v3.25.4
Earnings per share
12 Months Ended
Dec. 31, 2025
Texts Block [Abstract]  
Earnings per share
8. Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity shareholders
of
the company (earnings) by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the company and held as treasury shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares to take account of all dilutive potential ordinary shares and adjusting the profit attributable, if applicable, to account for any tax consequences
that
might arise from conversion of those shares.

Certain contingently issuable shares vested on 31 December 2023 but had not yet been issued. These shares were considered dilutive but did not materially impact basic EPS.
 
  All figures in £ millions
  
   2025
   
   2024
   
   2023
 
Earnings for the year
  
 
336
 
     435       380  
Non-controlling
interest
    
(1
) 
     (1 )      (2 ) 
Earnings attributable to equity shareholders
  
 
  335
 
      434         378  
Weighted average number of shares (millions)
    
651.3
       673.0       711.5  
Effect of dilutive share options (millions)
    
9.0
       11.0       5.8  
Weighted average number of shares (millions) for diluted earnings
    
660.3
       684.0       717.3  
Earnings per share (in pence per share)
      
Basic
    
51.4p
       64.5p       53.1p  
Diluted
    
 50.7p
 
     63.5p       52.7p