​

  ​ ​ ​

Three months ended

​

​

March 31, 

​

March 31, 

​

​

2026

​

2025

​

  ​ ​ ​

$'m

  ​ ​ ​

$'m

​

​

​

​

​

Reconciliation:

​

​

​

​

Income from continuing operations before taxation

​

117.2

​

91.0

Adjustments:

​

  ​

​

  ​

Income/(loss) from discontinued operations before taxation

​

2.8

​

(21.8)

Depreciation of property, plant and equipment

​

50.8

​

78.6

Amortization of intangible assets

​

5.0

​

10.8

Amortization of prepaid site rent

​

0.9

​

0.7

Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent

​

2.9

​

2.0

Impairment of assets held for sale

​

29.9

​

—

Net impairment loss/(reversal) of withholding tax receivables

​

5.5

​

(12.4)

Impairment of inventory

​

1.3

​

0.2

Net (gain)/loss on disposal of property, plant and equipment and right-of-use assets

​

(1.5)

​

1.2

Share‑based payment and long-term employee benefit expenses

​

41.4

​

5.5

Net loss allowance on trade receivables

​

4.5

​

0.4

Finance income

​

(126.5)

​

(20.5)

Finance costs

​

125.0

​

114.3

Insurance claim income

​

—

​

(0.1)

Operating income before working capital changes

​

259.2

​

249.9

​

​

​

​

​

Changes in working capital

​

  ​

​

  ​

Decrease/(increase) in inventory

​

2.0

​

(14.2)

(Increase)/decrease in trade and other receivables

​

(34.3)

​

10.4

Increase/(decrease) in trade and other payables

​

18.0

​

(29.8)

Net movement in working capital

​

(14.3)

​

(33.6)

​

​

​

​

​

Cash from operations

​

244.9

​

216.3