IHS Holding Ltd (IHS) 2025 Q2 法說會逐字稿

Good day, and welcome to the IHS Holding Limited second-quarter 2025 earnings results call for the three-month and six-month periods ending June 30, 2025. Please note that today's conference is being webcast and recorded. (Operator Instructions)

大家好，歡迎參加 IHS Holding Limited 2025 年第二季收益結果電話會議，會議涵蓋截至 2025 年 6 月 30 日的三個月和六個月期間。請注意，今天的會議正在進行網路直播和錄製。（操作員指示）

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 to everyone for joining the call today. I'm Robert Berg, Head of Investor Relations here at IHS. With me today is 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 and six-month periods ended June 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 deck. These are the consolidated results of IHS Holding Limited, which is listed on the New York Stock Exchange under the ticker symbol IHS, and which comprises the entirety of the group's operations.

今天上午，我們向美國證券交易委員會提交了截至 2025 年 6 月 30 日的三個月和六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、演示文稿和補充文件。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 and 6-K filed as well today. In particular, the information to be discussed may contain forward-looking statements.

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。

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict and that may be beyond our control, 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. As a result, actual results, performance and achievements or industry results may be materially different from any future results, performance or achievements or industry results expressed or implied by these forward-looking statements.

就其性質而言，前瞻性陳述涉及已知和未知的風險、不確定性和其他難以預測且可能超出我們控制範圍的重要因素，包括我們向美國證券交易委員會提交的 20-F 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。因此，實際結果、績效和成就或產業結果可能與這些前瞻性陳述所表達或暗示的任何未來結果、績效或成就或產業結果有重大差異。

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 in 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 website.

我們還將參考非國際財務報告準則的指標，包括我們認為在評估業務績效時重要的調整後息稅折舊攤銷前利潤 (EBITDA)、我們認為在評估業務流動性時重要的 ALFCF，以及我們認為在管理業務資本資源時重要的合併淨槓桿率。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。

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, Rob. Good morning, everyone, and welcome to our second quarter 2025 earnings results call. I'm pleased to share that we've delivered another quarter of strong results ahead of expectations with strong performance across all our key metrics, revenue, adjusted EBITDA and ALFCF. And we've done it while also spending less total CapEx. This evidences that our strategy is working. We're driving organic growth, efficiency and cash flow.

謝謝，羅布。大家早安，歡迎參加我們 2025 年第二季財報電話會議。我很高興地告訴大家，我們又一個季度取得了超乎預期的強勁業績，所有關鍵指標、營收、調整後 EBITDA 和 ALFCF 均表現強勁。而且我們在實現這一目標的同時也減少了總資本支出。這證明我們的策略正在發揮作用。我們正在推動有機成長、效率和現金流。

And the environment is moving in our favor. We're seeing an improving macroeconomic and forex backdrop as well as fundamental telecom market performance, especially in Nigeria. With all of that, we are raising our full year 2025 outlook across every single key metric. Steve will take you through the details shortly, but the headline is we're operating better, we're more profitable, and we're strengthening our balance sheet as we had planned.

環境正在朝著有利於我們的方向發展。我們看到宏觀經濟和外匯背景以及基本電信市場表現正在改善，尤其是在奈及利亞。綜合考慮這些因素，我們將提高 2025 年全年所有關鍵指標的展望。史蒂夫很快就會向您介紹細節，但標題是我們的營運變得更好，我們的利潤更高，我們正在按照計劃加強我們的資產負債表。

Let me walk you through the quarter's highlights. Revenue came at $433 million, ahead of plan with 11% organic growth driven by colocation, lease amendments, new sites and CPI escalators. Adjusted EBITDA came at $248.5 million with a margin over 57%, stable year-on-year, showing continued financial discipline. ALFCF came at $54 million as expected, reflecting the rephrased interest payments following our November 2024 bond refinancing.

讓我帶您回顧本季的亮點。收入達到 4.33 億美元，超出計劃，受主機託管、租約修訂、新站點和 CPI 自動調整的推動，有機增長達到 11%。調整後的 EBITDA 為 2.485 億美元，利潤率超過 57%，年比穩定，顯示出持續的財務紀律。ALFCF 達到了預期的 5,400 萬美元，反映了我們 2024 年 11 月債券再融資後重新支付的利息。

And total CapEx came at $46 million, down 14% year-on-year, thanks to more disciplined capital allocation. In Q2, we repaid $154 million of high interest debt. That lowered our weighted average cost of debt for the whole company by 100 basis points, and that's tangible progress towards our debt reduction and free cash flow goals.

由於更嚴格的資本配置，總資本支出為 4,600 萬美元，年減 14%。第二季度，我們償還了 1.54 億美元的高利債務。這使整個公司的加權平均債務成本降低了 100 個基點，這對我們的債務削減和自由現金流目標取得了切實的進展。

On net leverage, we ended the quarter at 3.4 times, down from 3.9 times a year ago, right in the middle of our target range. We expect net leverage to continue to decrease between now and year-end, and that's irrespective of the proceeds from our Rwanda sale signed during the quarter, which we expect to close in the second half and further reduce net leverage.

就淨槓桿率而言，本季末我們的淨槓桿率為 3.4 倍，低於去年同期的 3.9 倍，正好處於我們的目標範圍的中間。我們預計從現在到年底淨槓桿率將繼續下降，這與本季簽署的盧安達銷售收益無關，我們預計交易將在下半年完成，並進一步降低淨槓桿率。

During the quarter, we also refinanced our $300 million group RCF, which remains undrawn until the third quarter of 2028. Liquidity remains strong, over $830 million even after paying down $154 million of debt. So, looking ahead, our priorities are clear. First, continue prioritizing paying down debt while continuing to grow organically. Second, stay disciplined with capital allocation and as we approach the low end of our leverage range, evaluate the introduction of dividends and/or share buybacks.

本季度，我們也對 3 億美元的集團 RCF 進行了再融資，該資金將持續到 2028 年第三季才能提取。流動性依然強勁，即使償還了 1.54 億美元的債務後，流動性仍超過 8.3 億美元。因此，展望未來，我們的優先事項很明確。首先，繼續優先償還債務，同時繼續實現有機成長。其次，嚴格控制資本配置，當我們接近槓桿範圍的低端時，評估引入股息和/或股票回購。

Third, unlock further efficiencies by bringing more technology and AI into how we work. Fourth, continue assessing growth opportunities with the highest returns given the high level of demand we are seeing from our customers. And finally, further disposal activity remains under consideration, and we are continuing to assess additional value-creative disposal opportunities.

第三，將更多的科技和人工智慧引入我們的工作中，進一步提高效率。第四，鑑於我們看到的客戶需求水準很高，繼續評估具有最高回報的成長機會。最後，進一步的處置活動仍在考慮中，我們將繼續評估其他具有價值創造能力的處置機會。

We see significant potential across our markets. The ongoing rollout of 5G across our biggest markets, the MNO tariff increases in Nigeria and of course, the stable Naira. We believe all of these set the stage for sustained growth and strong returns. We'll keep focusing on building the business, increasing free cash flow and strengthening the balance sheet with discipline, all with a firm eye on driving shareholder value.

我們看到整個市場都有巨大的潛力。我們最大的市場正在持續推出 5G，尼日利亞的 MNO 資費不斷上漲，當然，奈拉也保持穩定。我們相信所有這些都為持續成長和強勁回報奠定了基礎。我們將繼續專注於發展業務、增加自由現金流並嚴格加強資產負債表，同時堅定地致力於提高股東價值。

And with that, I'll hand it over to Steve.

