Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Borrowings

Schedule of external debt classification


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

Non-current
Senior Notes		1,888.8		1,965.5
Bank term loans		714.3		876.5
		2,603.1		2,842.0
Current
Senior Notes		334.1		218.4
Bank term loans		191.8		77.2
Letters of credit		—		0.1
		525.9		295.7

Total borrowings		3,129.0		3,137.7
Borrowings classified as held for sale (see note 21.2)		—		96.7
		3,129.0		3,234.4

Schedule of debt by debt instrument

Principal

amount

Carrying amount

September 30,

Issue

Maturity

September 30,

December 31,

2026

Currency

date

date

Interest rate

2026

2025

$'m

$'m

Senior Notes

IHS Holding Limited

—

USD

Nov'21

Nov'26

5.625%

—

200.5

IHS Holding Limited

500.0M

USD

Nov'21

Nov'28

6.250%

508.5

500.2

IHS Holding Limited^(a)

750.0M

USD

Nov'24

May'30

7.875%

769.5

546.7

IHS Holding Limited

650.0M

USD

Nov'24

Nov'31

8.250%

659.5

645.3

IHS Mauritius NG Holdco Limited

286.0M

USD

Sep'19

Sep'27

8.000%

285.4

290.0

Debentures

I-Systems Soluções de Infraestrutura S.A.^(b)

—

BRL

Jun'24

May'32

2.10% + CDI

—

26.8

Bank Term Loans

IHS Côte d’Ivoire S.A.

5.3B

XOF

Dec'23

Dec'28

6.50%

8.8

12.1

IHS Côte d’Ivoire S.A.

41.7M

EUR

Dec'23

Dec'28

3.50% + 3M EURIBOR

46.2

63.9

IHS Holding Limited

200.0M

USD

Jun'25

Dec'27

3.85% + 3M SOFR

195.6

198.2

IHS Holding Limited

255.0M

USD

Oct'24

Oct'29

4.50% + 3M SOFR

257.2

256.8

IHS Holding Limited

3.2B

ZAR

Oct'24

Oct'29

4.50% + 3M JIBAR

201.3

198.6

IHS Towers South Africa Proprietary Limited

2.8B

ZAR

May'22

May'29

2.75% + 3M JIBAR

168.4

182.4

IHS Zambia Limited

28.5M

USD

Dec'20

Dec'27

5.00% + CAS + 3M SOFR

28.6

42.9

I-Systems Soluções de Infraestrutura S.A.^(b)

—

BRL

Oct'22

Oct'30

2.45% - 2.50% + CDI

—

69.9

Revolving Credit Facilities^(c)

IHS Holding Limited

300.0M

USD

Jun'25

Sep'28

3.50% + 3M SOFR

—

—

IHS Nigeria Limited

100.0B

NGN

Jan'26

Mar'29

1.00% + MPR

—

—

Letters of Credit^(c)

IHS Nigeria

—

USD

Feb'22

Sep'26

12.00% - 15.39%

—

0.1

3,129.0

3,234.4

Exclude: Borrowings classified as held for sale (see note 21.2)

—

(96.7)

Borrowings

3,129.0

3,137.7

(a)

In September 2026, IHS Holding Limited issued $200.0 million Additional 2030 Notes. The Additional 2030 Notes were issued under the same indenture and on the same terms (other than issue price) as the existing 2030 Notes. The proceeds of the issuance of the Additional 2030 Notes were used to fully redeem the issuer’s outstanding $200.0 million 5.625% Senior Notes due 2026, for the payments of related fees and expenses, and for general corporate purposes.

(b)	Borrowings for I-Systems are presented within liabilities held for sale at December 31, 2025. See Note 21 for more information. In May 2026, the Group completed the I-Systems Disposal.

(c)	Principal amount for revolving credit facilities and letters of credit are the available facilities at September 30, 2026.