Results

Q3 2019
14 November 2019
Helios Towers Team Today

Tom Greenwood Kash Pandya Manjit Dhillon

Chief Financial Officer Chief Executive Officer Head of Investor
Relations and
Corporate Finance

1
Agenda

1
Key Highlights

2
Financial Results

3
Q&A

2
Key
Highlights
Q3 2019 Highlights

• Our 19th consecutive quarter of Adj. EBITDA

growth, with continued improvement
across key financial and operating metrics

• Successful float of HT plc with premium

listing on the London Stock Exchange

• New Board members announced

Helios Towers 4
Strong Q3 2019 Performance, both Financially and
Operationally
Q3 2019 Performance 19 Quarters of Annualised Adj. EBITDA(2) Growth

• Revenue +11% YoY to $97m CAGR

43%
Margin has more than
doubled through top-line Q1 2015 – Q3 2019
>2x growth and implementation
of business excellence
strategy 54%
• Adjusted EBITDA(1) up +16% YoY to $52m
210
($210m annualised) reflecting our 19th 195 201
186
consecutive quarter of growth 176 181
164 168
148
138
126 127 133

• Adj. EBITDA margin up 3ppt YoY to 54% 25% 83 85

60 63
42 50

• Total tenancies up +9% YoY to 14,226

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19
• Tenancy ratio increased 0.07x YoY to 2.06x % = Adj. EBITDA Margin

(1) “Adjusted EBITDA” is defined as loss for the period, adjusted for tax expenses, 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, recharged depreciation, deal costs for aborted acquisitions, deal costs not capitalised, 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.
(2) Annualised Adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future results

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Successful float of HT plc with premium listing on
the London Stock Exchange

• On 18 October 2019 Helios Towers was admitted to the premium segment of the Official List and
trading on the Main Market of the London Stock Exchange

• IPO raised $360m:

• $125m primary proceeds to be deployed in value-accretive future expansion opportunities –

new geographies/ M&A

• $235m part sale by existing shareholdings

• Initial pricing at 115p per share with market capitalisation of £1.15bn

• Free float of $500m1

1 Includes shareholders owning less than 5% of issued share capital with a lock-up of 180 days or less; excludes management and board members.

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New Helios Towers plc Board

New Appointments:

• Sir Samuel Jonah - Chairman

• Magnus Mandersson - Senior Independent Director

• Alison Baker - Independent Non-Executive Director

Existing Board Members:

• Kash Pandya - Chief Executive Officer

• Tom Greenwood - Chief Financial Officer

• Richard Byrne - Independent Non-Executive Director

• David Wassong - Non-Executive Director

• Temitope Lawani - Non-Executive Director

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Financial
Results
Q3 2019 Key Highlights
Results Snapshot Financial Summary
% %
Q2 19 Q3 19 YTD 18 YTD 19
change change
• Q3 YTD Revenue: +8% YoY / +0% QoQ
In US$m, unless
QoQ YoY
otherwise stated
• Q3 YTD Adj. EBITDA: +16% YoY / +5% QoQ
Revenue 97 97 0% 266 288 8%
• Q3 YTD Adj. EBITDA margin: +4ppt YoY /
Adj. EBITDA(1) 50 52 5% 131 151 16% +2ppt QoQ
Annualised adj. EBITDA(2) 201 210 5% 181 210 16%
Operational Summary
Adj. EBITDA margin (%) 52% 54% 2ppt 49% 53% 4ppt
• YoY +343 sites (+5%) and +820 colocations (+13%)
Sites (#) 6,882 6,903 0% 6,560 6,903 5%
• YoY +1,163 tenancies (+9%)
Colocations (#) (3) 7,218 7,323 1% 6,503 7,323 13%
• YoY growth driven by organic demand across all
Tenancies (#) 14,100 14,226 1% 13,063 14,226 9% markets, including new our market South Africa
Tenancy Ratio (x) 2.05x 2.06x 1.99x 2.06x • Tenancy ratio increased to 2.06x (+0.07x YoY)

Capex 40 29 -27% 94 84 -10% • QoQ 21 sites (+0%) and +105 colocations (+1%)
Net Debt (4) 716 730 2% 648 730 13%

(1) Adjusted EBITDA is defined as loss for the period, adjusted for tax expenses, 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, recharged depreciation, deal costs for aborted acquisitions, deal costs not capitalised, 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.
(2) Annualised Adj. EBITDA calculated as per the bond definition 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 our gross debt less cash and cash equivalents

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Strong Revenue and Adj. EBITDA Growth
Revenue growth Adj. EBITDA growth Adj. EBITDA margin expansion
+3 ppt
+11% +16%

