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Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Presentation of leases for lessee [abstract]  
Summary of Right-of-use Assets Right-of-use assets
Land and
buildings
Investment
property
Other
Total
$m
$m
$m
$m
Cost
At 1 January 2024
534
52
3
589
Additions and other remeasurements
28
–
5
33
Transfers to finance lease receivable
(13)
(14)
(4)
(31)
Terminations
(11)
–
(1)
(12)
Exchange and other adjustments
(5)
–
–
(5)
At 31 December 2024
533
38
3
574
Additions and other remeasurements
16
–
1
17
Terminations
(2)
–
–
(2)
Exchange and other adjustments
8
–
–
8
At 31 December 2025
555
38
4
597
Depreciation and impairment
At 1 January 2024
(266)
(49)
(1)
(316)
Provided
(21)
–
(1)
(22)
System Fund expense
2
–
–
2
Transfers to finance lease receivable
8
13
–
21
Terminations
11
–
1
12
Exchange and other adjustments
5
–
–
5
At 31 December 2024
(261)
(36)
(1)
(298)
Provided
(23)
–
(1)
(24)
System Fund expense
(1)
–
–
(1)
Impairment charge
(1)
–
–
(1)
Terminations
2
–
–
2
Exchange and other adjustments
(6)
–
–
(6)
At 31 December 2025
(290)
(36)
(2)
(328)
Net book value
At 31 December 2025
265
2
2
269
At 31 December 2024
272
2
2
276
At 1 January 2024
268
3
2
273
Summary of Lease Liabilities Lease liabilities
The Group’s lease liabilities are discounted at incremental borrowing rates of up to 9.9%. The rate implicit in the InterContinental
Boston lease was 9.7% and was derived from a valuation of the hotel at lease inception in 2006.
2025
2024
Currency
$m
$m
US dollars
343
357
Sterling
32
31
Euros
5
3
Other
26
23
406
414
Analysed as:
Current
28
26
Non-current
378
388
406
414
Summary of Lease Expenditure Recognised Explanatory Amounts recognised in the Group income statement
2025
2024
2023
$m
$m
$m
Depreciation of right-of-use assets
24
22
22
System Fund depreciation of right-of-use assets
1
(2)
2
Impairment charge
1
–
–
Expense relating to variable lease payments
84
77
62
Expense relating to short-term leases and low-value assets
2
1
2
Income from operating subleases
(7)
(3)
(2)
Recognised in operating profit
105
95
86
Interest on lease liabilities
30
30
29
Total recognised in the Group income statement
135
125
115
Summary of Detailed Information About Lease Liabilities Recognized In Cash Flow Statement Explanatory Amounts recognised in the Group statement of cash flows
2025
2024
2023
$m
$m
$m
Operating activities
107
108
92
Investing activities
(4)
(4)
–
Financing activities
30
46
28
Net cash paid
133
150
120