IHS Holding Ltd (IHS) 2024 Q3 法說會逐字稿

Good day, and welcome to the IHS Holding Limited third quarter 2024 earnings results call for the three month period ended September 30, 2024. Please note that today's conference is being webcast and recorded. (Operator instructions)

您好，歡迎參加 IHS Holding Limited 2024 年第三季收益結果電話會議，會議內容截至 2024 年 9 月 30 日的三個月。請注意，今天的會議正在進行網路直播和錄製。（操作員指令）

At this time, I'd like to turn the conference over to Robert Berg. Please go ahead, sir.

現在，我想將會議交給羅伯特·伯格。先生，請繼續。

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

謝謝您，接線生。也感謝今天參加電話會議的所有人。我是 IHS 投資者關係主管羅伯特伯格 (Robert Berg)。今天與我在一起的有我們的董事長兼執行長 Sam Darwish；以及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 September 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.

今天早上，我們向美國證券交易委員會公佈了截至 2024 年 9 月 30 日的三個月的未經審計財務報表，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。

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.

這是 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，涵蓋了該集團的全部業務。

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 with the cautionary statement regarding forward-looking statements set out in our earnings release on 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 上簡報開頭的免責聲明，應完整閱讀，以及我們收益報告中關於前瞻性陳述的警告聲明。

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 that are difficult to predict and others, 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.

尤其是，所討論的資訊可能包含前瞻性陳述，這些陳述本質上涉及已知和未知的風險、不確定性和其他重要因素，其中一些是我們無法控制的、難以預測的，而另一些則可能導致實際結果、業績、成就或行業結果與此類前瞻性陳述表達或暗示的任何未來結果、業績、成就或行業結果存在重大差異，包括我們向美國證券交易委員會提交的20-F 表格中「風險因素」部分所討論的結果、績效、成就或行業結果。美國證券交易委員會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, which 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的指標，包括我們認為對評估業務績效很重要的調整後 EBITDA，以及我們認為對評估業務流動性很重要的 ALFCF。在我們的收益報告中可以找到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對帳表，該報告可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, Robert, and welcome, everyone, to our third quarter 2024 earnings results call. I'm pleased to say that we are reporting solid performance across our key metrics in the third quarter, driven by healthy secular demand and the quality of our contract structures.

謝謝羅伯特，歡迎大家參加我們 2024 年第三季收益結果電話會議。我很高興地說，在健康的長期需求和優質的合約結構推動下，我們第三季的各項關鍵指標都表現穩健。

This led to robust revenue performance despite significant year on year ForEx headwinds with our ForEx resets helping to mitigate the impact of the Naira, which devalued as much as 52% year on year versus the dollar, causing us a $265 million headwind year on year. We are however, pleased to have again seen reduced volatility of the Naira during the third quarter compared to earlier in the year.

儘管外匯交易年比面臨巨大阻力，但我們的外匯重置有助於減輕奈拉的影響，奈拉兌美元同比貶值高達52%，導致我們同比面臨2.65 億美元的阻力，因此，我們的收入表現仍然強勁。不過，我們很高興地看到，與今年稍早相比，第三季奈拉的波動性再次降低。

As we discussed at our second quarter results, in August, we announced a significant milestone in our long-term commercial relationship with MTN in Nigeria by renewing and extending all our tower contracts with MTN in Nigeria through 2032.

正如我們在第二季度業績中所討論的那樣，8 月份，我們宣布與 MTN 在尼日利亞的長期商業關係中取得一個重要里程碑，即續簽並延長我們與 MTN 在尼日利亞的所有塔台合約至 2032 年。

Our third quarter financials reflect for the first time, our new financial terms with MTN Nigeria and this is the main driver for the 3.5% quarter on quarter decline versus the second quarter of 2024. On an organic basis, our third quarter revenues increased by 49% when compared to the third quarter of 2023, driven by ForEx reset and continued growth in revenue from colocation, lease amendments and new sites.

我們的第三季財務數據首次反映了我們與 MTN 尼日利亞的新財務條款，這是與 2024 年第二季相比環比下降 3.5% 的主要原因。從有機基礎上看，與 2023 年第三季相比，我們的第三季營收成長了 49%，這得益於 ForEx 重置以及主機託管、租約修訂和新站點收入的持續成長。

Looking at our profitability, our strong third quarter adjusted EBITDA grew over 3% year on year to $246 million, reaching a margin of 58.5% and highlights the resilience of our financial model and our continued financial discipline. We are also pleased with our ALFCF generation during the third quarter, driven by EBITDA performance and ongoing CapEx optimization.

從獲利能力來看，我們第三季強勁的調整後 EBITDA 年成長超過 3% 至 2.46 億美元，利潤率達到 58.5%，突顯了我們財務模式的彈性和持續的財務紀律。我們對第三季的 ALFCF 產生也感到滿意，這得益於 EBITDA 表現和持續的資本支出優化。

Based on our year-to-date capital allocation decisions and our expectation of making further CapEx savings, we are revising our full year 2024 CapEx guidance range down. Given our performance year-to-date, we also remain confident on achieving our current 2024 revenue, adjusted EBITDA and ALFCF guidance and are trending towards the upper end of our existing guidance ranges.

根據我們今年迄今的資本配置決策以及進一步節省資本支出的預期，我們正在下調 2024 年全年資本支出指導範圍。鑑於我們今年迄今的表現，我們對實現目前的 2024 年收入、調整後的 EBITDA 和 ALFCF 指導仍有信心，並且正趨向於現有指導範圍的上限。

We are also reiterating our target leverage ratio of 3 times to 4 times. So in summary, profitability up, ALFCF generation up and CapEx down, all in line with our publicly stated goals. In addition to solid financial performance, we are making great progress across a number of our initiatives.

我們也重申3倍至4倍的目標槓桿率。總而言之，獲利能力上升，ALFCF 發電量上升，資本支出下降，都符合我們公開宣布的目標。除了穩健的財務表現外，我們在許多舉措上也取得了巨大進展。

Let's turn to slide 6 to look at some of the highlights. During the quarter, we have continued to deliver on numerous elements of our strategic review with the aim of unlocking shareholder value versus what we believe is our existing suppressed valuation.

讓我們翻到第 6 張投影片來看看一些亮點。在本季度，我們繼續履行戰略評估的眾多要素，目的是釋放股東價值，而不是我們認為目前被壓低的估值。

As already highlighted, our third quarter performance shows continued progress towards our goal of increasing adjusted EBITDA and substantially reducing our CapEx to increase cash flow generation.

正如已經強調的那樣，我們第三季的業績表明，我們正朝著增加調整後 EBITDA 和大幅削減資本支出以增加現金流的目標繼續前進。

We continue to assess group wide costs, CapEx structures and new ways to operate our networks, including how we can introduce more technology, especially artificial intelligence into our ways of working to help us realize the targeted efficiencies.

