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courseware, assessments and services. The company is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of its registered office is 80 Strand, London WC2R 0RL. The company has its primary listing on the London Stock Exchange and is also listed on the New York Stock Exchange. These consolidated financial statements were approved for issue by the Board of Directors on 12 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-668": { "value": "Pearson plc (\u2018the company\u2019), its subsidiaries and associates (together \u2018the Group\u2019) are international businesses covering educational courseware, assessments and services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Pearson plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-669": { "value": "Pearson plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "80 Strand, London WC2R 0RL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-670": { "value": "1a. Accounting policies The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Basis of preparation These consolidated financial statements have been prepared on the going concern basis (see note 1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The consolidated financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). These standards are collectively referred to as IFRS in these financial statements. These consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and liabilities (including derivative financial instruments) at fair value. These accounting policies have been consistently applied to all years presented, unless otherwise stated. 1. Interpretations and amendments to published standards effective 2025 \u2013 No new standards were adopted in 2025. A number of other new pronouncements are effective from 1 January 2025 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. 2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2022 Annual improvements to IFRS \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts referencing nature-dependent electricity\u2019; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Classification and measurement of financial instruments\u2019; \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019; and \u2022 IFRS 19 \u2019Subsidiaries without public accountability: disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. 3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting assumptions and estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. All assumptions and estimates constitute management\u2019s best judgement at the date of the financial statements, however, in the future, actual experience may deviate from these estimates and assumptions. The areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates have a significant risk of resulting in material adjustments to the carrying value of assets and liabilities within the consolidated financial statements are: \u2022 Intangible assets: acquired intangible assets; \u2022 Taxation; and \u2022 Employee benefits: pensions. The key judgements and key areas of estimation are set out below, as well as in the relevant accounting policies and in the notes to the accounts where appropriate. Consolidation 1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: 2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the difference between consideration paid and the relevant share acquired of the carrying value of the subsidiary is recorded in equity. The Group has assessed the impact of the uncertainty presented by the volatile macro- economic and geo-political environment on the financial statements, specifically considering the impact on key judgements and significant estimates along with other areas of increased risk as follows: \u2022 Financial instruments and hedge accounting; and \u2022 Translation methodologies. No material accounting impacts relating to the areas assessed above were recognised in the year. The Group will continue to monitor these areas of increased judgement, estimation and risk. KJ\u2002Key judgements \u2022 The application of tax legislation in relation to provisions for uncertain tax positions. See notes 7 and 33. \u2022 The Group is eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. See note 25. KE\u2002Key areas of estimation \u2022 The valuation of acquired intangible assets recognised on the acquisition of a business. The valuation is based on a number of assumptions, including estimations of future business performance. See notes 11 and 30. \u2022 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. See notes 7 and 33. \u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. See note 25. 3. Group companies \u2013 The results and financial position of all Group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities are translated at the closing rate at the date of the balance sheet; \u2022 Income and expenses are translated at average exchange rates; and \u2022 All resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders\u2019 equity. The Group treats specific inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. The principal overseas currency for the Group is the US dollar. The average rate for the year against sterling was $1.32 (2024: $1.28; 2023: $1.25) and the year-end rate was $1.35 (2024: $1.25; 2023: $1.27). Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives as follows: Buildings (freehold): 20\u201350 years Buildings (leasehold): over the period of the lease Plant and equipment: 3\u201310 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of an asset is written down to its recoverable amount if the carrying value of the asset is greater than its estimated recoverable amount. Investment property Properties that are no longer occupied by the Group and which are held for operating lease rental are classified as investment property. Investment property assets are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for property, plant and equipment. 4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities. Foreign currency translation 1. Functional and presentation currency \u2013 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling, which is the company\u2019s functional and presentation currency. 2. Transactions and balances \u2013 Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in equity as qualifying net investment hedges. 4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and relationships, trademarks and brands, publishing rights, content, technology and software rights. These assets are capitalised on acquisition at cost and included in intangible assets. Intangible assets acquired in material business combinations are capitalised at their fair value as determined with the support of a third-party specialist. Intangible assets are amortised over their estimated useful lives of between two and twenty years, using an amortisation method that reflects the pattern of their consumption. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an
estimate of the expected useful life. Amortisation is included in the income statement in cost of
goods sold.
The assessment of the useful economic life and the recoverability of product development
assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. Other financial assets Other financial assets are non-derivative financial assets classified and measured at estimated fair value. Marketable securities and cash deposits with maturities of greater than three months are classified and subsequently measured at fair value through profit and loss (FVTPL). They are remeasured at each balance sheet date by using market data and the use of established valuation techniques. Any movement in the fair value is immediately recognised in finance income or finance costs in the income statement. Intangible assets 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash- generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost. Software acquired in material business combinations is capitalised at its fair value, with the valuation being determined with the support of a third-party specialist. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. Acquired software is amortised on a straight-line basis over its estimated useful life of between three and eight years. 3. Internally developed software \u2013 Internal and external costs incurred during the preliminary stage of developing computer software for internal use are expensed as incurred. Internal and external costs incurred to develop computer software for internal use during the application development stage are capitalised if the Group expects economic benefits from the development. Capitalisation in the application development stage begins once the Group can reliably measure the expenditure attributable to the software development and has demonstrated its intention to complete and use the software. Internally developed software is amortised on a straight-line basis over its estimated useful life of between three and ten years. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, net of income taxes, is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders. Ordinary shares purchased under a buyback programme are cancelled and the nominal value of the shares is transferred to a capital redemption reserve. Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction.
Investments in the equity instruments of other entities are classified and subsequently measured
at fair value through other comprehensive income (FVOCI) where the investment meets the
definition of equity from the perspective of the issuer. Changes in fair value are recorded in equity
in the fair value reserve via other comprehensive income. On subsequent disposal of the asset,
the net fair value gains or losses are reclassified from the fair value reserve to retained earnings.
Any dividends received from equity investments classified as FVOCI are recognised in the
income statement unless they represent a return of capital.
Investments in funds which have a limited life and those investment which do not meet the criteria
to be classified as FVOCI are classified and subsequently measured at fair value through profit
and loss (FVTPL). Changes in fair value are included within finance income or finance costs within
the income statement.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the
weighted average method or an approximation thereof, such as the first in first out (FIFO)
method. The cost of finished goods and work in progress comprises raw materials, direct labour,
other direct costs and related production overheads. Net realisable value is the estimated selling
price in the ordinary course of business, less estimated costs necessary to make the sale.
Provisions are made for slow-moving and obsolete stock.
Cash and cash equivalents
Cash and cash equivalents in the cash flow statement include cash in hand, deposits held on call
with banks, other short-term highly liquid investments with original maturities of three months or
less, and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities in the
balance sheet.
Short-term deposits and marketable securities with maturities of greater than three months do
not qualify as cash and cash equivalents and are reported as financial assets. Movements on
these financial assets are classified as cash flows from financing activities in the cash flow
statement where these amounts are used to offset the borrowings of the Group or as cash flows
from investing activities where these amounts are held to generate an investment return.
The accounting treatment is summarised as follows:
Typical reason for designation
Reporting of gains and losses on effective portion of the hedge
Reporting of gains and losses on disposal
Net investment hedge
The derivative creates a foreign currency asset or liability which is
Recognised in other comprehensive income.
On the disposal of foreign operations or
used to hedge changes in the value of a subsidiary which subsidiaries, the accumulated value of gains and
transacts in that currency. losses reported in other comprehensive income is
transferred to the income statement.
Fair value hedges
The derivative transforms the interest profile on debt from fixed Gains and losses on the derivative are reported in finance
If the debt and derivative are disposed of, the value
rate to floating rate. Changes in the value of the debt as a result of income or finance costs. However, an equal and opposite
of the derivative and the debt (including the fair
changes in interest rates and foreign exchange rates are offset by
change is made to the carrying value of the debt (a \u2018fair
value adjustment) are reset to zero. Any resultant
equal and opposite changes in the value of the derivative. When
value adjustment\u2019) with the benefit/cost reported in
gain or loss is recognised in finance income or
the Group\u2019s debt is swapped to floating rates, the contracts used
finance income or finance costs. The net result should be a
finance costs.
are designated as fair value hedges.
zero charge on a perfectly effective hedge.
Non-hedge accounted contracts
These are not designated as hedging instruments. Typically, these Recognised in the income statement. No hedge
are short-term contracts to convert debt back to fixed rates or
foreign exchange contracts where a natural offset exists.
accounting applies.
Taxation
Current tax is recognised at the amounts expected to be paid or recovered under the tax rates
and laws that have been enacted or substantively enacted at the balance sheet date.
Deferred income tax is provided, using the balance sheet liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts.
Deferred income tax is determined using tax rates and laws that have been enacted or
substantively enacted by the balance sheet date and are expected to apply when the related
deferred tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Deferred income tax is provided in respect of the undistributed earnings of subsidiaries,
associates and joint ventures other than where it is intended that those undistributed earnings will
not be remitted in the foreseeable future.
Current and deferred tax are recognised in the income statement, except when the tax relates to
items charged or credited directly to equity or other comprehensive income, in which case the
tax is also recognised in equity or other comprehensive income. The Group has applied the
exception under IAS 12 to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required
in determining the estimates in relation to the worldwide provision for income taxes. There are
many transactions and calculations for which the ultimate tax determination is uncertain during
the ordinary course of business. The Group recognises tax provisions when it is considered
probable that there will be a future outflow of funds to a tax authority. The provisions are based on
management\u2019s best judgement of the application of tax legislation and best estimates of future
settlement amounts (see note 7). Where the final tax outcome of these matters is different from
the amounts that were initially recorded, such differences will impact the income tax and
deferred tax provisions in the period in which such determination is made.
Deferred tax assets and liabilities require management judgement and estimation in determining the amounts to be recognised. In particular, when assessing the extent to which deferred tax assets should be recognised, judgement is used when considering the timing of the recognition and estimation is used to determine the level of future taxable income together with any future tax planning strategies (see note 13). Employee benefits 1. Pensions \u2013 The retirement benefit asset and obligation recognised in the balance sheet represent the net of the present value of the defined benefit obligation and the fair value of plan assets at the balance sheet date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting estimated future cash flows using yields on high-quality corporate bonds which have terms to maturity approximating the terms of the related liability. When the calculation results in a potential asset, the recognition of that asset is limited to the asset ceiling \u2013 that is the present value of any economic benefits available in the form of refunds from the plan or a reduction in future contributions. Management uses judgement to determine the level of refunds available from the plan in recognising an asset. The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity (see note 25). Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. The service cost, representing benefits accruing over the year, is included in the income statement as an operating cost. Net interest is calculated by applying the discount rate to the net defined benefit obligation and is presented as finance costs or finance income. Obligations for contributions to defined contribution pension plans are recognised as an operating expense in the income statement as incurred. 2. Other post-retirement obligations \u2013 The expected costs of post-retirement medical and life assurance benefits are accrued over the period of employment, using a similar accounting methodology as for defined benefit pension obligations. The liabilities and costs relating to significant other post-retirement obligations are assessed annually by independent qualified actuaries. 3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share and option plans is recognised as an employee expense after taking into account the Group\u2019s best estimate of the number of awards expected to vest. Fair value is measured at the date of grant and is spread over the vesting period of the option or share. The fair value of the options granted is measured using an option model that is most appropriate to the award. The fair value of shares awarded is measured using the share price at the date of grant unless another method is more appropriate. Any proceeds received are credited to share capital and share premium when the options are exercised. Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. Provisions Provisions are recognised if the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are discounted to present value where the effect is material. Revenue recognition Revenue is recognised in order to depict the transfer of control of promised goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. This process begins with the identification of our contract with a customer, which is generally through a master services agreement, customer purchase order, or a combination thereof. Within each contract, judgement is applied to determine the extent to which activities within the contract represent distinct performance obligations to be delivered and the total amount of transaction price to which we expect to be entitled. The transaction price determined is net of sales taxes, rebates and discounts, and after eliminating sales within the Group. Where a contract contains multiple performance obligations such as the provision of supplementary materials or online access with textbooks, revenue is allocated on the basis of relative standalone selling prices. Where a contract contains variable consideration, estimation is required to determine the amount to which the Group is expected to be entitled.
Revenue is recognised on contracts with customers when or as performance obligations are
satisfied, which is the period or the point in time where control of goods or services transfers to
the customer. Judgement is applied to determine first whether control passes over time and if
not, then the point in time at which control passes. Where revenue is recognised over time,
judgement is used to determine the method which best depicts the transfer of control. Where an
input method is used, estimation is required to determine the progress towards delivering the
performance obligation.
If a contract with a customer is modified (change of scope, price or both), management
uses judgement to determine whether changes to existing rights and obligations should
be accounted for as a separate contract or as an adjustment to the existing contracts.
Adjustments to existing contracts are either accounted for prospectively or through a
cumulative catch up adjustment.
Revenue from the sale of books is recognised net of a provision for anticipated returns. This
provision is based primarily on historical return rates, customer buying patterns and retailer
behaviours including stock levels. If these estimates do not reflect actual returns in future periods
then revenue could be understated or overstated for a particular period. When the provision for
returns is remeasured at each reporting date to reflect changes in estimates, a corresponding
adjustment is also recorded to revenue.
The Group may enter into contracts with another party in addition to our customer. In making the
determination as to whether revenue should be recognised on a gross or net basis, the contract
with the customer is analysed to understand which party controls the relevant good or service
prior to transferring to the customer. This judgement is informed by facts and circumstances of
the contract in determining whether the Group has promised to provide the specified good or
service or whether the Group is arranging for the transfer of the specified good or service,
including which party is responsible for fulfilment, has discretion to set the price to the customer
and is responsible for inventory risk. On certain contracts, where the Group acts as an agent, only
commissions and fees receivable for services rendered are recognised as revenue. Any third-
party costs incurred on behalf of the principal that are rechargeable under the contractual
arrangement are not included in revenue.
Income from recharges of freight and other activities which are incidental to the normal revenue-
generating activities is included in other income.
Additional details on the Group\u2019s revenue streams are also included in note 3.
Leases
1. The Group as a lessee \u2013 The Group assesses whether a contract is or contains a lease at the
inception of the contract. A contract is, or contains, a lease, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. The
Group recognises a right-of-use asset and a lease liability at the lease commencement date with
respect to all lease arrangements except for short-term leases (leases with a lease term of 12
months or less) and leases of low-value assets. For these leases, the lease payments are
recognised as an operating expense on a straight-line basis over the term of the lease.
The right-of-use asset is initially measured at cost, comprising the initial amount of the lease
liability plus any initial direct costs incurred and an estimate of costs to restore the underlying
asset, less any lease incentives received. The right-of-use asset is subsequently depreciated
using the straight-line method from the commencement date to the earlier of the end of the
useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine
whether a right-of-use asset is impaired. The lease liability is initially measured at the present
value of the lease payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental
borrowing rate. The lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in future lease payments arising from a change
in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension
or termination option. When the lease liability is remeasured, a corresponding adjustment is
made to the right-of-use asset.
Management uses judgement to determine the lease term where extension and termination
options are available within the lease.
2. The Group as a lessor \u2013 When the Group is an intermediate lessor, the head lease and sublease
are accounted for as two separate contracts. The head lease is accounted for as per the lessee
policy above. The sublease is classified as a finance lease or operating lease by reference to the
right-of-use asset arising from the head lease. Where the lease transfers substantially all the risks
and rewards of ownership to the lessee, the contract is classified as a finance lease; all other
leases are classified as operating leases. Rental income from operating leases is recognised on a
straight-line basis over the term of the relevant lease. Amounts due from lessees under finance
subleases are recognised as receivables at the amount of the Group\u2019s net investment in the
leases discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the discount rate used in the head lease.
Dividends Final dividends are recorded in the Group\u2019s financial statements in the period in which they are approved by the company\u2019s shareholders. Interim dividends are recorded when paid. Discontinued operations A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or meets the criteria to be classified as held for sale. When applicable, discontinued operations are presented in the income statement as a separate line and are shown net of tax. Assets and liabilities held for sale Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and fair value less costs to sell if it is highly probable that the carrying amount will be recovered principally through a sale transaction rather than through continuing use. No depreciation is charged in respect of non-current assets classified as held for sale. Amounts relating to non- current assets and liabilities held for sale are classified as discontinued operations in the income statement where appropriate. Trade receivables Trade receivables are stated at fair value after provision for bad and doubtful debts. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u2018simplified approach\u2019 is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. A provision for anticipated future sales returns is included within trade and other liabilities (also see Revenue recognition policy). 1b. Going concern In assessing the Group\u2019s ability to continue as a going concern for the period to 30 June 2027, the Board reviewed management\u2019s five-year plan, which was used as the base case. The review included available liquidity throughout the period and headroom against the Group\u2019s two main covenants, which require net debt to EBITDA to be a maximum of four times and interest cover to be at least three times. At 31 December 2025, the Group had available liquidity of c.\u00a31.3bn, comprising central cash balances and the undrawn element of its $1.8bn Revolving Credit Facilities maturing June 2028 and February 2029 but which have options to extend maturity to 2030. Significant liquidity and covenant headroom was observed throughout the assessment period in this base model. A severe but plausible scenario was analysed, where the Group is impacted by all principal risks in both 2026 and 2027, in the period under assessment, adjusted for probability weighting as well as other significant risks. The net impact of the risks modelled was to reduce free cashflow during the 18 month going concern period by 41%. Even under a severe downside case, the company would maintain comfortable liquidity headroom and sufficient headroom against covenant requirements during the period under assessment. That is, even before modelling the mitigating effect of actions that management would take if these downside risks were to crystalise. A reverse stress test was performed to identify the reduction in profit required to exhaust liquidity at 30 June 2027. The model showed that significant profit declines in excess of the severe but plausible scenario were required in both 2026 and 2027 to exhaust liquidity or breach covenants, the likelihood of which was assessed as remote. The Directors have confirmed that there are no material uncertainties that cast doubt on the Group\u2019s going concern status and that they have a reasonable expectation that the Group has adequate resources to continue in operational existence beyond 30 June 2027. The consolidated financial statements have therefore been prepared on a going concern basis. 1c. Climate change The Group has assessed the impacts of climate change on the Group\u2019s financial statements, including our commitment to achieving a 50% reduction in greenhouse gas (GHG) emissions across our operations and supply chain by 2030, and achieve a 90% reduction in GHG emissions across our value chain and meet our science-based (SBTi approved) net zero target by 2050, and the actions the Group intends to take to achieve those targets. The assessment did not identify any material impact on the Group\u2019s significant judgements or estimates at 31 December 2025, or the assessment of going concern for the period to June 2027 and the Group\u2019s viability over the next five years. Specifically, we have considered the following areas: \u2022 The physical and transition risks associated with climate change; and \u2022 The actions the Group is taking to meet its carbon reduction and net zero targets. As a result, the Group has assessed the impacts of climate change on the financial statements, and in particular, on the following areas: \u2022 The impact on the Group\u2019s future cash flows, and the resulting impact that such adjustments to our future cash flows would have on the outcome of the annual impairment testing of our goodwill balances (see note 11 for further details), the recognition of deferred tax assets and our assessment of going concern; \u2022 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of inventories, product development assets, intangible assets and property, plant and equipment; and \u2022 Any changes to our estimates of the useful economic lives of product development assets, intangible assets and property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-671": { "value": "
Basis of preparation
These consolidated financial statements have been prepared on the going concern basis (see
note 1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct
Authority and in accordance with UK-adopted International Accounting Standards and with the
requirements of the Companies Act 2006. The consolidated financial statements have also been
prepared in accordance with IFRS Accounting Standards as issued by the International
Accounting Standards Board (IASB). These standards are collectively referred to as IFRS in these
financial statements.
These consolidated financial statements have been prepared under the historical cost
convention as modified by the revaluation of financial assets and liabilities (including derivative
financial instruments) at fair value.
These accounting policies have been consistently applied to all years presented, unless
otherwise stated.
1. Interpretations and amendments to published standards effective 2025 \u2013 No new standards
were adopted in 2025.
A number of other new pronouncements are effective from 1 January 2025 but they do not have a
material impact on the consolidated financial statements. Additional disclosure has been given
where relevant.
2. Standards, interpretations and amendments to published standards that are not yet
effective \u2013 The following new accounting standards and amendments to new accounting
standards have been issued but are not yet effective and unless otherwise indicated, have
been endorsed:
\u2022 Annual improvements to IFRS \u2013 Volume 11;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts referencing nature-dependent electricity\u2019;
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Classification and measurement of financial instruments\u2019;
\u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019; and
\u2022 IFRS 19 \u2019Subsidiaries without public accountability: disclosures (not yet endorsed).
IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January
2027. The main new requirements in the standard will be a change in presentation of the income
statement with new categories and new sub-totals, management-defined performance
measures being presented in a single note in the financial statements, the cash flow statement
using the operating profit sub-total as the starting point, and certain other changes to how
information is grouped in the financial statements. The Group is still assessing the impact of the
new standard.
The Group is currently assessing the impact of the remaining changes to other standards,
interpretations and amendments. The Group does not plan to early adopt any of the above new
accounting standards or amendments. The Group has not adopted any other standard,
amendment or interpretation that has been issued but is not yet effective.
3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements in
conformity with IFRS requires the use of certain critical accounting assumptions and estimates. It
also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies.
All assumptions and estimates constitute management\u2019s best judgement at the date of the
financial statements, however, in the future, actual experience may deviate from these estimates
and assumptions.
The areas requiring a higher degree of judgement or complexity, or areas where assumptions and
estimates have a significant risk of resulting in material adjustments to the carrying value of assets
and liabilities within the consolidated financial statements are:
\u2022 Intangible assets: acquired intangible assets;
\u2022 Taxation; and
\u2022 Employee benefits: pensions.
The key judgements and key areas of estimation are set out below, as well as in the relevant
accounting policies and in the notes to the accounts where appropriate.
The Group has assessed the impact of the uncertainty presented by the volatile macro- economic and geo-political environment on the financial statements, specifically considering the impact on key judgements and significant estimates along with other areas of increased risk as follows: \u2022 Financial instruments and hedge accounting; and \u2022 Translation methodologies. No material accounting impacts relating to the areas assessed above were recognised in the year. The Group will continue to monitor these areas of increased judgement, estimation and risk. KJ\u2002Key judgements \u2022 The application of tax legislation in relation to provisions for uncertain tax positions. See notes 7 and 33. \u2022 The Group is eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. See note 25. KE\u2002Key areas of estimation \u2022 The valuation of acquired intangible assets recognised on the acquisition of a business. The valuation is based on a number of assumptions, including estimations of future business performance. See notes 11 and 30. \u2022 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. See notes 7 and 33. \u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. See note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-720": { "value": "These consolidated financial statements have been prepared on the going concern basis (see note 1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The consolidated financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). These standards are collectively referred to as IFRS in these financial statements. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-721": { "value": "1. Interpretations and amendments to published standards effective 2025 \u2013 No new standards were adopted in 2025. A number of other new pronouncements are effective from 1 January 2025 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. 2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2022 Annual improvements to IFRS \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts referencing nature-dependent electricity\u2019; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Classification and measurement of financial instruments\u2019; \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019; and \u2022 IFRS 19 \u2019Subsidiaries without public accountability: disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-767": { "value": "1. Interpretations and amendments to published standards effective 2025 \u2013 No new standards were adopted in 2025. A number of other new pronouncements are effective from 1 January 2025 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-768": { "value": "2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2022 Annual improvements to IFRS \u2013 Volume 11; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Contracts referencing nature-dependent electricity\u2019; \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 \u2018Classification and measurement of financial instruments\u2019; \u2022 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019; and \u2022 IFRS 19 \u2019Subsidiaries without public accountability: disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-797": { "value": "3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting assumptions and estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. All assumptions and estimates constitute management\u2019s best judgement at the date of the financial statements, however, in the future, actual experience may deviate from these estimates and assumptions. The areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates have a significant risk of resulting in material adjustments to the carrying value of assets and liabilities within the consolidated financial statements are: \u2022 Intangible assets: acquired intangible assets; \u2022 Taxation; and \u2022 Employee benefits: pensions. The key judgements and key areas of estimation are set out below, as well as in the relevant accounting policies and in the notes to the accounts where appropriate.
The Group has assessed the impact of the uncertainty presented by the volatile macro-
economic and geo-political environment on the financial statements, specifically considering
the impact on key judgements and significant estimates along with other areas of increased risk
as follows:
\u2022 Financial instruments and hedge accounting; and
\u2022 Translation methodologies.
No material accounting impacts relating to the areas assessed above were recognised in the
year. The Group will continue to monitor these areas of increased judgement, estimation and risk.
KJ
\u2002Key judgements
\u2022 The application of tax legislation in relation to provisions for uncertain tax positions.
See notes 7 and 33.
\u2022 The Group is eligible to receive the surplus associated with the UK Group Pension
Plan in recognising a pension asset. See note 25.
KE
\u2002Key areas of estimation
\u2022 The valuation of acquired intangible assets recognised on the acquisition of a business.
The valuation is based on a number of assumptions, including estimations of future
business performance. See notes 11 and 30.
\u2022 The level of provisions required in relation to uncertain tax positions is complex and each
matter is separately assessed. The estimation of future settlement amounts is based on a
number of factors including the status of the unresolved matter, clarity of legislation,
range of possible outcomes and the statute of limitations. See notes 7 and 33.
\u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s
defined benefit pension schemes depends on the selection of certain assumptions,
which include the discount rate, inflation rate, salary growth and longevity. See note 25.
KJ
\u2002Key judgements
\u2022 The application of tax legislation in relation to provisions for uncertain tax positions.
KE
\u2002Key areas of estimation
\u2022 The level of provisions required in relation to uncertain tax positions is complex and each
matter is separately assessed. The estimation of future settlement amounts is based on
a number of factors including the status of the unresolved matter, clarity of legislation,
range of possible outcomes and the statute of limitations.
KJ\u2002Key judgements \u2022 Whether the Group will be eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. KE\u2002Key areas of estimation \u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity.
KE
\u2002Key areas of estimation
The valuation of acquired intangible assets recognised on the acquisition of a business.
The valuation is based on a number of assumptions, including estimations of future
business performance.
KJ
\u2002Key judgements
\u2022 The application of tax legislation in relation to provisions for uncertain tax positions.
KE
\u2002Key areas of estimation
\u2022 The level of provisions required in relation to uncertain tax positions is complex and
each matter is separately assessed. The estimation of future settlement amounts is
based on a number of factors including the status of the unresolved matter, clarity of
legislation, range of possible outcomes and the statute of limitations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-673": { "value": "Consolidation 1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: 2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the difference between consideration paid and the relevant share acquired of the carrying value of the subsidiary is recorded in equity. 4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-722": { "value": "
1. Business combinations \u2013 The acquisition method of accounting is used to account for
business combinations.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred and the equity interest issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are expensed as incurred in the operating
expenses line of the income statement. Identifiable assets acquired and identifiable liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date. The determination of fair values often requires significant
judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired
intangible assets is determined by an independent valuer. The excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition date
fair value of any previous equity interest in the acquiree over the fair value of the identifiable net
assets acquired is recorded as goodwill (note 30).
See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair
value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the
difference is recognised directly in the income statement.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the
acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the
acquiree\u2019s net assets.
Management exercises judgement in determining the classification of its investments in its
businesses, in line with the following:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-769": { "value": "1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash- generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-723": { "value": "
2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-724": { "value": "
3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests that
do not result in loss of control are accounted for as equity transactions, that is, as transactions
with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a
non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the
difference between consideration paid and the relevant share acquired of the carrying value of
the subsidiary is recorded in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-676": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Cost includes the
original purchase price of the asset and the costs attributable to bringing the asset to its working
condition for intended use. Land is not depreciated. Depreciation on other assets is calculated
using the straight-line method to allocate their cost less their residual values over their estimated
useful lives as follows:
Buildings (freehold): 20\u201350 years
Buildings (leasehold): over the period of the lease
Plant and equipment: 3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each
balance sheet date.
The carrying value of an asset is written down to its recoverable amount if the carrying value of the
asset is greater than its estimated recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-727": { "value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives as follows: Buildings (freehold): 20\u201350 years Buildings (leasehold): over the period of the lease Plant and equipment: 3\u201310 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of an asset is written down to its recoverable amount if the carrying value of the asset is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-674": { "value": "
Investment property
Properties that are no longer occupied by the Group and which are held for operating lease rental
are classified as investment property. Investment property assets are carried at cost less
accumulated depreciation and any recognised impairment in value. The depreciation policies for
investment property are consistent with those described for property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-725": { "value": "
4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest
on a long-term basis and has rights to the net assets through contractually agreed sharing of
control. Associates are entities over which the Group has significant influence but not the power
to control the financial and operating policies, generally accompanying a shareholding of
between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator
of investment classification; however, other factors, such as Board representation, may also
affect the accounting classification. Judgement is required to assess all of the qualitative and
quantitative factors which may indicate that the Group does, or does not, have significant
influence over an investment. Investments in joint ventures and associates are accounted for by
the equity method and are initially recognised at the fair value of consideration transferred.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is
recognised in the income statement and its share of post-acquisition movements in reserves is
recognised in reserves.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of
operating profit as these operations form part of the core business of the Group and are an
integral part of existing wholly-owned businesses. The cumulative post-acquisition movements
are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a
joint venture or associate equals or exceeds its interest in the joint venture or associate, the
Group does not recognise further losses unless the Group has incurred obligations or made
payments on behalf of the joint venture or associate.
Unrealised gains and losses on transactions between the Group and its joint ventures and
associates are eliminated to the extent of the Group\u2019s interest in these entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-770": { "value": "4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-787": { "value": "4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-675": { "value": "
Foreign currency translation
1. Functional and presentation currency \u2013 Items included in the financial statements of each of
the Group\u2019s entities are measured using the currency of the primary economic environment in
which the entity operates (the functional currency). The consolidated financial statements are
presented in sterling, which is the company\u2019s functional and presentation currency.
2. Transactions and balances \u2013 Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the income statement, except when deferred in equity as qualifying net
investment hedges.
3. Group companies \u2013 The results and financial position of all Group companies that have a
functional currency different from the presentation currency are translated into the presentation
currency as follows:
\u2022 Assets and liabilities are translated at the closing rate at the date of the balance sheet;
\u2022 Income and expenses are translated at average exchange rates; and
\u2022 All resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in
foreign entities, and of borrowings and other currency instruments designated as hedges of such
investments, are taken to shareholders\u2019 equity. The Group treats specific inter-company loan
balances, which are not intended to be repaid in the foreseeable future, as part of its net
investment. When a foreign operation is sold, such exchange differences are recognised in the
income statement as part of the gain or loss on sale.
The principal overseas currency for the Group is the US dollar. The average rate for the year
against sterling was $1.32 (2024: $1.28; 2023: $1.25) and the year-end rate was $1.35
(2024: $1.25; 2023: $1.27).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-726": { "value": "1. Functional and presentation currency \u2013 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling, which is the company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-771": { "value": "5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an
estimate of the expected useful life. Amortisation is included in the income statement in cost of
goods sold.
The assessment of the useful economic life and the recoverability of product development
assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. ", "dimensions": { "concept": "pearsonplc:DescriptionOfAccountingPolicyForProductDevelopmentAssets", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-729": { "value": "
Other financial assets
Other financial assets are non-derivative financial assets classified and measured at estimated
fair value.
Marketable securities and cash deposits with maturities of greater than three months are
classified and subsequently measured at fair value through profit and loss (FVTPL). They are
remeasured at each balance sheet date by using market data and the use of established
valuation techniques. Any movement in the fair value is immediately recognised in finance income
or finance costs in the income statement.
Investments in the equity instruments of other entities are classified and subsequently measured at fair value through other comprehensive income (FVOCI) where the investment meets the definition of equity from the perspective of the issuer. Changes in fair value are recorded in equity in the fair value reserve via other comprehensive income. On subsequent disposal of the asset, the net fair value gains or losses are reclassified from the fair value reserve to retained earnings. Any dividends received from equity investments classified as FVOCI are recognised in the income statement unless they represent a return of capital. Investments in funds which have a limited life and those investment which do not meet the criteria to be classified as FVOCI are classified and subsequently measured at fair value through profit and loss (FVTPL). Changes in fair value are included within finance income or finance costs within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-677": { "value": "Other financial assets Other financial assets are non-derivative financial assets classified and measured at estimated fair value. Marketable securities and cash deposits with maturities of greater than three months are classified and subsequently measured at fair value through profit and loss (FVTPL). They are remeasured at each balance sheet date by using market data and the use of established valuation techniques. Any movement in the fair value is immediately recognised in finance income or finance costs in the income statement.
Borrowings
Borrowings are recognised initially at fair value, which is proceeds received net of transaction
costs incurred. Borrowings are subsequently stated at amortised cost with any difference
between the proceeds (net of transaction costs) and the redemption value being recognised in
the income statement over the period of the borrowings using the effective interest method.
Accrued interest is included as part of borrowings.
Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its
carrying value in the income statement to reflect the hedged risk.
Where a debt instrument is in a net investment hedge relationship, gains and losses on the
effective portion of the hedge are recognised in other comprehensive income.
Derivative financial instruments
Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value
of derivatives is determined by using market data and the use of established estimation
techniques such as discounted cash flow and option valuation models.
For derivatives in a hedge relationship, the currency basis spread is excluded from the
designation as a hedging instrument.
Changes in the fair value of derivatives are recognised immediately in finance income or costs.
However, derivatives relating to borrowings and certain foreign exchange contracts are
designated as part of a hedging transaction.
Investments in the equity instruments of other entities are classified and subsequently measured at fair value through other comprehensive income (FVOCI) where the investment meets the definition of equity from the perspective of the issuer. Changes in fair value are recorded in equity in the fair value reserve via other comprehensive income. On subsequent disposal of the asset, the net fair value gains or losses are reclassified from the fair value reserve to retained earnings. Any dividends received from equity investments classified as FVOCI are recognised in the income statement unless they represent a return of capital. Investments in funds which have a limited life and those investment which do not meet the criteria to be classified as FVOCI are classified and subsequently measured at fair value through profit and loss (FVTPL). Changes in fair value are included within finance income or finance costs within the income statement. The accounting treatment is summarised as follows:
Typical reason for designation
Reporting of gains and losses on effective portion of the hedge
Reporting of gains and losses on disposal
Net investment hedge
The derivative creates a foreign currency asset or liability which is
Recognised in other comprehensive income.
On the disposal of foreign operations or
used to hedge changes in the value of a subsidiary which subsidiaries, the accumulated value of gains and
transacts in that currency. losses reported in other comprehensive income is
transferred to the income statement.
Fair value hedges
The derivative transforms the interest profile on debt from fixed Gains and losses on the derivative are reported in finance
If the debt and derivative are disposed of, the value
rate to floating rate. Changes in the value of the debt as a result of income or finance costs. However, an equal and opposite
of the derivative and the debt (including the fair
changes in interest rates and foreign exchange rates are offset by
change is made to the carrying value of the debt (a \u2018fair
value adjustment) are reset to zero. Any resultant
equal and opposite changes in the value of the derivative. When
value adjustment\u2019) with the benefit/cost reported in
gain or loss is recognised in finance income or
the Group\u2019s debt is swapped to floating rates, the contracts used
finance income or finance costs. The net result should be a
finance costs.
are designated as fair value hedges.
zero charge on a perfectly effective hedge.
