S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L 16 February 2026 Project Mango | Valuation materials

C O N F I D E N T I A L $8.50 Latam 2026E FV / EBITDAAL (pre-IFRS) sale multiple / Latam implied sale value (pre-IFRS) ($mm) 7 10.0x / $1,118 5.6x MTN offer summary based on management estimates Assumes valuation date of 31-Dec-25; assumes no Special Dividend pre-closing Source: IHS Management estimates as of 02-Feb-26; Company filings; FactSet as of 30-Jan-26 and 04-Feb-26; Note: VWAPs shown as of 30-Jan-26; Assumes stock based compensation (SBC) as % revenue based on 2024A applied to management estimates; 1 Day prior to TIM leak; 2 Day prior to MTN cautionary announcement; 3 Day prior to Q4’23 earnings on 12-Mar-24; 4 Based on basic shares outstanding of 335.5mm, 15.0mm options with strike price of nil and no RSUs or PSUs as of 31-Dec-25 per management; 5 Net debt and non-controlling interest as of 31-Dec-25 includes $3,234mm in debt, $853mm in cash and $165mm in non-controlling interest per management; 6 $646mm of ROU Lease Liabilities as of 31-Dec-25 represents ROU Lease Liabilities based on management estimates; 7 IHS Africa EBITDA (post-IFRS) adjusted for Holding costs attributable to IHS Latam of ~$16mm based on IHS Latam 2025E EBITDA (post-IFRS) contribution; assumes $35mm of Latam sale transaction fees and taxes; based on Latam Towers firm value (pre-IFRS) of $665mm (based on Macquarie offer of R$3,550mm and net debt of R$92.5mm assuming BRL / USD of 5.2x based on spot rate as of 10-Feb-26) and I-Systems 51% equity value stake of R$950mm implying $453mm firm value (pre-IFRS) per press release as of 11-Feb-26 $mm, except per share values Offer price $8.50 % premium to 30-Jan-26 close1 $7.99 6% % premium to 04-Feb-26 close2 8.23 3% % premium to strategic review announcement3 2.51 239% % premium to median Broker price target 8.50 0% % premium to 30-day VWAP 7.60 12% % premium to 60-day VWAP 7.30 16% % premium to 90-day VWAP 7.21 18% % premium to 52-week VWAP 6.22 37% % premium to 52-week VWAP (as of 04-Feb-262 ) 6.27 36% % premium to YTD VWAP 7.46 14% Equity value4 $2,980 Plus: Firm value adjustments5 2,546 Firm value (pre-IFRS) $5,526 Plus: ROU Lease Liabilities6 646 Firm value (post-IFRS) $6,172 Implied multiples (02-Feb-26 mgmt. estimates) Metric FV / 2025E EBITDA (post-IFRS; post-SBC) $955 6.5x FV / 2025E EBITDAaL (pre-IFRS; post-SBC) 847 6.5x FV / 2026E EBITDA (post-IFRS; post-SBC) $1,022 6.0x FV / 2026E EBITDAaL (pre-IFRS; post-SBC) 886 6.2x IMPLIED IHS AFRICA FV / 2026E EBITDAAL (PRE-IFRS; POST-SBC) AT LATAM SALE MULTIPLE (02-FEB-26 MGMT. ESTIMATES) 7 For reference only Offer price Offer price 1