我們繼續評估整個集團的成本、資本支出結構和營運網路的新方法，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，以幫助我們實現目標效率。

During the third quarter, we have also made important commercial progress across our African business, notably with our MTN Nigeria contract renewal and extension, which I will discuss in a little more detail very shortly.

在第三季度，我們在非洲業務也取得了重要的商業進展，特別是與 MTN 尼日利亞的合約續約和延期，我將在稍後詳細討論這一點。

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

我們將繼續審查我們的市場組合，以確定 IHS 未來發展的正確組合。正如之前所指出的，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，同時考慮回購股票或引入股利政策。提醒一下，這些初步目標並不排除我們為追求增加股東價值而同時評估的其他措施。

Moving to MTN. The MTN Nigeria commercial deal puts us in a great position, having now renewed and extended all our tower contracts with MTN in Nigeria through 2032, covering nearly 13,500 tenancies and approximately 23,800 lease amendments.

正在遷移至 MTN。MTN 尼日利亞商業協議使我們處於有利地位，目前我們與 MTN 在尼日利亞的所有塔合約均已續約並延長至 2032 年，涵蓋近 13,500 個租約和約 23,800 個租約修訂。

With this milestone, we have now recently renewed and extended all six of our MTN country MLAs well into the next decade in addition to the extension of our Airtel Nigeria MLA to 2031. The result of this important commercial progress is that we have recently renewed over 70% of our group revenue, markedly improving our financial profile and visibility.

憑藉這一里程碑，我們最近又將我們在六個 MTN 國家的 MLA 續簽至下一個十年，此外，還將 Airtel 尼日利亞 MLA 續簽至 2031 年。這項重要商業進展的結果是，我們最近恢復了 70% 以上的集團收入，顯著改善了我們的財務狀況和知名度。

We have lengthened our average tenant term duration to 8.1 years, increased our contracted revenues to $12.3 billion and ensured that we have no material renewals with our largest customer MTN, until the end of 2032. This draws a line under a series of customer renewals.

我們已將平均租戶租期延長至 8.1 年，將合約收入提高至 123 億美元，並確保在 2032 年底之前不會與我們最大的客戶 MTN 進行重大續約。這為一系列的客戶續約劃上了句點。

We have also de-risked our operating model by materially reducing our exposure to power prices with the expectation that this will result in reduced volatility of our earnings. Through our contract renewals, we have moved a significant majority of our business to either power pass-through like in South Africa or power indexation like in Nigeria, and Steve will discuss in more depth later in the call.

我們也透過大幅降低電價風險來降低我們的營運模式的風險，希望此舉能降低我們的獲利波動性。透過續約合同，我們將絕大部分業務轉移到了南非的電力直通業務或尼日利亞的電力指數化業務，史蒂夫將在稍後的電話會議中更深入地討論。

Moving to our balance sheet. We continue to take a disciplined approach to cash generation and capital deployment, recognizing the importance of maintaining a strong balance sheet. We remain comfortable with our cash position, and we continue to expect to remain within our target leverage range of [3 times to 4 times] this year, albeit at the top end of the range.

前往我們的資產負債表。我們繼續採取嚴謹的方式來產生現金和部署資本，並認識到保持強勁資產負債表的重要性。我們對自己的現金狀況感到滿意，我們預計今年的槓桿率仍將保持在目標範圍 [3 倍至 4 倍] 內，儘管已經處於該範圍的高端。

During the quarter, we have continued to make improvements in line with our strategic priorities. We have extended our maturity profile and shifted more of our debt into local currency through our new $439 million equivalent five year term loan, which is split across a US tranche and a South African rand tranche. Proceeds from the facility were used to fully refinance our $430 million term loan that was due to mature in October 2025.

本季度，我們持續依照策略重點進行改進。我們已延長債務期限，並透過新的等值 4.39 億美元的五年期貸款將更多債務轉換為當地貨幣，這些貸款分為美元部分和南非蘭特部分。該貸款的收益將用於全額再融資我們原定於 2025 年 10 月到期的 4.3 億美元定期貸款。

Lastly, on Nigeria, we have seen reduced volatility of the Naira during the quarter compared to earlier in the year, although devaluation against the USD still remained. The average USD Nigerian Naira ForEx rate was 1,601 in the third quarter '24 versus 1,392 in the previous quarter.

最後，關於奈及利亞，我們看到本季奈拉的波動性與今年稍早相比有所降低，儘管奈拉兌美元的貶值仍然存在。2024年第三季度，美元兌尼日利亞奈拉的平均外匯匯率為1,601，而上一季為1,392。

We continue to see strong US availability, allowing us to source and upstream US dollars to group with $155 million upstreamed year-to-date from Nigeria as of November 8, 2024, of which $74 million was upstreamed since the end of the second quarter.

我們繼續看到美國的強勁供應，這使我們能夠採購和上游美元，截至2024 年11 月8 日，今年迄今從尼日利亞上游的金額為1.55 億美元，其中7400 萬美元是自第二季度末以來上游的。

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

接下來，我會把電話轉給史蒂夫

Thanks, Sam and hello, everyone. Turning to slide 8, as Sam mentioned here, we show our third quarter performance. As you see, both towers and tenants are up approximately 2% in 3Q '24 versus 3Q '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，山姆，大家好。轉到幻燈片 8，正如 Sam 在這裡提到的，我們展示了我們第三季度的業績。如您所見，2024 年第三季與 2023 年第三季相比，塔樓和租戶均上漲了約 2%。雖然租約修訂再次以兩位數的百分比增長，但我們主要市場的基本租賃增長的積極跡象仍在繼續。

While revenue is down 10% year-on-year and a few percentage points from the second quarter 2024, the quarter reflects a very different FX environment versus third quarter last year and now the impact of the MTN Nigeria commercial deal since the second quarter.

雖然營收年減10%，季減2024 年第二季下降了幾個百分點，但本季反映出的外匯環境與去年第三季相比有很大不同，而且現在還受到第二季以來MTN 奈及利亞商業交易的影響。

Adjusted EBITDA, however, is up reflecting continued cost control and highlighting the resilience of our financial model. Specifically in 3Q, we saw adjusted EBITDA increased 3% year over year and we saw a significant increase in our adjusted EBITDA margin of 750 basis points versus 3Q last year reaching 58.5% in the quarter.

然而，調整後的 EBITDA 有所上升，反映出持續的成本控制，並凸顯了我們財務模型的彈性。具體來說，在第三季度，我們看到調整後的 EBITDA 年成長 3%，調整後的 EBITDA 利潤率與去年第三季相比大幅增加 750 個基點，達到 58.5%。

ALFCF, meanwhile also increased by approximately 2% year over year. Our level of CapEx investment decreased by 34% in the quarter driven by the poor whacking CapEx across all our segments as we focus on improving cash generation.

同時，ALFCF 也較去年同期成長了約 2%。由於我們專注於提高現金創造能力，所有部門的資本支出均出現嚴重下滑，導致本季我們的資本支出水準下降了 34%。

Finally, our consolidated net leverage ratio increased year on year to 3.9 times at the end of the third quarter, but in line with Q2 2024. As previously communicated, we continue to expect to remain within our target 3 times to 4 times range albeit to remain at the higher end of the range this year.

