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Segment analysis (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment analysis |
Schedule of reconciliation of (loss)/profit for the year to Adjusted EBITDA | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Profit/(loss) for the period |  | 5 | ​ | 2 | ​ | — | ​ | (10)
Income tax charge/(credit) |  | 10 | ​ | 2 | ​ | 6 | ​ | (7)
Net finance expense |  | 67 | ​ | 51 | ​ | 117 | ​ | 86
Depreciation and amortization |  | 114 | ​ | 113 | ​ | 225 | ​ | 222
Exceptional operating items |  | 14 | ​ | 10 | ​ | 17 | ​ | 21
Adjusted EBITDA | ​ | 210 | ​ | 178 | ​ | 365 | ​ | 312
Schedule of segment results | ​ Segment results for the three months ended June 30, 2025 and 2024 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | Adjusted EBITDA
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 615 | ​ | 566 | ​ | 77 | ​ | 79
Americas |  | 840 | ​ | 693 | ​ | 133 | ​ | 99
Group | ​ | 1,455 | ​ | 1,259 | ​ | 210 | ​ | 178
​ Segment results for the six months ended June 30, 2025 and 2024 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | Adjusted EBITDA
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe |  | 1,143 | ​ | 1,047 | ​ | 126 | ​ | 122
Americas |  | 1,580 | ​ | 1,353 | ​ | 239 | ​ | 190
Group | ​ | 2,723 | ​ | 2,400 | ​ | 365 | ​ | 312
Schedule of disaggregation of revenue | ​ ​ ​ ​ The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 605 | ​ | 1 | ​ | 9 | ​ | 615
Americas | ​ | — | ​ | 717 | ​ | 123 | ​ | 840
Group | ​ | 605 | ​ | 718 | ​ | 132 | ​ | 1,455
The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 562 | ​ | — | ​ | 4 | ​ | 566
Americas | ​ | — | ​ | 594 | ​ | 99 | ​ | 693
Group | ​ | 562 | ​ | 594 | ​ | 103 | ​ | 1,259
The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 1,125 | ​ | 3 | ​ | 15 | ​ | 1,143
Americas | ​ | — | ​ | 1,333 | ​ | 247 | ​ | 1,580
Group | ​ | 1,125 | ​ | 1,336 | ​ | 262 | ​ | 2,723
The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 1,036 | ​ | 1 | ​ | 10 | ​ | 1,047
Americas | ​ | — | ​ | 1,147 | ​ | 206 | ​ | 1,353
Group | ​ | 1,036 | ​ | 1,148 | ​ | 216 | ​ | 2,400
The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Over time | ​ | 1,162 | ​ | 994 | ​ | 2,191 | ​ | 1,910
Point in time | ​ | 293 | ​ | 265 | ​ | 532 | ​ | 490
Group | ​ | 1,455 | ​ | 1,259 | ​ | 2,723 | ​ | 2,400
​

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