IHS Holding Ltd (IHS) 2025 Q1 法說會逐字稿

Good day and welcome to the IHS Holding Limited first quarter of 2025 earning results call for a three-month period ended March 31, 2025. Please note that today's conference is being webcast and recorded. If you'd like to ask a question, please press star and then one on your telephone keypad at any time. At this time, I'd like to turn the conference over to Robert Berg. Please go ahead, sir.

大家好，歡迎參加 IHS Holding Limited 2025 年第一季收益業績電話會議，該季度的業績截至 2025 年 3 月 31 日。請注意，今天的會議正在進行網路直播和錄製。如果您想提問，請隨時在電話鍵盤上按星號，然後按一。現在，我想將會議交給羅伯特·伯格。先生，請繼續。

Thank you, operator. Thanks 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。感謝大家今天參加電話會議。我是 IHS 投資者關係主管羅伯特伯格 (Robert Berg)。今天和我一起的有我們的董事長兼執行長 Sam Darwish 和我們的財務長 Steve Howden。

This morning, we filed our unaudited, condensed, consolidated interim financial statements for the three-month period ended March 30, 2025, with the SEC, which can also be found on the Investor Relations section of our website and issued a related earnings release, presentation, and supplemental debt. 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，我們向美國證券交易委員會提交了截至 2025 年 3 月 30 日的三個月的未經審計的簡明合併中期財務報表，該報表也可在我們網站的投資者關係部分找到，並發布了相關的收益報告、介紹和補充債務。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 a 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 and 6-K filed as well today. 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 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 filed with the Securities and Exchange Commission and our other filings with the SEC.

在我們討論結果之前，我想提請您注意幻燈片 2 上簡報開頭列出的免責聲明，您應該完整閱讀該免責聲明以及我們今天提交的收益報告和 6-K 中關於前瞻性陳述的警告聲明。特別是，所要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。以及其他可能導致實際結果、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的因素，包括我們向美國證券交易委員會提交的 20 號表格和我們向美國證券交易委員會提交的其他文件中風險因素部分中討論的因素。

We'll also refer to non-IFRS measures including adjusted EBITDA, that we view as important in assessing the performance of our business; ALFCF, that we view as important assessing the liquidity of our business; and consolidated net leverage ratio, that we view as important in managing the capital resources 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 websites. And with that, I'd like to turn the call over to Sam Darwish, our Chairman and CEO.

我們也將參考非國際財務報告準則指標，包括調整後的 EBITDA，我們認為這些指標對於評估我們業務的績效非常重要； ALFCF，我們認為它對於評估我們業務的流動性非常重要；以及合併淨槓桿率，我們認為這對於管理業務的資本資源非常重要。您可以在我們網站的「投資者關係」部分找到非國際財務報告準則 (IFRS) 指標與最接近的國際財務報告準則 (IFRS) 指標的對帳表。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 first-quarter 2025 earnings results call. We're reporting a strong start to 2025 with solid growth across our key metrics of revenue, adjusted EBITDA and ALFCF, and a reduction in total CapEx, all in line with our expectations. As a result, we are pleased to reiterate all elements of our full year 2025 outlook. Our positive quarter results and momentum reflects one, the continuing macroeconomic stability in our countries; two, the continued strong secular trends that we are seeing across our business; and three, strong operational focus as we continue to benefit from the significant commercial and financial progress that we made in 2024 and continues into 2025.

謝謝，羅伯特。歡迎大家參加我們的 2025 年第一季財報電話會議。我們報告稱，2025 年開局強勁，營收、調整後 EBITDA 和 ALFCF 等關鍵指標均實現穩健成長，總資本支出減少，均符合我們的預期。因此，我們很高興重申我們對 2025 年全年展望的所有內容。我們本季的積極業績和勢頭反映出，一是我們各國宏觀經濟持續穩定；二是我們在整個業務中看到的持續強勁的長期趨勢；第三，強有力的營運重點，因為我們將繼續受益於我們在 2024 年取得的重大商業和財務進展，並持續到 2025 年。

Looking at our revenue, we saw 26% organic growth driven by almost 8% constant currency growth as we saw increased revenues from co-location, these amendments, new sites, and CPI escalators. First quarter revenues also saw a significant benefit from our forex resets and power indexation, which play a vital role in helping to offset currency devaluation or movement in power prices. Our strong organic growth more than offset the impact of the Kuwait disposal, which we completed in December 2024, and some currency depreciation.

從我們的收入來看，我們看到 26% 的有機成長，這主要得益於共置、這些修正案、新站點和 CPI 自動扶梯帶來的收入成長，這主要得益於近 8% 的恆定貨幣成長。第一季的收入也因我們的外匯重置和電力指數化而獲得了顯著收益，這在幫助抵消貨幣貶值或電價變動方面發揮了至關重要的作用。我們強勁的有機成長足以抵銷我們於 2024 年 12 月完成的科威特處置和部分貨幣貶值的影響。

Turning to profitability, our adjusted EBITDA reached $253 million in the quarter, with a margin of 57.5%, up 1,320 basis points compared to this time last year. ALFCF was $150 million during its first quarter of 2025, an increase of almost 250% year over year, driven by improved profitability and a rephasing of interest payments. Total CapEx was $44 million in the quarter, down 17.8% year over year, given our narrowed focus on capital and location. We continue to assess groupwide 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 future efficiencies.

談到獲利能力，本季我們的調整後 EBITDA 達到 2.53 億美元，利潤率為 57.5%，比去年同期成長 1,320 個基點。2025 年第一季度，ALFCF 的利潤為 1.5 億美元，比去年同期成長近 250%，這得益於獲利能力的提高和利息支付的重新調整。由於我們對資本和位置的關注度有所下降，本季總資本支出為 4,400 萬美元，年減 17.8%。我們將繼續評估集團範圍內的成本、資本支出結構以及營運網路的新方法，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，以幫助我們實現未來的效率。

As we discussed in detail at our recent full year 2024 results, and as you can see from our first quarter results in 2025, we have made significant progress across a number of our strategic initiatives, and our focus on financial discipline and capital allocation is delivering sustained improvements in our profitability and cash flow generation. These improvements supplemented by select asset disposals have resulted in a further reduction in our consolidated net leverage ratio to 3.4 times down from 3.7 times at the end of 2024, and a strong liquidity position with over $900 million of available liquidity at the end of March.

正如我們在最近的 2024 年全年業績中詳細討論的那樣，正如您從 2025 年第一季度業績中看到的那樣，我們在許多戰略舉措中都取得了重大進展，我們對財務紀律和資本配置的關注正在持續改善我們的盈利能力和現金流生成。這些改進加上精選資產處置，使我們的合併淨槓桿率從 2024 年底的 3.7 倍進一步降至 3.4 倍，流動性狀況強勁，3 月底可用流動性超過 9 億美元。

Following this strong start to the year, we are continuing to implement our strategy to further improve profitability and cash flow generation while strengthening our balance sheet, with the goal of maximizing returns for all our stakeholders. In this regard, we are pleased to today announce further progress in our strategic priority related to asset disposals as we have agreed to sell 100% of IHS Rwanda for an enterprise value of $274.5 million, implying a transaction multiple of 8.3 times adjusted EBITDA after (inaudible). The agreement to sell our Rwanda operations was carefully considered as part of our strategic initiatives, targeted at shareholder value creation options. The 8.3 times multiple achieved is materially higher than the IHS Group multiple, highlighting the value contained within our wider portfolio.