Non-hedge accounted contracts
These are not designated as hedging instruments. Typically, these Recognised in the income statement. No hedge
are short-term contracts to convert debt back to fixed rates or
foreign exchange contracts where a natural offset exists.
accounting applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-678": { "value": "Intangible assets 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash- generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost. Software acquired in material business combinations is capitalised at its fair value, with the valuation being determined with the support of a third-party specialist. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. Acquired software is amortised on a straight-line basis over its estimated useful life of between three and eight years. 3. Internally developed software \u2013 Internal and external costs incurred during the preliminary stage of developing computer software for internal use are expensed as incurred. Internal and external costs incurred to develop computer software for internal use during the application development stage are capitalised if the Group expects economic benefits from the development. Capitalisation in the application development stage begins once the Group can reliably measure the expenditure attributable to the software development and has demonstrated its intention to complete and use the software. Internally developed software is amortised on a straight-line basis over its estimated useful life of between three and ten years. The assets are assessed for impairment triggers on an annual basis or when triggering events occur.
4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and
relationships, trademarks and brands, publishing rights, content, technology and software rights.
These assets are capitalised on acquisition at cost and included in intangible assets. Intangible
assets acquired in material business combinations are capitalised at their fair value as
determined with the support of a third-party specialist. Intangible assets are amortised over their
estimated useful lives of between two and twenty years, using an amortisation method that
reflects the pattern of their consumption. The assets are assessed for impairment triggers on an
annual basis or when triggering events occur.
5. Product development assets \u2013 Product development assets represent direct costs incurred
in the development of educational programmes and titles prior to their publication. These costs
are recognised as current intangible assets where the title will generate probable future
economic benefits and costs can be measured reliably.
Product development assets relating to content are amortised upon publication of the title over
estimated economic lives of seven years or less, being an estimate of the expected operating
lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product
development assets relating to product platforms are amortised over ten years or less, being an
estimate of the expected useful life. Amortisation is included in the income statement in cost of
goods sold.
The assessment of the useful economic life and the recoverability of product development
assets involves judgement and is based on historical trends and management estimation of
future potential sales.
Product development assets are assessed for impairment triggers on an annual basis or when
triggering events occur. The carrying amount of product development assets is set out in
note 20.
The investment in product development assets has been disclosed as part of net cash generated
from operating activities in the cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-728": { "value": "
1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill
represents the excess of the consideration transferred, the amount of any non-controlling interest
in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over
the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from
the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of
an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired.
Goodwill on acquisitions of subsidiaries is included in intangible assets.
Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an
acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired.
Goodwill on acquisitions of associates and joint ventures is included in investments in associates
and joint ventures.
Goodwill is tested at least annually for impairment and carried at cost less accumulated
impairment losses. An impairment loss is recognised to the extent that the carrying value of
goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less
costs of disposal and value in use. These calculations require the use of estimates in respect of
forecast cash flows and discount rates and management judgement in respect of cash-
generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the
purpose of impairment testing. The allocation is made to those aggregated CGUs that are
expected to benefit from the business combination in which the goodwill arose. Where there are
changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a
relative value method.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-730": { "value": "
2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost.
Software acquired in material business combinations is capitalised at its fair value, with the
valuation being determined with the support of a third-party specialist. The assets are assessed
for impairment triggers on an annual basis or when triggering events occur. Acquired software is
amortised on a straight-line basis over its estimated useful life of between three and eight years.
3. Internally developed software \u2013 Internal and external costs incurred during the preliminary
stage of developing computer software for internal use are expensed as incurred. Internal and
external costs incurred to develop computer software for internal use during the application
development stage are capitalised if the Group expects economic benefits from the
development. Capitalisation in the application development stage begins once the Group can
reliably measure the expenditure attributable to the software development and has demonstrated
its intention to complete and use the software. Internally developed software is amortised on a
straight-line basis over its estimated useful life of between three and ten years. The assets are
assessed for impairment triggers on an annual basis or when triggering events occur.
4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and relationships, trademarks and brands, publishing rights, content, technology and software rights. These assets are capitalised on acquisition at cost and included in intangible assets. Intangible assets acquired in material business combinations are capitalised at their fair value as determined with the support of a third-party specialist. Intangible assets are amortised over their estimated useful lives of between two and twenty years, using an amortisation method that reflects the pattern of their consumption. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an
estimate of the expected useful life. Amortisation is included in the income statement in cost of
goods sold.
The assessment of the useful economic life and the recoverability of product development
assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-680": { "value": "
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
Where any Group company purchases the company\u2019s equity share capital (treasury shares), the
consideration paid, including any directly attributable incremental costs, net of income taxes, is
deducted from equity attributable to the company\u2019s equity holders until the shares are
cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any
consideration received, net of any directly attributable transaction costs and the related income
tax effects, is included in equity attributable to the company\u2019s equity holders.
Ordinary shares purchased under a buyback programme are cancelled and the nominal value of
the shares is transferred to a capital redemption reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-772": { "value": "Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-731": { "value": "Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-788": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Typical reason for designation
Reporting of gains and losses on effective portion of the hedge
Reporting of gains and losses on disposal
Net investment hedge
The derivative creates a foreign currency asset or liability which is
Recognised in other comprehensive income.
On the disposal of foreign operations or
used to hedge changes in the value of a subsidiary which subsidiaries, the accumulated value of gains and
transacts in that currency. losses reported in other comprehensive income is
transferred to the income statement.
Fair value hedges
The derivative transforms the interest profile on debt from fixed Gains and losses on the derivative are reported in finance
If the debt and derivative are disposed of, the value
rate to floating rate. Changes in the value of the debt as a result of income or finance costs. However, an equal and opposite
of the derivative and the debt (including the fair
changes in interest rates and foreign exchange rates are offset by
change is made to the carrying value of the debt (a \u2018fair
value adjustment) are reset to zero. Any resultant
equal and opposite changes in the value of the derivative. When
value adjustment\u2019) with the benefit/cost reported in
gain or loss is recognised in finance income or
the Group\u2019s debt is swapped to floating rates, the contracts used
finance income or finance costs. The net result should be a
finance costs.
are designated as fair value hedges.
zero charge on a perfectly effective hedge.
Non-hedge accounted contracts
These are not designated as hedging instruments. Typically, these Recognised in the income statement. No hedge
are short-term contracts to convert debt back to fixed rates or
foreign exchange contracts where a natural offset exists.
accounting applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-773": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Typical reason for designation
Reporting of gains and losses on effective portion of the hedge
Reporting of gains and losses on disposal
Net investment hedge
The derivative creates a foreign currency asset or liability which is
Recognised in other comprehensive income.
On the disposal of foreign operations or
used to hedge changes in the value of a subsidiary which subsidiaries, the accumulated value of gains and
transacts in that currency. losses reported in other comprehensive income is
transferred to the income statement.
Fair value hedges
The derivative transforms the interest profile on debt from fixed Gains and losses on the derivative are reported in finance
If the debt and derivative are disposed of, the value
rate to floating rate. Changes in the value of the debt as a result of income or finance costs. However, an equal and opposite
of the derivative and the debt (including the fair
changes in interest rates and foreign exchange rates are offset by
change is made to the carrying value of the debt (a \u2018fair
value adjustment) are reset to zero. Any resultant
equal and opposite changes in the value of the derivative. When
value adjustment\u2019) with the benefit/cost reported in
gain or loss is recognised in finance income or
the Group\u2019s debt is swapped to floating rates, the contracts used
finance income or finance costs. The net result should be a
finance costs.
are designated as fair value hedges.
zero charge on a perfectly effective hedge.
Non-hedge accounted contracts
These are not designated as hedging instruments. Typically, these Recognised in the income statement. No hedge
are short-term contracts to convert debt back to fixed rates or
foreign exchange contracts where a natural offset exists.
accounting applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-732": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Typical reason for designation
Reporting of gains and losses on effective portion of the hedge
Reporting of gains and losses on disposal
Net investment hedge
The derivative creates a foreign currency asset or liability which is
Recognised in other comprehensive income.
On the disposal of foreign operations or
used to hedge changes in the value of a subsidiary which subsidiaries, the accumulated value of gains and
transacts in that currency. losses reported in other comprehensive income is
transferred to the income statement.
Fair value hedges
The derivative transforms the interest profile on debt from fixed Gains and losses on the derivative are reported in finance
If the debt and derivative are disposed of, the value
rate to floating rate. Changes in the value of the debt as a result of income or finance costs. However, an equal and opposite
of the derivative and the debt (including the fair
changes in interest rates and foreign exchange rates are offset by
change is made to the carrying value of the debt (a \u2018fair
value adjustment) are reset to zero. Any resultant
equal and opposite changes in the value of the derivative. When
value adjustment\u2019) with the benefit/cost reported in
gain or loss is recognised in finance income or
the Group\u2019s debt is swapped to floating rates, the contracts used
finance income or finance costs. The net result should be a
finance costs.
are designated as fair value hedges.
zero charge on a perfectly effective hedge.
Non-hedge accounted contracts
These are not designated as hedging instruments. Typically, these Recognised in the income statement. No hedge
are short-term contracts to convert debt back to fixed rates or
foreign exchange contracts where a natural offset exists.
accounting applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-679": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method or an approximation thereof, such as the first in first out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-681": { "value": "Cash and cash equivalents Cash and cash equivalents in the cash flow statement include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities in the balance sheet. Short-term deposits and marketable securities with maturities of greater than three months do not qualify as cash and cash equivalents and are reported as financial assets. Movements on these financial assets are classified as cash flows from financing activities in the cash flow statement where these amounts are used to offset the borrowings of the Group or as cash flows from investing activities where these amounts are held to generate an investment return. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-733": { "value": "Taxation Current tax is recognised at the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided in respect of the undistributed earnings of subsidiaries, associates and joint ventures other than where it is intended that those undistributed earnings will not be remitted in the foreseeable future. Current and deferred tax are recognised in the income statement, except when the tax relates to items charged or credited directly to equity or other comprehensive income, in which case the tax is also recognised in equity or other comprehensive income. The Group has applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the estimates in relation to the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises tax provisions when it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are based on management\u2019s best judgement of the application of tax legislation and best estimates of future settlement amounts (see note 7). Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
1a. Accounting policies continued
Deferred tax assets and liabilities require management judgement and estimation in determining
the amounts to be recognised. In particular, when assessing the extent to which deferred tax
assets should be recognised, judgement is used when considering the timing of the recognition
and estimation is used to determine the level of future taxable income together with any future
tax planning strategies (see note 13).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-682": { "value": "Taxation Current tax is recognised at the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided in respect of the undistributed earnings of subsidiaries, associates and joint ventures other than where it is intended that those undistributed earnings will not be remitted in the foreseeable future. Current and deferred tax are recognised in the income statement, except when the tax relates to items charged or credited directly to equity or other comprehensive income, in which case the tax is also recognised in equity or other comprehensive income. The Group has applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the estimates in relation to the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises tax provisions when it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are based on management\u2019s best judgement of the application of tax legislation and best estimates of future settlement amounts (see note 7). Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets and liabilities require management judgement and estimation in determining the amounts to be recognised. In particular, when assessing the extent to which deferred tax assets should be recognised, judgement is used when considering the timing of the recognition and estimation is used to determine the level of future taxable income together with any future tax planning strategies (see note 13). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-684": { "value": "
Employee benefits
1. Pensions \u2013 The retirement benefit asset and obligation recognised in the balance sheet
represent the net of the present value of the defined benefit obligation and the fair value of plan
assets at the balance sheet date. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the defined
benefit obligation is determined by discounting estimated future cash flows using yields on
high-quality corporate bonds which have terms to maturity approximating the terms of the
related liability.
When the calculation results in a potential asset, the recognition of that asset is limited to the
asset ceiling \u2013 that is the present value of any economic benefits available in the form of refunds
from the plan or a reduction in future contributions. Management uses judgement to determine
the level of refunds available from the plan in recognising an asset.
The determination of the pension cost and defined benefit obligation of the Group\u2019s defined
benefit pension schemes depends on the selection of certain assumptions, which include the
discount rate, inflation rate, salary growth and longevity (see note 25).
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period in
which they arise. The service cost, representing benefits accruing over the year, is included in the
income statement as an operating cost. Net interest is calculated by applying the discount rate
to the net defined benefit obligation and is presented as finance costs or finance income.
Obligations for contributions to defined contribution pension plans are recognised as an
operating expense in the income statement as incurred.
2. Other post-retirement obligations \u2013 The expected costs of post-retirement medical and life
assurance benefits are accrued over the period of employment, using a similar accounting
methodology as for defined benefit pension obligations. The liabilities and costs relating to
significant other post-retirement obligations are assessed annually by independent
qualified actuaries.
3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share
and option plans is recognised as an employee expense after taking into account the Group\u2019s
best estimate of the number of awards expected to vest. Fair value is measured at the date of
grant and is spread over the vesting period of the option or share.
The fair value of the options granted is measured using an option model that is most appropriate
to the award. The fair value of shares awarded is measured using the share price at the date of
grant unless another method is more appropriate. Any proceeds received are credited to share
capital and share premium when the options are exercised. Where options or shares are net
settled in respect of withholding tax obligations, these are accounted for as equity settled
transactions. Payments to local tax authorities are accounted for as a deduction from equity for
the shares withheld.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-734": { "value": "3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share and option plans is recognised as an employee expense after taking into account the Group\u2019s best estimate of the number of awards expected to vest. Fair value is measured at the date of grant and is spread over the vesting period of the option or share. The fair value of the options granted is measured using an option model that is most appropriate to the award. The fair value of shares awarded is measured using the share price at the date of grant unless another method is more appropriate. Any proceeds received are credited to share capital and share premium when the options are exercised. Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-683": { "value": "
Provisions
Provisions are recognised if the Group has a present legal or constructive obligation as a result of
past events; it is more likely than not that an outflow of resources will be required to settle the
obligation and the amount can be reliably estimated. Provisions are discounted to present value
where the effect is material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-685": { "value": "
Revenue recognition
Revenue is recognised in order to depict the transfer of control of promised goods and services to
customers in an amount that reflects the consideration to which we expect to be entitled in
exchange for those goods and services. This process begins with the identification of our contract
with a customer, which is generally through a master services agreement, customer purchase
order, or a combination thereof. Within each contract, judgement is applied to determine the
extent to which activities within the contract represent distinct performance obligations to be
delivered and the total amount of transaction price to which we expect to be entitled.
The transaction price determined is net of sales taxes, rebates and discounts, and after
eliminating sales within the Group. Where a contract contains multiple performance obligations
such as the provision of supplementary materials or online access with textbooks, revenue is
allocated on the basis of relative standalone selling prices. Where a contract contains variable
consideration, estimation is required to determine the amount to which the Group is expected to
be entitled.
Revenue is recognised on contracts with customers when or as performance obligations are satisfied, which is the period or the point in time where control of goods or services transfers to the customer. Judgement is applied to determine first whether control passes over time and if not, then the point in time at which control passes. Where revenue is recognised over time, judgement is used to determine the method which best depicts the transfer of control. Where an input method is used, estimation is required to determine the progress towards delivering the performance obligation. If a contract with a customer is modified (change of scope, price or both), management uses judgement to determine whether changes to existing rights and obligations should be accounted for as a separate contract or as an adjustment to the existing contracts. Adjustments to existing contracts are either accounted for prospectively or through a cumulative catch up adjustment. Revenue from the sale of books is recognised net of a provision for anticipated returns. This provision is based primarily on historical return rates, customer buying patterns and retailer behaviours including stock levels. If these estimates do not reflect actual returns in future periods then revenue could be understated or overstated for a particular period. When the provision for returns is remeasured at each reporting date to reflect changes in estimates, a corresponding adjustment is also recorded to revenue. The Group may enter into contracts with another party in addition to our customer. In making the determination as to whether revenue should be recognised on a gross or net basis, the contract with the customer is analysed to understand which party controls the relevant good or service prior to transferring to the customer. This judgement is informed by facts and circumstances of the contract in determining whether the Group has promised to provide the specified good or service or whether the Group is arranging for the transfer of the specified good or service, including which party is responsible for fulfilment, has discretion to set the price to the customer and is responsible for inventory risk. On certain contracts, where the Group acts as an agent, only commissions and fees receivable for services rendered are recognised as revenue. Any third- party costs incurred on behalf of the principal that are rechargeable under the contractual arrangement are not included in revenue. Income from recharges of freight and other activities which are incidental to the normal revenue- generating activities is included in other income. Additional details on the Group\u2019s revenue streams are also included in note 3. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-686": { "value": "Leases 1. The Group as a lessee \u2013 The Group assesses whether a contract is or contains a lease at the inception of the contract. A contract is, or contains, a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease. The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset. Management uses judgement to determine the lease term where extension and termination options are available within the lease. 2. The Group as a lessor \u2013 When the Group is an intermediate lessor, the head lease and sublease are accounted for as two separate contracts. The head lease is accounted for as per the lessee policy above. The sublease is classified as a finance lease or operating lease by reference to the right-of-use asset arising from the head lease. Where the lease transfers substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease; all other leases are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance subleases are recognised as receivables at the amount of the Group\u2019s net investment in the leases discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the discount rate used in the head lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-687": { "value": "
Dividends
Final dividends are recorded in the Group\u2019s financial statements in the period in which they are
approved by the company\u2019s shareholders. Interim dividends are recorded when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-688": { "value": "
Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate
major line of business or geographical area of operations that has been disposed of or meets the
criteria to be classified as held for sale.
When applicable, discontinued operations are presented in the income statement as a separate
line and are shown net of tax.
Assets and liabilities held for sale Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and fair value less costs to sell if it is highly probable that the carrying amount will be recovered principally through a sale transaction rather than through continuing use. No depreciation is charged in respect of non-current assets classified as held for sale. Amounts relating to non- current assets and liabilities held for sale are classified as discontinued operations in the income statement where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-736": { "value": "Discontinued operations A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or meets the criteria to be classified as held for sale. When applicable, discontinued operations are presented in the income statement as a separate line and are shown net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-735": { "value": "
Assets and liabilities held for sale
Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and
fair value less costs to sell if it is highly probable that the carrying amount will be recovered
principally through a sale transaction rather than through continuing use. No depreciation is
charged in respect of non-current assets classified as held for sale. Amounts relating to non-
current assets and liabilities held for sale are classified as discontinued operations in the income
statement where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-689": { "value": "
Trade receivables
Trade receivables are stated at fair value after provision for bad and doubtful debts. Provisions
for bad and doubtful debts are based on the expected credit loss model. The \u2018simplified
approach\u2019 is used with the expected loss allowance measured at an amount equal to the lifetime
expected credit losses. A provision for anticipated future sales returns is included within trade
and other liabilities (also see Revenue recognition policy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-691": { "value": "
1b. Going concern
In assessing the Group\u2019s ability to continue as a going concern for the period to 30 June 2027, the
Board reviewed management\u2019s five-year plan, which was used as the base case. The review
included available liquidity throughout the period and headroom against the Group\u2019s two main
covenants, which require net debt to EBITDA to be a maximum of four times and interest cover to
be at least three times.
At 31 December 2025, the Group had available liquidity of c.\u00a31.3bn, comprising central cash
balances and the undrawn element of its $1.8bn Revolving Credit Facilities maturing June 2028
and February 2029 but which have options to extend maturity to 2030. Significant liquidity and
covenant headroom was observed throughout the assessment period in this base model.
A severe but plausible scenario was analysed, where the Group is impacted by all principal risks in
both 2026 and 2027, in the period under assessment, adjusted for probability weighting as well
as other significant risks. The net impact of the risks modelled was to reduce free cashflow during
the 18 month going concern period by 41%. Even under a severe downside case, the company
would maintain comfortable liquidity headroom and sufficient headroom against covenant
requirements during the period under assessment. That is, even before modelling the mitigating
effect of actions that management would take if these downside risks were to crystalise.
A reverse stress test was performed to identify the reduction in profit required to exhaust liquidity
at 30 June 2027. The model showed that significant profit declines in excess of the severe but
plausible scenario were required in both 2026 and 2027 to exhaust liquidity or breach covenants,
the likelihood of which was assessed as remote.
The Directors have confirmed that there are no material uncertainties that cast doubt on the
Group\u2019s going concern status and that they have a reasonable expectation that the Group has
adequate resources to continue in operational existence beyond 30 June 2027. The consolidated
financial statements have therefore been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-690": { "value": "
1c. Climate change
The Group has assessed the impacts of climate change on the Group\u2019s financial statements,
including our commitment to achieving a 50% reduction in greenhouse gas (GHG) emissions
across our operations and supply chain by 2030, and achieve a 90% reduction in GHG emissions
across our value chain and meet our science-based (SBTi approved) net zero target by 2050, and
the actions the Group intends to take to achieve those targets. The assessment did not identify
any material impact on the Group\u2019s significant judgements or estimates at 31 December 2025, or
the assessment of going concern for the period to June 2027 and the Group\u2019s viability over the
next five years. Specifically, we have considered the following areas:
\u2022 The physical and transition risks associated with climate change; and
\u2022 The actions the Group is taking to meet its carbon reduction and net zero targets.
As a result, the Group has assessed the impacts of climate change on the financial statements,
and in particular, on the following areas:
\u2022 The impact on the Group\u2019s future cash flows, and the resulting impact that such adjustments
to our future cash flows would have on the outcome of the annual impairment testing of our
goodwill balances (see note 11 for further details), the recognition of deferred tax assets and
our assessment of going concern;
\u2022 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of inventories,
product development assets, intangible assets and property, plant and equipment; and
\u2022 Any changes to our estimates of the useful economic lives of product development assets,
intangible assets and property, plant and equipment.
", "dimensions": { "concept": "pearsonplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-692": { "value": "The Pearson Executive Management team evaluates and allocates resources to operating segments, and evaluates the performance of each of its operating segments on the basis of adjusted operating profit, which is considered to be the segment measure.
Sales
Adjusted operating profit
2025
2024
2023
2025
2024
2023
Assessment & Qualifications
1,604
1,591
1,559
361
368
350
Virtual Learning
511
489
616
81
66
76
English Language Learning
405
420
415
50
50
47
Enterprise Learning & Skills
1
282
271
269
29
20
6
Higher Education
1
775
781
806
93
96
96
Strategic Review
\u2013
\u2013
9
\u2013
\u2013
(2)
Total
3,577
3,552
3,674
614
600
573
1. Comparative amounts have been restated to reflect the move between operating segments. A reconciliation of the operating segments\u2019 measure of profit to profit for the year is provided below:
2025
2024
2023
Adjusted operating profit
614
600
573
Cost of major reorganisation
\u2013
2
\u2013
Product development impairment
(87)
\u2013
\u2013
Property charges
25
\u2013
(11)
Intangible charges
(42)
(41)
(48)
UK pension discretionary increases
\u2013
(13)
\u2013
Other net gains and losses
(3)
(7)
(16)
Operating profit
507
541
498
Finance costs
6
(98)
(112)
(81)
Finance income
6
48
81
76
Profit before tax
457
510
493
Income tax
7
(121)
(75)
(113)
Profit for the year
336
435
380
2. Segment information There are five main global business units, which are each considered separate operating segments for management and reporting purposes, as these are reported separately to the Group\u2019s chief operating decision-maker, the Pearson Executive Management team. These five business units are Assessment & Qualifications, Virtual Learning, English Language Learning, Higher Education and Enterprise Learning and Skills. In January 2025, the Group announced that Workforce Skills would evolve to become Enterprise Learning and Skills, incorporating our IT Pro business which was previously within Higher Education. Comparative figures have been restated to reflect the move between segments, resulting in \u00a345m of sales, \u00a312m of adjusted operating profit and \u00a33m of amortisation, depreciation and impairment being transferred from Higher Education to Enterprise Learning and Skills for the year ended 31 December 2024 and \u00a349m of sales, \u00a314m of adjusted operating profit and \u00a33m of amortisation, depreciation and impairment for the year ended 31 December 2023. The International Courseware local publishing businesses, which were under strategic review, were previously being managed as a separate business unit, known as Strategic Review. However, following the disposal of the final local courseware publishing businesses in 2023 (see note 31), there are no longer any reported results for the Strategic Review business unit. The following describes the principal activities of the five main operating segments: \u2022 Assessment & Qualifications \u2013 Pearson Professional Assessments, US Student Assessment, Clinical Assessment, UK GCSE and A Levels and International academic qualifications and associated courseware including the English-speaking Canadian and Australian K-12 businesses, and PDRI; \u2022 Virtual Learning \u2013 Virtual Schools and Online Program Management (up to the point of disposal in 2023); \u2022 English Language Learning \u2013 Pearson Test of English, Institutional Courseware and English Online Solutions; \u2022 Enterprise Learning & Skills \u2013 Vocational qualifications, GED, TalentLens, Faethm, Credly, Pearson College (up to the point of disposal in 2023) and Enterprise content and training; and \u2022 Higher Education \u2013 US, Canadian and International Higher Education Courseware businesses.
Property charges \u2013 In 2025, there was gain of \u00a325m, relating to reversals of impairments of
property assets that were previously impaired through property charges. In 2024, there were no
property charges. In 2023, charges of \u00a311m related to impairments of property assets arising
from the impact of updates in 2023 to assumptions initially made during the 2022 and 2021
reorganisation programmes.
Intangible charges \u2013 These represent amortisation relating to intangibles acquired through
business combinations. These amortisation charges are excluded as they reflect past acquisition
activity and do not necessarily reflect the current year performance of the Group. Intangible
amortisation charges in 2025 were \u00a342m compared to a charge of \u00a341m in 2024. This is due to
increased amortisation from recent acquisitions partially offset by decreased amortisation from
assets reaching the end of their useful economic lives. In 2023, intangible charges were \u00a348m. In
all three years, there were no impairment charges.
Other net gains and losses \u2013 These represent profits and losses on the sale of subsidiaries, joint
ventures, associates and other financial assets and are excluded from adjusted operating profit
in order to show the performance of the Group on a more comparable basis year-on-year. Other
net gains and losses also includes costs related to business closures and acquisitions. Other net
gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher
Education division, a fair value gain relating to a previous disposal and costs relating to current
and prior year acquisitions and disposals. Other net gains and losses in 2024 relate to costs
related to prior year acquisitions and disposals, which were partially offset by a gain on the partial
disposal of our investment in an associate. In 2023, they relate to the gain on the disposal of the
POLS business and gains related to the release of accruals and a provision related to historical
acquisitions, offset by losses on the disposal of Pearson College and costs related to current and
prior year disposals and acquisitions.
UK pension discretionary increases \u2013 Charges in 2024 relate to one-off pension increases
awarded to certain cohorts of pensioners in response to the cost of living crisis. There were no
such awards in 2025 or 2023.
There were no material inter-segment sales in either 2025, 2024 or 2023. Corporate costs are
allocated to business segments on an appropriate basis depending on the nature of the cost and
therefore the total segment result is equal to the Group operating profit.
Other segment disclosures are as follows:
Amortisation, depreciation, and impairment
All figures in \u00a3 millions
2025
2024
2023
Assessment & Qualifications
186
196
196
Virtual Learning
53
64
76
English Language Learning
51
56
58
Enterprise Learning & Skills
1
32
30
28
Higher Education
1
249
180
182
Strategic Review
-
\u2013
3
Total
571
526
543
1. Comparative amounts have been restated to reflect the move between operating segments.
Adjusted operating profit is shown in the previous tables as it is the key financial measure used by
management to evaluate the performance of the Group. The measure also enables investors to
more easily, and consistently, track the underlying operational performance of the Group and its
business segments over time by separating out those items of income and expenditure relating
to acquisition and disposal transactions, certain property charges, major reorganisation
programmes and certain other items that are also not representative of underlying performance,
which are explained below and reconciled within this note.
Cost of major reorganisation \u2013 In 2025, there were no costs of major reorganisation. In 2024,
there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no
costs of major reorganisation. The costs of these reorganisation programmes are significant
enough to exclude from the adjusted operating profit measure so as to better highlight the
underlying performance.
Product development impairment charges - In 2025, these relate to the impairment of product
development assets as a result of courseware platform convergence (see note 20). There were
no such amounts in 2024 or 2023.
Adjusted operating profit should not be regarded as a complete picture of the Group\u2019s financial performance. For example, adjusted operating profit includes the benefits of major reorganisation programmes but excludes the significant associated costs, and adjusted operating profit excludes costs related to acquisitions, and the amortisation of intangibles acquired in business combinations, but does not exclude the associated revenue. The Group\u2019s definition of adjusted operating profit may not be comparable to other similarly titled measures reported by other companies. The Group operates in the following main geographic areas:
Sales
Non-current assets
All figures in \u00a3 millions
2025
2024
2023
2025
2024
UK
510
487
450
516
505
Other European countries
126
120
130
157
160
US
2,400
2,444
2,504
2,287
2,310
Canada
68
68
83
182
174
Asia Pacific
354
313
386
165
169
Other countries
119
120
121
11
13
Total
3,577
3,552
3,674
3,318
3,331
Sales are allocated based on the country in which the customer is located. This does not differ materially from the location where the order is received. The geographical split of non-current assets is based on the subsidiary\u2019s country of domicile. This is not materially different to the location of the assets. Non-current assets comprise investment property, property, plant and equipment, intangible assets and investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-737": { "value": " The Group operates in the following main geographic areas:
Sales
Non-current assets
All figures in \u00a3 millions
2025
2024
2023
2025
2024
UK
510
487
450
516
505
Other European countries
126
120
130
157
160
US
2,400
2,444
2,504
2,287
2,310
Canada
68
68
83
182
174
Asia Pacific
354
313
386
165
169
Other countries
119
120
121
11
13
Total
3,577
3,552
3,674
3,318
3,331
Sales are allocated based on the country in which the customer is located. This does not differ materially from the location where the order is received. The geographical split of non-current assets is based on the subsidiary\u2019s country of domicile. This is not materially different to the location of the assets. Non-current assets comprise investment property, property, plant and equipment, intangible assets and investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-738": { "value": "
3. Revenue from contracts with customers
The tables in notes 2 and 3 show revenue from contracts with customers disaggregated by
operating segment, geography and business model. These disaggregation categories are
appropriate as they represent the key groupings used in managing and evaluating underlying
performance of each of the businesses. The categories also reflect groups of similar types of
transactional characteristics, among similar customers, with similar accounting conclusions.
In 2025, the Group has changed how it disaggregates revenue to better align with the current
business model and how revenue is managed by the CODM. All comparative disclosures have
been represented.
The following table analyses the Group\u2019s revenue streams by business model.
2025
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,174
511
186
202
-
-
2,073
Software
229
-
47
69
627
-
972
Print
201
-
172
11
148
-
532
Total
1,604
511
405
282
775
-
3,577
2024
1
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,150
489
193
193
-
\u2013
2,025
Software
209
\u2013
49
61
605
\u2013
924
Print
232
\u2013
178
17
176
\u2013
603
Total
1,591
489
420
271
781
\u2013
3,552
1. Comparative amounts have been restated to reflect the move between operating segments and the change
in revenue disaggregation categories.
2023
1
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,120
616
194
187
6
\u2013
2,123
Software
202
\u2013
45
65
595
\u2013
907
Print
237
\u2013
176
17
205
9
644
Total
1,559
616
415
269
806
9
3,674
1. Comparative amounts have been restated to reflect the move between operating segments and the change in revenue disaggregation categories. The following is a description of the nature of the Group\u2019s performance obligations within contracts with customers broken down by revenue stream, along with judgements and estimates made within each of those revenue streams. Services Revenue is generated by the provision of services for which human and physical resources are a critical and material component for performance and delivery. Key revenue streams by segment are as follows: \u2022 Assessment & Qualifications \u2013 Pearson Professional Assessment, US Student Assessment and UK & International Qualifications; \u2022 Virtual Learning \u2013 Pearson Virtual Schools (Partner schools) and Online Program Management (up to the point of disposal in 2023); \u2022 English Language Learning \u2013 Pearson Test of English (PTE); and \u2022 Enterprise Learning & Skills \u2013 UK & International Vocational Qualifications. Revenue for Services is recognised over time as performance against the obligations occurs. The method for assessing the extent of performance against the obligations, and the related revenue recognition method, varies depending upon the revenue stream. Where revenue is generated from transactions delivering assessments directly to end users, such as Pearson Professional Assessments and PTE, Pearson\u2019s main obligation to the customer involves test delivery and scoring. Test delivery and scoring are defined as a single performance obligation delivered over time whether the test is subsequently manually scored or digitally scored on the day of the assessment. Revenue is recognised when the performance obligation has been completed. Where revenue is generated from multi-year contractual arrangements related to large-scale assessment delivery, such as US Student Assessment and UK & International Qualifications, a variety of service activities are performed such as test administration, delivery, scoring, operational services and programme management. These services are not treated as distinct in the context of the customer contract as Pearson provides an integrated managed service offering and these activities are accounted for together as one comprehensive performance obligation. Agreements may span multiple years, however, the contract duration has been determined to be each testing cycle based on contract structure, including clauses regarding termination. Within each testing cycle, the transaction price may contain both fixed and variable amounts. Variable consideration within these transactions primarily relates to expected testing volumes to be delivered in the cycle. The assumptions, risks and uncertainties inherent to long-term contract accounting can affect the amounts and timing of revenue and related expenses reported. Variable consideration is measured using the expected value method, except where amounts are contingent upon a future event\u2019s occurrence, such as performance bonuses. Such event-driven contingency payments are measured using the most likely amount approach. In estimating and constraining variable consideration, historical experience, current trends and local market conditions are considered. To the extent that a higher degree of uncertainty exists regarding variable consideration, these amounts are excluded from the transaction price and recognised when the uncertainty is reasonably removed. Revenue is recognised over time, based on the extent of progress towards completion of the performance obligation, as the customer is benefiting through a continuous transfer of control to the customer. The selection of the method to measure progress towards completion requires judgement and is based on the nature of the services provided. A percentage of completion method, calculated using the proportion of the total estimated costs incurred to date, is used to recognise the transfer of control of services as these services are not provided evenly throughout the testing cycle and involve varying degrees of effort during the contract term.
Where revenue is generated from multi-year contractual arrangements related to large-scale
educational service delivery to academic institutions, such as Pearson Virtual Schools, a variety of
services are provided such as programme development, student acquisition, education and
platform technology, instructional services and various support services. These services are not
treated as distinct in the context of the customer contract as Pearson provides an integrated
managed service offering and these activities are accounted for together as one comprehensive
performance obligation. Agreements may span multiple years, however, the contract duration
has been determined to be each academic period based on the structure of contracts, including
clauses regarding termination.
Within each academic period, the transaction price may contain both fixed and variable amounts
which require estimation during the academic period. Estimation is required where consideration
is based upon average enrolments or other metrics which are not known at the start of the
academic year. Variable consideration is measured using the expected value method. Historical
experience, current trends, local circumstances and customer specific funding formulas are
considered in estimating and constraining variable consideration. To the extent that a higher
degree of uncertainty exists regarding variable consideration, these amounts are excluded from
the transaction price and recognised when the uncertainty is reasonably removed.
Revenue is recognised over time, based on the extent of progress towards completion of the
performance obligation, as the customer is benefiting through a continuous transfer of control to
the customer. The selection of the method to measure progress towards completion requires
judgement and is based on the nature of the services provided. Within the comprehensive
service obligation, the timing of services occurs relatively evenly over each academic period and,
as such, time elapsed is used to recognise the transfer of control to the customer on a straight-
line basis.
For all Services contracts, contract losses are determined to be the amount by which estimated
total costs of the contract exceed the estimated total revenue that will be generated, any such
losses on contracts are recognised in the period in which the loss first becomes foreseeable.
In addition, customer payments are defined in the contract through a payment schedule which
may result in revenue being deferred or accrued. Where there is a delay between the rendering
of services and payment, or vice versa, the length of time between payment and delivery of
the performance obligations is generally short-term in nature or the reason for early payment
relates to reasons other than financing. For these reasons and the use of the practical expedient
on short-term financing, significant financing components are not recognised within
Services transactions.
Software
Revenue is generated from the provision of a service that is largely performed and delivered by
technology, or from the sale of product that is primarily delivered digitally. This includes digital
courseware, digital learning products (including Certiport) and digital clinical products.
