IHS Holding Ltd (IHS) 2024 Q2 法說會逐字稿

Good day, and welcome to the IHS Holding Limited Second Quarter 2024 Earnings Results Call for the three month period ended June 30, 2024. Please note that today's conference is being webcast and recorded. (Operator Instructions)

美好的一天，歡迎參加 IHS Holding Limited 截至 2024 年 6 月 30 日止三個月的 2024 年第二季度盈利結果電話會議。請注意，今天的會議正在進行網路直播和錄製。（操作員說明）

At this time, I'd like to turn the conference over to Naya Bermudez. Please go ahead.

這次，我想把會議交給 Naya Bermudez。請繼續。

Thank you, operator. Thanks also to everyone for joining the call today. I'm Naya Bermudez, Senior Manager of Investor Relations here at IHS. With me today are Sam Darwish, our Chairman and CEO; and Steve Howden, our CFO.

謝謝你，接線生。也感謝大家今天加入電話會議。我是 Naya Bermudez，IHS 投資者關係高級經理。今天與我在一起的有我們的董事長兼執行長 Sam Darwish；和我們的財務長史蒂夫·豪登（Steve Howden）。

This morning we published our unaudited financial statements for the three month period ended June 30, 2024 with the SEC, which can also be found on the Investor Relations section of our website. We also issued a related earnings release, presentation, and supplemental deck. These are the consolidated results of IHS Holding Limited, which is listed on the New York Stock Exchange under the ticker symbol IHS and which comprises the entirety of the Group's operations.

今天上午，我們向 SEC 發布了截至 2024 年 6 月 30 日的三個月未經審計的財務報表，該報表也可以在我們網站的投資者關係部分找到。我們也發布了相關的收益報告、簡報和補充資料。這些是 IHS Holding Limited 的綜合業績，該公司在紐約證券交易所上市，股票代號為 IHS，涵蓋了集團的全部業務。

Before we discuss the results, I would like to draw your attention to the disclaimer set out at the beginning of the presentation on slide 2, which should be read in full along the cautionary statements regarding forward-looking statements set out in our earnings release and 6-K filed as well today.

在我們討論結果之前，我想提請您注意幻燈片 2 演示文稿開頭列出的免責聲明，該免責聲明應與我們的收益發布中列出的有關前瞻性聲明的警告性聲明一起完整閱讀， 6- K 今天也提交了。

In particular, the information to be discussed may contain forward-looking statements, which, by their nature, involve known and unknown risks, uncertainties and other important factors, some of which are beyond our control, are difficult to predict and other factors which may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking statements, including those discussed in the Risk Factors section of our Form 20-F filed with the Securities and Exchange Commission and our other filings with the SEC.

特別是，所討論的資訊可能包含前瞻性陳述，這些陳述就其性質而言，涉及已知和未知的風險、不確定性和其他重要因素，其中一些因素是我們無法控制的、難以預測的，以及其他可能影響我們的因素。的風險因素部分中討論的內容向美國證券交易委員會提交的文件以及我們向美國證券交易委員會提交的其他文件。

We'll also refer to non-IFRS measures, including adjusted EBITDA that we view as important in assessing the performance of our business, and ALFCF, that we view as important in assessing the liquidity of our business. A reconciliation of non-IFRS metrics to the nearest IFRS metrics can be found in our earnings presentation, which is available on the Investor Relations section of our website.

我們也將參考非國際財務報告準則指標，包括我們認為對評估我們業務績效很重要的調整後 EBITDA，以及我們認為對評估我們業務流動性很重要的 ALFCF。非國際財務報告準則指標與最接近的國際財務報告準則指標的調節可以在我們的收益報告中找到，該報告可以在我們網站的投資者關係部分找到。

And with that, I'd like to turn the call over to Sam Darwish, our Chairman and CEO.

接下來，我想將電話轉給我們的董事長兼執行長 Sam Darwish。

Thanks, Naya, and welcome everyone to our second quarter 2024 earnings results call. We're reporting solid performance on revenue, adjusted EBITDA and ALFCF, while CapEx decreased meaningfully. This quarter, we began putting the negative impacts of the January 2024 Naira devaluation in the rearview mirror as we started to realize more of the benefits of the ForEx resets in our revenue contracts and saw a significant step-up in adjusted EBITDA and adjusted EBITDA margin from the first quarter.

謝謝 Naya，歡迎大家參加我們的 2024 年第二季財報電話會議。我們報告了收入、調整後 EBITDA 和 ALFCF 的穩健表現，而資本支出則大幅下降。本季度，我們開始將2024 年1 月奈拉貶值的負面影響納入後視鏡，因為我們開始意識到外匯重置在我們的收入合約中帶來的更多好處，並看到調整後EBITDA 和調整後EBITDA 利潤率顯著提高從第一季開始。

The reduction in CapEx reflects the actions we're taking to generate more cash and narrow our focus to projects that we believe will deliver the highest returns, two of the main goals of our ongoing strategic review, which I will discuss in more detail shortly.

資本支出的減少反映了我們為產生更多現金而採取的行動，並將我們的重點縮小到我們認為將帶來最高回報的項目，這是我們正在進行的戰略審查的兩個主要目標，我將很快對此進行更詳細的討論。

We've made important progress on commercial matters in the quarter with the extension of our contract with MTN South Africa through 2034 and the renewal of contracts with MTN Rwanda, also through 2034. And most notably, just last week, we announced a significant milestone in our long-term commercial relationship with MTN in Nigeria.

本季我們在商業事務上取得了重要進展，與 MTN 南非的合約延長至 2034 年，與 MTN 盧安達的合約也續約至 2034 年。最值得注意的是，就在上週，我們宣布了與尼日利亞 MTN 長期商業關係的一個重要里程碑。

We renewed and extended all our tower contracts with MTN in Nigeria through 2032, covering nearly 13,500 tenancies and approximately 23,800 lease amendments. This also includes 1,430 of approximately 2,500 tenancies that were due to expire in 2024 and 2025, but will now remain with IHS Nigeria.

我們將與尼日利亞 MTN 的所有鐵塔合約續約並延期至 2032 年，涵蓋近 13,500 個租賃和約 23,800 個租賃修訂。這也包括約 2,500 個租約中的 1,430 個租約原定於 2024 年和 2025 年到期，但現在仍由 IHS 尼日利亞公司保留。

Over the last month, we have renewed or extended all 26,000 tenancies with MTN in addition to approximately 26,000 lease amendments across six countries into the next decade. With the MTN renewals completed, we can now focus on value creation and operational efficiencies. We now have approximately $12.3 billion of contracted revenues with an average remaining tenant term of more than eight years.

上個月，我們已與 MTN 續約或延長了所有 26,000 份租約，此外還對六個國家/地區的約 26,000 份租約進行了修訂，直至未來十年。MTN 續約完成後，我們現在可以專注於價值創造和營運效率。我們現在擁有約 123 億美元的合約收入，平均剩餘租戶期限超過八年。

Let me also touch on some of our financial highlights in the quarter. We saw revenue increase by 4% and adjusted EBITDA increased by 35% from Q1 2024 as we saw our contract resets kick in. Organic growth for the quarter versus Q2 2023 was 69%. Group-wide, we added net 385 tenants, 1,566 lease amendments, and built 207 towers, including 136 in Brazil.

我還想談談本季的一些財務亮點。隨著我們的合約重置生效，我們的營收較 2024 年第一季成長了 4%，調整後的 EBITDA 成長了 35%。與 2023 年第二季相比，該季度的有機成長率為 69%。在整個集團範圍內，我們淨增加了 385 個租戶，進行了 1,566 項租約修訂，並建造了 207 座塔樓，其中 136 座位於巴西。

For the remainder of the year, we expect strong performance in our KPIs as the underlying trends driving our business remain healthy and the higher adjusted EBITDA margin continues after the dip of Q1 margins emanating from the January 2024 devaluation in Nigeria.

在今年剩餘時間內，我們預計KPI 將表現強勁，因為推動我們業務的基本趨勢保持健康，並且在2024 年1 月尼日利亞貨幣貶值導致第一季利潤率下降後，調整後的EBITDA 利潤率將繼續保持較高水平。

During the quarter, the average ForEx rate for the US dollar to the Naira was NGN1,392. As the Nigeria ForEx market gradually stabilizes, we continue to see USD availability and more favorable conditions to source an upstream US dollars to the Group.

本季度，美元兌奈拉的平均外匯匯率為 1,392 尼日利亞奈拉。隨著尼日利亞外匯市場逐漸穩定，我們繼續看到美元供應以及向集團購買上游美元的更有利條件。

Turning to slide 7. As you can see, we are in a great position having renewed and extended all tower contracts with MTN in Nigeria and across our other African markets. In Nigeria, we renewed nearly 13,500 tenancies through 2032, which includes 1,430 out of the approximate 2,500 sites that were due to expire in '24 and '25, bringing our total tenant count in Nigeria to over 25,000.

