Cash from operations

6 Months Ended

Jun. 30, 2026

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

18.Cash from operations


		Three months ended				Six months ended
		June 30,		June 30,		June 30,		June 30,
		2026		2025		2026		2025
		$'m		$'m		$'m		$'m

Reconciliation:
Income from continuing operations before taxation		25.8		101.0		143.0		192.0
Adjustments:
(Loss)/income from discontinued operations before taxation		(1.7)		(33.3)		1.1		(55.2)
Depreciation of property, plant and equipment		51.1		77.8		101.9		156.4
Amortization of intangible assets		5.1		11.2		10.1		22.0
Amortization of prepaid site rent		1.0		0.6		1.9		1.3
Net impairment loss of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent		47.5		1.7		80.4		3.6
Net impairment (reversal)/loss of withholding tax receivables (note 7)		(4.9)		(0.5)		0.6		(12.9)
Impairment of inventory		2.2		0.2		3.4		0.4
Net gain on disposal of property, plant and equipment and right-of-use assets		(1.9)		(2.2)		(3.4)		(1.0)
Share‑based payment and long-term employee benefit expenses		57.6		8.5		99.0		14.0
Net loss allowance on trade receivables		0.8		1.4		5.3		1.8
Gain on disposal of subsidiary (note 20)		(20.0)		—		(20.0)		—
Finance income		(52.5)		(35.6)		(172.9)		(56.1)
Finance costs		117.0		114.3		235.9		228.7
Insurance claim income		(0.1)		(0.2)		(0.1)		(0.3)
Operating income before working capital changes		227.0		244.9		486.2		494.7

Changes in working capital
(Increase)/decrease in inventory		(7.4)		4.1		(5.4)		(10.1)
Decrease/(increase) in trade and other receivables		10.7		(41.6)		(23.6)		(31.2)
(Decrease)/increase in trade and other payables		(28.2)		47.4		(10.2)		17.6
Net movement in working capital		(24.9)		9.9		(39.2)		(23.7)

Cash from operations		202.1		254.8		447.0		471.0