最後，我們的合併淨槓桿率在第三季末同比增長至 3.9 倍，但與 2024 年第二季持平。正如之前所傳達的，我們仍然預計今年的成長率將保持在目標 3 倍至 4 倍的範圍內，儘管仍將處於該範圍的高端。

So revenue much as we expected, complemented by an increase in adjusted EBITDA, an increase in adjusted EBITDA margin, an increase in ALFCF and a decrease in CapEx.

因此收入與我們預期的一樣，同時調整後的 EBITDA 增加，調整後的 EBITDA 利潤率增加，ALFCF 增加以及資本支出減少。

Turning to our revenue. On a consolidated basis, you can see how the continued devaluation turned a quarter of strong organic growth into a 10% decline. The Naira devalued 52% in 3Q '24 versus 3Q '23, yet the business delivered organic revenue growth of 49%, driven primarily by FX resets, by power and by CPI escalations.

談到我們的收入。從綜合來看，你可以看到持續的貨幣貶值如何使一個季度的強勁有機成長轉變為 10% 的下滑。2024 年第三季度，奈拉較 2023 年第三季貶值 52%，但該業務的有機收入仍成長 49%，主要原因是外匯重置、電力和 CPI 上漲。

Note that the revenue growth drivers here are illustrative of the rebased use fee components shown as if the MTN Nigeria renewal was in place in the third quarter of last year. You'll see the larger contribution from power in the third quarter compared to recent quarters, driven by the increase in the power component of our use fees as a result of that MTN Nigeria renewal, which I'll discuss in more detail on the next slide.

請注意，這裡的營收成長動力說明了重新調整的使用費組成部分，就好像 MTN 尼日利亞續約在去年第三季就已到位一樣。與最近幾季相比，你會看到第三季電力的貢獻更大，這是由於 MTN 尼日利亞續約導致使用費中電力部分增加所致，我將在下一篇中詳細討論這一點。 。

New lease amendments fiber, 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 rates of each of our segments for the quarter, where our Nigeria segment grew approximately 87%, including a large benefit from FX resets.

新的租賃修正案光纖、新的主機託管和新的站點也促進了本季的有機成長，這些成長來自我們投資組合內的各個國家。右側再次顯示了本季我們各部門的有機成長率，其中尼日利亞部門成長了約 87％，其中包括外匯重置帶來的巨大收益。

Moving to slide 10. I just want to take a moment to detail the excellent work our teams have done over recent periods to materially reduce our exposure to movements in power price and derisk our operating model.

移至投影片 10。我只想花點時間詳細介紹一下我們的團隊最近一段時間所做的出色工作，這些工作大大降低了我們受電價變動影響的風險，並降低了我們的營運模式的風險。

In this regard, our business now is very different to what was at the beginning of 2024. In a number of steps, we have moved from a company with meaningful exposure to power prices to one with a significant majority of our business now being power pass through or power indexed.

從這個方面來看，我們現在的業務與 2024 年初的業務有很大不同。經過一系列舉措，我們從一家對電價有重大影響的公司轉變為以電力傳輸或電力指數化為主要業務的公司。

Looking at the middle chart on slide 10, you can see that our third quarter '24 revenue split now reflects the new contractual terms from MTN Nigeria following the renewal of all of our tower MLAs back in August of this year.

查看投影片 10 中間的圖表，您可以看到，我們的 24 年第三季營收分成現在反映了 MTN 尼日利亞公司在今年 8 月續簽所有塔台 MLA 之後的新合約條款。

We continue to believe that the new structure provides a more balanced split between foreign and local currencies and the newly introduced diesel linked component is intended to act as a hedge against diesel price and FX fluctuations.

我們仍然相信，新的結構提供了外幣和本幣之間更均衡的分配，而新引入的柴油掛鉤部分旨在對沖柴油價格和外匯波動。

Under these new terms, our direct 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. The new power element in our view, also acts as a hedge against movements in the Naira dollar rate, given that the local diesel price reflects movements in global diesel prices, which are priced in dollars.

根據這些新條款，我們的直接美元風險敞口減少了，但作為回報，我們不再承擔柴油價格波動的風險，這一風險現在透過柴油指數化轉嫁給了 MTN 尼日利亞公司。我們認為，由於當地柴油價格反映了以美元計價的全球柴油價格的變動，新的電力因素還可以對沖奈拉匯率的變動。

As a reminder, 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.

提醒一下，美元成分將繼續受益於季度外匯重置和年度美國 CPI 掛鉤升級，而當地貨幣成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 掛鉤升級。

This significant change of introducing power indexation to our use fees with MTN in Nigeria, together with unbundling the power managed services contract with MTN in South Africa in the second quarter now means that IHS has moved its business model to being further protected against power price volatility across our footprint.

這項重大變化包括，在第二季度，我們將與尼日利亞MTN 公司的使用費引入電力指數化，並與南非MTN 公司解除電力管理服務合約的捆綁，這意味著IHS 公司的業務模式已發生重大轉變，可以進一步抵禦電價波動遍佈我們的足跡。

On slide 11, you can see our consolidated revenue, adjusted EBITDA and adjusted EBITDA margins for third quarter '24, as we've already discussed. Specifically in the third quarter, the adjusted EBITDA of $246 million and adjusted EBITDA margin of 58.5% benefited from a decrease in cost of sales as we seek to drive efficiencies across a number of our cost lines, including tower repairs and maintenance costs and regulatory fees.

在投影片 11 上，您可以看到我們已經討論過的 24 年第三季的綜合收入、調整後的 EBITDA 和調整後的 EBITDA 利潤率。具體來說，在第三季度，調整後的EBITDA 為2.46 億美元，調整後的EBITDA 利潤率為58.5%，這得益於銷售成本的下降，因為我們尋求提高多個成本項目的效率，包括塔維修和維護成本以及監管費用。

On slide 12, we review our adjusted levered free cash flow. In the third quarter of 2024, we generated ALFCF of $87 million, a 1.6% increase versus third quarter last year, primarily due to the increase in adjusted EBITDA and a decrease in revenue withholding tax, partially offset by an increase in net interest paid.

在投影片 12 上，我們回顧了調整後的槓桿自由現金流。2024 年第三季度，我們產生了8700 萬美元的ALFCF，較去年第三季度增長1.6%，這主要是由於調整後的EBITDA 增加和收入預扣稅減少，但部分被支付的淨利息增加所抵消。

Our ALFCF cash conversion rate was 35.4%. Looking at CapEx in the third quarter of 2024, CapEx of $66 million decreased 34% year on year, continuing the trend we have seen over recent quarters. The decrease was driven by lower capital expenditures across all our segments and the decrease in Nigeria was primarily driven by decreases related to project green, given the investment in this project is largely complete, while the decreases in Sub-Saharan Africa were primarily driven by a decrease in maintenance CapEx following the unwind with MTN South Africa for the Power Managed Services business.

