#1helios towers FY 2023 Results 14 March 2024#2HELIOS TOWERS TEAM Manjit Dhillon Chief Financial Officer Tom Greenwood Chief Executive Officer Chris Baker-Sams Head of Strategic Finance and Investor Relations 2 Helios Towers FY 2023 Results helios Ptower's#3wwwww www helios towers Agenda 1. Highlights 2. Strategy update Financial results 3. 4. Q&A Dar es Salaam, Tanzania#4helios R towers Highlights Odzala National Park, Congo Brazzaville#51 HIGHLIGHTS FY 23: Record organic tenancy growth +2,433 YoY organic tenancy additions +0.10x YoY tenancy ratio expansion to 1.91x 5 Helios Towers FY 2023 Results (1) 2 3 4 • • FY 23: Financial performance ahead of expectations +29% YoY revenue growth +31% YoY Adj. EBITDA growth (+17% organic) • • +33% YoY PFCF growth +2ppt ROIC expansion to 12% (1) FY 23: Strengthened financial position -0.7x YoY decrease in net leverage, to 4.4x Opportunistically tendered $325m of our Dec-25 Bonds, extending average maturity by one year with minimal increase in cost of debt Growth underpinned by $5.4bn contracted revenue with an average remaining initial life of 7.8 years FY 24: Organic growth, continued deleveraging and FCF focus 1,600 2,100 tenancy additions • c.+11% Adj. EBITDA growth (2) In line with prior medium- ⚫ Net leverage below 4.0x • Neutral free cash flow (3) inflection point in FY 24 term guidance Return on invested capital (ROIC) is defined as annualised portfolio free cash flow divided by invested capital. Invested capital is. defined as gross property, plant and equipment and gross intangible assets, less accumulated maintenance and corporate capital expenditure, adjusted for IFRS 3 and IAS 29 accounting adjustments and deferred consideration for future sites. (2) Based on mid-point of guidance. (3) Target excludes potential second acquisition closing in Oman, previously announced on 8 December 2022. helios Ptower's#6FY 2023 KEY METRICS EXCEEDED EXPECTATIONS Organic tenancy additions (#) Organic tenancy ratio expansion Adj. EBITDA (US$m) Adj. EBITDA growth +0.02x +0.01x +0.10x Reported: +6% +18% +31% Organic: +2% +9% +17% Outperformance through colocation additions 2,433 1,601 Initial guidance: 1,600 - 2,100 283 1,262 241 Return on invested capital (%) 370 12% Initial guidance: 350-365 10% 12% Initial guidance: 10-11% FY 21 FY 22 FY 23 FY 21 FY 22 FY 23 FY 21 FY 22 FY 23 6 Helios Towers FY 2023 Results helios Ptower's#7DELIVERING ON OUR SUSTAINABLE BUSINESS STRATEGY THROUGH DEVELOPMENT OF STRONG LOCALISED TEAMS Impact ΚΡΙ Mgmt. comp(3) FY 22 FY 23 FY 26 Developing talent % staff trained in Lean Six Sigma Enabler 42% 53% 000 MPPP Local teams % local employees Enabler 96% 96% Reliable mobile coverage % power uptime(1) Bonus 99.96% 99.98% 70% 95-100% 100.00% (30s) Governance % ISO standards maintained Bonus 100% 100% 100% · 99. Gender diversity % female employees LTIP 28% 28% A Enabling connectivity Climate action Population coverage footprint Carbon emissions per tenant (2) LTIP 141m V 144m 30% 164m LTIP (2%) 0% Helios Towers Tanzania Helios Towers Oman SUSTAINABLE NESS STRATEGY LSS Customer Service Excellence 7- Integrity Partnership People and Business Excellence Sustainable Value Creation HELIOS S PLC ONE TEAM ONE BUSINESS TOWERS MSCI ESG RATINGS AAA CCC B BB BBB A AA AAA (46%) by 2030 Commentary • Lean Six Sigma trained employees increasing to 53% World-class power uptime at 99.98% (FY 22: 99.96%) (1), despite only 17 hours average tower grid availability per day Carbon emissions per tenant flat compared to 2020 baseline, reflecting higher fuel consumption in DRC, largely due to better-than-expected site and tenancy rollout (+1,023 YoY) • Updated 2030 carbon targets to include new markets (4) to be released in 2024 (1) 7 Helios Towers FY 2023 Results Calculated based on seven markets including Tanzania, Senegal, DRC, Congo Brazzaville, Ghana, South Africa and Madagascar; 12m trailing average power uptime; group figure weighted based on FY 22 and FY 23 site counts, respectively. (3) markets where the Company was operational in 2020. Performance reflects change from 2020 baseline using latest available emission factors. FY 22 performance has been restated based on updated emission factors. 