Helios Towers plc (HTWS.L) Earnings Call Transcript & Summary

Well, good afternoon, everyone, and welcome to Helios Towers 2025 Capital Markets Day. Please promise you won't build your LEGO towers in this room, by the way. It's fantastic to see so many familiar faces in this room and actually just as many new ones here. Thank you for joining us and being part of this important moment for our business. Our in-person attendance has more than doubled since our last event, and I'm really excited what we're going to show you guys this afternoon. What you'll hear today is that Helios Towers is entering what we call the sweet spot. Tom, Manjit and the team will show you this is a natural and exciting next part of the company's journey. As a quick introduction, I'm Chris Baker-Sams, Head of Strategic Finance and Investor Relations. I've been with Helios for over 7 years now, and this is a phase I've really been looking forward to. Before we begin, just a couple of housekeeping items. First, health and safety. As many of you know, world-class health and safety is central to our business excellence program. If you speak to any of our Board, local or ExCo members here today, they will tell you that health and safety is the first thing on our agenda. So in that spirit, I'd like to let you know the fire exits can be found at the very far left and to this side as well, too, and the assembly point is down by 22 Bishopsgate if needed. On exits, if anyone does need to hop out for a call or for a bathroom break, please use the back left just here or just down to my right-hand side. As you can see on the screen behind me, our disclaimer covers the usual forward-looking information and financial statements. So with that, let's take a look at what's ahead this afternoon. First, we'll hear from our Chair, Sir Sam Jonah, who will open today with a few reflections on our journey since IPO and the opportunity that lies ahead. Then Tom will take us through the big picture, our Impact 2030 strategy and how our platform captures the long-term structural growth. Next, Manjit will show how our model delivers consistent U.S. dollar earnings and how we think about disciplined capital allocation. We'll then take a 10-minute break and after that, return for a conversation with our commercial, operational and regional leaders to discuss questions we've received from investors in advance of this Capital Markets Day, particularly around the operational risks associated with the markets where we operate. We'll have a dedicated Q&A section after that, then we'll head up to the 26th floor, and our team will be around to guide you up there. We'll be serving food and drink from our markets up there while enjoying some interactive deep dive presentations. We'll explore how our proprietary technology is driving tenancy growth, how we're using AI to drive customer experience excellence and returns; how over the past decade, we've built an operational moat through power management expertise; and finally, how mobile will evolve over the next 10 years and the complementary role that satellites will play. For this final session, our team will be joined by one of our technology advisers who's already been conversing with a few investors so far today, but Marcus Weldon, former President of Nokia Bell Labs, the world-renowned innovation powerhouse that pioneered many of the digital technologies we use today, wireless communications and AI and winning 11 Nobel prizes along the way. So it's going to be an insightful afternoon. And so to open our Capital Markets Day, please do welcome on to stage our Chair, Sir Sam Jonah.

Good afternoon. Thank you, Chris. I am Samuel Jonah, the Chairman of Helios Towers. I must say it's a great pleasure to welcome all of you to our 2025 Capital Markets Day. Today, we come together to showcase the strength and quality of our business and to share our ambitions for the next 5 years and beyond. The strategy you'll be hearing about will reflect months of thoughtful preparation and collaboration across the entire company. Let me say you that all of us at Helios are deeply passionate about what we do. And given that all our colleagues are indeed shareholders of the company, we are fully invested in the success of this business. I know that many of our colleagues are tuning in to watch this event. And I'd like to take the opportunity to extend my heartfelt thanks for your continued hard work and dedication, which has enabled us to deliver our previous strategy ahead of plan and which underpin our future successes. Throughout my career, I've had a great pleasure and privilege of working with many fantastic businesses and outstanding people. Yet I can say with absolute conviction that I've been genuinely blown over by the commitment, tenacity and talent of the team that we are so privileged to have at Towers. And since joining as Chairman of this company in 2019, just before the IPO, I've had the opportunity to travel across our markets and spend time with our exceptional teams on the ground. Their energy, their determination and shared sense of purpose are truly inspiring. While the company has gone through its most recent growth -- phase of growth, the world around us has undoubtedly become more challenging in many respects. Yet through those challenges, we have proudly built together our culture, our purpose and our infrastructure, which we believe would endure and last for a very long time. During my tenure, the targets that we have always set have always been ambitious, yet time and again, Helios has continued to execute with remarkable discipline and consistency that this metronomic delivery is part of who we are, and I have no doubt at all that it will continue. Under Tom's remarkable and distinguished leadership, supported by Manjit and the broader management team, you will see today what we are so excited about to be delivering, including for the first time in the company's history, returns to shareholders. It is a proud milestone and one that reflects both the strength of our platform and the maturity of our business model. From my origin and my native country Ghana, Helios Towers has grown into a business that now operates across over 15,000 towers across 9 markets in Africa and the Middle East. Through these towers, we have connect nearly half of the populations in those countries, around 160 million people whose lives are touched by improved mobile connectivity. We are not standing still. Our new strategic plan, Impact 2030 sets out how we will continue to capture growth as we enter the next phase of our journey, how we will harness the powerful long-term trends shaping our markets, and how we will maintain our relentless focus on delivering first-class service for our customers. The Board, many of whom I'm pleased to say, are here today and the management team have worked hand-in-hand to develop this strategy, and we are genuinely excited to share it with you today. Ladies and gentlemen, I have been down for the last few days with the mother of all flus. I was asked not to come. Trust me, it is my wish, hope and desire that all of you here will leave this event strong and healthy. The last thing I want is to inflict my pain on you so to give you the excuse to revenge and a shock. So whilst I would like to stay with you and engage you, I'm delighted that my colleagues are here, the directors are here to engage you. Thank you very much indeed.

