IHS : Supplemental Information

MAY 14, 2024

DISCLAIMER

Forward-Looking Information

This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this presentation may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecast," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this presentation include, but are not limited to statements regarding our future results of operations and financial position, future organic growth, anticipated results for the fiscal year 2024, industry and business trends, business strategy, plans (including productivity enhancements and cost reductions, and our ability to refinance or meet our debt obligations), market growth and our objectives for future operations, and the impact of the devaluation of the Naira and other economic and geopolitical factors on our future results and operations, the outcome and potential benefit of our strategic review, and the impact of and our ability to execute on the corporate governance changes pursuant to our settlement with Wendel. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: non-performance under or termination, non-renewal or material modification of our customer agreements; volatility in terms of timing for settlement of invoices or our inability to collect amounts due under invoices; a reduction in the creditworthiness and financial strength of our customers; the business, legal and political risks in the countries in which we operate; general macroeconomic conditions in the countries in which we operate; changes to existing or new tax laws, rates or fees foreign exchange risks, particularly in relation to the Nigerian Naira, and/or ability to hedge against such risks in our commercial agreements or to access U.S. Dollars in our markets; the effect of regional or global health pandemics, geopolitical conflicts and wars, and acts of terrorism; our inability to successfully execute our business strategy and operating plans, including our ability to increase the number of Colocations and Lease Amendments on our Towers and construct New Sites or develop business related to adjacent telecommunications verticals (including, for example, relating to our fiber businesses in Latin America and elsewhere) or deliver on our sustainability or environmental, social and governance (ESG) strategy and initiatives under anticipated costs, timelines, and complexity, such as our Carbon Reduction Roadmap (and Project Green), including plans to reduce diesel consumption, integrate solar panel and battery storage solutions on tower sites and connect more sites to the electricity grid; our reliance on third-party contractors or suppliers, including failure, underperformance or inability to provide products or services to us (in a timely manner or at all) due to sanctions regulations, supply chain issues or for other reasons; our estimates and assumptions and estimated operating results may differ materially from actual results; increases in operating expenses, including increased costs for diesel; failure to renew or extend our ground leases, or protect our rights to access and operate our Towers or other telecommunications infrastructure assets; loss of customers; risks related to our indebtedness; changes to the network deployment plans of mobile operators in the countries in which we operate; a reduction in demand for our services; the introduction of new technology reducing the need for tower infrastructure and/or adjacent telecommunication verticals; an increase in competition in the telecommunications tower infrastructure industry and/or adjacent telecommunication verticals; our failure to integrate recent or future acquisitions; the identification by management of material weaknesses in our internal control over financial reporting, which could affect our ability to produce accurate financial statements on a timely basis or cause us to fail to meet our future reporting obligations; increased costs, harm to reputation, or other adverse impacts related to increased intention to and evolving expectations for environmental, social and governance initiatives; our reliance on our senior management team and/or key employees; failure to obtain required approvals and licenses for some of our sites or businesses or comply with applicable regulations; inability to raise financing to fund future growth opportunities or operating expense reduction strategies; environmental liability; inadequate insurance coverage, property loss and unforeseen business interruption; compliance with or violations (or alleged violations) of laws, regulations and sanctions, including but not limited to those relating to telecommunications regulatory systems, tax, labor, employment (including new minimum wage regulations), unions, health and safety, antitrust and competition, environmental protection, consumer protection, data privacy and protection, import/export, foreign exchange or currency, and of anti-bribery,anti-corruption and/or money laundering laws, sanctions and regulations; fluctuations in global prices for diesel or other materials; disruptions in our supply of diesel or other materials; legal and arbitration proceedings; our reliance on shareholder support (including to invest in growth opportunities) and related party transaction risks; risks related to the markets in which we operate, including but not limited to local community opposition to some of our sites or infrastructure, and the risks from our investments into emerging and other less developed markets; injury, illness or death of employees, contractors or third parties arising from health and safety incidents; loss or damage of assets due to security issues or civil commotion; loss or damage resulting from attacks on any information technology system or software; loss or damage of assets due to extreme weather events whether or not due to climate change; failure to meet the requirements of accurate and timely financial reporting and/or meet the standards of internal control over financial reporting that support a clean certification under the Sarbanes Oxley Act; risks related to our status as a foreign private issuer; and the important factors discussed in the section titled "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. The forward-looking statements in this presentation are based upon information available to us as of the date of this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this presentation and the documents that we reference in this presentation with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Additionally, we may provide information herein that is not necessarily "material" under the federal securities laws for SEC reporting purposes, but that is informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (GHG) accounting and the processes for measuring and counting GHG emissions and GHG emissions reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in future, considered by certain parties to not be in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable law, we do not assume, and expressly disclaim, any obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of any new information, future events or otherwise.