'LTIP' refers to Long-Term Incentive Plan. (2) Carbon emissions per tenant target covers Scope 1 and 2 emissions against a 2020 baseline and covers the five (4) New markets refer to Senegal, Malawi, Madagascar and Oman. helios tower's#8helios Ptowers Strategy update wwwwww Antananarivo, Madagascar#9FY 2026 STRATEGIC VISION UPDATED TO REFLECT FOCUS ON ORGANIC GROWTH TO DRIVE CASH FLOW, ROIC AND DELEVERAGING Prior Target: (<H>) 22 26 BY 22k towers by 2026 Platform expansion through M&A Organic and inorganic growth 9 Helios Towers FY 2023 Results (1) Prior company medium-term guidance provided at Capital Markets Day on 5 May 2022. New Target: (나 (나 2.2x BY ()) 26 2.2x tenancy ratio by 2026 Faster tenancy ratio expansion vs prior guidance (1) • Organic growth and ROIC expansion helios Ptower's#10CAPITAL ALLOCATION PRIORITIES Capital allocation policy focused on growing portfolio free cash flow while consistently delivering ROIC above our cost of capital Current priorities: 1 Optimised organic investments 2 Deleveraging 3 Investor distributions 4 Opportunistic M&A Capital efficient investments accretive to ROIC - colocations, operational efficiencies and highly selective BTS <4.0x in 2024, trending to c.3.0x by 2026 Free cash flow inflection in FY 24(1), with future growth supporting capacity for potential distributions from 2026 Strict criteria that includes robust growth and a sufficient surplus to WACC 10 Helios Towers FY 2023 Results (1) Excluding potential second acquisition closing in Oman, previously announced on 8 December 2022. helios Ptower's#11TENANCY RATIO EXPANSION ON ENLARGED PLATFORM DRIVING ROIC EXPANSION AND FREE CASH FLOW GROWTH 11 2.2x Tenancy ratio 2.13x 1.96x 1.91x 14.5% ROIC 1.81x 11.8% 12.0% 10.3% New market acquisitions Senegal Madagascar Malawi Oman 14k 14k 10k Sites 7k FY 20 FY 21 FY 22 FY 23 FY 24-26 Free cash flow (71) (385) (721) (81) ((0)) A Helios Towers FY 2023 Results 2020-2022 Doubled and diversified our platform 2023 2026 Sustainable value creation Inflection in FCF and ROIC expansion targeted helios Ptower's#12WELL-POSITIONED TO CONTINUE CAPTURING THE STRUCTURAL GROWTH AND DRIVE LEASE-UP Unparalleled organic growth opportunity (2023-28) Macro +44m(D) increase in population (+13%) 66% (1) +5% below 30 years old GDP CAGR (3) ↑ Mobile (4) +4%(5) increase in penetration +85m more mobile connections (+24%) " ゲ ») " » +3xM (4) increase in GB consumption +32k Points of Service growth forecast (4) (+7% CAGR/ +33% total) " P ») " » (1) (2) United Nations, World Population Prospects 2022. Increase in population refers to expected population growth between 2023 and 2028 and below 30 population refers to as a % of the total population in our markets, as of 2023. United Nations, World Urbanization Prospects 2018. (4) (5) 12 Helios Towers FY 2023 Results (3) IMF real GDP forecast, Oct 2023. GDP CAGR between 2023 and 2028, calculated based on a site weighted basis, using FY 23 site count. Uniquely positioned platform Leading or sole independent towerco in 7/9 markets: 7/9 3x+: 26% Large number of towers with 1x tenancies, primed for lease-up: 2x: 27% 1x 47% 1x sites: Established markets 31% New markets 74% Data sourced from Analysys Mason, February 2024, with Group/ segment figures weighted based on FY 23 site count. GSMA database, accessed December 2023. Increase in mobile penetration refers to growth between 2023 and 2028, calculated based on a site weighted basis, using FY 23 site count. helios towers#13PROVEN TRACK RECORD OF TENANCY RATIO EXPANSION AND DRIVING ROIC Tenancy ratio by vintage Average tenancy ratio expansion per annum: BTS 0.2x Acquired 0.1x Highly attractive returns Illustrative incremental site ROIC for BTS(1): 0.3x 0.5x Minimal incremental opex ✓ Minimal incremental capex 0.1x 0.1x ✓ Incremental tenant margin: c.80% 2.4x 2.2x 2.2x 2.0x 1.5x 1.3x 12% FY 10-15 BTS FY 16-20 Acquired FY 21-23 13 Helios Towers FY 2023 Results (1) 25% 34% 1 tenant 2 tenants 3 tenants For illustrative purposes only, and based on estimated pricing and costs for newly constructed BTS, weighted by Company estimated rollout. Site ROIC calculated as site Adjusted gross profit minus ground lease payments and non- discretionary capital expenditure divided by discretionary capital expenditure. helios Ptower's#14GROUP ROIC REFLECTS MIX OF ESTABLISHED VS. NEW