Thank you very much, Sam, and we wish you well. So huge welcome, everyone. Good afternoon, and huge welcome to everyone in this room and everyone on the webcast. I'm Tom Greenwood, CEO of Helios Towers, and I've been here since the beginning, almost 16 years across each strategic cycle from building the platform to scaling it and now compounding cash flow and value. Today, we're a high-performing business with a culture of excellence and a relentless focus on the customer experience. Now I note that a huge amount of our talented colleagues are watching today on the webcast. And I wanted to say everything we talk about today is because of your dedication, your commitment and your excellence. We're one team, one business here at Helios Towers, all striving towards the same goals, the same purpose and the same ambition. We're the most diversified TowerCo across Africa and the Middle East, and we deliver global levels of quality across our portfolio with revenues approaching $1 billion and double-digit growth in earnings and cash flow. Today, we run 15,000 towers that support connectivity for almost 160 million people across the 9 markets. And that's going to grow towards 200 million over the next 5 years as the networks densify and the coverage expands. We provide the mission-critical infrastructure, often where there's no alternative form of communication. But what excites me the most is the next 5 years for this business. And 3 things converge. One, the market demand is unmistakable. This is supported by powerful structural megatrends. Two, our team's ability to execute in complex markets is proven. And three, our cash generation enters the cash compounding sweet spot, and this enables the next phase of shareholder returns. So we'll unpack each of these this afternoon. And I'll make the case to you that Helios Towers is one of the most compelling investor propositions globally today. So quite simply, this cycle is the next stage of investor return and value creation. So this session is structured around 6 themes: our world-class platform, the growth runway in our markets, the quality of our customers, how we deliver operational excellence, our financial track record and of course, our Impact 2030 target. So think of this as the story of a platform built for decades of growth ahead with disciplined operational excellence and financial return. Our greatest asset is our people. Our executive leadership team here brings 450 years plus of combined experience across towers, power and emerging markets. Many of the leaders you'll hear from today run operations, delivery, engineering, commercial and the regions day-to-day. And the majority of people on this slide you see here have been internally promoted to these positions. So at Helios Towers, we invest in our people. We provide bespoke training and development programs across the entire business to give everyone the support and the tools that they need to succeed. Lean Six Sigma is the foundation of our business excellence program, and you'll see the black and the orange belts on here. Now this is not just training. This is how we make decisions. It's how we standardize processes. And it's how we continuously improve. Crucially, we invest in local leadership. We're 95% localized at country level. And this drives performance, it drives safety, and it drives sustainable economics in market. So that combination of deep domain expertise, Lean Six Sigma discipline and local leadership, this is a competitive advantage that you cannot replicate easily. Supporting the executive is our highly experienced Board, many of whom are here today with deep Africa and EM credentials across telecoms, technology, investment. Now we operate to the highest standards, compliant with U.K. Corporate Governance code, and we're complemented by leading DFI investors across our capital structure, British International Investments, DEG from Germany, EAIF and of course, the IFC who have backed us from day one. And their presence matters. It uplifts governance. It unlocks relationships. And it supports all investors in Helios Towers across the regions in which we operate. So against these strong foundations, from 2015 through to today, we've delivered 10 consecutive years of EBITDA growth, a 24% CAGR through multiple macro cycles. So this is the hallmark of disciplined execution and resilient contract-driven model in growing markets. And this comes from 2 places. One, the region in which we operate is the growth region with decades of demand ahead; and two, the Helios sales culture, excellence and continuous improvement. We run world-class infrastructure in developing and often challenging locations, and we do it reliably, which is why we're the trusted partner to all of the region's leading mobile operators. So today, I will connect this track record to why now is the moment that we're compounding cash flow and returns. This next section introduces Impact 2030, our next 5-year strategy. So I'll start with why we're here today, and then I'll walk you through the journey that we've been on through the previous strategic cycles that brought us to this point. So 4 years ago, we set a clear goal for this 2022 to 2026 cycle to reach 2.2 tenants per site by the end of 2026. We've achieved this over a year early, which is why we're launching the next phase now. So Impact 2030 focuses on capital-efficient organic growth, sector-leading lease-up, customer experience excellence and of course, ROIC continuing to expand above WACC. And this drives a highly visible route to $1.3 billion of cumulative recurring free cash flow over the next 5 years, which is the starting point for our capital allocation decisions. And in terms of our capital allocation framework, i.e., how is this cash deployed, this is equally clear. We'll target $500 million plus in high returning organic growth CapEx over the period, and we'll return at least $400 million to investors whilst retaining further optionality to drive more growth and more returns even higher through this cycle. So we're entering the cash compounding phase of the Helios Towers story now. And let me summarize our journey. 2019 to 2022, strengthening the platform. At IPO, we set a 12x8x5 strategy, 12,000 towers, 8 markets in 5 years. We exceeded this in 3. So that period was about expansion, acquisitions, platform growth, building a lease-up-ready portfolio. Free cash flow was negative by design as we invested to double the size of the business. Then 2022 up until now, integration and lease-up. We pivoted to organic growth, driving tenancy ratio from 1.8 to 2.2 and improving ROIC from 10% to 14%. Operational delivery and power performance lifted efficiency and customer experience. Free cash flow inflected positive last year in 2024 and is stepping up steeply now in 2025, and this gives us more capital allocation choice. So now Impact 2030, the cash compounding sweet spot. We continue the organic plan ahead, aiming for 2.5 tenants per site, a 15% to 20% range in the ROIC and strong recurring free cash flow, enabling material investor distributions whilst still preserving optionality for high returning selective growth. And our vision is very simple: to be the leading TowerCo in Africa and the Middle East. Our purpose connecting people and powering growth and our mission to deliver customer experience excellence through our bespoke digital business excellence platform, creating sustainable value for our people, environment, customers, communities and of course, our investors. So I'll now go on to the platform fundamentals, where we operate, who we serve and why our long-term business structure matters. We're strategically focused on Africa and the Middle East. Now this gives investors risk-mitigated access to the fastest-growing region in the world through our disciplined operating model. We're the most diversified TowerCo across the region, 9 markets, leading market share in 7, national-wide networks and a robust base of contractual earnings. We have $5.5 billion of future contracted revenue in the bag today, which equates to an average remaining life of about 7 years. This is even before any renewals. And 71% of our EBITDA is hard currency. This reflects the portfolio mix and our contract structure. And we operate 15,000 towers across Tanzania, DRC, Oman, Senegal, Ghana, Malawi, Madagascar, Congo, Brazzaville and South Africa. Our footprint coverage is already large and growing. 