Use of Non-IFRS financial measures

Certain parts of this presentation contain non-IFRS financial measures, including but not limited to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Levered Free Cash Flow ("ALFCF"), ALFCF Cash Conversion Rate, Return on Invested Capital ("ROIC"). The non-IFRS financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Our management uses Adjusted EBITDA, Adjusted EBITDA Margin and ROIC as an indicator of the operating performance of our core business. We believe that Adjusted EBTIDA, Adjusted EBITDA Margin and ROIC are useful to investors and are used by our management for measuring profitability and allocating resources, because they exclude the impact of certain items which have less bearing on our core operating performance. We believe that utilizing Adjusted EBITDA, Adjusted EBITDA Margin and ROIC allows for a more meaningful comparison of operating fundamentals between companies within our industry by eliminating the impact of capital structure and taxation differences between the companies. Our management uses ALFCF and ALFCF Cash Conversion Rate to assess the long-term, sustainable operating liquidity of our business. Starting in the third quarter of 2023, we replaced RLFCF with ALFCF. As a result, we have represented the 1Q23 and 2Q23 measures to be on a consistent basis with the ALFCF presented for the subsequent periods. Unlike RLFCF, ALFCF and ALFCF Cash Conversion Rate excludes the reversal of movements in the net loss allowance on trade receivables and impairment of inventory to better reflect the liquidity position in each period. ALFCF and ALFCF Cash Conversion Rate only includes the cash costs of business combination transaction costs, other costs and other income. There is otherwise no change in the definition or calculation of this metric for the periods presented as a result of the name change. Non-IFRS measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present non-IFRS measures when reporting their results. Non-IFRS financial measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing non-IFRS financial measures as reported by us to non-IFRS financial measures as reported by other companies. These metrics have limitations as analytical tools, you should not consider such financial measures in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with IFRS. These metrics are not measures of performance or, in the case of ALFCF and ALFCF Cash Conversion Rate, liquidity under IFRS and you should not consider Adjusted EBITDA, Adjusted EBITDA Margin or ROIC for the period as an alternative to profit/(loss) or ALFCF and ALFCF Cash Conversion Rate as an alternative to cash from operations, or other financial measures determined in accordance with IFRS. Non-IFRS financial measures described in this presentation are unaudited and have not been prepared in accordance with IFRS or any other generally accepted accounting principles. In addition, the presentation of these measures is not intended to and does not comply with the reporting requirements of any regulatory authority and will not be subject to review by a regulatory authority; compliance with such requirements may require us to make changes to the presentation of this information. Definitions and reconciliations of these non-IFRS measures to the most directly comparable IFRS measures are provided in the Appendix and Glossary as applicable. The presentation of LTM Pro Forma Adjusted EBITDA should not be construed as an inference that our future results will be consistent with our "as if" estimates. These "as if" estimates of potential operating results were not prepared in accordance with IFRS or the pro forma rules of Regulation S-X promulgated by the Securities and Exchange Commission (the "SEC"). Furthermore, while LTM Pro Forma Adjusted EBITDA gives effect to management's estimate of a full year of Adjusted EBITDA in respect of acquisitions completed in the applicable period, LTM Pro Forma Adjusted EBITDA does not give effect to any Adjusted EBITDA in respect of such acquisitions for any period prior to such applicable period. As a result, the LTM Pro Forma Adjusted EBITDA across different periods may not necessarily be comparable. This presentation also includes certain forward-lookingnon-IFRS financial measures, including Adjusted EBITDA and ALFCF. We are unable to provide a reconciliation of such forward-lookingnon-IFRS financial measures without an unreasonable effort due to the uncertainty regarding, and the potential variability of, the applicable costs and expenses that may be incurred in the future, including, in the case of Adjusted EBITDA, share-based payment expense, finance costs, insurance claims, net movement in working capital, other non-operating expenses, and impairment of inventory, and in the case of Adjusted Levered Free Cash Flow, cash from operations, net working capital movements and maintenance capital expenditures, all of which may significantly impact these non-IFRS measures. Accordingly, investors are cautioned not to place undue reliance on this information.

Rounding

Certain numbers, sums, and percentages in this presentation may be impacted by rounding.

