Segment reporting (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Segment reporting |
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| Schedule of summarized financial information |
Summarized financial information is as follows: | | | | | | | | | | | | | Nigeria | | SSA | | Latam | | MENA | | Total | | | $'m | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | | | Revenues from external customers | | 260.4 | | 127.8 | | 45.1 | | — | | 433.3 | Segment Adjusted EBITDA | | 170.7 | | 73.1 | | 33.5 | | — | | 277.3 | | | | | | | | | | | | Three months ended June 30, 2024 | | | | | | | | | | | Revenues from external customers | | 269.6 | | 108.2 | | 46.5 | | 11.1 | | 435.4 | Segment Adjusted EBITDA | | 171.4 | | 76.4 | | 33.3 | | 6.1 | | 287.2 | | | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | | | Revenues from external customers | | 531.7 | | 248.6 | | 92.6 | | — | | 872.9 | Segment Adjusted EBITDA | | 349.8 | | 144.8 | | 69.1 | | — | | 563.7 | | | | | | | | | | | | Six months ended June 30, 2024 | | | | | | | | | | | Revenues from external customers | | 497.3 | | 239.5 | | 94.3 | | 22.0 | | 853.1 | Segment Adjusted EBITDA | | 274.3 | | 146.1 | | 67.1 | | 12.2 | | 499.7 |
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| Schedule of items included in measurement of adjusted EBITDA |
Each segment's Adjusted EBITDA above includes the following items: | | | | | | | | | | | Nigeria | | SSA | | Latam | | MENA | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | Power generation | | 56.0 | | 25.0 | | 0.8 | | — | Staff costs | | 9.7 | | 8.2 | | 5.7 | | — | Tower repairs and maintenance | | 4.8 | | 6.9 | | 2.4 | | — | | | | | | | | | | Three months ended June 30, 2024 | | | | | | | | | Power generation | | 71.2 | | 16.7 | | 2.1 | | 0.6 | Staff costs | | 6.7 | | 8.6 | | 6.5 | | 1.5 | Tower repairs and maintenance | | 4.9 | | 0.7 | | 2.5 | | 0.8 | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | Power generation | | 117.7 | | 47.7 | | 2.0 | | — | Staff costs | | 17.7 | | 16.6 | | 10.1 | | — | Tower repairs and maintenance | | 9.8 | | 12.6 | | 4.7 | | — | | | | | | | | | | Six months ended June 30, 2024 | | | | | | | | | Power generation | | 129.0 | | 45.9 | | 3.3 | | 1.2 | Staff costs | | 16.6 | | 16.9 | | 13.7 | | 2.9 | Tower repairs and maintenance | | 10.2 | | 8.5 | | 4.3 | | 1.5 |
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| Schedule of 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, | | | 2025 | | 2024 | | 2025 | | 2024 | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Segment Adjusted EBITDA | | 277.3 | | 287.2 | | 563.7 | | 499.7 | Finance costs (note 9) | | (114.3) | | (279.2) | | (228.7) | | (1,812.7) | Depreciation and amortization (note 6 and 7) | | (89.0) | | (87.2) | | (178.4) | | (174.7) | Share‑based payment expense (note 7) | | (8.5) | | (4.9) | | (14.0) | | (8.1) | Other costs(a) | | (5.5) | | (3.8) | | (8.6) | | (6.4) | Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6) | | (1.7) | | (2.9) | | (3.6) | | (6.0) | Business combination costs (note 7) | | (0.3) | | (0.1) | | (1.2) | | (0.3) | Insurance claims | | 0.2 | | 0.1 | | 0.3 | | — | Net gain on disposal of property, plant and equipment and right-of-use assets (note 7) | | 2.2 | | 1.9 | | 1.0 | | 2.3 | Net reversal of impairment/(impairment) of withholding tax receivables (note 7) | | 0.5 | | (2.8) | | 12.9 | | (10.9) | Finance income (note 8) | | 35.6 | | 43.0 | | 56.1 | | 24.3 | Impairment of goodwill (note 7) | | — | | — | | — | | (87.9) | Impairment of assets held for sale (note 6) | | — | | (2.9) | | — | | (2.9) | Unallocated corporate expenses(b) | | (28.8) | | (36.4) | | (62.7) | | (63.7) | Income/(loss) before income tax | | 67.7 | | (88.0) | | 136.8 | | (1,647.3) |
| (a) | Other costs for the three and six months ended June 30, 2025, included one-off expenses related to strategic initiatives and operating systems of $2.8 million and $4.5 million respectively (three and six months ended June 30, 2024: $2.5 million and $4.5 million respectively), costs related to internal reorganization of $1.2 million and $1.7 million respectively (three and six months ended June 30, 2024: $1.3 million and $1.8 million respectively) and one-off professional fees related to financing of $0.3 million and $0.3 million respectively (three and six months ended June 30, 2024: $nil). |
| (b) | Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services. |
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| Schedule of segment assets, liabilities and additions |
| | | | | | | | | | | Nigeria | | SSA | | Latam | | MENA | | | $'m | | $'m | | $'m | | $'m | | | | | | | | | | Segment assets | | | | | | | | | June 30, 2025 | | 921.7 | | 1,380.5 | | 1,901.3 | | — | June 30, 2024* | | 858.6 | | 1,331.0 | | 1,912.3 | | 174.6 | | | | | | | | | | Segment liabilities | | | | | | | | | June 30, 2025 | | 319.9 | | 882.9 | | 506.4 | | — | June 30, 2024* | | 340.0 | | 892.6 | | 750.3 | | 101.7 | | | | | | | | | | Additions of property, plant and equipment, right-of-use assets and intangible assets: | | | | | | | | | Three months ended June 30, 2025 | | 17.0 | | 19.4 | | 47.7 | | — | Three months ended June 30, 2024 | | 29.3 | | 31.2 | | 43.1 | | 1.7 | Six months ended June 30, 2025 | | 18.6 | | 38.1 | | 83.8 | | — | Six months ended June 30, 2024 | | 50.4 | | 38.6 | | 87.4 | | 2.5 |
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| Schedule of revenue from tier one customers |
Revenue from two customers represents more than 10% of the Group’s total revenue as follows: | | | | | | | | | | | | Three months ended | | Six months ended | | | | June 30, | | June 30, | | June 30, | | June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | | | | | | | | | Customer A | | 64% | | 61% | | 64% | | 60% | | Customer B | | 15% | | 16% | | 15% | | 16% | |
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