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FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES (Tables) | 6 Months Ended
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Jun. 30, 2026
FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES |
Schedule of financial instruments held at fair value by fair value hierarchy | ​
​ | ​ | ​ | ​ | ​
​ | Level 1 | Level 2 | Level 3 | Total
As at 30 June 2026 | £m | £m | £m | £m
​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Financial assets at fair value through other comprehensive income: | ​ | ​ | ​ | ​
Unlisted equity investments | — | — | 69 | 69
​ | ​ | ​ | ​ | ​
Financial assets at fair value through profit or loss: | ​ | ​ | ​ | ​
Held for trading derivatives that are not in a designated and effective hedging relationship | — | 23 | — | 23
Cash and cash equivalents (money market funds) | 173 | — | — | 173
Derivatives designated and effective as hedging instruments: | ​ | ​ | ​ | ​
- fair value hedge | — | 2 | — | 2
- cash flow hedge | — | 13 | — | 13
- net investment hedge | — | 16 | — | 16
Total financial assets | 173 | 54 | 69 | 296
​ | ​ | ​ | ​ | ​
​ | Level 1 | Level 2 | Level 3 | Total
As at 30 June 2026 | £m | £m | £m | £m
​ | ​ | ​ | ​ | ​
Financial liabilities at fair value through profit or loss: | ​ | ​ | ​ | ​
Held for trading derivatives that are not in a designated and effective hedging relationship | — | (5) | — | (5)
Derivatives designated and effective as hedging instruments: | ​ | ​ | ​ | ​
- fair value hedge | — | (42) | — | (42)
- cash flow hedge | — | (22) | — | (22)
- net investment hedge | — | (72) | — | (72)
Total financial liabilities | — | (141) | — | (141)
​
​ | ​ | ​ | ​ | ​
​ | Level 1 | Level 2 | Level 3 | Total
As at 31 December 2025 | £m | £m | £m | £m
​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Financial assets at fair value through other comprehensive income: | ​ | ​ | ​ | ​
Unlisted equity investments | — | — | 67 | 67
​ | ​ | ​ | ​ | ​
Financial assets at fair value through profit or loss: | ​ | ​ | ​ | ​
Held for trading derivatives that are not in a designated and effective hedging relationship | — | 26 | — | 26
Cash and cash equivalents (money market funds) | 608 | — | — | 608
Derivatives designated and effective as hedging instruments: | ​ | ​ | ​ | —
- fair value hedge | ​ | 3 | ​ | 3
- cash flow hedge | — | 11 | — | 11
- net investment hedge | — | 47 | — | 47
Total financial assets | 608 | 87 | 67 | 762
​ | ​ | ​ | ​ | ​
​ | Level 1 | Level 2 | Level 3 | Total
As at 31 December 2025 | £m | £m | £m | £m
​ | ​ | ​ | ​ | ​
Financial liabilities at fair value through profit or loss: | ​ | ​ | ​ | ​
Held for trading derivatives that are not in a designated and effective hedging relationship | — | (3) | — | (3)
Derivatives designated and effective as hedging instruments: | ​ | ​ | ​ | ​
- fair value hedge | — | (24) | — | (24)
- cash flow hedge | — | (10) | — | (10)
- net investment hedge | — | (28) | — | (28)
Total financial liabilities | — | (65) | — | (65)
Schedule of carrying value and fair value of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​
​ | As at 30 June 2026 | ​ | As at 31 December 2025
​ | Carrying | ​ | ​ | Carrying | ​
​ | value | Fair value | ​ | value | Fair value
​ | £m | £m | ​ | £m | £m
Bonds | 7,380 | 6,987 | ​ | 8,102 | 7,730
​

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