fy 2020 results - helios towers

FY 2020Results

11 March 2021

Helios Towers team today

Helios Towers plc

Kash PandyaChief Executive

Officer

Tom GreenwoodChief Operating

Officer

2

Manjit DhillonChief Financial

Officer

Agenda

Highlights – Kash Pandya, CEO1

Strategic Updates – Tom Greenwood, COO2

Financial Results – Manjit Dhillon, CFO3

Q&A4

Helios Towers plc 3

Highlights

FY 2020 highlights

+10% Adj. EBITDA growth from $205m in FY 19 to $227m in FY 20, with +2pptmargin expansion to 55%, in-line with our medium-term target of 55-60%

CONTINUED EBITDA

EXPANSIONFINANCIAL

STRONG REVENUE

GROWTH+7% revenue growth from $388m in FY 19 to $414m in FY 20

STRATEGIC/

OPERATIONAL Launched our Sustainable Business Strategy in November, introducing our new strategic pillars and medium-term targets to support our continued sustainable growth

SUSTAINABLE BUSINESS

STRATEGY

Restructured the team in H2 2020 to support announced and expected M&A growth, appointing Tom Greenwood as COO and creating regional CEOs, followed by Manjit Dhillon’s appointment as CFO in January 2021

LEADERSHIP

CHANGES

Raised over $1.2bn debt financing in 2020, refinancing existing debt facilities and raising additional capital for growth while substantially reducing our cost of debt

2020 DEBT CAPITAL

RAISING

Added +1,065 tenancies including +382 sites YoY reaching 15,656 tenancies and 7,356 sites, in-line with guidance and driving record tenancy ratio of 2.13x

SOLID SITE AND

TENANCY GROWTH

Helios Towers plc

Free Senegal tower portfolio acquisition (1,220 sites) anticipated to close in H1 2021 and BD pipeline robust with over 10,000 sites

EXECUTING M&A

STRATEGY

On 10 March 2021 successfully priced a $250m 6YR convertible bond with a coupon of 2.875% with a conversion premium of 37.5%

2021 CONVERTIBLE

BOND ISSUANCE

5

105

146

178

205

227

37%

42%

50%

53%55%

2016 2017 2018 2019 2020

FY 2020: Strong returns and consistent growth

• FY 20 Adj. EBITDA of $227m, reflecting 10% growth from $205m in FY 19 with Q4 2020 representing our 24th consecutive quarter of Adj. EBITDA growth

• FY 20 portfolio free cash flow of $174m, increasing 3% from FY 19 with Adj. EBITDA growth partially offset by higher cash taxes (in-line with expectations), and higher maintenance capex due to additional precautionary purchases to mitigate Covid-related supply chain risk

• ROIC of 14.5% broadly in line with prior year and reflects disciplined approach to capital allocation

Adj. EBITDA (US$m)(1) Portfolio free cash flow (US$m)(2) ROIC(3)

• Highlights growth and operational

performance of our business

• Measures the unlevered free cash flow

generation of the existing site portfolio

• Highlights asset efficiency and

effectiveness of our capital allocation

Three measures that capture the fast growth, cash generation, efficient capital allocation and consistency of our business

51

97

133

169 174

2016 2017 2018 2019 2020

(1) Management defines Adjusted EBITDA as loss before tax for the year, adjusted for finance costs, other gains and losses, interest receivable, loss on disposal of property, plant and equipment, amortisation of intangible assets,

depreciation and impairment of property, plant and equipment, depreciation of right-of-use assets, deal costs for aborted acquisitions, deal costs not capitalised, share-based payments and long-term incentive plan charges, and

other adjusting items. Adjusting items are material items that are considered one-off by management by virtue of their size and/or incidence.

(2) Portfolio free cash flow is defined as Adjusted EBITDA less maintenance and corporate capital additions, payments of lease liabilities (including interest and principal repayments of lease liabilities)and tax paid.

(3) ROIC is defined as portfolio free cash flow divided by Invested Capital. Invested capital is defined as gross plant, property and equipment and gross intangibles, less accumulated maintenance and corporate capital expenditure.

A reconciliation is available within the appendix.

6

5.7%

9.4%

12.1%

14.4% 14.5%

2016 2017 2018 2019 2020

FY 2020: Strong financial and operational performance against backdrop of COVID-19

Commentary Impact Assessment Change since Q3 20

Workforce & Operations

• Field operations and home working

continues• Minimal • None

Existing Revenue / Liquidity

• $2.8bn contracted revenues with 6.8

years average contract life remaining

and significant liquidity ($429m cash as

at FY 20 and c.$294m of undrawn

debt(1))

• Minimal

• None, with FY 20 revenues growing

7% year-on-year

• Well capitalised to execute on

growth strategy

Customer roll-out

• Implications for tenancy roll out if

customers have supply chain delays• Minimal

• Achieved full-year guidance set out

during our IPO, adding 1,065

tenancies in 2020

Supply Chain

• Forward purchasing of capex and opex • Minimal • None

Situation management

• Regular Board monitoring and video

conference / cloud systems• Minimal • None

Helios Towers plc

(1) Reflects term loan facility of up to $200m, RCF of $70m and South African facilities of $24m (ZAR 351 available and a Q4 20 closing FX rate of 14.6246).

