Company Presentation March 2021 Disclaimer
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2 Agenda
• Investment thesis
1)1 A Leading Independent Tower Company
2)2 Structurally Attractive Markets
3)3 Highly Visible Revenue Stream with FX and Cost Inflation Protection
4)4 Experienced Management Team and Board of Directors
• FY 2020 update
3 1 A Leading Independent Tower Company 1 A Leading Independent Tower Company Leading tower platform primed for growth
6 countries Revenue 7,356 sites / 8,976 PF Senegal US$414m FY 2020 15,656 tenants /17,331 PF Senegal 16% CAGR FY 2015 – 2020 2.13x tenancy ratio(3)
Tanzania Adj. EBITDA(7) Sites Market Share(4) 3,821 66% DRC US$227m FY 2020 Sites Market Share(4) 1,895 62% 33% CAGR FY 2015 - 2020 Congo B Sites Market Share(4) c.65% FY 2020 Adj. EBITDA in 426 58% USD or EUR-pegged currency Ghana (c.68% PF Senegal) (4) Sites Market Share Contracted revenues(6) 978 20% South Africa c.$3.6bn Contracted Revenues from Sites(5) Market Share(4) Strong Customer Base 236 1% Lease-weighted average contract life Senegal Closing expected H1 2021 remaining Sites Market Share(4) 7.6 years 99% from Multinational MNOs 1,620 31%
Sole Independent TowerCo
Source: Company information as of 31 December 2020, except as otherwise indicated. committed BTS sites) expected to be acquired from Free Senegal (based on MSA agreed lease rates and assuming rollout of at least 60 BTS sites per annum starting (1) Includes acquired towers plus build-to-suit (“BTS”) net of consolidations. BTS means sites constructed by the Group on order by a Mobile Network Operator (“MNO”). in 2021). (2) A tenant is an MNO that leases vertical space on the tower and portions of the land underneath on which it installs its equipment. (7) Adjusted EBITDA is defined as loss for the period, adjusted for tax expenses, finance costs, gain/(loss) on derivative financial instruments, interest receivable, loss on 5 (3) Tenancy ratio defined as number of tenants / online sites. disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right-of- (4) Hardiman Report, March 2021. Market share includes marketable towers and excludes certain tower portfolios considered not suitable for colocat ion lease up. use assets, recharged depreciation, deal costs, share-based payments and long-term incentive plan charges, and exceptional items. Exceptional items are material (5) 13 sites in South Africa are edge data centres. items that are considered exceptional in nature by management by virtue of their size and/or incidence. (6) Contracted revenue refers to total undiscounted revenue as of 31 Dec 2020, with local currency amounts converted at the applicable average rate for U.S. dollars for the three months ended 31 Dec 2020 held constant. Pro forma for Senegal includes estimated contribution to contracted revenue from sites (including 1 A Leading Independent Tower Company The Helios Towers story – growth & quality Consistent year-on-year growth in sites and tenancy ratio(1) Business Excellence
Tenancy Ratio 1.20x 1.22x 1.42x 1.57x 1.61x 1.85x 1.93x 1.99x 2.01x 2.09x 2.13x
1.93x PF Senegal(5)
8,976 incl. committed BTS
Existing Sites (net of consolidations) 1,620 PF Senegal(5) (2) Site Asset Purchases 6,974 6,745 157 6,477 6,519 237 226(6) New Build/BTS 161 239 126 101 196 5,424 961 22 244 4,656 535 496
1,186 2,974 6,636 6,973 2,710 6,371 6,388 2,517 297 259 14 5,277 13 4,645
1,721 2,974 831 2,438 2,663
831 796 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(3) Acquisitions: (4) (5) 12 acquisitions in 10 years (5) 2,216 organic BTS
Source: Company information as of 31 December 2020. Online sites only where online sites refers to total live towers, in-building cellular enhancement sites or sites marketed by HT to other telecommunications operators for colocation (and in respect of which HT has no right to market). with customer equipment installed on third-party infrastructure that are owned and/or managed by HT with each reported (3) In June 2020, Helios Towers’ South African subsidiary acquired 65 sites from Eagle Towers. site having at least one active customer tenancy as of a given date. (4) 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 6 (1) Numbers to the right of the columns correspond to “Site Asset Purchases”. (5) 