Use of Market and Industry Data

We obtained the industry, market and competitive position data and forecasts in this presentation from our own internal estimates and research as well as from publicly available information, industry and general publications and research conducted by third parties, including Analysys Mason Limited (Analysys Mason), delivered in April 2024 for use in this presentation. Such market data is derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. Analysys Mason's third-party data is also prepared on the basis of information provided and views expressed by mobile operators, tower operators and other parties (including certain views expressed and information provided or published by individual operators, service providers, regulatory bodies, industry analysts and other third-party sources of data). Although Analysys Mason has obtained such information from sources it believes to be reliable, neither we nor Analysys

Mason have verified such information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached. Forecasts and other forward-looking information obtained from these	2
sources and from our and Analysys Mason's estimates are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation and as described under "Forward-Looking Information." These forecasts and other forward-looking information are subject to
uncertainty and risk due to a variety of factors which could cause results to differ materially from those expressed in the forecasts or estimates from independent third parties (including Analysys Mason) and us.

COMPANY AND SECURITIES INFORMATION

Contacts

Corporate Headquarters

IHS Holding Limited 1 Cathedral Piazza 123 Victoria Street London, SW1E 5BP United Kingdom www.ihstowers.com

Investor Relations

Colby Synesael

Executive Vice President of Communications

152 W 57th Street

New York, NY 10019 United States [e-mail]

Transfer Agent

Computershare

P.O. Box 43006 Providence, RI 02940 [phone]

Resources

Earnings Materials http://www.ihstowers.com/investors/earnings-materialsInvestor Presentations and Events www.ihstowers.com/investors/investor-presentations-eventsDistribution list / email alerts www.ihstowers.com/investors/email-alerts

Board of Directors			Executive Officers
Director	Independent		Officer	Title
Sam Darwish	X		Sam Darwish	Chairman & Group Chief Executive Officer
Aniko Szigetvari	✓
	Steve Howden	Executive Vice President, Chief Financial Officer
Frank Dangeard	✓
	William Saad	Executive Vice President, Chief Operating Officer
John Ellis (Jeb) Bush	✓
Mallam Bashir Ahmad El-Rufai	✓		Mohamad Darwish	Executive Vice President, Nigeria Chief Executive Officer
Maria Carolina Lacerda	✓		Mustafa Tharoo	Executive Vice President, General Counsel
Nick Land	✓
	Ayotade Oyinlola	Executive Vice President, Chief Human Resources Officer
Phuthuma Nhleko	✓
	Colby Synesael	Executive Vice President of Communications
Ursula Burns	✓

Securities

Common Stock

The New York Stock Exchange

Ticker: IHS

Debt Securities

Issuer	Description	Original Date Issue	Type
IHS Netherlands Holdco B.V.	US$940,000,000 8.000% Senior Notes due 2027	2019	Reg S/ 144
IHS Holding Limited	US$500,000,000 5.625% Senior Notes due 2026	2021	Reg S/ 144
IHS Holding Limited	US$500,000,000 6.250% Senior Notes due 2028	2021	Reg S/ 144

Analyst Coverage

Equity			Fixed Income
Institution	Analyst		Institution	Analyst
Barclays	Maurice Patrick		Barclays	Stella Cridge
Citigroup	Mike Rollins		J.P. Morgan	Nandini Boomakanti
Cowen	Michael Elias
J.P. Morgan	Richard Choe
New Street Research	Chris Hoare
RBC Capital Markets	Jon Atkin
Tigress Financial Partners	Ivan Feinseth
Wells Fargo Securities	Eric Luebchow

3

COMMON STOCK INFORMATION

	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24
Closing price at end of quarter/year ($)	11.08	10.44	5.58	6.15	8.76	9.78	5.55	4.60	3.53
Average daily trading volume at end of quarter/year	155,642	96,498	260,111	256,331	184,511	295,094	351,964	396,270	637,014
Potentially dilutive weighted average common shares outstanding ('000)	335,563	335,155	335,134	336,046	335,130	335,691	335,857	335,156	333,282
Fully diluted Market capitalization at end of quarter/year ($M)	3,718	3,499	1,870	2,067	2,936	3,283	1,864	1,542	1,176