157 million people rely on our infrastructure for daily connectivity, and this is rising 20% over the next 5 years as subscribers and population continue to set the pace globally. So the key takeaway here is a really solid contracted earnings base from which to compound growth and cash flow generation for many, many years to come. So let's whittle it down now to a single tower, a single site. Our unit business model is straightforward and powerful. We build or acquire a tower, and we provide the passive infrastructure. So that's the tower itself, and that's the power systems, the security systems, and we lease space out to multiple mobile operators. We guarantee near continuous power uptime at the site, which is mission-critical for the mobile operators. And of course, there are millions of subscribers that use these towers for their daily connectivity. So why does this business model work so well? Well, one, the infrastructure sharing lowers total cost for our customers versus them each building their own sites. Number two, it lets mobile operators focus their capital and their operations on active network technology, while we specialize in the real estate and the power element, raising overall service quality. And three, costs are largely fixed at site level. So each additional tenant drops through with high incremental margins. And this is the key structural operating leverage in our infrastructure sharing business model. So therefore, on returns, a new site with one tenant will have 12% ROIC on day 1. Then by adding a second tenant, we go up to the mid-20s and a third tenant to the mid-30s. And combined with the contracts of 10 to 15 years long plus renewals, this is long-duration compounding cash flow at each site. And now here, you can see the unit economics scaling through the portfolio. So in 2022, after acquisitions, the group set at 1.8 tenancy ratio, 10% ROIC. Free cash flow was negative as we absorbed the investment and doubled the platform. Then through the lease-up and the efficiency, we're now at 2.2 tenants per site, 14% ROIC and free cash flow positive. So Impact 2030 targets to continue these trends and execution strategy to get to 2.5 tenants per site, 15% to 20% ROIC, and this all driving $1.3 billion plus of cumulative recurring free cash flow, of which we do $400 million plus of investor distributions across this period. So this here is the cash compounding sweet spot, which then continues beyond 2030 as well. So let's look at the demand now. So why do our markets support growth, not just for the next 5 years, but for decades ahead. Three structural drivers are key. Population growth. Africa and Middle East account for the majority of population growth to 2050 with 55% increase from today over the next 25 years. In fact, 8 out of 10 people born for the rest of this century will be in Africa and the Middle East. Then mobile adoption. The region adds 800 million unique mobile subscribers by 2050. That's over 70% from today. And then smartphones are proliferating, 1.7 billion additional devices in the market by 2050. So this is more than doubling over the next 25 years. So the result of this is multi-decade requirement for more coverage and more capacity. And for a tower company, that translates to more points of service per market over time, more tenants, more equipment on site, and more densification in urban and suburban areas. So let's now look at the nearer term, the next 5 years. And data usage in our region is set to boom. It's growing 4x over the next 5 years. This is the fastest of anywhere in the world because user behavior is changing and people across the region are demanding more and more data applications to use in their daily lives. And there are 2 catalysts for this. First, affordable smartphones. Prices are falling towards $30, and this opens up data affordability and access for millions and millions more people. Second, the technology mix is shifting. 4G and 5G become the majority of connections in our markets over the next 5 years. And these technologies require denser networks and more points of service or tenancies per area to maintain the quality. This means that sustained lease-up for existing sites is there and targeted build-to-suits in coverage gaps is what we're focusing on. Both of these are the high-returning opportunities core in our model. And translating those drivers into our 9 markets, the total addressable market tenancies expand materially through to 2030, and the trend continues well beyond that. So our plan, Impact 2030 targets 10,000-plus additional tenancies for Helios Towers through 2030, with market growth supported by population, smartphone affordability and data intensity growth. So the key message here is this is not a one-off cycle. This is a long runway. And we have the platform, we have the customer relationships and the operating model to convert that total addressable market into ROIC and cash flow consistently and at scale. And our growth focus remains firmly on our core product of towers, which we view as the highest earnings quality in the digital infrastructure space. And standard towers will continue to generate around 95% of revenue through this plan period. But we're also well positioned for tower-like ancillaries, supporting the next wave of connectivity, in-building systems, smart street structures and fringe edge data centers, all designed to support 4G densification and 5G rollout and all with virtually identical earnings quality to towers. These adjacent products build naturally on our existing tower and power expertise creating new revenue streams for us whilst leveraging the same operating backbone. So they're not about chasing diversification for its own sake. They're about staying ahead of customer need and ensuring that our capital is being deployed on the highest returning growth opportunities out there. And so with that context, I'll next cover our customers, our service model and then go into execution and our financials. So our customer base comprises the leading mobile operators in the region, the likes of Airtel, Vodacom, Orange, Amantel, Axian, Viettel and MTN. Leading operators account for 99% of our revenue with roughly 70% coming from investment-grade customers. So that combination of scale and credit quality gives us real resilience. And