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 (2) Site portfolio purchases and other site asset purchases made by HT following the signing of sale and purchase and/or management agreements including completion conditions and regulatory approval. Pro forma tenancy ratio based on estimated 1.0x tenancy ratio for acquired sites. sites that HT currently manages but does not own due to either: (i) certain conditions for transfer under the relevant acquisition documentation, ground (6) Includes sites from Vodacom Tanzania which are currently operated under a Managed Service Agreement with Helios Towers Tanzania. lease and/or law not yet being satisfied; (ii) the site being subject to an agreement with the relevant MNO under which the MNO retains ownership and outsources management and marketing to it; or (iii) sites that are maintained by HT on behalf of a telecommunications operator but which are not 1 A Leading Independent Tower Company 5 year vision: 12 in 8 by 5
Markets
8+
6 5
FYQ2 2020 20FY Q2 2020 20 PFPF 5YR Vision Sites
12,000 +
8,976(1) 7,356
FYQ2 2020 20FY Q2 2020 20 PF PF 5YR Vision
(1) Incl. 400 committed BTS sites 7 1 A Leading Independent Tower Company Leading ESG and Business Excellence programs
Values Business Excellence
98% Local staff c.37% staff Lean Six Sigma trained
% tower uptime per week 100.00%
80.00%
60.00% Performance levels consistently high 40.00% with the 3 most recent quarters achieving >99.99% power uptime 20.00%
0.00% Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
Comprehensive Suite of Management Systems Environment
Demonstrates Helios Towers’ alignment with international best Group-wide strategy to proactively monitor and improve our practice contribution to the environment
Quality Management 2,253 (31%) of our sites use Environmental Management Hybrid Solutions
Health and Safety Management 481 (7%) of our sites use Anti-Bribery Management System certified ISO Solar Solutions 37001 compliant relating to business functions
Source: Company information as of 31 December 2020. Excluding Senegal 8 1 A Leading Independent Tower Company 24 consecutive quarters of LQA Adj. EBITDA growth
259 (PF Senegal) 260 100%
LQA Adj. EBITDA CAGR 90% Q1 2015 – Q4 2020 35% 210 80% Margin has more than doubled through top-line growth and >2x implementation of business 70% 160 excellence strategy 57% 55% 60% 54% 54% 53% 54% 51% 52% 52% 52% 49% 240 230 110 46% 47% 220 50% 210 215 216 42% 195 201 40% 40% 186 39% 38% 176 181 164 168 35% 35% 40% 138 148 126 127 133 60 27% 28% 28% 25% 30% 83 85 60 63 42 50 20% 10
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 10%
(40) LQA Adj. EBITDA(1) ($m) Adj. EBITDA margin (%) 0%
(1) LQA Adjusted EBITDA calculated as Adjusted EBITDA for the respective fiscal quarter multiplied by 4. This is not a forecast of future results. (2) Expected annualized Adj. EBITDA contribution from acquired sites from Free Senegal based on MSA agreed lease rates and management estimates of opex. 9 2 Structurally Attractive Markets for Organic and Inorganic Growth 2 Structurally Attractive Markets for Organic and Inorganic Growth Now is the time for Africa
Fastest Growing Population(1) Fastest Growing Mobile Market(3)
Sub-Saharan Africa Asia Total subs (m) Data subs (m)
4.3bn Dar es Salaam, TZ 611 475 447 235
2.5bn 2018 2025 2018 2025 Rest of World Rest of the world Total subs (m) Data subs (m) 5,124 Kinshasa, DRC 4,453 1.3bn 4,546 3,256
2050 2100 2019 2018 2025 2018 2025
Fastest Growing Urbanisation(2) Fastest Growing Economies In 2019(4)
All the top 10 fastest growing cities globally are in Africa 5 out of the top 10 are in Africa 2035 Population Pop. growth 2020-2035 Ethiopia 9.0% 7m Kampala, Uganda 112% Rwanda 8.5% 13.4m13.4m Dar es Salaam, Tanzania 100%100% Bangladesh 8.1% 5.5m Ouagadougou, Burkina Faso 97% 4.8m4.8m Cote D'Ivoire 7.3% Mbuji-Mayi, DRCDRC 88%88% 5.2m Djibouti 7.2% Lusaka, Zambia 87% 8.9m Nepal 7.1% Addis Ababa, Ethiopia 86% 26.7m Ghana 7.0% Kinshasa, DRCDRC 86%86% 6.2m Cambodia 7.0% Antananarivo, Madagascar 85% 4.6m Lubumbashi, DRC 85%85% Armenia 6.9% 6.1m Abuja, Nigeria Vietnam 6.8% 85% Johannesburg, SA