FY2022 FY2023

6.154.60

192,943 307,497

336,046 335,156

2,067 1,542

4

FINANCIAL METRICS

		1Q22	2Q22		3Q22	4Q22	1Q23	2Q23		3Q23	4Q23	1Q24			FY2022	FY2023
	In $000s
	REVENUE
	Segment Revenue
	Organic Growth Y/Y
	Nigeria	320,656	321,125		355,351	355,270	424,978	364,592		271,394	320,662	227,734			1,352,402	1,381,627
		27.0%	10.4%	28.7%	27.3%	46.6%	36.7%	36.3%	65.5%	45.9%		23.2%	46.5%
	SSA	85,628	94,902		114,801	117,492	122,160	123,393		133,481	124,016	131,315			412,824	503,049
		3.6%	4.6%	3.1%	9.2%	15.6%	15.2%	20.7%	12.0%	15.1%		5.2%	15.9%
	Latam	31,233	42,780		42,104	43,891	45,649	48,344		51,883	54,331	47,773			160,008	200,207
		33.0%	27.9%	36.1%	31.6%	18.4%	13.8%	14.8%	16.6%	(0.4%)		32.1%	15.7%
	MENA	8,615	8,876		9,061	9,514	9,741	9,875		10,265	10,775	10,922			36,065	40,656
		10.7%	13.5%	16.2%	15.1%	11.2%	8.4%	7.4%	6.4%	6.0%		14.0%	8.3%
	Group	446,132	467,683		521,317(2)	526,167	602,528(3)	546,204		467,023	509,784	417,744			1,961,299(2)	2,125,539(3)
		21.5%	9.9%(1)	23.1%	23.5%	38.0%	29.7%	30.6%	48.4%	35.5%		19.5%	36.9%
	ADJUSTED EBITDA(4)
	Segment Adjusted EBITDA(4)
	Segment Adjusted EBITDA Margin(4)
	Nigeria	203,019	183,698		210,039	206,065	271,879	219,445		164,152	199,841	102,869			802,822	855,317
		63.3%	57.2%	59.1%	58.0%	64.0%	60.2%	60.5%	62.3%	45.2%		59.4%	61.9%
	SSA(5)	46,999	52,990		63,521	66,555	65,481	62,933		66,285	62,373	69,652			230,066	257,072
		54.9%	55.8%	55.3%	56.6%	53.6%	51.0%	49.7%	50.3%	53.0%		55.7%	51.1%
	Latam(6)	22,113	30,904		29,993	31,425	31,172	35,330		38,163	41,089	33,845			114,434	145,754
		70.8%	72.2%	71.2%	71.6%	68.3%	73.1%	73.6%	75.6%	70.8%		71.5%	72.8%
	MENA	3,618	4,170		3,828	4,405	3,666	5,384		5,155	7,916	6,072			16,021	22,121
		42.0%	47.0%	42.2%	46.3%	37.6%	54.5%	50.2%	73.5%	55.6%		44.4%	54.4%
	Unallocated corporate expenses(7)	(30,877)	(32,586)		(32,953)	(35,997)	(36,654)	(38,385)		(35,653)	(37,037)	(27,279)			(132,412)	(147,729)
	Group	244,872	239,176	274,428(2)	272,453	335,544(3)	284,707(8)	238,102(8)	274,182	185,159	1,030,931(2)	1,132,535(3)
		54.9%	51.1%	52.6%	51.8%	55.7%	52.1%	51.0%	53.8%	44.3%		52.6%	53.3%
	ALFCF(9)
	Cash Conversion Rate
	Group	86,105	90,434		89,656(2)	96,889	154,904(10)	73,955(8)		85,759(8)	118,165	43,111			363,083(2)	432,782(10)
		35.2%	37.8%	32.7%	35.6%	46.2%	26.0%	36.0%	43.1%	23.3%		35.2%	38.2%
	CAPEX
	New Sites	9,805	32,766		26,461	17,990	10,411	23,947		29,197	28,316	15,129			87,022	91,872
	Non-discretionary	39,880	29,993	49,128	50,724	44,247	52,325	19,295	26,271	10,000		169,726	142,138
	Discretionary	67,318	84,010		98,526	126,868	97,944	125,663		52,389	76,040	28,018			376,722	352,036
	Total	117,003	146,769	174,115	195,582	152,603	201,935(8)	100,881(8)	130,627	53,147		633,470	586,046
	ROIC(11)													9.9%(12)
	Group	-	-	-	-	-	-	-	-	-		14.6%
Note: refer to page 17 (Appendix section) for footnotes related to these Financial Metrics

