v3.26.1
Net debt
 6 Months Ended
Jun. 30, 2026
Subclassifications of assets, liabilities and equities [abstract]  
Net Debt Net debt
30 June30 June31 December
$ million202620252025
Finance debt(a)
58,337 60,346 57,958 
Fair value (asset) liability of hedges related to finance debt(b)
1,082 764 780 
59,419 61,110 58,738 
Less: cash and cash equivalents37,168 35,067 36,556 
Net debt(c)
22,251 26,043 22,182 
Total equity76,420 79,780 74,000 
Gearing*22.6%24.6%23.1%
(a)The fair value of finance debt at 30 June 2026 was $54,869 million (30 June 2025 $57,135 million, 31 December 2025 $54,935 million).
(b)Derivative financial instruments entered into for the purpose of managing foreign currency exchange risk associated with net debt with a fair value liability position of $105 million at 30 June 2026 (second quarter 2025 liability of $96 million, fourth quarter 2025 liability of $94 million) are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.
(c)Net debt does not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement.