v3.25.4
Financial liabilities - borrowings (Tables)
12 Months Ended
Dec. 31, 2025
Texts Block [Abstract]  
Summary of Current and Non - Current Borrowings
The Group’s current and
non-current
borrowings are as follows:
 
  All figures in £ millions
  
  2025
    
  2024
 
Non-current
     
3.75% GBP notes 2030 (nominal amount £350m)
    
356
       355  
5.375% GBP notes 2034 (nominal amount £350m)
    
350
       350  
Revolving Credit Facilities
 
 
297
 
 
 
–
 
 
 
 
 
 
 
 
 
Lease liabilities (see note 34)
    
416
       452  
     
 
    
1,419
       1,157   
Current (due within one year or on demand)
     
1.375% Euro notes 2025 (nominal amount
€
300m)
    
–
       250  
Lease liabilities (see note 34)
    
62
       65  
Overdrafts
    
–
       –  
     
  
62
     315  
     
Total borrowings
    
1,481
       1,472  
Summary of Maturities of the Group's Non-Current Borrowings The maturities of the Group’s
non-current
borrowings are as follows:
 
  All figures in £ millions
  
2025
    
2024
 
Between one and two years
    
70
       71   
Between two and five years
    
778
       149  
Over five years
    
571
       937  
     
    
 
  1,419
 
       1,157  
Summary of Carrying Amounts and Market Value of Borrowings
The carrying amounts and market values of borrowings are as follows:
 
  
 
 
 
  
 
 
  
2025
 
  
 
 
  
 
 
    
2024
 
  All figures in £ millions
 
Effective
interest rate
 
  
   Carrying
value
 
  
   Market
value
 
  
Effective
  interest rate
 
  
   Carrying
value
 
    
   Market
value
 
1.375% Euro notes 2025
    
–
      
–
      
–
       1.44
%
     250          247
 
 
3.75% GBP notes 2030
    
3.93
%
    
356
      
338
       3.93
%
     355          328  
5.375% GBP notes 2034
    
5.6
%
    
350
      
347
       5.6
%
     350           343  
Revolving Credit Facilities
    
n/a
      
297
      
297
       –       –          –  
             
 
  
 
 
 
    
1,003
      
982
    
 
 
 
     955           918  
Summary of Carrying Amounts of Borrowings which Denominated in Currencies
The carrying amounts of the Group’s borrowings before the effect of derivatives (see notes 16 and 19 for further information on the impact of derivatives) are denominated in the following currencies:
 
  All figures in £ millions
  
2025
    
2024
 
US dollar
    
153
       187   
Sterling
    
1,309
       1,013  
Euro
    
2
       253  
Other
    
17
       19  
     
 
    
  1,481
         1,472