繼今年強勁開局之後，我們將繼續實施我們的策略，進一步提高獲利能力和現金流產生，同時加強我們的資產負債表，目標是為所有利益相關者最大化回報。在這方面，我們很高興今天宣布，我們在資產處置方面的戰略重點取得了進一步進展，因為我們已同意以 2.745 億美元的企業價值出售 IHS 盧安達 100% 的股份，這意味著交易倍數為調整後 EBITDA 的 8.3 倍。（聽不清楚）。出售盧安達業務的協議是我們經過深思熟慮的策略舉措的一部分，旨在為股東創造價值。所實現的 8.3 倍本益比明顯高於 IHS 集團的本益比，凸顯了我們更廣泛的投資組合所蘊含的價值。

We have enjoyed more than 10 years of commercial success in Rwanda and are deeply appreciative to our colleagues, customers, and the government of Rwanda for helping make IHS Rwanda the success it is today. This latest disposal in Rwanda comes after we disposed Kuwait and Peru in 2024, as well as exited the Egyptian market. Not only are we raising the capital we previously targeted, we are also streamlining our markets of focus that remain within the IHS Group. Please note that the quarter-on-quarter 0.3 times reduction in leverage from 3.7 multiples to 3.4 multiples does not reflect the proceeds from the Rwanda disposal. We will continue to assess if there are additional value creative disposal opportunities.

我們在盧安達已取得 10 多年的商業成功，並深深感謝我們的同事、客戶和盧安達政府幫助 IHS 盧安達取得今天的成功。這是我們繼 2024 年出售科威特和秘魯業務以及退出埃及市場之後，在盧安達進行的最新出售。我們不僅在籌集先前設定的資本，還在精簡 IHS 集團內部仍關注的市場。請注意，槓桿率環比下降 0.3 倍（從 3.7 倍降至 3.4 倍）並未反映盧安達處置所得的收益。我們將繼續評估是否有額外的價值創造性處置機會。

Looking ahead, we remain excited by the strong growth opportunities across our footprint. underpinned by continued 5G deployment across our markets. Our confidence in the outlook for the remainder of the year is further supported by the improving backdrop within our two largest markets, Nigeria and Brazil. And with that, I will turn the call over to Steve.

展望未來，我們仍然對業務範圍內強勁的成長機會感到興奮。得益於我們市場持續部署 5G。我們最大的兩個市場尼日利亞和巴西的情況好轉進一步增強了我們對今年剩餘時間前景的信心。說完這些，我會把電話轉給史蒂夫。

Thanks, Sam, and hello, everyone. Let's take a look at slide 8 where we show our 1Q '25 performance. Our results were in line with expectations and came with a backdrop of a more stable macroeconomic environment in Nigeria. As we look at the results, please note, firstly, the year-over-year comparisons are impacted by the late January 2024 devaluation of the Naira, which dragged down the 1Q '24 comparator. Secondly, the December 2024 Kuwait disposal, meaning no meaner contribution now in 2025. And thirdly, the impact of the renewed and extended contracts with MTN Nigeria signed in August of last year, including associated site churn, continue to impact the comparisons.

謝謝，山姆，大家好。讓我們看一下投影片 8，其中展示了我們 25 年第一季的表現。我們的業績符合預期，並且尼日利亞的宏觀經濟環境更加穩定。當我們查看結果時，請注意，首先，同比比較受到 2024 年 1 月下旬奈拉貶值的影響，這拖累了 2024 年第一季的比較值。其次，2024 年 12 月科威特的處置意味著 2025 年不會有更大的貢獻。第三，去年 8 月與 MTN 尼日利亞公司簽署的續約和延長合約（包括相關的站點流失）的影響持續影響比較。

In terms of the results themselves, both towers and tenants were down approximately 3% and 1% respectively, year over year, while lease amendments increased by high-single digit percentages. The decline in both towers and tenants is primarily a reflection of the divestitures of towers in Kuwait and Peru, and excluding the impact of these disposals, we added 1,375 net tenants year on year. We also saw the initial impact of the 1,050 sites that MTN Nigeria will vacate this year. As of the end of Q1, 183 tenants, including 347 lease amendments, had churned with an approximate $1.6 million reduction in revenue year on year as a result.

就業績效本身而言，塔樓和租戶數量比去年同期分別下降約 3% 和 1%，而租約修訂則增加了高個位數百分比。鐵塔和租戶數量的下降主要反映了科威特和秘魯鐵塔的剝離，排除這些處置的影響，我們比去年同期增加了 1,375 個淨租戶。我們也看到了 MTN 尼日利亞公司今年將撤離的 1,050 個站點的初步影響。截至第一季末，已有 183 名租戶（包括 347 名租約修訂者）流失，導致營收年減約 160 萬美元。

On a reported basis in the first quarter, revenue increased by approximately 5% year on year, with organic growth of almost 26%, more than offsetting the 14% depreciation of the NGN against the Dollar and the Kuwait disposal. As a reminder, Naira average FX rate was 1,316 to the Dollar in Q1 of last year and 1,527 to the Dollar in Q1 of this year. We should caution that given how the Naira has moved in 4Q '24, 1Q '25, and now into 2Q '25, we reset our Nigeria contracts at the beginning of January 2025 at a higher rate than the 1Q 25 average rate turned out to be, as the Naira was appreciating in the first quarter. This results in a 25% of FX tailwind in the first quarter.

據報道，第一季營收年增約 5%，有機成長近 26%，足以抵銷奈拉兌美元貶值 14% 以及科威特資產處置的影響。提醒一下，去年第一季奈拉兌美元的平均匯率為 1,316 奈拉兌 1 美元，今年第一季奈拉兌美元的平均匯率為 1,527 奈拉兌 1 美元。我們應該注意，考慮到奈拉在 2024 年第四季度、2025 年第一季度以及現在 2025 年第二季度的走勢，我們在 2025 年 1 月初重置了尼日利亞合同，其匯率高於 2025 年第一季度的平均匯率，因為奈拉在第一季度有所升值。這導致第一季外匯順風率為 25%。

Adjusted EBITDA was up more than 36% year on year, while adjusted EBITDA margin was up 1,320 basis points, again, comparing to the low point of 1Q '24 as well as reflecting our continued cost control and the resilience of our financial model through contract resets. Meanwhile, ALFCF increased by approximately 248%, driven by improved profitability, a low quarter of maintenance CapEx, and a rephasing of interest payments between quarters following the November bond refinancing where our bond payments will now reflect in the second and fourth quarters of each year. To put some numbers to this, if we look solely at the phasing of interest on our various group level Dollar bonds, they carry interest of $11 million in each of Q1 and Q3 versus $70 million in each of Q2 and Q4.

調整後的 EBITDA 年成長超過 36%，調整後的 EBITDA 利潤率上漲 1,320 個基點，這與 2024 年第一季度的低點相比同樣有所提升，同時也反映了我們持續的成本控制以及透過合約重置實現的財務模型的彈性。同時，ALFCF 成長了約 248%，這得益於獲利能力的提高、季度維護資本支出較低以及 11 月債券再融資後季度間利息支付的重新分階段（我們的債券支付現在將反映在每年的第二季和第四季）。舉幾個數字來說明這一點，如果我們只看各個集團層級美元債券的利息分階段，它們在第一季和第三季的利息分別為 1,100 萬美元，而在第二季和第四季的利息分別為 7,000 萬美元。

Our level of CapEx investment decreased by 18% in the quarter, largely driven by the pullback in CapEx as we continue to focus on improving cash generation. And finally, a consolidated net leverage ratio decreased to 3.4 times, having peaked at 3.9 times in the second and thirrd quarter of 2024, including a reduction of 0.3 times from the fourth quarter to the end of this quarter, well within our target of 3 to 4 times.

本季我們的資本支出水準下降了 18%，這主要是因為我們繼續專注於提高現金創造能力，導致資本支出減少。最後，合併淨槓桿率下降至3.4倍，在2024年第二季和第三季達到高峰3.9倍，其中從第四季到本季末下降了0.3倍，遠低於我們3至4倍的目標。

Slide 9 shows the components of our 1Q '25 revenue on a consolidated basis where you can see how the business delivered a quarter of growth despite the impact of the Naira devaluation and the Kuwait disposal. From a constant currency perspective, revenue grew approximately 8%, driven primarily by CPI escalations, new co-locations, and new lease amendments. Positive signs of the fundamental underlying tenancy growth continuing across our key markets.

投影片 9 顯示了我們 25 年第一季綜合收入的組成部分，從中您可以看到，儘管受到奈拉貶值和科威特資產處置的影響，業務仍然實現了季度增長。從固定匯率角度來看，營收成長了約 8%，主要原因是消費者物價指數 (CPI) 上漲、新的共置辦公地點以及新的租約修訂。我們主要市場的基本租賃成長持續呈現正面跡象。

The strong organic revenue growth of 26% was supplemented by the benefits of our FX resets and power protection mechanisms. The right side, again, shows the organic growth rates of each of our segments for the quarter where our Nigeria segment grew approximately 46%, including a large benefit from FX resets and despite the initial impact of the financial terms in the renewed and extended contracts with MTN Nigeria.

我們的外匯重置和電源保護機制的好處進一步促進了 26% 的強勁有機收入成長。右側再次顯示了本季度我們每個部門的有機成長率，其中尼日利亞部門成長了約 46%，其中包括外匯重置帶來的巨大收益，儘管與 MTN 尼日利亞續約和延長合約的財務條款最初產生了影響。

On slide 10, you can see our consolidated revenue adjusted EBITDA and adjusted EBITDA margins for 1Q '25. Specifically, in 1Q '25, our adjusted EBITDA was $253 million and adjusted EBITDA margin was 57.5%, continuing the trend of higher margins hosts the 1Q '24 dip from that Naira devaluation.

在第 10 張投影片上，您可以看到我們 2025 年第一季的綜合營收調整後 EBITDA 和調整後 EBITDA 利潤率。具體來說，2025 年第一季度，我們的調整後 EBITDA 為 2.53 億美元，調整後 EBITDA 利潤率為 57.5%，延續了利潤率走高的趨勢，彌補了 2024 年第一季奈拉貶值造成的下滑。

Onto slide 11, we show adjusted levered free cash flow. In the first quarter of '25, we generated ALFCF of $150 million, a 248% increase year over year, in line with our expectations and primarily due to the increase in adjusted EBITA, low maintenance CapEx in the quarter, and a decrease in net interest paid driven by the rephasing of interest payments. As I mentioned just earlier, the bond payments will now reflect in the second and fourth quarter of the year. In addition, we benefited from the decrease in the withholding tax rate in Nigeria from 10% to 2%. Our ALFCF cash conversion rate was 59.3%.

在投影片 11 上，我們展示了調整後的槓桿自由現金流。在 25 年第一季度，我們產生了 1.5 億美元的 ALFCF，同比增長 248%，符合我們的預期，這主要歸因於調整後的 EBITA 增加、本季度維護資本支出較低以及由於重新調整利息支付導致的淨利息支付減少。正如我剛才提到的，債券支付將反映在今年第二季和第四季。此外，我們也受惠於尼日利亞預扣稅率從 10% 降至 2%。我們的 ALFCF 現金轉換率為 59.3%。

On to CapEx, and in the first quarter, CapEx of $44 million decreased 18% year on year, continuing last year's trend. The decrease was driven by lower CapEx on fiber and augmentation CapEx and a decline in new site CapEx, although we still retain a healthy level of new site build in Brazil.

談到資本支出，第一季度，資本支出為 4,400 萬美元，年減 18%，延續了去年的趨勢。儘管我們在巴西的新站點建設仍然保持著健康的水平，但下降的原因是光纖和增強資本支出的降低以及新站點資本支出的下降。

On the segment review on slide 12, I'll start, as usual, with Nigeria. And following the six rate hikes we saw in 2024, the Monetary Policy Committee has continued to keep interest rates steady, with the MPR at 27.5%. Nigeria's FX market stabilized in the first quarter of '25, and the Naira averaged 1,527 to the Dollar in the quarter, albeit an increase year over year, but down from the NGN1,629 as of the fourth quarter of 2024. USD liquidity remains good. We've seen a small decrease in the FX reserves to $38.3 billion at the end of March from $40.9 billion at the end of December last year. And inflation has remained stable at 24.2% as of March. The government continues to make macroeconomic progress, and investor confidence seems to be returning.

在第 12 張幻燈片的分段回顧中，我將像往常一樣從尼日利亞開始。繼 2024 年六次升息之後，貨幣政策委員會繼續維持利率穩定，MPR 為 27.5%。尼日利亞外匯市場在 2025 年第一季趨於穩定，本季奈拉兌美元的平均匯率為 1,527 奈拉，儘管年成長，但低於 2024 年第四季的 1,629 奈拉。美元流動性依然良好。我們看到外匯存底從去年12月底的409億美元小幅下降至3月底的383億美元。截至3月份，通貨膨脹率一直穩定在24.2%。政府繼續推動宏觀經濟進步，投資者信心似乎正在恢復。

For IHS in Nigeria, 1Q '25 revenue of $271 million increased 19% year on year on a reported basis, driven primarily by FX resets from the low of 1Q '24 to now, power indexation, escalations, and tenancy growth. Offsetting factors include the impact of the financial terms in the renewed MTN Nigeria MLAs, including the approximate $1.6 million reduction in revenue year on year from the associated reduction in tenancies and lease amendments that I mentioned earlier.

對於尼日利亞的 IHS 而言，2025 年第一季的收入為 2.71 億美元，年增 19%，這主要受到從 2024 年第一季低點至今的外匯重置、電力指數化、升級和租賃增長的推動。抵銷因素包括續約的 MTN 尼日利亞 MLA 中的財務條款的影響，包括我之前提到的因租賃減少和租約修訂而導致的收入同比減少約 160 萬美元。

Separately, lease amendments continue to be an important driver of growth, increasing 1.4% year on year as our customers add additional equipment to our sites, notwithstanding the MTN Nigeria churn. 1Q '25 segment adjusted EBITDA in Nigeria was $179 million, a 74.1% increase from a year ago. With the first quarter of last year negatively impacted by the Naira devaluation in that period. Segment adjusted EBITDA margin was up 2,080 basis points to 66%, given the increase in revenue we've already discussed, and along with the reduction in costs of sales and admin expenses primarily due to the devaluation of the Naira.

此外，租約修訂繼續成為成長的重要推動力，儘管 MTN 尼日利亞業務出現客戶流失，但由於我們的客戶在我們的站點添加了更多設備，租約修訂仍同比增長 1.4%。25 年第一季度，尼日利亞分部調整後的 EBITDA 為 1.79 億美元，比去年同期成長 74.1%。去年第一季受到奈拉貶值的負面影響。由於我們已經討論過的收入增加，以及主要由於奈拉貶值導致的銷售成本和管理費用的減少，部門調整後的 EBITDA 利潤率上升了 2,080 個基點，達到 66%。

In our sub-Saharan African segment, revenue decreased 8.1%, and segment adjusted EBITDA increased 2.9% year on year. This performance was primarily due to lower revenues, but also lower associated costs being recognized in South Africa following the unwind of the power managed Services Agreement with MTN South Africa that took effect in the second quarter of 2024. These revenue changes have no impact on the segment adjusted EBITDA. The performance has further benefited from new co-locations, lower power generation costs, security services, and maintenance costs. Segment adjusted EBITDA margin increased 640 basis points as a result to 59.4%.