Revenue from the sale of digital courseware, learning and clinical products is recognised on a
straight-line basis over the contract period, unless hosted by a third party or representative of a
downloadable product, in which case Pearson has no ongoing obligation and recognises
revenue when control transfers as the customer is granted access to the digital product.
Revenue from the sale of \u2018off-the-shelf\u2019 software is recognised on delivery or on installation
of the software where that is a condition of the contract. In certain circumstances, where
installation is complex, revenue is recognised when the customer has completed their
acceptance procedures.
While payment for software can occur at the start of the arrangements, the length of time
between payment and delivery of the performance obligations is generally short-term in nature
or the reason for early payment relates to reasons other than financing. For these reasons and the
use of the practical expedient on short-term financing, significant financing components are not
recognised within Software transactions.
Print Revenue is generated from the sale of physical products including printed courseware and clinical assessment physical products. Revenue from the sale of physical products is recognised at a point in time when control passes. This is generally at the point of shipment when title passes to the customer, when the Group has a present right to payment and the significant risks and rewards of ownership have passed to the customer. Revenue from physical books sold through the direct print rental method is recognised over the rental period, as the customer is simultaneously receiving and consuming the benefits of this rental service through the passage of time. In determining the transaction price, variable consideration exists in the form of discounts and anticipated returns. Discounts reduce the transaction price on a given transaction. A provision for anticipated returns is made based primarily on historical return rates, customer buying patterns and retailer behaviours including stock levels. If these estimates do not reflect actual returns in future periods then revenue could be understated or overstated for a particular period. Variable consideration as described above is determined using the expected value approach. The sales return liability at the end of 2025 was \u00a319m (2024: \u00a327m; 2023: \u00a331m). Print products may be sold separately or purchased together with software and / or services in bundled packages. The goods and services included in bundled arrangements are generally considered distinct performance obligations and the transaction price is allocated between the distinct performance obligations on the basis of their relative standalone selling prices. For the purposes of revenue disaggregation disclosures, bundles which include print products are categorised as Print. Contract balances Transactions within the Software revenue stream generally entail customer billings at or near the contract\u2019s inception and accordingly Software deferred income balances are primarily related to subscription performance obligations to be delivered over time. Transactions within the Services revenue streams generally entail customer billings over time based on periodic intervals, progress towards milestones or enrolment census dates. As the performance obligations within these arrangements are delivered over time, the extent of accrued income or deferred income will ultimately depend upon the difference between revenue recognised and billings to date. Refer to note 22 for opening and closing balances of accrued income. Refer to note 24 for opening and closing balances of deferred income. Revenue recognised during the period from changes in deferred income was driven primarily by the release of revenue over time from the items described above. The Group capitalises incremental costs to obtain contracts with customers where it is expected these costs will be recoverable. Incremental costs to obtain contracts with customers are considered those which would not have been incurred if the contract had not been obtained. For the Group, these costs relate primarily to sales commissions and royalty payments. The Group has elected to use the practical expedient as allowable by IFRS 15 whereby such costs will be expensed as incurred where the expected amortisation period is one year or less. Where the amortisation period is greater than one year, these costs are amortised over the contract term on a systematic basis consistent with the transfer of the underlying goods and services within the contract to which these costs relate, which will generally be on a rateable basis. The Group does not recognise any material costs to fulfil contracts with customers except those governed by other accounting standards. Remaining transaction price The Group engages in contracts which span multiple periods, the aggregate amount of the transaction price which is allocated to unsatisfied or partially unsatisfied performance obligations is \u00a3980m (2024: \u00a3876m; 2023: \u00a3934m), of which \u00a3389m (2024: \u00a3391m; 2023: \u00a3368m) has been recognised on the balance sheet as deferred income. In 2025, \u00a3853m of the remaining transaction price is expected to be recognised as revenue during 2026, \u00a3100m during 2027 and \u00a327m thereafter. The equivalent comparative amounts for 2024 are \u00a3775m, \u00a373m and \u00a328m, and for 2023 are \u00a3796m, \u00a3110m and \u00a328m.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-693": { "value": "3. Revenue from contracts with customers The tables in notes 2 and 3 show revenue from contracts with customers disaggregated by operating segment, geography and business model. These disaggregation categories are appropriate as they represent the key groupings used in managing and evaluating underlying performance of each of the businesses. The categories also reflect groups of similar types of transactional characteristics, among similar customers, with similar accounting conclusions. In 2025, the Group has changed how it disaggregates revenue to better align with the current business model and how revenue is managed by the CODM. All comparative disclosures have been represented. The following table analyses the Group\u2019s revenue streams by business model.
2025
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,174
511
186
202
-
-
2,073
Software
229
-
47
69
627
-
972
Print
201
-
172
11
148
-
532
Total
1,604
511
405
282
775
-
3,577
2024
1
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,150
489
193
193
-
\u2013
2,025
Software
209
\u2013
49
61
605
\u2013
924
Print
232
\u2013
178
17
176
\u2013
603
Total
1,591
489
420
271
781
\u2013
3,552
1. Comparative amounts have been restated to reflect the move between operating segments and the change in revenue disaggregation categories.
2023
1
English Enterprise
Assessment & Virtual Language Learning & Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Services
1,120
616
194
187
6
\u2013
2,123
Software
202
\u2013
45
65
595
\u2013
907
Print
237
\u2013
176
17
205
9
644
Total
1,559
616
415
269
806
9
3,674
1. Comparative amounts have been restated to reflect the move between operating segments and the change
in revenue disaggregation categories.
The following is a description of the nature of the Group\u2019s performance obligations within
contracts with customers broken down by revenue stream, along with judgements and estimates
made within each of those revenue streams.
Services
Revenue is generated by the provision of services for which human and physical resources are a
critical and material component for performance and delivery. Key revenue streams by segment
are as follows:
\u2022 Assessment & Qualifications \u2013 Pearson Professional Assessment, US Student Assessment and
UK & International Qualifications;
\u2022 Virtual Learning \u2013 Pearson Virtual Schools (Partner schools) and Online Program Management
(up to the point of disposal in 2023);
\u2022 English Language Learning \u2013 Pearson Test of English (PTE); and
\u2022 Enterprise Learning & Skills \u2013 UK & International Vocational Qualifications.
Revenue for Services is recognised over time as performance against the obligations occurs.
The method for assessing the extent of performance against the obligations, and the related
revenue recognition method, varies depending upon the revenue stream.
Where revenue is generated from transactions delivering assessments directly to end users, such
as Pearson Professional Assessments and PTE, Pearson\u2019s main obligation to the customer
involves test delivery and scoring. Test delivery and scoring are defined as a single performance
obligation delivered over time whether the test is subsequently manually scored or digitally
scored on the day of the assessment. Revenue is recognised when the performance obligation
has been completed.
Where revenue is generated from multi-year contractual arrangements related to large-scale
assessment delivery, such as US Student Assessment and UK & International Qualifications, a
variety of service activities are performed such as test administration, delivery, scoring,
operational services and programme management. These services are not treated as distinct in
the context of the customer contract as Pearson provides an integrated managed service
offering and these activities are accounted for together as one comprehensive performance
obligation. Agreements may span multiple years, however, the contract duration has been
determined to be each testing cycle based on contract structure, including clauses regarding
termination.
Within each testing cycle, the transaction price may contain both fixed and variable amounts.
Variable consideration within these transactions primarily relates to expected testing volumes to
be delivered in the cycle. The assumptions, risks and uncertainties inherent to long-term contract
accounting can affect the amounts and timing of revenue and related expenses reported.
Variable consideration is measured using the expected value method, except where amounts are
contingent upon a future event\u2019s occurrence, such as performance bonuses. Such event-driven
contingency payments are measured using the most likely amount approach. In estimating and
constraining variable consideration, historical experience, current trends and local market
conditions are considered. To the extent that a higher degree of uncertainty exists regarding
variable consideration, these amounts are excluded from the transaction price and recognised
when the uncertainty is reasonably removed.
Revenue is recognised over time, based on the extent of progress towards completion of the
performance obligation, as the customer is benefiting through a continuous transfer of control to
the customer. The selection of the method to measure progress towards completion requires
judgement and is based on the nature of the services provided. A percentage of completion
method, calculated using the proportion of the total estimated costs incurred to date, is used to
recognise the transfer of control of services as these services are not provided evenly
throughout the testing cycle and involve varying degrees of effort during the contract term.
Where revenue is generated from multi-year contractual arrangements related to large-scale educational service delivery to academic institutions, such as Pearson Virtual Schools, a variety of services are provided such as programme development, student acquisition, education and platform technology, instructional services and various support services. These services are not treated as distinct in the context of the customer contract as Pearson provides an integrated managed service offering and these activities are accounted for together as one comprehensive performance obligation. Agreements may span multiple years, however, the contract duration has been determined to be each academic period based on the structure of contracts, including clauses regarding termination. Within each academic period, the transaction price may contain both fixed and variable amounts which require estimation during the academic period. Estimation is required where consideration is based upon average enrolments or other metrics which are not known at the start of the academic year. Variable consideration is measured using the expected value method. Historical experience, current trends, local circumstances and customer specific funding formulas are considered in estimating and constraining variable consideration. To the extent that a higher degree of uncertainty exists regarding variable consideration, these amounts are excluded from the transaction price and recognised when the uncertainty is reasonably removed. Revenue is recognised over time, based on the extent of progress towards completion of the performance obligation, as the customer is benefiting through a continuous transfer of control to the customer. The selection of the method to measure progress towards completion requires judgement and is based on the nature of the services provided. Within the comprehensive service obligation, the timing of services occurs relatively evenly over each academic period and, as such, time elapsed is used to recognise the transfer of control to the customer on a straight- line basis. For all Services contracts, contract losses are determined to be the amount by which estimated total costs of the contract exceed the estimated total revenue that will be generated, any such losses on contracts are recognised in the period in which the loss first becomes foreseeable. In addition, customer payments are defined in the contract through a payment schedule which may result in revenue being deferred or accrued. Where there is a delay between the rendering of services and payment, or vice versa, the length of time between payment and delivery of the performance obligations is generally short-term in nature or the reason for early payment relates to reasons other than financing. For these reasons and the use of the practical expedient on short-term financing, significant financing components are not recognised within Services transactions. Software Revenue is generated from the provision of a service that is largely performed and delivered by technology, or from the sale of product that is primarily delivered digitally. This includes digital courseware, digital learning products (including Certiport) and digital clinical products. Revenue from the sale of digital courseware, learning and clinical products is recognised on a straight-line basis over the contract period, unless hosted by a third party or representative of a downloadable product, in which case Pearson has no ongoing obligation and recognises revenue when control transfers as the customer is granted access to the digital product. Revenue from the sale of \u2018off-the-shelf\u2019 software is recognised on delivery or on installation of the software where that is a condition of the contract. In certain circumstances, where installation is complex, revenue is recognised when the customer has completed their acceptance procedures. While payment for software can occur at the start of the arrangements, the length of time between payment and delivery of the performance obligations is generally short-term in nature or the reason for early payment relates to reasons other than financing. For these reasons and the use of the practical expedient on short-term financing, significant financing components are not recognised within Software transactions.
Print
Revenue is generated from the sale of physical products including printed courseware and
clinical assessment physical products.
Revenue from the sale of physical products is recognised at a point in time when control passes.
This is generally at the point of shipment when title passes to the customer, when the Group has a
present right to payment and the significant risks and rewards of ownership have passed to the
customer. Revenue from physical books sold through the direct print rental method is
recognised over the rental period, as the customer is simultaneously receiving and consuming
the benefits of this rental service through the passage of time.
In determining the transaction price, variable consideration exists in the form of discounts and
anticipated returns. Discounts reduce the transaction price on a given transaction. A provision for
anticipated returns is made based primarily on historical return rates, customer buying patterns
and retailer behaviours including stock levels. If these estimates do not reflect actual returns in
future periods then revenue could be understated or overstated for a particular period. Variable
consideration as described above is determined using the expected value approach. The sales
return liability at the end of 2025 was \u00a319m (2024: \u00a327m; 2023: \u00a331m).
Print products may be sold separately or purchased together with software and / or services in
bundled packages. The goods and services included in bundled arrangements are generally
considered distinct performance obligations and the transaction price is allocated between the
distinct performance obligations on the basis of their relative standalone selling prices. For the
purposes of revenue disaggregation disclosures, bundles which include print products are
categorised as Print.
Contract balances
Transactions within the Software revenue stream generally entail customer billings at or near the
contract\u2019s inception and accordingly Software deferred income balances are primarily related to
subscription performance obligations to be delivered over time.
Transactions within the Services revenue streams generally entail customer billings over time
based on periodic intervals, progress towards milestones or enrolment census dates. As the
performance obligations within these arrangements are delivered over time, the extent of
accrued income or deferred income will ultimately depend upon the difference between
revenue recognised and billings to date.
Refer to note 22 for opening and closing balances of accrued income. Refer to note 24 for
opening and closing balances of deferred income. Revenue recognised during the period from
changes in deferred income was driven primarily by the release of revenue over time from the
items described above.
The Group capitalises incremental costs to obtain contracts with customers where it is expected
these costs will be recoverable. Incremental costs to obtain contracts with customers are
considered those which would not have been incurred if the contract had not been obtained. For
the Group, these costs relate primarily to sales commissions and royalty payments. The Group
has elected to use the practical expedient as allowable by IFRS 15 whereby such costs will be
expensed as incurred where the expected amortisation period is one year or less. Where the
amortisation period is greater than one year, these costs are amortised over the contract term on
a systematic basis consistent with the transfer of the underlying goods and services within the
contract to which these costs relate, which will generally be on a rateable basis. The Group does
not recognise any material costs to fulfil contracts with customers except those governed by
other accounting standards.
Remaining transaction price
The Group engages in contracts which span multiple periods, the aggregate amount of the
transaction price which is allocated to unsatisfied or partially unsatisfied performance
obligations is \u00a3980m (2024: \u00a3876m; 2023: \u00a3934m), of which \u00a3389m (2024: \u00a3391m; 2023: \u00a3368m)
has been recognised on the balance sheet as deferred income. In 2025, \u00a3853m of the remaining
transaction price is expected to be recognised as revenue during 2026, \u00a3100m during 2027 and
\u00a327m thereafter. The equivalent comparative amounts for 2024 are \u00a3775m, \u00a373m and \u00a328m, and
for 2023 are \u00a3796m, \u00a3110m and \u00a328m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-739": { "value": "
4. Operating expenses
All figures in \u00a3 millions
2025
2024
2023
By function:
Cost of goods sold
1,717
1,741
1,839
Operating expenses
Distribution costs
38
43
47
Selling, marketing and product development costs
525
510
549
Administrative and other expenses
733
754
767
Reorganisation costs
\u2013
(2)
\u2013
Product development impairment
87
\u2013
\u2013
Other income
(32)
(40)
(41)
Total net operating expenses
1,351
1,265
1,322
Other net gains and losses
3
7
16
Total
3,071
3,013
3,177
Other income includes freight income and sublet income. Included in administrative and other
expenses are research and efficacy costs of \u00a38m (2024: \u00a36m; 2023: \u00a38m).
Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our
Higher Education division, a fair value gain relating to a previous disposal and costs relating to
current and prior year acquisitions and disposals. In 2024, they relate to costs related to prior year
acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an
associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson
Online Learning Services business and gains related to the release of accruals and a provision
related to historical acquisitions, offset by losses on the disposal of Pearson College and costs
related to current and prior year disposals and acquisitions.
Cost of major reorganisation \u2013 In 2025, there were no costs of major reorganisation. In 2024,
there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no
costs of major reorganisation. The costs of these reorganisation programmes are significant
enough to exclude from the adjusted operating profit measure so as to better highlight the
underlying performance.
Product development impairment charges \u2013 In 2025, these relate to the impairment of product
development assets as a result of courseware platform convergence (see note 20). There were
no such amounts in 2024 or 2023.
In 2025, a gain of \u00a325m relates to reversals of impairments of property assets that were
previously impaired through property charges, and are included within administrative and other
expenses. There are no such amounts in 2024. In 2023, charges of \u00a311m relating to impairments
of property assets arising from the impact of updates to assumptions made during the 2022 and
2021 reorganisation programmes which are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2025
2024
2023
By nature:
Royalties expensed
162
162
164
Other product costs
354
371
393
Employee benefit expense
5
1,423
1,411
1,467
Contract labour
29
56
70
Employee-related expense
47
53
60
Promotional costs
126
113
146
Depreciation and impairment of property,
plant and equipment and investment property
and assets held for sale
1
10
54
77
90
Amortisation and impairment of intangible
assets \u2013 product development
20
364
291
284
Amortisation and impairment of intangible
assets \u2013 software
11
112
117
123
Amortisation and impairment of intangible
assets \u2013 other
11
41
41
46
Property and facilities
68
70
82
Technology and communications
218
215
215
Professional and outsourced services
424
395
443
Other general and administrative costs
92
72
43
Costs capitalised
2
(414)
(398)
(424)
Other net gains and losses
3
7
16
Other income
(32)
(40)
(41)
Total
3,071
3,013
3,177
1. Includes \u00a33m (2024: \u00a3nil; 2023: \u00a3nil) of impairment reversals in respect of assets held for sale.
2. Costs capitalised relate primarily to employee costs.
During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2025
2024
2023
The audit of parent company and consolidated financial
statements
7
7
8
The audit of the company\u2019s subsidiaries
2
2
2
Total audit fees
9
9
10
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
1
9
9
10
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2025
2024
2023
Group audit fees including fees for attestation under
section 404 of the Sarbanes-Oxley Act
9
9
10
Non-audit fees
\u2013
\u2013
\u2013
Total
9
9
10
1. Includes fees in connection with the interim review, UK-required preliminary announcement procedures and
elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted
to \u00a31m in each of the years presented.
In 2025, 2024 and 2023, the external auditor performed several permitted other non-audit
services. In all years the fees rounded to \u00a3nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-789": { "value": "4. Operating expenses
All figures in \u00a3 millions
2025
2024
2023
By function:
Cost of goods sold
1,717
1,741
1,839
Operating expenses
Distribution costs
38
43
47
Selling, marketing and product development costs
525
510
549
Administrative and other expenses
733
754
767
Reorganisation costs
\u2013
(2)
\u2013
Product development impairment
87
\u2013
\u2013
Other income
(32)
(40)
(41)
Total net operating expenses
1,351
1,265
1,322
Other net gains and losses
3
7
16
Total
3,071
3,013
3,177
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a38m (2024: \u00a36m; 2023: \u00a38m). Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher Education division, a fair value gain relating to a previous disposal and costs relating to current and prior year acquisitions and disposals. In 2024, they relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Cost of major reorganisation \u2013 In 2025, there were no costs of major reorganisation. In 2024, there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no costs of major reorganisation. The costs of these reorganisation programmes are significant enough to exclude from the adjusted operating profit measure so as to better highlight the underlying performance. Product development impairment charges \u2013 In 2025, these relate to the impairment of product development assets as a result of courseware platform convergence (see note 20). There were no such amounts in 2024 or 2023. In 2025, a gain of \u00a325m relates to reversals of impairments of property assets that were previously impaired through property charges, and are included within administrative and other expenses. There are no such amounts in 2024. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes which are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2025
2024
2023
By nature:
Royalties expensed
162
162
164
Other product costs
354
371
393
Employee benefit expense
5
1,423
1,411
1,467
Contract labour
29
56
70
Employee-related expense
47
53
60
Promotional costs
126
113
146
Depreciation and impairment of property,
plant and equipment and investment property
and assets held for sale
1
10
54
77
90
Amortisation and impairment of intangible
assets \u2013 product development
20
364
291
284
Amortisation and impairment of intangible
assets \u2013 software
11
112
117
123
Amortisation and impairment of intangible
assets \u2013 other
11
41
41
46
Property and facilities
68
70
82
Technology and communications
218
215
215
Professional and outsourced services
424
395
443
Other general and administrative costs
92
72
43
Costs capitalised
2
(414)
(398)
(424)
Other net gains and losses
3
7
16
Other income
(32)
(40)
(41)
Total
3,071
3,013
3,177
1. Includes \u00a33m (2024: \u00a3nil; 2023: \u00a3nil) of impairment reversals in respect of assets held for sale. 2. Costs capitalised relate primarily to employee costs. During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2025
2024
2023
The audit of parent company and consolidated financial
statements
7
7
8
The audit of the company\u2019s subsidiaries
2
2
2
Total audit fees
9
9
10
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
1
9
9
10
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2025
2024
2023
Group audit fees including fees for attestation under
section 404 of the Sarbanes-Oxley Act
9
9
10
Non-audit fees
\u2013
\u2013
\u2013
Total
9
9
10
1. Includes fees in connection with the interim review, UK-required preliminary announcement procedures and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2025, 2024 and 2023, the external auditor performed several permitted other non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-774": { "value": "4. Operating expenses
All figures in \u00a3 millions
2025
2024
2023
By function:
Cost of goods sold
1,717
1,741
1,839
Operating expenses
Distribution costs
38
43
47
Selling, marketing and product development costs
525
510
549
Administrative and other expenses
733
754
767
Reorganisation costs
\u2013
(2)
\u2013
Product development impairment
87
\u2013
\u2013
Other income
(32)
(40)
(41)
Total net operating expenses
1,351
1,265
1,322
Other net gains and losses
3
7
16
Total
3,071
3,013
3,177
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a38m (2024: \u00a36m; 2023: \u00a38m). Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher Education division, a fair value gain relating to a previous disposal and costs relating to current and prior year acquisitions and disposals. In 2024, they relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Cost of major reorganisation \u2013 In 2025, there were no costs of major reorganisation. In 2024, there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no costs of major reorganisation. The costs of these reorganisation programmes are significant enough to exclude from the adjusted operating profit measure so as to better highlight the underlying performance. Product development impairment charges \u2013 In 2025, these relate to the impairment of product development assets as a result of courseware platform convergence (see note 20). There were no such amounts in 2024 or 2023. In 2025, a gain of \u00a325m relates to reversals of impairments of property assets that were previously impaired through property charges, and are included within administrative and other expenses. There are no such amounts in 2024. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes which are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2025
2024
2023
By nature:
Royalties expensed
162
162
164
Other product costs
354
371
393
Employee benefit expense
5
1,423
1,411
1,467
Contract labour
29
56
70
Employee-related expense
47
53
60
Promotional costs
126
113
146
Depreciation and impairment of property,
plant and equipment and investment property
and assets held for sale
1
10
54
77
90
Amortisation and impairment of intangible
assets \u2013 product development
20
364
291
284
Amortisation and impairment of intangible
assets \u2013 software
11
112
117
123
Amortisation and impairment of intangible
assets \u2013 other
11
41
41
46
Property and facilities
68
70
82
Technology and communications
218
215
215
Professional and outsourced services
424
395
443
Other general and administrative costs
92
72
43
Costs capitalised
2
(414)
(398)
(424)
Other net gains and losses
3
7
16
Other income
(32)
(40)
(41)
Total
3,071
3,013
3,177
1. Includes \u00a33m (2024: \u00a3nil; 2023: \u00a3nil) of impairment reversals in respect of assets held for sale. 2. Costs capitalised relate primarily to employee costs. During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2025
2024
2023
The audit of parent company and consolidated financial
statements
7
7
8
The audit of the company\u2019s subsidiaries
2
2
2
Total audit fees
9
9
10
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
1
9
9
10
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2025
2024
2023
Group audit fees including fees for attestation under
section 404 of the Sarbanes-Oxley Act
9
9
10
Non-audit fees
\u2013
\u2013
\u2013
Total
9
9
10
1. Includes fees in connection with the interim review, UK-required preliminary announcement procedures and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2025, 2024 and 2023, the external auditor performed several permitted other non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-694": { "value": "4. Operating expenses
All figures in \u00a3 millions
2025
2024
2023
By function:
Cost of goods sold
1,717
1,741
1,839
Operating expenses
Distribution costs
38
43
47
Selling, marketing and product development costs
525
510
549
Administrative and other expenses
733
754
767
Reorganisation costs
\u2013
(2)
\u2013
Product development impairment
87
\u2013
\u2013
Other income
(32)
(40)
(41)
Total net operating expenses
1,351
1,265
1,322
Other net gains and losses
3
7
16
Total
3,071
3,013
3,177
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a38m (2024: \u00a36m; 2023: \u00a38m). Other net gains and losses in 2025 relate to the gain on disposal of Copp Clark, a business in our Higher Education division, a fair value gain relating to a previous disposal and costs relating to current and prior year acquisitions and disposals. In 2024, they relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Cost of major reorganisation \u2013 In 2025, there were no costs of major reorganisation. In 2024, there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no costs of major reorganisation. The costs of these reorganisation programmes are significant enough to exclude from the adjusted operating profit measure so as to better highlight the underlying performance. Product development impairment charges \u2013 In 2025, these relate to the impairment of product development assets as a result of courseware platform convergence (see note 20). There were no such amounts in 2024 or 2023. In 2025, a gain of \u00a325m relates to reversals of impairments of property assets that were previously impaired through property charges, and are included within administrative and other expenses. There are no such amounts in 2024. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes which are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2025
2024
2023
By nature:
Royalties expensed
162
162
164
Other product costs
354
371
393
Employee benefit expense
5
1,423
1,411
1,467
Contract labour
29
56
70
Employee-related expense
47
53
60
Promotional costs
126
113
146
Depreciation and impairment of property,
plant and equipment and investment property
and assets held for sale
1
10
54
77
90
Amortisation and impairment of intangible
assets \u2013 product development
20
364
291
284
Amortisation and impairment of intangible
assets \u2013 software
11
112
117
123
Amortisation and impairment of intangible
assets \u2013 other
11
41
41
46
Property and facilities
68
70
82
Technology and communications
218
215
215
Professional and outsourced services
424
395
443
Other general and administrative costs
92
72
43
Costs capitalised
2
(414)
(398)
(424)
Other net gains and losses
3
7
16
Other income
(32)
(40)
(41)
Total
3,071
3,013
3,177
1. Includes \u00a33m (2024: \u00a3nil; 2023: \u00a3nil) of impairment reversals in respect of assets held for sale. 2. Costs capitalised relate primarily to employee costs. During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2025
2024
2023
The audit of parent company and consolidated financial
statements
7
7
8
The audit of the company\u2019s subsidiaries
2
2
2
Total audit fees
9
9
10
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
1
9
9
10
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2025
2024
2023
Group audit fees including fees for attestation under
section 404 of the Sarbanes-Oxley Act
9
9
10
Non-audit fees
\u2013
\u2013
\u2013
Total
9
9
10
1. Includes fees in connection with the interim review, UK-required preliminary announcement procedures and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2025, 2024 and 2023, the external auditor performed several permitted other non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-791": { "value": "
All figures in \u00a3 millions
2025
2024
2023
By function:
Cost of goods sold
1,717
1,741
1,839
Operating expenses
Distribution costs
38
43
47
Selling, marketing and product development costs
525
510
549
Administrative and other expenses
733
754
767
Reorganisation costs
\u2013
(2)
\u2013
Product development impairment
87
\u2013
\u2013
Other income
(32)
(40)
(41)
Total net operating expenses
1,351
1,265
1,322
Other net gains and losses
3
7
16
Total
3,071
3,013
3,177
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a38m (2024: \u00a36m; 2023: \u00a38m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-792": { "value": "
All figures in \u00a3 millions
Notes
2025
2024
2023
By nature:
Royalties expensed
162
162
164
Other product costs
354
371
393
Employee benefit expense
5
1,423
1,411
1,467
Contract labour
29
56
70
Employee-related expense
47
53
60
Promotional costs
126
113
146
Depreciation and impairment of property,
plant and equipment and investment property
and assets held for sale
1
10
54
77
90
Amortisation and impairment of intangible
assets \u2013 product development
20
364
291
284
Amortisation and impairment of intangible
assets \u2013 software
11
112
117
123
Amortisation and impairment of intangible
assets \u2013 other
11
41
41
46
Property and facilities
68
70
82
Technology and communications
218
215
215
Professional and outsourced services
424
395
443
Other general and administrative costs
92
72
43
Costs capitalised
2
(414)
(398)
(424)
Other net gains and losses
3
7
16
Other income
(32)
(40)
(41)
Total
3,071
3,013
3,177
1. Includes \u00a33m (2024: \u00a3nil; 2023: \u00a3nil) of impairment reversals in respect of assets held for sale. 2. Costs capitalised relate primarily to employee costs.
Owned assets
Assets in the
Investment Right-of- Land and Plant and course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Depreciation and impairment
At 1 January 2024
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Exchange differences
\u2013
12
7
8
\u2013
27
Charge for the year
(8)
(34)
(9)
(23)
\u2013
(74)
Disposals and retirements
\u2013
32
\u2013
12
\u2013
44
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
11
6
\u2013
\u2013
\u2013
17
At 31 December 2025
(141)
(223)
(115)
(124)
\u2013
(603)
Carrying amounts
At 1 January 2024
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
At 31 December 2025
91
111
34
55
10
301
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of- Land and Plant and the course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Cost
At 1 January 2024
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Exchange differences
\u2013
(19)
(9)
(10)
\u2013
(38)
Additions
11
41
\u2013
4
26
82
Disposals and retirements
\u2013
(38)
\u2013
(12)
\u2013
(50)
Reclassifications and transfers
\u2013
\u2013
7
18
(25)
\u2013
At 31 December 2025
232
334
149
179
10
904
Property, plant and equipment (including investment property) assets are assessed for impairment triggers annually or when triggering events occur. In 2025, there were impairment reversals of \u00a320m (2024: \u00a31m charge) in respect of property assets, comprising \u00a317m in respect of right-of-use assets, and \u00a33m in relation to owned assets that were classified as held for sale, which had a carrying value of \u00a3nil at 1 January 2025 but were sold for \u00a33m during the year (see note 32). Depreciation expense of \u00a339m (2024: \u00a342m; 2023: \u00a340m) has been included in the income statement in cost of goods sold and \u00a335m (2024: \u00a334m; 2023: \u00a339m) in operating expenses. The impairment reversal of \u00a320m (2024: \u00a31m charge; 2023: \u00a32m charge) has been included within operating expenses within the income statement. The recoverability of certain of the Group\u2019s right-of-use assets is based on the Group\u2019s ability to sublease vacant space. This involves the use of assumptions related to future subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. In 2025, total additions to right-of-use-assets are \u00a351m (2024: \u00a346m) including \u00a310m (2024: \u00a37m) in respect of investment property. Investment property Buildings, or portions of buildings, that are no longer occupied by the Group and are held for operating lease rental are classified as investment property. Investment property includes both right-of-use assets and owned assets. The Group recognised rental income of \u00a310m (2024: \u00a39m; 2023: \u00a36m) in relation to properties classified as investment property. Investment property is measured using the cost model. As a result of the sublet agreements being entered into recently, as well as historical impairments, the fair value of investment property is deemed to be equal to the carrying value. The fair value of investment property has been determined using a discounted cash flow model. The valuation model is internally generated but uses inputs from external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The valuations require the application of judgement and involve the use of known inputs for existing contracted subleases as well as assumptions related to future potential subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. The fair value measurement of investment properties has been classified as level 3 within the fair value hierarchy based on the inputs and valuation technique used. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-695": { "value": "
5. Employee information
All figures in \u00a3 millions
Notes
2025
2024
2023
Employee benefit expense
Wages and salaries (including termination
costs)
1,203
1,188
1,252
Social security costs
113
100
107
Share-based payment costs
26
39
42
37
Retirement benefits \u2013 defined contribution
plans
25
41
41
45
Retirement benefits \u2013 defined benefit plans
25
27
40
26
Total
1,423
1,411
1,467
In 2025, there were no additional share-based payment costs (2024: \u00a32m; 2023: \u00a33m) in respect
of remuneration for post-acquisition services for recent acquisitions included in other net gains
and losses in the income statement.
The details of the emoluments of the Directors of Pearson plc are shown in the report on
Directors\u2019 remuneration.
Average number employed
2025
2024
2023
Employee numbers
UK
2,830
2,798
3,045
Other European countries
675
681
633
US
9,336
9,258
10,125
Canada
306
315
398
Asia Pacific
3,081
3,111
3,257
Other countries
834
861
902
Total
17,062
17,024
18,360
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-793": { "value": "During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2025
2024
2023
The audit of parent company and consolidated financial
statements
7
7
8
The audit of the company\u2019s subsidiaries
2
2
2
Total audit fees
9
9
10
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
1
9
9
10
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2025
2024
2023
Group audit fees including fees for attestation under
section 404 of the Sarbanes-Oxley Act
9
9
10
Non-audit fees
\u2013
\u2013
\u2013
Total
9
9
10
1. Includes fees in connection with the interim review, UK-required preliminary announcement procedures and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2025, 2024 and 2023, the external auditor performed several permitted other non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-696": { "value": "
6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in
a hedge relationship include fair value movements in the interest rate and cross-currency interest
rate swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-795": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-794": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-790": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-775": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-740": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2025
2024
2023
Interest payable on financial liabilities at
amortised cost and associated derivatives
(51)
(48)
(34)
Interest on lease liabilities
34
(20)
(22)
(23)
Interest on deferred and contingent
consideration
(1)
(2)
(4)
Fair value movements on investments held at
fair value
15
(7)
(11)
\u2013
Net foreign exchange losses
(7)
(3)
\u2013
Interest on provisions for uncertain tax
positions
(3)
(7)
\u2013
Fair value movement on derivatives
(9)
(19)
(20)
Finance costs
(98)
(112)
(81)
Interest receivable on financial assets at
amortised cost
14
25
16
Interest on lease receivables
34
3
4
4
Net finance income in respect of retirement
benefits
25
25
21
26
Fair value movements on investments held at
fair value
15
\u2013
\u2013
13
Net foreign exchange gains
\u2013
\u2013
3
Interest on provisions for uncertain tax
positions
\u2013
5
4
Fair value movement on derivatives
6
26
10
Finance income
48
81
76
Net finance costs
(50)
(31)
(5)
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-697": { "value": "
7. Income tax
All figures in \u00a3 millions
Notes
2025
2024
2023
Current tax
Charge in respect of current year
(108)
(132)
(105)
Adjustments in respect of prior years
(6)
60
20
Total current tax charge
(114)
(72)
(85)
Deferred tax
In respect of temporary differences
(9)
8
(11)
Other adjustments in respect of prior years
2
(11)
(17)
Total deferred tax charge
13
(7)
(3)
(28)
Total tax charge
(121)
(75)
(113)
The adjustments in respect of prior years in 2025 is primarily due to movements in provisions for
tax uncertainties. In 2024, the difference is primarily driven by the State Aid provision release (see
page 192 for further details), with 2024 and 2023 also being impacted by revising the previous
year\u2019s reported tax provision to reflect the tax returns subsequently filed.
KJ\u2002Key judgements The application of tax legislation in relation to provisions for uncertain tax positions. KE\u2002Key areas of estimation The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using
the UK tax rate as follows:
All figures in \u00a3 millions
2025
2024
2023
Profit before tax
457
510
493
Tax calculated at UK rate (2025: 25%; 2024: 25%;
2023: 23.5%)
(114)
(127)
(116)
Effect of overseas tax rates
(3)
(1)
(1)
Effect of UK rate change
\u2013
\u2013
(1)
Net (expense)/income not subject to tax
(5)
3
(3)
Gains and losses on sale of businesses not subject to tax
\u2013
\u2013
5
Unrecognised tax losses
6
2
1
State Aid provision release
\u2013
63
\u2013
Movement in provisions for tax uncertainties \u2013 current year
(1)
(1)
(2)
Movement in provisions for tax uncertainties \u2013 prior years
(4)
(12)
1
Other prior year adjustments
\u2013
(2)
3
Total tax charge
(121)
(75)
(113)
UK
(41)
21
(54)
Overseas
(80)
(96)
(59)
Total tax charge
(121)
(75)
(113)
Tax rate reflected in earnings
26.5%
14.7%
23.0%
Included in net (expense)/income not subject to tax is the benefit of available tax credits less the
impact of foreign taxes not creditable, the tax impact of share-based payments and other
expenses not deductible.