轉到投影片 7。正如您所看到的，我們處於有利地位，已續約並延長了與 MTN 在尼日利亞和其他非洲市場的所有鐵塔合約。在尼日利亞，到 2032 年，我們續簽了近 13,500 個租約，其中包括將於 2024 年和 25 年到期的約 2,500 個場地中的 1,430 個，使我們在尼日利亞的租戶總數超過 25,000 個。

Please remember, we also signed a multi-year 3,950 tenant rollout agreement with Airtel Nigeria in February, which also included a three-year contract extension.

請記住，我們還在 2 月與尼日利亞 Airtel 簽署了一份多年期 3,950 名租戶部署協議，其中還包括為期三年的合約延期。

The agreement with MTN in Nigeria, together with the recent renewals between IHS and MTN Group across all six African markets covering approximately 26,000 tenancies, Nigeria, Cameroon, Rwanda, Zambia, Cote d'Ivoire, and South Africa, where we both do business demonstrates how the two companies are set to work collaboratively to continue delivering mobile connectivity across Africa.

與尼日利亞 MTN 簽訂的協議，以及 IHS 和 MTN 集團最近在所有六個非洲市場（我們都開展業務的尼日利亞、喀麥隆、盧安達、尚比亞、科特迪瓦和南非）續約，涵蓋約 26,000 個租戶，這表明兩家公司將如何合作，繼續在整個非洲提供行動連接。

Building on our 20-plus year relationship as commercial partners, both companies will leverage our shared operational excellence and engineering expertise to meet the end users increasingly sophisticated data demands. Together, IHS Towers and MTN Group have a track record of navigating complex operating environments and challenging macroeconomic conditions to deliver connectivity crucial to economic growth and digital inclusion.

基於我們作為商業合作夥伴 20 多年的關係，兩家公司將利用我們共同的卓越營運和工程專業知識來滿足最終用戶日​​益複雜的數據需求。IHS Towers 和 MTN Group 在應對複雜的營運環境和應對宏觀經濟條件的挑戰方面擁有良好的記錄，能夠提供對經濟成長和數位包容性至關重要的連接。

I want to commend our Nigerian team and their commercial colleagues for their efforts to get this agreement across the line and find a solution that helps secure our long-term financial stability. The renewed contracts provide a more sustainable split between local and foreign currency and introduces a new diesel-linked component that better shares the risk of potential fluctuations in the value of the Naira and the cost of diesel.

我要讚揚我們的尼日利亞團隊和他們的商業同事為達成這項協議並找到有助於確保我們長期金融穩定的解決方案所做的努力。續約的合約提供了本外幣之間更可持續的劃分，並引入了新的與柴油相關的組成部分，可以更好地分擔奈拉價值和柴油成本潛在波動的風險。

With the introduction of a power indexation element in Nigeria and the unwind of our power managed services in South Africa, we are now much more protected against energy price fluctuations as a company. The renewal is a testament to the valued relationship with MTN and our commitment to work together to mitigate the impacts of global macro conditions and broaden mobile connectivity through our critical infrastructure.

隨著尼日利亞引入電力指數元素以及南非電力管理服務的放鬆，作為一家公司，我們現在可以更好地抵禦能源價格波動。此次續簽證明了與 MTN 的寶貴關係，以及我們致力於共同努力減輕全球宏觀狀況的影響並透過我們的關鍵基礎設施擴大行動連接的承諾。

We continue to believe in the vast opportunity in Nigeria and look forward to working with MTN to enable critical communication services and mobile connectivity, as well as address increasing data demands in this fast growing market. In addition to commercial milestones, we are making great progress across a number of our initiatives.

我們仍然相信尼日利亞蘊藏著巨大的機遇，並期待與 MTN 合作，實現關鍵的通訊服務和行動連接，並滿足這個快速增長的市場日益增長的數據需求。除了商業里程碑之外，我們在許多舉措方面也取得了巨大進展。

Let's turn to slide 8 to look at some of the highlights. As it relates to our strategic review of unlocking shareholder value versus our existing suppressed valuation, we are starting to deliver on elements such as improving our governance framework, as evidenced by the positive outcome of our '24 AGM and resolving our commercial matters as reflected by the comprehensive contract renewals with MTN.

讓我們翻到幻燈片 8 來看看一些亮點。由於這關係到我們釋放股東價值與現有被壓制的估值的策略審查，我們開始交付諸如改善我們的治理框架之類的要素，正如我們24 年年度股東大會的積極成果所證明的那樣，以及解決我們的商業問題（例如與 MTN 全面續約。

In addition, we continue to focus on increasing our operating profitability and substantially reducing our CapEx to improve cash flow generation. We are assessing group-wide costs and CapEx structures, including how we can introduce more technology, especially artificial intelligence, into our ways of working to help us realize efficiencies.

此外，我們繼續專注於提高營運獲利能力並大幅減少資本支出，以改善現金流產生。我們正在評估整個集團的成本和資本支出結構，包括如何在我們的工作方式中引入更多技術，尤其是人工智慧，以幫助我們提高效率。

During the quarter, we also reorganized our Brazilian operations, increasing the levels of integration between our tower business and fiber business. This will provide not only cost efficiencies but also speed to market benefits as well. We are beginning to see the impact of this overall efficiency improvements in our Q2 '24 results and our '24 guidance implies continuation of higher margins versus '23.

本季度，我們也重組了巴西業務，提高了鐵塔業務和光纖業務之間的整合水準。這不僅可以提高成本效率，還可以加快上市速度。我們開始在 24 年第二季的業績中看到整體效率提高的影響，而我們的 24 年指引意味著與 23 年相比將繼續保持更高的利潤率。

Additionally, we continue to examine our portfolio of markets to determine the right composition for IHS going forward. And as previously indicated, this will include raising proceeds with a target of $500 million to $1 billion. The capital raised from these initiatives will primarily be allocated to reduce debt, while also considering share buybacks and/or introducing a dividend policy. \

此外，我們將繼續檢視我們的市場組合，以確定 IHS 未來的正確組成。如前所述，這將包括籌集 5 億至 10 億美元的資金。這些措施籌集的資金將主要用於減少債務，同時也考慮股票回購和/或引入股利政策。\

As a reminder, these initial targets do not rule out additional initiatives we are assessing in parallel in our pursuit of increasing shareholder value.

提醒一下，這些初步目標並不排除我們在追求增加股東價值的過程中同時評估的其他措施。

Moving on to governance. As I just mentioned, we are pleased that the proposals to amend the company's articles of association were approved by shareholders at the AGM held in June. The voting results mark a significant achievement for IHS, better aligning our governance framework with that of mature US-listed companies. With MTN, we remain engaged on any outstanding governance issues and anticipate a mutually agreeable resolution in due course.

轉向治理。正如我剛才提到的，我們很高興看到公司章程的修改議案在六月舉行的年度股東大會上獲得了股東的批准。投票結果標誌著 IHS 的一項重大成就，使我們的治理框架更能與成熟的美國上市公司的治理框架保持一致。我們將與 MTN 一起繼續解決任何懸而未決的治理問題，並期望在適當的時候達成雙方都同意的解決方案。

Moving to our balance sheet, which remains a top priority, we continue to remain comfortable as we actively pursue initiatives to extend maturities, manage interest expense and shift more debt into local currency. At the end of the quarter, we had $746 million of available liquidity. We continue to expect to remain within our target leverage range of three to four this year, albeit at the top end of the range.

轉向我們的資產負債表，這仍然是我們的首要任務，我們繼續保持舒適，積極採取措施延長期限、管理利息支出並將更多債務轉換為當地貨幣。截至本季末，我們擁有 7.46 億美元的可用流動資金。我們仍然預計今年槓桿率將保持在 3 至 4 的目標範圍內，儘管處於該範圍的上限。

I'd now like to provide an update on Nigeria's macro. Since the end of the first quarter, the Central Bank of Nigeria further increased the policy interest rate by 200 basis points to 26.75%, initially in May and then again in July.

我現在想提供尼日利亞宏觀經濟的最新情況。自第一季末以來，奈及利亞央行進一步調高政策利率200個基點至26.75%，先於5月，後於7月再次調高。

As the CBN continues to combat inflation and remains focused on price stability in the country. We remain cautiously optimistic as the ForEx market in Nigeria appears to have stabilized modestly with the Naira closing at NGN1,597 on August 9, 2024.