5

KPIs AND REVENUE DRIVERS

	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24			FY2022	FY2023
KPIs
Towers
Consolidated	33,275	39,052	39,397	39,652	39,104(1)	39,298	39,739	40,075	40,278			39,652	40,075(1)
Tenants
Colo Rate(2)
Nigeria	25,690	25,685	25,861	26,210	25,650	25,798	25,927	26,009	26,129			26,210	26,009
	1.52x	1.53x	1.53x	1.54x	1.57x	1.57x	1.58x	1.59x	1.59x			1.54x	1.59x
SSA	13,493	20,650	20,858	21,036	21,106	21,193	21,429	21,593	21,711			21,036	21,593
	1.70x	1.50x	1.51x	1.52x	1.52x	1.52x	1.53x	1.54x	1.54x			1.52x	1.54x
Latam	9,022	9,585	9,651	9,781	9,837	9,896	10,155	10,429	10,463			9,781	10,429
	1.28x	1.34x	1.34x	1.34x	1.35x	1.33x	1.32x	1.31x	1.29x			1.34x	1.31x
MENA	1,438	1,461	1,523	1,546	1,553	1,560	1,685	1,696	1,694			1,546	1,696
	1.01x	1.01x	1.01x	1.01x	1.01x	1.01x	1.01x	1.01x	1.01x			1.01x	1.01x
Consolidated	49,643	57,381	57,893	58,573	58,146(1)	58,447	59,196	59,727	59,997			58,573	59,727(1)
	1.49x	1.47x	1.47x	1.48x	1.49x	1.49x	1.49x	1.49x	1.49x			1.48x	1.49x
Amendments
Nigeria	27,743	29,585	29,084(3)	30,218	31,460	32,496	33,254	33,999	34,375			30,218(3)	33,999
SSA	774	1,085	1,085	1,403	1,523	1,669	1,922	2,433	2,565		1,403	2,433
Latam	-	-	-	53	55	69	78	171	186			53	171
MENA	-	-	-	-	-	-	-	-	-		-	-
Consolidated	28,517	30,670	30,169	31,674	33,038	34,234	35,254	36,603	37,126			31,674	36,603
REVENUE DRIVERS
Y/Y growth
CPI Escalators	4.7%	5.6%	5.1%	5.5%	7.3%	7.9%	7.1%	5.0%	5.9%			5.2%	6.8%
FX Resets	3.3%	1.8%	1.7%	3.1%	3.4%	4.3%	16.6%	27.0%	30.8%		2.5%	13.4%
New Sites	1.6%	1.3%	0.9%	1.0%	1.0%	1.2%	1.2%	0.7%	0.8%			1.2%	1.0%
New Colocation	1.7%	1.5%	1.7%	2.0%	1.5%	1.4%	1.1%	1.2%	1.5%		1.7%	1.3%
New Lease Amendments	2.4%	3.5%	2.0%	2.9%	4.4%	2.8%	2.3%	3.4%	1.9%			2.7%	3.2%
Power	-	-	5.4%	8.9%	5.1%	5.1%	1.0%	1.6%	3.1%		5.0%	3.0%
Fiber	-	-	1.1%	1.3%	1.0%	1.2%	1.3%	2.8%	2.1%			1.2%	1.6%
Inorganic	5.3%	8.7%	13.1%	10.8%	8.3%	3.9%	0.1%	0.1%	0.1%		9.6%	2.9%
FX	(3.4%)	(2.2%)	(6.0%)	(7.7%)	(11.3%)	(16.9%)	(41.2%)	(51.7%)	(66.2%)			(4.9%)	(31.4%)
Consolidated	23.4%	16.4%	30.2%	26.6%	35.1%	16.8%	(10.4%)	(3.1%)	(30.7%)		24.2%	8.4%
Diesel
Diesel-linked revenue ($000s)	27,047	25,299	42,272	57,601	56,231(4)	52,023	28,590	38,035	27,000			152,220	174,879
Diesel COS	76,451	93,879	100,938	100,539	99,378	81,634	65,574	74,807	68,012		371,806	321,392
ICE Low Sulphur Gasoil $/Metric Ton	786	1,031	1,012	948	819	687	911	792	813			944	802

Note: refer to page 18 (Appendix section) for footnotes related to KPIs and Revenue Drivers

