v3.26.1
Consolidated balance sheet - GBP (£)
£ in Millions
Jun. 30, 2026
Dec. 31, 2025
Non-current assets    
Property, plant and equipment £ 1,900 £ 1,871
Right of use assets 159 126
Intangible assets 25,745 25,613
Other investments 69 67
Deferred tax assets 285 289
Post-employment benefit assets 82 68
Derivative financial instruments 8 9
Other non-current assets 42 37
Total non-current assets 28,290 28,080
Current assets    
Inventories 1,071 1,025
Trade and other receivables 2,289 2,058
Cash and cash equivalents 826 1,324
Derivative financial instruments 46 78
Current tax receivables 59 65
Total current assets 4,291 4,550
Total assets 32,581 32,630
Current liabilities    
Short-term borrowings (1,962) (836)
Trade and other payables (3,796) (3,730)
Derivative financial instruments (33) (31)
Current tax payable (265) (267)
Short-term provisions (188) (69)
Total current liabilities (6,244) (4,933)
Non-current liabilities    
Long-term borrowings (6,290) (7,773)
Deferred tax liabilities (3,289) (3,222)
Post-employment benefit obligations (111) (114)
Derivative financial instruments (108) (34)
Long-term provisions (60) (40)
Other non-current liabilities (39) (30)
Total non-current liabilities (9,897) (11,213)
Total liabilities (16,141) (16,146)
Net assets 16,440 16,484
Equity    
Share capital 88 90
Other reserves (11,395) (11,512)
Retained earnings 27,687 27,847
Shareholders' equity 16,380 16,425
Non-controlling interests 60 59
Total equity £ 16,440 £ 16,484