隨著 CBN 繼續對抗通貨膨脹並繼續關注該國的價格穩定。我們保持謹慎樂觀，因為尼日利亞外匯市場似乎已溫和穩定，奈拉於 2024 年 8 月 9 日收於 1,597 NGN。

We continue to see US dollar availability in the country, which supported our sourcing of nearly $290 million year-to-date, of which we have upstreamed approximately $94 million to Group during and after the second quarter. Market conditions permitting, we expect to upstream more through the second half of 2024.

我們繼續看到該國的美元供應情況，這支持了我們今年迄今採購近 2.9 億美元的資金，其中我們在第二季度及之後向集團上游提供了約 9,400 萬美元。如果市場條件允許，我們預計到 2024 年下半年將有更多上游業務。

Lastly, on LatAm, we completed the sale of our Peru subsidiary to SBA Communications on April 30, 2024. And as noted earlier, we built 136 towers in Brazil during the quarter for a total of 294 towers year to date. We remain committed to Brazil, which is our second largest market and one of our fastest growing. We continue to drive strong operational results there and see significant ongoing growth opportunities.

最後，在拉丁美洲，我們於 2024 年 4 月 30 日完成了將秘魯子公司出售給 SBA Communications 的交易。如前所述，本季我們在巴西建造了 136 座塔樓，今年迄今總共建造了 294 座塔樓。我們仍然致力於巴西，這是我們的第二大市場，也是我們成長最快的市場之一。我們繼續在那裡推動強勁的營運業績，並看到重大的持續成長機會。

And with that, I will turn the call over to Steve.

然後，我會將電話轉給史蒂夫。

Thanks, Sam, and hello, everyone. Turning to slide 10. As Sam mentioned here, we show our Q2 performance. As you see, both towers and tenants are up approximately 3% in Q2 '24 versus Q2 '23, while lease amendments again increased by double-digit percentages, positive signs of the fundamental underlying tenancy growth continuing across our key markets.

謝謝，薩姆，大家好。轉到投影片 10。正如 Sam 在這裡提到的，我們展示了第二季度的表現。如您所見，與2023 年第二季度相比，2024 年第二季度的塔樓和租戶數量均增長了約3%，而租賃修訂再次以兩位數百分比增長，這是我們主要市場中租賃基本面持續增長的正面跡象。

The year-on-year financial performance in Q2 '24, however, was impacted by the Naira devaluation from an average rate of NGN508 to the dollar in Q2 of last year to NGN1,392 in the second quarter of this year. Therefore, on a reported basis, revenue and adjusted EBITDA declined year-over-year. However, as indicated last quarter, we now see a meaningful step-up in profitability as our revenue contract FX reset kicked in following the impact of the January devaluation of the Naira.

然而，24 年第二季的年比財務表現受到奈拉貶值的影響，從去年第二季的平均匯率 1,392 奈拉貶值到今年第二季的 1,392 奈拉。因此，根據報告，收入和調整後 EBITDA 年比下降。然而，正如上個季度所示，隨著一月份奈拉貶值的影響，我們的收入合約外匯重置開始，我們現在看到獲利能力顯著提高。

Specifically, in Q2, we saw revenue increase by 4% and adjusted EBITDA increased 35% from the first quarter of this year. Versus the second quarter of last year, revenue declined 20%, adjusted EBITDA decreased by 11.9% and ALFCF fell by 9.6%, in each case on a reported basis and driven largely by the impact of the devaluation more than offsetting the strong organic growth. However, our adjusted EBITDA margin increased to 57.6%, a notable improvement year-over-year and quarter-over-quarter.

具體來說，第二季的營收較第一季成長了 4%，調整後的 EBITDA 成長了 35%。與去年第二季相比，營收下降了20%，調整後的EBITDA 下降了11.9%，ALFCF 下降了9.6%，這兩種情況均以報告為基礎，主要是由於貨幣貶值的影響超過了強勁的有機增長。然而，我們調整後的 EBITDA 利潤率增至 57.6%，年比和季比都有顯著改善。

Our level of CapEx investment decreased by 73% in the quarter, driven by the significant pullback in CapEx across all our segments. And finally, our consolidated net leverage ratio increased to 3.9 times at the end of Q2, up 0.1 times versus Q1 of this year, and that's consistent with the expected increase we flagged following the Nigeria devaluation in January. But we remain and expect to remain within our 3 to 4 times leverage target as guided.

由於我們所有部門的資本支出大幅回落，本季我們的資本支出投資水準下降了 73%。最後，我們的綜合淨槓桿率在第二季末增至 3.9 倍，比今年第一季上升 0.1 倍，這與 1 月尼日利亞貨幣貶值後我們標記的預期成長一致。但我們仍預期將維持在 3 至 4 倍槓桿目標之內。

Moving to slide 11, and I wanted to provide some more color on the updated contract structure with MTN and how we have de-risked our power exposure. On the left side, you see a comparison between our actual revenue by contract split for the second quarter 2024 and what it would have looked like after adjusting for new financial terms in the renewed contracts with MTN in Nigeria.

前往投影片 11，我想提供更多有關 MTN 更新後的合約結構以及我們如何降低電力風險的資訊。在左側，您可以看到我們 2024 年第二季按合約劃分的實際收入與調整與尼日利亞 MTN 續約合約中的新財務條款後的情況之間的比較。

Given those MTN in Nigeria agreements were signed in August 2024, post the quarter end, the impact of these changes are not included in the second quarter 2024 results. Despite the terms being effective from April 1, the initial impact will reflect in our third quarter results.

鑑於尼日利亞的 MTN 協議於 2024 年 8 月季度末後簽署，這些變化的影響不包含在 2024 年第二季的業績中。儘管這些條款從 4 月 1 日起生效，但初步影響將反映在我們第三季的業績中。

The new structure provides what we believe is a more balanced split between foreign and local currencies and the newly introduced diesel-linked component acts as a hedge against diesel price and FX fluctuations. Our contracts have always had some level of shared risk and under the new terms there is a more balanced split whereby our USD exposure is reduced, but in return we no longer own the risk of diesel price fluctuations which is now passed on to MTN Nigeria through diesel indexation.

我們認為，新的結構提供了外幣和本幣之間更平衡的分配，新推出的柴油相關成分可以對沖柴油價格和外匯波動。我們的合約始終具有一定程度的分擔風險，根據新條款，我們的美元敞口會減少，因此會進行更平衡的分配，但作為回報，我們不再承擔柴油價格波動的風險，該風險現在通過MTN奈及利亞轉嫁給柴油指數化。

It's important to note that the USD component will continue to benefit from quarterly FX resets and annual US. CPI-linked escalations, and the local currency component will continue to benefit from local CPI-linked escalations now applied every six months rather than annually.

值得注意的是，美元成分將繼續受益於季度外匯重置和年度美元調整。與 CPI 相關的升級以及當地貨幣部分將繼續受益於目前每六個月而不是每年實施一次的當地 CPI 相關升級。

The significant change on introducing power indexation to our use fees with MTN in Nigeria, together with the unbundling of the backup power contract with MTN in South Africa, now means that IHS has moved its business model to being significantly hedged against power across our footprint.

在尼日利亞 MTN 的使用費中引入電力指數化的重大變化，以及與南非 MTN 的備用電力合約的分拆，現在意味著 IHS 已將其業務模式轉變為在我們的業務範圍內大幅對沖電力。

All our country businesses are now predominantly either power pass-through or have power indexation elements within their use fees. We believe these changes have materially reduced the risk of our operating model.

我們國家所有的企業現在主要不是電力直通，就是在使用費中包含電力指數化元素。我們相信這些變化大大降低了我們營運模式的風險。

And moving on turning to our revenue on a consolidated basis, you can see how the continued devaluation turned a quarter of strong organic growth into a 20.3% decline. The Naira devalued 63.5% in Q2 '24 versus last year, yet the business delivered organic growth of 69.3%, driven primarily by FX resets, CPI escalations and power.

再轉向我們的綜合收入，您可以看到持續貶值如何將一個季度強勁的有機成長變成了 20.3% 的下降。與去年相比，奈拉在 2024 年第二季度貶值了 63.5%，但該業務實現了 69.3% 的有機成長，這主要是由匯率重置、CPI 升級和電力推動的。

Fiber, new lease amendments, new colocation and new sites also contributed to organic growth this quarter and came from countries across our portfolio. The right side again shows the organic growth of each of our segments for the quarter, where our Nigeria segment grew approximately 105%, including a large benefit from FX resets.

光纖、新的租約修訂、新的託管和新站點也為本季的有機成長做出了貢獻，這些成長來自我們投資組合中的各個國家。右側再次顯示了本季度我們每個細分市場的有機成長，其中尼日利亞細分市場成長了約 105%，其中包括匯率重置帶來的巨大收益。

On slide 13, you can see our consolidated revenue, adjusted EBITDA, and adjusted EBITDA margins for the second quarter 2024. As discussed, the Naira devaluation drove a 20% decrease in reported revenue in the quarter despite the quarterly organic revenue growth of over 69%. That again demonstrated the strong top line growth trends of the business.

