• Helios now expects 3,500–4,000 tenancy additions, with roughly 250 new sites included in the latest 500-tenancy uplift
  • The larger rollout adds $35 million to planned capital expenditure, while its full annualised earnings contribution is expected from 2027

The fact

Helios Towers has raised its 2026 guidance for the second time. It now expects to add 3,500–4,000 tenancies this year, up from the 3,000–3,500 range issued in May. Adjusted EBITDA is forecast at $520 million–$535 million, while recurring free cash flow is expected to reach $220 million–$235 million. The company also increased planned discretionary capital expenditure by $35 million to $215 million–$245 million to support the larger rollout.

Helios operates more than 15,000 telecom tower sites across nine markets in Africa and the Middle East. In the first half, it added 2,511 tenancies, including 524 new sites, bringing its total to 34,455. Its tenancy ratio rose to 2.26 times. Revenue increased 11% to $466.3 million, while adjusted EBITDA rose 14% to $257 million.

The assessment

The guidance increase is partly a construction programme, not simply more leasing on existing towers. Helios expects about 250 of the additional 500 tenancies to require new sites. Those tenancies will only begin contributing after the company has built the towers, installed power systems, commissioned the sites and activated the operator equipment. The remaining additions should come through colocations or amendments on towers already in service, which require less capital and can generate revenue sooner. That mix is why Helios raised both its capital-expenditure and EBITDA forecasts.

Helios now has to convert the additional tenancies into operating sites without pushing spending beyond its revised guidance. The company expects the rollout to add about $5 million to adjusted EBITDA in 2026, compared with more than $10 million on an annualised basis from 2027. The difference reflects the time needed to build, power and commission the new towers. For BTW readers, site activations and capital spending will show how quickly the additional tenancies begin contributing and whether the rollout stays within the revised budget.

What to watch

Watch the split between new sites, colocations and amendments as Helios works towards 3,500–4,000 additions. Reported capital expenditure, recurring free cash flow and site activation timing will show whether the larger rollout remains within guidance and whether the expected annualised EBITDA contribution of more than $10 million from 2027 remains achievable.