說完這些，我就把麥克風交給史蒂夫。

Thanks, Sam, and hello, everyone. Let's take a look at slide 8, where we show our second-quarter 2025 performance. Our results came in ahead of expectations with positive operating and financial progress supported by the continued stable macroeconomic environment in Nigeria. As we look at the results, please note the year-over-year comparisons are impacted by some items in 2024.

謝謝，山姆，大家好。讓我們來看看投影片 8，其中展示了我們 2025 年第二季的業績。我們的業績超越預期，在尼日利亞持續穩定的宏觀經濟環境的支持下，我們的營運和財務取得了積極的進展。當我們查看結果時，請注意同比比較受到 2024 年某些項目的影響。

Firstly, the December 2024 Kuwait disposal, meaning no MENA contribution in 2025. And as a reminder, Kuwait contributed $11 million and $6 million to revenue and adjusted EBITDA respectively, in the second quarter of 2024. Then secondly, changes in our agreements last year with MTN South Africa relating to the provision of power managed services, which resulted in a one-off reduction of $14.5 million in the second quarter of last year to both revenue and cost of sales, but no impact on adjusted EBITDA.

首先，2024 年 12 月科威特處置，意味著 2025 年不會對中東和北非地區做出貢獻。需要提醒的是，科威特在 2024 年第二季分別為營收和調整後 EBITDA 貢獻了 1,100 萬美元和 600 萬美元。其次，去年我們與 MTN 南非公司就提供電力管理服務達成的協議發生了變化，導致去年第二季度收入和銷售成本一次性減少 1450 萬美元，但對調整後的 EBITDA 沒有影響。

And then thirdly, the impact of the renewed and extended contracts with MTN Nigeria signed last August 2024, including the near-term associated site churn. So in terms of the results, year-over-year towers increased approximately 1.5% and tenants increased approximately 2% in each case excluding distorted the impact of the Kuwait disposal, while lease amendments increased by almost 4%.

第三，去年 8 月與 MTN Nigeria 簽署的續約和延長合約（2024 年）的影響，包括近期相關的站點流失。因此，就結果而言，剔除科威特處置的影響後，塔樓數量較去年同期增加約 1.5%，租戶數量較去年同期增加約 2%，而租約修訂數量則增加近 4%。

On a reported basis, in the second quarter, revenue was broadly stable year-on-year, but was up 2% when adjusting for the impact of the Kuwait disposal. Organic growth was more than 11%, which was partially offset by the 9% impact from the movement of foreign exchange rates, including the Nigerian Naira versus the US dollar.

據報道，第二季營收與去年同期基本保持穩定，但調整科威特處置的影響後成長了 2%。有機成長率超過 11%，但被尼日利亞奈拉兌美元等外匯匯率變動 9% 的影響部分抵銷。

As a reminder, the Naira average FX rate was NGN1,392 to the dollar in Q2 of 2024 and was NGN1,581 to the dollar in Q2 of 2025. Hence, our 2Q reported revenue came in flat compared to last year despite those FX headwinds. Although the Naira has depreciated year-over-year, the currency has remained largely stable so far this year and continues to hover in the NGN1530 to NGN1550 Naira to the dollar levels post quarter end.

提醒一下，2024 年第二季奈拉平均匯率為 1 美元兌 1,392 奈拉，2025 年第二季奈拉平均匯率為 1 美元兌 1,581 奈拉。因此，儘管存在外匯不利因素，但我們報告的第二季營收與去年同期持平。儘管奈拉較去年同期有所貶值，但今年迄今為止，該貨幣基本上保持穩定，並在季度末之後繼續徘徊在 1 美元兌 1530 奈拉至 1550 奈拉的水平上。

Our adjusted EBITDA performance was also pleasing, increasing 1.5% year-on-year, excluding the impact of the Kuwait disposal. Adjusted EBITDA margin was broadly stable year-over-year and our robust adjusted EBITDA performance despite currency depreciation highlights our continued cost control and resilience of the financial model through contract resets.

我們的調整後 EBITDA 表現也令人滿意，不包括科威特處置的影響，年增 1.5%。調整後的 EBITDA 利潤率與去年同期相比基本保持穩定，儘管貨幣貶值，但我們強勁的調整後 EBITDA 表現凸顯了我們透過合約重置持續控製成本和維持財務模型的彈性。

Meanwhile, ALFCF decreased by approximately 19% versus 2Q last year. But remember, the comparison is distorted by a very different interest rate profile quarter-to-quarter in 2025 versus 2024. This emanates from the November 2024 bond refinancing. And as a reminder, following that refinancing, our bond interest payments are now primarily due in the second and fourth quarters of the year, whereas in 2024, they were more evenly spread.

同時，ALFCF與去年第二季相比下降了約19%。但請記住，2025 年與 2024 年季度間利率狀況的差異很大，導致比較結果失真。這是源自於2024年11月的債券再融資。需要提醒的是，經過再融資，我們的債券利息支付現在主要在今年第二季和第四季到期，而在 2024 年，利息支付的分佈更加均勻。

Our level of CapEx investment decreased by almost 14% in the quarter, largely driven by the pullback in CapEx as we continue to focus on improving cash generation. Finally, our consolidated net leverage ratio is 3.4x, down 0.5x versus the second quarter of last year. As Sam mentioned, we are well within our target range of 3x to 4x and expect to be at the low end of the range by the end of 2025. All of this is before the sale of our Rwanda business, which we continue to expect to close in the second half of this year.

本季度，我們的資本支出水準下降了近 14%，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，我們的合併淨槓桿率為 3.4 倍，較去年第二季下降 0.5 倍。正如 Sam 所提到的，我們完全處於 3 倍到 4 倍的目標範圍內，預計到 2025 年底將達到該範圍的低端。所有這些都是在我們出售盧安達業務之前發生的，我們預計該業務將在今年下半年完成出售。

Slide 9 shows the components of our 2Q '25 revenue on a consolidated basis, where you can see how the business delivered organic growth of more than 11% despite being broadly stable on a reported basis, given the impact of the Kuwait disposal and Naira devaluation. From a constant currency perspective, revenue grew approximately 10%, driven primarily by CPI escalations, new lease amendments, new colocations and new sites.

幻燈片 9 顯示了我們 2025 年第二季度綜合收入的組成部分，從中您可以看到，儘管受到科威特處置和奈拉貶值的影響，報告顯示業務基本穩定，但仍然實現了超過 11% 的有機增長。從固定匯率角度來看，營收成長了約 10%，主要原因是 CPI 上漲、新的租約修訂、新的主機託管和新站點。

Positive signs of the fundamental underlying tenancy growth continuing across our key markets. This strong constant currency revenue growth of 10% was supplemented by the benefits from our FX resets and was partially offset by lower revenues linked to power, given the fall in diesel prices over the period, although this has no impact on adjusted EBITDA or cash flow. The right side of the page shows the organic growth rates of each of our segments for the quarter with our Nigeria segment having grown more than 10% despite the impact of the renewed and extended contracts with MTN Nigeria.

