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Companies Act 2006 (registration number 00445790). The address of the registered office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK. The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and related services. Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million. They are prepared on the historical cost basis, except for certain financial instruments, share-based payments and pension assets that have been measured at fair value. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s liquidity position is given in the Summary of Net debt section of the Financial review, and information on committed facilities is provided in Note 26. Unless otherwise stated, the accounting policies set out below have been applied consistently to all periods presented in these consolidated Group financial statements. Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group will adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026. IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the income statement: operating, investing, financing, taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group is well progressed with its impact assessment and its project to implement finance system change to enable reporting in accordance with IFRS 18. During the next financial year, the Group will finalise those system changes, commence a parallel reporting process for the comparative period, and quantify the impact of the new standard on the comparative period primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical to quantify the financial effects of IFRS 18. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. Segmental reporting Following changes to the Group Executive Committee and management reporting to the Chief Operating Decision Maker (CODM) within the year, Booker is now a separate operating and reportable segment (refer to Note 2). Segmental comparatives have been restated accordingly. Presentation of economic hedges in the Group cash flow statement The Group now classifies economic hedges in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged (refer to Note 32). Comparatives have been restated accordingly. Basis of consolidation The consolidated Group financial statements consist of the financial statements of the ultimate Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s share of its interests in joint ventures and associates, accounted for using the equity method. The financial year represents the 53 weeks ended 28 February 2026 (prior financial year 52 weeks ended 22 February 2025). For the UK and the Republic of Ireland (UK & ROI) and Booker, the results are for the 53 weeks ended 28 February 2026 (prior financial year 52 weeks ended 22 February 2025), with the exception of Insurance and Money Services. For all other operations (including Insurance and Money Services), the results are for the calendar year ended 28 February 2026 (prior calendar year ended 28 February 2025). Revenue Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control. Revenue from sale of goods and services Sale of goods The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store and fuel, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for expected returns (refund liability). An asset and corresponding adjustment to cost of sales is recognised for the Group\u2019s right to recover goods from customers. Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points.
Data science services
The Group generates revenue from the provision of consultancy services (customer data science
and analytics), software access and media services through its data science business dunnhumby.
Revenue is recognised either over time or at a point in time, with a low level of judgement typically
required to determine the transaction price or timing of transfer of benefit to the customer. The
Group recognises revenue over time if the customer simultaneously receives and consumes the
benefits provided as the service is performed, or performance of the service does not create an
asset with an alternative use and the Group has an enforceable right to payment for work to date.
For services performed over time, revenue is recognised based on progress in fulfilling the service
unless it is provided on a \u2018stand-ready\u2019 basis, in which case revenue is recognised over the period the
service is expected to be utilised. Revenue recognised at a point in time is recognised when the
relevant performance obligation is satisfied.
Money services
The majority of the fees in respect of money services (including ATMs, travel money and gift cards)
are recognised at the point in time at which the transaction with the customer takes place and the
service is performed. For services performed over time, payment is generally due and revenue is
generally recognised monthly in line with the satisfaction of performance obligations.
Insurance brokerage commission
The Group generates commission income from the sale of white label life, pet and travel insurance
products underwritten by third-party providers, which is recognised on a net basis as such policies
are sold, in line with the satisfaction of performance obligations to customers. This is based on
commission rates which are independent of the profitability of underlying insurance policies.
The Group also recognises commission income from certain policy renewals at the point the original
policies are sold. This is when the Group has satisfied all of its performance obligations in relation to
the policy sold and it is considered highly probable that a significant reversal in the amount of revenue
recognised will not occur in future periods. This calculation takes into account both estimates of
future renewal volumes and renewal commission rates. A contract asset is recognised in relation to
this revenue. This is unwound over the remainder of the contract with the customer, in this case being
the third-party insurance provider.
The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract
liability is recognised for the amount of any expected refunds due and the revenue recognised in
relation to these sales is reduced accordingly. This contract refund liability is estimated using prior
experience of customer refunds. The appropriateness of the assumptions used in this calculation is
reassessed at each reporting date.
Insurance revenue
Insurance revenue relates to motor and home insurance policies underwritten by the Group\u2019s
subsidiary, Tesco Underwriting Limited. Refer to the Insurance section on page 132.
Commercial income
Consistent with standard industry practice, the Group has agreements with suppliers whereby
volume-related allowances, promotional and marketing allowances and various other fees and
discounts are received in connection with the purchase of goods for resale from those suppliers.
Most of the income received from suppliers relates to adjustments to a core cost price of a product,
and as such is considered part of the purchase price for that product. Sometimes receipt of the
income is conditional on the Group performing specified actions or satisfying certain performance
conditions associated with the purchase of the product. These include achieving agreed purchases
or sales volume targets and providing promotional or marketing materials and activities or
promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories and recognised in cost of sales upon sale of those inventories. Finance income Finance income is recognised in the Group income statement in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash-generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Intangible assets Intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years. Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. Inventories Inventories comprise goods and development properties held for resale. Inventories are valued at the lower of cost and net realisable value using the weighted average cost basis. Cash and cash equivalents Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and debit card receivables, demand deposits with banks and short-term highly liquid investments with an original maturity of three months or less, for example short-term deposits, loans and advances to banks, commercial paper and certificates of deposit. Overdrafts are presented in borrowings as they are held under notional pooling arrangements and do not meet the offsetting criteria to be presented net of cash on the balance sheet. Cash and cash equivalents in the Group cash flow statement include overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management. Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be measured in accordance with IFRS 9 \u2018Financial instruments\u2019. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of, a separate major line of business or geographical area of operations. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. The Group as a lessee A right of use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset, and tested for impairment. Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months or less are expensed to the Group income statement, as are variable payments dependent on performance or usage not arising on a sale and leaseback transaction, \u2018out of contract\u2019 payments and non-lease service components. The Group as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases, for which rental income is recognised on a straight-line basis over the term of the lease. Sale and leaseback Where the Group sells an asset and immediately reacquires use of it by entering into a lease with the buyer, a lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the income statement from the property buyback. Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the income statement from the property buyback. In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. Post-employment benefit obligations For defined benefit plans, obligations are measured at discounted present value and plan assets are recorded at fair value. The operating and financing costs of such plans are recognised separately in the Group income statement. Service costs are spread systematically over the expected service lives of employees and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the Group statement of comprehensive income/(loss). Payments to defined contribution schemes are recognised as an expense as they fall due. Taxation The tax expense included in the Group income statement consists of current and deferred tax. Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted by the balance sheet date. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax expense is recognised in the Group income statement, except when it relates to items recognised directly in the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the tax follows the same treatment. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms, and previous experience. Refer to Note 7. Foreign currencies At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange differences are recognised in the Group income statement in the period in which they arise, apart from exchange differences on transactions entered into to hedge certain foreign currency risks, and exchange differences on monetary items forming part of the net investment in a foreign operation. The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at exchange rates prevailing at the balance sheet date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the period in which the operation is disposed of. Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes party to the contractual provisions of the instrument. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost, and all other financial assets are measured either at fair value through profit or loss or fair value through other comprehensive income. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity price risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. The classification of the effective portion when recognised in the Group income statement is the same as the classification of the hedged transaction. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Presentation of derivatives in the Group cash flow statement The Group classifies derivatives in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged. This applies regardless of whether the derivatives are in a formal hedge accounting relationship or not. To the extent that any derivative cash flows do not have an associated risk cash flow, such as for financing activities across the Group related to the management of foreign exchange on intercompany loans or foreign currency funding needs, those derivative cash flows are presented gross. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Power purchase agreements (PPAs) Tesco purchases renewable electricity for own use through physical PPAs in the UK, where Tesco purchases some or all of the physical output of an offsite renewable solar or wind electricity generation facility as it is produced. These PPAs were entered into and continue to be held for the purpose of the receipt of electricity for use in the Group\u2019s businesses. The PPA supply does not exceed Tesco\u2019s demand in any one delivery interval. Electricity purchased under such PPAs qualifies for the \u2018own use\u2019 exception and is treated as an executory contract and expensed as incurred. Provisions Provisions are measured at the present value of the risk-adjusted expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money. Supplier financing arrangements Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as trade payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. Balances outstanding under the Group\u2019s supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier and the banks, and the Group does not provide additional credit enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 20. Insurance Classification of insurance contracts Contracts under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain future event (the insured event) adversely affects the policyholder or other beneficiary are classified as insurance contracts. These contracts remain insurance contracts until all rights and obligations are extinguished or expire. Insurance contracts may also transfer some financial risk. Level of aggregation The level of aggregation for the Group is determined firstly by dividing the business written into motor and home portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. At initial recognition the Group assesses whether the motor and home portfolios are divided further into groups of contracts that are onerous, have no significant possibility of becoming onerous, or are neither. In determining the level of aggregation, the Group identifies a contract as the smallest \u2018unit\u2019, i.e. the lowest common denominator. No group for level of aggregation purposes shall contain contracts issued more than one year apart. The Group divides portfolios of reinsurance contracts held applying the same principles. Insurance contracts issued Insurance contract liabilities include both a liability for incurred claims (LIC), which represents outstanding claims and incurred but not reported claims and other incurred insurance expenses; and a liability for remaining coverage (LRC), which represents the Group\u2019s obligation for insured events related to the unexpired portion of the coverage period. The LRC is measured either using the general measurement model (GMM) or a simplified premium allocation approach (PAA). The Group applies the PAA to all insurance contracts issued since the acquisition of Tesco Underwriting (TU) in May 2021. The Group qualifies to use this approach as the coverage period of each contract in the group is one year or less. There is no allowance for the time value of money as the premiums are due within one year of the coverage period. The Group applies the GMM to all issued insurance contracts acquired on the acquisition of TU, as the settlement of these claims and their associated insurance risk will spread over multiple years. The Group has recognised an acquired claims liability as part of the LRC, which is measured at the probability-weighted average of discounted cash flows plus a risk adjustment for non-financial risk, plus any contractual service margin (CSM) if the fulfilment cash flows result in a net inflow. If the fulfilment cash flows result in a net outflow, an onerous loss is recognised in the Group income statement. The risk adjustment reflects the compensation that the Group requires for bearing uncertainty in respect of the amount and timing of the cash flows from non-financial risk, whilst the CSM represents the unearned profit in the contracts relating to services that will be provided under the contracts in the future. Commission payable to agents and other acquisition costs, which are incurred for acquiring new and renewal insurance business that is primarily related to the production of that business, are deferred and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of insurance contract services on the basis of the passage of time. The carrying amount of the LRC measured under the GMM is updated at the end of each reporting period to reflect current estimates of the amounts, timing and uncertainty of future cash flows, as well as discount rates and other financial variables. The Group estimates the LIC as the discounted value of expected fulfilment cash flows related to incurred claims and other incurred insurance expenses, plus an explicit adjustment for non-financial risk. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available about the amount, timing and uncertainty of those future cash flows. Estimates of the present value of future cash flows reflect current expectations as at the end of the reporting period and are adjusted for events which have occurred since actuarial valuation. Future cash flows are assessed by reviewing individual claims data and making an allowance for claims incurred but not yet reported, adjusted for the effect on the claims incurred of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, substantively enacted legislative changes and past experience and trends. Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance ceded includes quota share and excess of loss contracts. Reinsurance arrangements do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. Reinsurance assets include both an asset for remaining coverage (ARC), which represents the reinsurer\u2019s share of the unexpired portion of the coverage period, and an asset for incurred claims (AIC), which includes amounts due from the reinsurers for their share of outstanding claims, incurred but not reported claims, and other insurance-related expenses. As coverage is provided during the reporting period, the portion classified as ARC coverage is reclassified to AIC. The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the acquisition of TU as the contracts either qualify automatically in having a coverage period of one year or less, or because there is no material difference in their measurement between the PAA and the GMM. Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or ARC. Presentation of insurance contracts issued and reinsurance contracts held The Group classifies all insurance contract liabilities as current as it does not have the right to defer
settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio
as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of
the reporting date.
Presentation of quota share reinsurance funds withheld
The Group has quota share reinsurance contracts with a funds withheld feature, whereby the ceded
premiums are deposited into the fund and related recoveries are netted off in the same fund. The
fund is settled on a net basis on commutation. The only initial cashflows during the coverage period
are the payment of the reinsurer margin. Under IFRS 17, the reinsurance assets related to these funds
withheld and the fund itself are presented on a net basis within asset for incurred claims (included in
reinsurance contract assets).
Insurance revenue
The insurance revenue recognised is the amount of expected premium receipts allocated to the period.
For insurance contracts issued after the acquisition of TU in May 2021, the Group allocates the expected
premium receipts to each period of insurance contract services based on the passage of time.
The insurance revenue recognised for insurance contracts acquired as part of the acquisition of
TU comprises:
\u2013 claims costs incurred in the period measured at the amounts expected at the beginning of
the period;
\u2013 changes in the risk adjustment for non-financial risk; and
\u2013 the amount of the CSM recognised for services provided in the period.
Insurance service expenses
Insurance service expenses include total claims cost for the period, as well as all directly attributable
insurance expenses. There are no acquisition costs for acquired claims. Insurance acquisition cash
flows arising from the costs of selling, underwriting and starting a group of insurance contracts are
allocated to insurance service expenses based on the passage of time.
Net income or expenses from reinsurance contracts held
The Group separately presents income or expenses from reinsurance contracts held from the
expenses or income from insurance contracts issued. The Group presents the income or expenses
from a group of reinsurance contracts held as a single amount.
Insurance finance income and expenses
Insurance finance income and expenses comprise the change in the carrying amount of the group
of insurance contracts arising from the effect of the time value of money, financial risk and changes
in financial risk.
The impact of changes in market interest rates on the carrying value of insurance assets and liabilities
is reflected in the Group statement of other comprehensive income in order to minimise accounting
mismatches between the accounting for financial assets and insurance assets and liabilities. The
Group\u2019s financial assets backing both the motor and home insurance portfolios are predominantly
measured at fair value through other comprehensive income.
The amount of insurance finance income and expenses recognised in the Group income statement
is calculated using the discount rate curve determined at the date of the incurred claim.
Alternative performance measures (APMs)
In the reporting of financial information, the Directors have adopted various APMs. Refer to the
Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose,
reconciliations to IFRS measures and details of any changes to APMs.
Judgements and sources of estimation uncertainty
The preparation of the consolidated Group financial statements requires management to make
judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine
the reported amounts of assets, liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates
applied prospectively.
Critical accounting judgements
Critical judgements, apart from those involving estimations, which are applied in the preparation of
the consolidated Group financial statements are discussed below:
Leases
Management exercises judgement in determining the likelihood of exercising break or extension
options in determining the lease term. Break and extension options are included to provide
operational flexibility should the economic outlook for an asset be different to expectations,
and hence at commencement of the lease, break or extension options are not typically considered
reasonably certain to be exercised, unless there is a valid business reason otherwise.
The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily
determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in
the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s
incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly
and depend on the term, country, currency and start date of the lease. The incremental borrowing
rate is determined based on a series of inputs including: the risk-free rate based on government bond
rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an
entity-specific adjustment where the entity risk profile is different to that of the Group.
Refer to Note 13 for additional disclosures relating to leases.
Joint ventures and associates
The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and
determined them to be joint ventures. These assessments required the exercise of judgement as set
out in Note 14.
APMs \u2013 Adjusting items
Adjusting items relate to certain costs or incomes that derive from events or transactions that fall
within the normal activities of the Group but which, individually or, if of a similar type, in aggregate,
are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful
alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading
business that is more comparable over time. This alternative view is consistent with how management
views the business, and how it is reported internally to the Board and Executive Committee for
performance analysis, planning, reporting, decision-making and incentive-setting purposes.
Management exercises judgement in determining the adjustments to apply to IFRS measurements, and
this assessment covers the nature of the item, cause of occurrence and the scale of impact of that
item on reported performance and individual financial statement line items, as well as consistency
with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to
ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can
be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items
can include, but are not limited to: litigation costs; certain impairment charges and reversals; property
transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax
positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension
finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is
also classified as adjusting.
The Group income statement is presented in a columnar format to enable users of the accounts to
see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a
line-by-line basis. An analysis of the adjusting items included in the Group income statement, together
with the impact of these items on the Group cash flow statement, is disclosed in Note 5.
Refer to pages 216 to 222 for further details on the Group\u2019s APMs.
Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainty at the
reporting period end, that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are discussed below:
Post-employment benefit obligations
The present value of post-employment benefit obligations is determined on an actuarial basis
using various assumptions, including the discount rate, inflation rate and mortality assumptions.
Any changes in these assumptions will impact the carrying amount as well as the net pension
cost/income. Key assumptions and sensitivities for post-employment benefit obligations are disclosed
in Note 28.
Impairment of non-financial assets
The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions
and estimates to which the recoverable amounts are most sensitive, the methodology for calculating
them and sensitivities are also disclosed in Note 15.
Other significant estimates
Other estimates for which management believes there is a limited risk of a material change in the
amounts recognised or disclosed in the next financial year are discussed below:
Commercial income
Management is required to make estimates in determining the amount and timing of recognition of
commercial income for some transactions with suppliers. In determining the amount of volume-
related allowances recognised in any period, management estimates the probability that the Group
will meet contractual target volumes, based on historical and forecast performance. There is limited
estimation involved in recognising income for promotional and other allowances.
Management assesses its performance against the obligations conditional on earning the income, with
the income recognised either over time as the obligations are met, or recognised at the point when all
obligations are met, dependent on the contractual requirements. Management views that the cost of
inventories sold (which is inclusive of commercial income) provides a consistent and complete
measure of the Group income statement impact of the overall supplier relationships.
Management considers the best indicator of the estimation undertaken is by reference to commercial
income balances not settled at the balance sheet date, and has therefore provided additional
disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 21.
Impact of the conflict in the Middle East
In light of the escalation of the conflict in the Middle East on 28 February 2026 (the Group balance
sheet date), the Group has considered whether any adjustments are required to reported amounts in
the financial statements. The Group considers there to be no observable indicators at the balance
sheet date requiring adjustment in the Group financial statements.
The Group also reviewed non-adjusting macroeconomic movements after the balance sheet date (for
example discount rates, asset values, inflation and future cash flow expectations) and concluded that,
where relevant, those movements were within the range of the Group\u2019s existing sensitivities, hence no
additional disclosures were required.
Sensitivities of reasonably possible changes in key inputs to impairment testing of goodwill and
non-current assets and pension obligations are given in Notes 15 and 28, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-851": { "value": "
General information
Tesco PLC (the Company) is a public limited company incorporated and domiciled in England and
Wales under the Companies Act 2006 (registration number 00445790). The address of the registered
office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK.
The main activities of the Company and its subsidiaries (together, the Group) are those of retailing
and related services.
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Basis of preparation
The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS.
The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the
nearest million. They are prepared on the historical cost basis, except for certain financial instruments,
share-based payments and pension assets that have been measured at fair value.
The Directors have, at the time of approving the financial statements, a reasonable expectation that
the Company and the Group have adequate resources to continue in operational existence for the
foreseeable future, which reflects a period of 18 months from the date of approval of the financial
statements, and have concluded that there are no material uncertainties relating to going concern.
Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated
Group financial statements. The scenarios considered as part of the going concern assessment are
consistent with those used in the Longer term viability statement. Further information on the Group\u2019s
liquidity position is given in the Summary of Net debt section of the Financial review, and information
on committed facilities is provided in Note 26.
Unless otherwise stated, the accounting policies set out below have been applied consistently to all
periods presented in these consolidated Group financial statements.
Standards, interpretations and amendments that became effective in the current financial year have
not had a material impact on the consolidated Group financial statements.
The Group has not applied any standards, interpretations or amendments that have been issued but
are not yet effective.
The impact of the following is under assessment:
\u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the
consolidated Group financial statements for the financial year ending 26 February 2028. The Group will
adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026.
IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the
recognition or measurement of any items in the financial statements. Income and expenses will be
classified into five categories on the face of the income statement: operating, investing, financing,
taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures
relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative
performance measures (APMs), will be included in the audited notes to the financial statements.
The Group is well progressed with its impact assessment and its project to implement finance
system change to enable reporting in accordance with IFRS 18. During the next financial year, the
Group will finalise those system changes, commence a parallel reporting process for the
comparative period, and quantify the impact of the new standard on the comparative period
primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical
to quantify the financial effects of IFRS 18.
Other standards, interpretations and amendments issued but not yet effective are not expected to
have a material impact on the consolidated Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-769": { "value": "The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-811": { "value": "The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-770": { "value": "The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer term viability statement. Further information on the Group\u2019s liquidity position is given in the Summary of Net debt section of the Financial review, and information on committed facilities is provided in Note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-868": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group will adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026. IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the income statement: operating, investing, financing, taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group is well progressed with its impact assessment and its project to implement finance system change to enable reporting in accordance with IFRS 18. During the next financial year, the Group will finalise those system changes, commence a parallel reporting process for the comparative period, and quantify the impact of the new standard on the comparative period primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical to quantify the financial effects of IFRS 18. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. Presentation of economic hedges in the Group cash flow statement The Group now classifies economic hedges in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged (refer to Note 32). Comparatives have been restated accordingly.
Note 32 Change in accounting policy
Presentation of economic hedges in the Group cash flow statement
As set out in the Group\u2019s interim results 2025/26, the Group now classifies economic hedges in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative
cash flow movements net with the cash flows from the underlying risk being hedged. This simplification in presentation is consistent with the existing presentation of derivatives in formal hedge accounting
relationships and is considered reliable and more relevant because the Group manages its risk exposure in cash flow terms on a net, after-hedging basis, regardless of whether the derivatives are in a formal
hedge accounting relationship or not.
The Group previously presented such economic hedges on a gross basis in the investing and financing sections, separately to the cash flows from the underlying risk being hedged.
To the extent that any derivative cash flows do not have an associated risk cash flow, such as for financing activities across the Group related to the management of foreign exchange on intercompany loans or
foreign currency funding needs, these derivative cash flows will continue to be presented on a gross basis in the financing section.
The comparatives for the year ended 22 February 2025 have been re-presented as follows:
As reported
Adjustment
Re-presented
\u00a3m
\u00a3m
\u00a3m
Interest paid
(769)
(3)
(772)
Cash flows generated from/(used in) operating activities
2,922
(3)
2,919
Proceeds from sale of other investments
966
28
994
Investing cash inflows from derivative financial instruments
29
(29)
-
Investing cash outflows from derivative financial instruments
(1)
1
-
Net cash generated from/(used in) investing activities
(441)
- (441)
Repayment of capital element of obligations under leases
(602)
3
(599)
Repayment of borrowings
(809)
45
(764)
Financing cash inflows from derivative financial instruments
485
(424)
61
Financing cash outflows from derivative financial instruments
(453)
379
(74)
Net cash generated from/(used in) financing activities
(2,943)
3
(2,940)
Net increase/(decrease) in cash and cash equivalents
(462)
- (462)
Free cash flow
1,750
- 1,750
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-853": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group will adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026. IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the income statement: operating, investing, financing, taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group is well progressed with its impact assessment and its project to implement finance system change to enable reporting in accordance with IFRS 18. During the next financial year, the Group will finalise those system changes, commence a parallel reporting process for the comparative period, and quantify the impact of the new standard on the comparative period primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical to quantify the financial effects of IFRS 18. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements.
Presentation of economic hedges in the Group cash flow statement
The Group now classifies economic hedges in the same cash flow statement category as the underlying
risk or hedged item and presents the related derivative cash flow movements net with the cash flows
from the underlying risk being hedged (refer to Note 32). Comparatives have been restated accordingly.
Note 32 Change in accounting policy Presentation of economic hedges in the Group cash flow statement As set out in the Group\u2019s interim results 2025/26, the Group now classifies economic hedges in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged. This simplification in presentation is consistent with the existing presentation of derivatives in formal hedge accounting relationships and is considered reliable and more relevant because the Group manages its risk exposure in cash flow terms on a net, after-hedging basis, regardless of whether the derivatives are in a formal hedge accounting relationship or not. The Group previously presented such economic hedges on a gross basis in the investing and financing sections, separately to the cash flows from the underlying risk being hedged. To the extent that any derivative cash flows do not have an associated risk cash flow, such as for financing activities across the Group related to the management of foreign exchange on intercompany loans or foreign currency funding needs, these derivative cash flows will continue to be presented on a gross basis in the financing section. The comparatives for the year ended 22 February 2025 have been re-presented as follows:
As reported
Adjustment
Re-presented
\u00a3m
\u00a3m
\u00a3m
Interest paid
(769)
(3)
(772)
Cash flows generated from/(used in) operating activities
2,922
(3)
2,919
Proceeds from sale of other investments
966
28
994
Investing cash inflows from derivative financial instruments
29
(29)
-
Investing cash outflows from derivative financial instruments
(1)
1
-
Net cash generated from/(used in) investing activities
(441)
- (441)
Repayment of capital element of obligations under leases
(602)
3
(599)
Repayment of borrowings
(809)
45
(764)
Financing cash inflows from derivative financial instruments
485
(424)
61
Financing cash outflows from derivative financial instruments
(453)
379
(74)
Net cash generated from/(used in) financing activities
(2,943)
3
(2,940)
Net increase/(decrease) in cash and cash equivalents
(462)
- (462)
Free cash flow
1,750
- 1,750
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-812": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group will adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026. IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the income statement: operating, investing, financing, taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group is well progressed with its impact assessment and its project to implement finance system change to enable reporting in accordance with IFRS 18. During the next financial year, the Group will finalise those system changes, commence a parallel reporting process for the comparative period, and quantify the impact of the new standard on the comparative period primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical to quantify the financial effects of IFRS 18. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-838": { "value": "The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028. The Group will adopt the standard retrospectively, with comparatives restated from a transition date of 1 March 2026. IFRS 18 will affect how the Group presents and discloses its financial performance; it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the income statement: operating, investing, financing, taxation and discontinued operations. The Group\u2019s profit before tax will not change. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group is well progressed with its impact assessment and its project to implement finance system change to enable reporting in accordance with IFRS 18. During the next financial year, the Group will finalise those system changes, commence a parallel reporting process for the comparative period, and quantify the impact of the new standard on the comparative period primary financial statements and the Group\u2019s APMs. Until this work is completed, it is not practical to quantify the financial effects of IFRS 18. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-852": { "value": "
Segmental reporting
Following changes to the Group Executive Committee and management reporting to the Chief
Operating Decision Maker (CODM) within the year, Booker is now a separate operating and reportable
segment (refer to Note 2). Segmental comparatives have been restated accordingly.
Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. The Group\u2019s operating segments are the same as its reportable segments listed below. Following changes to the Group Executive Committee and management reporting to the CODM during the year, Booker is now a separate operating and reportable segment. Comparatives have been restated accordingly. The principal activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 The United Kingdom and Republic of Ireland. Revenues are derived from the sale of goods (in store, fuel and online), Clubcard, data science services, insurance brokerage commission, insurance revenue and money services. \u2013 Booker \u2013 Revenues are derived from the sale of wholesale goods. \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. Revenues are derived from the sale of goods (in store, fuel and online) and Clubcard. The CODM uses Adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-721": { "value": "
Basis of consolidation
The consolidated Group financial statements consist of the financial statements of the ultimate
Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s
share of its interests in joint ventures and associates, accounted for using the equity method.
The financial year represents the 53 weeks ended 28 February 2026 (prior financial year 52 weeks
ended 22 February 2025). For the UK and the Republic of Ireland (UK & ROI) and Booker, the results
are for the 53 weeks ended 28 February 2026 (prior financial year 52 weeks ended 22 February 2025),
with the exception of Insurance and Money Services. For all other operations (including Insurance and
Money Services), the results are for the calendar year ended 28 February 2026 (prior calendar year
ended 28 February 2025).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-723": { "value": "
Revenue
Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s
activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied
and control has transferred to the customer. For the majority of revenue streams, there is a low level
of judgement applied in determining the transaction price or the timing of transfer of control.
Revenue from sale of goods and services
Sale of goods
The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store and
fuel, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is
recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for
expected returns (refund liability). An asset and corresponding adjustment to cost of sales is
recognised for the Group\u2019s right to recover goods from customers.
Clubcard (customer loyalty programme)
Clubcard points issued by Tesco when a customer purchases goods are a separate performance
obligation providing a material right to a future discount. The total transaction price (sales price of
goods) is allocated to the Clubcard points and the goods sold based on their relative standalone
selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the
customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard
points is deferred as a contract liability within trade and other payables.
Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is
recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is
highly probable not to result in a significant reversal of the cumulative revenue recognised), with the
remainder recognised on expiry of the points.
Data science services The Group generates revenue from the provision of consultancy services (customer data science and analytics), software access and media services through its data science business dunnhumby. Revenue is recognised either over time or at a point in time, with a low level of judgement typically required to determine the transaction price or timing of transfer of benefit to the customer. The Group recognises revenue over time if the customer simultaneously receives and consumes the benefits provided as the service is performed, or performance of the service does not create an asset with an alternative use and the Group has an enforceable right to payment for work to date. For services performed over time, revenue is recognised based on progress in fulfilling the service unless it is provided on a \u2018stand-ready\u2019 basis, in which case revenue is recognised over the period the service is expected to be utilised. Revenue recognised at a point in time is recognised when the relevant performance obligation is satisfied. Money services The majority of the fees in respect of money services (including ATMs, travel money and gift cards) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due and revenue is generally recognised monthly in line with the satisfaction of performance obligations. Insurance brokerage commission The Group generates commission income from the sale of white label life, pet and travel insurance products underwritten by third-party providers, which is recognised on a net basis as such policies are sold, in line with the satisfaction of performance obligations to customers. This is based on commission rates which are independent of the profitability of underlying insurance policies. The Group also recognises commission income from certain policy renewals at the point the original policies are sold. This is when the Group has satisfied all of its performance obligations in relation to the policy sold and it is considered highly probable that a significant reversal in the amount of revenue recognised will not occur in future periods. This calculation takes into account both estimates of future renewal volumes and renewal commission rates. A contract asset is recognised in relation to this revenue. This is unwound over the remainder of the contract with the customer, in this case being the third-party insurance provider. The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract liability is recognised for the amount of any expected refunds due and the revenue recognised in relation to these sales is reduced accordingly. This contract refund liability is estimated using prior experience of customer refunds. The appropriateness of the assumptions used in this calculation is reassessed at each reporting date. Insurance revenue Insurance revenue relates to motor and home insurance policies underwritten by the Group\u2019s subsidiary, Tesco Underwriting Limited. Refer to the Insurance section on page 132. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-771": { "value": "Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-773": { "value": "Money services The majority of the fees in respect of money services (including ATMs, travel money and gift cards) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due and revenue is generally recognised monthly in line with the satisfaction of performance obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-727": { "value": "Commercial income Consistent with standard industry practice, the Group has agreements with suppliers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are received in connection with the purchase of goods for resale from those suppliers. Most of the income received from suppliers relates to adjustments to a core cost price of a product, and as such is considered part of the purchase price for that product. Sometimes receipt of the income is conditional on the Group performing specified actions or satisfying certain performance conditions associated with the purchase of the product. These include achieving agreed purchases or sales volume targets and providing promotional or marketing materials and activities or promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories and recognised in cost of sales upon sale of those inventories. ", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForCommercialIncome", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-724": { "value": "
Finance income
Finance income is recognised in the Group income statement in the period to which it relates using
the effective interest rate method.
Finance costs
Borrowing costs are recognised in the Group income statement in the period in which they occur
using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-839": { "value": "Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-813": { "value": "Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-725": { "value": "
Business combinations and goodwill
The Group accounts for all business combinations by applying the acquisition method. All acquisition-
related costs are expensed.
On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an
acquired business are measured at their fair values. Non-controlling interests are stated at the
non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised.
Goodwill arising on consolidation represents the excess of the consideration transferred, plus the
amount of any non-controlling interest in the acquiree and the fair value of any previously held equity
interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities
assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and
liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement
in the period of acquisition.
At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-generating
units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies
and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition
of joint ventures and associates is included within the carrying value of the investment. When disposing
of or reorganising part of a cash-generating unit or group of cash-generating units to which goodwill has
been allocated, the goodwill is reallocated between the affected operations on the basis of their relative
values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of
goodwill is included in the determination of the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-840": { "value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash-generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Intangible assets Intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-814": { "value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash-generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-772": { "value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash-generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-726": { "value": "
Cloud software licence agreements
Licence agreements to use cloud software are treated as service contracts and expensed in the Group
income statement, unless the Group has both a contractual right to take possession of the software at
any time without significant penalty, and the ability to run the software independently of the host
vendor. In such cases the licence agreement is capitalised as software within intangible assets.
Costs to configure or customise a cloud software licence are expensed alongside the related service
contract in the Group income statement, unless they create a separately identifiable resource
controlled by the Group, in which case they are capitalised.
Intangible assets
Intangible assets with finite useful lives are carried at cost less accumulated amortisation and
accumulated impairment losses. They are amortised on a straight-line basis over their estimated
useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible
assets with indefinite useful lives, such as pharmacy licences, are not amortised.
Research costs are expensed as incurred. Development expenditure incurred on an individual project
is capitalised only if specific criteria are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-854": { "value": "Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-728": { "value": "
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and accumulated
impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual
value over its anticipated useful economic life:
\u2013 freehold buildings \u2013 10 to 40 years; and
\u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-774": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment and motor vehicles \u2013 three to 20 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-731": { "value": "
Impairment of non-financial assets
Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each
cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other
non-financial assets, the Group performs impairment testing where there are indicators of
impairment. Where the asset does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
When the recoverable amount is less than the carrying amount, an impairment loss is recognised
immediately in the Group income statement.
Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial
assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased
to the revised estimate of the recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined if no impairment loss had been
recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately as a credit to the Group income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-775": { "value": "Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-729": { "value": "
Inventories
Inventories comprise goods and development properties held for resale. Inventories are valued at the
lower of cost and net realisable value using the weighted average cost basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-730": { "value": "
Cash and cash equivalents
Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and
debit card receivables, demand deposits with banks and short-term highly liquid investments with an
original maturity of three months or less, for example short-term deposits, loans and advances to
banks, commercial paper and certificates of deposit. Overdrafts are presented in borrowings as they
are held under notional pooling arrangements and do not meet the offsetting criteria to be presented
net of cash on the balance sheet. Cash and cash equivalents in the Group cash flow statement include
overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-855": { "value": "
Non-current assets held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the
exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current
assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be
measured in accordance with IFRS 9 \u2018Financial instruments\u2019.
Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair
value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to
the disposal group, and then to other non-current assets in the disposal group that are in scope of
IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining
assets of the disposal group as a whole.
A component of the Group that is held for sale or disposed of is presented as a discontinued
operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or
is part of a coordinated plan to dispose of, a separate major line of business or geographical area of
operations. The net results of discontinued operations are presented separately in the Group income
statement (and the comparatives restated).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-869": { "value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be measured in accordance with IFRS 9 \u2018Financial instruments\u2019. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of, a separate major line of business or geographical area of operations. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-862": { "value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be measured in accordance with IFRS 9 \u2018Financial instruments\u2019. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of, a separate major line of business or geographical area of operations. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-732": { "value": "Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. The Group as a lessee A right of use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset, and tested for impairment. Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months or less are expensed to the Group income statement, as are variable payments dependent on performance or usage not arising on a sale and leaseback transaction, \u2018out of contract\u2019 payments and non-lease service components. The Group as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases, for which rental income is recognised on a straight-line basis over the term of the lease. Sale and leaseback Where the Group sells an asset and immediately reacquires use of it by entering into a lease with the buyer, a lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the income statement from the property buyback.
Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture
structure) that do not meet the definition of a business combination are asset acquisitions. The cost
of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing
lease contracts and any previously held interests. No gain or loss is recognised in the income
statement from the property buyback.
In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows,
unless the proceeds exceed the incremental asset purchased (difference between property, plant
and equipment recognised and right of use asset derecognised), in which case the excess proceeds
are classified as financing cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-776": { "value": "
Sale and leaseback
Where the Group sells an asset and immediately reacquires use of it by entering into a lease with
the buyer, a lease liability is recognised, the associated property, plant and equipment asset is
derecognised, and a right of use asset is recognised at the proportion of the carrying value relating
to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.
In the cash flow statement, sale and leaseback proceeds received are classified as investing cash
flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds
are classified as financing cash flows.
Property buybacks
A property buyback is where a property that is currently leased is bought back from the landlord.
Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper,
are viewed as the modification of the lease to include a purchase option, followed by the immediate
exercise of that purchase option. The lease liability is settled and the right of use asset forms part of
the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the
income statement from the property buyback.
Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the income statement from the property buyback. In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-734": { "value": "
Post-employment benefit obligations
For defined benefit plans, obligations are measured at discounted present value and plan assets are
recorded at fair value.
The operating and financing costs of such plans are recognised separately in the Group income
statement. Service costs are spread systematically over the expected service lives of employees and
financing costs are recognised in the periods in which they arise. Actuarial gains and losses are
recognised immediately in the Group statement of comprehensive income/(loss).
Payments to defined contribution schemes are recognised as an expense as they fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-733": { "value": "
Taxation
The tax expense included in the Group income statement consists of current and deferred tax.
Current tax is the expected tax payable on the taxable income for the financial year, using tax rates
enacted or substantively enacted by the balance sheet date.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset realised, based on the tax rates that have been enacted or substantively enacted
by the balance sheet date.
The tax expense is recognised in the Group income statement, except when it relates to items
recognised directly in the Group statement of changes in equity or the Group statement of
comprehensive income/(loss), in which case the tax follows the same treatment.
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are offset against each other when there is a legally enforceable
right to set off current tax assets against current tax liabilities and they relate to income taxes levied
by the same taxation authority on either the same taxable entity or different taxable entities which
intend to settle current tax assets and liabilities on a net basis.
The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor
discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.
Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has
been identified and it is probable that the Group will be required to settle that tax. Measurement is
dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the
various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using
in-house tax experts, professional firms, and previous experience. Refer to Note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-777": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax expense is recognised in the Group income statement, except when it relates to items recognised directly in the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the tax follows the same treatment. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms, and previous experience. Refer to Note 7. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-736": { "value": "
Foreign currencies
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies
are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange
differences are recognised in the Group income statement in the period in which they arise, apart
from exchange differences on transactions entered into to hedge certain foreign currency risks, and
exchange differences on monetary items forming part of the net investment in a foreign operation.
The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at
exchange rates prevailing at the balance sheet date. Profits and losses are translated at average
exchange rates for the relevant accounting periods. Exchange differences arising are recognised in
the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation
reserve. Such translation differences are recognised as income or expenses in the period in which
the operation is disposed of.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-815": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes party to the contractual provisions of the instrument. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost, and all other financial assets are measured either at fair value through profit or loss or fair value through other comprehensive income. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-735": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes party to the contractual provisions of the instrument. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost, and all other financial assets are measured either at fair value through profit or loss or fair value through other comprehensive income. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity price risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised
directly in other comprehensive income and accumulated in the hedging reserve. The ineffective
element is recognised immediately in the Group income statement.
Where the hedged item subsequently results in the recognition of a non-financial asset such as
inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the
asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income
statement when the hedged item or transaction affects the Group income statement. The
classification of the effective portion when recognised in the Group income statement is the same as
the classification of the hedged transaction.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in
the hedging reserve remains until the forecast transaction occurs or the original hedged item affects
the Group income statement.
If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the
hedging reserve is reclassified to the Group income statement.
Net investment hedging
Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
investment in an overseas operation. The effective element of any foreign exchange gain or loss from
remeasuring the instrument is recognised directly in other comprehensive income and accumulated
in the translation reserve in equity. Any ineffective element is recognised immediately in the Group
income statement. Gains and losses accumulated in the translation reserve are reclassified to the
Group income statement when the foreign operation is disposed of.
Presentation of derivatives in the Group cash flow statement
The Group classifies derivatives in the same cash flow statement category as the underlying risk or
hedged item and presents the related derivative cash flow movements net with the cash flows from
the underlying risk being hedged. This applies regardless of whether the derivatives are in a formal
hedge accounting relationship or not. To the extent that any derivative cash flows do not have an
associated risk cash flow, such as for financing activities across the Group related to the management
of foreign exchange on intercompany loans or foreign currency funding needs, those derivative cash
flows are presented gross.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the Group balance sheet
when there is a current legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Power purchase agreements (PPAs)
Tesco purchases renewable electricity for own use through physical PPAs in the UK, where Tesco
purchases some or all of the physical output of an offsite renewable solar or wind electricity
generation facility as it is produced. These PPAs were entered into and continue to be held for the
purpose of the receipt of electricity for use in the Group\u2019s businesses. The PPA supply does not
exceed Tesco\u2019s demand in any one delivery interval. Electricity purchased under such PPAs qualifies
for the \u2018own use\u2019 exception and is treated as an executory contract and expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-778": { "value": "
Trade receivables
Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction
price if there is not a significant financing component. They are subsequently held at amortised cost
using the effective interest rate method, less allowance for expected credit losses (ECLs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-779": { "value": "
Investments
Investments in debt instruments at amortised cost are measured at amortised cost, using the
effective interest rate method less allowance for ECLs.
Gains and losses on investments in debt instruments held at fair value through other comprehensive
income are recognised directly in other comprehensive income, except for impairment gains and
losses, interest income, and foreign exchange gains and losses, which are recognised in the Group
income statement. When the debt instrument is derecognised, cumulative amounts in other
comprehensive income are reclassified to the Group income statement.
Investments in equity instruments have been irrevocably designated at fair value through other
comprehensive income.
Property fund and other investments held at fair value through profit or loss are measured at fair
value, with changes in fair value recognised in the Group income statement.
Short-term investments
Short-term investments are liquid financial assets which have an original maturity of 12 months or less.
Short-term investments are typically readily available for conversion to cash, but do not meet the
criteria for classification as cash equivalents because either their maturity is greater than three months,
for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates
of deposit, or the risk of changes in value is more than insignificant, for example money market funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-856": { "value": "Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-863": { "value": "
Impairment of financial assets
The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried
at amortised cost and debt instruments carried at fair value through other comprehensive income.
The ECLs are updated at each reporting date to reflect changes in credit risk.
The three-stage model for impairment has been applied to investments in debt instruments at
amortised cost, investments in debt instruments at fair value through other comprehensive income,
short-term investments, and loan receivables from joint ventures and associates. The credit risk is
determined through modelling a range of possible outcomes for different loss scenarios, using
reasonable and supportable information about past events, current conditions and forecasts of
future events and economic conditions and taking into account the time value of money. A 12-month
ECL is recognised, unless the credit risk on the financial asset increases significantly after initial
recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally
the contractual term.
For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach
permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets
are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping
determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each
receivable, general economic conditions and expected changes in forecast conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-780": { "value": "
Borrowings
Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs.
Subsequent to initial recognition, borrowings are held at amortised cost with any difference between
proceeds and redemption value being recognised in the Group income statement over the period of
the borrowings on an effective interest basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-816": { "value": "Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-781": { "value": "
Trade payables
Trade payables are non interest-bearing and are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-841": { "value": "
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue
costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-783": { "value": "
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation,
interest rate, and commodity price risks arising from operating, financing and investing activities.
Derivative financial instruments are recognised and stated at fair value. Where derivatives do not
qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant
gain or loss depends on the nature of the hedge relationship and the item being hedged.
Fair value hedging
Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s
exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of
derivatives that are designated as fair value hedges are recognised in the Group income statement
within finance income or costs, together with any changes in the fair value of the hedged item that
is attributable to the hedged risk.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount
of a hedged item is amortised to the Group income statement over the remaining period to maturity.
Cash flow hedging
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s
exposure to variability in cash flows that is either attributable to a particular risk associated with a
recognised asset or liability, or a highly probable forecast transaction. The effective element of any
gain or loss from remeasuring the derivative designated as the hedging instrument is recognised
directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. The classification of the effective portion when recognised in the Group income statement is the same as the classification of the hedged transaction. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Presentation of derivatives in the Group cash flow statement The Group classifies derivatives in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged. This applies regardless of whether the derivatives are in a formal hedge accounting relationship or not. To the extent that any derivative cash flows do not have an associated risk cash flow, such as for financing activities across the Group related to the management of foreign exchange on intercompany loans or foreign currency funding needs, those derivative cash flows are presented gross. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-817": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity price risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. The classification of the effective portion when recognised in the Group income statement is the same as the classification of the hedged transaction. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Presentation of derivatives in the Group cash flow statement The Group classifies derivatives in the same cash flow statement category as the underlying risk or hedged item and presents the related derivative cash flow movements net with the cash flows from the underlying risk being hedged. This applies regardless of whether the derivatives are in a formal hedge accounting relationship or not. To the extent that any derivative cash flows do not have an associated risk cash flow, such as for financing activities across the Group related to the management of foreign exchange on intercompany loans or foreign currency funding needs, those derivative cash flows are presented gross. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-842": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity price risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-782": { "value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-737": { "value": "
Provisions
Provisions are measured at the present value of the risk-adjusted expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-738": { "value": "
Supplier financing arrangements
Management reviews supplier financing arrangements to determine the appropriate presentation
of balances outstanding as trade payables or borrowings, dependent on the nature of each
arrangement. Factors considered in determining the appropriate presentation include the
commercial rationale for the arrangement, impact on the Group\u2019s working capital positions,
credit enhancements or other benefits provided to the bank and recourse exposures.