Sources: World Population Prospects: The 2019 Revision; World Bank; World Cellular information service. (3) Information presented relates to unique subscribers. GSMA Report, “The Mobile Economy 2019”, January Picture (second from the bottom): Fiona Graham / WorldRemit. 2019. 11 (1) United Nations, World Population Prospects 2019, August 2019. (4) World Bank, Global Economic Prospects, January 2020; Forecast Real GDP Growth. (2) United Nations, World Urbanization Prospects 2018; Population growth between 2020 – 2035 for cities with a population of over 2.5m in 2020. 2 Structurally Attractive Markets for Organic and Inorganic Growth Organic growth in HT’s markets(1)
Positive Macro Drivers Population Penetration Young GDP Urbanisation Growth + Increase + + population + Growth 41m (2) 7%(3) 30m(4) 67%(1) 5.1%(5) new people increase in increase in people below 30 increase in in HT markets penetration living in cities years old GDP
Low Telecom Penetration Demand for New Data Mobile + Technology + usage 56m(3) more subscriptions +2x(5) increase in 4G >10x(7) increase in across HT markets connections data usage in SSA
High Equipment Growth Infrastructure Most visited demand websites across +24K new PoS requirement expected HT’s markets (2020 – 2026)
(1) Includes Senegal, anticipated to close in H1 2021 (4) United Nations. World Urbanization Prospects: The 2018 Revision. (2) United Nations, World Population Prospects 2019, August 2019. Expected population growth (5) Fitch Database, accessed March 2021. 2020 revenue-weighted GDP PF for $38m RR Senegal 12 between 2020 and 2026E. % population below 30 in HT markets as of 2020 estimates. revenues. 2020-24 CAGR. (3) Hardiman report, March 2021. 2020-2026E. Mobile penetration calculated include UN population (6) GSMA Intelligence database, accessed Feb 2021. HT markets 2020-2025E. forecasts. (7) Ericsson Mobility Report, November 2019. 2019-2025E. 2 Structurally Attractive Markets for Organic and Inorganic Growth The substantial tower opportunity in Africa
Mobile operators are selling their Significant number of potential countries for expansion towers
% towers in Africa owned by Shareable towers owned by independent TowerCos MNOs in Africa (2020 PF): 5% HT pioneers TowerCo Africa model in Africa, 2010 followed by IHS, AMT and Eaton
162k 27% At the end of 2019, 2019 only 27% towers owned by TowerCos Non-HT Markets
29% 131k PF HT announced 2020 Senegal acquisition % PF(1) towers owned by TowerCos reached 29% in 2020 HT existing markets HT Markets(1)
World (2020) HT Senegal (expected closing H1 2021) 70% Globally Towercos Countries with no substantial own 70% of all towers. independent towerco presence 31k Africa is moving in this Non-HT markets with substantial direction independent towerco presence (IHS, ATC)
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 13 (1) Includes announced site portfolio acquisition from Free Senegal 2 Structurally Attractive Markets for Organic and Inorganic Growth Helios Towers’ significant M&A pipeline
Acquisition Criteria Robust Pipeline of Potential Opportunities
• 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
Proven M&A Track Record HT Actively Current HT Monitoring BD Focus
12 transactions in10 years (2) (3) 2020 2020 2020 2019 99k c.10k Proven transition towers Potential towers expertise Towers 2018 2017 2016 2015 Proven launch expertise in 6 countries 2014 2011 2011 2010
Helios Towers is actively investigating acquisitions representing c.10k towers across Middle-East & Africa
Source: Company information as of 31 December 2020. (1) Source: TowerXchange Africa Dossier, 2019, TowerXchange MENA Dossier, 2020. 14 (2) 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. (3) 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. 2 Structurally Attractive Markets for Organic and Inorganic Growth Senegal transaction highlights In line with the Group’s stated ambition of growing through strategic acquisitions
Signed agreement to acquire passive infrastructure assets from Free Senegal for an upfront cash consideration of $194m. Represents an enterprise value of $215m including TRANSACTION an estimated $21m of taxes and capitalised ground leases. OVERVIEW In addition, deferred consideration and growth capex of $48m and c.$36m respectively are expected to be invested over the next 5 years in relation to the rollout of 400 committed new build-to-suit sites.
