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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2025
Financial Instruments [Abstract] |
Disclosure of detailed information derivatives | On December 31, 2025 and 2024 fair value of derivatives held by the Group can be summarized as follows:
| 2025 | 2024
| (US$ millions)
Derivatives |  |
Cash flow hedge derivatives | (23) |  | (59) |
Net derivative asset (liability) | (23) |  | (59) |
Disclosure of nature and extent of risks arising from financial instruments | D.1.1. Fixed and floating rate debt Financing at December 31, 2025
| Amounts due within:
1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Fixed rate financing | 228 |  | 321 |  | 830 |  | 688 |  | 650 |  | 2,135 |  | 4,851 |
Floating rate financing | 100 |  | 376 |  | 218 |  | 337 |  | 365 |  | 638 |  | 2,035 |
Total | 329 |  | 697 |  | 1,047 |  | 1,025 |  | 1,014 |  | 2,773 |  | 6,886 |
Weighted average nominal interest rate | 7.17 | % | 7.49 | % | 6.47 | % | 7.50 | % | 6.27 | % | 6.32 | % | 6.67 | %
Financing at December 31, 2024
| Amounts due within:
1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | >5 years | Total
| (US$ millions)
Fixed rate financing | 206 |  | 244 |  | 410 |  | 781 |  | 639 |  | 2,587 |  | 4,867 |
Floating rate financing | 75 |  | 213 |  | 286 |  | 124 |  | 44 |  | 206 |  | 948 |
Total (i) | 281 |  | 457 |  | 696 |  | 905 |  | 683 |  | 2,793 |  | 5,815 |
Weighted average nominal interest rate | 6.67 | % | 6.99 | % | 7.47 | % | 6.39 | % | 6.72 | % | 5.56 | % | 6.22 | %
A 100 basis point fall or rise in market interest rates for all currencies in which the Group had borrowings at December 31, 2025 would increase or reduce profit before tax from continuing operations for the year by approximately $20 million (2024: $9 million). Debt denomination at December 31
| 2025 | 2024
| (US$ millions)
Debt denominated in US dollars | 3,293 |  | 3,429 |
Debt denominated in currencies of the following countries: |  |
Guatemala | 865 |  | 496 |
Colombia | 620 |  | 554 |
Bolivia | 128 |  | 153 |
Paraguay | 565 |  | 233 |
El Salvador (i) | 248 |  | 71 |
Panama (i) | 734 |  | 734 |
Luxembourg (COP denominated) | — |  | 33 |
Ecuador (i) | 83 |  | n/a
Uruguay | 201 |  | n/a
Costa Rica | 148 |  | 113 |
Total debt denominated in other currencies | 3,592 |  | 2,386 |
Total debt | 6,886 |  | 5,815 |
(i) Ecuador and El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. The Group's local debt in these three countries is therefore denominated in U.S. dollars but presented as local currency (LCY).
Disclosure of maturity analysis for derivative financial liabilities | Maturity profile at December 31, 2025
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (330) |  | (3,800) |  | (2,808) |  | (6,937) |
Outstanding amortized costs undiscounted | 1 |  | 16 |  | 35 |  | 52 |
Lease liability | (293) |  | (893) |  | (1,400) |  | (2,587) |
Cash and equivalents | 1,552 |  | — |  | — |  | 1,552 |
Derivative financial instruments | (9) |  | (14) |  | — |  | (23) |
Net financial obligations | 921 |  | (4,691) |  | (4,173) |  | (7,943) |
Restricted cash | 50 |  | — |  | — |  | 50 |
Future interest commitments related to debt and financing | (448) |  | (1,244) |  | (88) |  | (1,779) |
Future interest commitments related to leases | (177) |  | (526) |  | (432) |  | (1,134) |
Trade payables (excluding accruals) | (839) |  | (579) |  | — |  | (1,418) |
Other financial liabilities (including accruals) | (1,380) |  | (329) |  | — |  | (1,709) |
Trade receivables | 527 |  | — |  | — |  | 527 |
Other financial assets | 218 |  | 123 |  | — |  | 341 |
Total | (1,128) |  | (7,246) |  | (4,693) |  | (13,067) |