each of these customers is investing heavily in their network expansion and growth, and they're delivering significant growth and strong financial performance themselves, which creates the right impact for our growth and capital allocation Impact 2030 strategy. And because we operate in multiple markets with the same groups, we benefit also from multi-market relationships that deepen over time. So let's take a look at our markets. We've earned market-leading positions through over a decade of operational reliability. In 7 of our 9 markets, we're the leading #1 independent tower company, serving every mobile operator in every market. Our markets typically have 3 or 4 major mobile operators and 1 or 2 other TowerCos. And our strategy is simple: to compete on customer experience, which is why we focus relentlessly on operational excellence. And the upshot of this strategy is clear. Our tenancy ratios continue to climb. For example, Tanzania now at 2.6, DRC 2.7; Oman, 1.7 after only 3 years, and all of these are continuing to grow day in, day out. This local scale means we can deliver new sites faster and more efficiently than our competitors while providing national reach for our customers. So it's a powerful combination that we have here, market leadership, trusted execution and, of course, proven lease-up momentum. And at the heart of our customer proposition is customer experience excellence, the first pillar in our strategy, the way we roll out and at speed and the way we deliver power uptime. We can get colocation customers live in 24 hours. We deliver 99.99% power uptime, and this is critical service because every 1% downtime would cost our customers $175 million in lost network revenue each year. So we help them focus their capital on active technology, saving roughly 30% versus self-build. And we cut diesel emissions per tenant by almost 40% through our shared infrastructure model. So in short, we deliver global quality, operational excellence, financial value and sustainability impact, all in one package. And here is a tangible proof point. So we entered new markets 3 or 4 years ago, Senegal, Madagascar, Malawi and Oman. We acquired networks from mobile operators, and these networks had frequent power interruptions. Now through our operational excellence methodology, our engineering capability and site digitalization, we've cut average downtime on these sites by 90% plus across the 4 markets. So for the mobile operators, this isn't just about transactional financial value in these sale and leaseback acquisitions. This is about network reliability and critically improving their subscriber network experience. So each of these improvements reinforces why operators choose Helios Towers as their preferred partner when they expand coverage or roll out new technology. And our customers recognize our performance. You can see here direct quotes from Airtel, Vodacom and Amantel, each of them highlighting what matters most to them: speed, reliability, trust. And these testimonials aren't marketing. These are earned through consistent delivery getting sites live fast, keeping them powered and responding to challenges when they arise. So this is powerful validation that Helios is not just a supplier but a strategic partner for our customers' network growth and performance. So let's take a look under the hood now at the operational discipline and systems that enable us to deliver that level of service across some of the fastest-growing markets in the world. Operating telecom infrastructure in Africa and Middle East is, in some ways, unlike anywhere else. We're managing enormous geographies. So our 9 markets are over 6 million square kilometers. This is 50% larger than Europe, but with under 10% of the Tarmac roads. And we also operate with limited grid power. So 17 hours per day on average that we get across our portfolio. But some sites at 0, some sites at 24 and everything in between. Now this drives the key operational difference between us and a telco, say, in Europe or the U.S. We also provide power as a service as well as the standard infrastructure and real estate services common to telcos worldwide. So these environments where logistics, weather and grid reliability are a challenge, they need to become -- they need to be overcome to operate effectively. And we've built systems and processes that overcome these complexities, combining local know-how, technology and process discipline to ensure uptime and delivery at world-class standards and service levels. So this creates a moat around our business and is a significant competitive advantage in our customer proposition. Now next, I'll show you how we deploy that same operational discipline across the entire business through our business excellence platform. So to deliver consistency at this scale, we run the entire business through our business excellence platform. And this is built on Lean Six Sigma foundations. And this is a framework that drives database decisions, process efficiency and a continuous improvement culture. Since 2022, we've increased the proportion of our Lean Six Sigma trained colleagues from 40% to 65%. We'll be at 70% next year. And what this means is the majority of our workforce, not just the senior leaders are trained and can identify inefficiencies, can map them, can solve problems using consistent methodology across the business. And so this is the reason why our rollout speed, our uptime, our ROIC continues to improve each and every quarter. And here's some examples of the outcome of this over the past few years. So average downtime per tower per week has dropped from well over 4 minutes in 2022 to 1 minute today. This translates to the 99.99% power uptime. And at the same time, our build-to-suit delivery speed has reduced almost 40% over this time and colocation rollout is now on average 2 days across the entire business. So these metrics matter because they translate directly to more satisfied customers, to higher ROIC and a stronger reputation for execution excellence. And we've also embedded business excellence into our proprietary GIS system. You'll get a demo of that, upstairs, later. And this identifies, this analyzes, this predicts where new sites will deliver the best lease-up returns and the optimum performance within the network. This platform combines the geospatial data. It includes the population density, the traffic patterns and the existing network coverage to pinpoint exactly where capacity demand will emerge and therefore, where our capital is best deployed. This has been instrumental in driving our tenancy growth across our markets through every vintage, and our system is improving. For example, towers built in 2010 to '15 have leased up with colocations of 0.2 per year, but towers built in the past 4 years have leased up twice as fast at 0.4 colos per year. So that's 2.5 years now to add a colo to a new build-to-suit, and that's arriving at the 25% ROIC that I showed you earlier on the unit economics page. So this is a great example of the power of using data and disciplined methodology to drive growth and achieve higher returns faster. And finally, this slide shows what continuous improvement looks like day-to-day on the ground. So a few examples of some recent projects. And each of these projects was led by our people using Lean Six Sigma techniques that they've learned through