我們主要市場的基本租賃成長持續呈現正面跡象。這一強勁的 10% 恆定貨幣收入增長得益於我們的外匯重置帶來的好處，但部分被與電力相關的收入下降所抵消，因為在此期間柴油價格下跌，但這對調整後的 EBITDA 或現金流沒有影響。頁面右側顯示了本季度我們各個部門的有機成長率，儘管受到與 MTN 尼日利亞續約和延長合約的影響，但我們的尼日利亞部門仍增長了 10% 以上。

On slide 10, you can see our consolidated revenue, adjusted EBITDA, adjusted EBITDA margins for 2Q '25, as we've already mentioned. Specifically, 2Q '25, our adjusted EBITDA of $248 million and adjusted EBITDA margin was 57.3%, continuing the trend of higher margins we've seen in recent quarters.

在第 10 張投影片上，您可以看到我們 2025 年第二季的綜合收入、調整後的 EBITDA 和調整後的 EBITDA 利潤率，正如我們已經提到的。具體來說，2025 年第二季度，我們的調整後 EBITDA 為 2.48 億美元，調整後 EBITDA 利潤率為 57.3%，延續了最近幾季利潤率上升的趨勢。

On slide 11, we show our adjusted levered free cash flow. So, in the second quarter, we generated ALFCF of $54 million, a 19% decrease year-over-year, primarily due to the higher interest payments in the quarter, as I mentioned earlier. Our ALFCF cash conversion rate was 21.7%.

在投影片 11 上，我們展示了調整後的槓桿自由現金流。因此，在第二季度，我們產生了 5,400 萬美元的 ALFCF，年減 19%，這主要是因為本季的利息支付較高，正如我之前提到的。我們的 ALFCF 現金轉換率為 21.7%。

On to CapEx. In the second quarter, CapEx of $46 million decreased 14% year-on-year, continuing recent trends. And that decrease was largely driven by lower CapEx in our LatAm segment, reflecting the continued actions we're taking to improve cash generation and to narrow our focus on capital allocation. Nonetheless, we retain a healthy level of new site builds in Brazil.

轉向資本支出。第二季度，資本支出為 4,600 萬美元，年減 14%，延續了近期的趨勢。這一下降主要是由於我們拉美地區資本支出的減少，這反映了我們為提高現金產生能力和縮小對資本配置的關注而採取的持續行動。儘管如此，我們在巴西的新站點建設仍保持著健康的水平。

On the segment review on slide 12, I'll start as usual with Nigeria. Revenue in our Nigerian segment was $260 million in the second quarter of 2025. During the quarter, we added over 250 new colocations and lease amendments continue to be an important driver of growth as we integrated over 700 new lease amendments since the end of March with our customers continuing to add additional equipment to our sites.

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。2025 年第二季度，我們尼日利亞分部的營收為 2.6 億美元。在本季度，我們增加了 250 多個新的主機託管，租約修訂繼續成為成長的重要驅動力，因為自 3 月底以來，我們整合了 700 多個新的租約修訂，而我們的客戶繼續在我們的站點添加更多設備。

This helped lead to strong organic growth of over 10% year-on-year despite an approximate $5 million reduction in revenue from the approximate 450 vacated tenants and 850 lease amendments related to the ongoing MTN Nigeria site churn. On a reported basis, the over 10% organic growth was offset by the 14% reduction in noncore revenues related to depreciation of the Naira year-on-year. As a reminder, at the first quarter results, we caution that given how the Naira was moving period-on-period versus our quarterly contract resets, we anticipated a headwind coming into 2Q '25. However, the Nigerian business has outperformed during 2Q, driving a better-than-expected result.

儘管由於 MTN 尼日利亞站點持續流失，約有 450 名租戶撤離，以及 850 份租約修改，導致收入減少約 500 萬美元，但這仍幫助公司實現了同比超過 10% 的強勁有機增長。據報道，超過 10% 的有機成長被奈拉同比貶值導致的非核心收入 14% 的減少所抵消。提醒一下，在第一季的業績中，我們提醒說，考慮到奈拉相對於我們的季度合約重置的逐期變動情況，我們預計 2025 年第二季將出現逆風。不過，尼日利亞業務在第二季表現出色，取得了好於預期的業績。

Second quarter '25 segment adjusted EBITDA in Nigeria was $171 million. And although segment adjusted EBITDA margin was up 190 basis points to 65.5%, and that's primarily reflecting a reduction in cost of sales and administrative expenses largely coming from the Naira devaluation and internal cost-saving initiatives. From a macroeconomic standpoint in Nigeria, we continue to see positive progress. The Naira has continued to stabilize, including post quarter end, USD liquidity is available, inflation is dropping, real GDP was up in the first quarter of this year year-over-year and interest rates continue to be held flat but are forecast to start dropping with some analysts expecting the first rate cut as soon as September.

25 年第二季尼國分部調整後 EBITDA 為 1.71 億美元。儘管分部調整後的 EBITDA 利潤率上漲了 190 個基點，達到 65.5%，但這主要反映了銷售成本和管理費用的減少，這主要源自於奈拉貶值和內部成本節約措施。從尼日利亞的宏觀經濟角度來看，我們繼續看到積極的進展。奈拉持續保持穩定，包括本季末之後，美元流動性充足，通貨膨脹率下降，今年第一季實際 GDP 同比增長，利率繼續保持平穩，但預計將開始下降，一些分析師預計最早將於 9 月首次降息。

And while the Monetary Policy Committee is expected to maintain their tight monetary policy strategy in the short to medium term, the government does expect inflation to come down as seen most recently with the June CPI print of 22.2% versus 23% in May and down from over 24% in March. This was a positive development as the government continues to eventually target single-digit inflation.

儘管預計貨幣政策委員會將在短期至中期內維持緊縮的貨幣政策策略，但政府確實預計通膨率將會下降，正如最近所見，6 月份 CPI 為 22.2%，而 5 月份為 23%，低於 3 月份的 24% 以上。這是一個積極的發展，因為政府最終將繼續以個位數通膨為目標。

Crude oil production also continues to improve with July's output increasing to 1.8 million barrels per day, surpassing the 1.5 million barrel per day OPEC quota for the first time in months. Nigeria's FX market remains stable, as we mentioned, through the quarter with an average Naira to the dollar FX rate at 1,581. As I mentioned, current levels are more like NGN1530 to NGN1550 Naira to the dollar post quarter end. The country continues to make macroeconomic progress and investor confidence seems to be returning.

原油產量也持續改善，7月產量增加至180萬桶/日，數月來首次超過歐佩克150萬桶/日的配額。正如我們所提到的，本季尼日利亞外匯市場保持穩定，奈拉兌美元的平均匯率為 1,581。正如我所提到的，本季末，目前的水平更像是奈拉兌美元匯率為 1530 至 1550 奈拉。該國宏觀經濟持續取得進展，投資者信心似乎正在恢復。

On another note, following the recent rebasing of GDP, the numbers now show the size of the Nigerian economy to be approximately $250 billion in 2024, and that's approximately 35% larger than initially estimated under the prior 2010 base. As of the previous quarter, Nigeria's real GDP grew 3.1%, of which telecommunications and information services contributed 8.5%, highlighting the crucial role our sector plays in the Nigerian economy.

另一方面，根據 GDP 最近的重新調整，數據顯示，到 2024 年，尼日利亞經濟規模將達到約 2,500 億美元，比最初基於 2010 年基數的估計值高出約 35%。截至上一季度，奈及利亞實際GDP成長3.1%，其中電信和資訊服務貢獻了8.5%，凸顯了電信和資訊服務業在奈及利亞經濟中所扮演的關鍵角色。

Moving on to Sub-Saharan African segment, revenue increased 18%, while segment adjusted EBITDA decreased 4% year-on-year. The revenue growth was driven by new tenants and colocations. But as I said earlier, the comparison is also impacted by the one-off 2Q '24 reduction in both revenue and cost of sales following the changes in power managed service agreements with MTN South Africa. The year-over-year decline in adjusted EBITDA reflects an increase in costs, primarily driven by higher power generation and tower maintenance costs.

