Segment reporting (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Segment reporting |
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| Schedule of summarized financial information |
Summarized financial information is as follows: | | | | | | | | | | | Nigeria | | SSA | | Latam | | Total | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Three months ended June 30, 2026 | | | | | | | | | Revenues from external customers - continuing operations | | 298.3 | | 130.3 | | — | | 428.6 | Revenues from external customers - discontinued operations | | — | | — | | 42.4 | | 42.4 | Revenues from external customers | | 298.3 | | 130.3 | | 42.4 | | | Segment Adjusted EBITDA | | 166.5 | | 70.8 | | 32.7 | | 270.0 | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | Revenues from external customers - continuing operations | | 260.4 | | 127.8 | | — | | 388.2 | Revenues from external customers - discontinued operations | | — | | — | | 45.1 | | 45.1 | Revenues from external customers | | 260.4 | | 127.8 | | 45.1 | | | Segment Adjusted EBITDA | | 170.7 | | 73.1 | | 33.5 | | 277.3 | | | | | | | | | | Six months ended June 30, 2026 | | | | | | | | | Revenues from external customers - continuing operations | | 583.2 | | 260.8 | | — | | 844.0 | Revenues from external customers - discontinued operations | | — | | — | | 94.2 | | 94.2 | Revenues from external customers | | 583.2 | | 260.8 | | 94.2 | | | Segment Adjusted EBITDA | | 349.0 | | 148.4 | | 70.4 | | 567.8 | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | Revenues from external customers - continuing operations | | 531.7 | | 248.6 | | — | | 780.3 | Revenues from external customers - discontinued operations | | — | | — | | 92.6 | | 92.6 | Revenues from external customers | | 531.7 | | 248.6 | | 92.6 | | | Segment Adjusted EBITDA | | 349.8 | | 144.8 | | 69.1 | | 563.7 |
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| Schedule of items included in measurement of adjusted EBITDA |
Each segment's Adjusted EBITDA above includes the following items: | | | | | | | | | | | | | Continuing operations | | Discontinued operations | | | Nigeria | | SSA | | Unallocated items | | Total | | Latam | | | $'m | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | | | Three months ended June 30, 2026 | | | | | | | | | | | Power generation | | 91.3 | | 28.4 | | — | | 119.7 | | 0.8 | Staff costs | | 11.6 | | 7.9 | | 16.6 | | 36.1 | | 4.3 | Tower repairs and maintenance | | 7.5 | | 7.5 | | — | | 15.0 | | 1.3 | | | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | | | Power generation | | 56.0 | | 25.0 | | — | | 81.0 | | 0.8 | Staff costs | | 9.7 | | 8.2 | | 19.4 | | 37.3 | | 5.7 | Tower repairs and maintenance | | 4.8 | | 6.9 | | — | | 11.7 | | 2.4 | | | | | | | | | | | | Six months ended June 30, 2026 | | | | | | | | | | | Power generation | | 153.1 | | 52.3 | | — | | 205.4 | | 1.9 | Staff costs | | 24.0 | | 15.2 | | 36.3 | | 75.5 | | 10.6 | Tower repairs and maintenance | | 14.1 | | 14.1 | | — | | 28.2 | | 3.4 | | | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | | | Power generation | | 117.7 | | 47.7 | | — | | 165.4 | | 2.0 | Staff costs | | 17.7 | | 16.6 | | 42.3 | | 76.6 | | 10.1 | Tower repairs and maintenance | | 9.8 | | 12.6 | | — | | 22.4 | | 4.7 |
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| Schedule of reconciliation of information on reportable segments to the amounts reported in the financial statements |
Reconciliation of information on reportable segments to the amounts reported in the financial statements: | | | | | | | | | | | Three months ended | | Six months ended | | | June 30, | | June 30, | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Segment Adjusted EBITDA | | 270.0 | | 277.3 | | 567.8 | | 563.7 | Unallocated corporate expenses(a) | | (24.7) | | (28.8) | | (53.8) | | (62.7) | Finance costs | | (117.0) | | (114.3) | | (235.9) | | (228.7) | Depreciation and amortization | | (56.2) | | (89.0) | | (112.0) | | (178.4) | Share‑based payment expense | | (16.8) | | (8.5) | | (40.7) | | (14.0) | Other costs(b) | | (56.8) | | (5.5) | | (81.2) | | (8.6) | Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent(c) | | (47.5) | | (1.7) | | (80.4) | | (3.6) | Business combination costs | | (6.3) | | (0.3) | | (15.5) | | (1.2) | Insurance claims | | 0.1 | | 0.2 | | 0.1 | | 0.3 | Net gain on disposal of property, plant and equipment and right-of-use assets | | 1.9 | | 2.2 | | 3.4 | | 1.0 | Net impairment reversal/(loss) of withholding tax receivables (note 7) | | 4.9 | | 0.5 | | (0.6) | | 12.9 | Finance income | | 52.5 | | 35.6 | | 172.9 | | 56.1 | Gain on disposal of subsidiary (note 20) | | 20.0 | | — | | 20.0 | | — | Exclude: loss/(income) before tax from discontinued operations (note 21.1) | | 1.7 | | 33.3 | | (1.1) | | 55.2 | Income before tax | | 25.8 | | 101.0 | | 143.0 | | 192.0 |
| (a) | Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services. |
| (b) | Other costs for the three and six months ended June 30, 2026, included $39.9 million and $57.4 million respectively (three and six months ended June 30, 2025: $nil) of one-off long term employee benefit costs in relation to business disposals and the transactions contemplated by the merger agreement with MTN Group Limited announced in February 2026, one-off expenses related to strategic initiatives and operating systems of $15.8 million and $22.8 million respectively (three and six months ended June 30, 2025: $2.8 million and $4.5 million respectively), costs related to internal reorganization of $nil and $nil respectively (three and six months ended June 30, 2025: $1.2 million and $1.7 million respectively). |
| (c) | Includes impairment of held for sale non-current assets for the three and six months ended June 30, 2026 of $45.4 million and $75.4 million respectively (three and six months ended June 30, 2025: $nil) (see note 21.1). |
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| Schedule of segment assets, liabilities and additions |
| | | | | | | | | | | Nigeria | | SSA | | Latam | | Total | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Additions of property, plant and equipment, right-of-use assets and intangible assets: | | | | | | | | | Three months ended June 30, 2026 | | | | | | | | | - Segments | | 25.1 | | 8.2 | | 29.6 | | 62.9 | - Unallocated items | | | | | | | | (0.4) | | | | | | | | | 62.5 | Three months ended June 30, 2025 | | | | | | | | | - Segments | | 17.0 | | 19.4 | | 47.7 | | 84.1 | - Unallocated items | | | | | | | | — | | | | | | | | | 84.1 | Six months ended June 30, 2026 | | | | | | | | | - Segments | | 42.5 | | 16.6 | | 51.1 | | 110.2 | - Unallocated items | | | | | | | | (0.4) | | | | | | | | | 109.8 | Six months ended June 30, 2025 | | | | | | | | | - Segments | | 18.6 | | 38.1 | | 83.8 | | 140.5 | - Unallocated items | | | | | | | | 0.4 | | | | | | | | | 140.9 |
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| Schedule of revenue from tier one customers |
Revenue from two customers each represented 10% or more of the Group’s revenue from continuing operations as follows: | | | | | | | | | | | | Three months ended | | Six months ended | | | | June 30, | | June 30, | | June 30, | | June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | Customer A | | 69% | | 71% | | 69% | | 71% | | Customer B | | 20% | | 17% | | 19% | | 17% | |
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