C O N F I D E N T I A L IHS customer, country and shareholder concentration Snapshot For reference only Source: IHS Q3’25 Investor Presentation, IHS management; FactSet Q3’25 REVENUE BY CUSTOMER Q3’25 REVENUE BY SEGMENT Q3’25 SHAREHOLDER BASE 62% 15% 7% 7% 2% 2% 1% 1% 3% 59% 30% 11% 26% 19% 6% 5% 3% 40% Other Nigeria Latam SSA Other An acquisition of IHS by MTN would internalize the infrastructure value chain while consolidating Nigerian exposure and governance control MTN is IHS' largest customer (62% including Latam footprint) and largest shareholder (26%), while Nigeria remains biggest market at 59% of the Group business 2

C O N F I D E N T I A L IHS financial projections IHS management estimates and street consensus; figures shown in $bn EBITDA (POST-IFRS, PRE-SBC) UNLEVERED FREE CASH FLOW1,2 REVENUE EBITDAAL (PRE-IFRS, PRE-SBC) Source: IHS Management estimates as of 02-Feb-26; Street consensus; FYE 31-Dec; 1 Management estimates calculated as NOPAT (pre-IFRS) plus D&A and impairment & other non-cash charges, less capex, minus change in NWC, and plus cash from sale of Rwanda; broker consensus calculated as EBITDAaL (pre-IFRS) less taxes, capex, and change in NWC; 2 Conversion calculated on EBITDA (post-IFRS, pre-SBC) $1.0 $1.1 $1.1 $1.2 $1.3 $1.4 $1.0 $1.0 $1.1 $1.1 $1.2 $1.3 2025E 2026E 2027E 2028E 2029E 2030E $0.4 $0.4 $0.5 $0.5 $0.6 $0.6 $0.4 $0.4 $0.5 $0.5 $0.5 $0.6 2025E 2026E 2027E 2028E 2029E 2030E $0.9 $0.9 $1.0 $1.0 $1.1 $1.2 $0.9 $0.9 $1.0 $1.0 $1.1 $1.2 2025E 2026E 2027E 2028E 2029E 2030E % growth Mgmt 4.6% 3.5% 5.6% 5.6% 5.9% 6.1% Consensus 4.7% 3.2% 7.1% 2.6% 6.4% 6.3% % margin Mgmt 56.8% 58.7% 59.3% 59.8% 60.4% 61.0% Consensus 57.7% 57.6% 58.4% 57.7% 57.9% 57.9% % convers. Mgmt 39.5% 41.7% 46.1% 43.3% 43.3% 42.9% Consensus 44.6% 40.5% 41.8% 44.4% 45.0% 44.3% % margin Mgmt 50.6% 51.1% 51.3% 51.6% 52.3% 53.1% Consensus 50.7% 50.0% 50.9% 52.9% 53.4% 53.4% Management estimates Street consensus For reference only $1.7 $1.8 $1.9 $2.0 $2.1 $2.2 $1.7 $1.8 $1.9 $2.0 $2.1 $2.2 2025E 2026E 2027E 2028E 2029E 2030E 3

C O N F I D E N T I A L Preliminary valuation analysis Assumes valuation date of 31-Dec-25; assumes no Special Dividend pre-closing; share prices rounded to nearest $0.10 except 52-week trading range Source: IHS Management estimates as of 02-Feb-26; Company filings as of 30-Sep-25 (Q3’25), FactSet as of 30-Jan-26, 04-Feb-26 and 13-Feb-26; Note: FYE 31-Dec; metrics based on management estimates unless otherwise stated; assumes valuation date of 31-Dec-25; assumes SBC as % revenue based on 2024A applied to management estimates; net debt and non-controlling interest as of 31-Dec-25 includes $3,234mm in debt, $853mm in cash and $165mm in non-controlling interest per management; $646mm of ROU Lease Liabilities as of 31-Dec-25 represents ROU Lease Liabilities based on management estimates used to calculate post-IFRS firm value and EBITDA (post-IFRS) multiples; 1 Day prior to TIM leak; 2 Day prior to MTN cautionary announcement; 3 EBITDAaL (EBITDA after Leases) represents EBITDA (pre-IFRS); 4 EBITDA uses EBITDA (post-IFRS), consistent with IHS financial reporting and broker estimates of EBITDA; 5 Represents implied firm value (pre-IFRS) plus ROU Lease Liabilities of $646mm; 6 Share count based on basic shares outstanding of 335.5mm, 15.0mm options with strike price of nil, and no RSUs or PSUs FV / 2026E EBITDA3 (post-IFRS; post-SBC) 4.2x – 5.9x 5.2x – 9.0x 6.0x – 8.8x 5.5x – 6.5x FV / 2026E EBITDAaL4 (pre-IFRS; post-SBC) 4.2x – 6.1x 5.2x – 9.6x 6.2x – 9.4x 5.6x – 6.8x Metric ($mm), except share prices Low: $3.28 Date: 31-Jan-25 High: $8.04 Date: 13-Jan-26 Range: $6.00 – $17.00 $1,022 Discount rate: 10.00% – 11.00% TGR: 2.00% – 3.00% Implied firm value (post-IFRS) ($mm)5 $4,342 – $6,011 $5,296 – $9,152 $6,134 – $8,945 $5,585 – $6,678 Implied equity value ($mm)6 $1,150 – $2,818 $2,103 – $5,959 $2,941 – $5,753 $2,393 – $3,485 ($ per share) 52-week high / low at market close Management estimates Valuation driver Management estimates Offer price: $8.50 52-week trading range as of 30-Jan-261 Trading multiples: 2026E Adj. EBITDA (post-IFRS; post-SBC) 5-year DCF FOR REFERENCE ONLY $8.04 $17.00 $16.40 $9.90 $3.28 $6.00 $8.40 $6.80 04-Feb-262 : $8.23 30-Jan-261 : $7.99 Price per share Broker estimates Broker A $17.00 Broker C $9.00 Broker D $8.50 Broker B $10.00 Broker F $7.00 Broker G $6.00 Broker E $7.50 Current (13-Feb-26): $8.29 4

C O N F I D E N T I A L Global tower sector – trading and operating metrics Firm value, EBITDA and leverage are stated on post-IFRS basis Source: Company filings, Wall Street research, FactSet as of 30-Jan-26 and 13-Feb-26, IHS trading and operating metrics as of unaffected date (30-Jan-26); Note: For all companies, firm value and EBITDA are stated on a post-IFRS, post-ASC 842, post-IND AS-116 basis for purposes of trading and operating comparables; For American peers, EBITDA is post-SBC; For non-U.S. operators where broker estimates for ALFCF or RLFCF unavailable, ALFCF is defined as (adjusted net income + D&A – maintenance capex), for U.S. operators AFFO used as proxy for ALFCF; Maintenance capex estimated at 1.5% of revenue where not available; Excluding minority and non-controlling interest; 2 Based on LTM EBITDA instead of reported metric; 3 Figures deduct Rwanda contribution of ~$30mm EBITDA based on management estimates as of 02-Feb-26; 4 Figures are pro forma for sale of Rwanda portfolio assuming $175.0mm upfront consideration, $94.5mm deferred consideration and $18.7mm ROU Lease Liabilities based on public filings, and $0.0mm debt at country level based on company filings Company Mkt. Cap ($bn) Adj. FV ($bn) Revenue EBITDA ALFCF1 Adj. FV / EBITDA EqV / ALFCF1 Net leverage2 Annualized dividend yield '25E-'27E CAGR '25E-'27E CAGR '25E Margin '25E Conversion '25E Yield '25E '26E '25E '26E Management estimates3 $2.8 $6.0 4.5% 6.9% 55.2% 46.2% 15.8% 6.3x 5.9x 6.3x 5.7x 3.1x NA Africa Street consensus (PF