The seller, Free Senegal, is the second largest operator in Senegal with growing market FREE SENEGAL share (26% in 2019)(1) and are backed by a consortium of investors including NJJ, the OVERVIEW founder of the Iliad S.A. group Xavier Niel’s private holding company, Teyliom Group and Axian Group.
1,220 sites expected upon closing and 400 build-to-suit sites committed to be rolled out SITES AND over the next five years, with a service agreement of 15 years to be entered into with TENANCIES Free Senegal for our provision of hosting and energy services on these sites, for total committed revenue of c.$0.7bn(2).
Assets are expected to initially contribute annualized revenues of $38m and annualized FINANCIALS Adjusted EBITDA of $19m(3).
Expected to close in H1 2021, subject to customary completion conditions and regulatory CLOSING approval.
Assumes EUR / USD rate of 1.21 as at 28 February 2020. (1) Source: GSMA, average 2020. (2) Contracted revenue refers to total undiscounted revenue, with local currency amounts converted at the applicable average rate for U.S. dollars for the three months ended 31 December 2020 held constant. Our contracted revenue calculation for each year presented assumes: 15 (i) no escalation in fee rates, (ii) no increases in sites or tenancies other than our committed tenancies (which include our committed colocations and/or committed anchor tenants), (iii) HT’s customers do not utilize any cancellation allowances set forth in their master lease agreements (“MLAs”) and (iv) HT’s customers do not terminate MLAs early for any reason. Includes estimated contribution to contracted revenue from sites (including committed BTS sites) expected to be acquired from Free Senegal (based on MSA agreed lease rates and assuming rollout of at least 60 BTS sites per annum starting in 2021). (3) Expected annualized revenue and Adj. EBITDA contribution based on MSA agreed lease rates and management estimates of opex. 2 Structurally Attractive Markets for Organic and Inorganic Growth Senegal meets all of Helios Towers’ target market criteria
Helios Towers Acquisition Criteria Senegal Acquisition
Emerging market ✓ 5% GDP CAGR forecast (2019 – 2022)
Population of >10m ✓ Population of 16m with 3% annual growth forecast to 2022
Orange 3+ Operators ✓ 3 main operators: Free, Orange (Sonatel) and Expresso
#1 Possibility to achieve #1 or #2 market share ✓ No other independent towerco operates in Senegal
CFA Franc is pegged to the Euro, with low inflation (ranging Stable and / or pegged currencies € ✓ from 0.5% to 1.2% over the last five years)
Power and tower infrastructure gap ✓ Subs / PoS of 4,120 compared to c.1,100 in the U.S.