Balances outstanding under the Group\u2019s supplier financing arrangements are classified as trade
payables, and cash flows are included in operating cash flows, since the financing arrangements
are agreed between the supplier and the banks, and the Group does not provide additional credit
enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 20.
", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForSupplierFinancingArrangements", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-739": { "value": "Insurance Classification of insurance contracts Contracts under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain future event (the insured event) adversely affects the policyholder or other beneficiary are classified as insurance contracts. These contracts remain insurance contracts until all rights and obligations are extinguished or expire. Insurance contracts may also transfer some financial risk. Level of aggregation The level of aggregation for the Group is determined firstly by dividing the business written into motor and home portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. At initial recognition the Group assesses whether the motor and home portfolios are divided further into groups of contracts that are onerous, have no significant possibility of becoming onerous, or are neither. In determining the level of aggregation, the Group identifies a contract as the smallest \u2018unit\u2019, i.e. the lowest common denominator. No group for level of aggregation purposes shall contain contracts issued more than one year apart. The Group divides portfolios of reinsurance contracts held applying the same principles. Insurance contracts issued Insurance contract liabilities include both a liability for incurred claims (LIC), which represents outstanding claims and incurred but not reported claims and other incurred insurance expenses; and a liability for remaining coverage (LRC), which represents the Group\u2019s obligation for insured events related to the unexpired portion of the coverage period. The LRC is measured either using the general measurement model (GMM) or a simplified premium allocation approach (PAA). The Group applies the PAA to all insurance contracts issued since the acquisition of Tesco Underwriting (TU) in May 2021. The Group qualifies to use this approach as the coverage period of each contract in the group is one year or less. There is no allowance for the time value of money as the premiums are due within one year of the coverage period. The Group applies the GMM to all issued insurance contracts acquired on the acquisition of TU, as the settlement of these claims and their associated insurance risk will spread over multiple years. The Group has recognised an acquired claims liability as part of the LRC, which is measured at the probability-weighted average of discounted cash flows plus a risk adjustment for non-financial risk, plus any contractual service margin (CSM) if the fulfilment cash flows result in a net inflow. If the fulfilment cash flows result in a net outflow, an onerous loss is recognised in the Group income statement. The risk adjustment reflects the compensation that the Group requires for bearing uncertainty in respect of the amount and timing of the cash flows from non-financial risk, whilst the CSM represents the unearned profit in the contracts relating to services that will be provided under the contracts in the future. Commission payable to agents and other acquisition costs, which are incurred for acquiring new and renewal insurance business that is primarily related to the production of that business, are deferred and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of insurance contract services on the basis of the passage of time. The carrying amount of the LRC measured under the GMM is updated at the end of each reporting period to reflect current estimates of the amounts, timing and uncertainty of future cash flows, as well as discount rates and other financial variables. The Group estimates the LIC as the discounted value of expected fulfilment cash flows related to incurred claims and other incurred insurance expenses, plus an explicit adjustment for non-financial risk. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available about the amount, timing and uncertainty of those future cash flows. Estimates of the present value of future cash flows reflect current expectations as at the end of the reporting period and are adjusted for events which have occurred since actuarial valuation. Future cash flows are assessed by reviewing individual claims data and making an allowance for claims incurred but not yet reported, adjusted for the effect on the claims incurred of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, substantively enacted legislative changes and past experience and trends. Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance ceded includes quota share and excess of loss contracts. Reinsurance arrangements do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. Reinsurance assets include both an asset for remaining coverage (ARC), which represents the reinsurer\u2019s share of the unexpired portion of the coverage period, and an asset for incurred claims (AIC), which includes amounts due from the reinsurers for their share of outstanding claims, incurred but not reported claims, and other insurance-related expenses. As coverage is provided during the reporting period, the portion classified as ARC coverage is reclassified to AIC. The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the acquisition of TU as the contracts either qualify automatically in having a coverage period of one year or less, or because there is no material difference in their measurement between the PAA and the GMM. Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or ARC. Presentation of insurance contracts issued and reinsurance contracts held The Group classifies all insurance contract liabilities as current as it does not have the right to defer settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of the reporting date. Presentation of quota share reinsurance funds withheld The Group has quota share reinsurance contracts with a funds withheld feature, whereby the ceded premiums are deposited into the fund and related recoveries are netted off in the same fund. The fund is settled on a net basis on commutation. The only initial cashflows during the coverage period are the payment of the reinsurer margin. Under IFRS 17, the reinsurance assets related to these funds withheld and the fund itself are presented on a net basis within asset for incurred claims (included in reinsurance contract assets). Insurance revenue The insurance revenue recognised is the amount of expected premium receipts allocated to the period. For insurance contracts issued after the acquisition of TU in May 2021, the Group allocates the expected premium receipts to each period of insurance contract services based on the passage of time. The insurance revenue recognised for insurance contracts acquired as part of the acquisition of TU comprises: \u2013 claims costs incurred in the period measured at the amounts expected at the beginning of the period; \u2013 changes in the risk adjustment for non-financial risk; and \u2013 the amount of the CSM recognised for services provided in the period. Insurance service expenses Insurance service expenses include total claims cost for the period, as well as all directly attributable insurance expenses. There are no acquisition costs for acquired claims. Insurance acquisition cash flows arising from the costs of selling, underwriting and starting a group of insurance contracts are allocated to insurance service expenses based on the passage of time. Net income or expenses from reinsurance contracts held The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from insurance contracts issued. The Group presents the income or expenses from a group of reinsurance contracts held as a single amount. Insurance finance income and expenses Insurance finance income and expenses comprise the change in the carrying amount of the group of insurance contracts arising from the effect of the time value of money, financial risk and changes in financial risk. The impact of changes in market interest rates on the carrying value of insurance assets and liabilities is reflected in the Group statement of other comprehensive income in order to minimise accounting mismatches between the accounting for financial assets and insurance assets and liabilities. The Group\u2019s financial assets backing both the motor and home insurance portfolios are predominantly measured at fair value through other comprehensive income. The amount of insurance finance income and expenses recognised in the Group income statement is calculated using the discount rate curve determined at the date of the incurred claim.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-818": { "value": "
Commission payable to agents and other acquisition costs, which are incurred for acquiring new and
renewal insurance business that is primarily related to the production of that business, are deferred
and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of
insurance contract services on the basis of the passage of time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-784": { "value": "
Reinsurance
The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss
potential through the diversification of its risks. Reinsurance ceded includes quota share and excess
of loss contracts. Reinsurance arrangements do not relieve the Group from its direct obligations to its
policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for
as reinsurance contracts.
Reinsurance assets include balances due from reinsurance companies for reinsurance claims.
Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding
claims provision or settled claims associated with the reinsured policy.
Reinsurance assets include both an asset for remaining coverage (ARC), which represents the
reinsurer\u2019s share of the unexpired portion of the coverage period, and an asset for incurred claims
(AIC), which includes amounts due from the reinsurers for their share of outstanding claims, incurred
but not reported claims, and other insurance-related expenses. As coverage is provided during the
reporting period, the portion classified as ARC coverage is reclassified to AIC.
The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior
to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the
acquisition of TU as the contracts either qualify automatically in having a coverage period of one
year or less, or because there is no material difference in their measurement between the PAA and
the GMM.
Modification and derecognition of insurance and reinsurance contracts
The Group derecognises insurance and reinsurance contracts when the rights and obligations relating
to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not
treated as a derecognition, the Group recognises amounts paid or received for the modification with
the contract as an adjustment to the relevant LRC or ARC.
Presentation of insurance contracts issued and reinsurance contracts held
The Group classifies all insurance contract liabilities as current as it does not have the right to defer
settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of the reporting date. Presentation of quota share reinsurance funds withheld The Group has quota share reinsurance contracts with a funds withheld feature, whereby the ceded premiums are deposited into the fund and related recoveries are netted off in the same fund. The fund is settled on a net basis on commutation. The only initial cashflows during the coverage period are the payment of the reinsurer margin. Under IFRS 17, the reinsurance assets related to these funds withheld and the fund itself are presented on a net basis within asset for incurred claims (included in reinsurance contract assets).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-819": { "value": "Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or ARC. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-740": { "value": "Alternative performance measures (APMs) In the reporting of financial information, the Directors have adopted various APMs. Refer to the Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose, reconciliations to IFRS measures and details of any changes to APMs. ", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-741": { "value": "Judgements and sources of estimation uncertainty The preparation of the consolidated Group financial statements requires management to make judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. Critical accounting judgements Critical judgements, apart from those involving estimations, which are applied in the preparation of the consolidated Group financial statements are discussed below: Leases Management exercises judgement in determining the likelihood of exercising break or extension options in determining the lease term. Break and extension options are included to provide operational flexibility should the economic outlook for an asset be different to expectations, and hence at commencement of the lease, break or extension options are not typically considered reasonably certain to be exercised, unless there is a valid business reason otherwise. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly and depend on the term, country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an entity-specific adjustment where the entity risk profile is different to that of the Group. Refer to Note 13 for additional disclosures relating to leases. Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; certain impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 5. Refer to pages 216 to 222 for further details on the Group\u2019s APMs. Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/income. Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 28. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. Other significant estimates Other estimates for which management believes there is a limited risk of a material change in the amounts recognised or disclosed in the next financial year are discussed below: Commercial income Management is required to make estimates in determining the amount and timing of recognition of commercial income for some transactions with suppliers. In determining the amount of volume- related allowances recognised in any period, management estimates the probability that the Group will meet contractual target volumes, based on historical and forecast performance. There is limited estimation involved in recognising income for promotional and other allowances. Management assesses its performance against the obligations conditional on earning the income, with the income recognised either over time as the obligations are met, or recognised at the point when all obligations are met, dependent on the contractual requirements. Management views that the cost of inventories sold (which is inclusive of commercial income) provides a consistent and complete measure of the Group income statement impact of the overall supplier relationships. Management considers the best indicator of the estimation undertaken is by reference to commercial income balances not settled at the balance sheet date, and has therefore provided additional disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 21. Impact of the conflict in the Middle East In light of the escalation of the conflict in the Middle East on 28 February 2026 (the Group balance sheet date), the Group has considered whether any adjustments are required to reported amounts in the financial statements. The Group considers there to be no observable indicators at the balance sheet date requiring adjustment in the Group financial statements. The Group also reviewed non-adjusting macroeconomic movements after the balance sheet date (for example discount rates, asset values, inflation and future cash flow expectations) and concluded that, where relevant, those movements were within the range of the Group\u2019s existing sensitivities, hence no additional disclosures were required. Sensitivities of reasonably possible changes in key inputs to impairment testing of goodwill and non-current assets and pension obligations are given in Notes 15 and 28, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-874": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-873": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-857": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-820": { "value": "APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; certain impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 5. Refer to pages 216 to 222 for further details on the Group\u2019s APMs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-821": { "value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/income. Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 28. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-786": { "value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/income. Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 28. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-742": { "value": "
Note 2 Segmental reporting
The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and
internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be
the Group Chief Executive, with support from the Executive Committee, as the function primarily
responsible for the allocation of resources to segments and assessment of performance of the
segments. The Group\u2019s operating segments are the same as its reportable segments listed below.
Following changes to the Group Executive Committee and management reporting to the CODM during
the year, Booker is now a separate operating and reportable segment. Comparatives have been
restated accordingly.
The principal activities of the Group are presented in the following reportable segments:
\u2013 UK & ROI \u2013 The United Kingdom and Republic of Ireland. Revenues are derived from the sale of goods
(in store, fuel and online), Clubcard, data science services, insurance brokerage commission,
insurance revenue and money services.
\u2013 Booker \u2013 Revenues are derived from the sale of wholesale goods.
\u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. Revenues are derived from the sale of
goods (in store, fuel and online) and Clubcard.
The CODM uses Adjusted operating profit, as reviewed at periodic Executive Committee meetings,
as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and
aids comparability over time. Adjusted operating profit is a consistent measure within the Group as
defined within the Glossary. Refer to Note 5 for adjusting items.
Income statement
The segment results (which are on a 52-week basis) and the reconciliation of the segment measures to
the respective statutory items included in the Group income statement are as follows:
Total 52 Total 53
weeks at weeks at
53 weeks ended 28 Central constant Foreign Include actual
February 2026
UK & ROI
Booker
Europe exchange exchange 53rd week* exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,731
9,040
4,474
72,245
219
1,248
73,712
Less: Fuel sales
(5,737)
-
(134)
(5,871)
(5)
(111)
(5,987)
Sales
52,994
9,040
4,340
66,374
214
1,137
67,725
Adjusted operating profit
2,745
292
111
3,148
4
42
3,194
Adjusting items
5
(84)
(81)
(31)
(196)
(1)
(12)
(209)
Operating profit
2,661
211
80
2,952
3
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.4%
4.3%
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
Central Total 52 Include Total 53
53 weeks ended 28 February 2026
UK & ROI
Booker
Europe weeks 53rd week* weeks
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,795
9,040
4,629
72,464
1,248
73,712
Less: Fuel sales
(5,737)
-
(139)
(5,876)
(111)
(5,987)
Sales
53,058
9,040
4,490
66,588
1,137
67,725
Adjusted operating profit
2,745
292
115
3,152
42
3,194
Adjusting items
5
(84)
(81)
(32)
(197)
(12)
(209)
Operating profit
2,661
211
83
2,955
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.3%
4.3%
Share of post-tax profit/
14
(1)
(loss) of joint ventures and
associates
Finance income
6
233
Finance costs
6
(814)
Profit/(loss) before tax
2,403
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
UK & ROI Central
52 weeks ended 22 February 2025
(restated*)
Booker
Europe
Total
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
56,593
8,990
4,333
69,916
Less: Fuel sales
(6,133)
-
(147)
(6,280)
Sales
50,460
8,990
4,186
63,636
Adjusted operating profit
2,726
290
112
3,128
Adjusting items
5
(209)
(78)
(130)
(417)
Operating profit
2,517
212
(18)
2,711
Adjusted operating margin
4.8%
3.2%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures
14
(4)
and associates
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
* Comparatives have been restated to reflect the reclassification of the Booker business to its own segment.
Included within the UK & ROI segment is \u00a31,123m of revenue and sales (2025: \u00a31,043m), \u00a3167m of
adjusted operating profit (2025: \u00a3155m), \u00a3(28)m of adjusting items (2025: \u00a3(14)m) and \u00a3139m of
operating profit (2025: \u00a3141m) related to the Insurance and Money Services business.
Other segment information
The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for
continuing operations:
Central Total 52 Include 53rd Total 53
UK & ROI
Booker
Europe weeks
week
(a)
weeks
53 weeks ended 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including
acquisitions through business
combinations):
Property, plant and
equipment
(b)
1,182
75
97
1,354
15
1,369
Goodwill and other
intangible assets
(c)
310 -
10
320
6
326
Depreciation and
amortisation:
Property, plant and
equipment
(841)
(51)
(88)
(980)
(16)
(996)
Right of use assets
(441)
(90)
(50)
(581)
(10)
(591)
Other intangible assets
(212)
(78)
(11)
(301)
(6)
(307)
(a) Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
(b) Includes \u00a3nil (2025: \u00a31m) of property, plant and equipment acquired through business combinations.
(c) Includes \u00a33m (2025: \u00a356m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(a)
)
Booker
Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment
(b)
1,182
82
98
1,362
Goodwill and other intangible
assets
(c)
276
56
10
342
Depreciation and amortisation:
Property, plant and equipment
(800)
(50)
(87)
(937)
Right of use assets
(419)
(82)
(49)
(550)
Other intangible assets
(199)
(77)
(11)
(287)
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment.
(b)\u2013(c) Refer to previous table for footnotes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-864": { "value": "Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. The Group\u2019s operating segments are the same as its reportable segments listed below. Following changes to the Group Executive Committee and management reporting to the CODM during the year, Booker is now a separate operating and reportable segment. Comparatives have been restated accordingly. The principal activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 The United Kingdom and Republic of Ireland. Revenues are derived from the sale of goods (in store, fuel and online), Clubcard, data science services, insurance brokerage commission, insurance revenue and money services. \u2013 Booker \u2013 Revenues are derived from the sale of wholesale goods. \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. Revenues are derived from the sale of goods (in store, fuel and online) and Clubcard. The CODM uses Adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. Income statement The segment results (which are on a 52-week basis) and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Total 52 Total 53
weeks at weeks at
53 weeks ended 28 Central constant Foreign Include actual
February 2026
UK & ROI
Booker
Europe exchange exchange 53rd week* exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,731
9,040
4,474
72,245
219
1,248
73,712
Less: Fuel sales
(5,737)
-
(134)
(5,871)
(5)
(111)
(5,987)
Sales
52,994
9,040
4,340
66,374
214
1,137
67,725
Adjusted operating profit
2,745
292
111
3,148
4
42
3,194
Adjusting items
5
(84)
(81)
(31)
(196)
(1)
(12)
(209)
Operating profit
2,661
211
80
2,952
3
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.4%
4.3%
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
Central Total 52 Include Total 53
53 weeks ended 28 February 2026
UK & ROI
Booker
Europe weeks 53rd week* weeks
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,795
9,040
4,629
72,464
1,248
73,712
Less: Fuel sales
(5,737)
-
(139)
(5,876)
(111)
(5,987)
Sales
53,058
9,040
4,490
66,588
1,137
67,725
Adjusted operating profit
2,745
292
115
3,152
42
3,194
Adjusting items
5
(84)
(81)
(32)
(197)
(12)
(209)
Operating profit
2,661
211
83
2,955
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.3%
4.3%
Share of post-tax profit/
14
(1)
(loss) of joint ventures and
associates
Finance income
6
233
Finance costs
6
(814)
Profit/(loss) before tax
2,403
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
UK & ROI Central
52 weeks ended 22 February 2025
(restated*)
Booker
Europe
Total
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
56,593
8,990
4,333
69,916
Less: Fuel sales
(6,133)
-
(147)
(6,280)
Sales
50,460
8,990
4,186
63,636
Adjusted operating profit
2,726
290
112
3,128
Adjusting items
5
(209)
(78)
(130)
(417)
Operating profit
2,517
212
(18)
2,711
Adjusted operating margin
4.8%
3.2%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures
14
(4)
and associates
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
* Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Included within the UK & ROI segment is \u00a31,123m of revenue and sales (2025: \u00a31,043m), \u00a3167m of adjusted operating profit (2025: \u00a3155m), \u00a3(28)m of adjusting items (2025: \u00a3(14)m) and \u00a3139m of operating profit (2025: \u00a3141m) related to the Insurance and Money Services business. Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total 52 Include 53rd Total 53
UK & ROI
Booker
Europe weeks
week
(a)
weeks
53 weeks ended 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including
acquisitions through business
combinations):
Property, plant and
equipment
(b)
1,182
75
97
1,354
15
1,369
Goodwill and other
intangible assets
(c)
310 -
10
320
6
326
Depreciation and
amortisation:
Property, plant and
equipment
(841)
(51)
(88)
(980)
(16)
(996)
Right of use assets
(441)
(90)
(50)
(581)
(10)
(591)
Other intangible assets
(212)
(78)
(11)
(301)
(6)
(307)
(a) Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs. (b) Includes \u00a3nil (2025: \u00a31m) of property, plant and equipment acquired through business combinations. (c) Includes \u00a33m (2025: \u00a356m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(a)
)
Booker
Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment
(b)
1,182
82
98
1,362
Goodwill and other intangible
assets
(c)
276
56
10
342
Depreciation and amortisation:
Property, plant and equipment
(800)
(50)
(87)
(937)
Right of use assets
(419)
(82)
(49)
(550)
Other intangible assets
(199)
(77)
(11)
(287)
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. (b)\u2013(c) Refer to previous table for footnotes.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-843": { "value": "Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. The Group\u2019s operating segments are the same as its reportable segments listed below. Following changes to the Group Executive Committee and management reporting to the CODM during the year, Booker is now a separate operating and reportable segment. Comparatives have been restated accordingly. The principal activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 The United Kingdom and Republic of Ireland. Revenues are derived from the sale of goods (in store, fuel and online), Clubcard, data science services, insurance brokerage commission, insurance revenue and money services. \u2013 Booker \u2013 Revenues are derived from the sale of wholesale goods. \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. Revenues are derived from the sale of goods (in store, fuel and online) and Clubcard. The CODM uses Adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. Income statement The segment results (which are on a 52-week basis) and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Total 52 Total 53
weeks at weeks at
53 weeks ended 28 Central constant Foreign Include actual
February 2026
UK & ROI
Booker
Europe exchange exchange 53rd week* exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,731
9,040
4,474
72,245
219
1,248
73,712
Less: Fuel sales
(5,737)
-
(134)
(5,871)
(5)
(111)
(5,987)
Sales
52,994
9,040
4,340
66,374
214
1,137
67,725
Adjusted operating profit
2,745
292
111
3,148
4
42
3,194
Adjusting items
5
(84)
(81)
(31)
(196)
(1)
(12)
(209)
Operating profit
2,661
211
80
2,952
3
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.4%
4.3%
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
Central Total 52 Include Total 53
53 weeks ended 28 February 2026
UK & ROI
Booker
Europe weeks 53rd week* weeks
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,795
9,040
4,629
72,464
1,248
73,712
Less: Fuel sales
(5,737)
-
(139)
(5,876)
(111)
(5,987)
Sales
53,058
9,040
4,490
66,588
1,137
67,725
Adjusted operating profit
2,745
292
115
3,152
42
3,194
Adjusting items
5
(84)
(81)
(32)
(197)
(12)
(209)
Operating profit
2,661
211
83
2,955
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.3%
4.3%
Share of post-tax profit/
14
(1)
(loss) of joint ventures and
associates
Finance income
6
233
Finance costs
6
(814)
Profit/(loss) before tax
2,403
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
UK & ROI Central
52 weeks ended 22 February 2025
(restated*)
Booker
Europe
Total
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
56,593
8,990
4,333
69,916
Less: Fuel sales
(6,133)
-
(147)
(6,280)
Sales
50,460
8,990
4,186
63,636
Adjusted operating profit
2,726
290
112
3,128
Adjusting items
5
(209)
(78)
(130)
(417)
Operating profit
2,517
212
(18)
2,711
Adjusted operating margin
4.8%
3.2%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures
14
(4)
and associates
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
* Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Included within the UK & ROI segment is \u00a31,123m of revenue and sales (2025: \u00a31,043m), \u00a3167m of adjusted operating profit (2025: \u00a3155m), \u00a3(28)m of adjusting items (2025: \u00a3(14)m) and \u00a3139m of operating profit (2025: \u00a3141m) related to the Insurance and Money Services business. Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total 52 Include 53rd Total 53
UK & ROI
Booker
Europe weeks
week
(a)
weeks
53 weeks ended 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including
acquisitions through business
combinations):
Property, plant and
equipment
(b)
1,182
75
97
1,354
15
1,369
Goodwill and other
intangible assets
(c)
310 -
10
320
6
326
Depreciation and
amortisation:
Property, plant and
equipment
(841)
(51)
(88)
(980)
(16)
(996)
Right of use assets
(441)
(90)
(50)
(581)
(10)
(591)
Other intangible assets
(212)
(78)
(11)
(301)
(6)
(307)
(a) Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs. (b) Includes \u00a3nil (2025: \u00a31m) of property, plant and equipment acquired through business combinations. (c) Includes \u00a33m (2025: \u00a356m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(a)
)
Booker
Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment
(b)
1,182
82
98
1,362
Goodwill and other intangible
assets
(c)
276
56
10
342
Depreciation and amortisation:
Property, plant and equipment
(800)
(50)
(87)
(937)
Right of use assets
(419)
(82)
(49)
(550)
Other intangible assets
(199)
(77)
(11)
(287)
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. (b)\u2013(c) Refer to previous table for footnotes.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-785": { "value": "Income statement The segment results (which are on a 52-week basis) and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Total 52 Total 53
weeks at weeks at
53 weeks ended 28 Central constant Foreign Include actual
February 2026
UK & ROI
Booker
Europe exchange exchange 53rd week* exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,731
9,040
4,474
72,245
219
1,248
73,712
Less: Fuel sales
(5,737)
-
(134)
(5,871)
(5)
(111)
(5,987)
Sales
52,994
9,040
4,340
66,374
214
1,137
67,725
Adjusted operating profit
2,745
292
111
3,148
4
42
3,194
Adjusting items
5
(84)
(81)
(31)
(196)
(1)
(12)
(209)
Operating profit
2,661
211
80
2,952
3
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.4%
4.3%
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
Central Total 52 Include Total 53
53 weeks ended 28 February 2026
UK & ROI
Booker
Europe weeks 53rd week* weeks
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
58,795
9,040
4,629
72,464
1,248
73,712
Less: Fuel sales
(5,737)
-
(139)
(5,876)
(111)
(5,987)
Sales
53,058
9,040
4,490
66,588
1,137
67,725
Adjusted operating profit
2,745
292
115
3,152
42
3,194
Adjusting items
5
(84)
(81)
(32)
(197)
(12)
(209)
Operating profit
2,661
211
83
2,955
30
2,985
Adjusted operating margin
4.7%
3.2%
2.5%
4.3%
4.3%
Share of post-tax profit/
14
(1)
(loss) of joint ventures and
associates
Finance income
6
233
Finance costs
6
(814)
Profit/(loss) before tax
2,403
* Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
UK & ROI Central
52 weeks ended 22 February 2025
(restated*)
Booker
Europe
Total
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
56,593
8,990
4,333
69,916
Less: Fuel sales
(6,133)
-
(147)
(6,280)
Sales
50,460
8,990
4,186
63,636
Adjusted operating profit
2,726
290
112
3,128
Adjusting items
5
(209)
(78)
(130)
(417)
Operating profit
2,517
212
(18)
2,711
Adjusted operating margin
4.8%
3.2%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures
14
(4)
and associates
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
* Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Included within the UK & ROI segment is \u00a31,123m of revenue and sales (2025: \u00a31,043m), \u00a3167m of adjusted operating profit (2025: \u00a3155m), \u00a3(28)m of adjusting items (2025: \u00a3(14)m) and \u00a3139m of operating profit (2025: \u00a3141m) related to the Insurance and Money Services business.
Note 3 Revenue
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
UK
56,590
53,619
ROI
3,299
2,974
UK & ROI*
59,889
56,593
Booker
9,194
8,990
Hungary
1,616
1,445
Czech Republic
1,562
1,471
Slovakia
1,451
1,417
Central Europe
2
4,629
4,333
Total Group
2
73,712
69,916
* Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Refer to Note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-787": { "value": "Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total 52 Include 53rd Total 53
UK & ROI
Booker
Europe weeks
week
(a)
weeks
53 weeks ended 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including
acquisitions through business
combinations):
Property, plant and
equipment
(b)
1,182
75
97
1,354
15
1,369
Goodwill and other
intangible assets
(c)
310 -
10
320
6
326
Depreciation and
amortisation:
Property, plant and
equipment
(841)
(51)
(88)
(980)
(16)
(996)
Right of use assets
(441)
(90)
(50)
(581)
(10)
(591)
Other intangible assets
(212)
(78)
(11)
(301)
(6)
(307)
(a) Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs. (b) Includes \u00a3nil (2025: \u00a31m) of property, plant and equipment acquired through business combinations. (c) Includes \u00a33m (2025: \u00a356m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(a)
)
Booker
Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through
business combinations):
Property, plant and equipment
(b)
1,182
82
98
1,362
Goodwill and other intangible
assets
(c)
276
56
10
342
Depreciation and amortisation:
Property, plant and equipment
(800)
(50)
(87)
(937)
Right of use assets
(419)
(82)
(49)
(550)
Other intangible assets
(199)
(77)
(11)
(287)
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. (b)\u2013(c) Refer to previous table for footnotes.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-844": { "value": "Note 4 Operating expenses Auditor\u2019s remuneration
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company and Group financial statements
4.1
4.1
The audit of the accounts of the Company\u2019s subsidiaries
9.7
10.8
Total audit services
13.8
14.9
Audit-related assurance services
0.8
0.9
Non-audit services
0.6
0.8
Total non-audit services
1.4
1.7
Total auditor\u2019s remuneration
15.2
16.6
Audit-related assurance services of \u00a30.8m (2025: \u00a30.9m) comprise: review of the Group\u2019s interim report \u00a30.6m (2025: \u00a30.6m) and other services \u00a30.2m (2025: \u00a30.3m). In addition to the amounts shown above, the auditor received fees of \u00a30.3m (2025: \u00a30.2m) for the audit of the main Group pension schemes, and fees of \u00a30.6m (2025: \u00a30.5m) for the audit of joint ventures. Non-audit services are subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional information on the non-audit services provided by the auditor is provided in the Audit Committee report on page 87, including how objectivity and independence are safeguarded. Employment costs, including Directors\u2019 remuneration
53 weeks
52 weeks
2026
2025
Notes
\u00a3m
\u00a3m
Wages and salaries
7,922
7,473
Social security costs
837
609
Post-employment defined benefit charges
28
20
17
Post-employment defined contribution charges
28
486
454
Share-based payments expense
27
140
136
Termination benefits
56
37
Total
9,461
8,726
Less: Discontinued operations - (110)
Total continuing operations
9,461
8,616
Post-employment defined contribution charges include \u00a3172m (2025: \u00a3181m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2026
2025
2026
2025
UK & ROI
(a)
298,794
303,775
193,002
194,893
Booker
15,195
14,981
13,926
13,757
Central Europe
22,134
22,352
20,260
20,490
Total continuing operations
336,123
341,108
227,188
229,140
Discontinued operations
(b)
- 2,363 - 2,253
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Refer to Note 2. (b) Discontinued operations for the prior year represents the average for eight months to the date of disposal of the Group\u2019s Banking operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-788": { "value": "
Auditor\u2019s remuneration
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company and Group financial statements
4.1
4.1
The audit of the accounts of the Company\u2019s subsidiaries
9.7
10.8
Total audit services
13.8
14.9
Audit-related assurance services
0.8
0.9
Non-audit services
0.6
0.8
Total non-audit services
1.4
1.7
Total auditor\u2019s remuneration
15.2
16.6
Audit-related assurance services of \u00a30.8m (2025: \u00a30.9m) comprise: review of the Group\u2019s interim
report \u00a30.6m (2025: \u00a30.6m) and other services \u00a30.2m (2025: \u00a30.3m). In addition to the amounts shown
above, the auditor received fees of \u00a30.3m (2025: \u00a30.2m) for the audit of the main Group pension
schemes, and fees of \u00a30.6m (2025: \u00a30.5m) for the audit of joint ventures. Non-audit services are
subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional
information on the non-audit services provided by the auditor is provided in the Audit Committee
report on page 87, including how objectivity and independence are safeguarded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-789": { "value": "
Employment costs, including Directors\u2019 remuneration
53 weeks
52 weeks
2026
2025
Notes
\u00a3m
\u00a3m
Wages and salaries
7,922
7,473
Social security costs
837
609
Post-employment defined benefit charges
28
20
17
Post-employment defined contribution charges
28
486
454
Share-based payments expense
27
140
136
Termination benefits
56
37
Total
9,461
8,726
Less: Discontinued operations - (110)
Total continuing operations
9,461
8,616
Post-employment defined contribution charges include \u00a3172m (2025: \u00a3181m) of salaries paid as
pension contributions.
The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2026
2025
2026
2025
UK & ROI
(a)
298,794
303,775
193,002
194,893
Booker
15,195
14,981
13,926
13,757
Central Europe
22,134
22,352
20,260
20,490
Total continuing operations
336,123
341,108
227,188
229,140
Discontinued operations
(b)
- 2,363 - 2,253
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Refer to Note 2.
(b) Discontinued operations for the prior year represents the average for eight months to the date of disposal of the Group\u2019s Banking
operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-822": { "value": "Employment costs, including Directors\u2019 remuneration
53 weeks
52 weeks
2026
2025
Notes
\u00a3m
\u00a3m
Wages and salaries
7,922
7,473
Social security costs
837
609
Post-employment defined benefit charges
28
20
17
Post-employment defined contribution charges
28
486
454
Share-based payments expense
27
140
136
Termination benefits
56
37
Total
9,461
8,726
Less: Discontinued operations - (110)
Total continuing operations
9,461
8,616
Post-employment defined contribution charges include \u00a3172m (2025: \u00a3181m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2026
2025
2026
2025
UK & ROI
(a)
298,794
303,775
193,002
194,893
Booker
15,195
14,981
13,926
13,757
Central Europe
22,134
22,352
20,260
20,490
Total continuing operations
336,123
341,108
227,188
229,140
Discontinued operations
(b)
- 2,363 - 2,253
(a) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Refer to Note 2. (b) Discontinued operations for the prior year represents the average for eight months to the date of disposal of the Group\u2019s Banking operations.
Note 28 Post-employment benefits
Pensions
The Group operates a variety of post-employment benefit arrangements, covering both funded and
unfunded defined benefit schemes and defined contribution schemes.
Defined contribution
Defined contribution schemes are open to all Tesco employees in the UK and ROI.
Under the Group\u2019s defined contribution pension schemes, employees of the Group pay contributions
to an independently administered fund, into which the Group also pays contributions based upon a
fixed percentage of the employee\u2019s contributions. The Group has no further payment obligations once
its contributions have been paid. Contributions paid for defined contribution schemes in continuing
operations of \u00a3486m (2025: \u00a3454m) have been recognised in the Group income statement. This
includes \u00a3172m (2025: \u00a3181m) of salaries paid as pension contributions.
Defined benefit schemes
The Group has a defined benefit pension surplus of \u00a3324m (2025: \u00a356m), and a defined benefit
pension deficit of \u00a3127m (2025: \u00a3307m), comprising a number of schemes. The most significant
schemes are for the Group\u2019s employees in the UK and ROI, which are closed to future accrual.
The defined benefit pension obligation in the UK represents 94% (2025: 94%) of the Group defined
benefit obligation.
United Kingdom
The principal scheme within the Group is the Tesco PLC Pension Scheme (the Scheme), a UK scheme
that has been closed to future accrual since 2015. The assets of the Scheme are held as a segregated
fund and administered by the Trustee.
The Scheme is established under trust law and has a corporate trustee (the Trustee) that is required
to run the Scheme in accordance with the Scheme\u2019s Trust Deed and Rules and to comply with all
relevant legislation. Responsibility for the governance of the Scheme lies with the Trustee. The Trustee
is a company whose directors comprise:
1. representatives of the Group;
2. independent trustees; and
3. representatives of the Scheme participants, in accordance with its articles of association and
UK pension law.
Schroders is appointed by the Trustee as the Scheme\u2019s principal Outsourced Chief Investment Officer
(OCIO), under an investment management agreement. Schroders works with the Trustee to implement
the Scheme\u2019s investment strategy and deliver security for the Scheme\u2019s members.
As set out in the Annual Report and Group financial statements for 2025, the Group has continued to
monitor the Virgin Media vs NTL Pension Trustees and other related court cases. In June 2025 the UK
Government announced that it intends to introduce legislation to deal with issues arising from the
Virgin Media vs NTL Pension Trustees judgement. From the work performed to date, management\u2019s
view continues to be that no material adjustments to the financial statements are needed as a result
of the judgement. Work is ongoing with regards to the smaller schemes within the UK (Booker &
Budgens), however given their comparable size, the Group does not anticipate any material findings.
Management will continue to monitor developments of the associated court cases and the legislation
and will assess any change in risk and potential impact on the Group as required.
UK scheme funding
The Group considers two measures of the pension surplus/deficit. The accounting position is shown
on the Group balance sheet. The funding position, calculated at the triennial funding valuation, is used
to agree contributions made to the schemes. The two measures will vary because they are for
different purposes and are calculated at different dates and in different ways. The key calculation
difference is that the funding position considers the expected returns of scheme assets when
calculating the liability, whereas the accounting position calculated under IAS 19 discounts liabilities
based on high quality corporate bond yields.
The latest triennial actuarial pension funding valuation for the Scheme as at 31 March 2025 using the
projected unit credit method showed a funding level under the Technical Provisions basis of 106% (31
March 2022: 104%). Following this triennial valuation, it was agreed with the Scheme Trustee that no
pension deficit contributions would be required from the Company. The Group previously contributed
\u00a317m per annum to meet Scheme expenses, including the Pension Protection Fund (PPF) levy. In
December 2025 a new Schedule of Contributions was signed, confirming that this contribution would
reduce to \u00a312m per annum including the PPF levy for the current financial year. Excluding the PPF levy,
the contribution for the next financial year will be \u00a39m, and \u00a311m per annum thereafter.
The most recent triennial funding valuation of the Booker Pension Scheme showed a deficit of \u00a349m at
31 March 2024, with agreement for the current deficit contributions of \u00a317m per annum to reduce to
\u00a35m per annum from April 2026. The most recent triennial funding valuation of the Budgens Pension
Scheme showed a surplus of \u00a32m at 31 March 2024. The Company and the Trustee have agreed that
no deficit contributions are currently required.
IFRIC 14
For schemes in an accounting surplus position, these surpluses are recognised on the balance sheet
in line with IFRIC 14, as the Group has an unconditional legal right to any future economic benefits by
way of future refunds following a gradual settlement.
Maturity profile of the defined benefit obligation
The estimated duration of the Scheme defined benefit obligation is an indicator of the weighted
average term of benefit payments after discounting. For the Scheme, this is 15 years.
Around 32% of the undiscounted benefits are due to be paid beyond 30 years\u2019 time, with the last
payments expected to be over 80 years from now. The table below sets out the estimated
undiscounted benefit payments expected to be paid out over the life of the Scheme:
2026
2025
\u00a3m
\u00a3m
Within the next 12 months
439
393
Between 1 and 15 years
9,072
8,888
Between 15 and 30 years
12,901
13,000
Between 30 and 45 years
8,451
8,736
Over 45 years
2,297
2,530
Total expected undiscounted benefit payments
33,160
33,547
The defined benefit obligation held by the Scheme is broken down as follows:
%
Deferred members
68
Current pensioners
32
Risks
The Group bears a number of risks in relation to the Scheme, which are described below:
Risk
Description of risk
Mitigation
Investment
The Scheme\u2019s defined benefit
The Trustee and the Group regularly monitor the funding
obligation is calculated using a position and operate a diversified investment strategy.
discount rate set with reference The Trustee and the Group take a balanced approach to
to corporate bond yields. If the investment risk and have a long-term plan to reduce the
return on the Scheme\u2019s assets investment risk within the Scheme.
underperforms this rate, the
accounting deficit will increase. The Trustee considers climate risk as one of the key
If the Scheme\u2019s assets investment risks faced by the Scheme and set up a
underperform the expected Responsible Investment Committee to consider climate-
return for the funding valuation, related issues relating to the Scheme.
this may require additional The Scheme has also made a commitment to aim for
contributions to be made by investments to be net-zero by 2050. Further details on the
the Group. metrics, targets and actions taken in relation to climate risk
can be seen in the Scheme\u2019s Climate Change Report.
Inflation The Scheme\u2019s defined benefit As part of the investment strategy, the Trustee aims to
obligation is linked to inflation. mitigate most of this risk through investment in a
A higher rate of expected liability-driven investment (LDI) portfolio.
long-term inflation will therefore The portfolio invests in assets which increase in value as
lead to higher liabilities, both for inflation expectations increase. This mitigates the impact of
the IAS 19 and funding liability. any adverse movement in long-term inflation expectations.
If the Scheme\u2019s funding liability The Scheme\u2019s holdings are designed to hedge against
increases, this may require inflation risk for most of the funded liabilities.
additional contributions to be
made by the Group.
Interest A decrease in corporate bond As part of the investment strategy, the Trustee aims to
rate yields in isolation would be mitigate most of this risk through investment in an LDI
expected to increase the portfolio.
accounting deficit. Similarly, a The portfolio invests in assets which increase in value as
decrease in gilt yields in interest rates decrease. The Scheme\u2019s holdings are
isolation would be expected to designed to hedge against interest rate risk for most of the
have an adverse impact on the funded liabilities.
funding position of the
Scheme. This may lead to Because the aim of the portfolio is to mitigate risk for the
additional contributions being funding position, ineffectiveness in hedging for the
made by the Group. accounting deficit can arise where corporate bond and gilt
yields diverge. This is partially offset by the Scheme\u2019s
holdings in corporate bonds.
Using an LDI portfolio means a rise in interest rates can
lead to collateral calls. The Trustee and the Group regularly
monitor and manage the level of liquidity to ensure it
remains appropriate.
Life
The Scheme\u2019s obligations are
To reduce this risk, changes to future benefits were
expectancy
to provide benefits for the life
introduced in June 2012 to increase the age at which
of the member and so members can take their full pension by around two years.
increases in life expectancy The Trustee and the Group regularly monitor the impact of
will lead to a higher defined changes in longevity on the Scheme defined benefit
benefit obligation.
obligation.
The Group operates an operations and audit pensions committee to further strengthen the Scheme\u2019s
Trustee governance and provide greater oversight and stronger internal control over the Group\u2019s risks.
A second committee, the Group Pensions Committee, provides an additional layer of governance and
risk management. Further mitigation of the risks is provided by external advisors and the Trustee who
consider the funding position, fund performance and impacts of any regulatory changes.
Scheme principal assumptions
Financial assumptions
The principal assumptions, on a weighted average basis, used by external actuaries to value the
defined benefit obligation of the Scheme were as follows:
2026
2025
%
%
Discount rate
5.7
5.7
Price inflation
2.8
3.0
Rate of increase in deferred pensions*
2.5
2.6
Rate of increase in pensions in payment*
Benefits accrued before 1 June 2012
2.7
2.9
Benefits accrued after 1 June 2012
2.5
2.6
* In excess of any guaranteed minimum pension element.
Discount rate
The discount rate for the Scheme is determined by reference to market yields of high-quality
corporate bonds of suitable currency and term to the Scheme cash flows and extrapolated based on
the trend observable in corporate bond yields.
Inflation
The inflation assumption is used to determine increases in pensions linked to RPI and CPI inflation
within sections of the Scheme, subject to relevant maximum and minimum increases.
RPI inflation is derived by reference to the difference between fixed-interest and index-linked
long-term government bonds. To account for the premium that investors are willing to pay to mitigate
the risk that inflation is higher than expected, the inflation assumption incorporates an inflation risk
premium. CPI inflation is set by reference to RPI.
The Group uses a bifurcated approach to pre- and post-2030 assumptions, reflecting the impact of
the RPI reforms from 2030 onwards. In consultation with external actuaries, the inflation risk premium
has been set at 0.3% p.a. pre-2030 and 0.5% p.a. post-2030, which is a weighted average of 0.45%
(2025: 0.44%). The CPI differential has been set as 1.0% p.a. pre-2030 and 0.1% p.a. post-2030, which is
a weighted average of 0.37% lower than RPI (2025: 0.43%).
Scheme mortality assumptions
The Trustee\u2019s actuary conducted a mortality analysis of the Scheme as part of the triennial funding
valuation process. Subsequent to this analysis, the Group adopted the best estimate assumptions for
the calculation of the defined benefit obligation for the Scheme.
The mortality assumptions used are based on tables that have been projected to 2018 with CMI 2020
improvements. In addition, the allowance for future mortality improvements from 2018 has been
updated to be in line with CMI 2024, with a long-term improvement rate of 1.0% p.a.
The base tables used in calculating the mortality assumptions are different for various categories of
members, as shown below:
Pensioner
Non-Pensioner
Male
Staff
103% of SAPS S4 normal heavy
105% of SAPS S4 normal heavy
Senior Manager
106% of SAPS S4 normal light
107% of SAPS S4 normal light
Female
Staff
107% of SAPS S4 all heavy
110% of SAPS S4 all heavy
Senior Manager
90% of SAPS S4 all middle
90% of SAPS S4 all middle
The following table illustrates the life expectancy of an average member retiring at age 65 at the
balance sheet date and a member reaching age 65 at the balance sheet date +25 years. A comparison
between the two retiree dates illustrates the expected improvements in mortality over the next
25 years.
