IHS : Presentation 1Q24

MAY 2024

DISCLAIMER

Forward-Looking Information

This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this presentation may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecast," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this presentation include, but are not limited to statements regarding our future results of operations and financial position, future organic growth, anticipated results for the fiscal year 2024, industry and business trends, business strategy, plans (including productivity enhancements and cost reductions, and our ability to refinance or meet our debt obligations), market growth and our objectives for future operations, and the impact of the devaluation of the Naira and other economic and geopolitical factors on our future results and operations, the outcome and potential benefit of our strategic review, and the impact of and our ability to execute on the corporate governance changes pursuant to our settlement with Wendel. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: non-performance under or termination, non-renewal or material modification of our customer agreements; volatility in terms of timing for settlement of invoices or our inability to collect amounts due under invoices; a reduction in the creditworthiness and financial strength of our customers; the business, legal and political risks in the countries in which we operate; general macroeconomic conditions in the countries in which we operate; changes to existing or new tax laws, rates or fees foreign exchange risks, particularly in relation to the Nigerian Naira, and/or ability to hedge against such risks in our commercial agreements or to access U.S. Dollars in our markets; the effect of regional or global health pandemics, geopolitical conflicts and wars, and acts of terrorism; our inability to successfully execute our business strategy and operating plans, including our ability to increase the number of Colocations and Lease Amendments on our Towers and construct New Sites or develop business related to adjacent telecommunications verticals (including, for example, relating to our fiber businesses in Latin America and elsewhere) or deliver on our sustainability or environmental, social and governance (ESG) strategy and initiatives under anticipated costs, timelines, and complexity, such as our Carbon Reduction Roadmap (and Project Green), including plans to reduce diesel consumption, integrate solar panel and battery storage solutions on tower sites and connect more sites to the electricity grid; our reliance on third-party contractors or suppliers, including failure, underperformance or inability to provide products or services to us (in a timely manner or at all) due to sanctions regulations, supply chain issues or for other reasons; our estimates and assumptions and estimated operating results may differ materially from actual results; increases in operating expenses, including increased costs for diesel; failure to renew or extend our ground leases, or protect our rights to access and operate our Towers or other telecommunications infrastructure assets; loss of customers; risks related to our indebtedness; changes to the network deployment plans of mobile operators in the countries in which we operate; a reduction in demand for our services; the introduction of new technology reducing the need for tower infrastructure and/or adjacent telecommunication verticals; an increase in competition in the telecommunications tower infrastructure industry and/or adjacent telecommunication verticals; our failure to integrate recent or future acquisitions; the identification by management of material weaknesses in our internal control over financial reporting, which could affect our ability to produce accurate financial statements on a timely basis or cause us to fail to meet our future reporting obligations; increased costs, harm to reputation, or other adverse impacts related to increased intention to and evolving expectations for environmental, social and governance initiatives; our reliance on our senior management team and/or key employees; failure to obtain required approvals and licenses for some of our sites or businesses or comply with applicable regulations; inability to raise financing to fund future growth opportunities or operating expense reduction strategies; environmental liability; inadequate insurance coverage, property loss and unforeseen business interruption; compliance with or violations (or alleged violations) of laws, regulations and sanctions, including but not limited to those relating to telecommunications regulatory systems, tax, labor, employment (including new minimum wage regulations), unions, health and safety, antitrust and competition, environmental protection, consumer protection, data privacy and protection, import/export, foreign exchange or currency, and of anti-bribery,anti-corruption and/or money laundering laws, sanctions and regulations; fluctuations in global prices for diesel or other materials; disruptions in our supply of diesel or other materials; legal and arbitration proceedings; our reliance on shareholder support (including to invest in growth opportunities) and related party transaction risks; risks related to the markets in which we operate, including but not limited to local community opposition to some of our sites or infrastructure, and the risks from our investments into emerging and other less developed markets; injury, illness or death of employees, contractors or third parties arising from health and safety incidents; loss or damage of assets due to security issues or civil commotion; loss or damage resulting from attacks on any information technology system or software; loss or damage of assets due to extreme weather events whether or not due to climate change; failure to meet the requirements of accurate and timely financial reporting and/or meet the standards of internal control over financial reporting that support a clean certification under the Sarbanes Oxley Act; risks related to our status as a foreign private issuer; and the important factors discussed in the section titled "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. The forward-looking statements in this presentation are based upon information available to us as of the date of this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this presentation and the documents that we reference in this presentation with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Additionally, we may provide information herein that is not necessarily "material" under the federal securities laws for SEC reporting purposes, but that is informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, we note that standards and expectations regarding greenhouse gas (GHG) accounting and the processes for measuring and counting GHG emissions and GHG emissions reductions are evolving, and it is possible that our approaches both to measuring our emissions and any reductions may be at some point, either currently or in future, considered by certain parties to not be in keeping with best practices. In addition, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable law, we do not assume, and expressly disclaim, any obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of any new information, future events or otherwise.

Use of Non-IFRS financial measures

Certain parts of this presentation contain non-IFRS financial measures, including but not limited to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Levered Free Cash Flow ("ALFCF"), ALFCF Cash Conversion Rate, Return on Invested Capital ("ROIC"). The non-IFRS financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Our management uses Adjusted EBITDA, Adjusted EBITDA Margin and ROIC as an indicator of the operating performance of our core business. We believe that Adjusted EBTIDA, Adjusted EBITDA Margin and ROIC are useful to investors and are used by our management for measuring profitability and allocating resources, because they exclude the impact of certain items which have less bearing on our core operating performance. We believe that utilizing Adjusted EBITDA, Adjusted EBITDA Margin and ROIC allows for a more meaningful comparison of operating fundamentals between companies within our industry by eliminating the impact of capital structure and taxation differences between the companies. Our management uses ALFCF and ALFCF Cash Conversion Rate to assess the long-term, sustainable operating liquidity of our business. Starting in the third quarter of 2023, we replaced RLFCF with ALFCF. As a result, we have represented the 1Q23 and 2Q23 measures to be on a consistent basis with the ALFCF presented for the subsequent periods. Unlike RLFCF, ALFCF and ALFCF Cash Conversion Rate excludes the reversal of movements in the net loss allowance on trade receivables and impairment of inventory to better reflect the liquidity position in each period. ALFCF and ALFCF Cash Conversion Rate only includes the cash costs of business combination transaction costs, other costs and other income. There is otherwise no change in the definition or calculation of this metric for the periods presented as a result of the name change. Non-IFRS measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present non-IFRS measures when reporting their results. Non-IFRS financial measures are used by different companies for differing purposes and are often calculated in ways that reflect the circumstances of those companies. You should exercise caution in comparing non-IFRS financial measures as reported by us to non-IFRS financial measures as reported by other companies. These metrics have limitations as analytical tools, you should not consider such financial measures in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with IFRS. These metrics are not measures of performance or, in the case of ALFCF and ALFCF Cash Conversion Rate, liquidity under IFRS and you should not consider Adjusted EBITDA, Adjusted EBITDA Margin or ROIC for the period as an alternative to profit/(loss) or ALFCF and ALFCF Cash Conversion Rate as an alternative to cash from operations, or other financial measures determined in accordance with IFRS. Non-IFRS financial measures described in this presentation are unaudited and have not been prepared in accordance with IFRS or any other generally accepted accounting principles. In addition, the presentation of these measures is not intended to and does not comply with the reporting requirements of any regulatory authority and will not be subject to review by a regulatory authority; compliance with such requirements may require us to make changes to the presentation of this information. Definitions and reconciliations of these non-IFRS measures to the most directly comparable IFRS measures are provided in the Appendix and Glossary as applicable. The presentation of LTM Pro Forma Adjusted EBITDA should not be construed as an inference that our future results will be consistent with our "as if" estimates. These "as if" estimates of potential operating results were not prepared in accordance with IFRS or the pro forma rules of Regulation S-X promulgated by the Securities and Exchange Commission (the "SEC"). Furthermore, while LTM Pro Forma Adjusted EBITDA gives effect to management's estimate of a full year of Adjusted EBITDA in respect of acquisitions completed in the applicable period, LTM Pro Forma Adjusted EBITDA does not give effect to any Adjusted EBITDA in respect of such acquisitions for any period prior to such applicable period. As a result, the LTM Pro Forma Adjusted EBITDA across different periods may not necessarily be comparable. This presentation also includes certain forward-lookingnon-IFRS financial measures, including Adjusted EBITDA and ALFCF. We are unable to provide a reconciliation of such forward-lookingnon-IFRS financial measures without an unreasonable effort due to the uncertainty regarding, and the potential variability of, the applicable costs and expenses that may be incurred in the future, including, in the case of Adjusted EBITDA, share-based payment expense, finance costs, insurance claims, net movement in working capital, other non-operating expenses, and impairment of inventory, and in the case of Adjusted Levered Free Cash Flow, cash from operations, net working capital movements and maintenance capital expenditures, all of which may significantly impact these non-IFRS measures. Accordingly, investors are cautioned not to place undue reliance on this information.

Rounding

Certain numbers, sums, and percentages in this presentation may be impacted by rounding.

Use of Market and Industry Data

We obtained the industry, market and competitive position data and forecasts in this presentation from our own internal estimates and research as well as from publicly available information, industry and general publications and research conducted by third parties, including Analysys Mason Limited (Analysys Mason), delivered in April 2024 for use in this presentation. Such market data is derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. Analysys Mason's third-party data is also prepared on the basis of information provided and views expressed by mobile operators, tower operators and other parties (including certain views expressed and information provided or published by individual operators, service providers, regulatory bodies, industry analysts and other third-party sources of data). Although Analysys Mason has obtained such information from sources it believes to be reliable, neither we nor Analysys

Mason have verified such information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached. Forecasts and other forward-looking information obtained from these	2
sources and from our and Analysys Mason's estimates are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation and as described under "Forward-Looking Information." These forecasts and other forward-looking information are subject to
uncertainty and risk due to a variety of factors which could cause results to differ materially from those expressed in the forecasts or estimates from independent third parties (including Analysys Mason) and us.

INTRODUCTION

3

KEY INVESTMENT HIGHLIGHTS

Structurally strong business model with long-term contracts providing visibility

Leading independent multinational TowerCo focused on Emerging Markets - #1 in Africa and leading InfraCo in Brazil

Highly attractive markets well-suited for organic growth

Long track record for operational excellence in challenging environments

Proven, disciplined M&A approach

Prudent capital structure with low leverage

Inherently sustainable business model working towards positive social and environmental impact

4

A UNIQUE & COMPELLING INVESTMENT PROPOSITION

SCALE

40,000+(1)	#1 TowerCo(2)	+788M(3)	~240,000(2)(4)
	Towers	In 7 of 11	Population in	Incremental PoS forecast
			markets	our 11 markets	in next 5 years (2023-2028)
		FINANCIAL STRENGTH
	$1.9B(5)	$982M(5)(6)	3.8x(1)	50.6%(5)(6)
	Consolidated	Adjusted	Consolidated	Adjusted
	revenue	EBITDA	net leverage ratio	EBITDA margin
		OPTIMALLY POSITIONED
	1.49x(1)	Promising	Cash flow	Diversified
	Colocation rate	Adjacencies	generation	11 markets

Fiber, DAS, Small Cells

1. As of March 31, 2024
2. Source: Analysys Mason as of December 31, 2023
3. Euromonitor International, as per Total Population definitions, Socioeconomic indicators, as of December 2023, extracted February 2024 (includes information from independent market research carried out by Euromonitor International Limited but should not be relied upon in making, or refraining from making, any investment decision)
4. For Peru and Colombia points of presence are used as a proxy for points of service

(5)	LTM 1Q24	5
(6)	Adjusted EBITDA and Adjusted EBITDA margin are not measures presented in accordance with IFRS. Please refer to the Appendix for a reconciliation of (loss)/profit for the period, the most directly comparable IFRS measure to Adjusted EBITDA. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided

by revenue for the applicable period, expressed as a percentage

IHS GLOBAL TOWER PORTFOLIO

In 1Q24, we built +216 towers including +158 in Brazil

40,278

Towers on 3 Continents (1)

Africa and the Middle East

Latin America

Egypt(2)	-
Kuwait	1,672
Nigeria	16,409
Cameroon	2,388
Rwanda	1,443
Zambia	1,878
Côte d'Ivoire	2,690
South Africa	5,691

Colombia 228

Peru(3)64

Brazil 7,815

3rd Largest

Independent Multinational TowerCo Globally By Tower Count (1)

222,643

112,247

40,278

GD Towers		~40,000

39,638

~29,000

14,097

(1) Tower count as reported as of March 31, 2024, except Helios Towers which is as of December 31, 2023

(2) Signed a partnership in Oct. 2021 with Egypt Digital Company for Investment S.A.E. (an investment vehicle of the Egyptian Ministry of Communications) to obtain a license from the National Telecom Regulatory Authority ("NTRA") to construct, operate and lease telecom towers in Egypt

(3) On April 30, 2024, completed the sale of IHS Peru S.A.C. to affiliates of SBA Communications Corporation

6

FINANCIAL OVERVIEW

Attractive Revenue and Adjusted EBITDA growth over the last five years

Revenue
$M			2,126
	1,961	18(2)	48(3)
	1,580
1,403	24(1)		+14.6%
1,231

Adjusted EBITDA(4)(5)

$M

	1,031		1,133
926	18(2)	48(3)

81961(6)

Revenue CAGR

2019-2023

669

+14.1%

						2023 Organic Growth of
						36.9% Y/Y vs. Guidance
						of ~34% (mid-point)
2019	2020	2021	2022	2023
		Revenue			Non-Recurring Items

Adjusted EBITDA

CAGR 2019-2023

2019	2020	2021	2022	2023
		Adjusted EBITDA			Non-Recurring Items

CAPEX	633
$M	586

402

258229

2019

2020

2021

2022

2023

1. 2021 Revenue includes $24M of one-off revenue from two key customers in Nigeria having reached agreement on certain contractual items
2. 2022 Revenue and Adjusted EBITDA include $18M of one-off revenue from a key customer in Nigeria having reached agreement on certain contractual items

(3)	2023	Revenue and Adjusted EBITDA include $48M of one-off revenue as adjusted for withholding tax from our smallest key customer in Nigeria for services previously provided but for which revenue had not been recognized
(4)	Adjusted EBITDA and Adjusted EBITDA Margin are measures not presented in accordance with IFRS. Please refer to the Appendix for a reconciliation of (loss)/profit for the period, the most directly comparable IFRS measure to Adjusted EBITDA and Adjusted EBITDA Margin
(5)	2021 is updated for the provisional purchase price allocation included in the 3Q22 results (refer to our 3Q22 financial results furnished to the SEC on Form 6-K). 2022 is updated for the provisional purchase price allocation included in the 2Q23 results (refer to our 2Q23 financial results
(6)	furnished to the SEC on Form 6-K)	7
2021	Adjusted EBITDA include $24M of one-off revenue from two key customers in Nigeria having reached agreement on certain contractual items, and a reversal of loss allowance on trade receivables of $37M following completion of a debt settlement with one key customer in Nigeria

BUSINESS GROWTH HISTORY

IHS has a +22-year track record of successful growth

Tower Builder

Managed Services Specialist

Tower Ownership & Colocation

Africa Scale & Leadership

Global Emerging Market Leader

Established in
Nigeria in 2001	Launch of Colocation
Launch of Managed	operation
Services operation

2001-2008	2009-2012
• Commenced building	• Acquired towers and
telecom towers for MNOs	leased space to MNOs

• Begun maintaining towers for MNOs

#1 Independent Tower

Company in Africa

Nigeria Consolidation

& Public Market Entry

2013-2019

• Entered Côte d'Ivoire and Cameroon via acquisition of 1,729 towers and MLL for additional 2,010 towers
• Entered Zambia and Rwanda via acquisition of 1,668 and 750 towers
• Acquired 12,732 towers in Nigeria, including 1,211 towers from Helios Towers
• Issued $800M public HY bonds, the largest African corporate HY offering at the time (2016)
• Refinanced Nigeria with new $1.3B public HY Bonds and $500M of new TL (2019)

Global Expansion -

Entered Latam

and Middle East

2020

• Entered Middle East: through acquisition of an aggregate of 1,499 towers from Zain in Kuwait
• Entered Latam: acquired Cell Site Solutions (~2,300 towers in Brazil, Colombia and Peru)
• $150M public HY Bonds tap

IPO on NYSE

2021

• Acquired Skysites (1,005 towers in Brazil), Centennial Colombia (217 towers), Centennial Brazil (602 towers) and I- Systems (FiberCo with TIM Brasil)
• Signed a partnership with Egypt Digital Company for Investment S.A.E. to obtain a license to construct, operate and lease telecom towers in Egypt
• Listed on the NYSE in $378M IPO
• $1B public HY Bonds refi

Entered South Africa

2022

• Acquired GTS SP5 portfolio of 2,115 towers in Brazil
• Entered South Africa - acquired 5,691 towers from MTN South Africa

Positioned as Leading InfraCo in Brazil

2023

• Fully integrated GTS SP5 and MTN South Africa acquisitions
• Built over 1,800 towers in Brazil since 2020
• Started to deploy DC Power solutions
• Continued build out of I- Systems network in Brazil, with 8.8M homes passed and 23.7K fiber route km as of December 31, 2023
• The IHS Board authorized an up to $50M stock buyback program effective as of August 15, 2023 through August 15, 2025

# of towers(1)

889

24,076

27,807

31,043

39,652

40,075

(1) Shown as end of each period	8

MANAGEMENT TEAM

Founder-led management team with 150+ combined years of relevant experience

X Years of experience

William Saad	25+
EVP & COO

• Co-foundedIHS Towers in 2001
• Over 25 years of experience in the telecommunications industry
• BSC in Computer and Communication Engineering