+2 ppt
0% +5%

51% 52% 54%

97 97 50 52
88 45

Q3 18 Q2 19 Q3 19 Q3 18 Q2 19 Q3 19 Q3 18 Q2 19 Q3 19

• Q3 19 Revenue increased 11% YoY to $97m (Q3 18: $88m); flat QoQ
• Adj. EBITDA grew 16% YoY to $52m (Q3 18: $45m)
• Adj. EBITDA margin improved to 54%, an increase of 3 ppt YoY and 2 ppt QoQ

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YTD 2019 Revenue Breakdown

YTD 2019 Revenue Breakdown by Customer YTD 2019 Revenue Breakdown by FX

Other LCY (CPI) 21%
13%

USD
LCY (Power)
53%
22%

Africa’s Big 5
MNOs(1) 87% XAF/EUR
4%

YTD 2019 Revenue Breakdown by Country Commentary

Ghana South Africa • 87% of YTD 19 revenues from Africa’s Big 5 MNOs
10% 0%
(YTD 18= 86%)
Tanzania
Congo B
42% • 57% of revenues in USD or XAF (which is pegged to
7%
the Euro)

DRC
41%

(1) Big 5 MNOs defined as: Airtel, MTN, Orange, Tigo and Vodafone/Vodacom

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Tenancy Growth up 9% YoY, Tenancy Ratio rose to 2.06x
Evolution of sites portfolio Evolution of tenants Evolution of tenancy ratio

+5% +9% +0.07x

+0% +1% +0.01x

6,560 6,882 6,903 14,100 14,226

101 110 13,063 168 193
381 385 533 557
378 526
933 950 1,744 1,788
888 1,665

1,817 1,821 3,705 3,717

1,775 3,374
2.05x 2.06x
1.99x

3,519 3,650 3,637 7,498 7,950 7,971

Q3 18 Q2 19 Q3 19 Q3 18 Q2 19 Q3 19 Q3 18 Q2 19 Q3 19
Tanzania DRC Congo Brazzaville Ghana South Africa

• Tenancy growth of 9% YoY, reaching 14,226 tenancies in Q3 19

• Site growth in all markets except Tanzania (ongoing site consolidation program)
• Tenancy growth across all markets
• Tenancy ratio of 2.06x increased +0.07x YoY and +0.01x QoQ

Helios Towers 12
 YTD 2019 Costs and Tower Cash Flow Analysis
YTD 19 Operating Cost Breakdown(1) Monthly Cash Flow per Tower ($) (2)

YTD 19 Site Opex: $100m

+8% 3,157
% Revenue
46% 45% 45% 40% 40% 38% 35% 35% 36% 35% 33%
2,914
US$m:
38 39 39
36 35 34 34 34
31 32 32

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q3 18 Q3 19
17 17 17 17 18 18 18 18 19 19 19

YTD 19 SG&A: $36m

Commentary

Tanzania • Strong YoY growth in Tower Cash Flow and Adj.

22% DRC EBITDA margin
34%
Ghana
• Q3 19 Opex decreased -$2m QoQ to $32m (33% of
Congo B
revenues)
25% South Africa

2% 8% 9% Holdco

(1) Cost breakdown excludes depreciation, amortisation, exceptional items, deal costs and share-based payments and long-term incentive plan charges
(2) Tower Cash Flow calculated as Reported Gross Profit + Site Depreciation

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Capital Expenditure
Capex Breakdown ($m) Commentary

 YTD 2019 capex of $84m:

Guidance
 Acquisition capex relates to South African
investments and Tanzanian acquisition of

130 colocation rights

119  Growth capex of $41m represents investments in
2 30
100 new sites and tenancies across all group
84 operations, plus site efficiency initiatives (power,
78 consolidations etc)
22
 FY 19 capex guidance remains unchanged at
41 • $20-25m $130m
maintenance
and corporate
22 capex
3 12
13 1 8
FY 18 YTD 19 FY 19 FY 19 FY 19
Organic ex. Acquisitions / Group
South Africa South Africa Total

Maintenance Corporate Upgrade Growth Acquistions

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Summary of Financial Debt

Debt KPIs Gross and Net Leverage

($m) FY 18 Q1 19 Q2 19 Q3 19
-0.4x / -0.2x
Cash & cash equivalents 89 109 90 63
Bond 600 600 600 600 4.2x 4.0x 4.0x 3.8x
Term Loan 25 75 75 75 3.7x 3.4x 3.6x 3.5x
(1)
Lease Obligations + Other 121 106 129 118
Gross Debt 746 781 805 793
Net Debt 657 672 716 730
(2) (2)
Annualised Adj. EBITDA 178 195 201 210 (2)
Gross Leverage (3) 4.2x 4.0x 4.0x 3.8x
(4)
Net Leverage 3.7x 3.4x 3.6x 3.5x FY 18 Q1 19 Q2 19 Q3 19
Gross leverage Net leverage
Commentary
 Deleveraging from FY 18 driven by continued QoQ growth
in Adj. EBITDA