在投影片 13 上，您可以看到 2024 年第二季我們的合併營收、調整後 EBITDA 和調整後 EBITDA 利潤率。如所討論的，儘管季度有機收入成長超過 69%，但奈拉貶值導致本季報告收入下降 20%。這再次證明了該業務強勁的營收成長趨勢。

In Q2 '24, reported revenue includes a $15 million headwind quarter-over-quarter and a $478 million headwind year-over-year from the Naira devaluation, but it's actually a net $159 million headwind after adjusting for the impact of FX resets over the past year.

在24 年第二季度，報告的收入包括奈拉貶值帶來的季度環比1500 萬美元的逆風和同比4.78 億美元的逆風，但在調整了2019 年匯率重置的影響後，實際上是淨1.59億美元的逆風。

As we've previously noted, most of the FX resets on the USD denominated portion of our Nigeria contracts reset quarterly, and therefore our Q2 '24 results now reflect the FX reset benefit from the late January devaluation.

正如我們之前指出的，我們尼日利亞合約中以美元計價的部分的大部分外匯重置每季度都會重置，因此我們 24 年第 2 季的結果現在反映了 1 月底貶值帶來的外匯重置收益。

In the second quarter of '24, adjusted EBITDA of $251 million decreased 12%, while our adjusted EBITDA margin of 57.6% was up 550 basis points from the prior year and up 1,330 basis points from last quarter. The year-over-year changes in adjusted EBITDA and adjusted EBITDA margin primarily reflect the decrease in revenue, partially offset by a decrease in cost of sales, driven by a decrease in tower repairs and maintenance costs along with lower power generation costs.

2024 年第二季度，調整後 EBITDA 為 2.51 億美元，下降 12%，而調整後 EBITDA 利潤率為 57.6%，比上年增長 550 個基點，比上季度增長 1,330 個基點。調整後 EBITDA 和調整後 EBITDA 利潤率的同比變化主要反映了收入的下降，但部分被塔架維修和維護成本下降以及發電成本下降推動的銷售成本下降所抵消。

On slide 14, we review our adjusted levered free cash flow. In the second quarter of 2024, we generated ALFCF of $67 million, a 10% decrease versus last year, primarily due to a decrease in cash from operations post Naira devaluation and an increase in net interest paid, partially offset by a decrease in maintenance CapEx. ALFCF cash conversion rate was 26.7%.

在投影片 14 上，我們回顧了調整後的槓桿自由現金流。2024 年第二季度，我們產生了 6,700 萬美元的 ALFCF，比去年下降 10%，主要是由於奈拉貶值後營運現金減少以及支付的淨利息增加，部分被維護資本支出的減少所抵消。ALFCF現金兌換率為26.7%。

And looking at CapEx in the second quarter of 2024, CapEx of $54 million decreased 73% year-on-year. The decrease was driven by lower capital expenditure across all our segments, with the decrease in Nigeria primarily driven by decreases related to Project Green and maintenance CapEx, while the decrease in SSA was primarily driven by a decrease in refurbishment CapEx. The decrease in LatAm and MENA was primarily driven by decreases related to new site CapEx, although we still retain a healthy level of new site build in Brazil.

從 2024 年第二季的資本支出來看，資本支出為 5,400 萬美元，年減 73%。這一下降是由於我們所有部門的資本支出下降所致，尼日利亞的下降主要是由於與綠色項目和維護資本支出相關的下降所致，而 SSA 的下降主要是由於翻新資本支出的下降所致。拉丁美洲和中東和北非地區的下降主要是由於與新站點資本支出相關的下降所致，儘管我們仍然保持巴西新站點建設的健康水準。

On the segment review on slide 15, I want to add to Sam's earlier comments on what we're seeing in Nigeria. In May, the CBN raised interest rates by 150 basis points, followed by another 50 basis point increase in July, bringing the NPR to 26.7%, total of four rate hikes in 2024. These actions appear to have had a positive impact on Nigeria's FX market with the August 9, US dollar to Naira Bloomberg rate at NGN1,597 to the dollar.

在幻燈片 15 的片段回顧中，我想補充 Sam 之前對我們在尼日利亞所看到的情況的評論。5月份，央行升息150個基點，7月再升息50個基點，使NPR達到26.7%，2024年總共升息四次。這些行動似乎對尼日利亞外匯市場產生了積極影響，8 月 9 日美元兌奈拉彭博匯率為 1,597 尼日利亞奈拉。

Most recently, the World Bank approved a $2.3 billion program for Nigeria as the government remains focused on stabilizing the economy with the aim of increasing dollar flow within the country, enhancing the attractiveness of Nigeria as a foreign direct investment destination and improving transparency in the money markets.

最近，世界銀行批准了尼日利亞一項23 億美元的計劃，尼日利亞政府仍將重點放在穩定經濟上，目的是增加美元在國內的流動，增強尼日利亞作為外國直接投資目的地的吸引力，並提高貨幣透明度市場。

There is still more to do, but as we -- as a result of these actions, we've seen an increase in US dollars in Nigeria and FX reserves in the country have increased to $34.2 billion at the end of June from $33.8 billion at the end of March.

還有更多工作要做，但由於這些行動，我們看到尼日利亞的美元增加，該國的外匯儲備從 6 月底的 338 億美元增加到 342 億美元。

Since the FX environment adjusted in January and February, we were able to access nearly $290 million to settle US dollar obligations locally in Nigeria and upstream $94 million to Group during and after this second quarter. We continue to expect to upstream more throughout the rest of the year.

自 1 月和 2 月外匯環境調整以來，我們能夠獲得近 2.9 億美元在尼日利亞當地結算美元債務，並在第二季及之後向集團上游籌集 9,400 萬美元。我們繼續預計今年剩餘時間將有更多上游業務。

For IHS in Nigeria, second quarter revenue of $270 million decreased 26% year-on-year on a reported basis, reflecting that negative $478 million FX headwind year-over-year, more than offsetting the 105% organic growth, which was driven primarily by FX resets and escalations. Nonetheless, a meaningful step-up from last quarter.

據報告，IHS 尼日利亞第二季度收入為 2.7 億美元，同比下降 26%，反映出同比 4.78 億美元的外匯逆風，遠遠抵消了 105% 的有機增長，而有機增長主要是由通過外匯重置和升級。儘管如此，與上季相比還是有意義的進步。

Our colocation rate improved to 1.6 times, up from 1.57 times in Q2 of last year. Lease amendments continue to be a strong driver of growth, increasing 6.8% year-on-year as our customers added additional equipment to our sites.

我們的主機代管率從去年第二季的 1.57 倍提高到 1.6 倍。租賃修訂繼續成為成長的強勁推動力，隨著我們的客戶向我們的工廠添加了額外的設備，租賃修訂同比增長了 6.8%。

Q2 '24 segment adjusted EBITDA in Nigeria was $171 million, a 22% decrease from a year ago, but a 66% increase from last quarter. Segment adjusted EBITDA margin was up 340 basis points to 63.6% given the reduction in cost of sales, primarily driven by a decrease in tower repairs and maintenance costs.

尼日利亞 24 年第二季調整後 EBITDA 為 1.71 億美元，比去年同期下降 22%，但比上季度增長 66%。鑑於銷售成本下降（主要是由於塔維修和維護成本下降），部門調整後 EBITDA 利潤率增加 340 個基點，達到 63.6%。

In Sub-Saharan African segment, towers and tenants increased by 1.3% and 3.5%, respectively, versus this time last year, and revenue is impacted by the unwinding of our power managed services business in South Africa this quarter, whereby we now recognize the pass-through power revenue as net as opposed to previously gross revenue recognition and gross cost recognition. We flagged this in our original full year guidance prior to the agreement being completed, which it now has been.

在撒哈拉以南非洲地區，與去年同期相比，鐵塔和租戶分別成長了 1.3% 和 3.5%，收入受到本季度南非電力管理服務業務剝離的影響，因此我們現在認識到轉嫁電力收入為淨額，而不是之前的總收入確認和總成本確認。在協議完成之前，我們在最初的全年指導中標記了這一點，現在已經完成了。

Therefore, revenue for the segment decreased by 12.3%, but its segment adjusted EBITDA increased 21.5%. In addition to the pass-through mechanics changing, the segment adjusted EBITDA also benefited from a decrease in cost of sales, driven by lower maintenance costs. Segment adjusted EBITDA margin increased 1,970 basis points to 70.7%, mostly as a result of the unwind agreement with MTN in South Africa this quarter, further de-risking the business model.

