Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Borrowings

Schedule of external debt classification


		June 30,		December 31,
		2026		2025
		$’m		$’m

Non‑current
Senior Notes		1,966.3		1,965.5
Bank term loans		820.0		876.5
		2,786.3		2,842.0
Current
Senior Notes		218.4		218.4
Bank term loans		105.0		77.2
Letters of credit		0.1		0.1
		323.5		295.7

Total borrowings		3,109.8		3,137.7
Borrowings classified as held for sale (see note 21.2)		—		96.7
		3,109.8		3,234.4

Schedule of debt by debt instrument

Principal

amount

Carrying amount

June 30,

Issue

Maturity

June 30,

December 31,

2026

Currency

date

date

Interest rate

2026

2025

$'m

$'m

Senior Notes

IHS Holding Limited

200.0M

USD

Nov'21

Nov'26

5.625%

200.7

200.5

IHS Holding Limited

500.0M

USD

Nov'21

Nov'28

6.250%

500.4

500.2

IHS Holding Limited

550.0M

USD

Nov'24

May'30

7.875%

547.2

546.7

IHS Holding Limited

650.0M

USD

Nov'24

Nov'31

8.250%

645.8

645.3

IHS Mauritius NG Holdco Limited

286.0M

USD

Sep'19

Sep'27

8.000%

290.6

290.0

Debentures

I-Systems Soluções de Infraestrutura S.A.^(a)

—

BRL

Jun'24

May'32

2.10% + CDI

—

26.8

Bank Term Loans

IHS Côte d’Ivoire S.A.

5.9B

XOF

Dec'23

Dec'28

6.50%

9.8

12.1

IHS Côte d’Ivoire S.A.

46.3M

EUR

Dec'23

Dec'28

3.50% + 3M EURIBOR

51.8

63.9

IHS Holding Limited

200.0M

USD

Jun'25

Dec'27

5.85% + 3M SOFR

198.9

198.2

IHS Holding Limited

255.0M

USD

Oct'24

Oct'29

4.50% + 3M SOFR

257.0

256.8

IHS Holding Limited

3.2B

ZAR

Oct'24

Oct'29

4.50% + 3M JIBAR

200.7

198.6

IHS Towers South Africa Proprietary Limited

2.9B

ZAR

May'22

May'29

2.75% + 3M JIBAR

173.6

182.4

IHS Zambia Limited

33.3M

USD

Dec'20

Dec'27

5.00% + CAS + 3M SOFR

33.2

42.9

I-Systems Soluções de Infraestrutura S.A.^(a)

—

BRL

Oct'22

Oct'30

2.45% - 2.50% + CDI

—

69.9

Revolving Credit Facilities and Overdraft^(b)

IHS Holding Limited

300.0M

USD

Jun'25

Sep'28

3.50% + 3M SOFR

—

—

IHS Nigeria Limited

100.0B

NGN

Jan'26

Mar'29

1.00% + MPR

—

—

IHS Cameroon S.A.

10.0B

XAF

Sep'25

Aug'26

5.50%

—

—

IHS Cameroon S.A.

10.0B

XAF

Oct'25

Sep'26

5.50% - 6.00%

—

—

Letters of Credit^(b)

IHS Nigeria

356.5M

USD

Feb'22

Sep'26

12.00% - 15.39%

0.1

0.1

3,109.8

3,234.4

Exclude: Borrowings classified as held for sale (see note 21.2)

—

(96.7)

Borrowings

3,109.8

3,137.7

(a)

On February 11, 2026, IHS Fiber Brasil – Cessão de Infraestruturas Ltda. entered into a share purchase and sale agreement with TIM S.A., pursuant to which IHS Fiber Brasil – Cessão de Infraestruturas Ltda. agreed to sell its 51.0% stake in I-Systems. Borrowings for this business are presented within liabilities held for sale at December 31, 2025. In May 2026, the Group completed the I-Systems Disposal.

(b)	Principal amount for revolving credit facilities, overdrafts and letters of credit are the available facilities at June 30, 2026.