Half Year 2024 Helios Towers PLC Earnings Call Transcript
Key Points
- Helios Towers PLC (HTWSF) reported a record number of over 1,600 tenancy additions in H1 2024, contributing to a tenancy ratio expansion to over two tenants per tower.
- Revenue increased by 11%, with EBITDA and portfolio free cash flow up by 19% and 14% respectively, demonstrating strong financial performance.
- The company successfully reduced leverage by 0.2 times in the quarter and 0.6 times year-on-year, with debt secured at fixed rates for the next five years.
- Helios Towers PLC (HTWSF) received credit rating upgrades from Moody's, S&P, and Fitch, reflecting improved creditworthiness.
- The company is on track to achieve its full-year guidance, with tightened guidance for tenancies and EBITDA, indicating confidence in continued growth.
- Despite strong H1 performance, the guidance for H2 suggests a significant slowdown in tenancy additions, raising concerns about growth momentum.
- There is cautious optimism regarding the full-year outlook, with no significant upward revision in the higher end of EBITDA guidance.
- The company faces challenges in maintaining consistent site additions, with a focus on colocation rather than new site builds.
- FX impacts and tax payments were higher than expected, affecting financial results and cash flow.
- The investment environment remains uncertain, with no immediate plans for large M&A expansion despite potential opportunities if bond yields decrease.
Good morning, or good afternoon, all, and welcome to the Helios Towers' H1 2024 Results Call. My name is Adam, and I'll be your operator today. (Operator Instructions)
I will now hand the floor to Tom Greenwood to begin. Tom, please go ahead when you are ready.
Thanks very much, Adam, and, hi, everyone, and welcome to the Helios Towers' H1 2024 Global Investor Call. Really excited to talk to everyone today, and I hope you and your families are all doing well. So we're looking forward to providing you with our progress through the first half of 2024, and, of course, our outlook for the rest of the year. So on page 2, we've got our usual lineup. Myself, Tom; Manjit Dhillon; and Chris Baker-Sams will cover the business, strategic, and financial highlights, and then look forward to the Q&A at the end.
So moving to page 5. Very pleased to say that our business continues to deliver with the strong momentum that we started the year with in Q1, and our outlook for the
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