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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-354": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "abrdnplc:CashReceivedRelatingToCollateralHeldInRespectOfDerivativesHedgingSubordinatedLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-355": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-356": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-357": { "value": "261000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-358": { "value": "260000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-359": { "value": "-394000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-360": { "value": "-342000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-361": { "value": "471000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-362": { "value": "129000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-363": { "value": "1335000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-364": { "value": "1210000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-365": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-366": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-367": { "value": "1802000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-368": { "value": "1335000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-369": { "value": "78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-370": { "value": "93000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-371": { "value": "93000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-372": { "value": "82000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-373": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "abrdnplc:RentalIncomeReceivedOnInvestmentPropertyClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-374": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "abrdnplc:RentalIncomeReceivedOnInvestmentPropertyClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-375": { "value": "
The Group\u2019s significant accounting policies are included at the beginning of the
relevant notes to the consolidated financial statements. This section sets out the
basis of preparation, a summary of the Group\u2019s critical accounting estimates and
judgements in applying accounting policies, and other significant accounting
policies which have been applied to the financial statements as a whole.
The consolidated financial statements are presented in million pounds Sterling.
The statements of financial position of Group entities, including associates and joint
ventures accounted for using the equity method, that have a different functional
currency than the Group\u2019s presentation currency are translated into the
presentation currency at the year end exchange rate and their income statements
and cash flows are translated at average exchange rates for the year. All resulting
exchange differences arising are recognised in other comprehensive income and
the foreign currency translation reserve in equity. On disposal of a Group entity, the
cumulative amount of any such exchange differences recognised in other
comprehensive income is reclassified to profit or loss.
Foreign currency transactions are translated into the functional currency at the
exchange rate prevailing at the date of the transaction. Gains and losses arising
from such transactions and from the translation at year end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in
the relevant line in the consolidated income statement.
Translation differences on non-monetary items, such as equity securities held at fair
value through profit or loss, are reported as part of the fair value gain or loss within
Net gains or losses on financial instruments and other income in the consolidated
income statement. Translation differences on financial assets and liabilities held at
amortised cost are included in the relevant line in the consolidated income
statement.
The Group\u2019s financial statements consolidate the financial statements of the
Company and its subsidiaries.
Subsidiaries are all entities (including investment vehicles) over which the Group has
control. Control arises when the Group is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to affect those returns
through its power over the entity. For operating entities this generally accompanies
a shareholding of 50% or more in the entity. For investment vehicles, including
structured entities, the control assessment also considers the removal rights of other
investors and whether the Group acts as principal or agent in assessing the link
between power and variable returns. In determining whether the Group acts as
principal, and therefore controls the entity, the removal rights of other investors and
the magnitude of the variability associated with the returns are also taken into
account. As a result, the Group often is considered to control investment vehicles in
which its shareholding is less than 50%.
Where the Group is considered to control an investment vehicle, such as an open-
ended investment company, a unit trust or a limited partnership, and it is therefore
consolidated, the interests of parties other than the Group are assessed to
determine whether they should be classified as liabilities or as non-controlling
interests. The liabilities are recognised in the third party interest in consolidated funds
line in the consolidated statement of financial position and any movements are
recognised in the consolidated income statement. The financial liability is
designated as fair value through profit or loss (FVTPL) as it is implicitly managed on a
fair value basis as its value is directly linked to the market value of the underlying
portfolio of assets. The interests of parties other than the Group in all other types of
entities are recorded as non-controlling interests.
All intra-group transactions, balances, income and expenses are eliminated in full.
The Group uses the acquisition method to account for acquisitions of businesses. At
the acquisition date the assets and liabilities of the business acquired and any non-
controlling interests are identified and initially measured at fair value on the
consolidated statement of financial position.
When the Group acquires or disposes of a subsidiary, the profits and losses of the
subsidiary are included from the date on which control was transferred to the Group
until the date on which it ceases, with consistent accounting policies applied across
all entities throughout.
The Group\u2019s reportable segments have been identified in accordance with the way
in which the Group is structured and managed. IFRS 8 Operating Segments requires
that the information presented in the financial statements is based on information
provided to the \u2018Chief Operating Decision Maker\u2019.
Net operating revenue represents revenue from contracts with customers after
deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e.
as the performance obligation is satisfied. Performance fees and carried interest
are only recognised once it is highly probable that a significant reversal will not
occur\u00a0in future periods. Where revenue is received in advance (front-end fees),
this\u00a0income is deferred and recognised as a deferred income liability (refer Note 33 )
and\u00a0released to the consolidated income statement over the period services are
provided.
Where revenue received relates to performance obligations whose fulfilment
involves another external party, for example fund accounting or custodian services,
the Group assesses if it is acting as a principal with full responsibility for the
performance obligation and control over its fulfilment or solely responsible for
arranging for the third party to fulfil the performance obligation i.e. acting as an
agent. Where the Group is acting as an agent, only its share of the revenue for the
arrangement of the relevant service is recognised within revenue from contracts
from customers, therefore the revenue is recognised net of the revenue passed on
to the third party. This is not currently considered a significant judgement for the
Group.
Commission and other fee expenses which relate directly to revenue are presented
as cost of sales. These expenses include ongoing commission expenses payable
to\u00a0financial institutions, investment platform providers and financial advisers
that\u00a0distribute the Group\u2019s products which are generally based on an agreed
percentage of AUM and are recognised in the consolidated income statement
as\u00a0the service is received. Other cost of sales also includes amounts payable to
employees and others relating to carried interest and performance fee revenue.
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is
calculated using tax rates and laws substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future
period. It is only recognised to the extent that it is probable that the tax deduction will
be capable of being offset against taxable profits and gains in future periods. A
deferred tax liability represents taxes which will become payable in a future period
as a result of a current or prior year transaction. Where local tax law allows, deferred
tax assets and liabilities are netted off on the consolidated statement of financial
position. The tax rates used to determine deferred tax are those enacted or
substantively enacted at the balance sheet date that are expected to apply when
the deferred tax asset or liability are realised. Any tax consequences of distributions
on other equity instruments are credited to the statement in which the profit
distributed originally arose.
Deferred tax is recognised on temporary differences arising from investments in
subsidiaries and associates unless the timing of the reversal is in our control and it is
expected that the temporary difference will not reverse in the foreseeable future.
The Group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax and deferred tax are recognised in the consolidated income statement
except when it relates to items recognised in other comprehensive income or
directly in equity, in which case it is credited or charged to other comprehensive
income or directly to equity respectively.
The Group operates in a number of territories and during the normal course of
business will be subject to audit or enquiry by local tax authorities. At any point in time
the Group will also be engaged in commercial transactions, the tax outcome of which
may be uncertain due to their complexity or uncertain application of tax law. Tax
provisions, therefore, are subjective by their nature and require management
judgement based on the interpretation of legislation, management experience and
professional advice. As such, this may result in the Group recognising provisions or
disclosing contingent liabilities for uncertain tax positions. Management will provide for
uncertain tax positions where they judge that it is probable there will be a future
outflow of economic benefits from the Group to settle the obligation. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a
contingent liability will be disclosed, where material. In assessing uncertain tax
positions, management considers each issue on its own merits using their judgement
as to the estimate of the most likely outcome. When making estimates, management
considers all available evidence. This may include forecasts of future profitability, the
frequency and severity of any losses, and statutory carry forward and carry back
provisions as well as management experience of tax attributes expiring without use.
Where the final outcome differs from the amount provided, this difference will impact
the tax charge in future periods. Management reassesses provisions at each reporting
date based upon latest available information.
Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period
excluding shares owned by the employee trusts that have not vested unconditionally to employees.
Diluted and adjusted diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion
of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided
in Note 41.
Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company.
Adjusted profit excludes the impact of the following items:
\u2022 Restructuring and corporate transaction expenses. Restructuring includes the
impact of major regulatory change.
\u2022 Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
\u2022 Profit or loss arising on the disposal of a subsidiary, joint venture or equity
accounted associate.
\u2022 Change in fair value of/dividends from significant listed investments.
\u2022 Share of profit or loss from associates and joint ventures.
\u2022 Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
\u2022 Fair value movements in contingent consideration.
\u2022 Items which are one-off and, due to their size or nature, are not indicative of the
long-term operating performance of the Group.
The tax charge or credit allocated to adjusting items is based on the tax treatment
of each adjusting item.
The operating, investing and financing cash flows presented in the consolidated
statement of cash flows are for both adjusting and non-adjusting items.
Dividends are distributions of profit to holders of Aberdeen Group plc\u2019s share capital
and as a result are recognised as a deduction in equity. Final dividends are
announced with the Annual report and accounts and are recognised when they
have been approved by shareholders. Interim dividends are announced with the
Half year results and are recognised when they are paid.
Goodwill is created when the Group acquires a business and the consideration
exceeds the fair value of the net assets acquired. In determining the net assets
acquired in business combinations, intangible assets are recognised where they are
separable or arise from contractual or legal rights. Intangible assets acquired by the
Group through business combinations consist mainly of customer relationships and
investment management contracts, technology and brands. Any remaining value
that cannot be identified as a separate intangible asset on acquisition forms part of
goodwill. Goodwill is not charged to the consolidated income statement unless it
becomes impaired.
In addition to intangible assets acquired through business combinations, the Group
recognises as intangible assets software which has been developed internally and
other purchased technology which is used in managing and executing our business.
Costs to develop software internally are capitalised after the research phase and
when it has been established that the project is technically feasible and the Group has
both the intention and ability to use the completed asset.
Intangible assets are recognised at cost and amortisation is charged to the
consolidated income statement over the length of time the Group expects to derive
benefits from the asset. The allocation of the consolidated income statement charge
to each reporting period is dependent on the expected pattern over which future
benefits are expected to be derived. Where this pattern cannot be determined
reliably the charge is allocated on a straight-line basis.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as
an intangible asset. These costs primarily relate to the cost of acquiring existing
investment management contracts from other asset managers and commission
costs for initial investors into new closed-end funds where these are borne by the
Group. For the cost of obtaining customer contracts, the intangible asset is amortised
on the same basis as the transfer to the customer of the services to which the
intangible asset relates.
Refer to the estimates and assumptions section below for details of the amortisation
periods and methods applied.
Associates are entities where the Group can significantly influence decisions made
relating to the financial and operating policies of the entity but does not control the
entity. For entities where voting rights exist, significant influence is presumed where
the Group holds between 20% and 50% of the voting rights. Where the Group holds
less than 20% of voting rights, consideration is given to other indicators and entities are
classified as associates where it is judged that these other indicators result in
significant influence.
Joint ventures are strategic investments where the Group has agreed to share control
of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and
decisions can only be taken with unanimous consent.
Associates, other than those accounted for at fair value through profit or loss, and joint
ventures are accounted for using the equity method from the date that significant
influence or shared control, respectively, commences until the date this ceases.
Under the equity method, investments in associates and joint ventures are initially
recognised at cost. When an interest is acquired at fair value from a third party, the
value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is
determined applying the same valuation criteria as for a business combination at the
acquisition date. This is compared to the cost of the investment in the investee. Where
cost is higher, the difference is identified as goodwill and the investee is initially
recognised at cost which includes this component of goodwill. Where cost is lower, a
bargain purchase has arisen and the investee is initially recognised at the Group\u2019s
share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount
for the purpose of assessing impairment is lower, in which case the investee is initially
recognised at the recoverable amount.
Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition
profit or loss and other comprehensive income of the associate or joint venture, which
are recognised in the consolidated income statement and other comprehensive
income respectively. The Group\u2019s share of post-acquisition profit or loss includes
amortisation charges based on the valuation exercise at acquisition. The carrying
value is also adjusted for any impairment losses.
The Group\u2019s share of post-acquisition profit or loss and other comprehensive income
of the associate or joint venture are determined using consistent accounting policies.
In relation to insurance contracts and contracts with discretionary participating
features for which the Group adopted IFRS 17 Insurance Contracts from 1 January
2023, the Group\u2019s primary exposure to such contracts is through its insurance joint
venture, HASL (see Section C below). The Group also has direct exposure to contracts
accounted for under IFRS 17 through arrangements with external pension schemes -
refer Note 31.
In relation to insurance contracts and contracts with discretionary participating
features, there are three main measurement models: the general measurement
model; the variable fee approach; and the premium allocation approach. HASL
primarily uses the general measurement model for its traditional insurance business
and the variable fee approach for its direct participating contracts and investment
contracts with direct participation features with some use of the premium allocation
approach. HASL has elected to take the other comprehensive income (OCI) options
under IFRS 17 to take elements of the movements in the measurement of insurance
contract through OCI. HASL also classifies some of its debt securities as fair value
through OCI.
On partial disposal of an associate, a gain or loss is recognised based on the
difference between the proceeds received and the equity accounted value of the
portion disposed of. Indicators of significant influence are reassessed based on the
remaining voting rights. Where significant influence is judged to have been lost, the
investment in associate is reclassified to interests in equity securities and pooled
investment funds measured at fair value. If an entity is reclassified, the difference
between the fair value and the remaining equity accounted value is accounted for
as\u00a0a reclassification gain or loss on disposal.
Where the Group has an investment in an associate, a portion of which is held by, or is
held indirectly through, a mutual fund, unit trust or similar entity, including investment-
linked insurance funds, that portion of the investment is measured at FVTPL. In general,
investment vehicles which are not subsidiaries are considered to be associates where
the Group holds more than 20% of the voting rights.
Property, plant and equipment consists primarily of property owned and occupied
by the Group and the computer equipment used to carry out the Group\u2019s business
along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and
subsequently revalued to fair value at each reporting date. Depreciation, being the
difference between the carrying amount and the residual value of each significant
part of a building, is charged to the consolidated income statement over its useful
life. The useful life of each significant part of a building is estimated as being between
30 and 50 years. A revaluation surplus is recognised in other comprehensive income
unless it reverses a revaluation deficit which has been recognised in the
consolidated income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at
cost less depreciation. Depreciation is charged to the consolidated income
statement over 2 to 15 years depending on the length of time the Group expects to
derive benefit from the asset.
Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use
assets.
A contract is, or contains, a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for consideration. At inception
of a\u00a0contract, the Group assesses whether a contract is, or contains, a lease. In 2019,
on\u00a0adoption of IFRS 16, the Group used the practical expedient permitted to apply
the\u00a0new standard at transition solely to leases previously identified in accordance
with\u00a0IAS\u00a017 and IFRIC 4 Determining whether an Arrangement Contains a Lease.
Right-of-use assets are measured at cost less accumulated depreciation and
impairment losses and are presented in property, plant and equipment (refer Note
15). The Group does not revalue its right-of-use assets. This applies to all right-of-
use assets, including those that are assessed as meeting the definition of non-unit
linked investment property. The cost comprises the amount of the initial
measurement of the lease liability plus any initial direct costs and expected
restoration costs not relating to wear and tear. Costs relating to wear and tear are
expensed over the term of the lease. Depreciation is charged on right-of-use assets
on a straight-line basis from the lease commencement date to the earlier of the end
of the useful life of the right-of-use asset or the end of the lease term. The Group
assesses right-of-use assets for impairment when such indicators exist and, where
required, reduces the value of the right-of-use asset accordingly.
The related lease liability (included in other financial liabilities \u2013 refer Note 33) is
calculated as the present value of the future lease payments. The lease payments
are discounted using the rate implicit within the lease where readily available or the
Group\u2019s incremental borrowing rate where the implicit rate is not readily available.
Interest is calculated on the liability using the discount rate and is charged to the
consolidated income statement under finance costs.
In determining the value of the right-of-use assets and lease liabilities, the Group
considers whether any leases contain lease extensions or termination options that
the Group is reasonably certain to exercise.
Where a leased property has been sublet, the Group assesses whether the sublease
has transferred substantially all the risk and rewards of the right-of-use asset to the
lessee under the sublease. Where this is the case, the right-of-use asset is
derecognised and a net investment in finance leases (included in Receivables and
other financial assets \u2013 refer Note 19 ) is recognised, calculated as the present value of
the future lease payments receivable under the sublease. Where a property is only
partially sublet, only the portion of the right-of-use asset relating to the sublet part of
the property is derecognised and recognised as a net investment in finance leases.
Any difference between the initial value of the net investment in finance leases and
the right-of-use asset derecognised is recognised in the consolidated income
statement (within other income or expenses). Interest is calculated on the net
investment in finance lease using the discount rate and is recognised in the
consolidated income statement as interest income.
Where the sublease does not transfer substantially all the risk and rewards of the
right-of-use assets to the lessee under the sublease, the Group continues to recognise
the right-of-use asset. The sublease is accounted for as an operating lease with the
lease payments received recognised as property rental income in other income in the
consolidated income statement. Lease incentives granted are recognised as an
integral part of the property rental income and are spread over the term of the lease.
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases (less than one year from inception) and leases where the underlying asset is of
low value.
Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair
value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on
financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a
hedging instrument are set out in Note 18 .
The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they
are held in as follows:
SPPI 1 test satisfied?
Business model
Classification
Yes
A: Objective is to hold to collect contractual cash flows
Amortised cost 2
Yes
B: Objective is achieved by both collecting contractual cash flows and selling
Fair value through other comprehensive income (FVOCI) 2
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
1. Solely payments of principal and interest.
2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring
assets or liabilities or recognising the gains and losses on them on different bases.
The Group has no direct holding in debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling
and therefore there are no debt instruments classified as FVOCI. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. (refer Note 14). Debt
instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles.
The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37.
Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an
expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance
equal to either:
\u2022 12 month expected credit losses (losses resulting from possible default within the next 12 months).
\u2022 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset).
Financial assets attract a 12 month Expected Credit Losses (ECL) allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for
calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade
receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified
approach the ECL is always equal to the lifetime expected credit loss.
A derivative is a financial instrument that is typically used to manage risk and whose
value moves in response to an underlying variable such as interest or foreign
exchange rates. The Group uses derivative financial instruments in order to match
subordinated debt liabilities and to reduce the risk from potential movements in
foreign exchange rates on seed capital and co-investments and potential
movements in market rates on seed capital. Certain consolidated investment vehicles
may also use derivatives to take and alter market exposure, with the objective of
enhancing performance and controlling risk.
Management determines the classification of derivatives at initial recognition. All
derivative instruments are classified as at FVTPL except those designated as part of
a\u00a0cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair
value with changes in fair value recognised in the consolidated income statement.
On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue
applying the hedge accounting requirements of IAS 39. The accounting treatment
below applies to derivatives designated as part of a hedging relationship.
Using derivatives to manage a particular exposure is referred to as hedging. For a
derivative to be considered as part of a hedging relationship, its purpose must be
formally documented at inception. In addition, the effectiveness of the hedge must
be\u00a0initially high and be able to be reliably measured on a regular basis. Derivatives
used to hedge variability in future cash flows such as coupons payable on
subordinated liabilities or revenue receivable in a foreign currency are designated
as\u00a0cash flow hedges, while derivatives used to hedge currency risk on investments
in\u00a0foreign operations are designated as net investment hedges.
Where a derivative qualifies as a cash flow or net investment hedge, hedge
accounting is applied. The effective part of any gain or loss resulting from the
change\u00a0in fair value is recognised in other comprehensive income and in the cash\u00a0flow
or net investment hedge reserve in equity, while any ineffective part is recognised
immediately in the consolidated income statement. If a derivative ceases\u00a0to meet the
relevant hedging criteria, hedge accounting is discontinued.
For cash flow hedges, the amount recognised in the cash flow hedge reserve is
transferred to the consolidated income statement (recycled) in the same period
or\u00a0periods during which the hedged item affects profit or loss and is transferred
immediately if the cash flow is no longer expected to occur. For net investment
hedges, the amount recognised in the net investment hedge reserve is transferred
to\u00a0the consolidated income statement on disposal of the investment.
Assets and liabilities held for sale are presented separately in the consolidated
statement of financial position and consist of operations and individual non-current
assets whose carrying amount will be recovered principally through a sale
transaction (expected within one year) and not through continuing use.
Operations held for sale, being disposal groups, and investments in associates
accounted for using the equity method are measured at the lower of their carrying
amount and their fair value less disposal costs. No depreciation or amortisation is
charged on assets in a disposal group once it has been classified as held for sale.
Operations held for sale include newly established investment vehicles which the
Group has seeded but is actively seeking to divest from. For these investment funds,
which do not have significant liabilities or non-financial assets, financial assets
continue to be measured based on the accounting policies that applied before they
were classified as held for sale. The Group classifies seeded operations as held for
sale where the intention is to dispose of the investment vehicle in a single transaction.
Where disposal of a seeded investment vehicle will be in more than one tranche, the
operations are not classified as held for sale in the consolidated statement of
financial position.
Amounts seeded into newly established investment vehicles which are not
consolidated and are recognised as interests in pooled investment funds are also
classified as held for sale where the Group intends to dispose of its investment in a
single transaction. As above, they continue to be measured based on the accounting
policies that applied before they were classified as held for sale.
Cash and cash equivalents include cash at bank, money at call and short notice with
banks, money market funds and any highly liquid investments with less than three
months to maturity from the date of acquisition. For the purposes of the
consolidated statement of cash flows, cash and cash equivalents also include bank
overdrafts which are included in other financial liabilities on the consolidated
statement of financial position where the overdraft is repayable on demand and
forms an integral part of the Group\u2019s cash management.
Where the Group has a legally enforceable right of set off and intention to settle on
a net basis, cash and overdrafts are offset in the consolidated statement of financial
position.
The Group operates unit linked life assurance businesses through an insurance
subsidiary. This subsidiary provides investment products through a life assurance
wrapper. These products do not contain any features which transfer significant
insurance risk and therefore are classified as investment contracts. Unit linked non-
participating investment contracts are separated into two components being an
investment management services component and a financial liability. All fees and
related administrative expenses are deemed to be associated with the investment
management services component (refer Note 3). The financial liability component is
designated as FVTPL as it is implicitly managed on a fair value basis as its value is
directly linked to the market value of the underlying portfolio of assets.
Where the Group is deemed to control an investment vehicle as a result of holdings in
that vehicle by subsidiaries to back unit linked non-participating investment contract
liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s
statement of financial position. The liability for third party interest in such consolidated
funds is presented as a unit linked liability.
Unit linked liabilities and assets backing unit linked liabilities are presented separately
in\u00a0the consolidated statement of financial position.
Contributions received on non-participating investment contracts and from third
party interest in consolidated funds are treated as deposits and not reported as
revenue in the consolidated income statement.
Withdrawals paid out to policyholders on non-participating investment contracts
and\u00a0to third party interest in consolidated funds are treated as a reduction to
deposits\u00a0and not recognised as expenses in the consolidated income statement.
Investment return and related benefits credited in respect of non-participating
investment contracts and third party interest in consolidated funds are recognised in
the consolidated income statement as changes in investment contract liabilities and
changes in liability for third party interest in consolidated funds respectively.
Investment returns relating to unit linked business are for the account of policyholders
and have an equal and opposite effect on income and expenses in the consolidated
income statement with no impact on profit or loss after tax.
Assets backing unit linked liabilities comprise investment property classified as FVTPL,
financial investments and reinsurance linked investment assets, which are classified as
FVTPL on a mandatory basis, receivables and other financial assets and cash and
cash equivalents which are measured at amortised cost as well as any assets held for
sale backing unit linked liabilities.
Shares are classified as equity instruments when there is no contractual obligation to
deliver cash or other assets to another entity on terms that may be unfavourable. The
Company\u2019s share capital consists of the number of ordinary shares in issue multiplied
by their nominal value. The difference between the proceeds received on issue of the
shares and the nominal value of the shares issued is recorded in share premium.
Where the Company undertakes share buybacks, the reduction to retained earnings
is accounted for on the trade date of the transaction of each repurchase with a
liability recognised for unsettled trades, unless the Company has an irrevocable
contractual obligation with a third party. Where the Company has an irrevocable
contractual obligation, the full contractual value of the buyback programme is
recognised as a liability and as a reduction to retained earnings on the date of the
agreement. The reduction to share capital for the cancellation of the shares and the
related credit to the capital redemption reserve is always accounted for on the
settlement date for the repurchases.
Shares held by trusts relates to shares in Aberdeen Group plc that are held by the
Aberdeen Group Employee Benefit Trust (formerly named the abrdn Employee
Benefit Trust) (Aberdeen EBT), the Aberdeen Group Employee Trust (formerly named
the abrdn Employee Trust) (Aberdeen ET) and the Aberdeen Asset Management
Employee Benefit Trust 2003 (AAM EBT).
The Aberdeen EBT, Aberdeen ET and AAM EBT purchase shares in the Company for
delivery to employees under employee incentive plans. Purchased shares are
recognised as a deduction from equity at the price paid. Where new shares are issued
to the Aberdeen EBT, Aberdeen ET, or AAM EBT the price paid is the nominal value of
the shares. When shares are distributed from the trust, their corresponding value is
released to retained earnings.
In July 2006, Standard Life Group demutualised and during this process the merger
reserve, the reserve arising on Group reconstruction, and the special reserve were
created.
Merger reserve: The reserve includes components attaching to each subsidiary that
was transferred to the Company at demutualisation. On disposal or impairment of
a\u00a0subsidiary, any related component of the merger reserve is released to retained
earnings.
Reserve arising on Group reconstruction: The value of the shares issued at
demutualisation was equal to the fair value of the business at that date. The
business\u2019s\u00a0assets and liabilities were recognised at their book value at the time of
demutualisation. The difference between the book value of the business\u2019s net assets
and its fair value was recognised in the reserve arising on Group reconstruction. The
reserve comprises components attaching to each subsidiary that was transferred
to\u00a0the Company at demutualisation. On disposal of such a subsidiary, any related
component of the reserve arising on Group reconstruction is released to retained
earnings.
Special reserve: Immediately following demutualisation and the related initial public
offering, the Company reduced its share premium reserve by court order giving rise
to\u00a0the special reserve. Dividends can be paid out of this reserve.
Capital redemption reserve: In August 2018, as part of the return of capital and
share\u00a0buyback the capital redemption reserve was created. In July 2022 there was
a\u00a0cancellation of the capital redemption reserve of \u00a31,059m. Additional capital
redemption reserve is created by subsequent buybacks (refer Note 24 ).
Perpetual subordinated notes issued by the Company are classified as other equity
where no contractual obligation to deliver cash exists.
Management determines the classification of financial liabilities at initial recognition.
Financial liabilities which are managed and whose performance is evaluated on a fair
value basis are designated as at fair value through profit or loss. Changes in the fair
value of these financial liabilities are recognised in the consolidated income
statement.
Derivatives are also measured at fair value. Changes in the fair value of derivatives are
recognised in Net gains or losses on financial instruments and other income in the
consolidated income statement except for derivative instruments that are designated
as a cash flow hedge or net investment hedge. The classification of derivatives and
the accounting treatment of derivatives designated as a hedging instrument are set
out in Note 18.
Except for contingent consideration liabilities which are measured at fair value, other
financial liabilities are classified as being subsequently measured at amortised cost.
Amortised cost is calculated, and the related interest expense is recognised in the
consolidated income statement, using the effective interest method.
All financial liabilities are initially recognised at fair value less, in the case of financial
liabilities subsequently measured at amortised cost, transaction costs that are directly
attributable to the issue of the liability.
Where the terms of a financial liability measured at amortised cost are modified and
the modification does not result in the derecognition of the liability, the liability is
adjusted to the net present value of the future cash flows less transaction costs with a
modification gain or loss recognised in the consolidated income statement.
The methods and assumptions used to determine fair value of financial liabilities
measured at fair value through profit or loss and derivatives are discussed in Note 37 .
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share capital.
Subordinated liabilities are initially recognised at the value of proceeds received after
deduction of issue expenses. Subsequent measurement is at amortised cost using the
effective interest rate method.
Where the Group enters into arrangements under which it takes on the role of
sponsoring employer for an external pension scheme that provides benefits to
members.
The Group uses judgement in respect of each arrangement to assess the level of
control it has over the scheme, whether the arrangement represents employee
benefits as well as the type of risks in the arrangement to determine the appropriate
accounting treatment.
These arrangements are not insurance as a matter of law, and do not meet the
criteria to be accounted for under IAS 19 Employee Benefits as prior to entering into
the arrangement no material services were received by the Group from the Scheme
members in return for these benefits. Therefore, where such an arrangement
transfers significant longevity risk (that is, there is a scenario with commercial
substance in which the Group has the possibility of a loss on a present value basis)
therefore it is accounted for under IFRS 17 Insurance Contracts. This assessment
applies notwithstanding that the arrangements are not considered for legal purposes
to be a contract of insurance.
Under IFRS 17, fulfilment cash flows are the current estimate of the future cash flows
within the contract boundary that the Group expects to receive and pay out, adjusted
to reflect the timing and the uncertainty of those amounts. The estimates of future
cash flows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes.
\u2022 Are determined from the perspective of the Group, provided that the estimates are
consistent with observable market prices for market variables.
\u2022 Reflect conditions existing at the measurement date.
An explicit risk adjustment for non-financial risk is estimated separately and reflects
the compensation that the Group requires for bearing the uncertainty about the
amount and timing of the cash flows from non-financial risks.
The Group uses the concept of contract boundary to determine what cash flows
should be included in the measurement of the contract.
Cash flows are within the boundary of a contract if they arise from the right and
obligations that exist during a period in which the pension scheme is obligated to pay
for, or the Group has a substantive obligation to provide, services.
Cash flows that are not directly attributable to the Group\u2019s arrangements as
sponsoring employer for external pension schemes such as some product
development and other costs are recognised as operating expenses as incurred.
On initial measurement, unless the arrangement is onerous, the Group recognises no
income or expense by establishing an offsetting contractual service margin (CSM) as
a component of the carrying amount. The CSM represents the unearned profit that
the Group will recognise as it provides relevant services in the future.
If on initial recognition, the valuation of the arrangement results in a net outflow to the
Group, the arrangement is classified as onerous and the loss recognised in profit or
loss in full. Otherwise, the arrangement is recognised at the earlier of the beginning of
the coverage period or the date when any payments relating to the arrangement are
due or received.
Fulfilment cash flows are updated by the Group for current assumptions at the end of
each reporting period, using the current estimates of the amount, timing and
uncertainty of future cash flows and of discount rates. Changes that relate to current
or past service are recognised in profit or loss and changes that relate to future
service are recognised by adjusting the CSM (or loss component in the event an
arrangement is onerous).
This policy does not apply to insurance policies issued by associates and JV\u2019s which
are accounted for as described in Note 14.
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
Provisions are obligations of the Group which are of uncertain timing or amount. They
are recognised when the Group has a present obligation as a result of a past event, it
is probable that a loss will be incurred in settling the obligation and a reliable estimate
of the amount can be made.
Where some or all of the expenditure required to settle a provision is expected to be
reimbursed by another party, a separate reimbursement asset is recognised when it is
virtually certain that reimbursement will be received if the Group settles the obligation.
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
A structured entity is an entity that is structured in such a way that voting or similar
rights are not the dominant factor in deciding who controls the entity. The Group has
interests in structured entities through investments in a range of investment vehicles
including:
\u2022 Pooled investment funds managed internally and externally, including OEICs,
SICAVs, unit trusts and limited partnerships.
\u2022 Debt securitisation vehicles which issue asset-backed securities.
The group consolidates structured entities which it controls. Where the Group has an
investment in, but not control over these types of entities, the investment is classified
as\u00a0an investment in associate when the Group has significant influence. Investments in
associates at FVTPL are included in equity securities and pooled investment funds in
the analysis of financial investments.
The Group also has interests in structured entities through asset management fees
and other fees received from these entities.
The Group uses fair value to measure many of its assets and liabilities. Fair value is the
amount for which an asset could be exchanged, or a liability settled, between
knowledgeable willing parties in an arm\u2019s length transaction.
The Group classifies cash flows in the consolidated statement of cash flows as
arising from operating, investing or financing activities.
Cash flows are classified based on the nature of the activity to which they relate
and\u00a0with consideration to generally accepted presentation adopted by peers.
For\u00a0activities related to asset management business, cash flows arising from the
sale\u00a0and purchase of debt securities and equity securities and interests in pooled
investment funds, with the exception of those related to unit linked funds, are
classified as cash flows arising from investing activities. For activities related to
insurance business, including those related to unit linked funds, cash flows arising
from the sale and purchase of debt securities and equity securities and interests
in\u00a0pooled investment funds are classified as cash flows arising from operating
activities.
For activities related to the acquisition and disposal of subsidiaries, associates and
joint ventures, cash flows are classified as investing activities. The settlement of
contingent and deferred amounts recognised on acquisitions and disposals are
classified as investing activities where there is not considered to be a significant
financing component of the related inflows or outflows.
Purchases and sales of financial investments are presented on a gross basis except
for purchases and sales of short-term instruments with a high turnover held in
consolidated liquidity funds which are presented on a net basis.
Dividends received from associates and joint ventures are presented as cash flows
arising from operating activities.
Movements in cash collateral held in relation to derivative contracts hedging
subordinated debt are presented as cash flows arising from financing activities.
Contingent liabilities are possible obligations of the Group of which timing and
amount are subject to significant uncertainty. Contingent liabilities are not
recognised on the consolidated statement of financial position but are disclosed,
unless they are considered remote. If such an obligation becomes probable and the
amount can be measured reliably it is no longer considered contingent and is
recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent assets
are only disclosed if it is probable that the Group will receive the benefit. If such a
benefit becomes virtually certain it is no longer considered contingent and is
recognised as an asset.
The Group has contractual commitments which will be payable in future periods.
These commitments are not recognised on the Group\u2019s statement of financial
position at the year end but are disclosed to give an indication of the Group\u2019s future
committed cash flows.
The Group operates share incentive plans for its employees. These generally take the
form of an award of options, conditional awards or restricted shares in Aberdeen
Group plc (equity-settled share-based payments) but can also take the form of a
cash award based on the share price of Aberdeen Group plc (cash-settled share-
based payments). The Group also incentivises certain employees through the award
of units in Group managed funds (deferred fund awards) which are cash-settled. All
the Group\u2019s incentive plans have conditions attached before the employee becomes
entitled to the award. These can be performance and/or service conditions (vesting
conditions) or the requirement of employees to save in the save-as-you-earn
scheme (non-vesting condition). The period over which all vesting conditions are
satisfied is the vesting period and the awards vest at the end of this period.
For all share-based payments, services received for the incentive granted are
measured at fair value.
For equity-settled share-based payment transactions, the fair value of services
received is measured by reference to the fair value of the equity instruments at the
grant date. The fair value of the number of instruments expected to vest is charged to
the consolidated income statement over the vesting period with a corresponding
credit to the equity compensation reserve in equity.
At each period end the Group reassesses the number of equity instruments expected
to vest and recognises any difference between the revised and original estimate in
the consolidated income statement with a corresponding adjustment to the equity
compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity
compensation reserve in respect of those equity instruments is transferred to
retained\u00a0earnings.
For cash-settled share-based payment and deferred fund awards transactions,
services received are measured at the fair value of the liability. The fair value of the
liability is remeasured at each reporting date and any changes in fair value are
recognised in the consolidated income statement.
The Companies Act 2006 requires disclosure of certain information about the
Group\u2019s related undertakings which is set out in this Note. Related undertakings are
subsidiaries, joint ventures, associates and other significant holdings. In this context
significant means either a shareholding greater than or equal to 20% of the nominal
value of any class of shares, or a book value greater than 20% of the Group\u2019s assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "Basis of preparation
These consolidated financial statements have been prepared in accordance with UK-
adopted international accounting standards. The consolidated financial statements
have been prepared on a going concern basis and under the historical cost convention,
as modified by the revaluation of owner-occupied property, derivative instruments and
other financial assets and financial liabilities at fair value through profit or loss (FVTPL).
Climate risks have been taken into consideration in the preparation of the consolidated
financial statements, primarily in relation to fair value calculations and impairment
assessments. Refer Note 35 (a) for further details of our consideration of climate impact
including our current assessment that the impact on the consolidated financial
statements is not material.
The principal accounting policies set out in these consolidated financial statements
have been consistently applied to all financial reporting periods presented except as
described below.
(a)(i) New standards, interpretations and amendments to existing
standards that have been adopted by the Group
The Group has adopted the following new International Financial Reporting Standards
(IFRSs), interpretations and amendments to existing standards, which are effective for
annual periods beginning on or after 1\u00a0January 2025.
Amendments to existing standards
\u2022 Lack of exchangeability - Amendments to IAS 21.
The Group\u2019s accounting policies have been updated to reflect this amendment.
Management considers the implementation of the above amendment to existing
standards has had no material impact on the Group\u2019s financial statements.
(a)(ii) Standards, interpretations and amendments to existing standards
that are not yet effective and have not been early adopted by the Group
Certain new standards, interpretations and amendments to existing standards have
been published that are mandatory for the Group\u2019s annual accounting periods
beginning after 1\u00a0January 2025. The Group has not early adopted the standards,
amendments and interpretations described below.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 18 was issued in April 2024 and will replace IAS 1 Presentation of Financial
Statements. The standard was endorsed by the UK Endorsement Board on
10 December 2025. This standard includes a number of changes to the current
presentation and disclosure requirements under IAS 1 including:
\u2022 The categorisation of income and expenses in the consolidated income statement
into five new categories: operating, investing, financing, income taxes and
discontinued operations based on an entity\u2019s main business activities.
\u2022 The disclosure of new mandatory IFRS subtotals for operating profit or loss, profit or
loss before financing and income taxes and profit or loss.
\u2022 The introduction of a new concept of management-defined performance measure
(MPM) with related disclosure requirements including the disclosure of information on
MPMs within a single note to the financial statements.
\u2022 Additional guidance on whether to \u2018present\u2019 information in the primary financial
statements or \u2018disclose\u2019 in the notes and on the levels of the aggregation permitted or
disaggregation required.
Our impact assessment on the Group\u2019s future financial reporting from the
implementation of IFRS 18 will result in presentational changes but there will be no
material impact on the Group\u2019s recognition or measurement.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 19 was issued in May 2024 and specifies the disclosure requirements that allows
eligible entities to apply reduced disclosures while still applying the recognition,
measurement and presentational requirements in other IFRS accounting standards. The
Company is not an eligible entity and will not be permitted to apply IFRS 19, which has not
yet been endorsed by the UK Endorsement Board, to its Company or consolidated
financial statements. The Group\u2019s subsidiaries will, however, consider in due course if the
application of IFRS 19 would be beneficial where they qualify as eligible entities.
Amendments to existing standards
Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (effective for annual reporting periods beginning
on or after 1 January 2026)
These amendments and other interpretations and amendments published but not yet
effective are not expected to have a significant impact on the consolidated financial
statements of the Group.
(a)(iii) Critical accounting estimates and judgements in applying
accounting policies
The preparation of financial statements requires management to exercise judgements
in applying accounting policies and make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of revenue and expenses arising during the year. Judgements and
sources of estimation uncertainty are continually evaluated and based on historical
experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
The areas where judgements have the most significant effect on the amounts
recognised in the consolidated financial statements are as follows:
Financial statement area
Critical judgements in applying accounting policies
Related note
External pension
schemes
Assessment of whether the Group controls the Stagecoach
Group Pension Scheme (SGPS) and the resulting net
measurement of fulfilment cash flows and disclosure of the
related balance sheet insurance contract assets and liabilities.
Application of IFRS 17 Insurance Contracts to the external
pension scheme arrangement.
Note 31
Defined benefit
pension plans
Assessment of whether the Group has an unconditional right
to a refund of surplus.
Treatment of tax relating to the surplus.
Note 32
Contingent liabilities
Assessment of the Group\u2019s uncertain overseas tax position and
the judgement required in evaluating the potential outcome.
Note 39
The following new judgements have been added to the Group\u2019s critical judgements:
\u2022 The Group entered into an arrangement with the SGPS which required judgements to
be made in respect of the control of SGPS and the accounting standards to be applied
to the arrangement.
\u2022 The judgement required in evaluating the potential outcome in relation to an uncertain
overseas tax position.
The areas where assumptions and other sources of estimation uncertainty at the end of
the reporting period have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are as follows:
Financial statement area
Critical accounting estimates and assumptions
Related note
Intangible assets
Determination of the recoverable amount in relation to
the impairment of certain goodwill.
Note 13
Financial instruments at fair
value through profit or loss
Determination of the fair value of contingent
consideration liabilities relating to the acquisition of Tritax.
Notes 35
and 37
Defined benefit pension
plans
Determination of principal UK pension plan assumptions
for mortality, discount rate and inflation.
Note 32
All critical accounting estimates and assumptions are the same as the prior year.
Further detail on critical accounting estimates and assumptions is provided in the
relevant note.
(a)(iv) Foreign currency translation
The consolidated financial statements are presented in million pounds Sterling.
The statements of financial position of Group entities, including associates and joint
ventures accounted for using the equity method, that have a different functional
currency than the Group\u2019s presentation currency are translated into the
presentation currency at the year end exchange rate and their income statements
and cash flows are translated at average exchange rates for the year. All resulting
exchange differences arising are recognised in other comprehensive income and
the foreign currency translation reserve in equity. On disposal of a Group entity, the
cumulative amount of any such exchange differences recognised in other
comprehensive income is reclassified to profit or loss.
Foreign currency transactions are translated into the functional currency at the
exchange rate prevailing at the date of the transaction. Gains and losses arising
from such transactions and from the translation at year end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in
the relevant line in the consolidated income statement.
Translation differences on non-monetary items, such as equity securities held at fair
value through profit or loss, are reported as part of the fair value gain or loss within
Net gains or losses on financial instruments and other income in the consolidated
income statement. Translation differences on financial assets and liabilities held at
amortised cost are included in the relevant line in the consolidated income
statement.
(a)(v) Going concern
The Group\u2019s business activities, together with the factors likely to affect its future
development, performance and financial position, are set out in the Strategic report. This
includes details on our liquidity and capital management in the Chief Financial Officer\u2019s
overview section, our principal risks in the Risk management section including the
impacts of the macroeconomic environment and global and regional geopolitical
events on these principal risks, and our viability statement. In addition, these financial
statements include notes on the Group\u2019s subordinated liabilities (Note 30), management
of its risks including market, credit and liquidity risk (Note 35), its contingent liabilities and
commitments (Notes 39 and 40), and its capital structure and position (Note 43).
In preparing these financial statements on a going concern basis, the Directors have
considered the following matters and have taken into account market uncertainty:
\u2022 The Group has cash and liquid resources of \u00a31.8bn at 31\u00a0December 2025. In addition,
the Company has a revolving credit facility of \u00a3400m as part of our contingency
funding plans. This was refinanced on 5 February 2025 and is due to mature in 2029,
with the option to extend for a further two years. It remains undrawn.
\u2022 The Group\u2019s regulatory Common Equity Tier 1 (CET1) own funds on an IFPR basis
were \u00a31,433m (total own funds of \u00a31,918m) with an Own Funds Threshold
Requirement of \u00a3879m at 31\u00a0December 2025. The regulatory CET1 own funds
excludes the value of the Group\u2019s significant listed investment in Standard Life plc.
\u2022 The Group performs regular stress and scenario analysis as described in the viability
statement. The diverse range of management actions available meant the Group
would be able to withstand these extreme stresses.
\u2022 The Group\u2019s operational resilience processes have operated effectively during the
period including the provision of services by key outsource providers.
Based on a review of the above factors, the Directors are satisfied that the Group and
Company have and will maintain sufficient resources to enable them to continue
operating for at least 12 months from the date of approval of the financial statements.
Accordingly, the financial statements have been prepared on a going concern basis.
There were no material uncertainties relating to this going concern conclusion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
(a)(i) New standards, interpretations and amendments to existing
standards that have been adopted by the Group
The Group has adopted the following new International Financial Reporting Standards
(IFRSs), interpretations and amendments to existing standards, which are effective for
annual periods beginning on or after 1\u00a0January 2025.
Amendments to existing standards
\u2022 Lack of exchangeability - Amendments to IAS 21.
The Group\u2019s accounting policies have been updated to reflect this amendment.
Management considers the implementation of the above amendment to existing
standards has had no material impact on the Group\u2019s financial statements.
(a)(ii) Standards, interpretations and amendments to existing standards
that are not yet effective and have not been early adopted by the Group
Certain new standards, interpretations and amendments to existing standards have
been published that are mandatory for the Group\u2019s annual accounting periods
beginning after 1\u00a0January 2025. The Group has not early adopted the standards,
amendments and interpretations described below.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 18 was issued in April 2024 and will replace IAS 1 Presentation of Financial
Statements. The standard was endorsed by the UK Endorsement Board on
10 December 2025. This standard includes a number of changes to the current
presentation and disclosure requirements under IAS 1 including:
\u2022 The categorisation of income and expenses in the consolidated income statement
into five new categories: operating, investing, financing, income taxes and
discontinued operations based on an entity\u2019s main business activities.
\u2022 The disclosure of new mandatory IFRS subtotals for operating profit or loss, profit or
loss before financing and income taxes and profit or loss.
\u2022 The introduction of a new concept of management-defined performance measure
(MPM) with related disclosure requirements including the disclosure of information on
MPMs within a single note to the financial statements.
\u2022 Additional guidance on whether to \u2018present\u2019 information in the primary financial
statements or \u2018disclose\u2019 in the notes and on the levels of the aggregation permitted or
disaggregation required.
Our impact assessment on the Group\u2019s future financial reporting from the
implementation of IFRS 18 will result in presentational changes but there will be no
material impact on the Group\u2019s recognition or measurement.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 19 was issued in May 2024 and specifies the disclosure requirements that allows
eligible entities to apply reduced disclosures while still applying the recognition,
measurement and presentational requirements in other IFRS accounting standards. The
Company is not an eligible entity and will not be permitted to apply IFRS 19, which has not
yet been endorsed by the UK Endorsement Board, to its Company or consolidated
financial statements. The Group\u2019s subsidiaries will, however, consider in due course if the
application of IFRS 19 would be beneficial where they qualify as eligible entities.
Amendments to existing standards
Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (effective for annual reporting periods beginning
on or after 1 January 2026)
These amendments and other interpretations and amendments published but not yet
effective are not expected to have a significant impact on the consolidated financial
statements of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
(a)(i) New standards, interpretations and amendments to existing
standards that have been adopted by the Group
The Group has adopted the following new International Financial Reporting Standards
(IFRSs), interpretations and amendments to existing standards, which are effective for
annual periods beginning on or after 1\u00a0January 2025.
Amendments to existing standards
\u2022 Lack of exchangeability - Amendments to IAS 21.
The Group\u2019s accounting policies have been updated to reflect this amendment.
Management considers the implementation of the above amendment to existing
standards has had no material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
(a)(ii) Standards, interpretations and amendments to existing standards
that are not yet effective and have not been early adopted by the Group
Certain new standards, interpretations and amendments to existing standards have
been published that are mandatory for the Group\u2019s annual accounting periods
beginning after 1\u00a0January 2025. The Group has not early adopted the standards,
amendments and interpretations described below.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 18 was issued in April 2024 and will replace IAS 1 Presentation of Financial
Statements. The standard was endorsed by the UK Endorsement Board on
10 December 2025. This standard includes a number of changes to the current
presentation and disclosure requirements under IAS 1 including:
\u2022 The categorisation of income and expenses in the consolidated income statement
into five new categories: operating, investing, financing, income taxes and
discontinued operations based on an entity\u2019s main business activities.
\u2022 The disclosure of new mandatory IFRS subtotals for operating profit or loss, profit or
loss before financing and income taxes and profit or loss.
\u2022 The introduction of a new concept of management-defined performance measure
(MPM) with related disclosure requirements including the disclosure of information on
MPMs within a single note to the financial statements.
\u2022 Additional guidance on whether to \u2018present\u2019 information in the primary financial
statements or \u2018disclose\u2019 in the notes and on the levels of the aggregation permitted or
disaggregation required.
Our impact assessment on the Group\u2019s future financial reporting from the
implementation of IFRS 18 will result in presentational changes but there will be no
material impact on the Group\u2019s recognition or measurement.
IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual
reporting periods beginning on or after 1\u00a0January 2027)
IFRS 19 was issued in May 2024 and specifies the disclosure requirements that allows
eligible entities to apply reduced disclosures while still applying the recognition,
measurement and presentational requirements in other IFRS accounting standards. The
Company is not an eligible entity and will not be permitted to apply IFRS 19, which has not
yet been endorsed by the UK Endorsement Board, to its Company or consolidated
financial statements. The Group\u2019s subsidiaries will, however, consider in due course if the
application of IFRS 19 would be beneficial where they qualify as eligible entities.
Amendments to existing standards
Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (effective for annual reporting periods beginning
on or after 1 January 2026)
These amendments and other interpretations and amendments published but not yet
effective are not expected to have a significant impact on the consolidated financial
statements of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
(a)(iii) Critical accounting estimates and judgements in applying
accounting policies
The preparation of financial statements requires management to exercise judgements
in applying accounting policies and make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial statements and the
reported amounts of revenue and expenses arising during the year. Judgements and
sources of estimation uncertainty are continually evaluated and based on historical
experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
The areas where judgements have the most significant effect on the amounts
recognised in the consolidated financial statements are as follows:
Financial statement area
Critical judgements in applying accounting policies
Related note
External pension
schemes
Assessment of whether the Group controls the Stagecoach
Group Pension Scheme (SGPS) and the resulting net
measurement of fulfilment cash flows and disclosure of the
related balance sheet insurance contract assets and liabilities.
Application of IFRS 17 Insurance Contracts to the external
pension scheme arrangement.
Note 31
Defined benefit
pension plans
Assessment of whether the Group has an unconditional right
to a refund of surplus.
Treatment of tax relating to the surplus.
Note 32
Contingent liabilities
Assessment of the Group\u2019s uncertain overseas tax position and
the judgement required in evaluating the potential outcome.
Note 39
The following new judgements have been added to the Group\u2019s critical judgements:
\u2022 The Group entered into an arrangement with the SGPS which required judgements to
be made in respect of the control of SGPS and the accounting standards to be applied
to the arrangement.
\u2022 The judgement required in evaluating the potential outcome in relation to an uncertain
overseas tax position.
The areas where assumptions and other sources of estimation uncertainty at the end of
the reporting period have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are as follows:
Financial statement area
Critical accounting estimates and assumptions
Related note
Intangible assets
Determination of the recoverable amount in relation to
the impairment of certain goodwill.
Note 13
Financial instruments at fair
value through profit or loss
Determination of the fair value of contingent
consideration liabilities relating to the acquisition of Tritax.
Notes 35
and 37
Defined benefit pension
plans
Determination of principal UK pension plan assumptions
for mortality, discount rate and inflation.
Note 32
All critical accounting estimates and assumptions are the same as the prior year.
Further detail on critical accounting estimates and assumptions is provided in the
relevant note.
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
Estimates and assumptions
The discount rate for valuing the fulfilment cashflows is inherently judgemental. As the
fulfilment cashflows are variable and would require liquid assets to fund them, the Bank of
England gilt yield curves have been used to discount the cashflows.
31 December 2025
Yield Curve
Currency
1yr
5yr
10yr
20yr
30yr
40yr
UK Gilts
GBP
3.70%
4.02%
4.68%
5.38%
5.45%
5.17%
Other material assumptions relate to the projection of underlying Scheme assets and
liabilities over the term of the contract. These have been projected using stochastic
modelling to determine a best estimate projection of the fulfilment cashflows. Under each
stochastic simulation, the cashflows to or from the Group are dependent on the funding
valuation of the insured scheme and whether there exists a projected surplus or shortfall
relative to a low dependency or statutory funding measure of liabilities at each annual
measurement date which will depend on, amongst other assumptions, the allowance for
longevity and assumed return on SGPS assets.
Additional information
To assist in understanding of the financial position of the underlying Scheme, the current
Scheme funding position on the estimated statutory funding measure together with key
assumptions (expressed as single equivalent rates) are presented below. These are not
included in the consolidated statement of financial position as the underlying assets and
liabilities are not consolidated.
2025
2024
\u00a3m
\u00a3m
Scheme assets 1
1,193
-
Scheme liabilities (including expense reserve)
(1,131)
-
Net surplus
62
-
Funding level
105%
-
2025
2024
%
%
Discount rate
4.97
-
Rate of inflation (RPI)
3.08
-
1. Scheme assets of \u00a31,193m are stated after the deduction of a \u00a340m distribution of surplus to Stagecoach
Group that has been notified to members but is still under a statutory member notification period as at
31 December 2025.
Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors.
The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below:
2025
2024
%
%
Discount rate
5.65
5.60
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
2.95
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The underlying methodology used to set these
assumptions has not changed over the reporting period. The population of corporate bond prices excludes bonds issued by UK universities. The inflation assumption reflects the future
reform of RPI effective from 2030 as described in Section (g)(i) below.
The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The longevity assumptions (along with sample
expectations of life) are illustrated below:
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2025
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
30
32
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2024
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
29
32
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality improvement assumptions are in line with CMI 2021 but
with a 10% weighting on 2020 and 2021 data. This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent 2022 mortality
experience may be indicative of expected future trends.
(f)", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
The consolidated financial statements are presented in million pounds Sterling.
The statements of financial position of Group entities, including associates and joint
ventures accounted for using the equity method, that have a different functional
currency than the Group\u2019s presentation currency are translated into the
presentation currency at the year end exchange rate and their income statements
and cash flows are translated at average exchange rates for the year. All resulting
exchange differences arising are recognised in other comprehensive income and
the foreign currency translation reserve in equity. On disposal of a Group entity, the
cumulative amount of any such exchange differences recognised in other
comprehensive income is reclassified to profit or loss.
Foreign currency transactions are translated into the functional currency at the
exchange rate prevailing at the date of the transaction. Gains and losses arising
from such transactions and from the translation at year end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in
the relevant line in the consolidated income statement.
Translation differences on non-monetary items, such as equity securities held at fair
value through profit or loss, are reported as part of the fair value gain or loss within
Net gains or losses on financial instruments and other income in the consolidated
income statement. Translation differences on financial assets and liabilities held at
amortised cost are included in the relevant line in the consolidated income
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
The consolidated financial statements are presented in million pounds Sterling.
The statements of financial position of Group entities, including associates and joint
ventures accounted for using the equity method, that have a different functional
currency than the Group\u2019s presentation currency are translated into the
presentation currency at the year end exchange rate and their income statements
and cash flows are translated at average exchange rates for the year. All resulting
exchange differences arising are recognised in other comprehensive income and
the foreign currency translation reserve in equity. On disposal of a Group entity, the
cumulative amount of any such exchange differences recognised in other
comprehensive income is reclassified to profit or loss.
Foreign currency transactions are translated into the functional currency at the
exchange rate prevailing at the date of the transaction. Gains and losses arising
from such transactions and from the translation at year end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in
the relevant line in the consolidated income statement.
Translation differences on non-monetary items, such as equity securities held at fair
value through profit or loss, are reported as part of the fair value gain or loss within
Net gains or losses on financial instruments and other income in the consolidated
income statement. Translation differences on financial assets and liabilities held at
amortised cost are included in the relevant line in the consolidated income
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "Going concern
The Group\u2019s business activities, together with the factors likely to affect its future
development, performance and financial position, are set out in the Strategic report. This
includes details on our liquidity and capital management in the Chief Financial Officer\u2019s
overview section, our principal risks in the Risk management section including the
impacts of the macroeconomic environment and global and regional geopolitical
events on these principal risks, and our viability statement. In addition, these financial
statements include notes on the Group\u2019s subordinated liabilities (Note 30), management
of its risks including market, credit and liquidity risk (Note 35), its contingent liabilities and
commitments (Notes 39 and 40), and its capital structure and position (Note 43).
In preparing these financial statements on a going concern basis, the Directors have
considered the following matters and have taken into account market uncertainty:
\u2022 The Group has cash and liquid resources of \u00a31.8bn at 31\u00a0December 2025. In addition,
the Company has a revolving credit facility of \u00a3400m as part of our contingency
funding plans. This was refinanced on 5 February 2025 and is due to mature in 2029,
with the option to extend for a further two years. It remains undrawn.
\u2022 The Group\u2019s regulatory Common Equity Tier 1 (CET1) own funds on an IFPR basis
were \u00a31,433m (total own funds of \u00a31,918m) with an Own Funds Threshold
Requirement of \u00a3879m at 31\u00a0December 2025. The regulatory CET1 own funds
excludes the value of the Group\u2019s significant listed investment in Standard Life plc.
\u2022 The Group performs regular stress and scenario analysis as described in the viability
statement. The diverse range of management actions available meant the Group
would be able to withstand these extreme stresses.
\u2022 The Group\u2019s operational resilience processes have operated effectively during the
period including the provision of services by key outsource providers.
Based on a review of the above factors, the Directors are satisfied that the Group and
Company have and will maintain sufficient resources to enable them to continue
operating for at least 12 months from the date of approval of the financial statements.
Accordingly, the financial statements have been prepared on a going concern basis.
There were no material uncertainties relating to this going concern conclusion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "Basis of consolidation
The Group\u2019s financial statements consolidate the financial statements of the
Company and its subsidiaries.
Subsidiaries are all entities (including investment vehicles) over which the Group has
control. Control arises when the Group is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to affect those returns
through its power over the entity. For operating entities this generally accompanies
a shareholding of 50% or more in the entity. For investment vehicles, including
structured entities, the control assessment also considers the removal rights of other
investors and whether the Group acts as principal or agent in assessing the link
between power and variable returns. In determining whether the Group acts as
principal, and therefore controls the entity, the removal rights of other investors and
the magnitude of the variability associated with the returns are also taken into
account. As a result, the Group often is considered to control investment vehicles in
which its shareholding is less than 50%.
Where the Group is considered to control an investment vehicle, such as an open-
ended investment company, a unit trust or a limited partnership, and it is therefore
consolidated, the interests of parties other than the Group are assessed to
determine whether they should be classified as liabilities or as non-controlling
interests. The liabilities are recognised in the third party interest in consolidated funds
line in the consolidated statement of financial position and any movements are
recognised in the consolidated income statement. The financial liability is
designated as fair value through profit or loss (FVTPL) as it is implicitly managed on a
fair value basis as its value is directly linked to the market value of the underlying
portfolio of assets. The interests of parties other than the Group in all other types of
entities are recorded as non-controlling interests.
All intra-group transactions, balances, income and expenses are eliminated in full.
The Group uses the acquisition method to account for acquisitions of businesses. At
the acquisition date the assets and liabilities of the business acquired and any non-
controlling interests are identified and initially measured at fair value on the
consolidated statement of financial position.
When the Group acquires or disposes of a subsidiary, the profits and losses of the
subsidiary are included from the date on which control was transferred to the Group
until the date on which it ceases, with consistent accounting policies applied across
all entities throughout.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
1.\u00a0 \u00a0 Group structure
(a) Composition
The following diagram is an extract of the Group structure at 31\u00a0December 2025 and gives an overview of the composition of the Group.
A full list of the Company\u2019s subsidiaries is provided in Note 45.
(b)(i) Current year disposal of subsidiaries and other operations
The loss on disposal related to the sale of Finimize Limited which completed on
19 December 2025.
(b)(ii) Prior year disposal of subsidiaries and other operations
During 2024 , the Group made three significant disposals of subsidiaries and other
operations:
\u2022 On 26 April 2024, the Group completed the sale of its European-headquartered
Private Equity business to Patria Investments.
\u2022 On 2 July 2024, the Group completed the sale of threesixty services, its adviser support
services business, to the Fintel group.
\u2022 On 13 December 2024, the Group completed the sale of 80% of the share capital of
Focus Business Solutions (FBS) to Focus Advice Technology Holdings Limited. The sale
included the operations of the Group\u2019s digital innovation group.
The Group\u2019s European-headquartered Private Equity business and threesixty services
were reported in the Investments and Adviser segments respectively. FBS was reported
within Other business operations and corporate costs.
Profit or (loss) on disposal of subsidiaries and other operations have been summarised
below.
2024
\u00a3m
Disposal of European-headquartered Private Equity business
92
Disposal of threesixty services
9
Disposal of FBS
(12)
Profit on disposal of subsidiaries and other operations for the year ended 31\u00a0December 2024
89
(b)(iii) Prior year disposal of joint ventures
Virgin Money Unit Trust Managers (Virgin Money UTM)
Profit on disposal of interests in associates and joint ventures for the year ended
31\u00a0December 2024 of \u00a311m relates to the sale of the Group\u2019s interest in Virgin Money
UTM to its joint venture partner, Clydesdale Bank, on 2 April 2024 for a cash consideration
of \u00a320m.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
2.\u00a0 \u00a0 Segmental analysis
The Group\u2019s reportable segments have been identified in accordance with the way
in which the Group is structured and managed. IFRS 8 Operating Segments requires
that the information presented in the financial statements is based on information
provided to the \u2018Chief Operating Decision Maker\u2019.
(a) Basis of segmentation
Reportable segments
interactive investor (ii): ii, our direct investing platform. It also included the Group\u2019s
financial planning business, abrdn Financial Planning and Advice Limited (aFPAL), until
the completion of its sale on 30 January 2026. Refer Note 44 for further details.
Adviser: Our UK financial adviser business which provides platform services to wealth
managers and advisers along with the Group\u2019s Managed Portfolio Service (MPS)
business. It also included threesixty services until its sale on 2 July 2024. Refer Note 1(b)(ii)
for further details.
Investments: Our global asset management business which provides investment
solutions for Institutional, Retail Wealth and Insurance Partners clients.
In addition to the Group\u2019s reportable segments above, the analysis of adjusted profit in
Section b(i) below also reports the following:
Other business operations and corporate costs (Other): Other largely comprises
certain corporate costs, and amounts relating to the Group's role as the sponsoring
employer of the Stagecoach Group Pension Scheme, including releases of contractual
service margin (CSM) and risk adjustment (RA), which were less than \u00a30.5m (refer Note
31). Finimize was included until its sale on 19 December 2025. It also included the Group\u2019s
digital innovation group until the partial sale of FBS on 13 December 2024. Refer Note
1(b)(ii) for further details.
These are all reported to the level of adjusted operating profit.
(b) Reportable segments \u2013 adjusted profit and revenue information
(b)(i) Analysis of adjusted profit
Adjusted operating profit is presented by reportable segment in the table below.
ii
Adviser
Investments
Other
Total
31 December 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Adjusted net operating revenue
3
330
205
739
2
1,276
Adjusted operating expenses
(175)
(119)
(675)
(43)
(1,012)
Adjusted operating profit
155
86
64
(41)
264
Adjusted net financing costs and investment return
119
Adjusted profit before tax
383
Tax on adjusted profit
(85)
Adjusted profit after tax
298
Adjusted for the following items
Restructuring and corporate transaction expenses
5
(106)
Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of
customer contracts
5
(118)
Loss on disposal of subsidiaries and other operations
1
(3)
Change in fair value of significant listed investments
4
236
Dividends from significant listed investments
4
57
Share of profit or loss from associates and joint ventures
14
20
Other
11
(27)
Total adjusting items
59
Tax on adjusting items
41
Profit attributable to other equity holders
(11)
Profit attributable to non-controlling interests \u2013 ordinary shares
1
Profit for the year attributable to equity shareholders of Aberdeen Group plc
388
Profit attributable to other equity holders
11
Profit attributable to non-controlling interests \u2013 ordinary shares
(1)
Profit for the year
398
Adjusted net operating revenue is reported as the measure of revenue in the analysis of
adjusted operating profit and relates to revenues generated from external customers.
In the year ended 31\u00a0December 2025, transactions with one external customer
amounted to more than 10% of adjusted net operating revenue (2024: one). This
adjusted net operating revenue of \u00a3131m (2024: \u00a3151m) is included in the Investments
and Adviser segments.
Adjusted operating expenses includes depreciation and amortisation of \u00a329m (2024:
\u00a331m); \u00a322m (2024: \u00a324m) for the Investments segment; \u00a36m (2024: \u00a35m) for the ii
segment; and \u00a31m (2024: \u00a32m) for the Adviser segment.
Interest income, interest expense and income tax expense are not included in adjusted
operating profit and are not analysed by segment in the information provided to the
\u2018Chief Operating Decision Maker\u2019. Assets and liabilities by segment are not required to be
presented as such information is not presented on a regular basis to the \u2018Chief Operating
Decision Maker\u2019.
ii
Adviser
Investments
Other
Total
31 December 2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Adjusted net operating revenue
3
278
237
797
9
1,321
Adjusted operating expenses
(162)
(111)
(736)
(57)
(1,066)
Adjusted operating profit
116
126
61
(48)
255
Adjusted net financing costs and investment return
99
Adjusted profit before tax
354
Tax on adjusted profit
(70)
Adjusted profit after tax
284
Adjusted for the following items
Restructuring and corporate transaction expenses
5
(100)
Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of
customer contracts
5
(129)
Profit on disposal of subsidiaries and other operations
1
89
Change in fair value of significant listed investments
4
(27)
Dividends from significant listed investments
4
56
Share of profit or loss from associates and joint ventures
14
24
Profit on disposal of interests in associates and joint ventures
1
11
Other
11
(27)
Total adjusting items
(103)
Tax on adjusting items
67
Profit attributable to other equity holders
(11)
Profit for the year attributable to equity shareholders of Aberdeen Group plc
237
Profit attributable to other equity holders
11
Profit for the year
248
(b)(ii) Reconciliation to the consolidated income statement
Adjusted net operating revenue
The reconciliation of adjusted net operating revenue, as presented in the analysis of Group adjusted profit by segment to revenue from contracts with customers, as presented in the
consolidated income statement, is included in Note 3.
Adjusted operating expenses
The following table provides a reconciliation of adjusted operating expenses, as presented in the analysis of Group adjusted profit by segment, to total administrative and other
expenses, as presented in the consolidated income statement.
2025
2024
\u00a3m
\u00a3m
Total administrative and other expenses as presented in the consolidated income statement
(1,232)
(1,313)
Restructuring and corporate transaction expenses included in adjusting items
106
100
Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts included in adjusting items
118
129
Other differences
(4)
18
Adjusted operating expenses as presented in the analysis of Group adjusted profit by segment
(1,012)
(1,066)
Other differences relate to items presented in adjusted net financing costs and investment return for segment reporting (see commentary under table below) and other items
classified as adjusting items (refer Note 11).
Adjusted net financing costs and investment return
The following table provides a reconciliation of adjusted net financing costs and investment return, as presented in the analysis of Group adjusted profit by segment, to Net gains or
losses on financial instruments and other income, as presented in the consolidated income statement.
2025
2024
\u00a3m
\u00a3m
Net gains or losses on financial instruments and other income as presented in the consolidated income statement
408
160
Finance costs separately disclosed in the consolidated income statement
(24)
(25)
Change in fair value of significant listed investments included in adjusting items
(236)
27
Dividends from significant listed investments included in adjusting items
(57)
(56)
Other differences
28
(7)
Adjusted net financing costs and investment return as presented in the analysis of Group adjusted profit by segment
119
99
Other differences primarily relate to amounts presented in a different line item of the consolidated income statement and other items classified as adjusting items. This includes the net
interest credit relating to the staff pension schemes of \u00a337m (2024: \u00a322m) which is presented in total administrative and other expenses in the consolidated income statement and in
adjusted net financing costs and investment return in the analysis of Group adjusted profit by segment.
(c) Total adjusted net operating revenue by geographical location
Total adjusted net operating revenue 1 split by geographical location is as follows:
2025
2024
\u00a3m
\u00a3m
UK
964
985
Europe, Middle East and Africa
81
96
Asia Pacific
104
116
Americas
127
124
Total
1,276
1,321
1. Adjusted net operating revenue is allocated based on legal entity revenue recognition.
(d) Non-current non-financial assets by geographical location
2025
2024
\u00a3m
\u00a3m
UK
1,349
1,462
Europe, Middle East and Africa
8
10
Asia Pacific
9
10
Americas
89
127
Total
1,455
1,609
Non-current non-financial assets for this purpose consist of intangible assets and
property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
The Group\u2019s reportable segments have been identified in accordance with the way
in which the Group is structured and managed. IFRS 8 Operating Segments requires
that the information presented in the financial statements is based on information
provided to the \u2018Chief Operating Decision Maker\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "Total adjusted net operating revenue by geographical location
Total adjusted net operating revenue 1 split by geographical location is as follows:
2025
2024
\u00a3m
\u00a3m
UK
964
985
Europe, Middle East and Africa
81
96
Asia Pacific
104
116
Americas
127
124
Total
1,276
1,321
1. Adjusted net operating revenue is allocated based on legal entity revenue recognition.
(d) Non-current non-financial assets by geographical location
2025
2024
\u00a3m
\u00a3m
UK
1,349
1,462
Europe, Middle East and Africa
8
10
Asia Pacific
9
10
Americas
89
127
Total
1,455
1,609
Non-current non-financial assets for this purpose consist of intangible assets and
property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
3.\u00a0 \u00a0 Net operating revenue
Net operating revenue represents revenue from contracts with customers after
deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e.
as the performance obligation is satisfied. Performance fees and carried interest
are only recognised once it is highly probable that a significant reversal will not
occur\u00a0in future periods. Where revenue is received in advance (front-end fees),
this\u00a0income is deferred and recognised as a deferred income liability (refer Note 33 )
and\u00a0released to the consolidated income statement over the period services are
provided.