Factors which may affect future tax charges include changes in tax legislation, transfer pricing
regulations, the level and mix of profitability in different countries, and settlements with tax authorities.
The 2024 State Aid provision release of \u00a363m was a result of the Court of Justice of the European
Union handing down its decision on 19 September 2024 determining that the United Kingdom
controlled foreign company group financing partial exemption did not constitute State Aid. The
Group had a receivable for the \u00a397m tax and \u00a38m interest on tax paid under the Charging Notices
issued by HMRC in 2021. These amounts were received in 2025, along with the anticipated
additional interest paid on the tax amounts collected.
The movement in provisions for tax uncertainties primarily reflects reassessment of existing
exposures based on currently available information and tax authority correspondence, releases
due to the expiry of relevant statutes of limitation and settlement of certain audits. The current tax
liability of \u00a347m (2024: \u00a332m) includes \u00a346m (2024: \u00a335m) of provisions for tax uncertainties,
whilst the net deferred income tax liability of \u00a331m (2024: \u00a311m) includes \u00a321m (2024: \u00a325m)
of provisions for tax uncertainties, both principally in respect of several matters in the US and the
UK. This includes matters under enquiry from the UK tax authorities with the relevant years being
2019 to 2021.
The Group is currently under audit in several countries, and the timing of any resolution of these
audits is uncertain. In most of these countries, tax years up to and including 2018 are now statute
barred from examination by tax authorities, however, a balance of \u00a317m relates to certain
remaining open issues. Of the remaining \u00a350m balance, \u00a321m relates to 2019, \u00a38m to 2020, \u00a35m
to 2021, \u00a33m to 2022, \u00a35m to 2023, \u00a36m to 2024 and \u00a32m to 2025. The tax authorities may take a
different view from management and the final liability may be greater or lower than provided.
Refer to note 33 for details of other uncertain tax positions.
The Group is within the scope of the UK legislation in relation to Pillar Two which was effective
from 1 January 2024. Based on the most recent financial information available for the constituent
entities in the Group, the Pillar Two effective tax rates in most of the jurisdictions in which the
Group operates are above 15%. There are a limited number of jurisdictions where the transitional
safe harbour relief does not apply, including jurisdictions that may not meet the 16% effective tax
rate threshold required to qualify for the effective tax rate safe harbour test in FY25. However, the
Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.
The tax benefit/(charge) recognised in other comprehensive income is as follows:
All figures in \u00a3 millions
2025
2024
2023
Net exchange differences on translation of foreign operations
\u2013
2
\u2013
Fair value gains on other financial assets
\u2013
\u2013
\u2013
Remeasurement of retirement benefit obligations
(3)
(2)
20
(3)
\u2013
20
13. Deferred income tax
All figures in \u00a3 millions
2025
2024
Deferred income tax assets
58
52
Deferred income tax liabilities
(89)
(63)
Net deferred income tax liability
(31)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than
one year. See note 7 for details of provisions for tax uncertainties held within deferred tax.
Deferred tax assets and liabilities are presented on a net basis where the Group has a legally
enforceable right of offset and the taxes relate to the same fiscal authority.
At 31 December 2025, the Group has gross tax losses for which no deferred tax asset is
recognised of \u00a3896m (2024: \u00a3965m). The expiry date and key geographic split of these losses is
set out in the following table.
Gross
Tax effected
Year ended
31 December 2025 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
411
14
425
\u2013
86
3
89
Within 10-20 years
\u2013
117
\u2013
117
\u2013
6
\u2013
6
Available indefinitely
167
39
148
354
42
2
47
91
Total
167
567
162
896
42
94
50
186
Gross
Tax effected
Year ended
31 December 2024 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue389
616\ue389
182
965\ue389
42\ue389
101\ue389
57\ue389
200\ue389
The decrease in unrecognised tax losses in the US is principally due to the impact of foreign
exchange movements. The decrease in unrecognised tax losses in Other is principally due to the
increased recognition of tax losses in Brazil during the period. Other unrecognised tax losses
includes \u00a3100m gross (2024: \u00a3116m) and \u00a334m tax effected (2024: \u00a339m) relating to Brazil.
Other gross deductible temporary differences for which no deferred tax asset is recognised
total \u00a3198m (2024: \u00a3194m). This includes \u00a3190m (2024: \u00a3188m) in respect of interest limitations.
The amount of temporary differences associated with subsidiaries for which no deferred tax has
been provided totals \u00a3274m (2024: \u00a3290m).
No deferred income tax assets (2024: \u00a39m) have been recognised in countries that reported a tax
loss in either the current or preceding year. The 2024 balance primarily arose in respect of tax
losses in Australia and Argentina.
The recognition of the deferred income tax assets is supported by management\u2019s forecasts of
the future profitability of the relevant countries. In some cases deferred income tax assets are
forecast to be recovered through taxable profits over a period that exceeds five years.
Management consider these forecasts are sufficiently reliable to support the recovery of the
assets. Where there are insufficient forecasts of future profits, deferred income tax assets have
not been recognised.
The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles limitations Other Total
Deferred income tax
assets/(liabilities)
At 1 January 2024
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Exchange differences
\u2013
(2)
\u2013
(1)
\u2013
\u2013
\u2013
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Income statement
benefit/(charge)
(10)
2
(6)
(2)
35
(18)
(8)
(7)
Tax charge in
OCI/equity
\u2013
(6)
(3)
\u2013
\u2013
\u2013
\u2013
(9)
At 31 December 2025
66
58
(122)
42
(89)
\u2013
14
(31)
Included within accruals and other provisions is an amount of \u00a315m (2024: \u00a323m) in respect of
share based payments. Other deferred income tax items include temporary differences in
respect of right-of-use assets (deferred tax asset of \u00a337m (2024: \u00a347m), with an offsetting
deferred tax liability of \u00a333m (2024: \u00a337m), and accelerated capital allowances of \u00a310m
(2024: \u00a311m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-741": { "value": "The Group is within the scope of the UK legislation in relation to Pillar Two which was effective from 1 January 2024. Based on the most recent financial information available for the constituent entities in the Group, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. There are a limited number of jurisdictions where the transitional safe harbour relief does not apply, including jurisdictions that may not meet the 16% effective tax rate threshold required to qualify for the effective tax rate safe harbour test in FY25. However, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-699": { "value": "
9. Dividends
All figures in \u00a3 millions
2025
2024
2023
Final paid in respect of prior year 16.6p (2024: 15.7p;
2023: 14.9p)
110
107
106
Interim paid in respect of current year 7.8p (2024: 7.4p;
2023: 7.0p)
50
49
49
160
156
155
The Directors are proposing a final dividend in respect of the financial year ended 31 December
2025 of 17.4p per equity share which will absorb an estimated \u00a3109m of shareholders\u2019 funds. It
will be paid on 8 May 2026 to shareholders who are on the register of members on 20 March 2026.
These financial statements do not reflect this dividend as a liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-742": { "value": "0.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-698": { "value": "
8. Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity
shareholders of the company (earnings) by the weighted average number of ordinary shares
in issue during the year, excluding ordinary shares purchased by the company and held as
treasury shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares to take account of all dilutive potential ordinary shares and adjusting the profit
attributable, if applicable, to account for any tax consequences that might arise from conversion
of those shares.
Certain contingently issuable shares vested on 31 December 2023 but had not yet been issued.
These shares were considered dilutive but did not materially impact basic EPS.
All figures in \u00a3 millions
2025
2024
2023
Earnings for the year
336
435
380
Non-controlling interest
(1)
(1)
(2)
Earnings attributable to equity shareholders
335
434
378
Weighted average number of shares (millions)
651.3
673.0
711.5
Effect of dilutive share options (millions)
9.0
11.0
5.8
Weighted average number of shares (millions) for diluted
earnings
660.3
684.0
717.3
Earnings per share (in pence per share)
Basic
51.4p
64.5p
53.1p
Diluted
50.7p
63.5p
52.7p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-700": { "value": "
Owned assets
Assets in the
Investment Right-of- Land and Plant and course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Depreciation and impairment
At 1 January 2024
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Exchange differences
\u2013
12
7
8
\u2013
27
Charge for the year
(8)
(34)
(9)
(23)
\u2013
(74)
Disposals and retirements
\u2013
32
\u2013
12
\u2013
44
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
11
6
\u2013
\u2013
\u2013
17
At 31 December 2025
(141)
(223)
(115)
(124)
\u2013
(603)
Carrying amounts
At 1 January 2024
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
At 31 December 2025
91
111
34
55
10
301
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of- Land and Plant and the course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Cost
At 1 January 2024
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Exchange differences
\u2013
(19)
(9)
(10)
\u2013
(38)
Additions
11
41
\u2013
4
26
82
Disposals and retirements
\u2013
(38)
\u2013
(12)
\u2013
(50)
Reclassifications and transfers
\u2013
\u2013
7
18
(25)
\u2013
At 31 December 2025
232
334
149
179
10
904
Property, plant and equipment (including investment property) assets are assessed for
impairment triggers annually or when triggering events occur. In 2025, there were impairment
reversals of \u00a320m (2024: \u00a31m charge) in respect of property assets, comprising \u00a317m in respect
of right-of-use assets, and \u00a33m in relation to owned assets that were classified as held for sale,
which had a carrying value of \u00a3nil at 1 January 2025 but were sold for \u00a33m during the year (see
note 32).
Depreciation expense of \u00a339m (2024: \u00a342m; 2023: \u00a340m) has been included in the income
statement in cost of goods sold and \u00a335m (2024: \u00a334m; 2023: \u00a339m) in operating expenses. The
impairment reversal of \u00a320m (2024: \u00a31m charge; 2023: \u00a32m charge) has been included within
operating expenses within the income statement.
The recoverability of certain of the Group\u2019s right-of-use assets is based on the Group\u2019s ability to
sublease vacant space. This involves the use of assumptions related to future subleases including
the achievable rent, lease start dates, lease incentives such as rent free periods and the discount
rate applied. Should the future sublease outcomes be more or less favourable than the
assumptions used by management, this could result in additional impairment charges or
reversals of impairment charges.
In 2025, total additions to right-of-use-assets are \u00a351m (2024: \u00a346m) including \u00a310m (2024:
\u00a37m) in respect of investment property.
Investment property
Buildings, or portions of buildings, that are no longer occupied by the Group and are held for
operating lease rental are classified as investment property. Investment property includes both
right-of-use assets and owned assets. The Group recognised rental income of \u00a310m (2024: \u00a39m;
2023: \u00a36m) in relation to properties classified as investment property. Investment property is
measured using the cost model. As a result of the sublet agreements being entered into recently,
as well as historical impairments, the fair value of investment property is deemed to be equal to
the carrying value. The fair value of investment property has been determined using a discounted
cash flow model. The valuation model is internally generated but uses inputs from external,
independent property valuers, having appropriate recognised professional qualifications and
recent experience in the location and category of the property being valued. The valuations
require the application of judgement and involve the use of known inputs for existing contracted
subleases as well as assumptions related to future potential subleases including the achievable
rent, lease start dates, lease incentives such as rent free periods and the discount rate applied.
The fair value measurement of investment properties has been classified as level 3 within the fair
value hierarchy based on the inputs and valuation technique used. Should the future sublease
outcomes be more or less favourable than the assumptions used by management, this could
result in additional impairment charges or reversals of impairment charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-743": { "value": "
Owned assets
Assets in the
Investment Right-of- Land and Plant and course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Depreciation and impairment
At 1 January 2024
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Exchange differences
\u2013
12
7
8
\u2013
27
Charge for the year
(8)
(34)
(9)
(23)
\u2013
(74)
Disposals and retirements
\u2013
32
\u2013
12
\u2013
44
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
11
6
\u2013
\u2013
\u2013
17
At 31 December 2025
(141)
(223)
(115)
(124)
\u2013
(603)
Carrying amounts
At 1 January 2024
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
At 31 December 2025
91
111
34
55
10
301
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of- Land and Plant and the course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Cost
At 1 January 2024
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Exchange differences
\u2013
(19)
(9)
(10)
\u2013
(38)
Additions
11
41
\u2013
4
26
82
Disposals and retirements
\u2013
(38)
\u2013
(12)
\u2013
(50)
Reclassifications and transfers
\u2013
\u2013
7
18
(25)
\u2013
At 31 December 2025
232
334
149
179
10
904
Property, plant and equipment (including investment property) assets are assessed for impairment triggers annually or when triggering events occur. In 2025, there were impairment reversals of \u00a320m (2024: \u00a31m charge) in respect of property assets, comprising \u00a317m in respect of right-of-use assets, and \u00a33m in relation to owned assets that were classified as held for sale, which had a carrying value of \u00a3nil at 1 January 2025 but were sold for \u00a33m during the year (see note 32). Depreciation expense of \u00a339m (2024: \u00a342m; 2023: \u00a340m) has been included in the income statement in cost of goods sold and \u00a335m (2024: \u00a334m; 2023: \u00a339m) in operating expenses. The impairment reversal of \u00a320m (2024: \u00a31m charge; 2023: \u00a32m charge) has been included within operating expenses within the income statement. The recoverability of certain of the Group\u2019s right-of-use assets is based on the Group\u2019s ability to sublease vacant space. This involves the use of assumptions related to future subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. In 2025, total additions to right-of-use-assets are \u00a351m (2024: \u00a346m) including \u00a310m (2024: \u00a37m) in respect of investment property. Investment property Buildings, or portions of buildings, that are no longer occupied by the Group and are held for operating lease rental are classified as investment property. Investment property includes both right-of-use assets and owned assets. The Group recognised rental income of \u00a310m (2024: \u00a39m; 2023: \u00a36m) in relation to properties classified as investment property. Investment property is measured using the cost model. As a result of the sublet agreements being entered into recently, as well as historical impairments, the fair value of investment property is deemed to be equal to the carrying value. The fair value of investment property has been determined using a discounted cash flow model. The valuation model is internally generated but uses inputs from external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The valuations require the application of judgement and involve the use of known inputs for existing contracted subleases as well as assumptions related to future potential subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. The fair value measurement of investment properties has been classified as level 3 within the fair value hierarchy based on the inputs and valuation technique used. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-796": { "value": "
Owned assets
Assets in the
Investment Right-of- Land and Plant and course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Depreciation and impairment
At 1 January 2024
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Exchange differences
\u2013
12
7
8
\u2013
27
Charge for the year
(8)
(34)
(9)
(23)
\u2013
(74)
Disposals and retirements
\u2013
32
\u2013
12
\u2013
44
Reclassifications and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reversal of impairment/
(impairment)
11
6
\u2013
\u2013
\u2013
17
At 31 December 2025
(141)
(223)
(115)
(124)
\u2013
(603)
Carrying amounts
At 1 January 2024
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
At 31 December 2025
91
111
34
55
10
301
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of- Land and Plant and the course of
All figures in \u00a3 millions property use assets buildings equipment construction Total
Cost
At 1 January 2024
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Exchange differences
\u2013
(19)
(9)
(10)
\u2013
(38)
Additions
11
41
\u2013
4
26
82
Disposals and retirements
\u2013
(38)
\u2013
(12)
\u2013
(50)
Reclassifications and transfers
\u2013
\u2013
7
18
(25)
\u2013
At 31 December 2025
232
334
149
179
10
904
Property, plant and equipment (including investment property) assets are assessed for impairment triggers annually or when triggering events occur. In 2025, there were impairment reversals of \u00a320m (2024: \u00a31m charge) in respect of property assets, comprising \u00a317m in respect of right-of-use assets, and \u00a33m in relation to owned assets that were classified as held for sale, which had a carrying value of \u00a3nil at 1 January 2025 but were sold for \u00a33m during the year (see note 32). Depreciation expense of \u00a339m (2024: \u00a342m; 2023: \u00a340m) has been included in the income statement in cost of goods sold and \u00a335m (2024: \u00a334m; 2023: \u00a339m) in operating expenses. The impairment reversal of \u00a320m (2024: \u00a31m charge; 2023: \u00a32m charge) has been included within operating expenses within the income statement. The recoverability of certain of the Group\u2019s right-of-use assets is based on the Group\u2019s ability to sublease vacant space. This involves the use of assumptions related to future subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. In 2025, total additions to right-of-use-assets are \u00a351m (2024: \u00a346m) including \u00a310m (2024: \u00a37m) in respect of investment property. Investment property Buildings, or portions of buildings, that are no longer occupied by the Group and are held for operating lease rental are classified as investment property. Investment property includes both right-of-use assets and owned assets. The Group recognised rental income of \u00a310m (2024: \u00a39m; 2023: \u00a36m) in relation to properties classified as investment property. Investment property is measured using the cost model. As a result of the sublet agreements being entered into recently, as well as historical impairments, the fair value of investment property is deemed to be equal to the carrying value. The fair value of investment property has been determined using a discounted cash flow model. The valuation model is internally generated but uses inputs from external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The valuations require the application of judgement and involve the use of known inputs for existing contracted subleases as well as assumptions related to future potential subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. The fair value measurement of investment properties has been classified as level 3 within the fair value hierarchy based on the inputs and valuation technique used. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-701": { "value": "
11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Cost
At 1 January 2024
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of
business (note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Exchange differences
(114)
(56)
(33)
(6)
(3)
(13)
(225)
Additions \u2013 internal
development
\u2013
105
\u2013
\u2013
\u2013
\u2013
105
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(15)
\u2013
\u2013
\u2013
\u2013
(15)
Acquisition of
business (note 30)
102
\u2013
54
3
\u2013
14
173
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
2,425
1,180
607
173
97
421
4,903
Software and acquired intangible assets
Acquired intangible assets are valued separately for each acquisition. For material business
combinations, the valuation is determined with the support of a third-party specialist. The primary
method of valuation used is the discounted cash flow method. Acquired intangibles are
amortised either on a straight line basis or using an amortisation profile based on the projected
cash flows underlying the acquisition date valuation of the intangible asset, which generally
results in a larger proportion of amortisation being recognised in the early years of the asset\u2019s life,
depending on the individual asset. The Group keeps the expected pattern of consumption under
review. Other intangibles acquired includes technology.
Amortisation of \u00a346m (2024: \u00a340m; 2023: \u00a337m) is included in the income statement in cost of
goods sold and \u00a3107m (2024: \u00a3118m; 2023: \u00a3132m) in operating expenses. Impairment charges
of \u00a3nil (2024: \u00a3nil; 2023: \u00a3nil) are included in operating expenses within the income statement.
The range of useful economic lives for each major class of intangible asset (excluding goodwill
and software) is shown below:
At 31 December 2025
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2025
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years twenty years Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
72
50
34
4
160
Acquired trademarks and brands
16
4
\u2013
\u2013
20
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
69
9
4
\u2013
82
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Amortisation and
impairment
At 1 January 2024
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Exchange differences
\u2013
38
26
5
3
11
83
Charge for the year
\u2013
(112)
(16)
(5)
\u2013
(20)
(153)
Disposals and
retirements
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
\u2013
(859)
(447)
(153)
(96)
(339)
(1,894)
Carrying amounts
At 1 January 2024
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
At 31 December 2025
2,425
321
160
20
1
82
3,009
KE\u2002Key areas of estimation The valuation of acquired intangible assets recognised on the acquisition of a business. The valuation is based on a number of assumptions, including estimations of future business performance. The key assumptions used by management in the value in use calculations were: Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital, where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting underlying economic conditions, and so no further risk premiums were considered necessary. The average pre-tax discount rates range from 10.3% to 12.6% (2024: pre-tax 10.8% to 13.2%). Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity growth rate of 2% (2024: 2%) was used for cash flows subsequent to the approved budget period for CGUs operating primarily in mature markets. This perpetuity growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGU operates and the long-term growth rate prospects of the sectors in which the CGU operates. A blended growth rate of 3.5% (2024: 3.5%) was used for cash flows subsequent to the approved budget period for English Language Learning which has a higher exposure to emerging markets with higher inflation. This geographically blended growth rate is generally in line with the long-term historical growth rates in those markets. The key assumptions used by management in setting the financial budgets were as follows: Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience adjusted for the strategic direction and near-term investment priorities within each CGU. Key assumptions include growth in Enterprise Learning and Skills and English Language Learning due to product-led share gains and key accounts, growth in Virtual Learning driven by market demand and new schools, and strong core performance and market expansion in Assessments and Qualifications and Higher Education. The sales forecasts use average nominal growth rates of low-mid single digits for mature businesses in mature markets and mid-high single digit growth where there has been significant organic and / or inorganic investment. Operating profits \u2013 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of changes to product costs, strategic developments and new business cases to the extent they have been formally approved prior to the balance sheet date. Management applies judgement in allocating corporate costs on a reasonable and consistent basis in order to determine operating profit at a CGU level. Management have considered the impact of climate change risks (including physical and transition risks and the costs associated with achieving the Group\u2019s net zero commitment) and are satisfied that any related costs will not materially impact the Group\u2019s cash flow projections or impairment judgements at 31 December 2025. Impairment tests for cash-generating units (CGUs) containing goodwill Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or an aggregation of CGUs, where goodwill could not be reasonably allocated to individual business units. Impairment reviews were conducted on these aggregated CGUs as follows:
2025 2024
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,288
1,369
Virtual Learning
397
426
English Language Learning
250
246
Enterprise Learning & Skills
338
330
Higher Education
152
66
Total
2,425
2,437
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated CGU is based on the higher of value in use and fair value less costs of disposal. The impairment assessment is based on value in use. Other than goodwill there are no intangible assets with indefinite lives. No impairments of goodwill were recorded in 2025 or 2024. Determination of CGUs and reallocation of goodwill Pearson identifies its CGUs based on its operating model and how data is collected and reviewed for management reporting and strategic planning purposes in accordance with IAS 36 \u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is monitored by management. In 2025, goodwill of \u00a318m was transferred from the Higher Education CGU aggregation to the Enterprise Learning & Skills CGU aggregation in relation to the IT Pro business (see note 2). A relative value method was used to determine the amount of goodwill that should be transferred. Key assumptions For the purpose of estimating the value in use of the CGUs, management has used an income approach based on present value techniques. The calculations for all CGUs use cash flow projections based on financial budgets approved by the Board covering a five-year period. The table below shows the key assumptions used by management in the value in use calculations.
2025
2024
Discount Perpetuity Discount Perpetuity
rate growth rate rate growth rate
Assessment & Qualifications
10.5%
2.0%
11.0%
2.0%
Virtual Learning
10.3%
2.0%
10.9%
2.0%
English Language Learning
12.6%
3.5%
13.2%
3.5%
Enterprise Learning & Skills
10.6%
2.0%
10.8%
2.0%
Higher Education
10.5%
2.0%
10.8%
2.0%
Sensitivities Impairment testing for the year ended 31 December 2025 has identified that the Enterprise Learning & Skills CGU aggregation is sensitive to reasonably possible changes in key assumptions. The Enterprise Learning & Skills headroom at 31 December 2025 is \u00a3123m, this headroom would be eliminated if the discount rate increased by 1.6%.
20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2025
2024
Cost
At 1 January
2,514
2,517
Exchange differences
(135)
17
Additions
285
284
Disposals and retirements
(38)
(309)
Transfers
\u2013
5
At 31 December
2,626
2,514
Amortisation
At 1 January
(1,567)
(1,570)
Exchange differences
89
(14)
Charge for the year
(276)
(287)
Impairment
(88)
(4)
Disposals and retirements
38
309
Transfers
\u2013
(1)
At 31 December
(1,804)
(1,567)
Carrying amounts at 31 December
822
947
Product development assets are assessed for impairment triggers on an annual basis or when
triggering events occur. In 2025, of the \u00a388m (2024: \u00a34m; 2023: \u00a34m) impairment charges, \u00a387m
(2024: \u00a3nil; 2023: \u00a3nil) have been recognised relating to the impairment of product development
assets as a result of courseware platform convergence. The impairment charge is within Higher
Education. The impairment assessment is based on the value in use of the cash-generating unit
(CGUs) within the Higher Education aggregation of CGUs that these product development
assets belong to. The value in use has been determined using the same methodology as in the
assessment of the impairment tests for CGUs containing goodwill set out in note 11. The key
assumption in the value in use calculation is the cash flows attributable to the relevant CGU that
these product development assets belong to. The other assumptions used in the value in use
calculation, including discount rates and assumptions relating to sales and profits are in line with
the assumptions for Higher Education set out in note 11. The impairment charge is not sensitive to
reasonably possible changes in key assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-776": { "value": "11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Cost
At 1 January 2024
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of
business (note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Exchange differences
(114)
(56)
(33)
(6)
(3)
(13)
(225)
Additions \u2013 internal
development
\u2013
105
\u2013
\u2013
\u2013
\u2013
105
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(15)
\u2013
\u2013
\u2013
\u2013
(15)
Acquisition of
business (note 30)
102
\u2013
54
3
\u2013
14
173
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
2,425
1,180
607
173
97
421
4,903
Software and acquired intangible assets Acquired intangible assets are valued separately for each acquisition. For material business combinations, the valuation is determined with the support of a third-party specialist. The primary method of valuation used is the discounted cash flow method. Acquired intangibles are amortised either on a straight line basis or using an amortisation profile based on the projected cash flows underlying the acquisition date valuation of the intangible asset, which generally results in a larger proportion of amortisation being recognised in the early years of the asset\u2019s life, depending on the individual asset. The Group keeps the expected pattern of consumption under review. Other intangibles acquired includes technology. Amortisation of \u00a346m (2024: \u00a340m; 2023: \u00a337m) is included in the income statement in cost of goods sold and \u00a3107m (2024: \u00a3118m; 2023: \u00a3132m) in operating expenses. Impairment charges of \u00a3nil (2024: \u00a3nil; 2023: \u00a3nil) are included in operating expenses within the income statement. The range of useful economic lives for each major class of intangible asset (excluding goodwill and software) is shown below:
At 31 December 2025
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2025
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years twenty years Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
72
50
34
4
160
Acquired trademarks and brands
16
4
\u2013
\u2013
20
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
69
9
4
\u2013
82
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Amortisation and
impairment
At 1 January 2024
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Exchange differences
\u2013
38
26
5
3
11
83
Charge for the year
\u2013
(112)
(16)
(5)
\u2013
(20)
(153)
Disposals and
retirements
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
\u2013
(859)
(447)
(153)
(96)
(339)
(1,894)
Carrying amounts
At 1 January 2024
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
At 31 December 2025
2,425
321
160
20
1
82
3,009
KE
\u2002Key areas of estimation
The valuation of acquired intangible assets recognised on the acquisition of a business.
The valuation is based on a number of assumptions, including estimations of future
business performance.
The key assumptions used by management in the value in use calculations were: Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital, where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting underlying economic conditions, and so no further risk premiums were considered necessary. The average pre-tax discount rates range from 10.3% to 12.6% (2024: pre-tax 10.8% to 13.2%). Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity growth rate of 2% (2024: 2%) was used for cash flows subsequent to the approved budget period for CGUs operating primarily in mature markets. This perpetuity growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGU operates and the long-term growth rate prospects of the sectors in which the CGU operates. A blended growth rate of 3.5% (2024: 3.5%) was used for cash flows subsequent to the approved budget period for English Language Learning which has a higher exposure to emerging markets with higher inflation. This geographically blended growth rate is generally in line with the long-term historical growth rates in those markets. The key assumptions used by management in setting the financial budgets were as follows: Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience adjusted for the strategic direction and near-term investment priorities within each CGU. Key assumptions include growth in Enterprise Learning and Skills and English Language Learning due to product-led share gains and key accounts, growth in Virtual Learning driven by market demand and new schools, and strong core performance and market expansion in Assessments and Qualifications and Higher Education. The sales forecasts use average nominal growth rates of low-mid single digits for mature businesses in mature markets and mid-high single digit growth where there has been significant organic and / or inorganic investment. Operating profits \u2013 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of changes to product costs, strategic developments and new business cases to the extent they have been formally approved prior to the balance sheet date. Management applies judgement in allocating corporate costs on a reasonable and consistent basis in order to determine operating profit at a CGU level. Management have considered the impact of climate change risks (including physical and transition risks and the costs associated with achieving the Group\u2019s net zero commitment) and are satisfied that any related costs will not materially impact the Group\u2019s cash flow projections or impairment judgements at 31 December 2025.
Impairment tests for cash-generating units (CGUs) containing goodwill
Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or
an aggregation of CGUs, where goodwill could not be reasonably allocated to individual
business units. Impairment reviews were conducted on these aggregated CGUs as follows:
2025 2024
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,288
1,369
Virtual Learning
397
426
English Language Learning
250
246
Enterprise Learning & Skills
338
330
Higher Education
152
66
Total
2,425
2,437
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated
CGU is based on the higher of value in use and fair value less costs of disposal. The impairment
assessment is based on value in use. Other than goodwill there are no intangible assets with
indefinite lives. No impairments of goodwill were recorded in 2025 or 2024.
Determination of CGUs and reallocation of goodwill
Pearson identifies its CGUs based on its operating model and how data is collected and
reviewed for management reporting and strategic planning purposes in accordance with IAS 36
\u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is
monitored by management.
In 2025, goodwill of \u00a318m was transferred from the Higher Education CGU aggregation to the
Enterprise Learning & Skills CGU aggregation in relation to the IT Pro business (see note 2). A
relative value method was used to determine the amount of goodwill that should be transferred.
Key assumptions
For the purpose of estimating the value in use of the CGUs, management has used an income
approach based on present value techniques. The calculations for all CGUs use cash flow
projections based on financial budgets approved by the Board covering a five-year period.
The table below shows the key assumptions used by management in the value in use calculations.
2025
2024
Discount Perpetuity Discount Perpetuity
rate growth rate rate growth rate
Assessment & Qualifications
10.5%
2.0%
11.0%
2.0%
Virtual Learning
10.3%
2.0%
10.9%
2.0%
English Language Learning
12.6%
3.5%
13.2%
3.5%
Enterprise Learning & Skills
10.6%
2.0%
10.8%
2.0%
Higher Education
10.5%
2.0%
10.8%
2.0%
Sensitivities
Impairment testing for the year ended 31 December 2025 has identified that the Enterprise
Learning & Skills CGU aggregation is sensitive to reasonably possible changes in key
assumptions. The Enterprise Learning & Skills headroom at 31 December 2025 is \u00a3123m, this
headroom would be eliminated if the discount rate increased by 1.6%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-744": { "value": "11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Cost
At 1 January 2024
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of
business (note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Exchange differences
(114)
(56)
(33)
(6)
(3)
(13)
(225)
Additions \u2013 internal
development
\u2013
105
\u2013
\u2013
\u2013
\u2013
105
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(15)
\u2013
\u2013
\u2013
\u2013
(15)
Acquisition of
business (note 30)
102
\u2013
54
3
\u2013
14
173
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
2,425
1,180
607
173
97
421
4,903
Software and acquired intangible assets Acquired intangible assets are valued separately for each acquisition. For material business combinations, the valuation is determined with the support of a third-party specialist. The primary method of valuation used is the discounted cash flow method. Acquired intangibles are amortised either on a straight line basis or using an amortisation profile based on the projected cash flows underlying the acquisition date valuation of the intangible asset, which generally results in a larger proportion of amortisation being recognised in the early years of the asset\u2019s life, depending on the individual asset. The Group keeps the expected pattern of consumption under review. Other intangibles acquired includes technology. Amortisation of \u00a346m (2024: \u00a340m; 2023: \u00a337m) is included in the income statement in cost of goods sold and \u00a3107m (2024: \u00a3118m; 2023: \u00a3132m) in operating expenses. Impairment charges of \u00a3nil (2024: \u00a3nil; 2023: \u00a3nil) are included in operating expenses within the income statement. The range of useful economic lives for each major class of intangible asset (excluding goodwill and software) is shown below:
At 31 December 2025
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2025
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years twenty years Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
72
50
34
4
160
Acquired trademarks and brands
16
4
\u2013
\u2013
20
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
69
9
4
\u2013
82
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions Goodwill Software relationships and brands rights acquired Total
Amortisation and
impairment
At 1 January 2024
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Exchange differences
\u2013
38
26
5
3
11
83
Charge for the year
\u2013
(112)
(16)
(5)
\u2013
(20)
(153)
Disposals and
retirements
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
Transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
\u2013
(859)
(447)
(153)
(96)
(339)
(1,894)
Carrying amounts
At 1 January 2024
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
At 31 December 2025
2,425
321
160
20
1
82
3,009
KE\u2002Key areas of estimation The valuation of acquired intangible assets recognised on the acquisition of a business. The valuation is based on a number of assumptions, including estimations of future business performance.
The key assumptions used by management in the value in use calculations were:
Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital,
where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted
for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple
territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting
underlying economic conditions, and so no further risk premiums were considered necessary.
The average pre-tax discount rates range from 10.3% to 12.6% (2024: pre-tax 10.8% to 13.2%).
Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity
growth rate of 2% (2024: 2%) was used for cash flows subsequent to the approved budget
period for CGUs operating primarily in mature markets. This perpetuity growth rate is a
conservative rate and is considered to be lower than the long-term historical growth rates of the
underlying territories in which the CGU operates and the long-term growth rate prospects of the
sectors in which the CGU operates. A blended growth rate of 3.5% (2024: 3.5%) was used for cash
flows subsequent to the approved budget period for English Language Learning which has a
higher exposure to emerging markets with higher inflation. This geographically blended growth
rate is generally in line with the long-term historical growth rates in those markets.
The key assumptions used by management in setting the financial budgets were as follows:
Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience
adjusted for the strategic direction and near-term investment priorities within each CGU. Key
assumptions include growth in Enterprise Learning and Skills and English Language Learning due
to product-led share gains and key accounts, growth in Virtual Learning driven by market demand
and new schools, and strong core performance and market expansion in Assessments and
Qualifications and Higher Education. The sales forecasts use average nominal growth rates of
low-mid single digits for mature businesses in mature markets and mid-high single digit growth
where there has been significant organic and / or inorganic investment.
Operating profits \u2013 Operating profits are forecast based on historical experience of operating
margins, adjusted for the impact of changes to product costs, strategic developments and new
business cases to the extent they have been formally approved prior to the balance sheet date.
Management applies judgement in allocating corporate costs on a reasonable and consistent
basis in order to determine operating profit at a CGU level.
Management have considered the impact of climate change risks (including physical and
transition risks and the costs associated with achieving the Group\u2019s net zero commitment) and
are satisfied that any related costs will not materially impact the Group\u2019s cash flow projections or
impairment judgements at 31 December 2025.
Impairment tests for cash-generating units (CGUs) containing goodwill Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or an aggregation of CGUs, where goodwill could not be reasonably allocated to individual business units. Impairment reviews were conducted on these aggregated CGUs as follows:
2025 2024
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,288
1,369
Virtual Learning
397
426
English Language Learning
250
246
Enterprise Learning & Skills
338
330
Higher Education
152
66
Total
2,425
2,437
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated CGU is based on the higher of value in use and fair value less costs of disposal. The impairment assessment is based on value in use. Other than goodwill there are no intangible assets with indefinite lives. No impairments of goodwill were recorded in 2025 or 2024. Determination of CGUs and reallocation of goodwill Pearson identifies its CGUs based on its operating model and how data is collected and reviewed for management reporting and strategic planning purposes in accordance with IAS 36 \u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is monitored by management. In 2025, goodwill of \u00a318m was transferred from the Higher Education CGU aggregation to the Enterprise Learning & Skills CGU aggregation in relation to the IT Pro business (see note 2). A relative value method was used to determine the amount of goodwill that should be transferred. Key assumptions For the purpose of estimating the value in use of the CGUs, management has used an income approach based on present value techniques. The calculations for all CGUs use cash flow projections based on financial budgets approved by the Board covering a five-year period. The table below shows the key assumptions used by management in the value in use calculations.
