Q1 2018 14 May 2018 Agenda 1 Executive Summary 2 Financial - PowerPoint PPT Presentation

Results Q1 2018 14 May 2018

Agenda 1 Executive Summary 2 Financial Results 3 Q&A 1

Helios Towers Team Today Kash Pandya Tom Greenwood Manjit Dhillon Chief ExecutiveOfficer Chief Financial Officer Head of Corporate Finance 2

Key Highlights

Year-on-year growth in Revenues and Adj. EBITDA driven by organic demand and Business Excellence Program Revenue Growth Adj. EBITDA growth Adj. EBITDA margin expansion +7% +26% +7 ppt 47% 42 46% 88 89 41 83 40% 33 Q1 17 Q4 17 Q1 18 Q1 17 Q4 17 Q1 18 Q1 17 Q4 17 Q1 18 • Revenue for the Q1 18 increased 7% year-on- year to $89m (Q1 2017: US$83m) • Adj. EBITDA up 26% year-on-year to $42m with Adj. EBITDA margin at 47% with an increase of 7ppts year-on-year • Outlook: continued EBITDA growth and margin expansion through top-line growth and continued implementation of the business excellence program Helios Towers 4

Group Annualised Adj. EBITDA (1) Evolution Margin 35% 35% 40% 40% 42% 46% 39% 38% 47% 168 164 148 138 133 127 126 85 83 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 (1) Calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result Helios Towers 5

Strong Pipeline Drove Tenancies up by +4%, Achieving a Tenancy Ratio of 2.01x for Q1 18 Evolution of towers portfolio Evolution of tenants Evolution of tenancy ratio -0% +4% +0.7x 6,507 6,519 12,987 13,063 6,485 12,617 796 825 839 1,723 1,751 1,666 387 384 525 525 384 522 3,472 3,491 3,495 7,392 7,457 7,207 2.01x 1.99x 1.94x 1,852 1,819 1,767 3,222 3,347 3,330 Q1 17 Q4 17 Q1 18 Q1 17 Q4 17 Q1 18 Q1 17 Q4 17 Q1 18 DRC Tanzania Congo Brazzaville Ghana • Tenancy ratio improved to 2.01x due to an increase in the number of tenancies (+4% YoY) • Site consolidation program ongoing, driving efficiency in cost base • Outlook: adding more collocation, amendment and built-to-suit tenancies to support the focus on margin expansion Helios Towers 6

Recent Developments LSE and JSE Listing Moody’s and S&P rating Ghana – Airtel/Tigo Merger Tanzania Listing On the 2nd March Helios During the annual rating In Feb-18 HTG was awarded a Recent Tanzanian law for • • • • Towers announced its review by our rating agencies, 15 year contract with the network facilities licences (incl. intention to float on the LSE Moody’s and S&P, our ratings newly merged Airtel-Tigo HT) requires 25% listing of with a secondary float on the have both been reaffirmed at business replacing the pre- shares locally JSE and met with B2 and B, respectively existing arrangements with 1 February 2017 HTT interim • considerable institutional these customers The rating is supported by the prospectus submitted • investor interest, endorsing its continued growth of HT since Airtel-Tigo are now the • business model, strategy and HTT currently undertaking • the bond issuance through number 2 player in the market growth prospects capital reorganisation prior to both top-line growth and having previously been submitting a revised However, shareholders have margin expansion number 4 and 3, respectively • prospectus for approval decided not to proceed with This creates a renewed • an initial public offering of the competitive dynamic in the Company’s shares at the Ghana mobile market and HT current time is well placed with a secure long-term contract with a key customer Helios Towers 7

Financial Results

Group Q1 2018 Key Highlights Results Snapshot Financial Summary % % Q1 17 Q4 17 Q1 18 Revenue: +7% Y-o-Y / +1% Q-o-Q • change change In US$m, unless Y-o-Y Q-o-Q Adj. EBITDA: +26% Y-o-Y / +2% Q-o-Q otherwise stated • Revenue 83 88 89 7% 1% Adj. EBITDA margin: +7ppt Y-o-Y / +1ppt Q-o-Q • Adj. EBITDA (1) 33 41 42 26% 2% Annualised adj. EBITDA (2) 133 164 168 26% 2% Operational Summary Adj. EBITDA margin (%) 40% 46% 47% 6ppt 1ppt Y-o-Y -22 sites (-0%) and +468 colocations (+8%) • Sites (#) 6,507 6,519 6,485 0% -1% Y-o-Y growth driven by organic demand and • Colocations (#) 6,110 6,468 6,578 8% 2% Business Excellence Program Tenancy Ratio (x) 1.94x 1.99x 2.01x Y-o-Y tenancy ratio increased to 2.01x • Capex 18 66 37 104% -45% Q-o-Q -34 sites (-1%) and +110 colocations (+2%) • Net Debt (3) 431 595 612 42% 3% Net leverage (4) 3.2x 3.6x 3.6x Financials are presented post-IFRS 16 adoption (1) Adjusted EBITDA is defined as loss for the period, adjusted for loss for the period from discontinued operations, additional tax, income tax, finance costs, other gains and losses, investment income, share-based payments charges, loss on disposal of property, plant and equipment, amortisation and impairment of intangible assets, depreciation and impairment of property, plant and equipment, deal costs relating to unsuccessful tower acquisition transactions or successful tower acquisition transactions that cannot be capitalised, and exceptional items. Exceptional items are material items that are considered exceptional in nature by management by virtue of their size and/or incidence. (2) Annualised Adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result (3) Net debt is calculated as our gross debt less cash and cash equivalents (4) Calculated as net debt divided by Annualised Adj. EBITDA for quarterly and Adj. EBITDA for yearly financial information Helios Towers 9

