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Loans and other borrowings
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about borrowings [abstract]  
Loans and other borrowings 21. Loans and other borrowings
Discount at
issue
2025
2024
Maturity date
%
$m
$m
Current
Bank overdrafts (note 17)
n/a
n/a
3
17
£300m 3.750% bonds 2025
14 August 2025
0.986
–
381
£350m 2.125% bonds 2026
24 August 2026
0.550
475
–
478
398
Non‑current
£350m 2.125% bonds 2026
24 August 2026
0.550
–
441
€500m 2.125% bonds 2027
15 May 2027
0.470
594
526
£400m 3.375% bonds 2028
8 October 2028
1.034
539
502
€600m 4.375% bonds 2029
28 November 2029
0.098
705
623
€850m 3.375% bonds 2030
10 September 2030
0.483
1,000
–
€750m 3.625% bonds 2031
27 September 2031
0.116
885
784
3,723
2,876
Total loans and other borrowings
4,201
3,274
Denominated in the following currencies:
Sterling
1,014
1,324
US dollars
3
16
Euros
3,184
1,933
Other
–
1
4,201
3,274
Bonds
Interest is payable annually on the dates in the table, at the rates stated.
Revolving Credit Facility (‘RCF’)
In December 2025, the Group entered into a new $1,500m syndicated RCF which matures in 2030. A variable rate of interest
is payable on amounts drawn. The previous facility of $1,350m was cancelled during the year.
The maximum amount drawn during the period was $75m (2024: $nil). There were no amounts drawn at 31 December 2025
nor 31 December 2024.
The Group has no uncommitted facilities at 31 December 2025 (2024: $nil).