在撒哈拉以南非洲地區，營收下降了 8.1%，而地區調整後的 EBITDA 則年增了 2.9%。這一業績表現主要歸因於收入下降，但自 2024 年第二季與 MTN 南非簽訂的電力管理服務協議解除後，南非確認的相關成本也下降。這些收入變動對分部調整後的 EBITDA 沒有影響。新的共置設施、更低的發電成本、安全服務和維護成本進一步提高了業績。分部調整後 EBITDA 利潤率增加 640 個基點，達到 59.4%。

In our LatAm segment, towers and tenants grew by 6.7% and 8.2% respectively versus the first quarter of last year. Revenue decreased by 0.5% because of negative movements in FX rates, but was broadly offset by continued growth in tenants, lease amendments, and new sites. In Brazil, our second largest market with 8,400 towers, macro conditions were more benign this quarter as the Brazilian Real was largely flat against the dollar, and there were moderate increases in both interest rates and inflation.

在我們的拉丁美洲地區，塔樓和租戶與去年第一季相比分別成長了 6.7% 和 8.2%。由於外匯匯率的負面變動，收入下降了 0.5%，但租戶、租約修訂和新站點的持續成長基本上抵消了這一影響。巴西是我們的第二大市場，擁有 8,400 座鐵塔，本季宏觀環境更加溫和，因為巴西雷亞爾兌美元基本持平，利率和通膨均溫和上升。

Moving to LatAm profitability, while segment adjusted EBITDA increased by 5%, segment adjusted EBITDA margin increased 420 basis points versus the first quarter of 2024, which mostly reflects a reduction in costs more than offsetting the decrease in revenue. As we mentioned last quarter, given our Kuwait disposal and our decision not to commence operations in Egypt, MINA is no longer a reportable segment.

轉向拉丁美洲地區的獲利能力，分部調整後 EBITDA 成長了 5%，分部調整後 EBITDA 利潤率較 2024 年第一季度增加了 420 個基點，這主要反映了成本的降低超過了收入的減少。正如我們上個季度所提到的，鑑於我們已處置科威特業務且決定不再在埃及開展業務，MINA 不再是可報告的部門。

Moving to slide 14, we look at our capital structure and related items. At March 31, 2025, we had approximately $4 billion of external debt and IFRS 16 Lease liabilities. Of the $4 billion, approximately $2.2 billion represents our bond financings. Most recently, post the end of the first quarter in April this year, the outstanding balance of approximately $86 million equivalent on our Nigeria term loan was fully prepaid using local Naira cash. This Naira term loan carried a high interest rate and is in line with our focus to reduce debts, particularly high interest debts.

轉到第 14 張投影片，我們來看看我們的資本結構和相關項目。截至 2025 年 3 月 31 日，我們的外債和 IFRS 16 租賃負債約為 40 億美元。在這 40 億美元中，約有 22 億美元來自我們的債券融資。最近，在今年 4 月第一季結束後，我們已使用當地奈拉現金全額預付了尼日利亞定期貸款未償還餘額約 8,600 萬美元。這筆奈拉定期貸款的利率很高，符合我們減少債務（尤其是高利息債務）的重點。

Cash in cash equivalents was $629 million as of March 31, bringing our total liquidity to $929 million. In terms of where that cash is held, approximately 29% was held in Naira at our Nigeria business, but as I just explained, some of that local Naira cash was used to pay down debt post quarter end. Consequently, while our consolidated net debt was relatively flat at $3.3 billion quarter over quarter, our consolidated net leverage ratio of 3.4 times at the end of Q1 was down 0.3 times versus the end of December 2024. And as Sam previously highlighted, the 3.4 times leverage does not reflect any proceeds from the Rwanda disposal. We expect leverage to remain within the bottom half of our target 3 to 4 times net leverage ratio in 2025, supplemented by the cash proceeds from the Rwanda disposal once it closes and any other further disposals.

截至 3 月 31 日，現金等價物為 6.29 億美元，使我們的總流動資金達到 9.29 億美元。就現金持有地點而言，我們尼日利亞業務中約有 29% 以奈拉形式持有，但正如我剛才解釋的那樣，部分當地奈拉現金用於在季度末後償還債務。因此，雖然我們的合併淨債務與上一季相比持平，為 33 億美元，但第一季末的合併淨槓桿率為 3.4 倍，較 2024 年 12 月底下降了 0.3 倍。正如 Sam 之前強調的那樣，3.4 倍的槓桿率並未反映盧安達處置的任何收益。我們預計，到 2025 年，槓桿率將保持在目標淨槓桿率 3 至 4 倍的下半部分，並輔以盧安達處置完成後的現金收益以及任何其他進一步處置。

Moving to slide 15. Given that the first quarter has been in line with our expectations, we are maintaining our 2025 guidance. As a reminder, our guidance shows further growth in 2025 versus 2024 in our revenues when excluding the impact of the Kuwait disposal and growth in adjusted EBITDA and ALFCF. A couple of points I'd like to further highlight.

移至投影片 15。鑑於第一季的表現符合我們的預期，我們維持 2025 年的預期。提醒一下，我們的指引顯示，如果排除科威特處置的影響以及調整後的 EBITDA 和 ALFCF 的成長，2025 年我們的營收將比 2024 年進一步成長。我想進一步強調幾點。

Firstly, we had a strong first quarter of ALFCF with $150 million generated in the quarter. This phasing of ALFCF through the year was expected and known to us when we set our guidance at the Q4 results, and as I mentioned earlier, the majority of our interest is paid in 2Q and 4Q. And given this and the timing of maintenance CapEx plans, we continue to expect to step down in ALFCF in the second quarter, leaving us on track for our 2025 outlook of $350 million to $370 million.

首先，ALFCF 第一季表現強勁，創造了 1.5 億美元的收入。當我們設定第四季度業績指引時，我們就已經預料到 ALFCF 會在全年分階段進行，而且正如我之前提到的，我們的大部分利息是在第二季度和第四季度支付的。考慮到這一點以及維護資本支出計畫的時間安排，我們預計 ALFCF 將在第二季減少，使我們能夠實現 2025 年 3.5 億至 3.7 億美元的預期。

And secondly, we continue to assume a full year of contribution from Rwanda in our guidance. However, we expect to close the disposal of our Rwandan operations announced today during the second half of 2025. And we -- should we need to update our outlook for a lower contribution during this year, we will do so following the completion of the transaction. 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.

其次，我們繼續假設盧安達將在我們的指導中貢獻一整年。不過，我們預計將在 2025 年下半年完成今天宣布的盧安達業務的處置。如果我們需要在今年更新較低貢獻的前景，我們將在交易完成後這樣做。我們的正式演講到此結束。非常感謝您今天的寶貴時間，接線員，請您現在打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Good morning. Thanks for taking my question. I just wanted to sort of confirmed that the Q1 performance, which is quite strong relative to the street estimates, was indeed sort of in line or roughly in line with your expectations. Maybe anything that you think was a little bit better than you expected in the quarter. I think maybe some of the sub-Saharan Africa results were a little bit below expectations, but otherwise quite strong across the board. And maybe just kind of as you think about the outlook for 2025, significant beat relative to the street, how would you sort of encourage us to think about any risks to the remainder of the year? Is there anything in the underlying business that gives you pause, or do you think about the 2025 guidance reiteration as more conservatism? Thank you.

