Strong Tenancy Growth
Added over 1,200 tenancy additions year-to-date, including 190 new sites. Tenancy ratio expanded to 2.11, up 0.1x year-on-year.
Significant EBITDA and Free Cash Flow Increase
EBITDA increased by 9% year-on-year to $226 million for H1 2025. Free cash flow of $30 million reflects a $40 million upward swing year-on-year.
Improved Financial Position
Net leverage reduced to 3.8, reflecting a reduction of 0.4 year-on-year. Moody's affirmed B1 rating with a positive outlook; Fitch upgraded to BB-.
Record H1 Surplus Free Cash Flow Generation
Record H1 surplus free cash flow generation, with free cash flow guidance reaffirmed at $40 million to $60 million, doubling or tripling from last year.