撒哈拉以南非洲地區營收成長 18%，但調整後的 EBITDA 年減 4%。收入成長主要由新租戶和主機託管推動。但正如我之前所說，由於與 MTN 南非的電力管理服務協議發生變化，2024 年第二季收入和銷售成本的一次性減少也對這一比較產生了影響。調整後 EBITDA 的同比下降反映了成本的增加，主要原因是發電成本和塔架維護成本的增加。

In our LatAm segment, towers and tenants grew by 7.3% and 9.7%, respectively, versus the second quarter last year as we added over 400 colocations and 600 BTS during the year. This helped lead to 6% organic growth year-on-year, notwithstanding that we've now written down the remainder of our Oi revenue during the quarter.

在我們的拉丁美洲地區，與去年第二季相比，塔樓和租戶分別成長了 7.3% 和 9.7%，因為我們在年內增加了 400 多個主機託管和 600 個 BTS。儘管我們已將本季度剩餘的 Oi 收入減記，但這仍幫助實現了 6% 的同比有機成長。

In Brazil, our second largest market with 8,525 towers, macroeconomic conditions were changeable in the second quarter as the Brazilian reais appreciated against the dollar, albeit the Brazilian Central Bank slightly raised rates by 25 basis points, bringing the benchmark Selic interest rate to 15%. In terms of LatAm profitability, segment adjusted EBITDA increased by 0.5% and segment adjusted EBITDA margin increased 260 basis points versus the second quarter last year, which mostly reflects the reduction in expenses from various cost-saving initiatives.

巴西是我們的第二大市場，擁有 8,525 座塔樓。第二季度，儘管巴西央行小幅升息 25 個基點，使基準 Selic 利率升至 15%，但宏觀經濟狀況仍發生多變，巴西雷亞爾兌美元匯率上漲。就拉丁美洲地區的獲利能力而言，分部調整後 EBITDA 成長了 0.5%，分部調整後 EBITDA 利潤率較去年第二季增加了 260 個基點，這主要反映了各種成本節約措施帶來的費用減少。

On slide 14, our capital structure-related items. And at June 30, 2025, we had approximately $3.9 billion of external debt and IFRS 16 lease liabilities, down from $4 billion last quarter. Of the $3.9 billion, approximately $2.2 billion represents our bond financings.

第 14 張投影片是與我們的資本結構相關的項目。截至 2025 年 6 月 30 日，我們的外債和 IFRS 16 租賃負債約為 39 億美元，低於上一季的 40 億美元。在這 39 億美元中，約有 22 億美元來自我們的債券融資。

As Sam mentioned, during the second quarter, we've taken further actions to strengthen our balance sheet by repaying certain debt of $154 million equivalent, lowering our current blended group interest cost by 100 basis points from 9.3% to 8.3% and extending some maturities. As discussed last quarter, during April, the outstanding balance of approximately $80 million equivalent on the Nigerian term loan was fully repaid using the local Naira cash. This Naira term loan carried a high interest rate and its repayment is in line with our focus to reduce debt, particularly high interest debt.

正如 Sam 所提到的，在第二季度，我們採取了進一步的措施來加強我們的資產負債表，包括償還相當於 1.54 億美元的部分債務，將我們目前的混合集團利息成本降低 100 個基點（從 9.3% 降至 8.3%），並延長部分期限。正如上個季度所討論的，4 月份，尼日利亞定期貸款的未償餘額約為 8,000 萬美元，已使用當地奈拉現金全部償還。這筆奈拉定期貸款的利率很高，其償還符合我們減少債務（尤其是高利息債務）的重點。

Then more recently, in June, we also redeemed approximately $273 million equivalent of debentures in Brazil using a combination of a new $200 million term loan and group cash. Also in June, we replaced our existing $300 million group revolving credit facility, which was due to expire in October 2026 with a new $300 million revolving credit facility, which remains undrawn.

最近，在 6 月份，我們還利用 2 億美元的新定期貸款和集團現金贖回了巴西約 2.73 億美元的債券。此外，在 6 月份，我們以一筆新的 3 億美元循環信貸額度取代了原定於 2026 年 10 月到期的 3 億美元集團循環信貸額度，但該筆信貸額度目前仍未提取。

This new group RCF facility can be increased up to $400 million and is available until the third quarter of 2028. Notwithstanding the $154 million of debt prepayment in the quarter and the 2Q being a high interest quarter for us, cash and cash equivalents was still $533 million as of June 30, bringing our total liquidity to $833 million, of which $300 million is the new undrawn group RCF.

該新的集團 RCF 貸款額度最高可增至 4 億美元，有效期至 2028 年第三季。儘管本季預付了 1.54 億美元的債務，並且第二季度對我們來說是一個高利息季度，但截至 6 月 30 日，現金和現金等價物仍為 5.33 億美元，使我們的總流動資金達到 8.33 億美元，其中 3 億美元是新的未提取的集團 RCF。

In terms of where that cash is held, approximately 32% was held in Naira at our Nigerian business at the end of the quarter, although we've continued to upstream from there since the end of the quarter. So consequently, our consolidated net debt was $3.3 billion at the end of June. Our consolidated net leverage ratio was 3.4 times, which was broadly stable since the end of March and came down 0.5% year-on-year. We expect leverage to be at the low end of our target 3 times to 4 times leverage range by the end of 2025, and this will be supplemented by the cash proceeds that we expect from the Rwanda disposal once it closes.

就現金持有地點而言，截至本季末，我們的奈及利亞業務中約有 32% 以奈拉形式持有，儘管自本季末以來我們一直在從那裡向上游流動。因此，截至六月底，我們的合併淨債務為 33 億美元。合併淨槓桿率為3.4倍，3月底以來基本保持穩定，較去年同期下降0.5%。我們預計，到 2025 年底，槓桿率將達到我們目標 3 倍至 4 倍槓桿範圍的低端，而盧安達資產處置完成後，我們預計獲得的現金收益將補充這一水平。

So, moving on to slide 15. And as Sam mentioned, given the strong performance across our business in the second quarter and our positive view on the remainder of the year, we're raising our full year 2025 guidance. We're expecting increased revenues driven by a stronger operating performance and positive FX movements and improved profitability and ALFCF cash conversion driven by our continued financial discipline.

那麼，請繼續看第 15 張投影片。正如 Sam 所提到的，鑑於我們第二季度業務的強勁表現以及我們對今年剩餘時間的積極看法，我們上調了 2025 年全年業績預期。我們預計，在更強勁的經營業績和積極的外匯走勢的推動下，收入將會增加，而在持續的財務紀律的推動下，盈利能力和 ALFCF 現金轉換率將會增加。

To be clear, we would be moving guidance up by more, but in this guidance revision, we're also backing out the Rwanda business contribution on the assumption that disposal completes soon. So, we now expect revenue in the range of $1.7 billion to $1.73 billion. That's a $20 million uplift from our previous guidance. Adjusted EBITDA in the range of $985 million to $1.005 billion, that's a $25 million uplift. And ALFCF in the range of $390 million to $410 million, that's a $40 million uplift. And total CapEx now in the range of $240 million to $270 million, and that's a $20 million reduction from our previous outlook.

