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Equity
 12 Months Ended
Dec. 31, 2025
Disclosure of classes of share capital [abstract]  
Equity 28. Equity
Equity share capital
Number of
shares
Nominal
value
Share
premium
Equity share
capital
Allotted, called up and fully paid
millions
$m
$m
$m
At 1 January 2023 (ordinary shares of 20340⁄399p each)
183
46
91
137
Repurchased and cancelled under share repurchase programme
(11)
(3)
–
(3)
Exchange adjustments
–
3
4
7
At 31 December 2023 (ordinary shares of 20340⁄399p each)
172
46
95
141
Repurchased and cancelled under share repurchase programme
(7)
(2)
–
(2)
Exchange adjustments
–
(1)
(1)
(2)
At 31 December 2024 (ordinary shares of 20340⁄399p each)
165
43
94
137
Repurchased and cancelled under share repurchase programme
(8)
(2)
–
(2)
Exchange adjustments
–
3
7
10
At 31 December 2025 (ordinary shares of 20340⁄399p each)
157
44
101
145
In February 2025, the Board approved a $900m share buyback programme which completed on 29 December 2025.
In February 2024, the Board approved a $800m share buyback programme which completed on 27 December 2024.
In February 2023, the Board approved a $750m share buyback programme which completed on 29 December 2023.
Number of
sharesa
Totalb,c
Shares repurchased and total consideration paid for share buyback programme
millions
$m
31 December 2025
7.6
882
31 December 2024
7.5
812
31 December 2023
10.9
790
a.Shares were repurchased and subsequently cancelled.
b.Includes transaction costs. In 2025, $15m of taxes previously provided for in respect of the 2024 and 2023 buyback programmes were reversed,
following legislative changes.
c.In 2023, $38m related to the completion of the 2022 programme and $752m related to the 2023 programme.
The Board reviewed the Parent Company Financial Statements to confirm availability of sufficient distributable reserves
prior to approving shareholder returns.
For each of the share buyback programmes undertaken, authority was given to the Company at the respective AGM prior
to commencement of the buyback.
In February 2026, the Board approved a further $950m share buyback programme. A resolution to renew the authority
to repurchase shares will be put to shareholders at the AGM on 7 May 2026.
The Company no longer has an authorised share capital.
Shares held by employee share trusts
Number of
shares
Carrying
value
Market
value
millions
$m
$m
31 December 2025
1.0
59.0
146.3
31 December 2024
1.2
63.0
144.9
31 December 2023
0.8
35.0
73.6
Shares held by employee share trusts includes 0.2m shares (2024: 0.2m shares) held in a nominee account on behalf of participants.
28. Equity continued
Treasury shares
Number of
shares
Nominal
value
millions
$m
At 1 January 2023
7.5
1.9
Transferred to employee share trusts
(0.5)
(0.1)
Repurchased under share repurchase programme
–
0.1
At 31 December 2023
7.0
1.9
Transferred to employee share trusts
(0.8)
(0.2)
Exchange adjustments
–
(0.1)
At 31 December 2024
6.2
1.6
Transferred to employee share trusts
(0.7)
(0.2)
Exchange adjustments
–
0.1
At 31 December 2025
5.5
1.5
Cash flow hedge reserves
Cash flow
hedge
reserve
Cost of
hedging
reserve
Total
$m
$m
$m
At 1 January 2023
8
(8)
–
Change in fair value of currency swaps recognised in other comprehensive income
(30)
–
(30)
Reclassified from other comprehensive income to profit or loss – included in
financial expenses
28
–
28
At 31 December 2023
6
(8)
(2)
Costs of hedging deferred and recognised in other comprehensive income
–
(11)
(11)
Change in fair value of currency swaps recognised in other comprehensive income
(113)
–
(113)
Reclassified from other comprehensive income to profit or loss – included in
financial expenses
165
–
165
Deferred tax
(11)
–
(11)
At 31 December 2024
47
(19)
28
Costs of hedging deferred and recognised in other comprehensive income
–
4
4
Change in fair value of currency swaps recognised in other comprehensive income
126
–
126
Reclassified from other comprehensive income to profit or loss – included in
financial expenses
(187)
–
(187)
Deferred tax
14
–
14
Exchange adjustments
1
–
1
At 31 December 2025
1
(15)
(14)
Amounts reclassified from other comprehensive income to financial expenses comprise $31m (2024: $28m, 2023: $14m)
net interest payable on the currency swaps and an exchange gain of $218m (2024: $137m loss, 2023: $14m loss) which offsets
a corresponding gain or loss on the hedged bonds.