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v3.26.1

BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2026
BORROWINGS |
Schedule of composition of borrowings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As at 30 June 2026 | As at 31 December 2025
​ | ​ | Current £m | Non-current £m | Total £m | Current £m | ​ | Non-current £m | Total £m
Commercial paper | ​ | (325) | — | (325) | — | ​ | — | —
Loan and overdrafts | ​ | (76) | (283) | (359) | (43) | ​ | (300) | (343)
Advances | ​ | — | — | — | (6) | ​ | — | (6)
Lease liabilities | ​ | (52) | (111) | (163) | (48) | ​ | (85) | (133)
Non-voting preference shares | ​ | — | (25) | (25) | — | ​ | (25) | (25)
Bonds | ​ | (1,509) | (5,871) | (7,380) | (739) | ​ | (7,363) | (8,102)
Total | ​ | (1,962) | (6,290) | (8,252) | (836) | ​ | (7,773) | (8,609)
Schedule of movement in financial liabilities to cash flow statement | ​
​ | ​ | ​ | ​ | ​ | ​
£m | At 1 January 2026 | Cash flows | Foreign exchange | Fair value adjustments, interest and reclassification | At 30 June 2026
Reconciliation of movement in liabilities to cash flow statement | ​ | ​ | ​ | ​ | ​
Long-term borrowings | (7,688) | — | (41) | 1,550 | (6,179)
Short-term borrowings | (767) | 412 | (14) | (1,520) | (1,889)
Lease liabilities | (133) | 33 | (1) | (62) | (163)
Derivative financial instruments | 22 | (11) | (1) | (97) | (87)
Total financial liabilities arising from financing activities | (8,566) | 434 | (57) | (129) | (8,318)
Cash and cash equivalents net of bank overdrafts | 1,303 | (527) | 29 | — | 805
Total | (7,263) | (93) | (28) | (129) | (7,513)
​
​ | ​ | ​ | ​ | ​ | ​
£m | At 1 January 2025 | Cash flows | Foreign exchange | Fair value adjustments, interest and reclassification | At 30 June 2025
Reconciliation of movement in liabilities to cash flow statement | ​ | ​ | ​ | ​ | ​
Long-term borrowings | (8,567) | (40) | 360 | 668 | (7,579)
Short-term borrowings | (1,394) | 1,352 | 22 | (698) | (718)
Lease liabilities | (123) | 29 | 4 | (42) | (132)
Derivative financial instruments | (30) | 12 | 2 | 99 | 83
Total financial liabilities arising from financing activities | (10,114) | 1,353 | 388 | 27 | (8,346)
Cash and cash equivalents net of bank overdrafts | 2,207 | (1,566) | (15) | — | 626
Total | (7,907) | (213) | 373 | 27 | (7,720)
​

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