v3.26.1
Earnings per share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings per share [abstract]  
Summary of reconciliation of earnings used to calculate earnings per share explanatory
Six months ended
30 June
2026
2025
£m
£m
Earnings attributable to owners of the parent
3,190
4,512
Coupon on perpetual hybrid bonds
(38)
(29)
Tax on coupon on perpetual hybrid bonds
10
7
Earnings
3,162
4,490
Summary of earnings per share calculations Earnings per share calculations are based upon the following :
Reported
Adjusted
Headline
Basic
Diluted
Basic
Diluted
Basic
Diluted
Six months to 30 June 2026
– Earnings
£m
3,162
3,162
3,650
3,650
3,436
3,436
– Shares
m
2,165
2,176
2,165
2,176
2,165
2,176
– Per share
p
146.1
145.3
168.6
167.7
158.7
157.9
Six months to 30 June 2025
– Earnings
£m
4,490
4,490
3,573
3,573
3,698
3,698
– Shares
m
2,194
2,205
2,194
2,205
2,194
2,205
– Per share
p
204.6
203.6
162.9
162.0
168.5
167.7
Adjusted earnings per share explanatory Adjusted diluted earnings per share are calculated by taking the following adjustments into account (see pages 25 to 26):
Items presented below are net of tax and non-controlling interests, when applicable.
Six months ended
30 June
2026
2025
pence
pence
Diluted earnings per share
145.3
203.6
Effect of adjusting items in depreciation, amortisation and impairment
28.4
31.4
Effect of adjusting items in operating expenses
1.1
(18.8)
Effect of restructuring costs
12.7
0.2
Effect of adjusting net finance costs
(15.2)
3.4
Effect of associates' adjusting items net of tax
—
(56.3)
Capital gains tax and deferred tax associated with the partial divestment of shares held in ITC and hotels
business demerger
—
1.6
Effect of adjusting items in taxation
(4.6)
(3.1)
Adjusted diluted earnings per share
167.7
162.0
Impact of translational foreign exchange
3.9
—
Adjusted diluted earnings per share translated at 2025 exchange rates
171.6
162.0
Disclosure of headline earnings loss explanatory Diluted headline earnings per share are calculated by taking the following adjustments into account:
Six months ended
30 June
2026
2025
pence
pence
Diluted earnings per share
145.3
203.6
Effect of impairment of intangibles, property, plant and equipment, associates and held-for-sale assets (net of
tax)
8.0
3.0
Effect of gains on disposal of property, plant and equipment, trademarks, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback (net of tax)
(1.9)
(0.8)
Effect of losses on disposal of businesses, non-current investments and brands (net of tax)
0.6
—
Effect of foreign exchange reclassification from reserves to the income statement
5.9
—
Issue of shares and change in shareholding of an associate
—
(0.1)
Gain on partial disposal of an associate and associated capital gains tax, including foreign exchange reclassified
—
(38.0)
Diluted headline earnings per share
157.9
167.7
Disclosure of reconciliation of earnings to headline earnings explanatory The following is a reconciliation of earnings to headline earnings, in accordance with the JSE Listing Requirements:
Six months ended
30 June
2026
2025
£m
£m
Earnings
3,162
4,490
Effect of impairment of intangibles, property, plant and equipment, associates and held-for-sale assets (net of
tax)
173
68
Effect of gains on disposal of property, plant and equipment, trademarks, held-for-sale assets, partial/full
termination of IFRS 16 leases, and sale and leaseback (net of tax)
(40)
(17)
Effect of losses on disposal of businesses, non-current investments and brands (net of tax)
12
—
Effect of foreign exchange reclassification from reserves to the income statement
130
—
Issue of shares and change in shareholding of an associate
(1)
(2)
Gain on partial disposal of an associate and associated capital gains tax, including foreign exchange reclassified
—
(841)
Headline earnings
3,436
3,698