Helios Towers PLC (LSE:HTWS) saw its shares rise 18%, changing hands at 240.4p, on Thursday after upgrading its 2026 guidance after a sharp rise in tenancy demand helped drive double-digit growth in first-quarter earnings.
The independent mobile phone and data tower company said adjusted EBITDA rose 14% year-on-year to US$127.2 million in the three months to 31 March, while revenue increased 12% to US$229.2 million. Operating profit rose to US$81.8 million from US$76.6 million.
Helios now expects 3,000 to 3,500 tenancy additions in 2026, up from previous guidance of 2,000 to 2,500, after adding 1,406 tenancies year-to-date. The company said the uplift includes around 500 sites and reflects a stronger pipeline from investment-grade and blue-chip customers.
Full-year adjusted EBITDA guidance was raised to US$515 million–US$530 million from US$510 million–US$525 million, while recurring free cash flow guidance increased to US$215 million–US$230 million from US$210 million–US$225 million. Discretionary capex guidance was also lifted to US$180 million–US$210 million to support the additional rollout.
Net leverage fell to 3.5 times from 4.0 times a year earlier. Helios said it refinanced its 2028 term loan in April through a US$500 million senior notes issue and raised an undrawn US$250 million three-year term loan in May, leaving it with more than US$500 million in cash and available debt facilities.