因此，該部門的收入下降了12.3%，但其部門調整後的EBITDA卻增加了21.5%。除了傳遞機制變更之外，該部門調整後的 EBITDA 還受益於維護成本降低推動的銷售成本下降。部門調整後 EBITDA 利潤率成長 1,970 個基點，達到 70.7%，主要是由於本季與南非 MTN 解除協議，進一步降低了業務模式的風險。

In our LatAm segment, towers and tenants grew by 10.4% and 6.7%, respectively, versus this time last year, and revenue decreased by 3.9%, of which organic revenue growth increased 1.5% as a result of negative FX movements and a reduction in revenue recognition from Oi as we discussed last quarter.

在我們的拉丁美洲業務中，與去年同期相比，塔樓和租戶分別增長了 10.4% 和 6.7%，收入下降了 3.9%，其中有機收入增長由於匯率負波動和收入減少而增長了 1.5%。 正如我們上季度討論的那樣，Oi 的收入確認。

Segment adjusted EBITDA, therefore, decreased by 6%, leading to a 71.6% segment adjusted EBITDA margin, 150 basis point decrease versus Q2 last year, which, again, reflects the decrease in revenue and increase in power generation costs.

因此，部門調整後的 EBITDA 下降了 6%，導致部門調整後的 EBITDA 利潤率為 71.6%，比去年第二季下降了 150 個基點，這再次反映了收入的下降和發電成本的增加。

In Brazil, our second largest market with 7,951 towers, macro conditions notwithstanding the FX headwinds as the Brazilian real devalued against the dollar were mostly positive as both interest rates and inflation came down.

巴西是我們擁有 7,951 棟大廈的第二大市場，儘管巴西雷亞爾兌美元貶值，導致外匯不利，但隨著利率和通膨的下降，宏觀經濟情勢大部分呈現正態勢。

In MENA, towers and tenants grew by 8.5% and 8.8%, respectively, while revenue increased by 12.7%, including 6.4% organic revenue growth, driven primarily by new sites and escalations. Segment adjusted EBITDA increased 14.5%, and the Q2 '24 adjusted EBITDA margin increased to 55.4%.

在中東和北非地區，塔樓和租戶分別成長 8.5% 和 8.8%，營收成長 12.7%，其中有機收入成長 6.4%，這主要是由新站點和升級推動的。部門調整後 EBITDA 成長 14.5%，2024 年第二季調整後 EBITDA 利潤率增至 55.4%。

Onto slide 17 and we'll look at our capital structure and related items. And at June 30, 2024, we had approximately $4.2 billion of external debt and IFRS-16 lease liabilities. Of the $4.2 billion, approximately $2 billion represent our bond financing and other indebtedness includes $430 million that has been drawn down from the three-year bullet term loan that we have at the IHS Holding Limited level.

在投影片 17 上，我們將了解我們的資本結構和相關項目。截至 2024 年 6 月 30 日，我們的外債和 IFRS-16 租賃負債約為 42 億美元。在這 42 億美元中，約 20 億美元是我們的債券融資和其他債務，其中包括從 IHS Holding Limited 級別的三年期短期貸款中提取的 4.3 億美元。

As Sam mentioned, continuing to improve the strength and flexibility of our balance sheet is an important component of our strategic review. We've already undertaken and continue with various balance sheet initiatives to extend maturities, manage interest rate expense, swap dollar obligations into local currency where possible, and add flexibility to our capital structure.

正如薩姆所提到的，繼續提高資產負債表的強度和靈活性是我們策略審查的重要組成部分。我們已經採取並繼續實施各種資產負債表舉措，以延長期限、管理利率費用、在可能的情況下將美元債務兌換成當地貨幣，並增加我們資本結構的靈活性。

This includes the TowerCo and FiberCo debentures we signed in Brazil for approximately $54 million and $29 million, respectively, and plenty more initiatives to come over the second half of the year.

這包括我們在巴西分別簽署了約 5,400 萬美元和 2,900 萬美元的 TowerCo 和 FiberCo 債券，以及今年下半年將推出的更多舉措。

Cash and cash equivalents increased to $446 million as of June 30. And in terms of where that cash is held, approximately 16% was held in Naira, that Nigerian business. We were able to upstream $94 million during and after the quarter as we mentioned. While we anticipate to upstream again in 2024, we do caution it remains to be determined if the increased dollar availability can be sustained.

截至 6 月 30 日，現金和現金等價物增至 4.46 億美元。就現金持有地點而言，大約 16% 是由尼日利亞企業 Naira 持有。正如我們所提到的，我們在本季及之後獲得了 9,400 萬美元的上游資金。雖然我們預計 2024 年將再次上行，但我們警告稱，美元供應量的增加是否能夠持續仍有待確定。

Consequently, from all these moving elements at the end of Q2 '24, our consolidated net debt was approximately $3.7 billion and we had a consolidated net leverage ratio of 3.9 times, up 0.1 times versus the end of March ‘24. We expect leverage to remain within our target 3 to 4 times net leverage ratio this year, prior to the realization of any future disposals, at which time we expect the leverage to drop.

因此，從 2024 年第二季末的所有這些變動因素來看，我們的合併淨債務約為 37 億美元，合併淨槓桿率為 3.9 倍，比 2024 年 3 月底上升了 0.1 倍。我們預計，在未來任何處置實現之前，今年槓桿率將保持在淨槓桿率 3 至 4 倍的目標範圍內，屆時我們預計槓桿率將會下降。

Moving to slide 18. We updated our 2024 guidance last week as a result of our renewed and extended contracts with MTN Nigeria. We anticipate that the agreement with MTN will negatively impact our results for fiscal year 2024 by approximately $30 million to $35 million. Although the contracts were signed in August 2024, they are effective April 1, 2024. And so on an annualized basis, the headwind is approximately $47 million.

轉到投影片 18。由於我們與 MTN 尼日利亞續簽並延長了合同，我們上週更新了 2024 年指引。我們預計與 MTN 的協議將對我們 2024 財年的業績產生約 3,000 萬至 3,500 萬美元的負面影響。儘管合約於2024年8月簽署，但將於2024年4月1日生效。因此，以年化計算，逆風約為 4700 萬美元。

Despite the impact of revenue and EBITDA, we expect our business will continue to benefit from colocations and amendments. And with the reduced diesel price exposure, we expect we'll benefit from more operating leverage. As a reminder, we completed the unwind of our power managed services agreement with MTN in South Africa in the quarter. But again, this does not impact our guidance as it had already been factored in previously.

儘管受到收入和 EBITDA 的影響，我們預計我們的業務將繼續受益於託管和修改。隨著柴油價格風險的降低，我們預計我們將受益於更多的營運槓桿。提醒一下，我們在本季完成了與南非 MTN 的電力管理服務協議的解除。但同樣，這不會影響我們的指導，因為之前已經考慮到了這一點。

And finally, on slide 19, on the left you can see revenue by reporting currency for Q2, whereas on the right we provide the breakout of revenue based on contract split. The bottom of the slide shows the average annual FX rate assumptions used in our 2024 guidance and are unchanged from last quarter.

最後，在投影片 19 上，左側您可以透過報告第二季的貨幣來查看收入，而右側我們提供基於合約分割的收入明細。幻燈片底部顯示了我們 2024 年指導中使用的平均年度匯率假設，與上季度相比沒有變化。

This now brings us to the end of our formal presentation. We thank you for your time today. And operator, please now open the line for questions.

現在我們的正式演示到此結束。我們感謝您今天抽出時間。接線員，現在請撥打電話提問。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning. Thanks for taking my questions. Just wanted to get a sense as to how you characterize the overall new lease activity in both Nigeria and your broader African profile. Any -- I mean, you mentioned some activity. Do you feel like there is more of a positive kind of macro view at this point?

早安.感謝您回答我的問題。只是想了解您如何描述尼日利亞和更廣泛的非洲概況的整體新租賃活動。任何——我的意思是，你提到了一些活動。您是否覺得目前有更多正面的宏觀觀點？

And would you -- at what point -- any time in this year, would you expect that leasing activity to step-up or accelerate? Thank you.

您是否會在今年的任何時候預計租賃活動會增加或加速？謝謝。

Hey, Jim. It's Steve here. Yes, certainly the quarter is demonstrating that the fundamental growth characteristics continue to be there. So if we think about the different buckets of growth we have right now in terms of new build sites, we did 207 in the quarter.

嘿，吉姆。史蒂夫在這裡。是的，本季確實表明基本成長特徵仍然存在。因此，如果我們考慮一下我們目前在新建工地方面的不同成長點，本季我們實現了 207 個成長。

Now a chunk of that is in LatAm, where we've decided to continue investing growth CapEx when we pulled back in Africa. But actually when you look at the colocation, which there was close to 400 in the quarter, and the lease amendments where there was 1,200 plus in the quarter, a lot of that's actually being driven out of the African portfolio, scattered around a little bit.

現在其中很大一部分在拉丁美洲，當我們撤回非洲時，我們決定繼續投資成長資本支出。但實際上，當您查看本季度有近 400 個主機託管服務以及本季度有 1,200 多個主機託管服務的租賃修訂時，您會發現其中許多實際上已從非洲投資組合中剔除，分散在各處。

We had a good chunk of colocation in Rwanda in the quarter, where we had reached a new deal with one of the carriers there, some in Nigeria as well. A lot of the lease amendments are actually coming out of Nigeria, particularly South Africa, as we see the continued slow and steady 5G rollout in those two particular markets. So, yes, the signs still continue to look good.

本季度，我們在盧安達進行了大量託管工作，我們與那裡的一家運營商達成了新協議，其中一些運營商也在尼日利亞。許多租賃修正案實際上來自尼日利亞，特別是南非，因為我們看到這兩個特定市場的 5G 部署持續緩慢且穩定。所以，是的，跡象仍然看起來不錯。

I don't think we'll get too ahead of ourselves in terms of knowing that the carriers are looking at their CapEx spend plans and trying to sort of rationalize where they can given how global macro is impacting everybody in the industry. But we still see kind of a steady growth in our key markets.

我不認為我們會太過超前，因為我們知道營運商正在考慮他們的資本支出計劃，並考慮到全球宏觀經濟對行業中每個人的影響，試圖合理化他們可以在哪些方面進行合理化。但我們仍然看到主要市場的穩定成長。

Thanks. And maybe as a follow-up, can you maybe just characterize where you are on some of your asset sale discussions with potential buyers? Are there any major deals that are sort of towards the later stages, maybe in the 7 to 9 innings, if you want to use a baseball analogy?

謝謝。也許作為後續行動，您能否描述一下您與潛在買家進行的一些資產出售討論的進展？是否有任何重大交易是針對後期階段的，如果您想使用棒球類比的話，可能是在第 7 到 9 局中？

Well, I'm a Brit. So I understand your baseball analogy, but I won't get drawn into it too much. No, look, we don't want to get too drawn into comments generally on that particular topic. We said last quarter in May that we were looking to raise $500 million to $1 billion of proceeds.

嗯，我是英國人。所以我理解你的棒球比喻，但我不會太陷入其中。不，聽著，我們不想過多地陷入有關該特定主題的評論中。我們在 5 月上個季度表示，我們希望籌集 5 億至 10 億美元的資金。

We've reiterated that today. We gave ourselves a 12-month timeline back in May and so all of that is on track. There are discussions happening, but we'll just leave it there for now and we'll update people when there's something concrete to discuss.

我們今天已經重申了這一點。早在 5 月份，我們就給自己制定了 12 個月的時間表，所以所有這些都已步入正​​軌。目前正在進行討論，但我們暫時將其留在那裡，當有具體內容需要討論時，我們會向人們通報最新情況。

Thank you very much.

非常感謝。

Jon Atkin, RBC Capital Markets.

喬恩‧阿特金，加拿大皇家銀行資本市場。

I think Cricket has a lot of innings, so 7 to 9 inning might actually qualify as early. But I'll let you be the judge of that. So I was just interested, two things. On the strategic review, there's a lot of flexibility that you talk about in terms of potential outcomes, capital allocation, fair buybacks, dividends and so forth.

我認為板球有很多局，所以 7 到 9 局實際上可能儘早晉級。但我會讓你來判斷。所以我只是有興趣，有兩件事。在策略審查方面，您在潛在結果、資本配置、公平回購、股息等方面談到了很多靈活性。

But you also talked about not ruling out further initiatives to continue increasing shareholder value, which we continue to assess in parallel. Can you talk a little bit about what might be behind that and what would drive you towards that decision?

但您也談到不排除繼續增加股東價值的進一步舉措，我們將繼續並行評估。您能談談背後的原因以及是什麼促使您做出這個決定嗎？

And then just more of a LatAm question. I noticed that amendments increased significantly and what's driving that? Thanks.

還有更多關於拉丁美洲的問題。我注意到修正案顯著增加，是什麼推動了這個趨勢？謝謝。

So I'll comment first on the strategic review, then I'll let Sam jump in and add a bit of flavor as well. And then I'll come back to LatAm on the lease amendments. So in terms of the strategic review, look, the way we consistently characterize that is, we are looking at a whole broad variety of opportunities.

因此，我將首先對策略審查發表評論，然後我會讓 Sam 介入並添加一些風味。然後我將回到拉丁美洲討論租約修訂問題。因此，就策略審查而言，我們一貫的描述方式是，我們正在尋找各種各樣的機會。

We're very, very focused on what can create value for shareholders. And whilst we wanted to provide some guidance as to how we were thinking about it last quarter when we set those targets, we also don't want to rule out, potential other value-creating opportunities.

我們非常非常關注能為股東創造價值的事情。雖然我們希望就上季度設定這些目標時的思考方式提供一些指導，但我們也不想排除潛在的其他價值創造機會。

Now, what we would also say is, things like the progress on the governance, things like progress with MTN renewal, that all sits squarely in our minds in terms of value creation. It might not be disposals of any type, but that sort of internal work, if you like, is also very important.

現在，我們還要說的是，諸如治理方面的進展，諸如MTN更新方面的進展之類的事情，這些都在價值創造方面直接存在於我們的腦海中。它可能不是任何類型的處置，但如果你願意的話，這種內部工作也非常重要。

So there's lots of different strands to our thinking around value creation, the disposals we've characterized so far, what we're targeting initially, and when we said, we will look to pay down some debt with that and we'll think about other shareholder direct return methods after that.

因此，我們對價值創造的思考有很多不同的方面，到目前為止我們所描述的處置方式，我們最初的目標是什麼，當我們說的時候，我們將尋求用它來償還一些債務，我們會考慮此後其他股東直接返還方式。

So all of that remains the same. But Sam, I don't know if you want to add anything specific on that before I go back to LatAm.

所以所有這些都保持不變。但是薩姆，我不知道在我回到拉丁美洲之前您是否想補充任何具體內容。

Yes. Hi, Jon. Look, I think it's very important that we remain focused on shareholder value unlock. We really believe our -- there is much more intrinsic value than the market is really awarding us. I mean, our free float at the moment is more than 20%. We have no major renewals anymore coming for at least eight years. We have more than $12.3 billion of contracted revenue, yet our market cap remains under $1 billion.

是的。嗨，喬恩。看，我認為我們繼續關注股東價值的釋放非常重要。我們真的相信我們的內在價值比市場真正賦予我們的要多得多。我的意思是，我們目前的自由流通量超過 20%。至少八年內我們不會再進行重大更新。我們的合約收入超過 123 億美元，但我們的市值仍低於 10 億美元。

So we will announce things as they happen. We'll wait until the ninth inning to kind of like finish and then we'll say what we've done. But for now, we will leave no stone unturned until the market realizes there is much more value to this company than it's been awarded.

所以我們會在事情發生時宣布。我們會等到第九局結束，然後我們會說我們做了什麼。但就目前而言，我們將不遺餘力，直到市場意識到這家公司的價值遠高於所獲得的價值。

And then, Jon, on your lease amendment question, so there wasn't too much of a step-up on LatAm lease amendments. So there are about 196 now in Q2. They were 186 last quarter, albeit they were sort of 69 when you're looking at the comparative quarter from a year ago.

然後，喬恩，關於您的租約修訂問題，因此拉丁美洲租約修訂並沒有太多進展。所以第二季現在大約有 196 個。上個季度的數字為 186，但與去年同期相比，數字約為 69。

Where we did see some step-up in lease amendments this quarter versus Q1 was in the SSA segment, which was in South Africa, and that's -- that was 5G rollout in South Africa.

與第一季相比，我們確實看到本季租賃修訂有所增加，這是在南非的 SSA 領域，那就是南非的 5G 部署。

What's driving the year-on-year step-up in LatAm?

是什麼推動了拉丁美洲的年成長？

That's simply customers taking more space on the towers. But, again, I wouldn't overplay that just yet. It's stepping up from 69 to 196, which doesn't compare that kind of that sizeably to the 37,000 that we have across the portfolio.

這只是客戶佔據了塔樓上更多的空間。但是，我再說一遍，我現在還不會誇大這一點。它從 69 個增加到 196 個，與我們整個投資組合中的 37,000 個相比，這個數字還不算大。

And then just on LatAm, and then one more question to Sam's answer, because I was going to ask that as well. But -- so LatAm, some of your peers have noted that the judicial recovery proceedings around Oi will have a kind of a multi-year impact.