需要明確的是，我們會將指導價進一步上調，但在本次指導價修訂中，我們也假設處置很快就會完成，從而取消盧安達業務的貢獻。因此，我們現在預計營收在 17 億美元至 17.3 億美元之間。這比我們之前的指導增加了 2000 萬美元。調整後的 EBITDA 在 9.85 億美元至 10.05 億美元之間，成長 2,500 萬美元。ALFCF 在 3.9 億至 4.1 億美元之間，即增加了 4,000 萬美元。目前總資本支出在 2.4 億美元至 2.7 億美元之間，比我們先前的預測減少了 2,000 萬美元。

Our consolidated net leverage ratio target of 3 times to 4 times remains unchanged as of now. As a reminder, our guidance shows solid growth in 2025 versus 2024 in our revenues when excluding the impact of our disposals and strong growth in adjusted EBITDA and ALFCF. So there's a few points I'd like to make here on the guidance upgrades.

我們3倍至4倍的合併淨槓桿率目標目前維持不變。提醒一下，我們的指引顯示，如果排除資產處置的影響以及調整後的 EBITDA 和 ALFCF 的強勁成長，2025 年我們的營收將與 2024 年相比實現穩健成長。因此，我想就指導升級提出幾點看法。

So number one, revenue is impacted by power indexation movements up and down, which do not flow into adjusted EBITDA nor ALFCF. And we are seeing lower power prices for the remainder of the year, which reduces power index revenue but doesn't impact adjusted EBITDA nor ALFCF.

因此，第一，收入受到電力指數化上下波動的影響，這些影響不會流入調整後的 EBITDA 或 ALFCF。我們看到今年剩餘時間的電價將會下降，這會減少電力指數收入，但不會影響調整後的 EBITDA 或 ALFCF。

Secondly, given how much we're increasing adjusted EBITDA relative to revenue and increasing ALFCF relative to adjusted EBITDA, you can see the impact of initiatives around profitability, balance sheet and cash flow generation positively impacting our metrics. As mentioned, our guidance raise is now inclusive of an estimated contribution reduction related to our Rwanda disposal, which we continue to expect to close soon in H2.

其次，考慮到我們調整後的 EBITDA 相對於收入的增長幅度以及 ALFCF 相對於調整後的 EBITDA 的增長幅度，您可以看到圍繞盈利能力、資產負債表和現金流生成的舉措對我們的指標產生了積極影響。如上所述，我們的指導上調現在包括與盧安達處置相關的預計貢獻減少，我們預計該處置將在下半年很快完成。

And to put some numbers to that, our new guidance includes an estimated reduction to 2025 revenue, EBITDA and ALFCF of $20 million, $12 million and $7 million, respectively. And then finally, our guidance implies an organic growth rate on revenue of 11% at the midpoint. Our new organic growth expectations reflect increased constant currency growth assumptions driven by a better operating and financial performance, but the offset to this is a lower contribution from our FX resets. We're also now assuming a lower benefit from power indexation driven by lower diesel prices.

具體來說，我們的新指引包括預計 2025 年營收、EBITDA 和 ALFCF 將分別減少 2,000 萬美元、1,200 萬美元和 700 萬美元。最後，我們的指導意味著中間點的收入有機成長率為 11%。我們新的有機成長預期反映了更好的營運和財務表現推動的固定貨幣成長假設的提高，但抵消這一影響的是外匯重置的貢獻降低。我們現在也假設，由於柴油價格下降，電力指數化帶來的效益也會降低。

Then moving to FX and the bottom of the slide shows the average annual FX rate assumption used in our 2025 guidance. For the year, we're now assuming a rate of NGN1,595 to the US dollar compared to our previous assumption of NGN1,640. This includes devaluation through the year to 1,730 in December 2025. We are also now assuming stronger FX assumptions to varying degrees for other FX rates on the slide, helping to support our expected 2025 overall financial performance.

然後轉到外匯，幻燈片底部顯示了我們 2025 年指導中使用的平均年度外匯匯率假設。對今年而言，我們現在假設的匯率為 1,595 奈拉兌 1 美元，而我們先前的假設是 1,640 奈拉兌 1 美元。其中包括全年貶值至 2025 年 12 月的 1,730。我們現在也對幻燈片中的其他外匯匯率進行了不同程度的更強的外匯假設，以幫助支持我們預期的 2025 年整體財務表現。

So 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) Richard Choe, JPMorgan.

（操作員指示）摩根大通的 Richard Choe。

I wanted to ask about the new lease amendments. It was a lot stronger this quarter than it was last quarter, and colocation remains strong. So, can you just give a sense on what is driving it and what it should look like for the rest of the year?

我想詢問有關新租約修正案的問題。本季的表現比上一季強勁得多，主機託管業務依然保持強勁。那麼，您能否簡單介紹一下推動這一趨勢的因素以及今年剩餘時間內的趨勢將會如何？

Yes, so colocations were pretty similar to last quarter, 467 new colo in the quarter, which was pretty much in line with Q1, and we see a continuation of that through the rest of the year. Lease amendments, to your question, I would say pretty normal activity in this quarter. It was a bit lower last quarter actually in Q1. So that's probably skewed the comp a little bit.

是的，因此主機託管數量與上一季非常相似，本季新增 467 個主機託管，與第一季基本一致，我們預計這一趨勢將在今年剩餘時間內持續下去。針對您的問題，關於租約修改，我想說本季的活動相當正常。實際上，上個季度第一季的水準略低。所以這可能對比較結果有一點扭曲。

But where it's coming from, Nigeria and Brazil, primarily, and we expect to see that continue through the back end of this year. We're seeing good leasing activity in Nigeria, Brazil, even in other parts of SSA market as well. So, as we sit here today in August, we're on for a pretty strong year at this point in time.

但它主要來自尼日利亞和巴西，我們預計這種趨勢將持續到今年年底。我們看到尼日利亞、巴西，甚至撒哈拉以南非洲市場的其他地區都有良好的租賃活動。因此，當我們今天坐在這裡時，八月，我們正迎來一個相當強勁的一年。

And while you lowered CapEx guidance, you're still implying a pretty big ramp in the second half from what has been spent so far this year. Can you kind of walk through like where the ramp is coming from and what are the chances that might even come under guidance even though you already reduced it?

儘管你們降低了資本支出指引，但你們仍然暗示下半年的支出將比今年迄今的支出大幅增加。您能否大致了解坡道的來源，以及即使已經減少了坡道，仍有可能受到引導的可能性有多大？

Yes. We've said for a quarter or so now that the CapEx guide is H2 loaded, and that's based on when our rollout projects will come to fruition that's -- a lot of it is in Brazil. There's a little bit of it sat around Sub-Saharan Africa as well. So, we're pretty confident in terms of the new lower guidance range.

是的。我們已經說了一個季度左右的時間，資本支出指南是下半年的，這是基於我們的推出項目何時會取得成果 - 其中很多是在巴西。撒哈拉以南非洲地區也有一小部分。因此，我們對新的較低指導範圍非常有信心。

Obviously, a little bit of that CapEx is impacted by FX moderating as well. But we're pretty comfortable with that now, should be good for the rest of the year. But obviously, we'll update people again if anything has changed by the Q3 results.

顯然，資本支出的一小部分也受到外匯調節的影響。但我們現在對此感到非常滿意，今年剩餘時間的情況應該會很好。但顯然，如果第三季的結果有任何變化，我們會再次向大家通報。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could just help us think about the impact of a few moving pieces on your organic growth heading into 2026 as we think about the modeling on the forward. Your organic growth guidance is now 11%.

