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Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of classes of share capital [abstract]  
Summary of Equity Share Capital 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
Summary of Shares Repurchased and Total Consideration Paid for Share Buyback Programme
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.
Summary of Shares Held by Employee Share Trusts 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
Summary of Treasury Shares 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
Summary of Cash Flow Hedge Reserves 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)