Financial instruments - Summary of remaining contractual maturities for borrowings and derivative financial instruments (Details) - GBP (£)
£ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities |
£ (97)
|
£ (103)
|
| Lease liabilities, contractual cash flow |
(125)
|
(131)
|
| Borrowings |
(7,267)
|
(6,544)
|
| Derivative financial liabilities |
(111)
|
(185)
|
| Derivative financial assets |
112
|
74
|
| Borrowings and derivative financial (liabilities) assets |
(7,266)
|
(6,655)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(8,367)
|
(7,675)
|
| Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings |
(6,283)
|
(5,679)
|
| Borrowings, contractual cash flow |
(7,498)
|
(6,684)
|
| Floating rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings |
(887)
|
(762)
|
| Borrowings, contractual cash flow |
(887)
|
(762)
|
| Forward foreign exchange contracts |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities |
(9)
|
(23)
|
| Derivative financial liabilities, contractual cash flows |
(4)
|
(21)
|
| Derivative financial liabilities, contractual inflows |
1,166
|
1,881
|
| Derivative financial liabilities, contractual outflows |
(1,170)
|
(1,902)
|
| Derivative financial assets |
75
|
53
|
| Derivative financial assets, contractual cash flows |
88
|
70
|
| Derivative financial assets, contractual inflows |
3,072
|
1,192
|
| Derivative financial assets, contractual outflows |
(2,984)
|
(1,122)
|
| Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities |
(70)
|
(119)
|
| Derivative financial liabilities, contractual cash flows |
(79)
|
(135)
|
| Derivative financial assets |
10
|
21
|
| Derivative financial assets, contractual cash flows |
24
|
36
|
| Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities |
(32)
|
(43)
|
| Derivative financial liabilities, contractual cash flows |
(5)
|
(48)
|
| Derivative financial liabilities, contractual inflows |
504
|
502
|
| Derivative financial liabilities, contractual outflows |
(509)
|
(550)
|
| Derivative financial assets |
27
|
|
| Derivative financial assets, contractual cash flows |
119
|
|
| Derivative financial assets, contractual inflows |
557
|
|
| Derivative financial assets, contractual outflows |
(438)
|
|
| Within 1 year |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(35)
|
(43)
|
| Borrowings |
(1,571)
|
(1,412)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(1,717)
|
(1,614)
|
| Within 1 year | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(846)
|
(763)
|
| Within 1 year | Floating rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(887)
|
(762)
|
| Within 1 year | Forward foreign exchange contracts |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(5)
|
(15)
|
| Derivative financial liabilities, contractual inflows |
1,012
|
1,560
|
| Derivative financial liabilities, contractual outflows |
(1,017)
|
(1,575)
|
| Derivative financial assets, contractual cash flows |
52
|
39
|
| Derivative financial assets, contractual inflows |
2,571
|
827
|
| Derivative financial assets, contractual outflows |
(2,519)
|
(788)
|
| Within 1 year | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(16)
|
(25)
|
| Derivative financial assets, contractual cash flows |
5
|
3
|
| Within 1 year | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
4
|
(48)
|
| Derivative financial liabilities, contractual inflows |
19
|
502
|
| Derivative financial liabilities, contractual outflows |
(15)
|
(550)
|
| Derivative financial assets, contractual cash flows |
11
|
|
| Derivative financial assets, contractual inflows |
19
|
|
| Derivative financial assets, contractual outflows |
(8)
|
|
| Within 1 to 2 years |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(29)
|
(28)
|
| Borrowings |
(449)
|
(632)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(616)
|
(782)
|
| Within 1 to 2 years | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(618)
|
(756)
|
| Within 1 to 2 years | Forward foreign exchange contracts |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
|
(4)
|
| Derivative financial liabilities, contractual inflows |
98
|
180
|
| Derivative financial liabilities, contractual outflows |
(98)
|
(184)
|
| Derivative financial assets, contractual cash flows |
25
|
23
|
| Derivative financial assets, contractual inflows |
364
|
274
|
| Derivative financial assets, contractual outflows |
(339)
|
(251)
|
| Within 1 to 2 years | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(13)
|
(22)
|
| Derivative financial assets, contractual cash flows |
4
|
5
|
| Within 1 to 2 years | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
4
|
|
| Derivative financial liabilities, contractual inflows |
19
|
|
| Derivative financial liabilities, contractual outflows |