Mustafa Tharoo	20+
EVP & General Counsel

• Joined IHS Towers in 2011
• Over 20 years of experience in corporate, compliance and regulatory matters

Sam Darwish	25+
Chairman & Group CEO

• Co-foundedIHS Towers in 2001
• Over 25 years of experience in the telecommunications industry
• BSC in Computer and Communications Engineering

Mohamad Darwish	20+
EVP & CEO (Nigeria)

• Co-founded IHS Towers in 2001

• Over 20 years of experience in the telecommunications industry
• BSC in Electrical Engineering, Master of Engineering in Applied Operation Research

Colby Synesael	20+
EVP of Communications

• Joined IHS Towers in 2022
• Over 20 years of experience in Equity Research, specializing in the communications infrastructure and telecom services
• BSC from the State University of New York at Plattsburgh

Steve Howden	18+
EVP & CFO

• Joined IHS Towers in 2013
• Over 18 years of experience in corporate finance
• BSC in Business Administration and is a qualified Chartered Accountant

Ayotade Oyinola	20+
EVP & CHRO

• Joined IHS Towers in 2015
• Over 20 years of experience in HR and telecommunications industry
• MBA in Organizational Behavior and Strategic HR and BSC in Electrical and Computer Engineering

9

BOARD OF DIRECTORS

Global, experienced, and diverse board of directors; 89% independent

Board Members

Sam Darwish	25+
Co-founder, Chairman & Group CEO

• Co-foundedIHS Towers in 2001
• Over 25 years of experience in the communications sector
• BSC in Computer and Communications Engineering

Frank Dangeard	35+
Former Chairman and CEO of Thomson (2004

to 2008) and Deputy CEO of France Telecom (2002 to 2004)

• Currently serves as the Chairman of the boards at Gen Digital (ex-NortonLifelock), NatWest Markets, and as a non-executive director of the NatWest Group and the Competition and Markets Authority
• Served on the boards of RPX, Orange, Equant, Wanadoo, Eutelsat, SonaeCom, Arqiva and Telenor

Independent Board Members X Years of experience

Nick Land(1)	45+
Former Executive Chairman of
Ernst & Young LLP

• Currently serves as the Deputy Chair of Thames Water Utilities and as Chair of The Instant Group Ltd
• Served on the boards of Vodafone Group plc, Royal Dutch Shell plc, Alliance Boots GmbH, Ashmore Group plc and Signature Aviation plc

Ursula Burns(1)	35+
Chairwoman, Teneo Holdings LLC

• Currently serves on the boards of Endeavor Group Holdings, Uber Technologies and Teneo Holdings

• Served as Chair of VEON from 2017 to 2020 and CEO from 2018 to 2020. Served as CEO of Xerox from 2009 to 2016 and Chair from 2010 to 2017

Jeb Bush	35+
Former Governor of Florida

 Currently serves as Chairman of Finback Investment Partners LLC and Dock Square Capital

• 43rd governor of the State of Florida, from 1999 to 2007

Mallam Bashir Ahmad El-Rufai	35+
Former IHS Towers Chairman & Prominent
Businessman

• Currently serves as Chairman of Intercellular Nigeria
• Served as Chair of IHS Towers from 2013 to 2019
• Held several positions at Nigerian Telecommunications Ltd. from 1985 to 1996

Maria Carolina Lacerda	25+
Board Member, Hypera Pharma & Rumo;
former senior investment banking executive

• Currently serves on the boards of BB Seguridade RI, PagBank PagSeguro, Rumo, Hypera Pharma, China Three Gorges Brasil
• Served as a member of the board of directors of Vibra Energia, and ANBIMA, CNF, BM&F Bovespa

Phuthuma Nhleko	25+
Chairman, Phembani Group; Chairman
of the JSE

• Currently serves as Chairman of Tullow Oil Plc, and as a director of Engen Ltd., TBWA SA, and Phembani Remgro Infrastructure Fund
• Served as CEO (2002-2011) and as Director and Chair of MTN Group (2013-2019)
• Served on the boards of BP and Anglo American

Aniko Szigetvari(1)	25+
Founding Partner, Atlantica Ventures

 Currently serves as Chairwoman of Sendmarc Inc.

• 20 years experience at International Finance Corporation (IFC), with focus on emerging markets principal investing and financing, primarily in TMT sector, including as Global Head of TMT Group from 2015 to 2019

(1) Members of Audit Committee	10