Where revenue received relates to performance obligations whose fulfilment
involves another external party, for example fund accounting or custodian services,
the Group assesses if it is acting as a principal with full responsibility for the
performance obligation and control over its fulfilment or solely responsible for
arranging for the third party to fulfil the performance obligation i.e. acting as an
agent. Where the Group is acting as an agent, only its share of the revenue for the
arrangement of the relevant service is recognised within revenue from contracts
from customers, therefore the revenue is recognised net of the revenue passed on
to the third party. This is not currently considered a significant judgement for the
Group.
Commission and other fee expenses which relate directly to revenue are presented
as cost of sales. These expenses include ongoing commission expenses payable
to\u00a0financial institutions, investment platform providers and financial advisers
that\u00a0distribute the Group\u2019s products which are generally based on an agreed
percentage of AUM and are recognised in the consolidated income statement
as\u00a0the service is received. Other cost of sales also includes amounts payable to
employees and others relating to carried interest and performance fee revenue.
(a) Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with
customers.
2025
2024
\u00a3m
\u00a3m
ii
Account fees
54
52
Trading transactions
101
70
Treasury income
161
138
Fee income \u2013 Advice
23
25
Revenue from contracts with customers for the ii segment
339
285
Adviser
Platform charges
170
196
Treasury income
30
33
Other revenue from contracts with customers 1
5
10
Revenue from contracts with customers for the Adviser segment
205
239
Investments
Management fee income \u2013 Institutional and Retail Wealth 2
637
679
Management fee income \u2013 Insurance Partners 2
111
116
Performance fees and carried interest
23
20
Other revenue from contracts with customers
24
22
Revenue from contracts with customers for the Investments
segment
795
837
Revenue from contracts with customers for Other
2
9
Total revenue from contracts with customers
1,341
1,370
1. Other revenue from contracts with customers for the Adviser segment includes \u00a35m ( 2024 : \u00a35m ) in relation
to discretionary fund management fee income.
2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other
revenues not based on a percentage of AUM.
ii
Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a
subscription-based trading and direct investing platform. The services that ii offers are
provided on both a point in time and an over time basis.
Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are
invoiced monthly and are payable immediately from the customer\u2019s account, with
receivables recognised if there are insufficient funds available. The account fees cover
the performance obligation to provide the customer with access to the platform and
custody services. For certain subscription levels, the account fee also entitles the
customer to receive trading credits which can be redeemed against future trades. For
these subscription levels, the account fees also cover ii\u2019s performance obligation to
perform these future trades. In accordance with IFRS 15, the account fees are allocated
to the two performance obligations. Access to the platform and custody services is
provided over time and the account fees revenue allocated to this performance
obligation is recognised over the calendar month as the customer receives the benefit of
these services. Trading credits need to be used by the customer within 31 days of the
credit arising, therefore the revenue is recognised over the calendar month as a
reasonable approximation of when the performance obligation is satisfied at a point in
time within the month.
In addition, ii performs additional trades and foreign exchange transactions for its
customers. These are performed at a point in time with the revenue recognised at the
trade date of the transaction. Trading fees for transactions not covered by trading
credits are generally charged on a flat-fee basis with higher value international share
trades charged based on a percentage of the trade value. These are added to the cost
of purchasing shares or deducted from the proceeds from the sale of shares with
receivables recognised for unsettled trades. For foreign exchange trades, ii receives a
margin (varying depending on the size of the transaction) via a third party in the month
following the transaction, with receivables recognised prior to the payment.
In addition, ii is entitled to receive treasury income in relation to its performance
obligations to the customer. Treasury income is the interest earned on cash balances
less the interest paid to customers based on the client money balances held with third
party banks and by reference to the applicable interest rates. Treasury income is
recognised on an over time basis with accrued income recognised for unpaid interest.
Through its subsidiary abrdn Financial Planning and Advice Limited, the Group also
offered financial planning services until the completion of its sale on 30 January 2026.
Financial planning was either provided on a one-off basis or on an ongoing basis. The
performance obligation for one-off advice was performed at a point in time with the
revenue recognised when the advice was provided. The performance obligation for
ongoing financial planning was performed over time with the revenue recognised as the
obligation was performed. The Group generally received ongoing financial planning fees
based on the percentage of the assets under advice. One-off financial planning fees
were invoiced to the customer following delivery of the advice. Ongoing financial
planning fees were invoiced to the customer or a designated financial provider either
monthly or quarterly. Receivables were recognised for unpaid invoices. The payment
terms for invoiced revenue varied but were typically 30 days from receipt of invoice.
Accrued income was recognised to account for income earned but not yet invoiced
which was not dependent on any future performance.
Adviser
Through a number of its subsidiaries, the Group offers customers access to fund
platforms. The platforms give customers the ongoing functionality to manage and
administer their investments. This performance obligation is performed over time with
the revenue recognised as the obligation is performed. Customers pay a platform
charge which is generally calculated as a percentage of their assets. The percentage
varies depending on the level of assets on the specific platform. The main platform
charges are calculated either daily or monthly and are collected and recognised
monthly. The charges are collected directly from assets on the platform. There are no
significant payment terms.
In addition, Adviser receives treasury income for providing management and
administration of cash held in platform cash accounts. The performance obligation for
cash management and administration is performed over time with the revenue
recognised as the obligation is performed. The customer receives interest on their cash
balances after deduction of a cash management administration charge which is
generally calculated as a percentage of their cash held in relevant accounts. The
percentage varies depending on the interest received from the banks used to provide
the cash accounts. There are no significant payment terms.
Through its subsidiary Aberdeen Portfolio Solutions Limited, the Group offers
discretionary fund management services via its Managed Portfolio Service. The
performance obligation for discretionary fund management services is performed over
time with the revenue recognised as the obligation is performed. The Group generally
receives discretionary fund management services fees based on the percentage of the
assets under management. The percentage varies depending on the model selected.
Discretionary fund management services fees are deducted from assets. Deducted
fees are generally calculated and recognised daily and collected on a monthly or
quarterly basis.
Investments
Through a number of its subsidiaries, the Group provides asset management services to
its customers. This performance obligation is performed over time with the revenue
recognised as the obligation is performed. The Group generally receives asset
management fees based on the percentage of the assets under management. The
percentage varies depending on the level and nature of assets under management.
Asset management fees are either deducted from assets or invoiced. Deducted fees
are generally calculated, recognised and collected on a daily basis. Rebates which
typically relate to institutional investors are recognised in the same period as the
associated fees. Other asset management fees are invoiced to the customer either
monthly or quarterly with receivables recognised for unpaid invoices. The payment
terms for invoiced revenue vary but are typically 30 days from receipt of invoice.
Accrued income is recognised to account for income earned but not yet invoiced which
is not dependent on any future performance.
There is also some use of performance fees and carried interest arrangements.
Performance fees and carried interest are earned from some investment mandates
when contractually agreed performance levels are exceeded within specified
performance measurement periods. Performance fees and carried interest are only
recognised once it is highly probable that a significant reversal will not occur in future
periods. Given the unpredictability of future performance, the risk of a significant reversal
occurring will typically only be considered low enough to make recognition appropriate
upon the crystallisation event occurring.
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
2025
2024
\u00a3m
\u00a3m
Commission expenses
51
48
Other cost of sales
17
17
Total cost of sales
68
65
Other cost of sales includes amounts payable to employees and others relating to
carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s
reportable segments is disclosed in Section (c) below.
(c) Reconciliation of revenue from contracts with customers to adjusted net operating revenue as presented in the analysis
of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to adjusted net operating revenue as
presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments).
ii
Adviser
Investments
Other
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
339
285
205
239
795
837
2
9
1,341
1,370
Cost of sales
(9)
(7)
\u2014
(2)
(59)
(56)
\u2014
\u2014
(68)
(65)
Net operating revenue as presented in the consolidated income statement
330
278
205
237
736
781
2
9
1,273
1,305
Other differences
\u2014
\u2014
\u2014
\u2014
3
16
\u2014
\u2014
3
16
Adjusted net operating revenue as presented in the analysis of Group adjusted profit
by segment
330
278
205
237
739
797
2
9
1,276
1,321
In both 2025 and 2024, net operating revenue included reductions related to revenue recognised in previous years. As these amounts were not material, they were adjusted for in the
year rather than restating comparative amounts. Other differences reflect the effect of removing these adjustments as they do not relate to revenue recognised in the respective
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
3.\u00a0 \u00a0 Net operating revenue
Net operating revenue represents revenue from contracts with customers after
deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e.
as the performance obligation is satisfied. Performance fees and carried interest
are only recognised once it is highly probable that a significant reversal will not
occur\u00a0in future periods. Where revenue is received in advance (front-end fees),
this\u00a0income is deferred and recognised as a deferred income liability (refer Note 33 )
and\u00a0released to the consolidated income statement over the period services are
provided.
Where revenue received relates to performance obligations whose fulfilment
involves another external party, for example fund accounting or custodian services,
the Group assesses if it is acting as a principal with full responsibility for the
performance obligation and control over its fulfilment or solely responsible for
arranging for the third party to fulfil the performance obligation i.e. acting as an
agent. Where the Group is acting as an agent, only its share of the revenue for the
arrangement of the relevant service is recognised within revenue from contracts
from customers, therefore the revenue is recognised net of the revenue passed on
to the third party. This is not currently considered a significant judgement for the
Group.
Commission and other fee expenses which relate directly to revenue are presented
as cost of sales. These expenses include ongoing commission expenses payable
to\u00a0financial institutions, investment platform providers and financial advisers
that\u00a0distribute the Group\u2019s products which are generally based on an agreed
percentage of AUM and are recognised in the consolidated income statement
as\u00a0the service is received. Other cost of sales also includes amounts payable to
employees and others relating to carried interest and performance fee revenue.
(a) Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with
customers.
2025
2024
\u00a3m
\u00a3m
ii
Account fees
54
52
Trading transactions
101
70
Treasury income
161
138
Fee income \u2013 Advice
23
25
Revenue from contracts with customers for the ii segment
339
285
Adviser
Platform charges
170
196
Treasury income
30
33
Other revenue from contracts with customers 1
5
10
Revenue from contracts with customers for the Adviser segment
205
239
Investments
Management fee income \u2013 Institutional and Retail Wealth 2
637
679
Management fee income \u2013 Insurance Partners 2
111
116
Performance fees and carried interest
23
20
Other revenue from contracts with customers
24
22
Revenue from contracts with customers for the Investments
segment
795
837
Revenue from contracts with customers for Other
2
9
Total revenue from contracts with customers
1,341
1,370
1. Other revenue from contracts with customers for the Adviser segment includes \u00a35m ( 2024 : \u00a35m ) in relation
to discretionary fund management fee income.
2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other
revenues not based on a percentage of AUM.
ii
Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a
subscription-based trading and direct investing platform. The services that ii offers are
provided on both a point in time and an over time basis.
Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are
invoiced monthly and are payable immediately from the customer\u2019s account, with
receivables recognised if there are insufficient funds available. The account fees cover
the performance obligation to provide the customer with access to the platform and
custody services. For certain subscription levels, the account fee also entitles the
customer to receive trading credits which can be redeemed against future trades. For
these subscription levels, the account fees also cover ii\u2019s performance obligation to
perform these future trades. In accordance with IFRS 15, the account fees are allocated
to the two performance obligations. Access to the platform and custody services is
provided over time and the account fees revenue allocated to this performance
obligation is recognised over the calendar month as the customer receives the benefit of
these services. Trading credits need to be used by the customer within 31 days of the
credit arising, therefore the revenue is recognised over the calendar month as a
reasonable approximation of when the performance obligation is satisfied at a point in
time within the month.
In addition, ii performs additional trades and foreign exchange transactions for its
customers. These are performed at a point in time with the revenue recognised at the
trade date of the transaction. Trading fees for transactions not covered by trading
credits are generally charged on a flat-fee basis with higher value international share
trades charged based on a percentage of the trade value. These are added to the cost
of purchasing shares or deducted from the proceeds from the sale of shares with
receivables recognised for unsettled trades. For foreign exchange trades, ii receives a
margin (varying depending on the size of the transaction) via a third party in the month
following the transaction, with receivables recognised prior to the payment.
In addition, ii is entitled to receive treasury income in relation to its performance
obligations to the customer. Treasury income is the interest earned on cash balances
less the interest paid to customers based on the client money balances held with third
party banks and by reference to the applicable interest rates. Treasury income is
recognised on an over time basis with accrued income recognised for unpaid interest.
Through its subsidiary abrdn Financial Planning and Advice Limited, the Group also
offered financial planning services until the completion of its sale on 30 January 2026.
Financial planning was either provided on a one-off basis or on an ongoing basis. The
performance obligation for one-off advice was performed at a point in time with the
revenue recognised when the advice was provided. The performance obligation for
ongoing financial planning was performed over time with the revenue recognised as the
obligation was performed. The Group generally received ongoing financial planning fees
based on the percentage of the assets under advice. One-off financial planning fees
were invoiced to the customer following delivery of the advice. Ongoing financial
planning fees were invoiced to the customer or a designated financial provider either
monthly or quarterly. Receivables were recognised for unpaid invoices. The payment
terms for invoiced revenue varied but were typically 30 days from receipt of invoice.
Accrued income was recognised to account for income earned but not yet invoiced
which was not dependent on any future performance.
Adviser
Through a number of its subsidiaries, the Group offers customers access to fund
platforms. The platforms give customers the ongoing functionality to manage and
administer their investments. This performance obligation is performed over time with
the revenue recognised as the obligation is performed. Customers pay a platform
charge which is generally calculated as a percentage of their assets. The percentage
varies depending on the level of assets on the specific platform. The main platform
charges are calculated either daily or monthly and are collected and recognised
monthly. The charges are collected directly from assets on the platform. There are no
significant payment terms.
In addition, Adviser receives treasury income for providing management and
administration of cash held in platform cash accounts. The performance obligation for
cash management and administration is performed over time with the revenue
recognised as the obligation is performed. The customer receives interest on their cash
balances after deduction of a cash management administration charge which is
generally calculated as a percentage of their cash held in relevant accounts. The
percentage varies depending on the interest received from the banks used to provide
the cash accounts. There are no significant payment terms.
Through its subsidiary Aberdeen Portfolio Solutions Limited, the Group offers
discretionary fund management services via its Managed Portfolio Service. The
performance obligation for discretionary fund management services is performed over
time with the revenue recognised as the obligation is performed. The Group generally
receives discretionary fund management services fees based on the percentage of the
assets under management. The percentage varies depending on the model selected.
Discretionary fund management services fees are deducted from assets. Deducted
fees are generally calculated and recognised daily and collected on a monthly or
quarterly basis.
Investments
Through a number of its subsidiaries, the Group provides asset management services to
its customers. This performance obligation is performed over time with the revenue
recognised as the obligation is performed. The Group generally receives asset
management fees based on the percentage of the assets under management. The
percentage varies depending on the level and nature of assets under management.
Asset management fees are either deducted from assets or invoiced. Deducted fees
are generally calculated, recognised and collected on a daily basis. Rebates which
typically relate to institutional investors are recognised in the same period as the
associated fees. Other asset management fees are invoiced to the customer either
monthly or quarterly with receivables recognised for unpaid invoices. The payment
terms for invoiced revenue vary but are typically 30 days from receipt of invoice.
Accrued income is recognised to account for income earned but not yet invoiced which
is not dependent on any future performance.
There is also some use of performance fees and carried interest arrangements.
Performance fees and carried interest are earned from some investment mandates
when contractually agreed performance levels are exceeded within specified
performance measurement periods. Performance fees and carried interest are only
recognised once it is highly probable that a significant reversal will not occur in future
periods. Given the unpredictability of future performance, the risk of a significant reversal
occurring will typically only be considered low enough to make recognition appropriate
upon the crystallisation event occurring.
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
2025
2024
\u00a3m
\u00a3m
Commission expenses
51
48
Other cost of sales
17
17
Total cost of sales
68
65
Other cost of sales includes amounts payable to employees and others relating to
carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s
reportable segments is disclosed in Section (c) below.
(c) Reconciliation of revenue from contracts with customers to adjusted net operating revenue as presented in the analysis
of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to adjusted net operating revenue as
presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments).
ii
Adviser
Investments
Other
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
339
285
205
239
795
837
2
9
1,341
1,370
Cost of sales
(9)
(7)
\u2014
(2)
(59)
(56)
\u2014
\u2014
(68)
(65)
Net operating revenue as presented in the consolidated income statement
330
278
205
237
736
781
2
9
1,273
1,305
Other differences
\u2014
\u2014
\u2014
\u2014
3
16
\u2014
\u2014
3
16
Adjusted net operating revenue as presented in the analysis of Group adjusted profit
by segment
330
278
205
237
739
797
2
9
1,276
1,321
In both 2025 and 2024, net operating revenue included reductions related to revenue recognised in previous years. As these amounts were not material, they were adjusted for in the
year rather than restating comparative amounts. Other differences reflect the effect of removing these adjustments as they do not relate to revenue recognised in the respective
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
3.\u00a0 \u00a0 Net operating revenue
Net operating revenue represents revenue from contracts with customers after
deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e.
as the performance obligation is satisfied. Performance fees and carried interest
are only recognised once it is highly probable that a significant reversal will not
occur\u00a0in future periods. Where revenue is received in advance (front-end fees),
this\u00a0income is deferred and recognised as a deferred income liability (refer Note 33 )
and\u00a0released to the consolidated income statement over the period services are
provided.
Where revenue received relates to performance obligations whose fulfilment
involves another external party, for example fund accounting or custodian services,
the Group assesses if it is acting as a principal with full responsibility for the
performance obligation and control over its fulfilment or solely responsible for
arranging for the third party to fulfil the performance obligation i.e. acting as an
agent. Where the Group is acting as an agent, only its share of the revenue for the
arrangement of the relevant service is recognised within revenue from contracts
from customers, therefore the revenue is recognised net of the revenue passed on
to the third party. This is not currently considered a significant judgement for the
Group.
Commission and other fee expenses which relate directly to revenue are presented
as cost of sales. These expenses include ongoing commission expenses payable
to\u00a0financial institutions, investment platform providers and financial advisers
that\u00a0distribute the Group\u2019s products which are generally based on an agreed
percentage of AUM and are recognised in the consolidated income statement
as\u00a0the service is received. Other cost of sales also includes amounts payable to
employees and others relating to carried interest and performance fee revenue.
(a) Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with
customers.
2025
2024
\u00a3m
\u00a3m
ii
Account fees
54
52
Trading transactions
101
70
Treasury income
161
138
Fee income \u2013 Advice
23
25
Revenue from contracts with customers for the ii segment
339
285
Adviser
Platform charges
170
196
Treasury income
30
33
Other revenue from contracts with customers 1
5
10
Revenue from contracts with customers for the Adviser segment
205
239
Investments
Management fee income \u2013 Institutional and Retail Wealth 2
637
679
Management fee income \u2013 Insurance Partners 2
111
116
Performance fees and carried interest
23
20
Other revenue from contracts with customers
24
22
Revenue from contracts with customers for the Investments
segment
795
837
Revenue from contracts with customers for Other
2
9
Total revenue from contracts with customers
1,341
1,370
1. Other revenue from contracts with customers for the Adviser segment includes \u00a35m ( 2024 : \u00a35m ) in relation
to discretionary fund management fee income.
2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other
revenues not based on a percentage of AUM.
ii
Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a
subscription-based trading and direct investing platform. The services that ii offers are
provided on both a point in time and an over time basis.
Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are
invoiced monthly and are payable immediately from the customer\u2019s account, with
receivables recognised if there are insufficient funds available. The account fees cover
the performance obligation to provide the customer with access to the platform and
custody services. For certain subscription levels, the account fee also entitles the
customer to receive trading credits which can be redeemed against future trades. For
these subscription levels, the account fees also cover ii\u2019s performance obligation to
perform these future trades. In accordance with IFRS 15, the account fees are allocated
to the two performance obligations. Access to the platform and custody services is
provided over time and the account fees revenue allocated to this performance
obligation is recognised over the calendar month as the customer receives the benefit of
these services. Trading credits need to be used by the customer within 31 days of the
credit arising, therefore the revenue is recognised over the calendar month as a
reasonable approximation of when the performance obligation is satisfied at a point in
time within the month.
In addition, ii performs additional trades and foreign exchange transactions for its
customers. These are performed at a point in time with the revenue recognised at the
trade date of the transaction. Trading fees for transactions not covered by trading
credits are generally charged on a flat-fee basis with higher value international share
trades charged based on a percentage of the trade value. These are added to the cost
of purchasing shares or deducted from the proceeds from the sale of shares with
receivables recognised for unsettled trades. For foreign exchange trades, ii receives a
margin (varying depending on the size of the transaction) via a third party in the month
following the transaction, with receivables recognised prior to the payment.
In addition, ii is entitled to receive treasury income in relation to its performance
obligations to the customer. Treasury income is the interest earned on cash balances
less the interest paid to customers based on the client money balances held with third
party banks and by reference to the applicable interest rates. Treasury income is
recognised on an over time basis with accrued income recognised for unpaid interest.
Through its subsidiary abrdn Financial Planning and Advice Limited, the Group also
offered financial planning services until the completion of its sale on 30 January 2026.
Financial planning was either provided on a one-off basis or on an ongoing basis. The
performance obligation for one-off advice was performed at a point in time with the
revenue recognised when the advice was provided. The performance obligation for
ongoing financial planning was performed over time with the revenue recognised as the
obligation was performed. The Group generally received ongoing financial planning fees
based on the percentage of the assets under advice. One-off financial planning fees
were invoiced to the customer following delivery of the advice. Ongoing financial
planning fees were invoiced to the customer or a designated financial provider either
monthly or quarterly. Receivables were recognised for unpaid invoices. The payment
terms for invoiced revenue varied but were typically 30 days from receipt of invoice.
Accrued income was recognised to account for income earned but not yet invoiced
which was not dependent on any future performance.
Adviser
Through a number of its subsidiaries, the Group offers customers access to fund
platforms. The platforms give customers the ongoing functionality to manage and
administer their investments. This performance obligation is performed over time with
the revenue recognised as the obligation is performed. Customers pay a platform
charge which is generally calculated as a percentage of their assets. The percentage
varies depending on the level of assets on the specific platform. The main platform
charges are calculated either daily or monthly and are collected and recognised
monthly. The charges are collected directly from assets on the platform. There are no
significant payment terms.
In addition, Adviser receives treasury income for providing management and
administration of cash held in platform cash accounts. The performance obligation for
cash management and administration is performed over time with the revenue
recognised as the obligation is performed. The customer receives interest on their cash
balances after deduction of a cash management administration charge which is
generally calculated as a percentage of their cash held in relevant accounts. The
percentage varies depending on the interest received from the banks used to provide
the cash accounts. There are no significant payment terms.
Through its subsidiary Aberdeen Portfolio Solutions Limited, the Group offers
discretionary fund management services via its Managed Portfolio Service. The
performance obligation for discretionary fund management services is performed over
time with the revenue recognised as the obligation is performed. The Group generally
receives discretionary fund management services fees based on the percentage of the
assets under management. The percentage varies depending on the model selected.
Discretionary fund management services fees are deducted from assets. Deducted
fees are generally calculated and recognised daily and collected on a monthly or
quarterly basis.
Investments
Through a number of its subsidiaries, the Group provides asset management services to
its customers. This performance obligation is performed over time with the revenue
recognised as the obligation is performed. The Group generally receives asset
management fees based on the percentage of the assets under management. The
percentage varies depending on the level and nature of assets under management.
Asset management fees are either deducted from assets or invoiced. Deducted fees
are generally calculated, recognised and collected on a daily basis. Rebates which
typically relate to institutional investors are recognised in the same period as the
associated fees. Other asset management fees are invoiced to the customer either
monthly or quarterly with receivables recognised for unpaid invoices. The payment
terms for invoiced revenue vary but are typically 30 days from receipt of invoice.
Accrued income is recognised to account for income earned but not yet invoiced which
is not dependent on any future performance.
There is also some use of performance fees and carried interest arrangements.
Performance fees and carried interest are earned from some investment mandates
when contractually agreed performance levels are exceeded within specified
performance measurement periods. Performance fees and carried interest are only
recognised once it is highly probable that a significant reversal will not occur in future
periods. Given the unpredictability of future performance, the risk of a significant reversal
occurring will typically only be considered low enough to make recognition appropriate
upon the crystallisation event occurring.
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
2025
2024
\u00a3m
\u00a3m
Commission expenses
51
48
Other cost of sales
17
17
Total cost of sales
68
65
Other cost of sales includes amounts payable to employees and others relating to
carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s
reportable segments is disclosed in Section (c) below.
(c) Reconciliation of revenue from contracts with customers to adjusted net operating revenue as presented in the analysis
of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to adjusted net operating revenue as
presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments).
ii
Adviser
Investments
Other
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
339
285
205
239
795
837
2
9
1,341
1,370
Cost of sales
(9)
(7)
\u2014
(2)
(59)
(56)
\u2014
\u2014
(68)
(65)
Net operating revenue as presented in the consolidated income statement
330
278
205
237
736
781
2
9
1,273
1,305
Other differences
\u2014
\u2014
\u2014
\u2014
3
16
\u2014
\u2014
3
16
Adjusted net operating revenue as presented in the analysis of Group adjusted profit
by segment
330
278
205
237
739
797
2
9
1,276
1,321
In both 2025 and 2024, net operating revenue included reductions related to revenue recognised in previous years. As these amounts were not material, they were adjusted for in the
year rather than restating comparative amounts. Other differences reflect the effect of removing these adjustments as they do not relate to revenue recognised in the respective
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Net operating revenue represents revenue from contracts with customers after
deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e.
as the performance obligation is satisfied. Performance fees and carried interest
are only recognised once it is highly probable that a significant reversal will not
occur\u00a0in future periods. Where revenue is received in advance (front-end fees),
this\u00a0income is deferred and recognised as a deferred income liability (refer Note 33 )
and\u00a0released to the consolidated income statement over the period services are
provided.
Where revenue received relates to performance obligations whose fulfilment
involves another external party, for example fund accounting or custodian services,
the Group assesses if it is acting as a principal with full responsibility for the
performance obligation and control over its fulfilment or solely responsible for
arranging for the third party to fulfil the performance obligation i.e. acting as an
agent. Where the Group is acting as an agent, only its share of the revenue for the
arrangement of the relevant service is recognised within revenue from contracts
from customers, therefore the revenue is recognised net of the revenue passed on
to the third party. This is not currently considered a significant judgement for the
Group.
Commission and other fee expenses which relate directly to revenue are presented
as cost of sales. These expenses include ongoing commission expenses payable
to\u00a0financial institutions, investment platform providers and financial advisers
that\u00a0distribute the Group\u2019s products which are generally based on an agreed
percentage of AUM and are recognised in the consolidated income statement
as\u00a0the service is received. Other cost of sales also includes amounts payable to
employees and others relating to carried interest and performance fee revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with
customers.
2025
2024
\u00a3m
\u00a3m
ii
Account fees
54
52
Trading transactions
101
70
Treasury income
161
138
Fee income \u2013 Advice
23
25
Revenue from contracts with customers for the ii segment
339
285
Adviser
Platform charges
170
196
Treasury income
30
33
Other revenue from contracts with customers 1
5
10
Revenue from contracts with customers for the Adviser segment
205
239
Investments
Management fee income \u2013 Institutional and Retail Wealth 2
637
679
Management fee income \u2013 Insurance Partners 2
111
116
Performance fees and carried interest
23
20
Other revenue from contracts with customers
24
22
Revenue from contracts with customers for the Investments
segment
795
837
Revenue from contracts with customers for Other
2
9
Total revenue from contracts with customers
1,341
1,370
1. Other revenue from contracts with customers for the Adviser segment includes \u00a35m ( 2024 : \u00a35m ) in relation
to discretionary fund management fee income.
2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other
revenues not based on a percentage of AUM.
ii
Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a
subscription-based trading and direct investing platform. The services that ii offers are
provided on both a point in time and an over time basis.
Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are
invoiced monthly and are payable immediately from the customer\u2019s account, with
receivables recognised if there are insufficient funds available. The account fees cover
the performance obligation to provide the customer with access to the platform and
custody services. For certain subscription levels, the account fee also entitles the
customer to receive trading credits which can be redeemed against future trades. For
these subscription levels, the account fees also cover ii\u2019s performance obligation to
perform these future trades. In accordance with IFRS 15, the account fees are allocated
to the two performance obligations. Access to the platform and custody services is
provided over time and the account fees revenue allocated to this performance
obligation is recognised over the calendar month as the customer receives the benefit of
these services. Trading credits need to be used by the customer within 31 days of the
credit arising, therefore the revenue is recognised over the calendar month as a
reasonable approximation of when the performance obligation is satisfied at a point in
time within the month.
In addition, ii performs additional trades and foreign exchange transactions for its
customers. These are performed at a point in time with the revenue recognised at the
trade date of the transaction. Trading fees for transactions not covered by trading
credits are generally charged on a flat-fee basis with higher value international share
trades charged based on a percentage of the trade value. These are added to the cost
of purchasing shares or deducted from the proceeds from the sale of shares with
receivables recognised for unsettled trades. For foreign exchange trades, ii receives a
margin (varying depending on the size of the transaction) via a third party in the month
following the transaction, with receivables recognised prior to the payment.
In addition, ii is entitled to receive treasury income in relation to its performance
obligations to the customer. Treasury income is the interest earned on cash balances
less the interest paid to customers based on the client money balances held with third
party banks and by reference to the applicable interest rates. Treasury income is
recognised on an over time basis with accrued income recognised for unpaid interest.
Through its subsidiary abrdn Financial Planning and Advice Limited, the Group also
offered financial planning services until the completion of its sale on 30 January 2026.
Financial planning was either provided on a one-off basis or on an ongoing basis. The
performance obligation for one-off advice was performed at a point in time with the
revenue recognised when the advice was provided. The performance obligation for
ongoing financial planning was performed over time with the revenue recognised as the
obligation was performed. The Group generally received ongoing financial planning fees
based on the percentage of the assets under advice. One-off financial planning fees
were invoiced to the customer following delivery of the advice. Ongoing financial
planning fees were invoiced to the customer or a designated financial provider either
monthly or quarterly. Receivables were recognised for unpaid invoices. The payment
terms for invoiced revenue varied but were typically 30 days from receipt of invoice.
Accrued income was recognised to account for income earned but not yet invoiced
which was not dependent on any future performance.
Adviser
Through a number of its subsidiaries, the Group offers customers access to fund
platforms. The platforms give customers the ongoing functionality to manage and
administer their investments. This performance obligation is performed over time with
the revenue recognised as the obligation is performed. Customers pay a platform
charge which is generally calculated as a percentage of their assets. The percentage
varies depending on the level of assets on the specific platform. The main platform
charges are calculated either daily or monthly and are collected and recognised
monthly. The charges are collected directly from assets on the platform. There are no
significant payment terms.
In addition, Adviser receives treasury income for providing management and
administration of cash held in platform cash accounts. The performance obligation for
cash management and administration is performed over time with the revenue
recognised as the obligation is performed. The customer receives interest on their cash
balances after deduction of a cash management administration charge which is
generally calculated as a percentage of their cash held in relevant accounts. The
percentage varies depending on the interest received from the banks used to provide
the cash accounts. There are no significant payment terms.
Through its subsidiary Aberdeen Portfolio Solutions Limited, the Group offers
discretionary fund management services via its Managed Portfolio Service. The
performance obligation for discretionary fund management services is performed over
time with the revenue recognised as the obligation is performed. The Group generally
receives discretionary fund management services fees based on the percentage of the
assets under management. The percentage varies depending on the model selected.
Discretionary fund management services fees are deducted from assets. Deducted
fees are generally calculated and recognised daily and collected on a monthly or
quarterly basis.
Investments
Through a number of its subsidiaries, the Group provides asset management services to
its customers. This performance obligation is performed over time with the revenue
recognised as the obligation is performed. The Group generally receives asset
management fees based on the percentage of the assets under management. The
percentage varies depending on the level and nature of assets under management.
Asset management fees are either deducted from assets or invoiced. Deducted fees
are generally calculated, recognised and collected on a daily basis. Rebates which
typically relate to institutional investors are recognised in the same period as the
associated fees. Other asset management fees are invoiced to the customer either
monthly or quarterly with receivables recognised for unpaid invoices. The payment
terms for invoiced revenue vary but are typically 30 days from receipt of invoice.
Accrued income is recognised to account for income earned but not yet invoiced which
is not dependent on any future performance.
There is also some use of performance fees and carried interest arrangements.
Performance fees and carried interest are earned from some investment mandates
when contractually agreed performance levels are exceeded within specified
performance measurement periods. Performance fees and carried interest are only
recognised once it is highly probable that a significant reversal will not occur in future
periods. Given the unpredictability of future performance, the risk of a significant reversal
occurring will typically only be considered low enough to make recognition appropriate
upon the crystallisation event occurring.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "Cost of sales
The following table provides a breakdown of total cost of sales.
2025
2024
\u00a3m
\u00a3m
Commission expenses
51
48
Other cost of sales
17
17
Total cost of sales
68
65
Other cost of sales includes amounts payable to employees and others relating to
carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s
reportable segments is disclosed in Section (c) below.
(c)", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "Reconciliation of revenue from contracts with customers to adjusted net operating revenue as presented in the analysis
of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to adjusted net operating revenue as
presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments).
ii
Adviser
Investments
Other
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
339
285
205
239
795
837
2
9
1,341
1,370
Cost of sales
(9)
(7)
\u2014
(2)
(59)
(56)
\u2014
\u2014
(68)
(65)
Net operating revenue as presented in the consolidated income statement
330
278
205
237
736
781
2
9
1,273
1,305
Other differences
\u2014
\u2014
\u2014
\u2014
3
16
\u2014
\u2014
3
16
Adjusted net operating revenue as presented in the analysis of Group adjusted profit
by segment
330
278
205
237
739
797
2
9
1,276
1,321
", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
4.\u00a0 \u00a0 Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
2025
2024
Notes
\u00a3m
\u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend income)
236
(27)
Dividend income from significant listed investments
57
56
Total fair value movements and dividend income on significant listed investments
293
29
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss
66
26
Interest and similar income from financial instruments at amortised cost
65
87
Foreign exchange gains or losses on financial instruments at amortised cost
(5)
\u2014
Other income
(12)
19
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments
114
132
Net gains or losses on financial instruments and other income \u2013 unit linked business
23
1
(1)
Total other net gains or losses on financial instruments and other income
115
131
Total net gains or losses on financial instruments and other income
408
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
4.\u00a0 \u00a0 Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
2025
2024
Notes
\u00a3m
\u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend income)
236
(27)
Dividend income from significant listed investments
57
56
Total fair value movements and dividend income on significant listed investments
293
29
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss
66
26
Interest and similar income from financial instruments at amortised cost
65
87
Foreign exchange gains or losses on financial instruments at amortised cost
(5)
\u2014
Other income
(12)
19
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments
114
132
Net gains or losses on financial instruments and other income \u2013 unit linked business
23
1
(1)
Total other net gains or losses on financial instruments and other income
115
131
Total net gains or losses on financial instruments and other income
408
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
4.\u00a0 \u00a0 Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
2025
2024
Notes
\u00a3m
\u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend income)
236
(27)
Dividend income from significant listed investments
57
56
Total fair value movements and dividend income on significant listed investments
293
29
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss
66
26
Interest and similar income from financial instruments at amortised cost
65
87
Foreign exchange gains or losses on financial instruments at amortised cost
(5)
\u2014
Other income
(12)
19
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments
114
132
Net gains or losses on financial instruments and other income \u2013 unit linked business
23
1
(1)
Total other net gains or losses on financial instruments and other income
115
131
Total net gains or losses on financial instruments and other income
408
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
4.\u00a0 \u00a0 Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
2025
2024
Notes
\u00a3m
\u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend income)
236
(27)
Dividend income from significant listed investments
57
56
Total fair value movements and dividend income on significant listed investments
293
29
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss
66
26
Interest and similar income from financial instruments at amortised cost
65
87
Foreign exchange gains or losses on financial instruments at amortised cost
(5)
\u2014
Other income
(12)
19
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments
114
132
Net gains or losses on financial instruments and other income \u2013 unit linked business
23
1
(1)
Total other net gains or losses on financial instruments and other income
115
131
Total net gains or losses on financial instruments and other income
408
160
", "dimensions": { "concept": "abrdnplc:DisclosureOfNetGainsOrLossesOnFinancialInstrumentsAndOtherIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
4.\u00a0 \u00a0 Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
2025
2024
Notes
\u00a3m
\u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend income)
236
(27)
Dividend income from significant listed investments
57
56
Total fair value movements and dividend income on significant listed investments
293
29
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss
66
26
Interest and similar income from financial instruments at amortised cost
65
87
Foreign exchange gains or losses on financial instruments at amortised cost
(5)
\u2014
Other income
(12)
19
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments
114
132
Net gains or losses on financial instruments and other income \u2013 unit linked business
23
1
(1)
Total other net gains or losses on financial instruments and other income
115
131
Total net gains or losses on financial instruments and other income
408
160
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Gains and losses resulting from changes in both market value and foreign exchange
on investments classified as fair value through profit or loss are recognised in the
consolidated income statement in the period in which they occur. The gains and
losses include investment income received such as interest payments and dividend
income. Dividend income is recognised when the right to receive payment is
established.
Interest income and expense on financial instruments measured at amortised cost is
separately recognised in the consolidated income statement using the effective
interest rate method. The effective interest rate method allocates interest and other
finance costs at a constant rate over the expected life of the financial instrument, or
where appropriate a shorter period, by using as the interest rate the rate that exactly
discounts the future cash receipts over the expected life to the net carrying value of
the instrument.
Other income includes income related to vacant property and fair value movements
in contingent consideration.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForNetGainsOrLossesOnFinancialInstrumentsAndOtherIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
5.\u00a0 \u00a0 Administrative and other expenses
2025
2024
Notes
\u00a3m
\u00a3m
Restructuring and corporate transaction expenses
8
106
100
Impairment of intangibles acquired in business combinations
13
16
9
Amortisation of intangibles acquired in business combinations
and through the purchase of customer contracts
Amortisation of intangibles acquired in business
combinations
13
90
109
Amortisation of intangibles acquired through the purchase
of customer contracts
13
12
11
Total amortisation of intangibles acquired in business
combinations and through the purchase of customer
contracts
102
120
Staff costs and other employee-related costs
6
495
510
Other administrative expenses
513
574
Total administrative and other expenses
1,232
1,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
5.\u00a0 \u00a0 Administrative and other expenses
2025
2024
Notes
\u00a3m
\u00a3m
Restructuring and corporate transaction expenses
8
106
100
Impairment of intangibles acquired in business combinations
13
16
9
Amortisation of intangibles acquired in business combinations
and through the purchase of customer contracts
Amortisation of intangibles acquired in business
combinations
13
90
109
Amortisation of intangibles acquired through the purchase
of customer contracts
13
12
11
Total amortisation of intangibles acquired in business
combinations and through the purchase of customer
contracts
102
120
Staff costs and other employee-related costs
6
495
510
Other administrative expenses
513
574
Total administrative and other expenses
1,232
1,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
5.\u00a0 \u00a0 Administrative and other expenses
2025
2024
Notes
\u00a3m
\u00a3m
Restructuring and corporate transaction expenses
8
106
100
Impairment of intangibles acquired in business combinations
13
16
9
Amortisation of intangibles acquired in business combinations
and through the purchase of customer contracts
Amortisation of intangibles acquired in business
combinations
13
90
109
Amortisation of intangibles acquired through the purchase
of customer contracts
13
12
11
Total amortisation of intangibles acquired in business
combinations and through the purchase of customer
contracts
102
120
Staff costs and other employee-related costs
6
495
510
Other administrative expenses
513
574
Total administrative and other expenses
1,232
1,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
6.\u00a0 \u00a0 Staff costs and other employee-related costs
2025
2024
Notes
\u00a3m
\u00a3m
The aggregate remuneration payable in respect of employees:
Wages and salaries
388
411
Social security costs
52
47
Pension costs
Defined benefit plans
(28)
(22)
Defined contribution plans
48
48
Employee share-based payments and deferred fund
awards
41
35
26
Total staff costs and other employee-related costs
495
510
In addition, total staff costs and other employee-related costs of \u00a336m ( 2024 : \u00a335m ) have
been included in restructuring and corporate transaction expenses. Refer Note 8 .
A\u00a0further \u00a36m ( 2024: \u00a38m) of expenses are included in other cost of sales in relation to
amounts payable to employees and former employees relating to carried interest and
performance fee revenue. Refer Note 3.
The following table provides an analysis of the average number of staff employed by the
Group during the year.
2025
2024
ii
1,224
1,165
Adviser
550
507
Investments
1,914
1,933
IT and support functions
773
1,014
Total employees
4,461
4,619
Information in respect of Directors\u2019 remuneration is provided in the Directors\u2019
remuneration report on pages 105 to 138 .", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
7.\u00a0 \u00a0 Auditors' remuneration
The following table shows the auditors\u2019 remuneration during the year.
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company's auditors for the audit of the Company's
individual and consolidated financial statements
2.2
2.2
Fees payable to the Company\u2019s auditors for other services
The audit of the Company's consolidated subsidiaries pursuant to
legislation
4.8
5.3
Audit related assurance services
2.7
2.7
Total audit and audit related assurance fees
9.7
10.2
Other assurance services
\u2014
0.9
Total auditors\u2019 remuneration
9.7
11.1
Auditors\u2019 remuneration disclosed above excludes audit and non-audit fees payable to the
Group\u2019s principal auditor by Group managed funds which are not controlled by the
Group, and therefore not consolidated in the Group\u2019s financial statements.
During the year ended 31\u00a0December 2025, \u00a3nil audit fees were payable in respect of
defined benefit plans to the Group\u2019s principal auditor ( 2024: \u00a3nil).
For more information on non-audit services, refer to the Audit and Risk Committee report
in the Corporate governance statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
8.\u00a0 \u00a0 Restructuring and corporate transaction expenses
Total restructuring and corporate transaction expenses during the year were \u00a3106m
(2024 : \u00a3100m ). Restructuring expenses of \u00a388m (2024: \u00a388m ) mainly consisted of costs to
effect our cost transformation programme including related severance expenses, and
platform transformation expenses. Corporate transaction expenses were \u00a318m
(2024 : \u00a312m) and include deal costs relating to acquisitions and disposals for the year
ended 31\u00a0December 2025 of \u00a33m ( 2024 : \u00a3nil ). Further information on restructuring and
corporate transaction expenses can be found in Section 1.1 of Supplementary
information.", "dimensions": { "concept": "abrdnplc:DisclosureOfRestructuringAndCorporateTransactions", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
9.\u00a0 \u00a0 Taxation
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is
calculated using tax rates and laws substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future
period. It is only recognised to the extent that it is probable that the tax deduction will
be capable of being offset against taxable profits and gains in future periods. A
deferred tax liability represents taxes which will become payable in a future period
as a result of a current or prior year transaction. Where local tax law allows, deferred
tax assets and liabilities are netted off on the consolidated statement of financial
position. The tax rates used to determine deferred tax are those enacted or
substantively enacted at the balance sheet date that are expected to apply when
the deferred tax asset or liability are realised. Any tax consequences of distributions
on other equity instruments are credited to the statement in which the profit
distributed originally arose.
Deferred tax is recognised on temporary differences arising from investments in
subsidiaries and associates unless the timing of the reversal is in our control and it is
expected that the temporary difference will not reverse in the foreseeable future.
The Group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax and deferred tax are recognised in the consolidated income statement
except when it relates to items recognised in other comprehensive income or
directly in equity, in which case it is credited or charged to other comprehensive
income or directly to equity respectively.
The Group operates in a number of territories and during the normal course of
business will be subject to audit or enquiry by local tax authorities. At any point in time
the Group will also be engaged in commercial transactions, the tax outcome of which
may be uncertain due to their complexity or uncertain application of tax law. Tax
provisions, therefore, are subjective by their nature and require management
judgement based on the interpretation of legislation, management experience and
professional advice. As such, this may result in the Group recognising provisions or
disclosing contingent liabilities for uncertain tax positions. Management will provide for
uncertain tax positions where they judge that it is probable there will be a future
outflow of economic benefits from the Group to settle the obligation. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a
contingent liability will be disclosed, where material. In assessing uncertain tax
positions, management considers each issue on its own merits using their judgement
as to the estimate of the most likely outcome. When making estimates, management
considers all available evidence. This may include forecasts of future profitability, the
frequency and severity of any losses, and statutory carry forward and carry back
provisions as well as management experience of tax attributes expiring without use.
Where the final outcome differs from the amount provided, this difference will impact
the tax charge in future periods. Management reassesses provisions at each reporting
date based upon latest available information.
(a) Tax charge in the consolidated income statement
(a)(i) Current year tax expense
2025
2024
\u00a3m
\u00a3m
Current tax:
UK
19
11
Pillar Two Top-up tax
\u2014
1
Overseas
7
7
Adjustment to tax expense in respect of prior years
5
(4)
Total current tax
31
15
Deferred tax:
Deferred tax expense/(credit) arising from the current year
7
(5)
Adjustment to deferred tax in respect of prior years
6
(7)
Total deferred tax
13
(12)
Total tax expense 1
44
3
1. The tax expense of \u00a344m ( 2024: tax expense of \u00a33m) includes a tax expense of \u00a3nil ( 2024 : tax credit of
\u00a31m ) relating to unit linked business. Refer Note 23 for further details.
In 2025, unrecognised t ax losses from previous years were used to reduce the current
tax expense by \u00a32m (2024: \u00a32m ).
Current tax recoverable and current tax liabilities at 31\u00a0December 2025 were \u00a316m
(2024 : \u00a323m) and \u00a34m (2024: \u00a33m) respectively. Current tax assets and liabilities at
31\u00a0December 2025 are expected to be recoverable or payable in less than 12 months
(2024: less than 12 months).
(a)(ii) Reconciliation of tax expense
2025
2024
\u00a3m
\u00a3m
Profit before tax
442
251
Tax at 25% (2024: 25%)
111
63
Remeasurement of deferred tax due to rate changes
\u2014
1
Permanent differences
8
4
Non-taxable dividends from significant listed investments
(15)
(14)
Non-taxable fair value movements on significant listed investments
(59)
7
Tax effect of accounting for share of profit or loss from associates
and joint ventures
(5)
(6)
Tax effect of distributions on other equity instruments
(3)
(3)
Impairment losses on goodwill
4
1
Differences in overseas tax rates
(2)
(2)
Adjustment to current tax expense in respect of prior years
5
(4)
Recognition of previously unrecognised deferred tax credit
(10)
(9)
Deferred tax not recognised
2
1
Adjustment to deferred tax expense in respect of prior years
6
(7)
Non-taxable profit or loss on sale of subsidiaries, associates and
significant listed investments
4
(26)
Other
(2)
(3)
Total tax expense for the year
44
3
The standard UK Corporation Tax rate for the accounting period is 25%.
The accounting for certain items in the consolidated income statement results in certain
reconciling items in the table above, the values of which vary from year to year
depending upon the underlying accounting values.
Details of significant reconciling items are as follows:
\u2022 Dividend income and fair value movements from our investments in Standard Life plc
not being subject to tax.
\u2022 Pension scheme interest income included on a net of tax basis.
\u2022 Utilisation of previously unrecognised deferred tax asset against capital gains and
overseas profits.
\u2022 Prior year adjustments reflecting additional partnership income subject to tax and
costs relating to previously sold business.
(b) Tax relating to components of other comprehensive income
Tax relating to components of other comprehensive income is as follows:
2025
2024
\u00a3m
\u00a3m
Tax relating to fair value gains and losses recognised on cash flow
hedges
(10)
4
Tax relating to cash flow hedge gains and losses transferred to
consolidated income statement
9
(4)
Equity holder tax effect relating to items that may be reclassified
subsequently to profit or loss
(1)
\u2014
Tax relating to other comprehensive income
(1)
\u2014
All of the amounts presented above are in respect of equity holders of Aberdeen Group plc.
(c) Tax relating to items taken directly to equity
2025
2024
\u00a3m
\u00a3m
Tax relating to share-based payments
(4)
1
Tax relating to items taken directly to equity
(4)
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
9.\u00a0 \u00a0 Taxation
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is
calculated using tax rates and laws substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future
period. It is only recognised to the extent that it is probable that the tax deduction will
be capable of being offset against taxable profits and gains in future periods. A
deferred tax liability represents taxes which will become payable in a future period
as a result of a current or prior year transaction. Where local tax law allows, deferred
tax assets and liabilities are netted off on the consolidated statement of financial
position. The tax rates used to determine deferred tax are those enacted or
substantively enacted at the balance sheet date that are expected to apply when
the deferred tax asset or liability are realised. Any tax consequences of distributions
on other equity instruments are credited to the statement in which the profit
distributed originally arose.
Deferred tax is recognised on temporary differences arising from investments in
subsidiaries and associates unless the timing of the reversal is in our control and it is
expected that the temporary difference will not reverse in the foreseeable future.
The Group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax and deferred tax are recognised in the consolidated income statement
except when it relates to items recognised in other comprehensive income or
directly in equity, in which case it is credited or charged to other comprehensive
income or directly to equity respectively.
The Group operates in a number of territories and during the normal course of
business will be subject to audit or enquiry by local tax authorities. At any point in time
the Group will also be engaged in commercial transactions, the tax outcome of which
may be uncertain due to their complexity or uncertain application of tax law. Tax
provisions, therefore, are subjective by their nature and require management
judgement based on the interpretation of legislation, management experience and
professional advice. As such, this may result in the Group recognising provisions or
disclosing contingent liabilities for uncertain tax positions. Management will provide for
uncertain tax positions where they judge that it is probable there will be a future
outflow of economic benefits from the Group to settle the obligation. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a
contingent liability will be disclosed, where material. In assessing uncertain tax
positions, management considers each issue on its own merits using their judgement
as to the estimate of the most likely outcome. When making estimates, management
considers all available evidence. This may include forecasts of future profitability, the
frequency and severity of any losses, and statutory carry forward and carry back
provisions as well as management experience of tax attributes expiring without use.
Where the final outcome differs from the amount provided, this difference will impact
the tax charge in future periods. Management reassesses provisions at each reporting
date based upon latest available information.
(a) Tax charge in the consolidated income statement
(a)(i) Current year tax expense
2025
2024
\u00a3m
\u00a3m
Current tax:
UK
19
11
Pillar Two Top-up tax
\u2014
1
Overseas
7
7
Adjustment to tax expense in respect of prior years
5
(4)
Total current tax
31
15
Deferred tax:
Deferred tax expense/(credit) arising from the current year
7
(5)
Adjustment to deferred tax in respect of prior years
6
(7)
Total deferred tax
13
(12)
Total tax expense 1
44
3
1. The tax expense of \u00a344m ( 2024: tax expense of \u00a33m) includes a tax expense of \u00a3nil ( 2024 : tax credit of
\u00a31m ) relating to unit linked business. Refer Note 23 for further details.
In 2025, unrecognised t ax losses from previous years were used to reduce the current
tax expense by \u00a32m (2024: \u00a32m ).
Current tax recoverable and current tax liabilities at 31\u00a0December 2025 were \u00a316m
(2024 : \u00a323m) and \u00a34m (2024: \u00a33m) respectively. Current tax assets and liabilities at
31\u00a0December 2025 are expected to be recoverable or payable in less than 12 months
(2024: less than 12 months).
(a)(ii) Reconciliation of tax expense
2025
2024
\u00a3m
\u00a3m
Profit before tax
442
251
Tax at 25% (2024: 25%)
111
63
Remeasurement of deferred tax due to rate changes
\u2014
1
Permanent differences
8
4
Non-taxable dividends from significant listed investments
(15)
(14)
Non-taxable fair value movements on significant listed investments
(59)
7
Tax effect of accounting for share of profit or loss from associates
and joint ventures
(5)
(6)
Tax effect of distributions on other equity instruments
(3)
(3)
Impairment losses on goodwill
4
1
Differences in overseas tax rates
(2)
(2)
Adjustment to current tax expense in respect of prior years
5
(4)
Recognition of previously unrecognised deferred tax credit
(10)
(9)
Deferred tax not recognised
2
1
Adjustment to deferred tax expense in respect of prior years
6
(7)
Non-taxable profit or loss on sale of subsidiaries, associates and
significant listed investments
4
(26)
Other
(2)
(3)
Total tax expense for the year
44
3
The standard UK Corporation Tax rate for the accounting period is 25%.
The accounting for certain items in the consolidated income statement results in certain
reconciling items in the table above, the values of which vary from year to year
depending upon the underlying accounting values.
Details of significant reconciling items are as follows:
\u2022 Dividend income and fair value movements from our investments in Standard Life plc
not being subject to tax.
\u2022 Pension scheme interest income included on a net of tax basis.
\u2022 Utilisation of previously unrecognised deferred tax asset against capital gains and
overseas profits.
\u2022 Prior year adjustments reflecting additional partnership income subject to tax and
costs relating to previously sold business.
(b) Tax relating to components of other comprehensive income
Tax relating to components of other comprehensive income is as follows:
2025
2024
\u00a3m
\u00a3m
Tax relating to fair value gains and losses recognised on cash flow
hedges
(10)
4
Tax relating to cash flow hedge gains and losses transferred to
consolidated income statement
9
(4)
Equity holder tax effect relating to items that may be reclassified
subsequently to profit or loss
(1)
\u2014
Tax relating to other comprehensive income
(1)
\u2014
All of the amounts presented above are in respect of equity holders of Aberdeen Group plc.
(c) Tax relating to items taken directly to equity
2025
2024
\u00a3m
\u00a3m
Tax relating to share-based payments
(4)
1
Tax relating to items taken directly to equity
(4)
1
(d) Deferred tax assets and liabilities
(d)(i) Analysis of recognised deferred tax
2025
2024
\u00a3m
\u00a3m
Deferred tax assets comprise:
Losses carried forward
134
167
Depreciable assets
20
24
Employee benefits
18
14
Provisions and other temporary timing differences
4
7
Gross deferred tax assets
176
212
Less: Offset against deferred tax liabilities
(11)
(15)
Deferred tax assets
165
197
Deferred tax liabilities comprise:
Unrealised gains on investments
6
6
Deferred tax on intangible assets acquired through business
combinations
77
101
Other
5
9
Gross deferred tax liabilities
88
116
Less: Offset against deferred tax assets
(11)
(15)
Deferred tax liabilities
77
101
Net deferred tax asset at 31 December
88
96
A deferred tax asset of \u00a3134m (2024: \u00a3167m) has been recognised by the Group in respect of losses of the parent company and various subsidiaries. The decrease reflects the
utilisation of brought forward losses against taxable profits in the year.
Deferred tax assets are recognised to the extent that it is probable that the losses will be capable of being offset against taxable profits and gains in future periods. The value attributed
to them takes into account the certainty or otherwise of their recoverability. Their recoverability is measured against the reversal of deferred tax liabilities and anticipated taxable
profits and gains based on business plans. The deferred tax asset recognised on losses relates to UK entities where there is currently no restriction on the period of time over which
losses can be utilised. Recognition of this deferred tax asset requires that management must consider if it is more likely than not that this asset will be recoverable in future periods
against future profits arising in the UK. In making this assessment management have considered future operating plans and forecast taxable profits and are satisfied that forecast
taxable profits will be sufficient to enable recovery of the UK tax losses. The financial forecasts considered were consistent with those used for the assessment of the Group\u2019s intangible
assets (refer Note 13). Based upon the level of forecast taxable profits, management do not consider there is significant risk of a material adjustment to the carrying amount of the
deferred tax asset on UK tax losses within the next financial year. Management expect the deferred tax asset to be utilised over a period of between three and five years.
Deferred tax assets of \u00a3136m (2024: \u00a3180m) and liabilities of \u00a373m (2024: \u00a380m) are expected to be recovered or settled after more than 12 months.
(d)(ii) Movements in deferred tax assets and liabilities
Losses carried
forward
Depreciable
assets
Employee
benefits
Provisions and
other temporary
timing differences
Unrealised gains
on investments
Deferred tax on
intangible assets
acquired through
business
combinations
Other
Net deferred
tax asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
167
24
14
7
(6)
(101)
(9)
96
Credit or (charge) directly to equity
\u2014
\u2014
3
\u2014
\u2014
\u2014
\u2014
3
Amounts (expensed) in/credited to the consolidated income statement
(33)
(4)
1
(1)
\u2014
22
2
(13)
Other
\u2014
\u2014
\u2014
(2)
\u2014
2
2
2
At 31 December 2025
134
20
18
4
(6)
(77)
(5)
88
Losses carried
forward
Depreciable
assets
Employee
benefits
Provisions and
other temporary
timing differences
Unrealised gains
on investments
Deferred tax on
intangible assets
acquired through
business
combinations
Other
Net deferred
tax asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
160
35
20
7
(4)
(124)
(8)
86
(Charge) or credit directly to equity
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Amounts credited to/(expensed) in the consolidated income statement
8
(11)
(5)
1
(3)
23
(1)
12
Other
(1)
\u2014
\u2014
(1)
1
\u2014
\u2014
(1)
At 31 December 2024
167
24
14
7
(6)
(101)
(9)
96
(e) Unrecognised deferred tax
Due to uncertainty regarding recoverability, deferred tax assets have not been
recognised in respect of the following:
\u2022 Cumulative losses carried forward of \u00a3115m (2024: \u00a3112m) in the UK and losses and
other temporary differences of \u00a3299m (2024: \u00a3343m) in the US, losses of \u00a37m in China
(2024: \u00a37m), losses of \u00a36m in Japan (2024: \u00a38m) and losses of \u00a316m ( 2024: \u00a310m) in
other overseas jurisdictions.
Of these unrecognised deferred tax assets, certain losses have expiry dates as follows:
\u2022 US losses of \u00a3118m (2024: \u00a3136m) with expiry dates between 2035-2037.
\u2022 Other overseas losses of \u00a319m with expiry dates between 2026-2035 (2024: \u00a319m
with expiry dates between 2025-2034).
The following table provides an analysis of the losses with expiry dates for unrecognised
deferred tax assets.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
2
1
Greater than or equal to 1 year and less than 5 years
12
14
Greater than or equal to 5 years and less than 10 years
4
4
Greater than 10 years
118
136
Total losses with expiry dates
136
155
There is an unrecognised deferred tax asset of \u00a37m (2024 : asset of \u00a36m) relating to
temporary timing differences associated with investments in subsidiaries, branches and
associates and interests in joint arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is
calculated using tax rates and laws substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future
period. It is only recognised to the extent that it is probable that the tax deduction will
be capable of being offset against taxable profits and gains in future periods. A
deferred tax liability represents taxes which will become payable in a future period
as a result of a current or prior year transaction. Where local tax law allows, deferred
tax assets and liabilities are netted off on the consolidated statement of financial
position. The tax rates used to determine deferred tax are those enacted or
substantively enacted at the balance sheet date that are expected to apply when
the deferred tax asset or liability are realised. Any tax consequences of distributions
on other equity instruments are credited to the statement in which the profit
distributed originally arose.
Deferred tax is recognised on temporary differences arising from investments in
subsidiaries and associates unless the timing of the reversal is in our control and it is
expected that the temporary difference will not reverse in the foreseeable future.
The Group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax and deferred tax are recognised in the consolidated income statement
except when it relates to items recognised in other comprehensive income or
directly in equity, in which case it is credited or charged to other comprehensive
income or directly to equity respectively.
The Group operates in a number of territories and during the normal course of
business will be subject to audit or enquiry by local tax authorities. At any point in time
the Group will also be engaged in commercial transactions, the tax outcome of which
may be uncertain due to their complexity or uncertain application of tax law. Tax
provisions, therefore, are subjective by their nature and require management
judgement based on the interpretation of legislation, management experience and
professional advice. As such, this may result in the Group recognising provisions or
disclosing contingent liabilities for uncertain tax positions. Management will provide for
uncertain tax positions where they judge that it is probable there will be a future
outflow of economic benefits from the Group to settle the obligation. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a
contingent liability will be disclosed, where material. In assessing uncertain tax
positions, management considers each issue on its own merits using their judgement
as to the estimate of the most likely outcome. When making estimates, management
considers all available evidence. This may include forecasts of future profitability, the
frequency and severity of any losses, and statutory carry forward and carry back
provisions as well as management experience of tax attributes expiring without use.
Where the final outcome differs from the amount provided, this difference will impact
the tax charge in future periods. Management reassesses provisions at each reporting
date based upon latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is
calculated using tax rates and laws substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future
period. It is only recognised to the extent that it is probable that the tax deduction will
be capable of being offset against taxable profits and gains in future periods. A
deferred tax liability represents taxes which will become payable in a future period
as a result of a current or prior year transaction. Where local tax law allows, deferred
tax assets and liabilities are netted off on the consolidated statement of financial
position. The tax rates used to determine deferred tax are those enacted or
substantively enacted at the balance sheet date that are expected to apply when
the deferred tax asset or liability are realised. Any tax consequences of distributions
on other equity instruments are credited to the statement in which the profit
distributed originally arose.
Deferred tax is recognised on temporary differences arising from investments in
subsidiaries and associates unless the timing of the reversal is in our control and it is
expected that the temporary difference will not reverse in the foreseeable future.
The Group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax and deferred tax are recognised in the consolidated income statement
except when it relates to items recognised in other comprehensive income or
directly in equity, in which case it is credited or charged to other comprehensive
income or directly to equity respectively.
The Group operates in a number of territories and during the normal course of
business will be subject to audit or enquiry by local tax authorities. At any point in time
the Group will also be engaged in commercial transactions, the tax outcome of which
may be uncertain due to their complexity or uncertain application of tax law. Tax
provisions, therefore, are subjective by their nature and require management
judgement based on the interpretation of legislation, management experience and
professional advice. As such, this may result in the Group recognising provisions or
disclosing contingent liabilities for uncertain tax positions. Management will provide for
uncertain tax positions where they judge that it is probable there will be a future
outflow of economic benefits from the Group to settle the obligation. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a
contingent liability will be disclosed, where material. In assessing uncertain tax
positions, management considers each issue on its own merits using their judgement
as to the estimate of the most likely outcome. When making estimates, management
considers all available evidence. This may include forecasts of future profitability, the
frequency and severity of any losses, and statutory carry forward and carry back
provisions as well as management experience of tax attributes expiring without use.
Where the final outcome differs from the amount provided, this difference will impact
the tax charge in future periods. Management reassesses provisions at each reporting
date based upon latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
10.\u00a0 \u00a0 Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period
excluding shares owned by the employee trusts that have not vested unconditionally to employees.
Diluted and adjusted diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion
of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided
in Note 41.
Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company.
Basic earnings per share was 21.6p ( 2024 : 13.2p ) and diluted earnings per share was 21.2p ( 2024 : 13.0p) for the year ended 31\u00a0December 2025 . The following table shows details of
basic, diluted and adjusted earnings per share.
2025
2024
\u00a3m
\u00a3m
Adjusted profit before tax
383
354
Tax on adjusted profit
(85)
(70)
Adjusted profit after tax
298
284
Attributable to:
Other equity holders
(11)
(11)
Non-controlling interests \u2013 ordinary shares
1
\u2014
Adjusted profit after tax attributable to equity shareholders of Aberdeen
Group plc
288
273
Total adjusting items
59
(103)
Tax on adjusting items
41
67
Profit attributable to equity shareholders of Aberdeen Group plc
388
237
2025
2024
Millions
Millions
Weighted average number of ordinary shares outstanding
1,794
1,796
Dilutive effect of share options and awards
35
22
Weighted average number of diluted ordinary shares outstanding
1,829
1,818
2025
2024
Pence
Pence
Basic earnings per share
21.6
13.2
Diluted earnings per share
21.2
13.0
Adjusted earnings per share
16.1
15.2
Adjusted diluted earnings per share
15.7
15.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period
excluding shares owned by the employee trusts that have not vested unconditionally to employees.
Diluted and adjusted diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion
of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided
in Note 41.
Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
11.\u00a0 \u00a0 Adjusted profit and adjusting items
Adjusted profit excludes the impact of the following items:
\u2022 Restructuring and corporate transaction expenses. Restructuring includes the
impact of major regulatory change.
\u2022 Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
\u2022 Profit or loss arising on the disposal of a subsidiary, joint venture or equity
accounted associate.
\u2022 Change in fair value of/dividends from significant listed investments.
\u2022 Share of profit or loss from associates and joint ventures.
\u2022 Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
\u2022 Fair value movements in contingent consideration.
\u2022 Items which are one-off and, due to their size or nature, are not indicative of the
long-term operating performance of the Group.
The tax charge or credit allocated to adjusting items is based on the tax treatment
of each adjusting item.
The operating, investing and financing cash flows presented in the consolidated
statement of cash flows are for both adjusting and non-adjusting items.
(a) Other
Other adjusting items for the year ended 31\u00a0December 2025 include:
\u2022 \u00a3(20)m expense ( 2024: \u00a311m gain) on net fair value movements in contingent
consideration, primarily relating to Tritax. Refer Note 37 for further details.
\u2022 Gain of \u00a313m (2024 : \u00a34m gain) primarily in relation to market movements on the
investments held by the Aberdeen Group Charitable Trust (previously named abrdn
Financial Fairness Trust) which is consolidated by the Group. The assets of the Trust
are restricted to be used for charitable purposes.
\u2022 \u00a3(9)m expense related to the augmentation of pension benefits, which is a past
service cost.
\u2022 \u00a3(7)m net expense (2024 : \u00a3(10)m) related to properties which are not being used
operationally.
\u2022 \u00a3(3)m negative adjustment (2024: \u00a3(16)m) to Revenue from contracts with customers
recognised in prior periods which were not restated as the impact was not considered
material.
Other adjusting items for the year ended 31\u00a0December 2024 included:
\u2022 \u00a3(15)m negative release to other administrative expenses of the prepayment
recognised in relation to the Group\u2019s purchase of Standard Life\u2019s trustee investment
plan business for UK pension scheme clients.", "dimensions": { "concept": "abrdnplc:DisclosureOfAdjustedProfitAndAdjustingItems", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Adjusted profit excludes the impact of the following items:
\u2022 Restructuring and corporate transaction expenses. Restructuring includes the
impact of major regulatory change.
\u2022 Amortisation and impairment of intangible assets acquired in business
combinations and through the purchase of customer contracts.
\u2022 Profit or loss arising on the disposal of a subsidiary, joint venture or equity
accounted associate.
\u2022 Change in fair value of/dividends from significant listed investments.
\u2022 Share of profit or loss from associates and joint ventures.
\u2022 Impairment loss/reversal of impairment loss recognised on investments in
associates and joint ventures accounted for using the equity method.
\u2022 Fair value movements in contingent consideration.
\u2022 Items which are one-off and, due to their size or nature, are not indicative of the
long-term operating performance of the Group.
The tax charge or credit allocated to adjusting items is based on the tax treatment
of each adjusting item.
The operating, investing and financing cash flows presented in the consolidated
statement of cash flows are for both adjusting and non-adjusting items.", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForAdjustedProfitAndAdjustingItems", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
12.\u00a0 \u00a0 Dividends on ordinary shares
Dividends are distributions of profit to holders of Aberdeen Group plc\u2019s share capital
and as a result are recognised as a deduction in equity. Final dividends are
announced with the Annual report and accounts and are recognised when they
have been approved by shareholders. Interim dividends are announced with the
Half year results and are recognised when they are paid.