Strong performance against the backdrop of COVID-19, delivering

growth in-line with guidance provided at the beginning of the year

7

8

Sustainable business strategy

Helios Towers plc

Strategy

Business excellence and efficiency

Network access and sustainable development

Empowered people and partnerships

2020

2021

Reporting

Published our sustainable business strategy and hosted

event unveiling our sustainable business strategy

2020 Sustainable Business Report published 15 March 2021

with carbon emission targets disclosed in H2 2021

KPIs: Tenancy ratio, Adjusted EBITDA margin

Targets: Tower uptime, BTS lease-up

2020 highlights: Improved performance against all targets and KPIs

KPIs: Population coverage

Targets: 12,000+ towers in 8+ markets, expand ruralcoverage, bespoke community partnerships

• 2020 highlights: Free Senegal tower portfolio acquisition provides strong progress against towers/markets target and community strategy has been developed

KPIs: Employee and management diversity; employee training

Targets: Supplier certification and sustainability assessment

2020 highlights: Improved maintenance partner metrics and

achieved 37% of staff trained in Lean Six Sigma

Three integrated pillars of our strategy, underpinned by our strong culture and robust governance framework

Sustainable business strategy presentation (Nov-20)

Sustainable business strategy overview (Sep-20)

How HT supports the UNSDGs (Oct-20)

Sustainable business report (Mar-21) HT to develop and announced carbon emissions targets (H2 2021)

Recent Developments

Helios Towers plc

Closed 2020 with our 3rd consecutive quarter of 99.99% power uptime.

In January 2021, achieved less than one minute downtime per tower per

week for the first time in the Company’s history, and was followed

by same achievement in February.

98% of employees from the markets we operate in and 37% employees

trained in Lean Six Sigma.

Operational excellence

in our markets

Actively investigating an aggregated M&A pipeline of over 10,000 towers.

To support inorganic growth, on 11 March, announced pricing of $250m

convertible bond with 2.875% coupon.

Restructured the team and invested in our SG&A base to provide capacity

to support acquisition and integration of assets.

Positioned for further

inorganic growth

Acquisition of 1,220 sites from Free Senegal for €160m (c.$194m), with 400 committed BTS to be rolled out

over the next five years as part of the transaction for which c.$84m

deferred consideration and growth capex is expected to be invested.

Entered into 15 year contract with Free Senegal for the provision of

hosting and energy services.

Anticipate acquisition closing in H1 2021.

Free Senegal

tower acquisition

9

Executing inorganic

growth

StrategicUpdates

Strategic Highlights

11

Significant progress on growth targets through

announced Free Senegal tower portfolio acquisition

representing 1,220 sites and 400 committed BTS in an

attractive, high-growth market

Strengthens business through $0.7 billion additional contracted revenue and improves Group Adj. EBITDA in

hard currency to 68%

BD pipeline remains robust and currently exceeds

10,000 towers

5 Year Vision: 12,000+ towers in 8+ markets

5

8 +

Q2 20 Q2 20 PF 5YR Vision

Sites

Markets

6

7,356

8,976(1)

12,000 +

Q2 20 Q2 20 PF 5YR Vision

(1) Incl. 400 committed BTS sites

Q3 20 PF

Q4 20 PFQ4 20

Q4 20

12

3,661 3,821 3,821

1,850 1,895 1,895

961 978 978384

426 426118

236 236

1,220

400

FY 19 FY 20 FY 20

PF Senegal

162 167 167

158174 174

4043 432627 27

23 3

38

FY 19 FY 20 FY 20

PF Senegal

7,356

8,576 day 1 /

8,976 incl. committed BTS

Helios Towers pro forma characteristics

Sites Tenancies Revenues (US$m)(1)

c.452

414

Tanzania GhanaDRC Congo B South Africa Senegal

(1) Revenue for the acquired assets in Senegal reflects estimated Day 1 annualised estimates. This does not include revenues and EBITDA from 400 committed BTS or potential future colocation growth 13

• Added 1,065 tenancies in 2020, in-line with our guidance set-out at the beginning of the year

• Acquisition of sites from Free Senegal, expected to close in H1 2021, increases site count by 17% (22% including 400 committed BTS), tenancies by 8%, and revenues by 9%

6,974388

8,099 8,625 8,625

3,828 4,096 4,096

1,888 1,914 1,914 568 617 617

208

404 404 1,275

FY 19 FY 20 FY 20

PF Senegal

15,656

16,931 day 1 /

17,331 incl. committed BTS

14,591

400

Organic growth in HT’s markets(1)

Infrastructure

demand

(1) Includes Senegal, anticipated to close in H1 2021.