我想知道，當我們考慮未來的模型時，您是否可以幫助我們思考一些變動因素對 2026 年有機成長的影響。您的有機成長預期現在是 11%。

Maybe talk about how you're expecting the impact of CPI and FX resets to trend as we head into next year. And if I sort of back away those things, it seems like your underlying growth organic is about 6.5%. What are some other factors that could be some positive offsets to that, whether it be in terms of lease amendments, colocations or otherwise?

也許可以談談您如何預期明年 CPI 和 FX 重置趨勢的影響。如果我回顧這些事情，似乎你的潛在有機成長率約為 6.5%。還有哪些因素可以對此產生正面的影響，無論是在租約修改、主機託管或其他方面？

Well, as you know, we're a little bit early in the year for 2026 guidance, but I'll give you some points in terms of what we can. If we talk about 2025 to begin with because I think it will give you a good indicator of what we're looking at for next year as well.

嗯，正如你所知，我們對 2026 年的預測還為時過早，但我可以就我們能做到的給你一些建議。如果我們先談論 2025 年，因為我認為這將為您提供一個很好的指標，讓您了解我們對明年的展望。

As I just mentioned in terms of Richard's question, we are expecting continued strength in colocations and in lease amendments. If we're looking now for '25 at places like Nigeria, we're expecting higher colocation numbers than last year. In Brazil, we're expecting higher colocation numbers than last year. Lease amendments, we're expecting higher lease amendments in Brazil than last year. So we're really kind of positive about the back end of this year.

正如我剛才在回答理查德的問題時提到的那樣，我們預計主機託管和租約修訂將繼續保持強勁勢頭。如果我們現在關注尼日利亞等地 25 年的託管數量，我們預計託管數量將比去年更高。在巴西，我們預計主機託管數量將比去年更高。租賃修訂，我們預計巴西的租賃修訂將比去年更高。所以我們對今年年底的業績非常樂觀。

And then we see that continuing into next year. If we look around our markets, Nigeria and Brazil are kind of two of the biggest bellwethers at this point in time. And we see a pretty positive carrier environment in both of those markets. Nigeria, we obviously had the tariff increases for the carriers earlier this year, and we've seen that translate into really positive results for the carriers. The carriers are under pressure on quality of service as well.

我們看到這種情況會持續到明年。如果我們環顧我們的市場，尼日利亞和巴西是目前最大的兩個領頭羊。我們看到這兩個市場的運營商環境都相當積極。尼日利亞，我們顯然在今年早些時候提高了承運商的關稅，並且我們已經看到這為承運商帶來了非常積極的結果。運營商也面臨服務品質的壓力。

So, the businesses are performing well and strong and they're being pushed on quality of service, which ultimately means potential infrastructure for us. And we're continuing to see rollout. So, we've talked publicly about our rollout with Airtel in Nigeria over the last 18 months or so. That continues at pace. So that's really pleasing.

因此，這些企業表現良好、實力雄厚，並且正在努力提高服務質量，這最終意味著我們擁有潛在的基礎設施。我們正在繼續見證其推出。因此，在過去 18 個月左右的時間裡，我們公開討論了與尼日利亞 Airtel 合作推出的服務。這一進程仍在繼續。這真的令人高興。

And if we switch sides of the Atlantic over to Brazil, we continue to see a really active pipeline, new build sites, yes, but also colocations and lease amendments as well. Our approximate 500 bps for the year across the entire group, 80% of that is coming from Brazil, and we might even slightly beat that given where the pipeline is coming. And that's really going to extend into 2026. We see a lot more opportunity there, notwithstanding the fact that the carrier environment is now down to three post all the Oi cleanups, and we're seeing positive momentum there as well.

如果我們將目光轉向大西洋兩岸的巴西，我們將繼續看到真正活躍的管道、新建站點，當然，還有主機託管和租約修訂。我們整個集團全年的出口量約為 500 個基點，其中 80% 來自巴西，而且考慮到管道的來源，我們甚至可能略微超過這個數字。而這趨勢確實會延續到 2026 年。儘管在 Oi 清理工作完成後，營運商環境已降至三個，但我們仍看到更多機會，並且我們也看到了積極的勢頭。

And so, for your question on CPI and the shape of that, we expect CPI and FX resets, obviously, to be more moderate next year. And so, hopefully, we'll be seeing a slightly bigger benefit of colocation lease amendments. And BTS, that's really a capital allocation discussion, which we'll be getting into as we get into the back half of the year.

因此，對於您關於 CPI 及其形態的問題，我們預計明年的 CPI 和外匯重置顯然會更加溫和。因此，希望我們能夠看到主機託管租賃修正案帶來更大的好處。BTS，這實際上是一個資本配置討論，我們將在進入下半年時深入討論這個問題。

That's helpful. And then maybe just as a follow-up. In terms of capital allocation, I mean, you talked about the fact, Sam, that you're considering additional asset sales, but you're already going to be at the low end of your leverage range, not even -- notwithstanding the Rwanda sale.

這很有幫助。然後也許只是作為後續行動。在資本配置方面，我的意思是，山姆，你談到了這樣一個事實，你正在考慮出售額外的資產，但你已經處於槓桿範圍的低端，甚至還沒有——儘管有盧安達的出售。

So, I'm just trying to understand from here, what would be the rationale for doing more asset sales? Is it -- would it be something that's purely opportunistic based on price? Or are you considering actions that you might actually deconsolidate some of your smaller scale operations and potentially acquire others to give you bigger scale where you already have a lot of it?

所以，我只是想從這裡了解，進行更多資產出售的理由是什麼？這是──這是純粹基於價格的機會主義行為嗎？或者您正在考慮採取行動，實際上可能會拆分一些規模較小的業務，並可能收購其他業務，以便在您已經擁有大量業務的情況下擴大規模？

I'll start on that one, Jim and Sam can chip in as well. I think specifically as it relates to the disposals that we've done and what we're still considering looking at. So, we said originally, we would sell $500 million to $1 billion worth of assets. We've also spoken about wanting to get the balance sheet down to around 3 times leverage and that sort of territory.

我將從那一個開始，吉姆和山姆也可以參與。我認為具體來說，這與我們已經完成的處置以及我們仍在考慮的事情有關。所以，我們最初說過，我們將出售價值 5 億至 10 億美元的資產。我們也談到希望將資產負債表的槓桿率降至 3 倍左右。

So, we are still thinking through whether to do some more disposals. We're looking at a few bits and pieces. But really, it comes down to value. If we think it's going to drive shareholder value, then we will absolutely do that. And what would we do with that capital?

所以，我們仍在考慮是否要進行更多處置。我們正在看一些零碎的東西。但實際上，這取決於價值。如果我們認為這會提高股東價值，那麼我們絕對會這樣做。那我們要用這些資金來做什麼呢？

Again, capital allocation discussion. We're really thinking through in the second half of this year, what we do in terms of potential direct shareholder remuneration. So more on that potentially later in the year. But again, if it's going to generate good value versus where we're trading, then we'll keep looking at it.

再次，資本配置討論。我們正在認真考慮今年下半年在潛在的直接股東薪酬方面應該採取哪些措施。我們可能會在今年稍後對此進行更多討論。但同樣，如果它能夠為我們的交易創造良好的價值，那麼我們就會繼續關注它。

Sam, do you want to add anything else you want to add on that?

山姆，你還想補充什麼嗎？

Jim, the short answer is that we are not discounting further asset disposals. I mean, at the end of the day, the strategic plan has at its core to basically find ways to return capital or return value to shareholders. And we believe at some point in time, if given where our multiples are at the moment, our group multiples, if we find -- if assets of offers are being made for assets that basically are accretive, then why not?

吉姆，簡而言之，我們不會排除進一步的資產處置。我的意思是，歸根結底，戰略計劃的核心是尋找向股東返還資本或價值的方法。我們相信，在某個時間點，如果考慮到我們目前的倍數，我們的集團倍數，如果我們發現 - 如果對資產的報價基本上是增值的，那麼為什麼不呢？

I mean we'll have to be mindful of -- at the end of the day, we are a growth company, and we continue to grow. So, we want to also be able to preserve that. But the short answer is yes, as we consider ways to return that capital, whether it's through dividends or buybacks as we kind of like continue to approach our target comfort zone on net leverage.

我的意思是我們必須牢記——歸根結底，我們是一家成長型公司，而且我們會繼續成長。所以，我們也希望能夠保留這一點。但簡短的回答是肯定的，因為我們正在考慮返還資本的方法，無論是透過股息還是回購，因為我們有點喜歡繼續接近淨槓桿率的目標舒適區。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

A couple of questions to follow up. So first, on the guide for 2025. So, you referenced that the constant currency organic growth is now better in the guide for '25 than it was previously. Can you give a little bit more detail of how that specifically evolved within the guidance and where the relative strength is coming from?

有幾個問題需要進一步探討。首先，我們來看看 2025 年的指南。因此，您提到，25 年指南中的恆定貨幣有機成長現在比以前更好。您能否更詳細地說明一下指導中具體是如何演變的，以及相對強度來自哪裡？

And then the second question is just a follow-up on the capital allocation discussion. As you've contemplated what the right leverage is for the business, can you discuss the factors that got you comfortable that 3 times or roughly that 3 times net debt-to-EBITDA level is the right place to then get to that fork in the road where you're going to decide what to do with capital allocation from there and whether you contemplated sustaining higher or significantly lower leverage as part of those considerations?

第二個問題只是對資本配置討論的後續。在您考慮了適合企業的合適槓桿率後，您能否討論一下哪些因素讓您確信 3 倍或大約 3 倍的淨債務與 EBITDA 比率是正確的，然後到了決定如何處理資本配置的岔路口，以及作為這些考慮的一部分，您是否考慮過維持更高或顯著更低的槓桿率？

Mike. So, on your first question on the guidance, so where are some of those organic elements coming from, so i.e., outside of FX. Really, that's around, from a revenue standpoint, leasing activity, particularly in Nigeria, a little bit in Brazil, but also a little bit in Sub-Saharan Africa.

麥克風。那麼，關於您關於指導的第一個問題，這些有機元素來自哪裡，即外匯之外的元素。實際上，從收入的角度來看，租賃活動大致如此，特別是在尼日利亞，在巴西有一點，但在撒哈拉以南非洲也有一點。

So, we're seeing positive leasing activity coming through revenue performance in those places. We're also seeing more benefit come through in EBITDA because of a variety of cost-saving initiatives that we've had running. So, this is now away from sort of organic growth rates, which are on revenue, but into the wider guidance. We're seeing a variety of cost benefits coming through. Those will be recurring going forward. There's nothing one-off in there. That's a recurring benefit that we're going to see through the back end of this year and into next year.

因此，我們看到這些地方的租賃活動透過收入表現呈現正態勢。由於我們實施了各種成本節約舉措，EBITDA 也獲得了更多收益。因此，這不再是基於收入的有機成長率，而是更廣泛的指導。我們看到了各種成本效益的體現。這些將會不斷重複發生。這裡面沒有什麼一次性的東西。這是一個經常性的好處，我們將在今年年底和明年看到它。

And then as we go even further down the cash flow statement, if you like, into ALFCF, on top of those revenue upsides, on top of those cost saving upsides, we're also seeing particularly interest upsides in terms of some of the things that we've been doing on the balance sheet, i.e., paying down debt, particularly paying down high interest debt. We're also generating more cash, which means we can generate more interest income. And so, all of that is adding to the overall picture of the guidance. That's why you're seeing EBITDA go up by more than revenue and ALFCF go up by more than EBITDA.

然後，當我們進一步查看現金流量表，如果你願意的話，查看 ALFCF，除了收入增長和成本節約增長之外，我們還看到，就我們在資產負債表上所做的某些事情而言，特別是利息增長，即償還債務，特別是償還高息債務。我們也產生了更多的現金，這意味著我們可以產生更多的利息收入。因此，所有這些都為指導的整體情況增添了內容。這就是為什麼你會看到 EBITDA 漲幅超過收入，而 ALFCF 漲幅超過 EBITDA。

So hopefully, that explains a little bit about that. And just to make sure we're clear, I said it earlier in the prepared remarks, but the guidance raise would have been higher, but we're also backing out the contribution from Rwanda for the balance of the year. So just to make sure that everybody is clear on that.

希望這能稍微解釋一下這一點。為了確保我們清楚，我之前在準備好的發言中說過，指導性增幅本來會更高，但我們也放棄了盧安達在今年餘額中的貢獻。所以只是為了確保每個人都清楚這一點。

And then why 3 times there or thereabouts the right level? Look, I think as we've spent a lot of time assessing our capital structure in the last 18 months post significant Naira devaluation in particular, 3 times there or thereabouts is a level that we feel pretty comfortable operating in. The business can certainly go up to somewhere like 4 times if we were in kind of acquisitional mode. But we're not there at this point in time. That's not what we're doing.

那麼為什麼正確水準是 3 倍左右呢？你看，我認為，由於我們在過去 18 個月中花了很多時間評估我們的資本結構，特別是在奈拉大幅貶值之後，3 倍左右的水平是我們感到相當舒適的運營水平。如果我們採取收購模式，業務肯定可以成長 4 倍左右。但目前我們還沒有達到這個程度。這不是我們要做的事。

And so, running the business steady state, we feel like 3 times is a pretty good leverage level, risk-adjusted for the markets in which we operate. We all know TowerCos can sustain more leverage than that. But for our markets, 3 times feels the right level, not too much, not too little to be ineffective use of capital. What I would say is within that 3 times leverage mix, we want to make sure that we are paying the most optimized level of interest expense on that. And that's part of what we're doing at the moment.

因此，在業務穩定運作的狀態下，我們認為 3 倍是一個相當不錯的槓桿水平，並且對於我們營運的市場而言，風險已經進行了調整。我們都知道，TowerCos 可以承受比這更高的槓桿。但對於我們的市場來說，3 倍感覺是合適的水平，不會太多，也不會太少，以免導致資本的無效利用。我想說的是，在 3 倍槓桿組合中，我們希望確保支付最優化的利息費用。這正是我們目前正在做的事情的一部分。

As we all know, we've been looking at a lot of things on the balance sheet maturities, currency mix, interest rates as well as absolute amount and therefore, leverage. So, lots of different things going into that. 3 times feels pretty comfortable for this business in the formation we're in now.

眾所周知，我們一直在關注資產負債表到期日、貨幣組合、利率以及絕對金額等許多方面，因此還有槓桿率。因此，有很多不同的事情會發生。對於我們目前所處的狀態而言，3 倍對於這項業務來說感覺相當舒適。

Gustavo Campos, Jefferies.