(15)
|
|
| Derivative financial assets, contractual cash flows |
11
|
|
| Derivative financial assets, contractual inflows |
19
|
|
| Derivative financial assets, contractual outflows |
(8)
|
|
| Within 2 to 3 years |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(18)
|
(19)
|
| Borrowings |
(709)
|
(424)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(880)
|
(571)
|
| Within 2 to 3 years | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(874)
|
(541)
|
| Within 2 to 3 years | Forward foreign exchange contracts |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
|
(2)
|
| Derivative financial liabilities, contractual inflows |
50
|
124
|
| Derivative financial liabilities, contractual outflows |
(50)
|
(126)
|
| Derivative financial assets, contractual cash flows |
10
|
8
|
| Derivative financial assets, contractual inflows |
129
|
85
|
| Derivative financial assets, contractual outflows |
(119)
|
(77)
|
| Within 2 to 3 years | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(15)
|
(22)
|
| Derivative financial assets, contractual cash flows |
2
|
5
|
| Within 2 to 3 years | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
4
|
|
| Derivative financial liabilities, contractual inflows |
19
|
|
| Derivative financial liabilities, contractual outflows |
(15)
|
|
| Derivative financial assets, contractual cash flows |
11
|
|
| Derivative financial assets, contractual inflows |
19
|
|
| Derivative financial assets, contractual outflows |
(8)
|
|
| Within 3 to 4 years |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(11)
|
(10)
|
| Borrowings |
(714)
|
(670)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(874)
|
(811)
|
| Within 3 to 4 years | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(864)
|
(783)
|
| Within 3 to 4 years | Forward foreign exchange contracts |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
1
|
|
| Derivative financial liabilities, contractual inflows |
6
|
17
|
| Derivative financial liabilities, contractual outflows |
(5)
|
(17)
|
| Derivative financial assets, contractual cash flows |
1
|
|
| Derivative financial assets, contractual inflows |
8
|
6
|
| Derivative financial assets, contractual outflows |
(7)
|
(6)
|
| Within 3 to 4 years | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(17)
|
(22)
|
| Derivative financial assets, contractual cash flows |
1
|
4
|
| Within 3 to 4 years | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
4
|
|
| Derivative financial liabilities, contractual inflows |
19
|
|
| Derivative financial liabilities, contractual outflows |
(15)
|
|
| Derivative financial assets, contractual cash flows |
11
|
|
| Derivative financial assets, contractual inflows |
19
|
|
| Derivative financial assets, contractual outflows |
(8)
|
|
| Within 4 to 5 years |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(6)
|
(4)
|
| Borrowings |
(1,065)
|
(762)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(1,256)
|
(885)
|
| Within 4 to 5 years | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(1,237)
|
(862)
|
| Within 4 to 5 years | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(11)
|
(22)
|
| Derivative financial assets, contractual cash flows |
|
3
|
| Within 4 to 5 years | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(13)
|
|
| Derivative financial liabilities, contractual inflows |
200
|
|
| Derivative financial liabilities, contractual outflows |
(213)
|
|
| Derivative financial assets, contractual cash flows |
11
|
|
| Derivative financial assets, contractual inflows |
19
|
|
| Derivative financial assets, contractual outflows |
(8)
|
|
| After 5 years |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Lease liabilities, contractual cash flow |
(26)
|
(27)
|
| Borrowings |
(2,759)
|
(2,644)
|
| Borrowings and derivative financial (liabilities) assets, contractual cash flows |
(3,024)
|
(3,012)
|
| After 5 years | Fixed rate |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Borrowings, contractual cash flow |
(3,059)
|
(2,979)
|
| After 5 years | Interest rate derivatives |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(7)
|
(22)
|
| Derivative financial assets, contractual cash flows |
12
|
£ 16
|
| After 5 years | Cross-currency interest rate swaps |
|
|
| Disclosure of detailed information about financial instruments |
|
|
| Derivative financial liabilities, contractual cash flows |
(8)
|
|
| Derivative financial liabilities, contractual inflows |
228
|
|
| Derivative financial liabilities, contractual outflows |
(236)
|
|
| Derivative financial assets, contractual cash flows |
64
|
|
| Derivative financial assets, contractual inflows |
462
|
|
| Derivative financial assets, contractual outflows |
£ (398)
|
|