(2) United Nations, World Population Prospects 2019. Expected population growth between 2020 and 2026E.

% population below 30 in HT markets as of 2020 estimates.

(3) Hardiman report, March 2021. 2020-2026E. Mobile penetration calculated Hardiman mobile subscription

estimates and United Nations World Population Prospects population forecasts.

(4) United Nations. World Urbanization Prospects: The 2018 Revision.

(5) Fitch Database, accessed March 2021. Revenue-weighted GDP PF for $38m RR Senegal revenues. 2020-26

CAGR.

(6) Ericsson Mobility Report, November 2019. 2019-2025E.

41m(2)

new people

in HT markets

Population

Growth

7%(3)

increase in

penetration

Penetration

IncreaseUrbanisation

30m(4)

increase in people

living in cities

Young

population

67%(1)

below 30

years old

GDP

Growth

5.1%(5)

increase in

GDP

+Positive Macro Drivers

+ + +

High Equipment Growth

+24K new PoS requirement expected(3)

(2020 – 2026)`

56m(3) more subscriptions

across HT markets

Demand for

Mobile

+2x(5) increase in 4Gconnections

Data

usage

>10x(6) increase in

data usage in SSA

+Low Telecom Penetration

+ New

Technology

14

Infrastructure

demand

The substantial tower opportunity in AfricaMobile operators are selling their

towers

70%

World (2020)

% towers in Africa owned by

independent TowerCos Shareable towers owned by

MNOs in Africa (2020 PF):

HT Markets(1)

31k

Non-HT Markets

131k

Non-HT markets with substantial

independent towerco presence (IHS, ATC)

Countries with no substantial

independent towerco presence

Significant number of potential countries for expansion

Africa

162k

Sources: Tower portfolios in HT markets: Hardiman Report, March 2020. Tower portfolios outside HT markets, Number of Towers in Africa: TowerXchange “Africa Dossier”, 2019, TowerXchange “MENA Dossier”, 2020, TowerXchange

“analysis of the Sub-Saharan African tower industry”, November 2020.

(1) Includes announced site portfolio acquisition from Free Senegal.

HT existing markets

HT Senegal (expected closing H1 21)

2010

2019

HT pioneers TowerComodel in Africa,

followed by IHS, AMT and Eaton

Globally Towercos own 70% of all towers.Africa is moving in this

direction

29%

2020

PF(1)

PF HT announced Senegal acquisition %

towers owned by TowerCos reached 29%

in 2020

27%

5%

At the end of 2019, only 27% towers

owned by TowerCos

15

Helios Towers’ Significant M&A Pipeline

Source: Company information as of 31 December 2020.

(1) On 12 August 2020, Helios Towers signed an agreement with Free Senegal, to acquire 1,220 sites. Closing expected in H1 2021, subject to customary completion conditions and regulatory approval with a

100 day set-up plan in motion.

(2) In June 2020, Helios Towers Congo Brazzaville signed a Managed Service Agreement for 34 sites which are in the process of being acquired from Airtel Congo S.A.

Acquisition Criteria Robust Pipeline of Potential Opportunities

Proven M&A Track Record

• Emerging market

• Population of more than 10m

• 3+ operators

• Stable and / or pegged currencies

• Power and tower infrastructure gap

• Possibility of achieving #1 or #2 market share in the country

• High subscriber growth

• Low mobile penetration preferred

• Enhances Group’s returns

2019

2018 2017 20152016

2014 2011

12 transactions in10 years

Proven transitionexpertise

Proven launch

expertise in 6 countries

HT Actively Monitoring

Current HT BD Focus

99ktowers

c.10ktowers

Potential Towers

2020

2011 2010

20202020

(1) (2)

Helios Towers is currently focused on acquisitions representing

c.10k towers across Middle-East & Africa

16

Financial results

Track record of strong Adj. EBITDA(1) growth

Helios Towers plc 18

+116%

+10%

Adj. EBITDA(1) ($m)

Adj. EBITDA margin (%)

105

146

178

205

227

37%

42%

50%

53%55%

30%

35%

40%

45%

50%

55%

60%

65%

0

50

100

150

200

250

2016 2017 2018 2019 2020




FY 2020: Tenancy growth and operational excellence driving strong financial performance




(2) LQA Adj. EBITDA is defined as the most recent fiscal quarter multiplied by 4. This is not a forecast of future results.

(3) Includes standard and amendment colocations.

(4) Net debt is calculated as gross debt less adjusted cash and cash equivalents. Gross debt is calculated as non-current loans and current loans and long-term and short-term lease liabilities.

(5) Calculated as net debt divided by LQA Adj. EBITDA.