6

DEBT AND LIQUIDITY

		1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24			FY2022	FY2023
	DEBT ($000's)
	8.000% Senior Notes due 2027	940,000	940,000	940,000	940,000	940,000	940,000	940,000	940,000	940,000			940,000	940,000
	5.625% Senior Notes due 2026	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000		500,000	500,000
	6.250% Senior Notes due 2028	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000			500,000	500,000
	Other Indebtedness(1)	1,120,284	1,909,096	1,925,096	2,009,960	2,119,354	2,118,547	2,196,061	2,172,841	2,110,289		2,009,960	2,172,841
	Total Indebtedness	3,060,284	3,849,096	3,865,096	3,949,960	4,059,354	4,058,547	4,136,061	4,112,841	4,050,289			3,949,960	4,112,841
	Consolidated Net Leverage	2,551,675	3,281,798	3,334,628	3,435,882	3,543,765	3,625,499	3,710,625	3,819,018	3,717,086		3,435,882	3,819,018
	Consolidated net leverage ratio	2.5x	3.2x	3.2x	3.2x	3.1x	3.1x	3.3x	3.4x	3.8x			3.2x	3.4x
	Weighted average cost of debt	7.6%	7.8%	8.2%	8.6%	9.4%	9.5%	9.6%	9.4%	8.8%			8.6%	9.4%
	Fixed debt	76%	63%	66%	65%	57%	57%	55%	56%	57%		65%	56%
	Floating debt	24%	37%	34%	35%	43%	43%	45%	44%	43%			35%	44%
	Debt tied to hard currency	83%	77%	78%	78%	77%	79%	78%	78%	79%		78%	78%
	LIQUIDITY
	Cash and Cash Equivalents	508,609	567,298	530,468	514,078	515,589	433,048	425,436	293,823	333,203			514,078	293,823
	IHS Group RCF (undrawn)	270,000	270,000	270,000	270,000	270,000	270,000	300,000	300,000	300,000		270,000	300,000
	IHS Group Term-Loan (undrawn)	-	-	-	230,00	230,00	230,000	230,000	130,000	60,000(2)			230,00	130,000
	Total Liquidity	778,609	837,298	800,468	784,078	785,589	933,048	955,436	723,823	693,203		784,078	723,823
	Cash upstreaming from Nigeria ($M)	1	147	-	60	15	50	-	-	-			207	65
	Average NGN/USD (Bloomberg)	417	419	431	446	461	508	768	815	1,316		428	638

Debt Maturity Profile(3)

$M					1,100
					130
					30
				779
				114				620
	561	30
					112
	57
			940		7
	30
	474	636				500
170					159
47											58	40
33
90
2024E	2025E	2026E	2027E	2028E	2029E	2030E	2031E
			Group			Nigeria			Other

Note: refer to page 19 (Appendix section) for footnotes related to Debt and Liquidity

Notes and Facilities

Notes
Issuer	Description	Original Date Issued	Type
IHS Netherlands Holdco B.V.	US$940,000,000 8.000% Senior Notes due 2027	2019	Reg S/144
IHS Holding Limited	US$500,000,000 5.625% Senior Notes due 2026	2021	Reg S/144
IHS Holding Limited	US$500,000,000 6.250% Senior Notes due 2028	2021	Reg S/144

Facilities
Type	Description	Entered in	Capacity ($M)	Drawn ($M)	Maturity
RCF	IHS Holding Revolving Credit Facility	March 2020	300	-	October 2026
Term Loan	IHS Holding Term Loan	October 2022	430	370(2)	October 2025
RCF	Nigeria Revolving Credit Facility	January 2023	29	11	January 2026
Term Loan	Nigeria Term Loan	January 2023	118	118	January 2028

7

CONSOLIDATED FINANCIALS

8

CONSOLIDATED BALANCE SHEET

	1Q22(1)	2Q22(2)	3Q22(2)	4Q22(2)	1Q23(2)	2Q23(3)	3Q23(3)	4Q23	1Q24				FY2022(1)(2)	FY2023(2)
$000s
Non-current assets
Property, plant and equipment	1,821,319	2,189,709	2,176,569	2,075,441	2,116,820	1,864,446	1,746,004	1,740,235	1,516,239		2,075,441	1,740,235
Right of use assets	648,129	819,689	783,947	965,019	966,187	902,589	883,234	886,909	826,445				965,019	886,909
Goodwill	945,750	915,832	888,350	763,388	761,487	664,450	638,538	619,298	467,991		763,388	619,298
Other intangible assets	1,094,467	1,096,136	1,036,449	1,049,103	1,043,840	973,056	908,821	933,030	861,997				1,049,103	933,030
Fair value through other comprehensive income financial assets	11	11	10	10	10	11	10	13	9		10	13
Deferred income tax assets	8,438	8,826	10,938	78,369	89,092	59,250	60,873	63,786	63,467				78,369	63,786
Derivative financial instrument assets	56,100	2,770	2,150	6,121	4,409	7,232	1,889	1,540	8,180		6,121	1,540
Trade and other receivables	141,226	155,752	163,407	130,347	152,642	131,119	153,972	147,292	125,705				130,347	147,292
	4,715,440	5,188,725	5,061,820	5,067,798	5,134,487	4,602,153	4,393,341	4,392,103	3,870,033		5,067,798	4,392,103
Current assets
Inventories	39,626	61,639	70,073	74,216	66,183	22,925	54,261	40,589	39,880		74,216	40,589
Income tax receivable	260	666	604	1,174	1,464	2,187	2,375	3,755	3,968				1,174	3,755
Derivative financial instrument assets	-	-	-	-	-	-	-	565	527		-	565
Trade and other receivables	630,318	716,200	686,470	663,467	776,509	610,319	629,245	607,835	351,654				663,467	607,835
Cash and cash equivalents	508,609	567,298	530,468	514,078	515,589	433,048	425,436	293,823	333,203		514,078	293,823
Assets held for sale	-	-	-	-	-	-	21,139	26,040	6,875				-	26,040
	1,178,813	1,345,803	1,287,615	1,252,935	1,359,745	1,068,479	1,132,456	972,607	736,107		1,252,935	972,607
TOTAL ASSETS	5,894,253	6,534,528	6,349,435	6,320,733	6,494,232	5,670,632	5,525,797	5,364,710	4,606,140		6,320,733	5,364,710
Non-current liabilities
Trade and other payables	330	334	1,411	1,459	2,237	2,320	5,493	4,629	5,069				1,459	4,629
Borrowings	2,389,796	2,655,672	2,577,357	2,906,288	3,104,401	3,028,771	3,084,214	3,056,696	3,285,118		2,906,288	3,056,696
Lease liabilities	358,221	518,899	505,863	518,318	515,689	504,118	507,008	510,838	492,745				518,318	510,838
Provisions for other liabilities and charges	77,206	122,994	119,406	84,533	86,296	87,739	84,811	86,131	80,086		84,533	86,131
Deferred income tax liabilities	236,082	286,811	191,394	183,518	170,410	154,588	141,842	137,106	123,342				183,518	137,106
	3,061,635	3,584,710	3,395,431	3,694,116	3,879,033	3,777,536	3,823,368	3,795,400	3,986,090				3,694,116	3,795,400
Current liabilities
Trade and other payables	558,609	617,571	595,871	669,149	687,287	524,456	575,727	532,627	411,175		669,149	532,627
Provisions for other liabilities and charges	448	502	496	483	492	295	309	277	183				483	277
Derivative financial instrument liabilities	3,597	5,328	1,971	1,393	1,067	50,051	51,887	68,133	40,655		1,393	68,133
Income tax payable	69,427	57,348	64,101	70,008	71,749	59,443	65,322	75,612	58,732				70,008	75,612
Borrowings	257,461	595,282	709,505	438,114	351,582	437,337	457,941	454,151	183,223		438,114	454,151
Lease liabilities	54,806	79,243	72,371	87,240	87,682	88,321	86,898	91,156	89,203				87,240	91,156
	944,348	1,355,274	1,444,315	1,266,387	1,199,859	1,159,903	1,238,084	1,221,956	783,171		1,266,387	1,221,956
TOTAL LIABILITIES	4,005,983	4,939,984	4,839,746	4,960,503	5,078,892	4,937,439	5,061,452	5,017,356	4,769,261		4,960,503	5,017,356
Stated capital	5,309,954	5,309,954	5,309,954	5,311,953	5,385,325	5,401,385	5,391,363	5,394,812	5,397,690		5,311,953	5,394,812
Accumulated losses	(2,842,127)	(3,018,860)	(3,051,944)	(3,317,652)	(3,307,071)	(4,572,976)	(4,839,806)	(5,293,394)	(6,846,722)				(3,317,652)	(5,293,394)
Other reserves	(830,922)	(915,707)	(963,881)	(861,271)	(892,510)	(331,664)	(316,393)	8,430	1,059,000		(861,271)	8,430
Equity attributable to owners of the Company	1,636,905	1,375,387	1,294,129	1,133,030	1,185,744	496,745	235,164	109,848	(390,032)				1,133,030	109,848
Non-controlling interests	251,365	219,157	215,560	227,200	229,596	236,448	229,181	237,506	226,911		227,200	237,506
TOTAL EQUITY	1,888,270	1,594,544	1,509,689	1,360,230	1,415,340	733,193	464,345	347,354	(163,121)				1,360,230	347,354
TOTAL EQUITY AND LIABILITIES	5,894,253	6,534,528	6,349,435	6,320,733	6,494,232	5,670,632	5,525,797	5,364,710	4,606,140				6,320,733	5,364,710