早安.感謝您回答我的問題。我只是想確認一下，第一季的表現相對於華爾街的預期來說相當強勁，確實符合或大致符合你的預期。也許您認為本季的任何事情都比您預期的要好一些。我認為撒哈拉以南非洲地區的部分結果可能略低於預期，但整體而言表現相當強勁。也許當您考慮 2025 年的前景時，相對於華爾街而言有顯著的超越，您會如何鼓勵我們思考今年剩餘時間面臨的任何風險？基礎業務中是否存在讓您猶豫不決的事情，或者您認為 2025 年指導重申是更保守的做法？謝謝。

Hey, James. Thanks for the question. So yeah, you're right, we had a good beat in Q1. You'll notice from the comments that we made a few moments ago that it was in line with our expectations. So to answer the very first part of your question, yes, the quarter was plus, minus as we expected. It was a good strong start to the year. I think a few things just to pull out from what I said a few moments ago in terms of some of the reasons for that.

嘿，詹姆斯。謝謝你的提問。是的，您說得對，我們在第一季取得了不錯的成績。從我們剛才的評論中您會注意到，它符合我們的預期。因此，要回答你問題的第一部分，是的，本季的業績如我們預期的那樣有增有減。這是今年一個良好而強勁的開端。我想從我剛才所說的內容中總結出幾點原因。

So from a revenue perspective, we carried a bit of a tailwind from an FX point of view, particularly in Nigeria in Q1. Given how the Naira was moving as we exited Q4, it appreciated into Q1, which meant that our contracts reset at a slightly higher rate than the average actually turned out to be in the quarter, so that then normalizes when we get into Q2. So there's a bit of a positivity that we're carrying in Q1 from that.

因此，從收入角度來看，我們從外匯角度獲得了一些順風，尤其是第一季在奈及利亞。考慮到奈拉在第四季度結束時的走勢，它在第一季升值了，這意味著我們的合約重置率略高於本季度的實際平均水平，因此當我們進入第二季度時，這種情況就會恢復正常。因此，我們對第一季抱持一點正面的態度。

And what else would I say in terms of the 1,050 tenancies that are churning from MTN Nigeria and that was a little bit slower than we had originally planned, still on track, but that continues to be a little bit of a tailwind in Q1 in terms of carrier performance, which is obviously kind of an indicator on the health of the industry. And we're continuing to see strong fundamentals from our key customers, particularly if you look at someone like Nigeria, where the 50% subscriber increase in tariff that they're allowed to pass in Q1, that's now starting to take effect, and we've seen in recent weeks. A number of our big customers there report really positive Q1s and also, significantly positive outlook for 2025

關於 MTN 尼日利亞公司新增的 1,050 個租約，我還能說些什麼呢？這比我們最初計劃的要慢一些，但仍在按計劃進行，但就運營商的表現而言，這在第一季度仍然有點順風，這顯然是行業健康狀況的一種指標。我們繼續看到主要客戶表現強勁，特別是像尼日利亞這樣的國家，該國第一季允許用戶增加 50% 的資費，這項政策現在已經開始生效，最近幾週我們已經看到了這一情況。我們在那裡的許多大客戶都報告了非常積極的第一季業績，並且對 2025 年的前景也非常樂觀

So yeah, all in all, in good shape, and probably the only other thing just to reiterate again, I mentioned it a few moments ago, in terms of ALFCF on the be -- a big chunk of that is to do with interest payment timing. We pay semiannual coupons on our bonds. They've rephased this year. We pay much more interest in Q2 and Q4 than in Q1 and Q3. So that's also the reason for that. But again, exactly in line with the full year and as expected.

所以，是的，總而言之，狀況良好，可能唯一需要重申的是，我剛才提到過，就 ALFCF 而言——其中很大一部分與利息支付時間有關。我們每半年支付一次債券票息。他們今年重新制定了計劃。我們對第二季和第四季的關注度遠高於第一季和第三季。這也是原因所在。但同樣，這與全年情況完全一致，也符合預期。

Thanks.

謝謝。

Yeah. Sorry, James. I was going to say a second bucket of your question in terms of the rest of 2025, what do we think about in terms of any potential risks and therefore are we being conservative? Look, I think it's not long since we set guidance, so we're in that period of the year where we're obviously monitoring a lot of factors to see how the year pans out, no doubt we're seeing strength in a variety of elements of our business. And the macro in our markets is performing better than we had expected. It's probably a bit early to adjust for that, but that continues to be a positive.

是的。對不起，詹姆斯。我想回答你關於 2025 年剩餘時間的第二個問題，我們對任何潛在風險有何看法，因此我們是否持保守態度？聽著，我認為我們制定指導的時間並不長，所以我們正處於一年中的那個時期，我們顯然在監控很多因素，以了解今年的進展情況，毫無疑問，我們看到了我們業務各個要素的實力。我們市場的宏觀表現比我們預期的要好。現在調整可能還為時過早，但這仍然是一件積極的事情。

But as we know, and I'll answer your question on risks we see. We continue to live in an uncertain world globally from a macroeconomic perspective, and that does impact all corporates, and we just have to keep watching that kind of broader macroeconomic environment and how that filters into our country. We're in a reasonably fortunate position in our business that we don't have any sort of direct linkage to any kind of trade or tariff situations that we've seen in the last six weeks or so, but obviously, the global macro can be impacted. So that's probably the thing that we're looking out for most, otherwise the business is in pretty good shape.

但正如我們所知，我會回答您有關我們看到的風險的問題。從宏觀經濟角度來看，我們仍然生活在一個全球不確定的世界中，這確實會影響所有企業，我們只需要繼續關注這種更廣泛的宏觀經濟環境以及它如何影響我們國家。我們的業務處於相當幸運的地位，我們與過去六週左右看到的任何貿易或關稅情況都沒有任何直接聯繫，但顯然，全球宏觀經濟可能會受到影響。所以這可能是我們最關注的事情，否則業務狀況會很好。

It's helpful color. Thank you. I just wanted to follow up regarding the the asset sale program, congratulations on on the agreement for Rwanda, but maybe can you give us a sense. I think, Sam, in your commentary, I think the language changed a little bit in terms of evaluating if other asset sales are warranted or would be attractive, so should I imply from that, infer from that that you've sort of done the initial tranche of what you initially had intended to do? And then anything else from here would be opportunistic, or are you still aggressively pursuing other options? Thank you.

這是很有幫助的顏色。謝謝。我只是想跟進有關資產出售計劃的情況，祝賀盧旺達達成協議，但也許您能給我們一個大致的了解。山姆，我認為，在你的評論中，在評估其他資產出售是否合理或是否具有吸引力方面，語言發生了一些變化，所以我應該從中暗示，從中推斷你已經完成了你最初打算做的初始部分？那麼接下來的任何事情都是機會主義的，還是您仍在積極尋求其他選擇？謝謝。

Hi, James. Look, we have made material gains towards our strategic goals as established last year, and we continue to kind of like take action, including organic actions, and I think they're beginning to show in the results. Now, we still believe, however, that the share price is undervalued. So we will definitely continue to consider other options, alternatives, strategic, potentially even disposals, among other things, to unlock and return shareholder value. So that's a continuous program.