High subscriber growth and low mobile Mobile penetration low at 52% and 4% CAGR mobile penetration ✓ subscription growth expected (2019 – 2022)
Enhances Group’s returns ✓ Accretive to Group returns
Sources: IMF, World Bank, Company estimates, GSMA Intelligence, Hardiman Report (March 2021). TowerXchange and BMI research. 16 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection Illustrative organic site economics – attractive cash flow dynamics
Illustrative Build-To-Suit Site Economics Illustrative Cumulative Build-To-Suit Site Free Cash Flow(1)
1 Tenant 2 Tenants 3 Tenants (day 1 capex)
$’000 US$m 93 2.0 63 66 Site Revenue 41 40 Site Adj. EBITDA 22
Site Opex 1.5
Avg. Maintenance Capex
Ground Lease
Site Construction & Incremental Tenant 1.0 Installation Capex
$’000 0.5 Avg. Site Free Cash Flow(1) 12 28 52 % margin 29% 44% 56% Cash Flow Illustrative Avg. Site FCF Yield 9% 19% 32%
Site Adj. EBITDA(2) 22 40 66 0.0 % margin 54% 64% 71% 40 year expected tower life Colocation Margin Flow Through 82% 87% Average payback 6 years Avg. Site Adj. EBIT: Initial Period (yrs 1‐15)(3) 7 23 47 Illustrative
Accounting % margin 17% 37% 51% 1 tenant 2 tenants 3 tenants Avg. Site Adj. EBIT: Long Term (yrs 15‐40) 14 30 54 (0.5) % margin 34% 48% 58%
Source: Company estimates for illustrative purposes. Forward Looking Information such as the information on this slide is not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. This information should not be construed as a profit forecast. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual results to differ materially from those in this Forward Looking Information could include changes in domestic and foreign business, market, financial, political and legal conditions. There can be no assurance that this Forward Looking Information will be realised, and the performance of the Company may be materially and adversely different from this forward looking information. Based on Group average build‐to‐suit tower economics 18 estimates as of March 2019. Note: This analysis assumes no price escalations or discounting of cash flows, and assumes renewals of customer contracts through the period. (1) Site Free Cash Flow defined as Site Adjusted EBITDA less ground lease payments less maintenance capital expenditure. Averaged over an expected tower life of 40 years. (2) Site Adjusted EBITDA is defined as loss for the period, adjusted for tax expenses, finance costs, gain/(loss) on derivative financial instruments, 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, recharged depreciation, deal costs, share‐based payments and long‐term incentive plan charges, and exceptional items. Exceptional items are material items that are considered exceptional in nature by management by virtue of their size and/or incidence. (3) Site Adjusted EBIT defined as Site Adj. EBITDA after depreciation and amortisation (including depreciation of right of use assets). 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection Diversified customer base with strong underlying credit profiles
Strong customer base PF Senegal Future Contracted Revenue per Operator Future Contracted Revenue(1) contribution (incl. committed colocations), pro forma for Senegal from IG(2) and near-IG customers PF Senegal
Others Multinational MNOs BB-/Ba1/BB
BB/Ba3/BB(3) 5% 1% 3% 99% 20% 9%
Max single customer exposure PF Senegal Orange BBB+/Baa1/BBB+ 13%
17%
20% BBB/Baa2/BBB 15%
17% Future Contracted Revenue(1) (incl. committed colocations) PF Senegal -/Ba1/BB+
BBB-/Ba1/BBB- $3.6bn S&P/Moody’s/Fitch
Source: Company as of 31 December 2020; Ratings agency reports, including Senegal. (1) Contracted revenue refers to total undiscounted revenue as of 31 December 2020, with local currency amounts converted at the applicable average rate for U.S. dollars for the three months (2) IG: Investment Grade ended 31 December 2020 held constant. Our contracted revenue calculation for each year presented assumes: (i) no escalation in fee rates, (ii) no increases in sites or tenancies other than (3) Vietnamese government ratings 19 our committed tenancies (which include our committed colocations and/or committed anchor tenants), (iii) HT’s customers do not utilize any cancellation allowances set forth in their master lease agreements (“MLAs”) and (iv) HT’s customers do not terminate MLAs early for any reason. Includes estimated contribution to contracted revenue from sites (including committed BTS sites) expected to be acquired from Free Senegal (based on MSA agreed lease rates and assuming rollout of at least 60 BTS sites per annum starting in 2021). 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection High quality contracts provide revenue visibility
