10.     Financial assets and liabilities

At June 30, 2026, the Group’s net debt and available liquidity was as set out below:

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The fair value of the Group’s total borrowings, excluding lease obligations at June 30, 2026, is $3,946 million (December 31, 2025: $3,973 million).

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A number of the Group’s borrowing agreements contain certain covenants that restrict the Group’s flexibility in areas such as the incurrence of additional indebtedness (primarily maximum secured borrowings to Adjusted EBITDA and a minimum Adjusted EBITDA to interest expense), payment of dividends and incurrence of liens.

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The Global Asset Based Loan facility is subject to a fixed charge coverage ratio covenant if 90% or more of the facility is drawn. The facility also includes cash dominion, representations, warranties, events of default and other covenants that are of a nature customary for such facilities.

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At December 31, 2025 the Group’s net debt and available liquidity was as follows:

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The maturity profile of the Group’s net borrowings is as follows:

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Financing activity

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The decrease in lease obligations from $368 million at December 31, 2025 to $325 million at June 30, 2026, primarily reflects $74 million of principal repayments, disposals of $5 million and foreign currency movements of $2 million, partly offset by $38 million of new lease liabilities.

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At June 30, 2026, the Group had cash drawings of $28 million (December 31, 2025: $nil) on the Global Asset Based Loan facility, with $361 million of the total facility of $450 million available due to amounts allocated for working capital collateralization.

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On January 29, 2026, the Group signed an amendment agreement to increase the Global Asset Based Loan facility to $450 million and to extend the maturity to January 29, 2031.

Fair value methodology

There has been no change to the fair value hierarchies for determining and disclosing the fair value of financial instruments.

Fair values are calculated as follows:

Cross currency interest rate swaps

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The Group hedges certain of its borrowing and interest payable thereon using CCIRS, with a net liability position at June 30, 2026 of $0.4 million (December 31, 2025: $3 million net liability).

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Net investment hedges in foreign operations

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The Group has designated $360 million (December 31, 2025: $360 million) of its Loan Notes as a net investment hedge. A loss of $11 million was recognized in relation to the Group’s net investment hedging arrangements in the unaudited consolidated interim statement of comprehensive income for the six months ended June 30, 2026 (2025: gain of $41 million).

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Forward foreign exchange contracts

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The Group operates in a number of currencies and, accordingly, hedges a portion of its currency transaction risk. Certain forward contracts are designated as cash flow hedges for accounting purposes.

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The fair values are based on Level 2 valuation techniques and observable inputs including the contract prices. The fair value of these contracts when initiated is $nil; no premium is paid or received.

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Virtual Power Purchase Agreement

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As part of our sustainability strategy to achieve our climate targets, the Group entered into a virtual power purchase agreement (“vPPA”) in July 2024. The renewable energy generation facility underlying the agreement is managed by the operator. The Group has no rights of determination or control over the use of the facilities. The benefit accruing from the virtual power purchase agreement is the Group receives certificates as proof of origin of electricity from

renewable energies, and in return pays a quarterly financial flow to the developer if the respective spot electricity price falls below an agreed floor price.

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The valuation applied a Black Scholes model, using a key data input for the risk-free rate of 2.5% (December 31, 2025: 2.1%), with an estimated volatility of 31% (December 31, 2025: 31%). The estimated fair market value at June 30, 2026 was a liability of $4 million (December 31, 2025: liability of $4 million), which has been reflected within non-current derivative financial instruments, representing the value of the certificates to be received by the Group and the option value of the agreed floor price. An increase or decrease in volatility of 5% would not result in a material change to the fair market value as at June 30, 2026.