MARKETS Established markets yielding 18% ROIC (and growing) with new markets, entered into across 2021-22, expected to deliver comparable returns as tenancy ratio expands Established markets (Tanzania, DRC, Congo B, Ghana, South Africa) 2.7% Tenancy ratio: Entry ROIC" 1.2x 14 Helios Towers FY 2023 Results +1.5ppt p.a. 17.6% (2) FY 23 2.3x Notes: Return on invested capital (ROIC) is defined as annualised portfolio free cash flow divided by invested capital. Invested capital is defined as gross property, plant and equipment and gross intangible assets, less accumulated maintenance and corporate capital expenditure, adjusted for IFRS 3 and IAS 29 accounting adjustments and deferred consideration for future sites. New markets (Oman, Malawi, Madagascar, Senegal) (1) (2) 7.4% 6.0% Entry ROIC(¹) 1.2x FY 23(2) 1.3x Entry ROIC reflects the combined business case expectations for each of the established/ new markets in the first full year of ownership. FY 23 ROIC figures are the sum of established/ new markets' annualised portfolio free cash flows, divided by sum of established/ new markets' invested capital. Analysis excludes corporate costs and invested capital. helios Ptower's#15helios R towers Financial results Ituri, DRC#16FINANCIAL HIGHLIGHTS YOY QoQ In US$m, unless otherwise stated FY 2023 FY 2022 % change Q4 2023 Q3 2023 % change Sites (#) 14,097 13,553 +4% 14,097 14,024 +1% Tenancies (#) 26,925 24,492 +10% 26,925 26,624 +1% Tenancy ratio (x) 1.91x 1.81x +0.10x 1.91x 1.90x +0.01x Revenue 721 561 +29% 187 184 +2% Adj. EBITDA (1) 370 283 +31% 101 95 +6% Adj. EBITDA margin (%) 51% 50% +1ppt 54% 52% +2% Operating profit 146 80 +82% 34 43 -23% Portfolio free cash flow 268 201 +33% 71 73 -2% Cash generated from operations 319 193 +65% 79 92 -14% Capex 203 765 -73% 54 56 -3% Net debt (2) 1,783 1,678 +6% 1,783 1,730 +3% Net leverage (x)(3) 4.4x 5.1x -0.7x 4.4x 4.5x -0.1x (1) 16 Helios Towers FY 2023 Results Adjusted EBITDA is defined by management 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 impairments 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) Net debt means gross debt less cash and cash equivalents. (3) Calculated as net debt divided by annualised Adj. EBITDA. helios tower's#17RECORD ORGANIC TENANCY ADDITIONS THROUGH STRONG COLOCATION GROWTH IN NEW AND EXISTING MARKETS Sites Tenancies +4% +10% 14,097 26,925 13,553 24,492 3,375 2,535 2,519 3,017 10,942 4,734 5,166 9,382 6,300 6,396 12,093 12,608 Tenancy ratio +0.10x 1.91x 1.81x FY 22 Site additions +544 YoY FY 23 Highly selective approach to new site rollout FY 22 Tenancy additions +2,433 YOY FY 23 Record organic tenancy growth YoY, driven by DRC (+1,023), Oman (+358) and Tanzania (+258) FY 22 Tenancy ratio +0.10x FY 23 Driven by all markets, with new acquisitions (Oman and Malawi) performing well Growth East & West Africa Central & Southern Africa Middle East & North Africa 17 Helios Towers FY 2023 Results helios Ptowers#18FY 2023 FINANCIAL PERFORMANCE EXCEEDED EXPECTATIONS Revenue (US$m) +17% +29% 721 57 Adj. EBITDA (US$m) +17% 283 561 4 2 351 295 149 262 FY 22 313 FY 23 Organic revenue growth driven by tenancy growth (+9ppt) and power and CPI escalations, net of Fx movements (+7ppt) • 163 -32 FY 22 +31% 370 38 168 Adj. EBITDA margin (%) +1 ppt 51% 50% 200 -36 FY 22 FY 23 FY 23 Adj. EBITDA growth across all three segments, reflecting +17% organic growth and +14% from acquisitions in Oman and Malawi Adj. EBITDA margin increased +1ppt On a constant fuel price basis, Adj. EBITDA margin was 53% (+3ppt YoY), driven by tenancy ratio expansion O Organic growth (1) East & West Africa | Central & Southern Africa Middle East & North Africa Hold Co 18 Helios Towers FY 2023 Results (1) Organic growth excludes revenues and Adj. EBITDA contributed from the portfolio acquired in Malawi and Oman in FY 22. helios Ptowers#19ADJ. EBITDA GROWTH IS HIGHLY CORRELATED TO TENANCY ADDITIONS AND RESILIENT TO FX, CPI AND POWER PRICE MOVEMENTS FY 23 YoY revenue walkthrough (1,2) (US$m) FY 23 YoY Adj. EBITDA walkthrough (1) (US$m) 561 +29% 67 24 (14) 31 52 Principally driven by Ghanaian Cedi movements vs. US dollar +31% 41 12 (8) 38 3 721 Power efficiency through Project 100 initiatives CPI escalations more than offsetting Fx impact 370 283 +17% organic +17% organic +10% +6% +4% (3%) +12% +14% +1% +5% (3%) +15% (3) FY 22 Organic tenancy growth Power CPI FX Acquisitions FY 23 FY 22 Organic tenancy growth Power (4) CPI/ Non-power (5) FX Acquisitions (3) FY 23 $ (1) (2) 19 Helios Towers FY 2023 Results Figures may not sum due to rounding. HT revenue impact for CPI and power reflect increase in FY 23 revenues from respective escalations effected since the beginning of FY 23. HT revenue impact from Fx reflects the YoY Fx translation impact from local currency and Euro- pegged revenues into US dollars. (3) Reflects contributions from Malawi and Oman. (4) (5) Calculated as escalations from power-linked revenues less year-on-year changes in power opex assuming FY 22 power opex per site using HT's FY 23 average site count (excluding Malawi and Oman). Calculated as escalations from CPI-linked revenues less year-on-year changes in non-power opex and SG&A assuming FY 22 non-power opex per site using HT's FY 23 average site count (excluding Malawi and Oman). helios Ptower's#20ADJ. EBITDA GROWTH AND ROIC EXPANSION SUPPORTING CASH FLOW GENERATION ($USM) 370 (36) ($USM) (81) (45) (385) (21) (128) (721) FY 21 FY 22 FY 23 FY 24 (47) 268 93 (168) Commentary • Record portfolio free cash flow of $268m, driven by Adj. EBITDA growth and higher cash conversion c. $5m ahead of FY 23 guidance due to timing of non-disc. capex Levered portfolio free cash flow (LPFCF(7)) increased to $93m, driven by PFCF and improved working capital Receivable days decreased to 47 days (FY 22:57 days) • Free cash flow of ($81m) in FY 23 Target neutral free cash flow in FY 24 (8) • (81) (7) Adj. EBITDA Non-disc. capex Payment of lease liabilities (1) Corporate taxes Portfolio free cash paid flow Net payment of interest (2) Net change in working capital (3) Levered Disc. Exceptionals (6) Free portfolio free cash (4) flow Capex(5) cash flow YOY growth +31% +33% +5x (1) Payment of lease liabilities comprises interest and principal repayments of lease liabilities. (2) Net payment of interest corresponds to the net of 'Interest paid' (including withholding tax) and 'Interest received' in the Consolidated Statement of Cash Flow, excluding interest payments on lease liabilities. (5) (6) 20 Helios Towers FY 2023 Results (3) Working capital means the current assets less the current liabilities for the Group. Net change in working capital corresponds to movements in working capital, excluding cash paid for exceptional and one-off items and including movements in working capital related to capital expenditure. (7) (8) (4) FY 22 levered portfolio free cash flow has been restated based on the updated structure of management cash flow. It is defined as portfolio free cash flow less net payment of interest and net change in working capital. Discretionary capital additions includes acquisition, growth and upgrade capital additions. Cash paid for exceptional and one-off items and proceeds on disposal of assets includes project costs, deal costs, deposits in relation to acquisitions, proceeds on disposal of assets and non-recurring taxes. LPFCF definition updated to broadly correspond to RLFCF and RFCF used by Cellnex and Inwit, respectively. Excluding potential second acquisition closing in Oman, previously announced on 8 December 2022.#21CAPEX IS TIGHTLY CONTROLLED AND FOCUSED ON OPPORTUNITIES THAT ENHANCE ROIC Capex breakdown ($m) FY 22 FY 23 FY 24 Guidance FY 23 Acquisitions Growth 557 20 171 113 Upgrade 16 35 Discretionary(1) 745 168 105 - 145 Non-discretionary 20 36 c.45 (Cost per site per year) ($2k) ($3k) ($3k) Total capex(1) 765 203 150-190 (1) 21 Helios Towers FY 2023 Results (2) Values may not sum up due to rounding. Prior company medium-term guidance provided at Capital Markets Day on 5 May 2022. FY 23 capex of $203m, in line with expectations FY 24 guidance Capex guidance of $150m - $190m, reflecting higher mix of colocations vs. sites compared to prior medium- term guidance(2) Non-discretionary capex of c.