2025
2024
Pence per
share
\u00a3m 1
Pence per
share
\u00a3m
Prior year\u2019s final dividend paid
7.30
130
7.30
130
Interim dividend paid
7.30
131
7.30
130
Total dividends paid on ordinary shares
261
260
Current year final recommended dividend
7.30
130
7.30
130
1. Estimated for current year final recommended dividend.
The final recommended dividend will be paid on 6\u00a0May 2026 to shareholders on the
Company\u2019s register as at 20\u00a0March 2026, subject to approval at the 2026 Annual
General Meeting. After the current year final recommended dividend, the total dividend
in respect of the year ended 31\u00a0December 2025 is 14.60p ( 2024: 14.60p).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Dividends are distributions of profit to holders of Aberdeen Group plc\u2019s share capital
and as a result are recognised as a deduction in equity. Final dividends are
announced with the Annual report and accounts and are recognised when they
have been approved by shareholders. Interim dividends are announced with the
Half year results and are recognised when they are paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
13.\u00a0 \u00a0 Intangible assets
Goodwill is created when the Group acquires a business and the consideration
exceeds the fair value of the net assets acquired. In determining the net assets
acquired in business combinations, intangible assets are recognised where they are
separable or arise from contractual or legal rights. Intangible assets acquired by the
Group through business combinations consist mainly of customer relationships and
investment management contracts, technology and brands. Any remaining value
that cannot be identified as a separate intangible asset on acquisition forms part of
goodwill. Goodwill is not charged to the consolidated income statement unless it
becomes impaired.
In addition to intangible assets acquired through business combinations, the Group
recognises as intangible assets software which has been developed internally and
other purchased technology which is used in managing and executing our business.
Costs to develop software internally are capitalised after the research phase and
when it has been established that the project is technically feasible and the Group has
both the intention and ability to use the completed asset.
Intangible assets are recognised at cost and amortisation is charged to the
consolidated income statement over the length of time the Group expects to derive
benefits from the asset. The allocation of the consolidated income statement charge
to each reporting period is dependent on the expected pattern over which future
benefits are expected to be derived. Where this pattern cannot be determined
reliably the charge is allocated on a straight-line basis.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as
an intangible asset. These costs primarily relate to the cost of acquiring existing
investment management contracts from other asset managers and commission
costs for initial investors into new closed-end funds where these are borne by the
Group. For the cost of obtaining customer contracts, the intangible asset is amortised
on the same basis as the transfer to the customer of the services to which the
intangible asset relates.
Refer to the estimates and assumptions section below for details of the amortisation
periods and methods applied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
13.\u00a0 \u00a0 Intangible assets
Goodwill is created when the Group acquires a business and the consideration
exceeds the fair value of the net assets acquired. In determining the net assets
acquired in business combinations, intangible assets are recognised where they are
separable or arise from contractual or legal rights. Intangible assets acquired by the
Group through business combinations consist mainly of customer relationships and
investment management contracts, technology and brands. Any remaining value
that cannot be identified as a separate intangible asset on acquisition forms part of
goodwill. Goodwill is not charged to the consolidated income statement unless it
becomes impaired.
In addition to intangible assets acquired through business combinations, the Group
recognises as intangible assets software which has been developed internally and
other purchased technology which is used in managing and executing our business.
Costs to develop software internally are capitalised after the research phase and
when it has been established that the project is technically feasible and the Group has
both the intention and ability to use the completed asset.
Intangible assets are recognised at cost and amortisation is charged to the
consolidated income statement over the length of time the Group expects to derive
benefits from the asset. The allocation of the consolidated income statement charge
to each reporting period is dependent on the expected pattern over which future
benefits are expected to be derived. Where this pattern cannot be determined
reliably the charge is allocated on a straight-line basis.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as
an intangible asset. These costs primarily relate to the cost of acquiring existing
investment management contracts from other asset managers and commission
costs for initial investors into new closed-end funds where these are borne by the
Group. For the cost of obtaining customer contracts, the intangible asset is amortised
on the same basis as the transfer to the customer of the services to which the
intangible asset relates.
Refer to the estimates and assumptions section below for details of the amortisation
periods and methods applied.
Acquired through business combinations
Goodwill
Brand
Customer
relationships
and investment
management
contracts
Technology &
other
Internally
developed
software 1
Purchased
software and
other
Cost of
obtaining
customer
contracts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January 2024
4,704
111
1,553
101
147
5
137
6,758
Disposals and adjustments
\u2014
\u2014
(12)
(5)
(21)
\u2014
\u2014
(38)
Additions
\u2014
\u2014
\u2014
\u2014
5
\u2014
21
26
Foreign exchange adjustment
1
\u2014
1
\u2014
\u2014
\u2014
1
3
At 31 December 2024
4,705
111
1,542
96
131
5
159
6,749
Reclassified as held for sale during the year
(60)
\u2014
(13)
\u2014
\u2014
\u2014
\u2014
(73)
Additions
\u2014
\u2014
\u2014
\u2014
4
\u2014
15
19
Foreign exchange adjustment
(2)
\u2014
(5)
\u2014
\u2014
\u2014
(2)
(9)
At 31 December 2025
4,643
111
1,524
96
135
5
172
6,686
Accumulated amortisation and impairment
At 1 January 2024
(3,792)
(100)
(974)
(86)
(134)
(5)
(89)
(5,180)
Disposals and adjustments
\u2014
\u2014
11
5
21
\u2014
\u2014
37
Amortisation charge for the year 2
\u2014
(3)
(96)
(10)
(3)
\u2014
(11)
(123)
Impairment losses recognised 3
(5)
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(9)
At 31 December 2024
(3,797)
(103)
(1,063)
(91)
(116)
(5)
(100)
(5,275)
Reclassified as held for sale during the year
44
\u2014
6
\u2014
\u2014
\u2014
\u2014
50
Amortisation charge for the year 2
\u2014
(3)
(83)
(4)
(3)
\u2014
(12)
(105)
Impairment losses recognised 3
(8)
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(9)
At 31 December 2025
(3,761)
(106)
(1,140)
(96)
(119)
(5)
(112)
(5,339)
Carrying amount
At 1 January 2024
912
11
579
15
13
\u2014
48
1,578
At 31 December 2024
908
8
479
5
15
\u2014
59
1,474
At 31 December 2025
882
5
384
\u2014
16
\u2014
60
1,347
1. Included in the internally developed software of \u00a316m ( 2024: \u00a315m ) is \u00a38m ( 2024 : \u00a36m ) relating to intangible assets not yet ready for use.
2. For the year ended 31\u00a0December 2025 , \u00a3102m (2024 : \u00a3120m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts with \u00a33m
( 2024 : \u00a33m) recognised in other administrative expenses.
3. For the year ended 31\u00a0December 2025 , \u00a3 16m (2024 : \u00a39m ) of impairment is recognised in Impairment of intangibles acquired in business combinations and through the purchase of customer contracts including \u00a37m (2024: \u00a3nil)
in relation to impairments on intangibles subsequent to their classification as held for sale. Refer Note 21 .
At 31\u00a0December 2025, there was:
\u2022 \u00a338m (2024: \u00a340m) of goodwill attributable to the abrdn Inc. cash-generating unit
(CGU) in the Investments segment in relation to the acquisition of the healthcare fund
management capabilities of Tekla.
\u2022 \u00a3819m (2024 : \u00a3819m) of goodwill attributable to the ii CGU in the ii segment.
\u2022 \u00a325m (2024: \u00a325m ) of goodwill is attributable to an Adviser segment CGU.
At 31 December 2024 there was \u00a324m of goodwill attributable to the abrdn financial
planning business (aFPAL) CGU in the ii segment prior to the impairment of goodwill and
reclassification to held for sale in the year ended 31 December 2025.
In addition to goodwill, the Group has a number of customer related acquired intangibles
that are individually material.
Tekla investment management contract intangible assets
On acquisition of the healthcare fund management capabilities of Tekla, \u00a378m of
customer relationships and investment management contract intangibles were
recognised. These assets primarily relate to investment management contracts with the
four NYSE listed funds. The description of the individually material intangible assets
including the estimated useful life at the acquisition date of 27 October 2023 were as
follows:
Investment
management
contract intangible
asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tekla Healthcare
Opportunities
Fund
Investment management
contract with Tekla Healthcare
Opportunities Fund
12.1 years
28
21
25
Tekla Healthcare
Investors
Investment management
contract with Tekla Healthcare
Investors
12.1 years
25
18
22
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 9.9 years.
ii intangible assets
On acquisition of ii, customer relationships, brand and technology and other intangibles of
\u00a3421m, \u00a316m and \u00a332m respectively were recognised. Identification and valuation of
intangible assets acquired in business combinations was a key judgement. The
description of the individually material intangible asset including the estimated useful life
at the acquisition date of 27 May 2022 was as follows:
Customer relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Customer base
ii\u2019s customer base at the
date of acquisition
15 years
421
249
293
There has been no change to the useful life and therefore residual useful life of the
customer relationships intangible asset is 11.4 years. The reducing balance method of
amortisation is considered appropriate for this intangible, consistent with the attrition rate
being constant over time.
Following the valuation of the ii intangibles discussed above, goodwill of \u00a3993m was
recognised. The allocation of this goodwill to cash-generating units was a key judgement
in 2022. The goodwill was allocated to cash-generating units based on expected earnings
contribution, including in relation to revenue synergies, at the time of the transaction. We
considered an earnings contribution method of allocation to be appropriate as earnings
multiples are a primary valuation method for businesses such as ii. This resulted in the
goodwill being primarily allocated to the ii cash-generating unit in the ii segment (\u00a3819m),
with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating
units in the Investments segment and a cash-generating unit in the ii segment
respectively. The \u00a3132m allocated to the asset management group of cash-generating
units was subsequently impaired in 2022. The \u00a342m allocated to a cash-generating unit in
the ii segment was transferred to held for sale at 31 December 2022 and disposed of
during 2023 as part of the sale of abrdn Capital Limited (aCL).
Tritax investment management contract intangible assets
On acquisition of Tritax, \u00a371m of customer relationships and investment management
contracts intangibles were recognised. These assets primarily relate to Tritax\u2019s investment
management contracts with Tritax Big Box REIT plc which is a listed closed-end real
estate fund.
The description of the individually material intangible asset including the estimated useful
life at the acquisition date of 1 April 2021 was as follows:
Investment
management
contract
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tritax Big Box
REIT plc
Investment management
contract with Tritax Big Box
REIT plc
13 years
50
32
36
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 8.25 years.
abrdn Holdings Limited (aHL) intangibles
On the acquisition of aHL in 2017, we identified intangible assets in relation to customer
relationships, brand and technology as being separable from goodwill. Identification and
valuation of intangible assets acquired in business combinations is a key judgement.
The customer relationships acquired through aHL and its subsidiaries were grouped
where the customer groups have similar economic characteristics and similar useful
economic lives. This gave rise to three separate intangible assets which we termed Lloyds
Banking Group, Open ended funds, and Segregated and similar.
The intangible asset for Lloyds Banking Group had a carrying value of \u00a3nil at the end of
2019. The description of the remaining two separate intangible assets including their
estimated useful life at the acquisition date of 14 August 2017 was as follows:
Customer
relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Open ended
funds
Separate vehicle group \u2013 open
ended investment vehicles
11 years
223
10
19
Segregated
and similar
All other vehicle groups dominated
by segregated mandates which
represent 75% of this group
12 years
427
18
29
The reducing balance method of amortisation is considered appropriate for these
intangibles, consistent with the attrition pattern on customer relationships which means
that the economic benefits delivered from the existing customer base will reduce
disproportionately over time. There has been no change to the useful lives of the
Open\u00a0ended funds and Segregated and similar customer relationship intangible assets.
Therefore the residual useful life of the Open ended funds customer relationship
intangible asset is 2.6 years and the residual life of the Segregated and similar customer
relationship intangible asset is 3.6 years.
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
13.\u00a0 \u00a0 Intangible assets
Goodwill is created when the Group acquires a business and the consideration
exceeds the fair value of the net assets acquired. In determining the net assets
acquired in business combinations, intangible assets are recognised where they are
separable or arise from contractual or legal rights. Intangible assets acquired by the
Group through business combinations consist mainly of customer relationships and
investment management contracts, technology and brands. Any remaining value
that cannot be identified as a separate intangible asset on acquisition forms part of
goodwill. Goodwill is not charged to the consolidated income statement unless it
becomes impaired.
In addition to intangible assets acquired through business combinations, the Group
recognises as intangible assets software which has been developed internally and
other purchased technology which is used in managing and executing our business.
Costs to develop software internally are capitalised after the research phase and
when it has been established that the project is technically feasible and the Group has
both the intention and ability to use the completed asset.
Intangible assets are recognised at cost and amortisation is charged to the
consolidated income statement over the length of time the Group expects to derive
benefits from the asset. The allocation of the consolidated income statement charge
to each reporting period is dependent on the expected pattern over which future
benefits are expected to be derived. Where this pattern cannot be determined
reliably the charge is allocated on a straight-line basis.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as
an intangible asset. These costs primarily relate to the cost of acquiring existing
investment management contracts from other asset managers and commission
costs for initial investors into new closed-end funds where these are borne by the
Group. For the cost of obtaining customer contracts, the intangible asset is amortised
on the same basis as the transfer to the customer of the services to which the
intangible asset relates.
Refer to the estimates and assumptions section below for details of the amortisation
periods and methods applied.
Acquired through business combinations
Goodwill
Brand
Customer
relationships
and investment
management
contracts
Technology &
other
Internally
developed
software 1
Purchased
software and
other
Cost of
obtaining
customer
contracts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January 2024
4,704
111
1,553
101
147
5
137
6,758
Disposals and adjustments
\u2014
\u2014
(12)
(5)
(21)
\u2014
\u2014
(38)
Additions
\u2014
\u2014
\u2014
\u2014
5
\u2014
21
26
Foreign exchange adjustment
1
\u2014
1
\u2014
\u2014
\u2014
1
3
At 31 December 2024
4,705
111
1,542
96
131
5
159
6,749
Reclassified as held for sale during the year
(60)
\u2014
(13)
\u2014
\u2014
\u2014
\u2014
(73)
Additions
\u2014
\u2014
\u2014
\u2014
4
\u2014
15
19
Foreign exchange adjustment
(2)
\u2014
(5)
\u2014
\u2014
\u2014
(2)
(9)
At 31 December 2025
4,643
111
1,524
96
135
5
172
6,686
Accumulated amortisation and impairment
At 1 January 2024
(3,792)
(100)
(974)
(86)
(134)
(5)
(89)
(5,180)
Disposals and adjustments
\u2014
\u2014
11
5
21
\u2014
\u2014
37
Amortisation charge for the year 2
\u2014
(3)
(96)
(10)
(3)
\u2014
(11)
(123)
Impairment losses recognised 3
(5)
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(9)
At 31 December 2024
(3,797)
(103)
(1,063)
(91)
(116)
(5)
(100)
(5,275)
Reclassified as held for sale during the year
44
\u2014
6
\u2014
\u2014
\u2014
\u2014
50
Amortisation charge for the year 2
\u2014
(3)
(83)
(4)
(3)
\u2014
(12)
(105)
Impairment losses recognised 3
(8)
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(9)
At 31 December 2025
(3,761)
(106)
(1,140)
(96)
(119)
(5)
(112)
(5,339)
Carrying amount
At 1 January 2024
912
11
579
15
13
\u2014
48
1,578
At 31 December 2024
908
8
479
5
15
\u2014
59
1,474
At 31 December 2025
882
5
384
\u2014
16
\u2014
60
1,347
1. Included in the internally developed software of \u00a316m ( 2024: \u00a315m ) is \u00a38m ( 2024 : \u00a36m ) relating to intangible assets not yet ready for use.
2. For the year ended 31\u00a0December 2025 , \u00a3102m (2024 : \u00a3120m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts with \u00a33m
( 2024 : \u00a33m) recognised in other administrative expenses.
3. For the year ended 31\u00a0December 2025 , \u00a3 16m (2024 : \u00a39m ) of impairment is recognised in Impairment of intangibles acquired in business combinations and through the purchase of customer contracts including \u00a37m (2024: \u00a3nil)
in relation to impairments on intangibles subsequent to their classification as held for sale. Refer Note 21 .
At 31\u00a0December 2025, there was:
\u2022 \u00a338m (2024: \u00a340m) of goodwill attributable to the abrdn Inc. cash-generating unit
(CGU) in the Investments segment in relation to the acquisition of the healthcare fund
management capabilities of Tekla.
\u2022 \u00a3819m (2024 : \u00a3819m) of goodwill attributable to the ii CGU in the ii segment.
\u2022 \u00a325m (2024: \u00a325m ) of goodwill is attributable to an Adviser segment CGU.
At 31 December 2024 there was \u00a324m of goodwill attributable to the abrdn financial
planning business (aFPAL) CGU in the ii segment prior to the impairment of goodwill and
reclassification to held for sale in the year ended 31 December 2025.
In addition to goodwill, the Group has a number of customer related acquired intangibles
that are individually material.
Tekla investment management contract intangible assets
On acquisition of the healthcare fund management capabilities of Tekla, \u00a378m of
customer relationships and investment management contract intangibles were
recognised. These assets primarily relate to investment management contracts with the
four NYSE listed funds. The description of the individually material intangible assets
including the estimated useful life at the acquisition date of 27 October 2023 were as
follows:
Investment
management
contract intangible
asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tekla Healthcare
Opportunities
Fund
Investment management
contract with Tekla Healthcare
Opportunities Fund
12.1 years
28
21
25
Tekla Healthcare
Investors
Investment management
contract with Tekla Healthcare
Investors
12.1 years
25
18
22
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 9.9 years.
ii intangible assets
On acquisition of ii, customer relationships, brand and technology and other intangibles of
\u00a3421m, \u00a316m and \u00a332m respectively were recognised. Identification and valuation of
intangible assets acquired in business combinations was a key judgement. The
description of the individually material intangible asset including the estimated useful life
at the acquisition date of 27 May 2022 was as follows:
Customer relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Customer base
ii\u2019s customer base at the
date of acquisition
15 years
421
249
293
There has been no change to the useful life and therefore residual useful life of the
customer relationships intangible asset is 11.4 years. The reducing balance method of
amortisation is considered appropriate for this intangible, consistent with the attrition rate
being constant over time.
Following the valuation of the ii intangibles discussed above, goodwill of \u00a3993m was
recognised. The allocation of this goodwill to cash-generating units was a key judgement
in 2022. The goodwill was allocated to cash-generating units based on expected earnings
contribution, including in relation to revenue synergies, at the time of the transaction. We
considered an earnings contribution method of allocation to be appropriate as earnings
multiples are a primary valuation method for businesses such as ii. This resulted in the
goodwill being primarily allocated to the ii cash-generating unit in the ii segment (\u00a3819m),
with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating
units in the Investments segment and a cash-generating unit in the ii segment
respectively. The \u00a3132m allocated to the asset management group of cash-generating
units was subsequently impaired in 2022. The \u00a342m allocated to a cash-generating unit in
the ii segment was transferred to held for sale at 31 December 2022 and disposed of
during 2023 as part of the sale of abrdn Capital Limited (aCL).
Tritax investment management contract intangible assets
On acquisition of Tritax, \u00a371m of customer relationships and investment management
contracts intangibles were recognised. These assets primarily relate to Tritax\u2019s investment
management contracts with Tritax Big Box REIT plc which is a listed closed-end real
estate fund.
The description of the individually material intangible asset including the estimated useful
life at the acquisition date of 1 April 2021 was as follows:
Investment
management
contract
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tritax Big Box
REIT plc
Investment management
contract with Tritax Big Box
REIT plc
13 years
50
32
36
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 8.25 years.
abrdn Holdings Limited (aHL) intangibles
On the acquisition of aHL in 2017, we identified intangible assets in relation to customer
relationships, brand and technology as being separable from goodwill. Identification and
valuation of intangible assets acquired in business combinations is a key judgement.
The customer relationships acquired through aHL and its subsidiaries were grouped
where the customer groups have similar economic characteristics and similar useful
economic lives. This gave rise to three separate intangible assets which we termed Lloyds
Banking Group, Open ended funds, and Segregated and similar.
The intangible asset for Lloyds Banking Group had a carrying value of \u00a3nil at the end of
2019. The description of the remaining two separate intangible assets including their
estimated useful life at the acquisition date of 14 August 2017 was as follows:
Customer
relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Open ended
funds
Separate vehicle group \u2013 open
ended investment vehicles
11 years
223
10
19
Segregated
and similar
All other vehicle groups dominated
by segregated mandates which
represent 75% of this group
12 years
427
18
29
The reducing balance method of amortisation is considered appropriate for these
intangibles, consistent with the attrition pattern on customer relationships which means
that the economic benefits delivered from the existing customer base will reduce
disproportionately over time. There has been no change to the useful lives of the
Open\u00a0ended funds and Segregated and similar customer relationship intangible assets.
Therefore the residual useful life of the Open ended funds customer relationship
intangible asset is 2.6 years and the residual life of the Segregated and similar customer
relationship intangible asset is 3.6 years.
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
13.\u00a0 \u00a0 Intangible assets
Goodwill is created when the Group acquires a business and the consideration
exceeds the fair value of the net assets acquired. In determining the net assets
acquired in business combinations, intangible assets are recognised where they are
separable or arise from contractual or legal rights. Intangible assets acquired by the
Group through business combinations consist mainly of customer relationships and
investment management contracts, technology and brands. Any remaining value
that cannot be identified as a separate intangible asset on acquisition forms part of
goodwill. Goodwill is not charged to the consolidated income statement unless it
becomes impaired.
In addition to intangible assets acquired through business combinations, the Group
recognises as intangible assets software which has been developed internally and
other purchased technology which is used in managing and executing our business.
Costs to develop software internally are capitalised after the research phase and
when it has been established that the project is technically feasible and the Group has
both the intention and ability to use the completed asset.
Intangible assets are recognised at cost and amortisation is charged to the
consolidated income statement over the length of time the Group expects to derive
benefits from the asset. The allocation of the consolidated income statement charge
to each reporting period is dependent on the expected pattern over which future
benefits are expected to be derived. Where this pattern cannot be determined
reliably the charge is allocated on a straight-line basis.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as
an intangible asset. These costs primarily relate to the cost of acquiring existing
investment management contracts from other asset managers and commission
costs for initial investors into new closed-end funds where these are borne by the
Group. For the cost of obtaining customer contracts, the intangible asset is amortised
on the same basis as the transfer to the customer of the services to which the
intangible asset relates.
Refer to the estimates and assumptions section below for details of the amortisation
periods and methods applied.
Acquired through business combinations
Goodwill
Brand
Customer
relationships
and investment
management
contracts
Technology &
other
Internally
developed
software 1
Purchased
software and
other
Cost of
obtaining
customer
contracts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January 2024
4,704
111
1,553
101
147
5
137
6,758
Disposals and adjustments
\u2014
\u2014
(12)
(5)
(21)
\u2014
\u2014
(38)
Additions
\u2014
\u2014
\u2014
\u2014
5
\u2014
21
26
Foreign exchange adjustment
1
\u2014
1
\u2014
\u2014
\u2014
1
3
At 31 December 2024
4,705
111
1,542
96
131
5
159
6,749
Reclassified as held for sale during the year
(60)
\u2014
(13)
\u2014
\u2014
\u2014
\u2014
(73)
Additions
\u2014
\u2014
\u2014
\u2014
4
\u2014
15
19
Foreign exchange adjustment
(2)
\u2014
(5)
\u2014
\u2014
\u2014
(2)
(9)
At 31 December 2025
4,643
111
1,524
96
135
5
172
6,686
Accumulated amortisation and impairment
At 1 January 2024
(3,792)
(100)
(974)
(86)
(134)
(5)
(89)
(5,180)
Disposals and adjustments
\u2014
\u2014
11
5
21
\u2014
\u2014
37
Amortisation charge for the year 2
\u2014
(3)
(96)
(10)
(3)
\u2014
(11)
(123)
Impairment losses recognised 3
(5)
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(9)
At 31 December 2024
(3,797)
(103)
(1,063)
(91)
(116)
(5)
(100)
(5,275)
Reclassified as held for sale during the year
44
\u2014
6
\u2014
\u2014
\u2014
\u2014
50
Amortisation charge for the year 2
\u2014
(3)
(83)
(4)
(3)
\u2014
(12)
(105)
Impairment losses recognised 3
(8)
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(9)
At 31 December 2025
(3,761)
(106)
(1,140)
(96)
(119)
(5)
(112)
(5,339)
Carrying amount
At 1 January 2024
912
11
579
15
13
\u2014
48
1,578
At 31 December 2024
908
8
479
5
15
\u2014
59
1,474
At 31 December 2025
882
5
384
\u2014
16
\u2014
60
1,347
1. Included in the internally developed software of \u00a316m ( 2024: \u00a315m ) is \u00a38m ( 2024 : \u00a36m ) relating to intangible assets not yet ready for use.
2. For the year ended 31\u00a0December 2025 , \u00a3102m (2024 : \u00a3120m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts with \u00a33m
( 2024 : \u00a33m) recognised in other administrative expenses.
3. For the year ended 31\u00a0December 2025 , \u00a3 16m (2024 : \u00a39m ) of impairment is recognised in Impairment of intangibles acquired in business combinations and through the purchase of customer contracts including \u00a37m (2024: \u00a3nil)
in relation to impairments on intangibles subsequent to their classification as held for sale. Refer Note 21 .
At 31\u00a0December 2025, there was:
\u2022 \u00a338m (2024: \u00a340m) of goodwill attributable to the abrdn Inc. cash-generating unit
(CGU) in the Investments segment in relation to the acquisition of the healthcare fund
management capabilities of Tekla.
\u2022 \u00a3819m (2024 : \u00a3819m) of goodwill attributable to the ii CGU in the ii segment.
\u2022 \u00a325m (2024: \u00a325m ) of goodwill is attributable to an Adviser segment CGU.
At 31 December 2024 there was \u00a324m of goodwill attributable to the abrdn financial
planning business (aFPAL) CGU in the ii segment prior to the impairment of goodwill and
reclassification to held for sale in the year ended 31 December 2025.
In addition to goodwill, the Group has a number of customer related acquired intangibles
that are individually material.
Tekla investment management contract intangible assets
On acquisition of the healthcare fund management capabilities of Tekla, \u00a378m of
customer relationships and investment management contract intangibles were
recognised. These assets primarily relate to investment management contracts with the
four NYSE listed funds. The description of the individually material intangible assets
including the estimated useful life at the acquisition date of 27 October 2023 were as
follows:
Investment
management
contract intangible
asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tekla Healthcare
Opportunities
Fund
Investment management
contract with Tekla Healthcare
Opportunities Fund
12.1 years
28
21
25
Tekla Healthcare
Investors
Investment management
contract with Tekla Healthcare
Investors
12.1 years
25
18
22
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 9.9 years.
ii intangible assets
On acquisition of ii, customer relationships, brand and technology and other intangibles of
\u00a3421m, \u00a316m and \u00a332m respectively were recognised. Identification and valuation of
intangible assets acquired in business combinations was a key judgement. The
description of the individually material intangible asset including the estimated useful life
at the acquisition date of 27 May 2022 was as follows:
Customer relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Customer base
ii\u2019s customer base at the
date of acquisition
15 years
421
249
293
There has been no change to the useful life and therefore residual useful life of the
customer relationships intangible asset is 11.4 years. The reducing balance method of
amortisation is considered appropriate for this intangible, consistent with the attrition rate
being constant over time.
Following the valuation of the ii intangibles discussed above, goodwill of \u00a3993m was
recognised. The allocation of this goodwill to cash-generating units was a key judgement
in 2022. The goodwill was allocated to cash-generating units based on expected earnings
contribution, including in relation to revenue synergies, at the time of the transaction. We
considered an earnings contribution method of allocation to be appropriate as earnings
multiples are a primary valuation method for businesses such as ii. This resulted in the
goodwill being primarily allocated to the ii cash-generating unit in the ii segment (\u00a3819m),
with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating
units in the Investments segment and a cash-generating unit in the ii segment
respectively. The \u00a3132m allocated to the asset management group of cash-generating
units was subsequently impaired in 2022. The \u00a342m allocated to a cash-generating unit in
the ii segment was transferred to held for sale at 31 December 2022 and disposed of
during 2023 as part of the sale of abrdn Capital Limited (aCL).
Tritax investment management contract intangible assets
On acquisition of Tritax, \u00a371m of customer relationships and investment management
contracts intangibles were recognised. These assets primarily relate to Tritax\u2019s investment
management contracts with Tritax Big Box REIT plc which is a listed closed-end real
estate fund.
The description of the individually material intangible asset including the estimated useful
life at the acquisition date of 1 April 2021 was as follows:
Investment
management
contract
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Tritax Big Box
REIT plc
Investment management
contract with Tritax Big Box
REIT plc
13 years
50
32
36
As the investment management contracts relate to closed-end funds, the straight-line
method of amortisation is considered appropriate for these intangibles. There has been
no change to the useful lives and therefore the residual useful life of these investment
management contract intangible assets is 8.25 years.
abrdn Holdings Limited (aHL) intangibles
On the acquisition of aHL in 2017, we identified intangible assets in relation to customer
relationships, brand and technology as being separable from goodwill. Identification and
valuation of intangible assets acquired in business combinations is a key judgement.
The customer relationships acquired through aHL and its subsidiaries were grouped
where the customer groups have similar economic characteristics and similar useful
economic lives. This gave rise to three separate intangible assets which we termed Lloyds
Banking Group, Open ended funds, and Segregated and similar.
The intangible asset for Lloyds Banking Group had a carrying value of \u00a3nil at the end of
2019. The description of the remaining two separate intangible assets including their
estimated useful life at the acquisition date of 14 August 2017 was as follows:
Customer
relationship
intangible asset
Description
Useful life at
acquisition
date
Fair value on
acquisition
date
Carrying
value
2025
Carrying
value
2024
\u00a3m
\u00a3m
\u00a3m
Open ended
funds
Separate vehicle group \u2013 open
ended investment vehicles
11 years
223
10
19
Segregated
and similar
All other vehicle groups dominated
by segregated mandates which
represent 75% of this group
12 years
427
18
29
The reducing balance method of amortisation is considered appropriate for these
intangibles, consistent with the attrition pattern on customer relationships which means
that the economic benefits delivered from the existing customer base will reduce
disproportionately over time. There has been no change to the useful lives of the
Open\u00a0ended funds and Segregated and similar customer relationship intangible assets.
Therefore the residual useful life of the Open ended funds customer relationship
intangible asset is 2.6 years and the residual life of the Segregated and similar customer
relationship intangible asset is 3.6 years.
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Estimates and assumptions
The estimates and assumptions in relation to intangible assets primarily relate to:
\u2022 Determination of the recoverable amount of goodwill and customer intangibles.
\u2022 Determination of useful lives.
The determination of the recoverable amount of the interactive investor CGU is a key
area of estimation uncertainty at 31\u00a0December 2025 , and further details of
assumptions and sensitivities are disclosed in this section.
Determination of the recoverable amount of goodwill and customer
intangibles
For all intangible assets including goodwill, an assessment is made at each reporting
date as to whether there is an indication that the goodwill or intangible asset has
become impaired. If any indication of impairment exists then the recoverable amount
of the asset is determined. In addition, the recoverable amount for goodwill must be
assessed annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal
(FVLCD) and the value in use (VIU) where the value in use is based on the present
value of future cash flows. Where the carrying value exceeds the recoverable amount
then the carrying value is written down to the recoverable amount.
In assessing VIU or FVLCD measured using a discounted cash flow approach, expected
future cash flows are discounted to their present value using a pre-tax discount rate for
VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the
expected cash flows and an appropriate discount rate which is based on current market
assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2025, impairments of goodwill of \u00a315m (2024: \u00a35m) have been recognised. The
goodwill impairment for the year ended 31\u00a0December 2025 reflects the impairment of
abrdn Financial Planning and Advice Limited (aFPAL) CGU which is reported within
the ii segment. The goodwill impairment for the year ended 31\u00a0December 2024
related to the Finimize CGU which is reported within Other business operations and
corporate costs.
The impairments are included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated
income statement.
aFPAL
In 2025, aFPAL was reclassified as held for sale. Refer note 21 for further details.
Prior to the reclassification as held for sale, the Group recognised an \u00a38 m impairment of
the goodwill in this CGU. The impairment reflected that the net assets of the CGU
including the goodwill were higher than the fair value of the expected sale consideration
from the sale of aFPAL.
Goodwill of \u00a316m relating to aFPAL was therefore reclassified as held for sale.
Subsequent to this reclassification, a further \u00a37m impairment was recognised in the
goodwill held for sale. This impairment reflects an adjustment to the expected final fair
value of the sale consideration and has been reflected in the assets and liabilities held for
sale.
There was no impairment of the goodwill of \u00a324m attributable to this CGU in 2024.
interactive investor
Goodwill of \u00a3819m ( 2024 : \u00a3819m) is allocated to the interactive investor CGU which
comprises the interactive investor business in the ii segment. There was no
impairment of this goodwill attributable to this CGU in 2025 or 2024.
The recoverable amount of this CGU was determined based on FVLCD. The FVLCD
was based on an earnings multiple approach. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future
post tax adjusted earnings, which were based on management\u2019s business plan
projections and reflected past experience and market price to earnings multiples,
which were based on multiples of a peer group of comparable listed direct-to-
consumer investment platform providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on
macroeconomic forecasts including interest rates and inflation, and forecast levels of
client activity, market pricing, the percentage of client funds held in cash and
expenses. The projections are therefore sensitive to these assumptions. A 20%
reduction in forecast earnings has been provided as a sensitivity.
The market price to earnings multiple used in the valuation is 15x based on multiples of
a peer group of comparable listed direct-to-consumer investment platform
providers. This assumption is sensitive to general equity market fluctuations and to
market views on UK direct-to-consumer investment platform companies. A 40%
sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31\u00a0December 2025 exceeds the carrying amount of the
cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and
change required to reduce headroom to zero are shown in the tables below.
We consider the 34% reduction in market multiple assumption to 10x to reduce the
headroom to zero to be a reasonably possible change. The sensitivity for forecast post
tax earnings has been included for illustrative purposes only.
Other goodwill
Goodwill of \u00a338m ( 2024: \u00a340m) is attributable to the abrdn Inc. CGU in the Investments
segment. This relates to the acquisition of healthcare fund management capabilities of
Tekla.
Goodwill of \u00a325m ( 2024: \u00a325m ) is attributable to an Adviser segment CGU.
There were no impairments of these goodwill balances in 2025 or 2024 and neither
CGU\u2019s goodwill balance is significant in comparison to the total carrying amount of
goodwill.
Customer relationship and investment management contract intangibles
There were no impairments of these goodwill balances in 2025. An impairment of \u00a34m
was recognised in 2024 in relation to the Investment management contract intangible
asset for EuroBox within the Investments segment.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that
the Group expects to derive benefits from the asset and considers for example
expected duration of customer relationships and when technology is expected to
become obsolete for technology based assets.
The amortisation period and method for each of the Group\u2019s intangible asset categories
is as follows:
\u2022 Customer relationships acquired through business combinations \u2013 generally between
7 and 15 years, generally reducing balance method.
\u2022 Investment management contracts acquired through business combinations \u2013
between 10 and 17 years, straight-line.
\u2022 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2022 Technology and other intangibles acquired through business combinations \u2013 between
1 and 6 years, straight-line.
\u2022 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-
line basis and commences once the asset is available for use.
\u2022 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2022 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing
balance method.
Impact on goodwill carrying amount at 31\u00a0December 2025
\u00a3m
20% reduction in forecast post tax adjusted earnings
\u2014
40% reduction in market multiple
(130)
Change required to reduce headroom to zero
%
Change in forecast post tax adjusted earnings
(34)
Reduction in market multiple
(34)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
14.\u00a0 \u00a0 Investments in associates and joint ventures
Associates are entities where the Group can significantly influence decisions made
relating to the financial and operating policies of the entity but does not control the
entity. For entities where voting rights exist, significant influence is presumed where
the Group holds between 20% and 50% of the voting rights. Where the Group holds
less than 20% of voting rights, consideration is given to other indicators and entities are
classified as associates where it is judged that these other indicators result in
significant influence.
Joint ventures are strategic investments where the Group has agreed to share control
of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and
decisions can only be taken with unanimous consent.
Associates, other than those accounted for at fair value through profit or loss, and joint
ventures are accounted for using the equity method from the date that significant
influence or shared control, respectively, commences until the date this ceases.
Under the equity method, investments in associates and joint ventures are initially
recognised at cost. When an interest is acquired at fair value from a third party, the
value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is
determined applying the same valuation criteria as for a business combination at the
acquisition date. This is compared to the cost of the investment in the investee. Where
cost is higher, the difference is identified as goodwill and the investee is initially
recognised at cost which includes this component of goodwill. Where cost is lower, a
bargain purchase has arisen and the investee is initially recognised at the Group\u2019s
share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount
for the purpose of assessing impairment is lower, in which case the investee is initially
recognised at the recoverable amount.
Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition
profit or loss and other comprehensive income of the associate or joint venture, which
are recognised in the consolidated income statement and other comprehensive
income respectively. The Group\u2019s share of post-acquisition profit or loss includes
amortisation charges based on the valuation exercise at acquisition. The carrying
value is also adjusted for any impairment losses.
The Group\u2019s share of post-acquisition profit or loss and other comprehensive income
of the associate or joint venture are determined using consistent accounting policies.
In relation to insurance contracts and contracts with discretionary participating
features for which the Group adopted IFRS 17 Insurance Contracts from 1 January
2023, the Group\u2019s primary exposure to such contracts is through its insurance joint
venture, HASL (see Section C below). The Group also has direct exposure to contracts
accounted for under IFRS 17 through arrangements with external pension schemes -
refer Note 31.
In relation to insurance contracts and contracts with discretionary participating
features, there are three main measurement models: the general measurement
model; the variable fee approach; and the premium allocation approach. HASL
primarily uses the general measurement model for its traditional insurance business
and the variable fee approach for its direct participating contracts and investment
contracts with direct participation features with some use of the premium allocation
approach. HASL has elected to take the other comprehensive income (OCI) options
under IFRS 17 to take elements of the movements in the measurement of insurance
contract through OCI. HASL also classifies some of its debt securities as fair value
through OCI.
On partial disposal of an associate, a gain or loss is recognised based on the
difference between the proceeds received and the equity accounted value of the
portion disposed of. Indicators of significant influence are reassessed based on the
remaining voting rights. Where significant influence is judged to have been lost, the
investment in associate is reclassified to interests in equity securities and pooled
investment funds measured at fair value. If an entity is reclassified, the difference
between the fair value and the remaining equity accounted value is accounted for
as\u00a0a reclassification gain or loss on disposal.
Where the Group has an investment in an associate, a portion of which is held by, or is
held indirectly through, a mutual fund, unit trust or similar entity, including investment-
linked insurance funds, that portion of the investment is measured at FVTPL. In general,
investment vehicles which are not subsidiaries are considered to be associates where
the Group holds more than 20% of the voting rights.
The level of future dividend payments and other transfers of funds to the Group from associates and joint ventures accounted for using the equity method could be restricted by the
regulatory solvency and capital requirements of the associate or joint venture, certain local laws or foreign currency transaction restrictions.
(a) Investments in associates and joint ventures accounted for using the equity method
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
14
191
205
15
214
229
Exchange translation adjustments
\u2014
(5)
(5)
\u2014
(3)
(3)
Additions and adjustments
1
(2)
(1)
\u2014
2
2
(Loss)/profit after tax
(1)
21
20
(1)
25
24
Other comprehensive income
\u2014
(16)
(16)
\u2014
(47)
(47)
At 31 December
14
189
203
14
191
205
The following joint venture is considered to be material to the Group as at 31\u00a0December 2025.
Name
Nature of relationship
Principal place of
business
Measurement method
Interest held by
the Group at
31 December 2025
Interest held by
the Group at
31 December 2024
Heng An Standard Life Insurance Company Limited (HASL)
Joint venture
China
Equity accounted
50%
50%
The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is the same as the proportion of voting rights held. HASL
is\u00a0not\u00a0listed.
(b) Investments in associates accounted for using the equity method
2025
2024
\u00a3m
\u00a3m
Carrying value of associates accounted for using the equity method
14
14
Share of (loss)/profit after tax
(1)
(1)
Investments in associates accounted for using the equity method primarily relates to the
Group\u2019s interests in Archax Group Limited (Archax). The Group\u2019s interest in Archax was
10.84% at 31\u00a0December 2025 ( 31\u00a0December 2024: 10.77%). The classification of Archax
as an associate reflects the Group\u2019s additional rights under Archax\u2019s articles of association
as a large external investor.
There was an additional investment of \u00a31m into Archax in 2025 (2024: \u00a3nil) and there are
no indicators of impairment at 31\u00a0December 2025.
(c) Investments in joint ventures accounted for using the equity method
HASL
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of joint
ventures accounted for
using the equity method
189
190
\u2014
1
189
191
Share of profit/(loss) after
tax
20
26
1
(1)
21
25
HASL
The Group has a 50% share in HASL, an insurance company in China offering life and
health insurance products. HASL is an investment which gives the Group access to one of
the world\u2019s largest markets. The table below provides summarised financial information
for HASL, the joint venture which is considered to be material to the Group. HASL\u2019s year-
end date is 31 December.
From 2025, HASL adopted the local Chinese Accounting Standards (CAS) equivalents of
IFRS 17 (CAS 25) and IFRS 9 (CAS22) for its own reporting. Consequently, the financial
information provided by HASL is now aligned for the\u00a0purposes of the preparation of the
Group\u2019s consolidated financial statements and for HASL\u2019s local reporting.
HASL
2025
2024
\u00a3m
\u00a3m
Summarised financial information of joint venture:
Revenue
164
151
Depreciation and amortisation
4
5
Interest income
123
105
Interest expense
1
1
Income tax (expense)/credit
(10)
(21)
Profit after tax
40
51
Other comprehensive income
(32)
(94)
Total comprehensive income
8
(43)
Total assets 1
7,719
6,906
Total liabilities 1
7,341
6,526
Cash and cash equivalents
200
169
Net assets
378
380
Attributable to investee\u2019s shareholders
378
380
Interest held
50%
50%
Share of net assets
189
190
1. As a liquidity presentation is used by insurance companies when presenting their statement of financial
position, an analysis of total assets and total liabilities between current and non-current has not been
provided for HASL.
In relation to HASL, there are no indicators that the recoverable amount of the Group\u2019s
investment in HASL is less than the Group\u2019s share of net assets.
(d)", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Associates are entities where the Group can significantly influence decisions made
relating to the financial and operating policies of the entity but does not control the
entity. For entities where voting rights exist, significant influence is presumed where
the Group holds between 20% and 50% of the voting rights. Where the Group holds
less than 20% of voting rights, consideration is given to other indicators and entities are
classified as associates where it is judged that these other indicators result in
significant influence.
Joint ventures are strategic investments where the Group has agreed to share control
of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and
decisions can only be taken with unanimous consent.
Associates, other than those accounted for at fair value through profit or loss, and joint
ventures are accounted for using the equity method from the date that significant
influence or shared control, respectively, commences until the date this ceases.
Under the equity method, investments in associates and joint ventures are initially
recognised at cost. When an interest is acquired at fair value from a third party, the
value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is
determined applying the same valuation criteria as for a business combination at the
acquisition date. This is compared to the cost of the investment in the investee. Where
cost is higher, the difference is identified as goodwill and the investee is initially
recognised at cost which includes this component of goodwill. Where cost is lower, a
bargain purchase has arisen and the investee is initially recognised at the Group\u2019s
share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount
for the purpose of assessing impairment is lower, in which case the investee is initially
recognised at the recoverable amount.
Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition
profit or loss and other comprehensive income of the associate or joint venture, which
are recognised in the consolidated income statement and other comprehensive
income respectively. The Group\u2019s share of post-acquisition profit or loss includes
amortisation charges based on the valuation exercise at acquisition. The carrying
value is also adjusted for any impairment losses.
The Group\u2019s share of post-acquisition profit or loss and other comprehensive income
of the associate or joint venture are determined using consistent accounting policies.
In relation to insurance contracts and contracts with discretionary participating
features for which the Group adopted IFRS 17 Insurance Contracts from 1 January
2023, the Group\u2019s primary exposure to such contracts is through its insurance joint
venture, HASL (see Section C below). The Group also has direct exposure to contracts
accounted for under IFRS 17 through arrangements with external pension schemes -
refer Note 31.
In relation to insurance contracts and contracts with discretionary participating
features, there are three main measurement models: the general measurement
model; the variable fee approach; and the premium allocation approach. HASL
primarily uses the general measurement model for its traditional insurance business
and the variable fee approach for its direct participating contracts and investment
contracts with direct participation features with some use of the premium allocation
approach. HASL has elected to take the other comprehensive income (OCI) options
under IFRS 17 to take elements of the movements in the measurement of insurance
contract through OCI. HASL also classifies some of its debt securities as fair value
through OCI.
On partial disposal of an associate, a gain or loss is recognised based on the
difference between the proceeds received and the equity accounted value of the
portion disposed of. Indicators of significant influence are reassessed based on the
remaining voting rights. Where significant influence is judged to have been lost, the
investment in associate is reclassified to interests in equity securities and pooled
investment funds measured at fair value. If an entity is reclassified, the difference
between the fair value and the remaining equity accounted value is accounted for
as\u00a0a reclassification gain or loss on disposal.
Where the Group has an investment in an associate, a portion of which is held by, or is
held indirectly through, a mutual fund, unit trust or similar entity, including investment-
linked insurance funds, that portion of the investment is measured at FVTPL. In general,
investment vehicles which are not subsidiaries are considered to be associates where
the Group holds more than 20% of the voting rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "Investments in associates and joint ventures accounted for using the equity method
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
14
191
205
15
214
229
Exchange translation adjustments
\u2014
(5)
(5)
\u2014
(3)
(3)
Additions and adjustments
1
(2)
(1)
\u2014
2
2
(Loss)/profit after tax
(1)
21
20
(1)
25
24
Other comprehensive income
\u2014
(16)
(16)
\u2014
(47)
(47)
At 31 December
14
189
203
14
191
205
The following joint venture is considered to be material to the Group as at 31\u00a0December 2025.
Name
Nature of relationship
Principal place of
business
Measurement method
Interest held by
the Group at
31 December 2025
Interest held by
the Group at
31 December 2024
Heng An Standard Life Insurance Company Limited (HASL)
Joint venture
China
Equity accounted
50%
50%
The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is the same as the proportion of voting rights held. HASL
is\u00a0not\u00a0listed.
(b) Investments in associates accounted for using the equity method
2025
2024
\u00a3m
\u00a3m
Carrying value of associates accounted for using the equity method
14
14
Share of (loss)/profit after tax
(1)
(1)
Investments in associates accounted for using the equity method primarily relates to the
Group\u2019s interests in Archax Group Limited (Archax). The Group\u2019s interest in Archax was
10.84% at 31\u00a0December 2025 ( 31\u00a0December 2024: 10.77%). The classification of Archax
as an associate reflects the Group\u2019s additional rights under Archax\u2019s articles of association
as a large external investor.
There was an additional investment of \u00a31m into Archax in 2025 (2024: \u00a3nil) and there are
no indicators of impairment at 31\u00a0December 2025.
(c) Associates and joint ventures
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Investcorp Infrastructure Investments Manager Limited\u2074\u2077
Ordinary shares
50%
abrdn OEIC I - Diversified Growth and Income Fund\u2074
OEIC
27%
Archax Group Ltd\u2074\u2078
Ordinary shares
11%
Criterion Tec Holdings Ltd\u2074\u2079
Ordinary shares
21%
Focus Business Solutions Limited\u2075\u2070
Ordinary shares
20%
Heng An Standard Life Insurance Company Limited\u2075\u00b9
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.\u2075\u00b2
Class A shares
50%
Tenet Group Limited\u2075\u00b3
Ordinary B shares
25%
1. OEIC = Open-ended investment company
SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable
ICAV = Irish collective asset-management vehicle
2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general
partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006.
Where the Group has no interest in a limited partnership or limited liability company that is considered a
subsidiary, the interest held is disclosed as 0%.
3.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "Investments in associates and joint ventures accounted for using the equity method
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
14
191
205
15
214
229
Exchange translation adjustments
\u2014
(5)
(5)
\u2014
(3)
(3)
Additions and adjustments
1
(2)
(1)
\u2014
2
2
(Loss)/profit after tax
(1)
21
20
(1)
25
24
Other comprehensive income
\u2014
(16)
(16)
\u2014
(47)
(47)
At 31 December
14
189
203
14
191
205
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "Investments in associates and joint ventures accounted for using the equity method
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
14
191
205
15
214
229
Exchange translation adjustments
\u2014
(5)
(5)
\u2014
(3)
(3)
Additions and adjustments
1
(2)
(1)
\u2014
2
2
(Loss)/profit after tax
(1)
21
20
(1)
25
24
Other comprehensive income
\u2014
(16)
(16)
\u2014
(47)
(47)
At 31 December
14
189
203
14
191
205
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "Investments in associates and joint ventures accounted for using the equity method
2025
2024
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
14
191
205
15
214
229
Exchange translation adjustments
\u2014
(5)
(5)
\u2014
(3)
(3)
Additions and adjustments
1
(2)
(1)
\u2014
2
2
(Loss)/profit after tax
(1)
21
20
(1)
25
24
Other comprehensive income
\u2014
(16)
(16)
\u2014
(47)
(47)
At 31 December
14
189
203
14
191
205
The following joint venture is considered to be material to the Group as at 31\u00a0December 2025.
Name
Nature of relationship
Principal place of
business
Measurement method
Interest held by
the Group at
31 December 2025
Interest held by
the Group at
31 December 2024
Heng An Standard Life Insurance Company Limited (HASL)
Joint venture
China
Equity accounted
50%
50%
The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is the same as the proportion of voting rights held. HASL
is\u00a0not\u00a0listed.
(b) Investments in joint ventures accounted for using the equity method
HASL
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of joint
ventures accounted for
using the equity method
189
190
\u2014
1
189
191
Share of profit/(loss) after
tax
20
26
1
(1)
21
25
HASL
The Group has a 50% share in HASL, an insurance company in China offering life and
health insurance products. HASL is an investment which gives the Group access to one of
the world\u2019s largest markets. The table below provides summarised financial information
for HASL, the joint venture which is considered to be material to the Group. HASL\u2019s year-
end date is 31 December.
From 2025, HASL adopted the local Chinese Accounting Standards (CAS) equivalents of
IFRS 17 (CAS 25) and IFRS 9 (CAS22) for its own reporting. Consequently, the financial
information provided by HASL is now aligned for the\u00a0purposes of the preparation of the
Group\u2019s consolidated financial statements and for HASL\u2019s local reporting.
HASL
2025
2024
\u00a3m
\u00a3m
Summarised financial information of joint venture:
Revenue
164
151
Depreciation and amortisation
4
5
Interest income
123
105
Interest expense
1
1
Income tax (expense)/credit
(10)
(21)
Profit after tax
40
51
Other comprehensive income
(32)
(94)
Total comprehensive income
8
(43)
Total assets 1
7,719
6,906
Total liabilities 1
7,341
6,526
Cash and cash equivalents
200
169
Net assets
378
380
Attributable to investee\u2019s shareholders
378
380
Interest held
50%
50%
Share of net assets
189
190
1. As a liquidity presentation is used by insurance companies when presenting their statement of financial
position, an analysis of total assets and total liabilities between current and non-current has not been
provided for HASL.
In relation to HASL, there are no indicators that the recoverable amount of the Group\u2019s
investment in HASL is less than the Group\u2019s share of net assets.
(d) Associates and joint ventures
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Investcorp Infrastructure Investments Manager Limited\u2074\u2077
Ordinary shares
50%
abrdn OEIC I - Diversified Growth and Income Fund\u2074
OEIC
27%
Archax Group Ltd\u2074\u2078
Ordinary shares
11%
Criterion Tec Holdings Ltd\u2074\u2079
Ordinary shares
21%
Focus Business Solutions Limited\u2075\u2070
Ordinary shares
20%
Heng An Standard Life Insurance Company Limited\u2075\u00b9
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.\u2075\u00b2
Class A shares
50%
Tenet Group Limited\u2075\u00b3
Ordinary B shares
25%
1. OEIC = Open-ended investment company
SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable
ICAV = Irish collective asset-management vehicle
2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general
partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006.
Where the Group has no interest in a limited partnership or limited liability company that is considered a
subsidiary, the interest held is disclosed as 0%.
3.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "Investments in associates measured at FVTPL
The aggregate fair value of associates accounted for at FVTPL included in assets backing
unit linked liabilities (refer Note 23) at 31\u00a0December 2025 is \u00a3110m (2024: \u00a3nil).
The aggregate fair value of associates accounted for at FVTPL included in equity
securities and interests in pooled investment funds (refer Note 17) at 31\u00a0December 2025 is
\u00a3nil (2024: \u00a31m ).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
15.\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment consists primarily of property owned and occupied
by the Group and the computer equipment used to carry out the Group\u2019s business
along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and
subsequently revalued to fair value at each reporting date. Depreciation, being the
difference between the carrying amount and the residual value of each significant
part of a building, is charged to the consolidated income statement over its useful
life. The useful life of each significant part of a building is estimated as being between
30 and 50 years. A revaluation surplus is recognised in other comprehensive income
unless it reverses a revaluation deficit which has been recognised in the
consolidated income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at
cost less depreciation. Depreciation is charged to the consolidated income
statement over 2 to 15 years depending on the length of time the Group expects to
derive benefit from the asset.
Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use
assets.
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 1 January 2024
2
128
313
4
447
Additions
\u2014
7
4
1
12
Disposals and adjustments 1
(2)
(7)
(72)
(2)
(83)
Foreign exchange adjustment
\u2014
\u2014
(1)
\u2014
(1)
At 31 December 2024
\u2014
128
244
3
375
Additions
\u2014
6
9
\u2014
15
Disposals and adjustments 1
\u2014
(8)
(42)
(1)
(51)
Foreign exchange adjustment
\u2014
(1)
(2)
\u2014
(3)
At 31 December 2025
\u2014
125
209
2
336
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation and
impairment
At 1 January 2024
(1)
(82)
(198)
(3)
(284)
Depreciation charge for the year 2
\u2014
(13)
(15)
(1)
(29)
Disposals and adjustments 1
1
4
65
2
72
Foreign exchange adjustment
\u2014
\u2014
1
\u2014
1
At 31 December 2024
\u2014
(91)
(147)
(2)
(240)
Depreciation charge for the year 2
\u2014
(11)
(14)
(1)
(26)
Disposals and adjustments 1
\u2014
5
29
2
36
Foreign exchange adjustment
\u2014
1
1
\u2014
2
At 31 December 2025
\u2014
(96)
(131)
(1)
(228)
Carrying amount
At 1 January 2024
1
46
115
1
163
At 31 December 2024
\u2014
37
97
1
135
At 31 December 2025
\u2014
29
78
1
108
1. For the year ended 31\u00a0December 2025 , \u00a31m (2024 : \u00a31m ) of disposals and adjustments relates to
equipment with net book value of \u00a3nil which is no longer in use.
2. Included in other administrative expenses.
Included in property right-of-use assets, are right-of-use assets that meet the definition
of investment property. Non-unit linked investment property is recognised at cost less
depreciation and impairment. Their carrying amount at 31\u00a0December 2025 is \u00a37m
(2024 : \u00a322m). This comprises a gross carrying value of \u00a334m (2024: \u00a363m) and
accumulated depreciation and impairment of \u00a326m (2024: \u00a340m ). Rental income
received and direct operating expenses incurred to generate that rental income in the
year to 31\u00a0December 2025 were \u00a31m (2024: \u00a32m) and \u00a32m (2024: \u00a31m ) respectively.
In\u00a0addition, there were direct expenses of \u00a31m (2024: \u00a31m) in relation to investment
properties not currently generating income.
The movements during the period of the carrying value of the Group\u2019s investment
property is analysed below.
2025
2024
\u00a3m
\u00a3m
At start of period
22
31
Depreciation
(1)
(2)
Derecognition related to new subleases classified as finance leases
\u2014
(2)
Disposals and adjustments
(14)
(5)
At end of period
7
22
There were no transfers to or from investment property in 2025 (2024: none) and no
impairments recognised (2024: none).
The disposals and adjustments for the year ended 31\u00a0December 2025 of \u00a314m relate to
the assignations of leases relating to a number of floors within a property in the UK. The
assignations also resulted in the derecognition of related lease liabilities of \u00a3 28m and a
gain of \u00a3 10 m has been recognised within restructuring and corporate transaction
expenses as a result of the assignations.
In the year ended 31\u00a0December 2024, the Group also disposed of \u00a35m of investment
property which related to the assignation of the lease for another floor within the same
property. The assignation also resulted in the derecognition of related lease liabilities of
\u00a310m and a gain of \u00a33m has been recognised within restructuring and corporate
transaction expenses as a result of the assignation.
The fair value of investment property included within right-of-use assets at
31\u00a0December 2025 is \u00a310m (2024: \u00a327m). The valuation technique used to determine
the fair value considers the rental income expected to be received under subleases
during the term of the lease and the direct expenses expected to be incurred in
managing the leased property, discounted using a discount rate that reflects the risks
inherent in the cash flow estimates. It is not based on valuations by an independent
valuer. This is a level 3 valuation technique as defined in Note 37.
The Group disposed of its last owned occupied property in 2024, recognising a loss of
less than \u00a31m on the disposal. Prior to the disposal, the expected residual value of owner
occupied property was in line with the current fair value and no depreciation was
charged on owner occupied property.
Further details on the leases under which the Group\u2019s right-of-use assets are recognised
are provided in Note 16 below.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
15.\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment consists primarily of property owned and occupied
by the Group and the computer equipment used to carry out the Group\u2019s business
along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and
subsequently revalued to fair value at each reporting date. Depreciation, being the
difference between the carrying amount and the residual value of each significant
part of a building, is charged to the consolidated income statement over its useful
life. The useful life of each significant part of a building is estimated as being between
30 and 50 years. A revaluation surplus is recognised in other comprehensive income
unless it reverses a revaluation deficit which has been recognised in the
consolidated income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at
cost less depreciation. Depreciation is charged to the consolidated income
statement over 2 to 15 years depending on the length of time the Group expects to
derive benefit from the asset.
Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use
assets.
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 1 January 2024
2
128
313
4
447
Additions
\u2014
7
4
1
12
Disposals and adjustments 1
(2)
(7)
(72)
(2)
(83)
Foreign exchange adjustment
\u2014
\u2014
(1)
\u2014
(1)
At 31 December 2024
\u2014
128
244
3
375
Additions
\u2014
6
9
\u2014
15
Disposals and adjustments 1
\u2014
(8)
(42)
(1)
(51)
Foreign exchange adjustment
\u2014
(1)
(2)
\u2014
(3)
At 31 December 2025
\u2014
125
209
2
336
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation and
impairment
At 1 January 2024
(1)
(82)
(198)
(3)
(284)
Depreciation charge for the year 2
\u2014
(13)
(15)
(1)
(29)
Disposals and adjustments 1
1
4
65
2
72
Foreign exchange adjustment
\u2014
\u2014
1
\u2014
1
At 31 December 2024
\u2014
(91)
(147)
(2)
(240)
Depreciation charge for the year 2
\u2014
(11)
(14)
(1)
(26)
Disposals and adjustments 1
\u2014
5
29
2
36
Foreign exchange adjustment
\u2014
1
1
\u2014
2
At 31 December 2025
\u2014
(96)
(131)
(1)
(228)
Carrying amount
At 1 January 2024
1
46
115
1
163
At 31 December 2024
\u2014
37
97
1
135
At 31 December 2025
\u2014
29
78
1
108
1. For the year ended 31\u00a0December 2025 , \u00a31m (2024 : \u00a31m ) of disposals and adjustments relates to
equipment with net book value of \u00a3nil which is no longer in use.
2. Included in other administrative expenses.
Included in property right-of-use assets, are right-of-use assets that meet the definition
of investment property. Non-unit linked investment property is recognised at cost less
depreciation and impairment. Their carrying amount at 31\u00a0December 2025 is \u00a37m
(2024 : \u00a322m). This comprises a gross carrying value of \u00a334m (2024: \u00a363m) and
accumulated depreciation and impairment of \u00a326m (2024: \u00a340m ). Rental income
received and direct operating expenses incurred to generate that rental income in the
year to 31\u00a0December 2025 were \u00a31m (2024: \u00a32m) and \u00a32m (2024: \u00a31m ) respectively.
In\u00a0addition, there were direct expenses of \u00a31m (2024: \u00a31m) in relation to investment
properties not currently generating income.
The movements during the period of the carrying value of the Group\u2019s investment
property is analysed below.
2025
2024
\u00a3m
\u00a3m
At start of period
22
31
Depreciation
(1)
(2)
Derecognition related to new subleases classified as finance leases
\u2014
(2)
Disposals and adjustments
(14)
(5)
At end of period
7
22
There were no transfers to or from investment property in 2025 (2024: none) and no
impairments recognised (2024: none).
The disposals and adjustments for the year ended 31\u00a0December 2025 of \u00a314m relate to
the assignations of leases relating to a number of floors within a property in the UK. The
assignations also resulted in the derecognition of related lease liabilities of \u00a3 28m and a
gain of \u00a3 10 m has been recognised within restructuring and corporate transaction
expenses as a result of the assignations.
In the year ended 31\u00a0December 2024, the Group also disposed of \u00a35m of investment
property which related to the assignation of the lease for another floor within the same
property. The assignation also resulted in the derecognition of related lease liabilities of
\u00a310m and a gain of \u00a33m has been recognised within restructuring and corporate
transaction expenses as a result of the assignation.
The fair value of investment property included within right-of-use assets at
31\u00a0December 2025 is \u00a310m (2024: \u00a327m). The valuation technique used to determine
the fair value considers the rental income expected to be received under subleases
during the term of the lease and the direct expenses expected to be incurred in
managing the leased property, discounted using a discount rate that reflects the risks
inherent in the cash flow estimates. It is not based on valuations by an independent
valuer. This is a level 3 valuation technique as defined in Note 37.
The Group disposed of its last owned occupied property in 2024, recognising a loss of
less than \u00a31m on the disposal. Prior to the disposal, the expected residual value of owner
occupied property was in line with the current fair value and no depreciation was
charged on owner occupied property.
Further details on the leases under which the Group\u2019s right-of-use assets are recognised
are provided in Note 16 below.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
15.\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment consists primarily of property owned and occupied
by the Group and the computer equipment used to carry out the Group\u2019s business
along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and
subsequently revalued to fair value at each reporting date. Depreciation, being the
difference between the carrying amount and the residual value of each significant
part of a building, is charged to the consolidated income statement over its useful
life. The useful life of each significant part of a building is estimated as being between
30 and 50 years. A revaluation surplus is recognised in other comprehensive income
unless it reverses a revaluation deficit which has been recognised in the
consolidated income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at
cost less depreciation. Depreciation is charged to the consolidated income
statement over 2 to 15 years depending on the length of time the Group expects to
derive benefit from the asset.
Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use
assets.
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 1 January 2024
2
128
313
4
447
Additions
\u2014
7
4
1
12
Disposals and adjustments 1
(2)
(7)
(72)
(2)
(83)
Foreign exchange adjustment
\u2014
\u2014
(1)
\u2014
(1)
At 31 December 2024
\u2014
128
244
3
375
Additions
\u2014
6
9
\u2014
15
Disposals and adjustments 1
\u2014
(8)
(42)
(1)
(51)
Foreign exchange adjustment
\u2014
(1)
(2)
\u2014
(3)
At 31 December 2025
\u2014
125
209
2
336
Owner
occupied
property
Equipment
Right of use
assets \u2013
property
Right of use
assets \u2013
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation and
impairment
At 1 January 2024
(1)
(82)
(198)
(3)
(284)
Depreciation charge for the year 2
\u2014
(13)
(15)
(1)
(29)
Disposals and adjustments 1
1
4
65
2
72
Foreign exchange adjustment
\u2014
\u2014
1
\u2014
1
At 31 December 2024
\u2014
(91)
(147)
(2)
(240)
Depreciation charge for the year 2
\u2014
(11)
(14)
(1)
(26)
Disposals and adjustments 1
\u2014
5
29
2
36
Foreign exchange adjustment
\u2014
1
1
\u2014
2
At 31 December 2025
\u2014
(96)
(131)
(1)
(228)
Carrying amount
At 1 January 2024
1
46
115
1
163
At 31 December 2024
\u2014
37
97
1
135
At 31 December 2025
\u2014
29
78
1
108
1. For the year ended 31\u00a0December 2025 , \u00a31m (2024 : \u00a31m ) of disposals and adjustments relates to
equipment with net book value of \u00a3nil which is no longer in use.
2. Included in other administrative expenses.
Included in property right-of-use assets, are right-of-use assets that meet the definition
of investment property. Non-unit linked investment property is recognised at cost less
depreciation and impairment. Their carrying amount at 31\u00a0December 2025 is \u00a37m
(2024 : \u00a322m). This comprises a gross carrying value of \u00a334m (2024: \u00a363m) and
accumulated depreciation and impairment of \u00a326m (2024: \u00a340m ). Rental income
received and direct operating expenses incurred to generate that rental income in the
year to 31\u00a0December 2025 were \u00a31m (2024: \u00a32m) and \u00a32m (2024: \u00a31m ) respectively.
In\u00a0addition, there were direct expenses of \u00a31m (2024: \u00a31m) in relation to investment
properties not currently generating income.
The movements during the period of the carrying value of the Group\u2019s investment
property is analysed below.
2025
2024
\u00a3m
\u00a3m
At start of period
22
31
Depreciation
(1)
(2)
Derecognition related to new subleases classified as finance leases
\u2014
(2)
Disposals and adjustments
(14)
(5)
At end of period
7
22
There were no transfers to or from investment property in 2025 (2024: none) and no
impairments recognised (2024: none).
The disposals and adjustments for the year ended 31\u00a0December 2025 of \u00a314m relate to
the assignations of leases relating to a number of floors within a property in the UK. The
assignations also resulted in the derecognition of related lease liabilities of \u00a3 28m and a
gain of \u00a3 10 m has been recognised within restructuring and corporate transaction
expenses as a result of the assignations.
In the year ended 31\u00a0December 2024, the Group also disposed of \u00a35m of investment
property which related to the assignation of the lease for another floor within the same
property. The assignation also resulted in the derecognition of related lease liabilities of
\u00a310m and a gain of \u00a33m has been recognised within restructuring and corporate
transaction expenses as a result of the assignation.
The fair value of investment property included within right-of-use assets at
31\u00a0December 2025 is \u00a310m (2024: \u00a327m). The valuation technique used to determine
the fair value considers the rental income expected to be received under subleases
during the term of the lease and the direct expenses expected to be incurred in
managing the leased property, discounted using a discount rate that reflects the risks
inherent in the cash flow estimates. It is not based on valuations by an independent
valuer. This is a level 3 valuation technique as defined in Note 37.
The Group disposed of its last owned occupied property in 2024, recognising a loss of
less than \u00a31m on the disposal. Prior to the disposal, the expected residual value of owner
occupied property was in line with the current fair value and no depreciation was
charged on owner occupied property.
Further details on the leases under which the Group\u2019s right-of-use assets are recognised
are provided in Note 16 below.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Property, plant and equipment consists primarily of property owned and occupied
by the Group and the computer equipment used to carry out the Group\u2019s business
along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and
subsequently revalued to fair value at each reporting date. Depreciation, being the
difference between the carrying amount and the residual value of each significant
part of a building, is charged to the consolidated income statement over its useful
life. The useful life of each significant part of a building is estimated as being between
30 and 50 years. A revaluation surplus is recognised in other comprehensive income
unless it reverses a revaluation deficit which has been recognised in the
consolidated income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at
cost less depreciation. Depreciation is charged to the consolidated income
statement over 2 to 15 years depending on the length of time the Group expects to
derive benefit from the asset.
Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use
assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
16.\u00a0 \u00a0 Leases
A contract is, or contains, a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for consideration. At inception
of a\u00a0contract, the Group assesses whether a contract is, or contains, a lease. In 2019,
on\u00a0adoption of IFRS 16, the Group used the practical expedient permitted to apply
the\u00a0new standard at transition solely to leases previously identified in accordance
with\u00a0IAS\u00a017 and IFRIC 4 Determining whether an Arrangement Contains a Lease.
Right-of-use assets are measured at cost less accumulated depreciation and
impairment losses and are presented in property, plant and equipment (refer Note
15). The Group does not revalue its right-of-use assets. This applies to all right-of-
use assets, including those that are assessed as meeting the definition of non-unit
linked investment property. The cost comprises the amount of the initial
measurement of the lease liability plus any initial direct costs and expected
restoration costs not relating to wear and tear. Costs relating to wear and tear are
expensed over the term of the lease. Depreciation is charged on right-of-use assets
on a straight-line basis from the lease commencement date to the earlier of the end
of the useful life of the right-of-use asset or the end of the lease term. The Group
assesses right-of-use assets for impairment when such indicators exist and, where
required, reduces the value of the right-of-use asset accordingly.
The related lease liability (included in other financial liabilities \u2013 refer Note 33) is
calculated as the present value of the future lease payments. The lease payments
are discounted using the rate implicit within the lease where readily available or the
Group\u2019s incremental borrowing rate where the implicit rate is not readily available.
Interest is calculated on the liability using the discount rate and is charged to the
consolidated income statement under finance costs.
In determining the value of the right-of-use assets and lease liabilities, the Group
considers whether any leases contain lease extensions or termination options that
the Group is reasonably certain to exercise.
Where a leased property has been sublet, the Group assesses whether the sublease
has transferred substantially all the risk and rewards of the right-of-use asset to the
lessee under the sublease. Where this is the case, the right-of-use asset is
derecognised and a net investment in finance leases (included in Receivables and
other financial assets \u2013 refer Note 19 ) is recognised, calculated as the present value of
the future lease payments receivable under the sublease. Where a property is only
partially sublet, only the portion of the right-of-use asset relating to the sublet part of
the property is derecognised and recognised as a net investment in finance leases.
Any difference between the initial value of the net investment in finance leases and
the right-of-use asset derecognised is recognised in the consolidated income
statement (within other income or expenses). Interest is calculated on the net
investment in finance lease using the discount rate and is recognised in the
consolidated income statement as interest income.
Where the sublease does not transfer substantially all the risk and rewards of the
right-of-use assets to the lessee under the sublease, the Group continues to recognise
the right-of-use asset. The sublease is accounted for as an operating lease with the
lease payments received recognised as property rental income in other income in the
consolidated income statement. Lease incentives granted are recognised as an
integral part of the property rental income and are spread over the term of the lease.
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases (less than one year from inception) and leases where the underlying asset is of
low value.
(a) Leases where the Group is lessee
The Group leases various offices and equipment used to carry out its business. Leases
are generally for fixed periods but may be subject to extensions or early termination
clauses. The remaining periods for current leases range from less than 1 year to 13 years
(2024: less than 1 year to 14 years). A number of leases which are due to end in 2031
contain options that would allow the Group to extend the lease term. The Group reviews
its property use on an ongoing basis and these extensions have not been included in the
right-of-use asset or lease liability calculations. The Group had not committed to any
leases at 31\u00a0December 2025 which had not yet commenced.
The Group has recognised the following assets and liabilities in relation to these leases
where the Group is a lessee:
2025
2024
\u00a3m
\u00a3m
Right-of-use assets:
Property
78
97
Equipment
1
1
Total right-of-use assets
79
98
Lease liabilities
(155)
(193)
Details of the movements in the Group\u2019s right-of-use assets including additions and
depreciation are included in Note 15.
The interest on lease liabilities is as follows:
2025
2024
\u00a3m
\u00a3m
Interest on lease liabilities
5
6
The total cash outflow for lease liabilities recognised in the consolidated statement of
cash flows for the year ended 31\u00a0December 2025 was \u00a321m (2024: \u00a329m). Refer Note
38(f) for further details.
The following table provides a maturity analysis of the contractual undiscounted cash
flows for the lease liabilities.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
26
27
Greater than or equal to 1 year and less than 2 years
26
27
Greater than or equal to 2 years and less than 3 years
24
26
Greater than or equal to 3 years and less than 4 years
22
24
Greater than or equal to 4 years and less than 5 years
21
23
Greater than or equal to 5 years and less than 10 years
51
72
Greater than or equal to 10 years and less than 15 years
6
19
Total undiscounted lease liabilities
176
218
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases and leases where the underlying asset is of low value. The expenses for these
leases for the year ended 31\u00a0December 2025 were \u00a31m (2024: less than \u00a31m). The
Group has no lease commitments for short-term leases at 31\u00a0December 2025
(2024: none).
(b) Leases where the Group is lessor (subleases)
Where the Group no longer requires a leased property, the property may be sublet to a
third party. The sublease may be for the full remaining term of the Group\u2019s lease or only
part of the remaining term.
At 31\u00a0December 2025, the Group had a net investment in finance leases asset of \u00a326m
(2024: \u00a332m) for subleases which had transferred substantially all the risk and rewards
of the right-of-use assets to the lessee under the sublease. All other subleases are
accounted for as operating leases.
(b)(i) Finance leases
During the year ended 31\u00a0December 2025 , the Group received finance income on the
net investment in finance leases asset of less than \u00a31m (2024: less than \u00a31m). The Group
recorded an initial gain of \u00a32m in relation to new subleases entered into during the year
ended 31\u00a0December 2025 (2024: \u00a32m). The following table provides a maturity analysis
of the future contractual undiscounted cash flows for the net investment in finance
leases and a reconciliation to the net investment in finance leases asset.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
5
5
Greater than or equal to 1 year and less than 2 years
5
5
Greater than or equal to 2 years and less than 3 years
4
5
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
5
Greater than or equal to 5 years and less than 10 years
7
13
Total contractual undiscounted cash flows under finance leases
29
37
Unearned finance income
(3)
(5)
Total net investment in finance leases
26
32
(b)(ii) Operating leases
During the year ended 31\u00a0December 2025, the Group received property rental income
from operating leases of \u00a31m (2024: \u00a32m).
The following table provides a maturity analysis of the future contractual undiscounted
cash flows for subleases classified as operating leases.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
1
2
Greater than or equal to 1 year and less than 2 years
1
1
Greater than or equal to 2 years and less than 3 years
1
\u2014
Total contractual undiscounted cash flows under operating leases
3
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
A contract is, or contains, a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for consideration. At inception
of a\u00a0contract, the Group assesses whether a contract is, or contains, a lease. In 2019,
on\u00a0adoption of IFRS 16, the Group used the practical expedient permitted to apply
the\u00a0new standard at transition solely to leases previously identified in accordance
with\u00a0IAS\u00a017 and IFRIC 4 Determining whether an Arrangement Contains a Lease.
Right-of-use assets are measured at cost less accumulated depreciation and
impairment losses and are presented in property, plant and equipment (refer Note
15). The Group does not revalue its right-of-use assets. This applies to all right-of-
use assets, including those that are assessed as meeting the definition of non-unit
linked investment property. The cost comprises the amount of the initial
measurement of the lease liability plus any initial direct costs and expected
restoration costs not relating to wear and tear. Costs relating to wear and tear are
expensed over the term of the lease. Depreciation is charged on right-of-use assets
on a straight-line basis from the lease commencement date to the earlier of the end
of the useful life of the right-of-use asset or the end of the lease term. The Group
assesses right-of-use assets for impairment when such indicators exist and, where
required, reduces the value of the right-of-use asset accordingly.
The related lease liability (included in other financial liabilities \u2013 refer Note 33) is
calculated as the present value of the future lease payments. The lease payments
are discounted using the rate implicit within the lease where readily available or the
Group\u2019s incremental borrowing rate where the implicit rate is not readily available.
Interest is calculated on the liability using the discount rate and is charged to the
consolidated income statement under finance costs.
In determining the value of the right-of-use assets and lease liabilities, the Group
considers whether any leases contain lease extensions or termination options that
the Group is reasonably certain to exercise.
Where a leased property has been sublet, the Group assesses whether the sublease
has transferred substantially all the risk and rewards of the right-of-use asset to the
lessee under the sublease. Where this is the case, the right-of-use asset is
derecognised and a net investment in finance leases (included in Receivables and
other financial assets \u2013 refer Note 19 ) is recognised, calculated as the present value of
the future lease payments receivable under the sublease. Where a property is only
partially sublet, only the portion of the right-of-use asset relating to the sublet part of
the property is derecognised and recognised as a net investment in finance leases.
Any difference between the initial value of the net investment in finance leases and
the right-of-use asset derecognised is recognised in the consolidated income
statement (within other income or expenses). Interest is calculated on the net
investment in finance lease using the discount rate and is recognised in the
consolidated income statement as interest income.
Where the sublease does not transfer substantially all the risk and rewards of the
right-of-use assets to the lessee under the sublease, the Group continues to recognise
the right-of-use asset. The sublease is accounted for as an operating lease with the
lease payments received recognised as property rental income in other income in the
consolidated income statement. Lease incentives granted are recognised as an
integral part of the property rental income and are spread over the term of the lease.
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases (less than one year from inception) and leases where the underlying asset is of
low value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "Leases where the Group is lessee
The Group leases various offices and equipment used to carry out its business. Leases
are generally for fixed periods but may be subject to extensions or early termination
clauses. The remaining periods for current leases range from less than 1 year to 13 years
(2024: less than 1 year to 14 years). A number of leases which are due to end in 2031
contain options that would allow the Group to extend the lease term. The Group reviews
its property use on an ongoing basis and these extensions have not been included in the
right-of-use asset or lease liability calculations. The Group had not committed to any
leases at 31\u00a0December 2025 which had not yet commenced.
The Group has recognised the following assets and liabilities in relation to these leases
where the Group is a lessee:
2025
2024
\u00a3m
\u00a3m
Right-of-use assets:
Property
78
97
Equipment
1
1
Total right-of-use assets
79
98
Lease liabilities
(155)
(193)
Details of the movements in the Group\u2019s right-of-use assets including additions and
depreciation are included in Note 15.
The interest on lease liabilities is as follows:
2025
2024
\u00a3m
\u00a3m
Interest on lease liabilities
5
6
The total cash outflow for lease liabilities recognised in the consolidated statement of
cash flows for the year ended 31\u00a0December 2025 was \u00a321m (2024: \u00a329m). Refer Note
38(f) for further details.
The following table provides a maturity analysis of the contractual undiscounted cash
flows for the lease liabilities.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
26
27
Greater than or equal to 1 year and less than 2 years
26
27
Greater than or equal to 2 years and less than 3 years
24
26
Greater than or equal to 3 years and less than 4 years
22
24
Greater than or equal to 4 years and less than 5 years
21
23
Greater than or equal to 5 years and less than 10 years
51
72
Greater than or equal to 10 years and less than 15 years
6
19
Total undiscounted lease liabilities
176
218
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases and leases where the underlying asset is of low value. The expenses for these
leases for the year ended 31\u00a0December 2025 were \u00a31m (2024: less than \u00a31m). The
Group has no lease commitments for short-term leases at 31\u00a0December 2025
(2024: none).
(b) Leases where the Group is lessor (subleases)
Where the Group no longer requires a leased property, the property may be sublet to a
third party. The sublease may be for the full remaining term of the Group\u2019s lease or only
part of the remaining term.
At 31\u00a0December 2025, the Group had a net investment in finance leases asset of \u00a326m
(2024: \u00a332m) for subleases which had transferred substantially all the risk and rewards
of the right-of-use assets to the lessee under the sublease. All other subleases are
accounted for as operating leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "Leases where the Group is lessee
The Group leases various offices and equipment used to carry out its business. Leases
are generally for fixed periods but may be subject to extensions or early termination
clauses. The remaining periods for current leases range from less than 1 year to 13 years
(2024: less than 1 year to 14 years). A number of leases which are due to end in 2031
contain options that would allow the Group to extend the lease term. The Group reviews
its property use on an ongoing basis and these extensions have not been included in the
right-of-use asset or lease liability calculations. The Group had not committed to any
leases at 31\u00a0December 2025 which had not yet commenced.
The Group has recognised the following assets and liabilities in relation to these leases
where the Group is a lessee:
2025
2024
\u00a3m
\u00a3m
Right-of-use assets:
Property
78
97
Equipment
1
1
Total right-of-use assets
79
98
Lease liabilities
(155)
(193)
Details of the movements in the Group\u2019s right-of-use assets including additions and
depreciation are included in Note 15.
The interest on lease liabilities is as follows:
2025
2024
\u00a3m
\u00a3m
Interest on lease liabilities
5
6
The total cash outflow for lease liabilities recognised in the consolidated statement of
cash flows for the year ended 31\u00a0December 2025 was \u00a321m (2024: \u00a329m). Refer Note
38(f) for further details.
The following table provides a maturity analysis of the contractual undiscounted cash
flows for the lease liabilities.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
26
27
Greater than or equal to 1 year and less than 2 years
26
27
Greater than or equal to 2 years and less than 3 years
24
26
Greater than or equal to 3 years and less than 4 years
22
24
Greater than or equal to 4 years and less than 5 years
21
23
Greater than or equal to 5 years and less than 10 years
51
72
Greater than or equal to 10 years and less than 15 years
6
19
Total undiscounted lease liabilities
176
218
The Group does not recognise right-of-use assets and lease liabilities for short-term
leases and leases where the underlying asset is of low value. The expenses for these
leases for the year ended 31\u00a0December 2025 were \u00a31m (2024: less than \u00a31m). The
Group has no lease commitments for short-term leases at 31\u00a0December 2025
(2024: none).", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessee", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "Leases where the Group is lessor (subleases)
Where the Group no longer requires a leased property, the property may be sublet to a
third party. The sublease may be for the full remaining term of the Group\u2019s lease or only
part of the remaining term.
At 31\u00a0December 2025, the Group had a net investment in finance leases asset of \u00a326m
(2024: \u00a332m) for subleases which had transferred substantially all the risk and rewards
of the right-of-use assets to the lessee under the sublease. All other subleases are
accounted for as operating leases.
(b)(i) Finance leases
During the year ended 31\u00a0December 2025 , the Group received finance income on the
net investment in finance leases asset of less than \u00a31m (2024: less than \u00a31m). The Group
recorded an initial gain of \u00a32m in relation to new subleases entered into during the year
ended 31\u00a0December 2025 (2024: \u00a32m). The following table provides a maturity analysis
of the future contractual undiscounted cash flows for the net investment in finance
leases and a reconciliation to the net investment in finance leases asset.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
5
5
Greater than or equal to 1 year and less than 2 years
5
5
Greater than or equal to 2 years and less than 3 years
4
5
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
5
Greater than or equal to 5 years and less than 10 years
7
13
Total contractual undiscounted cash flows under finance leases
29
37
Unearned finance income
(3)
(5)
Total net investment in finance leases
26
32
(b)(ii) Operating leases
During the year ended 31\u00a0December 2025, the Group received property rental income
from operating leases of \u00a31m (2024: \u00a32m).
The following table provides a maturity analysis of the future contractual undiscounted
cash flows for subleases classified as operating leases.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
1
2
Greater than or equal to 1 year and less than 2 years
1
1
Greater than or equal to 2 years and less than 3 years
1
\u2014
Total contractual undiscounted cash flows under operating leases
3
3
", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessor", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
(b)(i) Finance leases
During the year ended 31\u00a0December 2025 , the Group received finance income on the
net investment in finance leases asset of less than \u00a31m (2024: less than \u00a31m). The Group
recorded an initial gain of \u00a32m in relation to new subleases entered into during the year
ended 31\u00a0December 2025 (2024: \u00a32m). The following table provides a maturity analysis
of the future contractual undiscounted cash flows for the net investment in finance
leases and a reconciliation to the net investment in finance leases asset.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
5
5
Greater than or equal to 1 year and less than 2 years
5
5
Greater than or equal to 2 years and less than 3 years
4
5
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
5
Greater than or equal to 5 years and less than 10 years
7
13
Total contractual undiscounted cash flows under finance leases
29
37
Unearned finance income
(3)
(5)
Total net investment in finance leases
26
32
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
(b)(ii) Operating leases
During the year ended 31\u00a0December 2025, the Group received property rental income
from operating leases of \u00a31m (2024: \u00a32m).
The following table provides a maturity analysis of the future contractual undiscounted
cash flows for subleases classified as operating leases.
2025
2024
\u00a3m
\u00a3m
Less than 1 year
1
2
Greater than or equal to 1 year and less than 2 years
1
1
Greater than or equal to 2 years and less than 3 years
1
\u2014
Total contractual undiscounted cash flows under operating leases
3
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
17.\u00a0 \u00a0 Financial assets
Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair
value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on
financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a
hedging instrument are set out in Note 18 .
The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they
are held in as follows:
SPPI 1 test satisfied?
Business model
Classification
Yes
A: Objective is to hold to collect contractual cash flows
Amortised cost 2
Yes
B: Objective is achieved by both collecting contractual cash flows and selling
Fair value through other comprehensive income (FVOCI) 2
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
1. Solely payments of principal and interest.
2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring
assets or liabilities or recognising the gains and losses on them on different bases.
The Group has no direct holding in debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling
and therefore there are no debt instruments classified as FVOCI. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. (refer Note 14). Debt
instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles.
The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37.
Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an
expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance
equal to either:
\u2022 12 month expected credit losses (losses resulting from possible default within the next 12 months).
\u2022 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset).
Financial assets attract a 12 month Expected Credit Losses (ECL) allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for
calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade
receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified
approach the ECL is always equal to the lifetime expected credit loss.
The table below sets out an analysis of financial assets excluding those assets backing unit linked liabilities which are set out in Note 23 .
At fair value through
profit or loss 1
Cash flow hedge 2
At amortised cost
Total
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
18
5
4
6
50
\u2014
\u2014
11
54
Equity securities and interests in pooled investment funds
37
1,267
1,105
\u2014
\u2014
\u2014
\u2014
1,267
1,105
Debt securities
37
196
659
\u2014
\u2014
255
\u2014
451
659
Financial investments
1,468
1,768
6
50
255
\u2014
1,729
1,818
Receivables and other financial assets
19
10
17
\u2014
\u2014
1,102
1,007
1,112
1,024
Cash and cash equivalents
22
\u2014
\u2014
\u2014
\u2014
1,583
1,321
1,583
1,321
Total
1,478
1,785
6
50
2,940
2,328
4,424
4,163
1. All financial assets measured at fair value through profit or loss (FVTPL) have been classified at FVTPL on a mandatory basis. The Group has not designated any financial assets as FVTPL.
2. Changes in fair value are recognised in the Cash Flow Hedges Reserve (refer Note 27 ) but may be reclassified subsequently to profit or loss.
The amount of debt securities expected to be recovered or settled after more than 12 months is \u00a35m ( 2024: \u00a336m). Due to the nature of equity securities and interests in pooled
investment funds, there is no fixed term associated with these securities. The amount of equity securities and interests in pooled investment funds expected to be recovered or settled
after more than 12 months is \u00a31,267m (2024: \u00a31,105m ).
Financial assets at 31\u00a0December 2025 of \u00a34,424m (2024: \u00a34,163m) includes \u00a3111m (2024: \u00a398m) related to the Aberdeen Group Charitable Trust, whose assets are restricted to be
used for charitable purposes. Refer Note 45 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
17.\u00a0 \u00a0 Financial assets
Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair
value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on
financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a
hedging instrument are set out in Note 18 .
The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they
are held in as follows:
SPPI 1 test satisfied?
Business model
Classification
Yes
A: Objective is to hold to collect contractual cash flows
Amortised cost 2
Yes
B: Objective is achieved by both collecting contractual cash flows and selling
Fair value through other comprehensive income (FVOCI) 2
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
1. Solely payments of principal and interest.
2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring
assets or liabilities or recognising the gains and losses on them on different bases.
The Group has no direct holding in debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling
and therefore there are no debt instruments classified as FVOCI. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. (refer Note 14). Debt
instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles.
The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37.
Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an
expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance
equal to either:
\u2022 12 month expected credit losses (losses resulting from possible default within the next 12 months).
\u2022 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset).
Financial assets attract a 12 month Expected Credit Losses (ECL) allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for
calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade
receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified
approach the ECL is always equal to the lifetime expected credit loss.
The table below sets out an analysis of financial assets excluding those assets backing unit linked liabilities which are set out in Note 23 .
At fair value through
profit or loss 1
Cash flow hedge 2
At amortised cost
Total
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
18
5
4
6
50
\u2014
\u2014
11
54
Equity securities and interests in pooled investment funds
37
1,267
1,105
\u2014
\u2014
\u2014
\u2014
1,267
1,105
Debt securities
37
196
659
\u2014
\u2014
255
\u2014
451
659
Financial investments
1,468
1,768
6
50
255
\u2014
1,729
1,818
Receivables and other financial assets
19
10
17
\u2014
\u2014
1,102
1,007
1,112
1,024
Cash and cash equivalents
22
\u2014
\u2014
\u2014
\u2014
1,583
1,321
1,583
1,321
Total
1,478
1,785
6
50
2,940
2,328
4,424
4,163
1. All financial assets measured at fair value through profit or loss (FVTPL) have been classified at FVTPL on a mandatory basis. The Group has not designated any financial assets as FVTPL.
2. Changes in fair value are recognised in the Cash Flow Hedges Reserve (refer Note 27 ) but may be reclassified subsequently to profit or loss.
The amount of debt securities expected to be recovered or settled after more than 12 months is \u00a35m ( 2024: \u00a336m). Due to the nature of equity securities and interests in pooled
investment funds, there is no fixed term associated with these securities. The amount of equity securities and interests in pooled investment funds expected to be recovered or settled
after more than 12 months is \u00a31,267m (2024: \u00a31,105m ).
Financial assets at 31\u00a0December 2025 of \u00a34,424m (2024: \u00a34,163m) includes \u00a3111m (2024: \u00a398m) related to the Aberdeen Group Charitable Trust, whose assets are restricted to be
used for charitable purposes. Refer Note 45 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair
value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on
financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a
hedging instrument are set out in Note 18 .
The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they
are held in as follows:
SPPI 1 test satisfied?
Business model
Classification
Yes
A: Objective is to hold to collect contractual cash flows
Amortised cost 2
Yes
B: Objective is achieved by both collecting contractual cash flows and selling
Fair value through other comprehensive income (FVOCI) 2
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
1. Solely payments of principal and interest.
2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring
assets or liabilities or recognising the gains and losses on them on different bases.
The Group has no direct holding in debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling
and therefore there are no debt instruments classified as FVOCI. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. (refer Note 14). Debt
instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles.
The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37.
Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an
expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance
equal to either:
\u2022 12 month expected credit losses (losses resulting from possible default within the next 12 months).
\u2022 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset).
Financial assets attract a 12 month Expected Credit Losses (ECL) allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for
calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade
receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified
approach the ECL is always equal to the lifetime expected credit loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
18.\u00a0 \u00a0 Derivative financial instruments
A derivative is a financial instrument that is typically used to manage risk and whose
value moves in response to an underlying variable such as interest or foreign
exchange rates. The Group uses derivative financial instruments in order to match
subordinated debt liabilities and to reduce the risk from potential movements in
foreign exchange rates on seed capital and co-investments and potential
movements in market rates on seed capital. Certain consolidated investment vehicles
may also use derivatives to take and alter market exposure, with the objective of
enhancing performance and controlling risk.
Management determines the classification of derivatives at initial recognition. All
derivative instruments are classified as at FVTPL except those designated as part of
a\u00a0cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair
value with changes in fair value recognised in the consolidated income statement.
On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue
applying the hedge accounting requirements of IAS 39. The accounting treatment
below applies to derivatives designated as part of a hedging relationship.
Using derivatives to manage a particular exposure is referred to as hedging. For a
derivative to be considered as part of a hedging relationship, its purpose must be
formally documented at inception. In addition, the effectiveness of the hedge must
be\u00a0initially high and be able to be reliably measured on a regular basis. Derivatives
used to hedge variability in future cash flows such as coupons payable on
subordinated liabilities or revenue receivable in a foreign currency are designated
as\u00a0cash flow hedges, while derivatives used to hedge currency risk on investments
in\u00a0foreign operations are designated as net investment hedges.
Where a derivative qualifies as a cash flow or net investment hedge, hedge
accounting is applied. The effective part of any gain or loss resulting from the
change\u00a0in fair value is recognised in other comprehensive income and in the cash\u00a0flow
or net investment hedge reserve in equity, while any ineffective part is recognised
immediately in the consolidated income statement. If a derivative ceases\u00a0to meet the
relevant hedging criteria, hedge accounting is discontinued.
For cash flow hedges, the amount recognised in the cash flow hedge reserve is
transferred to the consolidated income statement (recycled) in the same period
or\u00a0periods during which the hedged item affects profit or loss and is transferred
immediately if the cash flow is no longer expected to occur. For net investment
hedges, the amount recognised in the net investment hedge reserve is transferred
to\u00a0the consolidated income statement on disposal of the investment.
2025
2024
Contract
amount
Fair value
assets
Fair value
liabilities
Contract
amount
Fair value
assets
Fair value
liabilities
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
17
558
6
\u2014
599
50
\u2014
FVTPL
17, 29
512
5
5
555
4
3
Derivative financial instruments
37
1,070
11
5
1,154
54
3
Derivative financial instruments backing unit linked liabilities
23
301
13
7
\u2014
\u2014
\u2014
Total derivative financial instruments
1,371
24
12
1,154
54
3
Derivative assets of \u00a317m ( 2024: \u00a350m ) are expected to be recovered after more than 12 months. There are \u00a37m derivative liabilities ( 2024: none ) expected to be settled after more
than 12 months.
(a) Hedging strategy
The Group generally does not hedge the currency exposure relating to revenue and
expenditure, nor does it hedge translation of overseas profits in the consolidated income
statement. Where appropriate, the Group may use derivative contracts to reduce or
eliminate currency risk arising from individual transactions or seed capital and
co-investment activity.
(a)(i) Cash flow hedges
On 18 October 2017 , the Group issued subordinated notes with a principal amount of
US$750m. In order to manage its foreign exchange risk relating to the principal and
coupons payable on these notes, the Group entered into a cross-currency swap which is
designated as a cash flow hedge. The cash flow hedge was fully effective during the year.
The cross-currency swap has the effect of swapping the 4.25% US Dollar fixed rate
subordinated notes into 3.2% Sterling fixed rate subordinated notes with a principal
amount of \u00a3569m. The cross-currency swap has a fair value asset position of \u00a36m
( 2024: \u00a350m asset). During the year ended 31\u00a0December 2025, fair value losses of \u00a339m
(2024: gains of \u00a320m) were recognised in other comprehensive income in relation to the
cross-currency swap. Losses of \u00a341m (2024: gains of \u00a311m) were transferred from other
comprehensive income to Net gains or losses on financial instruments and other income
in the consolidated income statement in relation to the cross-currency swap during the
year. In addition, forward points gains of \u00a36m (2024: \u00a36m) and losses of \u00a31m ( 2024: gains
of \u00a31m) were transferred from other comprehensive income to Finance costs in the
consolidated income statement.
(a)(ii) FVTPL
Derivative financial instruments classified as FVTPL include those that the Group holds as
economic hedges of financial instruments that are measured at fair value. FVTPL
derivative financial instruments are also held by the Group to match contractual liabilities
that are measured at fair value or to achieve efficient portfolio management in respect of
instruments measured at fair value.
2025
2024
Contract
amount
Fair value
assets
Fair value
liabilities
Contract
amount
Fair value
assets
Fair value
liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity derivatives:
Futures
94
\u2014
1
95
3
\u2014
Swaps
49
\u2014
\u2014
6
\u2014
\u2014
Bond derivatives:
Futures
87
\u2014
\u2014
54
\u2014
\u2014
Interest rate derivatives:
Swaps
40
6
7
\u2014
\u2014
\u2014
Foreign exchange derivatives:
Forwards
423
6
\u2014
313
1
\u2014
Other derivatives:
Inflation rate swaps
39
5
\u2014
\u2014
\u2014
\u2014
Credit default swaps
81
1
4
87
\u2014
3
Derivative financial instruments at FVTPL
813
18
12
555
4
3
(b) Maturity profile
The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows:
Within 1 year
1-5 years
5-10 years
10-15 years
15-20 years
Greater than 20 years
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
Derivative financial assets
415
331
596
663
1
\u2014
2
\u2014
3
\u2014
3
\u2014
1,020
994
Derivative financial liabilities
46
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
46
11
Total
461
342
596
663
1
\u2014
2
\u2014
3
\u2014
3
\u2014
1,066
1,005
Cash outflows
Derivative financial assets
(403)
(319)
(596)
(614)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(999)
(933)
Derivative financial liabilities
(48)
(11)
(4)
(3)
\u2014
\u2014
(1)
\u2014
(2)
\u2014
(3)
\u2014
(58)
(14)
Total
(451)
(330)
(600)
(617)
\u2014
\u2014
(1)
\u2014
(2)
\u2014
(3)
\u2014
(1,057)
(947)
Net derivative financial instruments cash
inflows
10
12
(4)
46
1
\u2014
1
\u2014
1
\u2014
\u2014
\u2014
9
58
Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets:
Within
1 year
1-5
years
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
24
25
593
663
617
688
Cash outflows
(18)
(18)
(596)
(614)
(614)
(632)
Net cash flow hedge cash inflows
6
7
(3)
49
3
56
Cash inflows and outflows are presented on a net basis where the Group is required to settle cash flows net.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
A derivative is a financial instrument that is typically used to manage risk and whose
value moves in response to an underlying variable such as interest or foreign
exchange rates. The Group uses derivative financial instruments in order to match
subordinated debt liabilities and to reduce the risk from potential movements in
foreign exchange rates on seed capital and co-investments and potential
movements in market rates on seed capital. Certain consolidated investment vehicles
may also use derivatives to take and alter market exposure, with the objective of
enhancing performance and controlling risk.
Management determines the classification of derivatives at initial recognition. All
derivative instruments are classified as at FVTPL except those designated as part of
a\u00a0cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair
value with changes in fair value recognised in the consolidated income statement.
On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue
applying the hedge accounting requirements of IAS 39. The accounting treatment
below applies to derivatives designated as part of a hedging relationship.
Using derivatives to manage a particular exposure is referred to as hedging. For a
derivative to be considered as part of a hedging relationship, its purpose must be
formally documented at inception. In addition, the effectiveness of the hedge must
be\u00a0initially high and be able to be reliably measured on a regular basis. Derivatives
used to hedge variability in future cash flows such as coupons payable on
subordinated liabilities or revenue receivable in a foreign currency are designated
as\u00a0cash flow hedges, while derivatives used to hedge currency risk on investments
in\u00a0foreign operations are designated as net investment hedges.
Where a derivative qualifies as a cash flow or net investment hedge, hedge
accounting is applied. The effective part of any gain or loss resulting from the
change\u00a0in fair value is recognised in other comprehensive income and in the cash\u00a0flow
or net investment hedge reserve in equity, while any ineffective part is recognised
immediately in the consolidated income statement. If a derivative ceases\u00a0to meet the
relevant hedging criteria, hedge accounting is discontinued.
For cash flow hedges, the amount recognised in the cash flow hedge reserve is
transferred to the consolidated income statement (recycled) in the same period
or\u00a0periods during which the hedged item affects profit or loss and is transferred
immediately if the cash flow is no longer expected to occur. For net investment
hedges, the amount recognised in the net investment hedge reserve is transferred
to\u00a0the consolidated income statement on disposal of the investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
A derivative is a financial instrument that is typically used to manage risk and whose
value moves in response to an underlying variable such as interest or foreign
exchange rates. The Group uses derivative financial instruments in order to match
subordinated debt liabilities and to reduce the risk from potential movements in
foreign exchange rates on seed capital and co-investments and potential
movements in market rates on seed capital. Certain consolidated investment vehicles
may also use derivatives to take and alter market exposure, with the objective of
enhancing performance and controlling risk.
Management determines the classification of derivatives at initial recognition. All
derivative instruments are classified as at FVTPL except those designated as part of
a\u00a0cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair
value with changes in fair value recognised in the consolidated income statement.
On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue
applying the hedge accounting requirements of IAS 39. The accounting treatment
below applies to derivatives designated as part of a hedging relationship.
Using derivatives to manage a particular exposure is referred to as hedging. For a
derivative to be considered as part of a hedging relationship, its purpose must be
formally documented at inception. In addition, the effectiveness of the hedge must
be\u00a0initially high and be able to be reliably measured on a regular basis. Derivatives
used to hedge variability in future cash flows such as coupons payable on
subordinated liabilities or revenue receivable in a foreign currency are designated
as\u00a0cash flow hedges, while derivatives used to hedge currency risk on investments
in\u00a0foreign operations are designated as net investment hedges.
Where a derivative qualifies as a cash flow or net investment hedge, hedge
accounting is applied. The effective part of any gain or loss resulting from the
change\u00a0in fair value is recognised in other comprehensive income and in the cash\u00a0flow
or net investment hedge reserve in equity, while any ineffective part is recognised
immediately in the consolidated income statement. If a derivative ceases\u00a0to meet the
relevant hedging criteria, hedge accounting is discontinued.
For cash flow hedges, the amount recognised in the cash flow hedge reserve is
transferred to the consolidated income statement (recycled) in the same period
or\u00a0periods during which the hedged item affects profit or loss and is transferred
immediately if the cash flow is no longer expected to occur. For net investment
hedges, the amount recognised in the net investment hedge reserve is transferred
to\u00a0the consolidated income statement on disposal of the investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
(a)(ii) FVTPL
Derivative financial instruments classified as FVTPL include those that the Group holds as
economic hedges of financial instruments that are measured at fair value. FVTPL
derivative financial instruments are also held by the Group to match contractual liabilities
that are measured at fair value or to achieve efficient portfolio management in respect of
instruments measured at fair value.
2025
2024
Contract
amount
Fair value
assets
Fair value
liabilities
Contract
amount
Fair value
assets
Fair value
liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity derivatives:
Futures
94
\u2014
1
95
3
\u2014
Swaps
49
\u2014
\u2014
6
\u2014
\u2014
Bond derivatives:
Futures
87
\u2014
\u2014
54
\u2014
\u2014
Interest rate derivatives:
Swaps
40
6
7
\u2014
\u2014
\u2014
Foreign exchange derivatives:
Forwards
423
6
\u2014
313
1
\u2014
Other derivatives:
Inflation rate swaps
39
5
\u2014
\u2014
\u2014
\u2014
Credit default swaps
81
1
4
87
\u2014
3
Derivative financial instruments at FVTPL
813
18
12
555
4
3
(b)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "Maturity profile
The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows:
Within 1 year
1-5 years
5-10 years
10-15 years
15-20 years
Greater than 20 years
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
Derivative financial assets
415
331
596
663
1
\u2014
2
\u2014
3
\u2014
3
\u2014
1,020
994
Derivative financial liabilities
46
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
46
11
Total
461
342
596
663
1
\u2014
2
\u2014
3
\u2014
3
\u2014
1,066
1,005
Cash outflows
Derivative financial assets
(403)
(319)
(596)
(614)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(999)
(933)
Derivative financial liabilities
(48)
(11)
(4)
(3)
\u2014
\u2014
(1)
\u2014
(2)
\u2014
(3)
\u2014
(58)
(14)
Total
(451)
(330)
(600)
(617)
\u2014
\u2014
(1)
\u2014
(2)
\u2014
(3)
\u2014
(1,057)
(947)
Net derivative financial instruments cash
inflows
10
12
(4)
46
1
\u2014
1
\u2014
1
\u2014
\u2014
\u2014
9
58
Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets:
Within
1 year
1-5
years
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
24
25
593
663
617
688
Cash outflows
(18)
(18)
(596)
(614)
(614)
(632)
Net cash flow hedge cash inflows
6
7
(3)
49
3
56
Cash inflows and outflows are presented on a net basis where the Group is required to settle cash flows net.
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
19.\u00a0 \u00a0 Receivables and other financial assets
2025
2024
Notes
\u00a3m
\u00a3m
Amounts receivable from contracts with customers
59
115
Accrued income
277
333
Amounts due from counterparties and customers for
unsettled trades and fund transactions
558
371
Net investment in finance leases
26
32
Collateral pledged in respect of derivative contracts
35
13
12
Contingent consideration assets
37
10
17
Deferred consideration assets
22
21
Other
147
123
Receivables and other financial assets
1,112
1,024
The carrying amounts disclosed above reasonably approximate the fair values as at the
year end.
The amount of receivables and other financial assets expected to be recovered after
more than 12 months is \u00a372m ( 2024: \u00a384m ).
Accrued income includes \u00a3273m ( 2024 : \u00a3329m ) of accrued income from contracts with
customers.
Other includes \u00a347m (2024: \u00a3nil) in relation to the sale and settlement of a seed
investment holding and \u00a331m (2024: \u00a333m) in VAT related receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
19.\u00a0 \u00a0 Receivables and other financial assets
2025
2024
Notes
\u00a3m
\u00a3m
Amounts receivable from contracts with customers
59
115
Accrued income
277
333
Amounts due from counterparties and customers for
unsettled trades and fund transactions
558
371
Net investment in finance leases
26
32
Collateral pledged in respect of derivative contracts
35
13
12
Contingent consideration assets
37
10
17
Deferred consideration assets
22
21
Other
147
123
Receivables and other financial assets
1,112
1,024
The carrying amounts disclosed above reasonably approximate the fair values as at the
year end.
The amount of receivables and other financial assets expected to be recovered after
more than 12 months is \u00a372m ( 2024: \u00a384m ).
Accrued income includes \u00a3273m ( 2024 : \u00a3329m ) of accrued income from contracts with
customers.
Other includes \u00a347m (2024: \u00a3nil) in relation to the sale and settlement of a seed
investment holding and \u00a331m (2024: \u00a333m) in VAT related receivables.
33.\u00a0 \u00a0 Other financial liabilities
2025
2024
Notes
\u00a3m
\u00a3m
Accruals
219
234
Amounts due to counterparties and customers for unsettled trades and fund transactions
539
355
Lease liabilities
16
155
193
Cash collateral held in respect of derivative contracts
35
10
57
Contingent consideration liabilities
37
108
96
Deferred income
\u2014
12
Other
120
101
Other financial liabilities
1,151
1,048
The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3215m ( 2024 : \u00a3268m).
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments
and bilateral repurchase agreements is accepted from and provided to certain market
counterparties to mitigate counterparty risk in the event of default. The use of collateral
in\u00a0respect of these instruments is governed by formal bilateral agreements between
the\u00a0parties. For OTC derivatives the amount of collateral required by either party is
determined by the daily bilateral OTC exposure calculations in accordance with these
agreements and collateral is moved on a daily basis to ensure there is full collateralisation.
Under the terms of these agreements, collateral is posted with the ownership captured
under title transfer of the contract. With regard to either collateral pledged or accepted,
the Group may request the return of, or be required to return, collateral to the extent it
differs from that required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any collateral
balances will be included in the close-out calculation of net counterparty exposure. At
31\u00a0December 2025, the Group had pledged \u00a313m (2024: \u00a312m) of cash, \u00a33m (2024: \u00a3nil)
of cash backing unit linked liabilities, and \u00a3nil (2024: \u00a3nil) of securities as collateral for
derivative financial liabilities. At 31\u00a0December 2025, the Group had accepted \u00a310m
(2024: \u00a357m) of cash, \u00a35m (2024: \u00a3nil) of cash backing unit linked liabilities, and \u00a3nil
(2024: \u00a3105m) of securities as collateral for derivative financial assets and reverse
repurchase agreements. None of the securities were sold or repledged at the year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
20.\u00a0 \u00a0 Other assets
2025
2024
\u00a3m
\u00a3m
Prepayments
58
53
Other
2
1
Total other assets
60
54
The amount of other assets expected to be recovered after more than 12 months is
\u00a33m (2024 : \u00a32m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
20.\u00a0 \u00a0 Other assets
2025
2024
\u00a3m
\u00a3m
Prepayments
58
53
Other
2
1
Total other assets
60
54
The amount of other assets expected to be recovered after more than 12 months is
\u00a33m (2024 : \u00a32m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
20.\u00a0 \u00a0 Other assets
2025
2024
\u00a3m
\u00a3m
Prepayments
58
53
Other
2
1
Total other assets
60
54
The amount of other assets expected to be recovered after more than 12 months is
\u00a33m (2024 : \u00a32m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
20.\u00a0 \u00a0 Other assets
2025
2024
\u00a3m
\u00a3m
Prepayments
58
53
Other
2
1
Total other assets
60
54
The amount of other assets expected to be recovered after more than 12 months is
\u00a33m (2024 : \u00a32m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
21.\u00a0 \u00a0 Assets and liabilities held for sale
Assets and liabilities held for sale are presented separately in the consolidated
statement of financial position and consist of operations and individual non-current
assets whose carrying amount will be recovered principally through a sale
transaction (expected within one year) and not through continuing use.
Operations held for sale, being disposal groups, and investments in associates
accounted for using the equity method are measured at the lower of their carrying
amount and their fair value less disposal costs. No depreciation or amortisation is
charged on assets in a disposal group once it has been classified as held for sale.
Operations held for sale include newly established investment vehicles which the
Group has seeded but is actively seeking to divest from. For these investment funds,
which do not have significant liabilities or non-financial assets, financial assets
continue to be measured based on the accounting policies that applied before they
were classified as held for sale. The Group classifies seeded operations as held for
sale where the intention is to dispose of the investment vehicle in a single transaction.
Where disposal of a seeded investment vehicle will be in more than one tranche, the
operations are not classified as held for sale in the consolidated statement of
financial position.
Amounts seeded into newly established investment vehicles which are not
consolidated and are recognised as interests in pooled investment funds are also
classified as held for sale where the Group intends to dispose of its investment in a
single transaction. As above, they continue to be measured based on the accounting
policies that applied before they were classified as held for sale.
2025
2024
Notes
\u00a3m
\u00a3m
Assets of operations held for sale
abrdn Financial Planning and Advice Limited (aFPAL)
26
\u2014
Investment vehicles
37
8
17
Assets held for sale
34
17
Liabilities of operations held for sale
abrdn Financial Planning and Advice Limited (aFPAL)
8
\u2014
Liabilities of operations held for sale
8
\u2014
Refer Note 23 for unit linked assets held for sale.
abrdn Financial Planning and Advice Limited (aFPAL)
aFPAL, which is in the ii segment, was classified as an operation held for sale at 30 June
2025 as at that point the sale of the business was considered highly probable.
Subsequent to the classification as an operation held for sale, an impairment of \u00a37m was
recognised in relation to intangible assets. This impairment reflects an adjustment to the
expected final fair value of the sale consideration and has been reflected in the assets
and liabilities held for sale.
Refer Note 44 for details of the agreed sale.
At 31\u00a0December 2025, this disposal group was measured at its carrying amount and
comprised the following assets and liabilities:
2025
\u00a3m
Assets of operations held for sale
Intangible assets 1
16
Receivables and other financial assets
2
Other assets
1
Cash and cash equivalents
7
Total assets of operations held for sale
26
Deferred tax liabilities
2
Other financial liabilities
2
Provisions and other liabilities
4
Total liabilities of operations held for sale
8
Net assets of operations held for sale
18
1. Includes \u00a39m of Goodwill and \u00a37m of Customer relationships and investment management contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Assets and liabilities held for sale are presented separately in the consolidated
statement of financial position and consist of operations and individual non-current
assets whose carrying amount will be recovered principally through a sale
transaction (expected within one year) and not through continuing use.
Operations held for sale, being disposal groups, and investments in associates
accounted for using the equity method are measured at the lower of their carrying
amount and their fair value less disposal costs. No depreciation or amortisation is
charged on assets in a disposal group once it has been classified as held for sale.
Operations held for sale include newly established investment vehicles which the
Group has seeded but is actively seeking to divest from. For these investment funds,
which do not have significant liabilities or non-financial assets, financial assets
continue to be measured based on the accounting policies that applied before they
were classified as held for sale. The Group classifies seeded operations as held for
sale where the intention is to dispose of the investment vehicle in a single transaction.
Where disposal of a seeded investment vehicle will be in more than one tranche, the
operations are not classified as held for sale in the consolidated statement of
financial position.
Amounts seeded into newly established investment vehicles which are not
consolidated and are recognised as interests in pooled investment funds are also
classified as held for sale where the Group intends to dispose of its investment in a
single transaction. As above, they continue to be measured based on the accounting
policies that applied before they were classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
22.\u00a0 \u00a0 Cash and cash equivalents
Cash and cash equivalents include cash at bank, money at call and short notice with
banks, money market funds and any highly liquid investments with less than three
months to maturity from the date of acquisition. For the purposes of the
consolidated statement of cash flows, cash and cash equivalents also include bank
overdrafts which are included in other financial liabilities on the consolidated
statement of financial position where the overdraft is repayable on demand and
forms an integral part of the Group\u2019s cash management.
Where the Group has a legally enforceable right of set off and intention to settle on
a net basis, cash and overdrafts are offset in the consolidated statement of financial
position.
2025
2024
\u00a3m
\u00a3m
Cash at bank and in hand
677
733
Money at call, term deposits, reverse repurchase agreements and
debt instruments with less than three months to maturity from
acquisition
17
415
Money market funds
889
173
Cash and cash equivalents
1,583
1,321
2025
2024
Notes
\u00a3m
\u00a3m
Cash and cash equivalents
1,583
1,321
Cash and cash equivalents backing unit linked liabilities
23
212
14
Cash and cash equivalents classified as held for sale
21
7
\u2014
Total cash and cash equivalents for consolidated
statement of cash flows
1,802
1,335
Cash at bank, money at call and short notice and deposits are subject to variable interest
rates.
Cash and cash equivalents in respect of unit linked funds (including third party interests
in consolidated funds) are held in separate bank accounts and are not available for
general use by the Group.
As at 31\u00a0December 2025 , no cash and overdrafts were offset in the consolidated
statement of financial position (2024 : none).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Cash and cash equivalents include cash at bank, money at call and short notice with
banks, money market funds and any highly liquid investments with less than three
months to maturity from the date of acquisition. For the purposes of the
consolidated statement of cash flows, cash and cash equivalents also include bank
overdrafts which are included in other financial liabilities on the consolidated
statement of financial position where the overdraft is repayable on demand and
forms an integral part of the Group\u2019s cash management.
Where the Group has a legally enforceable right of set off and intention to settle on
a net basis, cash and overdrafts are offset in the consolidated statement of financial
position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
23.\u00a0 \u00a0 Unit linked liabilities and assets backing unit linked liabilities
The Group operates unit linked life assurance businesses through an insurance
subsidiary. This subsidiary provides investment products through a life assurance
wrapper. These products do not contain any features which transfer significant
insurance risk and therefore are classified as investment contracts. Unit linked non-
participating investment contracts are separated into two components being an
investment management services component and a financial liability. All fees and
related administrative expenses are deemed to be associated with the investment
management services component (refer Note 3). The financial liability component is
designated as FVTPL as it is implicitly managed on a fair value basis as its value is
directly linked to the market value of the underlying portfolio of assets.
Where the Group is deemed to control an investment vehicle as a result of holdings in
that vehicle by subsidiaries to back unit linked non-participating investment contract
liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s
statement of financial position. The liability for third party interest in such consolidated
funds is presented as a unit linked liability.
Unit linked liabilities and assets backing unit linked liabilities are presented separately
in\u00a0the consolidated statement of financial position.
Contributions received on non-participating investment contracts and from third
party interest in consolidated funds are treated as deposits and not reported as
revenue in the consolidated income statement.
Withdrawals paid out to policyholders on non-participating investment contracts
and\u00a0to third party interest in consolidated funds are treated as a reduction to
deposits\u00a0and not recognised as expenses in the consolidated income statement.
Investment return and related benefits credited in respect of non-participating
investment contracts and third party interest in consolidated funds are recognised in
the consolidated income statement as changes in investment contract liabilities and
changes in liability for third party interest in consolidated funds respectively.
Investment returns relating to unit linked business are for the account of policyholders
and have an equal and opposite effect on income and expenses in the consolidated
income statement with no impact on profit or loss after tax.
Assets backing unit linked liabilities comprise investment property classified as FVTPL,
financial investments and reinsurance linked investment assets, which are classified as
FVTPL on a mandatory basis, receivables and other financial assets and cash and
cash equivalents which are measured at amortised cost as well as any assets held for
sale backing unit linked liabilities.
(a) Result for the year attributable to unit linked business
2025
2024
Notes
\u00a3m
\u00a3m
Net gains or losses on financial instruments at fair value
through profit or loss
Net gains or losses on financial assets at fair value
through profit or loss
175
56
Change in non-participating investment contract
financial liabilities
(218)
(58)
Change in liability for third party interests in consolidated
funds
(11)
\u2014
Total net gains or losses on financial instruments at fair value
through profit or loss
(54)
(2)
Net gains or losses on reinsurance linked investment asset
at fair value through profit or loss
14
\u2014
Net gains or losses on investment property at fair value
through profit or loss
(4)
\u2014
Rental income
45
\u2014
Foreign exchange gains or losses on financial instruments
at amortised cost
1
\u2014
Interest and similar income from financial instruments at
amortised cost
4
1
Interest expense on financial instruments at amortised cost
(5)
\u2014
Net gains or losses on financial instruments and other income
4
1
(1)
Other administrative expense
5
(1)
\u2014
Profit/(loss) before tax
\u2014
(1)
Tax (expense)/credit attributable to unit linked business
9
\u2014
1
Profit after tax
\u2014
\u2014
(b) Transfer of Standard Life\u2019s (formerly Phoenix) TIP business
As part of the simplification of our relationship with Standard Life plc, the transfer of
Standard Life \u2019s TIP business completed on 28 March 2025. The transfer was made under
the terms of a scheme under Part VII of the Financial Services and Market Act 2000
under which all the TIP contracts along with the underlying assets and liabilities backing
the contract were transferred to the Group. The transfer of the TIP contracts did\u00a0not
meet the definition of a business under UK adopted international accounting standards
and the transfer has not been accounted for as a business combination. The\u00a0net upfront
consideration of \u00a34m has been recognised within intangible assets.
At the date of the transfer the unit linked liabilities and assets backing unit linked liabilities
for the TIP contracts netted to \u00a3nil. The breakdown of these at the date of the transfer is
given below.
28 March 2025
\u00a3m
Investment property
1,097
Financial investments
1,310
Reinsurance linked investment asset
317
Receivables and other financial assets
38
Cash and cash equivalents
150
Total assets backing unit linked liabilities
2,912
Investment contract liabilities
2,876
Other unit linked financial liabilities
36
Total unit linked financial liabilities
2,912
The unit linked liabilities and the assets backing the unit linked liabilities were recognised
at their fair value at the date of transfer.
(c) Assets held for sale backing unit linked liabilities
2025
2024
\u00a3m
\u00a3m
Debt securities
96
\u2014
Investment property
19
\u2014
Assets held for sale backing unit linked liabilities
115
\u2014
Assets held for sale comprise property related debt securities (known as income strips)
and investment property which were being actively marketed for sale at 31\u00a0December
2025.
(d) Financial instrument risk management
The shareholder is not directly exposed to market risk in relation to the financial assets
backing unit linked liabilities. The shareholder\u2019s exposure to market risk on these assets is
limited to variations in the value of future revenue as fees are based on a percentage of
fund value.
The shareholder exposure to credit risk in relation to the financial assets backing unit
linked liabilities is limited to the reinsurance linked investment asset. Exposure to credit
risk and concentrations of credit risk are managed by setting exposure limits for different
types of financial instruments and counterparties.
The shareholder is exposed to liquidity risk relating to unit linked funds. For the unit linked business, liquidity risk is primarily managed by holding a range of diversified instruments which
are assessed against cash flow and funding requirements. A core portfolio of assets is maintained and invested in accordance with the mandates of the relevant unit linked funds.
Given that unit linked policyholders can usually choose to surrender, in part or in full, their unit linked contracts at any time, the non-participating investment contract unit linked liabilities
are designated as payable within one year. Such surrenders would be matched in practice, if necessary, by sales of underlying assets. Policyholder behaviour and the trading position
of asset classes are actively monitored. The Group can delay settling liabilities to unit linked policyholders to ensure fairness between those remaining in the fund and those leaving the
fund. The length of any such delay is dependent on the underlying financial assets.
(e) Fair value measurement of unit linked liabilities and assets backing unit linked liabilities
Unit linked liabilities and assets backing unit linked liabilities have been categorised below using the fair value hierarchy as defined in Note 37. Refer Note 37 for details of valuation
techniques used.
Fair value hierarchy
As recognised in the
consolidated
statement of financial
position line item
Classified as held for
sale
Total
Not at fair value
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
13
\u2014
\u2014
\u2014
13
\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
\u2014
\u2014
Equity securities and interests in pooled investment vehicles
952
616
\u2014
\u2014
952
616
\u2014
\u2014
187
318
765
298
\u2014
\u2014
Debt securities
939
33
96
\u2014
1,035
33
\u2014
\u2014
314
31
433
2
288
\u2014
Financial investments
1,904
649
96
\u2014
2,000
649
\u2014
\u2014
501
349
1,211
300
288
\u2014
Reinsurance linked investment asset
363
\u2014
\u2014
\u2014
363
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
363
\u2014
Receivables and other unit linked assets
27
4
\u2014
\u2014
27
4
27
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash and cash equivalents
212
14
\u2014
\u2014
212
14
212
14
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Investment property
942
\u2014
19
\u2014
961
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
961
\u2014
Total assets backing unit linked liabilities
3,448
667
115
\u2014
3,563
667
239
18
501
349
1,211
300
1,612
\u2014
Investment contract liabilities
3,307
665
\u2014
\u2014
3,307
665
\u2014
\u2014
\u2014
\u2014
1,695
665
1,612
\u2014
Third party interest in consolidated funds
95
\u2014
\u2014
\u2014
95
\u2014
\u2014
\u2014
\u2014
\u2014
95
\u2014
\u2014
\u2014
Derivative financial liabilities
7
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
Other unit linked liabilities
154
2
\u2014
\u2014
154
2
154
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total unit linked liabilities
3,563
667
\u2014
\u2014
3,563
667
154
2
\u2014
\u2014
1,797
665
1,612
\u2014
The fair value of assets backing unit linked liabilities not held at fair value approximates to their carrying value at both 31\u00a0December 2025 and 31\u00a0December 2024. There were no
significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers are deemed to have occurred at the end of the calendar
quarter in which they arose.
(f) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets backing unit linked liabilities and unit linked liabilities held at fair value are analysed below.
Debt securities (income strips)
Reinsurance linked investment
asset
Investment property
Investment contract liabilities
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At start of period
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total (losses)/gains recognised in the consolidated income statement
(8)
\u2014
14
\u2014
4
\u2014
(10)
\u2014
Transfers in 1
531
\u2014
317
\u2014
1,097
\u2014
(1,945)
\u2014
Purchases
2
\u2014
39
\u2014
3
\u2014
(44)
\u2014
Sales and other adjustments
(237)
\u2014
(7)
\u2014
(143)
\u2014
387
\u2014
At end of period
288
\u2014
363
\u2014
961
\u2014
(1,612)
\u2014
1. Relates to the Part VII TIP transfer as outlined in Section 23 (b).
For the year ended 31\u00a0December 2025, no net gains or losses were recognised in the consolidated income statement in respect of assets backing unit linked liabilities and unit linked
liabilities held at fair value classified as level 3 at the period end (2024: nil). All gains and losses were recognised in Net gains or losses on financial instruments and other income.
The significant unobservable inputs for the valuation of unit linked debt securities (income strips), reinsurance linked investment asset and investment property are detailed below.
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Weighted average
Debt securities (income strips)
288
\u2014
Income capitalisation
Initial yield
5.70%
Reinsurance linked investment asset
363
\u2014
Net asset value
N/A 1
N/A - Reported NAV is
deemed to represent fair
value at the end of the
reporting period
Investment property
961
\u2014
Income capitalisation
Expected income per square metre
\u00a3229
Estimated rental value per room
\u00a38,362
Estimated rental value per parking space
\u00a3885
Initial yield
5.41%
1. Net asset value statements are provided by independent third parties and therefore no significant non-observable input or sensitivity information has been prepared for those instruments valued on this basis.
The shareholder is not directly exposed to movements in the value of unit linked level 3 instruments as any movement in the value of debt securities (income strips), reinsurance linked
investment asset and investment property is offset by an equivalent movement in the value of the related investment contract liabilities. On this basis, no sensitivities have been
provided.
(g) Change in non-participating investment contract liabilities
The change in non-participating investment contract liabilities was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
665
684
Transfers in 1
2,876
\u2014
Contributions
283
59
Account balances paid on surrender and other terminations in the year
(685)
(137)
Change in non-participating investment contract liabilities recognised in the consolidated income statement
218
58
Recurring management charges
(50)
1
At 31 December
3,307
665
1. Relates to the Part VII TIP transfer as outlined in Section 23 (b).
(h) Derivatives
The treatment of collateral accepted and pledged in respect of financial instruments and the Group\u2019s approach to offsetting financial assets and liabilities is described in Note 35. The
following table presents the impact of master netting agreements and similar arrangements for derivatives backing unit linked liabilities.
Related amounts not offset on the consolidated
statement of financial position
Gross amounts of financial instruments as
presented on the consolidated statement of
financial position
Financial instruments
Financial collateral pledged/(received)
Net position
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives 1
13
\u2014
(6)
\u2014
\u2014
\u2014
7
\u2014
Total financial assets
13
\u2014
(6)
\u2014
\u2014
\u2014
7
\u2014
Financial liabilities
Derivatives 1
(7)
\u2014
6
\u2014
\u2014
\u2014
(1)
\u2014
Total financial liabilities
(7)
\u2014
6
\u2014
\u2014
\u2014
(1)
\u2014
1. Only OTC derivatives subject to master netting agreements have been included above.
", "dimensions": { "concept": "abrdnplc:DisclosureOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
The Group operates unit linked life assurance businesses through an insurance
subsidiary. This subsidiary provides investment products through a life assurance
wrapper. These products do not contain any features which transfer significant
insurance risk and therefore are classified as investment contracts. Unit linked non-
participating investment contracts are separated into two components being an
investment management services component and a financial liability. All fees and
related administrative expenses are deemed to be associated with the investment
management services component (refer Note 3). The financial liability component is
designated as FVTPL as it is implicitly managed on a fair value basis as its value is
directly linked to the market value of the underlying portfolio of assets.
Where the Group is deemed to control an investment vehicle as a result of holdings in
that vehicle by subsidiaries to back unit linked non-participating investment contract
liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s
statement of financial position. The liability for third party interest in such consolidated
funds is presented as a unit linked liability.
Unit linked liabilities and assets backing unit linked liabilities are presented separately
in\u00a0the consolidated statement of financial position.
Contributions received on non-participating investment contracts and from third
party interest in consolidated funds are treated as deposits and not reported as
revenue in the consolidated income statement.
Withdrawals paid out to policyholders on non-participating investment contracts
and\u00a0to third party interest in consolidated funds are treated as a reduction to
deposits\u00a0and not recognised as expenses in the consolidated income statement.
Investment return and related benefits credited in respect of non-participating
investment contracts and third party interest in consolidated funds are recognised in
the consolidated income statement as changes in investment contract liabilities and
changes in liability for third party interest in consolidated funds respectively.
Investment returns relating to unit linked business are for the account of policyholders
and have an equal and opposite effect on income and expenses in the consolidated
income statement with no impact on profit or loss after tax.
Assets backing unit linked liabilities comprise investment property classified as FVTPL,
financial investments and reinsurance linked investment assets, which are classified as
FVTPL on a mandatory basis, receivables and other financial assets and cash and
cash equivalents which are measured at amortised cost as well as any assets held for
sale backing unit linked liabilities.", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "Fair value measurement of unit linked liabilities and assets backing unit linked liabilities
Unit linked liabilities and assets backing unit linked liabilities have been categorised below using the fair value hierarchy as defined in Note 37. Refer Note 37 for details of valuation
techniques used.
Fair value hierarchy
As recognised in the
consolidated
statement of financial
position line item
Classified as held for
sale
Total
Not at fair value
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
13
\u2014
\u2014
\u2014
13
\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
\u2014
\u2014
Equity securities and interests in pooled investment vehicles
952
616
\u2014
\u2014
952
616
\u2014
\u2014
187
318
765
298
\u2014
\u2014
Debt securities
939
33
96
\u2014
1,035
33
\u2014
\u2014
314
31
433
2
288
\u2014
Financial investments
1,904
649
96
\u2014
2,000
649
\u2014
\u2014
501
349
1,211
300
288
\u2014
Reinsurance linked investment asset
363
\u2014
\u2014
\u2014
363
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
363
\u2014
Receivables and other unit linked assets
27
4
\u2014
\u2014
27
4
27
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash and cash equivalents
212
14
\u2014
\u2014
212
14
212
14
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Investment property
942
\u2014
19
\u2014
961
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
961
\u2014
Total assets backing unit linked liabilities
3,448
667
115
\u2014
3,563
667
239
18
501
349
1,211
300
1,612
\u2014
Investment contract liabilities
3,307
665
\u2014
\u2014
3,307
665
\u2014
\u2014
\u2014
\u2014
1,695
665
1,612
\u2014
Third party interest in consolidated funds
95
\u2014
\u2014
\u2014
95
\u2014
\u2014
\u2014
\u2014
\u2014
95
\u2014
\u2014
\u2014
Derivative financial liabilities
7
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
\u2014
\u2014
7
\u2014
\u2014
\u2014
Other unit linked liabilities
154
2
\u2014
\u2014
154
2
154
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total unit linked liabilities
3,563
667
\u2014
\u2014
3,563
667
154
2
\u2014
\u2014
1,797
665
1,612
\u2014
The fair value of assets backing unit linked liabilities not held at fair value approximates to their carrying value at both 31\u00a0December 2025 and 31\u00a0December 2024. There were no
significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers are deemed to have occurred at the end of the calendar
quarter in which they arose.
(f) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets backing unit linked liabilities and unit linked liabilities held at fair value are analysed below.
Debt securities (income strips)
Reinsurance linked investment
asset
Investment property
Investment contract liabilities
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At start of period
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total (losses)/gains recognised in the consolidated income statement
(8)
\u2014
14
\u2014
4
\u2014
(10)
\u2014
Transfers in 1
531
\u2014
317
\u2014
1,097
\u2014
(1,945)
\u2014
Purchases
2
\u2014
39
\u2014
3
\u2014
(44)
\u2014
Sales and other adjustments
(237)
\u2014
(7)
\u2014
(143)
\u2014
387
\u2014
At end of period
288
\u2014
363
\u2014
961
\u2014
(1,612)
\u2014
1. Relates to the Part VII TIP transfer as outlined in Section 23 (b).
For the year ended 31\u00a0December 2025, no net gains or losses were recognised in the consolidated income statement in respect of assets backing unit linked liabilities and unit linked
liabilities held at fair value classified as level 3 at the period end (2024: nil). All gains and losses were recognised in Net gains or losses on financial instruments and other income.
The significant unobservable inputs for the valuation of unit linked debt securities (income strips), reinsurance linked investment asset and investment property are detailed below.
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Weighted average
Debt securities (income strips)
288
\u2014
Income capitalisation
Initial yield
5.70%
Reinsurance linked investment asset
363
\u2014
Net asset value
N/A 1
N/A - Reported NAV is
deemed to represent fair
value at the end of the
reporting period
Investment property
961
\u2014
Income capitalisation
Expected income per square metre
\u00a3229
Estimated rental value per room
\u00a38,362
Estimated rental value per parking space
\u00a3885
Initial yield
5.41%
1. Net asset value statements are provided by independent third parties and therefore no significant non-observable input or sensitivity information has been prepared for those instruments valued on this basis.
The shareholder is not directly exposed to movements in the value of unit linked level 3 instruments as any movement in the value of debt securities (income strips), reinsurance linked
investment asset and investment property is offset by an equivalent movement in the value of the related investment contract liabilities. On this basis, no sensitivities have been
provided.
", "dimensions": { "concept": "abrdnplc:DisclosureOfFairValueMeasurementOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
The significant unobservable inputs for the valuation of unit linked debt securities (income strips), reinsurance linked investment asset and investment property are detailed below.
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Weighted average
Debt securities (income strips)
288
\u2014
Income capitalisation
Initial yield
5.70%
Reinsurance linked investment asset
363
\u2014
Net asset value
N/A 1
N/A - Reported NAV is
deemed to represent fair
value at the end of the
reporting period
Investment property
961
\u2014
Income capitalisation
Expected income per square metre
\u00a3229
Estimated rental value per room
\u00a38,362
Estimated rental value per parking space
\u00a3885
Initial yield
5.41%
1. Net asset value statements are provided by independent third parties and therefore no significant non-observable input or sensitivity information has been prepared for those instruments valued on this basis.
The shareholder is not directly exposed to movements in the value of unit linked level 3 instruments as any movement in the value of debt securities (income strips), reinsurance linked
investment asset and investment property is offset by an equivalent movement in the value of the related investment contract liabilities. On this basis, no sensitivities have been
provided.
Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at
31\u00a0December 2025 with a fair value of \u00a3181m (2024: \u00a3278m).
Fair value
2025
\u00a3m
2024
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity, real estate
and infrastructure funds
166
266
Net asset value
Net asset value statements provided for a large
number of funds including 16 significant funds
(fair value >\u00a35m).
A range of unobservable inputs is not applicable as we have determined that
the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity
securities
15
12
Indicative share
price
Calibration to the price of a recent investment.
A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at the
end of the reporting period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31\u00a0December 2025 with a fair value
of \u00a3nil (2024: \u00a3(69)m) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of
third party interest in consolidated funds.
The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3
instruments at 31\u00a0December 2025 with a fair value of \u00a3(114)m (2024: \u00a3(94)m).
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
consideration
assets and
liabilities and
other financial
instrument
liabilities
(114)
(94)
Probability
weighted cash
flow and where
applicable
discount rates
Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most
significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to
the acquisition of Tritax of \u00a399m (2024: \u00a385m).
During the year ended 31 December 2025, the terms of the contingent consideration arrangement relating to the
acquisition of Tritax were renegotiated. This renegotiation results in a change in both the timing and terms of the
settlement of the liability. As a result, the residual balance of the original contingent consideration liability of \u00a362m
was extinguished and a new financial liability of \u00a399m recognised in accordance with the modification rules in IFRS
9, resulting in a loss of \u00a337m in 2025.
The revised contingent consideration liability comprises an earn-out element, which will be settled in tranches from
2026 to 2029 (previously 2025 to 2026) based on the EBITDA of Tritax, retention of certain elements of the business,
and a profit share based on the net profit of Tritax. Under the revised terms, the Group\u2019s ownership in Tritax
increases from 60% to c.80%, in 2026 and the Group takes full ownership of Tritax in 2029. The revised liability is
measured at fair value through profit or loss.
The contingent consideration is valued by applying a probability weighting to a number of scenarios. The valuation
uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box
REIT (Big Box) and a forecast for a new strategy (Powerbox) which generates new forms of revenue arising from
the development, securing of power grid connections and management of large data centres, some of which are
not recurring in nature. Incremental EBITDA from Powerbox developments in early stages have been assigned a
lower probability than the traditional business reflecting the risks inherent in new developments. The resulting
valuation is discounted from the expected payment dates to the balance sheet date.
The revised earn-out valuation
used EBITDAs reflecting a
probability weighted revenue
compound annual growth
rate (CAGR) from 31 March
2026 to 31 March 2029 of 14%
and a probability weighted
cost/income ratio of c.57%.
The risk adjusted contingent
consideration cash flows have
been discounted using a
discount rate of 4% (2024: 4%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "Change in non-participating investment contract liabilities
The change in non-participating investment contract liabilities was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
665
684
Transfers in 1
2,876
\u2014
Contributions
283
59
Account balances paid on surrender and other terminations in the year
(685)
(137)
Change in non-participating investment contract liabilities recognised in the consolidated income statement
218
58
Recurring management charges
(50)
1
At 31 December
3,307
665
1. Relates to the Part VII TIP transfer as outlined in Section 23 (b).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "Derivatives
The treatment of collateral accepted and pledged in respect of financial instruments and the Group\u2019s approach to offsetting financial assets and liabilities is described in Note 35. The
following table presents the impact of master netting agreements and similar arrangements for derivatives backing unit linked liabilities.
Related amounts not offset on the consolidated
statement of financial position
Gross amounts of financial instruments as
presented on the consolidated statement of
financial position
Financial instruments
Financial collateral pledged/(received)
Net position
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives 1
13
\u2014
(6)
\u2014
\u2014
\u2014
7
\u2014
Total financial assets
13
\u2014
(6)
\u2014
\u2014
\u2014
7
\u2014
Financial liabilities
Derivatives 1
(7)
\u2014
6
\u2014
\u2014
\u2014
(1)
\u2014
Total financial liabilities
(7)
\u2014
6
\u2014
\u2014
\u2014
(1)
\u2014
1. Only OTC derivatives subject to master netting agreements have been included above
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
The Group does not offset financial assets and liabilities on the consolidated statement of
financial position, as there are no unconditional rights to set off. Consequently, the gross
amount of other financial instruments presented on the consolidated statement of
financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to
an International Swaps and Derivative Association (ISDA) master agreement. ISDA master
agreements and reverse repurchase agreements entered into by the Group are
considered master netting agreements as they provide a right of set off that is
enforceable only in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to master
netting agreements or similar arrangements.
