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The Group\u2019s forecasts and projections, taking account of possible changes in trading performance, show that the Group should remain adequately liquid and should operate within the covenant levels of its debt facilities (Note 20). As part of their regular assessment of the Group\u2019s working capital and \ufb01nancing position, the Directors have prepared a detailed trading and cash \ufb02ow forecast covering a period to at least 31 March 2027, being more than 12 months after the date of approval of the Consolidated Financial Statements, together with sensitivities and a \u2018reasonable worst case\u2019 stress scenario. In assessing the forecasts, the Directors have considered: \u2013 trading and operating risks presented by the conditions in the operating markets; \u2013 the impact of macroeconomic factors, particularly in\ufb02ation, interest rates and foreign exchange rates; \u2013 climate change risks and initiatives, including the Group\u2019s Project 100 initiative; \u2013 the availability of the Group\u2019s funding arrangements (Note 20), including loan covenants and non\u2013reliance on facilities with covenant restrictions in more extreme downside scenarios; \u2013 the status of the Group\u2019s \ufb01nancial arrangements (Note 20), including scenarios where debt maturing in the next 12 months is not re\ufb01nanced; \u2013 progress made in developing and implementing cost reduction programmes and operational improvements; and \u2013 mitigating actions available should business activities fall behind current expectations, including the deferral of discretionary overheads and other expenditures. For the current year, the Directors have also considered the impact of variable energy prices and the broader in\ufb02ationary environment on the Group\u2019s operations, and the repurchase of the Group\u2019s convertible bond completed in the year. The Directors\u2019 assessment re\ufb02ects the assumption that the Group will repay the bond in full at its contractual maturity without undertaking a further re\ufb01nancing, and that the Group has sufficient cash and liquidity resources to do so. The Group is in a net asset position of US$76.4 million, compared to US$35.9 million in the prior year. As these assets are leased\u2013up over the next few years, the Directors expect the balance sheet to strengthen. Net current assets at year end remain strong at US$120.3 million. Based on the foregoing considerations, the Directors continue to consider it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
1. Statement of compliance and presentation of \ufb01nancial statements
Helios Towers plc (the \u2018Company\u2019), together with its subsidiaries (collectively, \u2018Helios\u2019, or
the \u2018Group\u2019), is an independent tower company with operations across nine countries.
Helios Towers plc is a public limited company incorporated and domiciled in the UK and
registered under the laws of England and Wales under company number 12134855 with
its registered address at 21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom.
In October 2019, the ordinary shares of Helios Towers plc were admitted to the commercial
companies segment of the Official List of the UK Financial Conduct Authority (FCA).
The shares trade on the London Stock Exchange\u2019s main market for listed securities.
The Company and entities controlled by the Company are disclosed on page 185.
The material accounting policies adopted by the Group are set out in Note 2.
2a. Accounting policies
Basis of preparation
The Group\u2019s Financial Statements are prepared in accordance with International Financial
Reporting Standards (IFRS Accounting Standards) as adopted by the United Kingdom, taking
into account IFRS Accounting Standards Interpretations Committee (IFRS IC) interpretations
and those parts of the Companies Act 2006 applicable to companies reporting under IFRS
Accounting Standards.
The Financial Statements have been prepared on the historical cost basis, except for the
revaluation of certain \ufb01nancial instruments that are measured at fair value at the end of each
reporting period, and for the application of IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary
Economies\u2019 for the Group\u2019s entities reporting in Malawian Kwacha. The Group\u2019s Ghanaian Cedi
reporting entities are no longer subject to IAS 29 following Ghana\u2019s exit from hyperin\ufb02ation
during 2025. The hyperin\ufb02ationary restatement applied up to the previous reporting date is
not reversed and the cost amounts remain permanently indexed in the in\ufb02ated terms of that
period. The Financial Statements are presented in United States Dollars (US$) and rounded to
the nearest hundred thousand (US$0.1 million) except when otherwise indicated.
The material accounting policies adopted are set out on the next pages.
Basis of consolidation
The Consolidated Financial Statements incorporate the Financial Statements of the Company
and entities controlled by the Company (its subsidiaries) made up to 31 December each year.
Control is achieved when the Company:
\u2013 has the power over the investee;
\u2013 is exposed, or has rights, to variable return from its involvement with the investee; and
\u2013 has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary
and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of
subsidiaries acquired or disposed of during the year are included in the Consolidated Income
Statement and the Consolidated Statement of Other Comprehensive Income from the date the
Company gains control until the date when the Company ceases to control the subsidiary.
Pro\ufb01t or loss and each component of other comprehensive income are attributed to the
owners of the Company and to the non\u2013controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Company and to the non\u2013controlling
interests, even if this results in the non\u2013controlling interests having a de\ufb01cit balance.
Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring
the accounting policies used in line with the Group\u2019s accounting policies.
All intra\u2013Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to
transactions between the members of the Group are eliminated on consolidation.
Non\u2013controlling interests in subsidiaries are identi\ufb01ed separately from the Group\u2019s equity
therein. Those interests of non\u2013controlling shareholders that have present ownership interests
entitling their holders to a proportionate share of net assets upon liquidation may initially be
measured at fair value or at the non\u2013controlling interests\u2019 proportionate share of the fair value
of the acquiree\u2019s identi\ufb01able net assets. The choice of measurement is made on an acquisition\u2013
by\u2013acquisition basis. Other non\u2013controlling interests are initially measured at fair value.
Subsequent to acquisition, the carrying amount of non\u2013controlling interests is the amount of
those interests at initial recognition plus the non\u2013controlling interests\u2019 share of subsequent
changes in equity.
Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are
accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the
non\u2013controlling interests are adjusted to re\ufb02ect the changes in their relative interests in the
subsidiaries. Any difference between the amount by which the non\u2013controlling interests are
adjusted and the fair value of the consideration paid or received is recognised directly in
equity and attributed to the owners of the Company.
Going concern
The Directors believe that the Group is well placed to manage its business risks successfully,
despite the current uncertain economic outlook in the wider economies in which the Company
operates. The Group\u2019s forecasts and projections, taking account of possible changes in trading
performance, show that the Group should remain adequately liquid and should operate within
the covenant levels of its debt facilities (Note 20).
As part of their regular assessment of the Group\u2019s working capital and \ufb01nancing position,
the Directors have prepared a detailed trading and cash \ufb02ow forecast covering a period to at
least 31 March 2027, being more than 12 months after the date of approval of the Consolidated
Financial Statements, together with sensitivities and a \u2018reasonable worst case\u2019 stress scenario.
In assessing the forecasts, the Directors have considered:
\u2013 trading and operating risks presented by the conditions in the operating markets;
\u2013 the impact of macroeconomic factors, particularly in\ufb02ation, interest rates and foreign
exchange rates;
\u2013 climate change risks and initiatives, including the Group\u2019s Project 100 initiative;
\u2013 the availability of the Group\u2019s funding arrangements (Note 20), including loan
covenants and non\u2013reliance on facilities with covenant restrictions in more extreme
downside scenarios;
\u2013 the status of the Group\u2019s \ufb01nancial arrangements (Note 20), including scenarios where debt
maturing in the next 12 months is not re\ufb01nanced;
\u2013 progress made in developing and implementing cost reduction programmes and
operational improvements; and
\u2013 mitigating actions available should business activities fall behind current expectations,
including the deferral of discretionary overheads and other expenditures.
For the current year, the Directors have also considered the impact of variable energy prices
and the broader in\ufb02ationary environment on the Group\u2019s operations, and the repurchase
of the Group\u2019s convertible bond completed in the year. The Directors\u2019 assessment re\ufb02ects
the assumption that the Group will repay the bond in full at its contractual maturity without
undertaking a further re\ufb01nancing, and that the Group has sufficient cash and liquidity
resources to do so.
The Group is in a net asset position of US$76.4 million, compared to US$35.9 million
in the prior year. As these assets are leased\u2013up over the next few years, the Directors
expect the balance sheet to strengthen. Net current assets at year end remain strong at
US$120.3 million. Based on the foregoing considerations, the Directors continue to consider
it appropriate to adopt the going concern basis of accounting in preparing the Consolidated
Financial Statements.
Adoption of new standards, interpretation and amendments in 2025
In the current \ufb01nancial year, the Group has adopted the following new and revised Standards,
Amendments and Interpretations. Their adoption has not had a material impact on the
amounts reported in these Financial Statements:
\u2013 Amendments to IAS 21: Lack of Exchangeability
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The consideration
transferred in a business combination in accordance with IFRS 3 Business Combinations
is measured at fair value, which is calculated as the sum of the acquisition\u2013date fair values
of assets transferred by the Group, liabilities incurred by the Group to the former owners
of the acquiree and the equity interest issued by the Group in exchange for control of the
acquiree. The identi\ufb01able assets, liabilities and contingent liabilities (identi\ufb01able net assets) are
recognised at their fair value at the date of acquisition. Acquisition\u2013related costs are expensed
as incurred and included in administrative expenses.
At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are
recognised at their fair value at the acquisition date, except that:
\u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related
to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12
Income Taxes and IAS 19 Employee Bene\ufb01ts respectively;
\u2013 liabilities or equity instruments related to share\u2013based payment arrangements of the
acquiree or share\u2013based payment arrangements of the Group entered into to replace
share\u2013based payment arrangements of the acquiree are measured in accordance with
IFRS 2 Share\u2013Based Payments at the acquisition date (see below);
\u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with
IFRS 3, the Group shall measure the lease liability as the present value of remaining lease
payments as if the acquired lease were a new lease at the acquisition date; and
\u2013 assets (or disposal groups) that are classi\ufb01ed as held for sale in accordance with IFRS
5 Non\u2013current Assets Held for Sale and Discontinued Operations are measured in
accordance with that Standard.
When the Group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed
for appropriate classi\ufb01cation and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the acquisition date. Goodwill is
initially measured at cost, being the excess of the aggregate of the consideration transferred,
the amount of any non\u2013controlling interest in the acquiree and the fair value of the acquirer\u2019s
previously held equity interest in the acquired (if any) over the net of the fair values of
acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the gain is recognised in pro\ufb01t or loss. Goodwill is
capitalised as an intangible asset, with any subsequent impairment in carrying value being
charged to the Consolidated Income Statement.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the Group reports provisional amounts for the items
for which the accounting is incomplete. Those provisional amounts are adjusted during the
measurement period (a period of no more than 12 months), or additional assets or liabilities are
recognised, to re\ufb02ect new information obtained about facts and circumstances that existed
as of the acquisition date that, if known, would have affected the amounts recognised as of
that date.
When the consideration transferred by the Group in a business combination includes
a contingent consideration arrangement, the contingent consideration is measured at
its acquisition date fair value and included as part of the consideration transferred in a
business combination. Changes in fair value of the contingent consideration that qualify
as measurement period adjustments are adjusted retrospectively, with corresponding
adjustments against goodwill.
Measurement period adjustments are adjustments that arise from additional information
obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition
date) about facts and circumstances that existed at the acquisition date. Subsequently,
changes in the fair value of the contingent consideration that do not qualify as measurement
period adjustments are recognised in the Consolidated Income Statement, when contingent
consideration amounts are remeasured to fair value at subsequent reporting dates.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purpose of monitoring and impairment testing, goodwill acquired in a business
combination is allocated to the cash\u2013generating units (CGUs) or groups of CGUs that are
expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
The Group monitors and tests goodwill for impairment using groups of CGUs that are aligned
with the Group\u2019s operating segments. Operating segments to which goodwill has been
allocated are tested for impairment annually, or more frequently when there is an indication
that the unit may be impaired. If the recoverable amount of the operating segment is less than
its carrying amount, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit pro\u2013rata based on the
carrying amount of each asset in the unit. Any impairment loss is recognised directly in pro\ufb01t
or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent
periods. On disposal, the attributable amount of goodwill is included in the determination of
the pro\ufb01t or loss on disposal.
Revenue recognition
The Group recognises revenue from the rendering of tower services provided by utilisation
of the Group\u2019s tower infrastructure pursuant to written contracts with its customers.
The Group applies the \ufb01ve\u2013step model in IFRS 15 Revenue from Contracts with Customers.
Prescriptive guidance in IFRS 15 is followed to deal with speci\ufb01c scenarios, and details of the
impact of IFRS 15 on the Group\u2019s Consolidated Financial Statements are described in the
following paragraphs. Revenue is not recognised if uncertainties over a customer\u2019s intention
and ability to pay means that collection is not probable.
On inception of the contract, a \u2018performance obligation\u2019 is identi\ufb01ed based on each of the
distinct goods or services promised to the customer. Certain contracts have CPI and power
escalation clauses, which are re\ufb02ected in line with the contract. The consideration speci\ufb01ed
in the contract with the customer is allocated to a performance obligation identi\ufb01ed based
on their relative standalone selling prices. In line with IFRS 15, the Group has one material
performance obligation: to provide a series of distinct tower space and site services.
This includes fees for the provision of tower infrastructure, power escalations and tower
service contracts. This is the Group\u2019s only material performance obligation at the balance
sheet date.
Revenue from these services is recognised as the performance obligation is satis\ufb01ed over time
using the time elapsed output method for each customer to measure the Group\u2019s progress
under the contract. Customers are usually billed in advance creating deferred income, which is
then recognised as the performance obligation is met over a straight\u2013line basis. Amounts billed
in arrears are recognised as contract assets until billed.
Revenue is measured at the fair value of the consideration received or expected to be received
and represents amounts receivable for services provided in the normal course of business, less
VAT and other sales\u2013related taxes. Where refunds are issued to customers, they are deducted
from revenue in the relevant service period.
If these estimates indicate that any contract will be less pro\ufb01table than previously forecast,
contract assets may have to be written down to the extent they are no longer considered to
be fully recoverable. We perform ongoing pro\ufb01tability reviews of our contracts in order to
determine whether the latest estimates are appropriate. Key factors reviewed include:
\u2013 transaction volumes or other inputs affecting future revenues, which can vary depending
on customer requirements, plans, market position and other factors such as general
economic conditions;
\u2013 the status of commercial relations with customers and the implications for future revenue
and cost projections; and
\u2013 our estimates of future staff and third\u2013party costs and the degree to which cost savings
and efficiencies are deliverable.
The direct and incremental costs of acquiring a contract are recognised as contract acquisition
cost assets in the statement of \ufb01nancial position when the related payment obligation is
recorded. Costs are recognised as an expense in line with the recognition of the related
revenue that is expected to be earned by the Group. Typically, this is over the customer
contract period, as new commissions are payable on contract renewal.
Foreign currency translation
The individual Financial Statements of each Group company are presented in the currency
of the primary economic environment in which it operates (its functional currency). For the
purpose of the Consolidated Financial Statements, the results and \ufb01nancial position of each
Group company are expressed in United States Dollars (US$), which is the functional currency
of the Company, and the presentation currency for the Consolidated Financial Statements.
In preparing the Financial Statements of the individual companies, transactions in currencies
other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates
of exchange prevailing on the dates of the transactions. At each reporting date, monetary
assets and liabilities that are denominated in foreign currencies are retranslated at the rates
prevailing at that date. Non\u2013monetary items carried at fair value that are denominated in
foreign currencies are translated at the rates prevailing at the date when the fair value was
determined. Non\u2013monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of
the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting
date, with the exception of foreign operations that are subject to hyperin\ufb02ation (see below).
Income and expense items are translated at the average exchange rates for the period, unless
exchange rates \ufb02uctuate signi\ufb01cantly during that period, in which case the exchange rates at
the date of transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a separate component of equity (attributed to
non\u2013controlling interests as appropriate). For intragroup loans not expected to be settled for
the foreseeable future, exchange differences are transferred from the Consolidated Income
Statement to the Consolidated Statement of Other Comprehensive Income (OCI).
On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign
operation, or a disposal involving loss of control over a subsidiary that includes a foreign
operation, or a partial disposal of an interest in a joint arrangement or an associate that
includes a foreign operation of which the retained interest become a \ufb01nancial asset), all of
the exchange differences accumulated in a separate component of equity in respect of that
operation attributable to the owners of the Company are reclassi\ufb01ed to pro\ufb01t or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation
that does not result in the Group losing control over the subsidiary, the proportionate share
of accumulated exchange differences is re\u2013attributed to non\u2013controlling interests and is not
recognised in pro\ufb01t or loss. For all other partial disposals (i.e. partial disposals of associates or
joint arrangements that do not result in the Group losing signi\ufb01cant in\ufb02uence or joint control),
the proportionate share of the accumulated exchange differences is reclassi\ufb01ed to pro\ufb01t
or loss.
Hyperin\ufb02ation accounting
Having reviewed the indicators of hyperin\ufb02ation, as outlined in IAS 29 \u2018Financial Reporting in
Hyperin\ufb02ationary Economies\u2019, the Group has determined that Ghana, which was previously
designated as hyperin\ufb02ationary in 2024, no longer meets the criteria for hyperin\ufb02ation in
2025. Accordingly, IAS 29 was applied to the Group\u2019s Ghanaian operations up to and including
30 June 2025. The cumulative effects of hyperin\ufb02ationary accounting up to that date have
been retained, and the restated balances at 30 June are treated as \ufb01nal and will not be subject
to further in\ufb02ationary restatement in subsequent periods. Malawi has met the requirements to
be designated as a hyperin\ufb02ationary economy under IAS 29 in 2025, with the most prevalent
indicator being the increase in in\ufb02ation over the last three years. The Group has therefore
applied hyperin\ufb02ationary accounting, as speci\ufb01ed in IAS 29, to its Malawian operations, whose
functional currency is the Malawian Kwacha.
Ghanaian Cedi-denominated results and non\u2013monetary asset and liability balances are no
longer subject to restatement under IAS 29 from 1 July 2025. Comparative information for
the year ended 31 December 2024 remains as previously reported, including the restatement
of Ghanaian Cedi\u2013denominated results and non-monetary asset and liability balances to
present value equivalent amounts as at 31 December 2024, based on the CPI as issued by the
Ghana Statistical Service, before translation to US$ at the reporting-date exchange rate of
US$1:GHS14.707.
Malawian Kwacha-denominated results and non\u2013monetary asset and liability balances for
the current \ufb01nancial year ended 31 December 2025 have been revalued to their present value
equivalent local currency amounts as at 31 December 2025, based on the CPI as issued by
the Reserve Bank of Malawi, before translation to US$ at the reporting date exchange rate of
US$1:MWK1,751.00. The index has increased by 26.0% to 272.3 (2024: 216.1) during the current
\ufb01nancial year. Comparative periods are not restated per IAS 21 \u2018The Effects of Changes in
Foreign Exchange Rates\u2019.
For the Group\u2019s hyperin\ufb02ationary operations:
\u2013 the gain or loss on net monetary assets resulting from IAS 29 application is recognised in
the consolidated Income Statement within other gains and losses;
\u2013 the Group also presents the gain or loss on cash and cash equivalents as monetary items
together with the effect of in\ufb02ation on operating, investing and \ufb01nancing cash \ufb02ows as one
number in the consolidated statement of cash \ufb02ows; and
\u2013 the Group has presented the IAS 29 opening balance adjustment to net assets within
currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact
of currency movements are presented within other comprehensive income because such
amounts are judged to meet the de\ufb01nition of \u2018exchange differences\u2019.
The main impacts of the aforementioned adjustments on the Consolidated Financial
Statements are shown below.
Year ended Year ended
31 December 2025 31 December 2024
Increase/(Decrease) Increase/(Decrease)
US$m US$m
Revenue
-
2.4
Operating Pro\ufb01t
(8.5)
(7.5)
Pro\ufb01t before tax
4.0
(2.7)
Non-current assets
66.4
69.5
Equity attributable to owners of the parent
(55.7)
(64.4)
Financial assets
Within the scope of IFRS 9, \ufb01nancial assets are classi\ufb01ed and subsequently measured at
amortised cost, fair value through OCI or fair value through pro\ufb01t or loss (FVTPL).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s
contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial
asset not at fair value through pro\ufb01t or loss, transaction costs.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value
through OCI, it needs to give rise to cash \ufb02ows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI
test and is performed at an instrument level.
Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading,
\ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or
\ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are
classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term. Financial assets with cash \ufb02ows that are not solely payments of principal and
interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the
business model. Financial assets at fair value through pro\ufb01t or loss are carried in the statement
of \ufb01nancial position at fair value with net changes in fair value recognised in the Consolidated
Income Statement.
At the current reporting period, the Group did not elect to classify any \ufb01nancial instruments as
fair value through OCI.
The Group recognises a loss allowance for expected credit losses (\u201cECLs\u201d) on \ufb01nancial assets,
measured at an amount equal to lifetime expected credit losses.
ECLs on \ufb01nancial assets are estimated using a provision matrix based on historical default
experience, adjusted for the \ufb01nancial position of debtors, debtor-speci\ufb01c factors, relevant
industry and economic conditions, and forward-looking information at the reporting date.
A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar
\ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Consolidated
Statement of Financial Position) when:
\u2013 the rights to receive cash \ufb02ows from the asset have expired; or
\u2013 the Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an
obligation to pay the received cash \ufb02ows in full without material delay to a third party.
Financial liabilities
All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities
include trade and other payables, and loans and borrowings.
The subsequent measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as
described below:
(a) Financial liabilities at fair value through pro\ufb01t or loss
Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading
and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss.
Gains or losses on liabilities held for trading are recognised in the statement of pro\ufb01t or loss.
Financial liabilities designated upon initial recognition at fair value through pro\ufb01t or loss are
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satis\ufb01ed.
(b) Financial liabilities at amortised cost
After initial recognition, interest\u2013bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised
in the Consolidated Income Statement when the liabilities are derecognised as well as through
the EIR amortisation process. Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as \ufb01nance costs in the Consolidated Income Statement.
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires.
Compound \ufb01nancial instruments
Convertible bonds issued by the Company are accounted for as compound \ufb01nancial
instruments in accordance with IAS 32. On initial recognition, the instrument is separated
into its liability and equity components. The liability component is measured at the fair value
of a similar liability that does not contain an equity conversion option. Subsequent to initial
recognition, the liability component is measured at amortised cost using the effective interest
rate (EIR) method in accordance with IFRS 9. The equity component represents the residual
interest, being the difference between the gross proceeds of the instrument and the fair
value of the liability component, and is recognised within equity. The equity component is
not subsequently remeasured.
Embedded derivatives
A derivative may be embedded in a non\u2013derivative \u2018host contract\u2019 such as put and call options
over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains
a host that is a \ufb01nancial asset within the scope of IFRS 9, then the relevant classi\ufb01cation and
measurement requirements are applied to the entire contract at the date of initial recognition.
Should the host contract not be a \ufb01nancial asset within the scope of IFRS 9, the embedded
derivative is separated from the host contract, if it is not closely related to the host contract,
and accounted for as a standalone derivative. Where the embedded derivative is separated,
the host contract is accounted for in accordance with its relevant accounting policy, unless
the entire instrument is designated at FVTPL in accordance with IFRS 9.
Derivative \ufb01nancial instruments and hedge accounting
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it
manages using derivative \ufb01nancial instruments. The use of \ufb01nancial derivatives is governed by
the Group\u2019s policies approved by the Board of Directors, which provide written principles on
the use of \ufb01nancial derivatives consistent with the Group\u2019s risk management strategy.
The Group does not use derivative \ufb01nancial instruments for speculative purposes.
Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and
are subsequently re\u2013measured to fair value at each reporting date. The Group designates
certain derivatives as hedges of interest rate risks of highly probable forecast transactions
(cash \ufb02ow hedges). Changes in values of all derivatives of a \ufb01nancing nature are included
within \ufb01nancing costs in the Consolidated Income Statement unless designated in an effective
cash \ufb02ow hedge relationship, when the effective portion of changes in value are deferred
to the Consolidated Statement of Other Comprehensive Income. Hedge effectiveness is
determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged
item and hedging instrument.
Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated, exercised or no longer quali\ufb01es for hedge accounting. When hedge accounting
is discontinued, any gain or loss recognised in the Consolidated Statement of Other
Comprehensive Income at that time remains in equity and is recognised in the Consolidated
Income Statement when the hedged transaction is ultimately recognised in the Consolidated
Income Statement.
For cash \ufb02ow hedges, when the hedged item is recognised in the income statement, amounts
previously recognised in other comprehensive income and accumulated in equity for the
hedging instrument are reclassi\ufb01ed to the income statement. However, when the hedged
transaction results in the recognition of a non\u2013\ufb01nancial asset or a non\u2013\ufb01nancial liability, the
gains and losses previously recognised in other comprehensive income and accumulated in
equity are transferred from equity and included in the initial measurement of the cost of the
non\u2013\ufb01nancial asset or non\u2013\ufb01nancial liability. If a forecast transaction is no longer expected to
occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated
Income Statement.
Leases
The Group applies IFRS 16 Leases. The Group holds leases primarily on land, buildings and
motor vehicles used in the ordinary course of business. Based on the accounting policy
applied, the Group recognises a right\u2013of\u2013use asset and a lease liability at the commencement
date of the contract for all leases conveying the right to control the use of an identi\ufb01ed
asset for a period of time. The commencement date is the date on which a lessor makes an
underlying asset available for use by a lessee.
The right\u2013of\u2013use assets are initially measured at cost, which comprises:
\u2013 the amount of the initial measurement of the lease liability;
\u2013 any lease payments made at or before the commencement date, less any lease incentives
received; and
\u2013 any initial direct costs incurred by the lessee.
After the commencement date, the right\u2013of\u2013use assets are measured at cost, less any
accumulated depreciation and any accumulated impairment losses and adjusted for any
remeasurement of the lease liability.
The Group depreciates the right\u2013of\u2013use asset from the commencement date to the lower of
the useful life or the end of the lease term. The lease liability is initially measured at the present
value of the lease payments that are not paid at that date. These include:
\u2013 \ufb01xed payments, less any lease incentives receivable.
The lease payments are discounted using the incremental borrowing rate at the
commencement of the lease contract or modi\ufb01cation. Generally, it is not possible to determine
the interest rate implicit in the land and building leases. The incremental borrowing rate is
estimated taking account of the economic environment of the lease, the currency of the lease
and the lease term. The lease term determined by the Group comprises:
\u2013 non\u2013cancellable period of lease contracts;
\u2013 periods covered by an option to extend the lease if the Group is reasonably certain to
exercise that option; and
\u2013 periods covered by an option to terminate the lease if the Group is reasonably certain
not to exercise that option.
After the commencement date, the Group measures the lease liability by:
\u2013 increasing the carrying amount to re\ufb02ect interest on the lease liability;
\u2013 reducing the carrying amount to re\ufb02ect lease payments made; and
\u2013 remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations.
Property, plant and equipment
Items of property, plant and equipment are stated at cost of acquisition, including any costs
of decommissioning original telecoms equipment, or production cost less accumulated
depreciation and impairment losses, if any.
Assets in the course of construction for production, supply or administrative purposes, are
carried at cost, less any recognised impairment loss. Cost includes material and labour and
professional fees in accordance with the Group\u2019s accounting policy, and only those costs
directly attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management are capitalised. Depreciation of
these assets, on the same basis as other assets, commences when the assets are ready for
their intended use. Borrowing costs are not capitalised as assets are generally constructed in
substantially less than one year.
Freehold land is not depreciated.
Depreciation is charged to write off the cost of assets over their estimated useful lives, using
the straight\u2013line method, on the following bases:
Site assets \u2013 towers Up to 30 years
Site assets \u2013 generators 8 years
Site assets \u2013 plant and machinery 3\u20135 years
Fixtures and \ufb01ttings 3 years
IT equipment 3 years
Motor vehicles 5 years
Leasehold improvements 5\u201310 years or the end of the lease term
C a b i n e t s 8 y e a r s
Directly attributable costs of acquiring tower assets are capitalised together with the towers
acquired and depreciated over a period of up to 30 years, in line with the assets\u2019 estimated
useful lives.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic bene\ufb01ts are expected to arise from continued use of the asset. Any gain or loss
arising on disposal or retirement of an item of property, plant and equipment is determined
as the difference between the sale proceeds and the carrying amount of the asset and is
recognised in the Consolidated Income Statement.
Intangible assets
Contract\u2013acquired\u2013related intangible assets with \ufb01nite useful lives are carried at cost less
accumulated amortisation and accumulated impairment losses. They are amortised on a
straight\u2013line basis over the life of the contract.
Intangible assets acquired in a business combination and recognised separately from goodwill
are recognised initially at their fair value at the acquisition date (which is regarded as their
cost). Subsequent to initial recognition, intangible assets acquired in a business combination
are reported at cost less accumulated amortisation and accumulated impairment losses, on
the same basis as intangible assets that are acquired separately.
Amortisation is charged to write off the cost of assets over their estimated useful lives, using
the straight\u2013line method, on the following bases:
Customer contracts Amortised over their contractual lives
Customer relationships Up to 30 years
Colocation rights Amortised over their contractual lives
Right of \ufb01rst refusal Amortised over their contractual lives
Non\u2013compete agreement Amortised over their contractual lives
Computer software and licences 2\u20133 years
An intangible asset is derecognised on disposal, or when no future economic bene\ufb01ts are
expected from use or disposal. Gains or losses arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying amount
of the asset, are recognised in pro\ufb01t or loss when the asset is derecognised. Amortisation of
intangibles is included within Administrative expenses in the Consolidated Income Statement.
Impairment of tangible and intangible assets
At each reporting date, the Directors review the carrying amounts of its tangible and
intangible assets (other than goodwill, which is tested at least annually as described on
page 164) to determine whether there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
to determine the extent of the impairment loss. For the purposes of assessing impairment,
assets are grouped on a CGU basis. Where the asset does not generate cash \ufb02ows that are
independent from other assets, the Directors estimate the recoverable amount of the CGU
(\u2018Cash Generating Unit\u2019) to which the asset belongs. The recoverable amount is the higher of
fair value less costs to sell and value in use. In assessing value in use, the estimated future cash
\ufb02ows are discounted to their present value using a pre\u2013tax discount rate that re\ufb02ects current
market assessments of the time value of money and the risks speci\ufb01c to the asset for which
the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying
amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.
An impairment loss is recognised immediately in pro\ufb01t or loss. Any impairment is allocated
pro\u2013rata across all assets in a CGU unless there is an indication that a class of asset should
be impaired in the \ufb01rst instance or a fair market value exists for one or more assets. Once an
asset has been written down to its fair value less costs of disposal, then any remaining
impairment is allocated equally among all other assets.
Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU)
is increased to the revised estimate of its recoverable amount, but only to the extent that
the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (CGU) in prior years.
Reversals are allocated pro\u2013rata across all assets in the CGU unless there is an indication
that a class of asset should be reversed in the \ufb01rst instance, or a fair market value exists
for one or more assets. A reversal of an impairment loss is recognised in the income
statement immediately. An impairment loss recognised for goodwill is never reversed in
subsequent periods.
Related parties
For the purpose of these Consolidated Financial Statements, parties are considered to be
related to the Group if they have the ability, directly or indirectly to control the Group or
exercise signi\ufb01cant in\ufb02uence over the Group in making \ufb01nancial or operating decisions, or
vice versa, or where the Group is subject to common control or common signi\ufb01cant in\ufb02uence.
Related parties may be individuals or other entities.
Retirement bene\ufb01t costs
Payments to de\ufb01ned contribution retirement bene\ufb01t schemes are recognised as an expense
when employees have rendered service entitling them to the contributions. Payments made to
state\u2013managed retirement bene\ufb01t schemes are dealt with as payments to de\ufb01ned contribution
schemes where the Group\u2019s obligations under the schemes are equivalent to those arising in a
de\ufb01ned contribution retirement bene\ufb01t scheme.
Share\u2013based payments
The Group\u2019s management awards employee share options, from time to time, on a
discretionary basis, which are subject to vesting conditions. The economic cost of awarding
the share options to its employees is recognised as an employee bene\ufb01t expense in the income
statement measured indirectly by reference to the fair value of the instruments granted.
For further details refer to Note 25.
In accordance with IFRS 2, the fair value of equity-settled share-based payments is measured
at the grant date and recognised as an expense on a straight-line basis over the vesting period,
with a corresponding increase in equity. Fair value is determined using appropriate valuation
models (e.g. Monte Carlo simulation) and incorporates any market-based performance
conditions. Non-market vesting conditions are re\ufb02ected in the number of awards expected
to vest.