2025
2024
Discount Perpetuity Discount Perpetuity
rate growth rate rate growth rate
Assessment & Qualifications
10.5%
2.0%
11.0%
2.0%
Virtual Learning
10.3%
2.0%
10.9%
2.0%
English Language Learning
12.6%
3.5%
13.2%
3.5%
Enterprise Learning & Skills
10.6%
2.0%
10.8%
2.0%
Higher Education
10.5%
2.0%
10.8%
2.0%
Sensitivities Impairment testing for the year ended 31 December 2025 has identified that the Enterprise Learning & Skills CGU aggregation is sensitive to reasonably possible changes in key assumptions. The Enterprise Learning & Skills headroom at 31 December 2025 is \u00a3123m, this headroom would be eliminated if the discount rate increased by 1.6%. 20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2025
2024
Cost
At 1 January
2,514
2,517
Exchange differences
(135)
17
Additions
285
284
Disposals and retirements
(38)
(309)
Transfers
\u2013
5
At 31 December
2,626
2,514
Amortisation
At 1 January
(1,567)
(1,570)
Exchange differences
89
(14)
Charge for the year
(276)
(287)
Impairment
(88)
(4)
Disposals and retirements
38
309
Transfers
\u2013
(1)
At 31 December
(1,804)
(1,567)
Carrying amounts at 31 December
822
947
Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. In 2025, of the \u00a388m (2024: \u00a34m; 2023: \u00a34m) impairment charges, \u00a387m (2024: \u00a3nil; 2023: \u00a3nil) have been recognised relating to the impairment of product development assets as a result of courseware platform convergence. The impairment charge is within Higher Education. The impairment assessment is based on the value in use of the cash-generating unit (CGUs) within the Higher Education aggregation of CGUs that these product development assets belong to. The value in use has been determined using the same methodology as in the assessment of the impairment tests for CGUs containing goodwill set out in note 11. The key assumption in the value in use calculation is the cash flows attributable to the relevant CGU that these product development assets belong to. The other assumptions used in the value in use calculation, including discount rates and assumptions relating to sales and profits are in line with the assumptions for Higher Education set out in note 11. The impairment charge is not sensitive to reasonably possible changes in key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-778": { "value": "13. Deferred income tax
All figures in \u00a3 millions
2025
2024
Deferred income tax assets
58
52
Deferred income tax liabilities
(89)
(63)
Net deferred income tax liability
(31)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than one year. See note 7 for details of provisions for tax uncertainties held within deferred tax. Deferred tax assets and liabilities are presented on a net basis where the Group has a legally enforceable right of offset and the taxes relate to the same fiscal authority. At 31 December 2025, the Group has gross tax losses for which no deferred tax asset is recognised of \u00a3896m (2024: \u00a3965m). The expiry date and key geographic split of these losses is set out in the following table.
Gross
Tax effected
Year ended
31 December 2025 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
411
14
425
\u2013
86
3
89
Within 10-20 years
\u2013
117
\u2013
117
\u2013
6
\u2013
6
Available indefinitely
167
39
148
354
42
2
47
91
Total
167
567
162
896
42
94
50
186
Gross
Tax effected
Year ended
31 December 2024 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue389
616\ue389
182
965\ue389
42\ue389
101\ue389
57\ue389
200\ue389
The decrease in unrecognised tax losses in the US is principally due to the impact of foreign exchange movements. The decrease in unrecognised tax losses in Other is principally due to the increased recognition of tax losses in Brazil during the period. Other unrecognised tax losses includes \u00a3100m gross (2024: \u00a3116m) and \u00a334m tax effected (2024: \u00a339m) relating to Brazil. Other gross deductible temporary differences for which no deferred tax asset is recognised total \u00a3198m (2024: \u00a3194m). This includes \u00a3190m (2024: \u00a3188m) in respect of interest limitations. The amount of temporary differences associated with subsidiaries for which no deferred tax has been provided totals \u00a3274m (2024: \u00a3290m). No deferred income tax assets (2024: \u00a39m) have been recognised in countries that reported a tax loss in either the current or preceding year. The 2024 balance primarily arose in respect of tax losses in Australia and Argentina. The recognition of the deferred income tax assets is supported by management\u2019s forecasts of the future profitability of the relevant countries. In some cases deferred income tax assets are forecast to be recovered through taxable profits over a period that exceeds five years. Management consider these forecasts are sufficiently reliable to support the recovery of the assets. Where there are insufficient forecasts of future profits, deferred income tax assets have not been recognised. The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles limitations Other Total
Deferred income tax
assets/(liabilities)
At 1 January 2024
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Exchange differences
\u2013
(2)
\u2013
(1)
\u2013
\u2013
\u2013
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Income statement
benefit/(charge)
(10)
2
(6)
(2)
35
(18)
(8)
(7)
Tax charge in
OCI/equity
\u2013
(6)
(3)
\u2013
\u2013
\u2013
\u2013
(9)
At 31 December 2025
66
58
(122)
42
(89)
\u2013
14
(31)
Included within accruals and other provisions is an amount of \u00a315m (2024: \u00a323m) in respect of share based payments. Other deferred income tax items include temporary differences in respect of right-of-use assets (deferred tax asset of \u00a337m (2024: \u00a347m), with an offsetting deferred tax liability of \u00a333m (2024: \u00a337m), and accelerated capital allowances of \u00a310m (2024: \u00a311m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-745": { "value": "13. Deferred income tax
All figures in \u00a3 millions
2025
2024
Deferred income tax assets
58
52
Deferred income tax liabilities
(89)
(63)
Net deferred income tax liability
(31)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than one year. See note 7 for details of provisions for tax uncertainties held within deferred tax. Deferred tax assets and liabilities are presented on a net basis where the Group has a legally enforceable right of offset and the taxes relate to the same fiscal authority. At 31 December 2025, the Group has gross tax losses for which no deferred tax asset is recognised of \u00a3896m (2024: \u00a3965m). The expiry date and key geographic split of these losses is set out in the following table.
Gross
Tax effected
Year ended
31 December 2025 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
411
14
425
\u2013
86
3
89
Within 10-20 years
\u2013
117
\u2013
117
\u2013
6
\u2013
6
Available indefinitely
167
39
148
354
42
2
47
91
Total
167
567
162
896
42
94
50
186
Gross
Tax effected
Year ended
31 December 2024 UK US Other Total UK US Other Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue389
616\ue389
182
965\ue389
42\ue389
101\ue389
57\ue389
200\ue389
The decrease in unrecognised tax losses in the US is principally due to the impact of foreign exchange movements. The decrease in unrecognised tax losses in Other is principally due to the increased recognition of tax losses in Brazil during the period. Other unrecognised tax losses includes \u00a3100m gross (2024: \u00a3116m) and \u00a334m tax effected (2024: \u00a339m) relating to Brazil. Other gross deductible temporary differences for which no deferred tax asset is recognised total \u00a3198m (2024: \u00a3194m). This includes \u00a3190m (2024: \u00a3188m) in respect of interest limitations. The amount of temporary differences associated with subsidiaries for which no deferred tax has been provided totals \u00a3274m (2024: \u00a3290m). No deferred income tax assets (2024: \u00a39m) have been recognised in countries that reported a tax loss in either the current or preceding year. The 2024 balance primarily arose in respect of tax losses in Australia and Argentina. The recognition of the deferred income tax assets is supported by management\u2019s forecasts of the future profitability of the relevant countries. In some cases deferred income tax assets are forecast to be recovered through taxable profits over a period that exceeds five years. Management consider these forecasts are sufficiently reliable to support the recovery of the assets. Where there are insufficient forecasts of future profits, deferred income tax assets have not been recognised. The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles limitations Other Total
Deferred income tax
assets/(liabilities)
At 1 January 2024
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Exchange differences
\u2013
(2)
\u2013
(1)
\u2013
\u2013
\u2013
(3)
Acquisitions and
disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
Income statement
benefit/(charge)
(10)
2
(6)
(2)
35
(18)
(8)
(7)
Tax charge in
OCI/equity
\u2013
(6)
(3)
\u2013
\u2013
\u2013
\u2013
(9)
At 31 December 2025
66
58
(122)
42
(89)
\u2013
14
(31)
Included within accruals and other provisions is an amount of \u00a315m (2024: \u00a323m) in respect of share based payments. Other deferred income tax items include temporary differences in respect of right-of-use assets (deferred tax asset of \u00a337m (2024: \u00a347m), with an offsetting deferred tax liability of \u00a333m (2024: \u00a337m), and accelerated capital allowances of \u00a310m (2024: \u00a311m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-702": { "value": "
12. Investments in joint ventures and associates
The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions 2025
2024
Associates
8
12
Total
8
12
The amounts recognised in the income statement for the year ended 31 December 2025 were a
profit of \u00a31m (2024: \u00a32m; 2023: \u00a31m).
The Group has no material associates or joint ventures. The largest associate is a 49% interest in
The Egyptian International Publishing Company-Longman, which had a carrying value of \u00a36m as
at 31 December 2025 (2024: \u00a39m).
During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m,
resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment.
There were no material transactions with associates or joint ventures during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-777": { "value": "12. Investments in joint ventures and associates The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions 2025
2024
Associates
8
12
Total
8
12
The amounts recognised in the income statement for the year ended 31 December 2025 were a profit of \u00a31m (2024: \u00a32m; 2023: \u00a31m). The Group has no material associates or joint ventures. The largest associate is a 49% interest in The Egyptian International Publishing Company-Longman, which had a carrying value of \u00a36m as at 31 December 2025 (2024: \u00a39m). During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m, resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment. There were no material transactions with associates or joint ventures during 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-746": { "value": "12. Investments in joint ventures and associates The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions 2025
2024
Associates
8
12
Total
8
12
The amounts recognised in the income statement for the year ended 31 December 2025 were a profit of \u00a31m (2024: \u00a32m; 2023: \u00a31m). The Group has no material associates or joint ventures. The largest associate is a 49% interest in The Egyptian International Publishing Company-Longman, which had a carrying value of \u00a36m as at 31 December 2025 (2024: \u00a39m). During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m, resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment. There were no material transactions with associates or joint ventures during 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-703": { "value": "
14. Classification of financial instruments
The accounting classification of each class of the Group\u2019s financial assets, and their carrying
values, is as follows:
2025
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
24
101
\u2013
\u2013
125
Cash and cash equivalents
17
\u2013
11
\u2013
322
333
Derivative financial instruments
16
\u2013
14
2
\u2013
16
Trade receivables
22
\u2013
\u2013
\u2013
661
661
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
66
66
Other receivable
\u2013
16
\u2013
\u2013
16
Total financial assets
24
142
2
1,049
1,217
2024
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
28
113
\u2013
\u2013
141
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
Derivative financial instruments
16
\u2013
30
21
\u2013
51
Trade receivables
22
\u2013
\u2013
\u2013
614
614
Contract assets - unbilled
1
22
\u2013
\u2013
\u2013
71
71
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
83
83
Other receivable
\u2013
12
\u2013
\u2013
12
Total financial assets
28
217
21
1,249
1,515
1. In 2025, we have removed the amounts related to unbilled revenue as they are not required to be disclosed in
this note. The 2024 comparative has not been restated on the grounds of materiality.
The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the
market value. The other receivable includes the contingent consideration receivable on the
disposal of POLs.
The accounting classification of each class of the Group\u2019s financial liabilities, together with their
carrying values and market values, is as follows:
2025
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit and \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes loss instrument liabilities value value
Derivative financial instruments
16
(2)
(1)
\u2013
(3)
(3)
Trade payables
24
\u2013
\u2013
(281)
(281)
(281)
Deferred and contingent
consideration
24
(1)
\u2013
(16)
(17)
(17)
Borrowings due within one year
18
\u2013
\u2013
(62)
(62)
(62)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,419)
(1,419)
(1,398)
Total financial liabilities
(3)
(1)
(1,778)
(1,782)
(1,761)
2024
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
Deferred and contingent
consideration
24
(1)
\u2013
(21)
(22)
(22)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
The other receivable relates to \u00a313m (2024: \u00a312m) in respect of the contingent consideration receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds received by the purchaser in relation to any future monetisation event. The valuation of the contingent consideration receivable has been determined on the basis of a discounted cash flow model, and valued by a third-party specialist. The key inputs into the discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of disposal and the estimate of the valuation of the business thereafter. Reasonably possible changes in assumptions for the inputs into the model would not have a material impact on the carrying value of the contingent consideration, and therefore sensitivities have not been disclosed. The deferred and contingent consideration payable in respect of prior year acquisitions is measured as the net present value of the expected cash flows. The movement in the fair value of the deferred and contingent consideration payable measured at fair value or amortised cost is shown in the table below:
2025
2024
Deferred Contingent
All figures in \u00a3 millions consideration consideration Total Total
At 1 January
(21)
(1)
(22)
(57)
Exchange differences
1
\u2013
1
\u2013
Acquisitions
\u2013
\u2013
\u2013
(1)
Fair value movements \u2013 income statement
\u2013
\u2013
\u2013
(2)
Repayments
4
\u2013
4
38
At 31 December
(16)
(1)
(17)
(22)
Fair value measurement Financial instruments that are measured subsequently to initial recognition at fair value are grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows: Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3685m (2024: \u00a3918m) and money market funds of \u00a311m (2024: \u00a362m) included within cash and cash equivalents, listed securities of \u00a31m (2024: \u00a36m) and \u00a33m (2024: \u00a3nil) of other receivables relating to an escrow account (see note 30) are classified as level 1. Level 2 fair value measurements are those derived from inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The Group\u2019s derivative assets valued at \u00a316m (2024: \u00a351m) and derivative liabilities valued at \u00a33m (2024: \u00a358m) are classified as level 2. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s investments in unlisted securities are valued at \u00a3124m (2024: \u00a3135m), contingent consideration of \u00a31m (2024: \u00a31m) and the other receivable of \u00a313m (2024: \u00a312m) are classified as level 3. The movements in fair values of level 3 financial assets measured at fair value are shown in the table below:
2025
2024
Investments
Other in unlisted
All figures in \u00a3 millions receivable securities Total Total
At 1 January
12
135
147
155
Exchange differences
\u2013
(7)
(7)
2
Acquisition of investments and other
receivable
\u2013
5
5
9
Repayments
(1)
\u2013
(1)
\u2013
Reclassification out of level 3
\u2013
\u2013
\u2013
(6)
Fair value movements \u2013 OCI
\u2013
(2)
(2)
(2)
Fair value movements \u2013 income statement
2
(7)
(5)
(11)
At 31 December
13
124
137
147
The fair value of the investments in unlisted securities is determined by reference to the financial performance of the underlying asset, recent funding rounds and amounts realised on the sale of similar assets. In 2024, one of the investments held was listed, and therefore the investment of \u00a36m was reclassified out of level 3 and into level 1. The investment had a carrying value of \u00a31m as at 31 December 2025.
15. Other financial assets
All figures in \u00a3 millions
2025
2024
At 1 January
141
143
Exchange differences
(7)
2
Acquisition of investments
5
9
Disposal of investments
\u2013
\u2013
Fair value movements \u2013 OCI
(7)
(2)
Fair value movements \u2013 income statement
(7)
(11)
At 31 December
125
141
Other financial assets are listed and unlisted securities of \u00a3125m (2024: \u00a3141m), of which \u00a324m
(2024: \u00a328m) are classified at fair value through other comprehensive income (FVOCI), with the
remaining \u00a3101m (2024: \u00a3113m) mainly relating to investments in funds, being required to be
held at fair value through profit and loss (FVTPL). The assets, which are not held for trading, relate
to the Group\u2019s interests in new and innovative educational ventures across the world. These are
strategic investments and where permitted, the Group made the election to classify such
investments as FVOCI on initial recognition of the assets. None of the investments are individually
significant to the financial statements and therefore sensitivities have not been provided.
During the year, the Group did not dispose of any investments that were classified as FVOCI
(2024: none).
16. Derivative financial instruments and hedge accounting
The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s
outstanding derivative financial instruments are as follows:
2025
2024
Gross Gross
notional notional
All figures in \u00a3 millions amounts Assets Liabilities amounts Assets Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
\u2013
\u2013
\u2013
166
\u2013
(1)
Interest rate derivatives \u2013 not in
a hedge relationship
375
14
(2)
779
22
(6)
Cross-currency rate
derivatives \u2013 in a hedge
relationship
\u2013
\u2013
\u2013
342
21
(32)
Cross-currency rate
derivatives \u2013 not in a hedge
relationship
\u2013
\u2013
\u2013
83
\u2013
(4)
FX derivatives \u2013 in a hedge
relationship
993
2
(1)
1,049
\u2013
(15)
FX derivatives \u2013 not in a hedge
relationship
163
\u2013
\u2013
711
8
\u2013
Total
1,531
16
(3)
3,130
51
(58)
Analysed as expiring:
In less than one year
1,156
2
(1)
2,505
31
(54)
Later than one year and not
later than five years
75
\u2013
(1)
325
3
(1)
In greater than five years
300
14
(1)
300
17
(3)
Total
1,531
16
(3)
3,130
51
(58)
Hedging of Euro Issued Debt: The Group used interest rate swaps and cross-currency swaps as fair value hedges of the Group\u2019s euro issued debt. Interest rate exposure arose from movements in the fair value of the Group\u2019s euro debt attributable to movements in euro interest rates. The hedged risk was the change in the euro bonds fair value attributable to interest rate movements. The hedged items were the Group\u2019s euro bonds which were issued at a fixed rate. The hedging instruments were fixed to floating euro interest rate swaps where the Group received fixed interest payments and paid three-month Euribor. As the critical terms of the interest rate swaps matched the bonds, there was an expectation that the value of the hedging instrument and the value of the hedged item moved equally in the opposite direction as a result of movements in the zero coupon Euribor curve. Potential sources of hedge ineffectiveness would have been material changes in the credit risk of swap counterparties or a reduction or modification in the hedge item. A foreign currency exposure arose from foreign exchange fluctuations on translation of the Group\u2019s euro debt into GBP. The hedged risk was the risk of changes in the GBP:EUR spot rate that resulted in changes in the value of the euro debt when translated into GBP. The hedged items were a portion of the Group\u2019s euro bonds. The hedging instruments were floating to floating cross-currency swaps which mitigated an exposure to the effect of euro strengthening against GBP within the hedge item. As the critical terms of the cross-currency swap matched the bonds, there was an expectation that the value of the hedging instrument and the value of the hedged item moved in the opposite direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge ineffectiveness were a reduction or modification in the hedged item or a material change in the credit risk of swap counterparties. The Group held the following instruments to hedge exposures to changes in interest rates and foreign currency risk associated with borrowings:
2025
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
\u2013
1
\u2013
Derivative financial instruments for currency risk
\u2013
(21)
\u2013
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk mitigation. These are then designated for hedge accounting using the following criteria: \u2022 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt to floating and we expect to receive inflows equal to the fixed rate debt interest, these are classified as fair value hedges; \u2022 Where derivatives are used to create a future foreign currency exposure to provide protection against currency movements affecting the foreign currency movements of an overseas investment, these are designated as a net investment hedge; \u2022 All other derivatives are not designated in a hedge relationship. The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost. The Group uses FX derivatives including forwards, collars, cross-currency swaps and swaptions to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable certainty of USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at 31 December 2025, the Group held FX forwards and swaps with a notional of \u00a3324m (2024: \u00a3690m), with an additional \u00a3334m (2024: \u00a3180m) of collars. In 2025, the Group repaid its euro issued debt. Until the debt was repaid, the Group used a combination of interest rate and cross-currency swaps to convert the Euro notes. Fair value hedges and net investment hedges were in place until the debt was repaid. The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural offsets between transactions within the portfolio and the designation of certain derivatives as hedges significantly reduce the risk of income statement volatility. The sensitivity of the portfolio to changes in market rates is set out in note 19. Fair value hedges In 2025, the Group repaid its euro issued debt and closed out various related derivative instruments. As at 31 December 2025, the Group has no designated fair value hedges in place.
Hedge of net investment in a foreign operation
A foreign currency exposure arises from the translation of the Group\u2019s net investments in its
subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that will
result in changes in the value of the Group\u2019s net investment in its overseas subsidiaries when
translated into GBP. The hedged items are a portion of the Group\u2019s assets which are
denominated in USD. The hedging instruments are debt and derivative financial instruments,
including cross-currency swaps, FX forwards and FX collars, which mitigates an exposure to the
effect of a weakening USD on the hedged item against GBP. It is expected that the change in
value of each of these items will mirror each other as there is a clear and direct economic
relationship between the hedging instrument and the hedged item in the hedge relationship.
Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the
hedging instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in
USD is significantly greater than the proposed net investment programme.
The amounts related to items designated as hedging instruments were as follows:
2025
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
1
48
993
48
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2024
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX
collars which is not separately disclosed due to materiality. The value of that reserve will decrease
over the life of the hedge transaction. The balance as at 31 December 2025 was \u00a3nil (2024: \u00a33m).
During the year \u00a3nil (2024: \u00a3nil) of hedging gains were recycled to the profit and loss.
2024
Change in fair value
Carrying of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
The amounts at the reporting date relating to items designated as hedge items were as follows:
2025
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
2024
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
(166)
1
(5)
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
(166)
n/a
8
\u2013
costs
18. Financial liabilities \u2013 borrowings The Group\u2019s current and non-current borrowings are as follows:
All figures in \u00a3 millions
2025
2024
Non-current
3.75% GBP notes 2030 (nominal amount \u00a3350m)
356
355
5.375% GBP notes 2034 (nominal amount \u00a3350m)
350
350
Revolving Credit Facilities
297
\u2013
Lease liabilities (see note 34)
416
452
1,419
1,157
Current (due within one year or on demand)
1.375% Euro notes 2025 (nominal amount \u20ac300m)
\u2013
250
Lease liabilities (see note 34)
62
65
Overdrafts
\u2013
\u2013
62
315
Total borrowings
1,481
1,472
Offsetting arrangements with derivative counterparties All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements with individual counterparties, allowing net settlement in the event of default of either party. Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2025
2024
Gross Gross Net derivative Gross Gross
derivative derivative assets/ derivative derivative Net assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
16
(3)
13
24
(7)
17
Counterparties in a
liability position
\u2013
\u2013
\u2013
27
(51)
(24)
Total as presented in
the balance sheet
16
(3)
13
51
(58)
(7)
Offset arrangements in respect of cash balances are described in note 17. Counterparty exposure from all derivatives is managed, together with that from deposits and bank account balances, within credit limits that reflect published credit ratings and by reference to other market measures (e.g. market prices for credit default swaps) to ensure that there is no significant exposure to any one counterparty\u2019s credit risk. The Group has no material embedded derivatives that are required to be separately accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. In June 2025, the Group secured a new three-year, $800 million revolving credit facility. This facility can be utilised for general corporate purposes, enhancing our liquidity, and is in addition to the Group\u2019s existing revolving credit facility. The Group had $1.4bn (\u00a31.0bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2025 (2024: $1bn (\u00a30.8bn) undrawn). For these facilities, the two main covenants require net debt to EBITDA to be a maximum of four times and interest cover to be at least three times. The Group reports against these criteria twice a year and has had significant headroom against both criteria throughout the reporting period. Based on current projections, the covenants will not be breached when they are next tested at the 2026 interim reporting date. There are no additional significant covenants attached to any of the GBP denominated notes. In addition, there are a number of short-term facilities that are utilised in the normal course of business. All of the Group\u2019s borrowings are unsecured. In respect of lease obligations, the rights to the leased asset revert to the lessor in the event of default.
Included in non-current borrowings is \u00a313m of accrued interest (2024: \u00a313m). No accrued
interest is included in current borrowings (2024: \u00a32m). The maturities of the Group\u2019s non-current
borrowings are as follows:
All figures in \u00a3 millions
2025
2024
Between one and two years
70
71
Between two and five years
778
149
Over five years
571
937
1,419
1,157
In May 2025, the Group repaid its \u20ac300m 1.375% Euro notes 2025 and closed out various related
derivatives. In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond.
The bond was admitted to trading on the London Stock Exchange. The proceeds from the bond
were used to finance or refinance projects or expenditure that meets the eligible categories set
out in the Group\u2019s Social Bond Framework.
The carrying amounts and market values of borrowings are as follows:
2025
2024
Effective Carrying Market Effective Carrying Market
All figures in \u00a3 millions interest rate value value interest rate value value
1.375% Euro notes 2025
\u2013
\u2013
\u2013
1.44%
250
247
3.75% GBP notes 2030
3.93%
356
338
3.93%
355
328
5.375% GBP notes 2034
5.6%
350
347
5.6%
350
343
Revolving Credit
Facilities
n/a
297
297
\u2013
\u2013
\u2013
1,003
982
955
918
The market values stated above are based on clean market prices at the year end or, where these
are not available, on the quoted market prices of comparable debt issued by other companies.
The effective interest rates above relate to the underlying debt instruments.
The carrying amounts of the Group\u2019s borrowings before the effect of derivatives (see notes 16 and
19 for further information on the impact of derivatives) are denominated in the following currencies:
All figures in \u00a3 millions
2025
2024
US dollar
153
187
Sterling
1,309
1,013
Euro
2
253
Other
17
19
1,481
1,472
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-779": { "value": "14. Classification of financial instruments The accounting classification of each class of the Group\u2019s financial assets, and their carrying values, is as follows:
2025
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
24
101
\u2013
\u2013
125
Cash and cash equivalents
17
\u2013
11
\u2013
322
333
Derivative financial instruments
16
\u2013
14
2
\u2013
16
Trade receivables
22
\u2013
\u2013
\u2013
661
661
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
66
66
Other receivable
\u2013
16
\u2013
\u2013
16
Total financial assets
24
142
2
1,049
1,217
2024
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
28
113
\u2013
\u2013
141
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
Derivative financial instruments
16
\u2013
30
21
\u2013
51
Trade receivables
22
\u2013
\u2013
\u2013
614
614
Contract assets - unbilled
1
22
\u2013
\u2013
\u2013
71
71
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
83
83
Other receivable
\u2013
12
\u2013
\u2013
12
Total financial assets
28
217
21
1,249
1,515
1. In 2025, we have removed the amounts related to unbilled revenue as they are not required to be disclosed in this note. The 2024 comparative has not been restated on the grounds of materiality. The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the market value. The other receivable includes the contingent consideration receivable on the disposal of POLs. The accounting classification of each class of the Group\u2019s financial liabilities, together with their carrying values and market values, is as follows:
2025
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit and \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes loss instrument liabilities value value
Derivative financial instruments
16
(2)
(1)
\u2013
(3)
(3)
Trade payables
24
\u2013
\u2013
(281)
(281)
(281)
Deferred and contingent
consideration
24
(1)
\u2013
(16)
(17)
(17)
Borrowings due within one year
18
\u2013
\u2013
(62)
(62)
(62)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,419)
(1,419)
(1,398)
Total financial liabilities
(3)
(1)
(1,778)
(1,782)
(1,761)
2024
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
Deferred and contingent
consideration
24
(1)
\u2013
(21)
(22)
(22)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
The other receivable relates to \u00a313m (2024: \u00a312m) in respect of the contingent consideration
receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted
EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds
received by the purchaser in relation to any future monetisation event.
The valuation of the contingent consideration receivable has been determined on the basis of a
discounted cash flow model, and valued by a third-party specialist. The key inputs into the
discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of
disposal and the estimate of the valuation of the business thereafter. Reasonably possible
changes in assumptions for the inputs into the model would not have a material impact on the
carrying value of the contingent consideration, and therefore sensitivities have not been
disclosed.
The deferred and contingent consideration payable in respect of prior year acquisitions is
measured as the net present value of the expected cash flows. The movement in the fair value of
the deferred and contingent consideration payable measured at fair value or amortised cost is
shown in the table below:
2025
2024
Deferred Contingent
All figures in \u00a3 millions consideration consideration Total Total
At 1 January
(21)
(1)
(22)
(57)
Exchange differences
1
\u2013
1
\u2013
Acquisitions
\u2013
\u2013
\u2013
(1)
Fair value movements \u2013 income statement
\u2013
\u2013
\u2013
(2)
Repayments
4
\u2013
4
38
At 31 December
(16)
(1)
(17)
(22)
Fair value measurement
Financial instruments that are measured subsequently to initial recognition at fair value are
grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows:
Level 1 fair value measurements are those derived from unadjusted quoted prices in active
markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3685m (2024: \u00a3918m) and
money market funds of \u00a311m (2024: \u00a362m) included within cash and cash equivalents, listed
securities of \u00a31m (2024: \u00a36m) and \u00a33m (2024: \u00a3nil) of other receivables relating to an escrow
account (see note 30) are classified as level 1.
Level 2 fair value measurements are those derived from inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly
(derived from prices). The Group\u2019s derivative assets valued at \u00a316m (2024: \u00a351m) and derivative
liabilities valued at \u00a33m (2024: \u00a358m) are classified as level 2.
Level 3 fair value measurements are those derived from valuation techniques that include inputs
for the asset or liability that are not based on observable market data (unobservable inputs). The
Group\u2019s investments in unlisted securities are valued at \u00a3124m (2024: \u00a3135m), contingent
consideration of \u00a31m (2024: \u00a31m) and the other receivable of \u00a313m (2024: \u00a312m) are classified
as level 3.
The movements in fair values of level 3 financial assets measured at fair value are shown in the
table below:
2025
2024
Investments
Other in unlisted
All figures in \u00a3 millions receivable securities Total Total
At 1 January
12
135
147
155
Exchange differences
\u2013
(7)
(7)
2
Acquisition of investments and other
receivable
\u2013
5
5
9
Repayments
(1)
\u2013
(1)
\u2013
Reclassification out of level 3
\u2013
\u2013
\u2013
(6)
Fair value movements \u2013 OCI
\u2013
(2)
(2)
(2)
Fair value movements \u2013 income statement
2
(7)
(5)
(11)
At 31 December
13
124
137
147
The fair value of the investments in unlisted securities is determined by reference to the financial
performance of the underlying asset, recent funding rounds and amounts realised on the sale of
similar assets. In 2024, one of the investments held was listed, and therefore the investment of
\u00a36m was reclassified out of level 3 and into level 1. The investment had a carrying value of \u00a31m as
at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-747": { "value": "14. Classification of financial instruments The accounting classification of each class of the Group\u2019s financial assets, and their carrying values, is as follows:
2025
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
24
101
\u2013
\u2013
125
Cash and cash equivalents
17
\u2013
11
\u2013
322
333
Derivative financial instruments
16
\u2013
14
2
\u2013
16
Trade receivables
22
\u2013
\u2013
\u2013
661
661
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
66
66
Other receivable
\u2013
16
\u2013
\u2013
16
Total financial assets
24
142
2
1,049
1,217
2024
Amortised
Fair value cost
Fair value Fair value
through other through Fair value Total
comprehensive profit and \u2013 hedging Financial carrying
All figures in \u00a3 millions Notes income loss instrument assets value
Investments in listed and
unlisted securities
15
28
113
\u2013
\u2013
141
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
Derivative financial instruments
16
\u2013
30
21
\u2013
51
Trade receivables
22
\u2013
\u2013
\u2013
614
614
Contract assets - unbilled
1
22
\u2013
\u2013
\u2013
71
71
Investment in finance lease
receivable
22
\u2013
\u2013
\u2013
83
83
Other receivable
\u2013
12
\u2013
\u2013
12
Total financial assets
28
217
21
1,249
1,515
1. In 2025, we have removed the amounts related to unbilled revenue as they are not required to be disclosed in this note. The 2024 comparative has not been restated on the grounds of materiality. The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the market value. The other receivable includes the contingent consideration receivable on the disposal of POLs. The accounting classification of each class of the Group\u2019s financial liabilities, together with their carrying values and market values, is as follows:
2025
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit and \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes loss instrument liabilities value value
Derivative financial instruments
16
(2)
(1)
\u2013
(3)
(3)
Trade payables
24
\u2013
\u2013
(281)
(281)
(281)
Deferred and contingent
consideration
24
(1)
\u2013
(16)
(17)
(17)
Borrowings due within one year
18
\u2013
\u2013
(62)
(62)
(62)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,419)
(1,419)
(1,398)
Total financial liabilities
(3)
(1)
(1,778)
(1,782)
(1,761)
2024
Amortised
Fair value cost
Fair value
through Fair value Other Total Total
profit \u2013 hedging financial carrying market
All figures in \u00a3 millions Notes and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
Deferred and contingent
consideration
24
(1)
\u2013
(21)
(22)
(22)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
Borrowings due after more
than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
The other receivable relates to \u00a313m (2024: \u00a312m) in respect of the contingent consideration receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds received by the purchaser in relation to any future monetisation event. The valuation of the contingent consideration receivable has been determined on the basis of a discounted cash flow model, and valued by a third-party specialist. The key inputs into the discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of disposal and the estimate of the valuation of the business thereafter. Reasonably possible changes in assumptions for the inputs into the model would not have a material impact on the carrying value of the contingent consideration, and therefore sensitivities have not been disclosed. The deferred and contingent consideration payable in respect of prior year acquisitions is measured as the net present value of the expected cash flows. The movement in the fair value of the deferred and contingent consideration payable measured at fair value or amortised cost is shown in the table below:
2025
2024
Deferred Contingent
All figures in \u00a3 millions consideration consideration Total Total
At 1 January
(21)
(1)
(22)
(57)
Exchange differences
1
\u2013
1
\u2013
Acquisitions
\u2013
\u2013
\u2013
(1)
Fair value movements \u2013 income statement
\u2013
\u2013
\u2013
(2)
Repayments
4
\u2013
4
38
At 31 December
(16)
(1)
(17)
(22)
Fair value measurement Financial instruments that are measured subsequently to initial recognition at fair value are grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows: Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3685m (2024: \u00a3918m) and money market funds of \u00a311m (2024: \u00a362m) included within cash and cash equivalents, listed securities of \u00a31m (2024: \u00a36m) and \u00a33m (2024: \u00a3nil) of other receivables relating to an escrow account (see note 30) are classified as level 1. Level 2 fair value measurements are those derived from inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The Group\u2019s derivative assets valued at \u00a316m (2024: \u00a351m) and derivative liabilities valued at \u00a33m (2024: \u00a358m) are classified as level 2. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s investments in unlisted securities are valued at \u00a3124m (2024: \u00a3135m), contingent consideration of \u00a31m (2024: \u00a31m) and the other receivable of \u00a313m (2024: \u00a312m) are classified as level 3. The movements in fair values of level 3 financial assets measured at fair value are shown in the table below:
2025
2024
Investments
Other in unlisted
All figures in \u00a3 millions receivable securities Total Total
At 1 January
12
135
147
155
Exchange differences
\u2013
(7)
(7)
2
Acquisition of investments and other
receivable
\u2013
5
5
9
Repayments
(1)
\u2013
(1)
\u2013
Reclassification out of level 3
\u2013
\u2013
\u2013
(6)
Fair value movements \u2013 OCI
\u2013
(2)
(2)
(2)
Fair value movements \u2013 income statement
2
(7)
(5)
(11)
At 31 December
13
124
137
147
The fair value of the investments in unlisted securities is determined by reference to the financial performance of the underlying asset, recent funding rounds and amounts realised on the sale of similar assets. In 2024, one of the investments held was listed, and therefore the investment of \u00a36m was reclassified out of level 3 and into level 1. The investment had a carrying value of \u00a31m as at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-748": { "value": "15. Other financial assets
All figures in \u00a3 millions
2025
2024
At 1 January
141
143
Exchange differences
(7)
2
Acquisition of investments
5
9
Disposal of investments
\u2013
\u2013
Fair value movements \u2013 OCI
(7)
(2)
Fair value movements \u2013 income statement
(7)
(11)
At 31 December
125
141
Other financial assets are listed and unlisted securities of \u00a3125m (2024: \u00a3141m), of which \u00a324m (2024: \u00a328m) are classified at fair value through other comprehensive income (FVOCI), with the remaining \u00a3101m (2024: \u00a3113m) mainly relating to investments in funds, being required to be held at fair value through profit and loss (FVTPL). The assets, which are not held for trading, relate to the Group\u2019s interests in new and innovative educational ventures across the world. These are strategic investments and where permitted, the Group made the election to classify such investments as FVOCI on initial recognition of the assets. None of the investments are individually significant to the financial statements and therefore sensitivities have not been provided. During the year, the Group did not dispose of any investments that were classified as FVOCI (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-780": { "value": "16. Derivative financial instruments and hedge accounting The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s outstanding derivative financial instruments are as follows:
2025
2024
Gross Gross
notional notional
All figures in \u00a3 millions amounts Assets Liabilities amounts Assets Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
\u2013
\u2013
\u2013
166
\u2013
(1)
Interest rate derivatives \u2013 not in
a hedge relationship
375
14
(2)
779
22
(6)
Cross-currency rate
derivatives \u2013 in a hedge
relationship
\u2013
\u2013
\u2013
342
21
(32)
Cross-currency rate
derivatives \u2013 not in a hedge
relationship
\u2013
\u2013
\u2013
83
\u2013
(4)
FX derivatives \u2013 in a hedge
relationship
993
2
(1)
1,049
\u2013
(15)
FX derivatives \u2013 not in a hedge
relationship
163
\u2013
\u2013
711
8
\u2013
Total
1,531
16
(3)
3,130
51
(58)
Analysed as expiring:
In less than one year
1,156
2
(1)
2,505
31
(54)
Later than one year and not
later than five years
75
\u2013
(1)
325
3
(1)
In greater than five years
300
14
(1)
300
17
(3)
Total
1,531
16
(3)
3,130
51
(58)
Hedging of Euro Issued Debt:
The Group used interest rate swaps and cross-currency swaps as fair value hedges of the
Group\u2019s euro issued debt.