The following table presents the effect of master netting agreements and similar arrangements.
Related amounts not offset on the consolidated statement of financial position
Gross amounts of financial instruments
as presented on the consolidated
statement of financial position
Financial instruments
Financial collateral (received)/pledged
Net position
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives 1
11
54
\u2014
\u2014
(7)
(54)
4
\u2014
Reverse repurchase agreements
\u2014
105
\u2014
\u2014
\u2014
(105)
\u2014
\u2014
Total financial assets
11
159
\u2014
\u2014
(7)
(159)
4
\u2014
Financial liabilities
Derivatives 1
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
Total financial liabilities
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
1. Only OTC derivatives subject to master netting agreements have been included above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
24.\u00a0 \u00a0 Issued share capital and share premium
Shares are classified as equity instruments when there is no contractual obligation to
deliver cash or other assets to another entity on terms that may be unfavourable. The
Company\u2019s share capital consists of the number of ordinary shares in issue multiplied
by their nominal value. The difference between the proceeds received on issue of the
shares and the nominal value of the shares issued is recorded in share premium.
Where the Company undertakes share buybacks, the reduction to retained earnings
is accounted for on the trade date of the transaction of each repurchase with a
liability recognised for unsettled trades, unless the Company has an irrevocable
contractual obligation with a third party. Where the Company has an irrevocable
contractual obligation, the full contractual value of the buyback programme is
recognised as a liability and as a reduction to retained earnings on the date of the
agreement. The reduction to share capital for the cancellation of the shares and the
related credit to the capital redemption reserve is always accounted for on the
settlement date for the repurchases.
The movement in the issued ordinary share capital and share premium of the Company was:
2025
2024
Ordinary share capital
Share premium
Ordinary share capital
Share premium
Issued shares fully paid
13 61/63p each
\u00a3m
\u00a3m
13 61/63p each
\u00a3m
\u00a3m
At 1 January
1,840,742,629
257
640
1,840,740,364
257
640
Shares issued in respect of share incentive plans
1,588
\u2014
\u2014
2,265
\u2014
\u2014
At 31 December
1,840,744,217
257
640
1,840,742,629
257
640
All ordinary shares in issue in the Company rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Company.
The Company can issue shares to satisfy awards granted under employee incentive plans which have been approved by shareholders. Details of the Group\u2019s employee plans are
provided in Note 41.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
24.\u00a0 \u00a0 Issued share capital and share premium
Shares are classified as equity instruments when there is no contractual obligation to
deliver cash or other assets to another entity on terms that may be unfavourable. The
Company\u2019s share capital consists of the number of ordinary shares in issue multiplied
by their nominal value. The difference between the proceeds received on issue of the
shares and the nominal value of the shares issued is recorded in share premium.
Where the Company undertakes share buybacks, the reduction to retained earnings
is accounted for on the trade date of the transaction of each repurchase with a
liability recognised for unsettled trades, unless the Company has an irrevocable
contractual obligation with a third party. Where the Company has an irrevocable
contractual obligation, the full contractual value of the buyback programme is
recognised as a liability and as a reduction to retained earnings on the date of the
agreement. The reduction to share capital for the cancellation of the shares and the
related credit to the capital redemption reserve is always accounted for on the
settlement date for the repurchases.
The movement in the issued ordinary share capital and share premium of the Company was:
2025
2024
Ordinary share capital
Share premium
Ordinary share capital
Share premium
Issued shares fully paid
13 61/63p each
\u00a3m
\u00a3m
13 61/63p each
\u00a3m
\u00a3m
At 1 January
1,840,742,629
257
640
1,840,740,364
257
640
Shares issued in respect of share incentive plans
1,588
\u2014
\u2014
2,265
\u2014
\u2014
At 31 December
1,840,744,217
257
640
1,840,742,629
257
640
All ordinary shares in issue in the Company rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Company.
The Company can issue shares to satisfy awards granted under employee incentive plans which have been approved by shareholders. Details of the Group\u2019s employee plans are
provided in Note 41.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
24.\u00a0 \u00a0 Issued share capital and share premium
Shares are classified as equity instruments when there is no contractual obligation to
deliver cash or other assets to another entity on terms that may be unfavourable. The
Company\u2019s share capital consists of the number of ordinary shares in issue multiplied
by their nominal value. The difference between the proceeds received on issue of the
shares and the nominal value of the shares issued is recorded in share premium.
Where the Company undertakes share buybacks, the reduction to retained earnings
is accounted for on the trade date of the transaction of each repurchase with a
liability recognised for unsettled trades, unless the Company has an irrevocable
contractual obligation with a third party. Where the Company has an irrevocable
contractual obligation, the full contractual value of the buyback programme is
recognised as a liability and as a reduction to retained earnings on the date of the
agreement. The reduction to share capital for the cancellation of the shares and the
related credit to the capital redemption reserve is always accounted for on the
settlement date for the repurchases.
The movement in the issued ordinary share capital and share premium of the Company was:
2025
2024
Ordinary share capital
Share premium
Ordinary share capital
Share premium
Issued shares fully paid
13 61/63p each
\u00a3m
\u00a3m
13 61/63p each
\u00a3m
\u00a3m
At 1 January
1,840,742,629
257
640
1,840,740,364
257
640
Shares issued in respect of share incentive plans
1,588
\u2014
\u2014
2,265
\u2014
\u2014
At 31 December
1,840,744,217
257
640
1,840,742,629
257
640
All ordinary shares in issue in the Company rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Company.
The Company can issue shares to satisfy awards granted under employee incentive plans which have been approved by shareholders. Details of the Group\u2019s employee plans are
provided in Note 41.", "dimensions": { "concept": "abrdnplc:DisclosureOfIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Shares are classified as equity instruments when there is no contractual obligation to
deliver cash or other assets to another entity on terms that may be unfavourable. The
Company\u2019s share capital consists of the number of ordinary shares in issue multiplied
by their nominal value. The difference between the proceeds received on issue of the
shares and the nominal value of the shares issued is recorded in share premium.
Where the Company undertakes share buybacks, the reduction to retained earnings
is accounted for on the trade date of the transaction of each repurchase with a
liability recognised for unsettled trades, unless the Company has an irrevocable
contractual obligation with a third party. Where the Company has an irrevocable
contractual obligation, the full contractual value of the buyback programme is
recognised as a liability and as a reduction to retained earnings on the date of the
agreement. The reduction to share capital for the cancellation of the shares and the
related credit to the capital redemption reserve is always accounted for on the
settlement date for the repurchases.", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
25.\u00a0 \u00a0 Shares held by trusts
Shares held by trusts relates to shares in Aberdeen Group plc that are held by the
Aberdeen Group Employee Benefit Trust (formerly named the abrdn Employee
Benefit Trust) (Aberdeen EBT), the Aberdeen Group Employee Trust (formerly named
the abrdn Employee Trust) (Aberdeen ET) and the Aberdeen Asset Management
Employee Benefit Trust 2003 (AAM EBT).
The Aberdeen EBT, Aberdeen ET and AAM EBT purchase shares in the Company for
delivery to employees under employee incentive plans. Purchased shares are
recognised as a deduction from equity at the price paid. Where new shares are issued
to the Aberdeen EBT, Aberdeen ET, or AAM EBT the price paid is the nominal value of
the shares. When shares are distributed from the trust, their corresponding value is
released to retained earnings.
2025
2024
Number of shares held by trusts
Aberdeen Group Employee Benefit Trust
31,218,503
30,362,961
Aberdeen Group Employee Trust
18,769,330
21,888,159
Aberdeen Asset Management Employee Benefit Trust 2003
1,611,421
1,707,127
", "dimensions": { "concept": "abrdnplc:DisclosureOfSharesHeldByTrusts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Shares held by trusts relates to shares in Aberdeen Group plc that are held by the
Aberdeen Group Employee Benefit Trust (formerly named the abrdn Employee
Benefit Trust) (Aberdeen EBT), the Aberdeen Group Employee Trust (formerly named
the abrdn Employee Trust) (Aberdeen ET) and the Aberdeen Asset Management
Employee Benefit Trust 2003 (AAM EBT).
The Aberdeen EBT, Aberdeen ET and AAM EBT purchase shares in the Company for
delivery to employees under employee incentive plans. Purchased shares are
recognised as a deduction from equity at the price paid. Where new shares are issued
to the Aberdeen EBT, Aberdeen ET, or AAM EBT the price paid is the nominal value of
the shares. When shares are distributed from the trust, their corresponding value is
released to retained earnings.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForSharesHeldByTrusts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
26.\u00a0 \u00a0 Retained earnings
The following table shows movements in retained earnings during the year.
2025
2024
Notes
\u00a3m
\u00a3m
Opening balance at 1 January
4,480
4,449
Recognised in comprehensive income
Recognised in profit for the year attributable to equity holders
388
237
Recognised in other comprehensive income
Remeasurement losses on defined benefit pension plans
32
3
24
Share of other comprehensive income of associates and joint ventures
14
(16)
(47)
Total items recognised in comprehensive income
375
214
Recognised directly in equity
Dividends paid on ordinary shares
(261)
(260)
Transfer for vested employee share-based payments
26
32
Transfer between reserves on impairment of subsidiaries
27
\u2014
94
Shares distributed by employee and other trusts
(41)
(48)
Other movements
3
\u2014
Aggregate tax effect of items recognised directly in equity
9
4
(1)
Total items recognised directly in equity
(269)
(183)
At 31 December
4,586
4,480
", "dimensions": { "concept": "abrdnplc:DisclosureOfRetainedEarnings", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
27.\u00a0 \u00a0 Movements in other reserves
In July 2006, Standard Life Group demutualised and during this process the merger
reserve, the reserve arising on Group reconstruction, and the special reserve were
created.
Merger reserve: The reserve includes components attaching to each subsidiary that
was transferred to the Company at demutualisation. On disposal or impairment of
a\u00a0subsidiary, any related component of the merger reserve is released to retained
earnings.
Reserve arising on Group reconstruction: The value of the shares issued at
demutualisation was equal to the fair value of the business at that date. The
business\u2019s\u00a0assets and liabilities were recognised at their book value at the time of
demutualisation. The difference between the book value of the business\u2019s net assets
and its fair value was recognised in the reserve arising on Group reconstruction. The
reserve comprises components attaching to each subsidiary that was transferred
to\u00a0the Company at demutualisation. On disposal of such a subsidiary, any related
component of the reserve arising on Group reconstruction is released to retained
earnings.
Special reserve: Immediately following demutualisation and the related initial public
offering, the Company reduced its share premium reserve by court order giving rise
to\u00a0the special reserve. Dividends can be paid out of this reserve.
Capital redemption reserve: In August 2018, as part of the return of capital and
share\u00a0buyback the capital redemption reserve was created. In July 2022 there was
a\u00a0cancellation of the capital redemption reserve of \u00a31,059m. Additional capital
redemption reserve is created by subsequent buybacks (refer Note 24 ).
The following tables show the movements in other reserves during the year.
Cash flow
hedges
Foreign
currency
translation
Merger
reserve
Equity
compensation
reserve
Special
reserve
Reserve arising
on Group
reconstruction
Capital
redemption
reserve
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2025
16
32
12
35
115
(685)
48
(427)
Recognised in other comprehensive income
Fair value losses on cash flow hedges
(39)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(39)
Exchange differences on translating foreign operations
\u2014
(15)
\u2014
\u2014
\u2014
\u2014
\u2014
(15)
Items transferred to profit or loss
36
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
36
Aggregate tax effect of items recognised in other comprehensive income
1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
Total items recognised in other comprehensive income
(2)
(15)
\u2014
\u2014
\u2014
\u2014
\u2014
(17)
Reserves credit for employee share-based payments
\u2014
\u2014
\u2014
28
\u2014
\u2014
\u2014
28
Transfer to retained earnings for vested employee share-based payments
\u2014
\u2014
\u2014
(26)
\u2014
\u2014
\u2014
(26)
Total items recognised directly within equity
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
2
At 31 December 2025
14
17
12
37
115
(685)
48
(442)
As at 31\u00a0December 2025, none of the merger reserve relates to the Group\u2019s asset management businesses ( 2024: \u00a3nil). Following the impairment of the Company\u2019s investment in abrdn
Investments (Holdings) Limited (aIHL) in 2024, \u00a394m was transferred from the merger reserve to retained earnings. Refer Note A in the Company financial statements for further details.
Cash flow
hedges
Foreign
currency
translation
Merger
reserve
Equity
compensation
reserve
Special
reserve
Reserve arising
on Group
reconstruction
Capital
redemption
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
14
34
106
41
115
(685)
48
(327)
Recognised in other comprehensive income
Fair value gains on cash flow hedges
20
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20
Exchange differences on translating foreign operations
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Items transferred to profit or loss
(18)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
Total items recognised in other comprehensive income
2
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised directly in equity
Reserves credit for employee share-based payments
\u2014
\u2014
\u2014
26
\u2014
\u2014
\u2014
26
Transfer to retained earnings for vested employee share-based payments
\u2014
\u2014
\u2014
(32)
\u2014
\u2014
\u2014
(32)
Transfer between reserves on impairment of subsidiaries
\u2014
\u2014
(94)
\u2014
\u2014
\u2014
\u2014
(94)
Total items recognised directly within equity
\u2014
\u2014
(94)
(6)
\u2014
\u2014
\u2014
(100)
At 31 December 2024
16
32
12
35
115
(685)
48
(427)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
In July 2006, Standard Life Group demutualised and during this process the merger
reserve, the reserve arising on Group reconstruction, and the special reserve were
created.
Merger reserve: The reserve includes components attaching to each subsidiary that
was transferred to the Company at demutualisation. On disposal or impairment of
a\u00a0subsidiary, any related component of the merger reserve is released to retained
earnings.
Reserve arising on Group reconstruction: The value of the shares issued at
demutualisation was equal to the fair value of the business at that date. The
business\u2019s\u00a0assets and liabilities were recognised at their book value at the time of
demutualisation. The difference between the book value of the business\u2019s net assets
and its fair value was recognised in the reserve arising on Group reconstruction. The
reserve comprises components attaching to each subsidiary that was transferred
to\u00a0the Company at demutualisation. On disposal of such a subsidiary, any related
component of the reserve arising on Group reconstruction is released to retained
earnings.
Special reserve: Immediately following demutualisation and the related initial public
offering, the Company reduced its share premium reserve by court order giving rise
to\u00a0the special reserve. Dividends can be paid out of this reserve.
Capital redemption reserve: In August 2018, as part of the return of capital and
share\u00a0buyback the capital redemption reserve was created. In July 2022 there was
a\u00a0cancellation of the capital redemption reserve of \u00a31,059m. Additional capital
redemption reserve is created by subsequent buybacks (refer Note 24 ).
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForMovementInOtherReserves", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "28.\u00a0 \u00a0 Other equity and non-controlling interests
Perpetual subordinated notes issued by the Company are classified as other equity
where no contractual obligation to deliver cash exists.
(a) Other equity \u2013 perpetual subordinated notes
5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes
On 13 December 2021, the Company issued \u00a3210m of 5.25% Fixed Rate Reset Perpetual
Subordinated Contingent Convertible Notes (the Notes). These were classified as other
equity and initially recognised at \u00a3207m (proceeds received less issuance costs of \u00a33m).
The Notes initially bear interest on their principal amount at 5.25% per annum payable
semi-annually in arrears on 13 June and 13 December in each year. The interest rate is
subject to reset on 13 June 2027 and then every five years thereafter. The payments of
interest are discretionary and non-cumulative. The interest paid is recognised as profit
attributable to other equity when paid. The profit for the year attributable to other equity
was \u00a311m (2024: \u00a311m).
The Notes have no fixed redemption date. The Company has the option to redeem the
Notes (in full) between 13 December 2026 and 13 June 2027 and every five years
thereafter. The Notes are convertible to ordinary shares in the Company at a conversion
price of \u00a31.6275 (fixed subject to adjustment for share corporate actions e.g. share
consolidations in accordance with the terms and conditions of the Notes) if the Group
IFPR CET1 Ratio falls below 70%. The IFPR CET1 ratio at 31\u00a0December 2025 was 523%
(2024: 495%).
(b) Non-controlling interests \u2013 ordinary shares
Non-controlling interests \u2013 ordinary shares of \u00a33m were held at 31\u00a0December 2025
(2024: \u00a35m). The profit for the year attributable to non-controlling interests \u2013 ordinary
shares was less than \u00a31m (2024: less than \u00a31m", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityAndNonControllingInterests", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Perpetual subordinated notes issued by the Company are classified as other equity
where no contractual obligation to deliver cash exists.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForOtherEquityAndNoncontrollingInterests", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "Other equity \u2013 perpetual subordinated notes
5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes
On 13 December 2021, the Company issued \u00a3210m of 5.25% Fixed Rate Reset Perpetual
Subordinated Contingent Convertible Notes (the Notes). These were classified as other
equity and initially recognised at \u00a3207m (proceeds received less issuance costs of \u00a33m).
The Notes initially bear interest on their principal amount at 5.25% per annum payable
semi-annually in arrears on 13 June and 13 December in each year. The interest rate is
subject to reset on 13 June 2027 and then every five years thereafter. The payments of
interest are discretionary and non-cumulative. The interest paid is recognised as profit
attributable to other equity when paid. The profit for the year attributable to other equity
was \u00a311m (2024: \u00a311m).
The Notes have no fixed redemption date. The Company has the option to redeem the
Notes (in full) between 13 December 2026 and 13 June 2027 and every five years
thereafter. The Notes are convertible to ordinary shares in the Company at a conversion
price of \u00a31.6275 (fixed subject to adjustment for share corporate actions e.g. share
consolidations in accordance with the terms and conditions of the Notes) if the Group
IFPR CET1 Ratio falls below 70%. The IFPR CET1 ratio at 31\u00a0December 2025 was 523%
(2024: 495%).
", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityPerpetualSubordinatedNotes", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "Non-controlling interests \u2013 ordinary shares
Non-controlling interests \u2013 ordinary shares of \u00a33m were held at 31\u00a0December 2025
(2024: \u00a35m). The profit for the year attributable to non-controlling interests \u2013 ordinary
shares was less than \u00a31m (2024: less than \u00a31m", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
29.\u00a0 \u00a0 Financial liabilities
Management determines the classification of financial liabilities at initial recognition.
Financial liabilities which are managed and whose performance is evaluated on a fair
value basis are designated as at fair value through profit or loss. Changes in the fair
value of these financial liabilities are recognised in the consolidated income
statement.
Derivatives are also measured at fair value. Changes in the fair value of derivatives are
recognised in Net gains or losses on financial instruments and other income in the
consolidated income statement except for derivative instruments that are designated
as a cash flow hedge or net investment hedge. The classification of derivatives and
the accounting treatment of derivatives designated as a hedging instrument are set
out in Note 18.
Except for contingent consideration liabilities which are measured at fair value, other
financial liabilities are classified as being subsequently measured at amortised cost.
Amortised cost is calculated, and the related interest expense is recognised in the
consolidated income statement, using the effective interest method.
All financial liabilities are initially recognised at fair value less, in the case of financial
liabilities subsequently measured at amortised cost, transaction costs that are directly
attributable to the issue of the liability.
Where the terms of a financial liability measured at amortised cost are modified and
the modification does not result in the derecognition of the liability, the liability is
adjusted to the net present value of the future cash flows less transaction costs with a
modification gain or loss recognised in the consolidated income statement.
The methods and assumptions used to determine fair value of financial liabilities
measured at fair value through profit or loss and derivatives are discussed in Note 37 .
The table below sets out an analysis of financial liabilities excluding unit linked financial liabilities which are set out in Note 23 .
At fair value through profit or
loss 1
At amortised cost
Total
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Third party interest in consolidated funds
138
184
\u2014
\u2014
138
184
Subordinated liabilities
30
\u2014
\u2014
557
597
557
597
Derivative financial liabilities
18
5
3
\u2014
\u2014
5
3
Other financial liabilities
33
124
111
1,027
937
1,151
1,048
Total
267
298
1,584
1,534
1,851
1,832
1. All financial liabilities measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis except for third party interest in consolidated funds which the Group has designated as at FVTPL.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Management determines the classification of financial liabilities at initial recognition.
Financial liabilities which are managed and whose performance is evaluated on a fair
value basis are designated as at fair value through profit or loss. Changes in the fair
value of these financial liabilities are recognised in the consolidated income
statement.
Derivatives are also measured at fair value. Changes in the fair value of derivatives are
recognised in Net gains or losses on financial instruments and other income in the
consolidated income statement except for derivative instruments that are designated
as a cash flow hedge or net investment hedge. The classification of derivatives and
the accounting treatment of derivatives designated as a hedging instrument are set
out in Note 18.
Except for contingent consideration liabilities which are measured at fair value, other
financial liabilities are classified as being subsequently measured at amortised cost.
Amortised cost is calculated, and the related interest expense is recognised in the
consolidated income statement, using the effective interest method.
All financial liabilities are initially recognised at fair value less, in the case of financial
liabilities subsequently measured at amortised cost, transaction costs that are directly
attributable to the issue of the liability.
Where the terms of a financial liability measured at amortised cost are modified and
the modification does not result in the derecognition of the liability, the liability is
adjusted to the net present value of the future cash flows less transaction costs with a
modification gain or loss recognised in the consolidated income statement.
The methods and assumptions used to determine fair value of financial liabilities
measured at fair value through profit or loss and derivatives are discussed in Note 37 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
30.\u00a0 \u00a0 Subordinated liabilities
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share capital.
Subordinated liabilities are initially recognised at the value of proceeds received after
deduction of issue expenses. Subsequent measurement is at amortised cost using the
effective interest rate method.
2025
2024
Notes
Principal
amount
Carrying
value
Principal
amount
Carrying
value
Subordinated notes
4.25% US Dollar fixed rate
due 30 June 2028
$750m
\u00a3557m
$750m
\u00a3597m
Total subordinated liabilities
37
\u00a3557m
\u00a3597m
A description of the key features of the Group\u2019s subordinated liabilities as at 31\u00a0December
2025 is as follows:
4.25% US Dollar fixed rate 1
Principal amount
$750m
Issue date
18 October 2017
Maturity date
30 June 2028
Callable at par at option of the Company from
Not applicable
If not called by the Company interest will reset to
Not applicable
1. The cash flows arising from the US dollar subordinated notes give rise to foreign exchange exposure which
the Group manages with a cross-currency swap designated as a cash flow hedge. Refer Note 18 for further
details.
The difference between the fair value and carrying value of the subordinated liabilities is
presented in Note 37. A reconciliation of movements in subordinated liabilities in the year
is\u00a0provided in Note 38.
The principal amount of the subordinated liabilities is expected to be settled after more
than 12 months. There was no accrued interest on the subordinated liabilities at
31\u00a0December 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
30.\u00a0 \u00a0 Subordinated liabilities
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share capital.
Subordinated liabilities are initially recognised at the value of proceeds received after
deduction of issue expenses. Subsequent measurement is at amortised cost using the
effective interest rate method.
2025
2024
Notes
Principal
amount
Carrying
value
Principal
amount
Carrying
value
Subordinated notes
4.25% US Dollar fixed rate
due 30 June 2028
$750m
\u00a3557m
$750m
\u00a3597m
Total subordinated liabilities
37
\u00a3557m
\u00a3597m
A description of the key features of the Group\u2019s subordinated liabilities as at 31\u00a0December
2025 is as follows:
4.25% US Dollar fixed rate 1
Principal amount
$750m
Issue date
18 October 2017
Maturity date
30 June 2028
Callable at par at option of the Company from
Not applicable
If not called by the Company interest will reset to
Not applicable
1. The cash flows arising from the US dollar subordinated notes give rise to foreign exchange exposure which
the Group manages with a cross-currency swap designated as a cash flow hedge. Refer Note 18 for further
details.
The difference between the fair value and carrying value of the subordinated liabilities is
presented in Note 37. A reconciliation of movements in subordinated liabilities in the year
is\u00a0provided in Note 38.
The principal amount of the subordinated liabilities is expected to be settled after more
than 12 months. There was no accrued interest on the subordinated liabilities at
31\u00a0December 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share capital.
Subordinated liabilities are initially recognised at the value of proceeds received after
deduction of issue expenses. Subsequent measurement is at amortised cost using the
effective interest rate method.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForSubordinatedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Where the Group enters into arrangements under which it takes on the role of
sponsoring employer for an external pension scheme that provides benefits to
members.
The Group uses judgement in respect of each arrangement to assess the level of
control it has over the scheme, whether the arrangement represents employee
benefits as well as the type of risks in the arrangement to determine the appropriate
accounting treatment.
These arrangements are not insurance as a matter of law, and do not meet the
criteria to be accounted for under IAS 19 Employee Benefits as prior to entering into
the arrangement no material services were received by the Group from the Scheme
members in return for these benefits. Therefore, where such an arrangement
transfers significant longevity risk (that is, there is a scenario with commercial
substance in which the Group has the possibility of a loss on a present value basis)
therefore it is accounted for under IFRS 17 Insurance Contracts. This assessment
applies notwithstanding that the arrangements are not considered for legal purposes
to be a contract of insurance.
Under IFRS 17, fulfilment cash flows are the current estimate of the future cash flows
within the contract boundary that the Group expects to receive and pay out, adjusted
to reflect the timing and the uncertainty of those amounts. The estimates of future
cash flows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes.
\u2022 Are determined from the perspective of the Group, provided that the estimates are
consistent with observable market prices for market variables.
\u2022 Reflect conditions existing at the measurement date.
An explicit risk adjustment for non-financial risk is estimated separately and reflects
the compensation that the Group requires for bearing the uncertainty about the
amount and timing of the cash flows from non-financial risks.
The Group uses the concept of contract boundary to determine what cash flows
should be included in the measurement of the contract.
Cash flows are within the boundary of a contract if they arise from the right and
obligations that exist during a period in which the pension scheme is obligated to pay
for, or the Group has a substantive obligation to provide, services.
Cash flows that are not directly attributable to the Group\u2019s arrangements as
sponsoring employer for external pension schemes such as some product
development and other costs are recognised as operating expenses as incurred.
On initial measurement, unless the arrangement is onerous, the Group recognises no
income or expense by establishing an offsetting contractual service margin (CSM) as
a component of the carrying amount. The CSM represents the unearned profit that
the Group will recognise as it provides relevant services in the future.
If on initial recognition, the valuation of the arrangement results in a net outflow to the
Group, the arrangement is classified as onerous and the loss recognised in profit or
loss in full. Otherwise, the arrangement is recognised at the earlier of the beginning of
the coverage period or the date when any payments relating to the arrangement are
due or received.
Fulfilment cash flows are updated by the Group for current assumptions at the end of
each reporting period, using the current estimates of the amount, timing and
uncertainty of future cash flows and of discount rates. Changes that relate to current
or past service are recognised in profit or loss and changes that relate to future
service are recognised by adjusting the CSM (or loss component in the event an
arrangement is onerous).
This policy does not apply to insurance policies issued by associates and JV\u2019s which
are accounted for as described in Note 14.
One arrangement has been recognised for treatment under IFRS 17 in the year ended 31
December 2025 (2024: no arrangements.). This arrangement relates to a transaction
implemented through a Flexible Apportionment Arrangement resulting in the Group
becoming the legal sponsoring employer of the Stagecoach Group Pension Scheme
(SGPS). In line with pension legislative requirements, this means that, though the Scheme is
in a strong funding position, there is a risk that a deficit could emerge in the future and that
the Group may be required to fund the Scheme.
In exchange for assuming the sponsoring employer role, the Group is entitled to receive a
minority share in the current and future surplus emerging from SGPS with the remainder
of any surplus used to enhance future benefits for SGPS members. The receipt by the
Group of such share of surplus as well as enhancements to member benefits are subject
to the surplus in the scheme being above a certain level and the Trustee and Group
approval.
This arrangement is not a contract of insurance as a matter of law. The arrangement
does however expose the Group to risks including longevity risk (which is a non-financial
risk). Further, in our judgement, the exemption contained in IFRS 17 from application of
IFRS 17 to employers\u2019 assets and liabilities from employee benefit plans (which are to be
accounted for under IAS 19 Employee Benefits), does not apply as prior to entering into
this arrangement no material services were received by the Group from the Scheme
members in return for these benefits. Accordingly, in our judgement, the arrangement is
best accounted for under IFRS 17 Insurance Contracts.
In addition, the Group provides investment management services to SGPS (revenue from
these services is accounted for as revenue from contracts with customers). The AUM in
relation to this arrangement is included in the Investments AUM (Institutional & Retail
Wealth), as disclosed in the Supplementary information section of this report.
The consolidated statement of financial position reflects the total net assets in relation to
the arrangement which on inception represent the fulfilment cashflows, which are
expected to be positive given the strength of the scheme funding position, the investment
strategy and the low likelihood that deficit reduction contributions will be required, fully
offset by contractual service margin. The underlying gross assets and liabilities of SGPS
are not consolidated by the Group as, in our judgement, the Group does not control SGPS
for accounting purposes. This judgement is based on the respective rights of the Group
and the SGPS Trustees who retain substantive control over key strategic decisions
including the setting of investment objectives, governance matters or the future of the
Scheme including the consideration of any future buy-in or buy-out transaction.
The Group has applied the General Measurement Model (GMM) to this arrangement.
(a) Analysis of amounts recognised in the income statement
Net income from external pension schemes accounted for under IFRS 17 for the year
ended 31 December 2025 amounted to less than \u00a30.5m (2024: \u00a3nil) reflecting the short
period between inception date on 8 December 2025 and 31 December 2025 and similar
market conditions on those two dates.
(b) Analysis of amounts recognised in the consolidated statement of financial position
2025
2024
Present value of
future cash flows
CSM
Risk Adjustment
Total
Present value of
future cash flows
CSM
Risk Adjustment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contract asset
Insurance contract asset as at 31 December 2024
-
-
-
-
-
-
-
-
Changes that relate to current service
-
-
-
-
-
-
-
-
CSM recognised for the services provided
RA released in the period for the run off of risk
-
-
-
-
-
-
-
-
Change in financial risk
-
-
-
-
-
-
-
-
Total changes that relate to current service
-
-
-
-
-
-
-
-
Changes that relate to future service
Contracts initially recognised in the period
63
(57)
(6)
-
-
-
-
-
Total changes that relate to future service
63
(57)
(6)
-
-
-
-
-
Total amounts recognised in comprehensive income and expense
-
-
-
-
-
-
-
-
Insurance contract asset as at 31 December 2025
63
(57)
(6)
-
-
-
-
-
The Group\u2019s share of the emergence of surplus and any required contribution towards
deficit funding are judged to be fulfilment cash flows. Fulfilment cashflows (including the
risk adjustment) and the related CSM are accounted for net of tax and expenses as the
amount of surplus recognised is subject to an authorised surplus payments charge on
distribution from the Scheme. The arrangement does not give rise to additional costs as
the underlying Scheme liabilities, which are taken into account when determining
fulfilment cashflows, are inclusive of expense reserves.
The Group measures the risk adjustment with reference to the change in present value of
surplus distribution cashflows by considering the impact of an adverse longevity scenario
on the underlying Scheme liabilities. The resulting difference in the best estimate
cashflows is set as the risk adjustment. It is estimated that this is equivalent to a c.86%
confidence interval over a one-year period and c.61% lifetime confidence interval.
Expected recognition of the CSM
An analysis of the expected recognition of the CSM in profit or loss is as follows:
2025
2024
Number of years until recognition
\u00a3m
\u00a3m
1
3
-
2
3
-
3
3
-
4
3
-
5
3
-
6 to 10
11
-
>10
31
-
CSM
57
-
Estimates and assumptions
The discount rate for valuing the fulfilment cashflows is inherently judgemental. As the
fulfilment cashflows are variable and would require liquid assets to fund them, the Bank of
England gilt yield curves have been used to discount the cashflows.
31 December 2025
Yield Curve
Currency
1yr
5yr
10yr
20yr
30yr
40yr
UK Gilts
GBP
3.70%
4.02%
4.68%
5.38%
5.45%
5.17%
Other material assumptions relate to the projection of underlying Scheme assets and
liabilities over the term of the contract. These have been projected using stochastic
modelling to determine a best estimate projection of the fulfilment cashflows. Under each
stochastic simulation, the cashflows to or from the Group are dependent on the funding
valuation of the insured scheme and whether there exists a projected surplus or shortfall
relative to a low dependency or statutory funding measure of liabilities at each annual
measurement date which will depend on, amongst other assumptions, the allowance for
longevity and assumed return on SGPS assets.
Additional information
To assist in understanding of the financial position of the underlying Scheme, the current
Scheme funding position on the estimated statutory funding measure together with key
assumptions (expressed as single equivalent rates) are presented below. These are not
included in the consolidated statement of financial position as the underlying assets and
liabilities are not consolidated.
2025
2024
\u00a3m
\u00a3m
Scheme assets 1
1,193
-
Scheme liabilities (including expense reserve)
(1,131)
-
Net surplus
62
-
Funding level
105%
-
2025
2024
%
%
Discount rate
4.97
-
Rate of inflation (RPI)
3.08
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
Where the Group enters into arrangements under which it takes on the role of
sponsoring employer for an external pension scheme that provides benefits to
members.
The Group uses judgement in respect of each arrangement to assess the level of
control it has over the scheme, whether the arrangement represents employee
benefits as well as the type of risks in the arrangement to determine the appropriate
accounting treatment.
These arrangements are not insurance as a matter of law, and do not meet the
criteria to be accounted for under IAS 19 Employee Benefits as prior to entering into
the arrangement no material services were received by the Group from the Scheme
members in return for these benefits. Therefore, where such an arrangement
transfers significant longevity risk (that is, there is a scenario with commercial
substance in which the Group has the possibility of a loss on a present value basis)
therefore it is accounted for under IFRS 17 Insurance Contracts. This assessment
applies notwithstanding that the arrangements are not considered for legal purposes
to be a contract of insurance.
Under IFRS 17, fulfilment cash flows are the current estimate of the future cash flows
within the contract boundary that the Group expects to receive and pay out, adjusted
to reflect the timing and the uncertainty of those amounts. The estimates of future
cash flows:
\u2022 Are based on a probability weighted mean of the full range of possible outcomes.
\u2022 Are determined from the perspective of the Group, provided that the estimates are
consistent with observable market prices for market variables.
\u2022 Reflect conditions existing at the measurement date.
An explicit risk adjustment for non-financial risk is estimated separately and reflects
the compensation that the Group requires for bearing the uncertainty about the
amount and timing of the cash flows from non-financial risks.
The Group uses the concept of contract boundary to determine what cash flows
should be included in the measurement of the contract.
Cash flows are within the boundary of a contract if they arise from the right and
obligations that exist during a period in which the pension scheme is obligated to pay
for, or the Group has a substantive obligation to provide, services.
Cash flows that are not directly attributable to the Group\u2019s arrangements as
sponsoring employer for external pension schemes such as some product
development and other costs are recognised as operating expenses as incurred.
On initial measurement, unless the arrangement is onerous, the Group recognises no
income or expense by establishing an offsetting contractual service margin (CSM) as
a component of the carrying amount. The CSM represents the unearned profit that
the Group will recognise as it provides relevant services in the future.
If on initial recognition, the valuation of the arrangement results in a net outflow to the
Group, the arrangement is classified as onerous and the loss recognised in profit or
loss in full. Otherwise, the arrangement is recognised at the earlier of the beginning of
the coverage period or the date when any payments relating to the arrangement are
due or received.
Fulfilment cash flows are updated by the Group for current assumptions at the end of
each reporting period, using the current estimates of the amount, timing and
uncertainty of future cash flows and of discount rates. Changes that relate to current
or past service are recognised in profit or loss and changes that relate to future
service are recognised by adjusting the CSM (or loss component in the event an
arrangement is onerous).
This policy does not apply to insurance policies issued by associates and JV\u2019s which
are accounted for as described in Note 14.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
32.\u00a0 \u00a0 Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined
benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to\u00a0the statutory
funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an\u00a0actuarial estimate of the assets
needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective.
While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how non-
insured assets are measured. The funding measure of liabilities (technical provisions) and insured assets is materially different to the IAS 19 measure. The key differences are the
discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI
inflation assumption is derived from market-implied RPI inflation with an adjustment to\u00a0remove the inflation risk premium believed to exist within market prices, with an additional
deduction required to derive the IAS 19 CPI inflation assumption (to\u00a0reflect differences between RPI and CPI).
The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This
investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule
includes a recovery plan that aims to restore the funding level to the level of the technical provisions .
Aberdeen Group
Pension Scheme
(previously named
the abrdn UK Group
(SLSPS) plan)
(principal plan)
This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in
2008. Accrual ceased in April 2016.
Following the High Court rulings in October 2018 (and subsequent related ruling in November 2020) that required pension schemes to address inequalities for the effect of unequal
GMPs accrued between May 1990 and April 1997, allowance for the estimated impact of GMP equalisation has been included in the Group\u2019s defined benefit IAS 19 liabilities. The
trustees of the Group\u2019s defined benefit plans continue to progress their GMP equalisation projects, monitoring respective timelines and deliverables.
In relation to the Virgin Media Ltd v NTL Pension Trustees decision, the Group notes the draft legislation introduced by the UK Government in September 2025 to allow affected
schemes to retrospectively obtain written actuarial confirmation that historic benefit changes meet the necessary standards. This draft legislation is expected to be implemented
in 2026. The Group is working with the trustee boards to assess any impact on the Group\u2019s UK defined benefit pension plans.
The funding of the plan depends on the statutory valuation performed by the trustee, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19
valuation. The statutory valuation was last completed at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This corresponds to a
surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is required. The 31 December 2025 statutory valuation is in progress.
Following the 2023 Court of Session judgement relating to ownership of scheme surplus in the event of scheme buy-out and wind-up and further work with the trustee of the
defined benefit pension plan on the scheme\u2019s long-term strategy, the Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of the
existing surplus to fund the cost of providing defined contribution benefits to current employees, with an annual review of other options including an insurance buyout and within
certain guardrails ensuring the continued financial strength of the plan. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and
retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. This agreement was signed in March 2025
with the defined contribution benefits of \u00a321m (\u00a316m after tax) having been funded since July 2025, with an expected annual post-tax benefit of c.\u00a335m to net capital generation
in 2026. The IAS19 liabilities include allowance for the defined benefit member augmentations awarded under this agreement.
Other UK plans
The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These
plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2022), one plan, the
Edinburgh Fund Managers Group Plc Retirement and Death Benefits Plan (the EFM Plan) was in deficit and the Group agreed funding plans with the plan\u2019s trustees which aimed to
eliminate the deficit. The other plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. The 30 June 2025 statutory valuation for both plans is in
progress. Refer Section (d) for details of the November 2025 extension to the EFM Plan buy-in insurance contract originally transacted in 2015.
Other plans
abrdn ROI plan
In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and
European insurance business in 2018, there remain two employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2025, the plan was in deficit relative to its (non-statutory) funding target and the Group agreed non-binding funding plans with the
plan\u2019s trustees which aimed to eliminate the deficit.
Other
The Group operates smaller funded and unfunded defined benefit plans in other countries.
Plan regulations
The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards
(or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website,
www.thepensionsregulator.gov.uk
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows:
2025
2024
\u00a3m
\u00a3m
Current service cost
48
48
Past service cost
9
\u2014
Net interest income
(44)
(33)
Administrative expenses 1
9
11
Expense recognised in the consolidated income statement
22
26
1. Administrative expenses includes restructuring and corporate transaction expense of \u00a32m (2024: \u00a3nil).
Contributions made to defined contribution plans are included within current service cost. The contributions to the principal plan\u2019s defined contribution plan have been funded through
the principal plan arrangement (noted above) since July 2025.
Contributions to defined benefit plans in the year ended 31\u00a0December 2025 comprised \u00a34m ( 2024: \u00a35m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to
be \u00a34m in 2026 and are not expected to materially change in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level
of overall financial strength.
(b) Analysis of amounts recognised in the consolidated statement of financial position
2025
2024
Principal
plan
Other
Total
Principal
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,548)
(194)
(1,742)
(1,552)
(217)
(1,769)
Present value of unfunded obligation
\u2014
(2)
(2)
\u2014
(2)
(2)
Fair value of plan assets
2,592
200
2,792
2,591
222
2,813
Net asset/(liability) before the limit on plan surplus
1,044
4
1,048
1,039
3
1,042
Effect of limit on plan surplus 1
(254)
(4)
(258)
(260)
(4)
(264)
Net asset/(liability)
790
\u2014
790
779
(1)
778
1. Except for amounts that it is agreed will be used to fund the cost of providing defined contributions (as noted above), UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 25% that would
arise on a refund.
Other comprises a defined benefit plan asset relating to two defined benefit plans (2024: two) of \u00a38m (2024: \u00a37m), after deduction of the authorised surplus payments charge, and a
number of other defined benefit plans with a total liability of\u00a0\u00a38m (2024 : \u00a38m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists.
(c)", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
32.\u00a0 \u00a0 Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined
benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to\u00a0the statutory
funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an\u00a0actuarial estimate of the assets
needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective.
While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how non-
insured assets are measured. The funding measure of liabilities (technical provisions) and insured assets is materially different to the IAS 19 measure. The key differences are the
discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI
inflation assumption is derived from market-implied RPI inflation with an adjustment to\u00a0remove the inflation risk premium believed to exist within market prices, with an additional
deduction required to derive the IAS 19 CPI inflation assumption (to\u00a0reflect differences between RPI and CPI).
The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This
investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule
includes a recovery plan that aims to restore the funding level to the level of the technical provisions .
Aberdeen Group
Pension Scheme
(previously named
the abrdn UK Group
(SLSPS) plan)
(principal plan)
This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in
2008. Accrual ceased in April 2016.
Following the High Court rulings in October 2018 (and subsequent related ruling in November 2020) that required pension schemes to address inequalities for the effect of unequal
GMPs accrued between May 1990 and April 1997, allowance for the estimated impact of GMP equalisation has been included in the Group\u2019s defined benefit IAS 19 liabilities. The
trustees of the Group\u2019s defined benefit plans continue to progress their GMP equalisation projects, monitoring respective timelines and deliverables.
In relation to the Virgin Media Ltd v NTL Pension Trustees decision, the Group notes the draft legislation introduced by the UK Government in September 2025 to allow affected
schemes to retrospectively obtain written actuarial confirmation that historic benefit changes meet the necessary standards. This draft legislation is expected to be implemented
in 2026. The Group is working with the trustee boards to assess any impact on the Group\u2019s UK defined benefit pension plans.
The funding of the plan depends on the statutory valuation performed by the trustee, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19
valuation. The statutory valuation was last completed at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This corresponds to a
surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is required. The 31 December 2025 statutory valuation is in progress.
Following the 2023 Court of Session judgement relating to ownership of scheme surplus in the event of scheme buy-out and wind-up and further work with the trustee of the
defined benefit pension plan on the scheme\u2019s long-term strategy, the Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of the
existing surplus to fund the cost of providing defined contribution benefits to current employees, with an annual review of other options including an insurance buyout and within
certain guardrails ensuring the continued financial strength of the plan. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and
retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. This agreement was signed in March 2025
with the defined contribution benefits of \u00a321m (\u00a316m after tax) having been funded since July 2025, with an expected annual post-tax benefit of c.\u00a335m to net capital generation
in 2026. The IAS19 liabilities include allowance for the defined benefit member augmentations awarded under this agreement.
Other UK plans
The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These
plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2022), one plan, the
Edinburgh Fund Managers Group Plc Retirement and Death Benefits Plan (the EFM Plan) was in deficit and the Group agreed funding plans with the plan\u2019s trustees which aimed to
eliminate the deficit. The other plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. The 30 June 2025 statutory valuation for both plans is in
progress. Refer Section (d) for details of the November 2025 extension to the EFM Plan buy-in insurance contract originally transacted in 2015.
Other plans
abrdn ROI plan
In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and
European insurance business in 2018, there remain two employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2025, the plan was in deficit relative to its (non-statutory) funding target and the Group agreed non-binding funding plans with the
plan\u2019s trustees which aimed to eliminate the deficit.
Other
The Group operates smaller funded and unfunded defined benefit plans in other countries.
Plan regulations
The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards
(or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website,
www.thepensionsregulator.gov.uk
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows:
2025
2024
\u00a3m
\u00a3m
Current service cost
48
48
Past service cost
9
\u2014
Net interest income
(44)
(33)
Administrative expenses 1
9
11
Expense recognised in the consolidated income statement
22
26
1. Administrative expenses includes restructuring and corporate transaction expense of \u00a32m (2024: \u00a3nil).
Contributions made to defined contribution plans are included within current service cost. The contributions to the principal plan\u2019s defined contribution plan have been funded through
the principal plan arrangement (noted above) since July 2025.
Contributions to defined benefit plans in the year ended 31\u00a0December 2025 comprised \u00a34m ( 2024: \u00a35m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to
be \u00a34m in 2026 and are not expected to materially change in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level
of overall financial strength.
(b) Analysis of amounts recognised in the consolidated statement of financial position
2025
2024
Principal
plan
Other
Total
Principal
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,548)
(194)
(1,742)
(1,552)
(217)
(1,769)
Present value of unfunded obligation
\u2014
(2)
(2)
\u2014
(2)
(2)
Fair value of plan assets
2,592
200
2,792
2,591
222
2,813
Net asset/(liability) before the limit on plan surplus
1,044
4
1,048
1,039
3
1,042
Effect of limit on plan surplus 1
(254)
(4)
(258)
(260)
(4)
(264)
Net asset/(liability)
790
\u2014
790
779
(1)
778
1. Except for amounts that it is agreed will be used to fund the cost of providing defined contributions (as noted above), UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 25% that would
arise on a refund.
Other comprises a defined benefit plan asset relating to two defined benefit plans (2024: two) of \u00a38m (2024: \u00a37m), after deduction of the authorised surplus payments charge, and a
number of other defined benefit plans with a total liability of\u00a0\u00a38m (2024 : \u00a38m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists.
(c) Movement in the net defined benefit asset
Present value of obligation
Fair value of plan assets
Net asset/(liability) before the
limit on plan surplus
Effect of limit of plan surpluses
Net asset/(liability)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,771)
(2,020)
2,813
3,145
1,042
1,125
(264)
(397)
778
728
Total expense
Current service cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Past service cost
(9)
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
\u2014
Interest (expense)/income
(95)
(91)
153
142
58
51
(14)
(18)
44
33
Administrative expenses
(7)
(9)
(2)
(2)
(9)
(11)
\u2014
\u2014
(9)
(11)
Total (expense)/income recognised in consolidated income statement
(111)
(100)
151
140
40
40
(14)
(18)
26
22
Remeasurements
Return on plan assets, excluding amounts included in interest income
\u2014
\u2014
(70)
(392)
(70)
(392)
\u2014
\u2014
(70)
(392)
Gain/(loss) from change in
demographic assumptions
4
(1)
\u2014
\u2014
4
(1)
\u2014
\u2014
4
(1)
Gain from change in financial assumptions
44
236
\u2014
\u2014
44
236
\u2014
\u2014
44
236
Experience gains
5
27
\u2014
\u2014
5
27
\u2014
\u2014
5
27
Change in effect of limit on plan surplus
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20
154
20
154
Remeasurement gains/(losses) recognised in other comprehensive income
53
262
(70)
(392)
(17)
(130)
20
154
3
24
Exchange differences
(4)
5
3
(4)
(1)
1
\u2014
(3)
(1)
(2)
Employer contributions
\u2014
\u2014
4
5
4
5
\u2014
\u2014
4
5
Amount transferred to defined contribution 1
\u2014
\u2014
(21)
\u2014
(21)
\u2014
\u2014
\u2014
(21)
\u2014
Benefit payments
89
82
(88)
(81)
1
1
\u2014
\u2014
1
1
At 31 December
(1,744)
(1,771)
2,792
2,813
1,048
1,042
(258)
(264)
790
778
1. Amounts transferred to defined contribution reflect the agreed use of surplus plan assets to fund defined contribution benefits for current employees. This approach is subject to annual review, including consideration of options
such as insurance buyout, while maintaining the financial strength of the plan.
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
(e) Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors.
The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below:
2025
2024
%
%
Discount rate
5.65
5.60
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
2.95
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The underlying methodology used to set these
assumptions has not changed over the reporting period. The population of corporate bond prices excludes bonds issued by UK universities. The inflation assumption reflects the future
reform of RPI effective from 2030 as described in Section (g)(i) below.
The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The longevity assumptions (along with sample
expectations of life) are illustrated below:
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2025
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
30
32
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2024
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
29
32
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality improvement assumptions are in line with CMI 2021 but
with a 10% weighting on 2020 and 2021 data. This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent 2022 mortality
experience may be indicative of expected future trends.
(f) Duration of defined benefit obligation
The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations.
Undiscounted benefit payments (\u00a3m)
\"7557\"
\u00f2
Non-current pensioner
\u00f2
Current pensioner
2025
2024
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
20
20
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates used (Refer Section (e)).
(g) Risk
(g)(i) Risks and mitigating actions
The Group\u2019s consolidated statement of financial position is exposed to movements in
the\u00a0defined benefit plans\u2019 net asset. In particular, the consolidated statement of financial
position could be materially sensitive to reasonably likely movements in the principal
assumptions for the principal plan. By having offered post-retirement defined benefit
pension plans, the Group is exposed to a number of risks. An explanation of the key risks
and mitigating actions in place for the principal plan is given below.
Asset volatility
Investment strategy risks include underperformance of the absolute return strategy
and\u00a0underperformance of the liability hedging strategy. As the trustees set investment
strategy to protect their own view of plan strength (not the IAS 19 position), changes in
the\u00a0IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always
result in a similar movement in plan assets.
Failure of the asset strategy to keep pace with changes in plan liabilities would expose the
plan to the risk of a deficit developing, which could increase funding requirements for the
Group. Aberdeen and the trustees are working together to determine the most appropriate
de-risking strategy to best protect against the risk that this plan strength deteriorates in the
future.
Yields/discount rate
Falls in yields would in isolation be expected to increase the defined benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out yield risks on the relevant
plan basis in order to meet the trustee\u2019s objectives, rather than the IAS 19 basis, which is
expected to minimise the plan\u2019s need to rely on support from the Group.
Inflation
Increases in inflation expectations would in isolation be expected to increase the defined
benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out inflation risks on the
relevant plan basis in order to meet the objectives, rather than the IAS 19 basis, which is
expected to minimise the plan\u2019s need to rely on support from the Group.
In the principal plan, pensions in payment are generally linked to CPI, however inflationary
risks are hedged using RPI instruments due to lack of availability of CPI linked instruments.
Therefore, the plan is exposed to movements in the actual and expected long-term gap
between RPI and CPI.
A House of Lords report in 2019 raised the potential for changes to the RPI measure of
inflation, which was followed by recommendations from the UK Statistics Authority.
The\u00a0results of the consultation on the reform of RPI (announced on 25 November 2020)
confirmed that RPI will be aligned to CPIH (CPI including owner occupiers\u2019 housing costs)
as\u00a0proposed, but not before 2030. While uncertainty remains, there is a risk that future cash
flows from, and thus the value of, the plan\u2019s RPI-linked assets fall without a corresponding
reduction in the plan\u2019s CPI-linked liabilities. While not directly observable from market data,
the plan\u2019s RPI-linked asset values may already reflect an element of the expected changes
and risk of such changes.
Life expectancy
Increases in life expectancy beyond those currently assumed will lead to an increase in
plan liabilities. Regular reviews of longevity assumptions are performed to ensure
assumptions remain appropriate.
Climate
The principal plan adopts a low-risk strategy to investment, with the majority of plan
assets invested in UK government bonds. The trustees have assessed the principal plan\u2019s
exposure to severe climate change as being minimal, as a result of the low-risk
investment strategy alongside the plan\u2019s strong funding level.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below.
2025
2024
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value of
plan assets
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value
of plan assets
Change in assumption
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount
rate
Decrease by 1% (e.g. from 5.65% to 4.65%)
(254)
388
(266)
444
Increase by 1%
203
(306)
210
(346)
Rates of inflation
Decrease by 1%
173
(260)
184
(299)
Increase by 1%
(220)
330
(229)
384
Life expectancy
Decrease by 1 year
46
N/A
47
N/A
Increase by 1 year
(46)
N/A
(47)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
32.\u00a0 \u00a0 Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined
benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to\u00a0the statutory
funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an\u00a0actuarial estimate of the assets
needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective.
While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how non-
insured assets are measured. The funding measure of liabilities (technical provisions) and insured assets is materially different to the IAS 19 measure. The key differences are the
discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI
inflation assumption is derived from market-implied RPI inflation with an adjustment to\u00a0remove the inflation risk premium believed to exist within market prices, with an additional
deduction required to derive the IAS 19 CPI inflation assumption (to\u00a0reflect differences between RPI and CPI).
The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This
investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule
includes a recovery plan that aims to restore the funding level to the level of the technical provisions .
Aberdeen Group
Pension Scheme
(previously named
the abrdn UK Group
(SLSPS) plan)
(principal plan)
This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in
2008. Accrual ceased in April 2016.
Following the High Court rulings in October 2018 (and subsequent related ruling in November 2020) that required pension schemes to address inequalities for the effect of unequal
GMPs accrued between May 1990 and April 1997, allowance for the estimated impact of GMP equalisation has been included in the Group\u2019s defined benefit IAS 19 liabilities. The
trustees of the Group\u2019s defined benefit plans continue to progress their GMP equalisation projects, monitoring respective timelines and deliverables.
In relation to the Virgin Media Ltd v NTL Pension Trustees decision, the Group notes the draft legislation introduced by the UK Government in September 2025 to allow affected
schemes to retrospectively obtain written actuarial confirmation that historic benefit changes meet the necessary standards. This draft legislation is expected to be implemented
in 2026. The Group is working with the trustee boards to assess any impact on the Group\u2019s UK defined benefit pension plans.
The funding of the plan depends on the statutory valuation performed by the trustee, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19
valuation. The statutory valuation was last completed at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This corresponds to a
surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is required. The 31 December 2025 statutory valuation is in progress.
Following the 2023 Court of Session judgement relating to ownership of scheme surplus in the event of scheme buy-out and wind-up and further work with the trustee of the
defined benefit pension plan on the scheme\u2019s long-term strategy, the Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of the
existing surplus to fund the cost of providing defined contribution benefits to current employees, with an annual review of other options including an insurance buyout and within
certain guardrails ensuring the continued financial strength of the plan. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and
retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. This agreement was signed in March 2025
with the defined contribution benefits of \u00a321m (\u00a316m after tax) having been funded since July 2025, with an expected annual post-tax benefit of c.\u00a335m to net capital generation
in 2026. The IAS19 liabilities include allowance for the defined benefit member augmentations awarded under this agreement.
Other UK plans
The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These
plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2022), one plan, the
Edinburgh Fund Managers Group Plc Retirement and Death Benefits Plan (the EFM Plan) was in deficit and the Group agreed funding plans with the plan\u2019s trustees which aimed to
eliminate the deficit. The other plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. The 30 June 2025 statutory valuation for both plans is in
progress. Refer Section (d) for details of the November 2025 extension to the EFM Plan buy-in insurance contract originally transacted in 2015.
Other plans
abrdn ROI plan
In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and
European insurance business in 2018, there remain two employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2025, the plan was in deficit relative to its (non-statutory) funding target and the Group agreed non-binding funding plans with the
plan\u2019s trustees which aimed to eliminate the deficit.
Other
The Group operates smaller funded and unfunded defined benefit plans in other countries.
Plan regulations
The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards
(or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website,
www.thepensionsregulator.gov.uk
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows:
2025
2024
\u00a3m
\u00a3m
Current service cost
48
48
Past service cost
9
\u2014
Net interest income
(44)
(33)
Administrative expenses 1
9
11
Expense recognised in the consolidated income statement
22
26
1. Administrative expenses includes restructuring and corporate transaction expense of \u00a32m (2024: \u00a3nil).
Contributions made to defined contribution plans are included within current service cost. The contributions to the principal plan\u2019s defined contribution plan have been funded through
the principal plan arrangement (noted above) since July 2025.
Contributions to defined benefit plans in the year ended 31\u00a0December 2025 comprised \u00a34m ( 2024: \u00a35m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to
be \u00a34m in 2026 and are not expected to materially change in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level
of overall financial strength.
(b) Analysis of amounts recognised in the consolidated statement of financial position
2025
2024
Principal
plan
Other
Total
Principal
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,548)
(194)
(1,742)
(1,552)
(217)
(1,769)
Present value of unfunded obligation
\u2014
(2)
(2)
\u2014
(2)
(2)
Fair value of plan assets
2,592
200
2,792
2,591
222
2,813
Net asset/(liability) before the limit on plan surplus
1,044
4
1,048
1,039
3
1,042
Effect of limit on plan surplus 1
(254)
(4)
(258)
(260)
(4)
(264)
Net asset/(liability)
790
\u2014
790
779
(1)
778
1. Except for amounts that it is agreed will be used to fund the cost of providing defined contributions (as noted above), UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 25% that would
arise on a refund.
Other comprises a defined benefit plan asset relating to two defined benefit plans (2024: two) of \u00a38m (2024: \u00a37m), after deduction of the authorised surplus payments charge, and a
number of other defined benefit plans with a total liability of\u00a0\u00a38m (2024 : \u00a38m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists.
(c) Movement in the net defined benefit asset
Present value of obligation
Fair value of plan assets
Net asset/(liability) before the
limit on plan surplus
Effect of limit of plan surpluses
Net asset/(liability)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,771)
(2,020)
2,813
3,145
1,042
1,125
(264)
(397)
778
728
Total expense
Current service cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Past service cost
(9)
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
\u2014
Interest (expense)/income
(95)
(91)
153
142
58
51
(14)
(18)
44
33
Administrative expenses
(7)
(9)
(2)
(2)
(9)
(11)
\u2014
\u2014
(9)
(11)
Total (expense)/income recognised in consolidated income statement
(111)
(100)
151
140
40
40
(14)
(18)
26
22
Remeasurements
Return on plan assets, excluding amounts included in interest income
\u2014
\u2014
(70)
(392)
(70)
(392)
\u2014
\u2014
(70)
(392)
Gain/(loss) from change in
demographic assumptions
4
(1)
\u2014
\u2014
4
(1)
\u2014
\u2014
4
(1)
Gain from change in financial assumptions
44
236
\u2014
\u2014
44
236
\u2014
\u2014
44
236
Experience gains
5
27
\u2014
\u2014
5
27
\u2014
\u2014
5
27
Change in effect of limit on plan surplus
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20
154
20
154
Remeasurement gains/(losses) recognised in other comprehensive income
53
262
(70)
(392)
(17)
(130)
20
154
3
24
Exchange differences
(4)
5
3
(4)
(1)
1
\u2014
(3)
(1)
(2)
Employer contributions
\u2014
\u2014
4
5
4
5
\u2014
\u2014
4
5
Amount transferred to defined contribution 1
\u2014
\u2014
(21)
\u2014
(21)
\u2014
\u2014
\u2014
(21)
\u2014
Benefit payments
89
82
(88)
(81)
1
1
\u2014
\u2014
1
1
At 31 December
(1,744)
(1,771)
2,792
2,813
1,048
1,042
(258)
(264)
790
778
1. Amounts transferred to defined contribution reflect the agreed use of surplus plan assets to fund defined contribution benefits for current employees. This approach is subject to annual review, including consideration of options
such as insurance buyout, while maintaining the financial strength of the plan.
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
(e) Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors.
The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below:
2025
2024
%
%
Discount rate
5.65
5.60
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
2.95
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The underlying methodology used to set these
assumptions has not changed over the reporting period. The population of corporate bond prices excludes bonds issued by UK universities. The inflation assumption reflects the future
reform of RPI effective from 2030 as described in Section (g)(i) below.
The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The longevity assumptions (along with sample
expectations of life) are illustrated below:
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2025
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
30
32
Expectation of life from NRA
Normal retirement
age
Male age today
Female age today
2024
Table
Improvements
(NRA)
NRA
40
NRA
40
Plan specific basis (calibrated by
Club Vita) reflecting membership
demographics
Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with
an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of
improvement of 1.5%.
60
27
28
29
32
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality improvement assumptions are in line with CMI 2021 but
with a 10% weighting on 2020 and 2021 data. This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent 2022 mortality
experience may be indicative of expected future trends.
(f) Duration of defined benefit obligation
The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations.
Undiscounted benefit payments (\u00a3m)
\"7557\"
\u00f2
Non-current pensioner
\u00f2
Current pensioner
2025
2024
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
20
20
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates used (Refer Section (e)).
(g) Risk
(g)(i) Risks and mitigating actions
The Group\u2019s consolidated statement of financial position is exposed to movements in
the\u00a0defined benefit plans\u2019 net asset. In particular, the consolidated statement of financial
position could be materially sensitive to reasonably likely movements in the principal
assumptions for the principal plan. By having offered post-retirement defined benefit
pension plans, the Group is exposed to a number of risks. An explanation of the key risks
and mitigating actions in place for the principal plan is given below.
Asset volatility
Investment strategy risks include underperformance of the absolute return strategy
and\u00a0underperformance of the liability hedging strategy. As the trustees set investment
strategy to protect their own view of plan strength (not the IAS 19 position), changes in
the\u00a0IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always
result in a similar movement in plan assets.
Failure of the asset strategy to keep pace with changes in plan liabilities would expose the
plan to the risk of a deficit developing, which could increase funding requirements for the
Group. Aberdeen and the trustees are working together to determine the most appropriate
de-risking strategy to best protect against the risk that this plan strength deteriorates in the
future.
Yields/discount rate
Falls in yields would in isolation be expected to increase the defined benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out yield risks on the relevant
plan basis in order to meet the trustee\u2019s objectives, rather than the IAS 19 basis, which is
expected to minimise the plan\u2019s need to rely on support from the Group.
Inflation
Increases in inflation expectations would in isolation be expected to increase the defined
benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out inflation risks on the
relevant plan basis in order to meet the objectives, rather than the IAS 19 basis, which is
expected to minimise the plan\u2019s need to rely on support from the Group.
In the principal plan, pensions in payment are generally linked to CPI, however inflationary
risks are hedged using RPI instruments due to lack of availability of CPI linked instruments.
Therefore, the plan is exposed to movements in the actual and expected long-term gap
between RPI and CPI.
A House of Lords report in 2019 raised the potential for changes to the RPI measure of
inflation, which was followed by recommendations from the UK Statistics Authority.
The\u00a0results of the consultation on the reform of RPI (announced on 25 November 2020)
confirmed that RPI will be aligned to CPIH (CPI including owner occupiers\u2019 housing costs)
as\u00a0proposed, but not before 2030. While uncertainty remains, there is a risk that future cash
flows from, and thus the value of, the plan\u2019s RPI-linked assets fall without a corresponding
reduction in the plan\u2019s CPI-linked liabilities. While not directly observable from market data,
the plan\u2019s RPI-linked asset values may already reflect an element of the expected changes
and risk of such changes.
Life expectancy
Increases in life expectancy beyond those currently assumed will lead to an increase in
plan liabilities. Regular reviews of longevity assumptions are performed to ensure
assumptions remain appropriate.
Climate
The principal plan adopts a low-risk strategy to investment, with the majority of plan
assets invested in UK government bonds. The trustees have assessed the principal plan\u2019s
exposure to severe climate change as being minimal, as a result of the low-risk
investment strategy alongside the plan\u2019s strong funding level.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below.
2025
2024
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value of
plan assets
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value
of plan assets
Change in assumption
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount
rate
Decrease by 1% (e.g. from 5.65% to 4.65%)
(254)
388
(266)
444
Increase by 1%
203
(306)
210
(346)
Rates of inflation
Decrease by 1%
173
(260)
184
(299)
Increase by 1%
(220)
330
(229)
384
Life expectancy
Decrease by 1 year
46
N/A
47
N/A
Increase by 1 year
(46)
N/A
(47)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForDefinedBenefitPlans", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
The Group operates two types of pension plans:
\u2022 Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group\u2019s defined benefit plans,
with\u00a0the exception of a small plan in Ireland, are closed to future service accrual.
\u2022 Defined contribution plans where the Group makes contributions to a member\u2019s
pension plan but has no further payment obligations once the contributions have
been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least
annual actuarial calculations. The Group has funded these liabilities in relation to its
UK\u00a0and Ireland defined benefit plans by ring-fencing assets in trustee-administered
funds. The Group has further smaller defined benefit plans some of which are
unfunded.
The consolidated statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present value of the
defined benefit obligation (estimated future cash flows are discounted using the yields
on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value
of the plan assets exceeds the defined benefit obligation, a pension surplus is only
recognised if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, any refund would be subject to an
authorised surplus payments charge and that a surplus payments charge is not an
income tax. Consequently, any UK surplus is recognised net of an authorised surplus
payments charge and the authorised surplus payments charge is not included within
deferred taxation.
For the principal defined benefit plan (the Aberdeen Group Pension Scheme
(previously included as the abrdn UK Group plan)), the Group considers that it has an
unconditional right to a refund of a surplus, assuming the gradual settlement of the
plan liabilities over time until all members have left the plan. The plan trustees can
purchase annuities to insure member benefits and can, for the majority of benefits,
transfer these annuities to members. The trustees cannot unconditionally wind up
the\u00a0plan or use the surplus to enhance member benefits without employer consent.
Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit)
is\u00a0calculated using yields on high quality corporate bonds and recognised in the
consolidated income statement. A current service cost is also recognised which
represents the expected present value of the defined benefit pension entitlement
earned by members in the period. A past service cost is also recognised which
represents the change in the present value of the defined benefit obligation for
service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial
assumptions, the effect of the limit on the plan surplus and returns on plan assets
(other than amounts included in net interest) are recognised in other comprehensive
income in the period in which they occur. Remeasurements are not reclassified to
profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised in current service cost
in the consolidated income statement as staff costs and other employee-related
costs when they are due.
This policy does not apply to unconsolidated external pension schemes accounted for
under IFRS 17 Insurance Contracts \u2013 refer Note 31.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForDefinedContributionPlans", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "Analysis of amounts recognised in the consolidated statement of financial position
2025
2024
Principal
plan
Other
Total
Principal
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,548)
(194)
(1,742)
(1,552)
(217)
(1,769)
Present value of unfunded obligation
\u2014
(2)
(2)
\u2014
(2)
(2)
Fair value of plan assets
2,592
200
2,792
2,591
222
2,813
Net asset/(liability) before the limit on plan surplus
1,044
4
1,048
1,039
3
1,042
Effect of limit on plan surplus 1
(254)
(4)
(258)
(260)
(4)
(264)
Net asset/(liability)
790
\u2014
790
779
(1)
778
1. Except for amounts that it is agreed will be used to fund the cost of providing defined contributions (as noted above), UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 25% that would
arise on a refund.
Other comprises a defined benefit plan asset relating to two defined benefit plans (2024: two) of \u00a38m (2024: \u00a37m), after deduction of the authorised surplus payments charge, and a
number of other defined benefit plans with a total liability of\u00a0\u00a38m (2024 : \u00a38m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists.
(c) Movement in the net defined benefit asset
Present value of obligation
Fair value of plan assets
Net asset/(liability) before the
limit on plan surplus
Effect of limit of plan surpluses
Net asset/(liability)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,771)
(2,020)
2,813
3,145
1,042
1,125
(264)
(397)
778
728
Total expense
Current service cost
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Past service cost
(9)
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
\u2014
(9)
\u2014
Interest (expense)/income
(95)
(91)
153
142
58
51
(14)
(18)
44
33
Administrative expenses
(7)
(9)
(2)
(2)
(9)
(11)
\u2014
\u2014
(9)
(11)
Total (expense)/income recognised in consolidated income statement
(111)
(100)
151
140
40
40
(14)
(18)
26
22
Remeasurements
Return on plan assets, excluding amounts included in interest income
\u2014
\u2014
(70)
(392)
(70)
(392)
\u2014
\u2014
(70)
(392)
Gain/(loss) from change in
demographic assumptions
4
(1)
\u2014
\u2014
4
(1)
\u2014
\u2014
4
(1)
Gain from change in financial assumptions
44
236
\u2014
\u2014
44
236
\u2014
\u2014
44
236
Experience gains
5
27
\u2014
\u2014
5
27
\u2014
\u2014
5
27
Change in effect of limit on plan surplus
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
20
154
20
154
Remeasurement gains/(losses) recognised in other comprehensive income
53
262
(70)
(392)
(17)
(130)
20
154
3
24
Exchange differences
(4)
5
3
(4)
(1)
1
\u2014
(3)
(1)
(2)
Employer contributions
\u2014
\u2014
4
5
4
5
\u2014
\u2014
4
5
Amount transferred to defined contribution 1
\u2014
\u2014
(21)
\u2014
(21)
\u2014
\u2014
\u2014
(21)
\u2014
Benefit payments
89
82
(88)
(81)
1
1
\u2014
\u2014
1
1
At 31 December
(1,744)
(1,771)
2,792
2,813
1,048
1,042
(258)
(264)
790
778
1. Amounts transferred to defined contribution reflect the agreed use of surplus plan assets to fund defined contribution benefits for current employees. This approach is subject to annual review, including consideration of options
such as insurance buyout, while maintaining the financial strength of the plan.