Cash-settled awards are measured at fair value at each reporting date, with a corresponding
liability recognised. Remeasurements are recognised in pro\ufb01t or loss over the vesting period.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct
materials and those overheads that have been incurred in bringing the inventories to their
present location and condition. Cost is calculated using the weighted average method.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, in hand and short\u2013term deposits, which are
held for the purpose of meeting short\u2013term commitments. Short\u2013term deposits are de\ufb01ned as
deposits with an initial maturity of three months or less. While bank overdrafts are repayable
in the short term, they do not form an integral part of the Group\u2019s cash management, and
are thus not included as a component of cash and cash equivalents for the purposes of the
Consolidated Statement of Cash Flows.
Interest expense
Interest expense is recognised as interest accrues, using the effective interest method, to the
net carrying amount of the \ufb01nancial liability.
The effective interest method is a method of calculating the amortised cost of a \ufb01nancial
asset/\ufb01nancial liability and of allocating interest income/interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash
receipts/payments through the expected life of the \ufb01nancial assets/\ufb01nancial liabilities, or,
where appropriate, a shorter period.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from net
pro\ufb01t as reported in the Consolidated Income Statement Consolidated Statement of Other
Comprehensive Income because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities in the Consolidated Financial Statements and the
corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for
using the statement of \ufb01nancial position liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences, and deferred tax assets are recognised to
the extent that it is probable that taxable pro\ufb01ts will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from the initial recognition of goodwill or from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction
that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are recognised either for taxable temporary differences arising on
investments in subsidiaries or on carrying value of taxable assets, except where the Group is
able to control the reversal of the temporary difference, and it is probable that the temporary
difference will not reverse in the foreseeable future. Deferred tax assets arising from
deductible temporary differences associated with such investments and interests are only
recognised to the extent that it is probable that there will be sufficient taxable pro\ufb01ts against
which to utilise the bene\ufb01ts of the temporary differences and they are expected to reverse
in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that sufficient taxable
pro\ufb01ts will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the
liability is settled or the asset is realised based on tax laws and rates that have been enacted
or substantively enacted at the reporting date. Deferred tax is charged or credited in the pro\ufb01t
or loss, except when it relates to items charged or credited in other comprehensive income, in
which case the deferred tax is also dealt with in other comprehensive income.
The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and legal entity, and the Group intends to settle its current tax
assets and liabilities on a net basis.
Uncertain tax positions
Where required under applicable standards, provision is made for matters where Management
assesses that it is probable that a relevant taxation authority will not accept the position as
\ufb01led in the tax returns, it is probable an out\ufb02ow of economic bene\ufb01ts will be required to settle
the obligation and the amount can be reliably estimated. The Group typically uses a weighted
average of outcomes assessed as possible to determine the level of provision required, unless
a single best estimate of the outcome is considered to be more appropriate. Assessments are
made at the level of an individual tax uncertainty, unless uncertainties are considered to be
related, in which case they are grouped together. Provisions, which are not discounted given
the short period over which they are expected to be utilised, are included within current tax
liabilities, together with any liability for penalties, which to date have not been signi\ufb01cant.
Any liability relating to interest on tax liabilities is included within \ufb01nance costs.
Share capital
Ordinary shares are classi\ufb01ed as equity.
Treasury shares
Treasury shares represents the shares of Helios Towers plc that are held by the Employee
Bene\ufb01t Trust (EBT). Treasury shares are recorded at cost and deducted from equity.
New and revised IFRS Accounting Standards in issue but not yet effective
The following Standards, Amendments and Interpretations have been issued by the IASB
and are effective for annual reporting periods beginning on or after 1 January 2026:
\u2013 Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial
Instruments (Effective for 2026);
\u2013 Contracts Referencing Nature-dependent Electricity (Effective for 2026); and
\u2013 Annual Improvements to IFRS Accounting Standards - Volume 11 (Effective for 2026).
The Group\u2019s \ufb01nancial reporting will be presented in accordance with the above new standards
from 1 January 2026. The Directors do not expect that the adoption of the above Standards,
Amendments and Interpretations will have a material impact on the Financial Statements of
the Group in future periods.
At the date of authorisation of these \ufb01nancial statements, the Group has not applied IFRS
Accounting Standards, which have been issued but are not yet effective:
\u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027); and
\u2013 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (Effective for 2027).
The Directors of the Company anticipate that the application of these amendments will have
an impact on the Group\u2019s consolidated \ufb01nancial statements in future periods.
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements introducing new requirements
that will help to achieve comparability of the \ufb01nancial performance of similar entities and
provide more relevant information and transparency to users.
The Group is assessing the impact of IFRS 18 on its consolidated \ufb01nancial statements.
Whilst the standard does not affect the recognition or measurement of items, and therefore
no impact on pro\ufb01t after tax for the year, it will change the presentation and disclosure within
the primary statements, particularly the Consolidated Income Statement. Under IFRS 18,
income and expenses must be classi\ufb01ed into de\ufb01ned categories: operating, investing,
\ufb01nancing, income taxes and discontinued operations. In addition, IFRS 18 introduces enhanced
aggregation and disaggregation requirements, resulting in a more structured and transparent
presentation of key cost drivers. For example, power-generation costs will be presented within
operating activities, gains or losses on the disposal of property, plant and equipment will be
presented within investing activities, and interest on loans, bonds and IFRS 16 lease liabilities
will be presented within \ufb01nancing activities.
There will also be an impact on the presentation of the Consolidated Statement of Cash Flows,
with the indirect method required to start from operating pro\ufb01t rather than pro\ufb01t after tax
for the year. This re\ufb02ects the new subtotals introduced in the Consolidated Income Statement
under IFRS 18. Additionally, interest paid will be classi\ufb01ed as a \ufb01nancing out\ufb02ow, while interest
received will be classi\ufb01ed as an investing in\ufb02ow.
IFRS 18 also introduces new disclosure requirements for management-de\ufb01ned performance
measures (MPMs), which will be presented in a dedicated note to the \ufb01nancial statements.
MPMs will require a reconciliation to the nearest total speci\ufb01ed in IFRS Accounting Standards.
The Group already provides a reconciliation of Adjusted EBITDA to pro\ufb01t before tax in Note 4,
which will form the basis for the required disclosures under IFRS 18.
The Group will apply the new standard by the effective date of 1 January 2027.
Retrospective application is required, and therefore comparative information will be restated in
accordance with IFRS 18 once adopted.
2b. Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which
are dealt with separately below), that the Directors have made in the process of applying
the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the amounts
recognised in the Financial Statements.
Revenue recognition
Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from contracts
with customers. In arriving at this assessment, the Directors concluded that there is not
an embedded lease, given customer contracts provide for an amount of space on a tower
rather than a speci\ufb01c location on a tower. The contracts permit the Group, subject to certain
conditions, to relocate customer equipment on the Group\u2019s towers in order to accommodate
other tenants. Customer consent is usually required to move equipment. However, this should
not be unreasonably withheld. The Directors believe these substitution rights are substantive,
given the practical ability to move equipment and the economics of doing so.
In applying the requirements of IFRS 15, management makes an evaluation as to whether it is
probable that the Group will collect the consideration that it is entitled to under the contract.
The amount of revenue that the Group is contractually entitled to but has not recognised is
disclosed in Note 22.
Contingent liabilities
The Group exercises judgement to determine whether to recognise provisions and the
exposures to contingent liabilities related to pending litigations or other outstanding claims
subject to negotiated settlement, mediation, arbitration or government regulation, as well as
other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood that
a pending claim will succeed or a liability will arise.
Recognition of deferred tax assets
The Group has material unrecognised deferred tax assets across a number of jurisdictions
(see Note 10) that have not been recognised as at 31 December 2025 due to the existence
of previous tax losses in the relevant entities and insufficient certainty as to the availability
of future taxable pro\ufb01ts. At 31 December 2025, the Group has recognised a deferred tax asset
of US$26.0 million (2024: US$42.2 million). Sufficient future taxable pro\ufb01ts are expected to be
available to utilise.
2c. Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty
at the reporting date, that have a signi\ufb01cant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below.
Carrying amounts of assets and liabilities
The Directors are required to make estimates and assumptions about the carrying amounts
of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
Derivatives valuation
The Group manages its interest rate risk using interest rate swap agreements. These are
classi\ufb01ed as \ufb01nancial instruments and recognised at fair value at the reporting date. The fair
value is dependent on the future interest rate forward yield curve at the reporting date.
This can have a material impact on the fair value of the interest rate swaps between periods.
The Group\u2019s debt \ufb01nancing includes embedded derivative features that are separated from
the host contract and measured at fair value. These instruments are classi\ufb01ed as Level 3 in
the fair value hierarchy as their valuation relies on signi\ufb01cant unobservable inputs, including
assumptions regarding future cash \ufb02ows, discount rates and market volatility. Changes to
these inputs can have a material impact on the fair value recognised at the reporting
date. On the basis of materiality, management does not deem this to be a key source of
estimation uncertainty.
Other estimates
The Directors have considered whether certain other estimates included in the \ufb01nancial
statements meet the criteria to be key sources of estimation uncertainty, as follows:
Impairment testing
In previous \ufb01nancial years, impairment testing was considered a key source of estimation
uncertainty. For the purpose of assessing goodwill for impairment, CGUs are grouped on
a segment basis. Given the increased level of headroom in the Group\u2019s 2024 and 2025
impairment tests, management no longer considers impairment to be a key source of
estimation uncertainty.
Provisions for litigation
Provisions and exposures to contingent liabilities related to pending litigations or other
outstanding claims subject to negotiated settlement, mediation, arbitration or government
regulation (see Note 27) are subject to estimation uncertainty. While the value of open claims
across the Group is material in aggregate, based on recent experiences of closing such cases,
the resulting adjustments are generally not material, and provisions held by the Group have
accurately quanti\ufb01ed the \ufb01nal amounts determined.
Uncertain tax positions
Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising
from transactions in tax jurisdictions for which the ultimate tax determination is uncertain.
Where there are uncertain tax positions, the Directors assess whether it is probable that the
position adopted in tax \ufb01lings will be accepted by the relevant tax authority, with the results
of this assessment determining the accounting that follows. The Group uses tax experts
in all jurisdictions when assessing uncertain tax positions and seeks the advice of external
professional advisors where appropriate. The Group\u2019s tax provision for these matters is
recognised within current tax liabilities and in the measurement of deferred tax assets as
applicable. The provision re\ufb02ects a number of estimates where the amount of tax payable
is either currently under audit by the tax authorities or relates to a period which has yet
to be audited. These areas include the tax effects of change of control events, which are
calculated based on valuations of the Company\u2019s operations in the relevant jurisdictions,
and interpretation of taxation law relating to statutory tax \ufb01lings by the Group.
The nature of the items, for which a provision is held, is such that the \ufb01nal outcome could
vary from the amounts recognised once a \ufb01nal tax determination is made. To the extent the
estimated \ufb01nal outcome differs from the tax that has been provided, adjustments will be
made to income tax and deferred tax balances held in the period the determination is made.
While the value of open tax audit cases for all taxes across the Group is material in aggregate,
based on recent experiences of closing tax audit cases, the resulting adjustments are generally
not material, and tax accruals and provisions held by the Group have accurately quanti\ufb01ed the
\ufb01nal amounts determined. Therefore, the Directors consider the current provisions held by the
Group to be appropriate and do not anticipate a signi\ufb01cant risk of a material change to the
amounts accrued and provided at 31 December 2025 within the next \ufb01nancial year.
Climate\u2013related matters on the \ufb01nancial statements
The Directors have considered the effects climate\u2013related matters may have on the \ufb01nancial
statements. In particular, consideration has been given to the potential impact climate matters
may have on the carrying amount of the Group\u2019s property, plant and equipment, the useful
economic lives of our towers and inventories, the impact climate change considerations
and initiatives have when assessing forecasts as part of our going concern assessment and
impairment reviews, potential \ufb01nancial impact that future regulatory requirements may have
on \ufb01nancial instruments the Group may use or the way it assesses the recognition of assets
and liabilities.
While no adjustments have been made to the carrying amount of assets and liabilities in the
current year, the Group\u2019s forecasts re\ufb02ect the Group\u2019s planned spend in respect of carbon\u2013
intensity reduction targets. The Directors will continue to assess the impact climate\u2013related
matters may have on the \ufb01nancial position and performance of the Group and re\ufb02ect those
in future \ufb01nancial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "1. Statement of compliance and presentation of \ufb01nancial statements Helios Towers plc (the \u2018Company\u2019), together with its subsidiaries (collectively, \u2018Helios\u2019, or the \u2018Group\u2019), is an independent tower company with operations across nine countries. Helios Towers plc is a public limited company incorporated and domiciled in the UK and registered under the laws of England and Wales under company number 12134855 with its registered address at 21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom. In October 2019, the ordinary shares of Helios Towers plc were admitted to the commercial companies segment of the Official List of the UK Financial Conduct Authority (FCA). The shares trade on the London Stock Exchange\u2019s main market for listed securities. The Company and entities controlled by the Company are disclosed on page 185. The material accounting policies adopted by the Group are set out in Note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Helios Towers plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "21st Floor, 8 Bishopsgate, London, EC2N 4BQ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Basis of preparation The Group\u2019s Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the United Kingdom, taking into account IFRS Accounting Standards Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS Accounting Standards. The Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain \ufb01nancial instruments that are measured at fair value at the end of each reporting period, and for the application of IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019 for the Group\u2019s entities reporting in Malawian Kwacha. The Group\u2019s Ghanaian Cedi reporting entities are no longer subject to IAS 29 following Ghana\u2019s exit from hyperin\ufb02ation during 2025. The hyperin\ufb02ationary restatement applied up to the previous reporting date is not reversed and the cost amounts remain permanently indexed in the in\ufb02ated terms of that period. The Financial Statements are presented in United States Dollars (US$) and rounded to the nearest hundred thousand (US$0.1 million) except when otherwise indicated. The material accounting policies adopted are set out on the next pages. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "The Group\u2019s Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the United Kingdom, taking into account IFRS Accounting Standards Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS Accounting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company: \u2013 has the power over the investee; \u2013 is exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Pro\ufb01t or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2013controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2013controlling interests, even if this results in the non\u2013controlling interests having a de\ufb01cit balance. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intra\u2013Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions between the members of the Group are eliminated on consolidation. Non\u2013controlling interests in subsidiaries are identi\ufb01ed separately from the Group\u2019s equity therein. Those interests of non\u2013controlling shareholders that have present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2013controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identi\ufb01able net assets. The choice of measurement is made on an acquisition\u2013 by\u2013acquisition basis. Other non\u2013controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2013controlling interests is the amount of those interests at initial recognition plus the non\u2013controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2013controlling interests are adjusted to re\ufb02ect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2013controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company: \u2013 has the power over the investee; \u2013 is exposed, or has rights, to variable return from its involvement with the investee; and \u2013 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Pro\ufb01t or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2013controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2013controlling interests, even if this results in the non\u2013controlling interests having a de\ufb01cit balance. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intra\u2013Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions between the members of the Group are eliminated on consolidation. Non\u2013controlling interests in subsidiaries are identi\ufb01ed separately from the Group\u2019s equity therein. Those interests of non\u2013controlling shareholders that have present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2013controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identi\ufb01able net assets. The choice of measurement is made on an acquisition\u2013 by\u2013acquisition basis. Other non\u2013controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2013controlling interests is the amount of those interests at initial recognition plus the non\u2013controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2013controlling interests are adjusted to re\ufb02ect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2013controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Adoption of new standards, interpretation and amendments in 2025 In the current \ufb01nancial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption has not had a material impact on the amounts reported in these Financial Statements: \u2013 Amendments to IAS 21: Lack of Exchangeability ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "Adoption of new standards, interpretation and amendments in 2025 In the current \ufb01nancial year, the Group has adopted the following new and revised Standards, Amendments and Interpretations. Their adoption has not had a material impact on the amounts reported in these Financial Statements: \u2013 Amendments to IAS 21: Lack of Exchangeability presentation of key cost drivers. For example, power-generation costs will be presented within operating activities, gains or losses on the disposal of property, plant and equipment will be presented within investing activities, and interest on loans, bonds and IFRS 16 lease liabilities will be presented within \ufb01nancing activities. There will also be an impact on the presentation of the Consolidated Statement of Cash Flows, with the indirect method required to start from operating pro\ufb01t rather than pro\ufb01t after tax for the year. This re\ufb02ects the new subtotals introduced in the Consolidated Income Statement under IFRS 18. Additionally, interest paid will be classi\ufb01ed as a \ufb01nancing out\ufb02ow, while interest received will be classi\ufb01ed as an investing in\ufb02ow. IFRS 18 also introduces new disclosure requirements for management-de\ufb01ned performance measures (MPMs), which will be presented in a dedicated note to the \ufb01nancial statements. MPMs will require a reconciliation to the nearest total speci\ufb01ed in IFRS Accounting Standards. The Group already provides a reconciliation of Adjusted EBITDA to pro\ufb01t before tax in Note 4, which will form the basis for the required disclosures under IFRS 18. The Group will apply the new standard by the effective date of 1 January 2027. Retrospective application is required, and therefore comparative information will be restated in accordance with IFRS 18 once adopted. New and revised IFRS Accounting Standards in issue but not yet effective The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2026: \u2013 Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments (Effective for 2026); \u2013 Contracts Referencing Nature-dependent Electricity (Effective for 2026); and \u2013 Annual Improvements to IFRS Accounting Standards - Volume 11 (Effective for 2026). The Group\u2019s \ufb01nancial reporting will be presented in accordance with the above new standards from 1 January 2026. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. At the date of authorisation of these \ufb01nancial statements, the Group has not applied IFRS Accounting Standards, which have been issued but are not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027); and \u2013 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (Effective for 2027). The Directors of the Company anticipate that the application of these amendments will have an impact on the Group\u2019s consolidated \ufb01nancial statements in future periods. IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements introducing new requirements that will help to achieve comparability of the \ufb01nancial performance of similar entities and provide more relevant information and transparency to users. The Group is assessing the impact of IFRS 18 on its consolidated \ufb01nancial statements. Whilst the standard does not affect the recognition or measurement of items, and therefore no impact on pro\ufb01t after tax for the year, it will change the presentation and disclosure within the primary statements, particularly the Consolidated Income Statement. Under IFRS 18, income and expenses must be classi\ufb01ed into de\ufb01ned categories: operating, investing, \ufb01nancing, income taxes and discontinued operations. In addition, IFRS 18 introduces enhanced aggregation and disaggregation requirements, resulting in a more structured and transparent", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations is measured at fair value, which is calculated as the sum of the acquisition\u2013date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identi\ufb01able assets, liabilities and contingent liabilities (identi\ufb01able net assets) are recognised at their fair value at the date of acquisition. Acquisition\u2013related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Bene\ufb01ts respectively; \u2013 liabilities or equity instruments related to share\u2013based payment arrangements of the acquiree or share\u2013based payment arrangements of the Group entered into to replace share\u2013based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share\u2013Based Payments at the acquisition date (see below); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; and \u2013 assets (or disposal groups) that are classi\ufb01ed as held for sale in accordance with IFRS 5 Non\u2013current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non\u2013controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in pro\ufb01t or loss. Goodwill is capitalised as an intangible asset, with any subsequent impairment in carrying value being charged to the Consolidated Income Statement. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to re\ufb02ect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the Consolidated Income Statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash\u2013generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments. Operating segments to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the operating segment is less than its carrying amount, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro\u2013rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in pro\ufb01t or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal, the attributable amount of goodwill is included in the determination of the pro\ufb01t or loss on disposal. Intangible assets Contract\u2013acquired\u2013related intangible assets with \ufb01nite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight\u2013line basis over the life of the contract. Intangible assets acquired in a business combination and recognised separately from goodwill are recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortisation is charged to write off the cost of assets over their estimated useful lives, using the straight\u2013line method, on the following bases: Customer contracts Amortised over their contractual lives Customer relationships Up to 30 years Colocation rights Amortised over their contractual lives Right of \ufb01rst refusal Amortised over their contractual lives Non\u2013compete agreement Amortised over their contractual lives Computer software and licences 2\u20133 years An intangible asset is derecognised on disposal, or when no future economic bene\ufb01ts are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in pro\ufb01t or loss when the asset is derecognised. Amortisation of intangibles is included within Administrative expenses in the Consolidated Income Statement. Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described on page 164) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash \ufb02ows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre\u2013tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in pro\ufb01t or loss. Any impairment is allocated pro\u2013rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal, then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro\u2013rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the \ufb01rst instance, or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations is measured at fair value, which is calculated as the sum of the acquisition\u2013date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identi\ufb01able assets, liabilities and contingent liabilities (identi\ufb01able net assets) are recognised at their fair value at the date of acquisition. Acquisition\u2013related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Bene\ufb01ts respectively; \u2013 liabilities or equity instruments related to share\u2013based payment arrangements of the acquiree or share\u2013based payment arrangements of the Group entered into to replace share\u2013based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share\u2013Based Payments at the acquisition date (see below); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; and \u2013 assets (or disposal groups) that are classi\ufb01ed as held for sale in accordance with IFRS 5 Non\u2013current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non\u2013controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in pro\ufb01t or loss. Goodwill is capitalised as an intangible asset, with any subsequent impairment in carrying value being charged to the Consolidated Income Statement. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to re\ufb02ect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the Consolidated Income Statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash\u2013generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments. Operating segments to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the operating segment is less than its carrying amount, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro\u2013rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in pro\ufb01t or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal, the attributable amount of goodwill is included in the determination of the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations is measured at fair value, which is calculated as the sum of the acquisition\u2013date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identi\ufb01able assets, liabilities and contingent liabilities (identi\ufb01able net assets) are recognised at their fair value at the date of acquisition. Acquisition\u2013related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Bene\ufb01ts respectively; \u2013 liabilities or equity instruments related to share\u2013based payment arrangements of the acquiree or share\u2013based payment arrangements of the Group entered into to replace share\u2013based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share\u2013Based Payments at the acquisition date (see below); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; and \u2013 assets (or disposal groups) that are classi\ufb01ed as held for sale in accordance with IFRS 5 Non\u2013current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non\u2013controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in pro\ufb01t or loss. Goodwill is capitalised as an intangible asset, with any subsequent impairment in carrying value being charged to the Consolidated Income Statement. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to re\ufb02ect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the Consolidated Income Statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash\u2013generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments. Operating segments to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the operating segment is less than its carrying amount, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro\u2013rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in pro\ufb01t or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal, the attributable amount of goodwill is included in the determination of the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination in accordance with IFRS 3 Business Combinations is measured at fair value, which is calculated as the sum of the acquisition\u2013date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. The identi\ufb01able assets, liabilities and contingent liabilities (identi\ufb01able net assets) are recognised at their fair value at the date of acquisition. Acquisition\u2013related costs are expensed as incurred and included in administrative expenses. At the acquisition date, the identi\ufb01able assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2013 uncertain tax positions and deferred tax assets or liabilities and assets or liabilities related to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Bene\ufb01ts respectively; \u2013 liabilities or equity instruments related to share\u2013based payment arrangements of the acquiree or share\u2013based payment arrangements of the Group entered into to replace share\u2013based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share\u2013Based Payments at the acquisition date (see below); \u2013 lease liabilities for which the Group is the acquiree and the lessee. In accordance with IFRS 3, the Group shall measure the lease liability as the present value of remaining lease payments as if the acquired lease were a new lease at the acquisition date; and \u2013 assets (or disposal groups) that are classi\ufb01ed as held for sale in accordance with IFRS 5 Non\u2013current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. When the Group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount of any non\u2013controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquired (if any) over the net of the fair values of acquired assets and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in pro\ufb01t or loss. Goodwill is capitalised as an intangible asset, with any subsequent impairment in carrying value being charged to the Consolidated Income Statement. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (a period of no more than 12 months), or additional assets or liabilities are recognised, to re\ufb02ect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Subsequently, changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments are recognised in the Consolidated Income Statement, when contingent consideration amounts are remeasured to fair value at subsequent reporting dates. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of monitoring and impairment testing, goodwill acquired in a business combination is allocated to the cash\u2013generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group monitors and tests goodwill for impairment using groups of CGUs that are aligned with the Group\u2019s operating segments. Operating segments to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the operating segment is less than its carrying amount, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro\u2013rata based on the carrying amount of each asset in the unit. Any impairment loss is recognised directly in pro\ufb01t or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods. On disposal, the attributable amount of goodwill is included in the determination of the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Foreign currency translation The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and \ufb01nancial position of each Group company are expressed in United States Dollars (US$), which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements. In preparing the Financial Statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non\u2013monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non\u2013monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date, with the exception of foreign operations that are subject to hyperin\ufb02ation (see below). Income and expense items are translated at the average exchange rates for the period, unless exchange rates \ufb02uctuate signi\ufb01cantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a separate component of equity (attributed to non\u2013controlling interests as appropriate). For intragroup loans not expected to be settled for the foreseeable future, exchange differences are transferred from the Consolidated Income Statement to the Consolidated Statement of Other Comprehensive Income (OCI). On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest become a \ufb01nancial asset), all of the exchange differences accumulated in a separate component of equity in respect of that operation attributable to the owners of the Company are reclassi\ufb01ed to pro\ufb01t or loss. In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences is re\u2013attributed to non\u2013controlling interests and is not recognised in pro\ufb01t or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing signi\ufb01cant in\ufb02uence or joint control), the proportionate share of the accumulated exchange differences is reclassi\ufb01ed to pro\ufb01t or loss. Hyperin\ufb02ation accounting Having reviewed the indicators of hyperin\ufb02ation, as outlined in IAS 29 \u2018Financial Reporting in Hyperin\ufb02ationary Economies\u2019, the Group has determined that Ghana, which was previously designated as hyperin\ufb02ationary in 2024, no longer meets the criteria for hyperin\ufb02ation in 2025. Accordingly, IAS 29 was applied to the Group\u2019s Ghanaian operations up to and including 30 June 2025. The cumulative effects of hyperin\ufb02ationary accounting up to that date have been retained, and the restated balances at 30 June are treated as \ufb01nal and will not be subject to further in\ufb02ationary restatement in subsequent periods. Malawi has met the requirements to be designated as a hyperin\ufb02ationary economy under IAS 29 in 2025, with the most prevalent indicator being the increase in in\ufb02ation over the last three years. The Group has therefore applied hyperin\ufb02ationary accounting, as speci\ufb01ed in IAS 29, to its Malawian operations, whose functional currency is the Malawian Kwacha. Ghanaian Cedi-denominated results and non\u2013monetary asset and liability balances are no longer subject to restatement under IAS 29 from 1 July 2025. Comparative information for the year ended 31 December 2024 remains as previously reported, including the restatement of Ghanaian Cedi\u2013denominated results and non-monetary asset and liability balances to present value equivalent amounts as at 31 December 2024, based on the CPI as issued by the Ghana Statistical Service, before translation to US$ at the reporting-date exchange rate of US$1:GHS14.707. Malawian Kwacha-denominated results and non\u2013monetary asset and liability balances for the current \ufb01nancial year ended 31 December 2025 have been revalued to their present value equivalent local currency amounts as at 31 December 2025, based on the CPI as issued by the Reserve Bank of Malawi, before translation to US$ at the reporting date exchange rate of US$1:MWK1,751.00. The index has increased by 26.0% to 272.3 (2024: 216.1) during the current \ufb01nancial year. Comparative periods are not restated per IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019. For the Group\u2019s hyperin\ufb02ationary operations: \u2013 the gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated Income Statement within other gains and losses; \u2013 the Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of in\ufb02ation on operating, investing and \ufb01nancing cash \ufb02ows as one number in the consolidated statement of cash \ufb02ows; and \u2013 the Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity restatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are judged to meet the de\ufb01nition of \u2018exchange differences\u2019. The main impacts of the aforementioned adjustments on the Consolidated Financial Statements are shown below.
