Helios Towers reported third-quarter results above expectations and raised its 2026 forecasts to the upper end of its previous ranges. It also signalled stronger tenancy growth in 2027, projecting more than 3,000 additions, compared with a consensus estimate of about 2,500.
For 2026, the company now expects to add approximately 4,000 tenancies, up from its earlier forecast of 3,500 to 4,000. Adjusted EBITDA guidance increased to around $535 million, from a range of $520 million to $535 million. Recurring free cash flow is now expected to exceed $235 million, compared with the previous range of $220 million to $235 million.
Helios Towers added about 924 tenancies in the third quarter: roughly 418 sites and 506 colocations. Growth was led primarily by Tanzania and the Democratic Republic of Congo, with additional contributions from Madagascar and Malawi. The tenancy ratio reached approximately 2.3 times, while return on invested capital was 14.2% on a trailing 12-month basis.
Third-quarter revenue rose 17% year over year, and adjusted EBITDA increased 13%. The company said margins fell by about 200 basis points as higher fuel costs were passed through to customers in revenue. Quarterly recurring free cash flow was $27.9 million, down from the previous quarter because of seasonal working-capital changes. Its 2030 targets remain unchanged.
Sources: Investing.com News.