The following is a summary of the IHS Holding Limited (IHS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• IHS saw a revenue decrease by 30.7% in Q1 2024 due to the Nigerian currency, Naira, devaluation with Adjusted EBITDA also declining by 44.8%.

• The company's ALFCF decreased by 72.2% during Q1 2024 due to less cash from operations and an increase in net interest paid.

• Capital expenditure declined by 65% in Q1 of 2024 mainly due to their Nigeria and sub-Saharan Africa segments.

• IHS's consolidated net leverage ratio increased to 3.8 at the end of Q1, still within their guidance range of 3-4 times.

• Q1 results revealed a significant net loss of $1.6 billion, primary driven by finance costs and unrealized FX losses.

Business Progress:

• The quarter saw organic growth of 35% with 270 tenants added, and 523 lease amendments along with the construction of 216 towers.

• Contracts were signed and extended with major clients like Airtel in Nigeria and MTN in Zambia and South Africa.

• The company is currently reviewing their strategy to increase operating profitability and reduce CapEx to boost cash flow generation.

• Plans to dispose of some markets with a target of raising between $500 million to $1 billion over the next year.

• Management of the balance sheet is ongoing to control interest expense, extend maturities and shift more debt into local currency.

• The company has signed a term loan of $270 million to cut down interest costs and improve liquidity.

• Projections for Q2 2024 expect improvements in financial results and margins due to FX adjustments from Q1 2024 devaluation. They remain cautiously optimistic about the 4G to 5G transition in Nigeria despite potential FX instability.

More details: IHS Holding IR

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