Note: refer to page 20 (Appendix section) for footnotes related to the Consolidated Balance Sheet

9

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	1Q22(1)	2Q22(2)	3Q22(2)	4Q22(3)	1Q23(3)	2Q23(4)	3Q23(4)	4Q23	1Q24			FY2022(1)(2)	FY2023(3)
$000s
Revenue	446,132	467,683	521,317	526,167	602,528	546,204	467,023	509,784	417,744			1,961,299	2,125,539
Cost of sales	(250,589)	(270,611)	(297,598)	(338,203)	(306,649)	(297,097)	(358,882)	(220,678)	(254,290)		(1,157,001)	(1,183,306)
Administrative expenses	(90,562)	(102,852)	(91,527)	(216,234)	(97,321)	(100,721)	(93,835)	(112,906)	(166,696)			(501,175)	(404,783)
(Net loss allowance)/reversal of net loss allowance on trade receivables	2,468	(668)	1,597	1,049	(3,560)	(954)	(711)	(1,977)	(4,560)		4,446	(7,202)
Other income	1,170	2,967	70	469	175	161	33	35	710			4,676	404
Operating profit/(loss)	108,619	96,519	133,859	(26,752)	195,173	147,593	13,628	174,258	(7,092)		312,245	530,652
Finance income	114,967	3,895	6,412	4,790	6,828	8,373	5,823	8,420	10,806			15,825	25,209
Finance costs	(192,212)	(261,886)	(234,223)	(297,968)	(179,008)	(1,369,052)	(271,595)	(621,091)	(1,563,028)		(872,049)	(2,436,511)
(Loss)/Profit before income tax	31,374	(161,472)	(93,952)	(319,930)	22,993	(1,213,086)	(252,144)	(438,413)	(1,559,314)			(543,979)	(1,880,650)
Income tax (expense)/benefit	(16,254)	(17,102)	57,304	51,067	(15,218)	(57,241)	(16,659)	(18,410)	2,064		75,013	(107,528)
(Loss)/Profit for the period	15,120	(178,574)	(36,648)	(268,863)	7,775	(1,270,327)	(268,803)	(456,823)	(1,557,250)			(468,966)	(1,988,178)
(Loss)/Profit attributable to:
Owners of the Company	16,518	(176,757)	(30,702)	(268,066)	10,581	(1,266,773)	(266,829)	(453,588)	(1,553,328)		(459,007)	(1,976,609)
Non-controlling interests	(1,398)	(1,817)	(5,946)	(797)	(2,806)	(3,554)	(1,974)	(3,235)	(3,922)			(9,959)	(11,569)
(Loss)/Profit for the period	15,120	(178,574)	(36,648)	(268,863)	7,775	(1,270,326)	(268,804)	(456,823)	(1,557,250)		(468,966)	(1,988,178)
(Loss)/Income per share-basic	0.05	(0.53)	(0.09)	(0.81)	0.03	(3.73)	(0.79)	(1.36)	(4.67)		(1.39)	(5.93)
(Loss)/Income per share-diluted	0.05	(0.53)	(0.09)	(0.81)	0.03	(3.73)	(0.79)	(1.36)	(4.67)			(1.39)	(5.93)
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss
Fair value (loss)/gain through other comprehensive income	-	-	-	-	-	7	-	5	1		-	12
Exchange differences on translation of foreign operations	132,682	(123,047)	(52,946)	115,970	44,192	585,257	5,346	336,001	1,043,519			72,661	970,796
Other comprehensive income/(loss) for the period, net of taxes	132,682	(123,047)	(52,946)	115,970	44,192	585,264	5,346	336,006	1,043,520			72,661	970,808
Total comprehensive (loss)/income for the period	147,802	(301,621)	(89,594)	(152,893)	51,967	(685,063)	(263,457)	(120,817)	(513,730)		(396,305)	(1,017,370)
Total comprehensive (loss)/income attributable to:
Owners of the Company	114,680	(275,755)	(79,149)	(159,267)	49,571	(691,915)	(254,268)	(129,142)	(503,135)		(399,486)	(1,025,754)
Non-controlling interests	33,122	(25,866)	(10,445)	6,374	2,396	6,852	(9,189)	8,325	(10,595)			3,181	8,384
Total comprehensive (loss)/income for the period	147,802	(301,621)	(89,594)	(152,893)	51,967	(685,063)	(263,457)	(120,817)	(513,730)		(396,305)	(1,017,370)

Note: refer to page 21 (Appendix section) for footnotes related to the Consolidated Statement of Comprehensive Income

10