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities (excluding income strips) and
derivatives measured at fair value is given below:
Equities and interests in pooled investment funds 1,2
Debt securities (excluding income strips)
Derivatives 3
Level 1
Equity instruments listed on a recognised exchange valued using prices sourced from their
primary exchange.
Debt securities listed on a recognised exchange valued
using prices sourced from their primary exchange.
Exchange traded derivatives
valued using prices sourced
from the relevant exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference is made to
observable market data.
Debt securities valued using prices received from
external pricing providers based on quotes received from
a number of market participants.
Debt securities valued using models and standard
valuation formulas based on observable market data 4.
Over-the-counter derivatives
measured using a range of
valuation models including
discounting future cash flows
and option valuation
techniques.
Level 3
These relate primarily to interests in private equity, real estate and infrastructure funds which
are valued at net asset value. Underlying real estate and private equity investments are
generally valued in accordance with independent professional valuation reports or
International Private Equity and Venture Capital Valuation Guidelines where relevant. The
underlying investments in infrastructure funds are generally valued based on the phase of
individual projects forming the overall investment and discounted cash flow techniques based
on project earnings.
Where net asset values are not available at the same date as the reporting date, the latest
available valuations are reviewed and, where appropriate, adjustments are made to reflect
the estimated impact of changes in market conditions between the date of the valuation and
the end of the reporting period.
Other unlisted equity securities are generally valued using a calibration to the price of a recent
investment.
Debt securities valued using prices received from
external pricing providers based on a single broker
indicative quote.
Debt securities valued using models and standard
valuation formulas based on unobservable market data 4.
N/A
1. Investments in associates at fair value through profit or loss are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is
calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in line with the Group\u2019s risk management policies. At 31\u00a0December 2025 and 31\u00a0December 2024, the residual
credit risk is considered immaterial and no credit risk adjustment has been made.
4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value.
Investment property
The fair value of unit linked investment property is based on valuations provided by
external property valuation experts. The fair value of investment property is measured
based on each property\u2019s highest and best use from a market participant\u2019s perspective
and considers the potential uses of the property that are physically possible, legally
permissible and financially feasible.
Valuations are completed in accordance with the Royal Institution of Chartered Surveyors
(RICS) valuation standards. These are predominantly produced using an income
capitalisation approach. The income capitalisation approach is based on capitalising an
annual net income stream using an appropriate yield. The annual net income is based on
both current and estimated future net income. The yield and future net income used is
determined by considering recent transactions involving property with similar
characteristics to the property being valued. Where appropriate, adjustments will be
made by the valuer to reflect differences between the characteristics of the property
being valued and the recent market transactions considered.
As income capitalisation valuations generally include significant unobservable inputs
including unobservable adjustments to recent market transactions, these assets are
categorised as level 3 within the fair value hierarchy.
Income strips
In addition to direct investment in investment property, the assets backing unit linked
liabilities includes debt securities known as income strips. Income strips are transactions
where an owner-occupier of a property has sold a freehold or long leasehold interest to
the Group, and has signed a long lease (typically 30\u201345 years) or a ground lease (typically
45-175 years) and retains the right to repurchase the property at the end of the lease for
a nominal sum (usually \u00a31).
The valuation technique used by the Group to value these instruments is an income
capitalisation approach, where the annual rental income is capitalised using an
appropriate yield. The yield is determined by considering recent transactions involving
similar income strips. As the income capitalisation valuations generally include significant
unobservable inputs including unobservable adjustments to the yield observed in other
income strip transactions, these assets are categorised as level 3 in the fair value
hierarchy.
Reinsurance linked investment asset
The fair value of the reinsurance linked investment asset is based on net asset valuations
of a notional unit linked fund administered by an external insurer. The fair value of the
investment asset is measured based on the fair value of the underlying assets which are
primarily properties, property linked securities, cash and other related assets.
The value of property is based on valuations prepared and certified by independent
valuers and adjusted to take account of changes in prices, where material, since the last
valuations. The value of quoted securities (such as stocks and shares) is based on the
prices quoted on the relevant stock market.
As these valuations contain unobservable inputs and are based on net asset value
statements provided by the insurer, they are categorised as level 3 within the fair value
hierarchy.
Third party interest in consolidated funds and non-participating investment contracts
The fair value of liabilities in respect of third party interest in consolidated funds and non-
participating investment contracts are calculated equal to the fair value of the underlying
assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and assumptions set out
above in relation to the underlying assets and liabilities:
\u2022 For third party interest in consolidated funds, when the underlying assets and liabilities
are valued using readily available market information, the liabilities in respect of third
party interest in consolidated funds are treated as level 2. Where the underlying assets
and liabilities are not valued using readily available market information the liabilities in
respect of third party interest in consolidated funds are treated as level 3.
\u2022 For non-participating investment contracts, where the underlying assets and liabilities
are categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities
are observable, these liabilities are categorised within level 2 of the fair value hierarchy.
Where the underlying assets are categorised as level 3, the liabilities are also
categorised as level\u00a03.
In addition, contingent consideration assets and contingent consideration liabilities are
also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and
liabilities have been recognised in respect of acquisitions and disposals. Generally
valuations are based on unobservable assumptions regarding the probability weighted
cash flows and, where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing
unit linked liabilities).
Fair value hierarchy
As recognised in the
consolidated statement of
financial position line item
Classified as held for sale
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
11
54
\u2014
\u2014
11
54
\u2014
\u2014
11
54
\u2014
\u2014
Equity securities and interests in pooled investment vehicles 1
1,267
1,105
8
17
1,275
1,122
979
711
115
133
181
278
Debt securities
196
659
\u2014
\u2014
196
659
5
5
190
653
1
1
Contingent consideration assets 2
10
17
\u2014
\u2014
10
17
\u2014
\u2014
\u2014
\u2014
10
17
Total assets at fair value
1,484
1,835
8
17
1,492
1,852
984
716
316
840
192
296
1. Includes \u00a3767m (2024: \u00a3530m) for the Group\u2019s listed equity investment in Standard Life plc, which is classified as a significant listed investment.
2. Presented in Receivables and other financial assets in the consolidated statement of financial position.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers generally relate to assets where changes
in\u00a0the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar
quarter in which they arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy.
Fair value hierarchy
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party interest in consolidated funds
138
184
\u2014
\u2014
138
115
\u2014
69
Derivative financial liabilities
5
3
1
\u2014
4
3
\u2014
\u2014
Contingent consideration liabilities 1
108
96
\u2014
\u2014
\u2014
\u2014
108
96
Other financial liabilities 2
16
15
\u2014
\u2014
\u2014
\u2014
16
15
Total liabilities at fair value
267
298
1
\u2014
142
118
124
180
1. Presented in Other financial liabilities in the consolidated statement of financial position.
2. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Refer Section (a)(iii) below for details of movements
in\u00a0level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below.
Owner occupied property
Equity securities and interests in
pooled investment funds
Debt securities
Liabilities in respect of third party
interest in consolidated funds
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
\u2014
1
278
233
1
1
(69)
(70)
Total gains recognised in the consolidated income statement
\u2014
\u2014
8
6
\u2014
\u2014
\u2014
\u2014
Purchases
\u2014
\u2014
37
45
\u2014
\u2014
\u2014
\u2014
Sales and other adjustments
\u2014
(1)
(142)
(6)
\u2014
\u2014
69
1
At 31 December
\u2014
\u2014
181
278
1
1
\u2014
(69)
Contingent consideration assets
Contingent consideration
liabilities
Other financial liabilities 1
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
17
11
(96)
(114)
(15)
(15)
Total amounts recognised in the consolidated income statement
\u2014
2
(22)
9
(3)
\u2014
Additions
\u2014
11
(2)
\u2014
\u2014
\u2014
Settlements
(6)
(7)
11
9
\u2014
\u2014
Other movements
(1)
\u2014
1
\u2014
2
\u2014
At 31 December
10
17
(108)
(96)
(16)
(15)
1. Excluding contingent consideration liabilities.
For the year ended 31\u00a0December 2025, losses of \u00a317m (2024: gains of \u00a319m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities
held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, losses of \u00a317m (2024: gains of \u00a319m) were recognised in Net gains or
losses on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the
price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become
available from external pricing providers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities (excluding income strips) and
derivatives measured at fair value is given below:
Equities and interests in pooled investment funds 1,2
Debt securities (excluding income strips)
Derivatives 3
Level 1
Equity instruments listed on a recognised exchange valued using prices sourced from their
primary exchange.
Debt securities listed on a recognised exchange valued
using prices sourced from their primary exchange.
Exchange traded derivatives
valued using prices sourced
from the relevant exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference is made to
observable market data.
Debt securities valued using prices received from
external pricing providers based on quotes received from
a number of market participants.
Debt securities valued using models and standard
valuation formulas based on observable market data 4.
Over-the-counter derivatives
measured using a range of
valuation models including
discounting future cash flows
and option valuation
techniques.
Level 3
These relate primarily to interests in private equity, real estate and infrastructure funds which
are valued at net asset value. Underlying real estate and private equity investments are
generally valued in accordance with independent professional valuation reports or
International Private Equity and Venture Capital Valuation Guidelines where relevant. The
underlying investments in infrastructure funds are generally valued based on the phase of
individual projects forming the overall investment and discounted cash flow techniques based
on project earnings.
Where net asset values are not available at the same date as the reporting date, the latest
available valuations are reviewed and, where appropriate, adjustments are made to reflect
the estimated impact of changes in market conditions between the date of the valuation and
the end of the reporting period.
Other unlisted equity securities are generally valued using a calibration to the price of a recent
investment.
Debt securities valued using prices received from
external pricing providers based on a single broker
indicative quote.
Debt securities valued using models and standard
valuation formulas based on unobservable market data 4.
N/A
1. Investments in associates at fair value through profit or loss are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is
calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in line with the Group\u2019s risk management policies. At 31\u00a0December 2025 and 31\u00a0December 2024, the residual
credit risk is considered immaterial and no credit risk adjustment has been made.
4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value.
Investment property
The fair value of unit linked investment property is based on valuations provided by
external property valuation experts. The fair value of investment property is measured
based on each property\u2019s highest and best use from a market participant\u2019s perspective
and considers the potential uses of the property that are physically possible, legally
permissible and financially feasible.
Valuations are completed in accordance with the Royal Institution of Chartered Surveyors
(RICS) valuation standards. These are predominantly produced using an income
capitalisation approach. The income capitalisation approach is based on capitalising an
annual net income stream using an appropriate yield. The annual net income is based on
both current and estimated future net income. The yield and future net income used is
determined by considering recent transactions involving property with similar
characteristics to the property being valued. Where appropriate, adjustments will be
made by the valuer to reflect differences between the characteristics of the property
being valued and the recent market transactions considered.
As income capitalisation valuations generally include significant unobservable inputs
including unobservable adjustments to recent market transactions, these assets are
categorised as level 3 within the fair value hierarchy.
Income strips
In addition to direct investment in investment property, the assets backing unit linked
liabilities includes debt securities known as income strips. Income strips are transactions
where an owner-occupier of a property has sold a freehold or long leasehold interest to
the Group, and has signed a long lease (typically 30\u201345 years) or a ground lease (typically
45-175 years) and retains the right to repurchase the property at the end of the lease for
a nominal sum (usually \u00a31).
The valuation technique used by the Group to value these instruments is an income
capitalisation approach, where the annual rental income is capitalised using an
appropriate yield. The yield is determined by considering recent transactions involving
similar income strips. As the income capitalisation valuations generally include significant
unobservable inputs including unobservable adjustments to the yield observed in other
income strip transactions, these assets are categorised as level 3 in the fair value
hierarchy.
Reinsurance linked investment asset
The fair value of the reinsurance linked investment asset is based on net asset valuations
of a notional unit linked fund administered by an external insurer. The fair value of the
investment asset is measured based on the fair value of the underlying assets which are
primarily properties, property linked securities, cash and other related assets.
The value of property is based on valuations prepared and certified by independent
valuers and adjusted to take account of changes in prices, where material, since the last
valuations. The value of quoted securities (such as stocks and shares) is based on the
prices quoted on the relevant stock market.
As these valuations contain unobservable inputs and are based on net asset value
statements provided by the insurer, they are categorised as level 3 within the fair value
hierarchy.
Third party interest in consolidated funds and non-participating investment contracts
The fair value of liabilities in respect of third party interest in consolidated funds and non-
participating investment contracts are calculated equal to the fair value of the underlying
assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and assumptions set out
above in relation to the underlying assets and liabilities:
\u2022 For third party interest in consolidated funds, when the underlying assets and liabilities
are valued using readily available market information, the liabilities in respect of third
party interest in consolidated funds are treated as level 2. Where the underlying assets
and liabilities are not valued using readily available market information the liabilities in
respect of third party interest in consolidated funds are treated as level 3.
\u2022 For non-participating investment contracts, where the underlying assets and liabilities
are categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities
are observable, these liabilities are categorised within level 2 of the fair value hierarchy.
Where the underlying assets are categorised as level 3, the liabilities are also
categorised as level\u00a03.
In addition, contingent consideration assets and contingent consideration liabilities are
also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and
liabilities have been recognised in respect of acquisitions and disposals. Generally
valuations are based on unobservable assumptions regarding the probability weighted
cash flows and, where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing
unit linked liabilities).
Fair value hierarchy
As recognised in the
consolidated statement of
financial position line item
Classified as held for sale
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
11
54
\u2014
\u2014
11
54
\u2014
\u2014
11
54
\u2014
\u2014
Equity securities and interests in pooled investment vehicles 1
1,267
1,105
8
17
1,275
1,122
979
711
115
133
181
278
Debt securities
196
659
\u2014
\u2014
196
659
5
5
190
653
1
1
Contingent consideration assets 2
10
17
\u2014
\u2014
10
17
\u2014
\u2014
\u2014
\u2014
10
17
Total assets at fair value
1,484
1,835
8
17
1,492
1,852
984
716
316
840
192
296
1. Includes \u00a3767m (2024: \u00a3530m) for the Group\u2019s listed equity investment in Standard Life plc, which is classified as a significant listed investment.
2. Presented in Receivables and other financial assets in the consolidated statement of financial position.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers generally relate to assets where changes
in\u00a0the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar
quarter in which they arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy.
Fair value hierarchy
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party interest in consolidated funds
138
184
\u2014
\u2014
138
115
\u2014
69
Derivative financial liabilities
5
3
1
\u2014
4
3
\u2014
\u2014
Contingent consideration liabilities 1
108
96
\u2014
\u2014
\u2014
\u2014
108
96
Other financial liabilities 2
16
15
\u2014
\u2014
\u2014
\u2014
16
15
Total liabilities at fair value
267
298
1
\u2014
142
118
124
180
1. Presented in Other financial liabilities in the consolidated statement of financial position.
2. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Refer Section (a)(iii) below for details of movements
in\u00a0level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below.
Owner occupied property
Equity securities and interests in
pooled investment funds
Debt securities
Liabilities in respect of third party
interest in consolidated funds
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
\u2014
1
278
233
1
1
(69)
(70)
Total gains recognised in the consolidated income statement
\u2014
\u2014
8
6
\u2014
\u2014
\u2014
\u2014
Purchases
\u2014
\u2014
37
45
\u2014
\u2014
\u2014
\u2014
Sales and other adjustments
\u2014
(1)
(142)
(6)
\u2014
\u2014
69
1
At 31 December
\u2014
\u2014
181
278
1
1
\u2014
(69)
Contingent consideration assets
Contingent consideration
liabilities
Other financial liabilities 1
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
17
11
(96)
(114)
(15)
(15)
Total amounts recognised in the consolidated income statement
\u2014
2
(22)
9
(3)
\u2014
Additions
\u2014
11
(2)
\u2014
\u2014
\u2014
Settlements
(6)
(7)
11
9
\u2014
\u2014
Other movements
(1)
\u2014
1
\u2014
2
\u2014
At 31 December
10
17
(108)
(96)
(16)
(15)
1. Excluding contingent consideration liabilities.
For the year ended 31\u00a0December 2025, losses of \u00a317m (2024: gains of \u00a319m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities
held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, losses of \u00a317m (2024: gains of \u00a319m) were recognised in Net gains or
losses on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the
price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become
available from external pricing providers.
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at
31\u00a0December 2025 with a fair value of \u00a3181m (2024: \u00a3278m).
Fair value
2025
\u00a3m
2024
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity, real estate
and infrastructure funds
166
266
Net asset value
Net asset value statements provided for a large
number of funds including 16 significant funds
(fair value >\u00a35m).
A range of unobservable inputs is not applicable as we have determined that
the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity
securities
15
12
Indicative share
price
Calibration to the price of a recent investment.
A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at the
end of the reporting period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31\u00a0December 2025 with a fair value
of \u00a3nil (2024: \u00a3(69)m) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of
third party interest in consolidated funds.
The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3
instruments at 31\u00a0December 2025 with a fair value of \u00a3(114)m (2024: \u00a3(94)m).
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
consideration
assets and
liabilities and
other financial
instrument
liabilities
(114)
(94)
Probability
weighted cash
flow and where
applicable
discount rates
Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most
significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to
the acquisition of Tritax of \u00a399m (2024: \u00a385m).
During the year ended 31 December 2025, the terms of the contingent consideration arrangement relating to the
acquisition of Tritax were renegotiated. This renegotiation results in a change in both the timing and terms of the
settlement of the liability. As a result, the residual balance of the original contingent consideration liability of \u00a362m
was extinguished and a new financial liability of \u00a399m recognised in accordance with the modification rules in IFRS
9, resulting in a loss of \u00a337m in 2025.
The revised contingent consideration liability comprises an earn-out element, which will be settled in tranches from
2026 to 2029 (previously 2025 to 2026) based on the EBITDA of Tritax, retention of certain elements of the business,
and a profit share based on the net profit of Tritax. Under the revised terms, the Group\u2019s ownership in Tritax
increases from 60% to c.80%, in 2026 and the Group takes full ownership of Tritax in 2029. The revised liability is
measured at fair value through profit or loss.
The contingent consideration is valued by applying a probability weighting to a number of scenarios. The valuation
uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box
REIT (Big Box) and a forecast for a new strategy (Powerbox) which generates new forms of revenue arising from
the development, securing of power grid connections and management of large data centres, some of which are
not recurring in nature. Incremental EBITDA from Powerbox developments in early stages have been assigned a
lower probability than the traditional business reflecting the risks inherent in new developments. The resulting
valuation is discounted from the expected payment dates to the balance sheet date.
The revised earn-out valuation
used EBITDAs reflecting a
probability weighted revenue
compound annual growth
rate (CAGR) from 31 March
2026 to 31 March 2029 of 14%
and a probability weighted
cost/income ratio of c.57%.
The risk adjusted contingent
consideration cash flows have
been discounted using a
discount rate of 4% (2024: 4%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
(b) Assets and liabilities not carried at fair value
The table below presents estimated fair values by level of the fair value hierarchy of non-unit linked financial assets and liabilities whose carrying value does not approximate
fair value. Fair values of assets and liabilities are based on observable market inputs where available, or are estimated using other valuation techniques.
As recognised in the consolidated
statement of financial position
line item
Fair value
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Debt securities
17
255
\u2014
255
\u2014
\u2014
\u2014
255
\u2014
\u2014
\u2014
Liabilities
Subordinated liabilities
30
557
597
550
572
\u2014
\u2014
550
572
\u2014
\u2014
The estimated fair values for subordinated liabilities are based on the quoted market offer price. The carrying value of all other financial assets and liabilities measured at amortised
cost approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities.
Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a
diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest
rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories
disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those
assets which cannot be classified as level 1 have been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan
Other
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Debt securities
1,547
1,412
\u2014
\u2014
1,547
1,412
Total assets measured at fair value based on level 1 inputs
1,547
1,412
\u2014
\u2014
1,547
1,412
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(8)
(3)
(18)
\u2014
(26)
(3)
Equity securities
40
43
\u2014
\u2014
40
43
Interests in pooled investment funds
Debt
105
106
17
19
122
125
Equity
\u2014
\u2014
7
12
7
12
Multi-asset private markets
227
217
1
\u2014
228
217
Property
100
79
7
9
107
88
Absolute return
\u2014
\u2014
5
4
5
4
Cash
2
\u2014
39
52
41
52
Debt securities
712
909
3
3
715
912
Qualifying insurance policies
2
2
114
116
116
118
Total assets measured at fair value based on level 2 or 3 inputs
1,180
1,353
175
215
1,355
1,568
Cash and cash equivalents
110
111
5
4
115
115
Liability in respect of collateral held
(245)
(285)
20
3
(225)
(282)
Total
2,592
2,591
200
222
2,792
2,813
Further information on risks is provided at Section (g) of this Note. The \u00a32,262m
(2024: \u00a32,324m) of debt securities includes \u00a31,754m (2024: \u00a31,619m) of government
bonds (including conventional and index-linked). Of the remaining \u00a3508m (2024: \u00a3705m)
debt securities, \u00a3442m (2024: \u00a3645m) are investment grade corporate bonds or
certificates of\u00a0deposit.
Included in the qualifying insurance policy asset of \u00a3116m (2024: \u00a3118m) is \u00a3111m
(2024: \u00a3112m) in relation to two insurance policies purchased by the trustees of Other UK
defined benefit plans to protect the plans against future investment and actuarial risks.
\u2022 \u00a345m (2024: \u00a340m) in relation to the substantially full buy-in completed on the EFM Plan
(effected in 2015 and extended in 2025). The premium paid was \u00a3110m.
\u2022 \u00a366m (2024: \u00a372m) in relation to the substantially full buy-in completed on the MJ Plan
in\u00a02023. The premium paid was \u00a399m.
These insured assets have been calculated by valuing the estimated benefits that will be
paid by the insurer using the same approach as that used to value the year-end IAS 19
liabilities.
The EFM Plan buy-in was not considered to be a settlement therefore, as noted above, the
insurance policy is recognised within the plan assets. The buy-in transaction in 2015, and
the amendment to this buy-in contact in 2025 to extend coverage, are investment
decisions made by the trustee to increase the security of plan benefits. The insurance
policy does provide the option to convert the buy-in into individual policies which would
transfer the future obligation to pay pensions to the insurer for the members covered by
the policy (known as a buy-out). However, this obligation remains with the Group and,
while the conversion to a buy-out may be considered in the future, a separate decision will
be required, and certain conditions will need to be met, including changes to the EFM
Plan's trust deed and rules, before any buy-out can be executed. Consequently, the
difference between the valuation of the buy-in policy extension and the premium paid for
this extension in 2025 was recognised within Remeasurement gains/(losses) recognised
in other comprehensive income in 2025. This is consistent with the Group reporting
approach adopted for both the original EFM Plan buy-in transacted in 2015 and the MJ
Plan buy-in transacted in 2023.
The \u00a3225m liability in respect of collateral held (2024: \u00a3282m) consists of repurchase
agreements of \u00a3256m (2024 : \u00a3287m), margins on derivatives of \u00a3(40)m (2024: \u00a3(17)m)
and collateral of \u00a39m (2024: \u00a312m).
Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities (excluding income strips) and
derivatives measured at fair value is given below:
Equities and interests in pooled investment funds 1,2
Debt securities (excluding income strips)
Derivatives 3
Level 1
Equity instruments listed on a recognised exchange valued using prices sourced from their
primary exchange.
Debt securities listed on a recognised exchange valued
using prices sourced from their primary exchange.
Exchange traded derivatives
valued using prices sourced
from the relevant exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference is made to
observable market data.
Debt securities valued using prices received from
external pricing providers based on quotes received from
a number of market participants.
Debt securities valued using models and standard
valuation formulas based on observable market data 4.
Over-the-counter derivatives
measured using a range of
valuation models including
discounting future cash flows
and option valuation
techniques.
Level 3
These relate primarily to interests in private equity, real estate and infrastructure funds which
are valued at net asset value. Underlying real estate and private equity investments are
generally valued in accordance with independent professional valuation reports or
International Private Equity and Venture Capital Valuation Guidelines where relevant. The
underlying investments in infrastructure funds are generally valued based on the phase of
individual projects forming the overall investment and discounted cash flow techniques based
on project earnings.
Where net asset values are not available at the same date as the reporting date, the latest
available valuations are reviewed and, where appropriate, adjustments are made to reflect
the estimated impact of changes in market conditions between the date of the valuation and
the end of the reporting period.
Other unlisted equity securities are generally valued using a calibration to the price of a recent
investment.
Debt securities valued using prices received from
external pricing providers based on a single broker
indicative quote.
Debt securities valued using models and standard
valuation formulas based on unobservable market data 4.
N/A
1. Investments in associates at fair value through profit or loss are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is
calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in line with the Group\u2019s risk management policies. At 31\u00a0December 2025 and 31\u00a0December 2024, the residual
credit risk is considered immaterial and no credit risk adjustment has been made.
4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value.
Investment property
The fair value of unit linked investment property is based on valuations provided by
external property valuation experts. The fair value of investment property is measured
based on each property\u2019s highest and best use from a market participant\u2019s perspective
and considers the potential uses of the property that are physically possible, legally
permissible and financially feasible.
Valuations are completed in accordance with the Royal Institution of Chartered Surveyors
(RICS) valuation standards. These are predominantly produced using an income
capitalisation approach. The income capitalisation approach is based on capitalising an
annual net income stream using an appropriate yield. The annual net income is based on
both current and estimated future net income. The yield and future net income used is
determined by considering recent transactions involving property with similar
characteristics to the property being valued. Where appropriate, adjustments will be
made by the valuer to reflect differences between the characteristics of the property
being valued and the recent market transactions considered.
As income capitalisation valuations generally include significant unobservable inputs
including unobservable adjustments to recent market transactions, these assets are
categorised as level 3 within the fair value hierarchy.
Income strips
In addition to direct investment in investment property, the assets backing unit linked
liabilities includes debt securities known as income strips. Income strips are transactions
where an owner-occupier of a property has sold a freehold or long leasehold interest to
the Group, and has signed a long lease (typically 30\u201345 years) or a ground lease (typically
45-175 years) and retains the right to repurchase the property at the end of the lease for
a nominal sum (usually \u00a31).
The valuation technique used by the Group to value these instruments is an income
capitalisation approach, where the annual rental income is capitalised using an
appropriate yield. The yield is determined by considering recent transactions involving
similar income strips. As the income capitalisation valuations generally include significant
unobservable inputs including unobservable adjustments to the yield observed in other
income strip transactions, these assets are categorised as level 3 in the fair value
hierarchy.
Reinsurance linked investment asset
The fair value of the reinsurance linked investment asset is based on net asset valuations
of a notional unit linked fund administered by an external insurer. The fair value of the
investment asset is measured based on the fair value of the underlying assets which are
primarily properties, property linked securities, cash and other related assets.
The value of property is based on valuations prepared and certified by independent
valuers and adjusted to take account of changes in prices, where material, since the last
valuations. The value of quoted securities (such as stocks and shares) is based on the
prices quoted on the relevant stock market.
As these valuations contain unobservable inputs and are based on net asset value
statements provided by the insurer, they are categorised as level 3 within the fair value
hierarchy.
Third party interest in consolidated funds and non-participating investment contracts
The fair value of liabilities in respect of third party interest in consolidated funds and non-
participating investment contracts are calculated equal to the fair value of the underlying
assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and assumptions set out
above in relation to the underlying assets and liabilities:
\u2022 For third party interest in consolidated funds, when the underlying assets and liabilities
are valued using readily available market information, the liabilities in respect of third
party interest in consolidated funds are treated as level 2. Where the underlying assets
and liabilities are not valued using readily available market information the liabilities in
respect of third party interest in consolidated funds are treated as level 3.
\u2022 For non-participating investment contracts, where the underlying assets and liabilities
are categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities
are observable, these liabilities are categorised within level 2 of the fair value hierarchy.
Where the underlying assets are categorised as level 3, the liabilities are also
categorised as level\u00a03.
In addition, contingent consideration assets and contingent consideration liabilities are
also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and
liabilities have been recognised in respect of acquisitions and disposals. Generally
valuations are based on unobservable assumptions regarding the probability weighted
cash flows and, where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing
unit linked liabilities).
Fair value hierarchy
As recognised in the
consolidated statement of
financial position line item
Classified as held for sale
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
11
54
\u2014
\u2014
11
54
\u2014
\u2014
11
54
\u2014
\u2014
Equity securities and interests in pooled investment vehicles 1
1,267
1,105
8
17
1,275
1,122
979
711
115
133
181
278
Debt securities
196
659
\u2014
\u2014
196
659
5
5
190
653
1
1
Contingent consideration assets 2
10
17
\u2014
\u2014
10
17
\u2014
\u2014
\u2014
\u2014
10
17
Total assets at fair value
1,484
1,835
8
17
1,492
1,852
984
716
316
840
192
296
1. Includes \u00a3767m (2024: \u00a3530m) for the Group\u2019s listed equity investment in Standard Life plc, which is classified as a significant listed investment.
2. Presented in Receivables and other financial assets in the consolidated statement of financial position.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers generally relate to assets where changes
in\u00a0the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar
quarter in which they arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy.
Fair value hierarchy
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party interest in consolidated funds
138
184
\u2014
\u2014
138
115
\u2014
69
Derivative financial liabilities
5
3
1
\u2014
4
3
\u2014
\u2014
Contingent consideration liabilities 1
108
96
\u2014
\u2014
\u2014
\u2014
108
96
Other financial liabilities 2
16
15
\u2014
\u2014
\u2014
\u2014
16
15
Total liabilities at fair value
267
298
1
\u2014
142
118
124
180
1. Presented in Other financial liabilities in the consolidated statement of financial position.
2. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Refer Section (a)(iii) below for details of movements
in\u00a0level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below.
Owner occupied property
Equity securities and interests in
pooled investment funds
Debt securities
Liabilities in respect of third party
interest in consolidated funds
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
\u2014
1
278
233
1
1
(69)
(70)
Total gains recognised in the consolidated income statement
\u2014
\u2014
8
6
\u2014
\u2014
\u2014
\u2014
Purchases
\u2014
\u2014
37
45
\u2014
\u2014
\u2014
\u2014
Sales and other adjustments
\u2014
(1)
(142)
(6)
\u2014
\u2014
69
1
At 31 December
\u2014
\u2014
181
278
1
1
\u2014
(69)
Contingent consideration assets
Contingent consideration
liabilities
Other financial liabilities 1
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
17
11
(96)
(114)
(15)
(15)
Total amounts recognised in the consolidated income statement
\u2014
2
(22)
9
(3)
\u2014
Additions
\u2014
11
(2)
\u2014
\u2014
\u2014
Settlements
(6)
(7)
11
9
\u2014
\u2014
Other movements
(1)
\u2014
1
\u2014
2
\u2014
At 31 December
10
17
(108)
(96)
(16)
(15)
1. Excluding contingent consideration liabilities.
For the year ended 31\u00a0December 2025, losses of \u00a317m (2024: gains of \u00a319m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities
held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, losses of \u00a317m (2024: gains of \u00a319m) were recognised in Net gains or
losses on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the
price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become
available from external pricing providers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "Duration of defined benefit obligation
The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations.
Undiscounted benefit payments (\u00a3m)
\"7557\"
\u00f2
Non-current pensioner
\u00f2
Current pensioner
2025
2024
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
20
20
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates used (Refer Section (e)).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below.
2025
2024
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value of
plan assets
(Increase)/decrease in present
value of obligation
Increase/(decrease) in fair value
of plan assets
Change in assumption
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount
rate
Decrease by 1% (e.g. from 5.65% to 4.65%)
(254)
388
(266)
444
Increase by 1%
203
(306)
210
(346)
Rates of inflation
Decrease by 1%
173
(260)
184
(299)
Increase by 1%
(220)
330
(229)
384
Life expectancy
Decrease by 1 year
46
N/A
47
N/A
Increase by 1 year
(46)
N/A
(47)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
33.\u00a0 \u00a0 Other financial liabilities
2025
2024
Notes
\u00a3m
\u00a3m
Accruals
219
234
Amounts due to counterparties and customers for unsettled trades and fund transactions
539
355
Lease liabilities
16
155
193
Cash collateral held in respect of derivative contracts
35
10
57
Contingent consideration liabilities
37
108
96
Deferred income
\u2014
12
Other
120
101
Other financial liabilities
1,151
1,048
The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3215m ( 2024 : \u00a3268m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
33.\u00a0 \u00a0 Other financial liabilities
2025
2024
Notes
\u00a3m
\u00a3m
Accruals
219
234
Amounts due to counterparties and customers for unsettled trades and fund transactions
539
355
Lease liabilities
16
155
193
Cash collateral held in respect of derivative contracts
35
10
57
Contingent consideration liabilities
37
108
96
Deferred income
\u2014
12
Other
120
101
Other financial liabilities
1,151
1,048
The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3215m ( 2024 : \u00a3268m).", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
34.\u00a0 \u00a0 Provisions and other liabilities
Provisions are obligations of the Group which are of uncertain timing or amount. They
are recognised when the Group has a present obligation as a result of a past event, it
is probable that a loss will be incurred in settling the obligation and a reliable estimate
of the amount can be made.
Where some or all of the expenditure required to settle a provision is expected to be
reimbursed by another party, a separate reimbursement asset is recognised when it is
virtually certain that reimbursement will be received if the Group settles the obligation.
(a) Provisions
The movement in provisions during the year is as follows:
Tax related provisions
Other provisions
Total provisions
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
41
42
23
24
64
66
Reclassified as held for
sale during the year
\u2014
\u2014
(3)
\u2014
(3)
\u2014
Charged/(credited) to
the consolidated income
statement
Additional provisions
2
\u2014
12
22
14
22
Release of unused
provision
\u2014
(1)
(2)
(1)
(2)
(2)
Used during the year
\u2014
\u2014
(9)
(22)
(9)
(22)
At 31 December
43
41
21
23
64
64
The provision for a potential liability of \u00a343m (2024: \u00a341m ) relates to a tax related matter
which is the subject of an ongoing appeal. While a res olution is not expected until 2027 or
later, it is possible that the matter could be resolved within 12 months of the balance sheet
date. A reimbursement asset has been recognised within receivables and other financial
assets for \u00a319m (2024: \u00a319m) which is an expected recovery in the event of any
settlement.
The majority of Other provisions relate to dilapidations on leased properties and
restructuring provisions. Dilapidations are generally expected to be settled after more
than 12 months. Refer Note 16 for further details of the Group\u2019s leases. Restructuring
provisions are generally expected to be settled within 12 months. Remaining balances
relate to other ongoing matters across the Group and are typically expected to be settled
within 12 months.
The amount of provisions expected to be settled after more than 12 months is \u00a358m
(2024: \u00a352m).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Provisions are obligations of the Group which are of uncertain timing or amount. They
are recognised when the Group has a present obligation as a result of a past event, it
is probable that a loss will be incurred in settling the obligation and a reliable estimate
of the amount can be made.
Where some or all of the expenditure required to settle a provision is expected to be
reimbursed by another party, a separate reimbursement asset is recognised when it is
virtually certain that reimbursement will be received if the Group settles the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "Other liabilitiesAs at 31\u00a0December 2025, other liabilities totalled \u00a37m (2024: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "Other liabilitiesAs at 31\u00a0December 2025, other liabilities totalled \u00a37m (2024: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
35.\u00a0 \u00a0 Financial instruments risk management
(a) Overview
The principal risks and uncertainties that affect the Group\u2019s business model and the
Group\u2019s approach to risk management are set out in the Risk management section of the
Strategic report.
The Group\u2019s exposure to financial instrument risk is derived from the financial instruments
that it holds directly, the assets and liabilities of the unit linked funds of the life operations of
the Group and the Group\u2019s defined benefit pension plans. In addition, due to the nature of
the business, the Group\u2019s secondary exposure extends to the impact on treasury income
and investment management and other fees that are determined on the basis of a
percentage of AUMA and are therefore impacted by financial risks borne by third party
investors. In this Note, exposures and sensitivities provided relate to the financial
instrument assets and liabilities, in scope of IFRS 7, to which the shareholder is directly
exposed.
For the purposes of this Note:
\u2022 Shareholder business refers to the assets and liabilities to which the shareholder is
directly exposed. The shareholder refers to the equity holders of the Company.
\u2022 Unit linked funds refers to the assets and liabilities of the unit linked funds of the life
operations of the Group. It does not include the cash flows (such as asset management
charges or investment expenses) arising from the unit linked fund contracts. These cash
flows are included in shareholder business.
\u2022 Third party interest in consolidated funds and non-controlling interests refers to the
assets and liabilities recorded on the Group\u2019s consolidated statement of financial
position which belong to third parties. The Group controls the entities which own the
assets and liabilities but the Group does not own 100% of the equity or units of the
relevant entities.
Unit linked funds are excluded from the analysis in this Note. Details regarding the financial
risks of instruments relating to the Group\u2019s unit linked funds can be found in Note 23 and
the risks relating to the Group\u2019s principal defined benefit pension plan are explained in
Note 32.
Third party interests in consolidated funds do not expose the shareholder to market, credit
or liquidity risk since the financial risks from the assets and obligations are borne by third
parties. As a result, equity risk, interest rate risk and credit risk quantitative disclosures in
this Note exclude these assets.
Under IFRS 7 the following financial instruments are excluded from scope:
\u2022 Interests in subsidiaries, associates and joint ventures.
\u2022 Rights and obligations arising from employee benefit plans.
\u2022 Insurance contracts as defined by IFRS 17.
\u2022 Share-based payment transactions.
For the purposes of managing risks to the Group\u2019s financial instrument assets and
liabilities, the Group considers the following categories:
Risk
Definition and exposure
Market
The risk of financial loss as a result of adverse financial market movements. The
shareholder is directly exposed to the impact of movements in equity prices, interest
rates and foreign exchange rates on the value of assets held by the shareholder
business.
Credit
The risk of financial loss as a result of the failure of a counterparty, issuer or borrower to
meet their obligations or perform them in a timely manner. The shareholder is directly
exposed to credit risk from holding cash, debt securities, derivative financial instruments
and receivables and other financial assets.
Liquidity
The risk of financial loss as a result of being unable to settle financial obligations when
they fall due, as a result of having insufficient liquid resources or being unable to realise
investments and other assets other than at excessive costs. The shareholder is directly
exposed to the liquidity risk from the shareholder business if it is unable to realise
investments and other assets in order to settle its financial obligations when they fall due,
or can do so only at excessive cost.
As set out in the Risk management section of the Strategic report, the Group reviews and
manages climate-related risks and opportunities. Climate change is considered amongst
our principal risks and uncertainties, specifically sitting within our \u2018Sustainability\u2019 principal
risk. We consider climate risks and opportunities to be most financially material to our
investments business and acknowledge its relationship with financial and regulatory and
legal risk. We continue to assess the potential impacts on our\u00a0business with a view to the
resilience of our operations and investment strategies. This\u00a0is monitored through our
annual Group-wide environmental risk assessment to ensure we are well positioned to
realise opportunities and mitigate risks. Our day-to-day business is predominantly
exposed to transition risk as markets and policies increasingly align to a lower carbon
world. As stewards of our clients\u2019 capital, we have a responsibility to manage these risks
and this is reflected in our business strategy and our commitment to reduce the carbon
intensity of our portfolios and absolute emissions from our direct operations. We have
considered the implications of climate-related risk for the financial statements, and have
concluded that there are no material impacts on the valuation of the Group\u2019s assets and
liabilities. The Group has an immaterial shareholder exposure to climate risk in relation to
its investment property which are primarily properties which are no longer being used
operationally by the Group and are being sublet.
(b) Market risk
The Group\u2019s largest exposure to market risk relates to our investment in Standard Life plc.
Other\u00a0market risk exposures primarily arise as a result of holdings in newly established
investment vehicles which the Group has seeded and co-investments in property and
infrastructure funds in the Investments segment. Seed capital is classified as held for sale
when it is the intention to dispose of the vehicle in a single transaction and within one year.
Co-investments are typically held for a longer term and align the Group\u2019s economic
interests with those of property, private equity and infrastructure fund co-investors. The
consolidated statement of financial position includes the following amounts in respect of
seed capital and co-investments.
2025
2024
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds at FVTPL
120
150
Debt securities
92
69
Assets held for sale
8
17
Total seed capital
220
236
Equity securities and interests in pooled investment funds at FVTPL
193
184
Total co-investments
193
184
The Group sets limits for investing in seed capital and co-investment activity and regularly
monitors exposures arising from these investments. The Group will consider hedging its
exposure to market risk in respect of seed capital investments where it is appropriate
and\u00a0efficient to do so. The Group will also consider hedging its exposure to currency risk
in\u00a0respect of co-investments where it is appropriate and efficient to do so. Other market
risks associated with co-investments are not hedged given the need for the Group\u2019s
economic interests to be aligned with those of the co-investors.
(b)(i) Elements of market risk
The main elements of market risk to which the Group is exposed are equity risk, interest
rate risk and foreign currency risk, which are discussed on the following pages.
Information on the methods used to determine fair values for each major category of
financial instrument measured at fair value is presented in Note 37.
(b)(i)(i) Exposure to equity risk
The Group is exposed to the risk of adverse equity market movements which could result
in losses. This applies to daily changes in the market values and returns on the holdings in
equity securities.
At 31\u00a0December 2025 the shareholder exposure to equity markets was \u00a3954m
(2024: \u00a3734m) in relation to equity securities. This primarily relates to the Group\u2019s
investments in Standard Life plc of \u00a3767m (2024: \u00a3530m), seed capital investments of
\u00a355m (2024: \u00a3114m), and equity securities held by the Aberdeen Group Charitable Trust
of \u00a379m (2024: \u00a367m).
The Group is also exposed to adverse market price movements on its interests in pooled
investment funds. The shareholder exposure of \u00a3313m (2024: \u00a3278m) to pooled
investment funds primarily relates to \u00a3258m (2024: \u00a3220m) of seed capital and co-
investments, investments in certain managed funds to hedge against liabilities from
variable pay awards that are deferred and settled in cash by reference to the price of
those funds of \u00a329m (2024: \u00a329m) and pooled investment funds held by the Aberdeen
Group Charitable Trust of \u00a320m (2024: \u00a325m).
Equities and interests in pooled investment funds at FVTPL included in the consolidated
statement of financial position includes \u00a325m (2024: \u00a394m) relating to third party interest
in\u00a0consolidated funds and non-controlling interests \u2013 ordinary shares to which the
shareholder is not exposed.
Exposures to equity risk are primarily managed though the hedging of market risk in
respect of seed capital investments where it is appropriate and efficient to do so.
Additionally limits are imposed on the amount of seed capital and co-investment activity
that may be undertaken. The Group does not hedge equity risk in relation to its investment
in Standard Life plc.
(b)(i)(ii) Exposure to interest rate risk
Interest rate risk is the risk that arises from exposures to changes in the shape and level of
yield curves which could result in losses due to the value of financial assets and liabilities,
or\u00a0the cash flows relating to these, fluctuating by different amounts.
The main financial assets held by the Group which give rise to interest rate risk are debt
securities and cash and cash equivalents. The Group is also exposed to interest rate risk
on its investments in pooled investment funds where the underlying instruments are
exposed to interest rate risk.
Interest rate exposures are managed in line with the Group\u2019s risk appetite.
(b)(i)(iii) Exposure to foreign currency risk
Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received from, and the value of assets and liabilities held in,
currencies other than UK Sterling. The Group\u2019s financial assets are generally held in the local currency of its operational geographic locations. The Group generally does not hedge the
currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the consolidated income statement. Where appropriate, the Group may
use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity.
The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.
UK Sterling
Euro
US Dollar
Singapore Dollar
Other currencies
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
17
3,301
3,183
211
193
473
540
79
87
360
160
4,424
4,163
Financial liabilities
29
(1,049)
(1,014)
(20)
(31)
(710)
(757)
(23)
(10)
(49)
(20)
(1,851)
(1,832)
Cash flow hedges
(558)
(599)
\u2014
\u2014
558
599
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-designated derivatives
284
265
(67)
(69)
(175)
(146)
(13)
(12)
(29)
(38)
\u2014
\u2014
1,978
1,835
124
93
146
236
43
65
282
102
2,573
2,331
Other currencies include assets of \u00a36m (2024: \u00a350m) and liabilities of \u00a3nil (2024: \u00a3nil)
in\u00a0relation to the fair value of derivatives used to manage currency risk.
On 18 October 2017, the Group issued US dollar subordinated notes with a principal
amount of US$750m. The related cash flows expose the Group to foreign currency risk
on\u00a0the principal and coupons payable. The Group manages the foreign exchange risk
with a cross-currency swap which is designated as a cash flow hedge.
Non-designated derivatives relate to foreign exchange forward contracts that are not
designated as cash flow hedges or net investment hedges and primarily relate to the
management of currency risk arising from seed capital and co-investment activity.
In addition to financial instruments analysed above, the principal source of foreign
currency risk for shareholders arises from the Group\u2019s investments in overseas
subsidiaries and associates and joint ventures accounted for using the equity method.
The\u00a0carrying value of the Group\u2019s Chinese joint venture is disclosed in Note 14. The Group
does not hedge foreign currency risk in relation to these investments.
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the
Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis
has been performed by calculating the sensitivity of profit after tax and equity to changes
in equity security prices (equity risk), changes in interest rates (interest rate risk) and
changes in foreign exchange rate (foreign currency risk) as at the reporting date applied
to assets and liabilities other than those classified as held for sale, and after allowing for
the Group\u2019s hedging strategy.
The variables used in the sensitivity analysis are considered reasonable assumptions
and\u00a0are consistent with market peers. Changes to variables are provided by internal
specialists who determine what are reasonable assumptions.
Profit/loss after tax and equity sensitivity to market risk
31 December 2025
31 December 2024
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
96
10
71
Decrease
10
(96)
10
(71)
US Dollar
against Sterling
Strengthen
10
21
10
14
Weaken
10
(17)
10
(11)
Euro against
Sterling
Strengthen
10
11
10
10
Weaken
10
(9)
10
(8)
The reasonable change in variables have no impact on any other components of equity.
These sensitivities concern only the impact on financial instruments and exclude indirect
impacts of the variable on fee income and certain costs which may be affected by the
changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the next calendar
year is not material in either 2025 or 2024 .
Limitations
The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger
or\u00a0smaller impacts should not be derived from these results. The sensitivities provided
illustrate the impact of a reasonably possible change in a single sensitivity factor, while the
other sensitivity factors remain unchanged. Correlations between the different risks and/
or other factors may mean that experience would differ from that expected if more than
one risk event occurred simultaneously.
(c) Credit risk
Exposures to credit risk and concentrations of credit risk are managed by setting
exposure limits for different types of financial instruments and counterparties. The limits
are established using the following controls:
Financial instrument with
credit risk exposure
Control
Cash and cash
equivalents
Maximum counterparty exposure limits are set with reference to internal
credit assessments.
Derivative financial
instruments
Maximum counterparty exposure limits, net of collateral, are set with
reference to internal credit assessments. The forms of collateral that may be
accepted are also specified and minimum transfer amounts in respect of
collateral transfers are documented.
Debt securities
The Group\u2019s policy is to set exposure limits by name of issuer, sector and
credit rating.
Other financial
instruments
Appropriate limits are set for other financial instruments to which the Group
may have exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are
responsible for the escalation of any limit breaches to the Chief Risk Officer.
Expected credit losses are calculated on financial assets which are measured at
amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses
resulting from possible
default within the next
12\u00a0months)
No significant increase in credit risk since initial recognition.
Trade receivables or contract assets with significant financing
component, or lease receivables if lifetime ECL measurement has
not\u00a0been elected.
Lifetime ECL
(losses resulting from
possible defaults over the
remaining life of
the\u00a0financial asset)
Significant increase in credit risk since initial recognition.
Trade receivables or contract assets with no significant financing
component.
Trade receivables or contract assets with significant financing
component, or lease receivables for which lifetime ECL measurement
has been elected.
Changes in Lifetime\u00a0ECL
Credit-impaired at initial recognition.
In determining whether a default has taken place, or where there is an increased risk of a
default, a number of factors are taken into account including a deterioration in the credit
quality of a counterparty, the number of days that a payment is past due, and specific
events which could impact a counterparty\u2019s ability to pay.
The Group assumes that a significant increase in credit risk has arisen when contractual
payments are more than 30 days past due. The Group assumes that credit risk on a
financial instrument has not increased significantly since initial recognition if the financial
instrument is determined to have low credit risk at the reporting date. Financial
instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit
risk in the absence of evidence to the contrary. Investment grade financial instruments
are financial assets with credit ratings assigned by external rating agencies with
classification within the range of AAA to BBB. If a financial asset is not rated by an external
agency it is classified as \u2018not rated\u2019.
The Group applies the simplified approach, as permitted under IFRS 9, to calculate the
ECL allowance for trade receivables and contract assets including accrued income from
contracts with customers and lease receivables. Under the simplified approach, the ECL
allowance is calculated over the remaining life of the asset, using a provision matrix
approach based on historic observed default rates adjusted for knowledge of specific
events which could influence loss rates.
The Group does not hold material financial assets at amortised cost that it regards as
credit-impaired or for which it considers the probability of default would result in material
expected credit losses in its Investments and Adviser segments. At 31\u00a0December 2025,
these segments had the following assets which were considered to be credit impaired:
\u2022 Receivables and other financial assets of \u00a39m (2024: \u00a3nil) for which a lifetime loss
allowance of \u00a33m (2024: \u00a3nil) has been recognised.
\u2022 Amounts receivable from contracts with customers of \u00a31m (2024: \u00a34m) for which a
lifetime loss allowance of \u00a31m (2024: \u00a34m) has been recognised based on expected
recovery.
Historically, default levels have been insignificant for the Group\u2019s customers within these
segments. Trade debtors past due but not in default at 31\u00a0December 2025 for these
segments were \u00a320m (2024: \u00a358m) of which \u00a316m was over 90 days past due (2024:
\u00a343m). Except for a \u00a31m balance above, we have not identified significant credit risk with
counterparties with balances over 90 days past due and recovery is still expected. The
expected credit losses recognised for non-credit impaired assets were less than \u00a31m
(2024: less than \u00a31m). In making this assessment the\u00a0Group has considered if any
evidence is available to indicate the occurrence of an event which would result in a
detrimental impact on the estimated future cash flows of\u00a0these assets.
The Group is exposed to a higher level of credit risk within its ii segment. Trade debtors
past due for the ii segment at 31\u00a0December 2025 were \u00a36m (2024: \u00a36m), the majority of
which were considered to be credit impaired. A lifetime loss allowance of \u00a32m
(2024: \u00a32m) has been recognised based on expected recovery.
(c)(i)\u00a0 Credit exposure
The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to credit risk without taking into account any collateral held.
Amortised cost
Fair value through profit or loss
Cash flow hedge
12 month ECL
Lifetime ECL 1
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2014
\u2014
\u2014
\u2014
831
138
\u2014
\u2014
831
138
AA+ to AA-
5
67
\u2014
\u2014
58
137
\u2014
\u2014
63
204
A+ to A-
5
467
6
50
842
942
\u2014
\u2014
853
1,459
BBB
93
69
\u2014
\u2014
89
75
\u2014
\u2014
182
144
BB
\u2014
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
1
\u2014
Not rated
11
18
\u2014
\u2014
740
533
369
479
1,120
1,030
Gross carrying amount
114
621
6
50
2,561
1,825
369
479
3,050
2,975
Loss allowance
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(7)
(5)
(7)
(5)
Carrying amount
114
621
6
50
2,561
1,825
362
474
3,043
2,970
Derivative financial assets
5
4
6
50
\u2014
\u2014
\u2014
\u2014
11
54
Debt securities
99
600
\u2014
\u2014
254
(1)
\u2014
\u2014
353
599
Receivables and other financial assets
10
17
\u2014
\u2014
740
533
362
474
1,112
1,024
Cash and cash equivalents
\u2014
\u2014
\u2014
\u2014
1,567
1,293
\u2014
\u2014
1,567
1,293
Carrying amount
114
621
6
50
2,561
1,825
362
474
3,043
2,970
1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a37m (2024: \u00a310m) which are credit impaired for which a loss allowance of \u00a33m (2024: \u00a36m) has been recognised and
receivables and other financial assets of \u00a39m (2024: \u00a3nil) which are credit impaired for which a loss allowance of \u00a33m (2024: \u00a3nil) has been recognised. All\u00a0other Lifetime ECL balances are not credit impaired.
In the table above, debt securities exclude debt securities relating to third party interests in consolidated funds of \u00a398m (2024: \u00a360m). Cash and cash equivalents exclude cash and
cash equivalents relating to third party interests in consolidated funds of \u00a316m (2024: \u00a328m). The shareholder is not exposed to the credit risk in respect of third party interests in
consolidated funds since the financial risk of the assets are borne by third parties.
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments
and bilateral repurchase agreements is accepted from and provided to certain market
counterparties to mitigate counterparty risk in the event of default. The use of collateral
in\u00a0respect of these instruments is governed by formal bilateral agreements between
the\u00a0parties. For OTC derivatives the amount of collateral required by either party is
determined by the daily bilateral OTC exposure calculations in accordance with these
agreements and collateral is moved on a daily basis to ensure there is full collateralisation.
Under the terms of these agreements, collateral is posted with the ownership captured
under title transfer of the contract. With regard to either collateral pledged or accepted,
the Group may request the return of, or be required to return, collateral to the extent it
differs from that required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any collateral
balances will be included in the close-out calculation of net counterparty exposure. At
31\u00a0December 2025, the Group had pledged \u00a313m (2024: \u00a312m) of cash, \u00a33m (2024: \u00a3nil)
of cash backing unit linked liabilities, and \u00a3nil (2024: \u00a3nil) of securities as collateral for
derivative financial liabilities. At 31\u00a0December 2025, the Group had accepted \u00a310m
(2024: \u00a357m) of cash, \u00a35m (2024: \u00a3nil) of cash backing unit linked liabilities, and \u00a3nil
(2024: \u00a3105m) of securities as collateral for derivative financial assets and reverse
repurchase agreements. None of the securities were sold or repledged at the year end.
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
The Group does not offset financial assets and liabilities on the consolidated statement of
financial position, as there are no unconditional rights to set off. Consequently, the gross
amount of other financial instruments presented on the consolidated statement of
financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to
an International Swaps and Derivative Association (ISDA) master agreement. ISDA master
agreements and reverse repurchase agreements entered into by the Group are
considered master netting agreements as they provide a right of set off that is
enforceable only in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to master
netting agreements or similar arrangements.
The following table presents the effect of master netting agreements and similar arrangements.
Related amounts not offset on the consolidated statement of financial position
Gross amounts of financial instruments
as presented on the consolidated
statement of financial position
Financial instruments
Financial collateral (received)/pledged
Net position
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives 1
11
54
\u2014
\u2014
(7)
(54)
4
\u2014
Reverse repurchase agreements
\u2014
105
\u2014
\u2014
\u2014
(105)
\u2014
\u2014
Total financial assets
11
159
\u2014
\u2014
(7)
(159)
4
\u2014
Financial liabilities
Derivatives 1
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
Total financial liabilities
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
1. Only OTC derivatives subject to master netting agreements have been included above.
(d) Liquidity risk
The shareholder is exposed to liquidity risk if the Group is unable to realise investments and
other assets in order to settle its financial obligations when they fall due, or can do so only
at\u00a0excessive cost. The following quantitative liquidity risk disclosures are provided in
respect of these financial liabilities.
The Group has a liquidity risk framework and processes in place for monitoring, assessing,
and managing liquidity risk.
This framework ensures that liquidity risks are identified across the Group and, where
relevant, mitigation measures are put in place. Stress testing of the residual risks is
performed to understand the quantum of risk under stress conditions. This then informs
the level of liquid resources that need to be maintained. Where appropriate, this is
enhanced with external credit facilities and the Group has a syndicated revolving credit
facility of \u00a3400m which was undrawn at 31\u00a0December 2025.
The level of liquid resources in the Group is also projected under a number of adverse
scenarios. These are described more fully in the viability statement.
A contingency funding plan is maintained to ensure that if liquidity risk did materialise,
processes and procedures are already in place to assist with resolving the issue. Regular
monitoring of liquid resources is performed and projections undertaken (under both base
and stressed conditions) to understand the outlook.
As a result of the policies and processes established to manage risk, the Group expects to
be able to manage liquidity risk on an ongoing basis. We recognise there are a number of
scenarios that can impact the liquid resources of a business as discussed in the Risk
management section of the Strategic report.
(d)(i) Maturity analysis
The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked
funds which are discussed in Note 23.
Within 1 year
1-5 years
5-10 years
10-15 years
15-20 years
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated liabilities
24
26
593
662
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
617
688
Other financial liabilities
957
789
134
178
61
80
14
29
6
7
1,172
1,083
Total
981
815
727
840
61
80
14
29
6
7
1,789
1,771
Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments.
The Group also had unrecognised commitments in respect of financial instruments as at 31\u00a0December 2025 (refer Note 40) with a contractual maturity of within one year, between
one and five years and over five years of \u00a33m, \u00a33m and \u00a346m respectively (2024: \u00a38m, \u00a36m and \u00a352m). The commitments may generally be requested anytime up to the contractual
maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "Market risk
The Group\u2019s largest exposure to market risk relates to our investment in Standard Life plc.
Other\u00a0market risk exposures primarily arise as a result of holdings in newly established
investment vehicles which the Group has seeded and co-investments in property and
infrastructure funds in the Investments segment. Seed capital is classified as held for sale
when it is the intention to dispose of the vehicle in a single transaction and within one year.
Co-investments are typically held for a longer term and align the Group\u2019s economic
interests with those of property, private equity and infrastructure fund co-investors. The
consolidated statement of financial position includes the following amounts in respect of
seed capital and co-investments.
2025
2024
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds at FVTPL
120
150
Debt securities
92
69
Assets held for sale
8
17
Total seed capital
220
236
Equity securities and interests in pooled investment funds at FVTPL
193
184
Total co-investments
193
184
The Group sets limits for investing in seed capital and co-investment activity and regularly
monitors exposures arising from these investments. The Group will consider hedging its
exposure to market risk in respect of seed capital investments where it is appropriate
and\u00a0efficient to do so. The Group will also consider hedging its exposure to currency risk
in\u00a0respect of co-investments where it is appropriate and efficient to do so. Other market
risks associated with co-investments are not hedged given the need for the Group\u2019s
economic interests to be aligned with those of the co-investors.
(b)(i) Elements of market risk
The main elements of market risk to which the Group is exposed are equity risk, interest
rate risk and foreign currency risk, which are discussed on the following pages.
Information on the methods used to determine fair values for each major category of
financial instrument measured at fair value is presented in Note 37.
(b)(i)(i) Exposure to equity risk
The Group is exposed to the risk of adverse equity market movements which could result
in losses. This applies to daily changes in the market values and returns on the holdings in
equity securities.
At 31\u00a0December 2025 the shareholder exposure to equity markets was \u00a3954m
(2024: \u00a3734m) in relation to equity securities. This primarily relates to the Group\u2019s
investments in Standard Life plc of \u00a3767m (2024: \u00a3530m), seed capital investments of
\u00a355m (2024: \u00a3114m), and equity securities held by the Aberdeen Group Charitable Trust
of \u00a379m (2024: \u00a367m).
The Group is also exposed to adverse market price movements on its interests in pooled
investment funds. The shareholder exposure of \u00a3313m (2024: \u00a3278m) to pooled
investment funds primarily relates to \u00a3258m (2024: \u00a3220m) of seed capital and co-
investments, investments in certain managed funds to hedge against liabilities from
variable pay awards that are deferred and settled in cash by reference to the price of
those funds of \u00a329m (2024: \u00a329m) and pooled investment funds held by the Aberdeen
Group Charitable Trust of \u00a320m (2024: \u00a325m).
Equities and interests in pooled investment funds at FVTPL included in the consolidated
statement of financial position includes \u00a325m (2024: \u00a394m) relating to third party interest
in\u00a0consolidated funds and non-controlling interests \u2013 ordinary shares to which the
shareholder is not exposed.
Exposures to equity risk are primarily managed though the hedging of market risk in
respect of seed capital investments where it is appropriate and efficient to do so.
Additionally limits are imposed on the amount of seed capital and co-investment activity
that may be undertaken. The Group does not hedge equity risk in relation to its investment
in Standard Life plc.
(b)(i)(ii) Exposure to interest rate risk
Interest rate risk is the risk that arises from exposures to changes in the shape and level of
yield curves which could result in losses due to the value of financial assets and liabilities,
or\u00a0the cash flows relating to these, fluctuating by different amounts.
The main financial assets held by the Group which give rise to interest rate risk are debt
securities and cash and cash equivalents. The Group is also exposed to interest rate risk
on its investments in pooled investment funds where the underlying instruments are
exposed to interest rate risk.
Interest rate exposures are managed in line with the Group\u2019s risk appetite.
(b)(i)(iii) Exposure to foreign currency risk
Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received from, and the value of assets and liabilities held in,
currencies other than UK Sterling. The Group\u2019s financial assets are generally held in the local currency of its operational geographic locations. The Group generally does not hedge the
currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the consolidated income statement. Where appropriate, the Group may
use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity.
The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.
UK Sterling
Euro
US Dollar
Singapore Dollar
Other currencies
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
17
3,301
3,183
211
193
473
540
79
87
360
160
4,424
4,163
Financial liabilities
29
(1,049)
(1,014)
(20)
(31)
(710)
(757)
(23)
(10)
(49)
(20)
(1,851)
(1,832)
Cash flow hedges
(558)
(599)
\u2014
\u2014
558
599
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-designated derivatives
284
265
(67)
(69)
(175)
(146)
(13)
(12)
(29)
(38)
\u2014
\u2014
1,978
1,835
124
93
146
236
43
65
282
102
2,573
2,331
Other currencies include assets of \u00a36m (2024: \u00a350m) and liabilities of \u00a3nil (2024: \u00a3nil)
in\u00a0relation to the fair value of derivatives used to manage currency risk.
On 18 October 2017, the Group issued US dollar subordinated notes with a principal
amount of US$750m. The related cash flows expose the Group to foreign currency risk
on\u00a0the principal and coupons payable. The Group manages the foreign exchange risk
with a cross-currency swap which is designated as a cash flow hedge.
Non-designated derivatives relate to foreign exchange forward contracts that are not
designated as cash flow hedges or net investment hedges and primarily relate to the
management of currency risk arising from seed capital and co-investment activity.
In addition to financial instruments analysed above, the principal source of foreign
currency risk for shareholders arises from the Group\u2019s investments in overseas
subsidiaries and associates and joint ventures accounted for using the equity method.
The\u00a0carrying value of the Group\u2019s Chinese joint venture is disclosed in Note 14. The Group
does not hedge foreign currency risk in relation to these investments.
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the
Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis
has been performed by calculating the sensitivity of profit after tax and equity to changes
in equity security prices (equity risk), changes in interest rates (interest rate risk) and
changes in foreign exchange rate (foreign currency risk) as at the reporting date applied
to assets and liabilities other than those classified as held for sale, and after allowing for
the Group\u2019s hedging strategy.
The variables used in the sensitivity analysis are considered reasonable assumptions
and\u00a0are consistent with market peers. Changes to variables are provided by internal
specialists who determine what are reasonable assumptions.
Profit/loss after tax and equity sensitivity to market risk
31 December 2025
31 December 2024
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
96
10
71
Decrease
10
(96)
10
(71)
US Dollar
against Sterling
Strengthen
10
21
10
14
Weaken
10
(17)
10
(11)
Euro against
Sterling
Strengthen
10
11
10
10
Weaken
10
(9)
10
(8)
The reasonable change in variables have no impact on any other components of equity.
These sensitivities concern only the impact on financial instruments and exclude indirect
impacts of the variable on fee income and certain costs which may be affected by the
changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the next calendar
year is not material in either 2025 or 2024 .
Limitations
The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger
or\u00a0smaller impacts should not be derived from these results. The sensitivities provided
illustrate the impact of a reasonably possible change in a single sensitivity factor, while the
other sensitivity factors remain unchanged. Correlations between the different risks and/
or other factors may mean that experience would differ from that expected if more than
one risk event occurred simultaneously.
(c)", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the
Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis
has been performed by calculating the sensitivity of profit after tax and equity to changes
in equity security prices (equity risk), changes in interest rates (interest rate risk) and
changes in foreign exchange rate (foreign currency risk) as at the reporting date applied
to assets and liabilities other than those classified as held for sale, and after allowing for
the Group\u2019s hedging strategy.
The variables used in the sensitivity analysis are considered reasonable assumptions
and\u00a0are consistent with market peers. Changes to variables are provided by internal
specialists who determine what are reasonable assumptions.
Profit/loss after tax and equity sensitivity to market risk
31 December 2025
31 December 2024
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
A reasonable
change in the
variable within the
next calendar year
Increase/
(decrease) in
post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
96
10
71
Decrease
10
(96)
10
(71)
US Dollar
against Sterling
Strengthen
10
21
10
14
Weaken
10
(17)
10
(11)
Euro against
Sterling
Strengthen
10
11
10
10
Weaken
10
(9)
10
(8)
The reasonable change in variables have no impact on any other components of equity.
These sensitivities concern only the impact on financial instruments and exclude indirect
impacts of the variable on fee income and certain costs which may be affected by the
changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the next calendar
year is not material in either 2025 or 2024 .
Limitations
The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger
or\u00a0smaller impacts should not be derived from these results. The sensitivities provided
illustrate the impact of a reasonably possible change in a single sensitivity factor, while the
other sensitivity factors remain unchanged. Correlations between the different risks and/
or other factors may mean that experience would differ from that expected if more than
one risk event occurred simultaneously.
(c)", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "Credit risk
Exposures to credit risk and concentrations of credit risk are managed by setting
exposure limits for different types of financial instruments and counterparties. The limits
are established using the following controls:
Financial instrument with
credit risk exposure
Control
Cash and cash
equivalents
Maximum counterparty exposure limits are set with reference to internal
credit assessments.
Derivative financial
instruments
Maximum counterparty exposure limits, net of collateral, are set with
reference to internal credit assessments. The forms of collateral that may be
accepted are also specified and minimum transfer amounts in respect of
collateral transfers are documented.
Debt securities
The Group\u2019s policy is to set exposure limits by name of issuer, sector and
credit rating.
Other financial
instruments
Appropriate limits are set for other financial instruments to which the Group
may have exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are
responsible for the escalation of any limit breaches to the Chief Risk Officer.
Expected credit losses are calculated on financial assets which are measured at
amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses
resulting from possible
default within the next
12\u00a0months)
No significant increase in credit risk since initial recognition.
Trade receivables or contract assets with significant financing
component, or lease receivables if lifetime ECL measurement has
not\u00a0been elected.
Lifetime ECL
(losses resulting from
possible defaults over the
remaining life of
the\u00a0financial asset)
Significant increase in credit risk since initial recognition.
Trade receivables or contract assets with no significant financing
component.
Trade receivables or contract assets with significant financing
component, or lease receivables for which lifetime ECL measurement
has been elected.
Changes in Lifetime\u00a0ECL
Credit-impaired at initial recognition.
In determining whether a default has taken place, or where there is an increased risk of a
default, a number of factors are taken into account including a deterioration in the credit
quality of a counterparty, the number of days that a payment is past due, and specific
events which could impact a counterparty\u2019s ability to pay.
The Group assumes that a significant increase in credit risk has arisen when contractual
payments are more than 30 days past due. The Group assumes that credit risk on a
financial instrument has not increased significantly since initial recognition if the financial
instrument is determined to have low credit risk at the reporting date. Financial
instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit
risk in the absence of evidence to the contrary. Investment grade financial instruments
are financial assets with credit ratings assigned by external rating agencies with
classification within the range of AAA to BBB. If a financial asset is not rated by an external
agency it is classified as \u2018not rated\u2019.