 Net leverage target for the Group is between 3.5x and

4.5x

(1) ‘Other’ relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans
(2) Annualised adj. EBITDA calculated as per the bond definition as the most recent fiscal quarter multiplied by 4. This is not a forecast of future result
(3) Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year
(4) Calculated as net debt divided by Annualised Adj. EBITDA for the quarter and Adj. EBITDA for the year

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Strong growth in Portfolio Free Cash Flow conversion;
Working Capital Outflow Driven by Large Customer Payment Timings
12 months ended 9 months ended Strong Portfolio Free Cash Flow Conversion
($m) 2017 2018 2019

Adj. EBITDA 146 178 152

Non-discretionary capex(1), leases(2) & taxes (49) (45) (27)

Portfolio free cash flow 97 133 125

82%
Cash conversion % 66% 75% 82% 75%
66%
Interest(3) (41) (62) (64)

Levered Portfolio free cash flow 56 71 61 FY17 FY18 YTD 19

Discretionary capex(4) (149) (103) (75)

Net Receivables(7)
Adjusted free cash flow (93) (32) (15)
60,000 70
Net change working capital(5) (23) 10 (43)
4,544
Exceptional adjusting items and other(6) (7) (32) (18) 50,000 60
1,300

Net Receivables Days(8)

15,795 50
Vodacom minority acquisition (59) - -
40,000 15,792

$'000 Net Receivables

Free cash flow (182) (54) (75) 40
30,000
Net cash flow from financing activities 168 25 50 4,970 30
20,000
Net cash flow (14) (29) (25) 36,448 20
31,292 16,687

Cash brought forward 134 120 89 10,000 10

7,860
FX 0 (1) (1)
FY17 FY18 Q3 19
Cash carried forward 120 89 63
Big 5 MNOs Other Multinational MNOs Other Net receivables days

(1) Non-discretionary capex includes maintenance and corporate capex

(2) Payment of lease liabilities includes interest and principal repayments of lease liabilities
(3) 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
(4) Discretionary capital additions includes acquisition, growth and upgrade capital additions
(5) Net change in working capital corresponds to movements in working capital, excluding cash paid for exceptional and EBITDA adjusting items and including movements in capital expenditure related working capital and withholding tax on interest payments
(6) Cash paid for exceptional and EBITDA adjusting items corresponds to cash paid in respect of items per note 4 of the condensed consolidated interim financial statements – litigation costs, exceptional project costs, share-based payments and long term incentive plans and deal
costs. Condensed consolidated interim financial statements are available on the Helios Towers investor relations website (www.heliostowers.com/investors/investor-home)
(7) Net receivables equals total trade receivables (including related parties) and accrued revenue, less amounts billed not yet due
(8) Net receivables days calculated as net receivables divided by revenue reported in the period multiplied by number of days in the period

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Helios Towers’ Story
Strong growing positions in four existing markets with
MARKET LEADER…
exciting growth potential in the new South African market
UNIQUE
POSITIONING
… CONTINUING +11% Revenue growth and +16% EBITDA growth year-on-
DELIVERING GROWTH year for Q3 2019

LONG-TERM Contracted revenue of c.$2.9bn with average remaining

CONTRACTS… life of 7.6 years
SECURED
GROWTH
… IN HARD CURRENCY 57% of revenue in hard currency (USD and EUR pegged)

IMPROVEMENT IN Margin expansion of +3 ppt year-on-year to 54% for Q3

MARGIN… 2019
OPERATING
LEVERAGE
… DRIVING CASH FLOW Portfolio free cash flow of $125m(1) for YTD 2019, a 29%
GENERATION increase YoY

(1) Portfolio free cash flow defined as Adj. EBITDA less Lease payments, Tax paid and Maintenance and Corporate capital expenditure.

Helios Towers 17
Outlook for Q4 and FY 2019

• The business continues to perform in-line with

our expectations providing confidence in the
outlook for the full year

• We continue to target growth in our four

established markets, driven by top-line growth
and execution of our Business Excellence
Strategy, complimented by growth in our
newest market, South Africa

Helios Towers 18
Q&A
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 business.

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.

