Helios Towers FY 2023 Results
MARKET 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
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