我們的 ALFCF 現金轉換率為 35.4%。綜觀 2024 年第三季的資本支出，6,600 萬美元的資本支出年減 34%，延續了我們最近幾季的趨勢。下降的原因是我們所有部門的資本支出減少，尼日利亞的下降主要由於與綠色項目相關的下降，因為該項目的投資已基本完成，而撒哈拉以南非洲的下降主要由於與MTN 南非公司解除電力管理服務業務合約後，維護資本支出減少。

Latam CapEx declines were driven by decreases related to new site CapEx, although we still retain a healthy level of new site build in Brazil. Please note that our year-to-date capital allocation decisions have led us to reduce our 2024 CapEx guidance that I'll touch on in more detail later in the call.

儘管我們在巴西的新站點建設仍然保持著健康的水平，但拉丁美洲資本支出的下降是由於新站點資本支出相關的下降。請注意，我們今年迄今的資本配置決策已導致我們降低 2024 年資本支出指引，我將在稍後的電話會議中詳細討論。

On the segment review on slide 13, firstly, I'll add to Sam's earlier comments on what we're seeing in Nigeria. In September, the CBN made another 50 basis point rate hike, bringing the NPR to 27.25% that's a total of 5 rate hikes in 2024.

關於幻燈片 13 上的片段回顧，首先，我將補充 Sam 先前對我們在尼日利亞看到的情況的評論。9 月份，央行再次升息 50 個基點，使國民利率達到 27.25%，即 2024 年共升息 5 次。

These actions appear to have initially had a positive impact on Nigeria's FX market, albeit the November 8, the US dollar to Naira Bloomberg rate is now at [$16.68]. Most recently, the Nigerian government raised over $900 million following the successful issuance of an inaugural locally issued US dollar bond.

這些舉措最初似乎對尼日利亞外匯市場產生了積極影響，儘管 11 月 8 日美元兌奈拉彭博匯率目前為[16.68 美元]。最近，奈及利亞政府成功發行首筆本地發行的美元債券，籌集了超過9億美元。

The transaction marks a significant step-up 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.

該交易標誌著尼日利亞邁出了重要一步，因為尼日利亞政府仍然致力於穩定經濟，旨在增加國內美元流量，增強尼日利亞作為外國直接投資目的地的吸引力，並提高貨幣市場的透明度。

While there continues to be more to do as a result of these actions, we've seen an increase in US dollars in Nigeria and FX reserves in the country have increased again to $38.4 billion at the end of September 2024 from $34.2 billion at the end of June 2024.

雖然這些行動還有更多工作要做，但我們已經看到尼日利亞的美元增加，該國的外匯儲備也從 2024 年 9 月底的 342 億美元再次增加到 384 億美元。

Since the FX environment adjusted in Q1 of this year, we've been able to upstream $155 million to group during the year from Nigeria alone. We continue to expect to upstream more throughout the rest of the year.

自今年第一季外匯環境調整以來，僅尼日利亞方面我們就為集團上調了 1.55 億美元。我們繼續預期在今年剩餘時間內會有更多上游。

For IHS in Nigeria, third quarter '24 revenue of $242 million decreased 11% year on year on a reported basis, reflecting the items we've just discussed, the significant FX headwind year over year and the impact of the new financial terms of MTN Nigeria. This more than offset the 87% organic growth, which was driven primarily by FX resets and power.

For IHS in Nigeria, third quarter '24 revenue of $242 million decreased 11% year on year on a reported basis, reflecting the items we've just discussed, the significant FX headwind year over year and the impact of the new financial terms of MTN奈及利亞.這遠遠抵消了主要受外匯重置和電力推動的 87% 的有機成長。

Our colocation rate also decreased a little to 1.56 times, down from 1.58 times in the third quarter of last year, following the reintegration of 210 towers and 529 tenant churns in the quarter from our smallest key customer in Nigeria, on which we were not recognizing revenue. Lease amendments continue to be a strong driver of growth, increasing 4.8% year on year as our customers added additional equipment to our sites.

我們的主機代管率也從去年第三季的1.58 倍略有下降，降至1.56 倍，這是因為我們在尼日利亞最小的關鍵客戶在本季度重新整合了210 座塔樓，並流失了529 名租戶，而我們對此並未意識到收入。租約修訂繼續成為成長的強勁動力，由於我們的客戶在我們的工廠增加了額外的設備，租約修訂同比增長了 4.8%。

Third quarter '24 segment adjusted EBITDA in Nigeria was $159 million, a 3.2% decrease from a year ago, but segment adjusted EBITDA margin was up 510 basis points to 65.6%, given a reduction in cost of sales, primarily driven by a decrease in tower repairs and maintenance costs and despite the year on year increase in the cost of diesel.

尼日利亞第三季 24 年度分部調整後 EBITDA 為 1.59 億美元，較去年同期下降 3.2%，但分部調整後 EBITDA 利潤率上升 510 個基點至 65.6%，原因是銷售成本下降，主要由於塔的維修和維護費用以及柴油成本的逐年增加。

In our Sub-Saharan African segment, towers and tenants increased by 0.9% and 3.4%, respectively, versus the third quarter of last year. Revenue is impacted by the unwinding of our power managed services business in South Africa, including lower pass through revenues being recognized, albeit this has no impact on our adjusted EBITDA.

在我們的撒哈拉以南非洲地區，塔樓和租戶數量與去年第三季相比分別增加了 0.9% 和 3.4%。收入受到我們在南非的電力管理服務業務的解除影響，包括確認的轉嫁收入降低，儘管這對我們的調整後 EBITDA 沒有影響。

Therefore, revenue for the segment decreased by 10%, but segment adjusted EBITDA increased 22.3%, primarily due to lower regulatory fees and maintenance and power generation costs following the changes in our agreements with MTN South Africa.

因此，該部門的收入減少了 10%，但部門調整後的 EBITDA 增長了 22.3%，這主要是由於我們與 MTN 南非的協議發生變化後監管費用以及維護和發電成本降低。

Segment adjusted EBITDA margin increased 1,780 basis points to 67.5% again, aided by the continued benefit of the power managed services agreement unwind. In our Latam segment, towers and tenants grew by 8.9% and 6.5%, respectively, versus the third quarter of last year.

由於電力管理服務協議解除的持續效益，分部調整後 EBITDA 利潤率再次增加 1,780 個基點至 67.5%。在我們的拉丁美洲地區，與去年第三季相比，塔樓和租戶分別成長了 8.9％ 和 6.5％。

Revenue decreased by 13% as a result of negative FX movements and reduction in revenue recognition from Oi given their judicial recovery proceedings. In Brazil, our second largest market with 8,109 towers, macro conditions softened this quarter as the Brazilian real devalued against the dollar and there were increases in both interest rates and inflation.

