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Cash from operations | 9 Months Ended
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Sep. 30, 2025
Cash from operations |
Cash from operations | NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) 18.Cash from operations ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ |  | $'m |  | $'m |  | $'m |  | $'m
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) before taxation | ​ | 188.4 | ​ | (199.3) | ​ | 325.3 | ​ | (1,846.6)
Adjustments: | ​ |  | ​ |  | ​ |  | ​ |
Depreciation of property, plant and equipment (note 6 and 7) | ​ | 77.7 | ​ | 78.0 | ​ | 234.1 | ​ | 231.0
Amortization of intangible assets (note 6 and 7) | ​ | 27.3 | ​ | 13.3 | ​ | 49.3 | ​ | 35.0
Amortization of prepaid site rent | ​ | 0.8 | ​ | 2.4 | ​ | 2.1 | ​ | 7.5
Net impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6) | ​ | 1.8 | ​ | 1.2 | ​ | 5.4 | ​ | 10.1
Impairment of assets held for sale (note 6) | ​ | — | ​ | 2.9 | ​ | — | ​ | 2.9
Impairment of goodwill (note 7) | ​ | — | ​ | — | ​ | — | ​ | 87.9
Net (reversal of impairment)/impairment of withholding tax receivables (note 7) | ​ | (24.9) | ​ | 21.9 | ​ | (37.8) | ​ | 32.8
Impairment of inventory | ​ | (0.2) | ​ | (0.4) | ​ | 0.2 | ​ | (0.4)
Net loss/(gain) on disposal of property, plant and equipment and right-of-use assets (note 7) | ​ | 0.6 | ​ | (1.3) | ​ | (0.4) | ​ | (3.6)
Share‑based payment expense | ​ | 6.0 | ​ | 1.8 | ​ | 20.0 | ​ | 9.9
Net loss allowance/(reversal of loss allowance) on trade receivables (note 7) | ​ | 11.8 | ​ | (4.3) | ​ | 13.6 | ​ | (2.1)
Finance income (note 8) | ​ | (130.2) | ​ | (25.7) | ​ | (186.3) | ​ | (49.7)
Finance costs (note 9) | ​ | 101.7 | ​ | 350.8 | ​ | 330.3 | ​ | 2,163.2
Insurance claim income | ​ | (0.1) | ​ | — | ​ | (0.4) | ​ | (0.1)
Operating income before working capital changes | ​ | 260.7 | ​ | 241.3 | ​ | 755.4 | ​ | 677.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in working capital | ​ |  | ​ |  | ​ |  | ​ |
Increase in inventory | ​ | (0.4) | ​ | (0.4) | ​ | (10.5) | ​ | (5.8)
Decrease/(increase) in trade and other receivables | ​ | 6.0 | ​ | (67.0) | ​ | (25.1) | ​ | (254.2)
(Decrease)/increase in trade and other payables | ​ | (6.7) | ​ | 8.5 | ​ | 10.9 | ​ | 9.2
Net movement in working capital | ​ | (1.1) | ​ | (58.9) | ​ | (24.7) | ​ | (250.8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash from operations | ​ | 259.6 | ​ | 182.4 | ​ | 730.7 | ​ | 427.0
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