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Segment analysis (Tables)

6 Months Ended

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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The disclosure of the disaggregation of revenue from contracts with customers. [Refer: Revenue from contracts with customers]

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The disclosure of operating segments. [Refer: Operating segments [member]]

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