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Segment reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment reporting

Schedule of summarized financial information

Summarized financial information is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	Nigeria		SSA		Latam		MENA		Total
​		$'m		$'m		$'m		$'m		$'m
​	​	​	​	​	​	​	​	​	​	​
Three months ended September 30, 2025	​	​	​	​	​	​	​	​	​	​
Revenues from external customers	​	268.0	​	135.9	​	51.2	​	—	​	455.1
Segment Adjusted EBITDA	​	169.6	​	80.0	​	41.2	​	—	​	290.8
​	​	​	​	​	​	​	​	​	​	​
Three months ended September 30, 2024	​	​	​	​	​	​	​	​	​	​
Revenues from external customers	​	242.3	​	120.1	​	45.1	​	12.8	​	420.3
Segment Adjusted EBITDA	​	158.9	​	81.0	​	33.8	​	8.1	​	281.8
​	​	​	​	​	​	​	​	​	​	​
Nine months ended September 30, 2025	​	​	​	​	​	​	​	​	​	​
Revenues from external customers	​	799.7	​	384.5	​	143.8	​	—	​	1,328.0
Segment Adjusted EBITDA	​	519.2	​	224.8	​	110.3	​	—	​	854.3
​	​	​	​	​	​	​	​	​	​	​
Nine months ended September 30, 2024	​	​	​	​	​	​	​	​	​	​
Revenues from external customers	​	739.6	​	359.7	​	139.4	​	34.7	​	1,273.4
Segment Adjusted EBITDA	​	433.2	​	227.2	​	100.9	​	20.2	​	781.5

Schedule of items included in measurement of adjusted EBITDA

Each segment's Adjusted EBITDA above includes the following items:

​	​	​	​	​	​	​	​	​
​	​	Nigeria		SSA		Latam		MENA
​		$'m		$'m		$'m		$'m
​	​	​	​	​	​	​	​	​
Three months ended September 30, 2025	​	​	​	​	​	​	​	​
Power generation		63.1		26.2		1.7		—
Staff costs		8.6		8.8		4.6		—
Tower repairs and maintenance		6.4		7.1		2.7		—
​	​	​	​	​	​	​	​	​
Three months ended September 30, 2024	​	​	​	​	​	​	​	​
Power generation		60.4		22.5		0.8		0.6
Staff costs		8.0		8.0		5.8		1.5
Tower repairs and maintenance		4.0		6.5		1.8		0.7
​	​	​	​	​	​	​	​	​
Nine months ended September 30, 2025	​	​	​	​	​	​	​	​
Power generation		180.8		73.9		3.7		—
Staff costs		26.4		25.4		14.7		—
Tower repairs and maintenance		16.1		19.7		7.5		—
​	​	​	​	​	​	​	​	​
Nine months ended September 30, 2024	​	​	​	​	​	​	​	​
Power generation		189.4		68.4		4.1		1.9
Staff costs		24.5		24.9		19.5		4.3
Tower repairs and maintenance		14.3		15.0		6.0		2.2

Schedule of reconciliation of information on reportable segments to the amounts reported in the financial statements

Reconciliation of information on reportable segments to the amounts reported in the financial statements:

​	​	​	​	​	​	​	​	​
​	​	Three months ended			​	Nine months ended
​	​	September 30,	​	September 30,	​	September 30,	​	September 30,
​		2025		2024		2025		2024
​	​	$'m	​	$'m	​	$'m	​	$'m
​	​	​	​	​	​	​	​	​
Segment Adjusted EBITDA	​	290.8	​	281.8	​	854.3	​	781.5
Unallocated corporate expenses(a)	​	(29.3)	​	(35.8)	​	(91.8)	​	(99.5)
Finance costs (note 9)	​	(101.7)	​	(350.8)	​	(330.3)	​	(2,163.2)
Depreciation and amortization (note 6 and 7)	​	(105.0)	​	(91.3)	​	(283.4)	​	(266.1)
Share‑based payment expense (note 7)	​	(6.0)	​	(1.8)	​	(20.0)	​	(9.9)
Other costs(b)	​	(13.1)	​	(1.8)	​	(21.7)	​	(8.1)
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)
Business combination costs (note 7)	​	(0.1)	​	(0.6)	​	(1.3)	​	(1.0)
Insurance claims	​	0.1	​	—	​	0.4	​	0.1
Net gain on disposal of property, plant and equipment and right-of-use assets (note 7)	​	(0.6)	​	1.3	​	0.4	​	3.6
Net reversal of impairment/(impairment) of withholding tax receivables (note 7)	​	24.9	​	(21.9)	​	37.8	​	(32.8)
Finance income (note 8)	​	130.2	​	25.7	​	186.3	​	49.7
Impairment of goodwill (note 7)	​	—	​	—	​	—	​	(87.9)
Impairment of assets held for sale (note 6)	​	—	​	(2.9)	​	—	​	(2.9)
Income/(loss) before income tax	​	188.4	​	(199.3)	​	325.3	​	(1,846.6)

(a) Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, finance, HR, IT, legal, tax and treasury services.

(b) Other costs for the three and nine months ended September 30, 2025, included one-off expenses related to strategic initiatives and operating systems of $0.8 million and $5.1 million respectively (three and nine months ended September 30, 2024: $0.7 million and $5.2 million respectively), costs related to internal reorganization of $1.8 million and $3.5 million respectively (three and nine months ended September 30, 2024: $0.9 million and $2.7 million respectively) and one-off professional fees related to financing of nil and $0.4 million respectively (three and nine months ended September 30, 2024: $0.1 million and $0.2 million respectively) and $8.6 million loss allowance in the Latam segment for the three and nine months ended September 30, 2025 following our customer Oi Brazil’s insolvency proceedings.

Schedule of segment assets, liabilities and additions

​

​	​	​	​	​	​	​	​	​
​	​	Nigeria		SSA		Latam		MENA
​		$'m		$'m		$'m		$'m
​	​	​	​	​	​	​	​	​
Segment assets	​	​	​	​	​	​	​	​
September 30, 2025	​	883.5	​	1,356.1	​	1,936.1	​	—
September 30, 2024(a)	​	864.3	​	1,373.7	​	1,950.6	​	176.1
​	​	​	​	​	​	​	​	​
Segment liabilities	​	​	​	​	​	​	​	​
September 30, 2025	​	316.6	​	885.2	​	525.0	​	—
September 30, 2024(a)	​	337.8	​	908.4	​	774.1	​	101.1
​	​	​	​	​	​	​	​	​
Additions of property, plant and equipment, right-of-use assets and intangible assets:	​	​	​	​	​	​	​	​
Three months ended September 30, 2025	​	41.7	​	31.3	​	23.0	​	—
Three months ended September 30, 2024	​	19.4	​	34.2	​	42.8	​	2.4
Nine months ended September 30, 2025	​	60.3	​	69.4	​	106.8	​	—
Nine months ended September 30, 2024	​	69.8	​	72.8	​	130.2	​	4.9

(a) Revised for a correction to Property, plant and equipment (see note 21).

​

Schedule of revenue from tier one customers

Revenue from two customers represents more than 10% of the Group’s total revenue as follows:

​	​	​	​	​	​	​	​	​	​
​	​	Three months ended			​	Nine months ended			​
​	​	September 30,	​	September 30,	​	September 30,	​	September 30,
​		2025		2024		2025		2024
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Customer A	​	62%	​	62%	​	63%	​	61%	​
Customer B	​	15%	​	14%	​	15%	​	15%	​

​

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