​

Level 1

Level 2

Level 3

Total

As at 30 June 2026

£m

£m

£m

£m

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financial assets at fair value through other comprehensive income:

​

​

​

​

Unlisted equity investments

—

—

69

69

​

​

​

​

​

Financial assets at fair value through profit or loss:

​

​

​

​

Held for trading derivatives that are not in a designated and effective hedging relationship

—

23

—

23

Cash and cash equivalents (money market funds)

173

—

—

173

Derivatives designated and effective as hedging instruments:

​

​

​

​

- fair value hedge

—

2

—

2

- cash flow hedge

—

13

—

13

- net investment hedge

—

16

—

16

Total financial assets

173

54

69

296

​

​

​

​

​

​

Level 1

Level 2

Level 3

Total

As at 30 June 2026

£m

£m

£m

£m

​

​

​

​

​

Financial liabilities at fair value through profit or loss:

​

​

​

​

Held for trading derivatives that are not in a designated and effective hedging relationship

—

(5)

—

(5)

Derivatives designated and effective as hedging instruments:

​

​

​

​

- fair value hedge

—

(42)

—

(42)

- cash flow hedge

—

(22)

—

(22)

- net investment hedge

—

(72)

—

(72)

Total financial liabilities

—

(141)

—

(141)

​

Level 1

Level 2

Level 3

Total

As at 31 December 2025

£m

£m

£m

£m

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financial assets at fair value through other comprehensive income:

​

​

​

​

Unlisted equity investments

—

—

67

67

​

​

​

​

​

Financial assets at fair value through profit or loss:

​

​

​

​

Held for trading derivatives that are not in a designated and effective hedging relationship

—

26

—

26

Cash and cash equivalents (money market funds)

608

—

—

608

Derivatives designated and effective as hedging instruments:

​

​

​

—

- fair value hedge

​

3

​

3

- cash flow hedge

—

11

—

11

- net investment hedge

—

47

—

47

Total financial assets

608

87

67

762

​

​

​

​

​

​

Level 1

Level 2

Level 3

Total

As at 31 December 2025

£m

£m

£m

£m

​

​

​

​

​

Financial liabilities at fair value through profit or loss:

​

​

​

​

Held for trading derivatives that are not in a designated and effective hedging relationship

—

(3)

—

(3)

Derivatives designated and effective as hedging instruments:

​

​

​

​

- fair value hedge

—

(24)

—

(24)

- cash flow hedge

—

(10)

—

(10)

- net investment hedge

—

(28)

—

(28)

Total financial liabilities

—

(65)

—

(65)