Year ended Year ended
31 December 2025 31 December 2024
Increase/(Decrease) Increase/(Decrease)
US$m US$m
Revenue
-
2.4
Operating Pro\ufb01t
(8.5)
(7.5)
Pro\ufb01t before tax
4.0
(2.7)
Non-current assets
66.4
69.5
Equity attributable to owners of the parent
(55.7)
(64.4)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "The individual Financial Statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and \ufb01nancial position of each Group company are expressed in United States Dollars (US$), which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "Revenue recognition The Group recognises revenue from the rendering of tower services provided by utilisation of the Group\u2019s tower infrastructure pursuant to written contracts with its customers. The Group applies the \ufb01ve\u2013step model in IFRS 15 Revenue from Contracts with Customers. Prescriptive guidance in IFRS 15 is followed to deal with speci\ufb01c scenarios, and details of the impact of IFRS 15 on the Group\u2019s Consolidated Financial Statements are described in the following paragraphs. Revenue is not recognised if uncertainties over a customer\u2019s intention and ability to pay means that collection is not probable. On inception of the contract, a \u2018performance obligation\u2019 is identi\ufb01ed based on each of the distinct goods or services promised to the customer. Certain contracts have CPI and power escalation clauses, which are re\ufb02ected in line with the contract. The consideration speci\ufb01ed in the contract with the customer is allocated to a performance obligation identi\ufb01ed based on their relative standalone selling prices. In line with IFRS 15, the Group has one material performance obligation: to provide a series of distinct tower space and site services. This includes fees for the provision of tower infrastructure, power escalations and tower service contracts. This is the Group\u2019s only material performance obligation at the balance sheet date. Revenue from these services is recognised as the performance obligation is satis\ufb01ed over time using the time elapsed output method for each customer to measure the Group\u2019s progress under the contract. Customers are usually billed in advance creating deferred income, which is then recognised as the performance obligation is met over a straight\u2013line basis. Amounts billed in arrears are recognised as contract assets until billed. Revenue is measured at the fair value of the consideration received or expected to be received and represents amounts receivable for services provided in the normal course of business, less VAT and other sales\u2013related taxes. Where refunds are issued to customers, they are deducted from revenue in the relevant service period. If these estimates indicate that any contract will be less pro\ufb01table than previously forecast, contract assets may have to be written down to the extent they are no longer considered to be fully recoverable. We perform ongoing pro\ufb01tability reviews of our contracts in order to determine whether the latest estimates are appropriate. Key factors reviewed include: \u2013 transaction volumes or other inputs affecting future revenues, which can vary depending on customer requirements, plans, market position and other factors such as general economic conditions; \u2013 the status of commercial relations with customers and the implications for future revenue and cost projections; and \u2013 our estimates of future staff and third\u2013party costs and the degree to which cost savings and efficiencies are deliverable. The direct and incremental costs of acquiring a contract are recognised as contract acquisition cost assets in the statement of \ufb01nancial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group. Typically, this is over the customer contract period, as new commissions are payable on contract renewal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Financial liabilities All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables, and loans and borrowings. The subsequent measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as described below: (a) Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the statement of pro\ufb01t or loss. Financial liabilities designated upon initial recognition at fair value through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satis\ufb01ed. (b) Financial liabilities at amortised cost After initial recognition, interest\u2013bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the Consolidated Income Statement when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance costs in the Consolidated Income Statement. A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "(a) Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the statement of pro\ufb01t or loss. Financial liabilities designated upon initial recognition at fair value through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satis\ufb01ed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Financial assets Within the scope of IFRS 9, \ufb01nancial assets are classi\ufb01ed and subsequently measured at amortised cost, fair value through OCI or fair value through pro\ufb01t or loss (FVTPL). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs to give rise to cash \ufb02ows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or \ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the business model. Financial assets at fair value through pro\ufb01t or loss are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the Consolidated Income Statement. At the current reporting period, the Group did not elect to classify any \ufb01nancial instruments as fair value through OCI. The Group recognises a loss allowance for expected credit losses (\u201cECLs\u201d) on \ufb01nancial assets, measured at an amount equal to lifetime expected credit losses. ECLs on \ufb01nancial assets are estimated using a provision matrix based on historical default experience, adjusted for the \ufb01nancial position of debtors, debtor-speci\ufb01c factors, relevant industry and economic conditions, and forward-looking information at the reporting date. A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Consolidated Statement of Financial Position) when: \u2013 the rights to receive cash \ufb02ows from the asset have expired; or \u2013 the Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party. Financial liabilities All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables, and loans and borrowings. The subsequent measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as described below: (a) Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. Gains or losses on liabilities held for trading are recognised in the statement of pro\ufb01t or loss. Financial liabilities designated upon initial recognition at fair value through pro\ufb01t or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satis\ufb01ed. (b) Financial liabilities at amortised cost After initial recognition, interest\u2013bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the Consolidated Income Statement when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance costs in the Consolidated Income Statement. A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Compound \ufb01nancial instruments Convertible bonds issued by the Company are accounted for as compound \ufb01nancial instruments in accordance with IAS 32. On initial recognition, the instrument is separated into its liability and equity components. The liability component is measured at the fair value of a similar liability that does not contain an equity conversion option. Subsequent to initial recognition, the liability component is measured at amortised cost using the effective interest rate (EIR) method in accordance with IFRS 9. The equity component represents the residual interest, being the difference between the gross proceeds of the instrument and the fair value of the liability component, and is recognised within equity. The equity component is not subsequently remeasured. Embedded derivatives A derivative may be embedded in a non\u2013derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a \ufb01nancial asset within the scope of IFRS 9, then the relevant classi\ufb01cation and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a \ufb01nancial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. Derivative \ufb01nancial instruments and hedge accounting The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The use of \ufb01nancial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of \ufb01nancial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash \ufb02ow hedges). Changes in values of all derivatives of a \ufb01nancing nature are included within \ufb01nancing costs in the Consolidated Income Statement unless designated in an effective cash \ufb02ow hedge relationship, when the effective portion of changes in value are deferred to the Consolidated Statement of Other Comprehensive Income. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer quali\ufb01es for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in the Consolidated Statement of Other Comprehensive Income at that time remains in equity and is recognised in the Consolidated Income Statement when the hedged transaction is ultimately recognised in the Consolidated Income Statement. For cash \ufb02ow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. However, when the hedged transaction results in the recognition of a non\u2013\ufb01nancial asset or a non\u2013\ufb01nancial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non\u2013\ufb01nancial asset or non\u2013\ufb01nancial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Financial assets Within the scope of IFRS 9, \ufb01nancial assets are classi\ufb01ed and subsequently measured at amortised cost, fair value through OCI or fair value through pro\ufb01t or loss (FVTPL). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs to give rise to cash \ufb02ows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or \ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the business model. Financial assets at fair value through pro\ufb01t or loss are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the Consolidated Income Statement. At the current reporting period, the Group did not elect to classify any \ufb01nancial instruments as fair value through OCI. The Group recognises a loss allowance for expected credit losses (\u201cECLs\u201d) on \ufb01nancial assets, measured at an amount equal to lifetime expected credit losses. ECLs on \ufb01nancial assets are estimated using a provision matrix based on historical default experience, adjusted for the \ufb01nancial position of debtors, debtor-speci\ufb01c factors, relevant industry and economic conditions, and forward-looking information at the reporting date. A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e. removed from the Group\u2019s Consolidated Statement of Financial Position) when: \u2013 the rights to receive cash \ufb02ows from the asset have expired; or \u2013 the Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Leases The Group applies IFRS 16 Leases. The Group holds leases primarily on land, buildings and motor vehicles used in the ordinary course of business. Based on the accounting policy applied, the Group recognises a right\u2013of\u2013use asset and a lease liability at the commencement date of the contract for all leases conveying the right to control the use of an identi\ufb01ed asset for a period of time. The commencement date is the date on which a lessor makes an underlying asset available for use by a lessee. The right\u2013of\u2013use assets are initially measured at cost, which comprises: \u2013 the amount of the initial measurement of the lease liability; \u2013 any lease payments made at or before the commencement date, less any lease incentives received; and \u2013 any initial direct costs incurred by the lessee. After the commencement date, the right\u2013of\u2013use assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. The Group depreciates the right\u2013of\u2013use asset from the commencement date to the lower of the useful life or the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. These include: \u2013 \ufb01xed payments, less any lease incentives receivable. The lease payments are discounted using the incremental borrowing rate at the commencement of the lease contract or modi\ufb01cation. Generally, it is not possible to determine the interest rate implicit in the land and building leases. The incremental borrowing rate is estimated taking account of the economic environment of the lease, the currency of the lease and the lease term. The lease term determined by the Group comprises: \u2013 non\u2013cancellable period of lease contracts; \u2013 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u2013 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. After the commencement date, the Group measures the lease liability by: \u2013 increasing the carrying amount to re\ufb02ect interest on the lease liability; \u2013 reducing the carrying amount to re\ufb02ect lease payments made; and \u2013 remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "Compound \ufb01nancial instruments Convertible bonds issued by the Company are accounted for as compound \ufb01nancial instruments in accordance with IAS 32. On initial recognition, the instrument is separated into its liability and equity components. The liability component is measured at the fair value of a similar liability that does not contain an equity conversion option. Subsequent to initial recognition, the liability component is measured at amortised cost using the effective interest rate (EIR) method in accordance with IFRS 9. The equity component represents the residual interest, being the difference between the gross proceeds of the instrument and the fair value of the liability component, and is recognised within equity. The equity component is not subsequently remeasured. ", "dimensions": { "concept": "heliostowersplc:DescriptionOfAccountingPolicyforCompoundFinancialInstruments", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "Embedded derivatives A derivative may be embedded in a non\u2013derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a \ufb01nancial asset within the scope of IFRS 9, then the relevant classi\ufb01cation and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a \ufb01nancial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. Derivative \ufb01nancial instruments and hedge accounting The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The use of \ufb01nancial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of \ufb01nancial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash \ufb02ow hedges). Changes in values of all derivatives of a \ufb01nancing nature are included within \ufb01nancing costs in the Consolidated Income Statement unless designated in an effective cash \ufb02ow hedge relationship, when the effective portion of changes in value are deferred to the Consolidated Statement of Other Comprehensive Income. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer quali\ufb01es for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in the Consolidated Statement of Other Comprehensive Income at that time remains in equity and is recognised in the Consolidated Income Statement when the hedged transaction is ultimately recognised in the Consolidated Income Statement. For cash \ufb02ow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. However, when the hedged transaction results in the recognition of a non\u2013\ufb01nancial asset or a non\u2013\ufb01nancial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non\u2013\ufb01nancial asset or non\u2013\ufb01nancial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Embedded derivatives A derivative may be embedded in a non\u2013derivative \u2018host contract\u2019 such as put and call options over loans. Such combinations are known as hybrid instruments. If a hybrid contract contains a host that is a \ufb01nancial asset within the scope of IFRS 9, then the relevant classi\ufb01cation and measurement requirements are applied to the entire contract at the date of initial recognition. Should the host contract not be a \ufb01nancial asset within the scope of IFRS 9, the embedded derivative is separated from the host contract, if it is not closely related to the host contract, and accounted for as a standalone derivative. Where the embedded derivative is separated, the host contract is accounted for in accordance with its relevant accounting policy, unless the entire instrument is designated at FVTPL in accordance with IFRS 9. Derivative \ufb01nancial instruments and hedge accounting The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The use of \ufb01nancial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of \ufb01nancial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash \ufb02ow hedges). Changes in values of all derivatives of a \ufb01nancing nature are included within \ufb01nancing costs in the Consolidated Income Statement unless designated in an effective cash \ufb02ow hedge relationship, when the effective portion of changes in value are deferred to the Consolidated Statement of Other Comprehensive Income. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer quali\ufb01es for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in the Consolidated Statement of Other Comprehensive Income at that time remains in equity and is recognised in the Consolidated Income Statement when the hedged transaction is ultimately recognised in the Consolidated Income Statement. For cash \ufb02ow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. However, when the hedged transaction results in the recognition of a non\u2013\ufb01nancial asset or a non\u2013\ufb01nancial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non\u2013\ufb01nancial asset or non\u2013\ufb01nancial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "Derivative \ufb01nancial instruments and hedge accounting The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The use of \ufb01nancial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on the use of \ufb01nancial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. The Group designates certain derivatives as hedges of interest rate risks of highly probable forecast transactions (cash \ufb02ow hedges). Changes in values of all derivatives of a \ufb01nancing nature are included within \ufb01nancing costs in the Consolidated Income Statement unless designated in an effective cash \ufb02ow hedge relationship, when the effective portion of changes in value are deferred to the Consolidated Statement of Other Comprehensive Income. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer quali\ufb01es for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in the Consolidated Statement of Other Comprehensive Income at that time remains in equity and is recognised in the Consolidated Income Statement when the hedged transaction is ultimately recognised in the Consolidated Income Statement. For cash \ufb02ow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. However, when the hedged transaction results in the recognition of a non\u2013\ufb01nancial asset or a non\u2013\ufb01nancial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non\u2013\ufb01nancial asset or non\u2013\ufb01nancial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition, including any costs of decommissioning original telecoms equipment, or production cost less accumulated depreciation and impairment losses, if any. Assets in the course of construction for production, supply or administrative purposes, are carried at cost, less any recognised impairment loss. Cost includes material and labour and professional fees in accordance with the Group\u2019s accounting policy, and only those costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are capitalised. Depreciation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use. Borrowing costs are not capitalised as assets are generally constructed in substantially less than one year. Freehold land is not depreciated. Depreciation is charged to write off the cost of assets over their estimated useful lives, using the straight\u2013line method, on the following bases: Site assets \u2013 towers Up to 30 years Site assets \u2013 generators 8 years Site assets \u2013 plant and machinery 3\u20135 years Fixtures and \ufb01ttings 3 years IT equipment 3 years Motor vehicles 5 years Leasehold improvements 5\u201310 years or the end of the lease term C a b i n e t s 8 y e a r s Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 30 years, in line with the assets\u2019 estimated useful lives. An item of property, plant and equipment is derecognised upon disposal or when no future economic bene\ufb01ts are expected to arise from continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost of acquisition, including any costs of decommissioning original telecoms equipment, or production cost less accumulated depreciation and impairment losses, if any. Assets in the course of construction for production, supply or administrative purposes, are carried at cost, less any recognised impairment loss. Cost includes material and labour and professional fees in accordance with the Group\u2019s accounting policy, and only those costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are capitalised. Depreciation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use. Borrowing costs are not capitalised as assets are generally constructed in substantially less than one year. Freehold land is not depreciated. Depreciation is charged to write off the cost of assets over their estimated useful lives, using the straight\u2013line method, on the following bases: Site assets \u2013 towers Up to 30 years Site assets \u2013 generators 8 years Site assets \u2013 plant and machinery 3\u20135 years Fixtures and \ufb01ttings 3 years IT equipment 3 years Motor vehicles 5 years Leasehold improvements 5\u201310 years or the end of the lease term C a b i n e t s 8 y e a r s Directly attributable costs of acquiring tower assets are capitalised together with the towers acquired and depreciated over a period of up to 30 years, in line with the assets\u2019 estimated useful lives. An item of property, plant and equipment is derecognised upon disposal or when no future economic bene\ufb01ts are expected to arise from continued use of the asset. Any gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Intangible assets Contract\u2013acquired\u2013related intangible assets with \ufb01nite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight\u2013line basis over the life of the contract. Intangible assets acquired in a business combination and recognised separately from goodwill are recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortisation is charged to write off the cost of assets over their estimated useful lives, using the straight\u2013line method, on the following bases: Customer contracts Amortised over their contractual lives Customer relationships Up to 30 years Colocation rights Amortised over their contractual lives Right of \ufb01rst refusal Amortised over their contractual lives Non\u2013compete agreement Amortised over their contractual lives Computer software and licences 2\u20133 years An intangible asset is derecognised on disposal, or when no future economic bene\ufb01ts are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in pro\ufb01t or loss when the asset is derecognised. Amortisation of intangibles is included within Administrative expenses in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described on page 164) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash \ufb02ows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre\u2013tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in pro\ufb01t or loss. Any impairment is allocated pro\u2013rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal, then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro\u2013rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the \ufb01rst instance, or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "Impairment of tangible and intangible assets At each reporting date, the Directors review the carrying amounts of its tangible and intangible assets (other than goodwill, which is tested at least annually as described on page 164) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. For the purposes of assessing impairment, assets are grouped on a CGU basis. Where the asset does not generate cash \ufb02ows that are independent from other assets, the Directors estimate the recoverable amount of the CGU (\u2018Cash Generating Unit\u2019) to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre\u2013tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in pro\ufb01t or loss. Any impairment is allocated pro\u2013rata across all assets in a CGU unless there is an indication that a class of asset should be impaired in the \ufb01rst instance or a fair market value exists for one or more assets. Once an asset has been written down to its fair value less costs of disposal, then any remaining impairment is allocated equally among all other assets. Where an impairment loss subsequently reverses, the carrying amount of the asset (CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (CGU) in prior years. Reversals are allocated pro\u2013rata across all assets in the CGU unless there is an indication that a class of asset should be reversed in the \ufb01rst instance, or a fair market value exists for one or more assets. A reversal of an impairment loss is recognised in the income statement immediately. An impairment loss recognised for goodwill is never reversed in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Related parties For the purpose of these Consolidated Financial Statements, parties are considered to be related to the Group if they have the ability, directly or indirectly to control the Group or exercise signi\ufb01cant in\ufb02uence over the Group in making \ufb01nancial or operating decisions, or vice versa, or where the Group is subject to common control or common signi\ufb01cant in\ufb02uence. Related parties may be individuals or other entities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Retirement bene\ufb01t costs Payments to de\ufb01ned contribution retirement bene\ufb01t schemes are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state\u2013managed retirement bene\ufb01t schemes are dealt with as payments to de\ufb01ned contribution schemes where the Group\u2019s obligations under the schemes are equivalent to those arising in a de\ufb01ned contribution retirement bene\ufb01t scheme. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "Share\u2013based payments The Group\u2019s management awards employee share options, from time to time, on a discretionary basis, which are subject to vesting conditions. The economic cost of awarding the share options to its employees is recognised as an employee bene\ufb01t expense in the income statement measured indirectly by reference to the fair value of the instruments granted. For further details refer to Note 25. In accordance with IFRS 2, the fair value of equity-settled share-based payments is measured at the grant date and recognised as an expense on a straight-line basis over the vesting period, with a corresponding increase in equity. Fair value is determined using appropriate valuation models (e.g. Monte Carlo simulation) and incorporates any market-based performance conditions. Non-market vesting conditions are re\ufb02ected in the number of awards expected to vest. Cash-settled awards are measured at fair value at each reporting date, with a corresponding liability recognised. Remeasurements are recognised in pro\ufb01t or loss over the vesting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank, in hand and short\u2013term deposits, which are held for the purpose of meeting short\u2013term commitments. Short\u2013term deposits are de\ufb01ned as deposits with an initial maturity of three months or less. While bank overdrafts are repayable in the short term, they do not form an integral part of the Group\u2019s cash management, and are thus not included as a component of cash and cash equivalents for the purposes of the Consolidated Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "Interest expense Interest expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the \ufb01nancial liability. The effective interest method is a method of calculating the amortised cost of a \ufb01nancial asset/\ufb01nancial liability and of allocating interest income/interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the \ufb01nancial assets/\ufb01nancial liabilities, or, where appropriate, a shorter period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Interest expense Interest expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the \ufb01nancial liability. The effective interest method is a method of calculating the amortised cost of a \ufb01nancial asset/\ufb01nancial liability and of allocating interest income/interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the \ufb01nancial assets/\ufb01nancial liabilities, or, where appropriate, a shorter period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "Interest expense Interest expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the \ufb01nancial liability. The effective interest method is a method of calculating the amortised cost of a \ufb01nancial asset/\ufb01nancial liability and of allocating interest income/interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the \ufb01nancial assets/\ufb01nancial liabilities, or, where appropriate, a shorter period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from net pro\ufb01t as reported in the Consolidated Income Statement Consolidated Statement of Other Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the statement of \ufb01nancial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised either for taxable temporary differences arising on investments in subsidiaries or on carrying value of taxable assets, except where the Group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in the pro\ufb01t or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and legal entity, and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions Where required under applicable standards, provision is made for matters where Management assesses that it is probable that a relevant taxation authority will not accept the position as \ufb01led in the tax returns, it is probable an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation and the amount can be reliably estimated. The Group typically uses a weighted average of outcomes assessed as possible to determine the level of provision required, unless a single best estimate of the outcome is considered to be more appropriate. Assessments are made at the level of an individual tax uncertainty, unless uncertainties are considered to be related, in which case they are grouped together. Provisions, which are not discounted given the short period over which they are expected to be utilised, are included within current tax liabilities, together with any liability for penalties, which to date have not been signi\ufb01cant. Any liability relating to interest on tax liabilities is included within \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the statement of \ufb01nancial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised either for taxable temporary differences arising on investments in subsidiaries or on carrying value of taxable assets, except where the Group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in the pro\ufb01t or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and legal entity, and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "2b. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the amounts recognised in the Financial Statements. Revenue recognition Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from contracts with customers. In arriving at this assessment, the Directors concluded that there is not an embedded lease, given customer contracts provide for an amount of space on a tower rather than a speci\ufb01c location on a tower. The contracts permit the Group, subject to certain conditions, to relocate customer equipment on the Group\u2019s towers in order to accommodate other tenants. Customer consent is usually required to move equipment. However, this should not be unreasonably withheld. The Directors believe these substitution rights are substantive, given the practical ability to move equipment and the economics of doing so. In applying the requirements of IFRS 15, management makes an evaluation as to whether it is probable that the Group will collect the consideration that it is entitled to under the contract. The amount of revenue that the Group is contractually entitled to but has not recognised is disclosed in Note 22. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood that a pending claim will succeed or a liability will arise. Provisions for litigation Provisions and exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation (see Note 27) are subject to estimation uncertainty. While the value of open claims across the Group is material in aggregate, based on recent experiences of closing such cases, the resulting adjustments are generally not material, and provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. Uncertain tax positions Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising from transactions in tax jurisdictions for which the ultimate tax determination is uncertain. Where there are uncertain tax positions, the Directors assess whether it is probable that the position adopted in tax \ufb01lings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. The Group uses tax experts in all jurisdictions when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group\u2019s tax provision for these matters is recognised within current tax liabilities and in the measurement of deferred tax assets as applicable. The provision re\ufb02ects a number of estimates where the amount of tax payable is either currently under audit by the tax authorities or relates to a period which has yet to be audited. These areas include the tax effects of change of control events, which are calculated based on valuations of the Company\u2019s operations in the relevant jurisdictions, and interpretation of taxation law relating to statutory tax \ufb01lings by the Group. The nature of the items, for which a provision is held, is such that the \ufb01nal outcome could vary from the amounts recognised once a \ufb01nal tax determination is made. To the extent the estimated \ufb01nal outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax balances held in the period the determination is made. While the value of open tax audit cases for all taxes across the Group is material in aggregate, based on recent experiences of closing tax audit cases, the resulting adjustments are generally not material, and tax accruals and provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a signi\ufb01cant risk of a material change to the amounts accrued and provided at 31 December 2025 within the next \ufb01nancial year. Climate\u2013related matters on the \ufb01nancial statements The Directors have considered the effects climate\u2013related matters may have on the \ufb01nancial statements. In particular, consideration has been given to the potential impact climate matters may have on the carrying amount of the Group\u2019s property, plant and equipment, the useful economic lives of our towers and inventories, the impact climate change considerations and initiatives have when assessing forecasts as part of our going concern assessment and impairment reviews, potential \ufb01nancial impact that future regulatory requirements may have on \ufb01nancial instruments the Group may use or the way it assesses the recognition of assets and liabilities. While no adjustments have been made to the carrying amount of assets and liabilities in the current year, the Group\u2019s forecasts re\ufb02ect the Group\u2019s planned spend in respect of carbon\u2013 intensity reduction targets. The Directors will continue to assess the impact climate\u2013related matters may have on the \ufb01nancial position and performance of the Group and re\ufb02ect those in future \ufb01nancial statements. Recognition of deferred tax assets The Group has material unrecognised deferred tax assets across a number of jurisdictions (see Note 10) that have not been recognised as at 31 December 2025 due to the existence of previous tax losses in the relevant entities and insufficient certainty as to the availability of future taxable pro\ufb01ts. At 31 December 2025, the Group has recognised a deferred tax asset of US$26.0 million (2024: US$42.2 million). Sufficient future taxable pro\ufb01ts are expected to be available to utilise. 2c. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Carrying amounts of assets and liabilities The Directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Derivatives valuation The Group manages its interest rate risk using interest rate swap agreements. These are classi\ufb01ed as \ufb01nancial instruments and recognised at fair value at the reporting date. The fair value is dependent on the future interest rate forward yield curve at the reporting date. This can have a material impact on the fair value of the interest rate swaps between periods. The Group\u2019s debt \ufb01nancing includes embedded derivative features that are separated from the host contract and measured at fair value. These instruments are classi\ufb01ed as Level 3 in the fair value hierarchy as their valuation relies on signi\ufb01cant unobservable inputs, including assumptions regarding future cash \ufb02ows, discount rates and market volatility. Changes to these inputs can have a material impact on the fair value recognised at the reporting date. On the basis of materiality, management does not deem this to be a key source of estimation uncertainty. Other estimates The Directors have considered whether certain other estimates included in the \ufb01nancial statements meet the criteria to be key sources of estimation uncertainty, as follows: Impairment testing In previous \ufb01nancial years, impairment testing was considered a key source of estimation uncertainty. For the purpose of assessing goodwill for impairment, CGUs are grouped on a segment basis. Given the increased level of headroom in the Group\u2019s 2024 and 2025 impairment tests, management no longer considers impairment to be a key source of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "2b. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most signi\ufb01cant effect on the amounts recognised in the Financial Statements. Revenue recognition Revenue is recognised as service revenue in accordance with IFRS 15: Revenue from contracts with customers. In arriving at this assessment, the Directors concluded that there is not an embedded lease, given customer contracts provide for an amount of space on a tower rather than a speci\ufb01c location on a tower. The contracts permit the Group, subject to certain conditions, to relocate customer equipment on the Group\u2019s towers in order to accommodate other tenants. Customer consent is usually required to move equipment. However, this should not be unreasonably withheld. The Directors believe these substitution rights are substantive, given the practical ability to move equipment and the economics of doing so. In applying the requirements of IFRS 15, management makes an evaluation as to whether it is probable that the Group will collect the consideration that it is entitled to under the contract. The amount of revenue that the Group is contractually entitled to but has not recognised is disclosed in Note 22. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see Note 27). Judgement is necessary to assess the likelihood that a pending claim will succeed or a liability will arise. Provisions for litigation Provisions and exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation (see Note 27) are subject to estimation uncertainty. While the value of open claims across the Group is material in aggregate, based on recent experiences of closing such cases, the resulting adjustments are generally not material, and provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. Uncertain tax positions Measurement of the Group\u2019s tax liability involves estimation of the tax liabilities arising from transactions in tax jurisdictions for which the ultimate tax determination is uncertain. Where there are uncertain tax positions, the Directors assess whether it is probable that the position adopted in tax \ufb01lings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. The Group uses tax experts in all jurisdictions when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group\u2019s tax provision for these matters is recognised within current tax liabilities and in the measurement of deferred tax assets as applicable. The provision re\ufb02ects a number of estimates where the amount of tax payable is either currently under audit by the tax authorities or relates to a period which has yet to be audited. These areas include the tax effects of change of control events, which are calculated based on valuations of the Company\u2019s operations in the relevant jurisdictions, and interpretation of taxation law relating to statutory tax \ufb01lings by the Group. The nature of the items, for which a provision is held, is such that the \ufb01nal outcome could vary from the amounts recognised once a \ufb01nal tax determination is made. To the extent the estimated \ufb01nal outcome differs from the tax that has been provided, adjustments will be made to income tax and deferred tax balances held in the period the determination is made. While the value of open tax audit cases for all taxes across the Group is material in aggregate, based on recent experiences of closing tax audit cases, the resulting adjustments are generally not material, and tax accruals and provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. Therefore, the Directors consider the current provisions held by the Group to be appropriate and do not anticipate a signi\ufb01cant risk of a material change to the amounts accrued and provided at 31 December 2025 within the next \ufb01nancial year. Climate\u2013related matters on the \ufb01nancial statements The Directors have considered the effects climate\u2013related matters may have on the \ufb01nancial statements. In particular, consideration has been given to the potential impact climate matters may have on the carrying amount of the Group\u2019s property, plant and equipment, the useful economic lives of our towers and inventories, the impact climate change considerations and initiatives have when assessing forecasts as part of our going concern assessment and impairment reviews, potential \ufb01nancial impact that future regulatory requirements may have on \ufb01nancial instruments the Group may use or the way it assesses the recognition of assets and liabilities. While no adjustments have been made to the carrying amount of assets and liabilities in the current year, the Group\u2019s forecasts re\ufb02ect the Group\u2019s planned spend in respect of carbon\u2013 intensity reduction targets. The Directors will continue to assess the impact climate\u2013related matters may have on the \ufb01nancial position and performance of the Group and re\ufb02ect those in future \ufb01nancial statements. Recognition of deferred tax assets The Group has material unrecognised deferred tax assets across a number of jurisdictions (see Note 10) that have not been recognised as at 31 December 2025 due to the existence of previous tax losses in the relevant entities and insufficient certainty as to the availability of future taxable pro\ufb01ts. At 31 December 2025, the Group has recognised a deferred tax asset of US$26.0 million (2024: US$42.2 million). Sufficient future taxable pro\ufb01ts are expected to be available to utilise. 2c. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Carrying amounts of assets and liabilities The Directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Derivatives valuation The Group manages its interest rate risk using interest rate swap agreements. These are classi\ufb01ed as \ufb01nancial instruments and recognised at fair value at the reporting date. The fair value is dependent on the future interest rate forward yield curve at the reporting date. This can have a material impact on the fair value of the interest rate swaps between periods. The Group\u2019s debt \ufb01nancing includes embedded derivative features that are separated from the host contract and measured at fair value. These instruments are classi\ufb01ed as Level 3 in the fair value hierarchy as their valuation relies on signi\ufb01cant unobservable inputs, including assumptions regarding future cash \ufb02ows, discount rates and market volatility. Changes to these inputs can have a material impact on the fair value recognised at the reporting date. On the basis of materiality, management does not deem this to be a key source of estimation uncertainty. Other estimates The Directors have considered whether certain other estimates included in the \ufb01nancial statements meet the criteria to be key sources of estimation uncertainty, as follows: Impairment testing In previous \ufb01nancial years, impairment testing was considered a key source of estimation uncertainty. For the purpose of assessing goodwill for impairment, CGUs are grouped on a segment basis. Given the increased level of headroom in the Group\u2019s 2024 and 2025 impairment tests, management no longer considers impairment to be a key source of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Uncertain tax positions Where required under applicable standards, provision is made for matters where Management assesses that it is probable that a relevant taxation authority will not accept the position as \ufb01led in the tax returns, it is probable an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation and the amount can be reliably estimated. The Group typically uses a weighted average of outcomes assessed as possible to determine the level of provision required, unless a single best estimate of the outcome is considered to be more appropriate. Assessments are made at the level of an individual tax uncertainty, unless uncertainties are considered to be related, in which case they are grouped together. Provisions, which are not discounted given the short period over which they are expected to be utilised, are included within current tax liabilities, together with any liability for penalties, which to date have not been signi\ufb01cant. Any liability relating to interest on tax liabilities is included within \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Share capital Ordinary shares are classi\ufb01ed as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Treasury shares Treasury shares represents the shares of Helios Towers plc that are held by the Employee Bene\ufb01t Trust (EBT). Treasury shares are recorded at cost and deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "New and revised IFRS Accounting Standards in issue but not yet effective The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2026: \u2013 Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments (Effective for 2026); \u2013 Contracts Referencing Nature-dependent Electricity (Effective for 2026); and \u2013 Annual Improvements to IFRS Accounting Standards - Volume 11 (Effective for 2026). The Group\u2019s \ufb01nancial reporting will be presented in accordance with the above new standards from 1 January 2026. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. At the date of authorisation of these \ufb01nancial statements, the Group has not applied IFRS Accounting Standards, which have been issued but are not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027); and \u2013 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (Effective for 2027). The Directors of the Company anticipate that the application of these amendments will have an impact on the Group\u2019s consolidated \ufb01nancial statements in future periods. IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements introducing new requirements that will help to achieve comparability of the \ufb01nancial performance of similar entities and provide more relevant information and transparency to users. The Group is assessing the impact of IFRS 18 on its consolidated \ufb01nancial statements. Whilst the standard does not affect the recognition or measurement of items, and therefore no impact on pro\ufb01t after tax for the year, it will change the presentation and disclosure within the primary statements, particularly the Consolidated Income Statement. Under IFRS 18, income and expenses must be classi\ufb01ed into de\ufb01ned categories: operating, investing, \ufb01nancing, income taxes and discontinued operations. In addition, IFRS 18 introduces enhanced aggregation and disaggregation requirements, resulting in a more structured and transparent presentation of key cost drivers. For example, power-generation costs will be presented within operating activities, gains or losses on the disposal of property, plant and equipment will be presented within investing activities, and interest on loans, bonds and IFRS 16 lease liabilities will be presented within \ufb01nancing activities. There will also be an impact on the presentation of the Consolidated Statement of Cash Flows, with the indirect method required to start from operating pro\ufb01t rather than pro\ufb01t after tax for the year. This re\ufb02ects the new subtotals introduced in the Consolidated Income Statement under IFRS 18. Additionally, interest paid will be classi\ufb01ed as a \ufb01nancing out\ufb02ow, while interest received will be classi\ufb01ed as an investing in\ufb02ow. IFRS 18 also introduces new disclosure requirements for management-de\ufb01ned performance measures (MPMs), which will be presented in a dedicated note to the \ufb01nancial statements. MPMs will require a reconciliation to the nearest total speci\ufb01ed in IFRS Accounting Standards. The Group already provides a reconciliation of Adjusted EBITDA to pro\ufb01t before tax in Note 4, which will form the basis for the required disclosures under IFRS 18. The Group will apply the new standard by the effective date of 1 January 2027. Retrospective application is required, and therefore comparative information will be restated in accordance with IFRS 18 once adopted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "New and revised IFRS Accounting Standards in issue but not yet effective The following Standards, Amendments and Interpretations have been issued by the IASB and are effective for annual reporting periods beginning on or after 1 January 2026: \u2013 Amendments to IFRS 9 and IFRS 7: Classi\ufb01cation and Measurement of Financial Instruments (Effective for 2026); \u2013 Contracts Referencing Nature-dependent Electricity (Effective for 2026); and \u2013 Annual Improvements to IFRS Accounting Standards - Volume 11 (Effective for 2026). The Group\u2019s \ufb01nancial reporting will be presented in accordance with the above new standards from 1 January 2026. The Directors do not expect that the adoption of the above Standards, Amendments and Interpretations will have a material impact on the Financial Statements of the Group in future periods. At the date of authorisation of these \ufb01nancial statements, the Group has not applied IFRS Accounting Standards, which have been issued but are not yet effective: \u2013 IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 (Effective for 2027); and \u2013 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (Effective for 2027). The Directors of the Company anticipate that the application of these amendments will have an impact on the Group\u2019s consolidated \ufb01nancial statements in future periods. IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements introducing new requirements that will help to achieve comparability of the \ufb01nancial performance of similar entities and provide more relevant information and transparency to users. The Group is assessing the impact of IFRS 18 on its consolidated \ufb01nancial statements. Whilst the standard does not affect the recognition or measurement of items, and therefore no impact on pro\ufb01t after tax for the year, it will change the presentation and disclosure within the primary statements, particularly the Consolidated Income Statement. Under IFRS 18, income and expenses must be classi\ufb01ed into de\ufb01ned categories: operating, investing, \ufb01nancing, income taxes and discontinued operations. In addition, IFRS 18 introduces enhanced aggregation and disaggregation requirements, resulting in a more structured and transparent presentation of key cost drivers. For example, power-generation costs will be presented within operating activities, gains or losses on the disposal of property, plant and equipment will be presented within investing activities, and interest on loans, bonds and IFRS 16 lease liabilities will be presented within \ufb01nancing activities. There will also be an impact on the presentation of the Consolidated Statement of Cash Flows, with the indirect method required to start from operating pro\ufb01t rather than pro\ufb01t after tax for the year. This re\ufb02ects the new subtotals introduced in the Consolidated Income Statement under IFRS 18. Additionally, interest paid will be classi\ufb01ed as a \ufb01nancing out\ufb02ow, while interest received will be classi\ufb01ed as an investing in\ufb02ow. IFRS 18 also introduces new disclosure requirements for management-de\ufb01ned performance measures (MPMs), which will be presented in a dedicated note to the \ufb01nancial statements. MPMs will require a reconciliation to the nearest total speci\ufb01ed in IFRS Accounting Standards. The Group already provides a reconciliation of Adjusted EBITDA to pro\ufb01t before tax in Note 4, which will form the basis for the required disclosures under IFRS 18. The Group will apply the new standard by the effective date of 1 January 2027. Retrospective application is required, and therefore comparative information will be restated in accordance with IFRS 18 once adopted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "
3. Segmental reporting
The following segmental information is presented in a consistent format with management information considered by the Group CEO, who is considered to be the chief operating decision maker
(CODM). Operating segments are determined based on geographical location. All operating segments have the same business of operating and maintaining telecoms towers and renting space
on such towers. Accounting policies are applied consistently for all operating segments. The segment operating result used by the CODM is Adjusted EBITDA, which is de\ufb01ned in Note 4.