$45m Discretionary capex is tightly controlled and only approved if returns achieve thresholds helios towers#22STRENGTHENED FINANCIAL POSITION THROUGH DELEVERAGING AND PARTIAL TENDER Commentary • • Net leverage decreased by -0.7x YoY to 4.4x; target below 4.0x in FY 24 Extended average maturities by one year with minimal increase in cost of debt, through $325m partial tender of 2025 Bond and repayment of $65m prior term loan using new facilities c. $500m in available cash and undrawn debt facilities Debt KPIs FY 22 FY 23 Cash & cash equivalents 120 106 Bond (Dec-25) 975 650 Convertible bond (¹) (Mar-27) 247 247 Group term loan 25 405 Local facilities 267 285 Lease obligations + other (2) 284 303 Gross debt 1,798 1,890 • Net debt (3) 1,678 1,783 Annualised Adj. EBITDA (4) 329 403 Gross leverage (5) 5.5x 4.7x Net leverage (6) 5.1x 4.4x (1) 22 22 Helios Towers FY 2023 Results (2) (3) -0.7x net leverage YoY The convertible bond is accounted for as a compound instrument. On initial recognition of the $250m March issue, this created a $205m liability and an equity component of $45m before transaction costs. At Q3 2023 and including the $50m bond tap, this represents a $247m liability and an equity component of $53m before transaction costs and excluding accrued interest. 'Other' relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans. Net debt is calculated as gross debt less cash and cash equivalents. 4 years weighted average life remaining(7) >80% of drawn debt at fixed rate (7) (4) Annualisation is calculated as the most recent fiscal quarter multiplied by four, adjusted to annualise the impact of acquisition completed during the period. (5) (6) (7) Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter. Calculated as net debt divided by Annualised Adj. EBITDA for the quarter. Fixed rate % and weighted average remaining life based on drawn debt. helios towers#23FY 2024 GUIDANCE FY 22 Actual FY 23 Actual FY 24 Guidance(1) Organic tenancy additions +1,601 +2,433 +1,600 - 2,100 Adj. EBITDA $283m $370m $405m $420m PFCF Capex Net leverage Free cash flow 23 Helios Towers FY 2023 Results $201 m $268m $765m $203m of which $20m non-discretionary of which $35m non-discretionary 5.1x ($721m) (1) Guidance assumes the Group continues to apply the same accounting policies. EN (2) Referring to potential second closing of sites previously announced on 8 December 2022. - $275m $290m $150m $190m - of which c.$45m non-discretionary 4.4x ($81m) <4.0x Neutral excluding potential second closing in Oman(2) helios Ptowers#24KEY TAKEAWAYS FY 23 organic growth and ROIC exceeded expectations Improved financial position through extending maturities and deleveraging FY 24 organic growth and ROIC expansion supporting free cash flow inflection Targeting 2.2x tenancy ratio by FY 26, reflecting capital allocation priorities and faster pace of lease-up (1) 24 24 Helios Towers FY 2023 Results (1) Compared to prior company medium-term guidance provided at Capital Markets Day on 5 May 2022. helios Ptower's#25Jerejef Zikomo Matondo Medaase helios T towers Q&A Thank you Merci Asante Matondi Misaotra شكرا Shukran Siyabonga Dakar, Senegal#26INVESTOR RELATIONS Upcoming IR events Event 18-Mar 19-Mar JP Morgan Telecoms Towers Call Series Berenberg UK Corporate Conference 20-Mar Jefferies Pan-European Mid-Cap Conference 25-Apr Annual General Meeting 26 Helios Towers FY 2023 Results IR Contact Chris Baker-Sams Head of Strategic Finance and Investor Relations [email protected] helios towers#27www** HBL ALVER WORLD PAISLEY DOD 8888 helios I towers Appendix Muscat, Oman#28MARKET OVERVIEW: MACRO AND INDUSTRY SNAPSHOT Tanzania Senegal # MNOS (1) Mobile Penetration (2) 4G/5G penetration (2) PoS Growth CAGR(3) (2023 - 2028) Towers held by MNOS(4) Credit ratings (5) 4 48% 20% 6% 0.7k B2(Pos)/NR/B+(St) 3 46% 36% 6% 2.6k Ba3(St)/B+(St)/NR Malawi 2 41% 22% 14% 0.5k NR/NR/NR East & West Africa 4 47% 24% 7% 3.8k DRC 4 27% 15% 12% 1.9k B3(St)/B-(St)/NR Congo B 2 37% 21% 6% 0.5k Caa2(St)/B- (St)/CCC+ Ghana 3 54% 25% 5% 0.0k Ca(St)/SD/RD South Africa 5 77% 69% 4% 13.2k Ba2(St)/BB-(St)/ BB- (St) 3 37% 30% 7% 0.6k NR/B-(St)/NR Madagascar Central & Southern Africa 4 39% 23% 9% 16.2k Oman 3 91% 78% 7% 3.2k Ba1(St)/BB+(St)/ BB+(St) Middle East & North Africa 91% 78% 7% 3.2k Group 3.4 52% 33% 7% 23.2k Credit ratings momentum (6) 28 Helios Towers FY 2023 Results (1) Excludes MNOS with negligible market share. Group/ segment figures calculated on a site weighted basis across our nine operational markets. (2) GSMA Intelligence Database, accessed December 