Long-term Contracted Revenue(2) (US$m) (incl. • 10-15 years committed colocations) PF Senegal Total remaining contracted revenues of US$3.5bn Security $1,836m • Minimal cancellation rights • Inflation & power price escalators • Menu pricing for amendment revenue • Automatic renewal clauses • Take-or-pay commitments (colocation/BTS) $430m $440m $437m $419m Hard currency • USD and EUR pegged focus Lease-weighted average Contracted revenues(2) 2021 2022 2023 2024 2025+ (1) remaining life PF Senegal (incl. committed colocations) Tanzania DRC Congo B Ghana South Africa Senegal PF Senegal 7.6yrs $3.6bn
Source: Company information as of 31 December 2020. Contracted revenues for 2021 onwards and until 2036. (1) Does not take renewals into account. 20 (2) Contracted revenue refers to total undiscounted revenue as of 31 December 2020, with local currency amounts converted at the applicable average rate for U.S. dollars for the three months ended 31 December 2020 held constant. Pro forma for Senegal includes estimated contribution to contracted revenue from sites (including committed BTS sites) expected to be acquired from Free Senegal (based on MSA agreed lease rates and assuming rollout of at least 60 BTS sites per annum starting in 2021). 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection How HT is protected against FX & cost inflation risk Illustration: 365 Days Case Study Timeline Day 1 Day 2... Day 30... Day 90(1) ... Day 365(2) Local Currency Unit Economics(4) FX Local Currency -10% TZ / GH CPI Power Price Fuel Price Escalators (LC) +10% +12% 32% Local CPI TZS / GHS 100.0 90.0 86.4 91.8 99.4 Billings / ZAR settled in 70.0 70.6 63.0 63.0 63.0 TZS / GHS Site Adj. EBITDA
20.0 18.0 14.4 19.8 19.8 Hard Currency 10.0 9.0 9.0... 9.0... 9.0
Hard Currency Unit Economics(4) FX US / EU CPI -10% Power Price Escalators Fuel Price (LC) +10% 68% +2% US CPI
USD / EUR 100.0 100.0 100.0 100.0 101.4 (XAF)
70.0 70.0 70.0 70.0 71.4 Billings settled in USD / XAF / LC Site Adj. EBITDA at Spot Rate 20.0 20.0 20.0 20.0 20.0 10.0 10.0 10.0 10.0 10.0
Adj. EBITDA PF Senegal (3) (5)
Source: Company information. Illustration assumes annual CPI escalators and quarterly power escalators. (1) Quarterly power price escalators. 21 (2) Annual CPI escalators. (3) Based on Adjusted EBITDA as of 31 December 2020, adjusted for pro rata estimated Adj. EBITDA from Free Senegal acquisition. Expected Adj. EBITDA contribution from acquired sites from Free Senegal based on MSA agreed lease rates and management estimates of opex. (4) Indexed to 100 on Day 1 based on the composition of Adjusted EBITDA for the year ended 31 December 2019. (5) Non-power costs are related to maintenance, security and other costs. 3 Highly Visible Revenue Stream with FX and Cost Inflation Protection Sustained Adj. EBITDA growth through market volatility Group LQA Adj. EBITDA ($m) vs. currencies of the countries in which HT operates(1) and Brent Crude 160% 300 Adj. EBITDA Margin 25% 27% 28% 28% 35% 35% 39% 38% 40% 40% 42%46%47% 49% 51% 52% 52% 52% 54% 54% 53% 54% 55% 57% 140% 250
240 230 120% 220 215 216 210 200 201 195 186 100% 181 176 168 164 150 148 80% 138 133 126 127 100 60% 83 85
60 63 50 40% 50 42
20% 0 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20
LQA Adj. EBITDA ($m) TZS-USD CDF-USD GHS-USD XAF-USD Brent Crude ($)
Source: FactSet average of FX rates for each quarter, Company information as of the end of the respective quarter (1) Excludes South African Rand as the market was entered in January 2019 22 4 Experienced Management Team and Board of Directors 4 Experienced Management Team and Board of Directors Helios Towers Plc’s Board has significant experience in towers, Africa, telco, power, industry and investment
Samuel Jonah Kash Pandya Tom Greenwood Manjit Dhillon Chair Chief Executive Officer Chief Operating Officer Chief Financial Officer
. Has served on numerous boards . Joined Helios Towers in August 2015 . Joined Helios Towers in 2010, was Chief . Joined Helios Towers in 2016, was Head including Vodafone, Lonhro, the having previously been a board Financial Officer from 2015 and Chief of Investor Relations and Corporate Global Advisory Council of Bank of director with Aggreko for 8 years. Operating Officer from July 2020. Finance from 2019 and Chief Financial America Corp., and Standard Bank. Officer from January 2021. . Previous experience at engineering / . Previously at PwC in TMT Transaction . Current Chairman of Roscan Gold manufacturing companies including Services, and a qualified chartered . Previously at Goldman Sachs, Deloitte Corp. Inc., and Non-Executive Director Jaguar, General Electric, Ford, Novar, accountant (ICAEW). and Lyceum Capital, and is a qualified of Grit Real Estate Income Group Ltd. APW, and Johnston Group. Chartered accountant (ICAEW).