2026
2025
Years
Years
Retiring at the balance sheet date at age 65:
Male
19.5
19.6
Female
22.4
22.2
Retiring at the balance sheet date +25 years at age 65:
Male
20.6
20.6
Female
23.7
23.4
Sensitivity analysis of significant actuarial assumptions
The sensitivity of significant assumptions upon the Scheme defined benefit obligation are detailed below:
2026
2025
Financial assumptions \u2013 Increase/(decrease) in UK defined Discount rate Inflation rate* Discount rate Inflation rate*
benefit obligation \u00a3m \u00a3m \u00a3m \u00a3m
Impact of 0.1% increase of the assumption
(157)
134
(157)
146
Impact of 0.1% decrease of the assumption
157
(134)
168
(135)
Impact of 1.0% increase of the assumption
(1,400)
1,412
(1,459)
1,492
Impact of 1.0% decrease of the assumption
1,736
(1,221)
1,829
(1,279)
* Inflation sensitivities reflect changes in inflation rate and associated changes in the inflation-related assumptions.
2026
2025
Mortality assumptions \u2013 Increase/(decrease) in UK defined benefit obligation
\u00a3m
\u00a3m
Impact of 1 year increase in longevity
314
292
Impact of 1 year decrease in longevity
(325)
(325)
The sensitivities reflect the range of recent assumption movements and illustrate that the financial
assumption sensitivities do not move in a linear fashion. Movements in the defined benefit obligation
from discount rate and inflation rate changes may be partially offset by movements in assets.
Overseas
The Group operates defined benefit schemes in ROI, which are closed to future accrual. An external
actuary, using the projected unit credit method, carried out the latest assessment of the ROI
schemes as at 28 February 2026. At the financial year end, the accounting surplus relating to ROI was
\u00a372m (2025: \u00a346m).
Post-employment benefits other than pensions
The Group has a statutory gratuity arrangement in India. The cost of providing these benefits has been accounted for on a similar basis to that used for defined benefit pension schemes. The accounting deficit
as at 28 February 2026 of \u00a310m (22 February 2025: \u00a3nil) was determined in accordance with the advice of external actuaries. The charge to the Group income statement in the year was \u00a311m (2025: \u00a3nil), of
which \u00a310m (2025: \u00a3nil) relates to past service cost. \u00a31m (2025: \u00a3nil) was credited to the Group statement of comprehensive income/(loss) and no (2025: \u00a3nil) benefits were paid.
Plan assets
The Group\u2019s pension schemes hold assets that both provide returns and mitigate risk, including the volatility of future pension payments.
The table below shows a breakdown of the combined investments held by the Group\u2019s schemes:
2026
2025
Quoted
Unquoted
Total
Quoted
Unquoted
Total
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
%
Equities
UK
91
-
91
1
47
- 47 -
Europe
266
-
266
2
190
-
190
2
Rest of the world
1,590
-
1,590
13
1,421
-
1,421
12
1,947 -
1,947
16
1,658
-
1,658
14
Bonds
Government
310
-
310
3
259
-
259
2
Corporates \u2013 investment grade
640
-
640
5
888
-
888
8
Corporates \u2013 non-investment grade
595
-
595
5
433
-
433
4
1,545 -
1,545
13
1,580
-
1,580
14
Property
UK -
647
647
5
-
666
666
6
Rest of the world -
310
310
3
-
392
392
3
-
957
957
8
-
1,058
1,058
9
Alternative assets
Hedge funds
-
-
-
-
-
-
-
-
Private equity -
792
792
6
-
864
864
7
Other
71
1,501
1,572
13
119
1,679
1,798
15
71
2,293
2,364
19
119
2,543
2,662
22
LDI portfolio
8,420
(4,040)
4,380
36
6,327
(2,509)
3,818
33
Cash
1,024
-
1,024
8
939
-
939
8
Total fair value of plan assets
13,007
(790)
12,217
100
10,623
1,092
11,715
100
Quoted assets are those with a quoted price in an active market. Unquoted assets are valued in accordance with IFRS 13 \u2018Fair value measurement\u2019, using the most appropriate level within the fair value
hierarchy based on the specifics of the asset class, and in line with industry standard guidelines, including the RICS methodology for property and the IPEV guidelines for private equity.
The LDI portfolio consists of assets, including gilts and index-linked gilts and money market funds, of the value of \u00a38,935m (2025: \u00a37,102m) and associated repurchase agreements and swaps of \u00a3(4,555)m
(2025: \u00a3(3,284)m). Other alternative assets include infrastructure and private credit investments. Other derivatives are included in the asset category to which they relate, reflecting the underlying nature and
exposure of the derivative.
The plan assets include \u00a3204m (2025: \u00a3185m) relating to property used by the Group. Group property with net carrying value of \u00a3817m (2025: \u00a3820m) (refer to Note 12) and a value to the Scheme of at least
\u00a3775m (2025: \u00a3775m) is held as security in favour of the Scheme.
Movement in the Group pension surplus/(deficit) during the year
2026
2025
Fair value of Defined benefit Fair value of Defined benefit
plan assets
obligation
Net
plan assets
obligation
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
11,715
(11,963)
(248)
12,156
(12,787)
(631)
Past service cost on plan amendments -
(10)
(10)
-
-
-
Current service and administration costs -
(10)
(10)
-
(17)
(17)
Finance income/(cost)
657
(671)
(14)
601
(633)
(32)
Included in the Group income statement
657
(691)
(34)
601
(650)
(49)
Remeasurement gain/(loss):
Financial assumptions gain/(loss) -
68
68
-
981
981
Demographic assumptions gain/(loss) -
77
77
-
17
17
Experience gain/(loss) -
59
59
-
(62)
(62)
Return on plan assets excluding finance income
314
-
314
(550)
- (550)
Foreign currency translation
16
(14)
2
(9)
8
(1)
Included in the Group statement of comprehensive income/(loss)
330
190
520
(559)
944
385
Employer contributions
12
-
12
17
- 17
Additional employer contributions
23
-
23
23
- 23
Benefits paid
(520)
528
8
(523)
530
7
Other movements
(485)
528
43
(483)
530
47
Closing balance
12,217
(11,936)
281
11,715
(11,963)
(248)
Withholding tax on surplus
(a)
(84)
(3)
Closing balance, net of withholding tax
197
(251)
Consisting of:
Schemes in deficit
(127)
(307)
Schemes in surplus
(b)
324
56
Deferred tax asset/(liability)
(c)
23
71
Surplus/(deficit) in schemes at the end of the year, net of deferred tax
220
(180)
(a) The movement in the year is recognised through other comprehensive income in remeasurements of defined benefit pension schemes.
(b) Schemes in surplus in the UK are presented on the balance sheet net of a 25% (2025: 25%) withholding tax.
(c) Including \u00a3(9)m deferred tax liability relating to the ROI scheme in surplus where no withholding tax is applicable (2025: \u00a3(6)m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-743": { "value": "
Note 5 Adjusting items
Group income statement
Refer to Note 1 for further details regarding the assessment of items as adjusting.
53 weeks ended 28 February 2026
Profit/(loss) for the year included the following adjusting items:
Total adjusting
items included
Administrative within operating Finance income/ Total adjusting
Cost of sales expenses profit
(costs)
Taxation
items
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
3 - 3 -
(2)
1
Net impairment (loss)/reversal of non-current assets
(b)
(48)
(5)
(53)
-
39
(14)
Restructuring
(c)
(31)
(22)
(53)
-
11
(42)
Amortisation of acquired intangible assets
(d)
-
(78)
(78)
-
20
(58)
Separation programme costs related to disposal of Banking operations
(e)
(15)
(13)
(28)
-
16
(12)
Net pension finance income/(costs)
(f)
-
-
-
(14)
4
(10)
Fair value remeasurements of financial instruments
(f)
-
-
-
(26)
8
(18)
Total adjusting items
(g)
(91)
(118)
(209)
(40)
96
(153)
(a) Includes profits and losses related to the disposal of surplus properties.
(b) Refer to Note 15 for further details on net impairment (loss)/reversal of non-current assets.
(c) Provisions relating to operational restructuring changes announced as part of save to invest, a multi-year programme which commenced in June 2022, and a multi-year programme to restructure the UK distribution network, which commenced in the current year. The
total cost of the save to invest programme recognised as adjusting since its start date is \u00a3(316)m (2025: \u00a3(275)m). Future cost savings will not be reported within adjusting items.
(d) Amortisation of acquired intangibles relates to assets acquired through business combinations and does not reflect the Group\u2019s ongoing trading performance.
(e) Separation programme costs incurred in the continuing Group in relation to the disposal of the Group\u2019s Banking operations in the prior year.
(f) Net pension finance costs and fair value remeasurements of financial instruments are included within adjusting items, as they can fluctuate significantly due to external market factors that are outside management\u2019s control. Refer to Note 6 for details of finance income
and costs. Refer to Note 28 for details of pension schemes.
(g) For the 53 weeks ended 28 February 2026 (prior year 52 weeks ended 22 February 2025). The impact of adjusting items in the 53rd week is not material. See page 219.
52 weeks ended 22 February 2025
Profit/(loss) for the year included the following adjusting items:
Total adjusting Adjusting items
items included included within
Administrative within operating Finance income/ discontinued Total adjusting
Cost of sales expenses profit
(costs)
Taxation
operations items
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
1
1
2
-
-
-
2
Net impairment (loss)/reversal of non-current assets
(274)
(12)
(286)
- 57 - (229)
Restructuring
(38)
(5)
(43)
- 11 - (32)
Amortisation of acquired intangible assets -
(76)
(76)
- 19 - (57)
Separation programme costs related to disposal of Banking operations
(8)
(6)
(14)
- 4 - (10)
Net pension finance income/(costs)
-
-
-
(32)
8
- (24)
Fair value remeasurements of financial instruments
-
-
-
76
(20)
- 56
Total adjusting items from continuing operations
(319)
(98)
(417)
44
79
- (294)
Adjusting items relating to discontinued operations
-
-
-
-
-
(65)
(65)
Total adjusting items
(319)
(98)
(417)
44
79
(65)
(359)
Group cash flow statement
The table below shows the impact of adjusting items on the Group cash flow statement:
Cash flows from Cash flows from Cash flows from
operating activities investing activities financing activities
53 weeks
52 weeks
53 weeks
52 weeks
53 weeks
52 weeks
2026
2025
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
(1) -
39
130
(31)
-
Restructuring
(b)
(53)
(55)
-
-
-
-
Separation (costs)/
(26)
(26)
- 586
-
-
proceeds related to
disposal of Banking
operations
(c)
Disposal of subsidiaries
(d)
-
-
2
-
-
-
Total
(80)
(81)
41
716
(31)
-
Adjusting items relating to
discontinued operations
(e)
-
-
-
(429)
-
-
Total
(80)
(81)
41
287
(31)
-
(a) Property transactions include \u00a337m proceeds from the sale of 28 sites and the leaseback of 10 associated stores in the UK and a
\u00a3(31)m premium related to a significant transaction in the UK, which due to their size and nature, are treated as adjusting. The prior
year related to the sale of four malls and the leaseback of the four associated stores in Central Europe, previously classified as
held for sale.
(b) Cash outflows relating to operational restructuring changes as part of the multi-year save to invest programme, which
commenced in June 2022, and a multi-year programme to restructure the UK distribution network, which commenced in the
current year.
(c) Separation programme costs incurred in the continuing Group in relation to the disposal of the Group\u2019s Banking operations. The
prior year related to net proceeds from the sale and costs incurred in the disposal.
(d) Deferred proceeds received in the current year relating to the disposal of Booker subsidiary Ritter-Courivaud Limited in June
2023.
(e) In the prior year, the Banking operations disposal group held \u00a3429m in cash and cash equivalents at the date of disposal. Refer to
Note 8 in the Annual Report and Financial Statements 2025 for the net book value of assets disposed.
", "dimensions": { "concept": "tescoplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-870": { "value": "Group cash flow statement The table below shows the impact of adjusting items on the Group cash flow statement:
Cash flows from Cash flows from Cash flows from
operating activities investing activities financing activities
53 weeks
52 weeks
53 weeks
52 weeks
53 weeks
52 weeks
2026
2025
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
(1) -
39
130
(31)
-
Restructuring
(b)
(53)
(55)
-
-
-
-
Separation (costs)/
(26)
(26)
- 586
-
-
proceeds related to
disposal of Banking
operations
(c)
Disposal of subsidiaries
(d)
-
-
2
-
-
-
Total
(80)
(81)
41
716
(31)
-
Adjusting items relating to
discontinued operations
(e)
-
-
-
(429)
-
-
Total
(80)
(81)
41
287
(31)
-
(a) Property transactions include \u00a337m proceeds from the sale of 28 sites and the leaseback of 10 associated stores in the UK and a \u00a3(31)m premium related to a significant transaction in the UK, which due to their size and nature, are treated as adjusting. The prior year related to the sale of four malls and the leaseback of the four associated stores in Central Europe, previously classified as held for sale. (b) Cash outflows relating to operational restructuring changes as part of the multi-year save to invest programme, which commenced in June 2022, and a multi-year programme to restructure the UK distribution network, which commenced in the current year. (c) Separation programme costs incurred in the continuing Group in relation to the disposal of the Group\u2019s Banking operations. The prior year related to net proceeds from the sale and costs incurred in the disposal. (d) Deferred proceeds received in the current year relating to the disposal of Booker subsidiary Ritter-Courivaud Limited in June 2023. (e) In the prior year, the Banking operations disposal group held \u00a3429m in cash and cash equivalents at the date of disposal. Refer to Note 8 in the Annual Report and Financial Statements 2025 for the net book value of assets disposed. Cash flow statement of discontinued operations
2025
\u00a3m
Net cash flows from operating activities
171
Net cash flows from investing activities
(436)
Net cash flows from financing activities
(2)
Net cash flows from discontinued operations
(267)
In the prior year, the total cash inflows of \u00a3157m presented in the investing category of the Group cash flow statement in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprised gross proceeds of \u00a3614m, less costs incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m.
Amounts recognised in the Group cash flow statement
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Total cash outflow for leases
1,063
980
The table below shows amounts included in the Group cash flow statement in relation to share-based payments and own shares purchased for share schemes:
2026
2025
\u00a3m
\u00a3m
Share-based payment charge included in operating profit/(loss)
(140)
(136)
Share-based payments non-cash movement
55
37
Increase/(decrease) in trade and other payables*
85
99
Included in Group operating cash flows
-
-
Cash paid to purchase own shares including related fees and taxes
(152)
(123)
Cash received from employees exercising SAYE options
52
69
Included in Group financing cash flows
(100)
(54)
* Comprises of shares withheld from employees in order to settle their tax liability, cash-settled share-based payments and National Insurance. The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2026
2025
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(279)
(204)
Shares withheld to settle employee tax
50
81
Cash received from employees exercising SAYE options
52
69
Outstanding amount recognised as financial liabilities*
77
-
Included in the Group cash flow statement
(100)
(54)
* A financial liability of \u00a377m (2025: \u00a3nil) in respect of shares to be delivered under an agreement with an external bank is included in other payables.
Note 31 Analysis of changes in net debt
The Group\u2019s Net debt APM is defined in the Glossary.
2026
2025
\u00a3m
\u00a3m
Borrowings, excluding overdrafts
(6,192)
(6,094)
Lease liabilities
(7,884)
(7,716)
Net financing derivatives
476
602
Share purchase obligations
(77)
-
Liabilities from financing activities
(13,677)
(13,208)
Cash and cash equivalents in the balance sheet
2,515
2,255
Overdrafts*
(1,004)
(856)
Cash and cash equivalents (including overdrafts) in the cash flow statement
1,511
1,399
Short-term investments
1,429
2,223
Joint venture loans
98
97
Interest and other receivables
18
19
Net operating and investing derivatives
(19)
16
Exclude: Share purchase obligations
77
-
Net debt APM
(10,563)
(9,454)
* Overdraft balances are included within borrowings in the Group balance sheet, and within cash and cash equivalents in the Group cash flow statement. Refer to Note 19.
The tables below set out the movements in liabilities from financing activities:
Borrowings, Net financing Liabilities from
excluding derivative financial Share purchase Group financing
overdrafts
Lease liabilities
instruments
(a)
obligations
(b)
activities
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
(6,094)
(7,716)
602
- (13,208)
Cash flows arising from financing activities
(c)
40
668
(163)
1,595
2,140
Cash flows arising from operating activities:
Interest paid
239
395
29
- 663
Non-cash movements:
Fair value gains/(losses)
(59)
- 53 - (6)
Foreign exchange
(103)
(60)
-
-
(163)
Interest income/(charge)
(215)
(404)
(45)
- (664)
Lease additions, terminations, modifications and reassessments - (767)
-
-
(767)
Share purchase agreements
-
-
-
(1,672)
(1,672)
At 28 February 2026
(6,192)
(7,884)
476
(77)
(13,677)
(a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives of \u00a3(19)m (2025: \u00a316m), which form part of the Group\u2019s Net debt APM, are not included in
liabilities from financing activities.
(b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3nil (2025: \u00a3(91)m) cash outflows relating to other cancellable arrangements and
prepayments, and \u00a352m (2025: \u00a369m) cash received from employees exercising SAYE options.
(c) Cash flows arising from financing activities for Borrowings, excluding overdrafts and Net financing derivative financial instruments are presented gross. In the Group cash flow statement, these amounts are presented net.
Borrowings, Net financing Liabilities from
excluding derivative financial Share purchase Group financing
overdrafts
Lease liabilities
instruments
(a)
obligations
(b)
activities
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(6,407)
(7,622)
544
- (13,485)
Cash flows arising from financing activities
(c)(d)
347
597
(32)
1,016
1,928
Cash flows arising from operating activities:
Interest paid
(d)
210
380
85
- 675
Non-cash movements:
Fair value gains/(losses)
(92)
- 96 - 4
Foreign exchange
58
25
-
-
83
Interest income/(charge)
(210)
(377)
(91)
- (678)
Acquisitions and disposals - (5)
-
-
(5)
Lease additions, terminations, modifications and reassessments - (714)
-
-
(714)
Share purchase agreements
-
-
-
(1,016)
(1,016)
At 22 February 2025
(6,094)
(7,716)
602
- (13,208)
(a)-(c) Refer to previous table for footnotes.
(d) Following the Group\u2019s change in presentation of economic hedges in the Group cash flow statement, Cash flows arising from financing activities and Interest paid within Lease liabilities have been re-presented by \u00a33m each. See Note 32 for full details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-744": { "value": "
Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-865": { "value": "Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-858": { "value": "Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-845": { "value": "Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-823": { "value": "Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-790": { "value": "Note 6 Finance income and costs
53 weeks
52 weeks
2026
2025
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on:
Bank balances
103
113
Short-term investments
99
119
Loans to joint ventures and associates
7
7
Other investments and receivables
20
12
Net investment in leases
2
1
Finance income on reinsurance contracts held
2
2
Total finance income
233
254
Finance costs
GBP MTNs and loans
(172)
(204)
EUR MTNs
(83)
(82)
USD bonds
(14)
(16)
Interest expense on lease liabilities
*
(390)
(370)
Finance expense on insurance contracts issued
(13)
(11)
Interest expense on bank overdrafts
(91)
(97)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(6)
(5)
Total finance costs before adjusting items
(774)
(790)
Fair value remeasurements of financial instruments
(26)
76
Net pension finance income/(costs)
28
(14)
(32)
Total finance costs
(814)
(746)
Net finance costs
(581)
(492)
* Interest expense on lease liabilities is presented net of \u00a314m hedging impact (2025: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-745": { "value": "
Note 7 Taxation
Recognised in the Group income statement
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Current tax (credit)/charge
UK corporation tax
456
394
Overseas tax
85
88
Adjustments in respect of prior years
(35)
(18)
506
464
Deferred tax (credit)/charge
Origination and reversal of temporary differences
84
137
Adjustments in respect of prior years
26
6
Change in tax rate - 4
110
147
Total income tax (credit)/charge
616
611
Reconciliation of effective tax charge
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Profit/(loss) before tax
2,403
2,215
Tax credit/(charge) at the UK corporation tax rate of 25% (2025: 25%)
(601)
(554)
Effect of:
Non-qualifying depreciation
(41)
(41)
Expenses not deductible
(24)
(20)
Net impairment (loss)/reversal of non-current assets
25
(8)
Unrecognised tax losses
(5)
(3)
Differences in overseas taxation rates
23
11
Adjustments in respect of prior years
9
12
Share of profits/(losses) of joint ventures and associates - (1)
Change in tax rate - (4)
Irrecoverable withholding tax
(2)
(3)
Total income tax credit/(charge)
(616)
(611)
Effective tax rate (statutory)
25.6%
27.6%
Reconciliation of effective tax charge on adjusted profit before tax
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Profit/(loss) before tax
2,403
2,215
Exclude: Adjusting items
249
373
Adjusted profit before tax
2,652
2,588
Tax credit/(charge) at the UK corporation tax rate of 25% (2025: 25%)
(663)
(647)
Effect of:
Non-qualifying depreciation
(41)
(41)
Expenses not deductible
(25)
(21)
Unrecognised tax losses
(5)
(3)
Differences in overseas taxation rates
20
20
Adjustments in respect of prior years
4
12
Share of profits/(losses) of joint ventures and associates - (1)
Change in tax rate - (6)
Irrecoverable withholding tax
(2)
(3)
Total income tax credit/(charge) before adjusting items
(712)
(690)
Adjusted effective tax rate
26.8%
26.7%
The tax credit/(charge) for week 53 is \u00a3(9)m. The Adjusted effective tax rate is the same on both a
53-week and 52-week basis.
Tax on items credited directly to the Group statement of changes in equity
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Current tax credit/(charge) on:
Share-based payments
13
14
Deferred tax credit/(charge) on:
Share-based payments
35
22
Total tax on items credited/(charged) to the Group statement of changes
48
36
in equity
Tax relating to components of the Group statement of comprehensive income/(loss)
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Current tax credit/(charge) on:
Pensions
7
-
Fair value of movement on financial assets at fair value through other comprehensive income
(2)
-
Deferred tax credit/(charge) on:
Pensions
(54)
(93)
Fair value of movement on financial assets at fair value through other comprehensive income
(6)
(3)
Finance income/(expenses) on insurance contracts issued and reinsurance contracts held
1
-
Fair value movements on cash flow hedges
5
7
Total tax on items credited/(charged) to Group statement of comprehensive income/(loss)
(49)
(89)
Deferred tax
The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to
apply when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable
sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three-year long-term plan which is updated and approved
annually by the Board and is consistent with the Group\u2019s Longer term viability statement and impairment assessments.
Property-related Acquired Post-employment Share-based Short-term timing Financial
items
(a)
intangibles
benefits
(b)
payments
differences
Tax losses
instruments
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(493)
(77)
162
49
74
73
(25)
(237)
(Charge)/credit to the Group income statement
(100)
19
2
(5)
8
(68)
(3)
(147)
(Charge)/credit to the Group statement of changes in equity
-
-
-
22
-
-
-
22
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(93)
-
-
-
4
(89)
Acquisition - (5)
-
-
-
-
-
(5)
At 22 February 2025
(593)
(63)
71
66
82
5
(24)
(456)
(Charge)/credit to the Group income statement
(134)
20
5
3
15
(1)
(18)
(110)
(Charge)/credit to the Group statement of changes in equity
-
-
-
35
-
-
-
35
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(54)
-
-
-
-
(54)
Foreign exchange and other movements
(1)
- 1 - (1)
-
-
(1)
At 28 February 2026
(728)
(43)
23
104
96
4
(42)
(586)
(a) Property-related items are a deferred tax liability on accelerated tax depreciation of \u00a3(729)m (2025: \u00a3(610)m), deferred tax liability on rolled-over gains of \u00a3(421)m (2025: \u00a3(422)m), deferred tax asset on capital losses of \u00a3242m (2025: \u00a3239m) and deferred tax asset on IFRS
16 balances of \u00a3180m (2025: \u00a3200m).
(b) Post-employment benefits include a tax (charge)/credit to the Group statement of comprehensive income/(loss) relating to remeasurement gain/(loss). The closing deferred tax relates to a deferred tax asset on pension schemes in deficit or a deferred tax liability on
schemes in surplus if no withholding tax applies. Refer to Note 28 for further details.
The following is the analysis of the deferred tax balances after offset:
2026
2025
\u00a3m
\u00a3m
Deferred tax assets
49
47
Deferred tax liabilities
(635)
(503)
(586)
(456)
Unrecognised deferred tax assets and liabilities
Deferred tax assets in relation to continuing operations have not been recognised in respect of the
following items because it is not probable that future taxable profits will be available against which the
Group can utilise the benefits:
2026
2025
\u00a3m
\u00a3m
Deductible temporary differences
41
40
Tax losses
196
180
237
220
As at 28 February 2026, the Group has unused trading tax losses from continuing operations of
\u00a3729m (2025: \u00a3630m) available for offset against future profits. A deferred tax asset has been
recognised in respect of \u00a314m (2025: \u00a319m) of such losses, with \u00a310m (2025: \u00a311m) in USA and \u00a34m
(2025: \u00a38m) in other jurisdictions. No deferred tax asset has been recognised in respect of the
remaining overseas trading tax losses of \u00a3715m (2025: \u00a3611m) due to the uncertainty of future taxable
profits with \u00a3544m (2025: \u00a3514m) in the Netherlands, \u00a333m (2025: \u00a332m) in Germany, \u00a3132m (2025:
\u00a359m) in Hungary, \u00a34m (2025: \u00a36m) in Slovakia and \u00a32m (2025: \u00a3nil) in Czech Republic. Capital losses of
\u00a394m (2025: \u00a389m) in ROI have not been recognised as it is not expected they will be utilised. A
deferred tax asset has not been recognised in respect of deductible temporary differences of \u00a341m
(2025: \u00a340m) as it is not expected they will be utilised. Of these unrecognised tax losses and
temporary differences, \u00a3136m (2025: \u00a370m) will expire within five years and the remainder are
available indefinitely.
No deferred tax liability is recognised on taxable temporary differences relating to the unremitted
earnings of overseas subsidiaries and joint ventures as the Group is able to control the timing of the
reversal of these temporary differences and it is probable that they will not reverse in the foreseeable
future. The deferred tax on unremitted earnings at 28 February 2026 is estimated to be \u00a38m (2025:
\u00a38m) which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas
tax jurisdictions. UK tax legislation relating to company distributions provides for exemption from tax
for most repatriated profits, subject to certain exceptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-791": { "value": "Deferred tax The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to apply when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three-year long-term plan which is updated and approved annually by the Board and is consistent with the Group\u2019s Longer term viability statement and impairment assessments.
Property-related Acquired Post-employment Share-based Short-term timing Financial
items
(a)
intangibles
benefits
(b)
payments
differences
Tax losses
instruments
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(493)
(77)
162
49
74
73
(25)
(237)
(Charge)/credit to the Group income statement
(100)
19
2
(5)
8
(68)
(3)
(147)
(Charge)/credit to the Group statement of changes in equity
-
-
-
22
-
-
-
22
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(93)
-
-
-
4
(89)
Acquisition - (5)
-
-
-
-
-
(5)
At 22 February 2025
(593)
(63)
71
66
82
5
(24)
(456)
(Charge)/credit to the Group income statement
(134)
20
5
3
15
(1)
(18)
(110)
(Charge)/credit to the Group statement of changes in equity
-
-
-
35
-
-
-
35
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(54)
-
-
-
-
(54)
Foreign exchange and other movements
(1)
- 1 - (1)
-
-
(1)
At 28 February 2026
(728)
(43)
23
104
96
4
(42)
(586)
(a) Property-related items are a deferred tax liability on accelerated tax depreciation of \u00a3(729)m (2025: \u00a3(610)m), deferred tax liability on rolled-over gains of \u00a3(421)m (2025: \u00a3(422)m), deferred tax asset on capital losses of \u00a3242m (2025: \u00a3239m) and deferred tax asset on IFRS 16 balances of \u00a3180m (2025: \u00a3200m). (b) Post-employment benefits include a tax (charge)/credit to the Group statement of comprehensive income/(loss) relating to remeasurement gain/(loss). The closing deferred tax relates to a deferred tax asset on pension schemes in deficit or a deferred tax liability on schemes in surplus if no withholding tax applies. Refer to Note 28 for further details. The following is the analysis of the deferred tax balances after offset:
2026
2025
\u00a3m
\u00a3m
Deferred tax assets
49
47
Deferred tax liabilities
(635)
(503)
(586)
(456)
Unrecognised deferred tax assets and liabilities Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items because it is not probable that future taxable profits will be available against which the Group can utilise the benefits:
2026
2025
\u00a3m
\u00a3m
Deductible temporary differences
41
40
Tax losses
196
180
237
220
As at 28 February 2026, the Group has unused trading tax losses from continuing operations of \u00a3729m (2025: \u00a3630m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a314m (2025: \u00a319m) of such losses, with \u00a310m (2025: \u00a311m) in USA and \u00a34m (2025: \u00a38m) in other jurisdictions. No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses of \u00a3715m (2025: \u00a3611m) due to the uncertainty of future taxable profits with \u00a3544m (2025: \u00a3514m) in the Netherlands, \u00a333m (2025: \u00a332m) in Germany, \u00a3132m (2025: \u00a359m) in Hungary, \u00a34m (2025: \u00a36m) in Slovakia and \u00a32m (2025: \u00a3nil) in Czech Republic. Capital losses of \u00a394m (2025: \u00a389m) in ROI have not been recognised as it is not expected they will be utilised. A deferred tax asset has not been recognised in respect of deductible temporary differences of \u00a341m (2025: \u00a340m) as it is not expected they will be utilised. Of these unrecognised tax losses and temporary differences, \u00a3136m (2025: \u00a370m) will expire within five years and the remainder are available indefinitely. No deferred tax liability is recognised on taxable temporary differences relating to the unremitted earnings of overseas subsidiaries and joint ventures as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The deferred tax on unremitted earnings at 28 February 2026 is estimated to be \u00a38m (2025: \u00a38m) which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to company distributions provides for exemption from tax for most repatriated profits, subject to certain exceptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-746": { "value": "
Note 8 Discontinued operations and assets classified as held for sale
2026
2025
\u00a3m
\u00a3m
Non-current assets classified as held for sale
114
50
Non-current assets classified as held for sale consist of properties in the UK due to be sold within one
year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair
value hierarchy.
The movement in the year relates to a reclassification of \u00a391m of properties from property, plant and
equipment for a number of sites to be sold within one year, offset by \u00a3(26)m of disposals and \u00a3(1)m of
net remeasurement.
Disposal of Banking operations in the prior year
In February 2024, the Group agreed to sell its Banking operations, comprising personal loans, credit
cards, customer deposits, and associated operational capabilities (Banking operations). In October
2024, the Group received approval from the High Court of Justice of England and Wales for the
disposal which subsequently completed on 1 November 2024. The net results of Banking operations
and the profit/(loss) on disposal were presented in profit/(loss) for the year from discontinued
operations in the prior year Group income statement. There were no other discontinued operations
in the prior year.
Income statement of discontinued operations
2025
\u00a3m
Revenue
547
Operating costs
(448)
Operating profit
(a)
99
Net finance costs
(1)
Profit before tax
98
Taxation
(24)
Profit after tax
74
Remeasurement of the disposal group to fair value less costs to sell
(a)(b)
(64)
Tax on remeasurement of the disposal group to fair value less costs to sell
(c)
16
Profit after tax of discontinued operations
26
(a) In the prior year, operating profit/(loss) of discontinued operations in the Group cash flow statement of \u00a335m comprised the
operating profit above of \u00a399m and fair value remeasurement of assets of the disposal group of \u00a3(64)m.
(b) In the prior year, remeasurement of the disposal group to fair value less costs to sell included \u00a3(7)m remeasurements on
non-current assets and \u00a3(57)m loss in excess of the carrying amount of the non-current assets. This was treated as an adjusting
item. In addition, separation costs incurred within the disposal Group in relation to the sale of Banking operations of \u00a3(23)m were
treated as an adjusting item. Refer to Note 5.
(c) Tax on remeasurement of the disposal group to fair value less costs to sell and \u00a36m tax on separation costs incurred within the
disposal Group were included within adjusting items in the prior year. Refer to Note 5.
Cash flow statement of discontinued operations
2025
\u00a3m
Net cash flows from operating activities
171
Net cash flows from investing activities
(436)
Net cash flows from financing activities
(2)
Net cash flows from discontinued operations
(267)
In the prior year, the total cash inflows of \u00a3157m presented in the investing category of the Group cash
flow statement in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprised gross
proceeds of \u00a3614m, less costs incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-792": { "value": "Note 8 Discontinued operations and assets classified as held for sale
2026
2025
\u00a3m
\u00a3m
Non-current assets classified as held for sale
114
50
Non-current assets classified as held for sale consist of properties in the UK due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. The movement in the year relates to a reclassification of \u00a391m of properties from property, plant and equipment for a number of sites to be sold within one year, offset by \u00a3(26)m of disposals and \u00a3(1)m of net remeasurement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-824": { "value": "Disposal of Banking operations in the prior year In February 2024, the Group agreed to sell its Banking operations, comprising personal loans, credit cards, customer deposits, and associated operational capabilities (Banking operations). In October 2024, the Group received approval from the High Court of Justice of England and Wales for the disposal which subsequently completed on 1 November 2024. The net results of Banking operations and the profit/(loss) on disposal were presented in profit/(loss) for the year from discontinued operations in the prior year Group income statement. There were no other discontinued operations in the prior year. Income statement of discontinued operations
2025
\u00a3m
Revenue
547
Operating costs
(448)
Operating profit
(a)
99
Net finance costs
(1)
Profit before tax
98
Taxation
(24)
Profit after tax
74
Remeasurement of the disposal group to fair value less costs to sell
(a)(b)
(64)
Tax on remeasurement of the disposal group to fair value less costs to sell
(c)
16
Profit after tax of discontinued operations
26
(a) In the prior year, operating profit/(loss) of discontinued operations in the Group cash flow statement of \u00a335m comprised the operating profit above of \u00a399m and fair value remeasurement of assets of the disposal group of \u00a3(64)m. (b) In the prior year, remeasurement of the disposal group to fair value less costs to sell included \u00a3(7)m remeasurements on non-current assets and \u00a3(57)m loss in excess of the carrying amount of the non-current assets. This was treated as an adjusting item. In addition, separation costs incurred within the disposal Group in relation to the sale of Banking operations of \u00a3(23)m were treated as an adjusting item. Refer to Note 5. (c) Tax on remeasurement of the disposal group to fair value less costs to sell and \u00a36m tax on separation costs incurred within the disposal Group were included within adjusting items in the prior year. Refer to Note 5. Cash flow statement of discontinued operations
2025
\u00a3m
Net cash flows from operating activities
171
Net cash flows from investing activities
(436)
Net cash flows from financing activities
(2)
Net cash flows from discontinued operations
(267)
In the prior year, the total cash inflows of \u00a3157m presented in the investing category of the Group cash flow statement in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprised gross proceeds of \u00a3614m, less costs incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-747": { "value": "
Note 9 Dividends
2026
2025
Pence/share
\u00a3m
Pence/share
\u00a3m
Paid prior financial year final dividend
(a)
9.45
626
8.25
576
Paid interim dividend
(b)
4.80
310
4.25
289
Amounts recognised through equity as distributions
14.25
936
12.50
865
to owners
(Increase)/decrease in unclaimed dividends - 1 - (1)
Dividend paid in the financial year
937
864
Proposed final dividend at financial year end
9.70
619
9.45
637
(a) Excludes \u00a35m prior financial year final dividend waived (2025: \u00a35m) and \u00a34m (2025: \u00a3nil) relating to shares cancelled prior to the
ex-dividend date. Presented net of \u00a32m (2025: \u00a3nil) of unclaimed dividends credited to retained earnings.
(b) Excludes \u00a32m interim dividend waived (2025: \u00a32m) and \u00a32m (2025: \u00a3nil) relating to shares cancelled prior to the ex-dividend date.
The proposed final dividend was approved by the Board of Directors on 15 April 2026 and is subject to
the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as
at 28 February 2026. If approved by shareholders, it will be paid on 26 June 2026 to shareholders who
are on the register of members at close of business on 15 May 2026.
A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their
dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last
date for receipt of a new election is 5 June 2026.
For all dividends, the Group has a share forfeiture programme following the completion of a tracing
and notification exercise to any shareholders who have not had contact with Tesco PLC over the past
12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. \u00a32m
(2025: \u00a3nil) of unclaimed dividends have been adjusted for in retained earnings. Refer to Note 29 for
further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-828": { "value": "0.1425", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-825": { "value": "0.125", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-829": { "value": "0.097", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-830": { "value": "619000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-827": { "value": "0.0945", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-826": { "value": "637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP" } }, "fact-748": { "value": "
Note 10 Earnings/(losses) per share and diluted earnings/(losses) per share
For the 53 weeks ended 28 February 2026 there were 99 million (2025: 83 million) potentially dilutive
share options and awards. As the Group has recognised a profit for the year from its continuing
operations, dilutive effects have been considered in calculating diluted earnings per share.
53 weeks ended 28 February 2026
52 weeks ended 22 February 2025
Dilutive share Dilutive share
options and options and
Basic
awards
Diluted
Basic
awards
Diluted
Profit/(loss) (\u00a3m)
Continuing operations
*
1,787 -
1,787
1,600
- 1,600
Discontinued operations
-
-
-
26 - 26
Total
1,787
-
1,787
1,626
- 1,626
Weighted average number
6,507
99
6,606
6,835
83
6,918
of shares (millions)
Earnings/(losses) per share
(pence)
Continuing operations
27.5
(0.4)
27.1
23.4
(0.3)
23.1
Discontinued operations
-
-
-
0.4 - 0.4
Total
27.5
(0.4)
27.1
23.8
(0.3)
23.5
* Excludes profits/(losses) attributable to non-controlling interests of \u00a3nil (2025: \u00a34m).
APM: Adjusted diluted earnings/(losses) per share
2026
2025
As reported
on a 53-week Exclude 53rd On a 52-week
Continuing operations
Notes
basis
week
(a)
basis
52 weeks
Profit before tax (\u00a3m)
2,403
(25)
2,378
2,215
Exclude: Adjusting items (\u00a3m)
5
249
(7)
242
373
Adjusted profit before tax (\u00a3m)
2,652
(32)
2,620
2,588
Adjusted profit before tax attributable to the
owners of the parent (\u00a3m)
(b)
2,652
(32)
2,620
2,584
Taxation on adjusted profit before tax
7
(712)
9
(703)
(690)
attributable to the owners of the parent (\u00a3m)
Adjusted profit after tax attributable to the
owners of the parent (\u00a3m)
1,940
(23)
1,917
1,894
Basic weighted average number of shares
6,507
3
6,510
6,835
(millions)
Adjusted basic earnings per share (pence)
29.5
27.7
Diluted weighted average number of shares
6,606
2
6,608
6,918
(millions)
Adjusted diluted earnings per share APM
29.0
27.4
(pence)
(a) Refer to page 216 for details of week 53 adjustments for the Group\u2019s APMs.
(b) Refer to previous table for footnote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-749": { "value": "
Note 11 Goodwill and other intangible assets
2026
2025
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Foreign currency translation
7
19
-
1
27
(4)
(5)
-
-
(9)
Additions - 322 -
1
323
- 285 -
1
286
Acquired through business combinations
3
-
-
-
3
38
- 18 - 56
Disposals - (157) -
(3)
(160)
- (398) -
(11)
(409)
Closing balance
4,559
1,903
736
372
7,570
4,549
1,719
736
373
7,377
Accumulated amortisation and impairment losses
Opening balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Foreign currency translation
4
16
-
1
21
(2)
(3)
-
-
(5)
Amortisation charge for the year
(c)(d)
-
228
78
1
307
-
210
76
1
287
Impairment losses
(e)
- 26 -
1
27
- 35
-
-
35
Reversal of impairment losses
(e)
- (9)
-
-
(9) - (8)
-
-
(8)
Disposals - (155) -
(3)
(158)
- (395) -
(11)
(406)
Closing balance
389
1,183
604
302
2,478
385
1,077
526
302
2,290
Net carrying value
4,170
720
132
70
5,092
4,164
642
210
71
5,087
(a) Software includes \u00a3645m (2025: \u00a3576m) net carrying value of internally generated development costs.
(b) Other intangible assets include pharmacy licences with a net carrying value of \u00a327m (2025: \u00a328m) and various other individually immaterial balances.
(c) Amortisation of customer relationships of \u00a378m (2025: \u00a376m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018.
(d) Of the total charge for the year, \u00a324m (2025: \u00a325m) is presented in cost of sales and \u00a3283m (2025: \u00a3262m) in administrative expenses in the Group income statement.
(e) Refer to Note 15.
As a result of the separation of the UK & ROI and Booker operating segments, the \u00a33,702m goodwill previously allocated to the UK group of cash-generating units including Booker has been allocated to the UK
(\u00a33,331m) and Booker (\u00a3371m) businesses based on their relative values, as required by IAS 36. The goodwill and associated other non-current asset balances have been reviewed for any indicators of
impairment. No indicators were observed and both the UK and Booker had significant headroom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-831": { "value": "Note 11 Goodwill and other intangible assets
2026
2025
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Foreign currency translation
7
19
-
1
27
(4)
(5)
-
-
(9)
Additions - 322 -
1
323
- 285 -
1
286
Acquired through business combinations
3
-
-
-
3
38
- 18 - 56
Disposals - (157) -
(3)
(160)
- (398) -
(11)
(409)
Closing balance
4,559
1,903
736
372
7,570
4,549
1,719
736
373
7,377
Accumulated amortisation and impairment losses
Opening balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Foreign currency translation
4
16
-
1
21
(2)
(3)
-
-
(5)
Amortisation charge for the year
(c)(d)
-
228
78
1
307
-
210
76
1
287
Impairment losses
(e)
- 26 -
1
27
- 35
-
-
35
Reversal of impairment losses
(e)
- (9)
-
-
(9) - (8)
-
-
(8)
Disposals - (155) -
(3)
(158)
- (395) -
(11)
(406)
Closing balance
389
1,183
604
302
2,478
385
1,077
526
302
2,290
Net carrying value
4,170
720
132
70
5,092
4,164
642
210
71
5,087
(a) Software includes \u00a3645m (2025: \u00a3576m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a327m (2025: \u00a328m) and various other individually immaterial balances. (c) Amortisation of customer relationships of \u00a378m (2025: \u00a376m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018. (d) Of the total charge for the year, \u00a324m (2025: \u00a325m) is presented in cost of sales and \u00a3283m (2025: \u00a3262m) in administrative expenses in the Group income statement. (e) Refer to Note 15. As a result of the separation of the UK & ROI and Booker operating segments, the \u00a33,702m goodwill previously allocated to the UK group of cash-generating units including Booker has been allocated to the UK (\u00a33,331m) and Booker (\u00a3371m) businesses based on their relative values, as required by IAS 36. The goodwill and associated other non-current asset balances have been reviewed for any indicators of impairment. No indicators were observed and both the UK and Booker had significant headroom.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-793": { "value": "Note 11 Goodwill and other intangible assets
2026
2025
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Foreign currency translation
7
19
-
1
27
(4)
(5)
-
-
(9)
Additions - 322 -
1
323
- 285 -
1
286
Acquired through business combinations
3
-
-
-
3
38
- 18 - 56
Disposals - (157) -
(3)
(160)
- (398) -
(11)
(409)
Closing balance
4,559
1,903
736
372
7,570
4,549
1,719
736
373
7,377
Accumulated amortisation and impairment losses
Opening balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Foreign currency translation
4
16
-
1
21
(2)
(3)
-
-
(5)
Amortisation charge for the year
(c)(d)
-
228
78
1
307
-
210
76
1
287
Impairment losses
(e)
- 26 -
1
27
- 35
-
-
35
Reversal of impairment losses
(e)
- (9)
-
-
(9) - (8)
-
-
(8)
Disposals - (155) -
(3)
(158)
- (395) -
(11)
(406)
Closing balance
389
1,183
604
302
2,478
385
1,077
526
302
2,290
Net carrying value
4,170
720
132
70
5,092
4,164
642
210
71
5,087
(a) Software includes \u00a3645m (2025: \u00a3576m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a327m (2025: \u00a328m) and various other individually immaterial balances. (c) Amortisation of customer relationships of \u00a378m (2025: \u00a376m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018. (d) Of the total charge for the year, \u00a324m (2025: \u00a325m) is presented in cost of sales and \u00a3283m (2025: \u00a3262m) in administrative expenses in the Group income statement. (e) Refer to Note 15. As a result of the separation of the UK & ROI and Booker operating segments, the \u00a33,702m goodwill previously allocated to the UK group of cash-generating units including Booker has been allocated to the UK (\u00a33,331m) and Booker (\u00a3371m) businesses based on their relative values, as required by IAS 36. The goodwill and associated other non-current asset balances have been reviewed for any indicators of impairment. No indicators were observed and both the UK and Booker had significant headroom.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-750": { "value": "
Note 12 Property, plant and equipment
2026
2025
Land and Land and
buildings
(a)
Other
(b)
Total
buildings
(a)
Other
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
23,094
6,323
29,417
22,966
6,130
29,096
Foreign currency translation
287
89
376
(129)
(40)
(169)
Additions
(c)
458
911
1,369
504
857
1,361
Acquired through business combinations
-
-
-
-
1
1
Reclassification
5
-
5
(2)
2
-
Transfers (to)/from assets classified as held for sale
(179)
(7)
(186)
(55)
- (55)
Disposals
(108)
(385)
(493)
(190)
(627)
(817)
Closing balance
23,557
6,931
30,488
23,094
6,323
29,417
Accumulated depreciation and impairment losses
Opening balance
8,335
3,820
12,155
7,969
3,906
11,875
Foreign currency translation
121
57
178
(52)
(26)
(78)
Depreciation charge for the year
477
519
996
464
473
937
Impairment losses
(d)
168
102
270
292
119
411
Reversal of impairment losses
(d)
(245)
(41)
(286)
(197)
(37)
(234)
Transfers (to)/from assets classified as held for sale
(91)
(4)
(95)
(21)
- (21)
Reclassification
4
- 4
-
-
-
Disposals
(87)
(375)
(462)
(120)
(615)
(735)
Closing balance
8,682
4,078
12,760
8,335
3,820
12,155
Net carrying value
(e)
14,875
2,853
17,728
14,759
2,503
17,262
Construction in progress included above
(f)
115
383
498
155
361
516
(a) The estimated fair value of land and buildings is \u00a315.4bn (2025: \u00a315.0bn). Refer to Note 15 for details of the methodology applied to determine fair value.