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2025
US$m
US$m
US$m
US$m
US$m
Revenue
74.5
348.2
431.4
-
854.1
Adjusted EBITDA
1
55.0
236.2
223.8
(43.9)
471.1
Adjusted EBITDA margin
2
74%
68%
52%
-
55%
Financing costs
Interest costs
(30.2)
(68.8)
(75.9)
(7.1)
(182.0)
Foreign exchange differences
(0.5)
(33.4)
36.5
15.7
18.3
Total \ufb01nance costs
(30.7)
(102.2)
(39.4)
8.6
(163.7)
Other segmental information
Non-current assets
501.6
665.3
713.8
9.2
1,889.9\ue010
Property, plant and equipment and intangibles additions
24.6
75.9
86.0
-
186.5
Property, plant and equipment and intangibles depreciation and amortisation
21.7
48.1
66.7
10.2
146.7
No revenue arises in the UK, which is the Group\u2019s country of domicile. Total revenue of US$854.1 million (2024: US$792.0 million) therefore arises in foreign countries. Material revenues in
individual foreign countries are as follows: Oman US$74.5 million (2024: US$68.6 million), Tanzania US$254.9 million (2024: US$242.1 million), DRC US$308.0 million (2024: US$296.4 million).
Non-current assets located in the UK are US$6.9 million (2024: US$9.0 million); the remainder, US$1,883.0 million (2024: US$1,750.3 million) are located in foreign countries. Material non-
current assets in individual foreign countries are as follows: Oman US$501.6 million (2024: US$501.1 million), Tanzania US$295.8 million (2024: US$286.3 million), DRC US$427.7m (2024:
US$398.7 million).
1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant
and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are
considered one\u2013off by management by virtue of their size and/or incidence.
2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman.
4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi.
5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar.
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2024
US$m
US$m
US$m
US$m
US$m
Revenue
68.6
325.5
397.9
-
792.0
Adjusted EBITDA
1
49.3
210.4
199.3
(38.0)
421.0
Adjusted EBITDA margin
2
72%
65%
50%
-
53%
Financing costs
Interest costs
(33.8)
(79.7)
(77.4)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.4
(30.4)
6.6
(21.7)
Loss on re\ufb01nancing
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total \ufb01nance costs
(34.1)
(77.3)
(107.8)
0.6
(218.6)
Other segmental information
Non-current assets
501.1
597.9
647.3
13.0
1,759.3\ue00b
Property, plant and equipment and intangibles additions
23.1
67.4
85.0
11.6
187.1
Property, plant and equipment and intangibles depreciation and amortisation
22.2
57.9
53.4
6.8
140.3
1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant
and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are
considered one\u2013off by management by virtue of their size and/or incidence.
2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman.
4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi.
5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar.
Customer concentration
A signi\ufb01cant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2025,
revenue from our top four MNO customers collectively accounted for 72.3% of our revenue (2024: 68.9%).
Year ended 31 December
Revenue
Revenue
2025
2025
2024
2024
(US$m)
US$m
%
US$m
%
Airtel Africa
237.9
27.9%
192.2
24.3%
Vodafone/Vodacom
196.6
23.0%
182.2
23.0%
Orange
94.6
11.1%
89.0
11.2%
Axian
88.2
10.3%
82.4
10.4%
Total
617.3
72.3%
545.8
68.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2025
US$m
US$m
US$m
US$m
US$m
Revenue
74.5
348.2
431.4
-
854.1
Adjusted EBITDA
1
55.0
236.2
223.8
(43.9)
471.1
Adjusted EBITDA margin
2
74%
68%
52%
-
55%
Financing costs
Interest costs
(30.2)
(68.8)
(75.9)
(7.1)
(182.0)
Foreign exchange differences
(0.5)
(33.4)
36.5
15.7
18.3
Total \ufb01nance costs
(30.7)
(102.2)
(39.4)
8.6
(163.7)
Other segmental information
Non-current assets
501.6
665.3
713.8
9.2
1,889.9\ue010
Property, plant and equipment and intangibles additions
24.6
75.9
86.0
-
186.5
Property, plant and equipment and intangibles depreciation and amortisation
21.7
48.1
66.7
10.2
146.7
No revenue arises in the UK, which is the Group\u2019s country of domicile. Total revenue of US$854.1 million (2024: US$792.0 million) therefore arises in foreign countries. Material revenues in individual foreign countries are as follows: Oman US$74.5 million (2024: US$68.6 million), Tanzania US$254.9 million (2024: US$242.1 million), DRC US$308.0 million (2024: US$296.4 million). Non-current assets located in the UK are US$6.9 million (2024: US$9.0 million); the remainder, US$1,883.0 million (2024: US$1,750.3 million) are located in foreign countries. Material non- current assets in individual foreign countries are as follows: Oman US$501.6 million (2024: US$501.1 million), Tanzania US$295.8 million (2024: US$286.3 million), DRC US$427.7m (2024: US$398.7 million). 1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one\u2013off by management by virtue of their size and/or incidence. 2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman. 4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi. 5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar.
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2024
US$m
US$m
US$m
US$m
US$m
Revenue
68.6
325.5
397.9
-
792.0
Adjusted EBITDA
1
49.3
210.4
199.3
(38.0)
421.0
Adjusted EBITDA margin
2
72%
65%
50%
-
53%
Financing costs
Interest costs
(33.8)
(79.7)
(77.4)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.4
(30.4)
6.6
(21.7)
Loss on re\ufb01nancing
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total \ufb01nance costs
(34.1)
(77.3)
(107.8)
0.6
(218.6)
Other segmental information
Non-current assets
501.1
597.9
647.3
13.0
1,759.3\ue00b
Property, plant and equipment and intangibles additions
23.1
67.4
85.0
11.6
187.1
Property, plant and equipment and intangibles depreciation and amortisation
22.2
57.9
53.4
6.8
140.3
1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one\u2013off by management by virtue of their size and/or incidence. 2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman. 4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi. 5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar. Customer concentration A signi\ufb01cant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2025, revenue from our top four MNO customers collectively accounted for 72.3% of our revenue (2024: 68.9%).
Year ended 31 December
Revenue
Revenue
2025
2025
2024
2024
(US$m)
US$m
%
US$m
%
Airtel Africa
237.9
27.9%
192.2
24.3%
Vodafone/Vodacom
196.6
23.0%
182.2
23.0%
Orange
94.6
11.1%
89.0
11.2%
Axian
88.2
10.3%
82.4
10.4%
Total
617.3
72.3%
545.8
68.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2025
US$m
US$m
US$m
US$m
US$m
Revenue
74.5
348.2
431.4
-
854.1
Adjusted EBITDA
1
55.0
236.2
223.8
(43.9)
471.1
Adjusted EBITDA margin
2
74%
68%
52%
-
55%
Financing costs
Interest costs
(30.2)
(68.8)
(75.9)
(7.1)
(182.0)
Foreign exchange differences
(0.5)
(33.4)
36.5
15.7
18.3
Total \ufb01nance costs
(30.7)
(102.2)
(39.4)
8.6
(163.7)
Other segmental information
Non-current assets
501.6
665.3
713.8
9.2
1,889.9\ue010
Property, plant and equipment and intangibles additions
24.6
75.9
86.0
-
186.5
Property, plant and equipment and intangibles depreciation and amortisation
21.7
48.1
66.7
10.2
146.7
No revenue arises in the UK, which is the Group\u2019s country of domicile. Total revenue of US$854.1 million (2024: US$792.0 million) therefore arises in foreign countries. Material revenues in individual foreign countries are as follows: Oman US$74.5 million (2024: US$68.6 million), Tanzania US$254.9 million (2024: US$242.1 million), DRC US$308.0 million (2024: US$296.4 million). Non-current assets located in the UK are US$6.9 million (2024: US$9.0 million); the remainder, US$1,883.0 million (2024: US$1,750.3 million) are located in foreign countries. Material non- current assets in individual foreign countries are as follows: Oman US$501.6 million (2024: US$501.1 million), Tanzania US$295.8 million (2024: US$286.3 million), DRC US$427.7m (2024: US$398.7 million). 1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one\u2013off by management by virtue of their size and/or incidence. 2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman. 4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi. 5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar.
Central &
Middle East & East & West Southern
North Africa
3
Africa
4
Africa
5
Corporate
Group
For the year to 31 December 2024
US$m
US$m
US$m
US$m
US$m
Revenue
68.6
325.5
397.9
-
792.0
Adjusted EBITDA
1
49.3
210.4
199.3
(38.0)
421.0
Adjusted EBITDA margin
2
72%
65%
50%
-
53%
Financing costs
Interest costs
(33.8)
(79.7)
(77.4)
(1.0)
(191.9)
Foreign exchange differences
(0.3)
2.4
(30.4)
6.6
(21.7)
Loss on re\ufb01nancing
\u2013
\u2013
\u2013
(5.0)
(5.0)
Total \ufb01nance costs
(34.1)
(77.3)
(107.8)
0.6
(218.6)
Other segmental information
Non-current assets
501.1
597.9
647.3
13.0
1,759.3\ue00b
Property, plant and equipment and intangibles additions
23.1
67.4
85.0
11.6
187.1
Property, plant and equipment and intangibles depreciation and amortisation
22.2
57.9
53.4
6.8
140.3
1 Adjusted EBITDA is pro\ufb01t before tax for the year, adjusted for \ufb01nance costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and equipment, amortisation of intangible assets, depreciation and impairment of property, plant and equipment, depreciation of right\u2013of\u2013use assets, deal costs for aborted acquisitions, deal costs not capitalised, share\u2013based payments and long-term incentive plan charges, and other adjusting items. Other adjusting items are material items that are considered one\u2013off by management by virtue of their size and/or incidence. 2 Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. 3 Middle East & North Africa segment re\ufb02ects the Company\u2019s operations in Oman. 4 East & West Africa segment re\ufb02ects the Company\u2019s operations in Tanzania, Senegal and Malawi. 5 Central & Southern Africa segment re\ufb02ects the Company\u2019s operations in DRC, Congo Brazzaville, South Africa, Ghana and Madagascar. Customer concentration A signi\ufb01cant portion of our Group revenue is derived from a small number of large multinational customers (which operate across multiple segments). In the year ended 31 December 2025, revenue from our top four MNO customers collectively accounted for 72.3% of our revenue (2024: 68.9%).
Year ended 31 December
Revenue
Revenue
2025
2025
2024
2024
(US$m)
US$m
%
US$m
%
Airtel Africa
237.9
27.9%
192.2
24.3%
Vodafone/Vodacom
196.6
23.0%
182.2
23.0%
Orange
94.6
11.1%
89.0
11.2%
Axian
88.2
10.3%
82.4
10.4%
Total
617.3
72.3%
545.8
68.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
4. Reconciliation of aggregate segmental Adjusted EBITDA to pro\ufb01t before tax
The key segment operating result used by CODM is Adjusted EBITDA, which is also used as
an Alternative Performance Measure (APM) for the Group as a whole.
Management de\ufb01nes Adjusted EBITDA as pro\ufb01t before tax for the year, adjusted for \ufb01nance
costs, other gains and losses, \ufb01nance income, gain/loss on disposal of property, plant and
equipment, amortisation of intangible assets, depreciation of property, plant and equipment,
depreciation of right\u2013of\u2013use assets, deal costs not capitalised, share\u2013based payments and
long-term incentive plan charges, and other adjusting items. Other adjusting items are material
items that are considered one\u2013off by management by virtue of their size and/or incidence.
The Group believes that Adjusted EBITDA and Adjusted EBITDA margin facilitate comparisons
of operating performance from period to period and company to company by eliminating
potential differences caused by variations in capital structures (affecting interest and \ufb01nance
charges), tax positions (such as the impact of changes in effective tax rates or net operating
losses) and the age and booked depreciation on assets. The Group excludes certain items
from Adjusted EBITDA, such as gain/loss on disposal of property, plant and equipment
and other adjusting items because it believes they are not indicative of its underlying
trading performance.
Adjusted EBITDA is reconciled to pro\ufb01t before tax as follows:
2025 2024
US$m US$m
Aggregate Adjusted EBITDA
515.0
459.0
Corporate Adjusted EBITDA
(43.9)
(38.0)
Adjusted EBITDA
471.1
421.0
Adjusting items:
Deal costs
1
(3.4)
(1.4)
Share-based payments and LTIP charges
2
(7.1)
(4.7)
Other
3
(3.5)
(1.2)
Gain/(loss) on disposal of property, plant and equipment
1.2
(5.2)
Other gains and (losses)
11.9
17.1
Depreciation of property, plant and equipment
(114.7)
(113.3)
Amortisation of intangible assets
(32.1)
(27.0)
Depreciation of right-of-use assets
(25.5)
(25.9)
Finance income
1.8
3.4
Finance costs
(163.7)
(218.6)
Pro\ufb01t before tax
136.0
44.2
1 Deal costs comprise costs related to potential acquisitions and the exploration of investment opportunities, which cannot
be capitalised. These comprise employee costs, professional fees, travel costs and set\u2013up costs incurred prior to operating
activities commencing.
2 Share\u2013based payments and long-term incentive plan charges and associated costs.
3 Other includes severance and exceptional costs.
", "dimensions": { "concept": "heliostowersplc:DisclosureOfReconcilationOfAggregateSegmentAdjustedEBITDAToLossBeforeTax", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
5a. Operating pro\ufb01t
Operating pro\ufb01t is stated after charging the following:
2025 2024
US$m US$m
Cost of inventory expensed
119.8
131.0
Auditor remuneration (see Note 5b)
3.3
3.1
(Gain)/loss on disposal of property, plant and equipment
(1.2)
5.2
Depreciation and amortisation
172.3
166.2
Staff costs (Note 6)
50.0
47.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "5a. Operating pro\ufb01t Operating pro\ufb01t is stated after charging the following:
2025 2024
US$m US$m
Cost of inventory expensed
119.8
131.0
Auditor remuneration (see Note 5b)
3.3
3.1
(Gain)/loss on disposal of property, plant and equipment
(1.2)
5.2
Depreciation and amortisation
172.3
166.2
Staff costs (Note 6)
50.0
47.7
5b. Audit remuneration
2025 2024
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.7
Statutory audit of the Company\u2019s subsidiaries
2.3
2.1
Audit fees
3.1
2.8
Interim review engagements
0.2
0.3
Other assurance services
1
-
0.3
Audit related assurance services
0.2
0.6
Total non-audit fees
0.2
0.6
Total fees
3.3
3.4
1 Other assurance services in the prior year were in relation to bond issuance. 6. Staff costs Staff costs consist of the following components:
2025 2024
US$m US$m
Wages and salaries
45.3
44.0
Social security costs
3.6
2.8
Pension costs
1.1
0.9
50.0
47.7
An immaterial allocation of directly attributable staff costs is subsequently capitalised into the cost of capital work in progress. The average monthly number of employees during the year was made up as follows:
2025
2024
Operations and IT
398
380
Legal and regulatory
31
30
Administration
57
55
Finance
107
106
Sales and marketing
41
40
634
611
During 2025 the Group changed the categorisation of employees. The comparatives have been updated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "5a. Operating pro\ufb01t Operating pro\ufb01t is stated after charging the following:
2025 2024
US$m US$m
Cost of inventory expensed
119.8
131.0
Auditor remuneration (see Note 5b)
3.3
3.1
(Gain)/loss on disposal of property, plant and equipment
(1.2)
5.2
Depreciation and amortisation
172.3
166.2
Staff costs (Note 6)
50.0
47.7
5b. Audit remuneration
2025 2024
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.7
Statutory audit of the Company\u2019s subsidiaries
2.3
2.1
Audit fees
3.1
2.8
Interim review engagements
0.2
0.3
Other assurance services
1
-
0.3
Audit related assurance services
0.2
0.6
Total non-audit fees
0.2
0.6
Total fees
3.3
3.4
1 Other assurance services in the prior year were in relation to bond issuance. 6. Staff costs Staff costs consist of the following components:
2025 2024
US$m US$m
Wages and salaries
45.3
44.0
Social security costs
3.6
2.8
Pension costs
1.1
0.9
50.0
47.7
An immaterial allocation of directly attributable staff costs is subsequently capitalised into the cost of capital work in progress. The average monthly number of employees during the year was made up as follows:
2025
2024
Operations and IT
398
380
Legal and regulatory
31
30
Administration
57
55
Finance
107
106
Sales and marketing
41
40
634
611
During 2025 the Group changed the categorisation of employees. The comparatives have been updated accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "Operating pro\ufb01t is stated after charging the following:
2025 2024
US$m US$m
Cost of inventory expensed
119.8
131.0
Auditor remuneration (see Note 5b)
3.3
3.1
(Gain)/loss on disposal of property, plant and equipment
(1.2)
5.2
Depreciation and amortisation
172.3
166.2
Staff costs (Note 6)
50.0
47.7
12. Property, plant and equipment
Fixtures Leasehold
IT equipment and \ufb01ttings Motor vehicles Site assets Land improvements Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2024
8.7
2.0
5.8
2,019.3
6.4
3.6
2,045.8
Additions
0.3
3.4
1.5
171.7
-
0.7
177.6
Disposals
(1.2)
(1.9)
-
(25.7)
-
(1.7)
(30.5)
Effects of foreign currency exchange differences
(0.1)
-
(0.1)
(66.8)
(0.1)
-
(67.1)
Hyperin\ufb02ation impacts
0.1
-
0.2
91.3
-
0.1
91.7
At 31 December 2024
7.8
3.5
7.4
2,189.8\ue00b
6.3
2.7
2,217.5\ue00b
Additions
1.6
0.3
2.3
176.5
-
-
180.7
Disposals
-
-
(0.1)
(2.1)
-
-
(2.2)
Effects of foreign currency exchange differences
(1.2)
0.5
0.9
237.1
(1.1)
0.1
236.3
Hyperin\ufb02ation impacts
-
-
0.3
73.0
-
-
73.3
At 31 December 2025
8.2
4.3
10.8
2,674.3
5.2
2.8
2,705.6
Depreciation
At 1 January 2024
(8.6)
(1.9)
(4.6)
(1,108.7)
(0.4)
(3.3)
(1,127.5)
Charge for the year
(0.2)
(0.4)
(0.6)
(111.9)
-
(0.2)
(113.3)
Disposals
1.6
0.4
-
21.3
-
1.7
25.0
Effects of foreign currency exchange differences
0.1
-
0.1
34.2
-
-
34.4
Hyperin\ufb02ation impacts
(0.1)
-
(0.1)
(54.9)
-
-
(55.1)
At 31 December 2024
(7.2)
(1.9)
(5.2)
(1,220.0)
(0.4)
(1.8)
(1,236.5)
Charge for the year
(0.3)
(0.7)
(1.3)
(112.1)
-
(0.3)
(114.7)
Disposals
-
-
0.1
2.1
-
-
2.2
Effects of foreign currency exchange differences
(0.4)
(0.2)
(0.8)
(210.1)
0.4
(0.1)
(211.2)
Hyperin\ufb02ation impacts
-
-
(0.2)
(40.3)
-
-
(40.5)
At 31 December 2025
(7.9)
(2.8)
(7.4)
(1,580.4)
-
(2.2)
(1,600.7)
Net book value
At 31 December 2025
0.3
1.5
3.4
1,093.9
5.2
0.6
1,104.9
At 31 December 2024
0.6
1.6
2.2
969.8
5.9
0.9
981.0
At 31 December 2025, the Group had US$163.0 million (2024: US$116.6 million) of expenditure recognised in the carrying amount of items of site assets that were in the course of construction. On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use. Additions to CWIP during 2025 were US$192.1 million (2024: US$168.5 million) and CWIP capitalised during 2025 was US$120.4 million (2024: US$201.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
5b. Audit remuneration
2025 2024
US$m US$m
Statutory audit of the Company\u2019s annual accounts
0.8
0.7
Statutory audit of the Company\u2019s subsidiaries
2.3
2.1
Audit fees
3.1
2.8
Interim review engagements
0.2
0.3
Other assurance services
1
-
0.3
Audit related assurance services
0.2
0.6
Total non-audit fees
0.2
0.6
Total fees
3.3
3.4
1 Other assurance services in the prior year were in relation to bond issuance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
6. Staff costs
Staff costs consist of the following components:
2025 2024
US$m US$m
Wages and salaries
45.3
44.0
Social security costs
3.6
2.8
Pension costs
1.1
0.9
50.0
47.7
An immaterial allocation of directly attributable staff costs is subsequently capitalised into the
cost of capital work in progress.
The average monthly number of employees during the year was made up as follows:
2025
2024
Operations and IT
398
380
Legal and regulatory
31
30
Administration
57
55
Finance
107
106
Sales and marketing
41
40
634
611
During 2025 the Group changed the categorisation of employees. The comparatives have
been updated accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
7. Key management personnel compensation
2025 2024
US$m US$m
Salary, fees and bonus
4.6
3.9
Pension and bene\ufb01ts
0.2
0.2
Share-based payment charge
1.3
0.7
6.1
4.8
The above remuneration information relates to Directors in Helios Towers plc. Further details
can be found in the Directors\u2019 Remuneration Report of the Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
8. Finance Income
2025 2024
US$m US$m
Bank interest receivable
1.8
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "8. Finance Income
2025 2024
US$m US$m
Bank interest receivable
1.8
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "8. Finance Income
2025 2024
US$m US$m
Bank interest receivable
1.8
3.4
9. Finance Costs
2025 2024
US$m US$m
Foreign exchange differences
1
(18.3)
21.7
Interest costs
153.9
165.6
Interest costs on lease liabilities
28.1
26.3
Loss/(gain) on re\ufb01nancing
-
5.0
163.7
218.6
1 Under IFRS 18, foreign exchange differences will be represented as other gains and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "8. Finance Income
2025 2024
US$m US$m
Bank interest receivable
1.8
3.4
9. Finance Costs
2025 2024
US$m US$m
Foreign exchange differences
1
(18.3)
21.7
Interest costs
153.9
165.6
Interest costs on lease liabilities
28.1
26.3
Loss/(gain) on re\ufb01nancing
-
5.0
163.7
218.6
1 Under IFRS 18, foreign exchange differences will be represented as other gains and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "
9. Finance Costs
2025 2024
US$m US$m
Foreign exchange differences
1
(18.3)
21.7
Interest costs
153.9
165.6
Interest costs on lease liabilities
28.1
26.3
Loss/(gain) on re\ufb01nancing
-
5.0
163.7
218.6
1 Under IFRS 18, foreign exchange differences will be represented as other gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "9. Finance Costs
2025 2024
US$m US$m
Foreign exchange differences
1
(18.3)
21.7
Interest costs
153.9
165.6
Interest costs on lease liabilities
28.1
26.3
Loss/(gain) on re\ufb01nancing
-
5.0
163.7
218.6
1 Under IFRS 18, foreign exchange differences will be represented as other gains and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
10. Tax expense, tax paid and deferred tax
Tax expense was US$96.6 million expense in the year ended 31 December 2025 compared
to US$17.2 million in the year ended 31 December 2024. The increase in overall tax charge
is predominantly driven by increased pro\ufb01ts in the tax paying entities during 2025 and the
recognition of certain one-off tax deductions bene\ufb01ting 2024. The current tax increased
by US$15.4 million year on year, whereas the deferred tax movement increased by
US$64.0 million, as deferred tax assets recognised in 2024, which was primarily made up of
tax losses, were utilised in 2025, hence the cash tax being lower than the Consolidated Income
Statement charge.
The operating entity in DRC made losses in the year for tax purposes. However, minimum
income taxes were levied, as stipulated by law in DRC. The rest of the operating entities in
Tanzania, Ghana, Congo Brazzaville, Senegal, Madagascar, Malawi, South Africa, and Oman
are pro\ufb01table for tax purposes and subject to corporate income tax thereon.
2025 2024
US$m US$m
(a) Tax expense
Current tax
In respect of current year
50.6
32.8
Adjustment in respect of prior years
7.7
10.1
Total current tax
58.3
42.9
Deferred Tax
Originating temporary differences on acquisition of subsidiary
undertakings
(2.7)
(1.0)
Originating temporary differences on capital assets and losses
43.3
(28.7)
Adjustment in respect of prior years
(2.3)
4.0
Total deferred tax
38.3
(25.7)
Total tax expense
96.6
17.2
(b) Tax reconciliation:
Pro\ufb01t before tax
136.0
44.2
Tax computed at local statutory tax rate
34.0
11.1
Tax effect of expenditure not deductible
30.1
32.5
Fixed asset timing differences
-
0.4
Change in deferred income tax movement not recognised
16.4
11.8
Recognition of previously unrecognised deferred tax
(3.7)
(31.6)
Prior year under provision
5.4
14.1
Minimum income taxes
3.3
3.0
Different tax rates applied in overseas jurisdictions
15.7
3.7
Withholding taxes suffered
1.7
-
Other
(6.3)
(28.0)
Total tax expense
96.6
17.2
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate income
tax rate above the prevailing UK tax rate of 25% (2024: 25%). The range of statutory corporate
income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%.
As stipulated by local applicable law, minimum income apply to operating entity in DRC which
reported tax losses for the year ended 31 December 2025. Minimum income tax rules do not
apply to the loss-making entities in the UK, Mauritius, Netherlands, or South Africa.
A higher tax charge is reported in the Group Consolidated Financial Statements despite the
consolidated pro\ufb01t amount as a result of losses recorded in certain holding companies in the
UK, Mauritius and Netherlands. Such losses are not able to be group relieved against taxable
pro\ufb01t in the operating company jurisdictions. The tax charge for 2025 include an unwinding
of deferred tax assets in DRC which gave rise to a large deferred tax credit in the 2024
Consolidated Income Statement.
The pro\ufb01ts of the Congo Brazzaville entity are subject to taxation at the headline rate of 30%
(2024: 28%).
Other than the rate changes stated above, there have been no other changes to the local
statutory tax rates.
Based on recent experience of closing tax audit cases, the provisions held by the Group have
accurately quanti\ufb01ed the \ufb01nal amounts determined. The Directors considered the current
provision held by the Group to be appropriate.
2025 2024
Tax paid US$m US$m
Income tax
(45.5)
(33.2)
Total tax paid
(45.5)
(33.2)
Deferred tax
As deferred tax assets and liabilities are measured at the rates that are expected to apply
in the periods of the reversal, the deferred tax balance at the balance sheet date has been
calculated at the rate at which the relevant balance is expected to be recovered or settled.
Management has performed an assessment for all material deferred income tax assets and
liabilities, to determine the period over which the deferred income tax assets and liabilities
are forecast to be realised. The deferred tax balances are calculated by applying the relevant
statutory corporate income tax rates at the balance sheet date.
The following are the deferred tax liabilities and assets recognised by the Group and
movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$m US$m US$m US$m US$m
1 January 2024
(12.0)
28.2
6.4
(34.9)
(12.3)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
-
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
Charge for the year
(12.7)
(52.5)
16.3
2.4
(46.5)
Exchange rate differences
-
4.3
4.0
-
8.3
31 December 2025
(24.0)
3.6
29.3
(33.2)
(24.3)
During the year, the Group recognised a deferred tax asset of US$3.8 million relating to
previously unrecognised tax losses. Recognition is based on the 5 year forecasts and other
convincing evidence supporting the probable future taxable pro\ufb01ts, as required under IAS 12.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and legal entity and the Group intends to settle its current tax
assets and liabilities on a net basis. The following is an analysis of the deferred tax balances
(after offset) for \ufb01nancial reporting purposes:
2025 2024
US$m US$m
Deferred tax liabilities
(50.3)
(28.3)
Deferred tax assets
26.0
42.2
Total
(24.3)
13.9
2025 2024
US$m US$m
Property, plant and equipment
1.1
(3.2)
Intangible assets
(0.5)
-
Tax losses
25.3
9.2
Provisions
-
2.6
Unrealised foreign exchange
-
31.6
IFRS 16
0.1
2.0
Deferred tax assets
26.0
42.2
Property, plant and equipment
(30.1)
(8.2)
Intangible assets
(32.7)
(35.0)
Unrealised foreign exchange
(2.4)
5.2
Provisions
9.5
8.9
Tax losses
4.0
-
IFRS 16
1.4
0.4
Other
0.0
0.4
Deferred tax liabilities
(50.3)
(28.3)
Total
(24.3)
13.9
Unrecognised deferred tax
No deferred tax asset is recognised on US$281.1 million of tax losses at the balance sheet
date, as the relevant businesses are not expected to generate sufficient forecast future
taxable pro\ufb01ts to justify recognising the associated deferred tax assets. Tax losses for which
no deferred tax assets were recognised are as follows: US$196.3 million are subject to expiry
under local statutory tax rules within periods of 5 years and US$84.8 million are not expected
to expire. As at the balance sheet date, the geographical split of the unrecognised deferred
tax assets in relation to losses in Mauritius US$196.3 million (tax effect US$29.4 million), UK
US$51.6 million (tax effect US$12.9 million), Netherlands US$7.6 million (tax effect
US$2.0 million), and South Africa US$25.6 million (tax effect US$6.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "10. Tax expense, tax paid and deferred tax Tax expense was US$96.6 million expense in the year ended 31 December 2025 compared to US$17.2 million in the year ended 31 December 2024. The increase in overall tax charge is predominantly driven by increased pro\ufb01ts in the tax paying entities during 2025 and the recognition of certain one-off tax deductions bene\ufb01ting 2024. The current tax increased by US$15.4 million year on year, whereas the deferred tax movement increased by US$64.0 million, as deferred tax assets recognised in 2024, which was primarily made up of tax losses, were utilised in 2025, hence the cash tax being lower than the Consolidated Income Statement charge. The operating entity in DRC made losses in the year for tax purposes. However, minimum income taxes were levied, as stipulated by law in DRC. The rest of the operating entities in Tanzania, Ghana, Congo Brazzaville, Senegal, Madagascar, Malawi, South Africa, and Oman are pro\ufb01table for tax purposes and subject to corporate income tax thereon.