Magnus Alison Richard Carole Wamuyu Sally Temitope David Mandersson Baker Byrne Wainaina Ashford Lawani Wassong Senior Independent Independent Non- Independent Non- Independent Non- Independent Non- Non-Executive Non-Executive Director Executive Director Executive Director Executive Director Executive Director Director Director
Shareholder Directors 24 4 Experienced Management Team and Board of Directors Experienced management team
Fritz Dzeklo Colard Nkole Ramsey Koola Marinus Gieselbach MD HT Ghana MD HT Congo B MD HT Tanzania MD Helios Towers • Joined 2015 • Joined 2012 • Joined 2011 South Africa • Appointed MD of • 20+ years of • Joined 2019 • Previously at HTCB early 2020 mobile comms • Previously at Vulatel Vodafone Ghana experience • Prior roles at • SA citizen • Ghanaian citizen Celtel/Airtel • Tanzanian citizen Localised and • DRC citizen Regional Management Marlene Kiniffo- Philippe Loridon(1) Sainesh Vallabh Léon-Paul O. Manya(1) Teams Zounon CEO East & West CEO Southern Group Technical Advisor: CEO Central Africa Africa Africa New Markets • Joined 2020 • Joined 2011 • Joined 2020 • Joined 2011 • Previously at • Previously at • Previously at • Prior roles at Tigo and LafargeHolcim and Hutchison Telecom Vodacom Dimension Data BlackBerry and BeMobile • SA citizen • DRC citizen • Beninese national
Nick Summers Colin Gaston Jeffrey Roy Cursley Neil Conquest Director of Director of Special Schumacher Director of Director of Delivery Sustainability & Projects Director of Technology • Joined 2015 Organisational • Joined 2015 Commercial • Joined 2015 • Previously at Aggreko Development • Previously at • Joined 2011 • Previously at • Joined 2010 Aggreko and • Previously at Soros Aggreko Supplemented • Previously at Schlumberger Fund Management by Strong Vodafone Group Executive Tom Greenwood Kash Pandya Manjit Dhillon Team Paul Barrett General Counsel and Chief Operating Chief Executive Chief Financial Company Secretary Officer Officer Officer • Joined 2020 • Joined 2010 • Joined 2015 • Joined 2016 • Previously at RAC • Previously at PwC • Previously at • Previously at Lyceum Motoring Services and Aggreko Capital, Deloitte and Home Retail Group Goldman Sachs plc +100 Years Experience of Towers and Power in Emerging Markets
(1) Philippe and Léon-Paul are also part of the HT executive team. 25 Investment Thesis
1 A Leading Independent Tower Company Sole Independent Tower Operator in 3 of our Markets(1)
2 Structurally Attractive Markets Long-term Structural Growth Drivers for Mobile
3 Highly Visible Revenue Stream with FX and Cost Inflation Protection Robust, Long-Term Contracts Provide Revenue Visibility with Limited Currency and Pricing Risk
4 Experienced Management Team and Board of Directors Operational Excellence with 100+ years Experience within Tower and Power in Emerging Markets
(1) Tanzania, DRC and Congo Brazzaville. Excluding Senegal, where we expect to be the sole independent tower operator. 26 FY 2020 Update FY 2020 highlights
STRONG REVENUE +7% revenue growth from $388m in FY 19 to $414m in FY 20 GROWTH
CONTINUED EBITDA +10% Adj. EBITDA growth from $205m in FY 19 to $227m in FY 20, with +2ppt FINANCIAL EXPANSION margin expansion to 55%, in-line with our medium-term target of 55-60%
2020 DEBT CAPITAL Raised over $1.2bn debt financing in 2020, refinancing existing debt facilities and raising additional capital for growth while substantially reducing our RAISING cost of debt
SOLID SITE AND Added +1,065 tenancies including +382 sites YoY reaching 15,656 tenancies TENANCY GROWTH and 7,356 sites, in-line with guidance and driving record tenancy ratio of 2.13x
EXECUTING M&A Free Senegal tower portfolio acquisition (1,220 sites) anticipated to close in H1 2021 and BD pipeline robust with over 10,000 sites STRATEGIC/ STRATEGY OPERATIONAL SUSTAINABLE BUSINESS Launched our Sustainable Business Strategy in November, introducing our new strategic pillars and medium-term targets to support our continued STRATEGY sustainable growth Restructured the team in H2 2020 to support announced and expected M&A LEADERSHIP growth, appointing Tom Greenwood as COO and creating regional CEOs, CHANGES followed by Manjit Dhillon’s appointment as CFO in January 2021