由於外匯波動較大以及 Oi 因司法追償程序而確認的收入減少，收入減少了 13%。巴西是我們的第二大市場，擁有 8,109 座塔樓。

Moving on to Latam profitability and while segment adjusted EBITDA decreased by 11%, segment adjusted EBITDA margin increased 130 basis points versus the third quarter of last year, which mostly reflects the decrease in revenue, while savings across a number of cost lines were accretive to margins.

談到拉丁美洲地區的獲利能力，雖然分部調整後的EBITDA 下降了11%，但分部調整後的EBITDA 利潤率較去年第三季增加了130 個基點，這主要反映了收入的下降，而多項成本的節省也增加了邊距。

In the MENA segment, towers and tenants grew by approximately 1%, while revenue increased by 23.8%, including 19% organic revenue growth, driven primarily by new sites and lease amendments. Segment adjusted EBITDA increased 55.5%, driving the third quarter '24 segment adjusted EBITDA margin to increase to 63.1%.

在中東和北非地區，塔樓和租戶成長約 1%，而收入成長 23.8%，其中有機收入成長 19%，主要得益於新站點和租約修訂。分部調整後 EBITDA 成長 55.5%，推動 24 年第三季分部調整後 EBITDA 利潤率增至 63.1%。

Moving on to slide 15. Here, we look at the capital structure and the related items. As at September 30, 2024, we had approximately $4.1 billion of external debt and IFRS 16 lease liabilities. Of that $4.1 billion, approximately $2 billion represents our bond financings and other indebtedness, which includes $430 million that has now been fully refinanced post the quarter in October 2024 using a new $439 million five year term loan that we completed in October.

轉到第 15 張投影片。在這裡，我們來看看資本結構和相關項目。截至 2024 年 9 月 30 日，我們的外債和 IFRS 16 租賃負債約為 41 億美元。在這41 億美元中，約有20 億美元代表我們的債券融資和其他債務，其中包括4.3 億美元，這筆資金現已在2024 年10 月本季後使用我們在10 月份完成的一筆新的4.39 億美元五年期貸款進行了完全再融資。

As Sam mentioned, this new term loan is evidence of a desire to continue to improve the strength and flexibility of our balance sheet, which is a really important component of our strategic review. Not only does the term loan extend our maturity out to 2029 with a bullet structure, the new South African rand tranche swaps dollar obligations into local currency as we seek to closer match our debt FX exposure to our revenue FX profile.

正如 Sam 所提到的，這筆新的定期貸款證明了我們希望繼續提高資產負債表的實力和靈活性，這是我們策略審查的一個非常重要的組成部分。定期貸款不僅以一次性償付結構將我們的期限延長至2029 年，新的南非蘭特部分還將美元債務轉換為當地貨幣，因為我們力求將我們的債務外匯敞口與我們的收入外匯狀況更緊密地匹配。

Cash and cash equivalents around the group were $397 million as of September 30. And in terms of where that cash is held, approximately 21% was held in Naira at our Nigerian business. As we mentioned, we were able to upstream another $74 million since the end of the second quarter, bringing the total to $155 million year-to-date as of November 8.

截至 9 月 30 日，該集團的現金和現金等價物為 3.97 億美元。就現金持有地點而言，我們奈及利亞公司約有 21% 以奈拉形式持有。正如我們所提到的，自第二季末以來，我們又成功籌集了 7,400 萬美元，截至 11 月 8 日，年初至今的總資金額已達到 1.55 億美元。

While we anticipate to upstream again in 2024, we do caution it remains to be determined if the increased dollar availability can be sustained. So from all these moving elements, at the end of the third quarter 2024, our consolidated net debt was approximately $3.7 billion and we had an unchanged consolidated net leverage ratio of 3.9 times versus the end of the last quarter in June 2024.

雖然我們預計 2024 年將再次上漲，但我們確實警告稱，美元供應量的增加是否能夠持續仍有待確定。因此，從所有這些變動因素來看，截至2024 年第三季末，我們的合併淨債務約為37 億美元，與2024 年6 月最後一季末相比，我們的合併淨槓桿率保持不變，為3.9 倍。

We expect leverage to remain within our target 3 times to 4 times net leverage ratio this year prior to the realization of any future disposals, at which time we expect leverage to drop.

我們預計，在實現任何未來資產處置之前，今年槓桿率將保持在我們目標淨槓桿率 3 倍至 4 倍的範圍內，屆時我們預計槓桿率將會下降。

Moving to slide 16. Given our performance year-to-date, we remain confident on achieving our current revenue, adjusted EBITDA and ALFCF 2024 guidance. Our guidance reflects the updated currency assumptions shown on the slide.

移至投影片 16。鑑於我們今年迄今為止的表現，我們仍然有信心實現當前收入、調整後的 EBITDA 和 ALFCF 2024 指引。我們的指導反映了幻燈片上顯示的最新貨幣假設。

And as you can see, some of these new assumptions have had a positive impact on our 2024 financials, such as the Naira, but this is somewhat offset by a number of adverse currency movements negatively impacting our financials in Brazil, Zambia, Côte d'Ivoire and Cameroon, for example.

正如您所看到的，其中一些新假設對我們的2024 年財務狀況產生了積極影響，例如奈拉，但這在一定程度上被一系列不利的貨幣波動所抵消，這些波動對我們在巴西、尚比亞、科特迪瓦的財務狀況產生了負面影響例如科特迪瓦和喀麥隆。

The net impact though is positive, and this combined with solid underlying momentum means that we are trending towards the upper end of our existing revenue, adjusted EBITDA and ALFCF guidance ranges. With regards to CapEx, based on our year-to-date capital allocation decisions and our expectation of making further CapEx savings, we're revising our full year 2024 CapEx guidance range down to $270 million to $300 million.

然而，淨影響是正面的，再加上強勁的潛在發展勢頭，意味著我們正趨向於現有收入、調整後 EBITDA 和 ALFCF 指導範圍的上限。關於資本支出，根據我們今年迄今的資本配置決策以及進一步節省資本支出的預期，我們將 2024 年全年資本支出指導範圍下調至 2.7 億美元至 3 億美元。

This is in line with our strategic priority of taking a disciplined approach to capital deployment and improving our cash flow generation. We continue to recognize the importance of maintaining a strong balance sheet and reiterate our net leverage target of 3 times to 4 times, albeit expecting to remain at the top end of the range over the remainder of the year.

這符合我們採取嚴謹的資本配置方式和提高現金流量所產生的策略重點。我們繼續認識到維持強勁資產負債表的重要性，並重申我們的淨槓桿率目標為 3 倍至 4 倍，儘管預計在今年剩餘時間內仍將保持在該範圍的高端。

As we move into next year, we expect leverage to start to drop organically, driven by adjusted EBITDA growth and higher cash flow generation. Disposals will supplement this deleveraging as and when they complete.