2025 2024
US$m US$m
(a) Tax expense
Current tax
In respect of current year
50.6
32.8
Adjustment in respect of prior years
7.7
10.1
Total current tax
58.3
42.9
Deferred Tax
Originating temporary differences on acquisition of subsidiary
undertakings
(2.7)
(1.0)
Originating temporary differences on capital assets and losses
43.3
(28.7)
Adjustment in respect of prior years
(2.3)
4.0
Total deferred tax
38.3
(25.7)
Total tax expense
96.6
17.2
(b) Tax reconciliation:
Pro\ufb01t before tax
136.0
44.2
Tax computed at local statutory tax rate
34.0
11.1
Tax effect of expenditure not deductible
30.1
32.5
Fixed asset timing differences
-
0.4
Change in deferred income tax movement not recognised
16.4
11.8
Recognition of previously unrecognised deferred tax
(3.7)
(31.6)
Prior year under provision
5.4
14.1
Minimum income taxes
3.3
3.0
Different tax rates applied in overseas jurisdictions
15.7
3.7
Withholding taxes suffered
1.7
-
Other
(6.3)
(28.0)
Total tax expense
96.6
17.2
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the prevailing UK tax rate of 25% (2024: 25%). The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income apply to operating entity in DRC which reported tax losses for the year ended 31 December 2025. Minimum income tax rules do not apply to the loss-making entities in the UK, Mauritius, Netherlands, or South Africa. A higher tax charge is reported in the Group Consolidated Financial Statements despite the consolidated pro\ufb01t amount as a result of losses recorded in certain holding companies in the UK, Mauritius and Netherlands. Such losses are not able to be group relieved against taxable pro\ufb01t in the operating company jurisdictions. The tax charge for 2025 include an unwinding of deferred tax assets in DRC which gave rise to a large deferred tax credit in the 2024 Consolidated Income Statement. The pro\ufb01ts of the Congo Brazzaville entity are subject to taxation at the headline rate of 30% (2024: 28%). Other than the rate changes stated above, there have been no other changes to the local statutory tax rates. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. The Directors considered the current provision held by the Group to be appropriate.
2025 2024
Tax paid US$m US$m
Income tax
(45.5)
(33.2)
Total tax paid
(45.5)
(33.2)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$m US$m US$m US$m US$m
1 January 2024
(12.0)
28.2
6.4
(34.9)
(12.3)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
-
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
Charge for the year
(12.7)
(52.5)
16.3
2.4
(46.5)
Exchange rate differences
-
4.3
4.0
-
8.3
31 December 2025
(24.0)
3.6
29.3
(33.2)
(24.3)
During the year, the Group recognised a deferred tax asset of US$3.8 million relating to previously unrecognised tax losses. Recognition is based on the 5 year forecasts and other convincing evidence supporting the probable future taxable pro\ufb01ts, as required under IAS 12. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and legal entity and the Group intends to settle its current tax assets and liabilities on a net basis. The following is an analysis of the deferred tax balances (after offset) for \ufb01nancial reporting purposes:
2025 2024
US$m US$m
Deferred tax liabilities
(50.3)
(28.3)
Deferred tax assets
26.0
42.2
Total
(24.3)
13.9
2025 2024
US$m US$m
Property, plant and equipment
1.1
(3.2)
Intangible assets
(0.5)
-
Tax losses
25.3
9.2
Provisions
-
2.6
Unrealised foreign exchange
-
31.6
IFRS 16
0.1
2.0
Deferred tax assets
26.0
42.2
Property, plant and equipment
(30.1)
(8.2)
Intangible assets
(32.7)
(35.0)
Unrealised foreign exchange
(2.4)
5.2
Provisions
9.5
8.9
Tax losses
4.0
-
IFRS 16
1.4
0.4
Other
0.0
0.4
Deferred tax liabilities
(50.3)
(28.3)
Total
(24.3)
13.9
Unrecognised deferred tax No deferred tax asset is recognised on US$281.1 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable pro\ufb01ts to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$196.3 million are subject to expiry under local statutory tax rules within periods of 5 years and US$84.8 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses in Mauritius US$196.3 million (tax effect US$29.4 million), UK US$51.6 million (tax effect US$12.9 million), Netherlands US$7.6 million (tax effect US$2.0 million), and South Africa US$25.6 million (tax effect US$6.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "10. Tax expense, tax paid and deferred tax Tax expense was US$96.6 million expense in the year ended 31 December 2025 compared to US$17.2 million in the year ended 31 December 2024. The increase in overall tax charge is predominantly driven by increased pro\ufb01ts in the tax paying entities during 2025 and the recognition of certain one-off tax deductions bene\ufb01ting 2024. The current tax increased by US$15.4 million year on year, whereas the deferred tax movement increased by US$64.0 million, as deferred tax assets recognised in 2024, which was primarily made up of tax losses, were utilised in 2025, hence the cash tax being lower than the Consolidated Income Statement charge. The operating entity in DRC made losses in the year for tax purposes. However, minimum income taxes were levied, as stipulated by law in DRC. The rest of the operating entities in Tanzania, Ghana, Congo Brazzaville, Senegal, Madagascar, Malawi, South Africa, and Oman are pro\ufb01table for tax purposes and subject to corporate income tax thereon.
2025 2024
US$m US$m
(a) Tax expense
Current tax
In respect of current year
50.6
32.8
Adjustment in respect of prior years
7.7
10.1
Total current tax
58.3
42.9
Deferred Tax
Originating temporary differences on acquisition of subsidiary
undertakings
(2.7)
(1.0)
Originating temporary differences on capital assets and losses
43.3
(28.7)
Adjustment in respect of prior years
(2.3)
4.0
Total deferred tax
38.3
(25.7)
Total tax expense
96.6
17.2
(b) Tax reconciliation:
Pro\ufb01t before tax
136.0
44.2
Tax computed at local statutory tax rate
34.0
11.1
Tax effect of expenditure not deductible
30.1
32.5
Fixed asset timing differences
-
0.4
Change in deferred income tax movement not recognised
16.4
11.8
Recognition of previously unrecognised deferred tax
(3.7)
(31.6)
Prior year under provision
5.4
14.1
Minimum income taxes
3.3
3.0
Different tax rates applied in overseas jurisdictions
15.7
3.7
Withholding taxes suffered
1.7
-
Other
(6.3)
(28.0)
Total tax expense
96.6
17.2
The tax relates to operating subsidiaries outside the UK, of which a majority have a corporate income tax rate above the prevailing UK tax rate of 25% (2024: 25%). The range of statutory corporate income tax rates applicable to the Group\u2019s operating subsidiaries is between 15% and 30%. As stipulated by local applicable law, minimum income apply to operating entity in DRC which reported tax losses for the year ended 31 December 2025. Minimum income tax rules do not apply to the loss-making entities in the UK, Mauritius, Netherlands, or South Africa. A higher tax charge is reported in the Group Consolidated Financial Statements despite the consolidated pro\ufb01t amount as a result of losses recorded in certain holding companies in the UK, Mauritius and Netherlands. Such losses are not able to be group relieved against taxable pro\ufb01t in the operating company jurisdictions. The tax charge for 2025 include an unwinding of deferred tax assets in DRC which gave rise to a large deferred tax credit in the 2024 Consolidated Income Statement. The pro\ufb01ts of the Congo Brazzaville entity are subject to taxation at the headline rate of 30% (2024: 28%). Other than the rate changes stated above, there have been no other changes to the local statutory tax rates. Based on recent experience of closing tax audit cases, the provisions held by the Group have accurately quanti\ufb01ed the \ufb01nal amounts determined. The Directors considered the current provision held by the Group to be appropriate.
2025 2024
Tax paid US$m US$m
Income tax
(45.5)
(33.2)
Total tax paid
(45.5)
(33.2)
Deferred tax As deferred tax assets and liabilities are measured at the rates that are expected to apply in the periods of the reversal, the deferred tax balance at the balance sheet date has been calculated at the rate at which the relevant balance is expected to be recovered or settled. Management has performed an assessment for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised. The deferred tax balances are calculated by applying the relevant statutory corporate income tax rates at the balance sheet date. The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated
tax Temporary Tax Intangible
depreciation differences losses assets Total
US$m US$m US$m US$m US$m
1 January 2024
(12.0)
28.2
6.4
(34.9)
(12.3)
Charge for the year
(1.5)
23.4
2.6
1.0
25.5
Exchange rate differences
2.2
0.2
-
(1.7)
0.7
31 December 2024
(11.3)
51.8
9.0
(35.6)
13.9
Charge for the year
(12.7)
(52.5)
16.3
2.4
(46.5)
Exchange rate differences
-
4.3
4.0
-
8.3
31 December 2025
(24.0)
3.6
29.3
(33.2)
(24.3)
During the year, the Group recognised a deferred tax asset of US$3.8 million relating to previously unrecognised tax losses. Recognition is based on the 5 year forecasts and other convincing evidence supporting the probable future taxable pro\ufb01ts, as required under IAS 12. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and legal entity and the Group intends to settle its current tax assets and liabilities on a net basis. The following is an analysis of the deferred tax balances (after offset) for \ufb01nancial reporting purposes:
2025 2024
US$m US$m
Deferred tax liabilities
(50.3)
(28.3)
Deferred tax assets
26.0
42.2
Total
(24.3)
13.9
2025 2024
US$m US$m
Property, plant and equipment
1.1
(3.2)
Intangible assets
(0.5)
-
Tax losses
25.3
9.2
Provisions
-
2.6
Unrealised foreign exchange
-
31.6
IFRS 16
0.1
2.0
Deferred tax assets
26.0
42.2
Property, plant and equipment
(30.1)
(8.2)
Intangible assets
(32.7)
(35.0)
Unrealised foreign exchange
(2.4)
5.2
Provisions
9.5
8.9
Tax losses
4.0
-
IFRS 16
1.4
0.4
Other
0.0
0.4
Deferred tax liabilities
(50.3)
(28.3)
Total
(24.3)
13.9
Unrecognised deferred tax No deferred tax asset is recognised on US$281.1 million of tax losses at the balance sheet date, as the relevant businesses are not expected to generate sufficient forecast future taxable pro\ufb01ts to justify recognising the associated deferred tax assets. Tax losses for which no deferred tax assets were recognised are as follows: US$196.3 million are subject to expiry under local statutory tax rules within periods of 5 years and US$84.8 million are not expected to expire. As at the balance sheet date, the geographical split of the unrecognised deferred tax assets in relation to losses in Mauritius US$196.3 million (tax effect US$29.4 million), UK US$51.6 million (tax effect US$12.9 million), Netherlands US$7.6 million (tax effect US$2.0 million), and South Africa US$25.6 million (tax effect US$6.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
11. Intangible assets
Computer
Customer Customer Colocation Non-compete software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2024
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Additions during the year
-
-
-
-
-
9 . 4
9 . 4
Effects of foreign currency exchange differences
-
-
(10.7)
0.4
-
(0.6)
(10.9)
Hyperin\ufb02ation impacts
4.2
-
11.8
-
-
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Additions during the year
-
-
-
-
-
5 . 8
5 . 8
Disposals
-
-
-
-
-
(1.2)
(1.2)
Effects of foreign currency exchange differences
1.1
0.2
18.4
(0.1)
-
5.7
25.3
Hyperin\ufb02ation impacts
2 . 5
-
5 . 1
-
-
-
7 . 6
At 31 December 2025
48.5
2.9
545.7
8.3
1.0
69.2
675.6
Amortisation
At 1 January 2024
-
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Charge for year
-
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
-
-
0.7
(0.2)
-
0.2
0.7
Hyperin\ufb02ation impacts
-
-
(3.9)
-
-
(0.9)
(4.8)
At 31 December 2024
-
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Charge for year
-
(0.2)
(22.6)
(0.6)
-
(8.7)
(32.1)
Disposals
-
-
-
-
-
1 . 2
1 . 2
Effects of foreign currency exchange differences
-
-
(4.0)
-
-
(5.4)
(9.4)
Hyperin\ufb02ation impacts
-
-
(0.5)
-
-
-
(0.5)
At 31 December 2025
-
(1.3)
(80.2)
(4.1)
(1.0)
(60.9)
(147.5)
Net book value
At 31 December 2025
48.5
1.6
465.5
4.2
-
8.3
528.1
At 31 December 2024
44.9
1.6
469.1
4.9
-
10.9
531.4
Impairment
The Group tests goodwill, irrespective of any indicators, at least annually for impairment.
All other intangible assets are tested for impairment where there is an impairment indicator.
If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill,
the recoverable amount of the related operating segments is estimated each year as further
described below.
The carrying value of goodwill at 31 December was as follows:
2025 2024
US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
17.6
14.6
Central & Southern Africa
14.3
13.7
Total
1
48.5
44.9
1 Movements year\u2013on\u2013year relate to foreign exchange and hyperin\ufb02ation impacts.
The recoverable amount is determined based on a value in use calculation using cash \ufb02ow
projections for the next \ufb01ve years from \ufb01nancial budgets approved by the Board of Directors,
which incorporates climate considerations.
Key assumptions used in value in use calculations
\u2013 number of additional colocation tenants added to towers in future periods. These are
based on estimates of the number of tower opportunities in the relevant markets and the
expected growth in these markets;
\u2013 discount rate;
\u2013 long-term growth rate; and
\u2013 operating cost and capital expenditure requirements.
Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of
money, as well as the risks speci\ufb01c to the CGUs. They are informed by historical performance
and observable market inputs, including industry-speci\ufb01c risk factors. For 2025, the
Group applied a discount rate of 9.9% (2024: 11.0%) in Middle East and North Africa, 10.7%
(2024: 11.7%) in East and West Africa, and 11.6% (2024: 14.0%) in Central and Southern Africa.
A long-term growth rate of 2.0% (2024: 2.0%) has been applied consistently across all
markets, re\ufb02ecting management\u2019s expectations of stable long-term sector performance and
is consistent with past experience.
Operating cost and capital expenditure requirements re\ufb02ect management\u2019s expectations over
the \ufb01ve year budgeted period. These assumptions are derived from historical performance,
contractual obligations and operational plans approved by the Board.
Following the goodwill impairment testing, there was sufficient headroom across all CGUs
and no impairments were recognised. Furthermore, no assumptions were identi\ufb01ed where a
reasonably possible change in the assumption used for 2025 would give rise to an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "11. Intangible assets
Computer
Customer Customer Colocation Non-compete software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2024
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Additions during the year
-
-
-
-
-
9 . 4
9 . 4
Effects of foreign currency exchange differences
-
-
(10.7)
0.4
-
(0.6)
(10.9)
Hyperin\ufb02ation impacts
4.2
-
11.8
-
-
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Additions during the year
-
-
-
-
-
5 . 8
5 . 8
Disposals
-
-
-
-
-
(1.2)
(1.2)
Effects of foreign currency exchange differences
1.1
0.2
18.4
(0.1)
-
5.7
25.3
Hyperin\ufb02ation impacts
2 . 5
-
5 . 1
-
-
-
7 . 6
At 31 December 2025
48.5
2.9
545.7
8.3
1.0
69.2
675.6
Amortisation
At 1 January 2024
-
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Charge for year
-
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
-
-
0.7
(0.2)
-
0.2
0.7
Hyperin\ufb02ation impacts
-
-
(3.9)
-
-
(0.9)
(4.8)
At 31 December 2024
-
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Charge for year
-
(0.2)
(22.6)
(0.6)
-
(8.7)
(32.1)
Disposals
-
-
-
-
-
1 . 2
1 . 2
Effects of foreign currency exchange differences
-
-
(4.0)
-
-
(5.4)
(9.4)
Hyperin\ufb02ation impacts
-
-
(0.5)
-
-
-
(0.5)
At 31 December 2025
-
(1.3)
(80.2)
(4.1)
(1.0)
(60.9)
(147.5)
Net book value
At 31 December 2025
48.5
1.6
465.5
4.2
-
8.3
528.1
At 31 December 2024
44.9
1.6
469.1
4.9
-
10.9
531.4
Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2025 2024
US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
17.6
14.6
Central & Southern Africa
14.3
13.7
Total
1
48.5
44.9
1 Movements year\u2013on\u2013year relate to foreign exchange and hyperin\ufb02ation impacts. The recoverable amount is determined based on a value in use calculation using cash \ufb02ow projections for the next \ufb01ve years from \ufb01nancial budgets approved by the Board of Directors, which incorporates climate considerations. Key assumptions used in value in use calculations \u2013 number of additional colocation tenants added to towers in future periods. These are based on estimates of the number of tower opportunities in the relevant markets and the expected growth in these markets; \u2013 discount rate; \u2013 long-term growth rate; and \u2013 operating cost and capital expenditure requirements. Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money, as well as the risks speci\ufb01c to the CGUs. They are informed by historical performance and observable market inputs, including industry-speci\ufb01c risk factors. For 2025, the Group applied a discount rate of 9.9% (2024: 11.0%) in Middle East and North Africa, 10.7% (2024: 11.7%) in East and West Africa, and 11.6% (2024: 14.0%) in Central and Southern Africa. A long-term growth rate of 2.0% (2024: 2.0%) has been applied consistently across all markets, re\ufb02ecting management\u2019s expectations of stable long-term sector performance and is consistent with past experience. Operating cost and capital expenditure requirements re\ufb02ect management\u2019s expectations over the \ufb01ve year budgeted period. These assumptions are derived from historical performance, contractual obligations and operational plans approved by the Board. Following the goodwill impairment testing, there was sufficient headroom across all CGUs and no impairments were recognised. Furthermore, no assumptions were identi\ufb01ed where a reasonably possible change in the assumption used for 2025 would give rise to an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "11. Intangible assets
Computer
Customer Customer Colocation Non-compete software
Goodwill contracts relationships rights agreement and licence Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2024
40.7
2.7
521.1
8.0
1.0
48.5
622.0
Additions during the year
-
-
-
-
-
9 . 4
9 . 4
Effects of foreign currency exchange differences
-
-
(10.7)
0.4
-
(0.6)
(10.9)
Hyperin\ufb02ation impacts
4.2
-
11.8
-
-
1.6
17.6
At 31 December 2024
44.9
2.7
522.2
8.4
1.0
58.9
638.1
Additions during the year
-
-
-
-
-
5 . 8
5 . 8
Disposals
-
-
-
-
-
(1.2)
(1.2)
Effects of foreign currency exchange differences
1.1
0.2
18.4
(0.1)
-
5.7
25.3
Hyperin\ufb02ation impacts
2 . 5
-
5 . 1
-
-
-
7 . 6
At 31 December 2025
48.5
2.9
545.7
8.3
1.0
69.2
675.6
Amortisation
At 1 January 2024
-
(0.8)
(31.5)
(2.8)
(0.9)
(39.6)
(75.6)
Charge for year
-
(0.3)
(18.4)
(0.5)
(0.1)
(7.7)
(27.0)
Effects of foreign currency exchange differences
-
-
0.7
(0.2)
-
0.2
0.7
Hyperin\ufb02ation impacts
-
-
(3.9)
-
-
(0.9)
(4.8)
At 31 December 2024
-
(1.1)
(53.1)
(3.5)
(1.0)
(48.0)
(106.7)
Charge for year
-
(0.2)
(22.6)
(0.6)
-
(8.7)
(32.1)
Disposals
-
-
-
-
-
1 . 2
1 . 2
Effects of foreign currency exchange differences
-
-
(4.0)
-
-
(5.4)
(9.4)
Hyperin\ufb02ation impacts
-
-
(0.5)
-
-
-
(0.5)
At 31 December 2025
-
(1.3)
(80.2)
(4.1)
(1.0)
(60.9)
(147.5)
Net book value
At 31 December 2025
48.5
1.6
465.5
4.2
-
8.3
528.1
At 31 December 2024
44.9
1.6
469.1
4.9
-
10.9
531.4
Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2025 2024
US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
17.6
14.6
Central & Southern Africa
14.3
13.7
Total
1
48.5
44.9
1 Movements year\u2013on\u2013year relate to foreign exchange and hyperin\ufb02ation impacts. The recoverable amount is determined based on a value in use calculation using cash \ufb02ow projections for the next \ufb01ve years from \ufb01nancial budgets approved by the Board of Directors, which incorporates climate considerations. Key assumptions used in value in use calculations \u2013 number of additional colocation tenants added to towers in future periods. These are based on estimates of the number of tower opportunities in the relevant markets and the expected growth in these markets; \u2013 discount rate; \u2013 long-term growth rate; and \u2013 operating cost and capital expenditure requirements. Discount rates are pre-tax and re\ufb02ect the current market assessment of the time value of money, as well as the risks speci\ufb01c to the CGUs. They are informed by historical performance and observable market inputs, including industry-speci\ufb01c risk factors. For 2025, the Group applied a discount rate of 9.9% (2024: 11.0%) in Middle East and North Africa, 10.7% (2024: 11.7%) in East and West Africa, and 11.6% (2024: 14.0%) in Central and Southern Africa. A long-term growth rate of 2.0% (2024: 2.0%) has been applied consistently across all markets, re\ufb02ecting management\u2019s expectations of stable long-term sector performance and is consistent with past experience. Operating cost and capital expenditure requirements re\ufb02ect management\u2019s expectations over the \ufb01ve year budgeted period. These assumptions are derived from historical performance, contractual obligations and operational plans approved by the Board. Following the goodwill impairment testing, there was sufficient headroom across all CGUs and no impairments were recognised. Furthermore, no assumptions were identi\ufb01ed where a reasonably possible change in the assumption used for 2025 would give rise to an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "Impairment The Group tests goodwill, irrespective of any indicators, at least annually for impairment. All other intangible assets are tested for impairment where there is an impairment indicator. If any such indication exists, then the CGU\u2019s recoverable amount is estimated. For goodwill, the recoverable amount of the related operating segments is estimated each year as further described below. The carrying value of goodwill at 31 December was as follows:
2025 2024
US$m US$m
Middle East & North Africa
16.6
16.6
East & West Africa
17.6
14.6
Central & Southern Africa
14.3
13.7
Total
1
48.5
44.9
1 Movements year\u2013on\u2013year relate to foreign exchange and hyperin\ufb02ation impacts. The recoverable amount is determined based on a value in use calculation using cash \ufb02ow projections for the next \ufb01ve years from \ufb01nancial budgets approved by the Board of Directors, which incorporates climate considerations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
12. Property, plant and equipment
Fixtures Leasehold
IT equipment and \ufb01ttings Motor vehicles Site assets Land improvements Total
US$m US$m US$m US$m US$m US$m US$m
Cost
At 1 January 2024
8.7
2.0
5.8
2,019.3
6.4
3.6
2,045.8
Additions
0.3
3.4
1.5
171.7
-
0.7
177.6
Disposals
(1.2)
(1.9)
-
(25.7)
-
(1.7)
(30.5)
Effects of foreign currency exchange differences
(0.1)
-
(0.1)
(66.8)
(0.1)
-
(67.1)
Hyperin\ufb02ation impacts
0.1
-
0.2
91.3
-
0.1
91.7
At 31 December 2024
7.8
3.5
7.4
2,189.8\ue00b
6.3
2.7
2,217.5\ue00b
Additions
1.6
0.3
2.3
176.5
-
-
180.7
Disposals
-
-
(0.1)
(2.1)
-
-
(2.2)
Effects of foreign currency exchange differences
(1.2)
0.5
0.9
237.1
(1.1)
0.1
236.3
Hyperin\ufb02ation impacts
-
-
0.3
73.0
-
-
73.3
At 31 December 2025
8.2
4.3
10.8
2,674.3
5.2
2.8
2,705.6
Depreciation
At 1 January 2024
(8.6)
(1.9)
(4.6)
(1,108.7)
(0.4)
(3.3)
(1,127.5)
Charge for the year
(0.2)
(0.4)
(0.6)
(111.9)
-
(0.2)
(113.3)
Disposals
1.6
0.4
-
21.3
-
1.7
25.0
Effects of foreign currency exchange differences
0.1
-
0.1
34.2
-
-
34.4
Hyperin\ufb02ation impacts
(0.1)
-
(0.1)
(54.9)
-
-
(55.1)
At 31 December 2024
(7.2)
(1.9)
(5.2)
(1,220.0)
(0.4)
(1.8)
(1,236.5)
Charge for the year
(0.3)
(0.7)
(1.3)
(112.1)
-
(0.3)
(114.7)
Disposals
-
-
0.1
2.1
-
-
2.2
Effects of foreign currency exchange differences
(0.4)
(0.2)
(0.8)
(210.1)
0.4
(0.1)
(211.2)
Hyperin\ufb02ation impacts
-
-
(0.2)
(40.3)
-
-
(40.5)
At 31 December 2025
(7.9)
(2.8)
(7.4)
(1,580.4)
-
(2.2)
(1,600.7)
Net book value
At 31 December 2025
0.3
1.5
3.4
1,093.9
5.2
0.6
1,104.9
At 31 December 2024
0.6
1.6
2.2
969.8
5.9
0.9
981.0
At 31 December 2025, the Group had US$163.0 million (2024: US$116.6 million) of expenditure recognised in the carrying amount of items of site assets that were in the course of construction.
On completion of the construction, they will remain within the site assets balance, and depreciation will commence when the assets are available for use. Additions to CWIP during 2025 were
US$192.1 million (2024: US$168.5 million) and CWIP capitalised during 2025 was US$120.4 million (2024: US$201.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
13. Right\u2013of\u2013use assets
Motor
Land Buildings vehicles Total
US$m US$m US$m US$m
Cost
At 1 January 2024
327.0
26.9
1.3
355.2
Additions
19.5
1.1
-
20.6
Disposals
(3.8)
(9.4)
(1.1)
(14.3)
Effects of foreign currency exchange differences
(2.8)
(0.1)
-
(2.9)
Hyperin\ufb02ation impacts
1.0
0.5
-
1.5
At 31 December 2024
340.9
19.0
0.2
360.1
Additions
26.6
0.5
0.5
27.6
Disposals
(5.0)
(0.9)
(0.1)
(6.0)
Effects of foreign currency exchange differences
8.2
0.9
-
9.1
Hyperin\ufb02ation impacts
3.5
0.1
-
3.6
At 31 December 2025
374.2
19.6
0.6
394.4
Depreciation
At 1 January 2024
(89.6)
(11.0)
(0.6)
(101.2)
Charge for the year
(21.5)
(4.2)
(0.2)
(25.9)
Disposals
3.8
7.6
0.8
12.2
Effects of foreign currency exchange differences
(1.0)
(0.6)
0.1
(1.5)
Hyperin\ufb02ation impacts
3.2
0.2
(0.2)
3.2
At 31 December 2024
(105.1)
(8.0)
(0.1)
(113.2)
Charge for the year
(22.5)
(2.6)
(0.4)
(25.5)
Disposals
4.9
1.1
0.1
6.1
Effects of foreign currency exchange differences
(2.8)
(0.4)
-
(3.2)
Hyperin\ufb02ation impacts
(1.6)
(0.1)
-
(1.7)
At 31 December 2025
(127.1)
(10.0)
(0.4)
(137.5)
Net book value
At 31 December 2025
247.1
9.6
0.2
256.9
At 31 December 2024
235.8
11.0
0.1
246.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
14. Inventories
2025 2024
US$m US$m
Inventories
12.9
10.0
Inventories are primarily made up of fuel stocks of US$12.9 million (2024: US$9.9 million)
and raw materials of US$nil (2024: US$0.1 million). The impact of inventories recognised as
an expense during the year in respect of continuing operations was US$119.8 million (2024:
US$131.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
15. Trade and other receivables
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Loss allowance
(7.1)
(6.9)
150.8
172.9
Contract Assets
107.5
80.3
Sundry Receivables
38.7
29.1
VAT and withholding tax receivable
24.7
23.0
321.7
305.3
2025 2024
Loss allowance US$m US$m
Balance brought forward
(6.9)
(5.4)
Amounts written off/derecognised
-
-
Net remeasurement of loss allowance
(0.3)
(1.5)
Unused amounts reversed
0.1
-
(7.1)
(6.9)
The Group measures the loss allowance for trade receivables, trade receivables from related
parties, contract assets, and other receivables at an amount equal to lifetime expected credit
losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference
to past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial
position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of
the industry in which the debtors operate and an assessment of both the current as well as
the forecast direction of conditions at the reporting date. Loss allowance expense is included
within cost of sales in the Consolidated Income Statement.
Additional detail on provision for ECL can be found in Note 26.
There has been no change in the estimation techniques or signi\ufb01cant assumptions made
during the current reporting period. Interest can be charged on past due debtors. The normal
credit period of services is 30 days.
The increase in the loss allowance from US$6.9 million to US$7.1 million during the year re\ufb02ects
the timing of cash collection of certain trade receivable balances at year end. There were no
material write-offs or changes in estimation techniques during the period. US$31.6 million of
new contract assets were recognised in the year, and US$58.8 million of contract assets at
31 December 2024 were recovered from customers.
Of the gross trade receivables balance at 31 December 2025, 94.0% (2024: 99.4%) is
due from large multinational MNOs. The loss allowance attributable to these customers
was US$3.0 million (2024: US$2.4 million), which is 42.3% (2024: 34.4%) of total loss
allowance. The Group does not hold any collateral or other credit enhancements over these
balances, nor does it have a legal right to offset against any amounts owed by the Group to
the counterparty.
Debtor days
The Group calculates debtor days as set out in the table below. It considers its most relevant
customer receivables exposure on a given reporting date to be the amount of receivables
due in relation to the revenue that has been reported up to that date. It therefore de\ufb01nes its
net receivables as the total trade receivables and accrued revenue, less loss allowance and
deferred income that has not yet been settled.
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Accrued revenue
1
18.2
7.0
Less: Loss allowance
(7.1)
(6.9)
Less: Deferred income
2, 3
(53.3)
(74.5)
Net receivables
115.7
105.4
Revenue
854.1
792.0
Debtor days
49
49
1 Reported within contract assets.
2 Deferred income, as per Note 19, has been adjusted for US$61.1 million (2024: US$39.9 million) in respect of amounts
settled by customers at the balance sheet date and US$33.8 million (2024: US$50 million) netted against contract assets.
3 Deferred income movement is mainly due to timing differences.
In determining the recoverability of a trade receivable, the Group considers any change in
the credit quality of the trade receivable from the date credit was initially granted up to the
reporting date. The Directors consider that the carrying amount of trade and other receivables
is approximately equal to their fair value.
At 31 December 2025, US$46.8 million (2024: US$18.8 million) of services had been provided
to customers, which had yet to meet the Group\u2019s probability criterion for revenue recognition
under the Group\u2019s accounting policies. Revenue for these services will be recognised in the
future as and when all recognition criteria are met.
16. Prepayments
2025 2024
US$m US$m
Prepayments
38.6
36.9
Prepayments primarily comprise advance payments to suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "15. Trade and other receivables
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Loss allowance
(7.1)
(6.9)
150.8
172.9
Contract Assets
107.5
80.3
Sundry Receivables
38.7
29.1
VAT and withholding tax receivable
24.7
23.0
321.7
305.3
2025 2024
Loss allowance US$m US$m
Balance brought forward
(6.9)
(5.4)
Amounts written off/derecognised
-
-
Net remeasurement of loss allowance
(0.3)
(1.5)
Unused amounts reversed
0.1
-
(7.1)
(6.9)
The Group measures the loss allowance for trade receivables, trade receivables from related parties, contract assets, and other receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Loss allowance expense is included within cost of sales in the Consolidated Income Statement. Additional detail on provision for ECL can be found in Note 26. There has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period. Interest can be charged on past due debtors. The normal credit period of services is 30 days. The increase in the loss allowance from US$6.9 million to US$7.1 million during the year re\ufb02ects the timing of cash collection of certain trade receivable balances at year end. There were no material write-offs or changes in estimation techniques during the period. US$31.6 million of new contract assets were recognised in the year, and US$58.8 million of contract assets at 31 December 2024 were recovered from customers. Of the gross trade receivables balance at 31 December 2025, 94.0% (2024: 99.4%) is due from large multinational MNOs. The loss allowance attributable to these customers was US$3.0 million (2024: US$2.4 million), which is 42.3% (2024: 34.4%) of total loss allowance. The Group does not hold any collateral or other credit enhancements over these balances, nor does it have a legal right to offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore de\ufb01nes its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Accrued revenue
1
18.2
7.0
Less: Loss allowance
(7.1)
(6.9)
Less: Deferred income
2, 3
(53.3)
(74.5)
Net receivables
115.7
105.4
Revenue
854.1
792.0
Debtor days
49
49
1 Reported within contract assets. 2 Deferred income, as per Note 19, has been adjusted for US$61.1 million (2024: US$39.9 million) in respect of amounts settled by customers at the balance sheet date and US$33.8 million (2024: US$50 million) netted against contract assets. 3 Deferred income movement is mainly due to timing differences. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. At 31 December 2025, US$46.8 million (2024: US$18.8 million) of services had been provided to customers, which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2025 2024
US$m US$m
Prepayments
38.6
36.9
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "15. Trade and other receivables
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Loss allowance
(7.1)
(6.9)
150.8
172.9
Contract Assets
107.5
80.3
Sundry Receivables
38.7
29.1
VAT and withholding tax receivable
24.7
23.0
321.7
305.3
2025 2024
Loss allowance US$m US$m
Balance brought forward
(6.9)
(5.4)
Amounts written off/derecognised
-
-
Net remeasurement of loss allowance
(0.3)
(1.5)
Unused amounts reversed
0.1
-
(7.1)
(6.9)
The Group measures the loss allowance for trade receivables, trade receivables from related parties, contract assets, and other receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Loss allowance expense is included within cost of sales in the Consolidated Income Statement. Additional detail on provision for ECL can be found in Note 26. There has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period. Interest can be charged on past due debtors. The normal credit period of services is 30 days. The increase in the loss allowance from US$6.9 million to US$7.1 million during the year re\ufb02ects the timing of cash collection of certain trade receivable balances at year end. There were no material write-offs or changes in estimation techniques during the period. US$31.6 million of new contract assets were recognised in the year, and US$58.8 million of contract assets at 31 December 2024 were recovered from customers. Of the gross trade receivables balance at 31 December 2025, 94.0% (2024: 99.4%) is due from large multinational MNOs. The loss allowance attributable to these customers was US$3.0 million (2024: US$2.4 million), which is 42.3% (2024: 34.4%) of total loss allowance. The Group does not hold any collateral or other credit enhancements over these balances, nor does it have a legal right to offset against any amounts owed by the Group to the counterparty. Debtor days The Group calculates debtor days as set out in the table below. It considers its most relevant customer receivables exposure on a given reporting date to be the amount of receivables due in relation to the revenue that has been reported up to that date. It therefore de\ufb01nes its net receivables as the total trade receivables and accrued revenue, less loss allowance and deferred income that has not yet been settled.
