Segment reporting

9 Months Ended

Sep. 30, 2026

5.Segment reporting

The Group’s Executive Committee is identified as the chief operating decision maker (“CODM”) that reviews the Company’s internal reporting to assess performance and allocate resources. Management has determined the operating segments based on these reports.

The CODM has identified three reportable and operating segments:

●

Nigeria;

●

SSA; and

●

Latam (discontinued operations – see note 21)

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

The CODM primarily uses a measure of Adjusted EBITDA (including by segment) as income/(loss) for the period, before income tax expense/(benefit), finance costs and income, depreciation and amortization, net (reversal of impairment)/ impairment of withholding tax receivables, impairment of goodwill, business combination transaction costs, net impairment/(reversal of impairment) of property, plant and equipment, right-of-use assets, intangible assets excluding goodwill and related prepaid land rent, reversal of provision for decommissioning costs, net (gain)/loss on disposal of property, plant and equipment and right-of-use assets, share-based payment (credit)/expense, insurance claims, gain on disposal of subsidiary and certain other items that management believes are not indicative of the core performance of our business. The most directly comparable IFRS measure to Adjusted EBITDA is our income/(loss) for the period. The CODM also regularly receives information about the Group’s revenue by segment. The Group has additional corporate costs which do not meet the quantitative thresholds to be separately reported and therefore are not allocated to operating segments. Segment Adjusted EBITDA represents Adjusted EBITDA excluding unallocated corporate expenses.

There are no revenue transactions which occur between operating segments. Intercompany finance income, finance costs and loans are not included in the amounts below.

The additions to property, plant and equipment, right-of-use assets, and intangible assets within segment assets are based on the operations of the segment and the physical location of the assets, and are measured in the same way as in the consolidated financial statements.

Summarized financial information is as follows:


		Nigeria		SSA		Latam		Total
		$'m		$'m		$'m		$'m

Three months ended September 30, 2026
Revenues from external customers - continuing operations		359.4		131.1		—		490.5
Revenues from external customers - discontinued operations		—		—		17.6		17.6
Revenues from external customers		359.4		131.1		17.6
Segment Adjusted EBITDA		215.0		74.8		16.0		305.8

Three months ended September 30, 2025
Revenues from external customers - continuing operations		268.0		135.9		—		403.9
Revenues from external customers - discontinued operations		—		—		51.2		51.2
Revenues from external customers		268.0		135.9		51.2
Segment Adjusted EBITDA		169.6		80.0		41.2		290.8

Nine months ended September 30, 2026
Revenues from external customers - continuing operations		942.6		391.9		—		1,334.5
Revenues from external customers - discontinued operations		—		—		111.8		111.8
Revenues from external customers		942.6		391.9		111.8
Segment Adjusted EBITDA		564.0		223.3		86.4		873.7

Nine months ended September 30, 2025
Revenues from external customers - continuing operations		799.7		384.5		—		1,184.2
Revenues from external customers - discontinued operations		—		—		143.8		143.8
Revenues from external customers		799.7		384.5		143.8
Segment Adjusted EBITDA		519.2		224.8		110.3		854.3

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

Each segment's Adjusted EBITDA above includes the following items:


		Continuing operations							Discontinued operations
		Nigeria		SSA		Unallocated items		Total	Latam
		$'m		$'m		$'m		$'m	$'m

Three months ended September 30, 2026
Power generation		102.0		27.6		—		129.6	0.1
Staff costs		12.3		7.5		16.4		36.2	0.6
Tower repairs and maintenance		8.8		7.2		—		16.0	0.2

Three months ended September 30, 2025
Power generation		63.1		26.2		—		89.3	1.7
Staff costs		8.6		8.8		19.8		37.2	4.6
Tower repairs and maintenance		6.4		7.1		—		13.5	2.7

Nine months ended September 30, 2026
Power generation		255.1		79.9		—		335.0	2.0
Staff costs		36.3		22.6		52.7		111.6	11.2
Tower repairs and maintenance		22.9		21.3		—		44.2	3.7

Nine months ended September 30, 2025
Power generation		180.8		73.9		—		254.7	3.7
Staff costs		26.4		25.4		62.0		113.8	14.7
Tower repairs and maintenance		16.1		19.7		—		35.8	7.5

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

Reconciliation of information on reportable segments to the amounts reported in the financial statements:


		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025
		$'m		$'m		$'m		$'m

Segment Adjusted EBITDA		305.8		290.8		873.7		854.3
Unallocated corporate expenses^(a)		(23.1)		(29.3)		(77.0)		(91.8)
Finance costs		(115.3)		(101.7)		(339.7)		(330.3)
Depreciation and amortization		(54.6)		(105.0)		(166.6)		(283.4)
Share-based payment expense		(17.1)		(6.0)		(57.8)		(20.0)
Other costs^(b)		(52.2)		(13.1)		(133.5)		(21.7)
Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent^(c)		(2.1)		(1.8)		(82.5)		(5.4)
Business combination costs		(13.5)		(0.1)		(29.0)		(1.3)
Insurance claims		0.1		0.1		0.2		0.4
Net gain/(loss) on disposal of property, plant and equipment and right-of-use assets		0.9		(0.6)		4.3		0.4
Net impairment reversal of withholding tax receivables (note 7)		2.3		24.9		1.8		37.8
Finance income		76.8		130.2		238.3		186.3
Net loss on disposal of subsidiaries (note 20)		(58.7)		—		(38.7)		—
Exclude: Loss before tax from discontinued operations (note 21.1)		40.8		29.1		39.6		84.2
Income before tax		90.1		217.5		233.1		409.5

(a)	Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services.

(b)

Other costs for the three and nine months ended September 30, 2026, included $39.0 million and $96.4 million respectively (three and nine months ended September 30, 2025: $nil) of one-off long term employee benefit costs in relation to business disposals and the transactions contemplated by the merger agreement with MTN Group Limited entered into in February 2026, one-off expenses related to strategic initiatives and operating systems of $13.1 million and $35.9 million respectively (three and nine months ended September 30, 2025: $0.8 million and $5.1 million respectively), costs related to internal reorganization of $nil and $nil respectively (three and nine months ended September 30, 2025: $1.8 million and $3.5 million respectively).

(c)	Includes impairment of held for sale non-current assets for the three and nine months ended September 30, 2026 of $nil and $75.4 million respectively (three and nine months ended September 30, 2025: $nil) (see note 21.1).

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

Additions to segment assets are as follows:


		Nigeria		SSA		Latam		Total
		$'m		$'m		$'m		$'m

Additions of property, plant and equipment, right-of-use assets and intangible assets:
Three months ended September 30, 2026
- Segments		33.7		16.5		3.7		53.9
- Unallocated items								(0.4)
								53.5
Three months ended September 30, 2025
- Segments		41.7		31.3		23.0		96.0
- Unallocated items								—
								96.0
Nine months ended September 30, 2026
- Segments		76.2		33.1		54.8		164.1
- Unallocated items								(0.4)
								163.7
Nine months ended September 30, 2025
- Segments		60.3		69.4		106.8		236.5
- Unallocated items								0.4
								236.9

Revenue from two customers each represented 10% or more of the Group’s revenue from continuing operations as follows:


		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025

Customer A		70%		70%		70%		71%
Customer B		21%		17%		20%		17%