The Group applies the simplified approach, as permitted under IFRS 9, to calculate the
ECL allowance for trade receivables and contract assets including accrued income from
contracts with customers and lease receivables. Under the simplified approach, the ECL
allowance is calculated over the remaining life of the asset, using a provision matrix
approach based on historic observed default rates adjusted for knowledge of specific
events which could influence loss rates.
The Group does not hold material financial assets at amortised cost that it regards as
credit-impaired or for which it considers the probability of default would result in material
expected credit losses in its Investments and Adviser segments. At 31\u00a0December 2025,
these segments had the following assets which were considered to be credit impaired:
\u2022 Receivables and other financial assets of \u00a39m (2024: \u00a3nil) for which a lifetime loss
allowance of \u00a33m (2024: \u00a3nil) has been recognised.
\u2022 Amounts receivable from contracts with customers of \u00a31m (2024: \u00a34m) for which a
lifetime loss allowance of \u00a31m (2024: \u00a34m) has been recognised based on expected
recovery.
Historically, default levels have been insignificant for the Group\u2019s customers within these
segments. Trade debtors past due but not in default at 31\u00a0December 2025 for these
segments were \u00a320m (2024: \u00a358m) of which \u00a316m was over 90 days past due (2024:
\u00a343m). Except for a \u00a31m balance above, we have not identified significant credit risk with
counterparties with balances over 90 days past due and recovery is still expected. The
expected credit losses recognised for non-credit impaired assets were less than \u00a31m
(2024: less than \u00a31m). In making this assessment the\u00a0Group has considered if any
evidence is available to indicate the occurrence of an event which would result in a
detrimental impact on the estimated future cash flows of\u00a0these assets.
The Group is exposed to a higher level of credit risk within its ii segment. Trade debtors
past due for the ii segment at 31\u00a0December 2025 were \u00a36m (2024: \u00a36m), the majority of
which were considered to be credit impaired. A lifetime loss allowance of \u00a32m
(2024: \u00a32m) has been recognised based on expected recovery.", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "Credit risk
Exposures to credit risk and concentrations of credit risk are managed by setting
exposure limits for different types of financial instruments and counterparties. The limits
are established using the following controls:
Financial instrument with
credit risk exposure
Control
Cash and cash
equivalents
Maximum counterparty exposure limits are set with reference to internal
credit assessments.
Derivative financial
instruments
Maximum counterparty exposure limits, net of collateral, are set with
reference to internal credit assessments. The forms of collateral that may be
accepted are also specified and minimum transfer amounts in respect of
collateral transfers are documented.
Debt securities
The Group\u2019s policy is to set exposure limits by name of issuer, sector and
credit rating.
Other financial
instruments
Appropriate limits are set for other financial instruments to which the Group
may have exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are
responsible for the escalation of any limit breaches to the Chief Risk Officer.
Expected credit losses are calculated on financial assets which are measured at
amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses
resulting from possible
default within the next
12\u00a0months)
No significant increase in credit risk since initial recognition.
Trade receivables or contract assets with significant financing
component, or lease receivables if lifetime ECL measurement has
not\u00a0been elected.
Lifetime ECL
(losses resulting from
possible defaults over the
remaining life of
the\u00a0financial asset)
Significant increase in credit risk since initial recognition.
Trade receivables or contract assets with no significant financing
component.
Trade receivables or contract assets with significant financing
component, or lease receivables for which lifetime ECL measurement
has been elected.
Changes in Lifetime\u00a0ECL
Credit-impaired at initial recognition.
In determining whether a default has taken place, or where there is an increased risk of a
default, a number of factors are taken into account including a deterioration in the credit
quality of a counterparty, the number of days that a payment is past due, and specific
events which could impact a counterparty\u2019s ability to pay.
The Group assumes that a significant increase in credit risk has arisen when contractual
payments are more than 30 days past due. The Group assumes that credit risk on a
financial instrument has not increased significantly since initial recognition if the financial
instrument is determined to have low credit risk at the reporting date. Financial
instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit
risk in the absence of evidence to the contrary. Investment grade financial instruments
are financial assets with credit ratings assigned by external rating agencies with
classification within the range of AAA to BBB. If a financial asset is not rated by an external
agency it is classified as \u2018not rated\u2019.
The Group applies the simplified approach, as permitted under IFRS 9, to calculate the
ECL allowance for trade receivables and contract assets including accrued income from
contracts with customers and lease receivables. Under the simplified approach, the ECL
allowance is calculated over the remaining life of the asset, using a provision matrix
approach based on historic observed default rates adjusted for knowledge of specific
events which could influence loss rates.
The Group does not hold material financial assets at amortised cost that it regards as
credit-impaired or for which it considers the probability of default would result in material
expected credit losses in its Investments and Adviser segments. At 31\u00a0December 2025,
these segments had the following assets which were considered to be credit impaired:
\u2022 Receivables and other financial assets of \u00a39m (2024: \u00a3nil) for which a lifetime loss
allowance of \u00a33m (2024: \u00a3nil) has been recognised.
\u2022 Amounts receivable from contracts with customers of \u00a31m (2024: \u00a34m) for which a
lifetime loss allowance of \u00a31m (2024: \u00a34m) has been recognised based on expected
recovery.
Historically, default levels have been insignificant for the Group\u2019s customers within these
segments. Trade debtors past due but not in default at 31\u00a0December 2025 for these
segments were \u00a320m (2024: \u00a358m) of which \u00a316m was over 90 days past due (2024:
\u00a343m). Except for a \u00a31m balance above, we have not identified significant credit risk with
counterparties with balances over 90 days past due and recovery is still expected. The
expected credit losses recognised for non-credit impaired assets were less than \u00a31m
(2024: less than \u00a31m). In making this assessment the\u00a0Group has considered if any
evidence is available to indicate the occurrence of an event which would result in a
detrimental impact on the estimated future cash flows of\u00a0these assets.
The Group is exposed to a higher level of credit risk within its ii segment. Trade debtors
past due for the ii segment at 31\u00a0December 2025 were \u00a36m (2024: \u00a36m), the majority of
which were considered to be credit impaired. A lifetime loss allowance of \u00a32m
(2024: \u00a32m) has been recognised based on expected recovery.
(c)(i)\u00a0 Credit exposure
The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to credit risk without taking into account any collateral held.
Amortised cost
Fair value through profit or loss
Cash flow hedge
12 month ECL
Lifetime ECL 1
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
\u2014
\u2014
\u2014
\u2014
831
138
\u2014
\u2014
831
138
AA+ to AA-
5
67
\u2014
\u2014
58
137
\u2014
\u2014
63
204
A+ to A-
5
467
6
50
842
942
\u2014
\u2014
853
1,459
BBB
93
69
\u2014
\u2014
89
75
\u2014
\u2014
182
144
BB
\u2014
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
1
\u2014
Not rated
11
18
\u2014
\u2014
740
533
369
479
1,120
1,030
Gross carrying amount
114
621
6
50
2,561
1,825
369
479
3,050
2,975
Loss allowance
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(7)
(5)
(7)
(5)
Carrying amount
114
621
6
50
2,561
1,825
362
474
3,043
2,970
Derivative financial assets
5
4
6
50
\u2014
\u2014
\u2014
\u2014
11
54
Debt securities
99
600
\u2014
\u2014
254
(1)
\u2014
\u2014
353
599
Receivables and other financial assets
10
17
\u2014
\u2014
740
533
362
474
1,112
1,024
Cash and cash equivalents
\u2014
\u2014
\u2014
\u2014
1,567
1,293
\u2014
\u2014
1,567
1,293
Carrying amount
114
621
6
50
2,561
1,825
362
474
3,043
2,970
1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a37m (2024: \u00a310m) which are credit impaired for which a loss allowance of \u00a33m (2024: \u00a36m) has been recognised and
receivables and other financial assets of \u00a39m (2024: \u00a3nil) which are credit impaired for which a loss allowance of \u00a33m (2024: \u00a3nil) has been recognised. All\u00a0other Lifetime ECL balances are not credit impaired.
In the table above, debt securities exclude debt securities relating to third party interests in consolidated funds of \u00a398m (2024: \u00a360m). Cash and cash equivalents exclude cash and
cash equivalents relating to third party interests in consolidated funds of \u00a316m (2024: \u00a328m). The shareholder is not exposed to the credit risk in respect of third party interests in
consolidated funds since the financial risk of the assets are borne by third parties.
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments
and bilateral repurchase agreements is accepted from and provided to certain market
counterparties to mitigate counterparty risk in the event of default. The use of collateral
in\u00a0respect of these instruments is governed by formal bilateral agreements between
the\u00a0parties. For OTC derivatives the amount of collateral required by either party is
determined by the daily bilateral OTC exposure calculations in accordance with these
agreements and collateral is moved on a daily basis to ensure there is full collateralisation.
Under the terms of these agreements, collateral is posted with the ownership captured
under title transfer of the contract. With regard to either collateral pledged or accepted,
the Group may request the return of, or be required to return, collateral to the extent it
differs from that required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any collateral
balances will be included in the close-out calculation of net counterparty exposure. At
31\u00a0December 2025, the Group had pledged \u00a313m (2024: \u00a312m) of cash, \u00a33m (2024: \u00a3nil)
of cash backing unit linked liabilities, and \u00a3nil (2024: \u00a3nil) of securities as collateral for
derivative financial liabilities. At 31\u00a0December 2025, the Group had accepted \u00a310m
(2024: \u00a357m) of cash, \u00a35m (2024: \u00a3nil) of cash backing unit linked liabilities, and \u00a3nil
(2024: \u00a3105m) of securities as collateral for derivative financial assets and reverse
repurchase agreements. None of the securities were sold or repledged at the year end.
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
The Group does not offset financial assets and liabilities on the consolidated statement of
financial position, as there are no unconditional rights to set off. Consequently, the gross
amount of other financial instruments presented on the consolidated statement of
financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to
an International Swaps and Derivative Association (ISDA) master agreement. ISDA master
agreements and reverse repurchase agreements entered into by the Group are
considered master netting agreements as they provide a right of set off that is
enforceable only in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to master
netting agreements or similar arrangements.
The following table presents the effect of master netting agreements and similar arrangements.
Related amounts not offset on the consolidated statement of financial position
Gross amounts of financial instruments
as presented on the consolidated
statement of financial position
Financial instruments
Financial collateral (received)/pledged
Net position
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives 1
11
54
\u2014
\u2014
(7)
(54)
4
\u2014
Reverse repurchase agreements
\u2014
105
\u2014
\u2014
\u2014
(105)
\u2014
\u2014
Total financial assets
11
159
\u2014
\u2014
(7)
(159)
4
\u2014
Financial liabilities
Derivatives 1
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
Total financial liabilities
(5)
(3)
\u2014
\u2014
\u2014
\u2014
(5)
(3)
1. Only OTC derivatives subject to master netting agreements have been included above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "Liquidity risk
The shareholder is exposed to liquidity risk if the Group is unable to realise investments and
other assets in order to settle its financial obligations when they fall due, or can do so only
at\u00a0excessive cost. The following quantitative liquidity risk disclosures are provided in
respect of these financial liabilities.
The Group has a liquidity risk framework and processes in place for monitoring, assessing,
and managing liquidity risk.
This framework ensures that liquidity risks are identified across the Group and, where
relevant, mitigation measures are put in place. Stress testing of the residual risks is
performed to understand the quantum of risk under stress conditions. This then informs
the level of liquid resources that need to be maintained. Where appropriate, this is
enhanced with external credit facilities and the Group has a syndicated revolving credit
facility of \u00a3400m which was undrawn at 31\u00a0December 2025.
The level of liquid resources in the Group is also projected under a number of adverse
scenarios. These are described more fully in the viability statement.
A contingency funding plan is maintained to ensure that if liquidity risk did materialise,
processes and procedures are already in place to assist with resolving the issue. Regular
monitoring of liquid resources is performed and projections undertaken (under both base
and stressed conditions) to understand the outlook.
As a result of the policies and processes established to manage risk, the Group expects to
be able to manage liquidity risk on an ongoing basis. We recognise there are a number of
scenarios that can impact the liquid resources of a business as discussed in the Risk
management section of the Strategic report.
(d)(i) Maturity analysis
The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked
funds which are discussed in Note 23.
Within 1 year
1-5 years
5-10 years
10-15 years
15-20 years
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated liabilities
24
26
593
662
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
617
688
Other financial liabilities
957
789
134
178
61
80
14
29
6
7
1,172
1,083
Total
981
815
727
840
61
80
14
29
6
7
1,789
1,771
Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments.
The Group also had unrecognised commitments in respect of financial instruments as at 31\u00a0December 2025 (refer Note 40) with a contractual maturity of within one year, between
one and five years and over five years of \u00a33m, \u00a33m and \u00a346m respectively (2024: \u00a38m, \u00a36m and \u00a352m). The commitments may generally be requested anytime up to the contractual
maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
(d)(i) Maturity analysis
The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked
funds which are discussed in Note 23.
Within 1 year
1-5 years
5-10 years
10-15 years
15-20 years
Total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated liabilities
24
26
593
662
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
617
688
Other financial liabilities
957
789
134
178
61
80
14
29
6
7
1,172
1,083
Total
981
815
727
840
61
80
14
29
6
7
1,789
1,771
Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments.
The Group also had unrecognised commitments in respect of financial instruments as at 31\u00a0December 2025 (refer Note 40) with a contractual maturity of within one year, between
one and five years and over five years of \u00a33m, \u00a33m and \u00a346m respectively (2024: \u00a38m, \u00a36m and \u00a352m). The commitments may generally be requested anytime up to the contractual
maturity.
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
36.\u00a0 \u00a0 Structured entities
A structured entity is an entity that is structured in such a way that voting or similar
rights are not the dominant factor in deciding who controls the entity. The Group has
interests in structured entities through investments in a range of investment vehicles
including:
\u2022 Pooled investment funds managed internally and externally, including OEICs,
SICAVs, unit trusts and limited partnerships.
\u2022 Debt securitisation vehicles which issue asset-backed securities.
The group consolidates structured entities which it controls. Where the Group has an
investment in, but not control over these types of entities, the investment is classified
as\u00a0an investment in associate when the Group has significant influence. Investments in
associates at FVTPL are included in equity securities and pooled investment funds in
the analysis of financial investments.
The Group also has interests in structured entities through asset management fees
and other fees received from these entities.
(a) Consolidated structured entities
As at 31\u00a0December 2025 and 31\u00a0December 2024 , the Group has not provided any non-contractual financial or other support to any consolidated structured entity and there are no
current intentions to do so.
(b) Unconsolidated structured entities
As at 31\u00a0December 2025 and 31\u00a0December 2024 , the Group has not provided any non-
contractual financial or other support to any unconsolidated structured entities and there
are no current intentions to do so.
The following table shows the carrying value of the Group\u2019s interests in unconsolidated
structured entities by line item in the consolidated statement of financial position.
2025
2024
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
694
482
Debt securities
\u2014
\u2014
Total financial investments
694
482
Receivables and other financial assets
173
162
Other financial liabilities
77
63
The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to
the carrying value of the Group\u2019s investment in these entities and the loss of future asset
management and other fees received by the Group for the management of these
entities. Exposure to loss arising from market and credit risk in relation to investments held
in the unit linked funds and relating to third party interest in consolidated funds and non-
controlling interests \u2013 ordinary shares is not borne by the shareholder.
Additional information on the Group\u2019s exposure to financial risk and the management of
these risks can be found in Note 23 and Note 35.
The total assets under management of unconsolidated structured entities are \u00a3173,705 m
a t 31\u00a0December 2025 (2024: \u00a3137,343m). The fees recognised in respect of these assets
under management during the year to 31\u00a0December 2025 were \u00a3350m ( 2024: \u00a3413m).
The Group\u2019s exposure to the assets and liabilities of Stagecoach Group Pension Scheme
(SGPS) are not included in the unconsolidated structured entity disclosures as they are
disclosed separately with information on the management of the associated risks in
Note 31.
", "dimensions": { "concept": "abrdnplc:DisclosureOfStructuredEntitites", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
A structured entity is an entity that is structured in such a way that voting or similar
rights are not the dominant factor in deciding who controls the entity. The Group has
interests in structured entities through investments in a range of investment vehicles
including:
\u2022 Pooled investment funds managed internally and externally, including OEICs,
SICAVs, unit trusts and limited partnerships.
\u2022 Debt securitisation vehicles which issue asset-backed securities.
The group consolidates structured entities which it controls. Where the Group has an
investment in, but not control over these types of entities, the investment is classified
as\u00a0an investment in associate when the Group has significant influence. Investments in
associates at FVTPL are included in equity securities and pooled investment funds in
the analysis of financial investments.
The Group also has interests in structured entities through asset management fees
and other fees received from these entities.", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForStructuredEntities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "Consolidated structured entities
As at 31\u00a0December 2025 and 31\u00a0December 2024 , the Group has not provided any non-contractual financial or other support to any consolidated structured entity and there are no
current intentions to do so.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "Unconsolidated structured entities
As at 31\u00a0December 2025 and 31\u00a0December 2024 , the Group has not provided any non-
contractual financial or other support to any unconsolidated structured entities and there
are no current intentions to do so.
The following table shows the carrying value of the Group\u2019s interests in unconsolidated
structured entities by line item in the consolidated statement of financial position.
2025
2024
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
694
482
Debt securities
\u2014
\u2014
Total financial investments
694
482
Receivables and other financial assets
173
162
Other financial liabilities
77
63
The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to
the carrying value of the Group\u2019s investment in these entities and the loss of future asset
management and other fees received by the Group for the management of these
entities. Exposure to loss arising from market and credit risk in relation to investments held
in the unit linked funds and relating to third party interest in consolidated funds and non-
controlling interests \u2013 ordinary shares is not borne by the shareholder.
Additional information on the Group\u2019s exposure to financial risk and the management of
these risks can be found in Note 23 and Note 35.
The total assets under management of unconsolidated structured entities are \u00a3173,705 m
a t 31\u00a0December 2025 (2024: \u00a3137,343m). The fees recognised in respect of these assets
under management during the year to 31\u00a0December 2025 were \u00a3350m ( 2024: \u00a3413m).
The Group\u2019s exposure to the assets and liabilities of Stagecoach Group Pension Scheme
(SGPS) are not included in the unconsolidated structured entity disclosures as they are
disclosed separately with information on the management of the associated risks in
Note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "Unconsolidated structured entities
As at 31\u00a0December 2025 and 31\u00a0December 2024 , the Group has not provided any non-
contractual financial or other support to any unconsolidated structured entities and there
are no current intentions to do so.
The following table shows the carrying value of the Group\u2019s interests in unconsolidated
structured entities by line item in the consolidated statement of financial position.
2025
2024
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
694
482
Debt securities
\u2014
\u2014
Total financial investments
694
482
Receivables and other financial assets
173
162
Other financial liabilities
77
63
The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to
the carrying value of the Group\u2019s investment in these entities and the loss of future asset
management and other fees received by the Group for the management of these
entities. Exposure to loss arising from market and credit risk in relation to investments held
in the unit linked funds and relating to third party interest in consolidated funds and non-
controlling interests \u2013 ordinary shares is not borne by the shareholder.
Additional information on the Group\u2019s exposure to financial risk and the management of
these risks can be found in Note 23 and Note 35.
The total assets under management of unconsolidated structured entities are \u00a3173,705 m
a t 31\u00a0December 2025 (2024: \u00a3137,343m). The fees recognised in respect of these assets
under management during the year to 31\u00a0December 2025 were \u00a3350m ( 2024: \u00a3413m).
The Group\u2019s exposure to the assets and liabilities of Stagecoach Group Pension Scheme
(SGPS) are not included in the unconsolidated structured entity disclosures as they are
disclosed separately with information on the management of the associated risks in
Note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
The Group uses fair value to measure many of its assets and liabilities. Fair value is the
amount for which an asset could be exchanged, or a liability settled, between
knowledgeable willing parties in an arm\u2019s length transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
An analysis of the Group\u2019s financial assets and financial liabilities in accordance with the
categories of financial instrument set out in IFRS 9 Financial Instruments is presented in
Notes 17, 23 and 29 and includes those financial assets and liabilities held at fair value.
(a) Fair value hierarchy
In determining fair value, the following fair value hierarchy categorisation has been used:
\u2022 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for
identical assets or liabilities. An active market exists where transactions take place with
sufficient frequency and volume to provide pricing information on an ongoing basis.
\u2022 Level 2: Fair values measured using inputs other than quoted prices included within level
1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
\u2022 Level 3: Fair values measured using inputs that are not based on observable market
data (unobservable inputs).
Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities (excluding income strips) and
derivatives measured at fair value is given below:
Equities and interests in pooled investment funds 1,2
Debt securities (excluding income strips)
Derivatives 3
Level 1
Equity instruments listed on a recognised exchange valued using prices sourced from their
primary exchange.
Debt securities listed on a recognised exchange valued
using prices sourced from their primary exchange.
Exchange traded derivatives
valued using prices sourced
from the relevant exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference is made to
observable market data.
Debt securities valued using prices received from
external pricing providers based on quotes received from
a number of market participants.
Debt securities valued using models and standard
valuation formulas based on observable market data 4.
Over-the-counter derivatives
measured using a range of
valuation models including
discounting future cash flows
and option valuation
techniques.
Level 3
These relate primarily to interests in private equity, real estate and infrastructure funds which
are valued at net asset value. Underlying real estate and private equity investments are
generally valued in accordance with independent professional valuation reports or
International Private Equity and Venture Capital Valuation Guidelines where relevant. The
underlying investments in infrastructure funds are generally valued based on the phase of
individual projects forming the overall investment and discounted cash flow techniques based
on project earnings.
Where net asset values are not available at the same date as the reporting date, the latest
available valuations are reviewed and, where appropriate, adjustments are made to reflect
the estimated impact of changes in market conditions between the date of the valuation and
the end of the reporting period.
Other unlisted equity securities are generally valued using a calibration to the price of a recent
investment.
Debt securities valued using prices received from
external pricing providers based on a single broker
indicative quote.
Debt securities valued using models and standard
valuation formulas based on unobservable market data 4.
N/A
1. Investments in associates at fair value through profit or loss are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is
calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in line with the Group\u2019s risk management policies. At 31\u00a0December 2025 and 31\u00a0December 2024, the residual
credit risk is considered immaterial and no credit risk adjustment has been made.
4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value.
Investment property
The fair value of unit linked investment property is based on valuations provided by
external property valuation experts. The fair value of investment property is measured
based on each property\u2019s highest and best use from a market participant\u2019s perspective
and considers the potential uses of the property that are physically possible, legally
permissible and financially feasible.
Valuations are completed in accordance with the Royal Institution of Chartered Surveyors
(RICS) valuation standards. These are predominantly produced using an income
capitalisation approach. The income capitalisation approach is based on capitalising an
annual net income stream using an appropriate yield. The annual net income is based on
both current and estimated future net income. The yield and future net income used is
determined by considering recent transactions involving property with similar
characteristics to the property being valued. Where appropriate, adjustments will be
made by the valuer to reflect differences between the characteristics of the property
being valued and the recent market transactions considered.
As income capitalisation valuations generally include significant unobservable inputs
including unobservable adjustments to recent market transactions, these assets are
categorised as level 3 within the fair value hierarchy.
Income strips
In addition to direct investment in investment property, the assets backing unit linked
liabilities includes debt securities known as income strips. Income strips are transactions
where an owner-occupier of a property has sold a freehold or long leasehold interest to
the Group, and has signed a long lease (typically 30\u201345 years) or a ground lease (typically
45-175 years) and retains the right to repurchase the property at the end of the lease for
a nominal sum (usually \u00a31).
The valuation technique used by the Group to value these instruments is an income
capitalisation approach, where the annual rental income is capitalised using an
appropriate yield. The yield is determined by considering recent transactions involving
similar income strips. As the income capitalisation valuations generally include significant
unobservable inputs including unobservable adjustments to the yield observed in other
income strip transactions, these assets are categorised as level 3 in the fair value
hierarchy.
Reinsurance linked investment asset
The fair value of the reinsurance linked investment asset is based on net asset valuations
of a notional unit linked fund administered by an external insurer. The fair value of the
investment asset is measured based on the fair value of the underlying assets which are
primarily properties, property linked securities, cash and other related assets.
The value of property is based on valuations prepared and certified by independent
valuers and adjusted to take account of changes in prices, where material, since the last
valuations. The value of quoted securities (such as stocks and shares) is based on the
prices quoted on the relevant stock market.
As these valuations contain unobservable inputs and are based on net asset value
statements provided by the insurer, they are categorised as level 3 within the fair value
hierarchy.
Third party interest in consolidated funds and non-participating investment contracts
The fair value of liabilities in respect of third party interest in consolidated funds and non-
participating investment contracts are calculated equal to the fair value of the underlying
assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and assumptions set out
above in relation to the underlying assets and liabilities:
\u2022 For third party interest in consolidated funds, when the underlying assets and liabilities
are valued using readily available market information, the liabilities in respect of third
party interest in consolidated funds are treated as level 2. Where the underlying assets
and liabilities are not valued using readily available market information the liabilities in
respect of third party interest in consolidated funds are treated as level 3.
\u2022 For non-participating investment contracts, where the underlying assets and liabilities
are categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities
are observable, these liabilities are categorised within level 2 of the fair value hierarchy.
Where the underlying assets are categorised as level 3, the liabilities are also
categorised as level\u00a03.
In addition, contingent consideration assets and contingent consideration liabilities are
also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and
liabilities have been recognised in respect of acquisitions and disposals. Generally
valuations are based on unobservable assumptions regarding the probability weighted
cash flows and, where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing
unit linked liabilities).
Fair value hierarchy
As recognised in the
consolidated statement of
financial position line item
Classified as held for sale
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
11
54
\u2014
\u2014
11
54
\u2014
\u2014
11
54
\u2014
\u2014
Equity securities and interests in pooled investment vehicles 1
1,267
1,105
8
17
1,275
1,122
979
711
115
133
181
278
Debt securities
196
659
\u2014
\u2014
196
659
5
5
190
653
1
1
Contingent consideration assets 2
10
17
\u2014
\u2014
10
17
\u2014
\u2014
\u2014
\u2014
10
17
Total assets at fair value
1,484
1,835
8
17
1,492
1,852
984
716
316
840
192
296
1. Includes \u00a3767m (2024: \u00a3530m) for the Group\u2019s listed equity investment in Standard Life plc, which is classified as a significant listed investment.
2. Presented in Receivables and other financial assets in the consolidated statement of financial position.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Transfers generally relate to assets where changes
in\u00a0the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar
quarter in which they arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the consolidated statement of financial position
The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy.
Fair value hierarchy
Total
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party interest in consolidated funds
138
184
\u2014
\u2014
138
115
\u2014
69
Derivative financial liabilities
5
3
1
\u2014
4
3
\u2014
\u2014
Contingent consideration liabilities 1
108
96
\u2014
\u2014
\u2014
\u2014
108
96
Other financial liabilities 2
16
15
\u2014
\u2014
\u2014
\u2014
16
15
Total liabilities at fair value
267
298
1
\u2014
142
118
124
180
1. Presented in Other financial liabilities in the consolidated statement of financial position.
2. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the years ended 31\u00a0December 2025 and 31\u00a0December 2024. Refer Section (a)(iii) below for details of movements
in\u00a0level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below.
Owner occupied property
Equity securities and interests in
pooled investment funds
Debt securities
Liabilities in respect of third party
interest in consolidated funds
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
\u2014
1
278
233
1
1
(69)
(70)
Total gains recognised in the consolidated income statement
\u2014
\u2014
8
6
\u2014
\u2014
\u2014
\u2014
Purchases
\u2014
\u2014
37
45
\u2014
\u2014
\u2014
\u2014
Sales and other adjustments
\u2014
(1)
(142)
(6)
\u2014
\u2014
69
1
At 31 December
\u2014
\u2014
181
278
1
1
\u2014
(69)
Contingent consideration assets
Contingent consideration
liabilities
Other financial liabilities 1
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
17
11
(96)
(114)
(15)
(15)
Total amounts recognised in the consolidated income statement
\u2014
2
(22)
9
(3)
\u2014
Additions
\u2014
11
(2)
\u2014
\u2014
\u2014
Settlements
(6)
(7)
11
9
\u2014
\u2014
Other movements
(1)
\u2014
1
\u2014
2
\u2014
At 31 December
10
17
(108)
(96)
(16)
(15)
1. Excluding contingent consideration liabilities.
For the year ended 31\u00a0December 2025, losses of \u00a317m (2024: gains of \u00a319m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities
held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, losses of \u00a317m (2024: gains of \u00a319m) were recognised in Net gains or
losses on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the
price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become
available from external pricing providers.
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at
31\u00a0December 2025 with a fair value of \u00a3181m (2024: \u00a3278m).
Fair value
2025
\u00a3m
2024
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity, real estate
and infrastructure funds
166
266
Net asset value
Net asset value statements provided for a large
number of funds including 16 significant funds
(fair value >\u00a35m).
A range of unobservable inputs is not applicable as we have determined that
the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity
securities
15
12
Indicative share
price
Calibration to the price of a recent investment.
A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at the
end of the reporting period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31\u00a0December 2025 with a fair value
of \u00a3nil (2024: \u00a3(69)m) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of
third party interest in consolidated funds.
The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3
instruments at 31\u00a0December 2025 with a fair value of \u00a3(114)m (2024: \u00a3(94)m).
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
consideration
assets and
liabilities and
other financial
instrument
liabilities
(114)
(94)
Probability
weighted cash
flow and where
applicable
discount rates
Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most
significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to
the acquisition of Tritax of \u00a399m (2024: \u00a385m).
During the year ended 31 December 2025, the terms of the contingent consideration arrangement relating to the
acquisition of Tritax were renegotiated. This renegotiation results in a change in both the timing and terms of the
settlement of the liability. As a result, the residual balance of the original contingent consideration liability of \u00a362m
was extinguished and a new financial liability of \u00a399m recognised in accordance with the modification rules in IFRS
9, resulting in a loss of \u00a337m in 2025.
The revised contingent consideration liability comprises an earn-out element, which will be settled in tranches from
2026 to 2029 (previously 2025 to 2026) based on the EBITDA of Tritax, retention of certain elements of the business,
and a profit share based on the net profit of Tritax. Under the revised terms, the Group\u2019s ownership in Tritax
increases from 60% to c.80%, in 2026 and the Group takes full ownership of Tritax in 2029. The revised liability is
measured at fair value through profit or loss.
The contingent consideration is valued by applying a probability weighting to a number of scenarios. The valuation
uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box
REIT (Big Box) and a forecast for a new strategy (Powerbox) which generates new forms of revenue arising from
the development, securing of power grid connections and management of large data centres, some of which are
not recurring in nature. Incremental EBITDA from Powerbox developments in early stages have been assigned a
lower probability than the traditional business reflecting the risks inherent in new developments. The resulting
valuation is discounted from the expected payment dates to the balance sheet date.
The revised earn-out valuation
used EBITDAs reflecting a
probability weighted revenue
compound annual growth
rate (CAGR) from 31 March
2026 to 31 March 2029 of 14%
and a probability weighted
cost/income ratio of c.57%.
The risk adjusted contingent
consideration cash flows have
been discounted using a
discount rate of 4% (2024: 4%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
(b) Assets and liabilities not carried at fair value
The table below presents estimated fair values by level of the fair value hierarchy of non-unit linked financial assets and liabilities whose carrying value does not approximate
fair value. Fair values of assets and liabilities are based on observable market inputs where available, or are estimated using other valuation techniques.
As recognised in the consolidated
statement of financial position
line item
Fair value
Level 1
Level 2
Level 3
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Debt securities
17
255
\u2014
255
\u2014
\u2014
\u2014
255
\u2014
\u2014
\u2014
Liabilities
Subordinated liabilities
30
557
597
550
572
\u2014
\u2014
550
572
\u2014
\u2014
The estimated fair values for subordinated liabilities are based on the quoted market offer price. The carrying value of all other financial assets and liabilities measured at amortised
cost approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at
31\u00a0December 2025 with a fair value of \u00a3181m (2024: \u00a3278m).
Fair value
2025
\u00a3m
2024
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity, real estate
and infrastructure funds
166
266
Net asset value
Net asset value statements provided for a large
number of funds including 16 significant funds
(fair value >\u00a35m).
A range of unobservable inputs is not applicable as we have determined that
the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity
securities
15
12
Indicative share
price
Calibration to the price of a recent investment.
A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at the
end of the reporting period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31\u00a0December 2025 with a fair value
of \u00a3nil (2024: \u00a3(69)m) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of
third party interest in consolidated funds.
The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3
instruments at 31\u00a0December 2025 with a fair value of \u00a3(114)m (2024: \u00a3(94)m).
Fair value
2025
2024
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
consideration
assets and
liabilities and
other financial
instrument
liabilities
(114)
(94)
Probability
weighted cash
flow and where
applicable
discount rates
Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most
significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to
the acquisition of Tritax of \u00a399m (2024: \u00a385m).
During the year ended 31 December 2025, the terms of the contingent consideration arrangement relating to the
acquisition of Tritax were renegotiated. This renegotiation results in a change in both the timing and terms of the
settlement of the liability. As a result, the residual balance of the original contingent consideration liability of \u00a362m
was extinguished and a new financial liability of \u00a399m recognised in accordance with the modification rules in IFRS
9, resulting in a loss of \u00a337m in 2025.
The revised contingent consideration liability comprises an earn-out element, which will be settled in tranches from
2026 to 2029 (previously 2025 to 2026) based on the EBITDA of Tritax, retention of certain elements of the business,
and a profit share based on the net profit of Tritax. Under the revised terms, the Group\u2019s ownership in Tritax
increases from 60% to c.80%, in 2026 and the Group takes full ownership of Tritax in 2029. The revised liability is
measured at fair value through profit or loss.
The contingent consideration is valued by applying a probability weighting to a number of scenarios. The valuation
uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box
REIT (Big Box) and a forecast for a new strategy (Powerbox) which generates new forms of revenue arising from
the development, securing of power grid connections and management of large data centres, some of which are
not recurring in nature. Incremental EBITDA from Powerbox developments in early stages have been assigned a
lower probability than the traditional business reflecting the risks inherent in new developments. The resulting
valuation is discounted from the expected payment dates to the balance sheet date.
The revised earn-out valuation
used EBITDAs reflecting a
probability weighted revenue
compound annual growth
rate (CAGR) from 31 March
2026 to 31 March 2029 of 14%
and a probability weighted
cost/income ratio of c.57%.
The risk adjusted contingent
consideration cash flows have
been discounted using a
discount rate of 4% (2024: 4%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in
key\u00a0assumptions
At 31\u00a0December 2025 the shareholder is directly exposed to movements in the value
of\u00a0all\u00a0non-unit linked level 3 instruments. See Note 23 for unit linked level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing
unobservable inputs in the measurement of the fair value of the other level 3 financial
assets and financial liabilities to reasonably possible alternative assumptions would not
have a material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds,
\u00a3166m relates to private equity, real estate, hedge and infrastructure funds
(2024: \u00a3266m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair
value of the investments by \u00a317m (2024: \u00a327m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a3nil of liabilities in respect of third party interest in consolidated funds
of\u00a0the level 3 equity securities and interests in pooled investment funds (2024: \u00a369m) are
also valued using net asset value statements. A 10% increase or decrease in the net asset
value of these investments would increase or decrease the fair value of the liability by \u00a3nil
(2024: \u00a37m).
(a)(v)(iii) Contingent consideration assets and liabilities and other financial
instrument liabilities
As noted above, the most significant unobservable inputs for level 3 instruments relate
to\u00a0assumptions used to value the contingent consideration related to the acquisition of
Tritax.
The valuation is sensitive to the revenue growth achieved in the new Powerbox strategy. In
the most optimistic scenario considered in probability weighted estimates, resulting in a
CAGR of 27% for the combined Tritax business and primarily driven by Powerbox revenue
changes, the contingent consideration liability increases by \u00a336m. The most pessimistic
scenario results in a CAGR of 1% for the combined business with a decrease in the
contingent liability of \u00a325m. Sensitivities for other reasonably possible changes to key
assumptions are provided in the table below.
Assumption
Change in assumption
Consequential increase/
(decrease) in contingent
consideration liability
2025
\u00a3m
Cost/income ratio
Decreased by 5%
5
Increased by 5%
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
38.\u00a0 \u00a0 Statement of cash flows
The Group classifies cash flows in the consolidated statement of cash flows as
arising from operating, investing or financing activities.
Cash flows are classified based on the nature of the activity to which they relate
and\u00a0with consideration to generally accepted presentation adopted by peers.
For\u00a0activities related to asset management business, cash flows arising from the
sale\u00a0and purchase of debt securities and equity securities and interests in pooled
investment funds, with the exception of those related to unit linked funds, are
classified as cash flows arising from investing activities. For activities related to
insurance business, including those related to unit linked funds, cash flows arising
from the sale and purchase of debt securities and equity securities and interests
in\u00a0pooled investment funds are classified as cash flows arising from operating
activities.
For activities related to the acquisition and disposal of subsidiaries, associates and
joint ventures, cash flows are classified as investing activities. The settlement of
contingent and deferred amounts recognised on acquisitions and disposals are
classified as investing activities where there is not considered to be a significant
financing component of the related inflows or outflows.
Purchases and sales of financial investments are presented on a gross basis except
for purchases and sales of short-term instruments with a high turnover held in
consolidated liquidity funds which are presented on a net basis.
Dividends received from associates and joint ventures are presented as cash flows
arising from operating activities.
Movements in cash collateral held in relation to derivative contracts hedging
subordinated debt are presented as cash flows arising from financing activities.
The tables below provide further analysis of the balances in the consolidated statement
of cash flows.
(a) Change in operating assets
2025
2024
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds
(281)
55
Debt securities
(126)
(29)
Reinsurance linked investment asset
(46)
\u2014
Investment property
7
\u2014
Derivative financial instruments
(4)
(9)
Receivables and other financial assets and other assets
(74)
91
Assets held for sale
168
4
Change in operating assets
(356)
112
Change in operating assets includes related non-cash items.
(b) Change in operating liabilities
2025
2024
\u00a3m
\u00a3m
Other financial liabilities, provisions and other liabilities
318
(161)
Pension and other post-retirement benefit provisions
(31)
(13)
Investment contract liabilities
(234)
(19)
Change in liability for third party interest in consolidated funds
95
(7)
Liabilities held for sale
6
(2)
Change in operating liabilities
154
(202)
Change in operating liabilities includes related non-cash items.
(c) Other non-cash and non-operating items
2025
2024
\u00a3m
\u00a3m
Loss/(gain) on sale of subsidiaries and other operations
3
(89)
Profit on disposal of interests in associates
\u2014
(11)
Gain on disposal or derecognition of property, plant and equipment
(12)
\u2014
Depreciation of property, plant and equipment
26
29
Amortisation of intangible assets
105
123
Impairment losses on intangible assets
16
9
Movement in contingent consideration assets/liabilities
20
(11)
Defined contribution pension plan funding received from defined
benefit pension plan
21
\u2014
Equity settled share-based payments
28
26
Finance costs
24
25
Share of profit or loss from associates and joint ventures accounted
for using the equity method
(20)
(24)
Other non-cash and non-operating items
211
77
(d) Disposal of subsidiaries and other operations 1
2025
2024
Notes
\u00a3m
\u00a3m
Intangibles
\u2014
1
Other assets of operations disposed of
4
48
Other liabilities of operations disposed of
(1)
(14)
Net assets disposed of
3
35
Fair value of deferred/contingent consideration and
retained interest
1
\u2014
(36)
Other non-cash consideration 2
1
\u2014
(17)
(Loss)/gain on sale
1
(3)
89
Transaction costs
\u2014
4
Total cash consideration
\u2014
75
Cash and cash equivalents disposed of
(3)
(26)
Cash (outflow)/ inflow from disposal of subsidiaries
(3)
49
1. Relates to the sale of Finimize in 2025 (refer Note 1 (b)(i) for further details) and various disposals in 2024
(refer Note 1(b)(ii) for further details).
2. Includes additional upfront consideration in 2024 for the sale of our European-headquartered Private
Equity business (refer Note 1(b)(ii) for further details).
(e) Movement in subordinated liabilities
The following table reconciles the movement in subordinated liabilities in the year, split
between cash and non-cash items.
2025
2024
\u00a3m
\u00a3m
At 1 January
597
599
Cash flows from financing activities
Interest paid
(23)
(38)
Cash flows from financing activities
(23)
(38)
Non-cash items
Interest expense
25
24
Foreign exchange adjustment
(42)
12
At 31 December
557
597
Interest paid on subordinated liabilities and other equity in the consolidated statement of
cash flows of \u00a329m (2024: \u00a338m) also includes an inflow of \u00a35m (2024: \u00a311m ) in relation
to the related cash flow hedge (refer table below and Note 18) and an outflow of \u00a311m
(2024: \u00a311m) in relation to other equity (refer Note 28).
The table below reconciles the movements in the year in the cash flow hedge asset of
\u00a36m ( 2024 : asset of \u00a350m) and the liability of \u00a36m (2024: liability of \u00a352 m) with the
collateral held in respect of the derivative contracts liability of \u00a310m (2024: liability \u00a357m)
(included in Other financial liabilities) which relates to the cash flow hedge, split between
cash and non-cash items.
Cash flow hedge (asset)
Collateral held in respect of the
cash flow hedges
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(50)
(41)
52
39
Cash flows from financing activities
Realised gains on cash flow hedge
5
11
\u2014
\u2014
Change in cash received relating to
collateral held in respect of derivatives
hedging subordinated liabilities
\u2014
\u2014
(46)
13
Cash flows from financing activities
5
11
(46)
13
Non-cash items
Other fair value movements
39
(20)
\u2014
\u2014
At 31 December
(6)
(50)
6
52
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year, split between
cash and non-cash items.
2025
2024
\u00a3m
\u00a3m
At 1 January
193
223
Cash flows from financing activities
Payment of lease liabilities \u2013 principal
(16)
(23)
Payment of lease liabilities \u2013 interest
(5)
(6)
Cash flows from financing activities
(21)
(29)
Non-cash items
Additions
9
5
Disposals and adjustments
(28)
(13)
Interest capitalised
5
6
Foreign exchange adjustment
(3)
1
At 31 December
155
193
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
The Group classifies cash flows in the consolidated statement of cash flows as
arising from operating, investing or financing activities.
Cash flows are classified based on the nature of the activity to which they relate
and\u00a0with consideration to generally accepted presentation adopted by peers.
For\u00a0activities related to asset management business, cash flows arising from the
sale\u00a0and purchase of debt securities and equity securities and interests in pooled
investment funds, with the exception of those related to unit linked funds, are
classified as cash flows arising from investing activities. For activities related to
insurance business, including those related to unit linked funds, cash flows arising
from the sale and purchase of debt securities and equity securities and interests
in\u00a0pooled investment funds are classified as cash flows arising from operating
activities.
For activities related to the acquisition and disposal of subsidiaries, associates and
joint ventures, cash flows are classified as investing activities. The settlement of
contingent and deferred amounts recognised on acquisitions and disposals are
classified as investing activities where there is not considered to be a significant
financing component of the related inflows or outflows.
Purchases and sales of financial investments are presented on a gross basis except
for purchases and sales of short-term instruments with a high turnover held in
consolidated liquidity funds which are presented on a net basis.
Dividends received from associates and joint ventures are presented as cash flows
arising from operating activities.
Movements in cash collateral held in relation to derivative contracts hedging
subordinated debt are presented as cash flows arising from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
39.\u00a0 \u00a0 Contingent liabilities, contingent assets and guarantees
Contingent liabilities are possible obligations of the Group of which timing and
amount are subject to significant uncertainty. Contingent liabilities are not
recognised on the consolidated statement of financial position but are disclosed,
unless they are considered remote. If such an obligation becomes probable and the
amount can be measured reliably it is no longer considered contingent and is
recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent assets
are only disclosed if it is probable that the Group will receive the benefit. If such a
benefit becomes virtually certain it is no longer considered contingent and is
recognised as an asset.
(a) Legal proceedings, complaints and regulations
The Group is subject to regulation in all of the territories in which it operates investment
management, asset administration and insurance businesses. In the UK, where the
Group primarily operates, the FCA has broad powers, including powers to investigate
marketing and sales practices.
The Group, like other financial organisations, is subject to legal proceedings, complaints
and regulatory and tax authority discussions and reviews in the normal course of its
business. All such material matters are periodically reassessed, with the assistance of
external professional advisers where appropriate, to determine the likelihood of the
Group incurring a liability. Where it is concluded that it is more likely than not that a
material outflow will be made a provision is established based on management\u2019s best
estimate of the amount that will be payable.
A subsidiary of the Group, abrdn (Mauritius Holdings) 2006 Limited, is subject to ongoing
income tax assessments in India challenging the availability of India-Mauritius tax treaty
reliefs claimed in respect of capital gains in its income tax returns for the years ended
March 2022 and 2023. The subsidiary has also received information requests for the year
ended March 2024 of a similar nature. Following the Group\u2019s 2025 year-end, the
subsidiary has received final assessment orders in respect of the years ended March
2022 and 2023 denying it tax treaty relief for these years and requiring payment by the
subsidiary of related tax and interest. No provision has been recognised in respect of
these assessments as the subsidiary intends to appeal them and has received expert
legal advice, taking account of recent Supreme Court of India jurisprudence on relevant
treaty benefit availability, that it is entitled to claim the treaty benefits in question.
The assessment orders for the years ended March 2022 and 2023 amount to c.\u00a340m
comprising tax and interest with the possibility that any such potential outflow could rise
by between c.\u00a35m and c.\u00a345m if other years, where similar treaty benefits have been
claimed by the subsidiary, are successfully challenged by the tax authorities. These
amounts exclude potential penalties. Although there remains a risk that the authorities
may seek to levy penalties, expert legal advice received by the subsidiary states that no
such penalties should legally be imposed on the subsidiary.
The resolution of tax matters of this nature is generally complex and prolonged, and a
final outcome is not expected within the next 12 months.
Certain other Group entities are also currently responding to\u202finformation requests from
an investor in relation to the performance of a fund managed by a subsidiary of the
Group. At this time, the Group has received no notification of a claim, and it is not possible
to reliably predict the outcome of ongoing communications to which the Group is a
party.
There are no other identified contingent liabilities that the Group anticipates could result
in a material exposure.
(b) Guarantees
In the year ended 31 December 2025, the Group has assumed the role of principal
employer for an external pension scheme, the Stagecoach Group Pension Scheme
(SGPS). In exchange for assuming the sponsoring employer role, the Group receives a
minority share in the current and future surplus emerging from the scheme. While the
scheme is in a strong funding position, the Group may also be required to fund any future
deficit emerging in the scheme and has issued a guarantee in this respect in relation to
this arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
39.\u00a0 \u00a0 Contingent liabilities, contingent assets and guarantees
Contingent liabilities are possible obligations of the Group of which timing and
amount are subject to significant uncertainty. Contingent liabilities are not
recognised on the consolidated statement of financial position but are disclosed,
unless they are considered remote. If such an obligation becomes probable and the
amount can be measured reliably it is no longer considered contingent and is
recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent assets
are only disclosed if it is probable that the Group will receive the benefit. If such a
benefit becomes virtually certain it is no longer considered contingent and is
recognised as an asset.
(a) Legal proceedings, complaints and regulations
The Group is subject to regulation in all of the territories in which it operates investment
management, asset administration and insurance businesses. In the UK, where the
Group primarily operates, the FCA has broad powers, including powers to investigate
marketing and sales practices.
The Group, like other financial organisations, is subject to legal proceedings, complaints
and regulatory and tax authority discussions and reviews in the normal course of its
business. All such material matters are periodically reassessed, with the assistance of
external professional advisers where appropriate, to determine the likelihood of the
Group incurring a liability. Where it is concluded that it is more likely than not that a
material outflow will be made a provision is established based on management\u2019s best
estimate of the amount that will be payable.
A subsidiary of the Group, abrdn (Mauritius Holdings) 2006 Limited, is subject to ongoing
income tax assessments in India challenging the availability of India-Mauritius tax treaty
reliefs claimed in respect of capital gains in its income tax returns for the years ended
March 2022 and 2023. The subsidiary has also received information requests for the year
ended March 2024 of a similar nature. Following the Group\u2019s 2025 year-end, the
subsidiary has received final assessment orders in respect of the years ended March
2022 and 2023 denying it tax treaty relief for these years and requiring payment by the
subsidiary of related tax and interest. No provision has been recognised in respect of
these assessments as the subsidiary intends to appeal them and has received expert
legal advice, taking account of recent Supreme Court of India jurisprudence on relevant
treaty benefit availability, that it is entitled to claim the treaty benefits in question.
The assessment orders for the years ended March 2022 and 2023 amount to c.\u00a340m
comprising tax and interest with the possibility that any such potential outflow could rise
by between c.\u00a35m and c.\u00a345m if other years, where similar treaty benefits have been
claimed by the subsidiary, are successfully challenged by the tax authorities. These
amounts exclude potential penalties. Although there remains a risk that the authorities
may seek to levy penalties, expert legal advice received by the subsidiary states that no
such penalties should legally be imposed on the subsidiary.
The resolution of tax matters of this nature is generally complex and prolonged, and a
final outcome is not expected within the next 12 months.
Certain other Group entities are also currently responding to\u202finformation requests from
an investor in relation to the performance of a fund managed by a subsidiary of the
Group. At this time, the Group has received no notification of a claim, and it is not possible
to reliably predict the outcome of ongoing communications to which the Group is a
party.
There are no other identified contingent liabilities that the Group anticipates could result
in a material exposure.
(b) Guarantees
In the year ended 31 December 2025, the Group has assumed the role of principal
employer for an external pension scheme, the Stagecoach Group Pension Scheme
(SGPS). In exchange for assuming the sponsoring employer role, the Group receives a
minority share in the current and future surplus emerging from the scheme. While the
scheme is in a strong funding position, the Group may also be required to fund any future
deficit emerging in the scheme and has issued a guarantee in this respect in relation to
this arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
Contingent liabilities are possible obligations of the Group of which timing and
amount are subject to significant uncertainty. Contingent liabilities are not
recognised on the consolidated statement of financial position but are disclosed,
unless they are considered remote. If such an obligation becomes probable and the
amount can be measured reliably it is no longer considered contingent and is
recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent assets
are only disclosed if it is probable that the Group will receive the benefit. If such a
benefit becomes virtually certain it is no longer considered contingent and is
recognised as an asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
40.\u00a0 \u00a0 Commitments
The Group has contractual commitments which will be payable in future periods.
These commitments are not recognised on the Group\u2019s statement of financial
position at the year end but are disclosed to give an indication of the Group\u2019s future
committed cash flows.
(a) Unrecognised financial instruments
As at 31\u00a0December 2025, the Group has committed to investing an additional \u00a352m
( 2024 : \u00a366m ) into funds in which it holds a co-investment interest.
(b) Capital and other commitments
As at 31\u00a0December 2025, the Group has no capital commitments other than in relation
to financial instruments (2024: none). At 31\u00a0December 2025, the Group has
commitments of up to US$45m in connection with the proposed acquisition of certain
intangible assets related to investment management services. The commitment to
acquire these assets is subject to the satisfaction of certain conditions at 31 December
2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
40.\u00a0 \u00a0 Commitments
The Group has contractual commitments which will be payable in future periods.
These commitments are not recognised on the Group\u2019s statement of financial
position at the year end but are disclosed to give an indication of the Group\u2019s future
committed cash flows.
(a) Unrecognised financial instruments
As at 31\u00a0December 2025, the Group has committed to investing an additional \u00a352m
( 2024 : \u00a366m ) into funds in which it holds a co-investment interest.
(b) Capital and other commitments
As at 31\u00a0December 2025, the Group has no capital commitments other than in relation
to financial instruments (2024: none). At 31\u00a0December 2025, the Group has
commitments of up to US$45m in connection with the proposed acquisition of certain
intangible assets related to investment management services. The commitment to
acquire these assets is subject to the satisfaction of certain conditions at 31 December
2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
The Group has contractual commitments which will be payable in future periods.
These commitments are not recognised on the Group\u2019s statement of financial
position at the year end but are disclosed to give an indication of the Group\u2019s future
committed cash flows.
", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForCommitments", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
41.\u00a0 \u00a0 Employee share-based payments and deferred fund awards
The Group operates share incentive plans for its employees. These generally take the
form of an award of options, conditional awards or restricted shares in Aberdeen
Group plc (equity-settled share-based payments) but can also take the form of a
cash award based on the share price of Aberdeen Group plc (cash-settled share-
based payments). The Group also incentivises certain employees through the award
of units in Group managed funds (deferred fund awards) which are cash-settled. All
the Group\u2019s incentive plans have conditions attached before the employee becomes
entitled to the award. These can be performance and/or service conditions (vesting
conditions) or the requirement of employees to save in the save-as-you-earn
scheme (non-vesting condition). The period over which all vesting conditions are
satisfied is the vesting period and the awards vest at the end of this period.
For all share-based payments, services received for the incentive granted are
measured at fair value.
For equity-settled share-based payment transactions, the fair value of services
received is measured by reference to the fair value of the equity instruments at the
grant date. The fair value of the number of instruments expected to vest is charged to
the consolidated income statement over the vesting period with a corresponding
credit to the equity compensation reserve in equity.
At each period end the Group reassesses the number of equity instruments expected
to vest and recognises any difference between the revised and original estimate in
the consolidated income statement with a corresponding adjustment to the equity
compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity
compensation reserve in respect of those equity instruments is transferred to
retained\u00a0earnings.
For cash-settled share-based payment and deferred fund awards transactions,
services received are measured at the fair value of the liability. The fair value of the
liability is remeasured at each reporting date and any changes in fair value are
recognised in the consolidated income statement.
The following plans made awards during the year ended 31\u00a0December 2025 :
Plan
Options
Conditional
awards
Restricted
shares
Typical vesting period
(years)
Contractual life for options
Recipients
Conditions which must be met prior to vesting
Aberdeen Group plc Deferred
Share Plan/Discretionary Share
Plan/Executive LTIP Plan 1
Yes
Yes
No
1 - 3 years
( 3 years for
Executive LTIP)
Up to 10 years from date of
grant
Executives and senior
management
Service, or service and performance conditions.
These can be tailored to the individual award.
Sharesave (Save-as-you-earn)
Yes
No
No
3 or 5 years
Up to 6 months after vesting
UK employees
Service only.
Share incentive plan
No
No
Yes
3 years
Not applicable
UK and Irish employees
Service only.
1. Included in Deferred and discretionary share plans in Section (b)(i) below.
All of the awards made under these plans are equity-settled except for a small number of
cash-settled awards for the deferred and discretionary share plans (see Section (d)(ii)
below).
The fair value of awards granted under the Group\u2019s incentive schemes is determined
using a relevant valuation technique, such as the Black Scholes option pricing model. The
fair value of awards is recharged to employing entities over the life of the awards.
The awards made under the deferred and discretionary share plans include awards for
deferred bonuses of the prior year. The deferred bonus awards generally still have service
conditions of one, two or three years after the date of the award but have no outstanding
performance conditions.
The awards made include the awards for executive Directors under the Executive LTIP
plan and certain awards under the deferred and discretionary share plans to senior
management with specific performance conditions.
Further details of the Executive LTIP are set out in the Directors\u2019 remuneration report.
The deferred and discretionary share plans also made a number of deferred fund awards
in the year end 31\u00a0December 2025 (see Section (d)(i) below).
Options and conditional awards are all at nil cost with the exception of Sharesave where
eligible employees in the UK save a monthly amount from their salaries, over either a three
or five year period, which can be used to purchase shares in the Company at a
predetermined price.
The share incentive plan allows employees the opportunity to buy up to \u00a31,800 of shares
from their salary each year with the Group matching up to \u00a3600 per year. The matching
shares awarded are granted each month but are restricted for three years (two years for
Ireland).
In addition, the Group operates the following plan for which there are outstanding awards
but for which no awards were made during the year ended 31\u00a0December 2025:
Plan
Options
Conditional
awards
Restricted
shares
Typical vesting period
(years)
Contractual life for options
Recipients
Conditions which must be met prior to vesting
Aberdeen Asset Management
Deferred Share Plan 2009 1
Yes
No
No
1 - 3 ( 3 -5 for
executive
management)
Up to 10 years from date of
grant
Executives and senior
management
Service only. There are no outstanding
performance conditions at date of grant.
1. Included in Annual bonus deferred share options Section(b)(i) below.
(a) Employee share-based payments and deferred fund awards expense
The amounts recognised as an expense for equity-settled share-based payment transactions and deferred fund awards with employees are as follows:
2025
2024
\u00a3m
\u00a3m
Share options and share awards granted under deferred and discretionary share plans 1
26
24
Share options granted under Sharesave
1
1
Matching shares granted under share incentive plans
1
1
Equity-settled share-based payments
28
26
Cash-settled deferred fund awards
10
10
Total expense
38
36
1. Includes expense for annual bonus deferred share options and conditional awards.
Included in the expense above is \u00a33m (2024: \u00a310m) which is included in Restructuring and corporate transaction expenses in the consolidated income statement.
(b) Options and conditional awards granted
(b)(i) Deferred and discretionary share plans
Options
The number and remaining contractual life for options outstanding and the share price
at\u00a0exercise of options exercised during the year are as follows:
2025
2024
Deferred and
discretionary
share plans
Annual bonus
deferred share
options
Deferred and
discretionary
share plans
Annual bonus
deferred
share options
Options outstanding at 1 January
25,662,847
2,079,784
43,370,260
3,853,791
Granted
\u2014
\u2014
3,081,687
\u2014
Forfeited
(4,032,782)
(9,987)
(5,533,913)
(3,005)
Exercised
(12,466,764)
(1,005,071)
(15,255,187)
(1,771,002)
Options outstanding at 31 December
9,163,301
1,064,726
25,662,847
2,079,784
Options exercisable at 31 December
4,170,336
1,064,726
5,802,467
2,079,784
Remaining contractual life of options
outstanding (years) 1
3.4
1.3
4.8
2.1
Options exercised during the year
Share price at time of exercise 1
178p
188p
151p
154p
1. Weighted average.
During the year ended 31\u00a0December 2025 there were no options granted under the
deferred and discretionary share plans.
Conditional awards
2025
2024
Conditional awards outstanding at 1 January
26,514,368
1,636,714
Granted
36,412,562
26,976,096
Forfeited
(3,940,179)
(819,719)
Exercised
(2,090,574)
(1,278,723)
Conditional awards outstanding at 31 December
56,896,177
26,514,368
During the year ended 31\u00a0December 2025 there were 36,412,562 nil cost conditional
awards granted under the deferred and discretionary share plans with a main grant date
of 11 April 2025. The weighted average share price at grant date was 151p and the
weighted average fair value at grant date was 150p. The conditional awards include an
entitlement to the receipt of dividends in respect of awards that ultimately vest between
the date of grant and the vesting date.
(b)(ii) Sharesave
The number, exercise price and remaining contractual life for options outstanding and the
share price at exercise of options exercised during the year are as follows:
2025
2024
Sharesave
Weighted average
exercise price for
sharesave
Sharesave
Weighted average
exercise price for
sharesave
Outstanding at 1 January
10,589,358
123p
9,109,490
130p
Granted
3,364,059
158p
4,101,947
120p
Forfeited
(438,922)
123p
(812,071)
136p
Exercised
(3,118,348)
118p
(299,485)
118p
Expired
(313,473)
186p
(497,665)
196p
Cancelled
(341,793)
130p
(1,012,858)
133p
Outstanding at 31 December
9,740,881
134p
10,589,358
123p
Exercisable at 31 December
356,745
121p
202,092
158p
Remaining contractual life of options
outstanding (years) 1
2.75
2.68
Options exercised during the year
Share price at time of exercise 1
202p
\u2014
151p
\u2014
1. Weighted average.
The Sharesave options were granted on 19 September 2025 with an exercise price of
158p. The weighted average option term was 3.33 years. The weighted average share
price at grant date was 189p and the weighted average fair value at grant date was 38p.
Sharesave options have no dividend entitlement. In determining the fair value of options
granted under the Sharesave scheme, the historic volatility of the share price over a
period of up\u00a0to\u00a0five years and a risk-free rate determined by reference to swap rates was
also considered.
The following table shows the range of exercise prices of Sharesave options outstanding.
2025
2024
Number of options
outstanding
Number of options
outstanding
117p-119p
1,587,185
4,906,803
120p-129p
3,654,694
3,988,426
130p-139p
1,160,240
1,354,082
140p-259p
3,338,762
340,047
Outstanding at 31 December
9,740,881
10,589,358
(c) Matching shares granted under share incentive plans
During the year ended 31\u00a0December 2025, 349,323 matching shares were granted under
the share incentive plan (2024: 371,678). The weighted average share price at grant date
was 174p which was also the weighted average fair value at grant date. The plans include
the entitlement to the receipt of dividends in respect of awards that ultimately vest
between the date of grant and the vesting date.
(d) Deferred fund awards and cash settled share-based payments
(d)(i) Deferred fund awards
At 31\u00a0December 2025, the liability recognised for cash-settled deferred fund awards was
\u00a317m (2024: \u00a322m). There is no liability (2024: \u00a3nil) for deferred fund awards relating to
funds which are consolidated.
(d)(ii) Cash settled share-based payments
At 31\u00a0December 2025, the liability recognised for cash-settled share-based payments
was \u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
The Group operates share incentive plans for its employees. These generally take the
form of an award of options, conditional awards or restricted shares in Aberdeen
Group plc (equity-settled share-based payments) but can also take the form of a
cash award based on the share price of Aberdeen Group plc (cash-settled share-
based payments). The Group also incentivises certain employees through the award
of units in Group managed funds (deferred fund awards) which are cash-settled. All
the Group\u2019s incentive plans have conditions attached before the employee becomes
entitled to the award. These can be performance and/or service conditions (vesting
conditions) or the requirement of employees to save in the save-as-you-earn
scheme (non-vesting condition). The period over which all vesting conditions are
satisfied is the vesting period and the awards vest at the end of this period.
For all share-based payments, services received for the incentive granted are
measured at fair value.
For equity-settled share-based payment transactions, the fair value of services
received is measured by reference to the fair value of the equity instruments at the
grant date. The fair value of the number of instruments expected to vest is charged to
the consolidated income statement over the vesting period with a corresponding
credit to the equity compensation reserve in equity.
At each period end the Group reassesses the number of equity instruments expected
to vest and recognises any difference between the revised and original estimate in
the consolidated income statement with a corresponding adjustment to the equity
compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity
compensation reserve in respect of those equity instruments is transferred to
retained\u00a0earnings.
For cash-settled share-based payment and deferred fund awards transactions,
services received are measured at the fair value of the liability. The fair value of the
liability is remeasured at each reporting date and any changes in fair value are
recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
The following plans made awards during the year ended 31\u00a0December 2025 :
Plan
Options
Conditional
awards
Restricted
shares
Typical vesting period
(years)
Contractual life for options
Recipients
Conditions which must be met prior to vesting
Aberdeen Group plc Deferred
Share Plan/Discretionary Share
Plan/Executive LTIP Plan 1
Yes
Yes
No
1 - 3 years
( 3 years for
Executive LTIP)
Up to 10 years from date of
grant
Executives and senior
management
Service, or service and performance conditions.
These can be tailored to the individual award.
Sharesave (Save-as-you-earn)
Yes
No
No
3 or 5 years
Up to 6 months after vesting
UK employees
Service only.
Share incentive plan
No
No
Yes
3 years
Not applicable
UK and Irish employees
Service only.
1. Included in Deferred and discretionary share plans in Section (b)(i) below.
All of the awards made under these plans are equity-settled except for a small number of
cash-settled awards for the deferred and discretionary share plans (see Section (d)(ii)
below).
The fair value of awards granted under the Group\u2019s incentive schemes is determined
using a relevant valuation technique, such as the Black Scholes option pricing model. The
fair value of awards is recharged to employing entities over the life of the awards.
The awards made under the deferred and discretionary share plans include awards for
deferred bonuses of the prior year. The deferred bonus awards generally still have service
conditions of one, two or three years after the date of the award but have no outstanding
performance conditions.
The awards made include the awards for executive Directors under the Executive LTIP
plan and certain awards under the deferred and discretionary share plans to senior
management with specific performance conditions.
Further details of the Executive LTIP are set out in the Directors\u2019 remuneration report.
The deferred and discretionary share plans also made a number of deferred fund awards
in the year end 31\u00a0December 2025 (see Section (d)(i) below).
Options and conditional awards are all at nil cost with the exception of Sharesave where
eligible employees in the UK save a monthly amount from their salaries, over either a three
or five year period, which can be used to purchase shares in the Company at a
predetermined price.
The share incentive plan allows employees the opportunity to buy up to \u00a31,800 of shares
from their salary each year with the Group matching up to \u00a3600 per year. The matching
shares awarded are granted each month but are restricted for three years (two years for
Ireland).
In addition, the Group operates the following plan for which there are outstanding awards
but for which no awards were made during the year ended 31\u00a0December 2025:
Plan
Options
Conditional
awards
Restricted
shares
Typical vesting period
(years)
Contractual life for options
Recipients
Conditions which must be met prior to vesting
Aberdeen Asset Management
Deferred Share Plan 2009 1
Yes
No
No
1 - 3 ( 3 -5 for
executive
management)
Up to 10 years from date of
grant
Executives and senior
management
Service only. There are no outstanding
performance conditions at date of grant.
1. Included in Annual bonus deferred share options Section(b)(i) below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "Employee share-based payments and deferred fund awards expense
The amounts recognised as an expense for equity-settled share-based payment transactions and deferred fund awards with employees are as follows:
2025
2024
\u00a3m
\u00a3m
Share options and share awards granted under deferred and discretionary share plans 1
26
24
Share options granted under Sharesave
1
1
Matching shares granted under share incentive plans
1
1
Equity-settled share-based payments
28
26
Cash-settled deferred fund awards
10
10
Total expense
38
36
1. Includes expense for annual bonus deferred share options and conditional awards.
Included in the expense above is \u00a33m (2024: \u00a310m) which is included in Restructuring and corporate transaction expenses in the consolidated income statement.
(b)", "dimensions": { "concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnProfitOrLoss", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
(b)(ii) Sharesave
The number, exercise price and remaining contractual life for options outstanding and the
share price at exercise of options exercised during the year are as follows:
2025
2024
Sharesave
Weighted average
exercise price for
sharesave
Sharesave
Weighted average
exercise price for
sharesave
Outstanding at 1 January
10,589,358
123p
9,109,490
130p
Granted
3,364,059
158p
4,101,947
120p
Forfeited
(438,922)
123p
(812,071)
136p
Exercised
(3,118,348)
118p
(299,485)
118p
Expired
(313,473)
186p
(497,665)
196p
Cancelled
(341,793)
130p
(1,012,858)
133p
Outstanding at 31 December
9,740,881
134p
10,589,358
123p
Exercisable at 31 December
356,745
121p
202,092
158p
Remaining contractual life of options
outstanding (years) 1
2.75
2.68
Options exercised during the year
Share price at time of exercise 1
202p
\u2014
151p
\u2014
1. Weighted average.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
2025
2024
Number of options
outstanding
Number of options
outstanding
117p-119p
1,587,185
4,906,803
120p-129p
3,654,694
3,988,426
130p-139p
1,160,240
1,354,082
140p-259p
3,338,762
340,047
Outstanding at 31 December
9,740,881
10,589,358
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
42.\u00a0 \u00a0 Related party transactions
(a) Transactions and balances with related parties
In the normal course of business, the Group enters into transactions with related parties
that relate to investment management and insurance business. In the year ended
31\u00a0December 2025, there have been no changes in the nature of these transactions.
During the year, the Group recognised management fees o f \u00a32m ( 2024: \u00a32m ) from the
Group\u2019s defined benefit pension plans. The Group\u2019s defined benefit pension plans have
assets of \u00a3495m ( 2024: \u00a3541m) invested in investment vehicles managed by the Group.
For the year ended 31 December 2025 there were capital contributions to associates
accounted for using the equity method of \u00a31 m and no transactions in respect of sales,
purchases, outstanding balances or commitments with associates or joint ventures. In the
year ended 31 December 2024, there were \u00a32m of sales to joint ventures accounted for
using the equity method including sales to Virgin Money UTM prior to the Group\u2019s disposal
of its interest in the JV.