28 FY 2020: Strong returns and consistent growth Three measures that capture the fast growth, cash generation, efficient capital allocation and consistency of our business
Adj. EBITDA (US$m)(1) Portfolio free cash flow (US$m)(2) ROIC(3) • Highlights growth and operational • Measures the unlevered free cash flow • Highlights asset efficiency and performance of our business generation of the existing site portfolio effectiveness of our capital allocation 227 205 174 169 14.4% 14.5% 178 55% 53% 12.1% 133 146 50% 9.4% 97 105 42% 5.7% 37% 51
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
• 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
(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. 29 (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. FY 2020: Strong financial and operational performance against backdrop of COVID-19
Commentary Impact Assessment Change since Q3 20
Workforce & Field operations and home working Minimal None Operations continues
None, with FY 20 revenues growing 7% $2.8bn contracted revenues with 6.8 years Existing year-on-year average contract life remaining and Revenue / Minimal significant liquidity ($429m cash as at FY 20 Well capitalised to execute on growth Liquidity and c.$294m of undrawn debt(1)) strategy
Achieved full-year guidance set out Customer Implications for tenancy roll out if customers Minimal during our IPO, adding 1,065 tenancies have supply chain delays roll-out in 2020
Supply Forward purchasing of capex and opex Minimal None Chain
Situation Regular Board monitoring and video Minimal None management conference / cloud systems
Strong performance against the backdrop of COVID-19, delivering growth in-line with guidance provided at the beginning of the year
(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).
30 Sustainable business strategy
Strategy Reporting Three integrated pillars of our strategy, underpinned by Published our sustainable business strategy and hosted our strong culture and robust governance framework event unveiling our sustainable business strategy
Business excellence and efficiency
2020 . KPIs: Tenancy ratio, Adjusted EBITDA margin . Targets: Tower uptime, BTS lease-up
. 2020 highlights: Improved performance against all targets and KPIs Sustainable business strategy How HT supports the UN Sustainable business strategy overview (Sep-20) SDGs (Oct-20) presentation (Nov-20)
Network access and sustainable development
2020 Sustainable Business Report published 15 March 2021 . KPIs: Population coverage with carbon emission targets disclosed in H2 2021 . Targets: 12,000+ towers in 8+ markets, expand rural coverage, bespoke community partnerships • 2020 highlights: Free Senegal tower portfolio acquisition provides strong progress against towers/markets target and community strategy has been developed 2021 Empowered people and partnerships
Sustainable business report (Mar-21) HT to develop and announced carbon . KPIs: Employee and management diversity; employee training emissions targets (H2 2021) . Targets: Supplier certification and sustainability assessment . 2020 highlights: Improved maintenance partner metrics and achieved 37% of staff trained in Lean Six Sigma
31 Guidance and outlook
Guidance
• Guidance unchanged, targeting 1-1.5k per year over the medium term Tenancies • Of which 50% BTS gradually reducing to 25% BTS over the medium term
Lease rate • Decrease of c.3% in 2021 driven by power price movements per tenancy • USD inflationary growth from 2022 onwards, in-line with prior guidance
Opex • Decrease of c.3% in 2021 driven by lower power opex per site • Flat opex per site from 2022 onwards, in-line with prior guidance Existing five markets • USD inflationary growth + c.$3m growth investment in 2021 SG&A • USD inflationary growth from 2022 onwards, in-line with prior guidance
• Targeting $110 – 140m capex in 2021, of which $20 - $25m non-discretionary capex 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
Senegal • 1,220 sites deliver initial annualised revenues of $38m and Adjusted EBITDA of $19m • $215m capex reflecting acquisition and expansion in 2021
New considerations • Anticipated closing H1 2021, with 400 committed BTS to be rolled over the next five years markets
Medium term tenancy roll-out expectations for existing markets unchanged, with further growth anticipated through Senegal acquisition
32