IHS Holding Q3 2026: Revenue Surges 17% Above Estimates Despite EPS Miss

IHS Holding posted Q3 2026 revenue of $490.5 million, beating the $420.5 million consensus by nearly 17% and rising 7.8% year-on-year. The top-line strength was driven by a 13.4% organic revenue gain, with power indexation in Nigeria as a key contributor alongside a $40.7 million tailwind from Naira appreciation during the quarter.

GAAP diluted loss per share came in at $-0.02, missing the $0.30 consensus estimate. The shortfall came from deal-related and non-recurring charges, including accelerated share-based payment and employee benefit expenses tied to the pending MTN merger, a net loss on disposal of subsidiaries, transaction costs, and a $36.5 million loss from discontinued operations.

Some of those charges were partly offset by $63.8 million of unrealized foreign exchange gains on intercompany loans. Diluted income per share from continuing operations, stripped of discontinued operations, was $0.08, which offers a cleaner read on the underlying business performance for investors trying to look past the merger noise.

Nigeria remained the engine of the company, with that segment generating $359.4 million in revenue, up 34.1% year-on-year, while Sub-Saharan Africa contributed $131.1 million, a decline of 3.5%. Net leverage fell to 1.8x from 3.3x, and adjusted levered free cash flow rose 25.3% to $197.7 million, reflecting lower maintenance capital expenditures and reduced tax and interest payments.

The proposed acquisition of IHS Towers by MTN Group, which shareholders approved at an August 2026 extraordinary general meeting, shapes the strategic backdrop. Management reiterated that the deal is expected to close in 2026, subject to remaining conditions. No earnings conference call was held, which the company attributed directly to the pending sale, leaving the SEC filing as the primary window into the quarter.