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Investment in associates and joint ventures
 12 Months Ended
Dec. 31, 2025
Investments accounted for using equity method [abstract]  
Investment in associates and joint ventures 14. Investment in associates and joint ventures
2025
2024
$m
$m
Cost
At 1 January
108
101
Additions
11
6
Share of profits
6
10
System Fund share of losses
(2)
(2)
Dividends and distributions
(13)
(7)
Exchange and other adjustments
2
–
At 31 December
112
108
Impairment
At 1 January
(57)
(53)
Impairment charge
–
(4)
At 31 December
(57)
(57)
Net book value
55
51
Analysed as:
Associates
39
46
Joint ventures
16
5
55
51
Impairment
In 2024, the impairment charge of $4m related to an associate in the Americas region and arose due to a decline in
trading conditions.