進入明年，我們預計槓桿率將開始有機下降，這得益於調整後的 EBITDA 成長和更高的現金流產生。一旦完成處置，將對去槓桿起到補充作用。

We also expect significant increase in ALFCF in 2025, driven by EBITDA growth and lower withholding tax in Nigeria. We will announce our FY 2025 guidance on our next earnings call in the new year.

我們也預計，受 EBITDA 成長和尼日利亞預扣稅降低的推動，ALFCF 在 2025 年將大幅增加。我們將在新年下一次收益電話會議上宣布 2025 財年指引。

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.

我們的正式演講到此結束。感謝您今天抽出時間。接線員，現在請打開熱線來回答問題。

(Operator instructions)

（操作員指令）

And I will hand back to the management, while we organize the Q&A roster.

我將把這個問題交還給管理階層，同時我們將整理問答名單。

Just while we wait for the questions to come in, I wanted to also point out and hopefully, people have seen that this morning, we've announced a potential dual tranche benchmark senior notes offering, obviously, subject to market conditions.

就在我們等待問題到來的同時，我想指出，希望大家已經看到，今天早上，我們宣布了潛在的雙重基準高級票據發行，這顯然取決於市場情況。

And the primary use of those funds is anticipated to be a refinance of our existing debt. Included within that is a tender of up to $250 million of our 2026 notes and up to $475 million of our 2027 notes, obviously, conditioned on the successful completion of the new issuance.

預計這些資金的主要用途是為我們現有的債務再融資。其中包括對價值高達 2.5 億美元的 2026 年票據和價值高達 4.75 億美元的 2027 年票據的招標，顯然，前提是新票據的發行成功完成。

We'll also repay some group bilateral loan as well. So that's all in line with what we talked about earlier in the call in terms of our balance sheet strategy, extending our maturities and is another important goal that we wanted to try and complete in 2024. There's obviously more information in the related press releases and filings on our website.

我們也將償還一些團體雙邊貸款。因此，這一切都符合我們早些時候在電話會議上談論的資產負債表策略、延長我們的期限，也是我們希望在 2024 年嘗試完成的另一個重要目標。我們網站上的相關新聞稿和文件中顯然包含更多資訊。

Operator, should we take questions?

接線員，我們可以回答問題嗎？

Richard Choe, JPMorgan.

摩根大通的理查德喬 (Richard Choe)。

Hi, I just wanted to get a quick update on what the carriers in Nigeria are doing. Have you seen their investments or plans for their network actually change with the stabilization in the Naira? And then I have a follow-up question regarding CapEx.

你好，我只是想快速了解尼日利亞運營商的最新動態。您是否看到他們的投資或網路計劃隨著奈拉的穩定而改變？然後我有一個關於資本支出的後續問題。

Hi, Richard. Yeah, so we've seen sort of an evolving pattern, if you like, two big ones, obviously, MTN and Airtel in Nigeria. I would say both of them have slowed somewhat in terms of their CapEx through the course of 2024 in relation to currency devaluation.

你好，理查德。是的，我們已經看到了一種不斷發展的模式，如果你願意的話，顯然有兩個大公司，即尼日利亞的 MTN 和 Airtel。我想說，由於貨幣貶值，到 2024 年，兩家公司的資本支出都會放緩。

But I'd say that's pretty stabilized now as we run through Q3 and into the end of the year. And I know they're both thinking through hard how they start reinvesting in 2025. So yeah, we've seen a little bit of slowdown on that. I think that was very much aligned to our own thinking in terms of CapEx slowdown as well.

但我想說，隨著我們進入第三季並進入年底，這種情況現在已經相當穩定。我知道他們都在認真思考如何在 2025 年開始再投資。是的，我們看到了一點放緩。我認為這與我們在資本支出放緩方面的想法非常一致。

I think we discussed that in our Q2 results in terms of how we were slowing down our growth CapEx and that mirrors what the operators are doing. So we are somewhat in sync from that perspective. But looking forward to 2025.

我想我們在第二季的業績中討論過我們如何放緩資本支出成長，這也反映了營運商的做法。因此從這個角度來看我們在某種程度上是同步的。但我期待 2025 年。

And regarding the CapEx part, you have, I guess, the new site portion and the I guess, non-new site discretionary portion. How should we think about those two portions as we kind of end '24 and go into '25? Where do you see that kind of going next year in those two buckets?

關於資本支出部分，我猜，你有新站點部分和非新站點可自由支配的部分。當我們結束24年並進入25年時，我們應該如何看待這兩個部分？您認為明年這兩個領域會如何發展？

Yeah. So we obviously haven't got to formal guidance for FY25 yet. We'll do that on our next earnings call. But directionally, I think similar to this year. As we've been stating very clearly and repeatedly, we've been continuing to kick the tires on our CapEx investment, amongst other things to make sure that we are investing in the best projects and that we are generating the maximum returns we can from a lower spend.

是的。因此，我們顯然還沒有得到針對 FY25 的正式指導。我們將在下次財報電話會議上這樣做。但從方向來看，我認為與今年類似。正如我們一再明確表示的那樣，我們一直在繼續對資本支出進行投資，以確保我們投資於最好的項目，並確保我們從中獲得最大的回報。

And I think we've been quite open with that. Obviously, project green, which is our power investment from previous years finished largely finished this year. So that's not there going forward. But we're being very targeted and focused on growth CapEx going forward.

我認為我們對此一直非常開放。顯然，綠色項目，也就是我們前幾年的電力投資，今年基本上已經完成了。因此，這種情況不會再發生。但我們非常有針對性，並專注於未來的成長資本支出。

So Brazil will still be a destination in terms of new sites and fiber. And those two asset classes make up the majority of those two buckets that we present. So new site CapEx obviously, towers, discretionary CapEx, excluding new sites, most of that was project green, but not going forward and is fiber. So we'll do similar sorts of trends as we have this year, but we'll confirm all that on our next call.

因此，巴西仍將是新站點和光纖的目的地。這兩類資產佔據了我們所提出的兩個類別的大部分。因此，新站點的資本支出顯然包括塔、可自由支配的資本支出，不包括新站點，其中大部分是綠色項目，但不會繼續進行，而且是光纖。因此，我們將進行與今年類似的趨勢研究，但我們將在下次電話會議上確認所有這些。

Great. Thank you.

偉大的。謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施奈德。

Good morning and thanks for taking my question. I was wondering if you maybe just comment a little bit on the strategic review process and the progress you're making there towards that $500 million to $1 billion of proceeds from assets.

早上好，感謝您回答我的問題。我想知道您是否可以對策略審查流程以及您在實現 5 億至 10 億美元資產收益方面所取得的進展發表一些評論。

Maybe any kind of color in terms of whether you further narrow down the aperture of geographies you're considering there? And maybe any color you can provide on sort of what stage you are in the negotiations with any potential future buyers?

就您是否進一步縮小所考慮的地理範圍而言，也許有任何顏色？您能否透露一下您與未來潛在買家的談判處於什麼階段？

Hi, Jim. Thanks for the question. So obviously, a topic that we can't shed too much light on in terms of specifics until there's announceable items, which we are working hard in the background. Things continue to progress well, lots of work going on.

