| Schedule of contractual notional amount for the derivative instruments |
| | | | | | | March 31, | | December 31, | | | 2026 | | 2025 | | | $'m | | $'m | | | | | | Derivative instruments | | | | | Embedded options within listed bonds(a) | | 2,186.0 | | 2,186.0 | Non-deliverable forwards(b) | | 459.6 | | — | | | 2,645.6 | | 2,186.0 |
| (a) | This relates to early redemption clauses within the Group’s Senior Notes (see note 15 - Borrowings). On or after November 29, 2025, the 2026 Notes may be redeemed (in whole or in part) at a price of 100.00000%. On or after September 18, 2024, the 2027 Notes may be redeemed (in whole or in part) at a price of 100.00000%. On or after November 29, 2025 or 2026, the 2028 Notes may be redeemed (in whole or in part) at a price of 101.56250% and 100.00000%, respectively. On or after November 29, 2026, 2027 or 2028, the 2030 Notes may be redeemed (in whole or in part) at a price of 103.93750%, 101.96875% and 100.00000%, respectively. On or after November 29, 2027, 2028 or 2029, the 2031 Notes may be redeemed (in whole or in part) at a price of 104.12500%, 102.06250% and 100.00000%, respectively. |
| (b) | This relates to the deal-contingent BRL/USD non-deliverable forwards entered into by the Group to hedge the Brazilian real-denominated portion of the expected sales proceeds relating to the disposal of our Latam towers and fiber operations. These derivatives are entirely foreign exchange forward contracts which are valued using quoted market inputs for forward foreign exchange rates (i.e. level 2 instruments). The instruments are deal-contingent, which allows the Company to settle the derivatives at the point of closing of the related disposal transaction, rather than on a fixed maturity date, and if the relevant disposal does not close for reasons outlined in the derivatives terms and conditions then the settlement is waived. |
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