Leases (Tables)

12 Months Ended

Dec. 31, 2025

Presentation of leases for lessee [abstract]

Summary of information about leases in income statement

The amounts recognised in the income statement are as follows:


All figures in £ millions	Note		2025			2024			2023

Interest on lease liabilities				(20	)		(22	)		(23	)

Expenses relating to short-term leases				–			–			–

Depreciation of right-of-use assets		10		(34	)		(35	)		(39	)

Reversal of impairment/(Impairment) of right-of-use assets		10		6			–			(2	)

Summary of maturities of operating lease payments

Lease liabilities are included within fin

anc

ial

liabilities

– borrowings in the balance sheet, see note 18. The maturities of the Group’s lease liabilities are as follows:


All figures in £ millions	2025		2024

Less than one year		81		85

One to five years		241		270

More than five years		259		276

Total undiscounted lease liabilities		581		631

Lease liabilities included in the balance sheet		478		517

Analysed as:

Current		62		65

Non-current		416		452

Summary of information about leases in cash flow statement

The amounts recognised in the cash flow statement are as follows:


All figures in £ millions	2025		2024		2023

Total cash outflow for leases as a lessee		97		100		107

Summary of information about leases of lessor in income statement

The amounts recognised in the income statement are as follows:


All figures in £ millions	2025		2024		2023

Interest on lease receivables		3		4		4

Income from subleasing right-of-use assets (within other income)		10		9		6

Summary of information about leases of lessor in cash flow statement

The amounts recognised in the cash flow statement are as follows:


All figures in £ millions	2025		2024		2023

Total cash inflow for leases as a lessor		21		22		19

Summary of detailed information about undiscounted lease payments to be received after the reporting date

The following table sets out the maturity analysis of lease payments receivable for subleases classified as operating leases, showing the undiscounted lease payments to be received after the reporting date, and subleases classified as finance leases showing the undiscounted lease payments to be received after the reporting date and the net investment in the finance lease receivable. During the year, the investment in finance lease receivable decreased by £

m (2024: decreased £17m), primarily due to payments received.


All figures in £ millions	Operating leases		Finance leases			2025 Total		2024 Total		2023 Total

Less than one year		12		23			35		31		31

One to two years		12		23			35		33		33

Two to three years		12		17			29		33		34

Three to four years		12		6			18		26		34

Four to five years		12		2			14		14		27

More than five years		28		–			28		36		54

Total undiscounted lease payments receivable		88		71			159		173		213

Unearned finance income				(5	)

Net investment in finance lease receivable				66