v3.26.1
BORROWINGS - Reconciliation of movement in financial liabilities to cash flow statement (Details) - GBP (£)
£ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Borrowings    
Net debt at beginning of the year £ (7,263) £ (7,907)
Cash flows (93) (213)
Foreign exchange (28) 373
Fair value adjustments, interest and reclassification (129) 27
Net debt at end of the year (7,513) (7,720)
Total financial liabilities arising from financing activities    
Borrowings    
Net debt at beginning of the year (8,566) (10,114)
Cash flows 434 1,353
Foreign exchange (57) 388
Fair value adjustments, interest and reclassification (129) 27
Net debt at end of the year (8,318) (8,346)
Long-term borrowings    
Borrowings    
Net debt at beginning of the year (7,688) (8,567)
Cash flows   (40)
Foreign exchange (41) 360
Fair value adjustments, interest and reclassification 1,550 668
Net debt at end of the year (6,179) (7,579)
Short-term borrowings    
Borrowings    
Net debt at beginning of the year (767) (1,394)
Cash flows 412 1,352
Foreign exchange (14) 22
Fair value adjustments, interest and reclassification (1,520) (698)
Net debt at end of the year (1,889) (718)
Lease liabilities    
Borrowings    
Net debt at beginning of the year (133) (123)
Cash flows 33 29
Foreign exchange (1) 4
Fair value adjustments, interest and reclassification (62) (42)
Net debt at end of the year (163) (132)
Derivative financial instruments    
Borrowings    
Net debt at beginning of the year 22 (30)
Cash flows (11) 12
Foreign exchange (1) 2
Fair value adjustments, interest and reclassification (97) 99
Net debt at end of the year (87) 83
Cash and cash equivalents net of bank overdrafts    
Borrowings    
Net debt at beginning of the year 1,303 2,207
Cash flows (527) (1,566)
Foreign exchange 29 (15)
Net debt at end of the year £ 805 £ 626