Nigerian tycoon Temitope Lawani’s Helios H1 2026 revenue hits $466 million as profit declines

Helios Towers, the African and Middle Eastern telecom infrastructure group backed by Nigerian private-equity executive Temitope Lawani, has delivered solid top-line growth in the first half of 2026, even as profit came under pressure from rising finance costs.

The London-listed tower operator reported revenue of $466.3 million, up 11.48% from $418.3 million a year earlier, driven largely by sustained tenancy expansion across its markets. The growth underscores continued demand for telecom infrastructure as mobile network operators deepen coverage and capacity investments across Africa and the Middle East. However, profit for the period declined by 29.77% to $21.7 million from $30.9 million, as higher finance costs and foreign exchange pressures weighed on the bottom line.

Profit pressured by rising finance costs amid increased revenue

Operating profit rose sharply to $162.9 million from $133.1 million, reflecting improved margins and operational efficiency. Despite the dip in net earnings, the Group’s underlying performance remains resilient, with revenue growth and expanding operating profit signaling a business increasingly anchored on scalable infrastructure and long-term contracted cash flows.

Adjusted EBITDA climbed 14% year-on-year to $257 million, lifting the margin to 55% supported by stronger tenancy ratios and continued cost discipline. Operating profit rose sharply to $162.9 million, reinforcing the Group’s improving operational leverage even as it scales.

The business is further underpinned by a contracted revenue backlog of $5.9 billion, with approximately 98% tied to multinational mobile network operators and an average remaining life of 6.5 years, providing long-term earnings visibility in markets where such stability is rare. Helios closed the period with 15,270 sites and 34,455 tenancies, pushing its tenancy ratio to 2.26x from 2.11x a year earlier.

Strong backlog supports long-term visibility

Alongside its half-year results, Helios Towers signaled a deeper shift toward its next strategic phase, anchored on stronger cash generation, disciplined capital allocation, and increasing shareholder distributions.

Helios’ Chief Executive Officer Tom Greenwood said the Group’s performance reflects a strong start to its long-term roadmap, highlighting record tenancy growth and improving financial momentum. He noted that a robust tenancy pipeline provides clear visibility into the second half of the year, reinforcing confidence in upgraded full-year guidance.

A maturing telecom infrastructure play 

Founded in 2009, Helios Towers has steadily evolved into one of Africa and the Middle East’s most prominent independent telecom infrastructure operators, with a growing footprint across multiple high-growth markets.

In a shift that underscores its maturing business model, the Group is increasingly prioritizing shareholder returns alongside expansion. It has already completed $27 million in share buybacks during the first half of 2026, with cumulative repurchases nearing $58 million since the program began in late 2025, and is targeting a total of $75 million in shareholder returns through buybacks and dividends. Total assets climbed from $2.525 billion to $2.638 billion; however, total equity declined from$76.4 million to $74.9 million

The introduction of an inaugural dividend, set at $25 million for FY 2026, marks a significant milestone, signaling confidence in the business’s ability to generate sustainable cash flows. As part of this transition, Helios is balancing continued investment in high-return organic opportunities with direct shareholder payouts. The company has already executed $27 million in share buybacks during the period, with further repurchases completed after the reporting date, and has announced its inaugural interim dividend, marking a milestone in its capital return strategy.

Looking ahead, Helios is targeting sustained tenancy expansion and expects to deliver more than $75 million to shareholders through buybacks and dividends, while continuing to reduce leverage. With rising data demand, expanding digital services, and increasing network investments across its markets, Helios is positioning itself to compound long-term cash flows while steadily enhancing shareholder value.