YoY QoQ

In US$m, unless otherwise stated

FY 20 FY 19 % change Q4 20 Q3 20 % change

Revenue 414 388 7% 106 104 2%

Adj. EBITDA (1) 227 205 10% 60 57 5%

LQA Adj. EBITDA (2) 240 215 12% 240 230 5%

Adj. EBITDA margin (%) 55% 53% +2ppt 57% 55% +2ppt

Sites (#) 7,356 6,974 5% 7,356 7,222 2%

Colocations (#) (3) 8,300 7,617 9% 8,300 7,860 6%

Tenancies (#) 15,656 14,591 7% 15,656 15,082 4%

Tenancy ratio (x) 2.13x 2.09x 0.04x 2.13x 2.09x 0.04x

Capex 97 114 -15% 35 24 49%

Net debt (4) 692 627 11% 692 662 5%

Net leverage (x) (5) 2.9x 2.9x - 2.9x 2.9x -


FY 2020: Tenancy growth in line with guidance

• Site growth of +382 YoY (+134 QoQ) driven by strong growth in Tanzania and South Africa

• Tenancy growth of +1,065 YoY (+574 QoQ) in-line with guidance resulting in 15,656 tenancies at the end of FY 20

• Tenancy ratio of 2.13x increased +0.04x YoY and QoQ

3,661 3,772 3,821

1,850 1,871 1,895

961 973 978384 415 426118 191 236

6,974 7,222 7,356

Q4 19 Q3 20 Q4 20

Evolution of sites portfolio Evolution of tenants

8,099 8,236 8,625

3,828 3,987 4,096

1,888 1,900 1,914568 606 617208 353

40414,59115,082 15,656

Q4 19 Q3 20 Q4 20

+7%

2.09x 2.09x 2.13x

Q4 19 Q3 20 Q4 20

+5%

Evolution of tenancy ratio

+0.04x

Tanzania DRC Congo BrazzavilleGhana South Africa

+4%+2%


Q4 2020: Ongoing EBITDA and margin progression

• Q4 20 revenue increased 6% YoY to $106m, driven by strong revenue growth in DRC

• Adj. EBITDA grew 12% YoY to $60m (5% QoQ), driven by revenue growth and operational efficiencies

• Record Adj. EBITDA margin of 57% in Q4 2020, increasing 3ppt YoY and 2ppt QoQ

100 104 106

Q4 19 Q3 20 Q4 20

Revenue ($m) Adj. EBITDA ($m)

+12%

54% 55% 57%

Q4 19 Q3 20 Q4 20

+6%

Adj. EBITDA margin (%)

+3 ppt

54 57 60

Q4 19 Q3 20 Q4 20

+5%+2% +2 ppt


Tanzania

40%

DRC

42%

Congo B

6%

Ghana

10%

South Africa

1%

USD

55%

XAF/EUR

5%

LCY (Power)

19%

LCY (CPI) 21%

Africa’s Big 5

MNOs(1)

87%

Other

13%

Consistent and strong currency protection and blue-chip customer base

• High quality contracts with inflation and power price

escalators and 60% of revenue pegged to hard currencies

• Long-term relationships with Africa’s Big-Five MNOs, who

generated 87% of FY 20 revenues

• Business underpinned by long-term contracted revenues

with $2.8bn as of FY 20 with an average remaining life of

6.8 years

FY 2020 revenue breakdown by customer FY 2020 revenue breakdown by FX

FY 2020 revenue breakdown by operating company Commentary

(1) Big-Five MNOs defined as: Airtel, MTN, Orange, Tigo and Vodafone/Vodacom.


FY 2020: Cost and tower cash flow analysis

Annual operating cost per site (US$k)(1)

FY 20 SG&A: $54m• Strong YoY growth in cash flow per tower driven by

0.04x tenancy ratio expansion to 2.13x, with lease rate

per tenancy flat YoY at $27.6k and opex per site

decreasing by 4% YoY to $18.7k

• FY 20 SG&A of $54m increased $5m YoY due to plc

related costs and growth investments

Annual cash flow per tower (US$k)(2)

Commentary

(1) Annual operating cost per site is calculated as power and non-power operating expenses for the year divided by average quarterly site count in the year.

(2) Annual tower cash flow per tower is calculated as full year revenue divided by average quarterly site count for the year minus annual operating cost per site.

Helios Towers plc

FY 20 opex: $134m

23.4

20.1 19.5 18.7

2017 2018 2019 2020

SG&A mix

29.634.1

37.2 39.4

2017 2018 2019 2020

24%

14%

9%7%

3%

43%

DRC

TZ

CB

GH

SA

HoldCo

-4%+6%

23

Tanzania

42%

DRC

41%

Congo B

5%

Ghana

11%

South Africa

1%

USD /

Eur-Pegged

65%

LCY

35%

Diversified Adjusted EBITDA with 65% in hard-currency

Helios Towers plc

65% Adj. EBITDA in hard currencies in FY 20, in-line with

FY 19

Pro Forma for the announced Free Senegal tower

portfolio acquisition Adj. EBITDA in hard currencies

increases to 68%

Tanzania and DRC represent 42% and 41% of

operating company Adjusted EBITDA(1), respectively

FY 2020 Adj. EBITDA breakdown by FX

FY 2020 Adj. EBITDA breakdown by operating company(1)

Commentary

(1) Adjusted EBITDA excluding Holdco costs.