Rwanda)3,4 $2.8 $6.0 6.3% 6.7% 56.8% 42.2% 14.7% 6.2x 6.0x 6.8x 6.6x 3.2x NA 2.7 4.5 8.3% 10.0% 53.7% 39.8% 6.8% 9.7x 8.8x 14.8x 12.8x 3.8x NA Average 7.3% 8.3% 55.3% 41.0% 10.8% 7.9x 7.4x 10.8x 9.7x 3.5x NA Latam 2.8 6.0 6.0% 6.0% 96.1% 46.5% 12.7% 7.7x 7.3x 7.9x 6.7x 2.8x 4.7% 1.3 5.9 8.9% 9.1% 93.6% NA NA 6.4x 5.8x NA NA 4.9x NA Average 7.4% 7.6% 94.8% 46.5% 12.7% 7.0x 6.5x 7.9x 6.7x 3.8x 4.7% US 90.2 141.9 4.2% 4.3% 75.7% 62.8% 5.5% 17.8x 17.1x 18.0x 17.1x 5.2x 3.5% 39.6 66.8 (1.5%) (1.4%) 76.5% 65.5% 5.4% 20.5x 21.7x 18.5x 19.5x 7.1x 5.3% 21.5 36.3 0.7% 1.7% 75.1% 65.4% 6.6% 16.8x 16.7x 15.3x 15.5x 6.5x 2.2% Average 1.1% 1.6% 75.8% 64.6% 5.8% 18.4x 18.5x 17.3x 17.4x 6.3x 3.7% EU 24.2 50.4 5.1% 5.3% 87.6% 57.6% 9.3% 12.9x 12.3x 10.8x 10.3x 6.2x 2.4% 9.5 15.4 4.8% 4.9% 91.4% 52.8% 6.5% 13.2x 12.6x 15.4x 13.9x 5.3x 6.2% Average 4.9% 5.1% 89.5% 55.2% 7.9% 13.0x 12.4x 13.1x 12.1x 5.7x 4.3% For reference only FRO FRO FRO 5

C O N F I D E N T I A L Preliminary discounted cash flow analysis | Management estimates Values in $mm; assumes valuation date of 31-Dec-25 and 10.5% midpoint discount rate; assumes SBC as % revenue based on 2024A; includes adjustments for Latam IRU BTS change in receivables after 2030 Source: IHS Management estimates as of 02-Feb-26; Company filings, FactSet as of 30-Jan-26; Note: FYE 31-Dec; assumes valuation date of 31-Dec-25; tax rate calculated as a weighted average based on 2025E EBITDA contributions; assumes mid-year discounting; 1 $646mm in ROU Lease Liabilities as of 31-Dec-25 from management used to calculate post-IFRS firm value and EBITDA multiples; 2 Represents the present value of future receivables adjustments due to IRU BTS non-cash revenue reversals; 3 Net debt and non-controlling interest as of 31-Dec-25 includes $3,234mm in debt, $853mm in cash and $165mm in non-controlling interest per management; 4 Represents implied firm value (pre-IFRS) plus ROU Lease Liabilities of $646mm; 5 EBITDAaL uses EBITDA (pre-IFRS; post-SBC); 6 EBITDA uses EBITDA (post-IFRS; post-SBC); 7 2030E EBITDA used in terminal multiple includes $138mm potential future potential discounts as shown in the terminal period; 8 Based on basic shares outstanding of 335.5mm, 15.0mm options with strike price of nil and no RSUs or PSUs; 9 Day prior to TIM leak $mm Dec-24A Dec-25E Dec-26E Dec-27E Dec-28E Dec-29E Dec-30E TV Revenue $1,655 $1,731 $1,791 $1,891 $1,997 $2,115 $2,243 $2,299 % growth 4.6% 3.5% 5.6% 5.6% 5.9% 6.1% 2.5% % rolling CAGR (based on 2025E revenue) 3.5% 4.5% 4.9% 5.1% 5.3% EBITDA (post-IFRS) $890 $983 $1,052 $1,122 $1,195 $1,276 $1,367 $1,379 % margin 53.8% 56.8% 58.7% 59.3% 59.8% 60.4% 61.0% 60.0% Less: Ground lease expense (108) (137) (151) (164) (170) (177) (182) % revenue 6.2% 7.6% 8.0% 8.2% 8.0% 7.9% 7.9% EBITDA (pre-IFRS) $875 $915 $971 $1,031 $1,106 $1,190 $1,198 % margin 50.6% 51.1% 51.3% 51.6% 52.3% 