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Pension Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Pension Plans | Pension Plans The Company operates funded defined benefit pension plans in the U.K., the U.S. and France. The levels of funding are determined by periodic actuarial valuations that take into account changes in actuarial assumptions, including discount rates and expected returns on plan assets. The assets of the plans are generally held in separate Trustee-administered funds. The Company also operates defined contribution plans in the U.K., the U.S., Australia and Canada. The "10% corridor" method for recognizing gains and losses has been adopted. This methodology means that cumulative gains and losses up to an amount equal to 10% of the higher of the liabilities and the assets (the corridor) have no impact on the pension cost. Cumulative gains or losses greater than this corridor are amortized over the average future lifetime of the members in the plans. The Company’s principal defined benefit pension arrangement is the U.K. Luxfer Group Pension Plan (“the Plan”), which closed to new members in 1998, with new employees thereafter eligible for a defined contribution plan. In April 2016, the Plan was closed to future benefit accrual, with affected members offered participation in a defined contribution plan. In January 2026, subsequent to the 2025 year-end, the Plan’s Trustee entered into a full buy-in contract with a U.K. insurer, designed to substantially match the Plan’s benefit obligations; the impact of this transaction is not included in the Company’s 2025 financial statements. The Company completed a buyout of the U.S. BA Holdings, Inc. Pension Plan in the first quarter of 2023. The Company’s other pension arrangements are not significant. The following tables present reconciliations of pension benefit obligations, fair value of plan assets and the funded status of pension plans as of and for the years ended December 31, 2025 and 2024:
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  | 2024 |
| In millions | U.K. |  | Other |  | Total |  | U.K. |  | Other |  | Total |
| Change in benefit obligations |  |  |  |  |  |  |  |  |  |  |  |
| Benefit obligation at January 1 | $ | 205.0 |  |  | $ | 0.1 |  |  | $ | 205.1 |  |  | $ | 233.9 |  |  | $ | 0.1 |  |  | $ | 234.0 |  |
| Interest cost | 11.2 |  |  | — |  |  | 11.2 |  |  | 10.2 |  |  | — |  |  | 10.2 |  |
| Actuarial gains | (2.8) |  |  | — |  |  | (2.8) |  |  | (20.8) |  |  | — |  |  | (20.8) |  |
| Exchange difference | 15.0 |  |  | — |  |  | 15.0 |  |  | (3.0) |  |  | — |  |  | (3.0) |  |
| Benefits paid | (15.1) |  |  | — |  |  | (15.1) |  |  | (15.3) |  |  | — |  |  | (15.3) |  |
| Benefit obligation at December 31 | $ | 213.3 |  |  | $ | 0.1 |  |  | $ | 213.4 |  |  | $ | 205.0 |  |  | $ | 0.1 |  |  | $ | 205.1 |  |
| Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of plan assets at January 1 | $ | 254.3 |  |  | $ | — |  |  | $ | 254.3 |  |  | $ | 274.2 |  |  | $ | — |  |  | $ | 274.2 |  |
| Actual return / (loss) on assets | 10.4 |  |  | — |  |  | 10.4 |  |  | (1.0) |  |  | — |  |  | (1.0) |  |
| Exchange difference | 18.6 |  |  | — |  |  | 18.6 |  |  | (3.6) |  |  | — |  |  | (3.6) |  |
| Benefits paid | (15.1) |  |  | — |  |  | (15.1) |  |  | (15.3) |  |  | — |  |  | (15.3) |  |
| Fair value of plan assets at December 31 | $ | 268.2 |  |  | $ | — |  |  | $ | 268.2 |  |  | $ | 254.3 |  |  | $ | — |  |  | $ | 254.3 |  |
| Funded status |  |  |  |  |  |  |  |  |  |  |  |
| Net benefit surplus / (obligation) | $ | 54.9 |  |  | $ | (0.1) |  |  | $ | 54.8 |  |  | $ | 49.3 |  |  | $ | (0.1) |  |  | $ | 49.2 |  |
The net benefit surplus of $54.9 million (2024: $49.3 million) in the U.K. plan is recorded in non-current assets at December 31, 2025 and December 31, 2024, the net benefit obligation of $0.1 million (2024: $0.1 million) in the U.S. / other is recorded in non-current liabilities at December 31, 2025 and December 31, 2024. As the Plan had a surplus of $54.9 million as at December 31, 2025, no deficit contributions are payable and no Recovery Plan is required, as agreed by the Trustee until the next triennial valuation. 15. Pension Plans (continued) The amounts recognized in the Consolidated Statements of Income in respect of the pension plans were as follows:
