v3.25.4

Share-based payments (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of share-based payment arrangements [Abstract] |
Schedule of Charges to the Income Statement | The charge to the income statement is set out below:
| 2025 £m |  | 2024 £m |  | 2023 £m
Deferred bonus plan | 186 |  | 206 |  | 241
Options and shares granted in the year | 12 |  | 15 |  | 20
Options and shares granted in prior years | 51 |  | 60 |  | 67
| 63 |  | 75 |  | 87
Total charge to the income statement | 249 |  | 281 |  | 328
Schedule of Movements in Share-Based Payments | Movements in the number of share options outstanding under the SAYE schemes are set out below:
| 2025 |  | 2024
| Number of options | Weighted average exercise price (pence) |  | Number of options | Weighted average exercise price (pence)
Outstanding at 1 January | 797,624,786 | 42.30 |  | 1,311,205,148 | 31.70
Granted | 119,602,764 | 74.35 |  | 200,820,157 | 52.35
Exercised | (189,981,525) | 39.40 |  | (663,187,372) | 24.60
Forfeited | (24,349,649) | 43.66 |  | (17,375,716) | 39.01
Cancelled | (15,760,828) | 47.99 |  | (27,852,684) | 40.70
Expired | (1,816,675) | 39.45 |  | (5,984,747) | 35.40
Outstanding at 31 December | 685,318,873 | 48.52 |  | 797,624,786 | 42.30
Exercisable at 31 December | 178,806 | 39.40 |  | 955,281 | 24.25
| 2025 |  | 2024
| Number of options | Weighted average exercise price (pence) |  | Number of options | Weighted average exercise price (pence)
Outstanding at 1 January | 15,578,997 | nil |  | 26,131,255 | nil
Granted | – | nil |  | 768,170 | nil
Exercised | (6,945,829) | nil |  | (10,815,436) | nil
Forfeited | (253,070) | nil |  | (488,091) | nil
Lapsed | – | nil |  | (16,901) | nil
Outstanding at 31 December | 8,380,098 | nil |  | 15,578,997 | nil
Exercisable at 31 December | 200,359 | nil |  | 988,243 | nil
| 2025 Number of options | 2024 Number of options
Outstanding at 1 January | 3,968,909 | 5,337,899
Exercised | (1,368,990) | (1,368,990)
Outstanding at 31 December | 2,599,919 | 3,968,909
| 2025 Number of shares | 2024 Number of shares
Outstanding at 1 January | 22,123,194 | 39,804,293
Vested | (10,254,907) | (18,490,246)
Forfeited | – | (33,055)
Dividend award | – | 842,202
Outstanding at 31 December | 11,868,287 | 22,123,194
| 2025 Number of shares | 2024 Number of shares
Outstanding at 1 January | 195,879,295 | 262,409,389
Vested | (62,272,967) | (53,608,504)
Forfeited | (4,809,902) | (12,921,590)
Outstanding at 31 December | 128,796,426 | 195,879,295
| 2025 Number of shares | 2024 Number of shares
Outstanding at 1 January | 75,063,395 | –
Granted | 46,999,778 | 75,063,395
Outstanding at 31 December | 122,063,173 | 75,063,395
The weighted average fair value of awards granted in the year was £0.48 (2024: £0.30
| 2025 |  | 2024
| Number of shares |  | Number of shares
Outstanding at 1 January | 2,865,027 |  | –
Granted | 3,679,148 |  | 3,593,397
Vested | (1,747,624) |  | (728,370)
Outstanding at 31 December | 4,796,551 |  | 2,865,027
The weighted average fair value of awards granted in the year was £0.73 (2024: £0.51).
Schedule of Assumptions Used for Calculating Benefit Plans |
| SAYE | Executive Share Plans | Long Term Share Plan
Weighted average risk-free interest rate | 3.87% | 3.81% | 4.13%
Weighted average expected life | 3.3 years | 1.5 years | 4.4 years
Weighted average expected volatility | 25% | 25% | 27%
Weighted average expected dividend yield | 5.0% | 6.0% | 6.0%
Weighted average share price | £0.84 | £0.80 | £0.71
Weighted average exercise price | £0.74 | nil | nil

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