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Financial risk management (Tables)
 12 Months Ended
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:
20252024
(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 year1–2 years2–3 years3–4 years4–5 years>5 yearsTotal
(US$ millions)
Fixed rate financing228 321 830 688 650 2,135 4,851 
Floating rate financing100 376 218 337 365 638 2,035 
Total329 697 1,047 1,025 1,014 2,773 6,886 
Weighted average nominal interest rate7.17 %7.49 %6.47 %7.50 %6.27 %6.32 %6.67 %
Financing at December 31, 2024
Amounts due within:
1 year1–2 years2–3 years3–4 years4–5 years>5 yearsTotal
(US$ millions)
Fixed rate financing206 244 410 781 639 2,587 4,867 
Floating rate financing75 213 286 124 44 206 948 
Total (i)281 457 696 905 683 2,793 5,815 
Weighted average nominal interest rate6.67 %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: $9 million).
Debt denomination at December 31
20252024
(US$ millions)
Debt denominated in US dollars3,293 3,429 
Debt denominated in currencies of the following countries:
Guatemala865 496 
Colombia620 554 
Bolivia128 153 
Paraguay565 233 
El Salvador (i)248 71 
Panama (i)734 734 
Luxembourg (COP denominated)— 33 
Ecuador (i)83 n/a
Uruguay201 n/a
Costa Rica148 113 
Total debt denominated in other currencies3,592 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 year1 to 5 years>5yrsTotal
(US$ millions)
Outstanding debt and financing(330)(3,800)(2,808)(6,937)
Outstanding amortized costs undiscounted1 16 35 52 
Lease liability(293)(893)(1,400)(2,587)
Cash and equivalents1,552 — — 1,552 
Derivative financial instruments(9)(14)— (23)
Net financial obligations921 (4,691)(4,173)(7,943)
Restricted cash50 — — 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 receivables527 — — 527 
Other financial assets218 123 — 341 
Total(1,128)(7,246)(4,693)(13,067)
Maturity profile at December 31, 2024
Less than 1 year1 to 5 years>5yrsTotal
(US$ millions)
Outstanding debt and financing (283)(2,757)(2,829)(5,869)
Outstanding amortized costs undiscounted1 16 36 54 
Lease liability(156)(445)(352)(954)
Cash and equivalents699 — — 699 
Derivative financial instruments— (59)— (59)
Net financial obligations262 (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 receivables390 — — 390 
Other financial assets171 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 year1 to 5 years>5yrsTotal
(US$ millions)
Outstanding debt and financing(330)(3,800)(2,808)(6,937)
Outstanding amortized costs undiscounted1 16 35 52 
Lease liability(293)(893)(1,400)(2,587)
Cash and equivalents1,552 — — 1,552 
Derivative financial instruments(9)(14)— (23)
Net financial obligations921 (4,691)(4,173)(7,943)
Restricted cash50 — — 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 receivables527 — — 527 
Other financial assets218 123 — 341 
Total(1,128)(7,246)(4,693)(13,067)
Maturity profile at December 31, 2024
Less than 1 year1 to 5 years>5yrsTotal
(US$ millions)
Outstanding debt and financing (283)(2,757)(2,829)(5,869)
Outstanding amortized costs undiscounted1 16 36 54 
Lease liability(156)(445)(352)(954)
Cash and equivalents699 — — 699 
Derivative financial instruments— (59)— (59)
Net financial obligations262 (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 receivables390 — — 390 
Other financial assets171 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
20252024
(US$ millions)
Net debtC.6.5,357 5,174 
Equity attributable to Owners of the CompanyC.1.3,640 3,628 
Net debt and equity8,997 8,802 
Gearing ratio0.60 0.59