(b) Other assets consist of fixtures and fittings with a net carrying value of \u00a32,183m (2025: \u00a31,874m), office equipment with a net carrying value of \u00a3301m (2025: \u00a3269m) and motor vehicles with a net carrying value of \u00a3369m (2025: \u00a3360m). Depreciation charge for the year is
\u00a3(338)m (2025: \u00a3(306)m), \u00a3(82)m (2025: \u00a3(75)m) and \u00a3(99)m (2025: \u00a3(92)m), respectively.
(c) Includes \u00a3163m (2025: \u00a3199m) relating to store buybacks, direct store purchases and refits associated with both direct store purchases and business combinations.
(d) Refer to Note 15.
(e) Includes \u00a33,372m (2025: \u00a33,128m) of assets pledged as security for secured bonds (refer to Note 22) and \u00a3817m (2025: \u00a3820m) of property held as security in favour of the Tesco PLC Pension Scheme (refer to Note 28).
(f) Construction in progress does not include land.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-751": { "value": "
Note 13 Leases
Group as lessee
Lease liabilities represent rentals payable by the Group for certain retail, distribution and office properties and other assets such as motor vehicles. The leases have varying terms, purchase options, escalation
clauses and renewal rights. Purchase options and renewal rights, where they occur, are at market value. Escalation clauses are in line with market practices and include inflation-linked, fixed rates, resets to
market rents and hybrids of these.
Right of use assets
2026
2025
Land and buildings
Other
Total
Land and buildings
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Opening balance
5,431
138
5,569
5,365
113
5,478
Additions (including sale and leaseback transactions)
296
98
394
476
66
542
Acquired through business combinations
-
-
-
5 - 5
Depreciation charge for the year
(542)
(49)
(591)
(512)
(38)
(550)
Impairment losses
(a)
(178)
(1)
(179)
(223)
(2)
(225)
Reversal of impairment losses
(a)
 130 -
130
130
- 130
Other movements
(b)
455
(1)
454
190
(1)
189
Closing balance
5,592
185
5,777
5,431
138
5,569
(a) Refer to Note 15.
(b) Other movements include lease terminations, modifications and reassessments, foreign exchange, reclassifications between asset classes and entering into finance subleases.
Lease liabilities
The following tables show the discounted lease liabilities included in the Group balance sheet and a
maturity analysis of the contractual undiscounted lease payments. A reconciliation of the Group\u2019s
opening to closing lease liabilities balance is presented in Note 31.
2026
2025
\u00a3m
\u00a3m
Current
659
618
Non-current
7,225
7,098
Total lease liabilities
7,884
7,716
2026
2025
Maturity analysis \u2013 contractual undiscounted lease payments
\u00a3m
\u00a3m
Within one year
1,040
995
Greater than one year but less than two years
1,014
973
Greater than two years but less than three years
972
940
Greater than three years but less than four years
926
896
Greater than four years but less than five years
862
855
Greater than five years but less than 10 years
3,552
3,489
Greater than 10 years but less than 15 years
1,900
1,951
After 15 years
805
777
Total undiscounted lease payments
11,071
10,876
Amounts recognised in the Group income statement
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Interest expense on lease liabilities*
404
377
Expenses relating to short-term leases
24
24
Expenses relating to leases of low value assets (excluding amounts
1
1
already included in short-term leases above)
* Interest expense on lease liabilities is presented gross of \u00a314m hedging impact (2025: \u00a37m).
Amounts recognised in the Group cash flow statement
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Total cash outflow for leases
1,063
980
Future possible cash outflows not included in the lease liability Some leases contain break clauses or extension options to provide operational flexibility. Potential future undiscounted lease payments not included in the reasonably certain lease term, and hence not included in lease liabilities, total \u00a314.7bn. Future increases or decreases in rentals linked to an index or rate (not arising on a sale and leaseback transaction) are not included in the lease liability until the change in cash flows takes effect. Approximately 76% (2025: 76%) of the Group\u2019s lease liabilities are subject to inflation-linked rentals, of which 91% (2025: 89%) have inflation caps, with a weighted average cap of 4.3% (2025: 4.3%). Of the inflation-linked leases with caps, 31% (2025: 33%) of the lease liability value was hedged through index-linked swaps. A further 17% (2025: 17%) of all leases are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual or five-yearly basis. Refer to Note 26. The Group is committed to payments totalling \u00a3535m (2025: \u00a3125m) in relation to leases that have been signed but have not yet commenced. Group as lessor The Group leases out owned properties and sublets leased properties under operating and finance leases. Such properties include malls, mall units, stores, units within stores, distribution centres and residential properties. Amounts recognised in the Group income statement
53 weeks
52 weeks
2026
2025
Continuing operations
\u00a3m
\u00a3m
Finance lease \u2013 interest income
(a)
2
1
Operating lease \u2013 rental income
(b)
101
100
(a) Comprises sublease interest income. (b) Includes \u00a331m (2025: \u00a328m) of sublease rental income. Finance lease payments receivable The finance lease receivable (net investment in the lease) included in the Group balance sheet is \u00a327m (2025: \u00a323m).
Operating lease payments receivable maturity analysis
2026
2025
\u00a3m
\u00a3m
Within one year
60
61
Greater than one year but less than two years
34
35
Greater than two years but less than three years
33
28
Greater than three years but less than four years
24
27
Greater than four years but less than five years
23
18
Greater than five years but less than 10 years
32
30
Greater than 10 years but less than 15 years
9
9
After 15 years
22
29
Total undiscounted operating lease payments receivable
237
237
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-752": { "value": "
Note 14 Group entities
The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint
ventures and associates held directly or indirectly by Tesco PLC. See pages 208 to 213 for a complete
list of Group entities.
Joint ventures and associates
The Group has interests in a number of individually immaterial joint ventures and associates:
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of
individually immaterial joint ventures
112
105
9
5
and associates
Group\u2019s share of losses for the year*
(2)
(5)
-
-
* The Share of post-tax profit/(loss) of joint ventures and associates in the Group income statement of \u00a3(1)m (2025: \u00a3(4)m) is stated
net of \u00a31m (2025: \u00a31m) dividend received from joint ventures with a carrying value of \u00a3nil. Refer to page 147.
The accounting period end dates of the joint ventures and associates consolidated in these financial
statements range from 31 December 2025 to 31 March 2026. The accounting period end dates of joint
ventures and associates differ from those of the Group for commercial reasons and depend upon the
requirements of the joint venture or associate partner(s) as well as those of the Group.
There are no significant restrictions on the ability of joint ventures and associates to transfer funds to
the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations.
The Group holds investments in four UK property joint ventures: the Tesco Blue; Passaic; and Navona
Limited Partnerships; and the Arena Unit Trust. These involve the Group partnering with third parties
in carrying out some property investments in order to enhance returns from property and access
funding, while reducing risks associated with sole ownership. These property investments generally
cover shopping centres and standalone stores. The Group enters into leases for some or all of the
properties held in the joint ventures. These leases provide the Group with some rights over alterations
and adjacent land developments. In some cases, the Group has the ability to substitute properties
in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria.
In other cases the Group carries out property management activities for third-party rentals of shopping centre units.
The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and
any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only
rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities.
The Group made a number of judgements in arriving at this determination, the key ones being:
\u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be
agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture;
\u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor
do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures;
\u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time;
\u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and
\u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements,
and do not provide the Group with additional powers over the joint venture.
Summarised financial information for UK property joint ventures
The Group\u2019s investments in UK property joint ventures are not considered material individually or in aggregate since the Group bought back a number of joint ventures in recent years. The summarised financial
information below reflects the amounts presented in the financial statements of the relevant joint ventures, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the
Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail,
since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2026
2025
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,766
1,794
Current assets (excluding cash and cash equivalents)
7
8
Cash and cash equivalents
13
12
Current liabilities
(b)
(73)
(68)
Non-current liabilities
(b)
(2,170)
(2,247)
Net liabilities
(457)
(501)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(229)
(251)
Deferred property profits offset against carrying amounts
(56)
(57)
Cumulative unrecognised losses
(c)
131
134
Cumulative unrecognised hedge reserves
(c)
154
174
Carrying amount
-
-
Summarised income statement
Revenue
151
184
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
1
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,703m
(2025: \u00a32,670m).
(b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,904)m (2025: \u00a3(1,939)m) and derivative swap balances of \u00a3(308)m (2025: \u00a3(347)m) entered into to hedge the cash flow variability exposures of the joint ventures.
(c) \u00a35m of profit (2025: \u00a36m) and \u00a3(20)m of decrease (2025: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively.
(d) Profit and total comprehensive income includes \u00a350m (2025: \u00a362m) of interest cost.
(e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates line.
As at 28 February 2026, the Group had \u00a398m (2025: \u00a397m) loans to UK property joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-846": { "value": "Note 14 Group entities The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint ventures and associates held directly or indirectly by Tesco PLC. See pages 208 to 213 for a complete list of Group entities. Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 28 February 2026. Joint ventures and associates The Group has interests in a number of individually immaterial joint ventures and associates:
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of
individually immaterial joint ventures
112
105
9
5
and associates
Group\u2019s share of losses for the year*
(2)
(5)
-
-
* The Share of post-tax profit/(loss) of joint ventures and associates in the Group income statement of \u00a3(1)m (2025: \u00a3(4)m) is stated net of \u00a31m (2025: \u00a31m) dividend received from joint ventures with a carrying value of \u00a3nil. Refer to page 147. The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2025 to 31 March 2026. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The Group holds investments in four UK property joint ventures: the Tesco Blue; Passaic; and Navona Limited Partnerships; and the Arena Unit Trust. These involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for UK property joint ventures The Group\u2019s investments in UK property joint ventures are not considered material individually or in aggregate since the Group bought back a number of joint ventures in recent years. The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2026
2025
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,766
1,794
Current assets (excluding cash and cash equivalents)
7
8
Cash and cash equivalents
13
12
Current liabilities
(b)
(73)
(68)
Non-current liabilities
(b)
(2,170)
(2,247)
Net liabilities
(457)
(501)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(229)
(251)
Deferred property profits offset against carrying amounts
(56)
(57)
Cumulative unrecognised losses
(c)
131
134
Cumulative unrecognised hedge reserves
(c)
154
174
Carrying amount
-
-
Summarised income statement
Revenue
151
184
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
1
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,703m (2025: \u00a32,670m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,904)m (2025: \u00a3(1,939)m) and derivative swap balances of \u00a3(308)m (2025: \u00a3(347)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a35m of profit (2025: \u00a36m) and \u00a3(20)m of decrease (2025: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a350m (2025: \u00a362m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates line. As at 28 February 2026, the Group had \u00a398m (2025: \u00a397m) loans to UK property joint ventures. Unconsolidated structured entities In prior years, the Group sponsored a number of structured entities. The Group led the formation of the entities and its name appears in the name of the entities and/or on the debt issued by the entities. The structured entities were set up to finance property purchases by some of the UK property joint ventures in which the Group typically holds a 50% equity interest. The structured entities obtain debt financing from third-party investors and lend the funds to these joint ventures, who use the funds to purchase the properties. The liabilities of the UK property joint ventures include the loans due to these structured entities. The Group\u2019s exposure to the structured entities is limited to the extent of the Group\u2019s interests in the joint ventures. The liabilities of the structured entities are non-recourse to the Group. The Group concluded that it does not control, and therefore should not consolidate, these structured entities since it does not have power over the relevant activities of the structured entities, or exposure to variable returns from these entities. Consolidated structured entities The Group has a number of financing structured entities controlled as a result of the acquisition of former UK property joint ventures. Although none of the equity of these entities is owned by the Group, the Group has rights to variable returns from its involvement with these entities and has the ability to affect those returns through its power over them under contractual agreements. These entities are controlled by the Group, and are therefore accounted for as subsidiaries. The financial year ends of the financing structured entities align to the Group financial year end. Related undertakings of the Tesco Group In accordance with section 409 of the Companies Act 2006 and Schedule 4 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, a full list of related undertakings, together with the registered office address, class of share held and the percentage of share class owned, as at 28 February 2026 is disclosed below. Changes to the list of related undertakings since the year end date are detailed in the footnotes below. All undertakings are indirectly owned by Tesco PLC unless otherwise stated. Subsidiary undertakings incorporated in the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Armitage Finance Unlimited
1
GBP0.90 Ordinary
100
BF Limited
8
GBP0.000000011111111
Ordinary
100
Bishop\u2019s Group Limited
8
GBP0.01 Ordinary
100
Booker Cash & Carry Limited
8
GBP1.00 Ordinary
100
Booker Direct Limited
8
GBP0.01 Ordinary
100
Booker Group Limited
8
GBP0.00000000055625
Ordinary
100
Booker Limited
8
GBP1.00 Ordinary
100
Booker Pension Trustees Limited
8
Limited by Guarantee
\u2013
Booker Retail Partners (GB) Limited
8
GBP1.00 Ordinary
100
Booker Retail Limited
8
GBP0.10 Ordinary
100
Booker Wholesale Holdings Limited
8
GBP0.01 A1 Ordinary
100
Booker Unapproved Scheme Trustees Ltd
8
Limited by Guarantee
\u2013
Bourne End Residential Management
1
Limited by Guarantee
\u2013
Company Limited
Broughton Retail Park Nominee 1 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 2 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 3 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 4 Limited
1
GBP1.00 Ordinary
100
Budgen Holdings Limited
8
GBP1.00 Ordinary
100
Budgens Pension Trustees No.2 Limited
8
GBP1.00 Ordinary
100
Budgens Property Investments Limited
8
GBP1.00 Ordinary
100
Budgens Stores Limited
8
GBP1.00 Ordinary
100
Buttoncase Limited
1
GBP1.00 2% Cumulative
100
\u2020
Redeemable Preference
GBP1.00 Ordinary
100
\u2020
Dillons Newsagents Limited*
2
GBP0.25 Non\u2013Voting Ordinary
100
dunnhumby International Limited
4
GBP1.00 A Ordinary
100
dunnhumby Limited
4
GBP0.05 Ordinary
100
GBP0.10 A Ordinary
100
GBP0.10 Deferred
100
dunnhumby Overseas Limited
4
GBP1.00 Ordinary
100
dunnhumby Trustees Limited
4
GBP1.00 Ordinary
100
Giant Bidco Limited
8
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Giant Booker Limited
8
GBP0.0025
Ordinary
100
Giant Midco Limited
8
GBP1.00 Ordinary
100
Highams Green Management Company
1
Limited by Guarantee
\u2013
Limited
IRTH (15) Limited
8
GBP1.00 Ordinary
100
IRTH (19) Limited
8
USD0.000000052383172
Ordinary
100
Launchgrain Limited
1
GBP1.00 Ordinary
100
\u2020
Linnco Limited
8
GBP1.00 Ordinary
100
Londis (Holdings) Limited
8
GBP50.00 Ordinary
100
Londis Pension Trustees Limited
8
GBP1.00 Ordinary
100
Makro Holding Limited
8
GBP1.00 Ordinary
100
Makro Properties Limited
8
GBP1.00 Ordinary
100
Makro Self Service Wholesalers Limited
8
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Maldon Finance Limited
1
GBP0.01 Ordinary
100
GBP0.000000000592
A Preference
100
GBP0.000000000222
B Preference
100
GBP0.000000000740
C Preference
100
Murdoch Norton Limited
8
GBP0.05 Ordinary
100
Newross Property Limited
(a)
1
GBP1.00 Ordinary
100
Oakwood Distribution Limited
1
GBP1.00 Ordinary
100
One Stop Community Stores Limited
2
GBP0.00001200004
Ordinary
100
One Stop Convenience Stores Limited
2
GBP1.00 Ordinary
100
One Stop Stores Limited
2
GBP1.00 Ordinary
100
(b)
One Stop Stores Trustee Services Limited
2
GBP1.00 Ordinary
100
Orpington (Station Road) Limited
1
GBP1.00 Ordinary
100
PTLL Limited
1
GBP1.00 Ordinary
100
Reskammel Property Company Limited
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 1 Ltd
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 2 Ltd
1
GBP1.00 Ordinary
100
Spen Hill Developments Limited
1
GBP1.00 Ordinary
100
Spen Hill Management Limited
1
GBP1.00 Ordinary
100
(c)
Spen Hill Properties (Holdings) plc
1
GBP1.00 Ordinary
100
\u2020
Spen Hill Regeneration Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 1 Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 2 Limited
1
GBP1.00 Ordinary
100
Statusfloat Limited
1
GBP1.00 Ordinary
100
Tesco Newmarket Limited
1
GBP1.00 Ordinary
100
T&S Stores Limited
2
GBP0.05 Ordinary
100
\u2020
Tapesilver Limited
1
GBP1.00 Ordinary
100
\u2020
Registered % held by
Name of undertaking
address
Class of share held
Group
Teesport (GP) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Atrato (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Atrato (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Blue (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
GBP1.00 B Ordinary
100
(d)
Tesco Blue (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Blue (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Blue (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Coral (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Coral (Nominee) Limited
1
GBP1.00 Ordinary
100
Tesco Corporate Treasury Services PLC
1
GBP1.00 Ordinary
100
\u2020
Tesco Depot Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Distribution Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Dorney (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Employees\u2019 Share Scheme Trustees
1
GBP1.00 Ordinary
100
(e)
Limited
Tesco Family Dining Limited
1
GBP1.00 Ordinary
100
Tesco Freetime Limited
1
GBP1.00 Ordinary
100
Tesco Fuchsia (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Gateshead Property Limited
1
GBP1.00 Ordinary
100
Tesco Holdings Limited
1
GBP0.10 Ordinary
100
\u2020
GBP10.00 Preference
100
\u2020
Tesco International Services Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Maintenance Limited
1
GBP1.00 Ordinary
100
Tesco Mobile Communications Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Mobile Services Limited
1
GBP1.00 Ordinary
100
Tesco Navona (1LP) Limited
1
GBP1.00 Ordinary
100
(d)
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Navona (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
1
GBP1.00 B Ordinary
100
(d)
Tesco Navona (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona PL Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Overseas Investments Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Passaic (1LP) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
GBP1.00 B Ordinary
100
(d)
Tesco Passaic (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic PL Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Pension Investment Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Pension Trustees Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Personal Finance Group Limited
6
GBP0.10 A Ordinary
100
\u2020
Tesco Personal Finance Limited
6
GBP0.10 Ordinary
100
Tesco Property (Nominees) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.1) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.2) Limited
11
GBP1.00 Ordinary
100
Tesco Property Finance 1 Holdco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Property Finance 1 PLC
1
GBP1.00 Ordinary
100
(d)
GBP0.25 Ordinary
(f)
100
(d)
Tesco Property Holdings (No.2) Limited
1
GBP1.00 Ordinary
100
Tesco Property Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.5) Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.6) Limited
1
GBP1.00 Ordinary
100
Tesco Property Partner (GP) Limited
1
GBP1.00 A Ordinary
100
\u2020
GBP1.00 B Ordinary
100
\u2020
Tesco Property Partner (No.1) Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Sarum (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Sarum (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Seacroft Ltd
1
GBP1.00 Ordinary
100
Tesco Secretaries Limited
1
GBP1.00 Ordinary
100
Tesco Services Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Stores Limited
1
GBP1.00 Ordinary
100
GBP1.00 A Preference
100
GBP1.00 B Preference
100
Tesco Underwriting Limited
31
GBP1.00 Ordinary
100
The Big Food Group Limited
8
GBP0.10 Ordinary
100
The Teesport Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Atrato Limited Partnership
1
Limited Partnership
100
The Tesco Blue Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Coral Limited Partnership
1
Limited Partnership
100
The Tesco Dorney Limited Partnership
1
Limited Partnership
100
The Tesco Navona Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Passaic Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Property Limited Partnership
1
Limited Partnership
100
The Tesco Sarum Limited Partnership
1
Limited Partnership
100
TPI Fund Managers Limited
1
GBP1.00 Ordinary
100
TPT Holdco No.1 Limited
1
GBP1.00 Ordinary
100
(d)
Transcend Retail Solutions Limited
1
GBP1.00 Ordinary
100
TSFM Limited
1
GBP1.00 Ordinary
100
Venus Wine & Spirit Merchants Limited
8
GBP1.00 Ordinary
100
Weymouth Avenue (Dorchester) Limited
1
GBP1.00 Ordinary
100
International subsidiary undertakings
Registered % held by
Name of undertaking
address
Class of share held
Group
Arena (Jersey) Management Limited
33
GBP1.00 Ordinary
100
\u2020
dunnhumby (Thailand) Limited
19
THB100 Ordinary
100
dunnhumby Australia Pty Ltd
39
AUD1.00 Ordinary
100
dunnhumby Brasil Consultoria Ltda
16
BRL1.00 Ordinary
100
dunnhumby Canada Limited
58
CAD1.00 Ordinary
100
dunnhumby Chile SpA
48
CLP500,000
Ordinary
100
dunnhumby Colombia S.A.S.
29
COP1,000
Ordinary
100
dunnhumby Consulting Services India
53
INR10.00 Ordinary
100
Private Limited
dunnhumby Czech s.r.o.
7
CZK1.00 Ordinary
100
dunnhumby Denmark ApS
56
DKK1.00 Ordinary
100
dunnhumby Finland Oy
30
EUR1.00 Ordinary
100
dunnhumby France SAS
18
EUR2.00 Ordinary
100
dunnhumby Germany GmbH
14
EUR1.00 Ordinary
100
dunnhumby Hungary Kft
32
HUF1.00 Ordinary
100
dunnhumby Inc.
35
No Par Value Stock
100
dunnhumby Information Technology
45
USD1.00 Ordinary
100
Consulting (Shanghai) Company Limited
dunnhumby Ireland Limited
52
EUR1.00 Ordinary
100
dunnhumby IT Services India Private
36
INR10.00 Ordinary
100
Limited
dunnhumby Italia s.r.l
37
EUR1.00 Ordinary
100
dunnhumby Japan K.K
38
JPY10,000.00 Ordinary
100
dunnhumby M\u00e9xico S. de R.L. de C.V.
49
MXN1.00 Quota
100
dunnhumby Netherlands B.V.
47
EUR100 Ordinary
100
dunnhumby New Zealand
23
NZD1.00 Ordinary
100
dunnhumby Poland sp. z o.o.
42
PLN50,000
Ordinary
100
dunnhumby SARL
10
EUR100 Ordinary
100
dunnhumby Servi\u00e7os de Promo\u00e7\u00e3o Digital
16
BRL1.00 Ordinary
100
Ltda
dunnhumby Slovakia s.r.o.
57
No Par Value Ordinary
100
dunnhumby South Africa (Pty) Ltd
43
ZAR1.00 Ordinary
100
dunnhumby Spain S.L
50
EUR1.00 Ordinary
100
dunnhumby Ventures LLC
44
USD1.00 Capital
100
ELH Insurance Limited
34
GBP1.00 Ordinary
100
Gresham Properties Limited
24
EUR1.00 Ordinary
100
Longford Centre Management Services
21
EUR1.25 Ordinary
56.90
Limited
Merrion Shopping Centre Ltd
24
EUR0.012697
Ordinary
51.88
Registered % held by
Name of undertaking
address
Class of share held
Group
Nada\u010dn\u00ed fond Tesco
7
CZK500 Capital
100
Omnisol Private Limited
41
INR10.00 Equity
100
Shopping Mall Eden s.r.o.
7
CZK
100,000
Ordinary
100
Sociomantic Labs Private Limited
46
INR10.00 Ordinary
100
Tesco Akad\u00e9mia K\u00e9pz\u00e9si \u00e9s Fejleszt\u00e9si
Kor\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
32
HUF1.00 Business Share
100
Tesco Angel Foundation
32
HUF1.00 Assets
100
Tesco Bengaluru Private Limited
41
INR10.00 Ordinary
100
Tesco Capital No. 1 Limited
28
GBP1.00 A Ordinary
100
\u2020
GBP0.50 B Ordinary
100
\u2020
GBP0.01 Guaranteed Cumulative Fixed
100
\u2020
Rate Preference
GBP0.01 Preferred Ordinary
100
\u2020
Tesco Corporate Treasury Services
24
EUR1.00 Ordinary
100
Europe Designated Activity Company
Tesco Foundation (Nada\u00e7ia Tesco)
57
No Par Value Ordinary
100
Tesco Franchise Stores \u010cR s.r.o.
7
CZK2,000,000
Ordinary
100
Tesco-Global Stores Privately Held
32
HUF10.00 Common
100
Company Limited
Tesco Holdings B.V.
40
EUR1.00 Ordinary
100
Tesco International Clothing Brand s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Franchising s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Sourcing Limited
20
HKD10.00 Ordinary
100
Tesco Ireland Holdings Limited
24
EUR0.00008
Ordinary
100
Tesco Ireland Limited
24
EUR1.25 Ordinary
100
Tesco Ireland Pension Trustees
24
EUR1.25 Ordinary
100
Designated Activity Company
Tesco Joint Buying Service (Shanghai) Co.
17
USD1.00 Ordinary
100
Limited
Tesco Mobile Ireland Limited
24
EUR1.00 Ordinary
100
Tesco Sourcing India Private Limited
41
INR10.00 Ordinary
100
Tesco Stores \u010cR a.s.
7
CZK250.00 Ordinary
100
Tesco Stores SR, a.s.
57
EUR33,193.92 Ordinary
100
Tesco Technology and Services Europe
3
PLN50.00 Ordinary
100
Sp. z o.o.
Tesco Trustee Company of Ireland DAC
24
EUR1.25 Ordinary
100
\u2020
TESCO-BST \u00dczleti \u00e9s Technol\u00f3giai
25
HUF100,000
Ordinary
100
Szolg\u00e1ltat\u00e1sok Z\u00e2rtk\u00f6ruen M\u00fak\u00f6d\u00f3
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
The Teesport Unit Trust
9
\u2013
100
(d)
Tesco Atrato Unit Trust
33
\u2013
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Blue Unit Trust
5
\u2013
100
(d)
Tesco Breakfast Unit Trust
33
\u2013
100
The Tesco Navona Unit Trust
5
\u2013
100
(d)
The Tesco Passaic Unit Trust
5
\u2013
100
(d)
Subsidiary undertakings in liquidation The following subsidiary undertakings were incorporated in the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Day And Nite Stores Limited
60
GBP1.00 Ordinary
100
Tesco Food Sourcing Limited
60
GBP1.00 Ordinary
100
Tesco (Overseas) Limited
60
GBP1.00 Ordinary
100
\u2020
Tesco Brislington Limited
60
GBP1.00 Ordinary
100
Tesco Bury Limited
60
GBP1.00 Ordinary
100
The following subsidiary undertakings were incorporated outside of the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Cheshunt Holdings Guernsey Limited
27
GBP1.00 Ordinary
100
Patrick C. Joyce Supermarket (Headford) ULC
24
EUR1.25 Ordinary
100
Associated undertakings
The following associated undertakings were incorporated in the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Broadfields Management Limited
12
GBP0.10 Ordinary
35.33
Shire Park Limited
15
GBP1.00 Ordinary
48.57
Tesco Mobile Limited*
1
GBP0.10 A Ordinary
100
GBP0.90 B Ordinary
100
W23 Global Fund LP
51
Limited Partnership
20
W23 Global GP LLP
51
Limited Liability Partnership
20
W23 Global Ltd
51
GBP1.00 Ordinary
20
The following associated undertakings were incorporated outside of the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Booker India Limited
26
INR 4.00 Equity
49
China Wisdom dunnhumby Limited
(g)
22
No Par Value Ordinary
50
dunnhumby Norge A.S.
55
NOK1,000
Ordinary
50
Fiora Hypermarket Limited
26
INR10.00 Equity
49
Tesco Mobile \u010cR s.r.o.
7
CZK100,000
Ordinary
50
Tesco Mobile Slovakia s.r.o.
54
EUR1.00 Ordinary
50
The Arena Unit Trust
5
\u2013
50
The Blackpool Unit Trust
5
\u2013
50
The Broadstairs Unit Trust
5
\u2013
50
The Coventry Unit Trust
5
\u2013
50
Trent Hypermarket Private Limited
13
INR10.00 Equity
50
W23 Global Manager Pty Ltd
59
AUD1.00 Ordinary
20
Consolidated structured entities
Name of undertaking
Registered address
Nature of business
Delamare Finance PLC
11
Securitisation entity
Delamare Group Holdings Limited
11
Securitisation entity
Delamare Limited
11
Securitisation entity
Tesco Property Finance 2 PLC
11
Securitisation entity
Tesco Property Finance 5 PLC
11
Securitisation entity
Tesco Property Finance 6 PLC
11
Securitisation entity
* Undertaking where other share classes are held by a third party.
\u2020 Interest held directly by Tesco PLC.
(a) Newross Property Limited changed name to Tesco Newry Limited on 18 March 2026.
(b) 95% held by Tesco PLC.
(c) 66.6% held by Tesco PLC.
(d) Tesco Pension Trustees Limited (TPTL), a 100% owned subsidiary of the Group and the corporate trustee of the Tesco PLC Pension
Scheme (the Scheme), holds shares on behalf of the Scheme. These comprise 50% of the shares of three property joint ventures
with Tesco (The Tesco Blue Limited Partnership, The Tesco Passaic Limited Partnership, and The Tesco Navona Limited
Partnership), and 100% of the shares of TPT Holdco No.1 Limited and Tesco Pension Investment Limited. The other 50% of shares
in the three property joint ventures are held by other Group companies. Therefore, while the Group owns 100% of the shares in
these entities and their subsidiaries, it has only 50% of the beneficial interest in them and has joint control over them with the
Scheme. They are therefore accounted for as joint ventures. The Group has no beneficial interest in TPT Holdco No.1 Limited and
Tesco Pension Investment Limited, and so no entries for them are included in the accounts.
(e) 50% held by Tesco PLC.
(f) One ordinary share of the same class partly paid.
(g) This company is in liquidation.
1 Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, United Kingdom
2 Apex Road, Brownhills, Walsall, West Midlands, WS8 7HU, United Kingdom
3 ul. Przy Rondzie 4, 31-547 Krak\u00f3w, Poland
4 184 Shepherds Bush Road, London, W6 7NL, United Kingdom
5 22 Grenville Street, St Helier JE4 8PX, Jersey
6 2 South Gyle Crescent, Edinburgh, EH12 9FQ, United Kingdom
7 Vr\u0161ovick\u00e1 1527/68b, Vr\u0161ovice, 100 00 Prague 10, Czech Republic
8 Equity House, Irthlingborough Road, Wellingborough, Northamptonshire, NN8 1LT, United Kingdom
9 Lime Grove House, Green Street, St Helier JE1 2ST, Jersey
10 15 rue de Bruxelles, 75009, Paris, France, 75009
11 5 Churchill Place, 10th Floor, London E14 5HU, United Kingdom
12 2 Paris Parklands, Railton Road, Guildford, Surrey, GU2 9JX, United Kingdom
13 26th Floor, Vios Tower, New Cuffe Parade, Sewri-Chembur Road, Near Imax Dome Theatre, Wadala, Antop Hill, Mumbai,
Maharashtra, India, 400037, India
14 Ritterstra\u00dfe 6, 10969 Berlin, Germany
15 Riverside House, 3 Place Farm, Wheathampstead, St. Albans, AL4 8SB, United Kingdom
16 Avenida Brigadeiro Lu\u00eds Ant\u00f4nio, No. 3530, CJ 51 and 52 Jardim Paulista, S\u00e3o Paulo 01402-001, Brazil
17 Unit 01, 02, 07, 08, 09, Floor 17, No. 610 Xujiahui Road, Huangpu District, Shanghai, People\u2019s Republic of China
18 5-7 rue des Italiens,75009 Paris, France
19 No 319 Chamchuri Square Building, 24th Floor, Phayathai road, Pathumwan sub district, Pathumwan District, Bangkok 10330,
Thailand
20 604-2605 AXA Tower, Landmark East, No. 100 How Ming Street, Kowloon, Hong Kong
21 Longford Shopping Centre, Longford Town, Co. Longford, Longford, N39 R7R6, Ireland
22 27/F One Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
23 RSM New Zealand, Level 2, 62 Highbrook Drive, East Tamaki, Auckland, 2013, New Zealand
24 Gresham House, Marine Road, Dun Laoghaire, Co. Dublin D01 F5P2, Ireland
25 II38, Budapest, V\u00e1ci \u00fat, 187, Hungary
26 Trent House, Plot No. C-60, G-Block, Besides Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai 400051, India
27 PO Box 25, Martello Court, Admiral Park, St. Peter Port GY1 3AP, Guernsey
28 Level 1, IFC1 Esplanade, St Helier JE2 3BX, Jersey
29 Carrera 48, No 32B Sur 139, OF 909 P. 9, Envigado, Antioquia, Medelin 055428, Colombia
30 Vanha Kaarelantie 33 A, Vantaa 01610, Finland
31 The Omnibus Building, Lesbourne Road, Reigate, Surrey, RH2 7LD, United Kingdom
32 2040 Buda\u00f6rs, Kinizsi \u00fat 1-3, Budapest, Hungary
33 47 Esplanade, St Helier JE1 0BD, Jersey
34 Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey
35 The Corporation Trust Company, 1209 Orange Street, Corporation Trust Center, Wilmington, Delaware19801, United States
36 Ground Floor and First Floor, Worldmark 1, Asset Area 11, Aerocity, Hospitality District, Indira Ghandi Int. Airport, New Delhi, South
West Delhi DL 110037, India
37 Via Tiziano 32, Milan 20145, Italy
38 9th Floor, Shiroyama Trust Tower, 4-3-1, Toranomon 4-chome, Minato-ku, Tokyo 105-6009, Japan
39 c/o RSM Australia Pty Ltd, Level 27, 120 Collins Street, Melbourne, VIC 3000, Australia
40 6-H, Jan Luijkenstraat 6-H, 1071 CM, Amsterdam, The Netherlands
41 81 & 82, EPIP Area, Whitefield, Bangalore, Bangalore South, Karnataka 560066, India
42 ul. Grzybowska 2/29, 00-131 Warsaw, Poland
43 237 Aloe Ridge 2, Stoneridge Drive Greenstone Hill, Gauteng, Johannesburg 1610, South Africa
44 3300 Great American Tower, 301 East Fourth Street, Cincinnati, Ohio 45202, United States
45 Room 1001, Enterprise Development Tower, Unit 01 \u2013 10th Floor, No 398, Jiangsu Road, Changning District, Shanghai 200050,
People\u2019s Republic of China
46 c/o Vaish Associates, 106, Peninsula Centre, Dr. S. S. Rao Road, Parel Mumbai 400012, India
47 Kingsfordweg 151, 1043 GR Amsterdam, The Netherlands
48 Antonio Bellet 444, Oficina 504, Comuna de Las Condes, Ciudad de Santiago, 7500025, Chile
49 Artemio del Valle Arizpe No 16, piso 2, Colonia del Valle, C.P.03100, Benito Ju\u00e1rez, Ciudad de M\u00e9xico
50 48, 1D, Calle de Hermosilla 1\u00aa, Madrid 28001, Spain
51 8 Sackville Street, London, W1S 3DG, United Kingdom
52 Floor 3, 2 Harbour Square, Crofton Road, Dun Laoghaire, Dublin A96D6R0, Ireland
53 4th Floor, Tower B, Paras Twin Towers, DLF Golf Course Road, Sector 54, Haryana-HR, Gurgaon 122002, India
54 Pribinova 40, Bratislava 811 09, Slovakia
55 Tordenskiolds gate 8, Oslo O160, Norway
56 C/O GALST Advokataktieselskab, Gammel Strand 44, Kobenhavn K, 1202, Denmark
57 Cesta na Senec 2, Bratislava, 821 04, Slovakia
58 1400-340 Albert Street, Ottawa, Ontario K1R 0A5, Canada
59 Suite 502, 80 Cooper Street, Surry Hills, New South Wales 2010, Australia
60 1 More London Place, London SE1 2AF, United Kingdom
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-794": { "value": "
Subsidiaries
The accounting year ends of the subsidiaries consolidated in these financial statements are on or
around 28 February 2026.
Subsidiary undertakings incorporated in the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Armitage Finance Unlimited
1
GBP0.90 Ordinary
100
BF Limited
8
GBP0.000000011111111
Ordinary
100
Bishop\u2019s Group Limited
8
GBP0.01 Ordinary
100
Booker Cash & Carry Limited
8
GBP1.00 Ordinary
100
Booker Direct Limited
8
GBP0.01 Ordinary
100
Booker Group Limited
8
GBP0.00000000055625
Ordinary
100
Booker Limited
8
GBP1.00 Ordinary
100
Booker Pension Trustees Limited
8
Limited by Guarantee
\u2013
Booker Retail Partners (GB) Limited
8
GBP1.00 Ordinary
100
Booker Retail Limited
8
GBP0.10 Ordinary
100
Booker Wholesale Holdings Limited
8
GBP0.01 A1 Ordinary
100
Booker Unapproved Scheme Trustees Ltd
8
Limited by Guarantee
\u2013
Bourne End Residential Management
1
Limited by Guarantee
\u2013
Company Limited
Broughton Retail Park Nominee 1 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 2 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 3 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 4 Limited
1
GBP1.00 Ordinary
100
Budgen Holdings Limited
8
GBP1.00 Ordinary
100
Budgens Pension Trustees No.2 Limited
8
GBP1.00 Ordinary
100
Budgens Property Investments Limited
8
GBP1.00 Ordinary
100
Budgens Stores Limited
8
GBP1.00 Ordinary
100
Buttoncase Limited
1
GBP1.00 2% Cumulative
100
\u2020
Redeemable Preference
GBP1.00 Ordinary
100
\u2020
Dillons Newsagents Limited*
2
GBP0.25 Non\u2013Voting Ordinary
100
dunnhumby International Limited
4
GBP1.00 A Ordinary
100
dunnhumby Limited
4
GBP0.05 Ordinary
100
GBP0.10 A Ordinary
100
GBP0.10 Deferred
100
dunnhumby Overseas Limited
4
GBP1.00 Ordinary
100
dunnhumby Trustees Limited
4
GBP1.00 Ordinary
100
Giant Bidco Limited
8
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Giant Booker Limited
8
GBP0.0025
Ordinary
100
Giant Midco Limited
8
GBP1.00 Ordinary
100
Highams Green Management Company
1
Limited by Guarantee
\u2013
Limited
IRTH (15) Limited
8
GBP1.00 Ordinary
100
IRTH (19) Limited
8
USD0.000000052383172
Ordinary
100
Launchgrain Limited
1
GBP1.00 Ordinary
100
\u2020
Linnco Limited
8
GBP1.00 Ordinary
100
Londis (Holdings) Limited
8
GBP50.00 Ordinary
100
Londis Pension Trustees Limited
8
GBP1.00 Ordinary
100
Makro Holding Limited
8
GBP1.00 Ordinary
100
Makro Properties Limited
8
GBP1.00 Ordinary
100
Makro Self Service Wholesalers Limited
8
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Maldon Finance Limited
1
GBP0.01 Ordinary
100
GBP0.000000000592
A Preference
100
GBP0.000000000222
B Preference
100
GBP0.000000000740
C Preference
100
Murdoch Norton Limited
8
GBP0.05 Ordinary
100
Newross Property Limited
(a)
1
GBP1.00 Ordinary
100
Oakwood Distribution Limited
1
GBP1.00 Ordinary
100
One Stop Community Stores Limited
2
GBP0.00001200004
Ordinary
100
One Stop Convenience Stores Limited
2
GBP1.00 Ordinary
100
One Stop Stores Limited
2
GBP1.00 Ordinary
100
(b)
One Stop Stores Trustee Services Limited
2
GBP1.00 Ordinary
100
Orpington (Station Road) Limited
1
GBP1.00 Ordinary
100
PTLL Limited
1
GBP1.00 Ordinary
100
Reskammel Property Company Limited
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 1 Ltd
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 2 Ltd
1
GBP1.00 Ordinary
100
Spen Hill Developments Limited
1
GBP1.00 Ordinary
100
Spen Hill Management Limited
1
GBP1.00 Ordinary
100
(c)
Spen Hill Properties (Holdings) plc
1
GBP1.00 Ordinary
100
\u2020
Spen Hill Regeneration Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 1 Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 2 Limited
1
GBP1.00 Ordinary
100
Statusfloat Limited
1
GBP1.00 Ordinary
100
Tesco Newmarket Limited
1
GBP1.00 Ordinary
100
T&S Stores Limited
2
GBP0.05 Ordinary
100
\u2020
Tapesilver Limited
1
GBP1.00 Ordinary
100
\u2020
Registered % held by
Name of undertaking
address
Class of share held
Group
Teesport (GP) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Atrato (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Atrato (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Blue (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
GBP1.00 B Ordinary
100
(d)
Tesco Blue (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Blue (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Blue (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Coral (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Coral (Nominee) Limited
1
GBP1.00 Ordinary
100
Tesco Corporate Treasury Services PLC
1
GBP1.00 Ordinary
100
\u2020
Tesco Depot Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Distribution Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Dorney (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Employees\u2019 Share Scheme Trustees
1
GBP1.00 Ordinary
100
(e)
Limited
Tesco Family Dining Limited
1
GBP1.00 Ordinary
100
Tesco Freetime Limited
1
GBP1.00 Ordinary
100
Tesco Fuchsia (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Gateshead Property Limited
1
GBP1.00 Ordinary
100
Tesco Holdings Limited
1
GBP0.10 Ordinary
100
\u2020
GBP10.00 Preference
100
\u2020
Tesco International Services Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Maintenance Limited
1
GBP1.00 Ordinary
100
Tesco Mobile Communications Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Mobile Services Limited
1
GBP1.00 Ordinary
100
Tesco Navona (1LP) Limited
1
GBP1.00 Ordinary
100
(d)
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Navona (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
1
GBP1.00 B Ordinary
100
(d)
Tesco Navona (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Navona PL Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Overseas Investments Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Passaic (1LP) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (GP) Limited
1
GBP1.00 A Ordinary
100
(d)
GBP1.00 B Ordinary
100
(d)
Tesco Passaic (Nominee 1) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (Nominee 2) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Passaic PL Propco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Pension Investment Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Pension Trustees Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Personal Finance Group Limited
6
GBP0.10 A Ordinary
100
\u2020
Tesco Personal Finance Limited
6
GBP0.10 Ordinary
100
Tesco Property (Nominees) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.1) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.2) Limited
11
GBP1.00 Ordinary
100
Tesco Property Finance 1 Holdco Limited
1
GBP1.00 Ordinary
100
(d)
Tesco Property Finance 1 PLC
1
GBP1.00 Ordinary
100
(d)
GBP0.25 Ordinary
(f)
100
(d)
Tesco Property Holdings (No.2) Limited
1
GBP1.00 Ordinary
100
Tesco Property Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.5) Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.6) Limited
1
GBP1.00 Ordinary
100
Tesco Property Partner (GP) Limited
1
GBP1.00 A Ordinary
100
\u2020
GBP1.00 B Ordinary
100
\u2020
Tesco Property Partner (No.1) Limited
1
GBP1.00 Ordinary
100
\u2020
Tesco Sarum (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Sarum (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Seacroft Ltd
1
GBP1.00 Ordinary
100
Tesco Secretaries Limited
1
GBP1.00 Ordinary
100
Tesco Services Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Stores Limited
1
GBP1.00 Ordinary
100
GBP1.00 A Preference
100
GBP1.00 B Preference
100
Tesco Underwriting Limited
31
GBP1.00 Ordinary
100
The Big Food Group Limited
8
GBP0.10 Ordinary
100
The Teesport Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Atrato Limited Partnership
1
Limited Partnership
100
The Tesco Blue Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Coral Limited Partnership
1
Limited Partnership
100
The Tesco Dorney Limited Partnership
1
Limited Partnership
100
The Tesco Navona Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Passaic Limited Partnership
1
Limited Partnership
100
(d)
The Tesco Property Limited Partnership
1
Limited Partnership
100
The Tesco Sarum Limited Partnership
1
Limited Partnership
100
TPI Fund Managers Limited
1
GBP1.00 Ordinary
100
TPT Holdco No.1 Limited
1
GBP1.00 Ordinary
100
(d)
Transcend Retail Solutions Limited
1
GBP1.00 Ordinary
100
TSFM Limited
1
GBP1.00 Ordinary
100
Venus Wine & Spirit Merchants Limited
8
GBP1.00 Ordinary
100
Weymouth Avenue (Dorchester) Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Arena (Jersey) Management Limited
33
GBP1.00 Ordinary
100
\u2020
dunnhumby (Thailand) Limited
19
THB100 Ordinary
100
dunnhumby Australia Pty Ltd
39
AUD1.00 Ordinary
100
dunnhumby Brasil Consultoria Ltda
16
BRL1.00 Ordinary
100
dunnhumby Canada Limited
58
CAD1.00 Ordinary
100
dunnhumby Chile SpA
48
CLP500,000
Ordinary
100
dunnhumby Colombia S.A.S.