然後就在拉丁美洲，然後山姆的回答又問了一​​個問題，因為我也想問這個問題。但是，拉丁美洲，你們的一些同行已經指出，圍繞 Oi 的司法追償程序將產生某種多年的影響。

And I know that you're kind of less exposed given the tenant mix there, but any color there as to how your organic growth aspirations in the region might be affected by the Oi judicial recovery proceedings?

我知道，考慮到那裡的租戶組合，您所面臨的風險較小，但您在該地區的有機增長願望可能會受到 Oi 司法恢復程序的影響嗎？

Yes. I mean, if you look at our LatAm growth rates from this time around, when you kind of unpack them for FX and those sorts of items, we were about 1% growth, but that's because we backed out Oi this year versus last year.

是的。我的意思是，如果你看看我們這次的拉丁美洲成長率，當你將它們拆開用於外匯和此類專案時，我們的成長率約為1%，但那是因為我們今年與去年相比退出了Oi。

So actually, the organic growth rate is more like 12%, 13% for LatAm. So we continue to see, decent double-digit growth in the absence of, that Oi revenue, and we'll see how that progresses. As you say, that's tied to the judicial recovery plan that they have, and we've effectively taken it out of our numbers.

所以實際上，拉丁美洲的有機成長率更像是 12%、13%。因此，在沒有 Oi 收入的情況下，我們將繼續看到可觀的兩位數成長，我們將看看進展如何。正如你所說，這與他們擁有的司法恢復計劃有關，我們已有效地將其從我們的資料中刪除。

So to the extent that there's realizations from that, then that will all be upside.

因此，只要從中有所認識，那麼一切都會有好處。

And then lastly, Sam repeated what you put in the script around the contracted backlog. And as we think about a medium to longer term margin and EBITDA generation path, how would you bracket kind of the incremental margins associated with that backlog?

最後，Sam 重複了您在腳本中圍繞合約積壓的內容。當我們考慮中長期利潤率和 EBITDA 生成路徑時，您將如何計算與積壓訂單相關的增量利潤率？

And I know there's a lot of moving pieces around FX and energy pricing, but any kind of brackets or guardrails to put on in terms of margins associated with that contracted revenue backlog?

我知道圍繞外匯和能源定價有很多變化，但是在與合約收入積壓相關的利潤方面有什麼類型的支架或護欄嗎？

I mean -- yes, I mean, I'll sort of take that. The way that $12.3 billion of contracted revenue works is that that's the business on the sites today. So that effectively gets you to your 57% margin this quarter, or as we're guiding to the full year, about 54% margin. So I triangulate people around 54% margins this year, which is what we've pretty consistently said through our guidance through the course of the last few quarters.

我的意思是——是的，我的意思是，我會接受這一點。123 億美元的合約收入的運作方式就是當今網站上的業務。因此，這實際上使您本季的利潤率達到 57%，或按照我們對全年的指導，利潤率約為 54%。因此，我對今年的利潤率進行了大約 54% 的三角測量，這也是我們在過去幾季的指導中一貫所說的。

But we are seeing -- when you break it down into the quarter-on-quarter piece, we are starting to now see higher margins and we expect to be exiting the year in the mid- to high-50s. And we think that that sort of progression can continue through '25 and into '26.

但我們看到，當你將其分解為季度環比部分時，我們現在開始看到更高的利潤率，我們預計今年的利潤率將在 50 多歲左右。我們認為這種進展可以持續到 25 年並持續到 26 年。

So we're certainly targeting, and we said this for a long time, we're targeting something beginning with a 6, so 60% in terms of EBITDA margins. That's a couple of years away yet, but we're trending in the right direction.

所以我們的目標當然是，我們已經說過很長一段時間了，我們的目標是從 6 開始，即 EBITDA 利潤率為 60%。雖然這還需要幾年時間，但我們正朝著正確的方向發展。

Thank you.

謝謝。

And we also believe, Jon, that -- we also believe, John, that the fact that we have now a power indexation in Nigeria with our largest client with MTN, which we did not have before, in addition to the fact that power as a service has moved on from our business in South Africa, is going to make our margin way more stable going forward into the future.

我們也相信，喬恩，我們也相信，約翰，我們現在在尼日利亞與我們最大的客戶 MTN 建立了電力指數化，這是我們以前沒有的，此外，電力指數化我們在南非的業務已經轉移了一項服務，這將使我們的利潤率在未來更加穩定。

Very clear. Thank you.

非常清楚。謝謝。

Richard Choe, J. P. Morgan.

崔崔 (Richard Choe)，摩根大通 (J. P. Morgan)。

Hi. I have two questions, one kind of macro level and then one more company-specific. What are you seeing in Nigeria and your other major markets on data usage? Is it growing at the rate that, I guess, you had expected?

你好。我有兩個問題，一個是宏觀層面的問題，另一個是針對公司的具體問題。您對尼日利亞和其他主要市場的數據使用有何看法？我猜它的成長速度是否符合您的預期？

And then on -- specifically for the company, as you kind of transition to more indexation and less of the power managed services, are there costs that could come out of the business? And maybe, talk a little bit about potential cost initiatives overall?

然後，特別是對於公司來說，當你過渡到更多的指數化和更少的電力管理服務時，業務中是否會產生成本？也許，談談整體上潛在的成本計劃？

Sure. Sam, do you want to take the data usage one? I'll just cover the cost side of things first, but if you want to take the macro one. So Richard, you're right. The initial areas to look at are obviously locally within the OpCos, which we've been doing as we've been transitioning those business models.

當然。山姆，你想拿數據使用費嗎？我將首先介紹成本方面的內容，但如果您想考慮宏觀方面的話。所以理查德，你是對的。最初要考慮的領域顯然是經營公司內部的本地領域，我們在轉變這些業務模式時一直在這樣做。

And so that's kind of been happening as we go along and you'll see the realization of that in elements over this quarter a little bit, but then into next quarter as well. As it relates to further kind of cost initiatives, and that is also an element of our strategic review, if you like, which is looking at profitability around the group, including central cost structures.

因此，隨著我們的進展，這種情況正在發生，您會在本季度的一些元素中看到這一點的實現，但也會在下個季度看到這一點。因為它涉及進一步的成本計劃，如果你願意的話，這也是我們戰略審查的一個要素，它正在考慮整個集團的盈利能力，包括中央成本結構。

And we're continuing to look at different ways that we can operate more efficiently. Some of that's because of the shift in business model away from this power element, but some of it's just new ways of working. We're looking at trying to introduce more technology, trying to use artificial intelligence, such that we can be more efficient, more accurate, and, ultimately, reduce overall costs.

我們正在繼續尋找可以更有效運作的不同方法。其中一些是因為商業模式的轉變遠離了這種權力元素，但有些只是新的工作方式。我們正在考慮嘗試引入更多技術，嘗試使用人工智慧，這樣我們就可以更有效率、更準確，並最終降低整體成本。

So that's kind of an ongoing element of the strategic review and will continue that for quite a period of time there. Don't want to put any numbers on that just yet, but that is happening.

因此，這是策略審查的持續要素，並將持續相當長的一段時間。目前還不想給出任何數字，但這種情況正在發生。

In terms of the market growth, we're seeing massive growth on the African side, Richard. So, for example, in Nigeria, I believe, MTN reported recently more than 50% increase year-on-year in terms of data usage. I mean, these are the kind of numbers we're seeing. So that runway remains there. LatAm is more modest, but again, data growth remains large.

就市場成長而言，我們看到非洲方面的巨大成長，理查德。例如，我相信，在奈及利亞，MTN 最近報告資料使用量年增了 50% 以上。我的意思是，這些就是我們看到的數字。所以那條跑道仍然在那裡。拉丁美洲的情況較為溫和，但數據成長仍然很大。

Right. So it seems like despite some economic headwinds or volatility, there's -- the growth in data has been pretty strong and at some point the carriers will have to keep investing in their networks?

正確的。因此，儘管存在一些經濟逆風或波動，但數據成長相當強勁，在某個時候營運商將不得不繼續投資其網路？

They have to, in our opinion. They have no choice. I mean, to be able to meet the demands of the population, whether in terms of fintech adoption, in terms of smartphone adoption, in terms of new entries into new users adopting phones, it's just one way traffic.

我們認為他們必須這樣做。他們別無選擇。我的意思是，能夠滿足人們的需求，無論是在金融科技的採用方面，在智慧型手機的採用方面，還是在新用戶採用手機方面的新進入方面，這都只是單向流量。

At the moment what we're seeing is global macro, local macro is putting a pressure on their CapEx cycle, but that pressure is cyclical and they just have to meet the demands at some point in time, which we believe sooner than later.