24

11 15

110 - 140

1 1

215

19 16

57 49

2616

325 - 355

11497

FY 19 FY 20 FY 21

Existing

Markets

FY 21

Senegal

FY 21

Group

Total

Maintenance Corporate Upgrade Growth Acquistions

Capital expenditure – tightly controlled and

carefully applied for growth

FY 20 capex of $97m decreased 15% YoY

FY 21 capex guidance of $110 - $140m in our

existing five markets:

$85 - $120m of discretionary capex

$20 - $25m of non-discretionary capex

FY 21 Senegal capex guidance of $215m:

Reflects c.$194m upfront consideration,

transaction costs and deferred consideration

and growth capex related to the rollout of

committed BTS

CommentaryCapex breakdown ($m)

Helios Towers plc

$20-25m

maintenance

and corporate

capex

25

Summary of financial debtDebt KPIs Gross and net leverage

Commentary

Successfully raised over $1.2bn in 2020, through $975m bond

issuances, $200m term loan and $70m RCF (both undrawn as of

Q4 20)

As a result, extended maturities, reduced cost of debt and

increased available capital for expansion

Q4 20 net leverage(6) of 2.9x flat QoQ and below target range

of 3.5x and 4.5x, providing significant capacity for additional

debt

($m) Q1 20 Q2 20 Q3 20 Q4 20

Cash & cash equivalents 146 213 466 429

Bond 600 750 975 975

Term loan 75 - - -

SA loan facility - 11 11 13

Lease obligations + other (1) 125 107 142 133

Gross debt 800 868 1,128 1,121

Net debt (2) 653 656 662 692

LQA Adj. EBITDA (3) 216 220 230 240

Gross leverage(4) 3.7x 3.9x 4.9x 4.7x

Net leverage(5) 3.0x 3.0x 2.9x 2.9x

3.7x 3.9x4.9x 4.7x

3.0x 3.0x 2.9x 2.9x

Q1 20 Q2 20 Q3 20 Q4 20

Gross leverage Net leverage

+1.0x / -0.1x

(1) ‘Other’ relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans.

(2) Net debt is calculated as our gross debt less cash and cash equivalents.

(3) LQA Adj. EBITDA is defined as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result.

(4) Calculated as gross debt divided by LQA Adj. EBITDA for the quarter.

(5) Calculated as net debt divided by LQA Adj. EBITDA for the quarter.


Helios Towers prices $250m convertible bond

27(1) Calculated using weighted values of the YTM at issuance for each $750m bond and $225m tap issuance completed in 2020 in addition to $250m convertible bond with a coupon of 2.875%

On 11th March 2021, announced pricing of $250m convertible bond, with a coupon of 2.875%. Instrument has a

6YR tenor and a 37.5% conversion premium

The proceeds of the issue will be used principally to fund the inorganic element of the Group’s growth strategy,

targeting tower assets in new and existing markets, including the Senegal acquisition

The transaction adds significant capital for future growth

Strengthened balance sheet and improved cost of capital

Further reduced cost of debt

• Convertible bond coupon of 2.875% further reduces Group cost of debt to 6.0%(1)

• Follows $750m bond raise with a 7.00% coupon (Jun-20) and subsequent $225m tap with a 5.60% YTM

(Sep-20)

Increases total available funds to execute growth strategy

• Alongside $429m of cash on balance sheet and undrawn $200m term loan, $250m convertible

bond provides additional capital to support our expansion and to fund potential pipeline

opportunities, with BD pipeline opportunities currently exceeding 10,000 towers

Transaction Details

2

1

31

8

3945

16

17

16 91

5

5 5

20

40

60

20

40

60

FY 17 FY 18 FY 19 FY 20

Ne

t re

ce

iva

ble

s(9)(U

S$

m)

Big 5 MNO Other MNO Other Net receivables days

Strong growth in portfolio free cash flow generation and

improved receivables days($m) 2017 2018 2019 2020

Adj. EBITDA 146 178 205 227

Non-discretionary capex, leases(1) & taxes(2) (49) (45) (36) (52)

Portfolio free cash flow 97 133 169 174

Cash conversion % (3) 66% 75% 82% 77%

Net payment of interest (4) (41) (62) (68) (93)

Levered portfolio free cash flow 56 71 101 82

Discretionary capex (5) (149) (103) (102) (80)

Adjusted free cash flow (93) (32) (1) 2

Net change working capital (6) (23) 10 (45) (22)