29
COP1,000
Ordinary
100
dunnhumby Consulting Services India
53
INR10.00 Ordinary
100
Private Limited
dunnhumby Czech s.r.o.
7
CZK1.00 Ordinary
100
dunnhumby Denmark ApS
56
DKK1.00 Ordinary
100
dunnhumby Finland Oy
30
EUR1.00 Ordinary
100
dunnhumby France SAS
18
EUR2.00 Ordinary
100
dunnhumby Germany GmbH
14
EUR1.00 Ordinary
100
dunnhumby Hungary Kft
32
HUF1.00 Ordinary
100
dunnhumby Inc.
35
No Par Value Stock
100
dunnhumby Information Technology
45
USD1.00 Ordinary
100
Consulting (Shanghai) Company Limited
dunnhumby Ireland Limited
52
EUR1.00 Ordinary
100
dunnhumby IT Services India Private
36
INR10.00 Ordinary
100
Limited
dunnhumby Italia s.r.l
37
EUR1.00 Ordinary
100
dunnhumby Japan K.K
38
JPY10,000.00 Ordinary
100
dunnhumby M\u00e9xico S. de R.L. de C.V.
49
MXN1.00 Quota
100
dunnhumby Netherlands B.V.
47
EUR100 Ordinary
100
dunnhumby New Zealand
23
NZD1.00 Ordinary
100
dunnhumby Poland sp. z o.o.
42
PLN50,000
Ordinary
100
dunnhumby SARL
10
EUR100 Ordinary
100
dunnhumby Servi\u00e7os de Promo\u00e7\u00e3o Digital
16
BRL1.00 Ordinary
100
Ltda
dunnhumby Slovakia s.r.o.
57
No Par Value Ordinary
100
dunnhumby South Africa (Pty) Ltd
43
ZAR1.00 Ordinary
100
dunnhumby Spain S.L
50
EUR1.00 Ordinary
100
dunnhumby Ventures LLC
44
USD1.00 Capital
100
ELH Insurance Limited
34
GBP1.00 Ordinary
100
Gresham Properties Limited
24
EUR1.00 Ordinary
100
Longford Centre Management Services
21
EUR1.25 Ordinary
56.90
Limited
Merrion Shopping Centre Ltd
24
EUR0.012697
Ordinary
51.88
Registered % held by
Name of undertaking
address
Class of share held
Group
Nada\u010dn\u00ed fond Tesco
7
CZK500 Capital
100
Omnisol Private Limited
41
INR10.00 Equity
100
Shopping Mall Eden s.r.o.
7
CZK
100,000
Ordinary
100
Sociomantic Labs Private Limited
46
INR10.00 Ordinary
100
Tesco Akad\u00e9mia K\u00e9pz\u00e9si \u00e9s Fejleszt\u00e9si
Kor\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
32
HUF1.00 Business Share
100
Tesco Angel Foundation
32
HUF1.00 Assets
100
Tesco Bengaluru Private Limited
41
INR10.00 Ordinary
100
Tesco Capital No. 1 Limited
28
GBP1.00 A Ordinary
100
\u2020
GBP0.50 B Ordinary
100
\u2020
GBP0.01 Guaranteed Cumulative Fixed
100
\u2020
Rate Preference
GBP0.01 Preferred Ordinary
100
\u2020
Tesco Corporate Treasury Services
24
EUR1.00 Ordinary
100
Europe Designated Activity Company
Tesco Foundation (Nada\u00e7ia Tesco)
57
No Par Value Ordinary
100
Tesco Franchise Stores \u010cR s.r.o.
7
CZK2,000,000
Ordinary
100
Tesco-Global Stores Privately Held
32
HUF10.00 Common
100
Company Limited
Tesco Holdings B.V.
40
EUR1.00 Ordinary
100
Tesco International Clothing Brand s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Franchising s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Sourcing Limited
20
HKD10.00 Ordinary
100
Tesco Ireland Holdings Limited
24
EUR0.00008
Ordinary
100
Tesco Ireland Limited
24
EUR1.25 Ordinary
100
Tesco Ireland Pension Trustees
24
EUR1.25 Ordinary
100
Designated Activity Company
Tesco Joint Buying Service (Shanghai) Co.
17
USD1.00 Ordinary
100
Limited
Tesco Mobile Ireland Limited
24
EUR1.00 Ordinary
100
Tesco Sourcing India Private Limited
41
INR10.00 Ordinary
100
Tesco Stores \u010cR a.s.
7
CZK250.00 Ordinary
100
Tesco Stores SR, a.s.
57
EUR33,193.92 Ordinary
100
Tesco Technology and Services Europe
3
PLN50.00 Ordinary
100
Sp. z o.o.
Tesco Trustee Company of Ireland DAC
24
EUR1.25 Ordinary
100
\u2020
TESCO-BST \u00dczleti \u00e9s Technol\u00f3giai
25
HUF100,000
Ordinary
100
Szolg\u00e1ltat\u00e1sok Z\u00e2rtk\u00f6ruen M\u00fak\u00f6d\u00f3
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
The Teesport Unit Trust
9
\u2013
100
(d)
Tesco Atrato Unit Trust
33
\u2013
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Blue Unit Trust
5
\u2013
100
(d)
Tesco Breakfast Unit Trust
33
\u2013
100
The Tesco Navona Unit Trust
5
\u2013
100
(d)
The Tesco Passaic Unit Trust
5
\u2013
100
(d)
Subsidiary undertakings in liquidation
The following subsidiary undertakings were incorporated in the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Day And Nite Stores Limited
60
GBP1.00 Ordinary
100
Tesco Food Sourcing Limited
60
GBP1.00 Ordinary
100
Tesco (Overseas) Limited
60
GBP1.00 Ordinary
100
\u2020
Tesco Brislington Limited
60
GBP1.00 Ordinary
100
Tesco Bury Limited
60
GBP1.00 Ordinary
100
The following subsidiary undertakings were incorporated outside of the United Kingdom:
Registered % held by
Name of undertaking
address
Class of share held
Group
Cheshunt Holdings Guernsey Limited
27
GBP1.00 Ordinary
100
Patrick C. Joyce Supermarket (Headford) ULC
24
EUR1.25 Ordinary
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-871": { "value": "Joint ventures and associates The Group has interests in a number of individually immaterial joint ventures and associates:
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of
individually immaterial joint ventures
112
105
9
5
and associates
Group\u2019s share of losses for the year*
(2)
(5)
-
-
* The Share of post-tax profit/(loss) of joint ventures and associates in the Group income statement of \u00a3(1)m (2025: \u00a3(4)m) is stated net of \u00a31m (2025: \u00a31m) dividend received from joint ventures with a carrying value of \u00a3nil. Refer to page 147. The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2025 to 31 March 2026. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The Group holds investments in four UK property joint ventures: the Tesco Blue; Passaic; and Navona Limited Partnerships; and the Arena Unit Trust. These involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for UK property joint ventures The Group\u2019s investments in UK property joint ventures are not considered material individually or in aggregate since the Group bought back a number of joint ventures in recent years. The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2026
2025
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,766
1,794
Current assets (excluding cash and cash equivalents)
7
8
Cash and cash equivalents
13
12
Current liabilities
(b)
(73)
(68)
Non-current liabilities
(b)
(2,170)
(2,247)
Net liabilities
(457)
(501)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(229)
(251)
Deferred property profits offset against carrying amounts
(56)
(57)
Cumulative unrecognised losses
(c)
131
134
Cumulative unrecognised hedge reserves
(c)
154
174
Carrying amount
-
-
Summarised income statement
Revenue
151
184
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
1
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,703m (2025: \u00a32,670m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,904)m (2025: \u00a3(1,939)m) and derivative swap balances of \u00a3(308)m (2025: \u00a3(347)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a35m of profit (2025: \u00a36m) and \u00a3(20)m of decrease (2025: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a350m (2025: \u00a362m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates line. As at 28 February 2026, the Group had \u00a398m (2025: \u00a397m) loans to UK property joint ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-832": { "value": "Joint ventures and associates The Group has interests in a number of individually immaterial joint ventures and associates:
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of
individually immaterial joint ventures
112
105
9
5
and associates
Group\u2019s share of losses for the year*
(2)
(5)
-
-
* The Share of post-tax profit/(loss) of joint ventures and associates in the Group income statement of \u00a3(1)m (2025: \u00a3(4)m) is stated net of \u00a31m (2025: \u00a31m) dividend received from joint ventures with a carrying value of \u00a3nil. Refer to page 147. The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2025 to 31 March 2026. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The Group holds investments in four UK property joint ventures: the Tesco Blue; Passaic; and Navona Limited Partnerships; and the Arena Unit Trust. These involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for UK property joint ventures The Group\u2019s investments in UK property joint ventures are not considered material individually or in aggregate since the Group bought back a number of joint ventures in recent years. The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2026
2025
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,766
1,794
Current assets (excluding cash and cash equivalents)
7
8
Cash and cash equivalents
13
12
Current liabilities
(b)
(73)
(68)
Non-current liabilities
(b)
(2,170)
(2,247)
Net liabilities
(457)
(501)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(229)
(251)
Deferred property profits offset against carrying amounts
(56)
(57)
Cumulative unrecognised losses
(c)
131
134
Cumulative unrecognised hedge reserves
(c)
154
174
Carrying amount
-
-
Summarised income statement
Revenue
151
184
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
1
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,703m (2025: \u00a32,670m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,904)m (2025: \u00a3(1,939)m) and derivative swap balances of \u00a3(308)m (2025: \u00a3(347)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a35m of profit (2025: \u00a36m) and \u00a3(20)m of decrease (2025: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a350m (2025: \u00a362m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates line. As at 28 February 2026, the Group had \u00a398m (2025: \u00a397m) loans to UK property joint ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-753": { "value": "
Note 15 Impairment of non-current assets
Impairment losses and reversals
Goodwill
There was no impairment of goodwill balances in the current year (2025: \u00a3nil). Refer to Note 11 for details on the changes to the allocation of goodwill following the recognition of Booker as a separate operating
segment.
Other non-current assets
The tables below summarise the Group\u2019s pre-tax impairment losses and reversals on other non-current assets, aggregated by segment due to the large number of individually immaterial cash-generating units.
This includes any (losses)/reversals recognised immediately prior to classifying an asset or disposal group as held for sale but excludes any changes in fair value less costs to sell post classification as held for
sale. There were no impairment losses or reversals in the year (2025: \u00a3nil) with respect to investments in joint ventures and associates and no impairments of other non-current assets in Booker (2025: \u00a3nil).
Impairments are typically treated as adjusting where there is significant volatility arising from inputs outside the control of management.
UK & ROI
Central Europe
Total
Net
Impairment Impairment Impairment Impairment Impairment Impairment Impairment
loss reversal loss reversal loss reversal (loss)/reversal
53 weeks ended 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group balance sheet
Other intangible assets
(27)
9
-
-
(27)
9
(18)
Property, plant and equipment
(246)
278
(24)
8
(270)
286
16
Right of use assets
(153)
112
(26)
18
(179)
130
(49)
Investment property
(2)
-
-
-
(2) - (2)
Total impairment (loss)/reversal of other non-current assets
(428)
399
(50)
26
(478)
425
(53)
Group income statement
Cost of sales
(a)
(409)
389
(50)
22
(459)
411
(48)
Administrative expenses
(b)
(19)
10
-
4
(19)
14
(5)
Total impairment (loss)/reversal from continuing operations
(428)
399
(50)
26
(478)
425
(53)
(a) Of which \u00a3(48)m is adjusting (2025: \u00a3(274)m).
(b) Of which \u00a3(5)m is adjusting (2025: \u00a3(12)m).
UK & ROI
Central Europe
Total
Net
Impairment Impairment Impairment Impairment Impairment Impairment Impairment
loss reversal loss reversal loss reversal (loss)/reversal
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group balance sheet
Other intangible assets
(35)
8
-
-
(35)
8
(27)
Property, plant and equipment
(336)
233
(75)
1
(411)
234
(177)
Right of use assets
(165)
125
(60)
5
(225)
130
(95)
Investment property - 1
-
-
-
1
1
Total impairment (loss)/reversal of other non-current assets
(536)
367
(135)
6
(671)
373
(298)
Group income statement
Cost of sales
(a)
(517)
360
(134)
5
(651)
365
(286)
Administrative expenses
(b)
(19)
7
(1)
1
(20)
8
(12)
Total impairment (loss)/reversal from continuing operations
(536)
367
(135)
6
(671)
373
(298)
Refer to previous table for footnotes. The net impairment loss is primarily due to market pressures in Central Europe, the reclassification of certain stores to assets held for sale in the UK and the normal fluctuations expected from store-level performance, which also drive the gross non-current asset impairment losses and reversals.
Net carrying value of non-current assets
The net carrying values of other non-current assets and the recoverable amounts of impaired other
non-current assets have been aggregated by segment due to the large number of individually
immaterial cash-generating units.
Central
UK & ROI
Booker
Europe
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Other intangible assets
726
164
32
922
Property, plant and equipment
15,889
414
1,425
17,728
Right of use assets
4,764
513
500
5,777
Investment property
11
-
9
20
Other non-current assets
21,390
1,091
1,966
24,447
Goodwill
(a)
3,799
371
- 4,170
Investments in joint ventures and associates
(b)
121
-
-
121
Net carrying value of non-current assets
25,310
1,462
1,966
28,738
Recoverable amount of impaired other non-current
assets for which an impairment loss has been
recognised or reversed, supported by
(c)
:
Value in use
2,694
n/a
210
2,904
Fair value less costs of disposal
(d)
1,483
n/a
375
1,858
4,177
n/a
585
4,762
(a) Goodwill of \u00a34,170m (2025: \u00a34,164m) consists of UK \u00a33,331m (2025: \u00a33,331m), Booker \u00a3371m (2025: \u00a3371m), dunnhumby \u00a3142m
(2025: \u00a3141m), money services \u00a3171m (2025: \u00a3171m), insurance \u00a3118m (2025: \u00a3118m) and ROI \u00a337m (2025: \u00a332m).
(b) The carrying value of the Group\u2019s investments includes Trent Hypermarket Private Limited \u00a367m (2025: \u00a360m).
(c) Booker does not hold any impairment against its non-current assets therefore there is no recoverable amount to disclose.
(d) Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Certain store
cash-generating units are supported by fair value less costs of disposal where their current use is for trading. This use is
consistent with the Group\u2019s property strategy and expected future investment in these store cash-generating units.
UK & ROI Central
(restated
(e)
)
Booker
Europe
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Other intangible assets
650
242
31
923
Property, plant and equipment
15,559
392
1,311
17,262
Right of use assets
4,670
424
475
5,569
Investment property
15
-
9
24
Other non-current assets
20,894
1,058
1,826
23,778
Goodwill
(a)
3,793
371
- 4,164
Investments in joint ventures and associates
(b)
110
-
-
110
Net carrying value of non-current assets
24,797
1,429
1,826
28,052
Recoverable amount of impaired other non-current
assets for which an impairment loss has been
recognised or reversed, supported by
(c)
:
Value in use
2,703
n/a
145
2,848
Fair value less costs of disposal
(d)
1,570
n/a
357
1,927
4,273
n/a
502
4,775
(a)\u2013(d) Refer to previous table for footnotes.
(e) Comparatives have been restated to reflect the reclassification of the Booker business to its own segment. Refer to Note 2.
Impairment methodology
Cash-generating units
For impairment testing of other intangible assets, property, plant and equipment, right of use assets
and investment property, the Group treats each store as a separate cash-generating unit.
dunnhumby, insurance, and money services each represent separate cash-generating units.
The Group allocates goodwill to groups of cash-generating units based on the lowest level at which
goodwill is monitored by management. Following the reclassification of Booker to its own segment, the
groups of cash-generating units have changed. For the Group\u2019s retail operations, each country
represents a group of cash-generating units and Booker, dunnhumby, insurance, and money services
each represent separate groups.
The recoverable amount of each cash-generating unit is the higher of its value in use and its fair value
less costs of disposal. The recoverable amount of a group of cash-generating units to which goodwill
has been allocated is determined based on value in use calculations.
Central assets such as distribution centres and associated costs are allocated to store cash-generating
units based on level of use, estimated with reference to sales. Urban fulfilment centres and associated
costs that are part of a store are included in the store cash\u2013generating unit. Standalone customer
fulfilment centres, which support the online business, and their costs are each treated as a separate
cash-generating unit.
Value in use
Retail and Booker
Estimates for value in use calculations include discount rates, long-term growth rates, expected
changes to future cash flows, including volumes and prices, and the probabilities assigned to cash flow
scenarios. Estimates are based on past experience and expectations of future changes in the market,
including the prevailing economic climate and global economy, competitor activity, market dynamics,
changing customer behaviours, structural challenges facing the business and the resilience afforded
by the Group\u2019s operational scale.
Cash flow projections are based on the Group\u2019s three-year internal forecasts, the results of which are
reviewed by the Board. The forecasts include best estimate assumptions on inflation, which differ by
both country and revenue and cost categories. These cash flows are then extrapolated to five years
based on management\u2019s expectations, and beyond five years based on estimated long-term average
growth rates. Long-term growth rates are based on inflation forecasts by recognised bodies.
Group-level cash flow forecasts are allocated to store-level cash-generating units based on their
relative current year actual sales performance, after adjusting for one-off cash flows affecting
particular stores.
The Group applies an expected cash flow approach by probability-weighting different cash flow
scenarios. The greatest probability weighting is applied to the cash flows derived from the three-year
internal forecasts. One downside scenario takes account of the risks presented by ongoing
geopolitical events triggering global supply chain challenges and resurgent inflation, leading to weak
consumer confidence and further intensifying competition in the sector. A second downside scenario
takes account of climate change impacts. These are consistent with the viability statement scenarios
(see the Longer term viability statement in the Strategic report). The viability statement scenarios
reflect \u2018severe but plausible\u2019 risks, to which management applies probability weightings in order to
reflect management\u2019s best estimate of future economic conditions. There is also an upside scenario
which assumes a moderate outperformance of the three-year internal forecasts.
In addition to the climate change scenario included within the probability-weighted cash flows,
the Group incorporates other climate change related assumptions into the impairment modelling,
including, but not limited to, investments in technology to aid the Group\u2019s net zero commitments, the
costs associated with replacing end-of-life assets with more environmentally-friendly alternatives, and
assumptions over the cash flow profile of the Group\u2019s fuel business.
Pre-tax nominal discount rates that reflect the current market assessment of the time value of money
are derived from the Group\u2019s post-tax weighted average cost of capital, adjusted for specific risks
relating to each geographical region or cash-generating unit for which the cash flows have not been
adjusted. The Group engages independent valuation specialists to determine appropriate discount
rates. Risk-free rates are based on government bond rates, applicable to each geographical region,
and equity risk premia and equity betas are based on data from recognised bodies. The capital asset
pricing model is used to calculate the cost of equity.
Insurance and Money Services
Value in use is calculated by discounting post-tax free cash flows. Cash flow projections are based on
the three-year internal forecasts approved by the Board. The forecasts are extrapolated to five years
based on management\u2019s expectations and beyond five years based on estimated long-term average
growth rates. The forecasts apply an expected cash flow approach by probability-weighting different
cash flow scenarios, with the greatest probability weighting applied to cash flows derived from the
three-year internal forecasts. The long-term growth rates are based on inflation and GDP growth
forecasts by recognised bodies. The post-tax discount rate is the cost of equity, which is calculated
using the capital asset pricing model. The Group engages independent valuation specialists to
determine appropriate discount rates. Risk-free rates are based on government bond rates and
equity risk premia and equity betas are based on data from recognised bodies.
Fair value less costs of disposal
Fair values of owned properties are determined with regard to the market rent for the stores or for
alternative uses with investment yields appropriate to reflect the physical characteristics of the
property, location, performance, infrastructure, energy efficiency rating, redevelopment potential
and other factors. Fair values of leased properties are determined with regard to the discounted
market rent for the property over the remaining period of the lease, reflecting the condition and
location of the property and the local rental market, adjusted for a suitable void period. Fair values of
the Group\u2019s properties were determined with the assistance of independent professional valuers where
appropriate. Costs of disposal are estimated based on past experience in each geographical region.
Investments in joint ventures and associates
The recoverable values of investments in joint ventures and associates are estimated taking into
account forecast cash flows, equity valuations of comparable entities and/or recent transactions
for comparable businesses.
Key assumptions and sensitivity Key assumptions For value in use calculations, the key assumptions to which the recoverable amounts are most sensitive are discount rates, long-term growth rates and future cash flows (incorporating sales volumes, prices and costs). For fair value less costs of disposal calculations, the key assumption is property fair values. Sensitivity The Group has carried out sensitivity analyses on the reasonably possible changes in key assumptions in the impairment tests for (a) the goodwill carrying values that are significant compared to the Group\u2019s total goodwill and (b) for its portfolio of store cash-generating units. (a) Neither a reasonably possible increase of 1.0%pt in discount rates, a 5.0% decrease in future cash flows nor a 0.5%pt decrease in long-term growth rates would indicate impairment in the goodwill carrying values that are significant compared to the Group\u2019s total goodwill. (b) While there is not a significant risk of an adjustment to the carrying amount of any one store cash-generating unit that would be material to the Group as a whole in the next financial year, the table below summarises the reasonably possible changes in key assumptions which most impact the impairment of the Group\u2019s entire portfolio of store cash-generating units, presented in aggregate due to the large number of individually immaterial store cash-generating units. For the probability-weighted cash flow scenarios, the impairment is most sensitive to the downside scenario relating to geopolitical and global supply issues (weighting 6.5%). Impairment is not highly sensitive to the climate or upside scenarios. The reasonably possible change below applies the corresponding change to the base scenario.
2026
Key assumption
Reasonably possible change
Impact on impairment
\u00a3m
Post-tax discount rates*
Increase of 1.0%pt for each geographic region
Increase
(326)
Decrease of 1.0%pt for each geographic region
Decrease
309
Future cash flows
Increase of 5.0% for each geographic region
Decrease
136
Decrease of 5.0% for each geographic region
Increase
(143)
Long-term growth rates
Increase of 0.5%pt for each geographic region
Decrease
96
Decrease of 0.5%pt for each geographic region
Increase
(96)
Property fair values
Increase of 10.0% for each geographic region
Decrease
181
Decrease of 10.0% for each geographic region
Increase
(188)
Geopolitical and global supply downside scenario weighting
Increase of 5.0%pt for each geographic region
Increase
(108)
Decrease of 2.5%pt for each geographic region
Decrease
53
* Sensitivities are applied to post-tax discount rates used to derive the pre-tax discount rates. The discount rates and long-term growth rates relating to the goodwill carrying values that are significant to the Group\u2019s total goodwill are:
UK
Booker
2026
2025
2026
2025
%
%
%
%
Pre-tax discount rates
9.1
9.1
9.7
9.6
Post-tax discount rates
6.8
6.8
7.3
7.2
Long-term growth rates
2.0
2.0
2.0
2.0
The discount rates and long-term growth rates for the Group\u2019s portfolio of store cash-generating units, aggregated by segment due to the large number of individually immaterial store cash-generating units, are as follows. Booker is not presented as there were no indicators of possible impairment.
UK & ROI
Central Europe
2026
2025
2026
2025
%
%
%
%
Pre-tax discount rates
7.8
-
9.1
8.2
-
9.1
8.7
-
10.9
8.9
-
12.9
Post-tax discount rates
6.8
6.8
-
7.2
6.9
-
9.9
7.0
-
8.5
Long-term growth rates
2.0
2.0
2.0
-
3.0
2.0
-
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-755": { "value": "
Note 16 Other investments
2026
2025
Fair value
Fair value
Fair value
through other
Fair value
through other
At amortised
through
comprehensive At amortised
through
comprehensive
cost
(a)
profit or loss
income
Total
cost
(a)
profit or loss
income
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments in debt instruments
(b)(c)
192 -
993
1,185
196
-
855
1,051
Investments in equity instruments
-
-
18
18
-
-
19
19
Property fund investments
(d)
-
-
-
-
-
15 - 15
Other investments
192
-
1,011
1,203
196
15
874
1,085
Of which:
Current
7
-
213
220
7
15
129
151
Non-current
185
-
798
983
189
-
745
934
192 -
1,011
1,203
196
15
874
1,085
(a) The ECLs in the year are immaterial (2025: immaterial).
(b) Investments in debt instruments at amortised cost includes secured bond assets of \u00a3188m (2025: \u00a3192m) related to the purchase of debt held in UK property joint ventures.
(c) Investments in debt instruments held at fair value through other comprehensive income primarily relate to \u00a3648m (2025: \u00a3679m) of fixed-interest corporate bonds and \u00a3336m (2025: \u00a3168m) of government-backed investment securities held in the Insurance business.
(d) Included \u00a315m of property fund investments in the Insurance business in the prior year, sold in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-795": { "value": "
2026
2025
Fair value
Fair value
Fair value
through other
Fair value
through other
At amortised
through
comprehensive At amortised
through
comprehensive
cost
(a)
profit or loss
income
Total
cost
(a)
profit or loss
income
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments in debt instruments
(b)(c)
192 -
993
1,185
196
-
855
1,051
Investments in equity instruments
-
-
18
18
-
-
19
19
Property fund investments
(d)
-
-
-
-
-
15 - 15
Other investments
192
-
1,011
1,203
196
15
874
1,085
Of which:
Current
7
-
213
220
7
15
129
151
Non-current
185
-
798
983
189
-
745
934
192 -
1,011
1,203
196
15
874
1,085
Note 22 Borrowings Borrowings are classified as current and non-current based on their scheduled repayment date, and not their maturity date. Repayments of principal amounts are classified as current if the repayment is scheduled to be made within one year of the balance sheet date.
2026
2025
Par value
Maturity
\u00a3m
\u00a3m
Bank loans and overdrafts
(a)
-
-
1,026
882
Secured bonds
(b)
5.5457% Secured Bond
\u00a3130m
Feb 2029
125
162
6.067% Secured Bond
\u00a3200m
Feb 2029
200
197
SONIA + 1.3193% Secured Bond
\u00a350m
Feb 2029
50
49
6.0517% Secured Bond
\u00a3236m
Oct 2039
288
304
5.6611% Secured Bond
\u00a3271m
Oct 2041
341
353
5.4111% Secured Bond
\u00a3173m
Jul 2044
149
152
Unsecured bonds
Fixed rate bonds
2.5% MTN
\u00a3400m
May 2025
- 405
0.875% MTN
(c)
\u20ac750m
May 2026
661
624
6% MTN
\u00a338m
Dec 2029
41
42
2.75% MTN
\u00a3450m
Apr 2030
403
380
4.25% MTN
(c)
\u20ac500m
Feb 2031
453
447
3.375% MTN
(c)
\u20ac500m
May 2032
445
-
5.5% MTN
\u00a367m
Jan 2033
74
75
3.5% MTN
\u20ac500m
Oct 2033
440
-
5.13% MTN
\u00a3350m
May 2034
357
356
5.5% MTN
\u00a3250m
Feb 2035
246
253
6.15% USD Bond
$355m
Nov 2037
319
341
4.875% MTN
\u00a314m
Mar 2042
15
14
5.125% MTN
\u20ac147m
Apr 2047
132
125
5.2% MTN
\u00a314m
Mar 2057
14
14
LPI and RPI-linked bonds
(d)
3.322% LPI MTN
\u00a3210m
Nov 2025
- 429
1.982% RPI MTN
\u00a3196m
Mar 2036
416
397
Sustainability-linked bonds
(e)
1.875% MTN
\u00a3400m
Nov 2028
400
400
0.375% MTN
\u20ac750m
Jul 2029
601
549
7,196
6,950
Of which:
Current
1,824
1,861
Non-current
5,372
5,089
7,196
6,950
(a) Bank loans and overdrafts includes \u00a31,004m (2025: \u00a3856m) of bank overdrafts. \u00a3998m (2025: \u00a3851m) is held under a notional pooling arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 19. (b) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership, The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amounts of assets pledged as security for secured bonds are \u00a3804m, \u00a31,325m, \u00a3972m and \u00a3271m (2025: \u00a3807m, \u00a31,198m, \u00a3857m and \u00a3266m) respectively. \u00a365m (2025: \u00a360m) is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the maturity date. (c) These bonds are designated as hedging instruments in a net investment hedge relationship. (d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. (e) The sustainability-linked bonds are linked to the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2, in tCO 2 e) to reduce these emissions by 60% by 2025/26 with respect to a 2015/16 baseline. These targets were met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-754": { "value": "
Note 17 Inventories
2026
2025
\u00a3m
\u00a3m
Goods held for resale
2,834
2,765
Development properties
6
3
2,840
2,768
Goods held for resale are net of commercial income. Refer to Note 21.
Cost of inventories from continuing operations recognised as an expense for the 53 weeks ended 28 February 2026 was \u00a353,318m (52 weeks ended 22 February 2025: \u00a350,920m). In addition, inventory losses
and provisions from continuing operations recognised as an expense for the 53 weeks ended 28 February 2026 were \u00a31,503m (52 weeks ended 22 February 2025: \u00a31,440m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-756": { "value": "
Note 18 Trade and other receivables
2026
2025
\u00a3m
\u00a3m
Trade receivables
636
652
Prepayments
210
136
Accrued income
(a)
253
243
Other receivables
(b)
205
183
Amounts owed by joint ventures and associates
(c)
175
154
Total trade and other receivables
1,479
1,368
Of which:
Current
1,318
1,210
Non-current
161
158
1,479
1,368
(a) Accrued income includes contract assets of \u00a376m (2025: \u00a367m) including items relating to commission income on certain
insurance policies renewals managed and underwritten by a third party. The ECLs were immaterial as at 28 February 2026
(2025: immaterial).
(b) Consists of individually immaterial balances.
(c) ECLs on amounts owed by joint ventures and associates are immaterial (2025: immaterial). Refer to Note 30.
Trade receivables and accrued income include commercial income. Refer to Note 21. Trade
receivables are generally non interest-bearing. Credit terms vary by country and the nature of the
debt, ranging from five to 120 days (2025: seven to 120 days).
The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
569
75
9
7
660
Other receivables
180
12
9
31
232
Trade and other receivables
749
87
18
38
892
Allowance for expected credit losses:
At the beginning of the year
(18)
(8)
(4)
(25)
(55)
(Increase)/decrease in allowance, including
1
1
(1)
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(16)
(7)
(5)
(23)
(51)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-796": { "value": "Note 18 Trade and other receivables
2026
2025
\u00a3m
\u00a3m
Trade receivables
636
652
Prepayments
210
136
Accrued income
(a)
253
243
Other receivables
(b)
205
183
Amounts owed by joint ventures and associates
(c)
175
154
Total trade and other receivables
1,479
1,368
Of which:
Current
1,318
1,210
Non-current
161
158
1,479
1,368
(a) Accrued income includes contract assets of \u00a376m (2025: \u00a367m) including items relating to commission income on certain insurance policies renewals managed and underwritten by a third party. The ECLs were immaterial as at 28 February 2026 (2025: immaterial). (b) Consists of individually immaterial balances. (c) ECLs on amounts owed by joint ventures and associates are immaterial (2025: immaterial). Refer to Note 30. Trade receivables and accrued income include commercial income. Refer to Note 21. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from five to 120 days (2025: seven to 120 days). The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
569
75
9
7
660
Other receivables
180
12
9
31
232
Trade and other receivables
749
87
18
38
892
Allowance for expected credit losses:
At the beginning of the year
(18)
(8)
(4)
(25)
(55)
(Increase)/decrease in allowance, including
1
1
(1)
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(16)
(7)
(5)
(23)
(51)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-866": { "value": "Trade receivables and accrued income include commercial income. Refer to Note 21. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from five to 120 days (2025: seven to 120 days). The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
569
75
9
7
660
Other receivables
180
12
9
31
232
Trade and other receivables
749
87
18
38
892
Allowance for expected credit losses:
At the beginning of the year
(18)
(8)
(4)
(25)
(55)
(Increase)/decrease in allowance, including
1
1
(1)
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(16)
(7)
(5)
(23)
(51)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
Expected credit losses (ECLs) The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default, exposure at default and the loss given default for the relevant time period and for each specific loan and by discounting back to the balance sheet date. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans to related parties of \u00a398m (2025: \u00a397m) are presented net of loss allowances of \u00a3nil (2025: \u00a3nil) on the Group balance sheet. For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 180 for the credit rating of the reinsurers. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income, investments at fair value through profit or loss and investments in debt instruments at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-757": { "value": "
Note 19 Cash and cash equivalents and short-term investments
Cash and cash equivalents
2026
2025
\u00a3m
\u00a3m
Cash at bank and on hand
2,463
2,190
Short-term deposits
52
65
Cash and cash equivalents in the Group balance sheet
2,515
2,255
Bank overdrafts
(1,004)
(856)
Cash and cash equivalents in the Group cash flow statement
1,511
1,399
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-867": { "value": "Short-term investments
2026
2025
\u00a3m
\u00a3m
Money market funds, deposits and similar instruments
1,429
2,223
Cash and cash equivalents include \u00a328m (2025: \u00a326m) of restricted amounts mainly relating to unclaimed dividends, the Group\u2019s pension schemes and employee benefit trusts.", "dimensions": { "concept": "tescoplc:DisclosureOfShorttermInvestments", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-797": { "value": "
Cash and cash equivalents include \u00a328m (2025: \u00a326m) of restricted amounts mainly relating to
unclaimed dividends, the Group\u2019s pension schemes and employee benefit trusts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-759": { "value": "
Note 20 Trade and other payables
2026
2025
\u00a3m
\u00a3m
Trade payables
6,862
6,692
Not subject to supplier financing arrangements
5,829
5,608
Subject to supplier financing arrangements
(a)
1,033
1,084
Other taxation and social security
529
504
Other payables
(b)
1,984
1,849
Not subject to supplier financing arrangements
1,845
1,688
Subject to supplier financing arrangements
(a)
139
161
Amounts payable to joint ventures and associates
(c)
11
7
Accruals
987
943
Contract liabilities
415
409
Total trade and other payables
10,788
10,404
Of which:
Current
10,746
10,364
Non-current
42
40
10,788
10,404
(a) Trade payables include \u00a3679m (2025: \u00a3740m) that suppliers have chosen to early-fund. Other payables include \u00a379m (2025: \u00a388m)
that suppliers have chosen to early-fund.
(b) Other payables include \u00a31,159m of goods and services not for resale (2025: \u00a3943m) and \u00a3610m (2025: \u00a3757m) of staff payables.
The remaining balances within other payables are individually immaterial.
(c) Refer to Note 30.
Trade and other payables are net of commercial income. Refer to Note 21.
Contract liabilities represent the consideration received for performance obligations not yet satisfied,
predominantly in relation to Clubcard points. The majority of the revenue deferred at the current
financial year end will be recognised in the following financial year.
Supplier financing
Suppliers can choose whether to access supplier financing arrangements, which are provided by
different third-party banks in different countries. Commercial requirements, including payment terms
or the price paid for goods, do not depend on whether a supplier chooses to access such
arrangements. The arrangements support the Group\u2019s suppliers by giving them the option to receive
early payment from the banks in advance of the Group\u2019s normal payment terms, often at a lower cost
than they could obtain themselves.
The funding cost is set by the provider banks but based on Tesco\u2019s credit risk and the appropriate
country risk premium. If suppliers choose not to access early payment, the provider banks pay the
suppliers on the Group\u2019s normal payment terms. The Group pays the provider banks by no later
than the Group\u2019s normal payment terms, regardless of whether the supplier has chosen to access
funding early.
The Group currently offers supplier financing arrangements in the UK, ROI and Asia.
The Group\u2019s normal payment terms range from five\u201390 days (2025: five\u201390 days) and are dependent
on the country, product category and volume of the Group\u2019s annual purchases from the supplier.
Shorter payment terms are provided for certain perishable goods and where the Group\u2019s annual
purchases from the supplier are lower than a set threshold in each country. Payment terms are the
same regardless of whether a supplier participates in a supplier financing arrangement.
There were no material business combinations or foreign exchange differences in the year relating to
amounts owed under supplier financing arrangements (2025: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-798": { "value": "
2026
2025
\u00a3m
\u00a3m
Trade payables
6,862
6,692
Not subject to supplier financing arrangements
5,829
5,608
Subject to supplier financing arrangements
(a)
1,033
1,084
Other taxation and social security
529
504
Other payables
(b)
1,984
1,849
Not subject to supplier financing arrangements
1,845
1,688
Subject to supplier financing arrangements
(a)
139
161
Amounts payable to joint ventures and associates
(c)
11
7
Accruals
987
943
Contract liabilities
415
409
Total trade and other payables
10,788
10,404
Of which:
Current
10,746
10,364
Non-current
42
40
10,788
10,404
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-758": { "value": "
Note 21 Commercial income
Below are the commercial income balances included within inventories and trade and other
receivables, or netted against trade and other payables.
2026
2025
\u00a3m
\u00a3m
Current assets
Inventories
(14)
(14)
Trade and other receivables
Trade receivables
105
110
Accrued income
130
142
Current liabilities
Trade payables
157
173
", "dimensions": { "concept": "tescoplc:DisclosureOfCommercialIncome", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-760": { "value": "
Note 22 Borrowings
Borrowings are classified as current and non-current based on their scheduled repayment date, and
not their maturity date. Repayments of principal amounts are classified as current if the repayment is
scheduled to be made within one year of the balance sheet date.
2026
2025
Par value
Maturity
\u00a3m
\u00a3m
Bank loans and overdrafts
(a)
-
-
1,026
882
Secured bonds
(b)
5.5457% Secured Bond
\u00a3130m
Feb 2029
125
162
6.067% Secured Bond
\u00a3200m
Feb 2029
200
197
SONIA + 1.3193% Secured Bond
\u00a350m
Feb 2029
50
49
6.0517% Secured Bond
\u00a3236m
Oct 2039
288
304
5.6611% Secured Bond
\u00a3271m
Oct 2041
341
353
5.4111% Secured Bond
\u00a3173m
Jul 2044
149
152
Unsecured bonds
Fixed rate bonds
2.5% MTN
\u00a3400m
May 2025
- 405
0.875% MTN
(c)
\u20ac750m
May 2026
661
624
6% MTN
\u00a338m
Dec 2029
41
42
2.75% MTN
\u00a3450m
Apr 2030
403
380
4.25% MTN
(c)
\u20ac500m
Feb 2031
453
447
3.375% MTN
(c)
\u20ac500m
May 2032
445
-
5.5% MTN
\u00a367m
Jan 2033
74
75
3.5% MTN
\u20ac500m
Oct 2033
440
-
5.13% MTN
\u00a3350m
May 2034
357
356
5.5% MTN
\u00a3250m
Feb 2035
246
253
6.15% USD Bond
$355m
Nov 2037
319
341
4.875% MTN
\u00a314m
Mar 2042
15
14
5.125% MTN
\u20ac147m
Apr 2047
132
125
5.2% MTN
\u00a314m
Mar 2057
14
14
LPI and RPI-linked bonds
(d)
3.322% LPI MTN
\u00a3210m
Nov 2025
- 429
1.982% RPI MTN
\u00a3196m
Mar 2036
416
397
Sustainability-linked bonds
(e)
1.875% MTN
\u00a3400m
Nov 2028
400
400
0.375% MTN
\u20ac750m
Jul 2029
601
549
7,196
6,950
Of which:
Current
1,824
1,861
Non-current
5,372
5,089
7,196
6,950
(a) Bank loans and overdrafts includes \u00a31,004m (2025: \u00a3856m) of bank overdrafts. \u00a3998m (2025: \u00a3851m) is held under a notional
pooling arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 19.
(b) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership,
The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership
respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amounts of assets pledged as security for
secured bonds are \u00a3804m, \u00a31,325m, \u00a3972m and \u00a3271m (2025: \u00a3807m, \u00a31,198m, \u00a3857m and \u00a3266m) respectively. \u00a365m (2025: \u00a360m)
is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the
maturity date.
(c) These bonds are designated as hedging instruments in a net investment hedge relationship.
(d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN.
(e) The sustainability-linked bonds are linked to the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2,
in tCO
2
e) to reduce these emissions by 60% by 2025/26 with respect to a 2015/16 baseline. These targets were met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-761": { "value": "
Note 23 Provisions
Legal and Operational
Property Restructuring regulatory insurance Other
provisions provisions provisions provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
200
42
79
140
5
466
Foreign currency translation
2
-
-
1 - 3
Amount released in the year
(8)
(4)
(1)
(15)
(1)
(29)
Amount provided in the year
10
42
15
70
2
139
Amount utilised in the year
(19)
(44)
(23)
(62)
- (148)
Unwinding of discount
6
-
-
-
-
6
At 28 February 2026
191
36
70
134
6
437
2026
2025
\u00a3m
\u00a3m
Current
273
300
Non-current
164
166
437
466
Provisions are discounted where material based on the relevant country-specific nominal risk-free
rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 15 for details of
how risk-free rates are derived. The weighted average risk-free rate is 5.2% (2025: 5.1%).
Property provisions
Property provisions comprise onerous contracts related to vacant properties, and decommissioning,
dilapidations and remediation works provisions.
Dilapidations are recognised where there is a present obligation to repair and restore leased
properties to their pre-occupancy state at the end of the lease term. The provision is based on best
estimates for individual properties, with reference to previous experience and size of leased property,
or specific agreements with the landlord where relevant. The term is measured in accordance with
the outstanding length of leases or the expected timing of specific obligations.
Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits expected to be received under it. The timing of
provisions is determined by reference to the contract giving rise to the obligations.
Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental
remediation works, arising from government regulations and changing consumer habits. The extent
and cost of future environmental remediation represents a best estimate applied across the property
portfolio based on past experience, the extent of remediation work required and the expected timing
of activity, for which there is a high level of uncertainty.
Amounts provided in the year primarily relate to charges for dilapidation and similar remediation
provisions. Amounts released in the year primarily relate to releases of dilapidations provisions.
The expected undiscounted ageing of property provisions as at 28 February 2026:
Current
1 to 5 years
6 to 10 years
11 to 15 years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property provisions
34
32
31
28
214
339
Restructuring provisions
Restructuring provisions primarily relate to expected employee costs and are expected to be fully
utilised in the following financial year ending 27 February 2027. The provision is calculated in line with
the expected settlement costs of impacted employees and excludes future operating costs.