2023. Group/ segment figures weighted based on FY 23 site count. Mobile penetration refers to market penetration, unique mobile subscribers. (3) Data sourced from Analysys Mason, February 2024, with Group/ segment figures weighted based on FY 23 site count. (4) Analysys Mason, February 2024. Towers held by MNOS reflects marketable towers held by MNOS across our markets. In South Africa, towers held by Mast and Swiftnet are included. (5) Credit ratings in the order of Moody's, S&P and Fitch. (6) Refers to change in credit ratings from the positions on 1st Jan 2022. Rating upgrade from one of the agencies Outlook upgrade from one of the agencies No change in ratings/ outlook Outlook downgrade from one of the agencies Rating downgrade from one of the agencies helios Ptower's#29Q4 2023 SITES AND TENANCIES Sites Tenancies Tenancy ratio Q4 22 Q3 23 Q4 23 YOY QoQ Q4 22 Q3 23 Q4 23 YOY QoQ Q4 22 Q3 23 Q4 23 YOY QoQ Tanzania 4,188 4,188 4156 (32) (32) 9,422 9,648 9,680 +258 +32 2.2x 2.3x 2.3x +0.1x 0.0x Senegal 1,347 1,428 1444 +97 +16 1,439 1,554 1,573 +134 +19 1.1x 1.1x 1.1x 0.0x 0.0x Malawi 765 795 796 +31 +1 1,232 1,353 1,355 +123 +2 1.6x 1.7x 1.7x +0.1x 0.0x East & West Africa 6,300 6,411 6,396 +96 (15) 12,093 12,555 12,608 +515 +53 1.9x 2.0x 2.0x +0.1x 0.0x DRC 2,233 2,487 2562 +329 +75 5,215 6,130 6,238 +1,023 +108 2.3x 2.5x 2.4x +0.2x (0.1x) Congo B 511 543 537 +26 (6) 715 768 763 +48 (5) 1.4x 1.4x 1.4x 0.0x 0.0x Ghana 1,113 1,095 1097 (16) +2 2,216 2,433 2,462 +246 +29 2.0x 2.2x 2.2x +0.2x 0.0x South Africa 369 377 379 +10 +2 631 719 728 +97 +9 1.7x 1.9x 1.9x +0.2x 0.0x Madagascar 508 583 591 +83 +8 605 715 751 +146 +36 1.2x 1.2x 1.3x 0.0x +0.1x Central & Southern Africa 4,734 5,085 5,166 +432 +81 9,382 10,765 10,942 +1,560 +177 2.0x 2.1x 2.1x +0.1x +0.0x Oman 2,519 2,528 2,535 +16 +7 3017 3,304 3,375 +358 +71 1.2x 1.3x 1.3x +0.1x +0.0x Middle East & North Africa 2,519 2,528 2,535 +16 3,017 3,304 3,375 +358 +71 1.2x 1.3x 1.3x +0.1x +0.0x Group 13,553 14,024 14,097 +544 +73 24,492 26,624 26,925 +2,433 +301 1.8x 1.9x 1.9x +0.1x 0.0x 29 Helios Towers FY 2023 Results helios Ptower's#30POSITIVE PROGRESS ACROSS KEY METRICS - STRONG GROWTH AND ROIC EXPANSION, WITH DECREASING LEVERAGE YOY US$m Sites Tenancies Adjusted EBITDA Portfolio free cash flow 2019 2020 2021 2022 2023 CAGR (2019-23) 6,974 7,356 9,560 13,553 14,097 +19% 14,591 15,656 18,776 24,492 26,925 +17% 205.2 226.6 240.6 282.8 369.9 +16% 168.9 174.4 168.3 201.4 268.2 +12% Levered portfolio free cash flow 56.0 59.6 63.4 17.2 93.2 +14% Return on invested capital(1) 14.4% 14.5% 11.8% 10.3% 12.0% (2%) Net leverage 2.9x 2.9x 3.6x 5.1x 4.4x +1.5x (1) 30 Helios Towers FY 2023 Results Return on invested capital (ROIC) is defined as annualised portfolio free cash flow divided by invested capital. Invested capital is defined as gross property, plant and equipment and gross intangible assets, less accumulated maintenance and corporate capital expenditure, adjusted for IFRS 3 and IAS 29 accounting adjustments and deferred consideration for future sites. helios Ptower's#31DIVERSIFIED BUSINESS UNDERPINNED BY LONG-TERM CONTRACTS WITH BLUE- CHIP MNOS Diverse, quality customer base FY 23 revenue breakdown by customer 29% 2% Largest customers Airtel Africa 27% (5 markets) Vodacom/fone (4 markets) Orange (3 markets) Robust hard-currency revenues FY 23 revenue breakdown by FX 17% 0 19% Axian 10% 21% (3 markets) 9% 11% Other blue-chip MNOS Other 98% revenues from blue-chip MNOS $5.4bn of future contracted revenue at FY 23 (FY 22: $4.7bn), with an average initial remaining life of 7.8 years • • • Note: Percentage values may not sum to 100% due to rounding. Including Senegal, DRC, Congo Brazzaville and Oman. 31 Helios Towers FY 2023 Results (1) USD 55% CFA Franc / EUR LCY (Power) LCY (CPI) 64% revenues; 71% Adj. EBITDA in hard-currency Four markets being innately hard-currency (1) Local currency earnings protected through inflation escalators Geographically diverse revenues FY 23 revenue breakdown by segment • 49% 8% 43% East & West Africa Central & Southern Africa Middle East & North Africa Most diversified towerco across Africa and the Middle East Leadership positions in seven of our nine markets helios Ptowers#32NEW MARKETS DEMONSTRATING LEASE-UP POTENTIAL TO