傑富瑞的古斯塔沃‧坎波斯 (Gustavo Campos)。

Yes, two quick questions for me. The first is whether you have a total debt target for -- towards the end of the year? And secondly, whether you -- I see that your EBITDA contribution is roughly like 65% Nigeria and 35% coming from other geographies?

是的，我有兩個快速問題。第一個問題是，您是否有年底的總債務目標？其次，您是否發現—您的 EBITDA 貢獻約 65% 來自奈及利亞，35% 來自其他地區？

And how do you expect this EBITDA mix from a geographic perspective to change over the medium term? If you have any high-level thoughts around that, that would be much appreciated.

從地理角度來看，您預計 EBITDA 組合在中期內將如何變化？如果您對此有任何高層次的想法，我們將不勝感激。

Sure. So, on the first one, no, no specific debt target. As we just talked about quite a bit, the target is really around net leverage of the bottom end of our current 3 times to 4 times range. So, we want to get the business to 3 times. We'll hopefully be close to that by the year-end.

當然。因此，關於第一個問題，沒有具體的債務目標。正如我們剛才所討論的，目標實際上是在我們目前 3 倍到 4 倍範圍的底端的淨槓桿率。因此，我們希望將業務量提高 3 倍。我們希望到年底能夠接近這個目標。

And then on EBITDA -- I mean, a lot of the EBITDA contribution statistics will be dependent on any more disposals, obviously, whether those are inside of that perimeter or outside that perimeter being Nigeria. So we've said historically, we wanted Nigeria to be sub-50% of the business in terms of the contribution. That was before the latest kind of strategic initiatives that we've been executing for the last 18 months or so. So, we don't have a set target at this point in time.

然後是 EBITDA——我的意思是，許多 EBITDA 貢獻統計數據將取決於任何更多的處置，顯然，無論這些處置是在該範圍之內還是在該範圍之外的尼日利亞。因此，我們曾經說過，我們希望尼日利亞在業務貢獻中所佔比例低於 50%。那是在我們過去 18 個月左右執行的最新策略舉措之前。所以，我們目前還沒有設定目標。

We're really just making sure that we execute on profitability, cash flow and balance sheet et cetera, so that we deliver share price value. And we'll be relooking at all of those things as we get into the back end of this year.

我們實際上只是確保我們在獲利能力、現金流量和資產負債表等方面實現目標，從而實現股價價值。當我們進入今年年底時，我們將重新審視所有這些事情。

(Operator Instructions) [David Lopez], New Street Research.

(操作員指示)[David Lopez]，New Street Research。

A couple of quick ones on Nigeria and one on the interest cost. So, in Nigeria, 9mobile has reached a roaming agreement with MTN. I was wondering if there is any impact to IHS. I believe it's not going to be big, but yes, is there any impact? And is that included in guidance? Just double checking. And still on Nigeria, could you comment about the upstreaming you have done in H1?

簡單談談幾個關於奈及利亞的問題，以及一個關於利息成本的問題。因此，在尼日利亞，9mobile 已與 MTN 達成漫遊協議。我想知道這是否會對 IHS 產生影響。我認為影響不會很大，但有影響嗎？這包含在指導中嗎？只是再檢查一下。仍然在尼日利亞，您能否評論一下您在上半年所做的上游工作？

And then the last one on interest cost, just a follow-up. So, you've continued to repay the expensive debt this quarter, as you have mentioned. I was wondering if you are targeting more expensive debt and what is the outlook for finance cost for this year and next year, please?

最後一個是關於利息成本，只是一個後續問題。因此，正如您所提到的，您本季一直在繼續償還昂貴的債務。我想知道您是否以更昂貴的債務為目標，以及今年和明年的融資成本前景如何？

Okay. Hopefully, I got all those down. You might have to remind me the last one on interest costs, right? So on mobile, yes, you're right, they've reached roaming agreement. The benefit to us is immaterial, very material. Everything is included in guidance. So there won't be any negative impact on that going forward.

好的。希望我能夠記住所有這些。您可能要提醒我最後一條有關利息成本的內容，對嗎？因此在移動方面，是的，你是對的，他們已經達成漫遊協議。帶給我們的好處不是物質上的，而是物質上的。一切都包含在指導中。因此，這不會對未來產生任何負面影響。

Upstreaming, yes, we've continued to upstream from Nigeria. We've continued at pace. We've now done $158 million through the half year. We've done more since the end of Q2. So that market continues to be freely available and accessible in the quantities that we need, which is good news.

是的，我們繼續從尼日利亞向上游前進。我們繼續保持這種步伐。截至上半年，我們的營收已達 1.58 億美元。自第二季末以來，我們做了更多工作。因此，該市場將繼續自由供應並滿足我們所需的數量，這是個好消息。

And then interest rates, the strategy. So the debt that we repaid, we paid $154 million of net debt, if you like. And the reason we say net debt is because we repaid $273 million equivalent of Brazilian debt with $200 million of new debt and $73 million of cash. So net $73 million repayment of Brazilian debt and roughly $80 million equivalent of Nigerian debt repayment.

然後是利率和策略。因此，我們償還的債務，如果你願意的話，我們支付了 1.54 億美元的淨債務。我們之所以說是淨債務，是因為我們用 2 億美元的新債務和 7,300 萬美元的現金償還了相當於 2.73 億美元的巴西債務。因此，巴西債務淨償還額為 7,300 萬美元，尼日利亞債務淨償還額約為 8,000 萬美元。

Those were our two most expensive facilities in the group. They were both local currency, and we have repaid that. That is the reason why our blended average cost of debt has dropped from 9.3% to 8.3% with that activity. What are we focusing on now? We're now focusing on particularly US dollar debt and whether that's either repaying it through excess cash or potentially refinancing elements of it.

這是我們集團中最昂貴的兩個設施。它們都是當地貨幣，我們已經償還了。這就是為什麼我們的混合平均債務成本從 9.3% 下降到 8.3% 的原因。我們現在關注的重點是什麼？我們現在特別關注美元債務，以及是透過多餘的現金償還還是透過潛在的再融資來償還。

And we're also looking at some of the local currency markets where we can access cheaper local currency debt to potentially refi some of the dollar debt, which is held at the top. So that's the next phase of the balance sheet activity. That's all in line with what we've been saying for the last 18 months, going step by step by step.

我們也正在關註一些當地貨幣市場，在這些市場中我們可以獲得更便宜的當地貨幣債務，從而有可能為部分持有的美元債務進行再融資。這就是資產負債表活動的下一個階段。這一切都與我們過去 18 個月一直在說的一致，一步一步地進行。

So that's all on track as we thought it was going to be. I don't want to give you forecast interest rates for the balance of this year and next year because we're obviously looking to optimize where we can and take advantage of best possible interest rates, but I don't know what those will be yet.

所以一切都如我們想像的那麼順利。我不想給你今年和明年餘額的預測利率，因為我們顯然希望盡可能地優化並利用最佳利率，但我還不知道這些利率是多少。

Thank you. That brings us to the end of the IHS Holding Limited second-quarter 2025 earnings results call. Should you have any more questions, please contact the Investor Relations team via the e-mail address, investorrelations@ihstowers.com. The management team, thank you for your participation today, and wish you a good day.

謝謝。IHS Holding Limited 2025 年第二季收益業績電話會議到此結束。如有任何疑問，請聯絡投資者關係團隊，電子郵件地址：investorrelations@ihstowers.com。管理團隊，感謝您今天的參與，祝您有美好的一天。