Legal and regulatory provisions
Legal and regulatory provisions contain balances in relation to either ongoing or expected legal
proceedings against the Group, or for costs associated with regulatory matters and/or breaches.
Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or
regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised.
Operational insurance provisions
Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party
motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance
balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting
date, including an allowance for those currently incurred but not reported. Amounts are measured
considering claims history, including claims volume and average cost of claims, with assessment and
projection by third-party actuaries. Releases in the year primarily relate to improved estimates of
future outflows from revised actuarial valuations. The balance as at the financial year end is expected
to be materially utilised within three years from the reporting date.
Other provisions
Other provisions balances relate to individually immaterial provisions that do not fall into any of the
other categories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-833": { "value": "Note 23 Provisions
Legal and Operational
Property Restructuring regulatory insurance Other
provisions provisions provisions provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
200
42
79
140
5
466
Foreign currency translation
2
-
-
1 - 3
Amount released in the year
(8)
(4)
(1)
(15)
(1)
(29)
Amount provided in the year
10
42
15
70
2
139
Amount utilised in the year
(19)
(44)
(23)
(62)
- (148)
Unwinding of discount
6
-
-
-
-
6
At 28 February 2026
191
36
70
134
6
437
2026
2025
\u00a3m
\u00a3m
Current
273
300
Non-current
164
166
437
466
Provisions are discounted where material based on the relevant country-specific nominal risk-free rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 15 for details of how risk-free rates are derived. The weighted average risk-free rate is 5.2% (2025: 5.1%). Property provisions Property provisions comprise onerous contracts related to vacant properties, and decommissioning, dilapidations and remediation works provisions. Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their pre-occupancy state at the end of the lease term. The provision is based on best estimates for individual properties, with reference to previous experience and size of leased property, or specific agreements with the landlord where relevant. The term is measured in accordance with the outstanding length of leases or the expected timing of specific obligations. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The timing of provisions is determined by reference to the contract giving rise to the obligations. Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental remediation works, arising from government regulations and changing consumer habits. The extent and cost of future environmental remediation represents a best estimate applied across the property portfolio based on past experience, the extent of remediation work required and the expected timing of activity, for which there is a high level of uncertainty. Amounts provided in the year primarily relate to charges for dilapidation and similar remediation provisions. Amounts released in the year primarily relate to releases of dilapidations provisions. The expected undiscounted ageing of property provisions as at 28 February 2026:
Current
1 to 5 years
6 to 10 years
11 to 15 years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property provisions
34
32
31
28
214
339
Restructuring provisions Restructuring provisions primarily relate to expected employee costs and are expected to be fully utilised in the following financial year ending 27 February 2027. The provision is calculated in line with the expected settlement costs of impacted employees and excludes future operating costs. Legal and regulatory provisions Legal and regulatory provisions contain balances in relation to either ongoing or expected legal proceedings against the Group, or for costs associated with regulatory matters and/or breaches. Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised. Operational insurance provisions Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting date, including an allowance for those currently incurred but not reported. Amounts are measured considering claims history, including claims volume and average cost of claims, with assessment and projection by third-party actuaries. Releases in the year primarily relate to improved estimates of future outflows from revised actuarial valuations. The balance as at the financial year end is expected to be materially utilised within three years from the reporting date. Other provisions Other provisions balances relate to individually immaterial provisions that do not fall into any of the other categories. Note 33 Commitments and contingencies Capital commitments At 28 February 2026, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3501m (2025: \u00a3191m), principally relating to store development and multi-year distribution investment. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Name
Company number
Name
Company number
Name
Company number
Booker Group Limited
5145685
T & S Stores Limited
1228935
Tesco Mobile Communications Limited
4780729
Booker Wholesale Holdings Limited
5137980
Tapesilver Limited
5205362
Tesco Mobile Services Limited
4780734
Buttoncase Limited
5298861
Tesco Atrato (1LP) Limited
6969529
Tesco Navona (1LP) Limited
7459436
Dillons Newsagents Limited
140624
Tesco Atrato (GP) Limited
6969536
Tesco Newmarket Limited
12605279
dunnhumby Overseas Limited
6601821
Tesco Blue (3LP) Limited
10127682
Tesco Passaic (1LP) Limited
7121667
dunnhumby Trustees Limited
3565371
Tesco Coral (GP) Limited
6640968
Tesco Property Holdings (No. 2) Limited
5888922
Giant Booker Limited
65519
Tesco Coral (Nominee) Limited
6640901
Tesco Property Holdings Limited
2353133
Launchgrain Limited
5260856
Tesco Coral Limited Partnership
LP013072
Tesco Property Nominees (No. 5) Limited
5888952
Makro Holding Limited
4310463
Tesco Distribution Holdings Limited
3193655
Tesco Property Nominees (No. 6) Limited
5902418
Makro Properties Limited
1273672
Tesco Dorney (1LP) Limited
8255488
Tesco Property Partner (GP) Limited
4945955
Newross Property Limited*
11185610
Tesco Dorney (GP) Limited
8255493
Tesco Property Partner (No. 1) Limited
4945945
Oakwood Distribution Limited
5721635
Tesco Family Dining Limited
8514605
Tesco Sarum (1LP) Limited
7849948
Reskammel Property Company Limited
13264276
Tesco Freetime Limited
4345023
Tesco Sarum (GP) Limited
7849882
Spen Hill Developments Limited
4827219
Tesco Fuchsia (3LP) Limited
10127851
Transcend Retail Solutions Limited
14772291
Spen Hill Management Limited
2460426
Tesco Gateshead Property Limited
8312532
TSFM Limited
14263834
Spen Hill Properties (Holdings) PLC
2412674
Tesco International Services Limited
3176368
Spen Hill Regeneration Limited
6418300
Tesco Maintenance Limited
6003554
* Newross Property Limited changed name to Tesco Newry Limited on 18 March 2026. Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 28 February 2026 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Dormant companies preparation and filing exemptions The following dormant UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to preparation of individual financial statements by virtue of section 394A of the Act and from filing individual accounts under section 448A of the Act.
Name
Company number
Name
Company number
Name
Company number
Armitage Finance Unlimited
5966324
Murdoch Norton Limited
548490
Tesco Dorney (Nominee Holdco) Limited
8255503
BF Limited
4340809
One Stop Community Stores Limited
198980
Tesco Employees' Share Scheme Trustees Limited
2846605
Bishop's Group Limited
103407
One Stop Convenience Stores Limited
2467178
Tesco Navona (Nominee 1) Limited
7459762
Booker Cash & Carry Limited
5355306
One Stop Stores Trustee Services Limited
2477253
Tesco Navona (Nominee 2) Limited
7459765
Booker Retail Limited
221722
Orpington (Station Road) Limited
5980835
Tesco Navona (Nominee Holdco) Limited
7459662
Bourne End Residential Management Company Limited
12380854
PTLL Limited
8926930
Tesco Navona PL Propco Limited
7458609
Broughton Retail Park Nominee 1 Limited
4319626
Seacroft Green Nominee 1 Ltd
4253497
Tesco Passaic (Nominee 1) Limited
7121666
Broughton Retail Park Nominee 2 Limited
4319639
Seacroft Green Nominee 2 Ltd
4253572
Tesco Passaic (Nominee 2) Limited
7121664
Broughton Retail Park Nominee 3 Limited
4319645
Spen Hill Residential No 1 Limited
6641084
Tesco Passaic (Nominee Holdco) Limited
7121480
Broughton Retail Park Nominee 4 Limited
4319669
Spen Hill Residential No 2 Limited
6184538
Tesco Passaic PL Propco Limited
7121506
Budgen Holdings Limited
161619
Statusfloat Limited
4661717
Tesco Property (Nominees) (No.1) Limited
4966637
Budgens Property Investments Limited
3964478
Tesco Atrato (Nominee 1) Limited
6969531
Tesco Property (Nominees) (No.2) Limited
4966635
Budgens Stores Limited
725281
Tesco Atrato (Nominee 2) Limited
6969540
Tesco Property (Nominees) Limited
4945975
Giant Bidco Limited
5310162
Tesco Atrato (Nominee Holdco) Limited
6969528
Tesco Property Finance 1 Holdco Limited
5721633
Giant Midco Limited
5310147
Tesco Atrato Depot Propco Limited
6969533
Tesco Sarum (Nominee 1) Limited
7851854
Highams Green Management Company Limited
8114643
Tesco Blue (Nominee 1) Limited
5888920
Tesco Sarum (Nominee 2) Limited
7851858
IRTH (15) Limited
652021
Tesco Blue (Nominee 2) Limited
5888921
Tesco Sarum (Nominee Holdco) Limited
7851190
IRTH (19) Limited
4621007
Tesco Blue (Nominee Holdco) Limited
5888990
Tesco Seacroft Ltd
4253605
Linnco Limited
1731059
Tesco Depot Propco Limited
6769537
Tesco Secretaries Limited
8730224
Londis (Holdings) Limited
639798
Tesco Dorney (Nominee 1) Limited
8255640
Tesco Services Limited
7600956
Maldon Finance Limited
12534413
Tesco Dorney (Nominee 2) Limited
8255645
Weymouth Avenue (Dorchester) Limited
2614345
Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 28 February 2026 in accordance with section 448C of the Act. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly-paid store colleagues alleging that they do equal work to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 62,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do equal work. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal hearing of TSL\u2019s material factor defences is due to commence on 1 May 2026. The employment tribunal hearing for the equal value assessment is currently due to commence on 1 February 2027 (although it is likely to move to a later date). The Equal Pay Claims have been split into three tranches (with tranche 1 being heard first) and the stages apply to each tranche. Although the claims that have been heard to date involve female claimants, male store workers (being close to 50% of the current store worker population) may also bring claims by comparing themselves against any successful female claimants. Male claimants who have pre-emptively brought such claims currently make up approximately 47% of the Equal Pay Claims against TSL in the employment tribunal. The ultimate determination of all claims is likely to take many years, including as a result of appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-762": { "value": "
Note 24 Insurance
Balances disclosed in this note relate to the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), part
of the UK & ROI segment.
Insurance revenue
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
777
692
Expected incurred claims and other insurance service expenses
29
19
Change in non-financial risk adjustment for risk expired
2
1
Contractual service margin (CSM) recognised for services provided
18
13
Contracts not measured under PAA*
49
33
Insurance revenue
826
725
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model
(GMM).
Insurance service expenses
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Incurred claims and other directly attributable expenses
748
595
Amortisation of insurance acquisition cash flows
3
(4)
Losses on onerous acquired claims
1
2
Changes to fulfilment cash flows relating to incurred claims - 5
Insurance service expenses
752
598
Insurance contract liabilities and reinsurance contract assets
The breakdown of portfolios and groups of insurance contracts issued and reinsurance contracts held
is set out in the table below:
2026
2025
Insurance Reinsurance Net Insurance Reinsurance Net
contract contracts (liabilities)/ contract contracts (liabilities)/
liabilities held assets liabilities held assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Liabilities)/assets for
remaining coverage
(211)
176
(35)
(270)
181
(89)
(Liabilities)/assets for
incurred claims
(561)
(53)
(614)
(382)
(57)
(439)
(772)
123
(649)
(652)
124
(528)
Contracts measured
(684)
82
(602)
(510)
71
(439)
under PAA
Contracts not measured
(88)
41
(47)
(142)
53
(89)
under PAA*
(772)
123
(649)
(652)
124
(528)
* Contracts not measured under PAA are measured using the GMM.
Insurance contract liabilities
The following table provides a reconciliation of the movements in the total insurance contract liabilities in the current and prior year. This is split between liabilities for remaining coverage (LRC), representing
the Group\u2019s obligation for insured events related to the unexpired portion of the coverage period, and liabilities for incurred claims (LIC), representing outstanding claims and incurred but not reported claims
and other incurred insurance expenses.
2026
2025
Liability for Liability for Liability for Liability for
remaining coverage incurred claims remaining coverage incurred claims
Estimates of Risk Estimates of Risk
Excluding present value adjustment Excluding present value adjustment
loss Loss of future cash for non- loss Loss of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
267
3
358
24
652
258
2
250
16
526
Insurance revenue
(826)
-
-
-
(826)
(725)
-
-
-
 (725)
Insurance service expenses
Incurred claims and other directly attributable expenses*
22
(1)
709
18
748
16
(1)
572
8
595
Amortisation on insurance acquisition cash flows
3
-
-
-
3
(4)
-
-
-
 (4)
Losses on onerous acquired claims and reversals of those losses - 1
-
-
1 - 2
-
-
2
Changes to fulfilment cash flows relating to incurred claims
-
-
-
-
-
-
-
5 - 5
Total insurance service expenses
25
-
709
18
752
12
1
577
8
598
Total insurance service result
(801)
-
709
18
(74)
(713)
1
577
8
(127)
Insurance finance (income)/expenses
Insurance finance expenses recognised in the income statement
1
- 12 -
13
1
- 10 - 11
Insurance finance (income)/expenses recognised in other comprehensive income
(8)
- 12 -
4
7
- (7)
-
-
Total insurance finance (income)/expenses
(7)
- 24 -
17
8
- 3 - 11
Insurance cash flows
Premiums received for insurance contracts issued
773
-
-
-
773
721
-
-
-
721
Incurred claims and other expenses paid*
(18)
- (572) -
(590)
(1)
- (472) - (473)
Insurance acquisition cash flows
(6)
-
-
-
(6)
(6)
-
-
-
 (6)
Total insurance cash flows
749
- (572) -
177
714
- (472) - 242
Closing balance
208
3
519
42
772
267
3
358
24
652
* Incurred claims and related cash flows presented within LRC relate to the settlement of the acquired claims. The time difference between settlement of the development of the claim and payment is not significant to present within LIC.
Insurance contract liabilities not measured under the PAA
The following table provides a reconciliation of the movements in the insurance contract liabilities for contracts not measured under the PAA. These contracts relate to claims liabilities acquired on the
acquisition of TU. The acquired claims liabilities are included in the LRC from the acquisition date and measured under the GMM as their coverage relates to the discovery of the ultimate cost of acquired
claims, which will spread over multiple years. Refer to Note 1 for further details.
2026
2025
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flows
risk
CSM
Total
future cash flows
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
67
4
71
142
84
5
73
162
Changes that relate to current service
CSM recognised for the year
-
-
(18)
(18)
-
-
(13)
(13)
Change in risk adjustment for non-financial risk for risk expired - (2) - (2) - (1) - (1)
Experience adjustments
(8)
-
-
(8)
(2)
-
-
 (2)
Changes that relate to future service
Changes in estimates that adjust the CSM
5
- (5) - (8) - 8 -
Changes in estimates that result in losses and reversals of losses on onerous
-
-
1
1
-
-
3
3
acquired claims
Total insurance service result
(3)
(2)
(22)
(27)
(10)
(1)
(2)
(13)
Insurance finance (income)/expenses
Insurance finance expenses recognised in the income statement
1
-
-
1
1
-
-
1
Insurance finance expenses recognised in other comprehensive income
(8)
-
-
(8)
7
-
-
7
Total insurance finance (income)/expenses
(7)
-
-
(7)
8
-
-
8
Insurance cash flows
Incurred claims and other expenses paid
(20)
-
-
(20)
(15)
-
-
 (15)
Total insurance cash flows
(20)
-
-
(20)
(15)
-
-
 (15)
Closing balance
37
2
49
88
67
4
71
142
Reinsurance contract assets
The following table provides a reconciliation of the movements in the total reinsurance contract assets in the current and prior year. This is split between movements in assets for remaining coverage (ARC) and
assets for incurred claims (AIC) recoverable from reinsurance:
2026
2025
Assets for remaining coverage
Assets for incurred claims
Assets for remaining coverage
Assets for incurred claims
Excluding Estimates of Risk Excluding Estimates of Risk
loss- Loss- present value adjustment loss- Loss- present value adjustment
recovery recovery of future cash for non- recovery recovery of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
179
2
(64)
7
124
167
1
(48)
5
125
Allocation of reinsurance premiums
(277)
-
-
-
(277)
(282)
-
-
-
 (282)
Amounts recoverable from reinsurers
Amounts recoverable for incurred claims and other incurred insurance service expenses
6
-
217
7
230
(4)
-
236
2
234
Recoveries of losses on onerous acquired claims and reversal of those losses - (2)
-
-
(2) - 1
-
-
1
Changes to amounts recoverable for incurred claims
-
-
2 - 2
-
-
 (15) - (15)
Net expenses from reinsurance contracts held
(271)
(2)
219
7
(47)
(286)
1
221
2
(62)
Reinsurance finance income/(expenses)
Reinsurance finance income recognised in the income statement
1
- 1 - 2
-
-
2 - 2
Reinsurance finance income/(expenses) recognised in other comprehensive income
(1)
- 2 -
1
(2)
- 3 - 1
Total reinsurance finance income/(expenses) - - 3 -
3
(2)
- 5 - 3
Reinsurance cash flows
Premiums paid for reinsurance contracts held
56
-
-
-
56
68
-
-
-
68
Amounts received from reinsurers relating to incurred claims
(5)
- (6) -
(11)
(1)
- (9) - (10)
Total reinsurance cash flows
51
- (6) -
45
67
- (9) - 58
Other movements*
217
- (219) -
(2)
233
- (233)
-
-
Closing balance
176
-
(67)
14
123
179
2
(64)
7
124
* Other movements include the quota share premiums that are held against future reinsurance recoveries in a Funds Withheld account.
Reinsurance contract assets not measured under the PAA
The following table provides a reconciliation of the movements in the reinsurance contract assets not measured under the PAA. These contracts relate to reinsurance claims acquired on the acquisition of TU.
2026
2025
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flow
risk
CSM
Total
future cash flow
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
18
1
34
53
36
3
24
63
Changes that relate to current service
CSM recognised for the year
-
-
(2)
(2)
-
-
(1)
(1)
Change in risk adjustment for non-financial risk for risk expired
-
-
-
-
-
-
-
-
Experience adjustments
-
-
-
-
-
 (1) - (1)
Changes that relate to future service
Changes in estimates that adjust the CSM
3
- (3) -
(9)
(1)
10
-
Changes in estimates that result in losses and reversals of losses on onerous
-
-
(2)
(2)
-
-
1
1
acquired claims
Changes that relate to past service
Changes to incurred claims component
(1)
-
-
(1)
(6)
-
-
 (6)
Total net expenses from reinsurance contracts held
2
-
(7)
(5)
(15)
(2)
10
(7)
Reinsurance finance income/(expenses)
Reinsurance finance income/(expenses) recognised in other comprehensive
income
(1)
-
-
(1)
(2)
-
-
 (2)
Total reinsurance finance income/(expenses)
(1)
-
-
(1)
(2)
-
-
 (2)
Reinsurance cash flows
Amounts received from reinsurers relating to incurred claims
(6)
-
-
(6)
(1)
-
-
 (1)
Total reinsurance cash flows
(6)
-
-
(6)
(1)
-
-
 (1)
Closing balance
13
1
27
41
18
1
34
53
Analysis of CSM
The following table shows an analysis of the expected recognition of the CSM remaining at the end of
the reporting period in relation to acquired claims in the income statement:
28 February 2026
22 February 2025
Insurance Reinsurance Insurance Reinsurance
contract liabilities contract assets contract liabilities contract assets
Less than one year
(10)
3
(17)
4
One to five years
(14)
7
(21)
11
More than five years
(25)
17
(33)
19
Total
(49)
27
(71)
34
Process used to determine assumptions
The nature of insurance makes it very difficult to predict with certainty the likely outcome of any
particular claim and the ultimate cost of notified claims. Each notified claim is assessed on a separate,
case-by-case basis with due regard to the claim circumstances and historical evidence of the size of
similar claims and provisions are based on information currently available. However, the ultimate
liabilities may vary as a result of subsequent developments.
Sources of data
The sources of data used as inputs for the assumptions are both internal and external, using detailed
studies that are carried out at least annually to ensure that the assumptions are consistent with
observable market prices or other published information. When there is insufficient information to
make a reliable best estimate of claims development, suitable benchmark assumptions are used.
Methods
The cost of outstanding claims and the incurred but not reported claims provisions are estimated
using various statistical methods, which extrapolate the development of paid and incurred claims,
average cost per claim and ultimate claim numbers for each accident period based upon observed
development of earlier periods, with reference to suitable benchmarks. The key methods are:
\u2013 development factor methods, which use historical data to estimate the paid and incurred to date as
proportions of the ultimate claim cost;
\u2013 individual claim assessment methods, which use claim-specific details for large individual claims to
estimate the ultimate claim cost; and
\u2013 benchmarking methods, which use the experience of comparable, more mature classes, or market
data to estimate the cost of claims.
To the extent that these methods use historical claims development information, they also assume
that the historical claims development pattern will occur again in the future, after allowing (where
possible) for instances where this might not be the case, such as changing economic or legal trends.
Recoveries
The provisions are initially estimated at a gross level and a separate calculation is carried out to
estimate the size of reinsurance recoveries. The Group is covered by a variety of reinsurance
programmes. The methods used by the Group take into account historical data, specific details for
individual large claims and details of the reinsurance programme to assess the expected size of
reinsurance recoveries. Recoveries through salvage and subrogation are estimated and recorded as
part of the liability for incurred claims based on a combination of suitable benchmark assumptions
and the observed development to date.
Risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation that the Group requires for bearing
uncertainty around the amount and timing of the cash flows of groups of insurance contracts. The
Group has used a confidence level (probability of sufficiency) approach at the 77.5th percentile.
Discount rate
Insurance contract liabilities are calculated by discounting expected future cash flows using a yield
curve based on a replicating portfolio and utilising a top-down approach. The replicating portfolio is a
reference portfolio of government and corporate bonds matching the expected maturity profile of
claims liabilities with resulting yield curve adjusted to eliminate credit risk spread.
The yield curves applied for discounting future cash flows of liabilities for incurred claims are listed
below:
Mean 11
-
100
One year
Three years
Five years
10 years
years
%
%
%
%
%
As at 28 February 2026
3.5%
3.9%
4.2%
4.5%
4.7%
As at 22 February 2025
4.1%
4.4%
4.5%
4.6%
4.7%
The tables below compare actual claims payments with previous estimates of the undiscounted amounts of the claims on a gross and net of reinsurance basis.
Claims development (gross)
2022
2023
2024
2025
2026
Total
Estimate of gross undiscounted ultimate claims costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At end of the financial year
233
280
365
442
580
One year later
233
289
356
442
-
Two years later
211
300
350
-
-
Three years later
215
307
-
-
-
Four years later
215
-
-
-
-
Current estimate of cumulative claims
215
307
350
442
580
1,894
Cumulative payments to date
(200)
(259)
(292)
(323)
(285)
(1,359)
Gross undiscounted liabilities for incurred claims
15
48
58
119
295
535
Value of Risk Adjustment
40
Effect of discounting
(41)
Gross claims liabilities
534
Ancillary claims and expense liabilities
27
Total gross liabilities for incurred claims
561
Claims development (net)
2022
2023
2024
2025
2026
Total
Estimate of net undiscounted ultimate claims costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At end of financial year
150
169
220
258
422
One year later
151
176
209
184
-
Two years later
130
180
208
-
-
Three years later
138
186
-
-
-
Four years later
138
-
-
-
-
Current estimate of cumulative claims
138
186
208
184
422
1,138
Cumulative payments net of reinsurance recoveries to date
(125)
(157)
(177)
(124)
(203)
(786)
Net undiscounted liabilities for incurred claims
13
29
31
60
219
352
Value of Risk Adjustment
26
Effect of discounting
(39)
Net claims liabilities
339
Quota share funds withheld*
248
Ancillary claims and expense liabilities
27
Total net liabilities for incurred claims
614
* Quota share funds withheld relate to reinsurance premiums, which will be utilised to offset recoveries receivable from reinsurers.
The Group provides information on the gross and net claims development from the date of acquisition of TU in May 2021 to the current reporting period, as it was not party to claims made prior to the
acquisition date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-847": { "value": "Insurance revenue
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
777
692
Expected incurred claims and other insurance service expenses
29
19
Change in non-financial risk adjustment for risk expired
2
1
Contractual service margin (CSM) recognised for services provided
18
13
Contracts not measured under PAA*
49
33
Insurance revenue
826
725
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-834": { "value": "Insurance revenue
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
777
692
Expected incurred claims and other insurance service expenses
29
19
Change in non-financial risk adjustment for risk expired
2
1
Contractual service margin (CSM) recognised for services provided
18
13
Contracts not measured under PAA*
49
33
Insurance revenue
826
725
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). Insurance service expenses
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Incurred claims and other directly attributable expenses
748
595
Amortisation of insurance acquisition cash flows
3
(4)
Losses on onerous acquired claims
1
2
Changes to fulfilment cash flows relating to incurred claims - 5
Insurance service expenses
752
598
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-799": { "value": "Insurance revenue
53 weeks
52 weeks
2026
2025
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
777
692
Expected incurred claims and other insurance service expenses
29
19
Change in non-financial risk adjustment for risk expired
2
1
Contractual service margin (CSM) recognised for services provided
18
13
Contracts not measured under PAA*
49
33
Insurance revenue
826
725
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-800": { "value": "Insurance contract liabilities and reinsurance contract assets The breakdown of portfolios and groups of insurance contracts issued and reinsurance contracts held is set out in the table below:
2026
2025
Insurance Reinsurance Net Insurance Reinsurance Net
contract contracts (liabilities)/ contract contracts (liabilities)/
liabilities held assets liabilities held assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Liabilities)/assets for
remaining coverage
(211)
176
(35)
(270)
181
(89)
(Liabilities)/assets for
incurred claims
(561)
(53)
(614)
(382)
(57)
(439)
(772)
123
(649)
(652)
124
(528)
Contracts measured
(684)
82
(602)
(510)
71
(439)
under PAA
Contracts not measured
(88)
41
(47)
(142)
53
(89)
under PAA*
(772)
123
(649)
(652)
124
(528)
* Contracts not measured under PAA are measured using the GMM. Reinsurance contract assets The following table provides a reconciliation of the movements in the total reinsurance contract assets in the current and prior year. This is split between movements in assets for remaining coverage (ARC) and assets for incurred claims (AIC) recoverable from reinsurance:
2026
2025
Assets for remaining coverage
Assets for incurred claims
Assets for remaining coverage
Assets for incurred claims
Excluding Estimates of Risk Excluding Estimates of Risk
loss- Loss- present value adjustment loss- Loss- present value adjustment
recovery recovery of future cash for non- recovery recovery of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
179
2
(64)
7
124
167
1
(48)
5
125
Allocation of reinsurance premiums
(277)
-
-
-
(277)
(282)
-
-
-
 (282)
Amounts recoverable from reinsurers
Amounts recoverable for incurred claims and other incurred insurance service expenses
6
-
217
7
230
(4)
-
236
2
234
Recoveries of losses on onerous acquired claims and reversal of those losses - (2)
-
-
(2) - 1
-
-
1
Changes to amounts recoverable for incurred claims
-
-
2 - 2
-
-
 (15) - (15)
Net expenses from reinsurance contracts held
(271)
(2)
219
7
(47)
(286)
1
221
2
(62)
Reinsurance finance income/(expenses)
Reinsurance finance income recognised in the income statement
1
- 1 - 2
-
-
2 - 2
Reinsurance finance income/(expenses) recognised in other comprehensive income
(1)
- 2 -
1
(2)
- 3 - 1
Total reinsurance finance income/(expenses) - - 3 -
3
(2)
- 5 - 3
Reinsurance cash flows
Premiums paid for reinsurance contracts held
56
-
-
-
56
68
-
-
-
68
Amounts received from reinsurers relating to incurred claims
(5)
- (6) -
(11)
(1)
- (9) - (10)
Total reinsurance cash flows
51
- (6) -
45
67
- (9) - 58
Other movements*
217
- (219) -
(2)
233
- (233)
-
-
Closing balance
176
-
(67)
14
123
179
2
(64)
7
124
* Other movements include the quota share premiums that are held against future reinsurance recoveries in a Funds Withheld account. Reinsurance contract assets not measured under the PAA The following table provides a reconciliation of the movements in the reinsurance contract assets not measured under the PAA. These contracts relate to reinsurance claims acquired on the acquisition of TU.
2026
2025
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flow
risk
CSM
Total
future cash flow
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
18
1
34
53
36
3
24
63
Changes that relate to current service
CSM recognised for the year
-
-
(2)
(2)
-
-
(1)
(1)
Change in risk adjustment for non-financial risk for risk expired
-
-
-
-
-
-
-
-
Experience adjustments
-
-
-
-
-
 (1) - (1)
Changes that relate to future service
Changes in estimates that adjust the CSM
3
- (3) -
(9)
(1)
10
-
Changes in estimates that result in losses and reversals of losses on onerous
-
-
(2)
(2)
-
-
1
1
acquired claims
Changes that relate to past service
Changes to incurred claims component
(1)
-
-
(1)
(6)
-
-
 (6)
Total net expenses from reinsurance contracts held
2
-
(7)
(5)
(15)
(2)
10
(7)
Reinsurance finance income/(expenses)
Reinsurance finance income/(expenses) recognised in other comprehensive
income
(1)
-
-
(1)
(2)
-
-
 (2)
Total reinsurance finance income/(expenses)
(1)
-
-
(1)
(2)
-
-
 (2)
Reinsurance cash flows
Amounts received from reinsurers relating to incurred claims
(6)
-
-
(6)
(1)
-
-
 (1)
Total reinsurance cash flows
(6)
-
-
(6)
(1)
-
-
 (1)
Closing balance
13
1
27
41
18
1
34
53
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-763": { "value": "
Note 25 Financial instruments
The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 26.
2026
2025
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,471
44
-
2,515
2,194
61
- 2,255
Short-term investments
19
713
716
-
1,429
837
1,386
- 2,223
Trade receivables
18
636
-
-
636
652
-
-
652
Other receivables
18
205
-
-
205
183
-
-
183
Joint ventures and associates loan receivables
30
98
-
-
98
97
-
-
97
Other investments
16
192
-
1,011
1,203
196
15
874
1,085
Derivative financial instruments:
Interest rate swaps - 14 - 14 - 24 - 24
Cross-currency swaps - 129 - 129 - 138 - 138
Index-linked swaps - 469 - 469 - 646 - 646
Forward foreign currency contracts - 11 - 11 - 27 - 27
Commodity derivatives - 5 - 5
-
-
-
-
4,315
1,388
1,011
6,714
4,159
2,297
874
7,330
Financial liabilities
Trade payables
20
(6,862)
-
-
(6,862)
(6,692)
-
-
(6,692)
Accruals
20
(987)
-
-
(987)
(943)
-
-
(943)
Other payables
20
(1,984)
-
-
(1,984)
(1,849)
-
-
(1,849)
Borrowings
22
(7,196)
-
-
(7,196)
(6,950)
-
-
(6,950)
Lease liabilities
13
(7,884)
-
-
(7,884)
(7,716)
-
-
(7,716)
Derivative financial instruments:
Interest rate swaps - (56) - (56) - (74) - (74)
Cross-currency swaps - (81) - (81) - (130) - (130)
Forward foreign currency contracts - (34) - (34) - (11) - (11)
Commodity derivatives
-
-
-
-
-
(2) - (2)
(24,913)
(171)
-
(25,084)
(24,150)
(217)
- (24,367)
The expected maturity of financial assets and liabilities is not considered to be materially different to
their current and non-current classification.
The fair value of assets and liabilities measured at amortised cost are shown below.
Fair value of financial assets and liabilities measured at amortised cost
The table excludes cash and cash equivalents, short-term investments, trade receivables/payables,
other receivables/payables and accruals where the carrying values approximate fair value. The levels
in the table refer to the fair value measurement hierarchy.
28 February 2026
22 February 2025
Carrying Fair Carrying Fair
value value* value value*
Level
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at amortised cost
Investments in debt instruments at amortised cost
1
188
199
192
197
Investments in debt instruments at amortised cost
2
4
4
4
4
Joint ventures and associates loan receivables
2
98
107
97
105
Financial liabilities measured at amortised cost
Borrowings
Amortised cost
1
(5,406)
(5,263)
(4,916)
(4,651)
Bonds in fair value hedge relationships
1
(1,790)
(1,849)
(2,034)
(2,088)
* Refer to the fair value measurement by level of fair value hierarchy section for details on Level 2 methodology.
Fair value measurement by level of fair value hierarchy
The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value,
by level of fair value hierarchy:
\u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
\u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs) (Level 3).
Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced
market yield curves, including interest rate curves and foreign exchange rates from highly liquid
markets. Level 2 inputs include forward rates and foreign exchange rates from available market data,
with credit risk adjustments being incorporated in the derivative valuations, taking into account the
default risk of either party, using market data such as credit default swaps. Refer to the Level 3
instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
993
-
18
1,011
Short-term investments at fair value through profit or loss
716
-
-
716
Cash and cash equivalents at fair value through profit or loss - 44 - 44
Derivative financial instruments:
Interest rate swaps
-
-
14
14
Cross-currency swaps
-
-
129
129
Index-linked swaps
-
-
469
469
Foreign currency forward contracts - 11 - 11
Commodity derivatives - 5 - 5
Total assets
1,709
60
630
2,399
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(56)
(56)
Cross-currency swaps
-
-
(81)
(81)
Foreign currency forward contracts - (34) - (34)
Total liabilities -
(34)
(137)
(171)
Net assets
1,709
26
493
2,228
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Commodity derivatives - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
During the financial year, there were no transfers (2025: no transfers) between Level 1 and Level 2 fair
value measurements.
Level 3 instruments
Uncollateralised derivative financial instruments are held by the Group as part of financial risk
management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include
certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These
unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the
adjustment to the fair value that a market participant would make to account for funding costs. These
are calculated on the future valuation of the derivative, based on the best estimate available to
management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would
increase the FVA by \u00a39m (2025: \u00a37m).
Unlisted investments are valued based on less observable inputs such as recent funding rounds.
The following table presents the changes in Level 3 instruments:
2026
2025
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
604
34
545
37
Gains/(losses) recognised in
finance costs
(a)
(15) -
(14)
(1)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
-
-
- 4
Gains/(losses) recognised in other
comprehensive income that may
11 - 35 -
subsequently be reclassified to the
income statement
Impairment recognised in cost
-
-
- (10)
of sales
Additions
2
- - 5
Disposals - (16) - -
Settlements
(127)
- 38 -
Transfers of assets from Level 3
(b)
-
-
- (1)
At the end of the year
475
18
604
34
(a) Net unrealised gains/(losses) of \u00a342m (2025: \u00a3105m) are attributable to those assets and liabilities held at the end of the year and
have been recognised in finance costs in the Group income statement.
(b) There were \u00a3nil transfers to Level 3 during the year (2025: \u00a3nil). There were \u00a3nil transfers from Level 3 to Level 2 (2025: \u00a31m) and
\u00a3nil transfers from Level 3 to Level 1 (2025: \u00a3nil).
Offsetting of financial assets and liabilities
The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
Gross amounts of
Gross amounts financial assets/ Net amounts Related amounts
of recognised (liabilities) offset in included not offset in
financial assets/ the Group balance in the Group the Group balance
(liabilities) sheet balance sheet
sheet
Net amount
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
628
-
628
(87)
541
Trade receivables
748
(112)
636
- 636
Total assets
1,376
(112)
1,264
(87)
1,177
Financial liabilities
Derivative financial instruments
(171)
-
(171)
87
(84)
Trade payables
(6,974)
112
(6,862)
- (6,862)
Total liabilities
(7,145)
112
(7,033)
87
(6,946)
Gross amounts of
Gross amounts financial assets/ Net amounts Related amounts
of recognised (liabilities) offset in included not offset in
financial assets/ the Group balance in the Group the Group balance
(liabilities) sheet balance sheet
sheet
Net amount
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
835
-
835
(115)
720
Trade receivables
758
(106)
652
- 652
Total assets
1,593
(106)
1,487
(115)
1,372
Financial liabilities
Derivative financial instruments
(217)
-
(217)
115
(102)
Trade payables
(6,798)
106
(6,692)
- (6,692)
Total liabilities
(7,015)
106
(6,909)
115
(6,794)
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial
assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting
agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-872": { "value": "Note 25 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 26.
2026
2025
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,471
44
-
2,515
2,194
61
- 2,255
Short-term investments
19
713
716
-
1,429
837
1,386
- 2,223
Trade receivables
18
636
-
-
636
652
-
-
652
Other receivables
18
205
-
-
205
183
-
-
183
Joint ventures and associates loan receivables
30
98
-
-
98
97
-
-
97
Other investments
16
192
-
1,011
1,203
196
15
874
1,085
Derivative financial instruments:
Interest rate swaps - 14 - 14 - 24 - 24
Cross-currency swaps - 129 - 129 - 138 - 138
Index-linked swaps - 469 - 469 - 646 - 646
Forward foreign currency contracts - 11 - 11 - 27 - 27
Commodity derivatives - 5 - 5
-
-
-
-
4,315
1,388
1,011
6,714
4,159
2,297
874
7,330
Financial liabilities
Trade payables
20
(6,862)
-
-
(6,862)
(6,692)
-
-
(6,692)
Accruals
20
(987)
-
-
(987)
(943)
-
-
(943)
Other payables
20
(1,984)
-
-
(1,984)
(1,849)
-
-
(1,849)
Borrowings
22
(7,196)
-
-
(7,196)
(6,950)
-
-
(6,950)
Lease liabilities
13
(7,884)
-
-
(7,884)
(7,716)
-
-
(7,716)
Derivative financial instruments:
Interest rate swaps - (56) - (56) - (74) - (74)
Cross-currency swaps - (81) - (81) - (130) - (130)
Forward foreign currency contracts - (34) - (34) - (11) - (11)
Commodity derivatives
-
-
-
-
-
(2) - (2)
(24,913)
(171)
-
(25,084)
(24,150)
(217)
- (24,367)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party, using market data such as credit default swaps. Refer to the Level 3 instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
993
-
18
1,011
Short-term investments at fair value through profit or loss
716
-
-
716
Cash and cash equivalents at fair value through profit or loss - 44 - 44
Derivative financial instruments:
Interest rate swaps
-
-
14
14
Cross-currency swaps
-
-
129
129
Index-linked swaps
-
-
469
469
Foreign currency forward contracts - 11 - 11
Commodity derivatives - 5 - 5
Total assets
1,709
60
630
2,399
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(56)
(56)
Cross-currency swaps
-
-
(81)
(81)
Foreign currency forward contracts - (34) - (34)
Total liabilities -
(34)
(137)
(171)
Net assets
1,709
26
493
2,228
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Commodity derivatives - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
During the financial year, there were no transfers (2025: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a39m (2025: \u00a37m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2026
2025
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
604
34
545
37
Gains/(losses) recognised in
finance costs
(a)
(15) -
(14)
(1)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
-
-
- 4
Gains/(losses) recognised in other
comprehensive income that may
11 - 35 -
subsequently be reclassified to the
income statement
Impairment recognised in cost
-
-
- (10)
of sales
Additions
2
- - 5
Disposals - (16) - -
Settlements
(127)
- 38 -
Transfers of assets from Level 3
(b)
-
-
- (1)
At the end of the year
475
18
604
34
(a) Net unrealised gains/(losses) of \u00a342m (2025: \u00a3105m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers to Level 3 during the year (2025: \u00a3nil). There were \u00a3nil transfers from Level 3 to Level 2 (2025: \u00a31m) and \u00a3nil transfers from Level 3 to Level 1 (2025: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-848": { "value": "Note 25 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 26.
2026
2025
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,471
44
-
2,515
2,194
61
- 2,255
Short-term investments
19
713
716
-
1,429
837
1,386
- 2,223
Trade receivables
18
636
-
-
636
652
-
-
652
Other receivables
18
205
-
-
205
183
-
-
183
Joint ventures and associates loan receivables
30
98
-
-
98
97
-
-
97
Other investments
16
192
-
1,011
1,203
196
15
874
1,085
Derivative financial instruments:
Interest rate swaps - 14 - 14 - 24 - 24
Cross-currency swaps - 129 - 129 - 138 - 138
Index-linked swaps - 469 - 469 - 646 - 646
Forward foreign currency contracts - 11 - 11 - 27 - 27
Commodity derivatives - 5 - 5
-
-
-
-
4,315
1,388
1,011
6,714
4,159
2,297
874
7,330
Financial liabilities
Trade payables
20
(6,862)
-
-
(6,862)
(6,692)
-
-
(6,692)
Accruals
20
(987)
-
-
(987)
(943)
-
-
(943)
Other payables
20
(1,984)
-
-
(1,984)
(1,849)
-
-
(1,849)
Borrowings
22
(7,196)
-
-
(7,196)
(6,950)
-
-
(6,950)
Lease liabilities
13
(7,884)
-
-
(7,884)
(7,716)
-
-
(7,716)
Derivative financial instruments:
Interest rate swaps - (56) - (56) - (74) - (74)
Cross-currency swaps - (81) - (81) - (130) - (130)
Forward foreign currency contracts - (34) - (34) - (11) - (11)
Commodity derivatives
-
-
-
-
-
(2) - (2)
(24,913)
(171)
-
(25,084)
(24,150)
(217)
- (24,367)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party, using market data such as credit default swaps. Refer to the Level 3 instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
993
-
18
1,011
Short-term investments at fair value through profit or loss
716
-
-
716
Cash and cash equivalents at fair value through profit or loss - 44 - 44
Derivative financial instruments:
Interest rate swaps
-
-
14
14
Cross-currency swaps
-
-
129
129
Index-linked swaps
-
-
469
469
Foreign currency forward contracts - 11 - 11
Commodity derivatives - 5 - 5
Total assets
1,709
60
630
2,399
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(56)
(56)
Cross-currency swaps
-
-
(81)
(81)
Foreign currency forward contracts - (34) - (34)
Total liabilities -
(34)
(137)
(171)
Net assets
1,709
26
493
2,228
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Commodity derivatives - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
During the financial year, there were no transfers (2025: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a39m (2025: \u00a37m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2026
2025
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
604
34
545
37
Gains/(losses) recognised in
finance costs
(a)
(15) -
(14)
(1)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
-
-
- 4
Gains/(losses) recognised in other
comprehensive income that may
11 - 35 -
subsequently be reclassified to the
income statement
Impairment recognised in cost
-
-
- (10)
of sales
Additions
2
- - 5
Disposals - (16) - -
Settlements
(127)
- 38 -
Transfers of assets from Level 3
(b)
-
-
- (1)
At the end of the year
475
18
604
34
(a) Net unrealised gains/(losses) of \u00a342m (2025: \u00a3105m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers to Level 3 during the year (2025: \u00a3nil). There were \u00a3nil transfers from Level 3 to Level 2 (2025: \u00a31m) and \u00a3nil transfers from Level 3 to Level 1 (2025: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-835": { "value": "Note 25 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 26.
2026
2025
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,471
44
-
2,515
2,194
61
- 2,255
Short-term investments
19
713
716
-
1,429
837
1,386
- 2,223
Trade receivables
18
636
-
-
636
652
-
-
652
Other receivables
18
205
-
-
205
183
-
-
183
Joint ventures and associates loan receivables
30
98
-
-
98
97
-
-
97
Other investments
16
192
-
1,011
1,203
196
15
874
1,085
Derivative financial instruments:
Interest rate swaps - 14 - 14 - 24 - 24
Cross-currency swaps - 129 - 129 - 138 - 138
Index-linked swaps - 469 - 469 - 646 - 646
Forward foreign currency contracts - 11 - 11 - 27 - 27
Commodity derivatives - 5 - 5
-
-
-
-
4,315
1,388
1,011
6,714
4,159
2,297
874
7,330
Financial liabilities
Trade payables
20
(6,862)
-
-
(6,862)
(6,692)
-
-
(6,692)
Accruals
20
(987)
-
-
(987)
(943)
-
-
(943)
Other payables
20
(1,984)
-
-
(1,984)
(1,849)
-
-
(1,849)
Borrowings
22
(7,196)
-
-
(7,196)
(6,950)
-
-
(6,950)
Lease liabilities
13
(7,884)
-
-
(7,884)
(7,716)
-
-
(7,716)
Derivative financial instruments:
Interest rate swaps - (56) - (56) - (74) - (74)
Cross-currency swaps - (81) - (81) - (130) - (130)
Forward foreign currency contracts - (34) - (34) - (11) - (11)
Commodity derivatives
-
-
-
-
-
(2) - (2)
(24,913)
(171)
-
(25,084)
(24,150)
(217)
- (24,367)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party, using market data such as credit default swaps. Refer to the Level 3 instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
993
-
18
1,011
Short-term investments at fair value through profit or loss
716
-
-
716
Cash and cash equivalents at fair value through profit or loss - 44 - 44
Derivative financial instruments:
Interest rate swaps
-
-
14
14
Cross-currency swaps
-
-
129
129
Index-linked swaps
-
-
469
469
Foreign currency forward contracts - 11 - 11
Commodity derivatives - 5 - 5
Total assets
1,709
60
630
2,399
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(56)
(56)
Cross-currency swaps
-
-
(81)
(81)
Foreign currency forward contracts - (34) - (34)
Total liabilities -
(34)
(137)
(171)
Net assets
1,709
26
493
2,228
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Commodity derivatives - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
During the financial year, there were no transfers (2025: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a39m (2025: \u00a37m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2026
2025
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
604
34
545
37
Gains/(losses) recognised in
finance costs
(a)
(15) -
(14)
(1)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
-
-
- 4
Gains/(losses) recognised in other
comprehensive income that may
11 - 35 -
subsequently be reclassified to the
income statement
Impairment recognised in cost
-
-
- (10)
of sales
Additions
2
- - 5
Disposals - (16) - -
Settlements
(127)
- 38 -
Transfers of assets from Level 3
(b)
-
-
- (1)
At the end of the year
475
18
604
34
(a) Net unrealised gains/(losses) of \u00a342m (2025: \u00a3105m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers to Level 3 during the year (2025: \u00a3nil). There were \u00a3nil transfers from Level 3 to Level 2 (2025: \u00a31m) and \u00a3nil transfers from Level 3 to Level 1 (2025: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-801": { "value": "Fair value of financial assets and liabilities measured at amortised cost The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables and accruals where the carrying values approximate fair value. The levels in the table refer to the fair value measurement hierarchy.
