Financial instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Financial instruments |
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| Summary of remaining contractual maturities for borrowings and derivative financial instruments |
| | | | | | | | | | | | | | | | | AT 31 DECEMBER 2024 | | | | Contractual cash flow (including interest) | | | Carrying | | Within | | | | | | | | | | More than | | | | | amount | | 1 year | | 1-2 years | | 2-3 years | | 3-4 years | | 4-5 years | | 5 years | | Total | | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm | Borrowings | | | | | | | | | | | | | | | | | Fixed rate borrowings | | (5,679) | | (763) | | (756) | | (541) | | (783) | | (862) | | (2,979) | | (6,684) | Floating rate borrowings | | (762) | | (762) | | - | | - | | - | | - | | - | | (762) | Lease liabilities | | (103) | | (43) | | (28) | | (19) | | (10) | | (4) | | (27) | | (131) | | | (6,544) | | | | | | | | | | | | | | | Derivative financial liabilities | | | | | | | | | | | | | | | | | Cash inflows | | | | 1,560 | | 180 | | 124 | | 17 | | - | | - | | 1,881 | Cash outflows | | | | (1,575) | | (184) | | (126) | | (17) | | - | | - | | (1,902) | Forward foreign exchange contracts | | (23) | | (15) | | (4) | | (2) | | - | | - | | - | | (21) | Interest rate derivatives | | (119) | | (25) | | (22) | | (22) | | (22) | | (22) | | (22) | | (135) | Cash inflows | | | | 502 | | - | | - | | - | | - | | - | | 502 | Cash outflows | | | | (550) | | - | | - | | - | | - | | - | | (550) | Cross-currency interest rate swaps | | (43) | | (48) | | – | | - | | - | | - | | - | | (48) | | | (185) | | | | | | | | | | | | | | | Derivative financial assets | | | | | | | | | | | | | | | | | Cash inflows | | | | 827 | | 274 | | 85 | | 6 | | - | | - | | 1,192 | Cash outflows | | | | (788) | | (251) | | (77) | | (6) | | - | | - | | (1,122) | Forward foreign exchange contracts | | 53 | | 39 | | 23 | | 8 | | - | | - | | - | | 70 | Interest rate derivatives | | 21 | | 3 | | 5 | | 5 | | 4 | | 3 | | 16 | | 36 | | | 74 | | | | | | | | | | | | | | | Total | | (6,655) | | (1,614) | | (782) | | (571) | | (811) | | (885) | | (3,012) | | (7,675) |
17 Financial instruments (continued) | | | | | | | | | | | | | | | | | AT 31 DECEMBER 2025 | | | | Contractual cash flow (including interest) | | | Carrying
amount
GBPm | | Within
1 year
GBPm | | 1-2 years
GBPm | | 2-3 years
GBPm | | 3-4 years
GBPm | | 4-5 years
GBPm | | More than
5 years
GBPm | | Total
GBPm | Borrowings | | | | | | | | | | | | | | | | | Fixed rate borrowings | | (6,283) | | (846) | | (618) | | (874) | | (864) | | (1,237) | | (3,059) | | (7,498) | Floating rate borrowings | | (887) | | (887) | | - | | - | | - | | - | | - | | (887) | Lease liabilities | | (97) | | (35) | | (29) | | (18) | | (11) | | (6) | | (26) | | (125) | | | (7,267) | | | | | | | | | | | | | | | Derivative financial liabilities | | | | | | | | | | | | | | | | | Cash inflows | | | | 1,012 | | 98 | | 50 | | 6 | | - | | - | | 1,166 | Cash outflows | | | | (1,017) | | (98) | | (50) | | (5) | | - | | - | | (1,170) | Forward foreign exchange contracts | | (9) | | (5) | | - | | - | | 1 | | - | | - | | (4) | Interest rate derivatives | | (70) | | (16) | | (13) | | (15) | | (17) | | (11) | | (7) | | (79) | Cash inflows | | | | 19 | | 19 | | 19 | | 19 | | 200 | | 228 | | 504 | Cash outflows | | | | (15) | | (15) | | (15) | | (15) | | (213) | | (236) | | (509) | Cross-currency interest rate swaps | | (32) | | 4 | | 4 | | 4 | | 4 | | (13) | | (8) | | (5) | | | (111) | | | | | | | | | | | | | | | Derivative financial assets | | | | | | | | | | | | | | | | | Cash inflows | | | | 2,571 | | 364 | | 129 | | 8 | | - | | - | | 3,072 | Cash outflows | | | | (2,519) | | (339) | | (119) | | (7) | | - | | - | | (2,984) | Forward foreign exchange contracts | | 75 | | 52 | | 25 | | 10 | | 1 | | - | | - | | 88 | Interest rate derivatives | | 10 | | 5 | | 4 | | 2 | | 1 | | - | | 12 | | 24 | Cash inflows | | | | 19 | | 19 | | 19 | | 19 | | 19 | | 462 | | 557 | Cash outflows | | | | (8) | | (8) | | (8) | | (8) | | (8) | | (398) | | (438) | Cross-currency interest rate swaps | | 27 | | 11 | | 11 | | 11 | | 11 | | 11 | | 64 | | 119 | | | 112 | | | | | | | | | | | | | | | Total | | (7,266) | | (1,717) | | (616) | | (880) | | (874) | | (1,256) | | (3,024) | | (8,367) |
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| Summary of trade receivables past due |
| | | | | | | | | 2023
GBPm | | 2024
GBPm | | 2025
GBPm | Up to one month | | 259 | | 217 | | 210 | 2 to 3 months | | 130 | | 130 | | 132 | 4 to 6 months | | 56 | | 57 | | 52 | Greater than 6 months | | 35 | | 24 | | 19 | Total past due | | 480 | | 428 | | 413 |
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| Summary of fair value hedges |
| | | | | | | | | | FAIR VALUE HEDGE RELATIONSHIPS | | 31 December
2024
Principal
amount
GBPm | | 31 December
2025
Principal
amount
GBPm | | Fixed rate | | | Floating rate | €600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 | | (535) | | - | | 1.3% | | | USD SOFR+1.5% | $750m bond and $750m interest rate swaps maturing 2030 | | (599) | | (558) | | 3.0% | | | USD SOFR+1.8% | €750m bond and €750m interest rate swaps maturing 2031 | | (620) | | (654) | | 3.8% | | | Euribor+0.9% | $500m bond and $500m interest rate swaps maturing 2032 | | (399) | | (372) | | 4.8% | | | USD SOFR+2.0% | | | (2,153) | | (1,584) | | | | | |
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| Summary of gains and losses on borrowings and related derivatives designated as fair value hedges |
| | | | | | | | | | | | | GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES | | 1 January
2023
GBPm | | Fair value
movement
gain/(loss)
GBPm | | Redemption/ close-out
GBPm | | Exchange
gain/(loss)
GBPm | | 31 December
2023
GBPm | | Carrying
values
GBPm | USD debt | | 141 | | (22) | | (16) | | (6) | | 97 | | (871) | Related interest rate swaps | | (143) | | 21 | | 16 | | 6 | | (100) | | (100) | | | (2) | | (1) | | - | | - | | (3) | | (971) | EUR debt | | 70 | | (61) | | - | | (2) | | 7 | | (1,600) | Related interest rate swaps | | (70) | | 60 | | - | | 2 | | (8) | | (8) | | | - | | (1) | | - | | - | | (1) | | (1,608) | Total relating to USD and EUR debt | | 211 | | (83) | | (16) | | (8) | | 104 | | (2,471) | Total related interest rate swaps | | (213) | | 81 | | 16 | | 8 | | (108) | | (108) | Net loss on borrowings and related
derivatives/total carrying value | | (2) | | (2) | | - | | - | | (4) | | (2,579) |
17 Financial instruments (continued) | | | | | | | | | | | | | GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES | | 1 January
2024
GBPm | | Fair value
movement
gain/(loss)
GBPm | | Redemption/ close-out
GBPm | | Exchange
gain/(loss)
GBPm | | 31 December
2024
GBPm | | Carrying
values
GBPm | USD debt | | 97 | | 14 | | - | | 3 | | 114 | | (875) | Related interest rate swaps | | (100) | | (16) | | - | | (3) | | (119) | | (119) | | | (3) | | (2) | | - | | - | | (5) | | (994) | EUR debt | | 7 | | 12 | | - | | 1 | | 20 | | (1,133) | Related interest rate swaps | | (8) | | (12) | | - | | (1) | | (21) | | (21) | | | (1) | | - | | - | | - | | (1) | | (1,154) | Total relating to USD and EUR debt | | 104 | | 26 | | - | | 4 | | 134 | | (2,008) | Total related interest rate swaps | | (108) | | (28) | | - | | (4) | | (140) | | (140) | Net loss on borrowings and related
derivatives/total carrying value | | (4) | | (2) | | - | | - | | (6) | | (2,148) |
| | | | | | | | | | | | | GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES | | 1 January
2025
GBPm | | Fair value
movement
gain/(loss)
GBPm | | Redemption/ close-out
GBPm | | Exchange
gain/(loss)
GBPm | | 31 December
2025
GBPm | | Carrying
values
GBPm | USD debt | | 114 | | (39) | | - | | (8) | | 67 | | (855) | Related interest rate swaps | | (119) | | 41 | | - | | 8 | | (70) | | (70) | | | (5) | | 2 | | - | | - | | (3) | | (925) | EUR debt | | 20 | | (29) | | - | | (2) | | (11) | | (664) | Related interest rate swaps | | (21) | | 29 | | - | | 2 | | 10 | | 10 | | | (1) | | - | | - | | - | | (1) | | (654) | Total relating to USD and EUR debt | | 134 | | (68) | | - | | (10) | | 56 | | (1,519) | Total related interest rate swaps | | (140) | | 70 | | - | | 10 | | (60) | | (60) | Net (loss)/gain on borrowings and related
derivatives/total carrying value | | (6) | | 2 | | - | | - | | (4) | | (1,579) |
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| Summary of movements in the hedge reserve including gains and losses on cash flow hedging instruments |
| | | | | | | | | | | Interest rate
hedge reserve
GBPm | | Cost of
hedging
reserve
GBPm | | Foreign
currency
hedge reserve
GBPm | | Total
GBPm | Hedge reserve at 31 December 2023: (losses)/gains deferred | | - | | (4) | | 40 | | 36 | (Losses)/gains arising in 2024 | | (5) | | 6 | | 10 | | 11 | Amounts recognised in income statement | | 2 | | - | | (22) | | (20) | Hedge reserve at 31 December 2024: (losses)/gains deferred | | (3) | | 2 | | 28 | | 27 | Gains/(losses) arising in 2025 | | 2 | | (2) | | 55 | | 55 | Amounts recognised in income statement | | 1 | | - | | (37) | | (36) | Hedge reserve at 31 December 2025: gains deferred | | - | | - | | 46 | | 46 |
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| Summary of deferred gains and losses on cash flow hedges currently expected to recognized in future period |
| | | | | | | Foreign
currency
hedge reserve
GBPm | | Principal
amount of
hedges
GBPm | 2026 | | 20 | | 563 | 2027 | | 20 | | 495 | 2028 | | 6 | | 234 | 2029 | | - | | 14 | Total | | 46 | | 1,306 |
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