目前我們看到的是全球宏觀、本地宏觀正在給他們的資本支出週期帶來壓力，但這種壓力是週期性的，他們只需要在某個時間點滿足需求，我們相信這一點宜早不宜遲。

Great. Thank you.

偉大的。謝謝。

Maurice Patrick, Barclays.

莫里斯帕特里克，巴克萊銀行。

Yes. Good morning, guys. Thanks for taking the question. I've got a couple, please. The first one a follow a bit on from Richard's question on identification and traffic growth. When I was on the Helios call last week, they were talking very -- a very sort of upbeat message really around the operator need for densification, partly for traffic but also new coverage.

是的。早安，夥計們。感謝您提出問題。我有一對，請。第一個是理查德關於識別和流量成長的問題的後續。當我上週參加 Helios 電話會議時，他們談論了非常積極的信息，實際上是圍繞運營商對緻密化的需求，部分是為了流​​量，但也是為了新的覆蓋範圍。

And I think they were referring to it as here and now as well as the future. You seem to be a bit more cautious and I'm just keen to understand if that's more to do with geographic mix, so more LatAm and Nigeria rather than differences between the companies.

我認為他們指的是此時此地以及未來。你似乎更加謹慎一些，我只是想知道這是否更多地與地理組合有關，所以更多的是拉丁美洲和尼日利亞，而不是公司之間的差異。

And the second question is on Nigerian EBITDA trajectory. I doubt you want to give 2025 outlooks quite yet, but investors are asking quite a lot around the moving parts of cost and revenues for next year in EBITDA. I guess you're happy tailwind coming from CPI resets, you'll have the tailwind from the increased tenancies in Airtel.

第二個問題是尼日利亞 EBITDA 的軌跡。我懷疑你還想給出 2025 年的展望，但投資者對明年 EBITDA 的成本和收入的變動部分提出了很多要求。我猜你很高興 CPI 重置帶來的順風，你也會享受 Airtel 租賃增加帶來的順風。

You'll have a -- presumably, a headwind from the lost 1,100 tenancies. So just if you could walk us through some moving parts, even if you can't say you think EBITDA will go up or not in Nigeria next year. Thank you.

您可能會因失去 1,100 個租約而遭受不利影響。因此，如果您可以向我們介紹一些動態部分，即使您不能說您認為明年尼日利亞的 EBITDA 會增加或不會增加。謝謝。

Let's talk about that last one first. So, Maurice, I mean, you're right, we're too early for 2025 metrics and guidance, but you have started to unpack some of the moving parts. Another element I would point you to is macroeconomically speaking, obviously the biggest driver for IHS in 2024 so far, and one looks like it's going to be for the rest of '24, was the Q1 devaluation.

我們先來談談最後一個。所以，莫里斯，我的意思是，你是對的，我們對於 2025 年的指標和指導還為時過早，但你已經開始解開一些活動部分。我想向您指出的另一個因素是從宏觀經濟角度來看，顯然是 2024 年迄今為止 IHS 的最大驅動因素，而且看起來將在 24 年剩餘時間內持續存在，那就是第一季的貶值。

So obviously there was a significant dip in revenue and earnings in Q1 post the Naira devaluation, which has then now rebounded in Q2. But obviously as you drop that quarter of dip, let's say, then you start to get a more even run rate through the back end of the year.

顯然，在奈拉貶值後，第一季的營收和利潤大幅下降，但現在在第二季有所反彈。但顯然，當你放棄那個季度的下滑時，比如說，那麼你開始在今年年底獲得更均勻的運行率。

So as you move forward into 2025 we'll be having a good hard think about what our forward curve looks like, but certainly at this point in time, one would hope it doesn't include any kind of form of step change, but let's see.

因此，當你進入 2025 年時，我們將認真思考我們的未來曲線是什麼樣子，但當然在這個時間點，人們希望它不包括任何形式的階躍變化，但讓我們看看。

So that's probably one area to look at. You're absolutely right. In Nigeria, organic growth being driven by Airtel. MTN are continuing to do business by the way, so they'll come through as well. We're seeing plenty of traction in Brazil towards the back end of this year and into next year around new build sites, around colocation, around more lease up -- excuse me, more lease amendments as 5G starts to roll out more seriously.

所以這可能是值得關注的一個領域。你是絕對正確的。在尼日利亞，有機成長由 Airtel 推動。順便說一句，MTN 仍在繼續開展業務，因此他們也會渡過難關。我們在今年年底和明年看到巴西圍繞新建工地、主機託管、更多租賃的大量吸引力 - 對不起，隨著 5G 開始更認真地推出，更多的租賃修正案。

I think as it relates to LatAm, the 5G take up while it's there, I think it's been a bit slower than people had originally thought, but it's now starting to gather some pace. I think we're going to see that come through into next year. So -- and then you're right, in terms of contractual resets, those will all flow through as usual. So those are some of the moving parts without us putting numbers on it yet. And obviously, it's a bit early for that.

我認為，就拉丁美洲而言，5G 的普及速度比人們最初想像的要慢一些，但現在開始加快步伐。我想我們會在明年看到這一點。所以——然後你是對的，就合約重置而言，這些都將照常進行。這些是一些正在變化的部分，我們還沒有給出具體數字。顯然，現在還為時過早。

Thanks. On the densification point?

謝謝。在緻密點上？

Yes, densification point. I mean, I think it's a little bit to do with different markets at different points in their technology cycle, right? And so I'm not sure you can draw a complete apples to apples across it. Our markets are largely 4G penetrated now and we're sort of on that cusp of 5G.

是的，緻密點。我的意思是，我認為這與處於技術週期不同階段的不同市場有關，對吧？所以我不確定你能否在上面畫出完整的蘋果到蘋果。我們的市場現在基本上已被 4G 滲透，而我們正處於 5G 的風口浪尖。

We're starting to see it a little bit in Nigeria, but early days. We're starting to see a bit of it in South Africa. I would still say early days, but more advanced than Nigeria.

我們開始在尼日利亞看到一點這種情況，但還處於早期階段。我們開始在南非看到一些這樣的情況。我仍然會說早期，但比尼日利亞更先進。

And as I just mentioned LatAm, it's starting to flow now. So I think it's more a question of where are we in the technology cycle of the given markets, recognizing that over the last few years we've continued to add thousands and thousands of lease amendments and colocations as well. Just keep in mind, Helios report those two metrics differently to how we do. We split them out, they merge them. So just keep that in mind.

正如我剛才提到的拉丁美洲，它現在開始流動。因此，我認為更多的問題是我們在特定市場的技術週期中處於什麼位置，並意識到在過去幾年中我們也繼續增加了成千上萬的租賃修訂和託管。請記住，Helios 報告這兩個指標的方式與我們不同。我們將它們分開，他們將它們合併。所以請記住這一點。

Helpful. Just one very small question, if I may. Just on the CapEx guidance, you reiterated the $300 million and $370 million. I think the first half you're running at $110 million, so well below that run rate. I don't think you've got a huge step-up in BTS. What's some -- what's driving the kind of significant 2H, 1H based on the CapEx?

有幫助。如果可以的話，只是一個很小的問題。就資本支出指引而言，您重申了 3 億美元和 3.7 億美元。我認為上半年的運行成本為 1.1 億美元，遠低於該運行率。我不認為你在 BTS 方面取得了巨大的進步。是什麼推動了基於資本支出的 2H、1H 顯著成長？

It's a fair point. We've got a little step-up in BTS CapEx as we're delivering our pipelines, and a little step in fiber as well. But we'll see how that guidance go -- that guidance number goes. We've been looking at whether that's the right metric to retain or maybe trim slightly, and we'll look at that again as we go through Q3. We are certainly trending at the bottom end of that range. Yes.

這是一個公平的觀點。隨著我們交付管道，我們在 BTS 資本支出方面取得了一些進步，在光纖方面也取得了一點進展。但我們會看看該指導意見的走向——指導數字的走向。我們一直在研究這是否是保留或稍微削減的正確指標，我們將在第三季再次考慮這一點。我們的趨勢肯定是在該範圍的底部。是的。

Thanks so much.

非常感謝。

And that brings us to the end of the IHS Holdings Limited second quarter 2024 earnings results call. Should you have any questions, please contact the Investor Relations team via the e-mail address investorrelations@ihstowers.com. The management team, thank you for your participation today and wish you a good day.

IHS Holdings Limited 2024 年第二季財報電話會議到此結束。如果您有任何疑問，請透過電子郵件地址investorrelations@ihstowers.com 聯絡投資者關係團隊。管理團隊，感謝您今天的參與，並祝您有美好的一天。