Interest rate exposure arose from movements in the fair value of the Group\u2019s euro debt
attributable to movements in euro interest rates. The hedged risk was the change in the euro
bonds fair value attributable to interest rate movements. The hedged items were the Group\u2019s
euro bonds which were issued at a fixed rate. The hedging instruments were fixed to floating euro
interest rate swaps where the Group received fixed interest payments and paid three-month
Euribor.
As the critical terms of the interest rate swaps matched the bonds, there was an expectation that
the value of the hedging instrument and the value of the hedged item moved equally in the
opposite direction as a result of movements in the zero coupon Euribor curve. Potential sources
of hedge ineffectiveness would have been material changes in the credit risk of swap
counterparties or a reduction or modification in the hedge item.
A foreign currency exposure arose from foreign exchange fluctuations on translation of the
Group\u2019s euro debt into GBP. The hedged risk was the risk of changes in the GBP:EUR spot rate
that resulted in changes in the value of the euro debt when translated into GBP. The hedged items
were a portion of the Group\u2019s euro bonds. The hedging instruments were floating to floating
cross-currency swaps which mitigated an exposure to the effect of euro strengthening against
GBP within the hedge item.
As the critical terms of the cross-currency swap matched the bonds, there was an expectation
that the value of the hedging instrument and the value of the hedged item moved in the opposite
direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge
ineffectiveness were a reduction or modification in the hedged item or a material change in the
credit risk of swap counterparties.
The Group held the following instruments to hedge exposures to changes in interest rates and
foreign currency risk associated with borrowings:
2025
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
\u2013
1
\u2013
Derivative financial instruments for currency risk
\u2013
(21)
\u2013
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk
mitigation. These are then designated for hedge accounting using the following criteria:
\u2022 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt
to floating and we expect to receive inflows equal to the fixed rate debt interest, these are
classified as fair value hedges;
\u2022 Where derivatives are used to create a future foreign currency exposure to provide protection
against currency movements affecting the foreign currency movements of an overseas
investment, these are designated as a net investment hedge;
\u2022 All other derivatives are not designated in a hedge relationship.
The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost.
The Group uses FX derivatives including forwards, collars, cross-currency swaps and swaptions
to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable certainty of
USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at 31 December
2025, the Group held FX forwards and swaps with a notional of \u00a3324m (2024: \u00a3690m), with an
additional \u00a3334m (2024: \u00a3180m) of collars.
In 2025, the Group repaid its euro issued debt. Until the debt was repaid, the Group used a
combination of interest rate and cross-currency swaps to convert the Euro notes. Fair value
hedges and net investment hedges were in place until the debt was repaid.
The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural
offsets between transactions within the portfolio and the designation of certain derivatives as
hedges significantly reduce the risk of income statement volatility. The sensitivity of the portfolio
to changes in market rates is set out in note 19.
Fair value hedges
In 2025, the Group repaid its euro issued debt and closed out various related derivative
instruments. As at 31 December 2025, the Group has no designated fair value hedges in place.
Hedge of net investment in a foreign operation A foreign currency exposure arises from the translation of the Group\u2019s net investments in its subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that will result in changes in the value of the Group\u2019s net investment in its overseas subsidiaries when translated into GBP. The hedged items are a portion of the Group\u2019s assets which are denominated in USD. The hedging instruments are debt and derivative financial instruments, including cross-currency swaps, FX forwards and FX collars, which mitigates an exposure to the effect of a weakening USD on the hedged item against GBP. It is expected that the change in value of each of these items will mirror each other as there is a clear and direct economic relationship between the hedging instrument and the hedged item in the hedge relationship. Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the hedging instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in USD is significantly greater than the proposed net investment programme. The amounts related to items designated as hedging instruments were as follows:
2025
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
1
48
993
48
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2024
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX collars which is not separately disclosed due to materiality. The value of that reserve will decrease over the life of the hedge transaction. The balance as at 31 December 2025 was \u00a3nil (2024: \u00a33m). During the year \u00a3nil (2024: \u00a3nil) of hedging gains were recycled to the profit and loss.
2024
Change in fair value
Carrying of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
The amounts at the reporting date relating to items designated as hedge items were as follows:
2025
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
2024
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
(166)
1
(5)
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
(166)
n/a
8
\u2013
costs
Offsetting arrangements with derivative counterparties All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements with individual counterparties, allowing net settlement in the event of default of either party. Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2025
2024
Gross Gross Net derivative Gross Gross
derivative derivative assets/ derivative derivative Net assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
16
(3)
13
24
(7)
17
Counterparties in a
liability position
\u2013
\u2013
\u2013
27
(51)
(24)
Total as presented in
the balance sheet
16
(3)
13
51
(58)
(7)
Offset arrangements in respect of cash balances are described in note 17. Counterparty exposure from all derivatives is managed, together with that from deposits and bank account balances, within credit limits that reflect published credit ratings and by reference to other market measures (e.g. market prices for credit default swaps) to ensure that there is no significant exposure to any one counterparty\u2019s credit risk. The Group has no material embedded derivatives that are required to be separately accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-749": { "value": "16. Derivative financial instruments and hedge accounting The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s outstanding derivative financial instruments are as follows:
2025
2024
Gross Gross
notional notional
All figures in \u00a3 millions amounts Assets Liabilities amounts Assets Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
\u2013
\u2013
\u2013
166
\u2013
(1)
Interest rate derivatives \u2013 not in
a hedge relationship
375
14
(2)
779
22
(6)
Cross-currency rate
derivatives \u2013 in a hedge
relationship
\u2013
\u2013
\u2013
342
21
(32)
Cross-currency rate
derivatives \u2013 not in a hedge
relationship
\u2013
\u2013
\u2013
83
\u2013
(4)
FX derivatives \u2013 in a hedge
relationship
993
2
(1)
1,049
\u2013
(15)
FX derivatives \u2013 not in a hedge
relationship
163
\u2013
\u2013
711
8
\u2013
Total
1,531
16
(3)
3,130
51
(58)
Analysed as expiring:
In less than one year
1,156
2
(1)
2,505
31
(54)
Later than one year and not
later than five years
75
\u2013
(1)
325
3
(1)
In greater than five years
300
14
(1)
300
17
(3)
Total
1,531
16
(3)
3,130
51
(58)
Hedging of Euro Issued Debt: The Group used interest rate swaps and cross-currency swaps as fair value hedges of the Group\u2019s euro issued debt. Interest rate exposure arose from movements in the fair value of the Group\u2019s euro debt attributable to movements in euro interest rates. The hedged risk was the change in the euro bonds fair value attributable to interest rate movements. The hedged items were the Group\u2019s euro bonds which were issued at a fixed rate. The hedging instruments were fixed to floating euro interest rate swaps where the Group received fixed interest payments and paid three-month Euribor. As the critical terms of the interest rate swaps matched the bonds, there was an expectation that the value of the hedging instrument and the value of the hedged item moved equally in the opposite direction as a result of movements in the zero coupon Euribor curve. Potential sources of hedge ineffectiveness would have been material changes in the credit risk of swap counterparties or a reduction or modification in the hedge item. A foreign currency exposure arose from foreign exchange fluctuations on translation of the Group\u2019s euro debt into GBP. The hedged risk was the risk of changes in the GBP:EUR spot rate that resulted in changes in the value of the euro debt when translated into GBP. The hedged items were a portion of the Group\u2019s euro bonds. The hedging instruments were floating to floating cross-currency swaps which mitigated an exposure to the effect of euro strengthening against GBP within the hedge item. As the critical terms of the cross-currency swap matched the bonds, there was an expectation that the value of the hedging instrument and the value of the hedged item moved in the opposite direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge ineffectiveness were a reduction or modification in the hedged item or a material change in the credit risk of swap counterparties. The Group held the following instruments to hedge exposures to changes in interest rates and foreign currency risk associated with borrowings:
2025
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
\u2013
1
\u2013
Derivative financial instruments for currency risk
\u2013
(21)
\u2013
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk mitigation. These are then designated for hedge accounting using the following criteria: \u2022 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt to floating and we expect to receive inflows equal to the fixed rate debt interest, these are classified as fair value hedges; \u2022 Where derivatives are used to create a future foreign currency exposure to provide protection against currency movements affecting the foreign currency movements of an overseas investment, these are designated as a net investment hedge; \u2022 All other derivatives are not designated in a hedge relationship. The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost. The Group uses FX derivatives including forwards, collars, cross-currency swaps and swaptions to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable certainty of USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at 31 December 2025, the Group held FX forwards and swaps with a notional of \u00a3324m (2024: \u00a3690m), with an additional \u00a3334m (2024: \u00a3180m) of collars. In 2025, the Group repaid its euro issued debt. Until the debt was repaid, the Group used a combination of interest rate and cross-currency swaps to convert the Euro notes. Fair value hedges and net investment hedges were in place until the debt was repaid. The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural offsets between transactions within the portfolio and the designation of certain derivatives as hedges significantly reduce the risk of income statement volatility. The sensitivity of the portfolio to changes in market rates is set out in note 19. Fair value hedges In 2025, the Group repaid its euro issued debt and closed out various related derivative instruments. As at 31 December 2025, the Group has no designated fair value hedges in place. Hedge of net investment in a foreign operation A foreign currency exposure arises from the translation of the Group\u2019s net investments in its subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that will result in changes in the value of the Group\u2019s net investment in its overseas subsidiaries when translated into GBP. The hedged items are a portion of the Group\u2019s assets which are denominated in USD. The hedging instruments are debt and derivative financial instruments, including cross-currency swaps, FX forwards and FX collars, which mitigates an exposure to the effect of a weakening USD on the hedged item against GBP. It is expected that the change in value of each of these items will mirror each other as there is a clear and direct economic relationship between the hedging instrument and the hedged item in the hedge relationship. Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the hedging instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in USD is significantly greater than the proposed net investment programme. The amounts related to items designated as hedging instruments were as follows:
2025
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
1
48
993
48
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2024
Change in value of Hedging
Carrying hedging instrument Nominal gains/ Hedge
amount of used to determine amounts (losses) ineffectiveness
hedging hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX collars which is not separately disclosed due to materiality. The value of that reserve will decrease over the life of the hedge transaction. The balance as at 31 December 2025 was \u00a3nil (2024: \u00a33m). During the year \u00a3nil (2024: \u00a3nil) of hedging gains were recycled to the profit and loss.
2024
Change in fair value
Carrying of hedging Nominal
amount of instrument used to amounts of
hedging determine hedge hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
The amounts at the reporting date relating to items designated as hedge items were as follows:
2025
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
\u2013
\u2013
\u2013
\u2013
costs
2024
Accumulated Change in fair
Carrying amount of fair value value of hedged Line item in
amount hedge adjustments item used to profit or loss
of on the hedged item determine that includes
hedged included in the hedge Hedge hedge
All figures in \u00a3 millions items carrying amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk
Financial liabilities \u2013 Finance
borrowings
(166)
1
(5)
\u2013
costs
Currency risk
Financial liabilities \u2013 Finance
borrowings
(166)
n/a
8
\u2013
costs
Offsetting arrangements with derivative counterparties
All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements
with individual counterparties, allowing net settlement in the event of default of either party.
Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2025
2024
Gross Gross Net derivative Gross Gross
derivative derivative assets/ derivative derivative Net assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
16
(3)
13
24
(7)
17
Counterparties in a
liability position
\u2013
\u2013
\u2013
27
(51)
(24)
Total as presented in
the balance sheet
16
(3)
13
51
(58)
(7)
Offset arrangements in respect of cash balances are described in note 17.
Counterparty exposure from all derivatives is managed, together with that from deposits and
bank account balances, within credit limits that reflect published credit ratings and by reference
to other market measures (e.g. market prices for credit default swaps) to ensure that there is no
significant exposure to any one counterparty\u2019s credit risk.
The Group has no material embedded derivatives that are required to be separately accounted
for in accordance with IFRS 9 \u2018Financial Instruments\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-750": { "value": "
18. Financial liabilities \u2013 borrowings
The Group\u2019s current and non-current borrowings are as follows:
All figures in \u00a3 millions
2025
2024
Non-current
3.75% GBP notes 2030 (nominal amount \u00a3350m)
356
355
5.375% GBP notes 2034 (nominal amount \u00a3350m)
350
350
Revolving Credit Facilities
297
\u2013
Lease liabilities (see note 34)
416
452
1,419
1,157
Current (due within one year or on demand)
1.375% Euro notes 2025 (nominal amount \u20ac300m)
\u2013
250
Lease liabilities (see note 34)
62
65
Overdrafts
\u2013
\u2013
62
315
Total borrowings
1,481
1,472
In June 2025, the Group secured a new three-year, $800 million revolving credit facility. This
facility can be utilised for general corporate purposes, enhancing our liquidity, and is in addition
to the Group\u2019s existing revolving credit facility. The Group had $1.4bn (\u00a31.0bn) of undrawn
capacity on its committed borrowing facilities as at 31 December 2025 (2024: $1bn (\u00a30.8bn)
undrawn). For these facilities, the two main covenants require net debt to EBITDA to be a
maximum of four times and interest cover to be at least three times. The Group reports against
these criteria twice a year and has had significant headroom against both criteria throughout the
reporting period. Based on current projections, the covenants will not be breached when they
are next tested at the 2026 interim reporting date. There are no additional significant covenants
attached to any of the GBP denominated notes.
In addition, there are a number of short-term facilities that are utilised in the normal course of
business. All of the Group\u2019s borrowings are unsecured. In respect of lease obligations, the rights
to the leased asset revert to the lessor in the event of default.
Included in non-current borrowings is \u00a313m of accrued interest (2024: \u00a313m). No accrued interest is included in current borrowings (2024: \u00a32m). The maturities of the Group\u2019s non-current borrowings are as follows:
All figures in \u00a3 millions
2025
2024
Between one and two years
70
71
Between two and five years
778
149
Over five years
571
937
1,419
1,157
In May 2025, the Group repaid its \u20ac300m 1.375% Euro notes 2025 and closed out various related derivatives. In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond. The bond was admitted to trading on the London Stock Exchange. The proceeds from the bond were used to finance or refinance projects or expenditure that meets the eligible categories set out in the Group\u2019s Social Bond Framework. The carrying amounts and market values of borrowings are as follows:
2025
2024
Effective Carrying Market Effective Carrying Market
All figures in \u00a3 millions interest rate value value interest rate value value
1.375% Euro notes 2025
\u2013
\u2013
\u2013
1.44%
250
247
3.75% GBP notes 2030
3.93%
356
338
3.93%
355
328
5.375% GBP notes 2034
5.6%
350
347
5.6%
350
343
Revolving Credit
Facilities
n/a
297
297
\u2013
\u2013
\u2013
1,003
982
955
918
The market values stated above are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments. The carrying amounts of the Group\u2019s borrowings before the effect of derivatives (see notes 16 and 19 for further information on the impact of derivatives) are denominated in the following currencies:
All figures in \u00a3 millions
2025
2024
US dollar
153
187
Sterling
1,309
1,013
Euro
2
253
Other
17
19
1,481
1,472
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-751": { "value": "
17. Cash and cash equivalents (excluding overdrafts)
All figures in \u00a3 millions
2025
2024
Cash at bank and in hand
327
444
Short-term bank deposits
6
99
Cash and cash equivalents
333
543
All figures in \u00a3 millions
2025
2024
Cash and cash equivalents
333
543
Bank overdrafts
\u2013
\u2013
Cash and cash equivalents in the cash flow statement
333
543
Included within cash at bank and in hand is \u00a311m (2024: \u00a362m) of money market funds. Short-term
bank deposits are invested with banks and earn interest at the prevailing short-term deposit rates.
At the end of 2025, the currency split of cash and cash equivalents was US dollar 29%
(2024: 33%), sterling 14% (2024: 27%), and other 57% (2024: 40%).
Cash and cash equivalents have fair values that approximate to their carrying value due to their
short-term nature.
The Group has certain cash pooling arrangements in US dollars, sterling, Euro and Canadian
dollars where both the company and the bank have a legal right of offset. The company presents
these amounts net in the balance sheet where legal right of offset exists and the company has
the intention to settle net if required. As at 31 December 2025, \u00a3nil of financial liabilities
(2024: \u00a32m) were presented net within financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-704": { "value": "19. Financial risk management The Group\u2019s approach to the management of financial risks, together with sensitivity analyses of its financial instruments, is set out below. Treasury policy Pearson\u2019s treasury policies set out the Group\u2019s principles for addressing key financial risks including capital risk, liquidity risk, foreign exchange risk and interest rate risk, and sets out measurable targets for each. The Audit Committee receives quarterly reports incorporating compliance with measurable targets and reviews and approves any changes to treasury policies annually. The treasury function is permitted to use derivatives where their use reduces a risk or allows a transaction to be undertaken more cost effectively. Derivatives permitted include swaps, forwards and collars to manage foreign exchange and interest rate risk, with foreign exchange swap and forward contracts the most commonly executed. Speculative transactions are not permitted. Capital risk The Group\u2019s objectives when managing capital are: \u2022 To maintain a strong balance sheet and a solid investment grade rating; \u2022 To continue to invest in the business organically and through acquisitions; and \u2022 To have a sustainable and progressive dividend policy. At 31 December 2025, the Group and its bonds were rated BBB (stable outlook) with Fitch Ratings Limited and Baa2 (stable outlook) with Moody\u2019s Investor Services. Net debt The Group\u2019s net debt position is set out below:
All figures in \u00a3 millions
2025
2024
Cash and cash equivalents
333
543
Overdrafts
\u2013
\u2013
Derivative financial instruments
13
(7)
Revolving Credit Facilities
(297)
\u2013
Bonds
(706)
(955)
Investment in finance lease receivable
66
83
Lease liabilities
(478)
(517)
Net debt
(1,069)
(853)
Interest and foreign exchange rate management The Group\u2019s principal currency exposure is to the US dollar which represents 67% of the Group\u2019s sales. The Group\u2019s long-term debt is primarily held in US dollars to provide a natural hedge of this exposure, which is achieved through issued US dollar debt or converting GBP debt to US dollars using cross-currency swaps, forwards and collars. As at 31 December 2025 the Group\u2019s gross debt is \u00a31,481m (2024: \u00a31,472m). \u00a31,181m (2024: \u00a31,472m) of debt is held at fixed rates and \u00a3300m (2024: \u00a3nil) is held at floating rates. See note 16 for details of the Group\u2019s hedging programme which addresses interest rate risk and foreign currency risk. Overseas profits are converted to sterling to satisfy sterling cash outflows such as dividends at the prevailing spot rate at the time of the transaction. To the extent the Group has sufficient sterling, US dollars may be held as dollar cash to provide a natural offset to the Group\u2019s debt or to satisfy future US dollar cash outflows. The Group does not have significant cross-border foreign exchange transactional exposures. As at 31 December 2025, the sensitivity of the carrying value of the Group\u2019s financial instruments to fluctuations in interest rates and exchange rates is as follows:
2025
Impact of Impact of
Impact of 1% Impact of 1% 10% 10%
Carrying increase in decrease in strengthening weakening
All figures in \u00a3 millions value interest rates interest rates in sterling in sterling
Investments in listed and unlisted
securities
125
\u2013
\u2013
(8)
10
Other receivable
16
\u2013
\u2013
(1)
2
Cash and cash equivalents
333
\u2013
\u2013
(23)
27
Derivative financial instruments
13
2
(2)
41
(56)
Bonds
(706)
\u2013
\u2013
\u2013
\u2013
Other borrowings
(775)
\u2013
\u2013
16
(19)
Investment in finance lease receivable
66
\u2013
\u2013
(6)
7
Deferred and contingent
consideration
(17)
\u2013
\u2013
2
(2)
Other net financial assets
465
\u2013
\u2013
(36)
45
Total
(480)
2
(2)
(15)
14
2024
Impact of
Impact of 1% Impact of 1% Impact of 10% 10%
Carrying increase in decrease in strengthening weakening
All figures in \u00a3 millions value interest rates interest rates in sterling in sterling
Investments in unlisted securities
141
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
543
\u2013
\u2013
(32)
40
Derivative financial instruments
(7)
4
(4)
22
(24)
Bonds
(955)
\u2013
\u2013
23
(28)
Other borrowings
(517)
\u2013
\u2013
19
(23)
Investment in finance lease receivable
83
\u2013
\u2013
(8)
9
Deferred and contingent
consideration
(22)
\u2013
\u2013
2
(2)
Other net financial assets
412
\u2013
\u2013
(32)
40
Total
(310)
4
(4)
(17)
25
The next table analyses the Group\u2019s bonds and derivative assets and liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. FX derivatives related to net investment hedges are included in this table. Derivatives that are not part of our net investment hedging have been excluded as they are short dated. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet. Any cash flows based on a floating rate are calculated using interest rates set at the interest rates prevailing at 31 December of the relevant year. Where this is not possible, floating rates are based on interest rates prevailing at 31 December in the relevant year.
Analysed by maturity
Analysed by currency
Greater
than one Later
month than one
and less year but Five
than one less than years
All figures in \u00a3 millions year five years or more Total USD GBP Other Total
At 31 December 2025
Bonds
32
478
425
935
\u2013
935
\u2013
935
Rate derivatives \u2013
inflows
(11)
(39)
(32)
(82)
\u2013
(82)
\u2013
(82)
Rate derivatives \u2013
outflows
9
32
26
67
\u2013
67
\u2013
67
FX forwards \u2013 inflows
(326)
\u2013
\u2013
(326)
\u2013
(326)
\u2013
(326)
FX forwards \u2013
outflows
324
\u2013
\u2013
324
324
\u2013
\u2013
324
Total
28
471
419
918
324
594
\u2013
918
At 31 December 2024
Bonds
1
250
\u2013
705
955
\u2013
705
250
955
Rate derivatives \u2013
inflows
(394)
(3)
(17)
(414)
(2)
(163)
(249)
(414)
Rate derivatives \u2013
outflows
408
1
3
412
176
235
1
412
FX forwards \u2013 inflows
(1,034)
\u2013
\u2013
(1,034)
\u2013
(1,034)
(1,034)
\u2013
FX forwards \u2013
outflows
1,049
\u2013
\u2013
1,049
1,049
\u2013
1,049
\u2013
Total
279
(2)
691
968
1,223
(257)
968
2
1. The 2024 figures for bonds have been given on a discounted basis for the year ended 31 December 2025. If the same methodology had been applied for the year ended 31 December 2024, the total value of the bonds would be \u00a31,219m, of which \u00a3284m is greater than one month and less than one year, \u00a3128m later than one year but less than five years, and \u00a3807m greater than five years. The currency split is sterling \u00a3967m and Euro \u00a3252m. The previous table shows the sensitivities of the values of each class of financial instrument to an isolated change in either interest rates or foreign exchange rates. Any options that are out of the money at maturity will not be exercised and this assumption has been factored into the calculation. Other net financial assets comprise trade receivables less trade payables. When calculating the impact of the sensitivity of each class of financial instrument to foreign exchange rates, with the exception of net debt (including cash balances), the Group is mainly exposed to translational risk rather than transactional risk as transactions are mainly carried out in the currency that they are recorded in. The calculation excludes the impact of unhedged intercompany positions. As a result, a significant proportion of the movements shown in the table would impact equity rather than the income statement due to the location and functional currency of the entities in which they arise and the availability of net investment hedging. Liquidity and refinancing risk management The Group regularly reviews the level of cash and debt facilities required to fund its activities. This involves preparing a prudent cash flow forecast for the next three to five years, determining the level of debt facilities required to fund the business, planning for shareholder returns and repayments of maturing debt, and identifying an appropriate amount of headroom to provide a reserve against unexpected outflows. In June 2025, the Group secured a new three-year, $800 million revolving credit facility. This facility can be utilised for general corporate purposes, enhancing our liquidity, and is in addition to the Group\u2019s existing revolving credit facility. At 31 December 2025, the Group had cash of \u00a30.3bn (2024: \u00a30.5bn), and outstanding drawings of \u00a30.3bn (2024: \u00a3nil) on the US dollar denominated revolving credit facility maturing June 2028 and February 2029, but which have options to extend the maturities until 2030, of $1.8bn (2024: $1bn). The facilities contain interest cover and leverage covenants which the Group has complied with for the year ended 31 December 2025. The maturity of the carrying values of the Group\u2019s borrowings and trade payables are set out in notes 18 and 24 respectively. In May 2025, the Group repaid its \u20ac300m 1.375% Euro notes 2025 and closed out various related derivatives. In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond. At the end of 2025, the currency split of the Group\u2019s trade payables was US dollar \u00a3207m (2024: \u00a3191m), sterling \u00a346m (2024: \u00a351m) and other currencies \u00a328m (2024: \u00a331m). Trade payables are all due within one year (2024: all due within one year).
Financial counterparty and credit risk management
Financial counterparty and credit risk arises from cash and cash equivalents, favourable
derivative financial instruments and deposits with banks and financial institutions, as well as credit
exposures to customers, including outstanding receivables and contract assets. Counterparty
credit limits, which take published credit rating and other factors into account, are set to cover
the Group\u2019s total aggregate exposure to a single financial institution. The limits applicable to
published credit rating bands are approved by the Chief Financial Officer within guidelines
approved by the Board. Exposures and limits applicable to each financial institution are reviewed
on a regular basis.
Cash deposits and derivative transactions are made with approved counterparties up to
pre-agreed limits. To manage counterparty risk associated with cash and cash equivalents, the
Group uses a mixture of money market funds as well as bank deposits. As at 31 December 2025,
91% (2024: 86%) of cash and cash equivalents was held with investment grade bank
counterparties, 6% (2024: 12%) with AAA money market funds and 3% (2024: 2%) with non-
investment grade bank counterparties.
For trade receivables and contract assets, including contract assets - unbilled, the Group\u2019s
exposure to credit risk is influenced mainly by the individual characteristics of each customer.
However, risk associated with the industry and country in which customers operate may also
influence the credit risk. The credit quality of customers is assessed by taking into account
financial position, past experience and other relevant factors. Individual credit limits are set for
each customer based on internal ratings. The compliance with credit limits is regularly monitored
by the Group. A default on a trade receivable is when the counterparty fails to make contractual
payments within the stated payment terms. Trade receivables and contract assets are written off
when there is no reasonable expectation of recovery.
The carrying amounts of financial assets, trade receivables and contract assets represent the
maximum credit exposure.
Trade receivables and contract assets are subject to impairment using the expected credit loss
model. The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected credit loss allowance for all trade receivables and contract
assets. To measure the expected credit losses, trade receivables and contract assets have been
grouped based on shared credit risk characteristics and the days past due. See note 22 for
further details about trade receivables and contract assets including movements in provisions
for bad and doubtful debts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-752": { "value": "
Capital risk
The Group\u2019s objectives when managing capital are:
\u2022 To maintain a strong balance sheet and a solid investment grade rating;
\u2022 To continue to invest in the business organically and through acquisitions; and
\u2022 To have a sustainable and progressive dividend policy.
At 31 December 2025, the Group and its bonds were rated BBB (stable outlook) with Fitch Ratings
Limited and Baa2 (stable outlook) with Moody\u2019s Investor Services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-754": { "value": "
Net debt
The Group\u2019s net debt position is set out below:
All figures in \u00a3 millions
2025
2024
Cash and cash equivalents
333
543
Overdrafts
\u2013
\u2013
Derivative financial instruments
13
(7)
Revolving Credit Facilities
(297)
\u2013
Bonds
(706)
(955)
Investment in finance lease receivable
66
83
Lease liabilities
(478)
(517)
Net debt
(1,069)
(853)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-753": { "value": "
Interest and foreign exchange rate management
The Group\u2019s principal currency exposure is to the US dollar which represents 67% of the
Group\u2019s sales.
The Group\u2019s long-term debt is primarily held in US dollars to provide a natural hedge of this
exposure, which is achieved through issued US dollar debt or converting GBP debt to US dollars
using cross-currency swaps, forwards and collars. As at 31 December 2025 the Group\u2019s gross
debt is \u00a31,481m (2024: \u00a31,472m). \u00a31,181m (2024: \u00a31,472m) of debt is held at fixed rates and
\u00a3300m (2024: \u00a3nil) is held at floating rates.
See note 16 for details of the Group\u2019s hedging programme which addresses interest rate risk and
foreign currency risk.
Overseas profits are converted to sterling to satisfy sterling cash outflows such as dividends at
the prevailing spot rate at the time of the transaction. To the extent the Group has sufficient
sterling, US dollars may be held as dollar cash to provide a natural offset to the Group\u2019s debt or to
satisfy future US dollar cash outflows.
The Group does not have significant cross-border foreign exchange transactional exposures.
The previous table shows the sensitivities of the values of each class of financial instrument to an
isolated change in either interest rates or foreign exchange rates. Any options that are out of the
money at maturity will not be exercised and this assumption has been factored into the
calculation. Other net financial assets comprise trade receivables less trade payables. When
calculating the impact of the sensitivity of each class of financial instrument to foreign exchange
rates, with the exception of net debt (including cash balances), the Group is mainly exposed to
translational risk rather than transactional risk as transactions are mainly carried out in the
currency that they are recorded in. The calculation excludes the impact of unhedged
intercompany positions. As a result, a significant proportion of the movements shown in the table
would impact equity rather than the income statement due to the location and functional
currency of the entities in which they arise and the availability of net investment hedging.
As at 31 December 2025, the sensitivity of the carrying value of the Group\u2019s financial instruments
to fluctuations in interest rates and exchange rates is as follows:
2025
Impact of Impact of
Impact of 1% Impact of 1% 10% 10%
Carrying increase in decrease in strengthening weakening
All figures in \u00a3 millions value interest rates interest rates in sterling in sterling
Investments in listed and unlisted
securities
125
\u2013
\u2013
(8)
10
Other receivable
16
\u2013
\u2013
(1)
2
Cash and cash equivalents
333
\u2013
\u2013
(23)
27
Derivative financial instruments
13
2
(2)
41
(56)
Bonds
(706)
\u2013
\u2013
\u2013
\u2013
Other borrowings
(775)
\u2013
\u2013
16
(19)
Investment in finance lease receivable
66
\u2013
\u2013
(6)
7
Deferred and contingent
consideration
(17)
\u2013
\u2013
2
(2)
Other net financial assets
465
\u2013
\u2013
(36)
45
Total
(480)
2
(2)
(15)
14
2024
Impact of
Impact of 1% Impact of 1% Impact of 10% 10%
Carrying increase in decrease in strengthening weakening
All figures in \u00a3 millions value interest rates interest rates in sterling in sterling
Investments in unlisted securities
141
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
543
\u2013
\u2013
(32)
40
Derivative financial instruments
(7)
4
(4)
22
(24)
Bonds
(955)
\u2013
\u2013
23
(28)
Other borrowings
(517)
\u2013
\u2013
19
(23)
Investment in finance lease receivable
83
\u2013
\u2013
(8)
9
Deferred and contingent
consideration
(22)
\u2013
\u2013
2
(2)
Other net financial assets
412
\u2013
\u2013
(32)
40
Total
(310)
4
(4)
(17)
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-755": { "value": "
Liquidity and refinancing risk management
The Group regularly reviews the level of cash and debt facilities required to fund its activities. This
involves preparing a prudent cash flow forecast for the next three to five years, determining the
level of debt facilities required to fund the business, planning for shareholder returns and
repayments of maturing debt, and identifying an appropriate amount of headroom to provide a
reserve against unexpected outflows.
In June 2025, the Group secured a new three-year, $800 million revolving credit facility. This
facility can be utilised for general corporate purposes, enhancing our liquidity, and is in addition
to the Group\u2019s existing revolving credit facility. At 31 December 2025, the Group had cash of
\u00a30.3bn (2024: \u00a30.5bn), and outstanding drawings of \u00a30.3bn (2024: \u00a3nil) on the US dollar
denominated revolving credit facility maturing June 2028 and February 2029, but which have
options to extend the maturities until 2030, of $1.8bn (2024: $1bn).
The facilities contain interest cover and leverage covenants which the Group has complied with
for the year ended 31 December 2025. The maturity of the carrying values of the Group\u2019s
borrowings and trade payables are set out in notes 18 and 24 respectively.
In May 2025, the Group repaid its \u20ac300m 1.375% Euro notes 2025 and closed out various related
derivatives. In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond.
At the end of 2025, the currency split of the Group\u2019s trade payables was US dollar \u00a3207m (2024:
\u00a3191m), sterling \u00a346m (2024: \u00a351m) and other currencies \u00a328m (2024: \u00a331m). Trade payables are
all due within one year (2024: all due within one year).
The next table analyses the Group\u2019s bonds and derivative assets and liabilities into relevant
maturity groupings based on the remaining period at the balance sheet date to the contractual
maturity date. FX derivatives related to net investment hedges are included in this table.
Derivatives that are not part of our net investment hedging have been excluded as they are short
dated. The amounts disclosed in the table are the contractual undiscounted cash flows (including
interest) and as such may differ from the amounts disclosed on the balance sheet. Any cash flows
based on a floating rate are calculated using interest rates set at the interest rates prevailing at 31
December of the relevant year. Where this is not possible, floating rates are based on interest
rates prevailing at 31 December in the relevant year.
