British telecoms infrastructure group Helios Towers announced on Thursday that it anticipates continued growth in 2025, driven by increasing digitalization in Africa and the Middle East. The region has experienced the highest growth in data consumption and cellphone users globally, leading to earnings beats and expansion among key customers, including Airtel Africa, Vodafone, Orange, and Axian.
Helios Towers CEO Tom Greenwood stated, “That drives the need for more mobile antenna and basically more telecommunications infrastructure across any given country.” The adoption of 4G technology in Africa and 5G technology in Oman is gaining momentum as users increasingly engage with apps, streaming services, social media, and generative AI.
Helios Towers specializes in building, owning, and operating passive telecoms infrastructure for mobile network operators in Africa and the Middle East, with its largest markets being Tanzania, the Democratic Republic of Congo, and Oman. The company now expects full-year adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) to be around $420 million, at the higher end of its previous guidance, with projected low double-digit growth in 2025.
Furthermore, Helios Towers anticipates its tenancy ratio—the average number of tenants for each site—to increase to over 2.1 by the end of 2025, up from 2.04 at the end of September.
Despite this optimistic outlook, Helios Towers’ London-listed stock fell as much as 4%, with a Berenberg analyst citing the impact of quarterly misses from some competitors and a relative slowdown in revenues, which declined from the previous quarter to $194.8 million.
Berenberg noted that while the forecasts align with current consensus estimates, Helios has a strong track record of meeting or exceeding market expectations. Jefferies analysts added that the upgraded guidance suggests steady progress through 2026.
In the third quarter, Helios Towers reported a 2% increase in adjusted EBITDA to $105.7 million, consistent with company-provided analyst consensus forecasts. The number of tenants using its infrastructure rose by 2% to 29,021, surpassing estimates of 28,913.