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  | 2024 |  | 2023 |  | 2023 |  | 2023 |
| In millions | U.K. |  | Other |  | Total |  | U.K. |  | Other |  | Total |  | U.K. |  | Other |  | Total |
| In respect of defined benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest cost | 11.2 |  |  | — |  |  | 11.2 |  |  | 10.2 |  |  | — |  |  | 10.2 |  |  | 11.0 |  |  | 0.2 |  |  | 11.2 |  |
| Expected return on assets | (13.4) |  |  | — |  |  | (13.4) |  |  | (12.1) |  |  | — |  |  | (12.1) |  |  | (13.8) |  |  | 0.2 |  |  | (13.6) |  |
| Settlement loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.9 |  |  | 8.9 |  |
| Amortization of net actuarial loss | 1.2 |  |  | — |  |  | 1.2 |  |  | 1.3 |  |  | — |  |  | 1.3 |  |  | 1.7 |  |  | 0.1 |  |  | 1.8 |  |
| Amortization of prior service credit | (0.4) |  |  | — |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | (0.4) |  |
| Total (credit) / expense for defined benefit plans | $ | (1.4) |  |  | $ | — |  |  | $ | (1.4) |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | (1.0) |  |  | $ | (1.5) |  |  | $ | 9.4 |  |  | $ | 7.9 |  |
| In respect of defined contribution plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total charge for defined contribution plans | $ | 2.1 |  |  | $ | 1.9 |  |  | $ | 4.0 |  |  | $ | 2.1 |  |  | $ | 1.7 |  |  | $ | 3.8 |  |  | $ | 2.1 |  |  | $ | 1.6 |  |  | $ | 3.7 |  |
| Total charge for benefit plans | $ | 0.7 |  |  | $ | 1.9 |  |  | $ | 2.6 |  |  | $ | 1.1 |  |  | $ | 1.7 |  |  | $ | 2.8 |  |  | $ | 0.6 |  |  | $ | 11.0 |  |  | $ | 11.6 |  |
In addition, during 2025, the Company incurred $0.1 million of costs in connection with the pension buy-in, which was contractually agreed after year end and is disclosed as a subsequent event in Note 22. The following table shows other changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended December 31:
| In millions | 2025 |  | 2024 |  | 2023 |
| Net actuarial (loss) / gain | $ | (0.1) |  |  | $ | 7.7 |  |  | $ | 11.4 |  |
| Amortization of actuarial loss | 1.2 |  |  | 1.3 |  |  | 1.8 |  |
| Actuarial loss recognized due to settlement event | — |  |  | — |  |  | 8.9 |  |
| Amortization of prior service credit | (0.4) |  |  | (0.4) |  |  | (0.4) |  |
| Total recognized in other comprehensive income | 0.7 |  |  | 8.6 |  |  | 21.7 |  |
| Total recognized in net periodic benefit cost and other comprehensive income | $ | 2.1 |  |  | $ | 9.6 |  |  | $ | 13.8 |  |
The estimated net loss for defined benefit plans included in AOCI that will be recognized in net periodic benefit cost during 2026 is $0.7 million, consisting of amortization of net actuarial loss of $1.1 million, partially offset by amortization of prior service credit of $0.4 million. The following table shows the amounts included in AOCI that have not yet been recognized as components of net periodic benefit cost for the years ended December 31:
| In millions | 2025 |  | 2024 |
| Gross actuarial loss | $ | (78.0) |  |  | $ | (79.1) |  |
| Gross prior service credit | 9.8 |  |  | 10.2 |  |
| Total included in AOCI not yet recognized in the statement of income | $ | (68.2) |  |  | $ | (68.9) |  |
15. Pension Plans (continued) In September 2019, the U.K. Statistics Authority announced plans to reform the Retail Prices Index (“RPI”). These plans were confirmed on November 25, 2020, when the U.K. government and the U.K. Statistics Authority announced that RPI would be aligned with the Consumer Prices Index including owner occupiers’ housing costs (“CPIH”) from 2030, with no compensation payable to holders of index-linked gilts. As CPIH inflation has historically been consistently lower than RPI inflation, this reform is expected to result in a significant reduction in RPI inflation from 2030 onwards. Accordingly, the Company has applied a stepped inflation assumption, using different inflation rates before and after 2030. The financial assumptions used in the calculations were:
|  | Projected Unit Credit Valuation |
|  | U.K. |  |  |
|  | 2025 |  | 2024 |  | 2023 |  |  |  |  |  |  |
|  | % |  | % |  | % |  |  |  |  |  |  |
| Discount rate | 5.50 |  |  | 5.40 |  |  | 4.50 |  |  |  |  |  |  |  |
| Expected return on assets | 5.30 |  |  | 5.80 |  |  | 4.80 |  |  |  |  |  |  |  |
| Pre-2030 |  |  |  |  |  |  |  |  |  |  |  |
| Retail Price Inflation | 2.80 |  |  | 3.20 |  |  | 3.10 |  |  |  |  |  |  |  |
| Consumer Price Inflation | 1.80 |  |  | 2.20 |  |  | 2.00 |  |  |  |  |  |  |  |
| Pension increases |  |  |  |  |  |  |  |  |  |  |  |
| Pre 6 April 1997 | 1.70 |  |  | 1.90 |  |  | 1.80 |  |  |  |  |  |  |  |
| 1997 - 2005 | 1.90 |  |  | 2.20 |  |  | 2.10 |  |  |  |  |  |  |  |
| Post 5 April 2005 | 1.50 |  |  | 1.70 |  |  | 1.60 |  |  |  |  |  |  |  |
| Post-2030 |  |  |  |  |  |  |  |  |  |  |  |
| Retail Price Inflation | 2.80 |  |  | 3.20 |  |  | 3.10 |  |  |  |  |  |  |  |
| Consumer Price Inflation | 2.60 |  |  | 3.00 |  |  | 3.00 |  |  |  |  |  |  |  |
| Pension increases |  |  |  |  |  |  |  |  |  |  |  |
| Pre 6 April 1997 | 2.10 |  |  | 2.30 |  |  | 2.30 |  |  |  |  |  |  |  |
| 1997 - 2005 | 2.60 |  |  | 2.90 |  |  | 2.90 |  |  |  |  |  |  |  |
| Post 5 April 2005 | 1.90 |  |  | 2.00 |  |  | 2.00 |  |  |  |  |  |  |  |
The discount rate for the U.K. Plan is determined using a cash-flow matched methodology, with reference to an AA-rated corporate bond spot curve and taking into account the duration of the Plan’s liabilities. The inflation assumption is derived using a consistent cash-flow matched approach, based on the differential between yields on fixed-interest and index-linked U.K. government gilts. The expected return on assets is determined with reference to the Plan’s asset allocation and the expected return for each asset class as of the balance sheet date.
|  | 2025 |  | 2024 |
| Other principal actuarial assumptions: | Years |  | Years |
| Life expectancy of male / female in the U.K. aged 65 at accounting date | 20.2 / 22.8 |  | 20.1 / 22.7 |
| Life expectancy of male / female in the U.K. aged 65 at 20 years after accounting date | 21.4 / 24.2 |  | 21.3 / 24.1 |
Investment strategies For the principal defined benefit plan in the Company, the U.K. Luxfer Group Pension Plan (the “Plan”), the Plan’s assets are invested primarily in matching assets. As of December 31, 2025, the Plan’s assets comprised index-linked U.K. government bonds and cash, reflecting the Trustee's de-risking actions undertaken during the year. Subsequent to year end, in January 2026, the Trustee completed a full buy-in transaction with a U.K. insurer, substantially matching the Plan’s benefit obligations. 15. Pension Plans (continued) Risk exposures The U.K. Plan’s investment strategy has been de-risked, with assets largely invested in matching assets designed to closely align with the Plan’s liabilities. As a result, the Plan’s exposure to asset price volatility and funding risk has been significantly reduced. The principal remaining risks relate to residual differences between asset and liability movements and, prior to the buy-in becoming fully effective, the risk that changes in economic assumptions could adversely affect the funding position. Any such deterioration could increase the Company’s future cash contribution requirements. Special events In 2021, the Company decided to terminate its U.S. Pension Plan. The Company completed the buyout of the U.S. plan in the first quarter of 2023. As a result, a final premium totaling $29.3 million was paid to settle the liabilities. Assets of $27.2 million were sold from the plan, resulting in a $2.1 million contribution from the Company to extinguish the liabilities from the plan in full. On January 8, 2026, subsequent to the 2025 year-end, the Trustee of the Luxfer Group Pension Plan (“LGPP”) entered into a full buy-in contract with a U.K. insurer, Aviva. The buy-in is designed to substantially match