53.1% 52.1% Less: SBC (28) (29) (31) (33) (35) (37) (38) % revenue 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% Less: D&A (excluding IFRS 16 leases) & impairment (122) (316) (329) (346) (375) (351) (362) Less: Future discounts - - - - - - (138) EBIT $725 $570 $610 $652 $697 $803 $660 Less: Taxes (234) (183) (197) (210) (224) (259) (213) % tax rate 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% NOPAT $491 $386 $414 $442 $472 $544 $447 Plus: D&A (excluding IFRS 16 leases) 292 305 319 336 365 340 362 % total capex 119.5% 103.9% 94.9% 98.6% 102.8% 91.6% 95.0% Plus: Impairment & other (170) 12 11 11 11 11 - % revenue (9.8%) 0.7% 0.6% 0.5% 0.5% 0.5% 0.0% Less: Discretionary capex (156) (192) (234) (233) (242) (251) (258) % revenue 9.0% 10.7% 12.4% 11.7% 11.4% 11.2% 11.2% Less: Non-discretionary capex (89) (101) (102) (107) (113) (120) (123) % revenue 5.1% 5.7% 5.4% 5.4% 5.3% 5.4% 5.4% Plus / Less: Change in NWC 19 7 54 52 59 64 - % change in revenue 24.8% 11.3% 54.5% 48.4% 50.5% 49.5% 0.0% Plus: Cash from sale of Rwanda (post-2025) 23 55 18 - - - UFCF $388 $439 $517 $518 $552 $587 $428 Memo: Cumulative discounted UFCF - $417 $862 $1,266 $1,655 $2,029 PV of UFCF ($mm) PV of terminal value ($mm) Implied firm value ($mm) (pre-IFRS) FV / 2026E Adj. EBITDAaL (post-SBC)5 TV / 2030E Adj. EBITDAaL (post-SBC)7 Implied share price 8 TVGR TVGR TVGR TVGR TVGR Pre-2030 Post-20302 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% Discount rate 10.00% $2,052 ($30) $3,467 $3,720 $4,009 $5,489 $5,742 $6,031 6.2x 6.5x 6.8x 6.0x 6.5x 7.0x $8.39 $9.12 $9.94 10.50% 2,029 (28) 3,197 3,417 3,666 5,198 $5,418 5,667 5.9x 6.1x 6.4x 5.7x 6.1x 6.6x $7.57 $8.19 $8.90 11.00% 2,007 (27) 2,958 3,151 3,368 4,939 5,132 5,348 5.6x 5.8x 6.0x 5.5x 5.8x 6.2x $6.83 $7.38 $7.99 ROU liabilities ($mm)1 Equity value ($mm)3 Implied firm value ($mm) (post-IFRS)4 FV / 2026E Adj. EBITDA (post-SBC)6 TV / 2030E Adj. EBITDA (post-SBC)7 Premium to 30-Jan-26 share price 9 TVGR TVGR TVGR TVGR TVGR 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% Discount rate 10.00% $646 $2,943 $3,196 $3,485 $6,135 $6,388 $6,678 6.0x 6.2x 6.5x 5.7x 6.1x 6.5x 5% 14% 24% 10.50% 646 2,652 2,872 3,121 5,844 $6,064 6,314 5.7x 5.9x 6.2x 5.5x 5.8x 6.2x (5%) 3% 11% 11.00% 646 2,393 2,586 2,802 5,585 5,778 5,995 5.5x 5.7x 5.9x 5.2x 5.5x 5.9x (15%) (8%) 0% 6

C O N F I D E N T I A L Preliminary discount rate analysis – Consolidated Source: FactSet, Barra, J.P. Morgan estimates, Bloomberg; Note: Market data as of 16-Jan-26; capitalization figures sources from latest public filings 1 U.S. 10-year treasury bond yield as of 15-Jan-26; 2 Relevered historical beta is implied based on unlevering historical levered beta for each respective company based on their current capital structure and 5-year historical weighted average tax rate then subsequently relevering based on debt/total