28 February 2026
22 February 2025
Carrying Fair Carrying Fair
value value* value value*
Level
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at amortised cost
Investments in debt instruments at amortised cost
1
188
199
192
197
Investments in debt instruments at amortised cost
2
4
4
4
4
Joint ventures and associates loan receivables
2
98
107
97
105
Financial liabilities measured at amortised cost
Borrowings
Amortised cost
1
(5,406)
(5,263)
(4,916)
(4,651)
Bonds in fair value hedge relationships
1
(1,790)
(1,849)
(2,034)
(2,088)
* Refer to the fair value measurement by level of fair value hierarchy section for details on Level 2 methodology. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party, using market data such as credit default swaps. Refer to the Level 3 instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
993
-
18
1,011
Short-term investments at fair value through profit or loss
716
-
-
716
Cash and cash equivalents at fair value through profit or loss - 44 - 44
Derivative financial instruments:
Interest rate swaps
-
-
14
14
Cross-currency swaps
-
-
129
129
Index-linked swaps
-
-
469
469
Foreign currency forward contracts - 11 - 11
Commodity derivatives - 5 - 5
Total assets
1,709
60
630
2,399
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(56)
(56)
Cross-currency swaps
-
-
(81)
(81)
Foreign currency forward contracts - (34) - (34)
Total liabilities -
(34)
(137)
(171)
Net assets
1,709
26
493
2,228
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Commodity derivatives - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
During the financial year, there were no transfers (2025: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a39m (2025: \u00a37m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2026
2025
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
604
34
545
37
Gains/(losses) recognised in
finance costs
(a)
(15) -
(14)
(1)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
-
-
- 4
Gains/(losses) recognised in other
comprehensive income that may
11 - 35 -
subsequently be reclassified to the
income statement
Impairment recognised in cost
-
-
- (10)
of sales
Additions
2
- - 5
Disposals - (16) - -
Settlements
(127)
- 38 -
Transfers of assets from Level 3
(b)
-
-
- (1)
At the end of the year
475
18
604
34
(a) Net unrealised gains/(losses) of \u00a342m (2025: \u00a3105m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers to Level 3 during the year (2025: \u00a3nil). There were \u00a3nil transfers from Level 3 to Level 2 (2025: \u00a31m) and \u00a3nil transfers from Level 3 to Level 1 (2025: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-859": { "value": "Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party, using market data such as credit default swaps. Refer to the Level 3 instruments section below for details on Level 3 valuation methodology. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management strategy. Uncollateralised derivatives are primarily Level 2, but those which also include certain data sources which are significantly less liquid (unobservable inputs) are Level 3. These unobservable inputs relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a39m (2025: \u00a37m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-849": { "value": "Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
Gross amounts of
Gross amounts financial assets/ Net amounts Related amounts
of recognised (liabilities) offset in included not offset in
financial assets/ the Group balance in the Group the Group balance
(liabilities) sheet balance sheet
sheet
Net amount
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
628
-
628
(87)
541
Trade receivables
748
(112)
636
- 636
Total assets
1,376
(112)
1,264
(87)
1,177
Financial liabilities
Derivative financial instruments
(171)
-
(171)
87
(84)
Trade payables
(6,974)
112
(6,862)
- (6,862)
Total liabilities
(7,145)
112
(7,033)
87
(6,946)
Gross amounts of
Gross amounts financial assets/ Net amounts Related amounts
of recognised (liabilities) offset in included not offset in
financial assets/ the Group balance in the Group the Group balance
(liabilities) sheet balance sheet
sheet
Net amount
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
835
-
835
(115)
720
Trade receivables
758
(106)
652
- 652
Total assets
1,593
(106)
1,487
(115)
1,372
Financial liabilities
Derivative financial instruments
(217)
-
(217)
115
(102)
Trade payables
(6,798)
106
(6,692)
- (6,692)
Total liabilities
(7,015)
106
(6,909)
115
(6,794)
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-764": { "value": "
Note 26 Financial risk management
The main financial risks faced by the Group and the management of these risks are set out below, and include market risk (foreign exchange, interest rate, inflation and commodity prices), credit risk, liquidity
risk, insurance risk and other risks.
a) Market risk
Foreign exchange risk management
Description of risks
Management policy
Hedging strategy
Transactional exposure that arises from the cost of The Group\u2019s policy is to hedge currency exposure that could significantly Foreign currency forward contracts which are designated as cash flow
future purchases of goods, where those purchases impact the Group income statement. Minimum and maximum hedge limits hedges. These are denominated in the same currency as the highly probable
are denominated in a currency other than the are in place depending on whether forecast spend is committed or future sales and purchases, which are expected to occur within a maximum
functional currency of the purchasing company. uncommitted but highly probable. 24-month period, and the hedge ratio is determined to be 1:1.
Translation exposure that arises from exchange rate Translation risk related to foreign subsidiaries\u2019 revenue and expenses is not Euro-denominated borrowings are used to hedge the exposure of a portion
movements in connection with translating the Group\u2019s actively hedged. However, to reduce this exposure in relation to the net assets of of the Group\u2019s net investments in overseas operations which have a Euro
foreign subsidiaries\u2019 revenue, expenses, assets and foreign subsidiaries, net investment hedging is undertaken. functional currency, against changes in value due to changes in foreign exchange
liabilities into Pounds Sterling. rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the
hedging instrument is identical to the hedged risk component.
Loans to and from subsidiaries in currencies other
The Group's policy is that 100% of the foreign exchange risk is hedged.
Foreign currency derivatives and borrowings in matching currencies, which
than in the entity\u2019s functional currency. are not formally designated as accounting hedges as gains and losses will
naturally offset in the income statement.
Debt issued in a currency other than Pounds Sterling.
The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pounds
Cross-currency swaps, which are designated as fair value hedges or economic
Sterling, unless there are appropriate matching foreign currency assets. hedges.
Residual exposure is present, arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign
currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 171.
Interest rate risk management
Description of risks
Management policy
Hedging strategy
Debt issued at variable interest rates as well as cash The Group's policy is to manage its cash flow and fair value risk on a net debt Interest rate swap contracts are used to fix interest rates on senior unsecured
deposits and short-term investments, giving rise to basis (senior unsecured debt, lease liabilities, cash and cash equivalents and debt or investments issued at floating rates, creating a cash flow hedge; and for
cash flow risk, and debt issued at fixed interest rates short-term investments). senior unsecured debt or investments issued at fixed rates to generate variable
giving rise to fair value risk. interest exposure, creating a fair value hedge. The terms of the swap contracts
match the terms of the borrowings or investments including notional amounts
and maturity, interest settlement and interest rate reset dates, and the Group
has established a hedge ratio of 1:1 for the hedging relationships as the underlying
risk of the derivative contract is identical to that of the hedged item.
The table below shows the interest rate risk profile for the Group\u2019s financial instruments:
2026
2025
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents -
2,515
2,515
-
2,255
2,255
Short-term investments -
1,429
1,429
-
2,223
2,223
Investments in debt instruments at amortised cost
192
-
192
196
- 196
Investments at fair value through other comprehensive income
1,003
8
1,011
866
8
874
Investments at fair value through profit or loss
-
-
-
15 - 15
Joint ventures and associates loan receivables
98
-
98
97
- 97
Lease liabilities
(7,884)
-
(7,884)
(7,716)
- (7,716)
Borrowings
(6,142)
(1,054)
(7,196)
(6,043)
(907)
(6,950)
Derivative effect:
Interest rate swaps
1,088
(1,088)
-
1,464
(1,464)
-
Cross-currency swaps
1,008
(1,008)
-
902
(902)
-
Total
(10,637)
802
(9,835)
(10,219)
1,213
(9,006)
Percentage of interest-bearing debt at fixed rate
85%
83%
Weighted average rate of interest paid on senior unsecured debt
4.0%
4.8%
Inflation risk management
Description of risks
Management policy
Hedging strategy
Index-linked debt, where the principal is indexed to The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI- LPI debt (where principal is indexed to RPI, with an
increase/decrease in line with either RPI or LPI. linked lease liabilities) on a portfolio basis alongside its interest rate risk management. annual maximum increase of 5% and a minimum of
0%) and RPI debt are hedged back to fixed rate using
derivative contracts designated as cash flow hedges.
Index-linked lease liabilities, where the liability is indexed Indexed liabilities arising from property joint ventures
to increase/decrease in line with either RPI or LPI. are fully hedged using derivative contracts which
economically hedge the lease liability inflation uplift.
Refer to Note 13 for information on the Group\u2019s exposure to inflation-linked leases.
Commodity prices risk management
Description of risks
Management policy
Hedging strategy
Changes in commodity prices largely relating to diesel The Group policy is to hedge a minimum percentage of the forecast uncommited exposure (diesel: 50%, Forward derivative contracts which are designated as
for own use and various other commodity price risks other commodities: 20%) within the next 12 months. Hedging can be achieved by either creating a fixed cash flow hedges are used to hedge future purchases.
affecting goods purchased for resale, including but not price commitment with suppliers or through derivatives. These are denominated in the same currency and
limited to: wheat, soybean meal, sugar, power, coffee volume as the forecast purchases and the hedge ratio
and cocoa. is determined to be 1:1.
Financial instruments not qualifying for hedge accounting
The Group\u2019s policy does not permit the use of derivatives for trading purposes. However, some
derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where
gains and losses on the hedging instrument and the hedged item naturally offset in the Group income
statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps,
commodity swaps and foreign currency forward contracts.
Sensitivity analysis
The impact on the financial statements of the Group from foreign currency, inflation, interest rate
and commodity price volatility is discussed below.
The analysis excludes the impact of movements in market variables on the carrying value of pension
and other post-employment benefit obligations and on the retranslation of overseas net assets.
However, it does include the foreign exchange sensitivity resulting from local entity non-functional
currency financial instruments.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed
to floating interest rates of the debt and derivatives portfolio, and the proportion of financial
instruments in foreign currencies are all constant and on the basis of the hedge designations in place
at 28 February 2026. It should be noted that the sensitivity analysis reflects the impact on income and
equity due to financial instruments held at the balance sheet date. It does not reflect any change in
sales or costs that may result from changing interest or exchange rates.
The following assumptions were made in calculating the sensitivity analysis:
\u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate
exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked
borrowings, which have been swapped to fixed rates;
\u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges
against movements in interest rates or foreign exchange rates have an immaterial effect on the
Group income statement and equity due to compensating adjustments in the carrying value of debt;
\u2013 changes in the carrying value of financial instruments designated as net investment hedges against
movements in foreign exchange rates are recorded directly in the Group statement of
comprehensive income/(loss);
\u2013 all other changes in the carrying value of derivative financial instruments designated as hedging
instruments are fully effective with no impact on the Group income statement; and
\u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already
set, therefore a change in interest rates affects a full 12-month period for the interest payable
portion of the sensitivity calculations.
Using the above assumptions, the following table shows the quantitative effect on the Group income
statement and the Group statement of changes in equity that would result, at the balance sheet date,
from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are
reasonably possible for major currencies where there have recently been significant movements:
2026
2025
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(23)
1
(21)
2
5% appreciation of the Euro
(7)
(69)
(9)
(47)
5% appreciation of the US Dollar
(8)
50
(10)
38
50 basis points parallel upward shift in the forward
73
19
82
20
inflation curve
10% increase in commodity prices - 5 - 6
A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward
shift in the forward inflation curve would have the opposite effect to the impact in the table above.
The impact on the Group income statement resulting from changes in foreign exchange rates against
GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group
policy dictates that all material income statement foreign exchange exposures are hedged.
In prior years, the Group entered into a number of derivative index-linked contracts with external
counterparties to economically hedge a proportion of the Group\u2019s exposure to index-linked lease
liabilities with its joint ventures. These are specifically not designated as accounting hedges but are
economic hedges. However, the gains and losses on the hedging instrument and hedged item do not
naturally offset in the Group income statement. This mismatch arises due to different accounting
outcomes of IFRS 9 and IFRS 16, which results in a timing difference.
The impact on the Group statement of comprehensive income/(loss) from changing exchange rates
results from the revaluation of financial liabilities used as net investment hedges. The impact on the
Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of
the hedged assets in the Group statement of changes in equity.
Derivatives and hedging exposures
Derivatives are used to hedge exposure to market risks, some of which are economic hedges and
others are formally designated hedging instruments with hedge accounting applied. The main sources
of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the
fair value of derivatives.
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2026
2025
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
14
438
(54)
700
24
414
(72)
1,100
Cross-currency swaps
1
88
(66)
657
-
-
(118)
621
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
157
196
-
-
299
406
-
-
Foreign currency forward contracts
7
1,053
(32)
1,605
25
1,094
(8)
601
Commodity derivatives
5
40
- 7 -
20
(2)
41
Derivatives not in a formal hedge relationship
Cross-currency swaps
128
303
(15)
89
138
308
(12)
95
Index-linked swaps
312
2,074
-
-
347
2,074
-
-
Foreign currency forward contracts
4
1,036
(2)
456
2
285
(3)
545
Total
628
5,228
(171)
3,564
835
4,601
(217)
3,053
The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2026
2025
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP -
450
250
400
- 700
Interest rate swaps \u2013 EUR - 438
-
-
-
414
Cross-currency swaps (GBP: EUR)* -
657
88
- 621 -
Cash flow hedges
Index-linked swaps
-
-
196
210
- 196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP -
(3.47)%
(0.22)%
(3.41)%
- (3.04)%
Interest rate swaps \u2013 EUR - 0.91% - - - 0.59%
Cross-currency swaps (GBP: EUR)* -
(4.46)%
(1.50)%
- (5.19)% -
Cash flow hedges
Index-linked swaps
-
-
(4.21)%
(4.23)%
- (4.21)%
Interest rate swaps - (1.17)% - - (0.45)% -
* Average exchange rate for cross-currency swaps (GBP: EUR) is 1.131 (2025: 1.128).
At 28 February 2026, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.7bn were outstanding (2025: \u00a31.7bn). These forward contracts are largely in relation to purchases of
Euros (notional \u20ac0.4bn) (2025: notional \u20ac0.7bn) and US Dollars (notional $1.2bn) (2025: notional $0.9bn) with varying maturities up to July 2027.
For the above currencies the rates ranged from EUR/GBP 1.117 to 1.168 (2025: 1.149 to 1.206) and USD/GBP from 1.324 to 1.380 (2025: 1.219 to 1.336).
Forward commodity contracts designated as cash flow hedges relate to a range of underlying hedged risks with varying maturities up to February 2027.
The notional and fair values of these contracts are shown in the table on page 172.
The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges, and the effectiveness of those hedging relationships:
2026
2025
Changes in fair Change in fair Hedge Changes in fair Hedge
Accumulated value of hedging value of hedged ineffectiveness Accumulated value of hedging Change in fair value ineffectiveness
amounts of fair instrument used item used recognised in the amounts of fair instrument used of hedged item recognised in the
value adjustments to calculate to calculate income statement value adjustments to calculate used to calculate income statement
Carrying amount on hedged item ineffectiveness ineffectiveness through finance Carrying amount on hedged item ineffectiveness ineffectiveness through finance
Balance sheet classification assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate bonds*
Borrowings
(2,225)
39
80
(81)
(1)
(2,492)
114
36
(37)
(1)
* The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(64)m for fixed-rate bonds (2025: \u00a3(70)m).
The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2026
2025
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
11
(11)
1
32
(20)
10
Borrowings
Interest rate swaps
(1)
1
3
1
(1)
5
Foreign currency risk
Forecast purchases
Foreign currency forward contracts
(98)
98
(23)
10
(10)
8
Commodity risk
Forecast purchases
Commodity derivatives
2
(2)
4
(3)
3
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
44
-
-
46
(a) Excludes deferred tax.
(b) This is a discontinued hedge.
The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Commodity
swaps swaps swaps
contracts
(a)
derivatives
(a)
Hedging reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
Net fair value gains/(losses)
13
(1)
-
(98)
2
(84)
Amount reclassified to finance income/(cost) in Group income statement
(22)
(2)
(2)
9
1
(16)
Amount reclassified to inventories
-
-
-
57
4
61
Tax
3
1
-
3
(2)
5
At 28 February 2026
2
1
33
(22)
5
19
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a3(96)m (2025: \u00a37m).
(b) Includes \u00a32m (2025: \u00a34m) relating to non-controlling interests.
Net investment hedges
Refer to Note 22 for details of the hedging instruments. Movements in the cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
Change in value for calculating ineffectiveness
(73)
73
(60)
New hedges designated in the year*
(425)
425
(13)
At 28 February 2026
(1,533)
1,533
(794)
* During the year, \u20ac500m 3.375% MTN May 2032 was designated in a net investment hedge. In the prior year, there were no discontinuations and no new designations of MTNs in a net investment hedge.
Net investment hedge ineffectiveness was \u00a3nil (2025: \u00a3nil) during the year. As at 28 February 2026, the discontinued hedge balance is \u00a3(760)m (2025: \u00a3(760)m).
During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a393m (2025: decrease by \u00a3(56)m). The Group also ensures that
each subsidiary is appropriately hedged in respect of its non-functional currency assets.
(b) Credit risk
Description of risk
Management policy
Measurement
A counterparty will not meet its obligations leading to For cash and cash equivalents, short-term investments, other investments, and derivative financial The Group monitors the exposure, credit rating,
a financial loss for the Group. This arises from cash instruments: outlook, and credit default swap levels of these
and cash equivalents, short-term investments, trade \u2013 the Group holds positions with an approved list of investment-grade rated counterparties. counterparties on a regular basis.
receivables, other receivables, joint venture and \u2013 counterparty credit limits are set to minimise the concentration of risk and are set taking into account Counterparty credit limits are reviewed every
associate loan receivables, reinsurance contract assets, the type and value of the specific financial asset. six months and may be updated throughout the
other investments, and derivative financial instruments. For trade receivables, other receivables, joint venture and associate loan receivables, and reinsurance financial year.
contract assets: Refer to page 177 for information on the Group\u2019s ECLs.
\u2013 the Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit
insurance, and master netting agreements. Due to the nature of the business, there is little concentration
of risk due to the large number of customers which are spread across wide geographical areas.
Maximum exposure to credit risk
The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets.
The net counterparty exposure under derivative contracts is \u00a30.5bn (2025: \u00a30.6bn).
The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECLs i.e. derivative financial instruments:
2026
2025
\u00a3m
\u00a3m
Cash and cash equivalents
2,515
2,255
Short-term investments
1,429
2,223
Trade receivables
636
652
Other receivables
205
183
Joint venture and associates loan receivables
98
97
Other investments
1,203
1,085
Derivative financial assets:
Interest rate swaps
14
24
Cross-currency swaps
129
138
Index-linked swaps
469
646
Foreign currency forward contracts
11
27
Commodity derivatives
5
-
Maximum exposure to credit risk
6,714
7,330
Counterparty credit rating
The table below provides detail of financial assets by long-term credit rating of investment-grade rated counterparties:
2026
2025
Rating
AAA
AA
A
BBB
Total
AAA
AA
A
BBB
Total
Cash and cash equivalents
(a)
-
-
1,149
4
1,153
-
-
1,355
35
1,390
Short-term investments
716
9
704
-
1,429
1,389
3
731
100
2,223
Investments in debt securities at amortised cost
(b)
-
-
-
188
188
-
-
-
192
192
Investments at fair value through other comprehensive income
(c)
173
255
360
205
993
156
123
341
235
855
Investments at fair value through profit or loss
(d)
-
-
-
-
-
-
-
-
-
-
Derivative financial assets:
Interest rate swaps -
7
7
- 14 -
12
12
- 24
Cross-currency swaps
-
-
129 - 129
-
-
138 - 138
Index-linked swaps
-
-
158
311
469
-
-
299
347
646
Foreign currency forward contracts -
2
9
- 11 -
5
22
- 27
Commodity derivatives -
1
4
- 5
-
-
-
-
-
(a) Excludes \u00a31,362m (2025: \u00a3865m) of cash and cash equivalents which do not have a credit rating.
(b) Excludes \u00a34m (2025: \u00a34m) of investments in debt instruments which do not have a credit rating.
(c) Excludes \u00a318m (2025: \u00a319m) of investments in equity instruments which do not have a credit rating.
(d) Excludes \u00a3nil (2025: \u00a315m) of property fund investments which do not have a credit rating.
Expected credit losses (ECLs)
The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default,
exposure at default and the loss given default for the relevant time period and for each specific loan and by discounting back to the balance sheet date.
The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans
to related parties of \u00a398m (2025: \u00a397m) are presented net of loss allowances of \u00a3nil (2025: \u00a3nil) on the Group balance sheet.
For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 180 for the credit rating of the reinsurers.
The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive
income, investments at fair value through profit or loss and investments in debt instruments at amortised cost.
(c) Liquidity risk
Description of risk
Management policy
Measurement
Difficulty in meeting the obligations associated with the The Group finances its liquidity position and its operations by a combination of retained profits, disposals of Liquidity risk is continuously monitored by short-term
Group\u2019s financial liabilities. assets, debt capital market issuance, bank borrowings, and leases. The policy is to maintain a prudent level and long-term cash flow forecasts.
of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain
a smooth debt profile and to ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month
period.
The Group is exposed to liquidity risk from daily calls on The Group manages its liquidity risk by having an investment guideline that it maintains sufficient liquidity,
its cash resources, including from claims arising on its or its financial assets can be realised at short notice in the event of a major adverse event. The Group may
insurance contracts. There is a risk that cash will not be
available to settle liabilities when they fall due.
also make use of borrowing facilities if required.
The Group is investment-grade rated with all three major credit rating agencies and retains access to
capital markets so that maturing debt may be refinanced as it falls due.
2026
2025
Short-term Long-term Short-term Long-term
rating
rating
Outlook
rating
rating
Outlook
Rating agency
Fitch
F2
BBB
Stable
F3
BBB
-
Stable
Moody\u2019s
P
-
3
Baa3
Positive
P
-
3
Baa3
Stable
Standard & Poor\u2019s
A
-
2
BBB
Stable
A
-
3
BBB
-
Positive
The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a32.0bn (2025: \u00a32.8bn) is in
issue in GBP and \u20ac3.1bn (2025: \u20ac2.2bn) is in issue in EUR, plus $0.4bn of USD-denominated notes
issued under 144A documentation (2025: $0.4bn). The amount in issue includes \u00a30.2bn (2025: \u00a30.4bn)
of accretion on the index-linked MTN which will be repayable at maturity.
Borrowing facilities
The Group has the following undrawn committed facilities available at 28 February 2026, in respect of
which all conditions precedent had been met as at that date:
2026
2025
\u00a3m
\u00a3m
Expiring in less than one year - 38
Expiring between one and two years
2,500
-
Expiring in more than two years - 2,500
Total
2,500
2,538
The Group has a \u00a32.5bn syndicated revolving credit facility available at 28 February 2026 (22 February
2025: \u00a32.5bn). The revolving credit facility was undrawn at these dates. All conditions precedent had
been met at these dates. It incurs commitment fees at market rates and would provide funding at
floating rates, both linked to three ESG targets.
Maturities of financial liabilities
The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of
when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets.
The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign
currencies are translated using spot rates at the balance sheet date.
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,729)
(71)
(718)
(723)
(918)
(3,070)
Interest payments on borrowings
(174)
(230)
(193)
(169)
(162)
(707)
Lease liabilities
(1,040)
(1,014)
(972)
(926)
(862)
(6,257)
Trade payables
(6,862)
-
-
-
-
-
Other payables
(1,949)
(13)
(8)
(2)
(1)
(11)
Accruals
(987)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts - 18
-
-
5 -
Net settled derivative contracts \u2013 payments
(28)
(14)
(15)
(15)
(1)
(10)
Gross settled derivative contracts \u2013 receipts
1,903
159
2
654
-
-
Gross settled derivative contracts \u2013 payments
(1,983)
(186)
(30)
(670)
-
-
Total
(12,849)
(1,351)
(1,934)
(1,851)
(1,939)
(10,055)
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,748)
(686)
(71)
(718)
(687)
(3,117)
Interest payments on borrowings
(202)
(175)
(166)
(162)
(138)
(798)
Lease liabilities
(995)
(973)
(940)
(896)
(855)
(6,217)
Trade payables
(6,692)
-
-
-
-
-
Other payables
(1,815)
(15)
(6)
(1)
(1)
(11)
Accruals
(943)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
-
-
-
-
-
7
Net settled derivative contracts \u2013 payments
(22)
(18)
(18)
(18)
(17)
-
Gross settled derivative contracts \u2013 receipts
1,145
113
2
2
623
-
Gross settled derivative contracts \u2013 payments
(1,194)
(155)
(33)
(33)
(681)
-
Total
(12,466)
(1,909)
(1,232)
(1,826)
(1,756)
(10,136)
The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant.
The table below shows information about the timing of total expected undiscounted cash outflows in relation to insurance contract liabilities, irrespective of the measurement basis, based on current best
estimates. The phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below.
2026
2025
\u00a3m
%
\u00a3m
%
Due within one year
200
31
166
31
Due within one and two years
124
19
80
15
Due within two and three years
85
13
56
11
Due within three and four years
52
8
32
6
Due within four and five years
32
5
23
4
Due beyond five years
159
24
174
33
Total
652
100
531
100
Insurance contract liabilities issued and reinsurance contracts held have no amounts that are payable on demand.
d) Insurance risk
Description of risk
Management policy
Risks accepted through the provision of insurance products in return for a premium, exposed through the TU operates a separate risk framework with dedicated risk and compliance teams and a suite of TU risk
wholly-owned subsidiary, Tesco Underwriting Limited (TU). These risks may or may not occur as expected and
the amount and timing of these risks are uncertain and determined by events outside of the Group\u2019s control
policies to ensure that the TU insurance portfolio is operating within the agreed risk appetite.
(e.g. flood or vehicular accident).
Types of insurance risk
Risks
Description of risks
Mitigation
Underwriting
Policies not priced correctly due to underestimating the frequency and/or severity
The Group has large numbers of policyholders with homogeneous exposures such as motor and home
of the claims and/or that payments are required under conditions that were not policies. Products are priced based on the Group\u2019s knowledge using past exposures, historical losses
anticipated. (plus an appropriate allowance for incurred but not reported losses) and external data sources, with the
appropriate adjustments to reflect anticipated future market conditions and expenses.
Claims reserving
Estimates of insurance liabilities prove to be insufficient through inaccurate
The aim of the reserving policy is to provide estimates of insurance liabilities that are accurate and reliable
forecasting, adverse random variation and additional expenses. across each line of business and are consistent over the time period required to settle all the claims.
Provisions are monitored on an ongoing basis by a reserving committee and the TU board audit committee,
and an annual independent review is undertaken.
Claims management
Claims management risk may arise in the event of inaccurate or incomplete case
The Group\u2019s approach to claims management focuses upon creating a successful balance between
reserving or settlement, poor customer service, claims fraud, ineffective or satisfying the needs of the customer against control of the overall cost of the provision of the service that
inefficient claim processes or excessive costs of handling claims. meets those needs in agreement with its service provider. Customers include both the insured as well as
others that believe the insured has breached a duty of care.
Reinsurance
Reinsurance contracts, placed to reduce exposure to specific risks, events, and
The reinsurance programme is subject to considerable scenario planning and approved by the reinsurance
accumulations, fail to perform as planned and do not reduce the gross cost of committee and the TU board. All reinsurers in the reinsurance programme have a minimum credit rating of A.
claims in terms of the limits purchased, by risks not being appropriately covered,
by reinsurance bad debts or by there being gaps in the programme.
Concentration of insurance risk
Concentration of insurance risk may exist where a particular event or series of events could impact significantly upon the Group\u2019s liabilities. Such concentrations may arise from a single insurance contract or
through a small number of related contracts. The following are key categories of concentration risks that might result in significant impacts to the Group:
Category
Description
Mitigation
High-severity, low High-severity, low frequency events (e.g. natural disasters) represent a material risk Making appropriate allowance within the price calculated by underwriters and by purchasing a reinsurance
frequency event as the occurrence of such an event would have a significant adverse impact on TU\u2019s programme that limits the impact of these events, using non-proportional reinsurance treaties to manage
concentrations cash flows and profitability. retention levels and the limits of protection.
Geographic and Material geographical concentrations of risk exist in property portfolios such that The Group only writes policies in the UK. TU models its exposure to this risk to estimate its probable
demographic natural disasters (e.g. floods) may give rise to a large number of material damage maximum loss and purchases reinsurance to significantly reduce its exposure to such events.
concentrations claims.
Economic conditions
The insurance portfolio exposes a potential accumulation of different risks in
The Group aims to ensure it charges the right premium for the business underwritten and it focuses on
the event of difficult economic conditions or more challenging points in the maintaining prices in such difficult market conditions. It also monitors claims closely to identify any that
underwriting cycle. may be exaggerated or fraudulent.
Total aggregate exposure
The total aggregate exposure that the Group is prepared to accept in relation to
The exposures are monitored on a regular basis by reviewing reports which show the key aggregations to
concentrations of risk. which the Group is exposed and by using a number of modelling tools to monitor aggregation and simulate
catastrophe losses in order to measure the effectiveness of the reinsurance programmes, and to quantify
the net exposure. Additional stress and scenario tests are run using these models during the year.
TU has carried out sensitivity analyses on the reasonably possible changes in its key business drivers, including interest yields, expenses and gross loss ratio, as well as executing the stress and scenario testing
programme on the insurance risk as part of contingency planning. These do not indicate a material impact to the Group\u2019s overall financial position and performance.
e) Other risks
Risk
Description of risk
Management policy
Measurement
Capital risk
Ability to continue as a going concern in order to provide returns to shareholders
Group capital Refer to Note 31 for the
and benefits for policyholders and other stakeholders, while protecting and The Group manages its capital structure (net debt plus equity) and makes value of Net debt, and
strengthening the Group balance sheet through the appropriate balance of adjustments to it: the Group statement
debt and equity funding, and ability to meet minimum capital requirements for \u2013 in light of changes to economic conditions and the strategic objectives of changes in equity for
regulated businesses. of the Group; the value of the Group\u2019s
\u2013 through dividend payment to shareholders, buying back shares and equity.
cancelling them or issuing new shares. During the current financial year,
the Group continued the share buyback programme and cancelled these
shares (refer to Note 29); and
\u2013 by raising finance in the public debt markets and borrowing centrally
and locally from financial institutions, using a variety of capital market
instruments and borrowing facilities to meet the requirements of each
local business.
Insurance capital
Solvency UK (SUK) provides a framework for managing and measuring the risks
and the solvency position for all insurance companies in the UK. TU assesses its
Solvency Capital Requirement (SCR) using Prudential Regulation Authority (PRA)
Standard Formula. TU also maintains a capital contingency plan supported by
its direct shareholder, Tesco Personal Finance Group Limited (TPFG). TPFG as
the parent entity of TU adheres to SUK requirements and has complied with the
supervisory requirements of the PRA. During the year, the Group was compliant
with the externally imposed capital requirements.
Operational insurance risk
The Group is inadequately protected from liabilities arising from unforeseen events
The Group purchased assets, earnings and combined liability protection from Refer to Note 23 for
in its operations. the open insurance market for higher value losses only. details on operational
The risk not transferred to the insurance market is retained within the Group insurance provisions.
with some cover being provided by the Group\u2019s captive insurance company,
ELH Insurance Limited in Guernsey, which is consolidated in the Group financial
statements, covering assets, earnings and combined liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-860": { "value": "a) Market risk Foreign exchange risk management
Description of risks
Management policy
Hedging strategy
Transactional exposure that arises from the cost of The Group\u2019s policy is to hedge currency exposure that could significantly Foreign currency forward contracts which are designated as cash flow
future purchases of goods, where those purchases impact the Group income statement. Minimum and maximum hedge limits hedges. These are denominated in the same currency as the highly probable
are denominated in a currency other than the are in place depending on whether forecast spend is committed or future sales and purchases, which are expected to occur within a maximum
functional currency of the purchasing company. uncommitted but highly probable. 24-month period, and the hedge ratio is determined to be 1:1.
Translation exposure that arises from exchange rate Translation risk related to foreign subsidiaries\u2019 revenue and expenses is not Euro-denominated borrowings are used to hedge the exposure of a portion
movements in connection with translating the Group\u2019s actively hedged. However, to reduce this exposure in relation to the net assets of of the Group\u2019s net investments in overseas operations which have a Euro
foreign subsidiaries\u2019 revenue, expenses, assets and foreign subsidiaries, net investment hedging is undertaken. functional currency, against changes in value due to changes in foreign exchange
liabilities into Pounds Sterling. rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the
hedging instrument is identical to the hedged risk component.
Loans to and from subsidiaries in currencies other
The Group's policy is that 100% of the foreign exchange risk is hedged.
Foreign currency derivatives and borrowings in matching currencies, which
than in the entity\u2019s functional currency. are not formally designated as accounting hedges as gains and losses will
naturally offset in the income statement.
Debt issued in a currency other than Pounds Sterling.
The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pounds
Cross-currency swaps, which are designated as fair value hedges or economic
Sterling, unless there are appropriate matching foreign currency assets. hedges.
Residual exposure is present, arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 171. Interest rate risk management
Description of risks
Management policy
Hedging strategy
Debt issued at variable interest rates as well as cash The Group's policy is to manage its cash flow and fair value risk on a net debt Interest rate swap contracts are used to fix interest rates on senior unsecured
deposits and short-term investments, giving rise to basis (senior unsecured debt, lease liabilities, cash and cash equivalents and debt or investments issued at floating rates, creating a cash flow hedge; and for
cash flow risk, and debt issued at fixed interest rates short-term investments). senior unsecured debt or investments issued at fixed rates to generate variable
giving rise to fair value risk. interest exposure, creating a fair value hedge. The terms of the swap contracts
match the terms of the borrowings or investments including notional amounts
and maturity, interest settlement and interest rate reset dates, and the Group
has established a hedge ratio of 1:1 for the hedging relationships as the underlying
risk of the derivative contract is identical to that of the hedged item.
The table below shows the interest rate risk profile for the Group\u2019s financial instruments:
2026
2025
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents -
2,515
2,515
-
2,255
2,255
Short-term investments -
1,429
1,429
-
2,223
2,223
Investments in debt instruments at amortised cost
192
-
192
196
- 196
Investments at fair value through other comprehensive income
1,003
8
1,011
866
8
874
Investments at fair value through profit or loss
-
-
-
15 - 15
Joint ventures and associates loan receivables
98
-
98
97
- 97
Lease liabilities
(7,884)
-
(7,884)
(7,716)
- (7,716)
Borrowings
(6,142)
(1,054)
(7,196)
(6,043)
(907)
(6,950)
Derivative effect:
Interest rate swaps
1,088
(1,088)
-
1,464
(1,464)
-
Cross-currency swaps
1,008
(1,008)
-
902
(902)
-
Total
(10,637)
802
(9,835)
(10,219)
1,213
(9,006)
Percentage of interest-bearing debt at fixed rate
85%
83%
Weighted average rate of interest paid on senior unsecured debt
4.0%
4.8%
Inflation risk management
Description of risks
Management policy
Hedging strategy
Index-linked debt, where the principal is indexed to The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI- LPI debt (where principal is indexed to RPI, with an
increase/decrease in line with either RPI or LPI. linked lease liabilities) on a portfolio basis alongside its interest rate risk management. annual maximum increase of 5% and a minimum of
0%) and RPI debt are hedged back to fixed rate using
derivative contracts designated as cash flow hedges.
Index-linked lease liabilities, where the liability is indexed Indexed liabilities arising from property joint ventures
to increase/decrease in line with either RPI or LPI. are fully hedged using derivative contracts which
economically hedge the lease liability inflation uplift.
Refer to Note 13 for information on the Group\u2019s exposure to inflation-linked leases. Commodity prices risk management
Description of risks
Management policy
Hedging strategy
Changes in commodity prices largely relating to diesel The Group policy is to hedge a minimum percentage of the forecast uncommited exposure (diesel: 50%, Forward derivative contracts which are designated as
for own use and various other commodity price risks other commodities: 20%) within the next 12 months. Hedging can be achieved by either creating a fixed cash flow hedges are used to hedge future purchases.
affecting goods purchased for resale, including but not price commitment with suppliers or through derivatives. These are denominated in the same currency and
limited to: wheat, soybean meal, sugar, power, coffee volume as the forecast purchases and the hedge ratio
and cocoa. is determined to be 1:1.
Financial instruments not qualifying for hedge accounting The Group\u2019s policy does not permit the use of derivatives for trading purposes. However, some derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where gains and losses on the hedging instrument and the hedged item naturally offset in the Group income statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps, commodity swaps and foreign currency forward contracts. Sensitivity analysis The impact on the financial statements of the Group from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 28 February 2026. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements:
2026
2025
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(23)
1
(21)
2
5% appreciation of the Euro
(7)
(69)
(9)
(47)
5% appreciation of the US Dollar
(8)
50
(10)
38
50 basis points parallel upward shift in the forward
73
19
82
20
inflation curve
10% increase in commodity prices - 5 - 6
A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2026
2025
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
14
438
(54)
700
24
414
(72)
1,100
Cross-currency swaps
1
88
(66)
657
-
-
(118)
621
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
157
196
-
-
299
406
-
-
Foreign currency forward contracts
7
1,053
(32)
1,605
25
1,094
(8)
601
Commodity derivatives
5
40
- 7 -
20
(2)
41
Derivatives not in a formal hedge relationship
Cross-currency swaps
128
303
(15)
89
138
308
(12)
95
Index-linked swaps
312
2,074
-
-
347
2,074
-
-
Foreign currency forward contracts
4
1,036
(2)
456
2
285
(3)
545
Total
628
5,228
(171)
3,564
835
4,601
(217)
3,053
The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2026
2025
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP -
450
250
400
- 700
Interest rate swaps \u2013 EUR - 438
-
-
-
414
Cross-currency swaps (GBP: EUR)* -
657
88
- 621 -
Cash flow hedges
Index-linked swaps
-
-
196
210
- 196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP -
(3.47)%
(0.22)%
(3.41)%
- (3.04)%
Interest rate swaps \u2013 EUR - 0.91% - - - 0.59%
Cross-currency swaps (GBP: EUR)* -
(4.46)%
(1.50)%
- (5.19)% -
Cash flow hedges
Index-linked swaps
-
-
(4.21)%
(4.23)%
- (4.21)%
Interest rate swaps - (1.17)% - - (0.45)% -
* Average exchange rate for cross-currency swaps (GBP: EUR) is 1.131 (2025: 1.128). At 28 February 2026, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.7bn were outstanding (2025: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2025: notional \u20ac0.7bn) and US Dollars (notional $1.2bn) (2025: notional $0.9bn) with varying maturities up to July 2027. For the above currencies the rates ranged from EUR/GBP 1.117 to 1.168 (2025: 1.149 to 1.206) and USD/GBP from 1.324 to 1.380 (2025: 1.219 to 1.336). Forward commodity contracts designated as cash flow hedges relate to a range of underlying hedged risks with varying maturities up to February 2027. The notional and fair values of these contracts are shown in the table on page 172. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges, and the effectiveness of those hedging relationships:
2026
2025
Changes in fair Change in fair Hedge Changes in fair Hedge
Accumulated value of hedging value of hedged ineffectiveness Accumulated value of hedging Change in fair value ineffectiveness
amounts of fair instrument used item used recognised in the amounts of fair instrument used of hedged item recognised in the
value adjustments to calculate to calculate income statement value adjustments to calculate used to calculate income statement
Carrying amount on hedged item ineffectiveness ineffectiveness through finance Carrying amount on hedged item ineffectiveness ineffectiveness through finance
Balance sheet classification assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate bonds*
Borrowings
(2,225)
39
80
(81)
(1)
(2,492)
114
36
(37)
(1)
* The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(64)m for fixed-rate bonds (2025: \u00a3(70)m). The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2026
2025
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
11
(11)
1
32
(20)
10
Borrowings
Interest rate swaps
(1)
1
3
1
(1)
5
Foreign currency risk
Forecast purchases
Foreign currency forward contracts
(98)
98
(23)
10
(10)
8
Commodity risk
Forecast purchases
Commodity derivatives
2
(2)
4
(3)
3
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
44
-
-
46
(a) Excludes deferred tax. (b) This is a discontinued hedge. The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Commodity
swaps swaps swaps
contracts
(a)
derivatives
(a)
Hedging reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
Net fair value gains/(losses)
13
(1)
-
(98)
2
(84)
Amount reclassified to finance income/(cost) in Group income statement
(22)
(2)
(2)
9
1
(16)
Amount reclassified to inventories
-
-
-
57
4
61
Tax
3
1
-
3
(2)
5
At 28 February 2026
2
1
33
(22)
5
19
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a3(96)m (2025: \u00a37m). (b) Includes \u00a32m (2025: \u00a34m) relating to non-controlling interests. Net investment hedges Refer to Note 22 for details of the hedging instruments. Movements in the cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
Change in value for calculating ineffectiveness
(73)
73
(60)
New hedges designated in the year*
(425)
425
(13)
At 28 February 2026
(1,533)
1,533
(794)
* During the year, \u20ac500m 3.375% MTN May 2032 was designated in a net investment hedge. In the prior year, there were no discontinuations and no new designations of MTNs in a net investment hedge. Net investment hedge ineffectiveness was \u00a3nil (2025: \u00a3nil) during the year. As at 28 February 2026, the discontinued hedge balance is \u00a3(760)m (2025: \u00a3(760)m). During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a393m (2025: decrease by \u00a3(56)m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-802": { "value": "Sensitivity analysis The impact on the financial statements of the Group from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 28 February 2026. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements:
2026
2025
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(23)
1
(21)
2
5% appreciation of the Euro
(7)
(69)
(9)
(47)
5% appreciation of the US Dollar
(8)
50
(10)
38
50 basis points parallel upward shift in the forward
73
19
82
20
inflation curve
10% increase in commodity prices - 5 - 6
A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-803": { "value": "Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2026
2025
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
14
438
(54)
700
24
414
(72)
1,100
Cross-currency swaps
1
88
(66)
657
-
-
(118)
621
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
157
196
-
-
299
406
-
-
Foreign currency forward contracts
7
1,053
(32)
1,605
25
1,094
(8)
601
Commodity derivatives
5
40
- 7 -
20
(2)
41
Derivatives not in a formal hedge relationship
Cross-currency swaps
128
303
(15)
89
138
308
(12)
95
Index-linked swaps
312
2,074
-
-
347
2,074
-
-
Foreign currency forward contracts
4
1,036
(2)
456
2
285
(3)
545
Total
628
5,228
(171)
3,564
835
4,601
(217)
3,053
The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2026
2025
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP -
450
250
400
- 700
Interest rate swaps \u2013 EUR - 438
-
-
-
414
Cross-currency swaps (GBP: EUR)* -
657
88
- 621 -
Cash flow hedges
Index-linked swaps
-
-
196
210
- 196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP -
(3.47)%
(0.22)%
(3.41)%
- (3.04)%
Interest rate swaps \u2013 EUR - 0.91% - - - 0.59%
Cross-currency swaps (GBP: EUR)* -
(4.46)%
(1.50)%
- (5.19)% -
Cash flow hedges
Index-linked swaps
-
-
(4.21)%
(4.23)%
- (4.21)%
Interest rate swaps - (1.17)% - - (0.45)% -
* Average exchange rate for cross-currency swaps (GBP: EUR) is 1.131 (2025: 1.128). At 28 February 2026, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a32.7bn were outstanding (2025: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.4bn) (2025: notional \u20ac0.7bn) and US Dollars (notional $1.2bn) (2025: notional $0.9bn) with varying maturities up to July 2027. For the above currencies the rates ranged from EUR/GBP 1.117 to 1.168 (2025: 1.149 to 1.206) and USD/GBP from 1.324 to 1.380 (2025: 1.219 to 1.336). Forward commodity contracts designated as cash flow hedges relate to a range of underlying hedged risks with varying maturities up to February 2027. The notional and fair values of these contracts are shown in the table on page 172. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges, and the effectiveness of those hedging relationships:
2026
2025
Changes in fair Change in fair Hedge Changes in fair Hedge
Accumulated value of hedging value of hedged ineffectiveness Accumulated value of hedging Change in fair value ineffectiveness
amounts of fair instrument used item used recognised in the amounts of fair instrument used of hedged item recognised in the
value adjustments to calculate to calculate income statement value adjustments to calculate used to calculate income statement
Carrying amount on hedged item ineffectiveness ineffectiveness through finance Carrying amount on hedged item ineffectiveness ineffectiveness through finance
Balance sheet classification assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs assets/(liabilities) assets/(liabilities) gains/(losses) gains/(losses) costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate bonds*
Borrowings
(2,225)
39
80
(81)
(1)
(2,492)
114
36
(37)
(1)
* The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(64)m for fixed-rate bonds (2025: \u00a3(70)m). The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2026
2025
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
11
(11)
1
32
(20)
10
Borrowings
Interest rate swaps
(1)
1
3
1
(1)
5
Foreign currency risk
Forecast purchases
Foreign currency forward contracts
(98)
98
(23)
10
(10)
8
Commodity risk
Forecast purchases
Commodity derivatives
2
(2)
4
(3)
3
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
44
-
-
46
(a) Excludes deferred tax. (b) This is a discontinued hedge. The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Commodity
swaps swaps swaps
contracts
(a)
derivatives
(a)
Hedging reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
Net fair value gains/(losses)
13
(1)
-
(98)
2
(84)
Amount reclassified to finance income/(cost) in Group income statement
(22)
(2)
(2)
9
1
(16)
Amount reclassified to inventories
-
-
-
57
4
61
Tax
3
1
-
3
(2)
5
At 28 February 2026
2
1
33
(22)
5
19
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a3(96)m (2025: \u00a37m). (b) Includes \u00a32m (2025: \u00a34m) relating to non-controlling interests. Net investment hedges Refer to Note 22 for details of the hedging instruments. Movements in the cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
Change in value for calculating ineffectiveness
(73)
73
(60)
New hedges designated in the year*
(425)
425
(13)
At 28 February 2026
(1,533)
1,533
(794)
* During the year, \u20ac500m 3.375% MTN May 2032 was designated in a net investment hedge. In the prior year, there were no discontinuations and no new designations of MTNs in a net investment hedge. Net investment hedge ineffectiveness was \u00a3nil (2025: \u00a3nil) during the year. As at 28 February 2026, the discontinued hedge balance is \u00a3(760)m (2025: \u00a3(760)m). During the current financial year, currency movements increased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a393m (2025: decrease by \u00a3(56)m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-804": { "value": "(b) Credit risk
Description of risk
Management policy
Measurement
A counterparty will not meet its obligations leading to For cash and cash equivalents, short-term investments, other investments, and derivative financial The Group monitors the exposure, credit rating,
a financial loss for the Group. This arises from cash instruments: outlook, and credit default swap levels of these
and cash equivalents, short-term investments, trade \u2013 the Group holds positions with an approved list of investment-grade rated counterparties. counterparties on a regular basis.
receivables, other receivables, joint venture and \u2013 counterparty credit limits are set to minimise the concentration of risk and are set taking into account Counterparty credit limits are reviewed every
associate loan receivables, reinsurance contract assets, the type and value of the specific financial asset. six months and may be updated throughout the
other investments, and derivative financial instruments. For trade receivables, other receivables, joint venture and associate loan receivables, and reinsurance financial year.
contract assets: Refer to page 177 for information on the Group\u2019s ECLs.