our Training and Development program. So Albert in Malawi has reduced diesel costs on high load sites, saving $1.2 million. Gloria in Tanzania, integrated remote monitoring, improving the installation process for customers added $1 million revenue. And Al Walid in Oman has enhanced preventative maintenance processes, saving $1 million. All of these using Lean Six Sigma techniques through our training. And so these are not pilots. These are embedded processes happening day in, day out across our business in every market, in every function. And it's proof that our people development program and continuous improvement culture is real. It's working, and it's compounding value day in, day out across the business. So with that operational foundation in place, let's move to what this all drives, the financial targets and performance. So everything we're discussing here today really comes together here. Through Impact 2030, we are entering the cash compounding sweet spot, not just for the next 5 years, but for decades ahead. And this is the point where the operational excellence, the disciplined capital allocation and the structural growth all converge. So Manjit will take you through the robust business model and the growth algorithm that provides a clear route to delivering these. But in summary, we're targeting sector-leading growth. We're targeting continued returns expansion above our cost of capital, and we're deploying this in a disciplined way, compounding our cash flows, while introducing attractive distributions for investors. So when you add it all up, growth, execution capability, cash flow generation, capital discipline and returns, Helios Towers becomes one of the most compelling investor propositions globally, delivering both scale growth and yield at the same time. And of course, underpinning all of it, a world-class platform operating in markets with decades of growth ahead, high-quality customers with long-term contracts, industry-leading operational excellence built on Lean Six Sigma discipline, the most talented teams in the markets, a clear and disciplined capital allocation framework. And that's why I say Helios Towers is entering its sweet spot phase, and we're moving into sustainable growth, cash flow generation and shareholder returns. So as we look to 2030 and beyond, our focus is simple, keep delivering for our customers, keep compounding for investors and keep connecting people and powering growth across Africa and the Middle East. So thank you very much, everyone. I hope everyone has a great day. Through the rest of the agenda, we've got a great lineup for you. We're going to have a very short video now, and then Manjit will cover our financial performance and targets in more detail, and we look forward to lots of questions and discussions after that. So thank you very much, everyone. [ Presentation ]

I generally really love these kind of videos and it's one of the reasons why I love working for this company. We all here today can take for granted the digitization journey we've all been on the past few decades, but the sense of excitement, optimism and the thirst for connectivity is really alive, not just in Dar and Kinshasa, but in every one of our markets. And it really echoes what Thomas has spoken about. And I really do suggest today that you all try and speak to our fantastic colleagues who are here. Some of our senior leadership have dotted around, and some of them are former MDs and can really add more color to the stories that we're providing today. And it's really exciting and energizing to see so many people here today and dialing in and taking a real interest in our business. Now we are all incredibly excited about what we have built, where the company is today, but importantly, where it's going. And I'm pleased to speak about Impact 2030 and our financial performance and outlook. To echo both Sam and Tom, firstly, a quick thank you to our colleagues and partners who are dialing in. We present our targets and road map from a position of strength, which certainly makes our job a lot easier today. That's all due to the foundations that you've all built. Now a quick introduction. My name is Manjit Dhillon. I'm the Group Chief Financial Officer and Oman Executive Chair. I joined Helios Towers back in 2016 and I have had the privilege of seeing this company transform from a 4-player market operator into a truly diversified Pan-African and Middle Eastern infrastructure leader. Over that time, I've helped lead more than $5 billion in capital raising and alongside Tom and the other senior leadership team here, have also worked on our acquisitions and successful IPO. I was appointed CFO 5 years ago at the beginning of 2021 and more recently took on the role of Executive Chair of Oman, one of our fastest-growing markets. So why are we here today? Well, it's because we've hit our strategy ahead of schedule, achieving our 2.2 tenancy ratio target earlier than planned. With that milestone now reached, we're setting out our Impact 2030 strategy, the next phase of Helios Tower's journey focused on compounding growth, stronger cash flow generation and delivering sustainable shareholder returns with the simple clash being that we are now commencing shareholder distributions for the first time, a process that began this morning. And over the next few slides, I'll be going through the building blocks of how we will deliver this in a robust and resilient manner. But to kick off, I'll touch on our highlights of our Q3 results, which we released this morning, and we've delivered another strong set of results showing continued momentum. We added 2,125 tenancies year-to-date, including 296 new sites, taking our tenancy ratio up by 0.1 to 2.2, hitting our target early. Adjusted EBITDA is up 11% year-on-year to $346 million, with free cash flow expanding by $70 million to reach $49 million, again, demonstrating the cash compounding nature of our growth. We've also reduced net leverage by 0.6 year-on-year to 3.6. We successfully tendered $120 million of our convertible bonds below par, removing 41 million potentially dilutive shares. Today, our average remaining life on our debt is 4 years. So we're in good shape, and we continue to proactively manage the balance sheet, looking to reduce the cost of capital and enhance equity value. On the back of this great performance, we've tightened upwards our full year guidance across all metrics once again. Given the strong rollout year-to-date, we are now guiding to 2,500 tenancy additions for the full year and EBITDA of approximately $470 million, both top ends of the previously guided ranges. With free cash flow expected to exceed $60 million, whilst we continue to guide to deleveraging to roughly 3.5. Given the high tenancies, we expect CapEx to come in between $160 million to $180 million. We're happy with the performance to date this year. We're now really focused on ensuring we end the year with momentum, driving us into this next strategic cycle. But I think these results once again demonstrate our ability to capture the growth opportunities in our markets in a robust and resilient manner, which takes me very nicely to the next section. Now you saw this slide earlier in Tom's presentation. But when I go through how we've designed our business to be robust and resilient, the greatest proof point is performance. We've delivered 