LAGOS, Aug 12 – IHS Towers increased its revenue by 8.2% in the first half of 2026, but higher diesel and power costs, along with expenses tied to its proposed takeover by MTN Group, put pressure on its profits.
Revenue from continuing operations reached $844 million in the six months to June, up from $780.3 million a year earlier. Second-quarter revenue also rose 10.4% to $428.6 million. However, operating income fell 38.4% from a year earlier. The business also reported a $7.5 million net loss in the second quarter, despite net income being 10.3% higher for the first half.
Power costs were a major part of the pressure. IHS spent $205.4 million on power generation, mainly diesel, during the first half, compared with $165.4 million a year earlier.
In Nigeria, diesel prices rose sharply during the period, reaching an average of ₦3,277.47 ($2.41) per litre in May in some parts of the country, compared with ₦1,361.57 ($0.999) in January. Merger costs also weighed on the results. The company recorded $83.1 million in accelerated share-based payments and employee incentive costs linked to the planned MTN takeover and asset sales.
Still, adjusted EBITDA rose 2.6% to $514 million. A stronger naira also added $40.7 million to second-quarter revenue when the Nigerian business was converted to dollars.
Meanwhile, IHS is selling some of its assets outside Africa. It sold its stake in Brazilian fibre company I-Systems for $183 million and completed the sale of its Brazilian and Colombian tower businesses for about $952 million.
The company operated 37,672 towers across seven countries at the end of June as well as $1.5 billion in total liquidity and $3.11 billion in borrowings.
IHS shareholders approved MTN’s proposed $8.50-per-share acquisition in August. The deal is expected to close in 2026, subject to the remaining conditions.