2025 2024
US$m US$m
Trade receivables
157.9
179.8
Accrued revenue
1
18.2
7.0
Less: Loss allowance
(7.1)
(6.9)
Less: Deferred income
2, 3
(53.3)
(74.5)
Net receivables
115.7
105.4
Revenue
854.1
792.0
Debtor days
49
49
1 Reported within contract assets. 2 Deferred income, as per Note 19, has been adjusted for US$61.1 million (2024: US$39.9 million) in respect of amounts settled by customers at the balance sheet date and US$33.8 million (2024: US$50 million) netted against contract assets. 3 Deferred income movement is mainly due to timing differences. In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. At 31 December 2025, US$46.8 million (2024: US$18.8 million) of services had been provided to customers, which had yet to meet the Group\u2019s probability criterion for revenue recognition under the Group\u2019s accounting policies. Revenue for these services will be recognised in the future as and when all recognition criteria are met. 16. Prepayments
2025 2024
US$m US$m
Prepayments
38.6
36.9
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "16. Prepayments
2025 2024
US$m US$m
Prepayments
38.6
36.9
Prepayments primarily comprise advance payments to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
17. Cash and cash equivalents
2025 2024
US$m US$m
Bank balances
217.3
161.0
Cash and cash equivalents comprise cash at bank and in hand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "17. Cash and cash equivalents
2025 2024
US$m US$m
Bank balances
217.3
161.0
Cash and cash equivalents comprise cash at bank and in hand.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
18. Share capital and share premium
2025
2024
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,044.2
13.4
1,052.7\ue00b
13.5
1,044.2
13.4
1,052.7\ue00b
13.5
The share capital of the Group is represented by the share capital of the Company, Helios
Towers plc. During the year ended 31 December 2025, the Company repurchased its own
ordinary shares as part of a capital management programme aimed at optimising the capital
structure and returning value to shareholders. The number of shares repurchased was
11.35 million at an average share price of \u00a31.58 (US$2.09).
Repurchased shares are recognised as treasury shares and presented as a deduction from
equity. No gain or loss is recognised in pro\ufb01t or loss on purchase, sale, issue or cancellation of
these shares. Transaction costs directly attributable to the buyback are deducted from equity,
and the buyback was funded from available cash resources and is presented as a \ufb01nancing
activity in the statement of cash \ufb02ows. Treasury shares carry no voting rights and do not
qualify for dividends until reissued or cancelled.
On 28 March 2025, the Company issued 2.8 million new ordinary shares in the capital of the
Company to the EBT to satisfy the vesting of share-based awards. The shares were issued at
nominal value, creating no share premium.
On 8 March 2024, the Company issued 2.2 million new ordinary shares in the capital of
the Company to the Employee Bene\ufb01t Trust to satisfy the vesting of share-based awards.
The shares were issued at nominal value, creating no share premium.
The treasury shares represent the cost of shares in Helios Towers plc issued by the Company
and held by the Helios Towers plc EBT to satisfy options under the Group Share options
plan. Treasury shares held by the Group are 13,467,750, including repurchased (and settled)
shares (2024: 2,005,178). Share\u2013based payment expense for 2025 was US$7.1 million (2024:
US$4.7 million), of which US$5.6 million (2024: US$4.6 million) was recognised in the share\u2013
based payment reserve (see page 147).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "18. Share capital and share premium
2025
2024
Number Number
of shares of shares
(million) US$m
(million)
US$m
Authorised, issued and fully paid ordinary
shares of \u00a30.01 each
1,044.2
13.4
1,052.7\ue00b
13.5
1,044.2
13.4
1,052.7\ue00b
13.5
The share capital of the Group is represented by the share capital of the Company, Helios Towers plc. During the year ended 31 December 2025, the Company repurchased its own ordinary shares as part of a capital management programme aimed at optimising the capital structure and returning value to shareholders. The number of shares repurchased was 11.35 million at an average share price of \u00a31.58 (US$2.09). Repurchased shares are recognised as treasury shares and presented as a deduction from equity. No gain or loss is recognised in pro\ufb01t or loss on purchase, sale, issue or cancellation of these shares. Transaction costs directly attributable to the buyback are deducted from equity, and the buyback was funded from available cash resources and is presented as a \ufb01nancing activity in the statement of cash \ufb02ows. Treasury shares carry no voting rights and do not qualify for dividends until reissued or cancelled. On 28 March 2025, the Company issued 2.8 million new ordinary shares in the capital of the Company to the EBT to satisfy the vesting of share-based awards. The shares were issued at nominal value, creating no share premium. On 8 March 2024, the Company issued 2.2 million new ordinary shares in the capital of the Company to the Employee Bene\ufb01t Trust to satisfy the vesting of share-based awards. The shares were issued at nominal value, creating no share premium. The treasury shares represent the cost of shares in Helios Towers plc issued by the Company and held by the Helios Towers plc EBT to satisfy options under the Group Share options plan. Treasury shares held by the Group are 13,467,750, including repurchased (and settled) shares (2024: 2,005,178). Share\u2013based payment expense for 2025 was US$7.1 million (2024: US$4.7 million), of which US$5.6 million (2024: US$4.6 million) was recognised in the share\u2013 based payment reserve (see page 147).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "
19. Trade and other payables
2025 2024
US$m US$m
Trade payables
46.7
37.9
Deferred income
80.6
64.4
Deferred consideration
9.2
29.3
Accruals
182.5
123.5
VAT, withholding tax, and other taxes payable
65.4
53.9
384.4
309.0
Trade payables and accruals principally comprise amounts outstanding for trade purchases
and ongoing costs. The average credit period taken for trade purchases is 32 days (2024: 28 days).
Payable days are calculated as trade payables and payables to related parties, divided by cost
of sales plus capital expenditure and administration expenses less staff costs and depreciation
and amortisation. No interest is charged on trade payables. The Group has \ufb01nancial risk
management policies in place to ensure that all payables are paid within the
pre\u2013agreed credit terms.
Deferred income primarily relates to service revenue, that is billed in advance. The Group
recognised revenue of US$114.4 million (2024: US$60.6 million) from contract liabilities held on
the balance sheet at the start of the \ufb01nancial year. Contract liabilities are presented as deferred
income in the table above.
Deferred consideration relates to contractually agreed consideration withheld at the date
assets were acquired. However, this would become payable at a future point in time or earlier
if the seller met certain conditions.
Accruals consist of general operational accruals, accrued capital items, and goods received
but not yet invoiced. The Directors consider the carrying amount of trade payables
approximates to their fair value due to their short\u2013term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "19. Trade and other payables
2025 2024
US$m US$m
Trade payables
46.7
37.9
Deferred income
80.6
64.4
Deferred consideration
9.2
29.3
Accruals
182.5
123.5
VAT, withholding tax, and other taxes payable
65.4
53.9
384.4
309.0
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 32 days (2024: 28 days). Payable days are calculated as trade payables and payables to related parties, divided by cost of sales plus capital expenditure and administration expenses less staff costs and depreciation and amortisation. No interest is charged on trade payables. The Group has \ufb01nancial risk management policies in place to ensure that all payables are paid within the pre\u2013agreed credit terms. Deferred income primarily relates to service revenue, that is billed in advance. The Group recognised revenue of US$114.4 million (2024: US$60.6 million) from contract liabilities held on the balance sheet at the start of the \ufb01nancial year. Contract liabilities are presented as deferred income in the table above. Deferred consideration relates to contractually agreed consideration withheld at the date assets were acquired. However, this would become payable at a future point in time or earlier if the seller met certain conditions. Accruals consist of general operational accruals, accrued capital items, and goods received but not yet invoiced. The Directors consider the carrying amount of trade payables approximates to their fair value due to their short\u2013term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
20. Loans
2025 2024
US$m US$m
Loans and bonds
1,721.5
1,698.1
Bank overdraft
34.5
23.2
Total loans and bonds
1,756.0
1,721.3
Current
51.3
39.9
Non-current
1,704.7
1,681.4
1,756.0
1,721.3
Loans are classi\ufb01ed as \ufb01nancial liabilities and measured at amortised cost.
During the year, the Group repurchased US$120.0 million of the US$300.0 million convertible
bonds (equity component US$52.7 million). The difference between the consideration paid
and the carrying amount of the liability component of the bonds derecognised has been
recognised in the Consolidated Income Statement under other gains and losses as a loss of
US$5.9 million. The associated proportion of the equity component has been transferred
within equity. Following the repurchase, the remaining principal amount of the Group\u2019s
convertible bonds outstanding as at 31 December 2025 is US$180.0 million.
Oman Tech Infrastructure SAOC converted 50% of the outstanding principal amount of its
term facility A from USD to OMR denomination.
In 2024, the Group issued US$850.0 million 7.500% senior notes due 2029. The proceeds were
used to wholly repurchase, or otherwise redeem, its existing 2025 senior notes and prepay and
cancel certain operating company facilities, in addition to partially prepaying amounts drawn
under its Group term facilities.
The following table provides a breakdown of the Group\u2019s debt instruments including currency,
maturity, size and drawn amounts.
At December 2025
At December 2024
Loan
Maturity
Facility US$m
Drawn US$m
Facility US$m
Drawn US$m
Senior notes (USD)
2029
850.0
850.0
850.0
850.0
Convertible bond
1
(USD)
2027
148.4
148.4
247.3
247.3
Term Facility A (USD)
2028
64.0
64.0
64.0
64.0
Term Facility B (USD)
2028
120.0
120.0
120.0
-
Term Facility C (USD)
2028
261.0
261.0
261.0
261.0
Revolving Credit Facility (USD)
2028
90.0
-
90.0
-
Oman Facility A (USD/OMR)
2035
174.8
174.8
187.8
187.8
Oman Facility B (OMR)
2035
40.0
29.9
40.0
14.8
Revolving Credit Facility (OMR)
Annual
20.0
-
20.0
-
Minority SHL Oman (USD)
2032
45.5
42.5
45.5
42.5
Minority SHL Malawi (MWK)
2032
8.0
8.0
6.2
6.0
Bank Overdraft (USD)
Quarterly
44.0
34.5
44.0
23.2
Taxes, issue costs and other
2
-
22.9
-
24.7
Total
1,756.0
1,721.3
1 Total facility is US$180.0 million (2024: US$300.0 million). The equity reserve component is US$31.6 million (2024:
US$52.7 million).
2 Taxes are withholding taxes on interest.
26. Financial instruments
In June 2024, the Group wholly repurchased, or otherwise redeemed, its 7.000% Senior
Notes 2025, of which US$650.0 million was outstanding at the time, using proceeds from its
US$850.0 million 7.500% Senior Notes 2029 issuance. Both bonds had put and call options
embedded within the terms of the Senior Notes. The asset associated with the 2025 Notes was
settled when the bonds were repurchased, or otherwise redeemed, and the fair value of the
new derivative, associated with the 2029 Notes, was recognised as outlined below.
The derivatives value at the balance sheet date is the net of the fair values of the derivative
\ufb01nancial assets and the derivative \ufb01nancial liabilities. The asset element represents the fair
value of the put and call options embedded within the terms of the 7.500% Senior Notes 2029.
The call options give the Group the right to redeem the Senior Notes instruments at a date
prior to the maturity date (4 June 2029), in certain circumstances and at a premium over the
initial notional amount. The put option provides the holders with the right (and the Group with
an obligation) to settle the Senior Notes before their redemption date in the event of a change
in control resulting in a rating downgrade (as de\ufb01ned in the terms of the Senior Notes, which
also includes a major asset sale), and at a premium over the initial notional amount. The liability
at the balance sheet date represents the fair value of the cash \ufb02ow hedge reserve entered in
2023, to hedge against foreign currency risk. The fair value of the cash \ufb02ow hedge reserve will
continue to reduce as the Group approaches the maturity date. Further detail can be found in
Note 26f.
Fair value measurements
The Group\u2019s \ufb01nancial derivatives are measured at fair value at the end of each reporting
period. The information set out below provides data about how the fair values of these
\ufb01nancial assets and \ufb01nancial liabilities are determined (in particular, the valuation technique(s)
and inputs used).
For those \ufb01nancial instruments measured at fair value, the Group has categorised them into a
three\u2013level fair value hierarchy based on the priority of the inputs to the valuation technique
in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable
inputs (Level 3). If the inputs used to measure fair value fall within different levels of the
hierarchy, the category level is based on the lowest priority level input that is signi\ufb01cant to
the fair value measurement of the instrument in its entirety. There are no \ufb01nancial instruments
that have been categorised as Level 1. There were no transfers between the levels in the year.
Further information with regards to fair value measurements of derivatives can be found at
Note 26e.
The table below provides analysis of \ufb01nancial instruments carried at fair value, by the
valuation method.
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
US$m US$m US$m US$m US$m US$m
Derivative \ufb01nancial
assets
-
-
18.9
-
-
13.5
Assets
-
-
18.9
-
-
13.5
Derivative \ufb01nancial
liabilities
-
(10.8)
-
-
(5.8)
-
Liabilities
-
(10.8)
-
-
(5.8)
-
Total
-
(10.8)
18.9\ue010
-
(5.8)
13.5
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as
a going concern while maximising the return to stakeholders through the optimisation of the
debt and equity balance. The capital structure of the Group consists of debt, which includes
borrowings disclosed in Notes 20 and 21, cash and cash equivalents and equity attributable to
equity holders of the Company, comprising issued capital, reserves and retained earnings as
disclosed in the Consolidated Statement of Changes in Equity. The Group\u2019s net leverage has
reduced from 4.0x to 3.4x over the last 12 months, and the Group has aspirations to reduce
this further. See page 59 for further detail.
Gearing ratio
The Group keeps its capital structure under review. The gearing ratio at the year-end is
as follows:
2025 2024
US$m US$m
Debt (net of issue costs)
1,991.1
1,945.0
Less: cash and cash equivalents
(217.3)
(161.0)
Net debt
1,773.8
1,784.0
Equity attributable to the owners
1
40.3
4.7
Non-controlling interests
1
36.1
31.2
Gearing ratio
23.2x
49.7x
1 Comparative \ufb01gures for equity attributable to owners and non-controlling interests have been restated to align with the
amounts previously presented in the prior year Consolidated Statement of Changes in Equity. The adjustment is immaterial
and has no impact on equity or pro\ufb01t.
Debt is de\ufb01ned as long\u2013term and short\u2013term loans and lease liabilities, as detailed in Notes 20
and 21 respectively.
Externally imposed capital requirements
The Group is not subject to externally imposed capital requirements.
Categories of \ufb01nancial instruments
2025 2024
US$m US$m
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
217.3
161.0
Trade and other receivables
297.0
282.3
514.3
443.3
Fair value through pro\ufb01t or loss:
Derivative \ufb01nancial assets
18.9
13.5
533.2
456.8
Financial liabilities
Amortised cost:
Trade and other payables
1
238.4
190.7
Bank overdraft
34.5
23.2
Lease liabilities
235.1
223.7
Loans
1,721.5
1,698.1
Minority interest buyout
12.3
4.2
2,241.8
2,139.9
Fair value through other comprehensive income:
Derivative \ufb01nancial liabilities
10.8
5.8
2,252.6
2,145.7
1 Deferred consideration of US$29.5 million (2024: US$29.3 million) is included within the trade and other payables balance.
As at 31 December 2025 and 31 December 2024, the Group had no cash pledged as collateral
for \ufb01nancial liabilities. The Directors estimate the amortised cost of cash and cash equivalents
is approximate to fair value. The US$850.0 million bond maturing in 2029 had a carrying
value of US$844.3 million at 31 December 2025 (2024: US$841.9 million) and a fair value of
US$878.4 million (2024: US$866.7 million). The US$300.0 million convertible bond maturing in
2027 had a carrying value of US$180.0 million at 31 December 2025 (2024: US$300.0 million)
and a fair value of US$184.3 million (2024: US$262.1 million). At 31 December 2025, the
fair value of the cash \ufb02ow hedge derivatives held by the Group was US$10.8 million (2024:
US$5.8 million). The Directors estimate the amortised cost of other loans and borrowings is
approximate to fair value.
Financial risk management objectives and policies
The Group\u2019s Finance function provides services to the business, coordinates access to
domestic and international \ufb01nancial markets, and monitors and manages the \ufb01nancial risks
relating to the operations of the Group through internal risk reports, which analyse exposures
by degree and magnitude of risks. These risks include market risk (including currency risk, fair
value interest rate risk and price risk), credit risk, liquidity risk and cash \ufb02ow interest rate risk.
The Group\u2019s overall \ufb01nancial risk management programme focuses on the unpredictability
of \ufb01nancial markets and seeks to minimise potential adverse effects on the Group\u2019s \ufb01nancial
performance. The Group\u2019s senior management oversees the management of these risks.
The Finance function is supported by the Group\u2019s senior management, which advises on
\ufb01nancial risks and the appropriate \ufb01nancial risk governance framework for the Group.
Key \ufb01nancial risks and exposures are monitored through a monthly report to the Board of
Directors, together with an annual Board review of corporate treasury matters.
Financial risk
The principal \ufb01nancial risks to which the Group is exposed through its activities are risks of
changes in foreign currency exchange rates and interest rates.
Interest rate risk management
The Group is exposed to interest rate risk because entities in the Group borrow funds at
both \ufb01xed and \ufb02oating interest rates. The risk is managed by the Group by maintaining an
appropriate mix between \ufb01xed and \ufb02oating rate borrowings and utilising interest rate swaps.
At 31 December 2025, an increase in 100 basis points would decrease derivative \ufb01nancial
liabilities and equity by US$11.8 million, whilst a decrease of 100 basis points would result in
an increase of US$12.4 million. If interest rates had been 100 basis points higher/lower, with
all other variables held constant, the impact on pro\ufb01t or loss for the year would have been
an increase/decrease of US$2.7 million, mainly as a result of changes in interest expense on
variable rate borrowings.
Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently,
exposures to exchange rate \ufb02uctuations arise. The Group\u2019s main currency exposures were
to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central
African Franc (XAF), South African Rand (ZAR), Malawian Kwacha (MWK), and Omani Rial
(OMR) through its main operating subsidiaries. The Group has exposure to Sterling (GBP)
\ufb02uctuations on its \ufb01nancial assets and liabilities; however, this is not considered material.
The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and
monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2025 2024 2025 2024
US$m US$m US$m US$m
New Ghanaian Cedi
11.1
17.2
27.2
19.7
Malagasy Ariary
13.0
13.4
21.6
10.6
Tanzanian Shilling
55.7
100.2
116.4
101.0
South African Rand
1.1
3.1
21.2
12.7
Central African Franc
43.8
41.4
82.0
65.9
Malawian Kwacha
27.9
13.4
25.3
16.7
Omani Rial
48.2
45.3
103.0
89.5
200.8
234.0
396.7
316.1
a. Foreign currency sensitivity analysis
The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage
movement applied to the currency, for each period presented, is based on the average
movements in the previous three annual reporting periods of the US Dollar against the GHS,
XAF, TZS, MGA, ZAR and MWK. The sensitivity analysis includes only outstanding foreign
currency-denominated monetary items and adjusts their translation at the year\u2013end for a
change in foreign currency rates. A positive number below indicates an increase in pro\ufb01t and
other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a
strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an
equal and opposite effect on the pro\ufb01t and other equity, on the basis that all other variables
remain constant.
Impact on pro\ufb01t or loss
2025 2024
US$m US$m
New Ghanaian Cedi
0.5
(0.9)
Malagasy Ariary
(0.1)
0.2
Tanzanian Shilling
(1.2)
-
South African Rand
0.2
(0.5)
Central African Franc
1.2
(0.7)
Malawian Kwacha
0.5
(0.9)
Omani Rial (Pegged to USD)
-
-
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK
and OMR receivables and payables in the Group at the reporting date. The amounts above
generally correspond with the functional currency of the relevant subsidiary, and the foreign
currency exposures are therefore re\ufb02ected in the Group\u2019s translation reserve.
The above sensitivities do not address the translation effects within equity of consolidating
non\u2013US Dollar\u2013denominated subsidiaries into the Group\u2019s US Dollar presentation currency,
nor do they include the effects of foreign currency retranslation of intragroup balances, which
eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to
foreign exchange differences within the Group\u2019s comprehensive income (see Note 9).
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations,
resulting in \ufb01nancial loss to the Group. Default does not occur later than when a \ufb01nancial
asset is 90 days past due (unless the Group has reasonable and supportable information to
demonstrate that a more lagging default criterion is more appropriate). Write\u2013off happens at
least a year after a \ufb01nancial asset has become credit impaired and when management does
not have any reasonable expectations to recover the asset. Assets written off may still be
subject to ongoing enforcement activity where the Group continues to pursue recovery.
Expected credit losses are assessed on a collective basis for groups of trade receivables
that share similar credit-risk characteristics, primarily customer type and ageing pro\ufb01le.
Signi\ufb01cant balances with major customers are assessed individually.
The Group has adopted a policy of only dealing with creditworthy counterparties, as a means
of mitigating the risk of \ufb01nancial loss from defaults. In addition, we invoice certain customers
in advance of services being provided, which is recorded as deferred income until the services
have been provided. The Group uses publicly available \ufb01nancial information and other
information provided by the counterparty (where appropriate) to deliver a credit rating for its
major customers. As at 31 December 2025, the Group has a concentration risk with regards to
four of its largest customers.
The Group\u2019s exposure and the credit ratings of its counterparties and related parties are
continuously monitored, and the aggregate value of credit risk within the business is spread
among a number of approved counterparties.
Credit exposure is controlled by counterparty limits that are reviewed and approved
by management. The carrying amount of the \ufb01nancial assets recorded in the Financial
Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk.
The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to their
lifetime ECL. The loss allowance on trade receivables represents the expected losses due to
non\u2013payment of amounts due from customers.
In order to minimise credit risk, the Group has categorised exposures according to their
degree of risk of default. The use of a provision matrix is based on a range of qualitative
and quantitative factors, based on the Group\u2019s historical experience, forward\u2013looking
macroeconomic data and informed credit assessments, that are deemed to be indicative
of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk
of irrecoverability).
The below table shows the Group\u2019s trade and other receivables balance and associated loss
allowances in each Group credit rating category.
31 December 2025
31 December 2024
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
R e m o t e r i s k
255.6
(0.6)
255.0
238.5
(1.9)
236.6
2
Low risk
31.0
(2.7)
28.3
30.6
(1.1)
29.5
3
Medium risk
0.1
(0.0)
0.1
0.2
0.0
0.2
4
High risk
17.0
(3.5)
13.5
18.7
(3.2)
15.5
5
Risk of loss
0.4
(0.3)
0.1
1.2
(0.7)
0.5
Total
304.1
(7.1)
297.0
289.2
(6.9)
282.3
In respect to cash and cash equivalents, the Group believes that credit risk is not signi\ufb01cant on
the basis that cash balances are held with creditworthy counterparties. These are reviewed on
a periodic basis.
b. Liquidity risk management
The Group has long\u2013term debt \ufb01nancing through Senior Loan Notes of US$850.0 million
due for repayment in December 2029 and other debt as disclosed in Note 20. The Group
has a revolving credit facility of US$90.0 million for funding general corporate and working
capital needs. As at 31 December 2025, the facility was undrawn. This facility is available until
December 2028. The Group has remained compliant during the year to 31 December 2025,
with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further
information in relation to debt facilities.
Ultimate responsibility for liquidity risk management rests with the Board. The Group
manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities
and continuously monitoring forecast and actual cash \ufb02ows including consideration of
appropriate sensitivities.
c. Non-derivative \ufb01nancial liabilities
The following tables detail the Group\u2019s remaining contractual maturity for its non\u2013derivative
\ufb01nancial liabilities. The tables have been drawn up based on the undiscounted cash \ufb02ows of
\ufb01nancial liabilities based on the earliest date on which the Group can be required to pay.
The table below includes principal and interest cash \ufb02ows. The prior year \ufb01gures stated did not
include interest.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
238.4
-
-
-
238.4
Fixed interest rate instruments
153.8
364.2
1,116.8
434.7
2,069.5
Variable interest rate instruments
62.0
63.7
558.1
147.7
831.5
454.2
427.9
1,674.9
582.4
3,139.4
31 December 2024
Non-interest bearing
190.7
-
-
-
190.7
Fixed interest rate instruments
144.0
117.9
1,371.0
548.9
2,181.8
Variable interest rate instruments
60.1
59.3
467.9
176.6
763.9
394.8
177.2
1,838.9
725.5
3,136.4
d. Non\u2013derivative \ufb01nancial assets
The following tables detail the Group\u2019s expected maturity for other non\u2013derivative \ufb01nancial
assets. The table below has been drawn up based on the undiscounted contractual maturities
of the \ufb01nancial assets, except where the Group anticipates that the cash \ufb02ow will occur in a
different period.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
297.0
-
-
-
297.0
Variable interest rate instruments
217.3
-
-
-
217.3
514.3
-
-
-
514.3
31 December 2024
Non-interest bearing
282.3
-
-
-
282.3
Variable interest rate instruments
161.0
-
-
-
161.0
443.3
-
-
-
443.3
e. Embedded derivatives
The derivatives represent the fair value of the put and call options embedded within the terms
of the Senior Notes. The call options give the Group the right to redeem the Senior Notes
instruments at a date prior to the maturity date (4 June 2029), in certain circumstances and at
a premium over the initial notional amount. The put option provides the holders with the right
(and the Group with an obligation) to settle the Senior Notes before their redemption date
in the event of a change in control resulting in a rating downgrade (as de\ufb01ned in the terms
of the Senior Notes, which also includes a major asset sale), and at a premium over the initial
notional amount.
Due to limited market data on comparable instruments, the options are fair valued using the
difference model, with the embedded derivatives classi\ufb01ed as a Level 3 \ufb01nancial instrument
under IFRS 13. A quali\ufb01ed external valuer performs the valuation, using the quoted market
price of the Senior Notes and deducting the fair value of the host debt contract. The host
contract is valued by discounting future cash \ufb02ows (coupons and principal) at US Dollar
three-month SOFR plus Helios Towers\u2019 credit spread. A 5% relative increase in credit spread
at 31 December 2025 would reduce the embedded derivative value to nil.
At the reporting date, the fair value of the call option on the bond was US$18.9 million
(31 December 2024: US$13.5 million), and the put option was US$nil (31 December 2024:
US$nil). The gain in respect of the fair value on the embedded derivatives has been recognised
in the Consolidated Income Statement as part of other gains and losses, as disclosed in
Note 24.
The key assumptions in determining the fair value are:
\u2013 the quoted price of the bond as at 31 December 2025;
\u2013 the credit spread; and
\u2013 the yield curve.
The probabilities relating to change of control and major asset sale represent a reasonable
expectation of those events occurring that would be held by a market participant.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Net settled:
Embedded derivatives
-
-
18.9
-
18.9
-
-
18.9
-
18.9
31 December 2024
Net settled:
Embedded derivatives
-
-
13.5
-
13.5
-
-
13.5
-
13.5
f. Risk management strategy of hedge relationships
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it
manages using derivative \ufb01nancial instruments. The objective of cash \ufb02ow hedges is principally
to protect the Group against adverse interest rate movements. The Group does not use
derivative \ufb01nancial instruments for speculative purposes.
Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are
subsequently re\u2013measured to fair value at each reporting date. See Note 2 for further detail.
For cash \ufb02ow hedges, when the hedged item is recognised in the Consolidated Income
Statement, amounts previously recognised in the Consolidated Statement of Other
Comprehensive Income and accumulated in equity for the hedging instrument are reclassi\ufb01ed
to the income statement.
The ineffectiveness recognised in the Consolidated Income Statement on cash \ufb02ow hedges in
the year was US$nil (2024: US$nil).
If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity
is recognised immediately in the Consolidated Income Statement.
The Group uses interest rate swaps to hedge its exposure to interest rate risk and enters into
hedge relationships where the critical terms of the hedging instrument match with the terms of
the hedged item. Therefore, the Group expects a highly effective hedging relationship with the
swap contracts and the value of the corresponding hedged items to change systematically in
the opposite direction in response to movements in the underlying exchange rates and interest
rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in
circumstances affect the terms of the hedged item such that the critical terms no longer match
with the critical terms of the hedging instrument, the Group uses the hypothetical derivative
method to assess effectiveness.
Hedge ineffectiveness may occur due to:
a) the fair value of the hedging instrument on the hedge relationship designation date if the
fair value is not nil;
b) changes in the contractual terms or timing of the payments on the hedged item; and
c) a change in the credit risk of the Group or the counterparty with the hedging instrument.
The hedge ratio for each designation will be established by comparing the quantity of the
hedging instrument and the quantity of the hedged item to determine their relative weighting;
for all of the Group\u2019s existing hedge relationships, the hedge ratio has been determined as
1:1. The fair values of the derivative \ufb01nancial instruments are calculated by discounting the
future cash \ufb02ows to net present values using appropriate market rates and foreign currency
rates prevailing at 31 December. The valuation basis is Level 2 of the fair value hierarchy.
This classi\ufb01cation comprises items where fair value is determined from inputs other than
quoted prices that are observable for the asset and liability, either directly or indirectly.
The Group\u2019s interest rate swaps include notional amounts of $80.0m and $220.0m, maturing
in 2028, together with an amortising swap with a notional amount of $87.4m maturing in 2035.
The table below summarises the maturity pro\ufb01le of the Company\u2019s \ufb01nancial liabilities based on
contractual undiscounted payments.
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2025
Financial derivatives
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2025 OCI 31 Dec 2025 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
387.4
(10.8)
5.8
5.0
10.8\ue010
2029
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2024
Financial derivatives
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
393.9
(4.4)
14.7
(8.3)
5.8
2029
28. Net debt
2025 2024
US$m US$m
External debt
1
(1,705.5)
(1,672.8)
Lease liabilities
(235.1)
(223.7)
Cash and cash equivalents
217.3
161.0
Net debt
(1,723.3)
(1,735.5)
1 External debt is presented in line with the balance sheet at amortised cost. External debt is the total loans owed to
commercial banks and institutional investors, excluding loans due to minority interest holders from 1 January 2024.