你好，吉姆。謝謝你的提問。因此顯然，在有可宣布的項目之前我們不能透露太多具體細節，而我們正在幕後努力工作。事情繼續進展順利，大量工作正在進行中。

We've said before that we want to get announcements out sooner rather than later and that's still very much the plan. So no change on range of the disposals that we've spoken about before, no change on timing of that. Yeah, we will announce things as soon as we can.

我們之前曾說過，我們希望儘早發佈公告，而這仍然是我們的計劃。因此，我們之前談到的處置範圍沒有變化，時間也沒有變化。是的，我們會盡快宣布消息。

Understand. And then maybe just as a follow-up to that. In terms of the proceeds and the use of those, I mean, you've clearly talked about potential debt paydown, potential buybacks, potential dividend. Obviously, there's been some changes in the capital markets over the last few months since you last reported. So maybe you can provide us with some color about your current thinking on the allocation or relative prioritization of those three buckets. Thank you.

理解。然後可能只是作為對此的後續行動。關於收益及其用途，我的意思是，您已經清楚地談到了潛在的債務償還、潛在的回購、潛在的股利。顯然，自您上次報告以來，過去幾個月資本市場發生了一些變化。因此，也許您可以為我們提供一些關於您目前對這三個桶的分配或相對優先級的想法。謝謝。

Yeah. Again, sorry to be slightly boring. No real change to what we've said before. We've always said that the primary use of those proceeds was going to be to pay down debt that remains the case. We will obviously very carefully consider other forms of shareholder return like share buybacks, which we already have an authorized program in place from last year and of course, the dividend policy in due course as well.

是的。再次抱歉，有點無聊。我們之前所說的並沒有什麼實質的改變。我們一直說，這些收益的主要用途是償還債務，現在情況仍然如此。我們顯然會非常仔細地考慮其他形式的股東回報，例如股票回購，我們從去年開始就已經有一個授權計劃，當然，還會適時制定股息政策。

I would just point out, we've obviously gone into the market today to announce a potential debt capital markets transaction and the thinking along the disposals line plus refinancing all hangs together. So notwithstanding refinancings that we are doing anyway to extend out that maturity, that's complementary to disposal proceeds as and when they come in.

我只想指出，我們今天顯然已經進入市場，宣布一項潛在的債務資本市場交易，並且沿著處置路線和再融資的思路都是緊密相連的。因此，儘管我們正在進行再融資以延長期限，但這是對處置收益的補充。

Thank you.

謝謝。

[Michael Rowland, Citigroup]

[花旗集團麥可羅蘭]

Thanks and good morning. I was just curious, if you take a step back on the asset strategy, I think the original goal for IHS was to diversify its market operations, especially to add more regions beyond Africa. And with the asset monetization, that could potentially kind of start to reduce some of that diversification.

謝謝，早安。我只是好奇，如果回顧資產策略，我認為 IHS 的最初目標是實現其市場營運多元化，特別是在非洲以外增加更多地區。隨著資產貨幣化，可能會開始減少部分多樣化。

So where does IHS stand on where it would like to optimally see its asset mix on a three to five year view? And what are you hearing from investors as you've had conversations in terms of other things that IHS could do in parallel that the Board is either intrigued by or interested in? Thanks.

那麼，IHS 認為未來三至五年其資產組合將達到何種最佳狀態？當你們討論 IHS 可以同時做的其他事情時，你們從投資者那裡聽到了什麼？謝謝。

Thanks, Mike. So start and Sam can jump in as well. So look, I think we've been pretty open that we're trying to achieve a number of objectives around the strategic review and some of the things we've been talking about publicly.

謝謝，麥克。那就開始吧，Sam 也可以加入。所以，我認為我們已經非常公開地表明，我們正在努力實現圍繞戰略評估和一些我們公開談論的事情的一系列目標。

Disposal proceeds, yes. Reduce debt and leverage, yes. We have long said that part of that original diversification strategy was to get a smaller contribution from Nigeria and whether that's bigger elsewhere or smaller there, that's been part of our considerations as well.

是的，處置收益。是的，減少債務和槓桿。我們早就說過，最初的多元化策略的一部分是從尼日利亞獲得較少的貢獻，至於在其他地方的貢獻是較大還是較小，這也是我們考慮的一部分。

We've said a long time ago, a number of years ago, that over time, we wanted Nigeria to be sub 50% of IHS as a group. And that originally was being worked on in terms of getting bigger elsewhere. So hence, expansion into the Middle East and expansion into Latam in years gone by. Those expansion plans are obviously on hold at the moment. We're in a different strategic place at this point in time.

我們很久以前，很多年前就說過，隨著時間的推移，我們希望尼日利亞作為一個整體的 IHS 市場份額能夠低於 50%。而這原本是為了在其他地方擴大規模而進行的工作。因此，我們在過去幾年中向中東和拉丁美洲地區擴張。這些擴張計劃目前顯然被擱置。我們此時處於不同的戰略位置。

But those sort of long-term ambitions still ring true in terms of the overall shape of the business. But again, we're always saying this caveat partly because we truly mean it. We are very focused on shareholder value creation here.

但從業務的整體狀況來看，這些長期目標仍然正確。但是，我們總是提到這個警告，部分原因是我們確實是這個意思。我們非常注重創造股東價值。

And whilst that is the goal and that's what we've been working towards for years, we're assessing lots of different things right now to try and get the share price moving in the right direction. So that's the plan, that's the aim, but we will look at other things as well. Sam, I don't know if you want to jump in.

雖然這是我們的目標，也是我們多年來一直在努力的方向，但我們目前正在評估許多不同的因素，以嘗試讓股價朝著正確的方向發展。這就是計劃，這就是目標，但我們也會考慮其他的事情。山姆，我不知道你是否想加入。

I think Michael, while diversification is important and always been a key objective of ours, we have to also be cognizant that Nigeria is a fast growth market, even with the devaluation that happened, even with the slight reduction in our adjusted EBITA number given ForEx Nigeria has grown organically by almost 50% year on year.

我認為，邁克爾，雖然多元化很重要，而且一直是我們的主要目標，但我們也必須認識到，尼日利亞是一個快速增長的市場，即使發生了貨幣貶值，即使考慮到外匯因素，我們的調整後息稅折舊攤銷前利潤數字略有下降尼日利亞的有機成長率每年近50％。

I mean, we are faced with that, but having said that that remains an objective and a as we are doing as we are rolling out, our strategic asset program review program, this is being taken into consideration.

我的意思是，我們面臨著這個問題，但話雖如此，這仍然是一個目標，而且我們正在推出我們的戰略資產計劃審查計劃，我們正在考慮到這一點。

Thank you.

謝謝。

Maurice Patrick, Barclays.