Helios Towers 20
Appendix
Summary Income Statement
($m) YTD 18 YTD 19
Revenue 266.2 288.0
Cost of sales (194.7) (196.9)
Gross Profit 71.5 91.2
Admin expenses (71.7) (67.4)
Loss on disposal of PPE (4.8) (11.0)
Operating profit/(loss) (5.1) 12.7
Interest receivable 0.8 1.3
Other gains and losses (29.3) 48.3
Finance costs (83.5) (84.8)
Loss before tax (117.1) (22.5)
Tax expenses (2.8) (6.7)
Loss after tax (119.9) (29.1)
Adj. EBITDA 131.1 151.5
Adj. EBITDA margin 49% 53%

Reconciliation of Adj. EBITDA to loss before tax for Q3 18 YTD and Q3 19 YTD
Adj. EBITDA 131.1 151.5
Adjustments applied in arriving at Adjusted EBITDA
Exceptional items:
Litigation costs(1) (10.2) -
Exceptional project costs(2) (14.7) (11.0)
Share-based payments and long term incentive plans(3) - (3.2)
Deal costs(4) - (2.4)
Loss on disposals of assets (4.8) (11.0)
Other gains and losses (29.3) 48.3
Depreciation and amortisation (106.5) (111.1)
Finance costs (82.7) (83.5)
Loss before tax (117.1) (22.5)
(1) Relates to legal costs incurred in connection with a previously terminated private equity transaction
(2) Exceptional project costs relate to the listing of equity on the London Stock Exchange
(3) Share-based payments and long term incentive plan charges and associated costs
(4) Includes acquisition costs relating to South Africa

Helios Towers 21
Summary Balance Sheet
($m) FY 2018 Q3 2019
Non–current assets
Intangible assets 12.4 46.2
Property, plant and equipment 676.6 633.8
Right–of–use assets 103.8 108.3
Investments in subsidiaries 0.1 0.0
Derivative financial assets 7.1 55.3
800.1 843.7
Current assets
Inventories 10.3 9.4
Trade and other receivables 102.3 149.4
Prepayments 16.2 23.9
Cash and cash equivalents 89.0 63.3
217.7 246.0
Total assets 1017.8 1089.7

Equity
Issued capital and reserves
Share capital 909.2 909.2
Share premium 187.0 187.0
Stated capital 1096.1 1096.1
Other reserves (12.8) (12.8)
Translation reserve (81.7) (83.2)
Accumulated losses (880.0) (908.7)
Equity attributable to owners 121.7 91.4
Non–controlling interest - (0.4)
Total Equity 121.7 91.0
Current liabilities
Trade and other payables 149.8 177.0
Short-term lease liabilities 19.6 21.1
Contingent Consideration - 5.8
Loans 17.3 5.1
186.6 209.0
Non–current liabilities
Loans 610.8 663.7
Long–term lease liabilities 98.7 103.1
Contingent consideration - 16.5
Deferred tax liabilities - 6.3
Total Liablilities 896.1 998.7
Total Equity and Liabilities 1017.8 1089.7

Helios Towers 22
Summary Cash Flow Statement
($m) YTD 18 YTD 19

Adj. EBITDA 131.1 151.5

Less: Tax paid (1.2) (1.9)
Less: Payments of lease liabilities (1) (19.9) (16.0)
Less: Maintenance and corporate capex (2) (12.9) (8.8)
Portfolio free cash flow 97.1 124.8
Cash conversion % (3) 74% 82%

Less: Net payment of interest (4) (58.7) (63.9)

Levered Portfolio free cash flow 38.4 60.9

Less: Discretionary capex (2)(5) (80.9) (75.4)

Adjusted free cash flow (42.5) (14.5)

Less: Net change working capital (6) 3.1 (42.7)

Less: Cash paid for exceptional and EBITDA adjusting items (7) (17.9) (18.0)
Add: Proceeds on disposal of assets 0.1 0.2
Free cash flow (57.3) (75.0)

Net cash flow from financing activities 0.0 50.0

Net cash flow (57.3) (25.0)
Cash brought forward 119.7 89.0
FX (0.9) (0.7)
Cash carried forward 61.5 63.3

(1) Payment of lease liabilities includes interest and principal repayments of lease liabilities
(2) Reflects capital additions
(3) Cash conversion % is calculates 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. Condensed consolidated interim financial
statements are available on the Helios Towers investor relations website (www.heliostowers.com/investors/investor-home)
(5) Discretionary capex comprises of acquisition, growth and upgrade capex
(6) Net change in working capital corresponds to movements in working capital, excluding cash paid for exceptional and EBITDA adjusting items and including movements in capital expenditure related working capital
(7) Cash paid for exceptional and EBITDA adjusting items corresponds to cash paid in respect of items per note 4 of the condensed consolidated interim financial statements – litigation costs, exceptional project costs, share-based payments and long term incentive plans
and deal costs. Condensed consolidated interim financial statements are available on the Helios Towers investor relations website (www.heliostowers.com/investors/investor-home)

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