Q1 2018 Revenue Breakdown Q1 2018 Revenue Breakdown by Customer Q1 2018 Revenue Breakdown by FX Other 14% LCY 28% USD 53% Power LCY Africa’s Big 5 15% MNOs 86% XAF/EUR 4% Q1 2018 Revenue Breakdown by Country Commentary Ghana 86% of FY 17 revenues from Africa’s Big 5 MNOs • 12% Congo B 7% 57% of revenues in USD or XAF (which is pegged to the • Tanzania Euro) 41% DRC 39% Helios Towers 10

Costs and Margin Analysis Q-o-Q Adj. EBITDA Margin Growth Monthly Tower Cash Flow per Tower ($) (1) 47% 46% +20% 2,752 42% 40% 40% 39% 38% 2,290 35% 35% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q1 2017 Q1 2018 Q1 18 Costs Breakdown (excl. depreciation) (2) Commentary Total Cost of Sales: $35m Total SG&A: $12m Strong growth in Tower Cash Flow and Adj. EBITDA • Tanzania 23% Organic demand • DRC 32% 38% Opex saving initiatives • Ghana 62% 24% Congo B Business Excellence Program • 10% 10% Holdco Power Non-Power (1) Tower Cash Flow calculated as Reported Gross Profit + Site Depreciation (2) Costs breakdown excludes depreciation, amortisation, one-off restructuring costs and aborted deal costs Helios Towers 11

Capital Expenditure Capex Breakdown ($m) Commentary  Capex guidance for 2018 remains at $90m 171  Ongoing maintenance and corporate capex 19 guidance of c.$20-25m per annum 78 90 52 37 1 17 2 11 20 1 8 FY 17 Q1 18 FY18 Forecast Maintenance Corporate Upgrade Growth Acquistions Helios Towers 12

Summary of Financial Debt Gross and Net Leverage Debt KPIs ($m) Q1 17 FY 17 Q4 17 Q1 18 -1.2x / +0.4x 5.4x 289 120 120 90 Cash & cash equivalents 4.9x 4.4x Bond 600 600 600 600 4.2x 4.1x 3.6x 3.6x Lease Obligations + Other (2) 120 115 115 102 3.2x Gross Debt 720 715 715 702 Net Debt 431 595 595 612 133 (3) 164 (3) 168 (3) Annualised adj. EBITDA 146 Gross Leverage (4) 5.4x 4.9x 4.4x 4.2x Net Leverage (5) 3.2x 4.1x 3.6x 3.6x Q1 17 FY 17 Q4 17 Q1 18 Gross leverage Net leverage Commentary  Continued deleveraging supported by Q-o-Q growth in Adj. EBITDA (1) Pro forma for $600m bond refinancing and excludes unamortised loan issue costs, derivative liability and shareholder loans (2) ‘Other’ relates to unamortised loan issue costs , accrued bond interest, derivative liability and shareholder loans (3) Annualised adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result (4) Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year (5) Calculated as net debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year (6) $600m bond net of unamortised loan issue costs, derivative liability and shareholder loans Helios Towers 13

Helios Towers’ Story Reinforced Continued growing customer tenancies MARKET LEADER… Successfully renegotiated Ghana contracts UNIQUE POSITIONING … CONTINUING +7% Revenue growth Y-o-Y DELIVERING SUPERIOR GROWTH Contracted revenue of in excess of $3.4bn with average LONG-TERM remaining life of 8.9 years CONTRACTS… SECURED GROWTH 57% of Revenue in Hard Currency (USD and EUR pegged) … IN HARD CURRENCY Strong adj. EBITDA growth of +26% and margin expansion IMPROVEMENT IN EBITDA… of +7 ppt year-on-year OPERATING LEVERAGE Unlevered Recurring FCF of $33.5m (1) for Q1 2018 … DRIVING CASH FLOW GENERATION Leveraging past capex investment (1) Calculated as Adj. EBITDA – Tax paid –– Maintenance and Corporate capital expenditure. 14 Helios Towers

Outlook for 2018 “Continued momentum in our 4 markets driven by strong fundamental macro drivers and reinforced by the Business Excellence Program which is expected to continue to drive margin improvement” Helios Towers 15

Q&A

Appendix