cap target of 35.0% and target marginal tax rate of 25.0%; 3 Calculated as weighted average of country-level cost of debt on 10-year unsecured notes, weighted based on 2025E EBITDA – non-discretionary capex contribution from management estimates as of 02-Feb-26; 4 Assumes pre-tax cost of debt of 8.6%, debt/total cap target of 35.0% and tax rate of 25.0% DISCOUNT RATE SUMMARY CAPITAL STRUCTURE BENCHMARKS Risk free rate1 4.17% Equity risk premium 3.50% ― 4.50% Levered beta 0.9 ― 1.3 Country risk premium 3.6% ― 3.6% Cost of equity 11.0% ― 13.7% Pre-tax cost of debt3 8.6% Post-tax cost of debt 6.4% Debt / total cap target 35.0% Calculated discount rate 9.38% ― 11.13% Selected discount rate 10.00% ― 11.00% Market cap Debt/ total cap Levered Relevered historical 2 Company Barra Historical Africa IHS $2,613 59.8% 1.280 1.559 1.033 Helios Towers 2,295 45.8% 0.873 0.825 0.709 LatAm Towers Telesites 2,591 46.0% 0.764 0.394 0.338 Sitios 1,346 76.8% 0.789 0.363 0.146 North America American Tower 86,241 34.1% 0.489 0.742 0.750 Crown Castle 39,845 37.3% 0.575 0.710 0.689 SBA 20,821 41.9% 0.494 0.742 0.675 Europe Cellnex 20,588 55.2% 0.615 0.806 0.588 Inwit 7,748 44.4% 0.580 0.520 0.457 Mean 49.0% 0.718 0.740 0.598 Median 45.8% 0.615 0.742 0.675 COST OF EQUITY VS. DEBT / TOTAL CAP TARGET4 COST OF EQUITY VS. PRE-TAX COST OF DEBT4 Cost of equity 11.0% 11.9% 12.8% 13.7% Pre-tax cost of debt 7.6% 9.1% 9.7% 10.3% 10.9% 8.1% 9.2% 9.8% 10.4% 11.0% 8.6% 9.4% 10.0% 10.5% 11.1% 9.1% 9.5% 10.1% 10.7% 11.3% 9.6% 9.6% 10.2% 10.8% 11.4% FRO Cost of equity 11.0% 11.9% 12.8% 13.7% Debt / total cap 15.0% 10.3% 11.1% 11.8% 12.6% 25.0% 9.8% 10.5% 11.2% 11.9% 35.0% 9.4% 10.0% 10.5% 11.1% 45.0% 8.9% 9.4% 9.9% 10.4% 55.0% 8.5% 8.9% 9.3% 9.7% 7

C O N F I D E N T I A L Agenda Page 1 Appendix 8

C O N F I D E N T I A L 13 11 14 15 12 11 12 13 14 15 IHS share price performance since January 2023 Source: Company filings, FactSet as of 30-Jan-26 and 04-Feb-26, Reuters, International Monetary Fund, Bloomberg; 1 Day prior to TIM leak; 2 Day prior to MTN announcement; 3 VWAP as of 30-Jan-26; 4 90-day VWAP as of 15-Aug-25 per Non-Binding Proposal; 5 90- day VWAP as of 02-Sep-25 per Revised Non-Binding Proposal For reference only IHS MILESTONES AGAINST NIGERIA FX BACKDROP Key Reference Points Jan-23 Jul-23 Jan-24 Jul-24 Feb-25 Aug-25 Dec-25 Jan-26 IHS EV / 1yr fwd. EBITDA 5.7x 5.7x 4.8x 5.1x 5.2x 5.8x 5.7x 5.9x USD Nigeria Discount rate 12.0% 12.5% 11.4% 11.5% 10.1% 9.9% Barrel price $82.82 $85.22 $82.98 $81.39 $77.11 $70.55 $64.22 $61.35 Share Price Premiums 30-Jan-261 $8.50 Premium to 30-Jan-26 share price1 $7.99 6% Premium to 04-Feb-26 close2 $8.23 3% 30-day VWAP3 $7.60 12% 60-day VWAP3 $7.30 16% 90-day VWAP3 $7.21 18% 90-day VWAP (15-Aug-25)4 $5.76 48% 90-day VWAP (02-Sep-25)5 $5.91 44% 52-week VWAP $6.22 37% 6 5 7 9 8 10 1 4 2 3 07-Sep-23: MTN announces 2,500 site