SUPPORT ADJUSTED EBITDA AND ROIC GROWTH Market H Sites Tenancy ratio FY 23 Adj. EBITDA(1) CAGR Senegal (Closed: Q2 2021) 1,444 (1,207) 1.1x (1.0x) $25m ($19m) 12% Madagascar (Closed: Q4 2021) 591 (490) 1.3x (1.2x) $7m +16% ($5m) Malawi 796 1.7x $12m +26% (Closed: Q1 2022) (723) (1.5x) ($8m) Oman (Closed: Q4 2022) Helios Towers is the leading independent towerco in new markets 2,535 (2,519) 1.3x $38m +12% (1.2x) ($34m) Note: Numbers in green brackets represent positions at acquisition. Adj. EBITDA acquired position reflects Day-1 announced run-rate. represents FY 23 Adjusted EBITDA compared to estimated run-rate Adjusted EBITDA at closing. 32 Helios Towers FY 2023 Results (1) helios Ptower's#33LEADING ESG CREDENTIALS 33 MSCI ESG RATINGS AAA CCC B BB BBB A AA AAA +CDP GOLD | Top 5% ecovadis Sustainability Rating FEB 2024 Third 'AAA' ESG rating from MSCI, Mar 24 (the highest possible score from MSCI) FTSE4Good FTSE4Good Index inclusion, Jun 23 (for a second consecutive year) Scored B, Feb 24 (2023 rating reaffirmed) Gold rating, Feb 24 (rated top 5% of telecoms industry) Rated P MORNINGSTAR SUSTAINALYTICS ISS▷ WDi Workforce Disclosure Initiative V.E ESG Risk Rating of 16.8 (Low Risk), Jul 23 (improvement from 22.6 (Medium Risk)) Scored C-, Sep 23 Disclosure score of 80%, Jan 24 (exceeding sector (69%) and UK company average (71%)) Rating at 49/100, Oct 21 (88% increase from 2020 score) Helios Towers FY 2023 Results helios Ptower's#34INCOME STATEMENT US$m Revenue Cost of sales Gross profit Administrative expenses Loss on disposal of property, plant and equipment Operating profit Interest receivable Other gains and (losses) Finance costs Loss before tax Tax expense Loss after tax for the year 34 Helios Towers FY 2023 Results 12 months ended 31 December 2023 721.0 2022 560.7 (365.9) (450.4) 270.6 194.8 (127.6) (114.1) 3.1 (0.4) 146.1 80.3 1.3 1.8 (6.1) (51.4) (253.5) (193.2) (112.2) (162.5) (7.6) (8.9) (119.8) (171.4) helios Ptowers#35BALANCE SHEET US$m Non-current assets Intangible assets Property, plant and equipment Right-of-use assets Deferred tax asset Derivative financial assets Current assets Inventories Trade and other receivables Prepayments Cash and cash equivalents Total assets Equity Share capital 35 Share premium Other reserves Convertible bond reserves Share-based payments reserves Treasury shares Translation reserve Retained earnings Equity attributable to owners Non-controlling interest Total equity Current liabilities Trade and other payables Short-term lease liabilities Loans Non-current liabilities Deferred tax liabilities Long-term lease liabilities Derivative financial liabilities Loans Minority interest buyout liability Total liabilities Total equity and liabilities Helios Towers FY 2023 Results 31 December 2023 31 December 2022 546.4 575.2 918.3 907.9 254.0 226.5 39.7 6.3 2.8 1,764.7 1,712.4 12.7 14.6 297.2 246.8 42.6 45.7 106.6 459.1 119.6 426.7 2,223.8 2,139.1 13.5 13.5 105.6 105.6 (101.7) (87.0) 52.7 52.7 25.5 23.2 (1.8) (1.1) (56.9) (93.5) (105.2) (5.1) (68.3) 8.3 29.8 41.0 (38.5) 49.3 301.7 239.4 35.5 34.1 37.7 19.9 374.9 293.4 52.0 203.9 14.6 1,612.6 4.3 1,887.4 2,262.3 2,223.8 50.1 191.9 1,551.7 2.7 1,796.4 2,089.8 2,139.1 helios towers#36MANAGEMENT CASH FLOW 12 months ended 31 December 2023 US$m Adjusted EBITDA Less: Maintenance and corporate capital additions Payments of lease liabilities(1) Corporate taxes paid Portfolio free cash flow (2) Cash conversion % (3) Net payment of interest (4) Net change in working capital(5) Levered portfolio free cash flow 369.9 2022 282.8 (35.5) (20.3) (45.3) (40.8) (20.9) (20.3) 268.2 201.4 73% 71% (127.9) (97.7) (47.1) (86.5) 93.2 17.2 Discretionary capital additions (6) (167.5) (745.0) Cash paid for exceptional and one-off items, and proceeds on disposal of assets (7) Free cash flow (6.8) 7.2 (81.1) (720.6) Transactions with non-controlling interests (11.8) Net cash flow from financing activities (8) Net cash flow Opening cash balance Foreign exchange movement Closing cash balance 75.7 327.4 (5.4) (405.0) 119.6 (7.6) 528.9 (4.3) 106.6 119.6 36 Helios Towers FY 2023 Results ུས ཀྱབ 6 (1) Payment of lease liabilities comprises interest and principal repayments of lease liabilities. (2) Refer to reconciliation of cash generated from operating