\u2013 the Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit
insurance, and master netting agreements. Due to the nature of the business, there is little concentration
of risk due to the large number of customers which are spread across wide geographical areas.
Maximum exposure to credit risk The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets. The net counterparty exposure under derivative contracts is \u00a30.5bn (2025: \u00a30.6bn). The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECLs i.e. derivative financial instruments:
2026
2025
\u00a3m
\u00a3m
Cash and cash equivalents
2,515
2,255
Short-term investments
1,429
2,223
Trade receivables
636
652
Other receivables
205
183
Joint venture and associates loan receivables
98
97
Other investments
1,203
1,085
Derivative financial assets:
Interest rate swaps
14
24
Cross-currency swaps
129
138
Index-linked swaps
469
646
Foreign currency forward contracts
11
27
Commodity derivatives
5
-
Maximum exposure to credit risk
6,714
7,330
Counterparty credit rating The table below provides detail of financial assets by long-term credit rating of investment-grade rated counterparties:
2026
2025
Rating
AAA
AA
A
BBB
Total
AAA
AA
A
BBB
Total
Cash and cash equivalents
(a)
-
-
1,149
4
1,153
-
-
1,355
35
1,390
Short-term investments
716
9
704
-
1,429
1,389
3
731
100
2,223
Investments in debt securities at amortised cost
(b)
-
-
-
188
188
-
-
-
192
192
Investments at fair value through other comprehensive income
(c)
173
255
360
205
993
156
123
341
235
855
Investments at fair value through profit or loss
(d)
-
-
-
-
-
-
-
-
-
-
Derivative financial assets:
Interest rate swaps -
7
7
- 14 -
12
12
- 24
Cross-currency swaps
-
-
129 - 129
-
-
138 - 138
Index-linked swaps
-
-
158
311
469
-
-
299
347
646
Foreign currency forward contracts -
2
9
- 11 -
5
22
- 27
Commodity derivatives -
1
4
- 5
-
-
-
-
-
(a) Excludes \u00a31,362m (2025: \u00a3865m) of cash and cash equivalents which do not have a credit rating. (b) Excludes \u00a34m (2025: \u00a34m) of investments in debt instruments which do not have a credit rating. (c) Excludes \u00a318m (2025: \u00a319m) of investments in equity instruments which do not have a credit rating. (d) Excludes \u00a3nil (2025: \u00a315m) of property fund investments which do not have a credit rating. Expected credit losses (ECLs) The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default, exposure at default and the loss given default for the relevant time period and for each specific loan and by discounting back to the balance sheet date. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans to related parties of \u00a398m (2025: \u00a397m) are presented net of loss allowances of \u00a3nil (2025: \u00a3nil) on the Group balance sheet. For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 180 for the credit rating of the reinsurers. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income, investments at fair value through profit or loss and investments in debt instruments at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-805": { "value": "(c) Liquidity risk
Description of risk
Management policy
Measurement
Difficulty in meeting the obligations associated with the The Group finances its liquidity position and its operations by a combination of retained profits, disposals of Liquidity risk is continuously monitored by short-term
Group\u2019s financial liabilities. assets, debt capital market issuance, bank borrowings, and leases. The policy is to maintain a prudent level and long-term cash flow forecasts.
of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain
a smooth debt profile and to ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month
period.
The Group is exposed to liquidity risk from daily calls on The Group manages its liquidity risk by having an investment guideline that it maintains sufficient liquidity,
its cash resources, including from claims arising on its or its financial assets can be realised at short notice in the event of a major adverse event. The Group may
insurance contracts. There is a risk that cash will not be
available to settle liabilities when they fall due.
also make use of borrowing facilities if required.
The Group is investment-grade rated with all three major credit rating agencies and retains access to capital markets so that maturing debt may be refinanced as it falls due.
2026
2025
Short-term Long-term Short-term Long-term
rating
rating
Outlook
rating
rating
Outlook
Rating agency
Fitch
F2
BBB
Stable
F3
BBB
-
Stable
Moody\u2019s
P
-
3
Baa3
Positive
P
-
3
Baa3
Stable
Standard & Poor\u2019s
A
-
2
BBB
Stable
A
-
3
BBB
-
Positive
The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a32.0bn (2025: \u00a32.8bn) is in issue in GBP and \u20ac3.1bn (2025: \u20ac2.2bn) is in issue in EUR, plus $0.4bn of USD-denominated notes issued under 144A documentation (2025: $0.4bn). The amount in issue includes \u00a30.2bn (2025: \u00a30.4bn) of accretion on the index-linked MTN which will be repayable at maturity. Borrowing facilities The Group has the following undrawn committed facilities available at 28 February 2026, in respect of which all conditions precedent had been met as at that date:
2026
2025
\u00a3m
\u00a3m
Expiring in less than one year - 38
Expiring between one and two years
2,500
-
Expiring in more than two years - 2,500
Total
2,500
2,538
The Group has a \u00a32.5bn syndicated revolving credit facility available at 28 February 2026 (22 February 2025: \u00a32.5bn). The revolving credit facility was undrawn at these dates. All conditions precedent had been met at these dates. It incurs commitment fees at market rates and would provide funding at floating rates, both linked to three ESG targets. Maturities of financial liabilities The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets. The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date.
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 28 February 2026
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,729)
(71)
(718)
(723)
(918)
(3,070)
Interest payments on borrowings
(174)
(230)
(193)
(169)
(162)
(707)
Lease liabilities
(1,040)
(1,014)
(972)
(926)
(862)
(6,257)
Trade payables
(6,862)
-
-
-
-
-
Other payables
(1,949)
(13)
(8)
(2)
(1)
(11)
Accruals
(987)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts - 18
-
-
5 -
Net settled derivative contracts \u2013 payments
(28)
(14)
(15)
(15)
(1)
(10)
Gross settled derivative contracts \u2013 receipts
1,903
159
2
654
-
-
Gross settled derivative contracts \u2013 payments
(1,983)
(186)
(30)
(670)
-
-
Total
(12,849)
(1,351)
(1,934)
(1,851)
(1,939)
(10,055)
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,748)
(686)
(71)
(718)
(687)
(3,117)
Interest payments on borrowings
(202)
(175)
(166)
(162)
(138)
(798)
Lease liabilities
(995)
(973)
(940)
(896)
(855)
(6,217)
Trade payables
(6,692)
-
-
-
-
-
Other payables
(1,815)
(15)
(6)
(1)
(1)
(11)
Accruals
(943)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
-
-
-
-
-
7
Net settled derivative contracts \u2013 payments
(22)
(18)
(18)
(18)
(17)
-
Gross settled derivative contracts \u2013 receipts
1,145
113
2
2
623
-
Gross settled derivative contracts \u2013 payments
(1,194)
(155)
(33)
(33)
(681)
-
Total
(12,466)
(1,909)
(1,232)
(1,826)
(1,756)
(10,136)
The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant. The table below shows information about the timing of total expected undiscounted cash outflows in relation to insurance contract liabilities, irrespective of the measurement basis, based on current best estimates. The phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below.
2026
2025
\u00a3m
%
\u00a3m
%
Due within one year
200
31
166
31
Due within one and two years
124
19
80
15
Due within two and three years
85
13
56
11
Due within three and four years
52
8
32
6
Due within four and five years
32
5
23
4
Due beyond five years
159
24
174
33
Total
652
100
531
100
Insurance contract liabilities issued and reinsurance contracts held have no amounts that are payable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-806": { "value": "e) Other risks
Risk
Description of risk
Management policy
Measurement
Capital risk
Ability to continue as a going concern in order to provide returns to shareholders
Group capital Refer to Note 31 for the
and benefits for policyholders and other stakeholders, while protecting and The Group manages its capital structure (net debt plus equity) and makes value of Net debt, and
strengthening the Group balance sheet through the appropriate balance of adjustments to it: the Group statement
debt and equity funding, and ability to meet minimum capital requirements for \u2013 in light of changes to economic conditions and the strategic objectives of changes in equity for
regulated businesses. of the Group; the value of the Group\u2019s
\u2013 through dividend payment to shareholders, buying back shares and equity.
cancelling them or issuing new shares. During the current financial year,
the Group continued the share buyback programme and cancelled these
shares (refer to Note 29); and
\u2013 by raising finance in the public debt markets and borrowing centrally
and locally from financial institutions, using a variety of capital market
instruments and borrowing facilities to meet the requirements of each
local business.
Insurance capital
Solvency UK (SUK) provides a framework for managing and measuring the risks
and the solvency position for all insurance companies in the UK. TU assesses its
Solvency Capital Requirement (SCR) using Prudential Regulation Authority (PRA)
Standard Formula. TU also maintains a capital contingency plan supported by
its direct shareholder, Tesco Personal Finance Group Limited (TPFG). TPFG as
the parent entity of TU adheres to SUK requirements and has complied with the
supervisory requirements of the PRA. During the year, the Group was compliant
with the externally imposed capital requirements.
Operational insurance risk
The Group is inadequately protected from liabilities arising from unforeseen events
The Group purchased assets, earnings and combined liability protection from Refer to Note 23 for
in its operations. the open insurance market for higher value losses only. details on operational
The risk not transferred to the insurance market is retained within the Group insurance provisions.
with some cover being provided by the Group\u2019s captive insurance company,
ELH Insurance Limited in Guernsey, which is consolidated in the Group financial
statements, covering assets, earnings and combined liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-765": { "value": "
Note 27 Share-based payments
The table below shows amounts charged to the Group income statement in respect of share-based
payments:
2026
2025
\u00a3m
\u00a3m
Income statement
Equity-settled share-based payment charge
(a)
105
119
Cash-settled share-based payment charge
19
-
Cash-settled National Insurance contributions
(b)
16
17
140
136
(a) Includes \u00a3nil (2025: \u00a34m) in relation to discontinued operations.
(b) Includes \u00a3nil (2025: \u00a31m) in relation to discontinued operations.
The table below shows amounts included in the Group cash flow statement in relation to share-based
payments and own shares purchased for share schemes:
2026
2025
\u00a3m
\u00a3m
Share-based payment charge included in operating profit/(loss)
(140)
(136)
Share-based payments non-cash movement
55
37
Increase/(decrease) in trade and other payables*
85
99
Included in Group operating cash flows
-
-
Cash paid to purchase own shares including related fees and taxes
(152)
(123)
Cash received from employees exercising SAYE options
52
69
Included in Group financing cash flows
(100)
(54)
* Comprises of shares withheld from employees in order to settle their tax liability, cash-settled share-based payments and
National Insurance.
The table below presents the components of share-based payments recognised in the Group
statement of changes in equity:
2026
2025
\u00a3m
\u00a3m
(Increase)/decrease in own shares held*
181
239
Shares delivered to employees
(181)
(239)
Cash received from employees exercising SAYE options
52
69
Share-based payments charge to the income statement
105
119
Movements in shares withheld to settle employee tax
1
2
Increase/(decrease) to retained earnings
(23)
(49)
Included in the Group statement of changes in equity
158
190
* Decrease in own shares held is the gross amount of shares that the employees are entitled to receive.
Share option, share bonus and incentive schemes
The Company had six share option schemes and two discretionary share award schemes in operation during the financial year as detailed in the table below. References to arrangements with fully released and
lapsed awards have been removed from the table below.
Arrangement
Participants
Term
Vesting requirements
Savings-related option schemes
The Savings-related Share Option Scheme (1981)
UK colleagues
The options are capable of being exercised at the
The Irish Savings-related Share Option Scheme (2000)
ROI colleagues
Three or five years. end of the term at a subscription price of not less
The Savings-related Share Option Scheme (2021)
UK colleagues
than 80% of the average of the middle-market
The International Savings-related Share Option Scheme (2021)
ROI colleagues
quotations of an Ordinary share over the three
dealing days immediately preceding the offer date.
The Global Save As You Earn Plan (2023)
India and CE colleagues
Three years.
Discretionary option schemes
(a)
The Booker Group PLC Performance Share Plan (2008)
Selected Booker senior colleagues
Normally exercisable between the third anniversary
Conditional upon the achievement of specified
(Booker PSP and CSOP) of the original date of grant and 10 years from performance targets over a three-year period and
the date of grant for nil consideration. No further continuous employment. Company Share Option
options will be granted under this scheme. The fair Plan options (CSOP options) which are linked to the
value of this scheme was estimated at the date of Booker PSP options are exercisable at a subscription
grant using the Monte Carlo option pricing model. price equivalent to the market value of the Booker
Shares at the time of grant.
Discretionary share award schemes
(a)
The Long-Term Incentive Plan (2021)
Selected senior executives and senior
Awards made under this plan will normally vest on Conditional on the achievement of specified
managers the vesting date(s) set on the date of the award performance targets over a three-year performance
for nil consideration. The fair value of shares period and/or continuous employment.
awarded under this scheme is their market
value on the date of award. Expected dividends
are not incorporated into the fair value. Malus
and clawback provisions apply as described on
page 102.
The Deferred Bonus Plan (2019)
(b)
Selected senior executives and senior Granted based on a percentage of salary, which is Conditional on completion of continuous
managers determined by the achievement of corporate and employment and achievement of corporate and
individual performance targets. The fair value of individual performance targets.
shares awarded under this scheme is their market
value on the date of award. Expected dividends
are not incorporated into the fair value. Malus
and clawback provisions apply as described on
page 102.
(a) The Executive Directors participate in short-term bonus and long-term incentive schemes designed to align their interests with those of shareholders. Full details of these schemes can be found in the Directors\u2019 remuneration report. Refer to pages 88 to 108.
(b) The Group provides certain employees with a choice of cash or equity settlement, therefore the scheme is treated as a compound financial instrument. All other schemes are equity-settled.
The following tables reconcile the number of share options outstanding and the weighted average exercise price (WAEP):
For the 53 weeks ended 28 February 2026
Irish Savings and International Booker Group PLC
Savings-related Savings-related Nil cost Global Savings-related Performance
Share Option Schemes Share Option Schemes Share Option Schemes Share Option Scheme Share Plan Scheme
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Outstanding at 22 February 2025
190,967,853
224.95
6,280,360
228.24
-
-
1,861,598
239.70
218,408
-
Granted
42,121,394
353.00
1,191,069
353.00
-
-
1,027,927
329.69
-
-
Forfeited
(14,048,264)
251.51
(625,354)
245.44
-
-
(69,619)
252.06
(106,308)
-
Exercised
(21,248,204)
231.82
(894,347)
245.87
-
-
(1,984)
220.00
(80,113)
-
Outstanding at 28 February 2026
197,792,779
249.59
5,951,728
248.75
- -
2,817,922
272.24
31,987
-
Exercise price range (pence)
182.00 to 353.00
182.00
to 353.00
- 220.00 to 353.00 -
Weighted average remaining contractual life (years)*
2.37
2.16
- 2.43 -
Exercisable at 28 February 2026
35,203
226.43
346
260.00
-
-
-
-
31,987 -
Exercise price range (pence)
219.00 to
242.00
260.00
to 260.00
- - -
Weighted average remaining contractual life (years)*
-
-
-
-
-
* Contractual life represents the period from award to the scheme end date. Certain schemes may be exercised later than vesting date at the discretion of the individual.
Share options were exercised on a regular basis throughout the financial year. The weighted average share price at exercise during the 53 weeks ended 28 February 2026 was 378.80p (52 weeks ended 22
February 2025: 293.90p). The average share price during the 53 weeks ended 28 February 2026 was 414.32p (52 weeks ended 22 February 2025: 335.25p).
For the 52 weeks ended 22 February 2025
Irish Savings and International Booker Group PLC
Savings-related Savings-related Nil cost Global Savings-related Performance
Share Option Schemes Share Option Schemes Share Option Schemes Share Option Scheme Share Plan Scheme
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Outstanding at 24 February 2024
192,162,445
205.24
6,837,146
209.55
803,031 -
1,292,354
220.00
258,828
-
Granted
48,584,817
279.00
1,480,934
279.00
21,358
-
622,815
279.00
-
-
Forfeited
(16,000,990)
213.11
(855,791)
210.44
-
-
(53,571)
221.33
(24,533)
-
Exercised
(33,778,419)
196.21
(1,181,929)
196.65
(824,389)
-
-
-
(15,887) -
Outstanding at 22 February 2025
190,9 67,853
224.95
6,280,360
228.24
-
-
1,861,598
239.70
218,408
-
Exercise price range (pence)
182.00 to 279.00
182.00
to 279.00
- 220.00 to 279.00 -
Weighted average remaining contractual life (years)*
2.71
2.43
- 2.94 -
Exercisable at 22 February 2025
39,903
193.60
1,316
198.00
-
-
-
-
 218,408 -
Exercise price range (pence)
188.00 to
198.00
198.00
to 198.00
-
-
-
Weighted average remaining contractual life (years)*
-
-
-
-
-
Refer to previous table for footnote.
The fair value of savings-related share options schemes is estimated at the date of grant using the
Black-Scholes option pricing model. The following table gives the assumptions applied to the options
granted in the respective periods shown.
2026
2025
SAYE
SAYE
Expected dividend yield (%)
3.48
-
3.87
4.21
-
4.42
Expected volatility (%)
19.1
-
22.2
19.2
-
20.8
Risk-free interest rate (%)
3.77
-
3.99
4.41
-
4.49
Expected life of option (years)
3 or 5
3 or 5
Weighted average fair value of options granted (pence)
107.77
77.71
Probability of forfeiture (%)
5.5
-
16.1
6
-
12
Share price (pence)
449.80
349.10
Weighted average exercise price (pence)
353.00
279.00
Volatility is a measure of the amount by which a price is expected to fluctuate during a period. The
measure of volatility used in the Group\u2019s option pricing models is the annualised standard deviation
of the continuously compounded rates of return on the share over a period of time. In estimating the
future volatility of the Company\u2019s share price, management considers the historical volatility of the
share price over the most recent period that is generally commensurate with the expected term of
the option, taking into account the remaining contractual life of the option.
The number and weighted average fair value (WAFV) of share bonuses granted during the financial
year were:
2026
2025
Number
WAFV
Number
WAFV
of shares
pence
of shares
pence
Deferred Bonus Plan
10,250,233
376.40
17,554,675
306.48
Long-Term Incentive Plan
16,650,283
400.86
21,370,918
309.88
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-766": { "value": "
Note 29 Share capital and other reserves
Share capital
2026
2025
Ordinary shares of 6
1/3p each
Ordinary shares of 6
1/3p each
Number
\u00a3m
Number
\u00a3m
Allotted, called-up and fully paid:
At the beginning of the year
6,736,841,762
426
7,038,930,440
445
Shares cancelled
(351,658,966)
(22)
(302,088,678)
(19)
At the end of the year
6,385,182,796
404
6,736,841,762
426
No shares were issued during the current or prior financial year in relation to share options or bonus awards. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and
are entitled to one vote per share at general meetings of the Company.
The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years,
in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited,
with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s Sustainability strategy. During the current financial year, the Group received \u00a31m (2025: \u00a3nil) proceeds from
the sale of untraced shares and \u00a32m (2025: \u00a3nil) write-back of unclaimed dividends, which are reflected in share premium and retained earnings respectively.
As at 28 February 2026, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 671 million (2025: 704 million) Ordinary shares until the conclusion of the
2026 AGM.
Other reserves
The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- 166
-
-
-
166
Impact of net investment hedges
-
- (73)
-
-
-
(73)
Gains/(losses) on cash flow hedges
-
(84)
-
-
-
-
(84)
Cash flow hedges reclassified and reported in the Group income statement
-
(14)
-
-
-
-
(14)
Finance income/(expenses) on insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
5
-
-
-
1
6
Total other comprehensive income/(loss)
-
(93)
93
-
-
(2)
(2)
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
61
-
-
-
-
61
Total inventory cash flow hedge movements
-
61
-
-
-
-
61
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,443)
-
-
(1,443)
Own shares cancelled
22
-
-
1,443
-
-
1,465
Own shares purchased for share schemes
-
-
-
(279)
-
-
(279)
Share-based payments
27
-
-
-
181
-
-
181
Transfer from own shares held to retained earnings
-
-
-
44
-
-
44
Total transactions with owners
22
-
-
(54)
-
-
(32)
At 28 February 2026
102
17
279
(334)
3,090
13
3,167
* Includes 36.4 million shares held by employee benefit trusts (2025: 37.1 million), which represents 0.57% of called-up share capital at the end of the year (2025: 0.55%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- (89)
-
-
-
(89)
Impact of net investment hedges
-
- 33
-
-
-
33
Gains/(losses) on cash flow hedges
-
40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement
-
(69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
7
-
-
-
-
7
Total other comprehensive income/(loss)
-
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
- 36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
(4)
-
-
-
-
(4)
Total inventory cash flow hedge movements
-
(4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
27
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Refer to previous table for footnote.
Own shares held
Own shares held represents shares in Tesco PLC purchased from the market and held by the employee benefit trusts to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 27), and
shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred
to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward and other binding
contracts where the Group has an obligation to purchase its own shares.
351.7 million (2025: 302.1 million) shares were purchased for cancellation at an average price of \u00a34.08
per share (2025: \u00a33.36). This represented 5.5% of the called-up share capital as at 28 February 2026
(22 February 2025: 4.5%). The total consideration was \u00a31,443m (2025: \u00a31,016m) including a discount
and stamp duty of a net \u00a37m (2025: net expenses of \u00a316m).
The table below presents the reconciliation of own shares purchased for share schemes between the
Group statement of changes in equity and the Group cash flow statement:
2026
2025
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(279)
(204)
Shares withheld to settle employee tax
50
81
Cash received from employees exercising SAYE options
52
69
Outstanding amount recognised as financial liabilities*
77
-
Included in the Group cash flow statement
(100)
(54)
* A financial liability of \u00a377m (2025: \u00a3nil) in respect of shares to be delivered under an agreement with an external bank is included in
other payables.
Capital redemption reserve
The capital redemption reserve relates to the repurchase and cancellation of shares of the Company.
During the financial year, the aggregate nominal value of shares cancelled and transferred to the
capital redemption reserve was \u00a322m (2025: \u00a319m).
Merger reserve
The merger reserve represents the difference between the market value and nominal value of shares
issued for the acquisition of Booker on 2 March 2018.
Insurance finance reserve
Insurance finance reserve includes the impact of changes in market discount rates on insurance and
reinsurance contract assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-807": { "value": "Share capital
2026
2025
Ordinary shares of 6
1/3p each
Ordinary shares of 6
1/3p each
Number
\u00a3m
Number
\u00a3m
Allotted, called-up and fully paid:
At the beginning of the year
6,736,841,762
426
7,038,930,440
445
Shares cancelled
(351,658,966)
(22)
(302,088,678)
(19)
At the end of the year
6,385,182,796
404
6,736,841,762
426
No shares were issued during the current or prior financial year in relation to share options or bonus awards. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s Sustainability strategy. During the current financial year, the Group received \u00a31m (2025: \u00a3nil) proceeds from the sale of untraced shares and \u00a32m (2025: \u00a3nil) write-back of unclaimed dividends, which are reflected in share premium and retained earnings respectively. As at 28 February 2026, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 671 million (2025: 704 million) Ordinary shares until the conclusion of the 2026 AGM. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-836": { "value": "Other reserves The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- 166
-
-
-
166
Impact of net investment hedges
-
- (73)
-
-
-
(73)
Gains/(losses) on cash flow hedges
-
(84)
-
-
-
-
(84)
Cash flow hedges reclassified and reported in the Group income statement
-
(14)
-
-
-
-
(14)
Finance income/(expenses) on insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
5
-
-
-
1
6
Total other comprehensive income/(loss)
-
(93)
93
-
-
(2)
(2)
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
61
-
-
-
-
61
Total inventory cash flow hedge movements
-
61
-
-
-
-
61
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,443)
-
-
(1,443)
Own shares cancelled
22
-
-
1,443
-
-
1,465
Own shares purchased for share schemes
-
-
-
(279)
-
-
(279)
Share-based payments
27
-
-
-
181
-
-
181
Transfer from own shares held to retained earnings
-
-
-
44
-
-
44
Total transactions with owners
22
-
-
(54)
-
-
(32)
At 28 February 2026
102
17
279
(334)
3,090
13
3,167
* Includes 36.4 million shares held by employee benefit trusts (2025: 37.1 million), which represents 0.57% of called-up share capital at the end of the year (2025: 0.55%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- (89)
-
-
-
(89)
Impact of net investment hedges
-
- 33
-
-
-
33
Gains/(losses) on cash flow hedges
-
40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement
-
(69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
7
-
-
-
-
7
Total other comprehensive income/(loss)
-
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
- 36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
(4)
-
-
-
-
(4)
Total inventory cash flow hedge movements
-
(4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
27
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Refer to previous table for footnote. Own shares held Own shares held represents shares in Tesco PLC purchased from the market and held by the employee benefit trusts to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 27), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward and other binding contracts where the Group has an obligation to purchase its own shares. 351.7 million (2025: 302.1 million) shares were purchased for cancellation at an average price of \u00a34.08 per share (2025: \u00a33.36). This represented 5.5% of the called-up share capital as at 28 February 2026 (22 February 2025: 4.5%). The total consideration was \u00a31,443m (2025: \u00a31,016m) including a discount and stamp duty of a net \u00a37m (2025: net expenses of \u00a316m). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2026
2025
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(279)
(204)
Shares withheld to settle employee tax
50
81
Cash received from employees exercising SAYE options
52
69
Outstanding amount recognised as financial liabilities*
77
-
Included in the Group cash flow statement
(100)
(54)
* A financial liability of \u00a377m (2025: \u00a3nil) in respect of shares to be delivered under an agreement with an external bank is included in other payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-850": { "value": "Other reserves The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- 166
-
-
-
166
Impact of net investment hedges
-
- (73)
-
-
-
(73)
Gains/(losses) on cash flow hedges
-
(84)
-
-
-
-
(84)
Cash flow hedges reclassified and reported in the Group income statement
-
(14)
-
-
-
-
(14)
Finance income/(expenses) on insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
5
-
-
-
1
6
Total other comprehensive income/(loss)
-
(93)
93
-
-
(2)
(2)
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
61
-
-
-
-
61
Total inventory cash flow hedge movements
-
61
-
-
-
-
61
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,443)
-
-
(1,443)
Own shares cancelled
22
-
-
1,443
-
-
1,465
Own shares purchased for share schemes
-
-
-
(279)
-
-
(279)
Share-based payments
27
-
-
-
181
-
-
181
Transfer from own shares held to retained earnings
-
-
-
44
-
-
44
Total transactions with owners
22
-
-
(54)
-
-
(32)
At 28 February 2026
102
17
279
(334)
3,090
13
3,167
* Includes 36.4 million shares held by employee benefit trusts (2025: 37.1 million), which represents 0.57% of called-up share capital at the end of the year (2025: 0.55%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
- (89)
-
-
-
(89)
Impact of net investment hedges
-
- 33
-
-
-
33
Gains/(losses) on cash flow hedges
-
40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement
-
(69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
-
7
-
-
-
-
7
Total other comprehensive income/(loss)
-
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
- 36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory
-
(4)
-
-
-
-
(4)
Total inventory cash flow hedge movements
-
(4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
27
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
Refer to previous table for footnote. Own shares held Own shares held represents shares in Tesco PLC purchased from the market and held by the employee benefit trusts to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 27), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward and other binding contracts where the Group has an obligation to purchase its own shares. 351.7 million (2025: 302.1 million) shares were purchased for cancellation at an average price of \u00a34.08 per share (2025: \u00a33.36). This represented 5.5% of the called-up share capital as at 28 February 2026 (22 February 2025: 4.5%). The total consideration was \u00a31,443m (2025: \u00a31,016m) including a discount and stamp duty of a net \u00a37m (2025: net expenses of \u00a316m). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2026
2025
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(279)
(204)
Shares withheld to settle employee tax
50
81
Cash received from employees exercising SAYE options
52
69
Outstanding amount recognised as financial liabilities*
77
-
Included in the Group cash flow statement
(100)
(54)
* A financial liability of \u00a377m (2025: \u00a3nil) in respect of shares to be delivered under an agreement with an external bank is included in other payables. Capital redemption reserve The capital redemption reserve relates to the repurchase and cancellation of shares of the Company. During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a322m (2025: \u00a319m). Merger reserve The merger reserve represents the difference between the market value and nominal value of shares issued for the acquisition of Booker on 2 March 2018. Insurance finance reserve Insurance finance reserve includes the impact of changes in market discount rates on insurance and reinsurance contract assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-861": { "value": "Own shares held Own shares held represents shares in Tesco PLC purchased from the market and held by the employee benefit trusts to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 27), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward and other binding contracts where the Group has an obligation to purchase its own shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-767": { "value": "
Note 30 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed in this note. Transactions between the Group
and its joint ventures and associates are disclosed below:
Transactions
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sales to related parties
847
645
-
-
Purchases from related parties
128
109
-
-
Dividends received
2
2
-
-
Injection of equity funding
8
10
4
5
Sales to related parties consist of service/management fees and loan interest.
Transactions between the Group and the Group\u2019s pension plans are disclosed in Note 28.
Balances
Joint ventures
Associates
2026
2025
2026
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amounts owed to related parties
(11)
(7)
-
-
Amounts owed by related parties
77
57
-
-
Lease liabilities payable to related parties
(a)
(1,824)
(1,840)
-
-
Loans to related parties
(b)
98
97
-
-
(a) Lease liabilities payable to related parties represent leases entered into by the Group for properties held by joint ventures.
Refer to Note 14 for further details.
(b) A 12-month ECL allowance is recorded on initial recognition. In the current and prior financial years, the ECL allowance was
immaterial.
Amounts owed to and owed by related parties are measured at amortised cost and the carrying
values approximate fair value. The undiscounted cash flow amounts owed to related parties are due
within one year and do not differ from the amounts included in the table above.
A number of the Group\u2019s subsidiaries are members of one or more partnerships to whom the
provisions of the Partnerships (Accounts) Regulations 2008 apply. The financial statements for those
partnerships have been consolidated into these financial statements pursuant to Regulation 7 of
the Regulations.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel.
Cost of key management personnel compensation for the financial year was as follows:
2026
2025
\u00a3m
\u00a3m
Salaries and short-term benefits
30
28
Pensions and cash in lieu of pensions
1
1
Share-based payments
18
21
Joining costs and loss of office costs
1
1
50
51
Attributable to:
The Board of Directors (including Non-executive Directors)
19
18
Executive Committee (members not on the Board of Directors)
31
33
50
51
During the year, 4,314,292 (2025: 5,840,408) performance shares and 1,595,796 (2025: 1,990,366) bonus shares were granted to key management personnel under the Long-Term Incentive Plan and Deferred
Bonus Plan, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will
be spread over the vesting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-808": { "value": "Transactions with key management personnel Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel. Cost of key management personnel compensation for the financial year was as follows:
2026
2025
\u00a3m
\u00a3m
Salaries and short-term benefits
30
28
Pensions and cash in lieu of pensions
1
1
Share-based payments
18
21
Joining costs and loss of office costs
1
1
50
51
Attributable to:
The Board of Directors (including Non-executive Directors)
19
18
Executive Committee (members not on the Board of Directors)
31
33
50
51
During the year, 4,314,292 (2025: 5,840,408) performance shares and 1,595,796 (2025: 1,990,366) bonus shares were granted to key management personnel under the Long-Term Incentive Plan and Deferred Bonus Plan, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will be spread over the vesting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-768": { "value": "Note 33 Commitments and contingencies Capital commitments At 28 February 2026, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3501m (2025: \u00a3191m), principally relating to store development and multi-year distribution investment. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Name
Company number
Name
Company number
Name
Company number
Booker Group Limited
5145685
T & S Stores Limited
1228935
Tesco Mobile Communications Limited
4780729
Booker Wholesale Holdings Limited
5137980
Tapesilver Limited
5205362
Tesco Mobile Services Limited
4780734
Buttoncase Limited
5298861
Tesco Atrato (1LP) Limited
6969529
Tesco Navona (1LP) Limited
7459436
Dillons Newsagents Limited
140624
Tesco Atrato (GP) Limited
6969536
Tesco Newmarket Limited
12605279
dunnhumby Overseas Limited
6601821
Tesco Blue (3LP) Limited
10127682
Tesco Passaic (1LP) Limited
7121667
dunnhumby Trustees Limited
3565371
Tesco Coral (GP) Limited
6640968
Tesco Property Holdings (No. 2) Limited
5888922
Giant Booker Limited
65519
Tesco Coral (Nominee) Limited
6640901
Tesco Property Holdings Limited
2353133
Launchgrain Limited
5260856
Tesco Coral Limited Partnership
LP013072
Tesco Property Nominees (No. 5) Limited
5888952
Makro Holding Limited
4310463
Tesco Distribution Holdings Limited
3193655
Tesco Property Nominees (No. 6) Limited
5902418
Makro Properties Limited
1273672
Tesco Dorney (1LP) Limited
8255488
Tesco Property Partner (GP) Limited
4945955
Newross Property Limited*
11185610
Tesco Dorney (GP) Limited
8255493
Tesco Property Partner (No. 1) Limited
4945945
Oakwood Distribution Limited
5721635
Tesco Family Dining Limited
8514605
Tesco Sarum (1LP) Limited
7849948
Reskammel Property Company Limited
13264276
Tesco Freetime Limited
4345023
Tesco Sarum (GP) Limited
7849882
Spen Hill Developments Limited
4827219
Tesco Fuchsia (3LP) Limited
10127851
Transcend Retail Solutions Limited
14772291
Spen Hill Management Limited
2460426
Tesco Gateshead Property Limited
8312532
TSFM Limited
14263834
Spen Hill Properties (Holdings) PLC
2412674
Tesco International Services Limited
3176368
Spen Hill Regeneration Limited
6418300
Tesco Maintenance Limited
6003554
* Newross Property Limited changed name to Tesco Newry Limited on 18 March 2026. Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 28 February 2026 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to.
Dormant companies preparation and filing exemptions
The following dormant UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to preparation of individual financial statements by virtue of section 394A of
the Act and from filing individual accounts under section 448A of the Act.
Name
Company number
Name
Company number
Name
Company number
Armitage Finance Unlimited
5966324
Murdoch Norton Limited
548490
Tesco Dorney (Nominee Holdco) Limited
8255503
BF Limited
4340809
One Stop Community Stores Limited
198980
Tesco Employees' Share Scheme Trustees Limited
2846605
Bishop's Group Limited
103407
One Stop Convenience Stores Limited
2467178
Tesco Navona (Nominee 1) Limited
7459762
Booker Cash & Carry Limited
5355306
One Stop Stores Trustee Services Limited
2477253
Tesco Navona (Nominee 2) Limited
7459765
Booker Retail Limited
221722
Orpington (Station Road) Limited
5980835
Tesco Navona (Nominee Holdco) Limited
7459662
Bourne End Residential Management Company Limited
12380854
PTLL Limited
8926930
Tesco Navona PL Propco Limited
7458609
Broughton Retail Park Nominee 1 Limited
4319626
Seacroft Green Nominee 1 Ltd
4253497
Tesco Passaic (Nominee 1) Limited
7121666
Broughton Retail Park Nominee 2 Limited
4319639
Seacroft Green Nominee 2 Ltd
4253572
Tesco Passaic (Nominee 2) Limited
7121664
Broughton Retail Park Nominee 3 Limited
4319645
Spen Hill Residential No 1 Limited
6641084
Tesco Passaic (Nominee Holdco) Limited
7121480
Broughton Retail Park Nominee 4 Limited
4319669
Spen Hill Residential No 2 Limited
6184538
Tesco Passaic PL Propco Limited
7121506
Budgen Holdings Limited
161619
Statusfloat Limited
4661717
Tesco Property (Nominees) (No.1) Limited
4966637
Budgens Property Investments Limited
3964478
Tesco Atrato (Nominee 1) Limited
6969531
Tesco Property (Nominees) (No.2) Limited
4966635
Budgens Stores Limited
725281
Tesco Atrato (Nominee 2) Limited
6969540
Tesco Property (Nominees) Limited
4945975
Giant Bidco Limited
5310162
Tesco Atrato (Nominee Holdco) Limited
6969528
Tesco Property Finance 1 Holdco Limited
5721633
Giant Midco Limited
5310147
Tesco Atrato Depot Propco Limited
6969533
Tesco Sarum (Nominee 1) Limited
7851854
Highams Green Management Company Limited
8114643
Tesco Blue (Nominee 1) Limited
5888920
Tesco Sarum (Nominee 2) Limited
7851858
IRTH (15) Limited
652021
Tesco Blue (Nominee 2) Limited
5888921
Tesco Sarum (Nominee Holdco) Limited
7851190
IRTH (19) Limited
4621007
Tesco Blue (Nominee Holdco) Limited
5888990
Tesco Seacroft Ltd
4253605
Linnco Limited
1731059
Tesco Depot Propco Limited
6769537
Tesco Secretaries Limited
8730224
Londis (Holdings) Limited
639798
Tesco Dorney (Nominee 1) Limited
8255640
Tesco Services Limited
7600956
Maldon Finance Limited
12534413
Tesco Dorney (Nominee 2) Limited
8255645
Weymouth Avenue (Dorchester) Limited
2614345
Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the
financial year ended 28 February 2026 in accordance with section 448C of the Act. In addition, Tesco
PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to.
Contingent liabilities
As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has
received claims from current and former hourly-paid store colleagues alleging that they do equal work
to that of colleagues working in its distribution centres and that differences in terms and conditions
relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the
differential between the pay terms looking back, and equivalence of pay terms moving forward. As at
the date of this disclosure, there are approximately 62,000 claims against TSL, with the number of
claims expected to continue to increase as the litigation progresses.
UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those
of a comparator of the opposite sex in the same employment if they are employed to do equal work.
The legislation achieves this by implying a clause into the contract of employment, which has the
effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator.
Equal pay claims are typically heard in three stages and the claimants have to win at every stage in
order to succeed. The first stage is comparability, which is effectively a technical gateway to the
claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay
and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body.
Following a European court ruling on this, TSL has made a concession on comparability.
The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material
factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal
hearing of TSL\u2019s material factor defences is due to commence on 1 May 2026. The employment tribunal
hearing for the equal value assessment is currently due to commence on 1 February 2027 (although it
is likely to move to a later date). The Equal Pay Claims have been split into three tranches (with tranche
1 being heard first) and the stages apply to each tranche. Although the claims that have been heard to
date involve female claimants, male store workers (being close to 50% of the current store worker
population) may also bring claims by comparing themselves against any successful female claimants.
Male claimants who have pre-emptively brought such claims currently make up approximately 47% of
the Equal Pay Claims against TSL in the employment tribunal. The ultimate determination of all claims is
likely to take many years, including as a result of appeals.
At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome
of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to
various and substantial uncertainties. There are multiple factual and legal defences to these claims
and the Group intends to defend them vigorously, while at the same time taking appropriate steps to
mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the
litigation, or the potential quantum of its liability or the potential impact on the Group at this stage.
Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the
number of any ultimately successful claims, the potential quantum of its liability could be material.
There are a number of other contingent liabilities that arise in the normal course of business, which if
realised, are not expected to result in a material liability to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-809": { "value": "
Capital commitments
At 28 February 2026, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3501m (2025: \u00a3191m), principally relating to store development and multi-year distribution investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-810": { "value": "Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly-paid store colleagues alleging that they do equal work to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 62,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do equal work. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal hearing of TSL\u2019s material factor defences is due to commence on 1 May 2026. The employment tribunal hearing for the equal value assessment is currently due to commence on 1 February 2027 (although it is likely to move to a later date). The Equal Pay Claims have been split into three tranches (with tranche 1 being heard first) and the stages apply to each tranche. Although the claims that have been heard to date involve female claimants, male store workers (being close to 50% of the current store worker population) may also bring claims by comparing themselves against any successful female claimants. Male claimants who have pre-emptively brought such claims currently make up approximately 47% of the Equal Pay Claims against TSL in the employment tribunal. The ultimate determination of all claims is likely to take many years, including as a result of appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } }, "fact-837": { "value": "
Note 34 Events after the reporting period
See Note 1 for details on the Group\u2019s assessment of the impact of the conflict in the Middle East.
There were no other material events after the reporting period requiring disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2025-02-23T00:00:00/2026-03-01T00:00:00" } } } }