Cash paid for exceptional and EBITDA adjusting items and

proceeds on disposal of assets (7)(7) (32) (36) (12)

Cash paid in related to change of control taxes (8) - - - (38)

Vodacom minority acquisition (59) - - -

Free cash flow (182) (54) (82) (71)

Cash flow from financing activities & transactions with NCI 168 25 214 278

Net cash flow (14) (29) 133 208

Cash brought forward (8) 134 120 89 221

FX 0 (1) 0 0

Cash carried forward 120 89 221 429

1. Payment of lease liabilities includes interest and principal repayments of lease liabilities.

2. Tax paid excludes Change of Control Taxes which are classified separately below.

3. Cash conversion % is calculated as portfolio free cash flow divided by Adjusted EBITDA.

4. Net payment of interest corresponds to the net of “Interest paid” (including withholding tax) and “Interest received” in the condensed consolidated statement of cash flows, excluding interest

payments on lease liabilities. 2020 net payment of interest includes $15.6 million related to the early redemption of the $600 million 2022 notes in June 2020.

5. Discretionary capital additions includes acquisition, growth and upgrade capital additions.

6. Net change in working capital corresponds to movements in working capital, excluding cash paid for EBITDA adjusting items and including movements in capital expenditure related working

capital.

7. Cash paid for EBITDA adjusting items corresponds to cash paid in respect of items per note 4 of the condensed consolidated interim financial statements – project costs in relation to the IPO and

fees for the preparation of the debt refinancing. 8. Opening cash balance for the year ended 31 December 2020 included US$37.7 million restricted cash which had been funded at the time of IPO by Helios Tower’s pre-IPO shareholders. This was

paid to the relevant tax authority in Q1 2020.

9. Net receivables equals total trade receivables (including related parties) and accrued revenue, less amounts billed not yet due.

Strong portfolio free cash flow conversion

Improved receivables days, decreasing from 57 days in FY 19 to 53 days in FY 20

Helios Towers plc

66% 75% 82% 77%

FY 17 FY 18 FY 19 FY 20

28

Key highlights

1

3

2020 working capital outflow due to timing of capex payments, driven by prepayments for 2021 capex

2

29

Guidance

Exis

tin

gfive

ma

rke

ts

Tenancies• Guidance unchanged, targeting 1-1.5k per year over the medium term

• Of which 50% BTS gradually reducing to 25% BTS over the medium term

Lease rateper tenancy

• Decrease of c.3% in 2021 driven by power price movements

• USD inflationary growth from 2022 onwards, in-line with prior guidance

Opexper site

• Decrease of c.3% in 2021 driven by lower power opex

• Flat opex per site from 2022 onwards, in-line with prior guidance

SG&A• USD inflationary growth + c.$3m growth investment in 2021

• USD inflationary growth from 2022 onwards, in-line with prior guidance

Capex• Targeting $110 – 140m capex in 2021, of which $20 - $25m non-discretionary capex

• Medium term driven by c.$125k per new BTS and $10k per colocation tenant and non-discretionary capex

growing with site count, in-line with prior outlook

Ne

wm

ark

ets

Senegalconsiderations

• 1,220 sites deliver initial annualised revenues of $38m and Adjusted EBITDA of $19m

• $215m capex reflecting acquisition and expansion in 2021

• Anticipated closing H1 2021, with 400 committed BTS to be rolled over the next five years

Medium term tenancy roll-out expectations for existing markets unchanged,

with further growth anticipated through Senegal acquisition

Guidance and outlook

Summary and outlook

Delivered financial performance in-line with guidance and

achieved record customer service levels

Strategic progress in 2020 and early 2021 provides foundation

for a strong year, with c.$1.2bn debt capital raised, $250m

convertible bond priced and strong BD pipeline representing

over 10,000 towers

Business underpinned by $2.8bn contracted revenue with an

average remaining life of 6.8 years and 65% Adj. EBITDA in

hard-currency

Sustainable business strategy launched, and expect continued

progress in 2021 and beyond


Disclaimer

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any

person to underwrite, subscribe for or otherwise acquire or dispose of securities in Helios Towers plc (the "Company") or

any other member of the Helios Towers group (the “Group”), nor should it be construed as legal, tax, financial,

investment or accounting advice.

This presentation contains forward-looking statements which are subject to known and unknown risks and uncertainties

because they relate to future events, many of which are beyond the Group’s control. These forward-looking

statements include, without limitation, statements in relation to the Company’s financial outlook and future

performance. No assurance can be given that future results will be achieved; actual events or results may differ

materially as a result of risks and uncertainties facing the Group. You are cautioned not to rely on these forward-looking

statements, which speak only as of the date of this announcement. The Company undertakes no obligation to update

or revise any forward-looking statement to reflect any change in its expectations or any change in events, conditions or

circumstances. Nothing in this presentation is or should be relied upon as a warranty, promise or representation, express

or implied, as to the future performance of the Company or the Group or their businesses.