你好，詹姆斯。你看，我們在實現去年確定的戰略目標方面取得了實質進展，並且我們繼續採取行動，包括有機行動，我認為這些行動已經開始在結果中顯現出來。但現在我們仍然認為股價被低估了。因此，我們肯定會繼續考慮其他選擇、替代方案、策略，甚至可能的處置等，以釋放和回報股東價值。所以這是一個連續的計劃。

I think just to add to that, James, we're still focused on the same pillars, right? So profitability and cash flow generation within the business. The asset disposals, yes, we've kind of done what we initially set out to do, but that doesn't mean we won't keep looking and we've streamlined the group, right? So we're in a more focused position now as a company and you know what it all kind of leads towards, excuse me, leads towards is revisiting our capital allocation. And probably towards the end of this year early next year in terms of what's next for us, we're continuing to make progress around the balance sheet, which is exactly what we said we wanted to do. So we're sort of heading into the direction we want to be in, a bit more execution over the next quarter or two or three. And you know, we're in, as I said, we're in pretty good shape.

我想補充一點，詹姆斯，我們仍然專注於相同的支柱，對嗎？因此，企業內部的獲利能力和現金流產生。資產處置，是的，我們已經完成了最初計劃要做的事情，但這並不意味著我們不會繼續尋找，而且我們已經精簡了團隊，對嗎？因此，作為一家公司，我們現在處於更專注的地位，你知道這一切都會導致什麼，對不起，會導致我們重新審視資本配置。就我們下一步的計劃而言，可能在今年年底或明年年初，我們將繼續在資產負債表方面取得進展，這正是我們想要做的。因此，我們正朝著我們想要的方向前進，在接下來的兩個或三個季度中將有更多的執行。你知道，正如我所說，我們的狀況非常好。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks for taking the questions and good morning. On the sale of Rwanda, can you give us a sense of what the annual organic growth is in that portfolio, relative to how you perceive growth in the rest of your portfolio just to kind of appreciate the characteristics of that asset versus what's left within the company. And then related to that, if we can extrapolate that a little bit in terms of the algorithms. So as you look out on a multi-year basis, how would you describe the annual financial growth algorithms? So you know, what organic revenue growth should be on average over a multi-year period, how that translates to EBITDA and then to the ALSCF per share growth rate? Thank you so much.

感謝您回答問題，早安。關於盧安達的出售，您能否讓我們了解該投資組合的年度有機成長率是多少，相對於您對其他投資組合成長的看法，以便了解該資產與公司剩餘資產的特徵。然後與此相關，如果我們可以根據演算法稍微推斷一下。那麼，從多年期來看，您如何描述年度財務成長演算法？那麼，您知道，多年期間的平均有機收入成長率應該是多少，這如何轉化為 EBITDA，然後轉化為 ALSCF 每股成長率？太感謝了。

Hey, Mike. So in terms of Rwanda, obviously, you know we're bound a little bit by what we have and haven't disclosed, but to give you an idea, that business is about a 2.05 lease up rate, so just over two unique tenants are on each tower, and it's a market with a really sort of two to three key carriers, right? So it's reached a point where a lot of the growth has happened. There is certainly still growth ahead of it in that market, Rwanda's a pretty forward thinking economy, they're looking at a lot of digitalization and they're looking at a lot of 4G and 5G rollout, so there is still some room to grow there. But you know, it came against the backdrop of us wanting to realize our own strategic initiatives. We feel like we've got a pretty good deal done there to a good partner in paradigm who know the African continent very well. So it was really a meeting of the minds in terms of achieving all the things we wanted to do.

嘿，麥克。因此，就盧安達而言，顯然，您知道我們受到我們已經披露和尚未披露的資訊的限制，但為了讓您了解，該業務的租賃率約為 2.05，因此每座塔上都有兩個以上的獨特租戶，並且這個市場實際上有兩到三個主要運營商，對嗎？因此它已經達到了大量成長的階段。該市場肯定還有成長空間，盧安達是一個非常前瞻性的經濟體，他們正在考慮大量數位化，並且正在考慮大量推出 4G 和 5G，因此那裡仍有成長空間。但你知道，這是在我們想要實現自己的策略舉措的背景下發生的。我們覺得，我們已經與一位非常了解非洲大陸的優秀合作夥伴達成了一項非常好的協議。因此，就實現我們想要做的所有事情而言，這確實是一次思想交流。

How does that compare to other segments in SSA? Look, I think we've said previously that if we walk through the SSA segment, you have countries like Rwanda, Zambia, Cameroon, Cote d'Ivoire, they're all more growth-oriented businesses where I would expect to see kind of double-digit growth year on year. South Africa is a bit slower than that, we've always said that, it's probably more of a single-digit grower each year. So that's kind of the outlook in terms of that particular segment more broadly around the group that we continue to reiterate what we've said before, we want to be growing revenue at double digits, certainly organically, preferably in dollar terms. That is obviously not implicit within our guidance for this year, given the variety of things that the company is moving through, including some of the churn and we've disposed of businesses, which means the the base is smaller this year than it was last year.

與 SSA 中的其他部分相比如何？聽著，我想我們之前說過，如果我們看一下撒哈拉以南非洲地區，你會看到盧安達、尚比亞、喀麥隆、科特迪瓦等國家，它們都是更注重成長的企業，我預計這些國家的經濟將逐年實現兩位數的成長。南非的成長速度稍微慢一些，我們一直這麼說，每年的成長速度可能只有個位數。因此，就集團更廣泛的特定細分市場而言，這就是前景，我們繼續重申我們之前所說的，我們希望收入能達到兩位數成長，當然是有機成長，最好是以美元計算。顯然，這並沒有隱含在我們今年的指導方針中，因為公司正在經歷各種各樣的事情，包括一些業務流失和我們已經處置的業務，這意味著今年的基數比去年要小。

But when you look through our guidance, we've got an implied 12% organic growth at a revenue level, and we have a higher implied growth at EBITDA level and we have an even higher implied growth at ALFCF level. And that's how we kind of want to be looking at this business organically. Yes, we want to grow revenue, but we want to grow EBITDA quicker than we're growing revenue. We want to go ALFCF quicker than we're growing EBITDA such that we're a growth profitable, cash generative infrastructure play. Continue to target 60% plus EBITDA margin that will take some -- a number of years, but we continue to move forward with that. ALFCF continue to target to get our business itself into the mid-40s and then at some point, hopefully, we break the 50% margin level, so those are kind of the ways we think about the business as a whole.

但是，當您查看我們的指導時，我們會發現，我們在收入水平上隱含了 12% 的有機增長，我們在 EBITDA 水平上隱含了更高的增長，我們在 ALFCF 水平上隱含了更高的增長。這就是我們希望以有機方式看待這項業務的方式。是的，我們希望增加收入，但我們希望 EBITDA 的成長速度快於營收的成長速度。我們希望 ALFCF 的成長速度比 EBITDA 的成長速度更快，從而成為一家能夠實現成長獲利、產生現金流的基礎設施公司。繼續以 60% 以上的 EBITDA 利潤率為目標，這將需要幾年的時間，但我們將繼續朝著這個目標前進。ALFCF 繼續致力於讓我們的業務本身達到 40% 左右的利潤率，然後在某個時候，希望我們能夠突破 50% 的利潤率水平，所以這些就是我們對整個業務的看法。

And if you think about returns of capital to shareholders, what's your sense on timing for an update there and how are you thinking about buybacks versus dividends versus just reducing your debt levels much further and you getting that down as much as you can over the next few years? Thanks.