巴克萊銀行的莫里斯·帕特里克。

Yes. Good morning and good afternoon. Thanks for taking the questions. I mean, one from my side, just in terms of the outlook for tenancy growth. If I look at slide 14 and the growth in your tenancies for all the rhetoric around strong demand for connectivity across your core markets, it doesn't seem as though there's a very strong growth in tenancies.

是的。早安，下午好。感謝您回答這些問題。就我而言，僅就租戶成長的前景而言。如果我看第 14 張投影片，看到你們關於核心市場對連結性的強勁需求的所有言論，租戶數量成長的情況似乎並沒有出現非常強勁的成長。

Now, I appreciate in Nigeria, you've got a churn of that smaller customer there. But I'd be curious to your general thoughts in terms of the growth in tenancies in the coming quarters ahead and that demand from your customers. Is it that your customers aren't wanting to densify and grow as fast as they want? Or is it that you can't deliver it because of what you're doing in terms of your investments? I'd love to hear your thoughts in terms of that demand. Thank you.

現在，我了解到尼日利亞的小客戶正在流失。但我很好奇您對未來幾季租賃成長和客戶需求的整體看法。是您的客戶不想按照他們想要的速度增加密度和成長？還是由於您在投資方面的做法導致您無法實現這一目標？我很想聽聽你對於這個需求的看法。謝謝。

All right. Yeah, I think slide 14, I continue to reiterate and point people towards you need to look at tenants as well as lease amendments. Our lease amendments are not included in our tenant count. They are separately counted.

好的。是的，我認為在第 14 張投影片中，我繼續重申並指出人們需要考慮租戶以及租約修正案。我們的租約修訂不包括在租戶數量中。它們是分開計算的。

So we are looking at what we call colocation tenants, that's new clients on existing infrastructure. But we're also looking at lease amendments, which is existing clients on existing infrastructure taking more space. So other peers in our sector blend all that together with a calculation.

因此，我們正在研究所謂的主機託管租戶，即現有基礎設施上的新客戶。但我們也在研究租約修正案，即現有客戶在現有基礎設施上佔用更多的空間。因此，我們行業的其他同行將所有這些因素綜合起來進行計算。

So you only get one number, whereas we split it out. Lease amendments is customers densifying by definition, right? They're already on the sites and they're adding more equipment, new technologies, taking more space, et cetera.

因此你只能得到一個數字，而我們卻將它分了出來。從定義上來說，租約修改就是顧客密集化，對嗎？他們已經在現場，並且正在添加更多設備、新技術、佔用更多空間等等。

In the last year, we've done close to 3,500 lease amendments onto the portfolio as well as 600, 700 new tenants, which is obviously net of churn as well. So I think the underlying fundamentals remain there. We need to make sure we're looking at both of those KPIs and expect those trends to continue.

去年，我們對投資組合進行了近 3,500 項租約修改，同時吸收了 600 至 700 名新租戶，這顯然也是扣除客戶流失後的數據。因此我認為基本面仍然存在。我們需要確保我們正在關注這兩個 KPI，並預計這些趨勢將會持續下去。

Thank you. And just in terms of an earlier question, a quick follow-up. On the CapEx side, when you asked about CapEx for next year and you said well, clearly, it's too early, but think similar in terms of direction. I noted in your prepared remarks, you talked about how your COGS were down this year as you are focusing obviously on priorities around cash generation, deleveraging. Curious if those come back in '25 or whether they're sort of sustainably down to a low level now. Thank you.

謝謝。就之前的問題而言，我有一個快速的後續問題。在資本支出方面，當您問及明年的資本支出時，您說，顯然現在還為時過早，但在方向上想法是類似的。我注意到，在您準備好的演講中，您談到了今年您的銷貨成本如何下降，因為您顯然將重點放在了現金創造和去槓桿等優先事項上。好奇這些是否會在 25 年回升，或者現在是否已經持續下降到較低水平。謝謝。

We're working hard to keep them more sustainably lower, yeah. So one of the things, again, that we've been pretty public on is wanting to continue improving the profitability of the business and particularly the EBITDA margin.

是的，我們正在努力使這些成本持續保持在較低水準。因此，我們一直公開表示的一件事就是希望繼續提高業務獲利能力，尤其是 EBITDA 利潤率。

Implied within our guidance is still roughly a 54% margin for the full year, but that's obviously inclusive of Q1 which was significantly down. You'll see we were 57% EBITDA margin last quarter, 58% this quarter. And it's a mid to high 50% margin implied within the guide for Q4 as well. So yeah, we are working hard to keep those COGS down and expect that to continue into next year.

我們的預期是全年利潤率仍約為 54%，但這顯然包括了大幅下降的第一季利潤率。您會發現，我們上個季度的 EBITDA 利潤率為 57%，本季為 58%。第四季的指引中也暗示了 50% 至 50% 的中高利潤率。是的，我們正在努力降低成本，並希望這種趨勢能持續到明年。

In Maurice, in Brazil, for example, we've been able to move the CapEx per tower almost by 50% down by changing kind of like the form, the structure, et cetera, et cetera. So it's not just basically reducing CapEx, it's changing the way we do things and changing the way we build it.

例如，在巴西的莫里斯，透過改變形式、結構等，我們已能夠將每座塔的資本支出降低近 50%。因此，這不僅僅是從根本上減少資本支出，它也改變了我們做事的方式和建設方式。

In Brazil, for example, we've seen recently a massive pickup in 5G, I mean we want to be ready for that. So this is not just about us stepping on the side basically, and not building CapEx. This is about building it in a much smarter way also.

例如，在巴西，我們最近看到 5G 的大規模發展，我們希望為此做好準備。所以這不僅僅是我們基本上站在一邊，而不是建立資本支出。這也是為了以更聰明的方式進行建構。

Thank you for that. Is there a reason why CapEx for tower is down 50%? What are you doing differently to reduce that CapEx for tower so much?

謝謝你。塔的資本支出下降 50% 有什麼原因嗎？您採取了哪些不同的措施來大幅降低塔樓的資本支出？

I mean we changed our view on tenancy. We basically decided to build lighter towers. We're changing the sourcing of the metal. We're changing the way it's being assembled, where do we buy it from its several things.

我的意思是我們改變了對租賃的看法。我們基本上決定建造更輕的塔。我們正在改變金屬的來源。我們正在改變它的組裝方式，我們從哪裡購買它的幾種產品。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Do you have any other questions, operator?

接線生，您還有其他問題嗎？

There are no further questions at this time.

目前沒有其他問題。

Well, thank you everybody for listening to the call and we look forward to being in touch very soon. Thank you.

好吧，感謝大家收聽電話，我們期待很快與您聯繫。謝謝。

That brings us to the end of the IHS holding limited third quarter to '24 earnings results call. Should you have any questions. Please contact the investor relations team via the email address, investorrelations@ihstowers.com. The management team, thank you for your participation today and wish you a good day.

至此，IHS 控股有限公司於 2024 年第三季以上收益業績電話會議結束。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。

Thank you, guys.

謝謝你們。