This presentation also contains non-GAAP financial information which the Directors believe is valuable in understanding

the performance of the Group. However, non-GAAP information is not uniformly defined by all companies and

therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the

Group's industry. Although these measures are important in the assessment and management of the Group’s business,

they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP

measures.

Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 and may

not be offered or sold within the United States absent registration or an applicable exemption from registration

requirements.


Appendix

Helios Towers market overview

Big-5 MNOs

HT Market

Share(3)Airtel MTN Orange Tigo Voda

Mobile

Penetration(2)

Towers

Available(3)

PoS

Additions(3)

(2020 – 2026)

PoS Growth

CAGR(3)

(2020 – 2026)

Tanzania 66% 41% 2k 5.5k 6%

DRC 62% 40% 1k 5.7k 11%

Ghana 20% (1)

(1)

56% 0.8k 2.6k 4%

Senegal 31% 52% 3k 1.8k 6%

Congo B 58% 47% 0.4k 0.5k 6%

South Africa 1% 67% 24k 8.0k 3%

Group 51% 31k 24.0k 5%

1. AirtelTigo is a 50:50 joint venture between Airtel and Tigo.

2. GSMA Intelligence Database, accessed February 2021. Unique mobile subscribers 2020.

3. Hardiman Report, March 2021. Market share includes marketable towers and excludes certain tower portfolios considered not suitable for colocation lease-up.


Income Statement

Helios Towers plc

2020

US$m

2019

US$m

Revenue 414.0 387.8

Cost of sales (266.1) (261.9)

Gross profit 147.9 125.9

Administrative expenses (83.5) (119.4)

Loss on disposal of property, plant and equipment (8.1) (11.0)

Operating profit/(loss) 56.3 (4.5)

Interest receivable 0.8 0.7

Other gains 40.1 33.9

Finance costs (118.1) (104.9)

Loss before tax (20.9) (74.8)

Tax expense (15.8) (61.8)

Loss after tax for the year (36.7) (136.6)

Adjusted EBITDA 226.6 205.2

Adjustments applied to give Adjusted EBITDA:

Adjusting items:

Project costs1 (4.4) (18.6)

Deal costs2 (8.8) (1.7)

Share-based payments and long-term incentive plans3 (1.0) (31.2)

Loss on disposals of property, plant and equipment (8.1) (11.0)

Other gains 40.1 33.9

Depreciation of property, plant and equipment (128.4) (129.5)

Depreciation of right-of-use assets (14.0) (8.5)

Amortisation of intangibles (5.6) (9.2)

Interest receivable 0.8 0.7

Finance costs (118.1) (104.9)

Loss before tax (20.9) (74.8)

1 Project costs in 2020 relate to the preparation for a debt refinancing and listing of equity on London Stock Exchange in 2019.

2 Deal costs comprise costs for potential and aborted acquisitions, which mainly comprise professional fees and travel costs incurred while investigating potential site acquisitions that are expensed when the potential site acquisition does not proceed, and

deal costs not capitalised, which relate to the exploration of investment opportunities.

3 Share-based payments and long-term incentive plan charges and associated costs.

35

Balance Sheet

Helios Towers plc

31 December 2020

US$m

31 December 2019

US$m

Non-current assets

Intangible assets 23.2 28.4

Property, plant and equipment 594.7 631.9

Right-of-use assets 109.2 108.2

Derivative financial assets 88.8 41.0

815.9 809.5

Current assets

Inventories 9.0 9.3

Trade and other receivables 139.8 166.5

Prepayments 39.3 14.1

Cash and cash equivalents 428.7 221.1

616.8 411.0

Total assets 1,432.7 1,220.5

Equity

Share capital 12.8 12.8

Stated capital 12.8 12.8

Other reserves (87.0) (87.0)

Translation reserve (91.9) (82.7)

Share based reserves 18.4 19.6

Treasury shares (2.3) (4.4)

Retained earnings 280.3 317.6

Equity attributable to owners 130.3 175.9

Non-controlling interest - (0.6)

Total equity 130.3 175.3

Non-current liabilities

Loans 986.8 665.1

Long-term lease liabilities 108.2 104.2

Contingent consideration - 5.9

Deferred tax liabilities 4.4 3.1

1,099.4 778.3

Current liabilities

Trade and other payables 176.9 222.7

Contingent consideration - 3.6

Loans 2.6 19.2

Short-term lease liabilities 23.5 21.4

203.0 266.9

Total liabilities 1,302.4 1,045.2

Total equity and liabilities 1,432.7 1,220.5

36

Management Cash Flow

Helios Towers plc

12 months ended 31 December

(US$m) 2020 2019

Adjusted EBITDA 226.6 205.2

Less:

Maintenance and corporate capital additions (16.6) (12.1)