Analysed by maturity
Analysed by currency
Greater
than one Later
month than one
and less year but Five
than one less than years
All figures in \u00a3 millions year five years or more Total USD GBP Other Total
At 31 December 2025
Bonds
32
478
425
935
\u2013
935
\u2013
935
Rate derivatives \u2013
inflows
(11)
(39)
(32)
(82)
\u2013
(82)
\u2013
(82)
Rate derivatives \u2013
outflows
9
32
26
67
\u2013
67
\u2013
67
FX forwards \u2013 inflows
(326)
\u2013
\u2013
(326)
\u2013
(326)
\u2013
(326)
FX forwards \u2013
outflows
324
\u2013
\u2013
324
324
\u2013
\u2013
324
Total
28
471
419
918
324
594
\u2013
918
At 31 December 2024
Bonds
1
250
\u2013
705
955
\u2013
705
250
955
Rate derivatives \u2013
inflows
(394)
(3)
(17)
(414)
(2)
(163)
(249)
(414)
Rate derivatives \u2013
outflows
408
1
3
412
176
235
1
412
FX forwards \u2013 inflows
(1,034)
\u2013
\u2013
(1,034)
\u2013
(1,034)
(1,034)
\u2013
FX forwards \u2013
outflows
1,049
\u2013
\u2013
1,049
1,049
\u2013
1,049
\u2013
Total
279
(2)
691
968
1,223
(257)
968
2
1. The 2024 figures for bonds have been given on a discounted basis for the year ended 31 December 2025. If
the same methodology had been applied for the year ended 31 December 2024, the total value of the
bonds would be \u00a31,219m, of which \u00a3284m is greater than one month and less than one year, \u00a3128m later
than one year but less than five years, and \u00a3807m greater than five years. The currency split is sterling \u00a3967m
and Euro \u00a3252m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-781": { "value": "20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2025
2024
Cost
At 1 January
2,514
2,517
Exchange differences
(135)
17
Additions
285
284
Disposals and retirements
(38)
(309)
Transfers
\u2013
5
At 31 December
2,626
2,514
Amortisation
At 1 January
(1,567)
(1,570)
Exchange differences
89
(14)
Charge for the year
(276)
(287)
Impairment
(88)
(4)
Disposals and retirements
38
309
Transfers
\u2013
(1)
At 31 December
(1,804)
(1,567)
Carrying amounts at 31 December
822
947
Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. In 2025, of the \u00a388m (2024: \u00a34m; 2023: \u00a34m) impairment charges, \u00a387m (2024: \u00a3nil; 2023: \u00a3nil) have been recognised relating to the impairment of product development assets as a result of courseware platform convergence. The impairment charge is within Higher Education. The impairment assessment is based on the value in use of the cash-generating unit (CGUs) within the Higher Education aggregation of CGUs that these product development assets belong to. The value in use has been determined using the same methodology as in the assessment of the impairment tests for CGUs containing goodwill set out in note 11. The key assumption in the value in use calculation is the cash flows attributable to the relevant CGU that these product development assets belong to. The other assumptions used in the value in use calculation, including discount rates and assumptions relating to sales and profits are in line with the assumptions for Higher Education set out in note 11. The impairment charge is not sensitive to reasonably possible changes in key assumptions.", "dimensions": { "concept": "pearsonplc:DisclosureOfProductDevelopment", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-756": { "value": "Financial counterparty and credit risk management Financial counterparty and credit risk arises from cash and cash equivalents, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and contract assets. Counterparty credit limits, which take published credit rating and other factors into account, are set to cover the Group\u2019s total aggregate exposure to a single financial institution. The limits applicable to published credit rating bands are approved by the Chief Financial Officer within guidelines approved by the Board. Exposures and limits applicable to each financial institution are reviewed on a regular basis. Cash deposits and derivative transactions are made with approved counterparties up to pre-agreed limits. To manage counterparty risk associated with cash and cash equivalents, the Group uses a mixture of money market funds as well as bank deposits. As at 31 December 2025, 91% (2024: 86%) of cash and cash equivalents was held with investment grade bank counterparties, 6% (2024: 12%) with AAA money market funds and 3% (2024: 2%) with non- investment grade bank counterparties. For trade receivables and contract assets, including contract assets - unbilled, the Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, risk associated with the industry and country in which customers operate may also influence the credit risk. The credit quality of customers is assessed by taking into account financial position, past experience and other relevant factors. Individual credit limits are set for each customer based on internal ratings. The compliance with credit limits is regularly monitored by the Group. A default on a trade receivable is when the counterparty fails to make contractual payments within the stated payment terms. Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. The carrying amounts of financial assets, trade receivables and contract assets represent the maximum credit exposure. Trade receivables and contract assets are subject to impairment using the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. See note 22 for further details about trade receivables and contract assets including movements in provisions for bad and doubtful debts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-705": { "value": "
21. Inventories
All figures in \u00a3 millions
2025
2024
Raw materials
3
5
Work in progress
1
2
Finished goods
59
63
Returns asset
3
4
66
74
The cost of inventories recognised as an expense and included in the income statement in cost of
goods sold amounted to \u00a3120m (2024: \u00a3129m; 2023: \u00a3155m) including \u00a38m (2024: \u00a37m; 2023:
\u00a319m) of inventory provisions. None of the inventory is pledged as security. Included within the
inventory balance is the estimation of the right to receive goods from contracts with customers
via returns. The value of the returns asset is measured at the carrying amount of the assets at the
time of sale aligned to the Group\u2019s normal inventory valuation methodology less any expected
costs to recover the asset and any expected reduction in value. Impairment charges against the
inventory returns asset are \u00a31m in 2025 (2024: \u00a3nil; 2023: \u00a3nil). The returns asset all relates to
finished goods. The year-on-year reduction in inventories is due to the increasing shift towards
print on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-706": { "value": "
22. Trade and other receivables
All figures in \u00a3 millions
2025
2024
Current
Trade receivables
651
605
Contract assets \u2013 unbilled
86
71
Investment in finance lease receivable
21
19
Prepayments and other receivables
324
335
1,082
1,030
Non-current
Trade receivables
10
9
Investment in finance lease receivable
45
64
Prepayments and other receivables
50
52
105
125
Contract assets \u2013 unbilled represents contract assets which are unbilled amounts generally
resulting from US assessments where the performance obligations are yet to be fully delivered
and therefore the revenue to be recognised over time has been recognised in excess of
customer billings to date. Impairment charges on these contract assets are \u00a3nil (2024: \u00a3nil).
Where performance obligations have been fully delivered but the amounts have not yet been
billed, these are included within trade receivables. Contract assets arising from costs incurred to
obtain a contract are included in other receivables. The carrying value of the Group\u2019s trade and
other receivables approximates its fair value. Trade receivables are stated net of provisions for
bad and doubtful debts.
The movements in the provision for bad and doubtful debts are as follows:
All figures in \u00a3 millions
2025
2024
At 1 January
(40)
(51)
Exchange differences
1
2
Income statement movements
(24)
(4)
Utilised
7
13
At 31 December
(56)
(40)
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s
large number of customers, who are internationally dispersed.
The ageing of the Group\u2019s gross trade receivables is as follows:
All figures in \u00a3 millions
2025
2024
Contract assets \u2013 unbilled
86
71
Within due date and one month past due date
554
488
One to three months past due date
57
53
Three to six months past due date
24
22
Six to nine months past due date
12
24
Nine to 12 months past due date
8
13
More than 12 months past due date
62
54
Gross trade receivables
803
725
The Group reviews its bad debt provision at least twice a year following a detailed review of
receivable balances, historical payment profiles, and assessment of relevant forward-looking
risk factors including macroeconomic trends. Management believes all the remaining receivable
balances are fully recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-757": { "value": "
All figures in \u00a3 millions
2025
2024
Current
Trade receivables
651
605
Contract assets \u2013 unbilled
86
71
Investment in finance lease receivable
21
19
Prepayments and other receivables
324
335
1,082
1,030
Non-current
Trade receivables
10
9
Investment in finance lease receivable
45
64
Prepayments and other receivables
50
52
105
125
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-708": { "value": "
23. Provisions for other liabilities and charges
Legal
All figures in \u00a3 millions Property and other Total
At 1 January 2025
15
21
36
Provisions made during the year
\u2013
9
9
Provisions reversed during the year
(5)
(2)
(7)
Provisions used during the year
\u2013
(19)
(19)
Acquisition of businesses (note 30)
\u2013
1
1
At 31 December 2025
10
10
20
Analysis of provisions:
2025
Legal
All figures in \u00a3 millions Property and other Total
Current
4
4
8
Non-current
6
6
12
10
10
20
2024
Current
3
20
23
Non-current
12
1
13
15
21
36
Legal and other includes legal claims, contract disputes and potential contract losses with the
provisions utilised as the cases are settled. Also included in legal and other are other restructuring
provisions that are generally utilised within one year.
The year-on-year decrease in provisions is mainly due to the utilisation of reorganisation
provisions and reversal of property provisions in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-759": { "value": "23. Provisions for other liabilities and charges
Legal
All figures in \u00a3 millions Property and other Total
At 1 January 2025
15
21
36
Provisions made during the year
\u2013
9
9
Provisions reversed during the year
(5)
(2)
(7)
Provisions used during the year
\u2013
(19)
(19)
Acquisition of businesses (note 30)
\u2013
1
1
At 31 December 2025
10
10
20
Analysis of provisions:
2025
Legal
All figures in \u00a3 millions Property and other Total
Current
4
4
8
Non-current
6
6
12
10
10
20
2024
Current
3
20
23
Non-current
12
1
13
15
21
36
Legal and other includes legal claims, contract disputes and potential contract losses with the provisions utilised as the cases are settled. Also included in legal and other are other restructuring provisions that are generally utilised within one year. The year-on-year decrease in provisions is mainly due to the utilisation of reorganisation provisions and reversal of property provisions in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-707": { "value": "
24. Trade and other liabilities
All figures in \u00a3 millions
2025
2024
Current
Trade payables
281
273
Sales return liability
19
27
Deferred income
328
329
Interest payable
13
12
Accruals and other liabilities
402
413
1,043
1,054
Non-current
Deferred income
61
62
Accruals and other liabilities
15
21
76
83
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The
deferred income balance comprises contract liabilities in respect of advance payments in
assessment, testing and training businesses; subscription income in school and college
businesses; and obligations to deliver digital content in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-758": { "value": "24. Trade and other liabilities
All figures in \u00a3 millions
2025
2024
Current
Trade payables
281
273
Sales return liability
19
27
Deferred income
328
329
Interest payable
13
12
Accruals and other liabilities
402
413
1,043
1,054
Non-current
Deferred income
61
62
Accruals and other liabilities
15
21
76
83
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The deferred income balance comprises contract liabilities in respect of advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-782": { "value": "
All figures in \u00a3 millions
2025
2024
Current
Trade payables
281
273
Sales return liability
19
27
Deferred income
328
329
Interest payable
13
12
Accruals and other liabilities
402
413
1,043
1,054
Non-current
Deferred income
61
62
Accruals and other liabilities
15
21
76
83
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The deferred income balance comprises contract liabilities in respect of advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-709": { "value": "
25. Retirement benefit and other post-retirement obligations
Background
The Group operates a number of defined benefit and defined contribution retirement plans
throughout the world.
The largest plan is the Pearson Pension Plan (UK Group plan) in the UK, which is sectionalised to
provide both defined benefit and defined contribution pension benefits. The defined benefit
section was largely closed to new members from 1 November 2006. The defined contribution
section, opened in 2003, is open to new and existing employees. Finally, there is a separate
section within the UK Group plan set up for auto-enrolment.
The defined benefit section of the UK Group plan is a final salary pension plan which provides
benefits to members in the form of a guaranteed level of pension payable for life. The level of
benefits depends on the length of service and final pensionable pay.
continued
The defined contribution section of the UK Group plan operates a Reference Scheme Test (RST)
pension underpin for its members. Where a member\u2019s fund value is insufficient to purchase the
RST pension upon retirement, the UK Group plan is liable for the shortfall to cover the member\u2019s
RST pension. In addition, in recent years, the scheme rules were amended to enable members
who have sufficient funds to purchase an RST pension the ability to convert their fund value into a
pension in the UK Group plan as an alternative to purchasing an annuity with an insurer. The Group
recognises any assets and liabilities relating to these features of the defined contribution section
as part of the overall UK Group plan obligation. The Group also recognises the assets and
liabilities for all members of the defined contribution section of the UK Group plan, accounting
for the whole defined contribution section as a defined benefit scheme under IAS 19 \u2018Employee
Benefits\u2019 as there is a risk the underpin will require the Group to pay further contributions to the
scheme.
The UK Group plan is funded with benefit payments from trustee-administered funds. The UK
Group plan is administered in accordance with the Trust Deed and Rules in the interests of its
beneficiaries by Pearson Pension Trustee Limited.
At 31 December 2025, the UK Group plan had approximately 25,700 members, analysed in the
following table:
All figures in %
Active
Deferred
Pensioners
Total
Defined benefit
\u2013
12
35
47
Defined contribution
11
42
\u2013
53
Total
11
54
35
100
The other major defined benefit plans are based in the US. These are also final salary pension
plans which provide benefits to members in the form of a guaranteed pension payable for life,
with the level of benefits dependent on length of service and final pensionable pay. The majority
of the US plans are fully funded. In 2025, the Group entered into a buy-out agreement with a third
party insurance provider to fully insure the liabilities of the Pearson Inc Pension Plan. Under the
terms of the buy-out, the insurer has assumed responsibility for paying all future benefits to
members of the scheme. The buy-out was primarily funded using existing scheme assets. The
Group has derecognised the pension liability associated with the scheme from its balance sheet
for no material gain or loss.
The Group also has several post-retirement medical benefit plans (PRMBs), principally in the US.
PRMBs are unfunded but are accounted for and valued similarly to defined benefit pension plans.
The defined benefit schemes expose the Group to actuarial risks, such as life expectancy,
inflation risks and investment risk including asset volatility and changes in bond yields. The Group
is not exposed to any unusual, entity-specific or plan-specific risks.
Assumptions
The principal assumptions used for the UK Group plan and the US PRMB are shown below.
Weighted average assumptions have been shown for the other plans, which primarily relate to
US pension plans.
2025
2024
2023
UK UK UK
Group Other Group Other Group Other
All figures in % plan plans PRMB plan plans PRMB plan plans PRMB
Inflation
2.8
2.0
\u2013
3.1
2.0
\u2013
3.0
2.0
\u2013
Rate used to
discount plan
liabilities
5.5
4.9
4.9
5.5
5.1
5.4
4.6
4.9
5.0
Expected rate
of increase in
salaries
3.3
2.5
\u2013
3.6
2.5
\u2013
3.5
2.5
\u2013
Expected rate
of increase for
pensions in
payment and
deferred
1.70 to 1.85 to 1.75 to
pensions
5.10
\u2013
\u2013
5.15
\u2013
\u2013
5.10
\u2013
\u2013
Initial rate of
increase in
healthcare
rate
\u2013
\u2013
6.8
\u2013
\u2013
7.0
\u2013
\u2013
6.5
Ultimate rate
of increase in
healthcare
rate
\u2013
\u2013
5.0
\u2013
\u2013
5.0
\u2013
\u2013
5.0
KJ
\u2002Key judgements
\u2022 Whether the Group will be eligible to receive the surplus associated with the UK
Group Pension Plan in recognising a pension asset.
KE
\u2002Key areas of estimation
\u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s
defined benefit pension schemes depends on the selection of certain assumptions,
which include the discount rate, inflation rate, salary growth and longevity.
The UK discount rate is based on corporate bond yields adjusted to reflect the duration of liabilities. The inflation rate for the UK Group plan of 2.8% (2024: 3.1%) reflects the RPI rate. In line with changes to legislation in 2010, certain benefits have been calculated with reference to CPI as the inflationary measure and in these instances a rate of 2.2% (2024: 2.5%) has been used. The CPI rate is determined as a weighted average deduction from the RPI rate, and allows for the expected change to the formula for calculating RPI to be in line with CPIH from 2030 onwards. For the UK Group plan, the mortality base table assumptions are derived from the SAPS S4 for males and females, adjusted to reflect the observed experience of the plan, with CMI model improvement factors. A 1.5% long-term rate improvement on the CMI 2024 model is applied for both males and females, with an adjustment to improvement at older ages, which slightly reduces life expectancies. Life expectancy remains uncertain in the current environment and is an area of judgement. For the US plans, a mortality table (Pri \u2013 2012) and 2021 improvement scale (MP \u2013 2021) with generational projection for male and female annuitants has been adopted. Using the above tables, the remaining average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date for the UK Group plan and US plans is as follows:
UK
US
All figures in years
2025
2024
2023
2025
2024
2023
Male
21.5
21.3
21.8
20.8
20.7
20.7
Female
24.5
24.5
24.1
22.8
22.7
22.6
The remaining average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date, for the UK and US Group plans is as follows:
UK
US
All figures in years
2025
2024
2023
2025
2024
2023
Male
23.1
22.9
23.4
22.3
22.2
22.2
Female
26.2
26.2
25.8
24.2
24.1
24.1
Although the Group anticipates that plan surpluses will be utilised during the life of the plan to address member benefits, the Group recognises its pension surplus in full in respect of the UK Group plan on the basis that it is management\u2019s judgement that there are no substantive restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. Financial statement information The amounts recognised in the income statement are as follows:
2025
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
17
1
18
41
\u2013
59
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
9
\u2013
9
\u2013
\u2013
9
Total operating expense
26
1
27
41
\u2013
68
Interest on plan assets
(158)
(3)
(161)
\u2013
\u2013
(161)
Interest on plan liabilities
132
3
135
\u2013
1
136
Net finance
(income)/expense
(26)
\u2013
(26)
\u2013
1
(25)
Net income
statement charge
\u2013
1
1
41
1
43
2024
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
17
2
19
41
\u2013
60
Past service cost
13
\u2013
13
\u2013
\u2013
13
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
38
2
40
41
\u2013
81
Interest on plan assets
(138)
(5)
(143)
\u2013
\u2013
(143)
Interest on plan liabilities
116
5
121
\u2013
1
122
Net finance
(income)/expense
(22)
\u2013
(22)
\u2013
1
(21)
Net income
statement charge
16
2
18
41
1
60
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2025
2024
2023
Amounts recognised for defined benefit plans
11
4
(86)
Amounts recognised for post-retirement medical benefit
plans
(1)
1
1
Total recognised in year
10
5
(85)
The fair value of plan assets comprises the following:
2025
2024
UK Group Other UK Group Other
All figures in % plan funded plans Total plan funded plans Total
Insurance
30
\u2013
30
31
\u2013
31
Equities
19
\u2013
19
17
1
18
Fixed interest
securities
8
\u2013
8
7
2
9
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
21
\u2013
21
22
\u2013
22
Infrastructure
10
\u2013
10
11
\u2013
11
Cash and cash
equivalents
4
1
5
2
\u2013
2
Other
2
\u2013
2
2
\u2013
2
2023
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
16
2
18
45
\u2013
63
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
24
2
26
45
\u2013
71
Interest on plan assets
(148)
(5)
(153)
\u2013
\u2013
(153)
Interest on plan liabilities
121
6
127
\u2013
\u2013
127
Net finance
(income)/expense
(27)
1
(26)
\u2013
\u2013
(26)
Net income
statement charge
(3)
3
\u2013
45
\u2013
45
The amounts recognised in the balance sheet are as follows:
2025
2024
UK Other Other UK Other Other
Group funded unfunded Group funded unfunded
All figures in \u00a3 millions plan plans plans Total plan plans plans Total
Fair value of plan assets
2,994
5
\u2013
2,999
2,927
84
\u2013
3,011
Present value of defined
benefit obligation
(2,480)
(1)
(12)
(2,493)
(2,443)
(77)
(14)
(2,534)
Net pension asset/
(liability)
514
4
(12)
506
484
7
(14)
477
Other post-retirement
medical benefit
obligation
(17)
(19)
Other pension accruals
(7)
(8)
Net retirement benefit
asset
482
450
Analysed as:
Retirement
benefit assets
518
491
Retirement benefit
obligations
(36)
(41)
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2025
2024
UK Group Other UK Group Other
All figures in \u00a3 millions plan plans Total plan plans Total
Fair value of plan assets
Opening fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Exchange differences
\u2013
(4)
(4)
\u2013
(2)
(2)
Interest on plan assets
158
3
161
138
5
143
Return on plan assets
excluding interest
40
\u2013
40
(144)
1
(143)
Contributions by employer
16
3
19
8
1
9
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(154)
(11)
(165)
(142)
(12)
(154)
Settlements
\u2013
(70)
(70)
\u2013
(16)
(16)
Closing fair value of plan assets
2,994
5
2,999
2,927
84
3,011
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
Exchange differences
\u2013
4
4
\u2013
\u2013
\u2013
Current service cost
(17)
(1)
(18)
(17)
(2)
(19)
Past service cost
\u2013
\u2013
\u2013
(13)
\u2013
(13)
Administration expenses
(9)
\u2013
(9)
(8)
\u2013
(8)
Interest on plan liabilities
(132)
(3)
(135)
(116)
(5)
(121)
Actuarial losses \u2013 experience
(50)
(2)
(52)
(53)
\u2013
(53)
Actuarial gains \u2013 demographic
6
\u2013
6
38
\u2013
38
Actuarial gains/(losses) \u2013 financial
18
(1)
17
160
2
162
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
154
11
165
142
12
154
Settlements
\u2013
70
70
\u2013
16
16
Closing defined benefit obligation
(2,480)
(13)
(2,493)
(2,443)
(91)
(2,534)
The weighted average duration of the defined benefit obligation is 14 years for the UK. The plan assets do not include any of the Group\u2019s own financial instruments, or any property occupied by the Group. The table below further disaggregates the plan assets into those assets which have a quoted market price in an active market and those that do not:
2025
2024
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
30
\u2013
31
Equities
19
\u2013
18
\u2013
Fixed-interest securities
8
\u2013
9
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
21
\u2013
22
\u2013
Infrastructure
\u2013
10
\u2013
11
Cash and cash equivalents
\u2013
5
\u2013
2
Other
\u2013
2
\u2013
2
Total
48
52
49
51
The liquidity profile of the UK Group plan assets is as follows:
All figures in %
2025
2024
Liquid \u2013 call <1 month
53
50
Less liquid \u2013 call 1\u20133 months
2
2
Illiquid \u2013 call >3 months
45
48
Return-seeking assets are assets invested with a longer-term horizon to generate the returns
needed to provide the remaining expected cash flows for the beneficiaries, and include
diversified growth funds, property and alternative asset classes. Continued economic and
geopolitical uncertainty has led to continued uncertainty and volatility in the valuation of certain
assets, in particular the LDI and insurance contracts.
Movements in the LDI and insurance contracts tend to be offset by equivalent movements in the
defined benefit obligation. The UK Group plan divides its assets between a number of investment
managers and across different types of assets, as such there is no significant concentration of
risk.
Regular employer contributions to the UK Group plan in respect of the defined benefit sections
are estimated to be \u00a3nil for 2026.
Sensitivities
The effect of a one percentage point increase and decrease in the discount rate on the defined
benefit obligation and the total pension expense is as follows:
2025
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(151)
181
(Decrease)/increase in defined benefit obligation \u2013 US plan
(1)
1
The effect of members living one year more or one year less on the defined benefit obligation is
as follows:
2025
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
40
(39)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2025
0.5% 0.5%
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
38
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
Changes in the value of the US PRMB are as follows:
All figures in \u00a3 millions
2025
2024
Opening defined benefit obligation
(19)
(21)
Exchange differences
2
\u2013
Interest on plan liabilities
(1)
(1)
Actuarial gains \u2013 experience
(1)
1
Actuarial losses \u2013 financial
\u2013
\u2013
Benefits paid
2
2
Closing defined benefit obligation
(17)
(19)
Funding The UK Group plan is self-administered with the plan\u2019s assets being held independently of the Group in trust. The trustee of the UK Group plan is required to act in the best interest of the plan\u2019s beneficiaries. The most recent triennial actuarial valuation for funding purposes was completed as at 1 January 2024, and this valuation revealed a technical provision surplus of \u00a3255m. The UK Group plan expects to be able to provide benefits (in accordance with the plan rules) with a very low level of reliance on future funding from the Group. Assets of the final salary section of the UK Group plan are divided into two main elements: liability matching assets and return seeking assets. The UK Group plan\u2019s investment strategy for the final salary section allocates approximately 95% to matching assets and 5% to return-seeking assets. Liability matching assets are assets that produce cash flows that can be expected to match the cash flows for a proportion of the membership, and include a liability-driven investment mandate (LDI) for which a Qualifying Investor Alternative Investment Fund (QIAIF) was established, managed by a subsidiary of Legal & General Investment Management. The QIAIF invests in UK bonds, interest rate/inflation swaps and other derivative instruments in order to reduce interest rate and inflation risks using accurate cash flow matching and risk control. Other liability matching assets include pensioner buy-in insurance policies, bonds and inflation-linked property and infrastructure. Following the purchase of buy-in policies with Legal & General and Aviva in 2017 and 2019, 95% of the UK Group plan\u2019s pensioner liabilities were matched with buy-in policies. These transfer significant longevity risk to Aviva and Legal & General, reducing the pension risks being underwritten by the Group and providing additional security for members. Due to deferred members retiring since 2019 and becoming pensioner members the buy-in policies now cover approximately 75% of the UK Group Plan\u2019s pensioner liabilities. The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some assumptions may be correlated. When calculating these sensitivities, the same method has been applied to calculate the defined benefit obligation as has been applied when calculating the liability recognised in the balance sheet. This methodology is the same as prior periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-760": { "value": "25. Retirement benefit and other post-retirement obligations Background The Group operates a number of defined benefit and defined contribution retirement plans throughout the world. The largest plan is the Pearson Pension Plan (UK Group plan) in the UK, which is sectionalised to provide both defined benefit and defined contribution pension benefits. The defined benefit section was largely closed to new members from 1 November 2006. The defined contribution section, opened in 2003, is open to new and existing employees. Finally, there is a separate section within the UK Group plan set up for auto-enrolment. The defined benefit section of the UK Group plan is a final salary pension plan which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits depends on the length of service and final pensionable pay. continued The defined contribution section of the UK Group plan operates a Reference Scheme Test (RST) pension underpin for its members. Where a member\u2019s fund value is insufficient to purchase the RST pension upon retirement, the UK Group plan is liable for the shortfall to cover the member\u2019s RST pension. In addition, in recent years, the scheme rules were amended to enable members who have sufficient funds to purchase an RST pension the ability to convert their fund value into a pension in the UK Group plan as an alternative to purchasing an annuity with an insurer. The Group recognises any assets and liabilities relating to these features of the defined contribution section as part of the overall UK Group plan obligation. The Group also recognises the assets and liabilities for all members of the defined contribution section of the UK Group plan, accounting for the whole defined contribution section as a defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019 as there is a risk the underpin will require the Group to pay further contributions to the scheme. The UK Group plan is funded with benefit payments from trustee-administered funds. The UK Group plan is administered in accordance with the Trust Deed and Rules in the interests of its beneficiaries by Pearson Pension Trustee Limited. At 31 December 2025, the UK Group plan had approximately 25,700 members, analysed in the following table:
All figures in %
Active
Deferred
Pensioners
Total
Defined benefit
\u2013
12
35
47
Defined contribution
11
42
\u2013
53
Total
11
54
35
100
The other major defined benefit plans are based in the US. These are also final salary pension plans which provide benefits to members in the form of a guaranteed pension payable for life, with the level of benefits dependent on length of service and final pensionable pay. The majority of the US plans are fully funded. In 2025, the Group entered into a buy-out agreement with a third party insurance provider to fully insure the liabilities of the Pearson Inc Pension Plan. Under the terms of the buy-out, the insurer has assumed responsibility for paying all future benefits to members of the scheme. The buy-out was primarily funded using existing scheme assets. The Group has derecognised the pension liability associated with the scheme from its balance sheet for no material gain or loss. The Group also has several post-retirement medical benefit plans (PRMBs), principally in the US. PRMBs are unfunded but are accounted for and valued similarly to defined benefit pension plans. The defined benefit schemes expose the Group to actuarial risks, such as life expectancy, inflation risks and investment risk including asset volatility and changes in bond yields. The Group is not exposed to any unusual, entity-specific or plan-specific risks. Assumptions The principal assumptions used for the UK Group plan and the US PRMB are shown below. Weighted average assumptions have been shown for the other plans, which primarily relate to US pension plans.
2025
2024
2023
UK UK UK
Group Other Group Other Group Other
All figures in % plan plans PRMB plan plans PRMB plan plans PRMB
Inflation
2.8
2.0
\u2013
3.1
2.0
\u2013
3.0
2.0
\u2013
Rate used to
discount plan
liabilities
5.5
4.9
4.9
5.5
5.1
5.4
4.6
4.9
5.0
Expected rate
of increase in
salaries
3.3
2.5
\u2013
3.6
2.5
\u2013
3.5
2.5
\u2013
Expected rate
of increase for
pensions in
payment and
deferred
1.70 to 1.85 to 1.75 to
pensions
5.10
\u2013
\u2013
5.15
\u2013
\u2013
5.10
\u2013
\u2013
Initial rate of
increase in
healthcare
rate
\u2013
\u2013
6.8
\u2013
\u2013
7.0
\u2013
\u2013
6.5
Ultimate rate
of increase in
healthcare
rate
\u2013
\u2013
5.0
\u2013
\u2013
5.0
\u2013
\u2013
5.0
KJ\u2002Key judgements \u2022 Whether the Group will be eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. KE\u2002Key areas of estimation \u2022 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity.
The UK discount rate is based on corporate bond yields adjusted to reflect the duration of liabilities.
The inflation rate for the UK Group plan of 2.8% (2024: 3.1%) reflects the RPI rate. In line with
changes to legislation in 2010, certain benefits have been calculated with reference to CPI as the
inflationary measure and in these instances a rate of 2.2% (2024: 2.5%) has been used. The CPI
rate is determined as a weighted average deduction from the RPI rate, and allows for the
expected change to the formula for calculating RPI to be in line with CPIH from 2030 onwards.
For the UK Group plan, the mortality base table assumptions are derived from the SAPS S4 for
males and females, adjusted to reflect the observed experience of the plan, with CMI model
improvement factors. A 1.5% long-term rate improvement on the CMI 2024 model is applied for
both males and females, with an adjustment to improvement at older ages, which slightly reduces
life expectancies. Life expectancy remains uncertain in the current environment and is an area of
judgement.
For the US plans, a mortality table (Pri \u2013 2012) and 2021 improvement scale (MP \u2013 2021) with
generational projection for male and female annuitants has been adopted.
Using the above tables, the remaining average life expectancy in years of a pensioner retiring at
age 65 on the balance sheet date for the UK Group plan and US plans is as follows:
UK
US
All figures in years
2025
2024
2023
2025
2024
2023
Male
21.5
21.3
21.8
20.8
20.7
20.7
Female
24.5
24.5
24.1
22.8
22.7
22.6
The remaining average life expectancy in years of a pensioner retiring at age 65, 20 years after the
balance sheet date, for the UK and US Group plans is as follows:
UK
US
All figures in years
2025
2024
2023
2025
2024
2023
Male
23.1
22.9
23.4
22.3
22.2
22.2
Female
26.2
26.2
25.8
24.2
24.1
24.1
Although the Group anticipates that plan surpluses will be utilised during the life of the plan to
address member benefits, the Group recognises its pension surplus in full in respect of the UK
Group plan on the basis that it is management\u2019s judgement that there are no substantive
restrictions on the return of residual plan assets in the event of a winding up of the plan after all
member obligations have been met.
Financial statement information
The amounts recognised in the income statement are as follows:
2025
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
17
1
18
41
\u2013
59
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
9
\u2013
9
\u2013
\u2013
9
Total operating expense
26
1
27
41
\u2013
68
Interest on plan assets
(158)
(3)
(161)
\u2013
\u2013
(161)
Interest on plan liabilities
132
3
135
\u2013
1
136
Net finance
(income)/expense
(26)
\u2013
(26)
\u2013
1
(25)
Net income
statement charge
\u2013
1
1
41
1
43
2024
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
17
2
19
41
\u2013
60
Past service cost
13
\u2013
13
\u2013
\u2013
13
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
38
2
40
41
\u2013
81
Interest on plan assets
(138)
(5)
(143)
\u2013
\u2013
(143)
Interest on plan liabilities
116
5
121
\u2013
1
122
Net finance
(income)/expense
(22)
\u2013
(22)
\u2013
1
(21)
Net income
statement charge
16
2
18
41
1
60
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2025
2024
2023
Amounts recognised for defined benefit plans
11
4
(86)
Amounts recognised for post-retirement medical benefit
plans
(1)
1
1
Total recognised in year
10
5
(85)
The fair value of plan assets comprises the following:
2025
2024
UK Group Other UK Group Other
All figures in % plan funded plans Total plan funded plans Total
Insurance
30
\u2013
30
31
\u2013
31
Equities
19
\u2013
19
17
1
18
Fixed interest
securities
8
\u2013
8
7
2
9
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
21
\u2013
21
22
\u2013
22
Infrastructure
10
\u2013
10
11
\u2013
11
Cash and cash
equivalents
4
1
5
2
\u2013
2
Other
2
\u2013
2
2
\u2013
2
2023
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan other Sub-total contribution PRMB Total
Current service cost
16
2
18
45
\u2013
63
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
24
2
26
45
\u2013
71
Interest on plan assets
(148)
(5)
(153)
\u2013
\u2013
(153)
Interest on plan liabilities
121
6
127
\u2013
\u2013
127
Net finance
(income)/expense
(27)
1
(26)
\u2013
\u2013
(26)
Net income
statement charge
(3)
3
\u2013
45
\u2013
45
The amounts recognised in the balance sheet are as follows:
2025
2024
UK Other Other UK Other Other
Group funded unfunded Group funded unfunded
All figures in \u00a3 millions plan plans plans Total plan plans plans Total
Fair value of plan assets
2,994
5
\u2013
2,999
2,927
84
\u2013
3,011
Present value of defined
benefit obligation
(2,480)
(1)
(12)
(2,493)
(2,443)
(77)
(14)
(2,534)
Net pension asset/
(liability)
514
4
(12)
506
484
7
(14)
477
Other post-retirement
medical benefit
obligation
(17)
(19)
Other pension accruals
(7)
(8)
Net retirement benefit
asset
482
450
Analysed as:
Retirement
benefit assets
518
491
Retirement benefit
obligations
(36)
(41)
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2025
2024
UK Group Other UK Group Other
All figures in \u00a3 millions plan plans Total plan plans Total
Fair value of plan assets
Opening fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Exchange differences
\u2013
(4)
(4)
\u2013
(2)
(2)
Interest on plan assets
158
3
161
138
5
143
Return on plan assets
excluding interest
40
\u2013
40
(144)
1
(143)
Contributions by employer
16
3
19
8
1
9
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(154)
(11)
(165)
(142)
(12)
(154)
Settlements
\u2013
(70)
(70)
\u2013
(16)
(16)
Closing fair value of plan assets
2,994
5
2,999
2,927
84
3,011
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
Exchange differences
\u2013
4
4
\u2013
\u2013
\u2013
Current service cost
(17)
(1)
(18)
(17)
(2)
(19)
Past service cost
\u2013
\u2013
\u2013
(13)
\u2013
(13)
Administration expenses
(9)
\u2013
(9)
(8)
\u2013
(8)
Interest on plan liabilities
(132)
(3)
(135)
(116)
(5)
(121)
Actuarial losses \u2013 experience
(50)
(2)
(52)
(53)
\u2013
(53)
Actuarial gains \u2013 demographic
6
\u2013
6
38
\u2013
38
Actuarial gains/(losses) \u2013 financial
18
(1)
17
160
2
162
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
154
11
165
142
12
154
Settlements
\u2013
70
70
\u2013
16
16
Closing defined benefit obligation
(2,480)
(13)
(2,493)
(2,443)
(91)
(2,534)
The weighted average duration of the defined benefit obligation is 14 years for the UK.