activities to portfolio free cash flow in the Alternative Performance Measures section. (6) corresponds to movements in working capital, excluding cash paid for exceptional and one-off items and including movements in working capital related to capital expenditure. Discretionary capital additions includes acquisition, growth and upgrade capital additions. (3) Cash conversion % is calculated as portfolio free cash flow divided by Adjusted EBITDA. (7) (4) Net payment of interest corresponds to the net of 'Interest paid' (including withholding tax) and 'Interest received' in the Consolidated Statement of Cash Flow, excluding interest payments on lease liabilities. Cash paid for exceptional and one-off items and proceeds on disposal of assets includes project costs, deal costs, deposits in relation to acquisitions, proceeds on disposal of assets and non-recurring taxes. (8) (5) Working capital means the current assets less the current liabilities for the Group. Net change in working capital Net cash flow from financing activities includes gross proceeds from issue of equity share capital, share issue costs, loan drawdowns, loan issue costs, repayment of loan and capital contributions in the Consolidated Statement of Cash Flows. helios towers#37RECONCILIATION OF ADJUSTED EBITDA TO LOSS BEFORE TAX US$m Adjusted EBITDA Adjustments applied to give Adjusted EBITDA Adjusting items: 12 months ended 31 December 2023 2022 369.9 282.8 Deal costs(1) (3.3) (19.1) Share-based payments and long-term incentive plan charges(2) (3.7) (4.5) Other/Restructuring (0.9) Loss on disposal of property, plant and equipment 3.1 (0.4) Other gains and (losses) (6.1) (51.4) Depreciation of property, plant and equipment Amortisation of intangibles Depreciation of right-of-use assets Interest receivable Finance costs (includes non-cash bond mark-to-market accounting) Loss before tax (160.9) (144.6) (26.1) (12.6) (32.0) (21.3) 1.3 1.8 (253.5) (112.2) (193.2) (162.5) (1) 37 Helios Towers FY 2023 Results Deal costs comprise costs related to potential acquisitions and the exploration of investment opportunities, which cannot be capitalised. These comprise employee costs, professional fees, travel costs and set up costs incurred prior to operating activities commencing. (2) Share-based payments and long-term incentive plan charges and associated costs. helios I tower's#38ROIC BREAKDOWN US$m 2020 2021 2022 2023 Property, plant and equipment 594.7 708.2 907.9 918.3 Accumulated depreciation 713.0 833.3 934.0 1,127.5 Accumulated maintenance and corporate capital expenditure (180.6) (202.7) (224.8) (260.3) Intangible assets 23.2 231.4 575.2 546.4 Accumulated amortisation 56.4 24.5 50.4 75.6 Accounting adjustments and deferred consideration for future sites Total invested capital Annualised portfolio free cash flow(1) Return on invested capital(2) (1) 38 Helios Towers FY 2023 Results Annualised portfolio free cash flow is calculated as portfolio free cash flow for the respective period, adjusted to annualise the impact of acquisitions closed during the respective period. (2) Return on invested capital (ROIC) is defined as annualised portfolio free cash flow divided by invested capital. (93.2) (70.7) (180.1) 1,206.7 1,501.5 2,172.0 2,227.4 174.4 177.3 223.8 268.2 14.5% 11.8% 10.3% 12.0% Invested capital is defined as gross property, plant and equipment and gross intangible assets, less accumulated maintenance and corporate capital expenditure, adjusted for IFRS 3 and IAS 29 accounting adjustments and deferred consideration for future sites. helios tower's#39DISCLAIMER 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 and related projections and forecasts. 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 industry, market and competitive position data and forecasts from our own internal estimates and research as well as from studies conducted by third parties, publicly available information, industry and general publications and research and surveys. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources and from our and third party estimates are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation and as described above. 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. 39 Helios Towers FY 2023 Results helios Ptower's