如果您考慮向股東返還資本，那麼您認為更新的時間是什麼時候？您是怎樣考慮回購、分紅還是進一步降低債務水平，並在未來幾年內盡可能降低債務水平的？謝謝。

Yeah, so maybe I'll take those in reverse order. So you know, we've been very public and very consistent with the first part of our initiatives, which was to increase profitability, increase cash flow generation, raise some disposal proceeds from asset sales, and pay down some debt, okay, and we're obviously still executing against that. And we've announced today the Rwanda agreement and that's got to move through the process to completion and obviously realization of those proceeds. So debt paydown continues to be a key focus for us. One of the things which is within the disclosure today, it didn't happen in the quarter, it happened just after the quarter, we've paid down approximately $86 million of the term loan that we had in Nigeria. That was our highest interest-bearing facility in the in the group, so we pay that down post quarter and just with excess local cash.

是的，所以也許我會以相反的順序來做。所以你知道，我們一直非常公開並且非常一致地執行我們計劃的第一部分，即提高盈利能力，增加現金流產生，從資產出售中籌集一些處置收益，並償還一些債務，好吧，我們顯然仍在執行這些計劃。我們今天宣布了盧安達協議，該協議必須通過整個流程才能完成，並且顯然能夠實現這些收益。因此，償還債務仍然是我們關注的重點。今天披露的一件事並不是在本季發生的，而是在本季結束後發生的，我們已經償還了在尼日利亞約 8,600 萬美元的定期貸款。這是我們集團內最高的計息貸款，因此我們會在季度結束後用多餘的本地現金償還。

So all of the balance sheet initiatives continue at a pace and we feel pretty good about those leverage should be down towards the end of the year. And then as it goes to wider capital allocation and maybe taking a different route, you mentioned things like share buybacks like dividends absolutely on our radar, and that's kind of a topic that we're looking at as we get a little bit further into the execution of all the initiatives. So maybe a quarter or two's time, we'll be assessing that in the background and let's see towards the end of this year, early next year.

因此，所有資產負債表措施都在按部就班地進行，我們非常有信心這些槓桿率將在年底前下降。然後，隨著資本配置範圍的擴大以及可能採取不同的路線，您提到股票回購等股息絕對在我們的關注範圍內，這也是我們在進一步執行所有舉措時正在關注的一個話題。因此，也許一兩個季度後，我們會在後台對此進行評估，並在今年年底或明年年初進行觀察。

Gustavo Campos, Jefferies.

傑富瑞的古斯塔沃‧坎波斯 (Gustavo Campos)。

Yes, thank you very much and congratulations on the results. I had a few questions here. First of all, do you still expect to see any growth -- EBITDA growth from Nigeria that would be related to the catch up effect of your FX resets, or do you think that the recovery growth driver is over now, and then that growth would be driven by start -- starting to be more driven by other factors like organically. That's my first question. Thank you.

是的，非常感謝，並祝賀你所取得的成果。我這裡有幾個問題。首先，您是否仍預計尼日利亞的 EBITDA 增長會有所增長，這與外匯重置的追趕效應有關，或者您是否認為復甦增長動力已經結束，然後增長將開始更多地受到其他因素（如有機增長）的驅動。這是我的第一個問題。謝謝。

I mean, the FX research Gustavo operate on a quarterly basis, right? So it very much depends on what's happening with the currency movements against the Dollar. So every quarter, we look at what the Naira is to the Dollar and we update our currency resets according to that. So I'd like to say that the Naira is going to be stable going forward. It has been really for this year within a range. It's moved around between sort of 1,525 at the lows in Q1 and it's been 1,600 levels for a little while now. So hopefully, it's more stable, but yeah, the FX resets are really just a factor of what's happening with the currency.

我的意思是，外匯研究 Gustavo 是按季度運作的，對嗎？因此，這很大程度上取決於貨幣兌美元的走勢。因此，每個季度，我們都會查看奈拉兌美元的匯率，並據此更新我們的貨幣重置。所以我想說奈拉未來將會保持穩定。今年確實一直處於一個範圍內。在第一季的低點時，該指數在 1,525 左右波動，目前已在 1,600 左右的水平上徘徊了一段時間。所以希望它更加穩定，但是是的，外匯重置實際上只是貨幣變化的一個因素。

Yes, that was very clear. Thank you. But just to clarify, I was thinking about the catch up effects from previous quarters, assuming the Naira is stable at around 1,600 at around current levels, do you see that there's still like a catch up effect from the last 12 months given the the volatility that we've seen in the Naira.

是的，非常清楚。謝謝。但只是為了澄清一下，我正在考慮前幾季的追趕效應，假設奈拉在當前水準上穩定在 1,600 左右，考慮到奈拉的波動性，您是否認為過去 12 個月仍然有追趕效應。

No, not in the last 12 months because all of our contracts in Nigeria are either monthly or quarterly resetting. So no, they're really kind of as current -- from a quarterly perspective, anyway, they're as current as they can be.

不，過去 12 個月內沒有，因為我們在尼日利亞的所有合約都是按月或按季度重置的。所以，不，它們實際上有點像當前的——無論如何，從季度的角度來看，它們已經盡可能地保持最新了。

Understood. Thank you very much. Also just trying to understand here on the Rwanda sale, one, how much cash are you were expecting to receive from this asset sales, trying to understand the debt and leases that may be attached to it. And how much EBITDA was generated on that on that asset over the last 12 months. Thank you.

明白了。非常感謝。另外，只是想了解盧安達的出售情況，首先，您預計從這筆資產出售中獲得多少現金，試圖了解可能附帶的債務和租賃。以及過去 12 個月該資產產生的 EBITDA 是多少。謝謝。

So it will be all cash received, so it's $274.5 million enterprise value, but there's no debt within that business. It's debt free, so it will effectively be straight through the proceeds, and the EBITDA was 30 -- high 30s over the last 12 months.

因此，所有款項都將以現金形式收到，因此企業價值為 2.745 億美元，但該企業沒有債務。它沒有債務，因此實際上將直接透過收益實現，並且過去 12 個月的 EBITDA 為 30% - 30% 多。

Understood. And that -- those proceeds are like after taxes, right? We should expect kind of like immaterial tax impact from from that sale.

明白了。這些收益就像是稅後收益，對嗎？我們應該預期該次銷售將帶來某種非物質性的稅收影響。

Correct.

正確的。

All right, thank you very much. And then I was also looking to understand better you had half a billion to a billion asset sales target, I was wondering if now that you know we've moved forward with this program really well, can we get a sense here on whether you will be targeting perhaps the lower end of that range, closer to $50 billion, or do you think there's the opportunity to go to all the $1 billion cash proceeds target? That would be very helpful. Thank you.

好的，非常感謝。然後，我也想更了解您設定的 5 億到 10 億美元的資產銷售目標，我想知道，既然您現在知道我們已經很好地推進了這個項目，我們是否可以了解一下，您的目標是否是這個範圍的下限，接近 500 億美元，或者您是否認為有機會達到 10 億美元的現金收益目標？那將會非常有幫助。謝謝。

Yeah, I guess that was a little bit what Sam was saying a few moments ago. So we kind of got to plus or minus, the bottom end of that range with the disposal of Kuwait and with the disposal of Rwanda, and what we're doing now is really continuing to evaluate. The share price has performed well this year in relative terms, but for us it's still undervalued and it's got a long way to go. So we're continuing to look at what else we can do as a business to continue providing shareholder value. So yeah, we might be a little bit more opportunistic going forward in terms of disposals, but certainly don't want anyone to think we're not still looking at things because we are -- we're still focused on getting the share price up from where we are today, so that can come in lots of different forms.