10 years of consecutive U.S. dollar EBITDA growth, despite global pandemics, oil price shocks, rising inflation, rising interest rates and increasing global volatility. The world is very different to 10 years ago, but then so is our business. Through this backdrop, we've grown our EBITDA with a CAGR of 24% from $54 million in 2015, all the way to $470 million that we're guiding to at the end of this year. The business foundations we've set to deliver this growth has not only been maintained over the last few years, but strengthened. And this provides the basis for how we will sustainably capture all the growth that Tom has mentioned over the next decade plus. Though there are many nuances and business characteristics and positive characters within our business, these can be distilled into 4 key pillars that underpin our strength and resilience. One, a uniquely diversified portfolio across carefully chosen high-growth African and Middle Eastern markets; two, a strong hard currency earning base, driven mainly by our presence in innately hard currency markets and reinforced by contractual protections; three, partnerships with blue-chip largely investment-grade customers; and four, we sign up to long-term contracts with these customers, totaling $5.5 billion of contracted revenues, providing exceptional visibility and form the foundation for our next phase of growth. Now I'll click into these dynamics in a bit more detail and starting with our customers and contracts. Firstly, on customers on the right-hand side of the page. Whilst we operate in high-growth markets, we're contracting with and dealing with these operators on a daily basis. They're diversified and truly the household names you would expect with many spanning multiple mobile markets -- many of our markets. And importantly, they are showing phenomenal growth themselves. For example, Orange's MENA business continues to thrive, while Vodacom and Airtel Africa are going from strength to strength with Airtel upgrading their CapEx plans last week on the back of the great results they're seeing. And we are proud partners to all of them. We contract with these operators utilizing the U.S. TowerCo contract structure, but applying it to high-growth African and Middle Eastern markets. These contracts have a long duration, 10 to 15 years initial term, and then they have auto renewals, which will likely take them up to 40 years plus. There are minimal cancellation rights. Typically, operators can cancel about 1% of tenancies per annum, but the reality is that churn is not really an issue with this business. It's negligible. It's really about operators rolling out more tenancies, and we see this in our reported numbers. Now we charge the customers based on 3 things: the vertical space they take up on the tower; the power that they utilize; and the wind load of their equipment. And we effectively allocate a predefined bucket for each of these 3 characteristics. In our contracts, we have amendment revenue clauses. What that means is that if an operator adds more equipment or utilizes more power than their predefined limit, then we get to charge for that. Today, roughly 15% of our tenancies are amendments, and this is driven by the fact that we are seeing technological improvements across our markets with operators adding more and more equipment to sites so they can provide 3G, 4G and now 5G connectivity. All of that means extra potential revenue for us. Today, we have $5.5 billion of contracted revenue with our customers with an average remaining life of 6.7 years. Now this number doesn't include auto renewals, so expect this number to rise in the future. And it's these dynamics that give us fantastic revenue visibility and certainty and provide the baseline to then layer on top all the incremental growth that we will see. Finally, on this page, and importantly, we also have inflation and power price escalators in our contracts, and I'll explain that in more detail now. Now this is quite a full slide, but I'm going to take a few minutes to kind of go through it because it's a very important one, and I'll go through various mechanics. Now on the top, from left to right, you'll see our markets with the overall group being on the far right-hand side. One of our key strengths is our hard currency profile. Today, 71% of our adjusted EBITDA is in hard currency. And this is driven mainly by the 4 markets highlighted in the orange box. These are innately hard currency markets. DRC is dollarized, Oman is dollar pegged, Worth noting, DRC and Oman are 2 of our 3 biggest markets, and this is supplemented with Senegal and Congo, Brazzaville, which are euro pegged. Not only do these markets demonstrate fantastic mobile growth, but by being innately hard currency, it means the revenues our customers receive are the hard currencies that they pay to us. In our remaining markets, we also have a portion of revenues linked to hard currencies, which you can see in the other pie charts, adding further to the overall mix. Now in all of our contracts in all markets, we have inflation and power price escalators. Inflation escalators typically kick in, in Q1 of every year and is linked to the currency of the revenue we receive. So if we receive U.S. dollars, it's U.S. CPI. If we receive Tanzanian Shilling, it's Tanzanian CPI. The inflation escalators further assist to help against protection against FX movements. And I'll show on the next page, the combination of being in these hard currency markets and having inflation escalators is a robust way of managing FX movements. We also have power price protections in all contracts, which escalate either quarterly or annually, depending on the contract with more fuel-intensive markets typically escalating quarterly, for example. And these escalators go both up or down depending on the local pricing of power. So if the local price [indiscernible] of diesel goes up, then the escalator goes up. And conversely, if it goes down, then the escalator goes down. The escalator is set up to effectively mitigate the macro movement of an impact of pricing. So we are on the hook for what is within our control, which is volume. Therefore, if we can operate our sites more effectively by moving away from the most expensive form of powering a site, which is through diesel and connect to the grid where possible or utilize batteries and solar, then we'll make those investments because that will drive returns. For the last few years, we have shown how these escalators work in practice every quarter to show them in action. And here, we show the high-level output of the cumulative effect of the key drivers on our business since 2021 when we first started to show this level of granularity. The key output here is that 97% of our U.S. dollar EBITDA growth has been driven by business performance, i.e., tenancy additions and operational improvements. Power, CPI and FX movements have offset one another and operating as designed so that macro movements do not dictate the company performance. We don't make a margin on the escalators and neither do we want to. We want our business performance to be driven by what we can control and how we provide our services even better and more efficiently to our customers, and that's what you see here. Now whilst we've shown this analysis on a cumulative basis, this ultimate dynamic and conclusion is what we've shown every single quarter too. Now some of you may have seen this slide before, but this takes the prior fundamentals I've talked through and presents the correlation between our dollar, adjusted EBITDA growth and tenancy additions over the past 10 years. The dark bar is our tenancy numbers. The lighter bar is our U.S. dollar annualized EBITDA. And we have then layered on top of it the lines which depict FX movements versus the dollar for our local foreign currencies and also the movement in Brent crude. Despite the movements in some FX rates and Brent crude, as you can see, our business model has continually delivered consistent U.S. dollar EBITDA growth over that time and demonstrates an extremely high correlation to tenancy growth. R-squared, the measure of correlation of 1 is perfect. And we show here a 0.97 R-squared. So we are near enough perfectly correlated with tenancy growth with almost no correlation to movements in FX and Brent crude. This is really another way of demonstrating that our business has been effectively designed to grow the tenancy additions, which is both a function of our market growth, but also our capacity to deliver exceptional customer experience, which Tom went through. Fundamentally, we're in the right markets with great customers who are growing and investing. We continue to be laser-focused on ensuring we push the boundaries on how we deliver for our customers. We have set rock solid foundations to be able to capture this growth into the future. In short, if we continue to do what we've been doing for a decade, then this chart will continue into the foreseeable, increasing dollar earnings, increasing cash compounding returns. And our growth algorithm is clear. Strong market growth drives our tenancy growth, which drives our dollar EBITDA, which will drive our recurring free cash flow. That's the capital available to management to deploy on discretionary growth CapEx, debt paydowns and/or shareholder distributions. We expect market growth of 6% CAGR or to put it another way, 27,000 incremental market tenancies to be rolled out by MNOs across our markets, and that is just shy of our own business size today of 31,500 tenancies. Given our market-leading positioning and capabilities, this will drive our own annual tenancy growth of 6% plus, which effectively equates to 2,000 to 2,500 incremental tenancies per annum, which is similar to what we've been doing now for the past 3 years, of which 20% to 25% we expect of those tenancies to be new sites. Now I want to also say that this is a 5-year view. There will be peaks and troughs in terms of rollout. So some years, we may see more build-to-suits than this and some years, we may see less. Indeed, as it actually stands today, we're having really exciting customers with our customers across all markets about rollouts of new sites. So it's a very, very exciting time. But when looking at these rollout numbers over the next 5-year period, this will broadly be the average view. And the split will be more colos to be than build-to-suits, again, consistent with history. And as a consequence, we expect our tenancy ratios to increase to 2.5 by 2030. This will not only drive 9% CAGR on our EBITDA, but high recurring free cash flow generation. On this bridge, we set out those drivers in a bit more detail. The key driver is that our EBITDA will be growing faster than our cost base, resulting in high cash flow-through. This is principally due to continued lease-up on our portfolio, which Tom referenced earlier about the cash compounding effect of this. And also because we'll be seeing site growth of 3%, which is the driver to other line items. Non-discretionary CapEx and ground lease payments are both around $3,000 per site. So these will increase in relation to the growing site base, which is slower than the EBITDA growth rate. Cash taxes will equate to roughly 5% to 6% of revenue for the period. And with 84% of our debt being fixed, this will also be leveraged. And it's really our aim to continue to optimize our funding sources and cost of capital. Our ultimate aim is to drive return on invested capital in excess of WACC. We'll drive returns through capital-efficient investments and aim to reduce WACC through balance sheet management where possible. The combination of all of this will lead to $1.3 billion of cumulative recurring free cash flow, which takes us now to how we allocate that capital, where discipline and returns remain at the heart of every decision. Now as management, our role is, amongst other things, to be disciplined capital allocators. Every strategic decision we make is grounded in analytical rigor. Our disciplined, but flexible capital allocation framework provides a structure for how we will make these decisions, assessing where our capital will generate the highest and most sustainable returns for shareholders, be that through reinvestment or distributions. Our first priority is to reinvest in organic opportunities that will deliver the strongest returns, compound our growth, whilst continually improving the quality and resilience of our portfolio. We will always fuel the compounding engine of our business. To that end, we are guiding to spend over $0.5 billion in value-accretive organic opportunities between 2026 and 2030. Our compounding growth and inflection in cash flow now also means we're happy to commence investor distributions with over $400 million being earmarked over that same period with the balance of a growing dividend and a regular but flexible buyback. Now this is a key moment for the company where we enter the sweet spot, providing both attractive growth and now returns to our investors. Looking down the priority list, is opportunistic but disciplined M&A. We are happy with the markets and the portfolios that we have. We've demonstrated there are massive growth opportunities in our existing markets, and we're well positioned to capture on those. However, we will continue to assess potential inorganic opportunities and keep our eyes open for the right opportunities. Underpinning all of this is our desire to maintain both balance sheet strength and the financial flexibility to capture further opportunities as they emerge. The execution of our plan through Impact 2030 with over GBP 900 million firmly allocated to organic investments and investor distributions will see us naturally delever from 3.5 at the end of this year towards 2 by 2030. Now it's worth noting, however, that TowerCos generally, given the contracted revenue profile with blue-chip customer base and consistent cash flow generation, can and do operate with higher levels of leverage than this, not too dissimilar from real estate companies. With that in mind, whilst I expect us to delever further, I see a 2.5 to 3.5 range as being one that we can comfortably operate within over the coming years. Being towards the top of the upper end of that range is likely if we see faster-than-expected organic opportunities to invest and also further capital return opportunities emerging. So exactly where we operate within that range will depend on the opportunity set in front of us and the disciplined and flexible capital allocation decisions we will make through the framework I've just laid out, so that we maintain a strong balance sheet, while maximizing returns for our investors. I'll now go through these 3 buckets in a