Leases

12 Months Ended

Mar. 31, 2026

10. Leases

Components of lease expense, lease term, and discount rate for operating leases are as follows:


	Year ended March 31,
	2026			2025			2024
	(In million)			(In million)			(In million)
Operating lease expense	$	(21.8	)	$	(19.4	)	$	(10.8	)
Weighted-average remaining lease term (in years)		6			7			3
Weighted-average discount rate		8.55	%		6.31	%		6.09	%

Supplemental cash flow information related to leases are as follows:


	Year ended March 31,
	2026		2025		2024
	(In million)		(In million)		(In million)
Operating cash outflows from operating leases	$	15.9	$	13.4	$	12.2
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		32.1	$	83.0	$	18.7

Future minimum lease payments for our leases as of March 31, 2026 were as follows:


Year	Amount
	(In million)
2027	$	20.2
2028		27.0
2029		25.3
2030		22.9
2031		22.6
Thereafter		90.6

Total	$	208.6
Less: present value discount		(59.6	)

Lease liability	$	149.0

Current portion of lease liability		16.4
Noncurrent portion of lease liability		132.6

The total expense, relating to short-term leases to which the lessee recognition and measurement requirement has not been applied, for the year ended March 31, 2026 is $2.8 million (2025: $1.8 million; 2024: $1.3 million).

As at 31 March 2026, the Group has extension options in certain lease contracts that have not been included in the measurement of lease liabilities, as management has concluded that it is not reasonably certain that these options will be exercised. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of $15.6 million.

The Group also has termination options in multiple office leases. As at 31 March 2026, management has not assumed the exercise of any of these options, as it is not reasonably certain that they will be exercised. Accordingly, these termination options do not give rise to additional potential future lease payments.