是的，我想這有點像 Sam 剛才說的話。因此，在處置科威特和盧安達時，我們得到的是正數或負數，也就是該範圍的底端，而我們現在所做的就是繼續評估。相對而言，今年的股價表現良好，但對我們來說，它仍然被低估，而且還有很長的路要走。因此，我們將繼續研究作為一家企業我們還能做些什麼來繼續為股東提供價值。所以是的，我們在處置方面可能會更加投機，但肯定不想讓任何人認為我們沒有繼續關注事情，因為我們——我們仍然專注於提高股價，因此這可以採取很多不同的形式。

But the balance sheet, Gustavo, is in a very good shape at the moment with $900 million of liquidity, leverage has gone down to 3.4 times EBITDA even without including the proceeds of this accretive transaction which we have done. So from a balance sheet point of view, we're happy, but we continue, again, to keep drilling organically on rebalancing growth vis a vis cash cash flow generation. Having said that, Steve's point and what I tried to say earlier is spot on. We still believe the share price is undervalued, we're still committed to unlock value to shareholders, and we will keep exploring, looking, considering whether disposals, whether buybacks, whether dividends at the right time. This is a big focus of ours at the moment.

但是，Gustavo 的資產負債表目前狀況非常好，擁有 9 億美元的流動資金，即使不包括我們所做的這筆增值交易的收益，槓桿率也已降至 EBITDA 的 3.4 倍。因此，從資產負債表的角度來看，我們很高興，但我們會繼續有機地重新平衡成長與現金流的產生。話雖如此，史蒂夫的觀點和我之前試圖表達的觀點是正確的。我們仍然認為股價被低估，我們仍然致力於為股東釋放價值，我們將繼續探索、觀察，考慮是否在適當的時候進行處置、是否回購、是否發放股息。這是我們目前的一個重點。

Understood. Yeah, that's very clear. And last question, if I may, if you could elaborate here, what was the reduction of the MLAs in Nigeria attributed to, and would you expect that to continue for the rest of the year? That would be my last question and thanks a lot for all the details.

明白了。是的，非常清楚。最後一個問題，如果可以的話，您能否在這裡詳細說明一下，尼日利亞立法議員人數減少的原因是什麼？您預計這種情況會在今年剩餘時間內持續下去嗎？這是我的最後一個問題，非常感謝您提供的所有詳細資訊。

So the only thing that's impacting MLAs, it's not really MLAs, but tenancies in Nigeria, is to do with the 1,050 sites that we agreed with MTN would leave us during the course of 2025. So that's all as planned and publicly disclosed back summer of last year.

因此，唯一對 MLA 產生影響的其實不是 MLA，而是尼日利亞的租賃權，這與我們與 MTN 達成的協議中約定的在 2025 年期間留給我們的 1,050 個站點有關。所以這一切都是按照計劃進行的，並且是在去年夏天公開披露的。

(Operator Instrcutions)

（操作員指令）

Stella Cridge, Barclays.

巴克萊銀行的斯特拉·里奇 (Stella Ridge)。

Hi there. Afternoon, all. Many thanks for all of the updates. If I could ask on two areas. Just on Rwanda's side, could you just say specifically what government and regulatory approvals that you expect there or you need to get there, sorry, or any other items that need to be kind of tied up before that can close? And when you actually get the cash, what specifically do you have in mind, would you potentially take out some bonds early? So that would be the first question.

你好呀。大家下午好。非常感謝所有的更新。我可以問兩方面的問題。就盧安達方面而言，您能否具體說一下您期望獲得哪些政府和監管部門的批准，或者您需要獲得哪些批准，或者在完成之前需要完成的任何其他事項？當您真正拿到現金時，您具體會想些什麼，您是否有可能提前購買一些債券？這是第一個問題。

And the second one is I didn't see in the materials, anything about upstreaming from Nigeria year-to-date. Was that because you were keen to accumulate the cash there to pay down the term loan or what was the market a little bit more difficult in terms of upstreaming and any additional color there would be great.

第二，我在材料中沒有看到任何有關今年迄今為止從尼日利亞上游輸送的信息。這是因為您熱衷於累積現金來償還定期貸款，還是因為市場在上游方面有點困難，任何額外的色彩都會很棒。

Hi, Stella. So in terms of Rwanda on approvals, we need a customary approval, so things like the regulator, which is (inaudible) and governmental approval for communications infrastructure. So there's nothing out of the ordinary there, just the regular kind of regulatory and government approvals. Otherwise, that's it on the CPS. Cash proceeds when it comes, obviously, can't talk specifically to bond plans. But things that we're focused on in our maturity waterfall are things like the earlier amounts of bonds, some of them are callable now, some of them will be callable in the coming months towards the end of this year.

你好，史黛拉。因此，就盧安達的審批而言，我們需要慣例審批，例如監管機構（聽不清楚）和政府對通訊基礎設施的批准。所以這並沒有什麼不尋常的，只是常規的監管和政府批准。否則，CPS 就完事了。說到現金收益，顯然不能具體談債券計劃。但我們在到期瀑布中關注的是早期債券的數量，其中一些現在可以贖回，一些將在今年年底的未來幾個月內贖回。

And we're also looking at our highest interest-bearing facilities around the group. I mentioned a few moments ago around Nigeria. We have other higher interest bearing facilities in places like Brazil as well. So we're kind of mixing around in terms of what we're going to do, but the strategy remains the same, reduce debt, reduce leverage, try and reduce dollar-based debt, and manage the interest expense and tenor of whatever is remaining in the group. So that continues to be the plan.

我們也關注集團內利息最高的貸款。我剛才提到了尼日利亞的情況。我們在巴西等地也有其他更高利息的貸款。因此，我們在採取的措施方面有些不同，但策略保持不變，即減少債務、降低槓桿率、嘗試減少美元債務，並管理集團剩餘債務的利息費用和期限。所以這仍然是計劃。

And then on upstreaming, no, you shouldn't read anything into any change of the language. The USD availability remains very good in Nigeria. And we did use, obviously, a bunch of our local cash post quarter end to pay down that term loan, but we did actually upstream $71 million in the quarter from Nigeria. So yeah, all is good and fine.

然後在上游，不，你不應該讀到任何關於語言變化的內容。尼日利亞的美元供應仍然非常充足。顯然，我們在季度末之後使用了大量當地現金來償還定期貸款，但本季我們確實從尼日利亞上游獲得了 7,100 萬美元。是的，一切都很好。

To be honest, Stella, we feel that that Nigeria is somehow getting back to business as usual, and this was an extremely important measure when things were tight and things were kind of like unorthodox in that country. Since the removal of the subsidy a while ago and then the unification of Forex, we feel that the current policies of CBN, Ministry of Finance, and the government are yielding results, and that's why we're showing we're seeing stability in the country, and hopefully, we continue to do that. So we're feeling this is more moving into business as usual than anything else. That's the only reason.

說實話，史黛拉，我們覺得奈及利亞正在逐漸恢復正常，當該國局勢緊張、情況有些不正常時，這是一項極其重要的舉措。自從不久前取消補貼並統一外匯以來，我們認為央行、財政部和政府的現行政策正在取得成效，這就是為什麼我們看到國家穩定，希望我們能繼續這樣做。因此，我們感覺這更像是在恢復正常的業務。這是唯一的原因。

Thank you. That brings us to the end of the IHS Holding Limited first-quarter 2025 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. Thank you.

謝謝。IHS Holding Limited 2025 年第一季財報業績電話會議到此結束。如有任何疑問，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。謝謝。