Core Leasing Revenue and Growth - Consolidated core leasing revenue increased from $2005 million in 2022 to $2163 million in 2023, and further to $2202 million in 2024[6] - Domestic core leasing revenue increased from $1602 million in 2022 to $1676 million in 2023, and further to $1720 million in 2024[9] - International core leasing revenue increased from $403 million in 2022 to $487 million in 2023, but decreased to $482 million in 2024[11] - Net organic growth for consolidated core leasing revenue was 46% in 2022, 42% in 2023, 23% in 2024, and 11% in 1Q25[6] - Net organic growth for domestic core leasing revenue was 45% in 2022, 44% in 2023, 22% in 2024, and 10% in 1Q25[9] - Net organic growth for international core leasing revenue was 53% in 2022, 37% in 2023, 25% in 2024, and 16% in 1Q25[11] Capital Allocation and ROIC - Total capital allocation was $22274 million in 2021, $21291 million in 2022, $8367 million in 2023, $11522 million in 2024, and $2319 million in 2025 YTD[14] - The leverage ratio decreased from 73x in 2021 to 69x in 2022, 63x in 2023, and 61x in 2024, then increased to 64x in 1Q25[14] - Return on Invested Capital (ROIC) was 107% in 2Q23, 108% in 3Q23, 108% in 4Q23, 103% in 1Q24, 103% in 2Q24, 102% in 3Q24, 106% in 4Q24, and 100% in 1Q25[14] Customer Concentration - In 1Q25, T-Mobile accounted for 362% of domestic site leasing revenue, AT&T Wireless accounted for 304%, and Verizon Wireless accounted for 204%[18] - In 1Q25, Telefonica accounted for 202% of international site leasing revenue, America Movil accounted for 189%, and TIM accounted for 156%[18] Site Portfolio - The company owned 39,311 sites at the end of 2023 and 39,749 sites at the end of 2024[19]

June 30, 2025 04:01 AM GMT US Equity Strategy | North America Weekly Warm-up: Is the Equity Market Strength Justified? Equity markets have been resilient since bottoming in April, and the rally has been more fundamentally-driven than many appreciate. While there could be some consolidation during 3Q, we remain bullish on a 6-12 month horizon as EPS tailwinds expand, and the market has line of sight to Fed cuts. | M Weekly Warm-up: Is the Equity Market Strength Justified? Equity markets have been resilient s ...

Depreciation: China Tower acquired 1.43mn towers from China telcos in 2015, and by Oct 2025, these tower assets will reach the end of 10-year depreciable life, and this would result in a steep drop in depreciation expenses in 2026 (hence a one-off strong net profit growth). Management noted the 1.43mn towers account for c.50% of the total acquisition in 2015 (close to Rmb200bn), and this implies each tower has depreciation expense of c.Rmb7k per year. Since the tower acquisition in 2015, China Tower decommi ...

Financial Data and Key Metrics Changes - The company reported a strong start to 2025 with a 26% organic revenue growth, driven by nearly 8% constant currency growth [5][6] - Adjusted EBITDA reached $253 million with a margin of 57.5%, up 1320 basis points year over year [6][18] - ALFCF was $150 million, representing a 248% increase year over year, attributed to improved profitability and rephasing of interest payments [6][18] - Total CapEx was $44 million, down 17.8% year over year, reflecting a narrowed focus on capital allocation [7][19] - The consolidated net leverage ratio decreased to 3.4x from 3.7x at the end of 2024 [8][26] Business Line Data and Key Metrics Changes - In Nigeria, revenue increased by 19% year on year, driven by FX resets, power indexation, and tenancy growth [21] - The Sub-Saharan Africa segment saw an 8.1% revenue decrease, while adjusted EBITDA increased by 2.9% year on year [22] - The Latin America segment experienced a 0.5% revenue decrease, but adjusted EBITDA increased by 5% [24] Market Data and Key Metrics Changes - The Nigerian FX market stabilized with the naira averaging $15.27 to the dollar in Q1 2025, down from $16.29 in Q4 2024 [20] - Inflation in Nigeria remained stable at 24.2% as of March 2025 [20] - The company noted a strong macroeconomic environment in Nigeria and Brazil, supporting growth opportunities [10] Company Strategy and Development Direction - The company is focused on improving profitability and cash flow generation while strengthening its balance sheet [8][10] - A strategic priority includes asset disposals, with the recent agreement to sell IHS Rwanda for $274.5 million, reflecting a transaction multiple of 8.3 times adjusted EBITDA [9][10] - The company aims to maximize returns for stakeholders and is exploring additional value-creative disposal opportunities [10][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for 2025, supported by improving macroeconomic conditions in key markets [10][40] - The company is monitoring global macroeconomic uncertainties that could impact operations [40][41] - Management reiterated that the first quarter performance was in line with expectations, with a positive outlook for the remainder of the year [34][35] Other Important Information - The company has approximately $4 billion in external debt and lease liabilities, with $629 million in cash and cash equivalents as of March 31, 2025 [25][26] - The withholding tax rate in Nigeria decreased from 10% to 2%, benefiting ALFCF cash conversion [19] Q&A Session Summary Question: Was Q1 performance in line with expectations? - Management confirmed that Q1 performance was in line with expectations, with a strong start to the year [34][35] Question: What risks are anticipated for the remainder of 2025? - Management noted that while the macro environment is improving, global uncertainties remain a concern [40][41] Question: Can you provide details on the asset sale program? - Management stated that while initial goals have been met, they will continue to explore additional disposals to unlock shareholder value [46][47] Question: What is the expected cash from the Rwanda sale? - The Rwanda sale is expected to generate $274.5 million in cash, with no debt attached to the asset [69][70] Question: What is the outlook for EBITDA growth in Nigeria? - Management indicated that FX resets will continue to impact EBITDA, but the focus will shift to organic growth drivers [64][66]

US Equity Strategy Equity Strategy & Equities Ten stock picks for an uncertain, volatile environment Initial sell-off broad-based but recovery uneven The initial post-Liberation Day sell-off was broad-based (99% of S&P 500 stocks fell), but the recovery over the past weeks has been uneven. Tech and Mag7 have largely driven the S&P 500 recovery. The equal-weighted S&P 500 has underperformed the index by c170bp and value underperformed growth by 620bp. Just 35% of S&P 500 stocks have recovered to pre-Liberati ...