Payments of lease liabilities1 (25.5) (20.9)

Tax paid2 (10.1) (3.3)

Portfolio free cash flow3 174.4 168.9

Cash conversion %4 77% 82%

Net payment of interest5 (92.6) (67.7)

Levered Portfolio free cash flow 81.8 101.2

Discretionary capital additions6 (80.3) (102.1)

Adjusted free cash flow 1.5 (0.9)

Net change in working capital7 (22.2) (45.2)

Cash paid for adjusting and EBITDA adjusting items8 (13.3) (26.0)

Cash paid in relation to Change of Control Tax (37.7) (10.0)

Proceeds on disposal of assets 1.0 0.4

Free cash flow (70.7) (81.7)

Transactions with NCI (1.6) -

Net cash flow from financing activities9 279.8 214.3

Net cash flow 207.5 132.6

Opening cash balance10 221.1 89.0

Foreign exchange movement 0.1 (0.5)

Closing cash balance 428.7 221.1

1 Payment of lease liabilities includes interest and principal repayments of lease liabilities.

2 Tax paid excludes Change of Control Taxes which are classified separately below.

3 Please refer to reconciliation of cash generated from operating activities to portfolio free cash flow in the Alternative Performance Measures section of the Company’s Annual Report.

4 Cash conversion % is calculated as portfolio free cash flow divided by Adjusted EBITDA.

5 Net payment of interest corresponds to the net of “Interest paid” (including withholding tax) and “Interest received” in the consolidated statement of cash flows, excluding interest payments on lease liabilities.

6 Discretionary capital additions includes acquisition, growth and upgrade capital additions.

7 Net change in working capital corresponds to movements in working capital, excluding cash paid for adjusting and EBITDA adjusting items and including movements in capital expenditure related working capital.

8 Cash paid for adjusting and EBITDA adjusting items corresponds to cash paid in respect of items per note 4 of the Consolidated Financial Statements – project costs in relation to the IPO and fees for the preparation of the debt refinancing.

9 Net cash flow from financing activities includes borrowing drawdowns, loan issue costs and repayment of loan in the condensed consolidated statement of cash flows.10 Opening cash balance for the year ended 31 December 2020 included US$37.7 million restricted cash which had been funded at the time of IPO by Helios Tower’s pre-IPO shareholders. This was paid to the relevant tax authority in Q1 2020.

37

ROIC breakdown

Helios Towers plc

US$m 2016 2017 2018 2019 2020

Property, plant and equipment 655.1 705.7 676.6 631.9 594.7

Accumulated depreciation 272.5 383.0 490.6 597.2 713.0

Less: Accumulated maintenance + corporate capital expenditure (113.2) (135.4) (151.8) (163.9) (180.6)

Gross property, plant and equipment (excl. maint & corp capital expenditure) 814.5 953.3 1015.4 1065.2 1,127.1

Gross intangibles 76.4 80.2 82.7 109.1 79.6

Total invested capital 890.9 1,033.5 1,098.1 1,174.3 1,206.7

Adjusted EBITDA 105.2 146.0 177.6 205.2 226.6

Less: maintenance and corporate capital expenditure (32.8) (22.2) (16.4) (12.1) (16.6)

Less: payments of lease liabilities (21.1) (25.8) (25.5) (20.9) (25.5)

Less: tax paid (0.6) (1.3) (2.9) (3.3) (10.1)

Portfolio free cash flow(1) 50.7 96.8 132.7 168.9 174.4

Return on invested capital 5.7% 9.4% 12.1% 14.4% 14.5%

1. Portfolio free cash flow calculation may not add up in the table due to rounding differences.

38

Sustainable Business Strategy targets

Helios Towers plc

Business excellence and efficiency 2020 progress

Achieve an average of one-minute weekly downtime per tower by 2025(1) 1:32 downtime per tower per

week

All new towers to have an average of two tenants per tower within five years of

construction(1,2) 2020 cohort: 1.16x

Set emissions reduction target in 2021, and analyse climate risk across our value chain ongoing

Network access and sustainable development 2020 progress

Expand to 12,000+ towers in 8+ markets by the end of 2025 7,356 towers across 5 markets

Increase the number of sites in rural and underserved regions by 1,500 by 20252020 baseline:

2,471 towers

Start bespoke community needs-based partnerships in 2021 ongoing

Empowered people and partnerships 2020 progress

Assess all key suppliers against sustainability criteria by the end of 2022 ongoing

All maintenance partners to achieve ISO 45001 certification and 100% in the HT SHEQ

assessment by the end of 2025

3 / 10 partners with ISO 45001,

92.5% achieved in SHEQ

assessment

Targ

ets

Targ

ets

Targ

ets

39

(1) The Group has five years to achieve this milestone for any new network acquisition.

(2) This target excludes special projects and smaller, unique build-to-suit projects.

fy 2020 results - helios towers

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