Segment reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment reporting

Schedule of summarized financial information

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

Schedule of items included in measurement of adjusted EBITDA

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

Schedule of reconciliation of information on reportable segments to the amounts reported in the financial statements

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).

Schedule of segment assets, liabilities and additions


		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

Schedule of revenue from tier one customers

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%