the Plan’s benefit obligations with corresponding cash flow payments from the insurer, with effect from March 2026 payroll, in exchange for an agreed premium. As this transaction occurred after the balance sheet date, the measurement of the Plan’s assets or liabilities as of December 31, 2025 did not account for this event. There were no disposals, acquisitions, benefit changes, bulk transfers, redundancy programs, or other events during the year that required adjustment to the actuarial assumptions or calculations. The actuarial valuations have been prepared on the basis that the Plan remains ongoing and that the participating employers are going concerns. The fair value of plan assets were:
|  |  |  |  |  | 2025 |  |  |  |  |  | 2024 |
| In millions |  |  |  |  | Total |  |  |  |  |  | Total |
| Assets in active markets: |  |  |  |  |  |  |  |  |  |  |  |
| Equities and growth funds |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 70.1 |  |
| Government bonds |  |  |  |  | 209.2 |  |  |  |  |  |  | 76.6 |  |
| Corporate bonds |  |  |  |  | — |  |  |  |  |  |  | 105.3 |  |
| Cash |  |  |  |  | 59.0 |  |  |  |  |  |  | 2.3 |  |
| Total fair value of plan assets |  |  |  |  | $ | 268.2 |  |  |  |  |  |  | $ | 254.3 |  |
We have taken the bid value of invested assets as at December 31, 2025 as supplied by Legal & General ('L&G'), the LGPP’s investment managers. As the L&G funds are weekly priced we have taken the price on the first dealing day of the New Year. All investments, apart from cash, were classified as Level 2 in the fair value hierarchy as of December 31, 2025 and 2024. Cash is classified as Level 1 in the fair value hierarchy as of December 31, 2025 and 2024. The following benefit payments are expected to be paid by the plans for the years ended December 31 as follows:
| In millions | U.K. pension plans |  |
| 2026 | $ | 15.8 |  |  |
| 2027 | 16.2 |  |  |
| 2028 | 16.2 |  |  |
| 2029 | 16.2 |  |  |
| 2030 | 16.3 |  |  |
| Thereafter | 78.8 |  |  |
The estimated amount of employer deficit recovery contributions expected to be paid to the defined benefit pension plans for the year ending December 31, 2026, is nil (2025: nil actual employer contributions). 15. Pension Plans (continued) Virgin Media Ltd v. NTL Pension Trustees II Ltd In June 2023, the U.K. High Court ruled that certain historical amendments to contracted-out defined benefit pension schemes made between April 6, 1997 and April 5, 2016 are invalid where the required written actuarial confirmation under section 37 of the Pension Schemes Act 1993 was not obtained. This ruling was upheld by the Court of Appeal on July 25, 2024. Under the rules of the U.K. Luxfer Group Pension Plan (“LGPP”), the Plan was contracted-out prior to April 6, 1997 on a Guaranteed Minimum Pension (“GMP”) basis, from April 6, 1997 to April 5, 2012 on a Protected Rights basis, and from April 6, 2012 on a Reference Scheme Test basis. The Company has reviewed the population of LGPP members who were in active service during the relevant periods and, based on this assessment, considers the risk of a material impact arising from the court rulings to be low. Based on the Company’s assessment, no additional benefits or liabilities have been assumed to arise as a result of the 2023 and 2024 Virgin Media judgments. In September 2025, the U.K. government published proposed legislation that would permit the required actuarial confirmations to be obtained retrospectively. While this represents a positive development, the legislation has not yet been enacted and legal uncertainty remains. The Plan Trustee are undertaking data cleansing activities and continuing to assess the potential implications of the rulings. Given the low population potentially affected, the ongoing nature of the review, and the current legislative uncertainty, it is not possible at this stage to reliably estimate any potential financial impact. Accordingly, no adjustment to the Plan’s liabilities has been recognized as of December 31, 2025.

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