bit more detail. Priority one is always going to be funding our high returning organic growth. We have a weekly management capital allocation committee where we review the set menu of options we have across the board. We effectively rank these opportunities by return and allocate the capital accordingly to the highest returning investment. There are a lot of analytics that go into that list, I should add, and we test, test and retest the inputs to ensure we're maximizing our collective knowledge to drive the best return possible. And it's this rigor that has driven innovation led to new site designs, OpEx improvements, and you'll hear about some of those in the breakout upstairs. Now internally, we have a saying we're not a TowerCo, but we're a ColoCo. At the Capital allocation Committee, the discussions on colo investments are very quick. We always approve colocations. That is the compounder of our business with ROIC over 100% with a typical cost per colo of $10,000. Next is then power investments, which save OpEx. Now we've seen good returns on these investments with roughly 33% return on invested capital. And as part of Project 100, our previously communicated commitment to invest GBP 100 million in carbon-reducing initiatives, we expect to invest roughly GBP 10 million per annum up to 2030, yielding similar returns over that period. It's worth noting that with our business, sustainability and financial returns are directly correlated. Diesel is the most expensive form of powering a site. So if we can reduce diesel consumption, we reduce carbon emissions and also critically drive returns. And Lara will go through how we do this upstairs again in the breakout session. And finally, new site builds. Utilizing the great work completed by the GIS team in identifying the best locations and the engineering team in refining site builds, we have seen 12% day 1 return on invested capital with recent vintages leasing up within 2 to 3 years. We're very analytical about our investment decisions with new site builds, and we will ensure we continue to invest in attractive new sites to expand our portfolio, which should then further drive lease-up as we go forward. We expect 20% to 25% of our tenancy rollout to be new builds, equating to roughly 400 to 500 new sites per annum. On the left-hand side, you will see how we've delivered this over the past 3 years and how our investment in growth CapEx has led to high returns. The dark blue bar being the growth CapEx incurred, the orange bar being the incremental EBITDA and the green bar being the incremental portfolio free cash flow, i.e., the cash generated by our tower assets and is a numerator to return on invested capital calculation. And here, we can see that we've been generating 30% plus ROICs on our investments in growth. This provides the evidence that we are disciplined in our investments and demonstrates the best use of capital is to invest in these initiatives. And we're committed to spending over $500 million on these investments, up to 2030. This fuels a compounding engine of our business, and we will always ensure we have capital to deploy on these as needed. Excitingly, we are and will continue to generate excess capital. And today, we've announced $400 million is earmarked for distribution to our investors. We're guiding to a minimum of GBP 250 million of share buybacks over the next 5 years, which is envisaged to be evenly spread over that period. We've initiated the buyback as of this morning, we have authorization for GBP 75 million, which effectively takes us up to the end of next year with some buffer should we see further incremental opportunities over that period. Our approach to buybacks is no different to any investment, disciplined and focused on returns, and we'll undertake share buybacks when they represent effective use of capital to enhance shareholder returns. Additionally, we're announcing the introduction of a GBP 25 million dividend for fiscal year 2026 to be paid semiannually and growing at 10% per annum. Now the sharp pie we'll see that not all the recurring free cash flow has been allocated with GBP 400 million currently unallocated, and we maintain capital flexibility to continue to invest in the highest returning investments as they arise. We want this capital to work hard for us. So in short, that amount we reinvest in the business were allocated again to our investors. Whilst slow down the pecking order, we do continue to monitor and review inorganic opportunities with a preference for in-market bolt-ons. This has been a tried and tested route where the initial acquisition sets the foundations for growth and then should another in-market bolt-on opportunity appear, we have the option to utilize the established setup to quickly and accretively falls in that portfolio, leveraging the team and partner group already set up in that market. We've completed a number of these over the years. And when we look at the current total opportunity set out there, there are roughly around 23,000 towers in the hands of MNOs that could potentially come to market, of which 10,000 are ones that largely match our criteria with half of that being in the medium-term pipeline, which we will continue to monitor. Now with regards to new markets, again, further down the priority list. However, the potential opportunity set is very large with roughly 180,000 towers, high level being ones that would largely match our criteria, i.e., being in Africa and Middle East, multiple MNOs, no or limited TowerCo presence and with stable and/or pegged currencies. Now M&A has been an important tool for the company, and it's worth mentioning that we've said no to far more deals than we said yes to. We're disciplined in our assessment of new opportunities. And when we look at the integration of our new market deals we've completed over the last few years, as it stands today, as a collective, they are all performing well and ahead of plan. The aim of entering new high-growth markets, diversifying our earnings has been well executed and really gives us the springboard for our strategy today. So to wrap up, the reason why I and all of us at Helios Towers feel so excited about this next phase of company evolution is because we are now entering a really compelling phase for the company. We've called it the sweet spot where we are able to deliver both growth and value, but the critical point being that this phase will not be short-lived, but something that we can deliver for many years ahead. Tom has gone through the numerous opportunities available to us and our capabilities in capturing those. And I've talked through how we've created a financially robust business model that has demonstrated year-on-year how we've sustainably captured those opportunities and driven financial returns. As a shareholder in this business, as our all Helios Towers staff, we're laser-focused on delivering Impact 2030, where we will be delivering both high returning capital-efficient growth and generating truly excess capital for investor distributions for the first time. It really is a fantastic moment for the company. We're all super motivated to execute this strategy. Thank you very much. And before we go into the fireside chat, where you hear firsthand from our colleagues on how we operate, we're going to have a short comfort break for 10 minutes. Thank you all very much.