The plan assets do not include any of the Group\u2019s own financial instruments, or any property
occupied by the Group. The table below further disaggregates the plan assets into those assets
which have a quoted market price in an active market and those that do not:
2025
2024
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
30
\u2013
31
Equities
19
\u2013
18
\u2013
Fixed-interest securities
8
\u2013
9
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
21
\u2013
22
\u2013
Infrastructure
\u2013
10
\u2013
11
Cash and cash equivalents
\u2013
5
\u2013
2
Other
\u2013
2
\u2013
2
Total
48
52
49
51
The liquidity profile of the UK Group plan assets is as follows:
All figures in %
2025
2024
Liquid \u2013 call <1 month
53
50
Less liquid \u2013 call 1\u20133 months
2
2
Illiquid \u2013 call >3 months
45
48
Return-seeking assets are assets invested with a longer-term horizon to generate the returns needed to provide the remaining expected cash flows for the beneficiaries, and include diversified growth funds, property and alternative asset classes. Continued economic and geopolitical uncertainty has led to continued uncertainty and volatility in the valuation of certain assets, in particular the LDI and insurance contracts. Movements in the LDI and insurance contracts tend to be offset by equivalent movements in the defined benefit obligation. The UK Group plan divides its assets between a number of investment managers and across different types of assets, as such there is no significant concentration of risk. Regular employer contributions to the UK Group plan in respect of the defined benefit sections are estimated to be \u00a3nil for 2026. Sensitivities The effect of a one percentage point increase and decrease in the discount rate on the defined benefit obligation and the total pension expense is as follows:
2025
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(151)
181
(Decrease)/increase in defined benefit obligation \u2013 US plan
(1)
1
The effect of members living one year more or one year less on the defined benefit obligation is as follows:
2025
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
40
(39)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2025
0.5% 0.5%
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
38
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
Changes in the value of the US PRMB are as follows:
All figures in \u00a3 millions
2025
2024
Opening defined benefit obligation
(19)
(21)
Exchange differences
2
\u2013
Interest on plan liabilities
(1)
(1)
Actuarial gains \u2013 experience
(1)
1
Actuarial losses \u2013 financial
\u2013
\u2013
Benefits paid
2
2
Closing defined benefit obligation
(17)
(19)
Funding
The UK Group plan is self-administered with the plan\u2019s assets being held independently of the
Group in trust. The trustee of the UK Group plan is required to act in the best interest of the plan\u2019s
beneficiaries. The most recent triennial actuarial valuation for funding purposes was completed
as at 1 January 2024, and this valuation revealed a technical provision surplus of \u00a3255m. The UK
Group plan expects to be able to provide benefits (in accordance with the plan rules) with a very
low level of reliance on future funding from the Group.
Assets of the final salary section of the UK Group plan are divided into two main elements: liability
matching assets and return seeking assets. The UK Group plan\u2019s investment strategy for the final
salary section allocates approximately 95% to matching assets and 5% to return-seeking assets.
Liability matching assets are assets that produce cash flows that can be expected to match the
cash flows for a proportion of the membership, and include a liability-driven investment mandate
(LDI) for which a Qualifying Investor Alternative Investment Fund (QIAIF) was established,
managed by a subsidiary of Legal & General Investment Management. The QIAIF invests in UK
bonds, interest rate/inflation swaps and other derivative instruments in order to reduce interest
rate and inflation risks using accurate cash flow matching and risk control. Other liability matching
assets include pensioner buy-in insurance policies, bonds and inflation-linked property and
infrastructure.
Following the purchase of buy-in policies with Legal & General and Aviva in 2017 and 2019, 95%
of the UK Group plan\u2019s pensioner liabilities were matched with buy-in policies. These transfer
significant longevity risk to Aviva and Legal & General, reducing the pension risks being
underwritten by the Group and providing additional security for members. Due to deferred
members retiring since 2019 and becoming pensioner members the buy-in policies now cover
approximately 75% of the UK Group Plan\u2019s pensioner liabilities.
The sensitivity analyses are based on a change in an assumption while holding all other
assumptions constant, although in practice this is unlikely to occur and changes in some
assumptions may be correlated. When calculating these sensitivities, the same method has been
applied to calculate the defined benefit obligation as has been applied when calculating the
liability recognised in the balance sheet. This methodology is the same as prior periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-783": { "value": "The amounts recognised in the balance sheet are as follows:
2025
2024
UK Other Other UK Other Other
Group funded unfunded Group funded unfunded
All figures in \u00a3 millions plan plans plans Total plan plans plans Total
Fair value of plan assets
2,994
5
\u2013
2,999
2,927
84
\u2013
3,011
Present value of defined
benefit obligation
(2,480)
(1)
(12)
(2,493)
(2,443)
(77)
(14)
(2,534)
Net pension asset/
(liability)
514
4
(12)
506
484
7
(14)
477
Other post-retirement
medical benefit
obligation
(17)
(19)
Other pension accruals
(7)
(8)
Net retirement benefit
asset
482
450
Analysed as:
Retirement
benefit assets
518
491
Retirement benefit
obligations
(36)
(41)
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2025
2024
2023
Amounts recognised for defined benefit plans
11
4
(86)
Amounts recognised for post-retirement medical benefit
plans
(1)
1
1
Total recognised in year
10
5
(85)
The fair value of plan assets comprises the following:
2025
2024
UK Group Other UK Group Other
All figures in % plan funded plans Total plan funded plans Total
Insurance
30
\u2013
30
31
\u2013
31
Equities
19
\u2013
19
17
1
18
Fixed interest
securities
8
\u2013
8
7
2
9
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
21
\u2013
21
22
\u2013
22
Infrastructure
10
\u2013
10
11
\u2013
11
Cash and cash
equivalents
4
1
5
2
\u2013
2
Other
2
\u2013
2
2
\u2013
2
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2025
2024
UK Group Other UK Group Other
All figures in \u00a3 millions plan plans Total plan plans Total
Fair value of plan assets
Opening fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Exchange differences
\u2013
(4)
(4)
\u2013
(2)
(2)
Interest on plan assets
158
3
161
138
5
143
Return on plan assets
excluding interest
40
\u2013
40
(144)
1
(143)
Contributions by employer
16
3
19
8
1
9
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(154)
(11)
(165)
(142)
(12)
(154)
Settlements
\u2013
(70)
(70)
\u2013
(16)
(16)
Closing fair value of plan assets
2,994
5
2,999
2,927
84
3,011
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
Exchange differences
\u2013
4
4
\u2013
\u2013
\u2013
Current service cost
(17)
(1)
(18)
(17)
(2)
(19)
Past service cost
\u2013
\u2013
\u2013
(13)
\u2013
(13)
Administration expenses
(9)
\u2013
(9)
(8)
\u2013
(8)
Interest on plan liabilities
(132)
(3)
(135)
(116)
(5)
(121)
Actuarial losses \u2013 experience
(50)
(2)
(52)
(53)
\u2013
(53)
Actuarial gains \u2013 demographic
6
\u2013
6
38
\u2013
38
Actuarial gains/(losses) \u2013 financial
18
(1)
17
160
2
162
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
154
11
165
142
12
154
Settlements
\u2013
70
70
\u2013
16
16
Closing defined benefit obligation
(2,480)
(13)
(2,493)
(2,443)
(91)
(2,534)
The plan assets do not include any of the Group\u2019s own financial instruments, or any property occupied by the Group. The table below further disaggregates the plan assets into those assets which have a quoted market price in an active market and those that do not:
2025
2024
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
30
\u2013
31
Equities
19
\u2013
18
\u2013
Fixed-interest securities
8
\u2013
9
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
21
\u2013
22
\u2013
Infrastructure
\u2013
10
\u2013
11
Cash and cash equivalents
\u2013
5
\u2013
2
Other
\u2013
2
\u2013
2
Total
48
52
49
51
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-784": { "value": "Sensitivities The effect of a one percentage point increase and decrease in the discount rate on the defined benefit obligation and the total pension expense is as follows:
2025
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(151)
181
(Decrease)/increase in defined benefit obligation \u2013 US plan
(1)
1
The effect of members living one year more or one year less on the defined benefit obligation is as follows:
2025
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
40
(39)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2025
0.5% 0.5%
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
38
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some assumptions may be correlated. When calculating these sensitivities, the same method has been applied to calculate the defined benefit obligation as has been applied when calculating the liability recognised in the balance sheet. This methodology is the same as prior periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-711": { "value": "
27. Share capital and share premium
Number of Share Share
shares capital premium
000s \u00a3m \u00a3m
At 1 January 2024
697,299
174
2,642
Issue of ordinary shares \u2013 share option schemes
955
\u2013
7
Buyback of equity
(31,989)
(8)
\u2013
At 31 December 2024
666,265
166
2,649
Issue of ordinary shares \u2013 share option schemes
1,447
\u2013
9
Buyback of equity
(31,897)
(8)
\u2013
At 31 December 2025
635,815
158
2,658
The ordinary shares have a par value of 25p per share (2024: 25p per share). All issued shares are
fully paid. All shareholders are entitled to receive dividends and vote at general meetings of the
company. All shares have the same rights.
On 27 February 2025, the Board approved a \u00a3350m share buyback programme in order to return
capital to shareholders. During 2025, approximately 32m (2024: 32m) shares were bought back
and cancelled at a cost of \u00a3352m (2024: \u00a3318m). The nominal value of these shares, \u00a38m (2024:
\u00a38m), was transferred to the capital redemption reserve, and the remainder of the purchase price
was recorded within retained earnings. At 31 December 2025, no further liability remained (2024:
\u00a3nil) for any shares contracted to be repurchased but where the repurchases are still outstanding.
29. Other comprehensive income
2025
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(192)
\u2013
(192)
(1)
(193)
Currency translation adjustment
disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
(7)
\u2013
\u2013
(7)
\u2013
(7)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
10
10
\u2013
10
Attributable tax
\u2013
\u2013
(3)
(3)
\u2013
(3)
Other comprehensive
(expense)/income for the year
(7)
(192)
7
(192)
(1)
(193)
The Group manages its capital to ensure that entities in the Group will be able to continue as a
going concern while maximising the return to shareholders through the optimisation of the debt
and equity balance.
The capital structure of the Group consists of debt (see note 18), cash and cash equivalents (see
note 17) and equity attributable to equity holders of the parent, comprising issued capital,
reserves and retained earnings.
The Group reviews its capital structure on a regular basis and will balance its overall capital
structure through payments of dividends and new share issues as well as the issue of new debt or
the redemption of existing debt in line with the financial risk policies outlined in note 19.
28. Treasury shares
Number of
shares
000s \u00a3m
At 1 January 2024
2,160
19
Purchase of treasury shares
3,273
33
Release of treasury shares
(4,754)
(45)
At 31 December 2024
679
7
Purchase of treasury shares
5,109
63
Release of treasury shares
(5,063)
(61)
At 31 December 2025
725
9
The Group holds Pearson plc shares in trust to satisfy its obligations under its restricted share
plans (see note 26). These shares, representing 0.1% (2024: 0.1%) of called-up share capital, are
treated as treasury shares for accounting purposes and have a par value of 25p per share.
The nominal value of Pearson plc treasury shares amounts to \u00a30.2m (2024: \u00a30.2m). Dividends on
treasury shares are waived.
At 31 December 2025, the market value of Pearson plc treasury shares was \u00a38m (2024: \u00a39m). The
gross book value of the shares at 31 December 2025 amounts to \u00a39m (2024: \u00a37m).
2024
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(35)
\u2013
(35)
\u2013
(35)
Currency translation adjustment
disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
2
2
\u2013
2
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
(2)
\u2013
\u2013
(2)
\u2013
(2)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
5
5
\u2013
5
Attributable tax
\u2013
\u2013
(2)
(2)
\u2013
(2)
Other comprehensive
(expense)/income for the year
(2)
(35)
5
(32)
\u2013
(32)
2023
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(176)
\u2013
(176)
(1)
(177)
Currency translation adjustment
disposed
\u2013
(122)
\u2013
(122)
\u2013
(122)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
1
\u2013
\u2013
1
\u2013
1
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
(85)
(85)
\u2013
(85)
Attributable tax
\u2013
\u2013
20
20
\u2013
20
Other comprehensive
(expense)/income for the year
1
(298)
(65)
(362)
(1)
(363)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-761": { "value": "27. Share capital and share premium
Number of Share Share
shares capital premium
000s \u00a3m \u00a3m
At 1 January 2024
697,299
174
2,642
Issue of ordinary shares \u2013 share option schemes
955
\u2013
7
Buyback of equity
(31,989)
(8)
\u2013
At 31 December 2024
666,265
166
2,649
Issue of ordinary shares \u2013 share option schemes
1,447
\u2013
9
Buyback of equity
(31,897)
(8)
\u2013
At 31 December 2025
635,815
158
2,658
The ordinary shares have a par value of 25p per share (2024: 25p per share). All issued shares are fully paid. All shareholders are entitled to receive dividends and vote at general meetings of the company. All shares have the same rights. On 27 February 2025, the Board approved a \u00a3350m share buyback programme in order to return capital to shareholders. During 2025, approximately 32m (2024: 32m) shares were bought back and cancelled at a cost of \u00a3352m (2024: \u00a3318m). The nominal value of these shares, \u00a38m (2024: \u00a38m), was transferred to the capital redemption reserve, and the remainder of the purchase price was recorded within retained earnings. At 31 December 2025, no further liability remained (2024: \u00a3nil) for any shares contracted to be repurchased but where the repurchases are still outstanding. The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt (see note 18), cash and cash equivalents (see note 17) and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group reviews its capital structure on a regular basis and will balance its overall capital structure through payments of dividends and new share issues as well as the issue of new debt or the redemption of existing debt in line with the financial risk policies outlined in note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-710": { "value": "26. Share-based payments The Group recognised the following charges in the income statement in respect of its equity- settled share-based payment plans:
All figures in years
2025
2024
2023
Pearson plans
39
44
40
The Group operates the following equity-settled employee option and share plans: Save for Shares Global Plan \u2013 Under the Save for Shares Global Plan, employees can save a portion of their monthly salary over a period of three years. At the end of this period, the employee has the option to purchase ordinary shares with the accumulated funds at a purchase price equal to 80% of the market price prevailing at the time of the commencement of the employee\u2019s participation in the plan. Options that are not exercised within six months of the end of the savings period lapse unconditionally. Employee Stock Purchase Plan \u2013 In 2000, the Group established an Employee Stock Purchase Plan which allows all employees in the US to save a portion of their monthly salary over six-month periods. At the end of the period, the employee has the option to purchase American Depositary Receipts (ADRs) with their accumulated funds at a purchase price equal to 85% of the lower of the market prices prevailing at the beginning or end of the period. Long-Term Incentive Plan \u2013 The plan was first introduced in 2001 and from time to time the plan rules are renewed. The plan consists of restricted shares. The vesting of restricted shares is normally dependent on continuing service over a three to five-year period, and in the case of Executive Directors and senior management, upon the satisfaction of corporate performance targets over a three-year period. These targets may be based on market and/or non-market performance criteria. Restricted shares awarded to Executive Directors from May 2023 to May 2025 vest based on relative total shareholder return (FTSE 100 and S&P 500, excluding certain sectors), return on capital, adjusted earnings per share and strategic measures. These awards are in addition to the share buy-out for Omar Abbosh for his forfeited Microsoft shares which vests annually in three equal tranches. Other restricted shares awarded in 2025, 2024, and 2023 generally vest depending on continuing service over periods of up to five years. Included within the total share-based payments charge in 2025 was \u00a3nil (2024: \u00a32m; 2023: \u00a33m) in respect of remuneration for post- acquisition services for recent acquisitions, which was included within other net gains and losses in the income statement. he following shares were granted under restricted share arrangements:
2025
2024
Number of Weighted average Number of Weighted average
shares fair value shares fair value
All figures in \u00a3 millions 000s \u00a3 000s \u00a3
Long-Term
Incentive Plan
3,893
11.09
6,262
8.96
In 2025, \u00a346m (2024: \u00a336m) of shares vested across the Worldwide Save for Shares Plan and the Long-Term Incentive Plan. The fair value of shares granted under the Long-Term Incentive Plan that vest unconditionally is determined using the share price at the date of grant. Participants under the plans are entitled to dividends during the vesting period and therefore the share price is not discounted. Restricted shares with a market performance condition were valued by an independent actuary using a Monte Carlo model. Restricted shares with a non-market performance condition were fair valued based on the share price at the date of grant. Non-market performance conditions are taken into consideration by adjusting the number of shares expected to vest based on the most likely outcome of the relevant performance criteria.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-763": { "value": "29. Other comprehensive income
2025
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(192)
\u2013
(192)
(1)
(193)
Currency translation adjustment
disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
(7)
\u2013
\u2013
(7)
\u2013
(7)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
10
10
\u2013
10
Attributable tax
\u2013
\u2013
(3)
(3)
\u2013
(3)
Other comprehensive
(expense)/income for the year
(7)
(192)
7
(192)
(1)
(193)
2024
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(35)
\u2013
(35)
\u2013
(35)
Currency translation adjustment
disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
2
2
\u2013
2
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
(2)
\u2013
\u2013
(2)
\u2013
(2)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
5
5
\u2013
5
Attributable tax
\u2013
\u2013
(2)
(2)
\u2013
(2)
Other comprehensive
(expense)/income for the year
(2)
(35)
5
(32)
\u2013
(32)
2023
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve earnings Total interest Total
Items that may be reclassified
to the income statement
Net exchange differences on
translation of foreign
operations
\u2013
(176)
\u2013
(176)
(1)
(177)
Currency translation adjustment
disposed
\u2013
(122)
\u2013
(122)
\u2013
(122)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Items that are not reclassified
to the income statement
Fair value losses on other
financial assets
1
\u2013
\u2013
1
\u2013
1
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement
benefit obligations
\u2013
\u2013
(85)
(85)
\u2013
(85)
Attributable tax
\u2013
\u2013
20
20
\u2013
20
Other comprehensive
(expense)/income for the year
1
(298)
(65)
(362)
(1)
(363)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-762": { "value": "28. Treasury shares
Number of
shares
000s \u00a3m
At 1 January 2024
2,160
19
Purchase of treasury shares
3,273
33
Release of treasury shares
(4,754)
(45)
At 31 December 2024
679
7
Purchase of treasury shares
5,109
63
Release of treasury shares
(5,063)
(61)
At 31 December 2025
725
9
The Group holds Pearson plc shares in trust to satisfy its obligations under its restricted share plans (see note 26). These shares, representing 0.1% (2024: 0.1%) of called-up share capital, are treated as treasury shares for accounting purposes and have a par value of 25p per share. The nominal value of Pearson plc treasury shares amounts to \u00a30.2m (2024: \u00a30.2m). Dividends on treasury shares are waived. At 31 December 2025, the market value of Pearson plc treasury shares was \u00a38m (2024: \u00a39m). The gross book value of the shares at 31 December 2025 amounts to \u00a39m (2024: \u00a37m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-712": { "value": "30. Business combinations On 24 July 2025, the Group completed the acquisition of 100% of eDynamic Holdings LP (\u2018eDynamic Learning\u2019), a leading Career and Technical Education curriculum solutions provider, for cash consideration of \u00a3168m, with a further \u00a33m paid into an escrow account in relation to a provision provided for on the opening balance sheet. This acquisition is aligned to Pearson\u2019s strategy, enabling Pearson to scale its position in the fast-growing Early Careers space and broaden capabilities in career-readiness solutions. The acquired business will form part of the Higher Education division. This transaction has resulted in the recognition of \u00a3102m of goodwill, which represents the expected growth of the business, the workforce and know-how acquired and the anticipated synergies, none of which can be recognised as separate intangible assets. The goodwill is not deductible for tax purposes. Intangible assets of \u00a371m have been recognised, comprising customer relationships, technology, content and the brand. The customer relationships will be amortised over 16 years, and the remainder over periods of two to six years. The valuations of these assets were carried out with the support of a third-party specialist, and were based on discounted cash flow models. The key assumptions that feed into the valuations are the cash flow forecasts, revenue projections from existing customers, forecasted profit margins and discount rates. On 21 October 2024, NCS Pearson, Inc. acquired the trade and assets of Revibe Technologies, Inc. for total consideration of \u00a32m, comprising \u00a31m cash and \u00a31m contingent consideration. The acquired assets comprised mainly technology assets and goodwill. The acquired business formed part of the Assessments & Qualifications business unit, and is a provider of digital wearable software therapy for children and adults with attention-deficit/hyperactivity disorder. On 22 March 2023, the Group acquired 100% of the share capital of Personnel Decisions Research Institutes, LLC (PDRI) for cash consideration of \u00a3152m ($187m). PDRI is a provider of workforce assessment services and has significant expertise in providing recruitment assessment solutions to the US federal government. It forms part of the Assessment & Qualifications business unit. There was no contingent or deferred consideration. KE\u2002Key areas of estimation The valuation of acquired intangible assets recognised on the acquisition of a business. The valuation is based on a number of assumptions, including estimations of future business performance.
The Group\u2019s transactions regarding investments in associates are detailed in note 12, and are not
included below.
Details of the fair values of the assets and liabilities recognised at the acquisition date and the
related consideration is shown in the following table:
2025 2024 2023
All figures in \u00a3 millions Total Total Total
Intangible assets
71
1
117
Trade and other receivables
7
\u2013
8
Cash and cash equivalents
8
\u2013
4
Trade and other liabilities
(4)
\u2013
(7)
Provisions, including uncertain tax provisions
(5)
\u2013
\u2013
Deferred revenue
(10)
\u2013
\u2013
Deferred tax
(1)
\u2013
(31)
Net assets acquired
66
1
91
Goodwill
102
1
61
Total
168
2
152
Satisfied by:
Cash consideration
168
1
152
Contingent or deferred consideration
\u2013
1
\u2013
Total consideration
168
2
152
eDynamic Learning generated revenues of \u00a310m and a loss after tax of \u00a31m for the period from
acquisition date to 31 December 2025. If the acquisition of eDynamic Learning had occurred on 1
January 2025, the Group\u2019s revenue and profit after tax would have been \u00a318m higher and \u00a31m
higher, respectively. The quoted profit numbers include the impact of purchase price
adjustments made on acquisition, including the amortisation of acquired intangibles and
reduced revenue and profit following fair value adjustments to the acquired deferred revenue
balance.
Total acquisition related costs of \u00a37m (2024: \u00a35m; 2023: \u00a312m) were recognised within other net
gains and losses.
In 2023, there was a gain of \u00a35m arising on decreases in the deferred consideration payable
on prior year acquisitions. No such items arose in 2024 or 2025.
The net cash outflows related to the acquisitions are set out in the table below. In addition to the
current year acquisitions, the other net cash outflows on acquisition of subsidiaries relate to
deferred payments for prior year acquisitions.
2025 2024 2023
All figures in \u00a3 millions Total Total Total
Cash flow on acquisitions
Cash \u2013 current year acquisitions
(168)
(1)
(152)
Cash paid into escrow account
(3)
\u2013
\u2013
Cash and cash equivalents acquired
8
\u2013
4
Deferred payments for prior year acquisitions and other
items
(4)
(38)
(23)
Net cash outflow
(167)
(39)
(171)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-713": { "value": "
31. Disposals and business closures
In 2025, the Group disposed of Copp Clark for consideration of \u00a39m, resulting in a gain on
disposal of \u00a38m, which has been recorded within other net gains and losses.
There were no disposals in 2024.
On 30 June 2023, the Group disposed of its interests in its POLS businesses in the US, UK,
Australia and India. The businesses disposed excluded Pearson\u2019s contract with ASU. The
consideration to be received was deferred and comprised a 27.5% share of positive adjusted
EBITDA in each calendar year for six years from the date of acquisition and 27.5% of the proceeds
received by the purchaser in relation to any future monetisation event. In 2023, the consideration
was valued at \u00a312m and a pre-tax gain on disposal of \u00a313m was recognised. In addition, in 2023,
a gain of \u00a39m was recognised arising from the release of a provision related to a historical
disposal, \u00a319m of losses arose from the disposals of Pearson College and the international
courseware local publishing business in India and \u00a312m of costs related to previous disposals
were recognised.
None of the disposals met the criteria to be considered a discontinued operation on the basis
that they did not represent major lines of business or geographical areas of operations.
The table below shows a summary of the assets and liabilities disposed of:
All figures in \u00a3 millions
2025
2024
2023
Disposal of subsidiaries and associates
Intangible assets, including goodwill
\u2013
\u2013
(53)
Property, plant and equipment
\u2013
\u2013
(5)
Intangible assets \u2013 product development
\u2013
\u2013
(15)
Inventories
\u2013
\u2013
(1)
Trade and other receivables
(1)
\u2013
(65)
Deferred tax
\u2013
\u2013
8
Current tax receivable
\u2013
\u2013
(2)
Cash and cash equivalents (excluding overdrafts)
\u2013
\u2013
(12)
Trade and other liabilities
\u2013
\u2013
31
Net assets disposed
(1)
\u2013
(114)
Cumulative currency translation adjustment
\u2013
\u2013
122
Cash proceeds
9
\u2013
1
Deferred proceeds
2
\u2013
12
Costs of disposal
(2)
(5)
(30)
Gain/(loss) on disposal
8
(5)
(9)
All figures in \u00a3 millions
2025
2024
2023
Cash flow from disposals
Proceeds \u2013 current year disposals
9
\u2013
1
Proceeds \u2013 prior year disposals
1
\u2013
\u2013
Cash and cash equivalents disposed
\u2013
\u2013
(12)
Costs and other disposal liabilities paid
(2)
(7)
(27)
Net cash inflow/(outflow)
8
(7)
(38)
", "dimensions": { "concept": "pearsonplc:DisclosureOfDisposalsAndBusinessClosures", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-715": { "value": "There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims are expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,423m (\u00a3193m) up to 31 December 2025, with additional potential exposure of BRL 92m (\u00a312m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 34. 33. Contingencies, tax uncertainties and commitments KJ\u2002Key judgements \u2022 The application of tax legislation in relation to provisions for uncertain tax positions. KE\u2002Key areas of estimation \u2022 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-764": { "value": "There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims are expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,423m (\u00a3193m) up to 31 December 2025, with additional potential exposure of BRL 92m (\u00a312m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 34. 33. Contingencies, tax uncertainties and commitments KJ\u2002Key judgements \u2022 The application of tax legislation in relation to provisions for uncertain tax positions. KE\u2002Key areas of estimation \u2022 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-785": { "value": "There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims are expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,423m (\u00a3193m) up to 31 December 2025, with additional potential exposure of BRL 92m (\u00a312m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 34. 33. Contingencies, tax uncertainties and commitments KJ\u2002Key judgements \u2022 The application of tax legislation in relation to provisions for uncertain tax positions. KE\u2002Key areas of estimation \u2022 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-714": { "value": "32. Additional cash flow information In the cash flow statement, proceeds from sale of property, plant and equipment, including assets classified as held for sale, comprise:
All figures in \u00a3 millions
2025
2024
Net book amount
3
4
Profit on sale of property, plant and equipment
\u2013
2
Proceeds from sale of property, plant and equipment
3
6
The movements in the Group\u2019s current and non-current borrowings are as follows:
Transfer
from New
Fair value Foreign non- leases/
and other exchange Financing current to disposal of
All figures in \u00a3 millions 2024 movements movements cash flows current leases 2025
Financial liabilities
Non-current
borrowings
1,141
5
(12)
297
(76)
52
1,407
Current
borrowings
338
(2)
(20)
(331)
76
\u2013
61
Total
1,479
3
(32)
(34)
\u2013
52
1,468
Transfer
from New
Fair value Foreign non- leases/
and other exchange Financing current to disposal of
All figures in \u00a3 millions 2023 movements movements cash flows current leases 2024
Financial liabilities
Non-current
borrowings
1,100
(8)
3
344
(344)
46
1,141
Current
borrowings
53
8
11
(78)
344
\u2013
338
Total
1,153
\u2013
14
266
\u2013
46
1,479
Non-current borrowings include bonds, derivative financial instruments and leases. Current borrowings include loans repayable within one year, derivative financial instruments and leases, but exclude overdrafts classified within cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-716": { "value": "
34. Leases
The Group\u2019s lease portfolio consists of approximately 650 property leases, mainly offices and
test centres, together with a number of vehicle and equipment leases. The Group has elected not
to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term
of 12 months or less and leases of low-value assets. The Group recognises the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
As a lessee:
The amounts recognised in the income statement are as follows:
All figures in \u00a3 millions
Note
2025
2024
2023
Interest on lease liabilities
(20)
(22)
(23)
Expenses relating to short-term leases
\u2013
\u2013
\u2013
Depreciation of right-of-use assets
10
(34)
(35)
(39)
Reversal of impairment/(impairment) of
right-of-use assets
10
6
\u2013
(2)
In addition, in 2025, depreciation of \u00a34m (2024: \u00a33m, 2023: \u00a32m) and impairment reversals of
\u00a311m (2024: impairment \u00a31m, 2023: \u00a3nil) were recognised in the income statement in relation to
right-of-use assets classified as investment property.
Lease liabilities are included within financial liabilities \u2013 borrowings in the balance sheet, see note
18. The maturities of the Group\u2019s lease liabilities are as follows:
All figures in \u00a3 millions
2025
2024
Less than one year
81
85
One to five years
241
270
More than five years
259
276
Total undiscounted lease liabilities
581
631
Lease liabilities included in the balance sheet
478
517
Analysed as:
Current
62
65
Non-current
416
452
The amounts recognised in the cash flow statement are as follows:
All figures in \u00a3 millions
2025
2024
2023
Total cash outflow for leases as a lessee
97
100
107
At 31 December 2025, commitments for capital leases contracted for but not yet incurred were
\u00a311m (2024: \u00a314m). Extension and termination options and variable lease payments are not
significant within the lease portfolio. Short-term leases to which the Group is committed at the
balance sheet date are similar to the portfolio of short-term leases to which the short-term lease
expense is disclosed above.
As a lessor:
In the event that the Group has excess capacity in its leased offices and warehouses, the Group
subleases some of its properties under operating and finance leases.
The amounts recognised in the income statement are as follows:
All figures in \u00a3 millions
2025
2024
2023
Interest on lease receivables
3
4
4
Income from subleasing right-of-use assets
(within other income)
10
9
6
The amounts recognised in the cash flow statement are as follows:
All figures in \u00a3 millions
2025
2024
2023
Total cash inflow for leases as a lessor
21
22
19
The following table sets out the maturity analysis of lease payments receivable for subleases
classified as operating leases, showing the undiscounted lease payments to be received after
the reporting date, and subleases classified as finance leases showing the undiscounted lease
payments to be received after the reporting date and the net investment in the finance lease
receivable. During the year, the investment in finance lease receivable decreased by \u00a317m (2024:
decreased \u00a317m), primarily due to payments received.
Operating Finance 2025 2024 2023
All figures in \u00a3 millions leases leases Total Total Total
Less than one year
12
23
35
31
31
One to two years
12
23
35
33
33
Two to three years
12
17
29
33
34
Three to four years
12
6
18
26
34
Four to five years
12
2
14
14
27
More than five years
28
\u2013
28
36
54
Total undiscounted lease
payments receivable
88
71
159
173
213
Unearned finance income
(5)
Net investment in finance
lease receivable
66
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-717": { "value": "
35. Related party transactions
Joint ventures and associates
There are no material related transactions with joint ventures or associates in 2025 or 2024.
Key management personnel
Key management personnel are deemed to be the Non-Executive and Executive Directors (see
pages 72-75) and the members of the Pearson Executive Management team (see pages 76-78).
It is this Committee which had responsibility for planning, directing and controlling the activities
of the Group in 2025.
The compensation paid to Non-Executive Directors is disclosed on page 131 of the Directors
Remuneration Report and is not included in the table below.
Short term employee benefits and retirement benefits in relation to Executive Directors are
disclosed on page 135 of the Directors Remuneration Report and are not included in the table
below.
All compensation in relation to the Pearson Executive Management team is disclosed in the table
below, along with share-based payment costs in relation to the Executive Directors.
All figures in \u00a3 millions
2025
2024
2023
Short-term employee benefits
15
10
9
Retirement benefits
1
1
1
Share-based payment costs
16
19
11
Total
32
30
21
There were no other material related party transactions. No guarantees have been provided to
related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-765": { "value": "35. Related party transactions Joint ventures and associates There are no material related transactions with joint ventures or associates in 2025 or 2024. Key management personnel Key management personnel are deemed to be the Non-Executive and Executive Directors (see pages 72-75) and the members of the Pearson Executive Management team (see pages 76-78). It is this Committee which had responsibility for planning, directing and controlling the activities of the Group in 2025. The compensation paid to Non-Executive Directors is disclosed on page 131 of the Directors Remuneration Report and is not included in the table below. Short term employee benefits and retirement benefits in relation to Executive Directors are disclosed on page 135 of the Directors Remuneration Report and are not included in the table below. All compensation in relation to the Pearson Executive Management team is disclosed in the table below, along with share-based payment costs in relation to the Executive Directors.
All figures in \u00a3 millions
2025
2024
2023
Short-term employee benefits
15
10
9
Retirement benefits
1
1
1
Share-based payment costs
16
19
11
Total
32
30
21
There were no other material related party transactions. No guarantees have been provided to related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-786": { "value": "Key management personnel Key management personnel are deemed to be the Non-Executive and Executive Directors (see pages 72-75) and the members of the Pearson Executive Management team (see pages 76-78). It is this Committee which had responsibility for planning, directing and controlling the activities of the Group in 2025. The compensation paid to Non-Executive Directors is disclosed on page 131 of the Directors Remuneration Report and is not included in the table below. Short term employee benefits and retirement benefits in relation to Executive Directors are disclosed on page 135 of the Directors Remuneration Report and are not included in the table below. All compensation in relation to the Pearson Executive Management team is disclosed in the table below, along with share-based payment costs in relation to the Executive Directors.
All figures in \u00a3 millions
2025
2024
2023
Short-term employee benefits
15
10
9
Retirement benefits
1
1
1
Share-based payment costs
16
19
11
Total
32
30
21
There were no other material related party transactions. No guarantees have been provided to related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-719": { "value": "
36. Events after the balance sheet date
On 21 January 2026, a \u00a3350m share buyback programme in order to return capital to
shareholders was announced. The programme commenced on 21 January 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-718": { "value": "
37. Accounts and audit exemptions
The Pearson plc subsidiary companies listed below are exempt from the requirements of the
Companies Act 2006 relating to the audit of individual financial statements by virtue of section
479A.
Company number
Aldwych Finance Limited
04720439
Longman Group (Overseas Holdings) Limited
00690236
Pearson Australia Finance Unlimited
05578463
Pearson Dollar Finance Limited
05111013
Pearson Dollar Finance Two Limited
06507766
Pearson Education Holdings Limited
00210859
Pearson Education Investments Limited
08444933
Pearson Education Limited
00872828
Pearson International Finance Limited
02496206
Pearson Loan Finance No. 3 Limited
05052661
Pearson Loan Finance Unlimited
05144467
Pearson Management Services Limited
00096263
Pearson Overseas Holdings Limited
00145205
Pearson Professional Assessments Limited
04904325
Pearson Services Limited
01341060
Pearson Shared Services Limited
04623186
Pearson Strand Finance Limited
11091691
PVNT Limited
08038068
TQ Global Limited
07802458
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-766": { "value": "37. Accounts and audit exemptions The Pearson plc subsidiary companies listed below are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479A.
Company number
Aldwych Finance Limited
04720439
Longman Group (Overseas Holdings) Limited
00690236
Pearson Australia Finance Unlimited
05578463
Pearson Dollar Finance Limited
05111013
Pearson Dollar Finance Two Limited
06507766
Pearson Education Holdings Limited
00210859
Pearson Education Investments Limited
08444933
Pearson Education Limited
00872828
Pearson International Finance Limited
02496206
Pearson Loan Finance No. 3 Limited
05052661
Pearson Loan Finance Unlimited
05144467
Pearson Management Services Limited
00096263
Pearson Overseas Holdings Limited
00145205
Pearson Professional Assessments Limited
04904325
Pearson Services Limited
01341060
Pearson Shared Services Limited
04623186
Pearson Strand Finance Limited
11091691
PVNT Limited
08038068
TQ Global Limited
07802458
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }