Derivative financial instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative financial instruments

Schedule of contractual notional amount for the derivative instruments


		September 30,		December 31,
		2026		2025
		$'m		$'m

Derivative instruments
Embedded options within listed bonds^(a)		2,186.0		2,186.0
		2,186.0		2,186.0

(a)

This relates to early redemption clauses within the Group’s Senior Notes (see note 15 - Borrowings). The 2027 Notes may be redeemed (in whole or in part) at a price of 100.00000%. On or after November 29, 2025 or 2026, the 2028 Notes may be redeemed (in whole or in part) at a price of 101.56250% and 100.00000%, respectively. On or after November 29, 2026, 2027 or 2028, the 2030 Notes may be redeemed (in whole or in part) at a price of 103.93750%, 101.96875% and 100.00000%, respectively. On or after November 29, 2027, 2028 or 2029, the 2031 Notes may be redeemed (in whole or in part) at a price of 104.12500%, 102.06250% and 100.00000%, respectively.

Schedule of fair value of derivative instruments


		September 30,		December 31,
		2026		2025
		$'m		$'m

Derivative instruments
Embedded options within listed bonds		45.7		48.1
		45.7		48.1

Schedule of changes in fair value of derivative instruments


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

Derivative instruments
Embedded options within listed bonds		(18.5)		30.6		(7.1)		34.9
Foreign exchange swaps		—		10.2		—		10.4
Non-deliverable forwards ^(a)		(6.5)		—		(30.4)		—
		(25.0)		40.8		(37.5)		45.3

(a)

This relates to the deal-contingent BRL/USD non-deliverable forward transaction entered into by the Group to hedge the Brazilian real-denominated portion of the expected sales proceeds relating to the Latam Towers Disposal. The derivative was a foreign exchange forward contract valued using quoted market inputs for forward foreign exchange rates (i.e. a Level 2 instrument). Following completion of the disposal, the derivative matured and settled in August 2026.