cancellation in Nigeria with IHS (-18.6% price reaction) 30-Jan-24: Significant devaluation of the Naira coinciding with the Central Bank of Nigeria introducing sweeping reforms to the foreign exchange market (-19.8% price reaction) 09-Feb-24: Airtel Nigeria renews IHS contract for 2,500 colocations in addition to 5G amendments and BTS sites, as well as commits 3,950 tenancies over next five years (+7.0% price reaction) 12-Mar-24: IHS selects J.P. Morgan to evaluate strategic alternatives​ for its business across portfolio and capital allocation priorities as part of FY23 earnings (+12.7% price reaction) 07-Aug-24: IHS and MTN announce renewal and extension of all Nigerian tower MLAs covering 25,000+ tenancies, including 1,430 tenancies renegotiated from Sep-23 announcement, through 2032​ (+16.7% price reaction) 14-Nov-24: IHS announces successful refinancing of $1.2bn through issuance of dual tranche Senior Notes to remove and reduce shorter term maturity debt (+1.5% price reaction) 23-Dec-24: IHS completes sale of 70% interest in IHS Kuwait to Zain Group at enterprise value of $230mm (-3.4% price reaction) 20-Jan-25: Nigerian government approves 50% tariff increase for MNOs (+7.5% price reaction) 18-Mar-25: IHS delivered strong FY24 earnings largely driven by FX stability and major contract renewals (+13.3% price reaction) 08-May-25: Nigeria pays off IMF’s $3.4bn Covid loan to exit debt list (-3.9% price reaction) 20-May-25: Along with Q1’25 earnings, IHS announced sale of its Rwanda operations to Paradigm Tower Ventures at enterprise value of $274.5mm (-11.0% price reaction) 30-May-25: Nigeria Upgraded to B3 by Moody’s on Fiscal, Forex Gains (+2.2% price reaction) 12-Aug-25: IHS delivered strong 2Q25 earnings​ as operational performance and FX more than offset lower FX resets, power indexation headwinds, and Rwanda sale (+8.5% price reaction) 12-Nov-25: IHS delivered strong Q3'25 earnings ahead of expectations, driven by favorable FX tailwinds and strong operations, leading to a raised full-year outlook (+2.2% price reaction) 14-Nov-25: Nigeria outlook revised to Positive from Stable; B-/B Ratings affirmed (+0.2% price reaction) NGN / USD IHS Share Price 1 5 6 7 9 8 10 $7.99 4 2 3 SHARE PRICE PERFORMANCE 8

C O N F I D E N T I A L IHS broker valuation benchmarking Brokers present forecasts on a USD basis Source: Wall Street research; FactSet as of 30-Jan-26; 1 Day prior to TIM leak Broker Report date Price target (USD) Broker A 12-Nov-25 $17.00 Broker B 12-Nov-25 $10.00 Broker C 21-Nov-25 $9.00 Broker D 23-May-25 $8.50 Broker E 12-Nov-25 $7.50 Broker F 12-Nov-25 $7.00 Broker G 14-Nov-25 $6.00 Median PT / % premium to 30-Jan-26 share price1 Median incl. Broker A: $8.50 / +6.4% Median excl. Broker A: $8.00 / +0.1% Memo: 30-Jan-26 share price $7.99 For reference only 9

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