Maturity profile at December 31, 2024
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (283) |  | (2,757) |  | (2,829) |  | (5,869) |
Outstanding amortized costs undiscounted | 1 |  | 16 |  | 36 |  | 54 |
Lease liability | (156) |  | (445) |  | (352) |  | (954) |
Cash and equivalents | 699 |  | — |  | — |  | 699 |
Derivative financial instruments | — |  | (59) |  | — |  | (59) |
Net financial obligations | 262 |  | (3,245) |  | (3,145) |  | (6,128) |
Future interest commitments related to debt and financing | (352) |  | (1,830) |  | (144) |  | (2,326) |
Future interest commitments related to leases | (90) |  | (253) |  | (121) |  | (463) |
Trade payables (excluding accruals) | (467) |  | — |  | — |  | (467) |
Other financial liabilities (including accruals) | (1,219) |  | — |  | — |  | (1,219) |
Trade receivables | 390 |  | — |  | — |  | 390 |
Other financial assets | 171 |  | 71 |  | — |  | 242 |
Total | (1,305) |  | (5,257) |  | (3,410) |  | (9,971) |
Disclosure of maturity analysis for non-derivative financial liabilities | Maturity profile at December 31, 2025
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (330) |  | (3,800) |  | (2,808) |  | (6,937) |
Outstanding amortized costs undiscounted | 1 |  | 16 |  | 35 |  | 52 |
Lease liability | (293) |  | (893) |  | (1,400) |  | (2,587) |
Cash and equivalents | 1,552 |  | — |  | — |  | 1,552 |
Derivative financial instruments | (9) |  | (14) |  | — |  | (23) |
Net financial obligations | 921 |  | (4,691) |  | (4,173) |  | (7,943) |
Restricted cash | 50 |  | — |  | — |  | 50 |
Future interest commitments related to debt and financing | (448) |  | (1,244) |  | (88) |  | (1,779) |
Future interest commitments related to leases | (177) |  | (526) |  | (432) |  | (1,134) |
Trade payables (excluding accruals) | (839) |  | (579) |  | — |  | (1,418) |
Other financial liabilities (including accruals) | (1,380) |  | (329) |  | — |  | (1,709) |
Trade receivables | 527 |  | — |  | — |  | 527 |
Other financial assets | 218 |  | 123 |  | — |  | 341 |
Total | (1,128) |  | (7,246) |  | (4,693) |  | (13,067) |
Maturity profile at December 31, 2024
| Less than 1 year | 1 to 5 years | >5yrs | Total
| (US$ millions)
Outstanding debt and financing | (283) |  | (2,757) |  | (2,829) |  | (5,869) |
Outstanding amortized costs undiscounted | 1 |  | 16 |  | 36 |  | 54 |
Lease liability | (156) |  | (445) |  | (352) |  | (954) |
Cash and equivalents | 699 |  | — |  | — |  | 699 |
Derivative financial instruments | — |  | (59) |  | — |  | (59) |
Net financial obligations | 262 |  | (3,245) |  | (3,145) |  | (6,128) |
Future interest commitments related to debt and financing | (352) |  | (1,830) |  | (144) |  | (2,326) |
Future interest commitments related to leases | (90) |  | (253) |  | (121) |  | (463) |
Trade payables (excluding accruals) | (467) |  | — |  | — |  | (467) |
Other financial liabilities (including accruals) | (1,219) |  | — |  | — |  | (1,219) |
Trade receivables | 390 |  | — |  | — |  | 390 |
Other financial assets | 171 |  | 71 |  | — |  | 242 |
Total | (1,305) |  | (5,257) |  | (3,410) |  | (9,971) |
Disclosure of detailed information about managing capital | Gearing ratio The Group reviews its gearing ratio (net debt divided by total capital plus net debt) periodically. Capital represents equity attributable to the equity holders of the parent.
| Note | 2025 | 2024
| (US$ millions)
Net debt | C.6. | 5,357 |  | 5,174 |
Equity attributable to Owners of the Company | C.1. | 3,640 |  | 3,628 |
Net debt and equity |  | 8,997 |  | 8,802 |
Gearing ratio |  | 0.60 |  | 0.59 |

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