EBITDA grew 11 percent year-on-year to $345.6 million, lifting the margin to 54 percent, supported by improved tenancy ratios and disciplined spending. Operating profit rose to $211.2 million, while the business also reports a $5.5 billion contracted revenue backlog, with 99 percent linked to multinational operators and an average 6.7-year remaining life, giving it a long-run earnings visibility few infrastructure companies in frontier markets can match.
Helios closed the period with 14,621 sites and 31,531 tenancies, driving its tenancy ratio to 2.16x, thus nearing its 2026 tenancy ratio milestone of 2.2x, underscoring the strength of its leasing momentum.
Entering the IMPACT 2030 era: growth plus shareholder payouts
Alongside the results, Helios formally launched IMPACT 2030, its next strategic phase following years of expansion and integration.
CEO Tom Greenwood said the business is entering its next chapter with “continued strong organic growth” and confidence in delivering meaningful returns to shareholders. “Our structurally high-growth markets, coupled with our relentless focus on customer experience excellence, have driven continued tenancy growth,” he said.
Under the IMPACT plan, Helios is targeting more than $1.3 billion in cumulative recurring free cash flow between 2026 and 2030 and allocating over $500 million in discretionary capex to support network growth and upgrades. The company aims to lift its tenancy count to above 42,000 by 2030 and expand its tenancy ratio beyond 2.5x.
A maturing telecom infrastructure champion
Founded in 2009 and now present in 11 markets, Helios Towers Group has evolved into one of Africa’s most significant digital infrastructure operators. In a shift welcomed by investors, Helios will also initiate sizeable payouts, targeting over $400 million in shareholder distributions through 2030.
Its next phase of $75 million buyback program set to run through 2026, with dividends slated to begin with a $25 million payout for FY 2026, signals a maturing business model, still riding the wave of fast-growing mobile across Africa and the Middle East, promising consistent returns and shareholder value.