In addition to these transactions between the Group and the above related parties during
the year, in the normal course of business the Group made a number of investments into/
divestments from investment vehicles managed by the Group which\u00a0may be considered
to be related parties including investment vehicles which are\u00a0classified as investments in
associates measured at FVTPL. Group entities paid amounts for the issue of shares or
units and received amounts for the cancellation of shares or units.
Information in relation to unconsolidated structured entities can be found\u00a0in Note\u00a036 and
information in relation to unconsolidated external pension schemes can be found in Note
31.
(b) Compensation of key management personnel
Key management personnel includes Directors of Aberdeen Group plc (since
appointment) and the members of the Executive Leadership Team (since appointment).
The summary of compensation of key management personnel is as follows:
2025
2024
\u00a3m
\u00a3m
Salaries and other short-term employee benefits
12
10
Post-employment benefits
\u2014
\u2014
Share-based payments and deferred fund awards
10
12
Termination benefits
\u2014
2
Total compensation of key management personnel
22
24
(c) Transactions with key management personnel and their close family
members
Certain members of key management personnel hold investments in investments
products which are managed by the Group. None of the amounts concerned are
material in the context of funds managed by the Group. All transactions between key
management and their close family members and investments products which are
managed by the Group during the year are on terms which are equivalent to those
available to all employees of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
42.\u00a0 \u00a0 Related party transactions
(a) Transactions and balances with related parties
In the normal course of business, the Group enters into transactions with related parties
that relate to investment management and insurance business. In the year ended
31\u00a0December 2025, there have been no changes in the nature of these transactions.
During the year, the Group recognised management fees o f \u00a32m ( 2024: \u00a32m ) from the
Group\u2019s defined benefit pension plans. The Group\u2019s defined benefit pension plans have
assets of \u00a3495m ( 2024: \u00a3541m) invested in investment vehicles managed by the Group.
For the year ended 31 December 2025 there were capital contributions to associates
accounted for using the equity method of \u00a31 m and no transactions in respect of sales,
purchases, outstanding balances or commitments with associates or joint ventures. In the
year ended 31 December 2024, there were \u00a32m of sales to joint ventures accounted for
using the equity method including sales to Virgin Money UTM prior to the Group\u2019s disposal
of its interest in the JV.
In addition to these transactions between the Group and the above related parties during
the year, in the normal course of business the Group made a number of investments into/
divestments from investment vehicles managed by the Group which\u00a0may be considered
to be related parties including investment vehicles which are\u00a0classified as investments in
associates measured at FVTPL. Group entities paid amounts for the issue of shares or
units and received amounts for the cancellation of shares or units.
Information in relation to unconsolidated structured entities can be found\u00a0in Note\u00a036 and
information in relation to unconsolidated external pension schemes can be found in Note
31.
(b) Compensation of key management personnel
Key management personnel includes Directors of Aberdeen Group plc (since
appointment) and the members of the Executive Leadership Team (since appointment).
The summary of compensation of key management personnel is as follows:
2025
2024
\u00a3m
\u00a3m
Salaries and other short-term employee benefits
12
10
Post-employment benefits
\u2014
\u2014
Share-based payments and deferred fund awards
10
12
Termination benefits
\u2014
2
Total compensation of key management personnel
22
24
(c) Transactions with key management personnel and their close family
members
Certain members of key management personnel hold investments in investments
products which are managed by the Group. None of the amounts concerned are
material in the context of funds managed by the Group. All transactions between key
management and their close family members and investments products which are
managed by the Group during the year are on terms which are equivalent to those
available to all employees of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "Compensation of key management personnel
Key management personnel includes Directors of Aberdeen Group plc (since
appointment) and the members of the Executive Leadership Team (since appointment).
The summary of compensation of key management personnel is as follows:
2025
2024
\u00a3m
\u00a3m
Salaries and other short-term employee benefits
12
10
Post-employment benefits
\u2014
\u2014
Share-based payments and deferred fund awards
10
12
Termination benefits
\u2014
2
Total compensation of key management personnel
22
24
(c) Transactions with key management personnel and their close family
members
Certain members of key management personnel hold investments in investments
products which are managed by the Group. None of the amounts concerned are
material in the context of funds managed by the Group. All transactions between key
management and their close family members and investments products which are
managed by the Group during the year are on terms which are equivalent to those
available to all employees of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
43.\u00a0 \u00a0 Capital management
(a) Capital and risk management policies and objectives
Managing capital is the ongoing process of determining and maintaining the quantity
and quality of capital appropriate for the Group and ensuring capital is deployed in a
manner consistent with the expectations of our stakeholders. For these purposes, the
Board considers our key stakeholders to be our clients, the providers of capital (our
equity holders and holders of our subordinated liabilities) and the Financial Conduct
Authority (FCA) as the lead prudential supervisor for the Group.
There are two primary objectives of capital management within the Group. The first
objective is to ensure that capital is, and will continue to be, adequate to maintain the
required level of financial stability of the Group and hence to provide an appropriate
degree of security to our stakeholders. The second objective is to create equity holder
value by driving profit attributable to equity holders.
The Group\u2019s treasury and capital management policy, which is subject to review at least
annually, forms one element of the Group\u2019s overall management framework. Most
notably, it operates alongside and complements the Group\u2019s strategic investment policy
and the Group risk policies. Integrating policies in this way enables the Group to have a
capital management framework that robustly links the process of capital allocation,
value creation and risk management.
Capital requirements are forecast on a periodic basis and assessed against the forecast
available own funds. In addition, rates of return achieved on capital invested are
assessed against hurdle rates, which are intended to represent the minimum
acceptable return given the risks associated with each investment. Ongoing monitoring
of investments is incorporated into the Group\u2019s established performance management
process. The capital planning process is the responsibility of the Chief Financial Officer.
Capital plans are subject to approval by the Board.
The formal procedures for identifying and assessing risks that could affect the capital
position of the Group are described in the Risk management section of the Strategic
report. Information on financial instruments risk is also provided in Note 35.
(b) Regulatory capital
(b)(i) Regulatory capital framework (unaudited)
The Group is supervised under the Investment Firms Prudential Regime (IFPR). The
Group\u2019s regulatory own funds position under IFPR is determined by consolidating the
eligible capital and reserves of the Group (subject to a number of deductions) to derive
regulatory own funds, and comparing this to the Group\u2019s regulatory capital
requirements.
Stress testing is completed to inform the appropriate level of regulatory capital and
liquidity that the Group must hold, with results shared with the FCA at least annually. In
addition, the Group monitors a range of capital and liquidity statistics on a daily, monthly
or less frequent basis as required. Surplus capital levels are forecast, taking account of
projected dividends and investment requirements, to ensure that appropriate levels of
own funds are maintained.
The Group is required to hold own funds to cover the higher of the Own Funds
Requirement and the Own Funds Threshold Requirement described below in complying
with the Overall Financial Adequacy Rule.
Own Funds Requirement
The Own Funds Requirement focuses on the Group\u2019s permanent minimum capital
requirement, its fixed overhead requirement and its K-factor requirement with the Own
Funds Requirement being the highest of the three. At 31\u00a0December 2025, the Group\u2019s
Own Funds Requirement was \u00a3274m.
Own Funds Threshold Requirement
The Own Funds Threshold Requirement supplements the Own Funds Requirement via
the Internal Capital Adequacy and Risk Assessment (ICARA), which is the means by
which the Group assesses the level of own funds that adequately supports all of the
relevant current and future risks in its business, taking into account potential periods of
financial stress during the economic cycle as well as a potential wind-down scenario
with the Own Funds Threshold Requirement being the highest of the two, as per the
Overall Financial Adequacy Rule. The results of the Group\u2019s ICARA process is subject to
periodic review by the FCA under the Supervisory Review and Evaluation Process (SREP).
Under IFPR the Group fully excludes the value of its holding in significant listed
investments from its own funds. IFPR also includes constraints on the proportion of the
minimum capital requirement that can be met by each tier of own funds. As a result,
approximately \u00a358m of Tier 2 own funds, whilst continuing to be reported within the
Group\u2019s own funds, is not available to meet the minimum capital requirement.
(b)(ii) IFPR (unaudited)
2025 1
2024
\u00a3m
\u00a3m
IFRS equity attributable to equity holders of Aberdeen Group plc
4,926
4,827
Deductions for intangibles and defined benefit pension assets, net of
related deferred tax liabilities
(2,080)
(2,160)
Deductions for significant investments in financial sector entities
(971)
(735)
Deductions for non-significant investments in financial sector entities
(12)
(12)
Other deductions and adjustments, including provision for
foreseeable dividend
(430)
(455)
Common Equity Tier 1 own funds
1,433
1,465
Additional Tier 1 own funds
207
207
Tier 1 own funds
1,640
1,672
Tier 2 own funds
278
417
Total own funds
1,918
2,089
Own Funds Threshold Requirement
879
1,054
CET1 capital coverage
163%
139%
Total capital coverage
218%
198%
1. 2025 position on 2\u00a0March 2026 following finalisation of the Annual report and accounts.
The Group has complied with all externally imposed capital requirements during
the\u00a0year.
Analysis of movements in CET1 own funds and respective
coverage
2025
2024
\u00a3m
%
\u00a3m
%
Opening CET1 own funds 1
1,465
167
1,466
139
Sources of capital
Adjusted capital generation
323
307
Disposals 2
\u2014
74
Uses of capital
Restructuring and corporate transaction
expenses (net of tax)
(84)
(69)
Dividends
(261)
(260)
Acquisitions 3
(10)
(20)
Other
\u2014
(33)
Total
1,433
163
1,465
139
1. 2025 coverage calculated based on Own Funds Threshold Requirement at 31 December 2025.
2. European-headquartered Private Equity business, Virgin Money UTM, threesixty business with related
intangibles and partial disposal of Focus Business Solutions in 2024.
3. D2C book from Jarvis in 2025. First Trust funds in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
44.\u00a0 \u00a0 Events after the reporting date
On 30 January 2026, the Group completed the disposal of the subsidiary abrdn Financial
Planning and Advice Limited. No gain or loss was realised from the disposal based on the
estimated fair value of the consideration received of \u00a318m and the carrying amount of
the subsidiary\u2019s net assets of \u00a318m as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
45.\u00a0 \u00a0 Related undertakings
The Companies Act 2006 requires disclosure of certain information about the
Group\u2019s related undertakings which is set out in this Note. Related undertakings are
subsidiaries, joint ventures, associates and other significant holdings. In this context
significant means either a shareholding greater than or equal to 20% of the nominal
value of any class of shares, or a book value greater than 20% of the Group\u2019s assets.
The particulars of the Company\u2019s related undertakings at 31\u00a0December 2025 are listed
below. For details of the Group\u2019s consolidation policy refer to (b) Basis of consolidation in
the Presentation of consolidated financial statements section. Under that policy, limited
partnerships and limited liability companies in which the Group has no interest but
whose general partner or manager is controlled by the Group are not consolidated.
However, such limited partnerships are considered to be subsidiaries under the
Companies Act 2006 and therefore are listed below. Where the Group has no interest
in\u00a0a limited partnership or limited liability company that is considered a related entity,
the\u00a0interest held is disclosed as 0%.
The ability of subsidiaries to transfer cash or other assets within the Group for example
through payment of cash dividends is generally restricted only by local laws and
regulations, and solvency requirements. Included in equity attributable to equity holders
of Aberdeen Group plc at 31\u00a0December 2025 is \u00a3111m (2024: \u00a398m) related to the
Aberdeen Group Charitable Trust, a subsidiary undertaking of the Group. The assets of
the Trust are restricted to be used for charitable purposes.
The registered head office of all related undertakings is 1 George Street, Edinburgh,
EH2\u00a02LL unless otherwise stated.
(a) Direct subsidiaries
Name of related undertaking
Share class 1
% interest held 2,3
30 STMA 4 Limited\u2074
Ordinary shares
100%
30 STMA 5 Limited\u2074
Ordinary shares
100%
6 SAS 3 Limited\u2074
Ordinary shares
100%
Aberdeen Corporate Services Limited
Ordinary shares
100%
Aberdeen Group Charitable Foundation
N/A
100%
Aberdeen Group Charitable Trust
N/A
100%
Aberdeen Platform Limited
Ordinary shares
100%
abrdn (Mauritius Holdings) 2006 Limited\u2075
Ordinary shares
100%
abrdn Client Management Limited
Ordinary shares
100%
abrdn Finance Limited
Ordinary shares
100%
abrdn Holdings Limited
Ordinary shares
100%
abrdn Investments (Holdings) Limited
Ordinary shares
100%
abrdn Trustee Company Limited
Ordinary shares
100%
AdviserOS Limited\u2074
Ordinary shares
100%
AdviserOS Platform Limited\u2074
Ordinary shares
100%
AdviserOS Trustee Company Limited\u2074
Ordinary shares
100%
Interactive Investor Limited\u2076
Ordinary shares
100%
The abrdn Company 2006
N/A
100%
(b) Other subsidiaries
Name of related undertaking
Share class 1
% interest held 2,3
6 SAS 1 Limited
Ordinary shares
100%
6 SAS 2 Limited
Ordinary shares
100%
Aberdeen Asia Enhanced Core Property Fund of Funds\u2077
SIF fund with only Class 1A
Units
0%
Aberdeen Asia III Property Fund Of Funds\u2077
SIF fund with only Class A1
Units
2%
Aberdeen Asia IV (General Partner) S.a.r.l.\u2078
Ordinary shares
100%
Aberdeen Asia Pacific Fund II, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific Fund, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific II (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III, LP\u2079
Limited Partnership
0%
Aberdeen Asia Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen ASIF Carry LP
Limited Partnership
25%
Aberdeen Asset Management (Thailand) Ltd\u00b9\u00b9
Ordinary shares
100%
Aberdeen Asset Management Denmark A/S\u00b9\u00b2
Ordinary shares
100%
Aberdeen Capital Managers GP LLC\u00b9\u2070
Limited Liability Company
100%
Aberdeen Claims Administration, Inc.\u00b9\u2070
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Aberdeen Direct Property (Holding) Limited\u2074
Ordinary shares
100%
Aberdeen Emerging Asia Fund, LP\u2079
Limited Partnership
0%
Aberdeen Emerging Asia Pacific II (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP\u2079
Limited Partnership
0%
Aberdeen Energy & Resource Company IV, LLC\u00b9\u2070
Limited Liability Company
73%
Aberdeen Energy & Resources Company V, LLC\u00b9\u2070
Limited Liability Company
93%
Aberdeen Energy & Resources Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen Energy & Resources Partners IV, LP\u00b9\u2070
Limited Partnership
1%
Aberdeen Energy & Resources Partners V, LP\u00b9\u2070
Limited Partnership
2%
Aberdeen European Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen European Infrastructure Co-Invest II LP\u2074
Limited Partnership
0%
Aberdeen European Infrastructure GP II Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure GP III Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure GP Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure III A Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure III B Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure IV Ltd\u2074
Ordinary shares
100%
Aberdeen European Infrastructure Partners Carry II LP
Limited Partnership
23%
Aberdeen European Infrastructure Partners Carry III LP
Limited Partnership
66%
Aberdeen European Infrastructure Partners Carry LP
Limited Partnership
25%
Aberdeen European Infrastructure Partners II LP\u2074
Limited Partnership
2%
Aberdeen European Infrastructure Partners III LP\u2074
Limited Partnership
5%
Aberdeen European Infrastructure Partners LP\u2074
Limited Partnership
3%
Aberdeen European Opportunities Property Fund of Funds LLC11\u00b9\u2070
Limited Liability Company
3%
Aberdeen European Residential Opportunities Fund SCSp\u2077
Limited Partnership
0%
Aberdeen Fund Distributors LLC\u00b9\u2070
Limited Liability Company
100%
Aberdeen General Partner CAPELP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CGPLP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CMENAPELP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CPELP II Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CPELP Limited\u2079
Ordinary shares
100%
Aberdeen Global ex-Japan GP Limited\u2079
Ordinary shares
100%
Aberdeen Global ex-Japan Property Fund of Funds LP\u2079
Limited Partnership
5%
Aberdeen Global Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen Global Infrastructure GP II Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Global Infrastructure GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Global Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Global Infrastructure Partners II LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Global Infrastructure Partners III Carry LP
Limited Partnership
40%
Name of related undertaking
Share class 1
% interest held 2,3
Aberdeen Global Infrastructure Partners LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Infrastructure Feeder GP Limited
Ordinary shares
100%
Aberdeen Infrastructure Finance GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Infrastructure GP II Limited\u2074
Ordinary shares
100%
Aberdeen Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Infrastructure Partners II LP\u2074
Limited Partnership
0%
Aberdeen Infrastructure Partners LP Inc\u00b9\u2074
Limited Partnership
0%
Aberdeen Investment Company Limited
Ordinary shares
100%
Aberdeen Keva Asia IV Property Partners SCSp\u2078
Limited Partnership
1%
Aberdeen Pension Trustees Limited
Ordinary shares
100%
Aberdeen Pooling II GP AB\u00b9\u2075
Ordinary shares
100%
Aberdeen Portfolio Solutions Limited\u2074
Ordinary shares
100%
Aberdeen Private Client Services Limited\u2076
Ordinary shares
100%
Aberdeen Property Investors (General Partner) S.a.r.l.\u00b9\u2076
Ordinary shares
100%
Aberdeen Property Investors The Netherlands BV\u00b9\u2077
Ordinary shares
100%
Aberdeen Property Secondaries Partners II\u2077
Limited Partnership
23%
Aberdeen Real Estate Fund Finland II LP\u00b9\u2078
Limited Partnership
100%
Aberdeen Real Estate Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen Secondaries II GP S.a.r.l.\u2077
Ordinary shares
100%
Aberdeen Sidecar LP Inc\u00b9\u2074
Limited Partnership
0%
Aberdeen Standard Carlsbad Carry LP
Limited Partnership
25%
Aberdeen Standard Carlsbad GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Standard Carlsbad LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Standard Core Infrastructure III LTP LP
Limited Partnership
25%
Aberdeen Standard Core Infrastructure III SCSp\u2077
Limited Partnership
2%
Aberdeen Standard European Infrastructure GP IV Limited\u2074
Ordinary shares
100%
Aberdeen Standard European Infrastructure Partners Carry IV LP
Limited Partnership
25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP\u2074
Limited Partnership
0%
Aberdeen Standard European Infrastructure Partners IV LP\u2074
Limited Partnership
5%
Aberdeen Standard European Long Income Real Estate Fund SCSp\u2077
Limited Partnership
9%
Aberdeen Standard Global Infrastructure GP III Ltd\u00b9\u00b3
Ordinary shares
100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP
Limited Partnership
25%
Aberdeen Standard Global Infrastructure Partners III LP\u00b9\u2074
Limited Partnership
5%
Aberdeen Standard Gulf Carry GP Limited
Ordinary shares
100%
Aberdeen Standard Gulf Carry LP
Limited Partnership
40%
Aberdeen Trust Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen Unit Trust Managers Limited
Ordinary shares
100%
abrdn - US SMID Cap Equity Fund\u00b9\u2070
Corporate Fund
100%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn (CRED II) GP Limited
Ordinary shares
100%
abrdn (General Partner CRED) Limited\u2074
Ordinary shares
100%
abrdn (General Partner ELIREF) S.a.r.l.\u2077
Ordinary shares
100%
abrdn (General Partner EPGF) Limited
Ordinary shares
100%
abrdn (General Partner PFF 2018) S.a.r.l.\u2077
Ordinary shares
100%
abrdn (General Partner SCF 1) Limited
Ordinary shares
100%
abrdn (IL Infrastructure Debt) GP Limited\u2074
Ordinary shares
100%
abrdn (SLSPS) Pension Trustee Company Ltd
Ordinary shares
100%
abrdn Alternative Funds Limited
Ordinary shares
100%
abrdn Alternative Holdings Limited
Ordinary shares
100%
abrdn Alternative Investments Limited\u2074
Ordinary shares
100%
abrdn Asia Limited\u00b9\u2079
Ordinary shares
100%
abrdn Brasil Investimentos Ltda\u00b2\u2070
Limited Liability Company
100%
abrdn Canada Limited\u00b2\u00b9
Ordinary shares
100%
abrdn Commercial Real Estate Debt II LP
Limited Partnership
\u2014%
abrdn Commercial Real Estate Debt LP\u2074
Limited Partnership
\u2014%
abrdn Corporate Secretary Limited
Ordinary shares
100%
abrdn Emerging Markets Equity ADR Fund\u00b9\u2070
Corporate Fund
100%
abrdn ETFs Sponsor LLC\u00b9\u2070
Limited Liability Company
100%
abrdn European Property Growth Fund LP\u2074
Limited Partnership
0%
abrdn European Sustainable Infrastructure Co-Invest V LP\u2074
Limited Partnership
0%
abrdn European Sustainable Infrastructure GP V Limited\u2074
Ordinary shares
100%
abrdn European Sustainable Infrastructure Partners Carry V LP
Limited Partnership
59%
abrdn European Sustainable Infrastructure Partners V LP\u2074
Limited Partnership
5%
abrdn FF USD 2 GP LLC\u00b9\u2070
Limited Liability Company
100%
abrdn Financial Planning & Advice Limited\u2074
Ordinary A shares Ordinary
B shares
100%
abrdn Founder Co Limited
Ordinary shares
100%
abrdn Fund Managers Limited\u2074
Ordinary shares
100%
abrdn Future Raw Materials UCITS ETF\u00b2\u00b2
ICAV
70%
abrdn Future Supply Chains UCITS ETF\u00b2\u00b2
ICAV
83%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP\u00b9\u2070
Limited Partnership
0%
abrdn Global Sustainable Infrastructure GP IV Ltd\u00b9\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV (Deeside) A Limited\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV (Deeside) B Limited\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV Carry LP
Limited Partnership
59%
abrdn Global Sustainable Infrastructure Partners IV LP\u00b9\u2074
Limited Partnership
6%
abrdn Hong Kong Limited\u00b2\u00b3
Ordinary shares
100%
abrdn Inc.\u00b9\u2070
Ordinary shares
100%
abrdn Inflation-Linked Infrastructure Debt LP\u2074
Limited Partnership
0%
abrdn Investment Management Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP)
Limited\u2074
Ordinary shares
100%
abrdn Investments Beteiligungs GmbH\u00b2\u2074
Limited Liability Company
90%
abrdn Investments Deutschland AG\u00b2\u2074
Ordinary shares
90%
abrdn Investments Group Limited\u2074
Ordinary shares
100%
abrdn Investments Holdings Europe Limited\u2074
Ordinary shares
100%
abrdn Investments Ireland Limited\u00b2\u2075
Ordinary shares
100%
abrdn Investments Jersey Limited\u00b2\u2076
Ordinary shares
100%
abrdn Investments Limited
Ordinary shares
100%
abrdn Investments Luxembourg Corporate Manager S.a r.l.\u2077
Ordinary shares
100%
abrdn Investments Luxembourg S.A.\u2077
Ordinary shares
100%
abrdn Investments Middle East Limited\u00b2\u2077
Ordinary shares
100%
abrdn Investments Switzerland AG\u00b2\u2078
Ordinary shares
100%
abrdn Islamic Malaysia Sdn. Bhd.\u00b2\u2079
Ordinary shares
100%
abrdn Japan Limited\u00b3\u2070
Ordinary shares
100%
abrdn Jersey Limited\u00b2\u2076
Ordinary shares
100%
abrdn Korea Co. Limited.\u00b3\u00b9
Ordinary shares
100%
abrdn Korea GP 2 Pte. Ltd\u00b3\u00b2
Ordinary shares
100%
abrdn Korea Separate Account 2 LP\u00b3\u00b2
Limited Partnership
1%
abrdn Life and Pensions Limited\u2074
Ordinary shares
100%
abrdn Malaysia Sdn. Bhd.\u00b2\u2079
Ordinary shares,
Irredeemable non-
convertible preference
shares
100%
abrdn MSPC General Partner S.a.r.l.\u2077
Ordinary shares
100%
abrdn Multi-Sector Private Credit Fund SCSp\u2077
Limited Partnership
3%
abrdn Nominees Services HK Limited\u00b2\u00b3
Ordinary shares
100%
abrdn Oceania Pty Ltd\u00b3\u00b3
Ordinary shares
100%
abrdn OEIC III - abrdn Multi-Sector Credit Fund\u2074
OEIC
100%
abrdn OEIC III - abrdn MyFolio Sustainable I Fund\u2074
OEIC
47%
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund\u2074
OEIC
46%
abrdn OldCo Limited\u00b3\u2074
Ordinary shares
75%
abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF\u2077
Limited Partnership
0%
abrdn Pan European Residential Property Fund SICAV-RAIF\u2077
Limited Partnership
0%
abrdn Phoenix Fund Financing SCSp\u2077
Limited Partnership
0%
abrdn Poinsettia GP Ltd\u2079
Ordinary shares
100%
abrdn Portfolio Investments Limited
Ordinary shares
100%
abrdn Portfolio Investments US Inc.\u00b9\u2070
Ordinary shares
100%
abrdn Premises Services Limited
Ordinary shares
100%
abrdn Private Credit (Luxembourg) GP S.a.r.l\u2077
Ordinary shares
100%
abrdn Private Fund Management (Shanghai) Company Limited\u00b3\u2075
Ordinary shares
100%
abrdn Private Real Assets Co-Investment Fund I GP, LLC\u00b9\u2070
Limited Liability Company
80%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Private Real Assets Co-Investment Fund I, LP\u00b9\u2070
Limited Partnership
1%
abrdn Property Investors France SAS\u00b3\u2076
Ordinary shares
100%
abrdn Real Estate Operations Limited
Ordinary shares
100%
abrdn Secure Credit LP
Limited Partnership
\u2014%
abrdn SGD Money Market Fund\u00b3\u2077
Unit trust
32%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited\u00b3\u2075
Ordinary shares
100%
abrdn SICAV I - Asia Pacific Dynamic Dividend Fund\u2077
SICAV
100%
abrdn SICAV I - Asian Credit Sustainable Bond Fund\u2077
SICAV
86%
abrdn SICAV I - Asian Sustainable Development Equity Fund\u2077
SICAV
88%
abrdn SICAV I - China Next Generation Fund\u2077
SICAV
73%
abrdn SICAV I - Climate Transition Bond Fund\u2077
SICAV
35%
abrdn SICAV II - Global Income Bond Fund\u2077
ICAV
51%
abrdn SICAV II - Macro Fixed Income Fund\u2077
SICAV
54%
abrdn UK Shopping Centre Feeder Fund Company Limited\u00b3\u2078
Ordinary shares
100%
abrdn UK Shopping Centre Feeder Fund Limited Partnership\u2074
Limited Partnership
100%
abrdn Wealthtech Singapore Pte. Ltd.\u00b3\u2079
Ordinary shares
100%
AEROF (Luxembourg) GP S.a.r.l.\u2077
Ordinary shares
100%
AERP V-A Master, LP\u00b9\u2070
Limited Partnership
0%
AIA Series T Holdings LLC\u00b9\u2070
Limited Liability Company
0%
AIP Co-investment Fund SCSp\u2077
Limited Partnership
0%
AIPP Folksam Europe II Kommanditbolag\u00b9\u2075
Limited Partnership
0%
AIPP Folksam Europe\u2077
Limited Partnership
0%
Andean Social Infrastructure (No. 1) Limited\u2074
Ordinary shares
100%
Andean Social Infrastructure Fund I LP\u2079
Limited Partnership
5%
Andean Social Infrastructure GP Limited\u2079
Ordinary shares
100%
Arden Garden State NJ Fund, LP\u2074\u2070
Limited Partnership
0%
Arthur House (No.6) Limited\u2074
Ordinary shares
100%
ASI (KFAS) RE GP LLP
Limited Liability Partnership
100%
ASI Direct RE GP LLP
Limited Liability Partnership
100%
ASI Han Co-Investment LP
Limited Partnership
93%
ASI REMM GP LLP
Limited Liability Partnership
100%
ASI Shin Co-Investment LP
Limited Partnership
100%
ASI Shin Global Investment GP Limited\u2079
Ordinary shares
100%
ASIF Sidecar Carry LP
Limited Partnership
25%
ASPER (Luxembourg) GP S.a.r.l.\u2077
Ordinary shares
100%
BOSEMP Feeder LP
Limited Partnership
0%
Buyout Ready Credit Nominal Fund\u00b2\u00b2
ICAV
49%
Buyout Ready Credit Real Fund\u00b2\u00b2
ICAV
100%
Coutts Global Property Limited Partnership\u2079
Limited Partnership
0%
Edinburgh Fund Managers Group Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Edinburgh Fund Managers Plc
Ordinary shares
100%
Edinburgh Unit Trust Managers Limited
Ordinary shares, Deferred
shares
100%
Elevate Portfolio Services Limited\u2074
Ordinary shares
100%
Fawley Propco Limited\u2074\u00b9
Ordinary shares
60%
Flag Asia Company III, LLC\u00b9\u2070
Limited Liability Company
100%
Flag Asia Company III, LP\u00b9\u2070
Limited Partnership
0%
Flag Energy & Resource Company III, LLC\u00b9\u2070
Limited Liability Company
0%
Flag Real Estate Company III, LLC\u00b9\u2070
Limited Liability Company
0%
Flag Squadron Asia Pacific III GP LP\u2079
Limited Partnership
100%
FSA III EA SPV, LP\u2079
Limited Partnership
0%
FSA III Pacific SPV, LP\u2079
Limited Partnership
0%
Godo Kaisha abrdn Portfolio Investments\u2074\u00b2
Ordinary shares
100%
GPMS Corporate Secretary Limited\u2074\u00b3
Ordinary shares
100%
Griffin Nominees Limited\u2074
Ordinary shares
100%
Interactive Investor Services Limited\u2076
Ordinary shares
100%
Interactive Investor Services Nominees Limited\u2076
Ordinary shares
100%
Investor Nominees (Dundee) Limited
Ordinary shares
100%
Investor Nominees Limited\u2076
Ordinary shares
100%
Investor SIPP Trustees Ltd\u2076
Ordinary shares
100%
KFAS Real Estate Limited Partnership
Limited Partnership
0%
Liability Aware Equity Nominal Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Equity Real Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Nominal Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Real Profile Fund\u00b2\u00b2
ICAV
100%
Local2Local Limited\u2074\u00b9
Ordinary shares
60%
Loimua Co-Investment Fund SCSp\u2077
Limited Partnership
100%
Murray Johnstone Limited
Ordinary shares
100%
Next Generation Rail Fund SCSp\u2077
Limited Partnership
100%
North East Trustees Limited\u2074
Ordinary A shares Ordinary
B shares
100%
Orion Partners CLP Inc.\u2074\u2074
Ordinary shares
100%
Orion Partners Services Inc.\u2074\u2074
Ordinary shares
100%
Ostara China Real Estate Fund LP\u2074\u2074
Limited Partnership
0%
Ostara Japan Fund 3 LP\u2074\u2074
Limited Partnership
1%
Ostara Korea GP 2 Pte. Ltd\u00b3\u00b2
Ordinary shares
100%
Ostara Korea Separate Account LP\u00b3\u00b2
Limited Partnership
0%
Ostara Partners Inc. China\u2074\u2074
Ordinary shares
100%
Ostara Partners Inc. Japan 3\u2074\u2074
Ordinary shares
100%
Pearson Jones & Company (Trustees) Limited\u2074
Ordinary shares
100%
Pearson Jones Nominees Limited\u2074
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Poinsettia Holdco LP\u2079
Limited Partnership
0%
Samson GP S. r.l.\u2077
Limited Partnership
10000%
SG Commercial LLP\u2074\u00b9
Limited Liability Partnership
60%
SGPS Trustee Limited\u2074\u2075
Ordinary shares
100%
Share Nominees Limited\u2076
Ordinary shares
100%
Shin Global Investment Partners LP\u2079
Limited Partnership
0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp\u2077
Limited Partnership
0%
SL Capital Infrastructure I GP LP
Limited Partnership
100%
SL Capital Infrastructure I LP
Limited Partnership
0%
SL Capital Infrastructure II LTP LP
Limited Partnership
25%
SL Capital Infrastructure II SCSp\u2077
Limited Partnership
1%
SL Capital Infrastructure Secondary I GP LP
Limited Partnership
25%
SL Capital Infrastructure Secondary I LP
Limited Partnership
0%
SL Capital Infrastructure Secondary II LP
Limited Partnership
0%
SLCI I Executive Co Investment Limited Partnership
Limited Partnership
0%
SLCI II Executive Co-Investment LP
Limited Partnership
0%
SLCI Rail Co-Invest LP
Limited Partnership
0%
SLCP (General Partner Infrastructure I) Limited
Ordinary shares
100%
SLCP (General Partner Infrastructure Secondary I) Limited
Ordinary shares
100%
SLIPC (General Partner Infrastructure II LTP 2017) Limited
Ordinary shares
100%
SLIPC (General Partner Infrastructure II) S.a.r.l.\u2077
Ordinary shares
100%
SLIPC (General Partner Infrastructure III) S. r.l.\u2077
Ordinary shares
100%
Squadron Asia Pacific Fund II, LP\u2079
Limited Partnership
0%
Squadron Asia Pacific Fund, LP\u2079
Limited Partnership
0%
Squadron Capital Asia Pacific GP, LP\u2079
Limited Partnership
100%
Squadron Capital Asia Pacific II GP LP\u2079
Limited Partnership
100%
Squadron Capital Partners Limited\u2079
Ordinary shares
100%
Squadron GP Participation II, LP\u2079
Limited Partnership
0%
Squadron GP Participation, LP\u2079
Limited Partnership
0%
Standard Life Investments (General Partner European Real Estate Club II)
Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner European Real Estate Club III)
Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner European Real Estate Club) Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner GARS) Limited
Ordinary shares
100%
Standard Life Investments (General Partner GFS) Limited
Ordinary shares
100%
Standard Life Investments (General Partner Global Tactical Asset Allocation)
Limited
Ordinary shares
100%
Standard Life Investments (General Partner MAC) Limited
Ordinary shares
100%
Standard Life Investments Brent Cross General Partner Limited
Ordinary shares
100%
Standard Life investments Brent Cross LP
Limited Partnership
0%
Tenon Nominees Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Touchstone Insurance Company Limited\u2074\u2076
Ordinary shares
100%
TLLF GP Ltd\u2074\u00b9
Ordinary shares
60%
Tritax abrdn Supply Chain Carry GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax abrdn Supply Chain Carry LP\u2074\u00b3
Limited Partnership
12%
Tritax abrdn Supply Chain GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax abrdn Supply Chain LP\u2074\u00b9
Limited Partnership
0%
Tritax Assets LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax LMR Carry GP LLP\u2074\u00b3
Limited Liability Partnership
60%
Tritax LMR Carry Limited Partnership\u2074\u00b3
Limited Partnership
0%
Tritax London Logistics GP Limited\u2074\u00b9
Ordinary shares
60%
Tritax London Logistics Limited Partnership\u2074\u00b9
Limited Partnership
0%
Tritax London Logistics Nominees B Limited\u2074\u00b9
Ordinary shares
60%
Tritax London Logistics Nominees Limited\u2074\u00b9
Ordinary shares
60%
Tritax Management LLP\u2074
Limited Liability Partnership
60%
Tritax Powerbox Carry GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax Powerbox 1 LP\u2074\u00b9
Limited Partnership
60%
Tritax Powerbox Carry LP\u2074\u00b3
Limited Partnership
60%
Tritax Securities LLP\u2074\u00b9
Limited Liability Partnership
60%
UK PRS Opportunities General Partner Limited\u2074
Ordinary shares
100%
UK PRS Opportunities LP\u2074
Limited Partnership
0%
VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG\u00b2\u2074
Limited Partnership
0%
VZWL Private Equity GmbH & Co geschlossene Investment KG\u00b2\u2074
Limited Partnership
0%
(c)
Registered offices
4
280 Bishopsgate, London, EC2M 4AG
5
c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius
6
201 Deansgate, Manchester, England, M3 3NW
7
35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
8
287-289, route d'Arlon, L-1150 Luxembourg, Luxembourg
9
c/o Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands
10
c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA
11
Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand
12
Strandvejen 171,3, 2900 Hellerup, Denmark
13
Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
14
Top Floor, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
15
Box 162 85, 103 25 Stockholm, Sweden
16
2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
17
WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands
18
One London Wall, London, EC2Y 5AB
19
7 Straits View, #23-04 Marina One East Tower, 018936, Singapore
20
Sao Paulo, Avenida Presidente Juscelino Kubitschek, 1327, Vila Nova Conceicao, 04543-011, Brazil
21
4 Chipman Hill, Suite 100, Saint John, New Brunswick, E2L 2A9, Canada
22
3rd Floor, 55 Charlemont Place, Dublin 2, D02 R296, Ireland
23
6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
24
Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
25
2-4 Merrion Row, Dublin 2, D02 WP23, Ireland
26
44 Esplanade, St Helier, Jersey, JE4 9WG
27
Cloud Suite 403, 11th floor, Al Sarab Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi,
UAE,PO Box 5327224
28
Schweizergasse 14, Zurich, 8001, Switzerland
29
Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala Lumpur, Malaysia
30
Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
31
13th Fl, B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero, Seocho-gu, Seoul, Korea
32
9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
33
Governor Macquarie Tower, Level 40, 1 Farrer Place, Sydney, NSW, 2000, Australia
34
C/O Grant Thornton Uk Advisory & Tax Llp, 7 Castle Street, Edinburgh, EH2 3AH
35
West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone
36
19 Avenue de l'Opera 75001 Paris
37
5 Changi Business Park Crescent, Level 5, Singapore 486027
38
Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
39
1 Marina Boulevard, #28-00, 018989, Singapore
40
1900 Market Street, Suite 200, Philadelphia, PA 19103, USA
41
72 Broadwick Street, London, W1F 9QZ
42
Tokyo Kyodo Accounting Office, 1-4-1 Marunouchi, Chiyoda-ku, Tokyo, 100-0005
43
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
44
Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, Grand Cayman, KY1-9010,
Cayman Islands
45
10 Dunkeld Road, Perth, Perthshire, United Kingdom, PH1 5TW
46
c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT
47
c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102,
Cayman Islands
48
71-75 Shelton Street, London, WC2H 9JQ
49
9 - 10 St Andrew Square, Edinburgh, EH2 2AF
50
8 Hamilton Terrace, Leamington Spa, United Kingdom, CV32 4LY
51
18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People\u2019s Republic of China, 300051
52
1, rue Jean Piret, L-2350 Luxembourg, Luxembourg
53
c/o Interpath Advisory, 10 Fleet Place, London, EC4M 7RB
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
45.\u00a0 \u00a0 Related undertakings
The Companies Act 2006 requires disclosure of certain information about the
Group\u2019s related undertakings which is set out in this Note. Related undertakings are
subsidiaries, joint ventures, associates and other significant holdings. In this context
significant means either a shareholding greater than or equal to 20% of the nominal
value of any class of shares, or a book value greater than 20% of the Group\u2019s assets.
The particulars of the Company\u2019s related undertakings at 31\u00a0December 2025 are listed
below. For details of the Group\u2019s consolidation policy refer to (b) Basis of consolidation in
the Presentation of consolidated financial statements section. Under that policy, limited
partnerships and limited liability companies in which the Group has no interest but
whose general partner or manager is controlled by the Group are not consolidated.
However, such limited partnerships are considered to be subsidiaries under the
Companies Act 2006 and therefore are listed below. Where the Group has no interest
in\u00a0a limited partnership or limited liability company that is considered a related entity,
the\u00a0interest held is disclosed as 0%.
The ability of subsidiaries to transfer cash or other assets within the Group for example
through payment of cash dividends is generally restricted only by local laws and
regulations, and solvency requirements. Included in equity attributable to equity holders
of Aberdeen Group plc at 31\u00a0December 2025 is \u00a3111m (2024: \u00a398m) related to the
Aberdeen Group Charitable Trust, a subsidiary undertaking of the Group. The assets of
the Trust are restricted to be used for charitable purposes.
The registered head office of all related undertakings is 1 George Street, Edinburgh,
EH2\u00a02LL unless otherwise stated.
(a) Direct subsidiaries
Name of related undertaking
Share class 1
% interest held 2,3
30 STMA 4 Limited\u2074
Ordinary shares
100%
30 STMA 5 Limited\u2074
Ordinary shares
100%
6 SAS 3 Limited\u2074
Ordinary shares
100%
Aberdeen Corporate Services Limited
Ordinary shares
100%
Aberdeen Group Charitable Foundation
N/A
100%
Aberdeen Group Charitable Trust
N/A
100%
Aberdeen Platform Limited
Ordinary shares
100%
abrdn (Mauritius Holdings) 2006 Limited\u2075
Ordinary shares
100%
abrdn Client Management Limited
Ordinary shares
100%
abrdn Finance Limited
Ordinary shares
100%
abrdn Holdings Limited
Ordinary shares
100%
abrdn Investments (Holdings) Limited
Ordinary shares
100%
abrdn Trustee Company Limited
Ordinary shares
100%
AdviserOS Limited\u2074
Ordinary shares
100%
AdviserOS Platform Limited\u2074
Ordinary shares
100%
AdviserOS Trustee Company Limited\u2074
Ordinary shares
100%
Interactive Investor Limited\u2076
Ordinary shares
100%
The abrdn Company 2006
N/A
100%
(b) Other subsidiaries
Name of related undertaking
Share class 1
% interest held 2,3
6 SAS 1 Limited
Ordinary shares
100%
6 SAS 2 Limited
Ordinary shares
100%
Aberdeen Asia Enhanced Core Property Fund of Funds\u2077
SIF fund with only Class 1A
Units
0%
Aberdeen Asia III Property Fund Of Funds\u2077
SIF fund with only Class A1
Units
2%
Aberdeen Asia IV (General Partner) S.a.r.l.\u2078
Ordinary shares
100%
Aberdeen Asia Pacific Fund II, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific Fund, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific II (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP\u2079
Limited Partnership
0%
Aberdeen Asia Pacific III, LP\u2079
Limited Partnership
0%
Aberdeen Asia Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen ASIF Carry LP
Limited Partnership
25%
Aberdeen Asset Management (Thailand) Ltd\u00b9\u00b9
Ordinary shares
100%
Aberdeen Asset Management Denmark A/S\u00b9\u00b2
Ordinary shares
100%
Aberdeen Capital Managers GP LLC\u00b9\u2070
Limited Liability Company
100%
Aberdeen Claims Administration, Inc.\u00b9\u2070
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Aberdeen Direct Property (Holding) Limited\u2074
Ordinary shares
100%
Aberdeen Emerging Asia Fund, LP\u2079
Limited Partnership
0%
Aberdeen Emerging Asia Pacific II (Offshore), LP\u2079
Limited Partnership
0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP\u2079
Limited Partnership
0%
Aberdeen Energy & Resource Company IV, LLC\u00b9\u2070
Limited Liability Company
73%
Aberdeen Energy & Resources Company V, LLC\u00b9\u2070
Limited Liability Company
93%
Aberdeen Energy & Resources Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen Energy & Resources Partners IV, LP\u00b9\u2070
Limited Partnership
1%
Aberdeen Energy & Resources Partners V, LP\u00b9\u2070
Limited Partnership
2%
Aberdeen European Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen European Infrastructure Co-Invest II LP\u2074
Limited Partnership
0%
Aberdeen European Infrastructure GP II Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure GP III Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure GP Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure III A Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure III B Limited\u2074
Ordinary shares
100%
Aberdeen European Infrastructure IV Ltd\u2074
Ordinary shares
100%
Aberdeen European Infrastructure Partners Carry II LP
Limited Partnership
23%
Aberdeen European Infrastructure Partners Carry III LP
Limited Partnership
66%
Aberdeen European Infrastructure Partners Carry LP
Limited Partnership
25%
Aberdeen European Infrastructure Partners II LP\u2074
Limited Partnership
2%
Aberdeen European Infrastructure Partners III LP\u2074
Limited Partnership
5%
Aberdeen European Infrastructure Partners LP\u2074
Limited Partnership
3%
Aberdeen European Opportunities Property Fund of Funds LLC11\u00b9\u2070
Limited Liability Company
3%
Aberdeen European Residential Opportunities Fund SCSp\u2077
Limited Partnership
0%
Aberdeen Fund Distributors LLC\u00b9\u2070
Limited Liability Company
100%
Aberdeen General Partner CAPELP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CGPLP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CMENAPELP Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CPELP II Limited\u2079
Ordinary shares
100%
Aberdeen General Partner CPELP Limited\u2079
Ordinary shares
100%
Aberdeen Global ex-Japan GP Limited\u2079
Ordinary shares
100%
Aberdeen Global ex-Japan Property Fund of Funds LP\u2079
Limited Partnership
5%
Aberdeen Global Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen Global Infrastructure GP II Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Global Infrastructure GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Global Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Global Infrastructure Partners II LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Global Infrastructure Partners III Carry LP
Limited Partnership
40%
Name of related undertaking
Share class 1
% interest held 2,3
Aberdeen Global Infrastructure Partners LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Infrastructure Feeder GP Limited
Ordinary shares
100%
Aberdeen Infrastructure Finance GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Infrastructure GP II Limited\u2074
Ordinary shares
100%
Aberdeen Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Infrastructure Partners II LP\u2074
Limited Partnership
0%
Aberdeen Infrastructure Partners LP Inc\u00b9\u2074
Limited Partnership
0%
Aberdeen Investment Company Limited
Ordinary shares
100%
Aberdeen Keva Asia IV Property Partners SCSp\u2078
Limited Partnership
1%
Aberdeen Pension Trustees Limited
Ordinary shares
100%
Aberdeen Pooling II GP AB\u00b9\u2075
Ordinary shares
100%
Aberdeen Portfolio Solutions Limited\u2074
Ordinary shares
100%
Aberdeen Private Client Services Limited\u2076
Ordinary shares
100%
Aberdeen Property Investors (General Partner) S.a.r.l.\u00b9\u2076
Ordinary shares
100%
Aberdeen Property Investors The Netherlands BV\u00b9\u2077
Ordinary shares
100%
Aberdeen Property Secondaries Partners II\u2077
Limited Partnership
23%
Aberdeen Real Estate Fund Finland II LP\u00b9\u2078
Limited Partnership
100%
Aberdeen Real Estate Partners III, LP\u00b9\u2070
Limited Partnership
0%
Aberdeen Secondaries II GP S.a.r.l.\u2077
Ordinary shares
100%
Aberdeen Sidecar LP Inc\u00b9\u2074
Limited Partnership
0%
Aberdeen Standard Carlsbad Carry LP
Limited Partnership
25%
Aberdeen Standard Carlsbad GP Limited\u00b9\u00b3
Ordinary shares
100%
Aberdeen Standard Carlsbad LP\u00b9\u2074
Limited Partnership
0%
Aberdeen Standard Core Infrastructure III LTP LP
Limited Partnership
25%
Aberdeen Standard Core Infrastructure III SCSp\u2077
Limited Partnership
2%
Aberdeen Standard European Infrastructure GP IV Limited\u2074
Ordinary shares
100%
Aberdeen Standard European Infrastructure Partners Carry IV LP
Limited Partnership
25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP\u2074
Limited Partnership
0%
Aberdeen Standard European Infrastructure Partners IV LP\u2074
Limited Partnership
5%
Aberdeen Standard European Long Income Real Estate Fund SCSp\u2077
Limited Partnership
9%
Aberdeen Standard Global Infrastructure GP III Ltd\u00b9\u00b3
Ordinary shares
100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP
Limited Partnership
25%
Aberdeen Standard Global Infrastructure Partners III LP\u00b9\u2074
Limited Partnership
5%
Aberdeen Standard Gulf Carry GP Limited
Ordinary shares
100%
Aberdeen Standard Gulf Carry LP
Limited Partnership
40%
Aberdeen Trust Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen Unit Trust Managers Limited
Ordinary shares
100%
abrdn - US SMID Cap Equity Fund\u00b9\u2070
Corporate Fund
100%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn (CRED II) GP Limited
Ordinary shares
100%
abrdn (General Partner CRED) Limited\u2074
Ordinary shares
100%
abrdn (General Partner ELIREF) S.a.r.l.\u2077
Ordinary shares
100%
abrdn (General Partner EPGF) Limited
Ordinary shares
100%
abrdn (General Partner PFF 2018) S.a.r.l.\u2077
Ordinary shares
100%
abrdn (General Partner SCF 1) Limited
Ordinary shares
100%
abrdn (IL Infrastructure Debt) GP Limited\u2074
Ordinary shares
100%
abrdn (SLSPS) Pension Trustee Company Ltd
Ordinary shares
100%
abrdn Alternative Funds Limited
Ordinary shares
100%
abrdn Alternative Holdings Limited
Ordinary shares
100%
abrdn Alternative Investments Limited\u2074
Ordinary shares
100%
abrdn Asia Limited\u00b9\u2079
Ordinary shares
100%
abrdn Brasil Investimentos Ltda\u00b2\u2070
Limited Liability Company
100%
abrdn Canada Limited\u00b2\u00b9
Ordinary shares
100%
abrdn Commercial Real Estate Debt II LP
Limited Partnership
\u2014%
abrdn Commercial Real Estate Debt LP\u2074
Limited Partnership
\u2014%
abrdn Corporate Secretary Limited
Ordinary shares
100%
abrdn Emerging Markets Equity ADR Fund\u00b9\u2070
Corporate Fund
100%
abrdn ETFs Sponsor LLC\u00b9\u2070
Limited Liability Company
100%
abrdn European Property Growth Fund LP\u2074
Limited Partnership
0%
abrdn European Sustainable Infrastructure Co-Invest V LP\u2074
Limited Partnership
0%
abrdn European Sustainable Infrastructure GP V Limited\u2074
Ordinary shares
100%
abrdn European Sustainable Infrastructure Partners Carry V LP
Limited Partnership
59%
abrdn European Sustainable Infrastructure Partners V LP\u2074
Limited Partnership
5%
abrdn FF USD 2 GP LLC\u00b9\u2070
Limited Liability Company
100%
abrdn Financial Planning & Advice Limited\u2074
Ordinary A shares Ordinary
B shares
100%
abrdn Founder Co Limited
Ordinary shares
100%
abrdn Fund Managers Limited\u2074
Ordinary shares
100%
abrdn Future Raw Materials UCITS ETF\u00b2\u00b2
ICAV
70%
abrdn Future Supply Chains UCITS ETF\u00b2\u00b2
ICAV
83%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP\u00b9\u2070
Limited Partnership
0%
abrdn Global Sustainable Infrastructure GP IV Ltd\u00b9\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV (Deeside) A Limited\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV (Deeside) B Limited\u2074
Ordinary shares
100%
abrdn Global Sustainable Infrastructure IV Carry LP
Limited Partnership
59%
abrdn Global Sustainable Infrastructure Partners IV LP\u00b9\u2074
Limited Partnership
6%
abrdn Hong Kong Limited\u00b2\u00b3
Ordinary shares
100%
abrdn Inc.\u00b9\u2070
Ordinary shares
100%
abrdn Inflation-Linked Infrastructure Debt LP\u2074
Limited Partnership
0%
abrdn Investment Management Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP)
Limited\u2074
Ordinary shares
100%
abrdn Investments Beteiligungs GmbH\u00b2\u2074
Limited Liability Company
90%
abrdn Investments Deutschland AG\u00b2\u2074
Ordinary shares
90%
abrdn Investments Group Limited\u2074
Ordinary shares
100%
abrdn Investments Holdings Europe Limited\u2074
Ordinary shares
100%
abrdn Investments Ireland Limited\u00b2\u2075
Ordinary shares
100%
abrdn Investments Jersey Limited\u00b2\u2076
Ordinary shares
100%
abrdn Investments Limited
Ordinary shares
100%
abrdn Investments Luxembourg Corporate Manager S.a r.l.\u2077
Ordinary shares
100%
abrdn Investments Luxembourg S.A.\u2077
Ordinary shares
100%
abrdn Investments Middle East Limited\u00b2\u2077
Ordinary shares
100%
abrdn Investments Switzerland AG\u00b2\u2078
Ordinary shares
100%
abrdn Islamic Malaysia Sdn. Bhd.\u00b2\u2079
Ordinary shares
100%
abrdn Japan Limited\u00b3\u2070
Ordinary shares
100%
abrdn Jersey Limited\u00b2\u2076
Ordinary shares
100%
abrdn Korea Co. Limited.\u00b3\u00b9
Ordinary shares
100%
abrdn Korea GP 2 Pte. Ltd\u00b3\u00b2
Ordinary shares
100%
abrdn Korea Separate Account 2 LP\u00b3\u00b2
Limited Partnership
1%
abrdn Life and Pensions Limited\u2074
Ordinary shares
100%
abrdn Malaysia Sdn. Bhd.\u00b2\u2079
Ordinary shares,
Irredeemable non-
convertible preference
shares
100%
abrdn MSPC General Partner S.a.r.l.\u2077
Ordinary shares
100%
abrdn Multi-Sector Private Credit Fund SCSp\u2077
Limited Partnership
3%
abrdn Nominees Services HK Limited\u00b2\u00b3
Ordinary shares
100%
abrdn Oceania Pty Ltd\u00b3\u00b3
Ordinary shares
100%
abrdn OEIC III - abrdn Multi-Sector Credit Fund\u2074
OEIC
100%
abrdn OEIC III - abrdn MyFolio Sustainable I Fund\u2074
OEIC
47%
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund\u2074
OEIC
46%
abrdn OldCo Limited\u00b3\u2074
Ordinary shares
75%
abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF\u2077
Limited Partnership
0%
abrdn Pan European Residential Property Fund SICAV-RAIF\u2077
Limited Partnership
0%
abrdn Phoenix Fund Financing SCSp\u2077
Limited Partnership
0%
abrdn Poinsettia GP Ltd\u2079
Ordinary shares
100%
abrdn Portfolio Investments Limited
Ordinary shares
100%
abrdn Portfolio Investments US Inc.\u00b9\u2070
Ordinary shares
100%
abrdn Premises Services Limited
Ordinary shares
100%
abrdn Private Credit (Luxembourg) GP S.a.r.l\u2077
Ordinary shares
100%
abrdn Private Fund Management (Shanghai) Company Limited\u00b3\u2075
Ordinary shares
100%
abrdn Private Real Assets Co-Investment Fund I GP, LLC\u00b9\u2070
Limited Liability Company
80%
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Private Real Assets Co-Investment Fund I, LP\u00b9\u2070
Limited Partnership
1%
abrdn Property Investors France SAS\u00b3\u2076
Ordinary shares
100%
abrdn Real Estate Operations Limited
Ordinary shares
100%
abrdn Secure Credit LP
Limited Partnership
\u2014%
abrdn SGD Money Market Fund\u00b3\u2077
Unit trust
32%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited\u00b3\u2075
Ordinary shares
100%
abrdn SICAV I - Asia Pacific Dynamic Dividend Fund\u2077
SICAV
100%
abrdn SICAV I - Asian Credit Sustainable Bond Fund\u2077
SICAV
86%
abrdn SICAV I - Asian Sustainable Development Equity Fund\u2077
SICAV
88%
abrdn SICAV I - China Next Generation Fund\u2077
SICAV
73%
abrdn SICAV I - Climate Transition Bond Fund\u2077
SICAV
35%
abrdn SICAV II - Global Income Bond Fund\u2077
ICAV
51%
abrdn SICAV II - Macro Fixed Income Fund\u2077
SICAV
54%
abrdn UK Shopping Centre Feeder Fund Company Limited\u00b3\u2078
Ordinary shares
100%
abrdn UK Shopping Centre Feeder Fund Limited Partnership\u2074
Limited Partnership
100%
abrdn Wealthtech Singapore Pte. Ltd.\u00b3\u2079
Ordinary shares
100%
AEROF (Luxembourg) GP S.a.r.l.\u2077
Ordinary shares
100%
AERP V-A Master, LP\u00b9\u2070
Limited Partnership
0%
AIA Series T Holdings LLC\u00b9\u2070
Limited Liability Company
0%
AIP Co-investment Fund SCSp\u2077
Limited Partnership
0%
AIPP Folksam Europe II Kommanditbolag\u00b9\u2075
Limited Partnership
0%
AIPP Folksam Europe\u2077
Limited Partnership
0%
Andean Social Infrastructure (No. 1) Limited\u2074
Ordinary shares
100%
Andean Social Infrastructure Fund I LP\u2079
Limited Partnership
5%
Andean Social Infrastructure GP Limited\u2079
Ordinary shares
100%
Arden Garden State NJ Fund, LP\u2074\u2070
Limited Partnership
0%
Arthur House (No.6) Limited\u2074
Ordinary shares
100%
ASI (KFAS) RE GP LLP
Limited Liability Partnership
100%
ASI Direct RE GP LLP
Limited Liability Partnership
100%
ASI Han Co-Investment LP
Limited Partnership
93%
ASI REMM GP LLP
Limited Liability Partnership
100%
ASI Shin Co-Investment LP
Limited Partnership
100%
ASI Shin Global Investment GP Limited\u2079
Ordinary shares
100%
ASIF Sidecar Carry LP
Limited Partnership
25%
ASPER (Luxembourg) GP S.a.r.l.\u2077
Ordinary shares
100%
BOSEMP Feeder LP
Limited Partnership
0%
Buyout Ready Credit Nominal Fund\u00b2\u00b2
ICAV
49%
Buyout Ready Credit Real Fund\u00b2\u00b2
ICAV
100%
Coutts Global Property Limited Partnership\u2079
Limited Partnership
0%
Edinburgh Fund Managers Group Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Edinburgh Fund Managers Plc
Ordinary shares
100%
Edinburgh Unit Trust Managers Limited
Ordinary shares, Deferred
shares
100%
Elevate Portfolio Services Limited\u2074
Ordinary shares
100%
Fawley Propco Limited\u2074\u00b9
Ordinary shares
60%
Flag Asia Company III, LLC\u00b9\u2070
Limited Liability Company
100%
Flag Asia Company III, LP\u00b9\u2070
Limited Partnership
0%
Flag Energy & Resource Company III, LLC\u00b9\u2070
Limited Liability Company
0%
Flag Real Estate Company III, LLC\u00b9\u2070
Limited Liability Company
0%
Flag Squadron Asia Pacific III GP LP\u2079
Limited Partnership
100%
FSA III EA SPV, LP\u2079
Limited Partnership
0%
FSA III Pacific SPV, LP\u2079
Limited Partnership
0%
Godo Kaisha abrdn Portfolio Investments\u2074\u00b2
Ordinary shares
100%
GPMS Corporate Secretary Limited\u2074\u00b3
Ordinary shares
100%
Griffin Nominees Limited\u2074
Ordinary shares
100%
Interactive Investor Services Limited\u2076
Ordinary shares
100%
Interactive Investor Services Nominees Limited\u2076
Ordinary shares
100%
Investor Nominees (Dundee) Limited
Ordinary shares
100%
Investor Nominees Limited\u2076
Ordinary shares
100%
Investor SIPP Trustees Ltd\u2076
Ordinary shares
100%
KFAS Real Estate Limited Partnership
Limited Partnership
0%
Liability Aware Equity Nominal Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Equity Real Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Nominal Profile Fund\u00b2\u00b2
ICAV
100%
Liability Aware Real Profile Fund\u00b2\u00b2
ICAV
100%
Local2Local Limited\u2074\u00b9
Ordinary shares
60%
Loimua Co-Investment Fund SCSp\u2077
Limited Partnership
100%
Murray Johnstone Limited
Ordinary shares
100%
Next Generation Rail Fund SCSp\u2077
Limited Partnership
100%
North East Trustees Limited\u2074
Ordinary A shares Ordinary
B shares
100%
Orion Partners CLP Inc.\u2074\u2074
Ordinary shares
100%
Orion Partners Services Inc.\u2074\u2074
Ordinary shares
100%
Ostara China Real Estate Fund LP\u2074\u2074
Limited Partnership
0%
Ostara Japan Fund 3 LP\u2074\u2074
Limited Partnership
1%
Ostara Korea GP 2 Pte. Ltd\u00b3\u00b2
Ordinary shares
100%
Ostara Korea Separate Account LP\u00b3\u00b2
Limited Partnership
0%
Ostara Partners Inc. China\u2074\u2074
Ordinary shares
100%
Ostara Partners Inc. Japan 3\u2074\u2074
Ordinary shares
100%
Pearson Jones & Company (Trustees) Limited\u2074
Ordinary shares
100%
Pearson Jones Nominees Limited\u2074
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Poinsettia Holdco LP\u2079
Limited Partnership
0%
Samson GP S. r.l.\u2077
Limited Partnership
10000%
SG Commercial LLP\u2074\u00b9
Limited Liability Partnership
60%
SGPS Trustee Limited\u2074\u2075
Ordinary shares
100%
Share Nominees Limited\u2076
Ordinary shares
100%
Shin Global Investment Partners LP\u2079
Limited Partnership
0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp\u2077
Limited Partnership
0%
SL Capital Infrastructure I GP LP
Limited Partnership
100%
SL Capital Infrastructure I LP
Limited Partnership
0%
SL Capital Infrastructure II LTP LP
Limited Partnership
25%
SL Capital Infrastructure II SCSp\u2077
Limited Partnership
1%
SL Capital Infrastructure Secondary I GP LP
Limited Partnership
25%
SL Capital Infrastructure Secondary I LP
Limited Partnership
0%
SL Capital Infrastructure Secondary II LP
Limited Partnership
0%
SLCI I Executive Co Investment Limited Partnership
Limited Partnership
0%
SLCI II Executive Co-Investment LP
Limited Partnership
0%
SLCI Rail Co-Invest LP
Limited Partnership
0%
SLCP (General Partner Infrastructure I) Limited
Ordinary shares
100%
SLCP (General Partner Infrastructure Secondary I) Limited
Ordinary shares
100%
SLIPC (General Partner Infrastructure II LTP 2017) Limited
Ordinary shares
100%
SLIPC (General Partner Infrastructure II) S.a.r.l.\u2077
Ordinary shares
100%
SLIPC (General Partner Infrastructure III) S. r.l.\u2077
Ordinary shares
100%
Squadron Asia Pacific Fund II, LP\u2079
Limited Partnership
0%
Squadron Asia Pacific Fund, LP\u2079
Limited Partnership
0%
Squadron Capital Asia Pacific GP, LP\u2079
Limited Partnership
100%
Squadron Capital Asia Pacific II GP LP\u2079
Limited Partnership
100%
Squadron Capital Partners Limited\u2079
Ordinary shares
100%
Squadron GP Participation II, LP\u2079
Limited Partnership
0%
Squadron GP Participation, LP\u2079
Limited Partnership
0%
Standard Life Investments (General Partner European Real Estate Club II)
Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner European Real Estate Club III)
Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner European Real Estate Club) Limited\u2074
Ordinary shares
100%
Standard Life Investments (General Partner GARS) Limited
Ordinary shares
100%
Standard Life Investments (General Partner GFS) Limited
Ordinary shares
100%
Standard Life Investments (General Partner Global Tactical Asset Allocation)
Limited
Ordinary shares
100%
Standard Life Investments (General Partner MAC) Limited
Ordinary shares
100%
Standard Life Investments Brent Cross General Partner Limited
Ordinary shares
100%
Standard Life investments Brent Cross LP
Limited Partnership
0%
Tenon Nominees Limited
Ordinary shares
100%
Name of related undertaking
Share class 1
% interest held 2,3
Touchstone Insurance Company Limited\u2074\u2076
Ordinary shares
100%
TLLF GP Ltd\u2074\u00b9
Ordinary shares
60%
Tritax abrdn Supply Chain Carry GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax abrdn Supply Chain Carry LP\u2074\u00b3
Limited Partnership
12%
Tritax abrdn Supply Chain GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax abrdn Supply Chain LP\u2074\u00b9
Limited Partnership
0%
Tritax Assets LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax LMR Carry GP LLP\u2074\u00b3
Limited Liability Partnership
60%
Tritax LMR Carry Limited Partnership\u2074\u00b3
Limited Partnership
0%
Tritax London Logistics GP Limited\u2074\u00b9
Ordinary shares
60%
Tritax London Logistics Limited Partnership\u2074\u00b9
Limited Partnership
0%
Tritax London Logistics Nominees B Limited\u2074\u00b9
Ordinary shares
60%
Tritax London Logistics Nominees Limited\u2074\u00b9
Ordinary shares
60%
Tritax Management LLP\u2074
Limited Liability Partnership
60%
Tritax Powerbox Carry GP LLP\u2074\u00b9
Limited Liability Partnership
60%
Tritax Powerbox 1 LP\u2074\u00b9
Limited Partnership
60%
Tritax Powerbox Carry LP\u2074\u00b3
Limited Partnership
60%
Tritax Securities LLP\u2074\u00b9
Limited Liability Partnership
60%
UK PRS Opportunities General Partner Limited\u2074
Ordinary shares
100%
UK PRS Opportunities LP\u2074
Limited Partnership
0%
VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG\u00b2\u2074
Limited Partnership
0%
VZWL Private Equity GmbH & Co geschlossene Investment KG\u00b2\u2074
Limited Partnership
0%
(c) Associates and joint ventures
Name of related undertaking
Share class 1
% interest held 2,3
abrdn Investcorp Infrastructure Investments Manager Limited\u2074\u2077
Ordinary shares
50%
abrdn OEIC I - Diversified Growth and Income Fund\u2074
OEIC
27%
Archax Group Ltd\u2074\u2078
Ordinary shares
11%
Criterion Tec Holdings Ltd\u2074\u2079
Ordinary shares
21%
Focus Business Solutions Limited\u2075\u2070
Ordinary shares
20%
Heng An Standard Life Insurance Company Limited\u2075\u00b9
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.\u2075\u00b2
Class A shares
50%
Tenet Group Limited\u2075\u00b3
Ordinary B shares
25%
1. OEIC = Open-ended investment company
SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable
ICAV = Irish collective asset-management vehicle
2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general
partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006.
Where the Group has no interest in a limited partnership or limited liability company that is considered a
subsidiary, the interest held is disclosed as 0%.
3. % interest held is rounded to the nearest 1%.
Registered offices
4
280 Bishopsgate, London, EC2M 4AG
5
c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius
6
201 Deansgate, Manchester, England, M3 3NW
7
35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
8
287-289, route d'Arlon, L-1150 Luxembourg, Luxembourg
9
c/o Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands
10
c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA
11
Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand
12
Strandvejen 171,3, 2900 Hellerup, Denmark
13
Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
14
Top Floor, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
15
Box 162 85, 103 25 Stockholm, Sweden
16
2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
17
WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands
18
One London Wall, London, EC2Y 5AB
19
7 Straits View, #23-04 Marina One East Tower, 018936, Singapore
20
Sao Paulo, Avenida Presidente Juscelino Kubitschek, 1327, Vila Nova Conceicao, 04543-011, Brazil
21
4 Chipman Hill, Suite 100, Saint John, New Brunswick, E2L 2A9, Canada
22
3rd Floor, 55 Charlemont Place, Dublin 2, D02 R296, Ireland
23
6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
24
Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
25
2-4 Merrion Row, Dublin 2, D02 WP23, Ireland
26
44 Esplanade, St Helier, Jersey, JE4 9WG
27
Cloud Suite 403, 11th floor, Al Sarab Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi,
UAE,PO Box 5327224
28
Schweizergasse 14, Zurich, 8001, Switzerland
29
Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala Lumpur, Malaysia
30
Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
31
13th Fl, B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero, Seocho-gu, Seoul, Korea
32
9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
33
Governor Macquarie Tower, Level 40, 1 Farrer Place, Sydney, NSW, 2000, Australia
34
C/O Grant Thornton Uk Advisory & Tax Llp, 7 Castle Street, Edinburgh, EH2 3AH
35
West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone
36
19 Avenue de l'Opera 75001 Paris
37
5 Changi Business Park Crescent, Level 5, Singapore 486027
38
Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
39
1 Marina Boulevard, #28-00, 018989, Singapore
40
1900 Market Street, Suite 200, Philadelphia, PA 19103, USA
41
72 Broadwick Street, London, W1F 9QZ
42
Tokyo Kyodo Accounting Office, 1-4-1 Marunouchi, Chiyoda-ku, Tokyo, 100-0005
43
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
44
Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, Grand Cayman, KY1-9010,
Cayman Islands
45
10 Dunkeld Road, Perth, Perthshire, United Kingdom, PH1 5TW
46
c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT
47
c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102,
Cayman Islands
48
71-75 Shelton Street, London, WC2H 9JQ
49
9 - 10 St Andrew Square, Edinburgh, EH2 2AF
50
8 Hamilton Terrace, Leamington Spa, United Kingdom, CV32 4LY
51
18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People\u2019s Republic of China, 300051
52
1, rue Jean Piret, L-2350 Luxembourg, Luxembourg
53
c/o Interpath Advisory, 10 Fleet Place, London, EC4M 7RB
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