At At
1 January 31 December
2025 Cash \ufb02ows
Other
1
2025
2025 US$m US$m US$m US$m
Cash and cash equivalents
161.0
55.2
1.1
217.3
External debt
(1,672.8)
(13.5)
(19.2)
(1,705.5)
Lease liabilities
(223.7)
20.9
(32.3)
(235.1)
Total \ufb01nancing liabilities
(1,896.5)
7.4
(51.5)
(1,940.6)
Net debt
(1,735.5)
62.6
(50.4)
(1,723.3)
At At
1 January 31 December
2024 Cash \ufb02ows
Other
1
2024
2024 US$m US$m US$m US$m
Cash and cash equivalents
106.6
55.0
(0.6)
161.0
External debt
(1,650.3)
(38.0)
15.5
(1,672.8)
Lease liabilities
(239.4)
33.5
(17.8)
(223.7)
Total \ufb01nancing liabilities
(1,889.7)
(4.5)
(2.3)
(1,896.5)
Net debt
(1,783.1)
50.5
(2.9)
(1,735.5)
1 Other includes foreign exchange and non\u2013cash interest movements.
Refer to Note 20 for further details on the year\u2013on\u2013year movements in loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "20. Loans
2025 2024
US$m US$m
Loans and bonds
1,721.5
1,698.1
Bank overdraft
34.5
23.2
Total loans and bonds
1,756.0
1,721.3
Current
51.3
39.9
Non-current
1,704.7
1,681.4
1,756.0
1,721.3
Loans are classi\ufb01ed as \ufb01nancial liabilities and measured at amortised cost. During the year, the Group repurchased US$120.0 million of the US$300.0 million convertible bonds (equity component US$52.7 million). The difference between the consideration paid and the carrying amount of the liability component of the bonds derecognised has been recognised in the Consolidated Income Statement under other gains and losses as a loss of US$5.9 million. The associated proportion of the equity component has been transferred within equity. Following the repurchase, the remaining principal amount of the Group\u2019s convertible bonds outstanding as at 31 December 2025 is US$180.0 million. Oman Tech Infrastructure SAOC converted 50% of the outstanding principal amount of its term facility A from USD to OMR denomination. In 2024, the Group issued US$850.0 million 7.500% senior notes due 2029. The proceeds were used to wholly repurchase, or otherwise redeem, its existing 2025 senior notes and prepay and cancel certain operating company facilities, in addition to partially prepaying amounts drawn under its Group term facilities. The following table provides a breakdown of the Group\u2019s debt instruments including currency, maturity, size and drawn amounts.
At December 2025
At December 2024
Loan
Maturity
Facility US$m
Drawn US$m
Facility US$m
Drawn US$m
Senior notes (USD)
2029
850.0
850.0
850.0
850.0
Convertible bond
1
(USD)
2027
148.4
148.4
247.3
247.3
Term Facility A (USD)
2028
64.0
64.0
64.0
64.0
Term Facility B (USD)
2028
120.0
120.0
120.0
-
Term Facility C (USD)
2028
261.0
261.0
261.0
261.0
Revolving Credit Facility (USD)
2028
90.0
-
90.0
-
Oman Facility A (USD/OMR)
2035
174.8
174.8
187.8
187.8
Oman Facility B (OMR)
2035
40.0
29.9
40.0
14.8
Revolving Credit Facility (OMR)
Annual
20.0
-
20.0
-
Minority SHL Oman (USD)
2032
45.5
42.5
45.5
42.5
Minority SHL Malawi (MWK)
2032
8.0
8.0
6.2
6.0
Bank Overdraft (USD)
Quarterly
44.0
34.5
44.0
23.2
Taxes, issue costs and other
2
-
22.9
-
24.7
Total
1,756.0
1,721.3
1 Total facility is US$180.0 million (2024: US$300.0 million). The equity reserve component is US$31.6 million (2024: US$52.7 million). 2 Taxes are withholding taxes on interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
21. Lease liabilities
2025 2024
US$m US$m
Short-term lease liabilities
Land
31.8
31.1
Buildings
2.5
2.1
Motor vehicles
0.2
-
34.5
33.2
2025 2024
US$m US$m
Long-term lease liabilities
Land
192.0
181.6
Buildings
8.6
8.9
Motor vehicles
-
-
200.6
190.5
The below undiscounted cash \ufb02ows do not include escalations based on CPI or other indexes,
which change over time. Renewal options are considered on a case\u2013by\u2013case basis, with
judgements around the lease term being based on management\u2019s contractual rights and their
current intentions. Refer to Note 13 for the Group\u2019s right\u2013of\u2013use assets.
The total cash paid on leases in the year was US$46.2 million (2024: US$47.7 million), which
includes principal and interest.
The pro\ufb01le of the outstanding undiscounted contractual payments fall due as follows:
Within 1 year 1-5 years 5-10 years 10+ years Total
US$m US$m US$m US$m US$m
31 December 2025
43.9
144.8
154.4
371.8
714.9
31 December 2024
42.7
135.6
135.4
344.5
658.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "21. Lease liabilities
2025 2024
US$m US$m
Short-term lease liabilities
Land
31.8
31.1
Buildings
2.5
2.1
Motor vehicles
0.2
-
34.5
33.2
2025 2024
US$m US$m
Long-term lease liabilities
Land
192.0
181.6
Buildings
8.6
8.9
Motor vehicles
-
-
200.6
190.5
The below undiscounted cash \ufb02ows do not include escalations based on CPI or other indexes, which change over time. Renewal options are considered on a case\u2013by\u2013case basis, with judgements around the lease term being based on management\u2019s contractual rights and their current intentions. Refer to Note 13 for the Group\u2019s right\u2013of\u2013use assets. The total cash paid on leases in the year was US$46.2 million (2024: US$47.7 million), which includes principal and interest. The pro\ufb01le of the outstanding undiscounted contractual payments fall due as follows:
Within 1 year 1-5 years 5-10 years 10+ years Total
US$m US$m US$m US$m US$m
31 December 2025
43.9
144.8
154.4
371.8
714.9
31 December 2024
42.7
135.6
135.4
344.5
658.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
22. Uncompleted performance obligations
The table below represents uncompleted performance obligations at the end of the reporting
period. This is total revenue that is contractually due to the Group, subject to the performance
of the obligation of the Group related to these revenues. Management refers to this as
contracted revenue.
2025 2024
US$m US$m
Total contracted revenue
5,345.6
5,114.7
Contracted revenue
The following table provides our total undiscounted contracted revenue by country as at
31 December 2025 for each year from 2026 to 2030, with local currency amounts converted at
the applicable average rate for US Dollars for the year ended 31 December 2025 held constant.
Our contracted revenue calculation for each year presented assumes:
\u2013 no escalation in fee rates;
\u2013 no increases in sites or tenancies other than our committed tenancies;
\u2013 our customers do not utilise any cancellation allowances set forth in their MLAs;
\u2013 no termination of existing customer MLAs prior to their current term; and
\u2013 no automatic renewal.
As at 31 December 2025, total contracted revenue was US$5.3 billion (2024: US$5.1 billion),
with an average remaining life of 6.6 years (2024: 6.9 years).
Year ended 31 December
(US$m)
2026
2027
2028
2029
2030
Middle East & North Africa
61.6
61.7
61.7
61.7
61.7
East & West Africa
297.8
281.3
281.3
278.1
266.7
Central & Southern Africa
372
347.8
340.9
293.1
264.2
Total
731.4
690.8
683.9
632.9
592.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Contracted revenue The following table provides our total undiscounted contracted revenue by country as at 31 December 2025 for each year from 2026 to 2030, with local currency amounts converted at the applicable average rate for US Dollars for the year ended 31 December 2025 held constant. Our contracted revenue calculation for each year presented assumes: \u2013 no escalation in fee rates; \u2013 no increases in sites or tenancies other than our committed tenancies; \u2013 our customers do not utilise any cancellation allowances set forth in their MLAs; \u2013 no termination of existing customer MLAs prior to their current term; and \u2013 no automatic renewal. As at 31 December 2025, total contracted revenue was US$5.3 billion (2024: US$5.1 billion), with an average remaining life of 6.6 years (2024: 6.9 years).
Year ended 31 December
(US$m)
2026
2027
2028
2029
2030
Middle East & North Africa
61.6
61.7
61.7
61.7
61.7
East & West Africa
297.8
281.3
281.3
278.1
266.7
Central & Southern Africa
372
347.8
340.9
293.1
264.2
Total
731.4
690.8
683.9
632.9
592.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
23. Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this Note.
Key management personnel comprise Executive and Non\u2013Executive Directors of Helios
Towers plc. Compensation of key management personnel is disclosed in Note 7.
There were no other related party transactions during the \ufb01nancial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "23. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this Note. Key management personnel comprise Executive and Non\u2013Executive Directors of Helios Towers plc. Compensation of key management personnel is disclosed in Note 7. There were no other related party transactions during the \ufb01nancial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
24. Other gains and (losses)
2025 2024
US$m US$m
Fair value gain on embedded derivative \ufb01nancial instruments
5.4
0.3
Net monetary gain on hyperin\ufb02ation
12.4
16.9
Fair value movement on forward contracts
-
(0.1)
Unamortised costs relating to repurchase of convertible bonds
(5.9)
-
11.9
17.1
Further detail can be found in Note 26 and 2a in respect of hyperin\ufb02ation.
", "dimensions": { "concept": "heliostowersplc:DisclosureOfOtherGainsAndLosses", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
25. Share\u2013based payments
Pre\u2013IPO LTIP
Ahead of the IPO, certain Directors, former Directors, Senior Managers and employees of
the Group were granted nil\u2013cost options in respect of shares up to an aggregate value of
US$10 million, based on an offer price of \u00a31.15 and a US Dollar to pounds Sterling conversion
rate of US$1:\u00a30.7948 (the HT LTIP).
The Company issued 6,557,668 shares to the trustee of the Trust (or as it directs) immediately
prior to IPO in order to satisfy future settlement of awards under the HT LTIP and nil\u2013cost
options under the HT MIPs. The Trust is consolidated into the Group.
These options became exercisable in tranches over a three\u2013year period post\u2013IPO. The award
participants were entitled to exercise some of the share options on IPO. All remaining vested
options were exercised during the \ufb01nancial year ended 31 December 2025.
Number of options
2025
2024
As at 1 January
481,487
522,053
Granted during the year
-
-
Exercised during the year
(481,487)
(40,566)
Forfeited during the year
-
-
As at 31 December
-
481,487
Of which:
Vested and exercisable
-
481,487
Unvested
-
-
Fair value of options/share awards granted pre\u2013IPO
The fair value at grant date is independently determined using a probability\u2013weighted
expected returns methodology, which is an appropriate future\u2013orientated approach when
considering the fair value of options/shares that have no intrinsic value at the time of issue.
In this case, the expected future returns were estimated by reference to the expected
proceeds attributable to the underlying shares at IPO, as provided by management,
including adjustments for expected net debt, transaction costs and priority returns to other
shareholders. This is then discounted into present-value terms, adopting an appropriate
discount rate. The capital asset pricing methodology was used when considering an
appropriate discount rate to apply to the pay\u2013out expected to accrue to the share awards
on realisation.
Key assumptions:
\u2013 expected exit dates 0 to 4 years;
\u2013 probability weightings up to 25%;
\u2013 expected range of exit multiples up to 10.0x;
\u2013 expected forecast Adjusted EBITDA across two scenarios (management case and
downside case) and respective probability weightings;
\u2013 estimated proceeds per share; and
\u2013 hurdle per share up to US$1.25.
The Group has in place one adopted discretionary share plan called the Helios Towers plc
Employee Incentive Plan 2019 (the EIP), the details of which are set out in this Note.
Employee Incentive Plan
Following admission to the London Stock Exchange, the Company has adopted a discretionary
share plan called the Helios Towers plc EIP 2019. The EIP is designed to provide long\u2013term
incentives for senior managers and above (including Executive Directors) to deliver long\u2013term
shareholder returns. Participation in the plan is at the Remuneration Committee\u2019s discretion,
and no individual has a contractual right to participate in the plan or to receive any guaranteed
bene\ufb01ts. Shares received under the scheme by Executive Directors will be subject to a two\u2013
year post\u2013vesting holding period. In all other respects, the shares rank equally with other fully
paid ordinary shares on issue.
The Group has granted LTIP awards under the EIP to the Executive Directors and selected key
personnel. The equity settled awards comprise separate tranches, which vest depending upon
the achievement of the following performance targets over a three\u2013year period:
\u2013 relative TSR tranche;
\u2013 adjusted EBITDA tranche;
\u2013 ROIC tranche; and
\u2013 impact scorecard tranche (introduced in 2023).
Set out below are summaries of options granted under the EIP.
2025 2024
Number Number
of options of options
As at 1 January
27,305,780
16,565,765
Granted during the year
11,620,188
14,410,164
Lapsed during the year
(1,417,511)
(1,203,386)
Exercised during the year
(1,146,487)
(1,207,928)
Forfeited during the year
(2,090,350)
(1,258,835)
As at 31 December
34,271,620
27,305,780
Vested and exercisable at 31 December
2,616,501
1,441,907
The IFRS 2 charge recognised in the Consolidated Income Statement for the 2025 \ufb01nancial
year in respect of the EIP was US$5.6 million (2024: US$3.7 million). All share options
outstanding as at 31 December 2025 have a weighted average remaining contractual life of
8.4 years (2024: 8.4 years).
The fair value at grant date is independently determined using the Monte Carlo model.
Key assumptions used in valuing the share\u2013based payment charge are as follows:
2023 LTIP award
Adjusted
Relative EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
17-May-23
17-May-23
17-May-23
17-May-23
Share price at grant date
\u00a30.918
\u00a30.918
\u00a30.918
\u00a30.918
Fair value as a percentage of the
grant price
42.0%
100.0%
100.0%
100.0%
TSR projection period
2.63
n/a
n/a
n/a
Expected life from grant date
(years)
2.87
2.87
2.87
2.87
Volatility
38.3%
n/a
n/a
n/a
Risk-free rate of interest
3.9%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
33.9%
n/a
n/a
n/a
Average FTSE 250 correlation
25.5%
n/a
n/a
n/a
Fair value per share
\u00a30.385
\u00a30.918
\u00a30.918
\u00a30.918
2024 LTIP award
Adjusted
Relative EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
2-May-24
2-May-24
2-May-24
2-May-24
Share price at grant date
\u00a31.022
\u00a31.022
\u00a31.022
\u00a31.022
Fair value as a percentage of the
grant price
76.0%
100.0%
100.0%
100.0%
TSR projection period
2.66
n/a
n/a
n/a
Expected life from grant date
(years)
2.91
2.91
2.91
2.91
Volatility
42.0%
n/a
n/a
n/a
Risk-free rate of interest
4.3%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
34.0%
n/a
n/a
n/a
Average FTSE 250 correlation
27.0%
n/a
n/a
n/a
Fair value per share
\u00a30.780
\u00a31.022
\u00a31.022
\u00a31.022
2025 LTIP Award
Relative Adjusted EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
15\u2212May\u221225
15\u2212May\u221225
15\u2212May\u221225
15\u2212May\u221225
Share price at grant date
\u00a31.128
\u00a31.128
\u00a31.128
\u00a31.128
Fair value as a percentage of the
grant price
67.0%
100.0%
100.0%
100.0%
TSR projection period
2.63
n/a
n/a
n/a
Expected life from grant date
(years)
2.88
2.88
2.88
2.88
Volatility
38.0%
n/a
n/a
n/a
Risk-free rate of interest
3.8%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
31.0%
n/a
n/a
n/a
Average FTSE 250 correlation
24.0%
n/a
n/a
n/a
Fair value per share
\u00a30.756
\u00a31.128
\u00a31.128
\u00a31.128
HT SharingPlan
Shareholders voted to approve the all\u2013employee share plan schemes at the 2021 AGM. In 2021,
the Board granted inaugural \u2018HT SharingPlan\u2019 Restricted Stock Unit (RSU) awards under the
HT Global Share Purchase Plan rules. Each employee was granted a 2021 award with a three\u2013
year vesting period. The Board also granted similar awards in 2022, 2023, 2024 and 2025,
again with a three\u2013year vesting period.
All employees were granted awards of equal value and on the same terms. The vesting of the
awards is subject to continued employment with the Group.
2025 2024
Number Number
of RSUs of RSUs
As at 1 January
3,955,393
3,265,037
Granted during the year
1,891,994
1,480,813
Forfeited during the year
(321,653)
(283,488)
Vested during the year
(1,044,304)
(506,969)
As at 31 December
4,481,430
3,955,393
Deferred bonuses
2025
2024
As at 1 January
190,342
85,755
Granted during the year
124,173
141,170
Forfeited during the year
-
-
Vested during the year
(49,172)
(36,583)
As at 31 December
265,343
190,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "25. Share\u2013based payments Pre\u2013IPO LTIP Ahead of the IPO, certain Directors, former Directors, Senior Managers and employees of the Group were granted nil\u2013cost options in respect of shares up to an aggregate value of US$10 million, based on an offer price of \u00a31.15 and a US Dollar to pounds Sterling conversion rate of US$1:\u00a30.7948 (the HT LTIP). The Company issued 6,557,668 shares to the trustee of the Trust (or as it directs) immediately prior to IPO in order to satisfy future settlement of awards under the HT LTIP and nil\u2013cost options under the HT MIPs. The Trust is consolidated into the Group. These options became exercisable in tranches over a three\u2013year period post\u2013IPO. The award participants were entitled to exercise some of the share options on IPO. All remaining vested options were exercised during the \ufb01nancial year ended 31 December 2025.
Number of options
2025
2024
As at 1 January
481,487
522,053
Granted during the year
-
-
Exercised during the year
(481,487)
(40,566)
Forfeited during the year
-
-
As at 31 December
-
481,487
Of which:
Vested and exercisable
-
481,487
Unvested
-
-
Fair value of options/share awards granted pre\u2013IPO The fair value at grant date is independently determined using a probability\u2013weighted expected returns methodology, which is an appropriate future\u2013orientated approach when considering the fair value of options/shares that have no intrinsic value at the time of issue. In this case, the expected future returns were estimated by reference to the expected proceeds attributable to the underlying shares at IPO, as provided by management, including adjustments for expected net debt, transaction costs and priority returns to other shareholders. This is then discounted into present-value terms, adopting an appropriate discount rate. The capital asset pricing methodology was used when considering an appropriate discount rate to apply to the pay\u2013out expected to accrue to the share awards on realisation. Key assumptions: \u2013 expected exit dates 0 to 4 years; \u2013 probability weightings up to 25%; \u2013 expected range of exit multiples up to 10.0x; \u2013 expected forecast Adjusted EBITDA across two scenarios (management case and downside case) and respective probability weightings; \u2013 estimated proceeds per share; and \u2013 hurdle per share up to US$1.25. The Group has in place one adopted discretionary share plan called the Helios Towers plc Employee Incentive Plan 2019 (the EIP), the details of which are set out in this Note. Employee Incentive Plan Following admission to the London Stock Exchange, the Company has adopted a discretionary share plan called the Helios Towers plc EIP 2019. The EIP is designed to provide long\u2013term incentives for senior managers and above (including Executive Directors) to deliver long\u2013term shareholder returns. Participation in the plan is at the Remuneration Committee\u2019s discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed bene\ufb01ts. Shares received under the scheme by Executive Directors will be subject to a two\u2013 year post\u2013vesting holding period. In all other respects, the shares rank equally with other fully paid ordinary shares on issue. The Group has granted LTIP awards under the EIP to the Executive Directors and selected key personnel. The equity settled awards comprise separate tranches, which vest depending upon the achievement of the following performance targets over a three\u2013year period: \u2013 relative TSR tranche; \u2013 adjusted EBITDA tranche; \u2013 ROIC tranche; and \u2013 impact scorecard tranche (introduced in 2023). Set out below are summaries of options granted under the EIP.
2025 2024
Number Number
of options of options
As at 1 January
27,305,780
16,565,765
Granted during the year
11,620,188
14,410,164
Lapsed during the year
(1,417,511)
(1,203,386)
Exercised during the year
(1,146,487)
(1,207,928)
Forfeited during the year
(2,090,350)
(1,258,835)
As at 31 December
34,271,620
27,305,780
Vested and exercisable at 31 December
2,616,501
1,441,907
The IFRS 2 charge recognised in the Consolidated Income Statement for the 2025 \ufb01nancial year in respect of the EIP was US$5.6 million (2024: US$3.7 million). All share options outstanding as at 31 December 2025 have a weighted average remaining contractual life of 8.4 years (2024: 8.4 years). The fair value at grant date is independently determined using the Monte Carlo model. Key assumptions used in valuing the share\u2013based payment charge are as follows: 2023 LTIP award
Adjusted
Relative EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
17-May-23
17-May-23
17-May-23
17-May-23
Share price at grant date
\u00a30.918
\u00a30.918
\u00a30.918
\u00a30.918
Fair value as a percentage of the
grant price
42.0%
100.0%
100.0%
100.0%
TSR projection period
2.63
n/a
n/a
n/a
Expected life from grant date
(years)
2.87
2.87
2.87
2.87
Volatility
38.3%
n/a
n/a
n/a
Risk-free rate of interest
3.9%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
33.9%
n/a
n/a
n/a
Average FTSE 250 correlation
25.5%
n/a
n/a
n/a
Fair value per share
\u00a30.385
\u00a30.918
\u00a30.918
\u00a30.918
2024 LTIP award
Adjusted
Relative EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
2-May-24
2-May-24
2-May-24
2-May-24
Share price at grant date
\u00a31.022
\u00a31.022
\u00a31.022
\u00a31.022
Fair value as a percentage of the
grant price
76.0%
100.0%
100.0%
100.0%
TSR projection period
2.66
n/a
n/a
n/a
Expected life from grant date
(years)
2.91
2.91
2.91
2.91
Volatility
42.0%
n/a
n/a
n/a
Risk-free rate of interest
4.3%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
34.0%
n/a
n/a
n/a
Average FTSE 250 correlation
27.0%
n/a
n/a
n/a
Fair value per share
\u00a30.780
\u00a31.022
\u00a31.022
\u00a31.022
2025 LTIP Award
Relative Adjusted EBITDA Impact
TSR
per share
ROIC
Scorecard
Grant date
15\u2212May\u221225
15\u2212May\u221225
15\u2212May\u221225
15\u2212May\u221225
Share price at grant date
\u00a31.128
\u00a31.128
\u00a31.128
\u00a31.128
Fair value as a percentage of the
grant price
67.0%
100.0%
100.0%
100.0%
TSR projection period
2.63
n/a
n/a
n/a
Expected life from grant date
(years)
2.88
2.88
2.88
2.88
Volatility
38.0%
n/a
n/a
n/a
Risk-free rate of interest
3.8%
n/a
n/a
n/a
Dividend yield
n/a
n/a
n/a
n/a
Average FTSE 250 volatility
31.0%
n/a
n/a
n/a
Average FTSE 250 correlation
24.0%
n/a
n/a
n/a
Fair value per share
\u00a30.756
\u00a31.128
\u00a31.128
\u00a31.128
HT SharingPlan Shareholders voted to approve the all\u2013employee share plan schemes at the 2021 AGM. In 2021, the Board granted inaugural \u2018HT SharingPlan\u2019 Restricted Stock Unit (RSU) awards under the HT Global Share Purchase Plan rules. Each employee was granted a 2021 award with a three\u2013 year vesting period. The Board also granted similar awards in 2022, 2023, 2024 and 2025, again with a three\u2013year vesting period. All employees were granted awards of equal value and on the same terms. The vesting of the awards is subject to continued employment with the Group.
2025 2024
Number Number
of RSUs of RSUs
As at 1 January
3,955,393
3,265,037
Granted during the year
1,891,994
1,480,813
Forfeited during the year
(321,653)
(283,488)
Vested during the year
(1,044,304)
(506,969)
As at 31 December
4,481,430
3,955,393
Deferred bonuses
2025
2024
As at 1 January
190,342
85,755
Granted during the year
124,173
141,170
Forfeited during the year
-
-
Vested during the year
(49,172)
(36,583)
As at 31 December
265,343
190,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "26. Financial instruments In June 2024, the Group wholly repurchased, or otherwise redeemed, its 7.000% Senior Notes 2025, of which US$650.0 million was outstanding at the time, using proceeds from its US$850.0 million 7.500% Senior Notes 2029 issuance. Both bonds had put and call options embedded within the terms of the Senior Notes. The asset associated with the 2025 Notes was settled when the bonds were repurchased, or otherwise redeemed, and the fair value of the new derivative, associated with the 2029 Notes, was recognised as outlined below. The derivatives value at the balance sheet date is the net of the fair values of the derivative \ufb01nancial assets and the derivative \ufb01nancial liabilities. The asset element represents the fair value of the put and call options embedded within the terms of the 7.500% Senior Notes 2029. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (4 June 2029), in certain circumstances and at a premium over the initial notional amount. The put option provides the holders with the right (and the Group with an obligation) to settle the Senior Notes before their redemption date in the event of a change in control resulting in a rating downgrade (as de\ufb01ned in the terms of the Senior Notes, which also includes a major asset sale), and at a premium over the initial notional amount. The liability at the balance sheet date represents the fair value of the cash \ufb02ow hedge reserve entered in 2023, to hedge against foreign currency risk. The fair value of the cash \ufb02ow hedge reserve will continue to reduce as the Group approaches the maturity date. Further detail can be found in Note 26f. Fair value measurements The Group\u2019s \ufb01nancial derivatives are measured at fair value at the end of each reporting period. The information set out below provides data about how the fair values of these \ufb01nancial assets and \ufb01nancial liabilities are determined (in particular, the valuation technique(s) and inputs used). For those \ufb01nancial instruments measured at fair value, the Group has categorised them into a three\u2013level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is signi\ufb01cant to the fair value measurement of the instrument in its entirety. There are no \ufb01nancial instruments that have been categorised as Level 1. There were no transfers between the levels in the year. Further information with regards to fair value measurements of derivatives can be found at Note 26e. The table below provides analysis of \ufb01nancial instruments carried at fair value, by the valuation method.
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
US$m US$m US$m US$m US$m US$m
Derivative \ufb01nancial
assets
-
-
18.9
-
-
13.5
Assets
-
-
18.9
-
-
13.5
Derivative \ufb01nancial
liabilities
-
(10.8)
-
-
(5.8)
-
Liabilities
-
(10.8)
-
-
(5.8)
-
Total
-
(10.8)
18.9\ue010
-
(5.8)
13.5
Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings disclosed in Notes 20 and 21, cash and cash equivalents and equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group\u2019s net leverage has reduced from 4.0x to 3.4x over the last 12 months, and the Group has aspirations to reduce this further. See page 59 for further detail. Gearing ratio The Group keeps its capital structure under review. The gearing ratio at the year-end is as follows:
2025 2024
US$m US$m
Debt (net of issue costs)
1,991.1
1,945.0
Less: cash and cash equivalents
(217.3)
(161.0)
Net debt
1,773.8
1,784.0
Equity attributable to the owners
1
40.3
4.7
Non-controlling interests
1
36.1
31.2
Gearing ratio
23.2x
49.7x
1 Comparative \ufb01gures for equity attributable to owners and non-controlling interests have been restated to align with the amounts previously presented in the prior year Consolidated Statement of Changes in Equity. The adjustment is immaterial and has no impact on equity or pro\ufb01t. Debt is de\ufb01ned as long\u2013term and short\u2013term loans and lease liabilities, as detailed in Notes 20 and 21 respectively. Externally imposed capital requirements The Group is not subject to externally imposed capital requirements. Categories of \ufb01nancial instruments
2025 2024
US$m US$m
Financial assets
Financial assets at amortised cost:
Cash and cash equivalents
217.3
161.0
Trade and other receivables
297.0
282.3
514.3
443.3
Fair value through pro\ufb01t or loss:
Derivative \ufb01nancial assets
18.9
13.5
533.2
456.8
Financial liabilities
Amortised cost:
Trade and other payables
1
238.4
190.7
Bank overdraft
34.5
23.2
Lease liabilities
235.1
223.7
Loans
1,721.5
1,698.1
Minority interest buyout
12.3
4.2
2,241.8
2,139.9
Fair value through other comprehensive income:
Derivative \ufb01nancial liabilities
10.8
5.8
2,252.6
2,145.7
1 Deferred consideration of US$29.5 million (2024: US$29.3 million) is included within the trade and other payables balance. As at 31 December 2025 and 31 December 2024, the Group had no cash pledged as collateral for \ufb01nancial liabilities. The Directors estimate the amortised cost of cash and cash equivalents is approximate to fair value. The US$850.0 million bond maturing in 2029 had a carrying value of US$844.3 million at 31 December 2025 (2024: US$841.9 million) and a fair value of US$878.4 million (2024: US$866.7 million). The US$300.0 million convertible bond maturing in 2027 had a carrying value of US$180.0 million at 31 December 2025 (2024: US$300.0 million) and a fair value of US$184.3 million (2024: US$262.1 million). At 31 December 2025, the fair value of the cash \ufb02ow hedge derivatives held by the Group was US$10.8 million (2024: US$5.8 million). The Directors estimate the amortised cost of other loans and borrowings is approximate to fair value. Financial risk management objectives and policies The Group\u2019s Finance function provides services to the business, coordinates access to domestic and international \ufb01nancial markets, and monitors and manages the \ufb01nancial risks relating to the operations of the Group through internal risk reports, which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash \ufb02ow interest rate risk. The Group\u2019s overall \ufb01nancial risk management programme focuses on the unpredictability of \ufb01nancial markets and seeks to minimise potential adverse effects on the Group\u2019s \ufb01nancial performance. The Group\u2019s senior management oversees the management of these risks. The Finance function is supported by the Group\u2019s senior management, which advises on \ufb01nancial risks and the appropriate \ufb01nancial risk governance framework for the Group. Key \ufb01nancial risks and exposures are monitored through a monthly report to the Board of Directors, together with an annual Board review of corporate treasury matters. Financial risk The principal \ufb01nancial risks to which the Group is exposed through its activities are risks of changes in foreign currency exchange rates and interest rates. Interest rate risk management The Group is exposed to interest rate risk because entities in the Group borrow funds at both \ufb01xed and \ufb02oating interest rates. The risk is managed by the Group by maintaining an appropriate mix between \ufb01xed and \ufb02oating rate borrowings and utilising interest rate swaps. At 31 December 2025, an increase in 100 basis points would decrease derivative \ufb01nancial liabilities and equity by US$11.8 million, whilst a decrease of 100 basis points would result in an increase of US$12.4 million. If interest rates had been 100 basis points higher/lower, with all other variables held constant, the impact on pro\ufb01t or loss for the year would have been an increase/decrease of US$2.7 million, mainly as a result of changes in interest expense on variable rate borrowings. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate \ufb02uctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR), Malawian Kwacha (MWK), and Omani Rial (OMR) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) \ufb02uctuations on its \ufb01nancial assets and liabilities; however, this is not considered material. The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2025 2024 2025 2024
US$m US$m US$m US$m
New Ghanaian Cedi
11.1
17.2
27.2
19.7
Malagasy Ariary
13.0
13.4
21.6
10.6
Tanzanian Shilling
55.7
100.2
116.4
101.0
South African Rand
1.1
3.1
21.2
12.7
Central African Franc
43.8
41.4
82.0
65.9
Malawian Kwacha
27.9
13.4
25.3
16.7
Omani Rial
48.2
45.3
103.0
89.5
200.8
234.0
396.7
316.1
a. Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency, for each period presented, is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts their translation at the year\u2013end for a change in foreign currency rates. A positive number below indicates an increase in pro\ufb01t and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the pro\ufb01t and other equity, on the basis that all other variables remain constant.
Impact on pro\ufb01t or loss
2025 2024
US$m US$m
New Ghanaian Cedi
0.5
(0.9)
Malagasy Ariary
(0.1)
0.2
Tanzanian Shilling
(1.2)
-
South African Rand
0.2
(0.5)
Central African Franc
1.2
(0.7)
Malawian Kwacha
0.5
(0.9)
Omani Rial (Pegged to USD)
-
-
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary, and the foreign currency exposures are therefore re\ufb02ected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non\u2013US Dollar\u2013denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances, which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s comprehensive income (see Note 9). Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in \ufb01nancial loss to the Group. Default does not occur later than when a \ufb01nancial asset is 90 days past due (unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate). Write\u2013off happens at least a year after a \ufb01nancial asset has become credit impaired and when management does not have any reasonable expectations to recover the asset. Assets written off may still be subject to ongoing enforcement activity where the Group continues to pursue recovery. Expected credit losses are assessed on a collective basis for groups of trade receivables that share similar credit-risk characteristics, primarily customer type and ageing pro\ufb01le. Signi\ufb01cant balances with major customers are assessed individually. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of \ufb01nancial loss from defaults. In addition, we invoice certain customers in advance of services being provided, which is recorded as deferred income until the services have been provided. The Group uses publicly available \ufb01nancial information and other information provided by the counterparty (where appropriate) to deliver a credit rating for its major customers. As at 31 December 2025, the Group has a concentration risk with regards to four of its largest customers. The Group\u2019s exposure and the credit ratings of its counterparties and related parties are continuously monitored, and the aggregate value of credit risk within the business is spread among a number of approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. The carrying amount of the \ufb01nancial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk. The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to their lifetime ECL. The loss allowance on trade receivables represents the expected losses due to non\u2013payment of amounts due from customers. In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The use of a provision matrix is based on a range of qualitative and quantitative factors, based on the Group\u2019s historical experience, forward\u2013looking macroeconomic data and informed credit assessments, that are deemed to be indicative of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk of irrecoverability). The below table shows the Group\u2019s trade and other receivables balance and associated loss allowances in each Group credit rating category.
31 December 2025
31 December 2024
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
R e m o t e r i s k
255.6
(0.6)
255.0
238.5
(1.9)
236.6
2
Low risk
31.0
(2.7)
28.3
30.6
(1.1)
29.5
3
Medium risk
0.1
(0.0)
0.1
0.2
0.0
0.2
4
High risk
17.0
(3.5)
13.5
18.7
(3.2)
15.5
5
Risk of loss
0.4
(0.3)
0.1
1.2
(0.7)
0.5
Total
304.1
(7.1)
297.0
289.2
(6.9)
282.3
In respect to cash and cash equivalents, the Group believes that credit risk is not signi\ufb01cant on the basis that cash balances are held with creditworthy counterparties. These are reviewed on a periodic basis. b. Liquidity risk management The Group has long\u2013term debt \ufb01nancing through Senior Loan Notes of US$850.0 million due for repayment in December 2029 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$90.0 million for funding general corporate and working capital needs. As at 31 December 2025, the facility was undrawn. This facility is available until December 2028. The Group has remained compliant during the year to 31 December 2025, with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash \ufb02ows including consideration of appropriate sensitivities. c. Non-derivative \ufb01nancial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non\u2013derivative \ufb01nancial liabilities. The tables have been drawn up based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal and interest cash \ufb02ows. The prior year \ufb01gures stated did not include interest.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
238.4
-
-
-
238.4
Fixed interest rate instruments
153.8
364.2
1,116.8
434.7
2,069.5
Variable interest rate instruments
62.0
63.7
558.1
147.7
831.5
454.2
427.9
1,674.9
582.4
3,139.4
31 December 2024
Non-interest bearing
190.7
-
-
-
190.7
Fixed interest rate instruments
144.0
117.9
1,371.0
548.9
2,181.8
Variable interest rate instruments
60.1
59.3
467.9
176.6
763.9
394.8
177.2
1,838.9
725.5
3,136.4
d. Non\u2013derivative \ufb01nancial assets The following tables detail the Group\u2019s expected maturity for other non\u2013derivative \ufb01nancial assets. The table below has been drawn up based on the undiscounted contractual maturities of the \ufb01nancial assets, except where the Group anticipates that the cash \ufb02ow will occur in a different period.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
297.0
-
-
-
297.0
Variable interest rate instruments
217.3
-
-
-
217.3
514.3
-
-
-
514.3
31 December 2024
Non-interest bearing
282.3
-
-
-
282.3
Variable interest rate instruments
161.0
-
-
-
161.0
443.3
-
-
-
443.3
e. Embedded derivatives The derivatives represent the fair value of the put and call options embedded within the terms of the Senior Notes. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (4 June 2029), in certain circumstances and at a premium over the initial notional amount. The put option provides the holders with the right (and the Group with an obligation) to settle the Senior Notes before their redemption date in the event of a change in control resulting in a rating downgrade (as de\ufb01ned in the terms of the Senior Notes, which also includes a major asset sale), and at a premium over the initial notional amount. Due to limited market data on comparable instruments, the options are fair valued using the difference model, with the embedded derivatives classi\ufb01ed as a Level 3 \ufb01nancial instrument under IFRS 13. A quali\ufb01ed external valuer performs the valuation, using the quoted market price of the Senior Notes and deducting the fair value of the host debt contract. The host contract is valued by discounting future cash \ufb02ows (coupons and principal) at US Dollar three-month SOFR plus Helios Towers\u2019 credit spread. A 5% relative increase in credit spread at 31 December 2025 would reduce the embedded derivative value to nil. At the reporting date, the fair value of the call option on the bond was US$18.9 million (31 December 2024: US$13.5 million), and the put option was US$nil (31 December 2024: US$nil). The gain in respect of the fair value on the embedded derivatives has been recognised in the Consolidated Income Statement as part of other gains and losses, as disclosed in Note 24. The key assumptions in determining the fair value are: \u2013 the quoted price of the bond as at 31 December 2025; \u2013 the credit spread; and \u2013 the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Net settled:
Embedded derivatives
-
-
18.9
-
18.9
-
-
18.9
-
18.9
31 December 2024
Net settled:
Embedded derivatives
-
-
13.5
-
13.5
-
-
13.5
-
13.5
f. Risk management strategy of hedge relationships The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The objective of cash \ufb02ow hedges is principally to protect the Group against adverse interest rate movements. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. See Note 2 for further detail. For cash \ufb02ow hedges, when the hedged item is recognised in the Consolidated Income Statement, amounts previously recognised in the Consolidated Statement of Other Comprehensive Income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. The ineffectiveness recognised in the Consolidated Income Statement on cash \ufb02ow hedges in the year was US$nil (2024: US$nil). If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. The Group uses interest rate swaps to hedge its exposure to interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) the fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) changes in the contractual terms or timing of the payments on the hedged item; and c) a change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships, the hedge ratio has been determined as 1:1. The fair values of the derivative \ufb01nancial instruments are calculated by discounting the future cash \ufb02ows to net present values using appropriate market rates and foreign currency rates prevailing at 31 December. The valuation basis is Level 2 of the fair value hierarchy. This classi\ufb01cation comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. The Group\u2019s interest rate swaps include notional amounts of $80.0m and $220.0m, maturing in 2028, together with an amortising swap with a notional amount of $87.4m maturing in 2035. The table below summarises the maturity pro\ufb01le of the Company\u2019s \ufb01nancial liabilities based on contractual undiscounted payments.
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2025
Financial derivatives
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2025 OCI 31 Dec 2025 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
387.4
(10.8)
5.8
5.0
10.8\ue010
2029
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2024
Financial derivatives
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
393.9
(4.4)
14.7
(8.3)
5.8
2029
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "Fair value measurements The Group\u2019s \ufb01nancial derivatives are measured at fair value at the end of each reporting period. The information set out below provides data about how the fair values of these \ufb01nancial assets and \ufb01nancial liabilities are determined (in particular, the valuation technique(s) and inputs used). For those \ufb01nancial instruments measured at fair value, the Group has categorised them into a three\u2013level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is signi\ufb01cant to the fair value measurement of the instrument in its entirety. There are no \ufb01nancial instruments that have been categorised as Level 1. There were no transfers between the levels in the year. Further information with regards to fair value measurements of derivatives can be found at Note 26e. The table below provides analysis of \ufb01nancial instruments carried at fair value, by the valuation method.
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
US$m US$m US$m US$m US$m US$m
Derivative \ufb01nancial
assets
-
-
18.9
-
-
13.5
Assets
-
-
18.9
-
-
13.5
Derivative \ufb01nancial
liabilities
-
(10.8)
-
-
(5.8)
-
Liabilities
-
(10.8)
-
-
(5.8)
-
Total
-
(10.8)
18.9\ue010
-
(5.8)
13.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Fair value measurements The Group\u2019s \ufb01nancial derivatives are measured at fair value at the end of each reporting period. The information set out below provides data about how the fair values of these \ufb01nancial assets and \ufb01nancial liabilities are determined (in particular, the valuation technique(s) and inputs used). For those \ufb01nancial instruments measured at fair value, the Group has categorised them into a three\u2013level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is signi\ufb01cant to the fair value measurement of the instrument in its entirety. There are no \ufb01nancial instruments that have been categorised as Level 1. There were no transfers between the levels in the year. Further information with regards to fair value measurements of derivatives can be found at Note 26e. The table below provides analysis of \ufb01nancial instruments carried at fair value, by the valuation method.
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
US$m US$m US$m US$m US$m US$m
Derivative \ufb01nancial
assets
-
-
18.9
-
-
13.5
Assets
-
-
18.9
-
-
13.5
Derivative \ufb01nancial
liabilities
-
(10.8)
-
-
(5.8)
-
Liabilities
-
(10.8)
-
-
(5.8)
-
Total
-
(10.8)
18.9\ue010
-
(5.8)
13.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings disclosed in Notes 20 and 21, cash and cash equivalents and equity attributable to equity holders of the Company, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. The Group\u2019s net leverage has reduced from 4.0x to 3.4x over the last 12 months, and the Group has aspirations to reduce this further. See page 59 for further detail. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "2025 2024 US$m US$m Financial assets Financial assets at amortised cost: Cash and cash equivalents 217.3 161.0 Trade and other receivables 297.0 282.3 514.3 443.3 Fair value through pro\ufb01t or loss: Derivative \ufb01nancial assets 18.9 13.5 533.2 456.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Financial liabilities Amortised cost: Trade and other payables1 238.4 190.7 Bank overdraft 34.5 23.2 Lease liabilities 235.1 223.7 Loans 1,721.5 1,698.1 Minority interest buyout 12.3 4.2 2,241.8 2,139.9 Fair value through other comprehensive income: Derivative \ufb01nancial liabilities 10.8 5.8 2,252.6 2,145.7 1 Deferred consideration of US$29.5 million (2024: US$29.3 million) is included within the trade and other payables balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Interest rate risk management The Group is exposed to interest rate risk because entities in the Group borrow funds at both \ufb01xed and \ufb02oating interest rates. The risk is managed by the Group by maintaining an appropriate mix between \ufb01xed and \ufb02oating rate borrowings and utilising interest rate swaps. At 31 December 2025, an increase in 100 basis points would decrease derivative \ufb01nancial liabilities and equity by US$11.8 million, whilst a decrease of 100 basis points would result in an increase of US$12.4 million. If interest rates had been 100 basis points higher/lower, with all other variables held constant, the impact on pro\ufb01t or loss for the year would have been an increase/decrease of US$2.7 million, mainly as a result of changes in interest expense on variable rate borrowings. Foreign currency risk management The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate \ufb02uctuations arise. The Group\u2019s main currency exposures were to the New Ghanaian Cedi (GHS), Malagasy Ariary (MGA), Tanzanian Shilling (TZS), Central African Franc (XAF), South African Rand (ZAR), Malawian Kwacha (MWK), and Omani Rial (OMR) through its main operating subsidiaries. The Group has exposure to Sterling (GBP) \ufb02uctuations on its \ufb01nancial assets and liabilities; however, this is not considered material. The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
2025 2024 2025 2024
US$m US$m US$m US$m
New Ghanaian Cedi
11.1
17.2
27.2
19.7
Malagasy Ariary
13.0
13.4
21.6
10.6
Tanzanian Shilling
55.7
100.2
116.4
101.0
South African Rand
1.1
3.1
21.2
12.7
Central African Franc
43.8
41.4
82.0
65.9
Malawian Kwacha
27.9
13.4
25.3
16.7
Omani Rial
48.2
45.3
103.0
89.5
200.8
234.0
396.7
316.1
a. Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency, for each period presented, is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts their translation at the year\u2013end for a change in foreign currency rates. A positive number below indicates an increase in pro\ufb01t and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the pro\ufb01t and other equity, on the basis that all other variables remain constant.
Impact on pro\ufb01t or loss
2025 2024
US$m US$m
New Ghanaian Cedi
0.5
(0.9)
Malagasy Ariary
(0.1)
0.2
Tanzanian Shilling
(1.2)
-
South African Rand
0.2
(0.5)
Central African Franc
1.2
(0.7)
Malawian Kwacha
0.5
(0.9)
Omani Rial (Pegged to USD)
-
-
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary, and the foreign currency exposures are therefore re\ufb02ected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non\u2013US Dollar\u2013denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances, which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s comprehensive income (see Note 9). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "a. Foreign currency sensitivity analysis The following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency, for each period presented, is based on the average movements in the previous three annual reporting periods of the US Dollar against the GHS, XAF, TZS, MGA, ZAR and MWK. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts their translation at the year\u2013end for a change in foreign currency rates. A positive number below indicates an increase in pro\ufb01t and other equity where US Dollar weakens against the GHS, XAF, TZS, ZAR, MWK or OMR. For a strengthening of US Dollar against the GHS, XAF, TZS, ZAR, MWK or OMR, there would be an equal and opposite effect on the pro\ufb01t and other equity, on the basis that all other variables remain constant.
Impact on pro\ufb01t or loss
2025 2024
US$m US$m
New Ghanaian Cedi
0.5
(0.9)
Malagasy Ariary
(0.1)
0.2
Tanzanian Shilling
(1.2)
-
South African Rand
0.2
(0.5)
Central African Franc
1.2
(0.7)
Malawian Kwacha
0.5
(0.9)
Omani Rial (Pegged to USD)
-
-
This is mainly attributable to the exposure outstanding on GHS, MGA, XAF, TZS, ZAR, MWK and OMR receivables and payables in the Group at the reporting date. The amounts above generally correspond with the functional currency of the relevant subsidiary, and the foreign currency exposures are therefore re\ufb02ected in the Group\u2019s translation reserve. The above sensitivities do not address the translation effects within equity of consolidating non\u2013US Dollar\u2013denominated subsidiaries into the Group\u2019s US Dollar presentation currency, nor do they include the effects of foreign currency retranslation of intragroup balances, which eliminate on consolidation and therefore have no impact on equity, but nonetheless give rise to foreign exchange differences within the Group\u2019s comprehensive income (see Note 9). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in \ufb01nancial loss to the Group. Default does not occur later than when a \ufb01nancial asset is 90 days past due (unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate). Write\u2013off happens at least a year after a \ufb01nancial asset has become credit impaired and when management does not have any reasonable expectations to recover the asset. Assets written off may still be subject to ongoing enforcement activity where the Group continues to pursue recovery. Expected credit losses are assessed on a collective basis for groups of trade receivables that share similar credit-risk characteristics, primarily customer type and ageing pro\ufb01le. Signi\ufb01cant balances with major customers are assessed individually. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of \ufb01nancial loss from defaults. In addition, we invoice certain customers in advance of services being provided, which is recorded as deferred income until the services have been provided. The Group uses publicly available \ufb01nancial information and other information provided by the counterparty (where appropriate) to deliver a credit rating for its major customers. As at 31 December 2025, the Group has a concentration risk with regards to four of its largest customers. The Group\u2019s exposure and the credit ratings of its counterparties and related parties are continuously monitored, and the aggregate value of credit risk within the business is spread among a number of approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by management. The carrying amount of the \ufb01nancial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s exposure to credit risk. The Group uses the IFRS 9 ECL model to measure loss allowances at an amount equal to their lifetime ECL. The loss allowance on trade receivables represents the expected losses due to non\u2013payment of amounts due from customers. In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The use of a provision matrix is based on a range of qualitative and quantitative factors, based on the Group\u2019s historical experience, forward\u2013looking macroeconomic data and informed credit assessments, that are deemed to be indicative of risk of default, and range from 1 (lowest risk of irrecoverability) to 5 (greatest risk of irrecoverability). The below table shows the Group\u2019s trade and other receivables balance and associated loss allowances in each Group credit rating category.
31 December 2025
31 December 2024
Gross Loss Net Gross Loss Net
exposure allowance exposure exposure allowance exposure
Group Rating
Risk Level
US$m US$m US$m US$m US$m US$m
1
R e m o t e r i s k
255.6
(0.6)
255.0
238.5
(1.9)
236.6
2
Low risk
31.0
(2.7)
28.3
30.6
(1.1)
29.5
3
Medium risk
0.1
(0.0)
0.1
0.2
0.0
0.2
4
High risk
17.0
(3.5)
13.5
18.7
(3.2)
15.5
5
Risk of loss
0.4
(0.3)
0.1
1.2
(0.7)
0.5
Total
304.1
(7.1)
297.0
289.2
(6.9)
282.3
In respect to cash and cash equivalents, the Group believes that credit risk is not signi\ufb01cant on the basis that cash balances are held with creditworthy counterparties. These are reviewed on a periodic basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "b. Liquidity risk management The Group has long\u2013term debt \ufb01nancing through Senior Loan Notes of US$850.0 million due for repayment in December 2029 and other debt as disclosed in Note 20. The Group has a revolving credit facility of US$90.0 million for funding general corporate and working capital needs. As at 31 December 2025, the facility was undrawn. This facility is available until December 2028. The Group has remained compliant during the year to 31 December 2025, with all the covenants contained in the Senior Credit facility. Please refer to Note 20 for further information in relation to debt facilities. Ultimate responsibility for liquidity risk management rests with the Board. The Group manages liquidity risk by maintaining adequate reserves of liquid funds and banking facilities and continuously monitoring forecast and actual cash \ufb02ows including consideration of appropriate sensitivities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "c. Non-derivative \ufb01nancial liabilities The following tables detail the Group\u2019s remaining contractual maturity for its non\u2013derivative \ufb01nancial liabilities. The tables have been drawn up based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group can be required to pay. The table below includes principal and interest cash \ufb02ows. The prior year \ufb01gures stated did not include interest.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
238.4
-
-
-
238.4
Fixed interest rate instruments
153.8
364.2
1,116.8
434.7
2,069.5
Variable interest rate instruments
62.0
63.7
558.1
147.7
831.5
454.2
427.9
1,674.9
582.4
3,139.4
31 December 2024
Non-interest bearing
190.7
-
-
-
190.7
Fixed interest rate instruments
144.0
117.9
1,371.0
548.9
2,181.8
Variable interest rate instruments
60.1
59.3
467.9
176.6
763.9
394.8
177.2
1,838.9
725.5
3,136.4
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "d. Non\u2013derivative \ufb01nancial assets The following tables detail the Group\u2019s expected maturity for other non\u2013derivative \ufb01nancial assets. The table below has been drawn up based on the undiscounted contractual maturities of the \ufb01nancial assets, except where the Group anticipates that the cash \ufb02ow will occur in a different period.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Non-interest bearing
297.0
-
-
-
297.0
Variable interest rate instruments
217.3
-
-
-
217.3
514.3
-
-
-
514.3
31 December 2024
Non-interest bearing
282.3
-
-
-
282.3
Variable interest rate instruments
161.0
-
-
-
161.0
443.3
-
-
-
443.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "e. Embedded derivatives The derivatives represent the fair value of the put and call options embedded within the terms of the Senior Notes. The call options give the Group the right to redeem the Senior Notes instruments at a date prior to the maturity date (4 June 2029), in certain circumstances and at a premium over the initial notional amount. The put option provides the holders with the right (and the Group with an obligation) to settle the Senior Notes before their redemption date in the event of a change in control resulting in a rating downgrade (as de\ufb01ned in the terms of the Senior Notes, which also includes a major asset sale), and at a premium over the initial notional amount. Due to limited market data on comparable instruments, the options are fair valued using the difference model, with the embedded derivatives classi\ufb01ed as a Level 3 \ufb01nancial instrument under IFRS 13. A quali\ufb01ed external valuer performs the valuation, using the quoted market price of the Senior Notes and deducting the fair value of the host debt contract. The host contract is valued by discounting future cash \ufb02ows (coupons and principal) at US Dollar three-month SOFR plus Helios Towers\u2019 credit spread. A 5% relative increase in credit spread at 31 December 2025 would reduce the embedded derivative value to nil. At the reporting date, the fair value of the call option on the bond was US$18.9 million (31 December 2024: US$13.5 million), and the put option was US$nil (31 December 2024: US$nil). The gain in respect of the fair value on the embedded derivatives has been recognised in the Consolidated Income Statement as part of other gains and losses, as disclosed in Note 24. The key assumptions in determining the fair value are: \u2013 the quoted price of the bond as at 31 December 2025; \u2013 the credit spread; and \u2013 the yield curve. The probabilities relating to change of control and major asset sale represent a reasonable expectation of those events occurring that would be held by a market participant.
Within 1 year 1-2 years 2-5 years 5+ years Total
US$m US$m US$m US$m US$m
31 December 2025
Net settled:
Embedded derivatives
-
-
18.9
-
18.9
-
-
18.9
-
18.9
31 December 2024
Net settled:
Embedded derivatives
-
-
13.5
-
13.5
-
-
13.5
-
13.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "f. Risk management strategy of hedge relationships The Group\u2019s activities expose it to the \ufb01nancial risks of changes in interest rates, which it manages using derivative \ufb01nancial instruments. The objective of cash \ufb02ow hedges is principally to protect the Group against adverse interest rate movements. The Group does not use derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are initially measured at fair value on the contract date and are subsequently re\u2013measured to fair value at each reporting date. See Note 2 for further detail. For cash \ufb02ow hedges, when the hedged item is recognised in the Consolidated Income Statement, amounts previously recognised in the Consolidated Statement of Other Comprehensive Income and accumulated in equity for the hedging instrument are reclassi\ufb01ed to the income statement. The ineffectiveness recognised in the Consolidated Income Statement on cash \ufb02ow hedges in the year was US$nil (2024: US$nil). If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Consolidated Income Statement. The Group uses interest rate swaps to hedge its exposure to interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore, the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) the fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) changes in the contractual terms or timing of the payments on the hedged item; and c) a change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships, the hedge ratio has been determined as 1:1. The fair values of the derivative \ufb01nancial instruments are calculated by discounting the future cash \ufb02ows to net present values using appropriate market rates and foreign currency rates prevailing at 31 December. The valuation basis is Level 2 of the fair value hierarchy. This classi\ufb01cation comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. The Group\u2019s interest rate swaps include notional amounts of $80.0m and $220.0m, maturing in 2028, together with an amortising swap with a notional amount of $87.4m maturing in 2035. The table below summarises the maturity pro\ufb01le of the Company\u2019s \ufb01nancial liabilities based on contractual undiscounted payments.
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2025
Financial derivatives
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
-
(3.9)
(8.0)
(0.7)
(0.2)
(12.8)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2025 OCI 31 Dec 2025 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
387.4
(10.8)
5.8
5.0
10.8\ue010
2029
Less than
On demand 12 months 1-2 years 2-5 years >5 years Total
US$m US$m US$m US$m US$m US$m
31 December 2024
Financial derivatives
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
-
(1.0)
(3.7)
(1.5)
(0.3)
(6.5)
Opening Gain/(loss) Closing Weighted
Notional Carrying balance 1 Jan deferred to balance average
amounts value 2024 OCI 31 Dec 2024 maturity
Interest rate swaps US$m US$m US$m US$m US$m year
USD term loans
393.9
(4.4)
14.7
(8.3)
5.8
2029
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
27. Contingent liabilities
The Group exercises judgement to determine whether to recognise provisions and make
disclosures for contingent liabilities as explained in note 2b.
A claim arising from a prior period is outstanding from Tanzania Revenue Authority for
corporate income tax for the \ufb01nancial years ending 2017-2021 inclusive. The outstanding
amount is US$9.4 million.
A claim arising from a prior period is outstanding from DRC tax authorities, following the
issuance of a payment collection notice for environmental taxes amounting to US$39.5 million
for the \ufb01nancial years 2013 to 2016.
A claim arising from a prior period is outstanding from DRC tax authorities, following the
issuance of an assessment on a number of taxes amounting to US$26.9 million for the \ufb01nancial
years 2020 to 2022.
A claim arising from a prior period is outstanding from Congo Brazzaville tax authorities,
following the issuance of an assessment on a number of taxes amounting to US$22.3 million
for the \ufb01nancial years 2021 to 2022.
A claim arising from a prior period is outstanding from Congo Brazzaville tax authorities,
following the issuance of an assessment on a number of taxes amounting to US$6.5 million for
the \ufb01nancial year 2020.
For the cases above, responses have been submitted to the relevant tax authority in relation
to the assessments and remain under review with local tax experts. Where the Directors
believe that the quantum of future cash out\ufb02ows in relation to these tax audits is not probable
and cannot be reasonably assessed, no provision has been made. Conversely, where a
potential exposure is considered probable, a provision has been made and, in respect of the
\ufb01nancial years ended 31 December 2025 and 31 December 2024, any provisions made have
been immaterial.
The Directors are working with their advisors and are in discussion with the tax authorities to
bring the matters to conclusion based on the facts.
Other individually immaterial legal, tax, and regulatory proceedings, claims and unresolved
disputes are pending against Helios Towers in a number of jurisdictions. The timing of
resolution and potential outcome (including any future \ufb01nancial obligations) of these are
uncertain, but not considered probable and therefore no provision has been recognised in
relation to these matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "27. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and make disclosures for contingent liabilities as explained in note 2b. A claim arising from a prior period is outstanding from Tanzania Revenue Authority for corporate income tax for the \ufb01nancial years ending 2017-2021 inclusive. The outstanding amount is US$9.4 million. A claim arising from a prior period is outstanding from DRC tax authorities, following the issuance of a payment collection notice for environmental taxes amounting to US$39.5 million for the \ufb01nancial years 2013 to 2016. A claim arising from a prior period is outstanding from DRC tax authorities, following the issuance of an assessment on a number of taxes amounting to US$26.9 million for the \ufb01nancial years 2020 to 2022. A claim arising from a prior period is outstanding from Congo Brazzaville tax authorities, following the issuance of an assessment on a number of taxes amounting to US$22.3 million for the \ufb01nancial years 2021 to 2022. A claim arising from a prior period is outstanding from Congo Brazzaville tax authorities, following the issuance of an assessment on a number of taxes amounting to US$6.5 million for the \ufb01nancial year 2020. For the cases above, responses have been submitted to the relevant tax authority in relation to the assessments and remain under review with local tax experts. Where the Directors believe that the quantum of future cash out\ufb02ows in relation to these tax audits is not probable and cannot be reasonably assessed, no provision has been made. Conversely, where a potential exposure is considered probable, a provision has been made and, in respect of the \ufb01nancial years ended 31 December 2025 and 31 December 2024, any provisions made have been immaterial. The Directors are working with their advisors and are in discussion with the tax authorities to bring the matters to conclusion based on the facts. Other individually immaterial legal, tax, and regulatory proceedings, claims and unresolved disputes are pending against Helios Towers in a number of jurisdictions. The timing of resolution and potential outcome (including any future \ufb01nancial obligations) of these are uncertain, but not considered probable and therefore no provision has been recognised in relation to these matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "28. Net debt
2025 2024
US$m US$m
External debt
1
(1,705.5)
(1,672.8)
Lease liabilities
(235.1)
(223.7)
Cash and cash equivalents
217.3
161.0
Net debt
(1,723.3)
(1,735.5)
1 External debt is presented in line with the balance sheet at amortised cost. External debt is the total loans owed to commercial banks and institutional investors, excluding loans due to minority interest holders from 1 January 2024.
At At
1 January 31 December
2025 Cash \ufb02ows
Other
1
2025
2025 US$m US$m US$m US$m
Cash and cash equivalents
161.0
55.2
1.1
217.3
External debt
(1,672.8)
(13.5)
(19.2)
(1,705.5)
Lease liabilities
(223.7)
20.9
(32.3)
(235.1)
Total \ufb01nancing liabilities
(1,896.5)
7.4
(51.5)
(1,940.6)
Net debt
(1,735.5)
62.6
(50.4)
(1,723.3)
At At
1 January 31 December
2024 Cash \ufb02ows
Other
1
2024
2024 US$m US$m US$m US$m
Cash and cash equivalents
106.6
55.0
(0.6)
161.0
External debt
(1,650.3)
(38.0)
15.5
(1,672.8)
Lease liabilities
(239.4)
33.5
(17.8)
(223.7)
Total \ufb01nancing liabilities
(1,889.7)
(4.5)
(2.3)
(1,896.5)
Net debt
(1,783.1)
50.5
(2.9)
(1,735.5)
1 Other includes foreign exchange and non\u2013cash interest movements. Refer to Note 20 for further details on the year\u2013on\u2013year movements in loans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
29. Earnings per share
Basic earnings per share has been calculated by dividing the total earnings for the year by the
weighted average number of shares in issue during the year after adjusting for shares held in
the EBT.
To calculate diluted earnings per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all dilutive potential shares. Share options granted
to employees where the exercise price is less than the average market price of the Company\u2019s
ordinary shares during the year are considered to be dilutive potential shares. Where share
options are exercisable based on performance criteria and those performance criteria have been
met during the year, these options are included in the calculation of dilutive potential shares.
The Directors believe that Adjusted EBITDA per share is a useful additional measure to better
understand the performance of the business (refer to Note 4).
Earnings per share is based on:
2025 2024
US$m US$m
Pro\ufb01t after tax for the year attributable to owners
of the Company
39.2
33.5
Adjusted EBITDA (Note 4)
471.1
421.0
2025 2024
Number Number
Weighted average number of ordinary shares used
to calculate basic earnings per share
1,050,728,537
1,050,040,649
Weighted average number of dilutive potential shares
129,413,527
129,993,727
Weighted average number of ordinary shares used
to calculate diluted earnings per share
1,180,142,064
1,180,034,376
2025 2024
Earnings per share cents cents
Basic
3.7
3.2
Diluted
3.3
2.8
2025 2024
Adjusted EBITDA per share cents cents
Basic
44.8\ue010
40.1
Diluted
39.9\ue010
35.7
The calculation of basic and diluted earnings per share is based on the net earnings
attributable to equity holders of the Company entity for the year of US$39.2 million (2024:
US$33.5 million). Basic and diluted earnings per share amounts are calculated by dividing
the net earnings attributable to equity shareholders of the Company entity by the weighted
average number of shares outstanding during the year.
The calculations of Adjusted basic EBITDA per share and Adjusted diluted EBITDA per
share are based on the Adjusted EBITDA earnings for the year of US$471.1 million (2024:
US$421.0 million).
Refer to Note 4 for a reconciliation of Adjusted EBITDA to pro\ufb01t before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
30. Non\u2013controlling Interest
Summarised \ufb01nancial information in respect of each of the Group\u2019s subsidiaries that have
material non\u2013controlling interests is set out below. The summarised \ufb01nancial information below
represents amounts before intragroup eliminations.
Oman
2025 2024
US$m US$m
Current assets
52.0
49.0
Non-current assets
501.9
501.1
Current liabilities
(191.4)
(173.2)
Non-current liabilities
(254.9)
(250.9)
107.6
126.0
Equity attributable to owners of the Company
75.3
88.2
Non-controlling interests
32.3
37.8
107.6
126.0
Oman
2025 2024
US$m US$m
Revenue
74.5
68.6
Expenses
(79.1)
(81.7)
Loss for the year
(4.6)
(13.1)
Loss attributable to owners of the Company
(3.2)
(9.2)
Loss attributable to the non-controlling interests
(1.4)
(3.9)
(4.6)
(13.1)
Net cash in\ufb02ow from operating activities
68.5
62.9
Net cash out\ufb02ow from investing activities
(25.0)
(22.6)
Net cash in\ufb02ow/(out\ufb02ow) from \ufb01nancing activities
5.7
(6.6)
Net cash in\ufb02ow
49.2
33.7
Of the total comprehensive pro\ufb01t attributed to non\u2013controlling interests of US$0.2 million
(2024: loss of US$6.5 million), a US$1.4 million loss (2024: US$3.9 million) relates to Oman,
and the remainder relates to other immaterial non\u2013controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
31. Subsequent events
There were no material subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800DGC7GS4XCHCU30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }