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Annual report on remuneration
This section of the report has been prepared
in accordance with Part 3 of The Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations
2008 (as amended) and UKLR 6.6.6R. The
Directors\u2019 Remuneration report, comprising
the Annual Statement to shareholders by
the Remuneration Committee Chair and the
Annual report on remuneration, will be put to
a to a single advisory shareholder vote at the
AGM on 29 April 2026.
This part of the report is comprised of
\ufb01ve\u00a0sections:
Remuneration for 2025
\u00bb142
4A
Directors\u2019 share ownership
\u00bb144
4B
and share interests
Remuneration Committee
\u00bb145
4C
membership, governance
and voting
Pay comparison
\u00bb146
4D
Implementation of the
\u00bb148
4E
Policy in 2026
Remuneration for 2025
4A
Single total \ufb01gure of directors\u2019 remuneration (audited)
The total remuneration of the directors for the year ended 31 December 2025 and the prior year is shown in the table below:
Fixed pay
Annual
PSP awards
Variable pay
Salary/fees
Bene\ufb01ts
1
Pension
2
Sub-total
bonus
3
vesting
4
Sub-total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Director
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Rob Wood
692
662
21
20
30
29
743
711
360
722
186
590
546
1,312
1,289
2,023
James Brotherton
477
448
20
20
20
20
517
488
250
488
126
399
376
887
893
1,375
Non-executive directors
Amit Bhatia
236
219
\u2013
\u2013
\u2013
\u2013
236
219
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
236
219
Carol Hui, OBE
74
70
\u2013
\u2013
\u2013
\u2013
74
70
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
74
70
Pauline La\ufb00erty
82
77
\u2013
\u2013
\u2013
\u2013
82
77
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
82
77
Helen Miles
62
59
\u2013
\u2013
\u2013
\u2013
62
59
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62
59
Clive Watson
85
81
\u2013
\u2013
\u2013
\u2013
85
81
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
85
81
1
Bene\ufb01ts paid to Rob Wood and James Brotherton comprise the provision of private medical cover and a car allowance.
2
Rob Wood and James Brotherton received a salary supplement in lieu of a contribution to a pension arrangement.
3
Further information in relation to the bonuses payable to Rob Wood and James Brotherton is given on pages 142 and 143 and these bonuses were earned pursuant to the terms
of the 2025 annual bonus scheme.
4
Both executive directors were granted PSP awards on 11 April 2023 which are due to vest at 20.6% on 11 April 2026. As the vesting date falls after the remuneration report is
signed o\ufb00, the value of these awards has been estimated using the three-month average share price to 31 December 2025 (332.8p). The actual value of these awards at the
point of vesting will be set out in the 2026 Directors\u2019 Remuneration report. The 2024 PSP \ufb01gures have been updated to re\ufb02ect the actual share price at vesting (429.9p) and the
value of accrued dividends during the vesting period.
4A
Remuneration for 2025
\n
Annual bonus for the year ended 31 December 2025 (audited)
\n
The annual bonus opportunity for each executive director was 150% of base salary.
\n
The\u00a02025 annual bonus was based on the achievement of stretching Underlying EBITDA
\n
targets for 75% with the remaining 25% based on corporate objectives. The Underlying
\n
EBITDA range was set around the budget for the year, and was subsequently increased to
\n
re\ufb02ect the impact of the Lionmark acquisition. At the time of setting the Underlying EBITDA
\n
range, the stretch level of performance required a 7% outperformance of market consensus.
\n
Underlying EBITDA (75% of the total bonus)
\n\n \n
Threshold level of
Target level of
Underlying EBITDA
Underlying EBITDA
Maximum level of
Adjusted Underlying
Bonus earned
(10% payout)
(50% payout)
Underlying EBITDA
EBITDA
(percentage of
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1
maximum) %
275.4
306.0
327.5
278.2
10.3
\n
1
After the application of the capital employed moderator and the exchange rate translation.
\n
The rules of the annual bonus scheme provide that the actual level of Underlying EBITDA
\n
achieved is subject to a capital moderator which takes account of the impact of smaller
\n
bolt-on acquisitions on Group performance and reinforces working capital discipline. It is
\n
based on applying a capital charge to excess capital employed, and conversely a capital
\n
credit for a reduction in capital employed. In 2025 the impact of the capital moderator
\n
on the Underlying EBITDA achieved was to decrease EBITDA by c.\u00a30.6m as a function of
\n
average working capital being slightly higher than had been budgeted.
\n
In overseeing the bonus outcome, the Committee examines whether the formulaic
\n
calculation for the Underlying EBITDA metric is justi\ufb01able and explainable in the context
\n
of overall business performance, particularly focusing on the impact of one-o\ufb00 events.
\n
The Committee concluded from its review that the formulaic outcome against the
\n
Underlying EBITDA targets re\ufb02ected the underlying performance of the Group in the year.
\n
Corporate objectives (25% of the total bonus)
\n\n \n
Objectives
Assessment
Strategic themes
Strategy
\u2014 progress M&A strategic priorities
Lionmark acquisition completed doubling the size of
and science-based carbon reduction roadmap;
the US business and enhancing vertical integration.
particular focus on US and cement decarbonisation.
Signi\ufb01cant progress made on the Peak Cluster
Decarbonisation project.
Customer
\u2014 maintain and/or improve our weighted
Target for 2025 was to maintain or improve the NPS
averaged NPS.
score of 67. The target was exceeded with a weighted
NPS score of 69.
Mineral reserves
\u2014 planning applications/planning
Target for replenishment of mineral reserves in 2025
consents secured for key mineral reserves.
was exceeded with 50 million tonnes of minerals
secured during the year.
Digitalisation
\u2014 implement and embed common
A new platform, Enablon, was implemented and
Group platforms to consolidate and digitalise risk
embedded as a common Group platform during
and control, health and safety, and sustainability
2025.
assurance and compliance capabilities.
Sustainability 2030 target
People
\u2013 generate social value.
Thrive\u2019s Impact Valuation Standard was
implemented in 2025. Social value generated in 2025
was \u00a3134.5m (against a target of \u00a383m).
Places
\u2013 sale of products from the Breedon Balance
The sale of products from the Breedon Balance
range.
range in 2025 was 39% against a target of 37%,
(slightly below the stretch target set).
\n
The objectives made up 25% of the total bonus for the CEO and CFO. The Committee
\n
determined that excellent progress had been made against each of the objectives
\n
and targets and this resulted in a payout of 96%.
\n
The table above provides disclosure of the objectives against each area and actual
\n
performance.
4A
Remuneration for 2025
\n
Overall the bonus outcome for the year, taking into account \ufb01nancial performance and the
\n
delivery of corporate objectives, was 34.3% of maximum. The overall bonus for the period
\n
was as follows:
\n\n \n
Portion to be
Maximum bonus
deferred in
opportunity
Bonus payout
Bonus earned
Payable in
shares for
(% of salary)
(% of maximum)
(\u00a3\u2019000)
cash
2 years
Rob Wood
150%
34.3%
360
240
120
James Brotherton
150%
34.3%
250
167
83
\n
The Remuneration Committee believes these outcomes fairly re\ufb02ect the performance of
\n
the business over the 2025 \ufb01nancial year and therefore no adjustment is required to the
\n
formulaic outcomes. In arriving at this conclusion, the Committee recognised the resilient
\n
performance delivered in 2025 in a very challenging macroeconomic environment. The
\n
Committee also considered progress on strategic delivery and sustainability objectives
\n
delivered during the year.
\n
2023 PSP vesting outcome in respect of performance to 31 December 2025 (audited)
\n
Awards were granted under the PSP on 11 April 2023, with vesting subject to two
\n
performance conditions, each with an equal weighting \u2013 Underlying Diluted EPS growth
\n
and relative TSR against the constituents of the FTSE 250 (excluding investment trusts).
\n
The performance period for both measures ended on 31 December 2025 and the awards
\n
will become exercisable on the third anniversary of grant subject to continued service.
\n
These awards are subject to a two-year holding period.
\n\n \n
Threshold
Maximum
Vesting (% of
(25% vesting)
(100% vesting)
Actual
maximum)
Relative TSR (50%)
Median rank
Upper quartile rank
29.8% TSR, above
41.2%
21.6% TSR
59.9% TSR
median ranking
EPS (50%)
1
33.25p
37.0p or higher
31.8p
0%
\n
1
The EPS targets were adjusted for the one-for-\ufb01ve share consolidation undertaken as part of the move to the
\n
Main Market.
\n
The EPS performance over the period was such that this part of the award will not vest.
\n
For TSR, the Company ranked above median of the comparator group and therefore 41.2%
\n
of this part of the award will vest. As such, 20.6% of the awards will vest on 11 April 2026.
\n\n \n
Value due to
Number of PSP
Performance
Number of
share price
PSP single total
awards granted
outcome
awards vesting
appreciation
\ufb01gure value
\u2019000
%
\u2019000
\u00a3\u2019000
\u00a3\u2019000
Rob Wood
272
20.6%
56
(13)
186
James Brotherton
184
20.6%
38
(9)
126
\n
The value of these awards as set out in the above table is based on the average three-month
\n
share price to 31 December 2025 of 332.8p.
\n
The Committee believes the vesting outcome is a fair re\ufb02ection of performance over the
\n
three-year period and therefore no discretion has been applied to amend the formulaic
\n
outcomes. In addition, the Committee is satis\ufb01ed that no windfall gains have arisen;
\n
however this will be subject to a \ufb01nal assessment at vesting.
\n
2022 PSP vesting
\n
The PSP awards granted on 11 April 2022 vested at 53.5% on 11 April 2025. In the 2024
\n
Annual Report, an estimated vesting value was provided based on the three-month
\n
average share price to 31 December 2024 (of 444.8p). The prior year PSP values in the
\n
single \ufb01gure table have been updated to re\ufb02ect the actual share price at vesting (429.9p)
\n
and the value of accrued dividends during the vesting period.
\n
Payments to former directors (audited)
\n
There were no payments to former directors during the year.
\n
Payments for loss of o\ufb03ce (audited)
\n
There were no payments for loss of o\ufb03ce during the year.
4B
Directors\u2019 share ownership and share interests
\n
Share awards granted in 2025 (audited)
\n
The table below provides details of PSP and Deferred Share Bonus Plan (DSBP) awards
\n
made to executive directors on 8 April 2025.
\n\n \n
Number of
Percentage
shares
of salary
under
Face value
Percentage
End of
Basis of
award
1
of award
1
vesting at
performance
Director
Type of award
award
\u2019000
\u00a3\u2019000
threshold
period
Rob Wood
PSP
200%
342
1,400
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
59
241
n/a
n/a
James Brotherton
PSP
175%
207
849
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
40
163
n/a
n/a
\n
1
The number of awards was based on a share price of 409.4p being the middle market closing price on the dealing
\n
day prior to grant.
\n
The vesting of the above PSP awards is subject to the achievement of three performance
\n
conditions, measured independently.
\n\n \n
Performance measure, weighting and targets range
Adjusted underlying
TSR vs FTSE 250
Core carbon
diluted FY27 EPS
excl. IT
intensity reduction
Percentage of award
that vests
42.5% weighting
42.5% weighting
15% weighting
0%
Less than 38.00p
Below Median TSR
Less than 4.87%
25%
38.00p
Median TSR
4.87%
50%
41.00p
n/a
6.50%
100%
47.00p
Upper quartile TSR
8.13%
\n
Outstanding DSBP and PSP awards (audited)
\n\n \n
Movements in the year
Awards
Awards held
held as at
as at
1 January
31 December
Year of
2025
Granted
Vested
1
Lapsed
2025
Plan
award
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
Vesting date
Rob Wood
PSP
2022
229
0
137
107
0
April 2025
PSP
2023
272
0
0
0
272
April 2026
PSP
2024
367
0
0
0
367
April 2027
DSBP
2025
0
59
0
0
59
April 2027
PSP
2025
0
342
0
0
342
April 2028
Total
868
401
137
107
1,040
James
Brotherton
PSP
2022
155
0
93
72
0
April 2025
PSP
2023
184
0
0
0
184
April 2026
PSP
2024
217
0
0
0
217
April 2027
DSBP
2025
0
40
0
0
40
April 2027
PSP
2025
0
207
0
0
207
April 2028
Total
556
247
93
72
648
\n
1
2022 PSP \u2013 additional dividend shares of 14,525 for Rob Wood and 9,824 for James Brotherton accrued on vested
\n
shares.
\n
Outstanding SAYE awards (audited)
\n\n \n
Options matured
Shares under
during the year
option
Term
\u2019000
Option date
Maturity date
Option price
(months)
\u2019000
Rob Wood
10
1 May 2024
1 June 2029
316p
60
Nil
James
8
1 April 2021
1 May 2026
356p
60
Nil
Brotherton
4B
Directors\u2019 share ownership and share interests
\n
Bene\ufb01cial interests (audited)
\n
The share interests of each director as at 31 December 2025 (together with interests held
\n
by connected persons) are set out in the table below. To align executive directors with
\n
the interests of shareholders, the Committee has implemented shareholding guidelines
\n
for executive directors and key senior colleagues. The guidelines require that executive
\n
directors build up and maintain an interest in the ordinary shares of the Company that is
\n
200% of their annual base salary and retain half of any vested share awards (net of any
\n
taxes due) until this guideline is met.
\n
Shareholdings for directors who have held o\ufb03ce during the year ended 31 December 2025
\n
are set out as a percentage of salary or fees in the table below.
\n\n \n
No. of
No. of
shares
shares
owned
owned
outright
outright
(inc.
(inc.
Unvested
Unvested
Share-
connected
connected
shares
shares not
Share-
holding
persons)
persons)
Vested but
subject to
subject to
SAYE
holding
guidelines
31 Dec
31 Dec
unexercised
performance
performance
Options
as a % of
(200% of
2025
2024
share
conditions
conditions
held
salary as at
salary)
\u2019
000
\u2019
000
awards
\u2019
000
\u2019
000
\u2019
000
31 Dec 2025
1
met?
Executive directors
Rob Wood
491
405
0
980
59
10
234
Yes
James
Brotherton
100
44
0
608
40
8
69
No
Non-executive directors
Amit Bhatia
2
100
100
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
4
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline
La\ufb00erty
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
60
40
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
1
Includes the value of bene\ufb01cially owned shares and any vested but unexercised share awards on a net of tax basis.
\n
2
Amit Bhatia is recognised by the Board as being a person closely associated with Abicad Holdings Limited. As at
\n
31 December 2025 Abicad Holdings Limited held 67,054,894 ordinary shares in the Company.
\n
There was no change in the interests set out above between 31\u00a0December 2025 and
\n
10 March 2026.
\n
4C
Remuneration Committee membership, governance and voting
\n
Independent advisers
\n
The Committee takes account of information from both internal and independent sources,
\n
including Ellason who acted as the Committee\u2019s independent adviser during 2025.
\n
Ellason is a member of the Remuneration Consultants\u2019 Group and complies with its Code
\n
of Conduct, which sets out guidelines to ensure that their advice is independent and
\n
free of undue in\ufb02uence. The Committee reviews the performance and independence of
\n
its advisers on an annual basis, and was satis\ufb01ed that Ellason\u2019s advice was independent
\n
and objective. Breedon incurred fees of \u00a370,550 excluding VAT during 2025 relating to
\n
Committee advice. Ellason billed on a time and materials basis and did not provide any
\n
other services to Breedon during 2025.
\n
Shareholder voting
\n
Breedon submitted the 2024 Directors\u2019 Remuneration report for shareholder vote at the
\n
AGM held on 29 April 2025, and the 2024 Directors\u2019 Remuneration Policy at the AGM held
\n
on 24 April 2024. The vote on the Remuneration report was advisory and the vote on the
\n
Remuneration Policy binding, receiving the following support.
\n\n \n
2024 Directors\u2019 Remuneration report
2024 Directors\u2019 Remuneration Policy
(2025 AGM)
(2024 AGM)
Total number of votes
% of votes cast
Total number of votes
% of votes cast
For
263,854,919
98.46
265,756,165
96.95
Against
4,133,636
1.54
8,353,190
3.05
Total votes cast
(for and against)
267,988,555
100
274,109,355
100
Votes withheld
2,332,873
\u2013
22,467
\u2013
4D
Pay comparison
\n
Percentage change in directors\u2019 remuneration versus employee pay
\n
The table below shows the percentage changes in base salary or fees, taxable bene\ufb01ts and
\n
annual bonus of each director in the \ufb01nancial year ended 31 December 2025 together with
\n
the approximate comparative average \ufb01gures for those employees who were employed
\n
for a full 12 months in the UK. This section of the employee population (comprising
\n
approximately 2,827 individuals across a number of levels) is considered to be the most
\n
appropriate group for comparison purposes, as its remuneration is controlled by the
\n
Group and is subject to similar external market forces as those that relate to the executive
\n
directors\u2019 remuneration.
\n\n \n
Salary/Fees
Bene\ufb01ts
Annual bonus
2025
2024
2023
2025
2024
2023
2025
2024
2023
Rob Wood
4.6%
4.1%
5.1%
4.4%
(3.6)%
(2.5)%
(50.1)
(9.7)%
6.3%
James
Brotherton
6.5%
4.1%
4.4%
0.1%
0.0%
(4.3)%
(48.9)
(9.7)%
6.3%
Amit Bhatia
7.9%
19.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
5.6%
10.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline La\ufb00erty
6.2%
12.5%
3.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
5.0%
9.0%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
5.4%
9.6%
3.2%
\u2013
\u2013
\u2013
\u2013
\u2013
\n
Workforce
\n
average
\n
1
\n
5.4%
5.2%
6.6%
(9.9)%
(6.2)%
1.0%
(60.2)
(16.5)%
9.6%
\n
1
The salaries for part-time employees have been pro-rated to full-time equivalents. Weekly paid employees have
\n
been excluded from the report as the pay conditions are di\ufb00erent from those employees who are monthly paid,
\n
making comparison misleading.
\n
CEO pay ratio
\n
In line with the reporting regulations, set out below is the ratio of CEO pay compared to
\n
the pay of UK full-time equivalent colleagues of the Group for the \ufb01nancial year ended
\n
31\u00a0December 2025. This disclosure for Breedon will continue to build up to ten years\u2019 worth
\n
of data over time. We expect the pay ratio to vary from year to year, driven largely by
\n
variability in incentive outcomes for the CEO, which will signi\ufb01cantly outweigh any other
\n
general employee pay changes at Breedon. The CEO single total \ufb01gure remuneration
\n
of \u00a31,288,946 is used in the table below. The Committee will monitor the CEO pay ratio
\n
over time to check that it appears reasonable and is consistent with the Company\u2019s wider
\n
policies on colleague pay, reward and progression. We have chosen to use Option A in
\n
calculating the ratios, which is a calculation based on the pay of all UK employees on a full-
\n
time equivalent basis, as this option is considered to be more statistically robust. The\u00a0ratios
\n
are based on total pay and bene\ufb01ts inclusive of short-term and long-term incentives
\n
applicable for the respective \ufb01nancial year (1 January to 31 December). The reference
\n
employees at the 25th, 50th and 75th percentile have been determined by reference to pay
\n
and taxable bene\ufb01ts as at 31 December 2025.
\n\n \n
25th percentile
75th percentile
Method
pay ratio
Median pay ratio
pay ratio
2025
Option A
36.5:1
30.4:1
23.9:1
2024
Option A
57.3:1
47.5:1
36.9:1
2023
Option A
51.8:1
43.1:1
33.8:1
\n
The Committee is satis\ufb01ed that the resulting \ufb01gures are reasonable and are appropriately
\n
representative for the purposes of the CEO pay ratio calculations.
\n
Set out in the table below is the base salary and total pay and bene\ufb01ts for each of the
\n
percentiles.
\n\n \n
CEO
25th percentile
Median
75th percentile
Salary
\u00a3692,095
\u00a333,368
\u00a333,659
\u00a344,450
Total pay and bene\ufb01ts
\u00a31,288,946
\u00a335,356
\u00a342,377
\u00a353,830
4D
Pay comparison
\n
Total shareholder return performance graph and CEO total pay
\n
The following graph illustrates the total return, in terms of share price growth and dividends,
\n
on a notional investment of \u00a3100 in Breedon over the last ten years relative to the FTSE 250
\n
Index (excluding investment trusts).
\n
This index was chosen by the Committee as Breedon is a constituent of the index and it
\n
provides an indicator of general UK market performance for companies of a broadly
\n
similar size.
\n
Dec-17
\n
0
\n
50
\n
25
\n
75
\n
150
\n
175
\n
125
\n
100
\n
200
\n
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-24
Dec-23
Dec-25
Dec-15
Dec-16
\n
TSR chart
\n
Breedon Group
\n
FTSE 250 (excluding investment trusts)
\n
Source: Re\ufb01nitiv
\n
The total remuneration \ufb01gures, including annual bonus and vested PSP awards (shown as
\n
a percentage of maximum) for the CEO for each of the last nine \ufb01nancial years are shown in
\n
the table below.
\n\n \n
CEO single \ufb01gure
Annual bonus payout
of total remuneration
against maximum
Year
CEO
\u00a3\u2019000
opportunity %
PSP vesting rates %
2025
Rob Wood
1,289
34.3
20.6
2024
Rob Wood
2,023
72.0
53.5
2023
Rob Wood
1,832
99.5
50.0
2022
Rob Wood
1,868
97.8
100.0
2021
Rob Wood
1
1,722
100.0
70.8
2021
Pat Ward
2
1,210
100.0
70.8
2020
Pat Ward
1,444
100.0
0
2019
Pat Ward
2,076
82.6
61.9
2018
Pat Ward
1,334
60.5
83.5
2017
Pat Ward
1,056
67.1
100
\n
1
Total remuneration for Rob Wood including the period 1 January 2021 to 31 March 2021 when he served as Group
\n
Finance Director.
\n
2
Pat Ward\u2019s remuneration above is for the period ended 31 March 2021 when he retired from the Board.
\n
Relative importance of the spend on pay
\n
The following table shows the Company\u2019s actual spend on pay for all Group colleagues
\n
relative to dividends:
\n\n \n
2025
2024
% change
\u00a3m
\u00a3m
%
Sta\ufb00 costs
1
297.2
246.6
20.5
Dividends
2
51.1
48.1
6.2
\n
1
Note 5 of the consolidated \ufb01nancial statements.
\n
2
Dividend paid to Breedon Group shareholders
4E
Implementation of the Policy in 2026
Base salaries
As explained in the annual statement on page 135, the changes to base salary e\ufb00ective from
1 April 2026 will be as follows:
Chief Executive O\ufb03cer: \u00a3721,000 (2025: \u00a3700,000)
Chief Financial O\ufb03cer: \u00a3500,000 (2025: \u00a3485,000)
Non-executive directors\u2019 fees
The fee for the non-executive chair for 2026 is \u00a3245,140 (2025: \u00a3238,000).
The fees payable to the non-executive directors for 2026 are:
basic fee of \u00a363,860 (2025: \u00a362,000);
an additional fee for holding the o\ufb03ce of Senior Independent Director of \u00a310,900;
an additional fee for chairing the Audit & Risk, Remuneration or Sustainability
Committees of \u00a313,000; and
an additional fee of \u00a37,800 to the Designated Non-executive Director for
Workforce Engagement.
Annual bonus
For 2026, the executive directors will have the opportunity to earn a bonus of up to 150% of
salary. The bonus will be subject to stretching performance conditions based on Underlying
EBITDA (75%) and corporate objectives (25%). Financial performance will continue to
incorporate a capital employed moderator designed to incentivise a strong balance
sheet and cash management and penalise poor performance in these areas. In addition,
a\u00a0quality of earnings assessment will apply in determining the \ufb01nancial bonus outcome.
This subjective assessment of earnings would consider \u2013 in the round \u2013 whether the
Underlying EBITDA outcome is reasonable taking into account other \ufb01nancial indicators,
and assurance from the Audit & Risk Committee.
The performance targets contain con\ufb01dential information and so are not disclosed on a
prospective basis. The Committee intends to disclose the targets, and performance against
them, in the 2026 Annual Report.
PSP awards
For 2026, it is anticipated that the CEO will receive an award with a face value of 200%
of base salary and the CFO will receive an award of 175% of salary.
The awards will vest subject to the satisfaction of stretching performance conditions
assessed over the three-year period ending 31 December 2028. These measures and
weightings will be EPS 42.5%, relative TSR 42.5% and carbon reduction 15%, as detailed
in the table below.
\u00a0
Performance measure, weighting and targets range
\u00a0
Adjusted underlying
TSR vs
Core carbon
\u00a0
diluted FY28 EPS
FTSE 250 excl. IT
intensity reduction
Percentage of award
\u00a0 \u00a0 \u00a0
that\u00a0vests
42.5% weighting
42.5% weighting
15.0% weighting
0%
Less than 34.6p
Below Median TSR
Less than 2.25%
25%
34.6p
Median TSR
2.25%
50%
36.4p
n/a
3.00%
100%
40.0p
Upper quartile TSR
3.75%
\n
Pauline La\ufb00erty
Chair, Remuneration Committee
11 March 20265
Employees and directors
Disclosure of individual directors\u2019 remuneration, including information on all outstanding
share options, is\u00a0provided in the Directors\u2019 Remuneration report from page 132. Aggregate
remuneration received by the directors (the Group\u2019s Key Management Personnel) is
summarised below:
Directors\u2019 remuneration
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
1.9
2.4
Directors\u2019 fees
0.5
0.5
Share-based payments (note 18)
1.0
0.6
\u00a0
3.4
3.5
\n
No pension contributions were paid by the Group to any pension schemes on behalf of the
directors in either the current or prior years.
Sta\ufb00 numbers and costs
The average number of persons employed by the Group during the year was as follows:
\u00a0
Number of employees
\u00a0
2025
2024 Restated
1
Great Britain
3,122
3,136
Ireland
503
515
United States
853
466
Central administration
302
278
\u00a0
4,780
4,395
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
The aggregate payroll costs of these persons were as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
243.6
211.8
Social security costs
30.6
22.5
Pension costs
12.0
9.0
Share-based payments (note 18)
4.6
3.3
Other employee-related bene\ufb01ts
6.4
\u2013
\u00a0
297.2
246.6
\n
Pension costs relate to various de\ufb01ned contribution pension schemes operated within the
Group. These are accounted for on a contribution payable basis. Contributions outstanding
at 31 December 2025 amounted to \u00a31.3m (2024: \u00a31.1m) and are included in other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "4
Annual report on remuneration
This section of the report has been prepared
in accordance with Part 3 of The Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations
2008 (as amended) and UKLR 6.6.6R. The
Directors\u2019 Remuneration report, comprising
the Annual Statement to shareholders by
the Remuneration Committee Chair and the
Annual report on remuneration, will be put to
a to a single advisory shareholder vote at the
AGM on 29 April 2026.
This part of the report is comprised of
\ufb01ve\u00a0sections:
Remuneration for 2025
\u00bb142
4A
Directors\u2019 share ownership
\u00bb144
4B
and share interests
Remuneration Committee
\u00bb145
4C
membership, governance
and voting
Pay comparison
\u00bb146
4D
Implementation of the
\u00bb148
4E
Policy in 2026
Remuneration for 2025
4A
Single total \ufb01gure of directors\u2019 remuneration (audited)
The total remuneration of the directors for the year ended 31 December 2025 and the prior year is shown in the table below:
Fixed pay
Annual
PSP awards
Variable pay
Salary/fees
Bene\ufb01ts
1
Pension
2
Sub-total
bonus
3
vesting
4
Sub-total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Director
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Rob Wood
692
662
21
20
30
29
743
711
360
722
186
590
546
1,312
1,289
2,023
James Brotherton
477
448
20
20
20
20
517
488
250
488
126
399
376
887
893
1,375
Non-executive directors
Amit Bhatia
236
219
\u2013
\u2013
\u2013
\u2013
236
219
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
236
219
Carol Hui, OBE
74
70
\u2013
\u2013
\u2013
\u2013
74
70
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
74
70
Pauline La\ufb00erty
82
77
\u2013
\u2013
\u2013
\u2013
82
77
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
82
77
Helen Miles
62
59
\u2013
\u2013
\u2013
\u2013
62
59
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62
59
Clive Watson
85
81
\u2013
\u2013
\u2013
\u2013
85
81
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
85
81
1
Bene\ufb01ts paid to Rob Wood and James Brotherton comprise the provision of private medical cover and a car allowance.
2
Rob Wood and James Brotherton received a salary supplement in lieu of a contribution to a pension arrangement.
3
Further information in relation to the bonuses payable to Rob Wood and James Brotherton is given on pages 142 and 143 and these bonuses were earned pursuant to the terms
of the 2025 annual bonus scheme.
4
Both executive directors were granted PSP awards on 11 April 2023 which are due to vest at 20.6% on 11 April 2026. As the vesting date falls after the remuneration report is
signed o\ufb00, the value of these awards has been estimated using the three-month average share price to 31 December 2025 (332.8p). The actual value of these awards at the
point of vesting will be set out in the 2026 Directors\u2019 Remuneration report. The 2024 PSP \ufb01gures have been updated to re\ufb02ect the actual share price at vesting (429.9p) and the
value of accrued dividends during the vesting period.
\n
4A
Remuneration for 2025
\n
Annual bonus for the year ended 31 December 2025 (audited)
\n
The annual bonus opportunity for each executive director was 150% of base salary.
\n
The\u00a02025 annual bonus was based on the achievement of stretching Underlying EBITDA
\n
targets for 75% with the remaining 25% based on corporate objectives. The Underlying
\n
EBITDA range was set around the budget for the year, and was subsequently increased to
\n
re\ufb02ect the impact of the Lionmark acquisition. At the time of setting the Underlying EBITDA
\n
range, the stretch level of performance required a 7% outperformance of market consensus.
\n
Underlying EBITDA (75% of the total bonus)
\n\n \n
Threshold level of
Target level of
Underlying EBITDA
Underlying EBITDA
Maximum level of
Adjusted Underlying
Bonus earned
(10% payout)
(50% payout)
Underlying EBITDA
EBITDA
(percentage of
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1
maximum) %
275.4
306.0
327.5
278.2
10.3
\n
1
After the application of the capital employed moderator and the exchange rate translation.
\n
The rules of the annual bonus scheme provide that the actual level of Underlying EBITDA
\n
achieved is subject to a capital moderator which takes account of the impact of smaller
\n
bolt-on acquisitions on Group performance and reinforces working capital discipline. It is
\n
based on applying a capital charge to excess capital employed, and conversely a capital
\n
credit for a reduction in capital employed. In 2025 the impact of the capital moderator
\n
on the Underlying EBITDA achieved was to decrease EBITDA by c.\u00a30.6m as a function of
\n
average working capital being slightly higher than had been budgeted.
\n
In overseeing the bonus outcome, the Committee examines whether the formulaic
\n
calculation for the Underlying EBITDA metric is justi\ufb01able and explainable in the context
\n
of overall business performance, particularly focusing on the impact of one-o\ufb00 events.
\n
The Committee concluded from its review that the formulaic outcome against the
\n
Underlying EBITDA targets re\ufb02ected the underlying performance of the Group in the year.
\n
Corporate objectives (25% of the total bonus)
\n\n \n
Objectives
Assessment
Strategic themes
Strategy
\u2014 progress M&A strategic priorities
Lionmark acquisition completed doubling the size of
and science-based carbon reduction roadmap;
the US business and enhancing vertical integration.
particular focus on US and cement decarbonisation.
Signi\ufb01cant progress made on the Peak Cluster
Decarbonisation project.
Customer
\u2014 maintain and/or improve our weighted
Target for 2025 was to maintain or improve the NPS
averaged NPS.
score of 67. The target was exceeded with a weighted
NPS score of 69.
Mineral reserves
\u2014 planning applications/planning
Target for replenishment of mineral reserves in 2025
consents secured for key mineral reserves.
was exceeded with 50 million tonnes of minerals
secured during the year.
Digitalisation
\u2014 implement and embed common
A new platform, Enablon, was implemented and
Group platforms to consolidate and digitalise risk
embedded as a common Group platform during
and control, health and safety, and sustainability
2025.
assurance and compliance capabilities.
Sustainability 2030 target
People
\u2013 generate social value.
Thrive\u2019s Impact Valuation Standard was
implemented in 2025. Social value generated in 2025
was \u00a3134.5m (against a target of \u00a383m).
Places
\u2013 sale of products from the Breedon Balance
The sale of products from the Breedon Balance
range.
range in 2025 was 39% against a target of 37%,
(slightly below the stretch target set).
\n
The objectives made up 25% of the total bonus for the CEO and CFO. The Committee
\n
determined that excellent progress had been made against each of the objectives
\n
and targets and this resulted in a payout of 96%.
\n
The table above provides disclosure of the objectives against each area and actual
\n
performance.
\n
4A
Remuneration for 2025
\n
Overall the bonus outcome for the year, taking into account \ufb01nancial performance and the
\n
delivery of corporate objectives, was 34.3% of maximum. The overall bonus for the period
\n
was as follows:
\n\n \n
Portion to be
Maximum bonus
deferred in
opportunity
Bonus payout
Bonus earned
Payable in
shares for
(% of salary)
(% of maximum)
(\u00a3\u2019000)
cash
2 years
Rob Wood
150%
34.3%
360
240
120
James Brotherton
150%
34.3%
250
167
83
\n
The Remuneration Committee believes these outcomes fairly re\ufb02ect the performance of
\n
the business over the 2025 \ufb01nancial year and therefore no adjustment is required to the
\n
formulaic outcomes. In arriving at this conclusion, the Committee recognised the resilient
\n
performance delivered in 2025 in a very challenging macroeconomic environment. The
\n
Committee also considered progress on strategic delivery and sustainability objectives
\n
delivered during the year.
\n
2023 PSP vesting outcome in respect of performance to 31 December 2025 (audited)
\n
Awards were granted under the PSP on 11 April 2023, with vesting subject to two
\n
performance conditions, each with an equal weighting \u2013 Underlying Diluted EPS growth
\n
and relative TSR against the constituents of the FTSE 250 (excluding investment trusts).
\n
The performance period for both measures ended on 31 December 2025 and the awards
\n
will become exercisable on the third anniversary of grant subject to continued service.
\n
These awards are subject to a two-year holding period.
\n\n \n
Threshold
Maximum
Vesting (% of
(25% vesting)
(100% vesting)
Actual
maximum)
Relative TSR (50%)
Median rank
Upper quartile rank
29.8% TSR, above
41.2%
21.6% TSR
59.9% TSR
median ranking
EPS (50%)
1
33.25p
37.0p or higher
31.8p
0%
\n
1
The EPS targets were adjusted for the one-for-\ufb01ve share consolidation undertaken as part of the move to the
\n
Main Market.
\n
The EPS performance over the period was such that this part of the award will not vest.
\n
For TSR, the Company ranked above median of the comparator group and therefore 41.2%
\n
of this part of the award will vest. As such, 20.6% of the awards will vest on 11 April 2026.
\n\n \n
Value due to
Number of PSP
Performance
Number of
share price
PSP single total
awards granted
outcome
awards vesting
appreciation
\ufb01gure value
\u2019000
%
\u2019000
\u00a3\u2019000
\u00a3\u2019000
Rob Wood
272
20.6%
56
(13)
186
James Brotherton
184
20.6%
38
(9)
126
\n
The value of these awards as set out in the above table is based on the average three-month
\n
share price to 31 December 2025 of 332.8p.
\n
The Committee believes the vesting outcome is a fair re\ufb02ection of performance over the
\n
three-year period and therefore no discretion has been applied to amend the formulaic
\n
outcomes. In addition, the Committee is satis\ufb01ed that no windfall gains have arisen;
\n
however this will be subject to a \ufb01nal assessment at vesting.
\n
2022 PSP vesting
\n
The PSP awards granted on 11 April 2022 vested at 53.5% on 11 April 2025. In the 2024
\n
Annual Report, an estimated vesting value was provided based on the three-month
\n
average share price to 31 December 2024 (of 444.8p). The prior year PSP values in the
\n
single \ufb01gure table have been updated to re\ufb02ect the actual share price at vesting (429.9p)
\n
and the value of accrued dividends during the vesting period.
\n
Payments to former directors (audited)
\n
There were no payments to former directors during the year.
\n
Payments for loss of o\ufb03ce (audited)
\n
There were no payments for loss of o\ufb03ce during the year.
\n
4B
Directors\u2019 share ownership and share interests
\n
Share awards granted in 2025 (audited)
\n
The table below provides details of PSP and Deferred Share Bonus Plan (DSBP) awards
\n
made to executive directors on 8 April 2025.
\n\n \n
Number of
Percentage
shares
of salary
under
Face value
Percentage
End of
Basis of
award
1
of award
1
vesting at
performance
Director
Type of award
award
\u2019000
\u00a3\u2019000
threshold
period
Rob Wood
PSP
200%
342
1,400
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
59
241
n/a
n/a
James Brotherton
PSP
175%
207
849
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
40
163
n/a
n/a
\n
1
The number of awards was based on a share price of 409.4p being the middle market closing price on the dealing
\n
day prior to grant.
\n
The vesting of the above PSP awards is subject to the achievement of three performance
\n
conditions, measured independently.
\n\n \n
Performance measure, weighting and targets range
Adjusted underlying
TSR vs FTSE 250
Core carbon
diluted FY27 EPS
excl. IT
intensity reduction
Percentage of award
that vests
42.5% weighting
42.5% weighting
15% weighting
0%
Less than 38.00p
Below Median TSR
Less than 4.87%
25%
38.00p
Median TSR
4.87%
50%
41.00p
n/a
6.50%
100%
47.00p
Upper quartile TSR
8.13%
\n
Outstanding DSBP and PSP awards (audited)
\n\n \n
Movements in the year
Awards
Awards held
held as at
as at
1 January
31 December
Year of
2025
Granted
Vested
1
Lapsed
2025
Plan
award
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
Vesting date
Rob Wood
PSP
2022
229
0
137
107
0
April 2025
PSP
2023
272
0
0
0
272
April 2026
PSP
2024
367
0
0
0
367
April 2027
DSBP
2025
0
59
0
0
59
April 2027
PSP
2025
0
342
0
0
342
April 2028
Total
868
401
137
107
1,040
James
Brotherton
PSP
2022
155
0
93
72
0
April 2025
PSP
2023
184
0
0
0
184
April 2026
PSP
2024
217
0
0
0
217
April 2027
DSBP
2025
0
40
0
0
40
April 2027
PSP
2025
0
207
0
0
207
April 2028
Total
556
247
93
72
648
\n
1
2022 PSP \u2013 additional dividend shares of 14,525 for Rob Wood and 9,824 for James Brotherton accrued on vested
\n
shares.
\n
Outstanding SAYE awards (audited)
\n\n \n
Options matured
Shares under
during the year
option
Term
\u2019000
Option date
Maturity date
Option price
(months)
\u2019000
Rob Wood
10
1 May 2024
1 June 2029
316p
60
Nil
James
8
1 April 2021
1 May 2026
356p
60
Nil
Brotherton
\n
4B
Directors\u2019 share ownership and share interests
\n
Bene\ufb01cial interests (audited)
\n
The share interests of each director as at 31 December 2025 (together with interests held
\n
by connected persons) are set out in the table below. To align executive directors with
\n
the interests of shareholders, the Committee has implemented shareholding guidelines
\n
for executive directors and key senior colleagues. The guidelines require that executive
\n
directors build up and maintain an interest in the ordinary shares of the Company that is
\n
200% of their annual base salary and retain half of any vested share awards (net of any
\n
taxes due) until this guideline is met.
\n
Shareholdings for directors who have held o\ufb03ce during the year ended 31 December 2025
\n
are set out as a percentage of salary or fees in the table below.
\n\n \n
No. of
No. of
shares
shares
owned
owned
outright
outright
(inc.
(inc.
Unvested
Unvested
Share-
connected
connected
shares
shares not
Share-
holding
persons)
persons)
Vested but
subject to
subject to
SAYE
holding
guidelines
31 Dec
31 Dec
unexercised
performance
performance
Options
as a % of
(200% of
2025
2024
share
conditions
conditions
held
salary as at
salary)
\u2019
000
\u2019
000
awards
\u2019
000
\u2019
000
\u2019
000
31 Dec 2025
1
met?
Executive directors
Rob Wood
491
405
0
980
59
10
234
Yes
James
Brotherton
100
44
0
608
40
8
69
No
Non-executive directors
Amit Bhatia
2
100
100
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
4
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline
La\ufb00erty
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
60
40
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
1
Includes the value of bene\ufb01cially owned shares and any vested but unexercised share awards on a net of tax basis.
\n
2
Amit Bhatia is recognised by the Board as being a person closely associated with Abicad Holdings Limited. As at
\n
31 December 2025 Abicad Holdings Limited held 67,054,894 ordinary shares in the Company.
\n
There was no change in the interests set out above between 31\u00a0December 2025 and
\n
10 March 2026.
\n
4C
Remuneration Committee membership, governance and voting
\n
Independent advisers
\n
The Committee takes account of information from both internal and independent sources,
\n
including Ellason who acted as the Committee\u2019s independent adviser during 2025.
\n
Ellason is a member of the Remuneration Consultants\u2019 Group and complies with its Code
\n
of Conduct, which sets out guidelines to ensure that their advice is independent and
\n
free of undue in\ufb02uence. The Committee reviews the performance and independence of
\n
its advisers on an annual basis, and was satis\ufb01ed that Ellason\u2019s advice was independent
\n
and objective. Breedon incurred fees of \u00a370,550 excluding VAT during 2025 relating to
\n
Committee advice. Ellason billed on a time and materials basis and did not provide any
\n
other services to Breedon during 2025.
\n
Shareholder voting
\n
Breedon submitted the 2024 Directors\u2019 Remuneration report for shareholder vote at the
\n
AGM held on 29 April 2025, and the 2024 Directors\u2019 Remuneration Policy at the AGM held
\n
on 24 April 2024. The vote on the Remuneration report was advisory and the vote on the
\n
Remuneration Policy binding, receiving the following support.
\n\n \n
2024 Directors\u2019 Remuneration report
2024 Directors\u2019 Remuneration Policy
(2025 AGM)
(2024 AGM)
Total number of votes
% of votes cast
Total number of votes
% of votes cast
For
263,854,919
98.46
265,756,165
96.95
Against
4,133,636
1.54
8,353,190
3.05
Total votes cast
(for and against)
267,988,555
100
274,109,355
100
Votes withheld
2,332,873
\u2013
22,467
\u2013
\n
4D
Pay comparison
\n
Percentage change in directors\u2019 remuneration versus employee pay
\n
The table below shows the percentage changes in base salary or fees, taxable bene\ufb01ts and
\n
annual bonus of each director in the \ufb01nancial year ended 31 December 2025 together with
\n
the approximate comparative average \ufb01gures for those employees who were employed
\n
for a full 12 months in the UK. This section of the employee population (comprising
\n
approximately 2,827 individuals across a number of levels) is considered to be the most
\n
appropriate group for comparison purposes, as its remuneration is controlled by the
\n
Group and is subject to similar external market forces as those that relate to the executive
\n
directors\u2019 remuneration.
\n\n \n
Salary/Fees
Bene\ufb01ts
Annual bonus
2025
2024
2023
2025
2024
2023
2025
2024
2023
Rob Wood
4.6%
4.1%
5.1%
4.4%
(3.6)%
(2.5)%
(50.1)
(9.7)%
6.3%
James
Brotherton
6.5%
4.1%
4.4%
0.1%
0.0%
(4.3)%
(48.9)
(9.7)%
6.3%
Amit Bhatia
7.9%
19.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
5.6%
10.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline La\ufb00erty
6.2%
12.5%
3.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
5.0%
9.0%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
5.4%
9.6%
3.2%
\u2013
\u2013
\u2013
\u2013
\u2013
\n
Workforce
\n
average
\n
1
\n
5.4%
5.2%
6.6%
(9.9)%
(6.2)%
1.0%
(60.2)
(16.5)%
9.6%
\n
1
The salaries for part-time employees have been pro-rated to full-time equivalents. Weekly paid employees have
\n
been excluded from the report as the pay conditions are di\ufb00erent from those employees who are monthly paid,
\n
making comparison misleading.
\n
CEO pay ratio
\n
In line with the reporting regulations, set out below is the ratio of CEO pay compared to
\n
the pay of UK full-time equivalent colleagues of the Group for the \ufb01nancial year ended
\n
31\u00a0December 2025. This disclosure for Breedon will continue to build up to ten years\u2019 worth
\n
of data over time. We expect the pay ratio to vary from year to year, driven largely by
\n
variability in incentive outcomes for the CEO, which will signi\ufb01cantly outweigh any other
\n
general employee pay changes at Breedon. The CEO single total \ufb01gure remuneration
\n
of \u00a31,288,946 is used in the table below. The Committee will monitor the CEO pay ratio
\n
over time to check that it appears reasonable and is consistent with the Company\u2019s wider
\n
policies on colleague pay, reward and progression. We have chosen to use Option A in
\n
calculating the ratios, which is a calculation based on the pay of all UK employees on a full-
\n
time equivalent basis, as this option is considered to be more statistically robust. The\u00a0ratios
\n
are based on total pay and bene\ufb01ts inclusive of short-term and long-term incentives
\n
applicable for the respective \ufb01nancial year (1 January to 31 December). The reference
\n
employees at the 25th, 50th and 75th percentile have been determined by reference to pay
\n
and taxable bene\ufb01ts as at 31 December 2025.
\n\n \n
25th percentile
75th percentile
Method
pay ratio
Median pay ratio
pay ratio
2025
Option A
36.5:1
30.4:1
23.9:1
2024
Option A
57.3:1
47.5:1
36.9:1
2023
Option A
51.8:1
43.1:1
33.8:1
\n
The Committee is satis\ufb01ed that the resulting \ufb01gures are reasonable and are appropriately
\n
representative for the purposes of the CEO pay ratio calculations.
\n
Set out in the table below is the base salary and total pay and bene\ufb01ts for each of the
\n
percentiles.
\n\n \n
CEO
25th percentile
Median
75th percentile
Salary
\u00a3692,095
\u00a333,368
\u00a333,659
\u00a344,450
Total pay and bene\ufb01ts
\u00a31,288,946
\u00a335,356
\u00a342,377
\u00a353,830
\n
4D
Pay comparison
\n
Total shareholder return performance graph and CEO total pay
\n
The following graph illustrates the total return, in terms of share price growth and dividends,
\n
on a notional investment of \u00a3100 in Breedon over the last ten years relative to the FTSE 250
\n
Index (excluding investment trusts).
\n
This index was chosen by the Committee as Breedon is a constituent of the index and it
\n
provides an indicator of general UK market performance for companies of a broadly
\n
similar size.
\n
Dec-17
\n
0
\n
50
\n
25
\n
75
\n
150
\n
175
\n
125
\n
100
\n
200
\n
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-24
Dec-23
Dec-25
Dec-15
Dec-16
\n
TSR chart
\n
Breedon Group
\n
FTSE 250 (excluding investment trusts)
\n
Source: Re\ufb01nitiv
\n
The total remuneration \ufb01gures, including annual bonus and vested PSP awards (shown as
\n
a percentage of maximum) for the CEO for each of the last nine \ufb01nancial years are shown in
\n
the table below.
\n\n \n
CEO single \ufb01gure
Annual bonus payout
of total remuneration
against maximum
Year
CEO
\u00a3\u2019000
opportunity %
PSP vesting rates %
2025
Rob Wood
1,289
34.3
20.6
2024
Rob Wood
2,023
72.0
53.5
2023
Rob Wood
1,832
99.5
50.0
2022
Rob Wood
1,868
97.8
100.0
2021
Rob Wood
1
1,722
100.0
70.8
2021
Pat Ward
2
1,210
100.0
70.8
2020
Pat Ward
1,444
100.0
0
2019
Pat Ward
2,076
82.6
61.9
2018
Pat Ward
1,334
60.5
83.5
2017
Pat Ward
1,056
67.1
100
\n
1
Total remuneration for Rob Wood including the period 1 January 2021 to 31 March 2021 when he served as Group
\n
Finance Director.
\n
2
Pat Ward\u2019s remuneration above is for the period ended 31 March 2021 when he retired from the Board.
\n
Relative importance of the spend on pay
\n
The following table shows the Company\u2019s actual spend on pay for all Group colleagues
\n
relative to dividends:
\n\n \n
2025
2024
% change
\u00a3m
\u00a3m
%
Sta\ufb00 costs
1
297.2
246.6
20.5
Dividends
2
51.1
48.1
6.2
\n
1
Note 5 of the consolidated \ufb01nancial statements.
\n
2
Dividend paid to Breedon Group shareholders
4E
Implementation of the Policy in 2026
Base salaries
As explained in the annual statement on page 135, the changes to base salary e\ufb00ective from
1 April 2026 will be as follows:
Chief Executive O\ufb03cer: \u00a3721,000 (2025: \u00a3700,000)
Chief Financial O\ufb03cer: \u00a3500,000 (2025: \u00a3485,000)
Non-executive directors\u2019 fees
The fee for the non-executive chair for 2026 is \u00a3245,140 (2025: \u00a3238,000).
The fees payable to the non-executive directors for 2026 are:
basic fee of \u00a363,860 (2025: \u00a362,000);
an additional fee for holding the o\ufb03ce of Senior Independent Director of \u00a310,900;
an additional fee for chairing the Audit & Risk, Remuneration or Sustainability
Committees of \u00a313,000; and
an additional fee of \u00a37,800 to the Designated Non-executive Director for
Workforce Engagement.
Annual bonus
For 2026, the executive directors will have the opportunity to earn a bonus of up to 150% of
salary. The bonus will be subject to stretching performance conditions based on Underlying
EBITDA (75%) and corporate objectives (25%). Financial performance will continue to
incorporate a capital employed moderator designed to incentivise a strong balance
sheet and cash management and penalise poor performance in these areas. In addition,
a\u00a0quality of earnings assessment will apply in determining the \ufb01nancial bonus outcome.
This subjective assessment of earnings would consider \u2013 in the round \u2013 whether the
Underlying EBITDA outcome is reasonable taking into account other \ufb01nancial indicators,
and assurance from the Audit & Risk Committee.
The performance targets contain con\ufb01dential information and so are not disclosed on a
prospective basis. The Committee intends to disclose the targets, and performance against
them, in the 2026 Annual Report.
PSP awards
For 2026, it is anticipated that the CEO will receive an award with a face value of 200%
of base salary and the CFO will receive an award of 175% of salary.
The awards will vest subject to the satisfaction of stretching performance conditions
assessed over the three-year period ending 31 December 2028. These measures and
weightings will be EPS 42.5%, relative TSR 42.5% and carbon reduction 15%, as detailed
in the table below.
\u00a0
Performance measure, weighting and targets range
\u00a0
Adjusted underlying
TSR vs
Core carbon
\u00a0
diluted FY28 EPS
FTSE 250 excl. IT
intensity reduction
Percentage of award
\u00a0 \u00a0 \u00a0
that\u00a0vests
42.5% weighting
42.5% weighting
15.0% weighting
0%
Less than 34.6p
Below Median TSR
Less than 2.25%
25%
34.6p
Median TSR
2.25%
50%
36.4p
n/a
3.00%
100%
40.0p
Upper quartile TSR
3.75%
\n
Pauline La\ufb00erty
Chair, Remuneration Committee
11 March 202618
Share-based payments
Share-based payments to employees include PSP awards made to senior executives
and voluntary participation in savings-related share option schemes (\u2018Sharesave
Schemes\u2019) for the wider workforce.
Under the PSP, awards may be granted to key senior employees as either a conditional
award or as a nil paid (or nominal) cost award. Awards will normally vest three years
after\u00a0grant subject to satisfaction of the relevant performance conditions; for certain
employees these may be subject to an additional two-year holding period.
Restricted stock unit (\u2018RSU\u2019) awards may be granted to key senior employees in the US.
Awards will normally vest three years after grant subject to satisfaction of the relevant
performance conditions.
The deferred share bonus plan (\u2018DSBP\u2019) relates to the deferral into shares of one third of any
annual bonus paid to the executive directors. The shares are deferred for two years.
Sharesave Schemes (including the US ESPP) are open to all eligible employees in the UK,
RoI and US. The UK and RoI schemes have a term of either three or \ufb01ve years. The US
scheme has a total term of three years.
Further details of the interests of the directors in the PSP, DBSP and the Breedon Sharesave
Schemes, can be found in the Directors\u2019 Remuneration report from pages 132 to 148.
Movements in outstanding options and awards
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Outstanding
\u00a0 \u00a0 \u00a0
Outstanding
\u00a0
at 1 Jan
\u00a0 \u00a0 \u00a0
at 31 Dec
Share options (millions)
2025
Granted
Vested
Lapsed
2025
PSP \u2013 non-market-based performance
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
conditions
2.0
0.7
(0.2)
(0.4)
2.1
PSP \u2013 market-based performance
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
conditions
1.4
0.6
(0.2)
(0.3)
1.5
DSBP \u2013 no performance conditions
\u2013
0.1
\u2013
\u2013
0.1
RSU \u2013 no performance conditions
\u2013
0.3
\u2013
\u2013
0.3
Sharesave Schemes
4.1
0.9
(0.4)
(0.6)
4.0
\u00a0
7.5
2.6
(0.8)
(1.3)
8.0
\n
All PSP and RSU share awards are structured as conditional awards. The exercise price for
outstanding Sharesave Schemes at 31 December 2025 is between \u00a33.02 and \u00a34.19.
Options granted during the year
The fair value of options and awards granted during the year, and the key inputs used
to\u00a0derive the fair value, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PSP \u2013 non-
PSP \u2013 market-
DSBP \u2013 non
RSU \u2013 non
\u00a0
\u00a0
market-based
based
market based
market based
\u00a0
\u00a0
performance
performance
performance
performance
\u00a0
\u00a0
conditions
conditions
conditions
conditions
Sharesave
Fair value at grant date
\u00a34.28
\u00a32.95
\u00a34.28
\u00a34.38
\u00a30.93 \u2013 \u00a31.23
Valuation model
Black-Scholes
Stochastic Black-Scholes Black-Scholes Black-Scholes
Exercise price
\u2013
\u2013
-
\u2013
\u00a33.81 \u2013 \u00a34.19
Share price at grant date
\u00a34.28
\u00a34.28
\u00a34.28
\u00a34.38
\u00a34.50
Holding period
0 \u2013 2 years
0 \u2013 2 years
\u2013
\u2013
0 \u2013 1 year
Expected volatility
24% \u2013 27%
24% \u2013 27%
\u2013
\u2013
24% \u2013 28%
Risk-free rate
3.96% \u2013 4.04%
3.96% \u2013 4.04%
\u2013
\u2013
3.95% \u2013 4.23%
Vesting period
3 years
3 years
2 years
3 years
2 \u2013 5 years
Expected dividend yield
n/a
n/a
n/a
n/a
3.22%
\n
Where share awards contain mechanisms to compensate for the dilutive impact of
dividends paid during the vesting period, no dividend yield has been incorporated into
the calculation of the fair value of those awards.
Expected volatility has been calculated on share price movements compared to historic
option values, over the period consistent with the holding period prior to the date of grant.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "4
Annual report on remuneration
This section of the report has been prepared
in accordance with Part 3 of The Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations
2008 (as amended) and UKLR 6.6.6R. The
Directors\u2019 Remuneration report, comprising
the Annual Statement to shareholders by
the Remuneration Committee Chair and the
Annual report on remuneration, will be put to
a to a single advisory shareholder vote at the
AGM on 29 April 2026.
This part of the report is comprised of
\ufb01ve\u00a0sections:
Remuneration for 2025
\u00bb142
4A
Directors\u2019 share ownership
\u00bb144
4B
and share interests
Remuneration Committee
\u00bb145
4C
membership, governance
and voting
Pay comparison
\u00bb146
4D
Implementation of the
\u00bb148
4E
Policy in 2026
Remuneration for 2025
4A
Single total \ufb01gure of directors\u2019 remuneration (audited)
The total remuneration of the directors for the year ended 31 December 2025 and the prior year is shown in the table below:
Fixed pay
Annual
PSP awards
Variable pay
Salary/fees
Bene\ufb01ts
1
Pension
2
Sub-total
bonus
3
vesting
4
Sub-total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Director
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Rob Wood
692
662
21
20
30
29
743
711
360
722
186
590
546
1,312
1,289
2,023
James Brotherton
477
448
20
20
20
20
517
488
250
488
126
399
376
887
893
1,375
Non-executive directors
Amit Bhatia
236
219
\u2013
\u2013
\u2013
\u2013
236
219
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
236
219
Carol Hui, OBE
74
70
\u2013
\u2013
\u2013
\u2013
74
70
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
74
70
Pauline La\ufb00erty
82
77
\u2013
\u2013
\u2013
\u2013
82
77
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
82
77
Helen Miles
62
59
\u2013
\u2013
\u2013
\u2013
62
59
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62
59
Clive Watson
85
81
\u2013
\u2013
\u2013
\u2013
85
81
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
85
81
1
Bene\ufb01ts paid to Rob Wood and James Brotherton comprise the provision of private medical cover and a car allowance.
2
Rob Wood and James Brotherton received a salary supplement in lieu of a contribution to a pension arrangement.
3
Further information in relation to the bonuses payable to Rob Wood and James Brotherton is given on pages 142 and 143 and these bonuses were earned pursuant to the terms
of the 2025 annual bonus scheme.
4
Both executive directors were granted PSP awards on 11 April 2023 which are due to vest at 20.6% on 11 April 2026. As the vesting date falls after the remuneration report is
signed o\ufb00, the value of these awards has been estimated using the three-month average share price to 31 December 2025 (332.8p). The actual value of these awards at the
point of vesting will be set out in the 2026 Directors\u2019 Remuneration report. The 2024 PSP \ufb01gures have been updated to re\ufb02ect the actual share price at vesting (429.9p) and the
value of accrued dividends during the vesting period.
\n
4A
Remuneration for 2025
\n
Annual bonus for the year ended 31 December 2025 (audited)
\n
The annual bonus opportunity for each executive director was 150% of base salary.
\n
The\u00a02025 annual bonus was based on the achievement of stretching Underlying EBITDA
\n
targets for 75% with the remaining 25% based on corporate objectives. The Underlying
\n
EBITDA range was set around the budget for the year, and was subsequently increased to
\n
re\ufb02ect the impact of the Lionmark acquisition. At the time of setting the Underlying EBITDA
\n
range, the stretch level of performance required a 7% outperformance of market consensus.
\n
Underlying EBITDA (75% of the total bonus)
\n\n \n
Threshold level of
Target level of
Underlying EBITDA
Underlying EBITDA
Maximum level of
Adjusted Underlying
Bonus earned
(10% payout)
(50% payout)
Underlying EBITDA
EBITDA
(percentage of
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1
maximum) %
275.4
306.0
327.5
278.2
10.3
\n
1
After the application of the capital employed moderator and the exchange rate translation.
\n
The rules of the annual bonus scheme provide that the actual level of Underlying EBITDA
\n
achieved is subject to a capital moderator which takes account of the impact of smaller
\n
bolt-on acquisitions on Group performance and reinforces working capital discipline. It is
\n
based on applying a capital charge to excess capital employed, and conversely a capital
\n
credit for a reduction in capital employed. In 2025 the impact of the capital moderator
\n
on the Underlying EBITDA achieved was to decrease EBITDA by c.\u00a30.6m as a function of
\n
average working capital being slightly higher than had been budgeted.
\n
In overseeing the bonus outcome, the Committee examines whether the formulaic
\n
calculation for the Underlying EBITDA metric is justi\ufb01able and explainable in the context
\n
of overall business performance, particularly focusing on the impact of one-o\ufb00 events.
\n
The Committee concluded from its review that the formulaic outcome against the
\n
Underlying EBITDA targets re\ufb02ected the underlying performance of the Group in the year.
\n
Corporate objectives (25% of the total bonus)
\n\n \n
Objectives
Assessment
Strategic themes
Strategy
\u2014 progress M&A strategic priorities
Lionmark acquisition completed doubling the size of
and science-based carbon reduction roadmap;
the US business and enhancing vertical integration.
particular focus on US and cement decarbonisation.
Signi\ufb01cant progress made on the Peak Cluster
Decarbonisation project.
Customer
\u2014 maintain and/or improve our weighted
Target for 2025 was to maintain or improve the NPS
averaged NPS.
score of 67. The target was exceeded with a weighted
NPS score of 69.
Mineral reserves
\u2014 planning applications/planning
Target for replenishment of mineral reserves in 2025
consents secured for key mineral reserves.
was exceeded with 50 million tonnes of minerals
secured during the year.
Digitalisation
\u2014 implement and embed common
A new platform, Enablon, was implemented and
Group platforms to consolidate and digitalise risk
embedded as a common Group platform during
and control, health and safety, and sustainability
2025.
assurance and compliance capabilities.
Sustainability 2030 target
People
\u2013 generate social value.
Thrive\u2019s Impact Valuation Standard was
implemented in 2025. Social value generated in 2025
was \u00a3134.5m (against a target of \u00a383m).
Places
\u2013 sale of products from the Breedon Balance
The sale of products from the Breedon Balance
range.
range in 2025 was 39% against a target of 37%,
(slightly below the stretch target set).
\n
The objectives made up 25% of the total bonus for the CEO and CFO. The Committee
\n
determined that excellent progress had been made against each of the objectives
\n
and targets and this resulted in a payout of 96%.
\n
The table above provides disclosure of the objectives against each area and actual
\n
performance.
\n
4A
Remuneration for 2025
\n
Overall the bonus outcome for the year, taking into account \ufb01nancial performance and the
\n
delivery of corporate objectives, was 34.3% of maximum. The overall bonus for the period
\n
was as follows:
\n\n \n
Portion to be
Maximum bonus
deferred in
opportunity
Bonus payout
Bonus earned
Payable in
shares for
(% of salary)
(% of maximum)
(\u00a3\u2019000)
cash
2 years
Rob Wood
150%
34.3%
360
240
120
James Brotherton
150%
34.3%
250
167
83
\n
The Remuneration Committee believes these outcomes fairly re\ufb02ect the performance of
\n
the business over the 2025 \ufb01nancial year and therefore no adjustment is required to the
\n
formulaic outcomes. In arriving at this conclusion, the Committee recognised the resilient
\n
performance delivered in 2025 in a very challenging macroeconomic environment. The
\n
Committee also considered progress on strategic delivery and sustainability objectives
\n
delivered during the year.
\n
2023 PSP vesting outcome in respect of performance to 31 December 2025 (audited)
\n
Awards were granted under the PSP on 11 April 2023, with vesting subject to two
\n
performance conditions, each with an equal weighting \u2013 Underlying Diluted EPS growth
\n
and relative TSR against the constituents of the FTSE 250 (excluding investment trusts).
\n
The performance period for both measures ended on 31 December 2025 and the awards
\n
will become exercisable on the third anniversary of grant subject to continued service.
\n
These awards are subject to a two-year holding period.
\n\n \n
Threshold
Maximum
Vesting (% of
(25% vesting)
(100% vesting)
Actual
maximum)
Relative TSR (50%)
Median rank
Upper quartile rank
29.8% TSR, above
41.2%
21.6% TSR
59.9% TSR
median ranking
EPS (50%)
1
33.25p
37.0p or higher
31.8p
0%
\n
1
The EPS targets were adjusted for the one-for-\ufb01ve share consolidation undertaken as part of the move to the
\n
Main Market.
\n
The EPS performance over the period was such that this part of the award will not vest.
\n
For TSR, the Company ranked above median of the comparator group and therefore 41.2%
\n
of this part of the award will vest. As such, 20.6% of the awards will vest on 11 April 2026.
\n\n \n
Value due to
Number of PSP
Performance
Number of
share price
PSP single total
awards granted
outcome
awards vesting
appreciation
\ufb01gure value
\u2019000
%
\u2019000
\u00a3\u2019000
\u00a3\u2019000
Rob Wood
272
20.6%
56
(13)
186
James Brotherton
184
20.6%
38
(9)
126
\n
The value of these awards as set out in the above table is based on the average three-month
\n
share price to 31 December 2025 of 332.8p.
\n
The Committee believes the vesting outcome is a fair re\ufb02ection of performance over the
\n
three-year period and therefore no discretion has been applied to amend the formulaic
\n
outcomes. In addition, the Committee is satis\ufb01ed that no windfall gains have arisen;
\n
however this will be subject to a \ufb01nal assessment at vesting.
\n
2022 PSP vesting
\n
The PSP awards granted on 11 April 2022 vested at 53.5% on 11 April 2025. In the 2024
\n
Annual Report, an estimated vesting value was provided based on the three-month
\n
average share price to 31 December 2024 (of 444.8p). The prior year PSP values in the
\n
single \ufb01gure table have been updated to re\ufb02ect the actual share price at vesting (429.9p)
\n
and the value of accrued dividends during the vesting period.
\n
Payments to former directors (audited)
\n
There were no payments to former directors during the year.
\n
Payments for loss of o\ufb03ce (audited)
\n
There were no payments for loss of o\ufb03ce during the year.
\n
4B
Directors\u2019 share ownership and share interests
\n
Share awards granted in 2025 (audited)
\n
The table below provides details of PSP and Deferred Share Bonus Plan (DSBP) awards
\n
made to executive directors on 8 April 2025.
\n\n \n
Number of
Percentage
shares
of salary
under
Face value
Percentage
End of
Basis of
award
1
of award
1
vesting at
performance
Director
Type of award
award
\u2019000
\u00a3\u2019000
threshold
period
Rob Wood
PSP
200%
342
1,400
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
59
241
n/a
n/a
James Brotherton
PSP
175%
207
849
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
40
163
n/a
n/a
\n
1
The number of awards was based on a share price of 409.4p being the middle market closing price on the dealing
\n
day prior to grant.
\n
The vesting of the above PSP awards is subject to the achievement of three performance
\n
conditions, measured independently.
\n\n \n
Performance measure, weighting and targets range
Adjusted underlying
TSR vs FTSE 250
Core carbon
diluted FY27 EPS
excl. IT
intensity reduction
Percentage of award
that vests
42.5% weighting
42.5% weighting
15% weighting
0%
Less than 38.00p
Below Median TSR
Less than 4.87%
25%
38.00p
Median TSR
4.87%
50%
41.00p
n/a
6.50%
100%
47.00p
Upper quartile TSR
8.13%
\n
Outstanding DSBP and PSP awards (audited)
\n\n \n
Movements in the year
Awards
Awards held
held as at
as at
1 January
31 December
Year of
2025
Granted
Vested
1
Lapsed
2025
Plan
award
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
Vesting date
Rob Wood
PSP
2022
229
0
137
107
0
April 2025
PSP
2023
272
0
0
0
272
April 2026
PSP
2024
367
0
0
0
367
April 2027
DSBP
2025
0
59
0
0
59
April 2027
PSP
2025
0
342
0
0
342
April 2028
Total
868
401
137
107
1,040
James
Brotherton
PSP
2022
155
0
93
72
0
April 2025
PSP
2023
184
0
0
0
184
April 2026
PSP
2024
217
0
0
0
217
April 2027
DSBP
2025
0
40
0
0
40
April 2027
PSP
2025
0
207
0
0
207
April 2028
Total
556
247
93
72
648
\n
1
2022 PSP \u2013 additional dividend shares of 14,525 for Rob Wood and 9,824 for James Brotherton accrued on vested
\n
shares.
\n
Outstanding SAYE awards (audited)
\n\n \n
Options matured
Shares under
during the year
option
Term
\u2019000
Option date
Maturity date
Option price
(months)
\u2019000
Rob Wood
10
1 May 2024
1 June 2029
316p
60
Nil
James
8
1 April 2021
1 May 2026
356p
60
Nil
Brotherton
\n
4B
Directors\u2019 share ownership and share interests
\n
Bene\ufb01cial interests (audited)
\n
The share interests of each director as at 31 December 2025 (together with interests held
\n
by connected persons) are set out in the table below. To align executive directors with
\n
the interests of shareholders, the Committee has implemented shareholding guidelines
\n
for executive directors and key senior colleagues. The guidelines require that executive
\n
directors build up and maintain an interest in the ordinary shares of the Company that is
\n
200% of their annual base salary and retain half of any vested share awards (net of any
\n
taxes due) until this guideline is met.
\n
Shareholdings for directors who have held o\ufb03ce during the year ended 31 December 2025
\n
are set out as a percentage of salary or fees in the table below.
\n\n \n
No. of
No. of
shares
shares
owned
owned
outright
outright
(inc.
(inc.
Unvested
Unvested
Share-
connected
connected
shares
shares not
Share-
holding
persons)
persons)
Vested but
subject to
subject to
SAYE
holding
guidelines
31 Dec
31 Dec
unexercised
performance
performance
Options
as a % of
(200% of
2025
2024
share
conditions
conditions
held
salary as at
salary)
\u2019
000
\u2019
000
awards
\u2019
000
\u2019
000
\u2019
000
31 Dec 2025
1
met?
Executive directors
Rob Wood
491
405
0
980
59
10
234
Yes
James
Brotherton
100
44
0
608
40
8
69
No
Non-executive directors
Amit Bhatia
2
100
100
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
4
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline
La\ufb00erty
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
60
40
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
1
Includes the value of bene\ufb01cially owned shares and any vested but unexercised share awards on a net of tax basis.
\n
2
Amit Bhatia is recognised by the Board as being a person closely associated with Abicad Holdings Limited. As at
\n
31 December 2025 Abicad Holdings Limited held 67,054,894 ordinary shares in the Company.
\n
There was no change in the interests set out above between 31\u00a0December 2025 and
\n
10 March 2026.
\n
4C
Remuneration Committee membership, governance and voting
\n
Independent advisers
\n
The Committee takes account of information from both internal and independent sources,
\n
including Ellason who acted as the Committee\u2019s independent adviser during 2025.
\n
Ellason is a member of the Remuneration Consultants\u2019 Group and complies with its Code
\n
of Conduct, which sets out guidelines to ensure that their advice is independent and
\n
free of undue in\ufb02uence. The Committee reviews the performance and independence of
\n
its advisers on an annual basis, and was satis\ufb01ed that Ellason\u2019s advice was independent
\n
and objective. Breedon incurred fees of \u00a370,550 excluding VAT during 2025 relating to
\n
Committee advice. Ellason billed on a time and materials basis and did not provide any
\n
other services to Breedon during 2025.
\n
Shareholder voting
\n
Breedon submitted the 2024 Directors\u2019 Remuneration report for shareholder vote at the
\n
AGM held on 29 April 2025, and the 2024 Directors\u2019 Remuneration Policy at the AGM held
\n
on 24 April 2024. The vote on the Remuneration report was advisory and the vote on the
\n
Remuneration Policy binding, receiving the following support.
\n\n \n
2024 Directors\u2019 Remuneration report
2024 Directors\u2019 Remuneration Policy
(2025 AGM)
(2024 AGM)
Total number of votes
% of votes cast
Total number of votes
% of votes cast
For
263,854,919
98.46
265,756,165
96.95
Against
4,133,636
1.54
8,353,190
3.05
Total votes cast
(for and against)
267,988,555
100
274,109,355
100
Votes withheld
2,332,873
\u2013
22,467
\u2013
\n
4D
Pay comparison
\n
Percentage change in directors\u2019 remuneration versus employee pay
\n
The table below shows the percentage changes in base salary or fees, taxable bene\ufb01ts and
\n
annual bonus of each director in the \ufb01nancial year ended 31 December 2025 together with
\n
the approximate comparative average \ufb01gures for those employees who were employed
\n
for a full 12 months in the UK. This section of the employee population (comprising
\n
approximately 2,827 individuals across a number of levels) is considered to be the most
\n
appropriate group for comparison purposes, as its remuneration is controlled by the
\n
Group and is subject to similar external market forces as those that relate to the executive
\n
directors\u2019 remuneration.
\n\n \n
Salary/Fees
Bene\ufb01ts
Annual bonus
2025
2024
2023
2025
2024
2023
2025
2024
2023
Rob Wood
4.6%
4.1%
5.1%
4.4%
(3.6)%
(2.5)%
(50.1)
(9.7)%
6.3%
James
Brotherton
6.5%
4.1%
4.4%
0.1%
0.0%
(4.3)%
(48.9)
(9.7)%
6.3%
Amit Bhatia
7.9%
19.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
5.6%
10.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline La\ufb00erty
6.2%
12.5%
3.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
5.0%
9.0%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
5.4%
9.6%
3.2%
\u2013
\u2013
\u2013
\u2013
\u2013
\n
Workforce
\n
average
\n
1
\n
5.4%
5.2%
6.6%
(9.9)%
(6.2)%
1.0%
(60.2)
(16.5)%
9.6%
\n
1
The salaries for part-time employees have been pro-rated to full-time equivalents. Weekly paid employees have
\n
been excluded from the report as the pay conditions are di\ufb00erent from those employees who are monthly paid,
\n
making comparison misleading.
\n
CEO pay ratio
\n
In line with the reporting regulations, set out below is the ratio of CEO pay compared to
\n
the pay of UK full-time equivalent colleagues of the Group for the \ufb01nancial year ended
\n
31\u00a0December 2025. This disclosure for Breedon will continue to build up to ten years\u2019 worth
\n
of data over time. We expect the pay ratio to vary from year to year, driven largely by
\n
variability in incentive outcomes for the CEO, which will signi\ufb01cantly outweigh any other
\n
general employee pay changes at Breedon. The CEO single total \ufb01gure remuneration
\n
of \u00a31,288,946 is used in the table below. The Committee will monitor the CEO pay ratio
\n
over time to check that it appears reasonable and is consistent with the Company\u2019s wider
\n
policies on colleague pay, reward and progression. We have chosen to use Option A in
\n
calculating the ratios, which is a calculation based on the pay of all UK employees on a full-
\n
time equivalent basis, as this option is considered to be more statistically robust. The\u00a0ratios
\n
are based on total pay and bene\ufb01ts inclusive of short-term and long-term incentives
\n
applicable for the respective \ufb01nancial year (1 January to 31 December). The reference
\n
employees at the 25th, 50th and 75th percentile have been determined by reference to pay
\n
and taxable bene\ufb01ts as at 31 December 2025.
\n\n \n
25th percentile
75th percentile
Method
pay ratio
Median pay ratio
pay ratio
2025
Option A
36.5:1
30.4:1
23.9:1
2024
Option A
57.3:1
47.5:1
36.9:1
2023
Option A
51.8:1
43.1:1
33.8:1
\n
The Committee is satis\ufb01ed that the resulting \ufb01gures are reasonable and are appropriately
\n
representative for the purposes of the CEO pay ratio calculations.
\n
Set out in the table below is the base salary and total pay and bene\ufb01ts for each of the
\n
percentiles.
\n\n \n
CEO
25th percentile
Median
75th percentile
Salary
\u00a3692,095
\u00a333,368
\u00a333,659
\u00a344,450
Total pay and bene\ufb01ts
\u00a31,288,946
\u00a335,356
\u00a342,377
\u00a353,830
\n
4D
Pay comparison
\n
Total shareholder return performance graph and CEO total pay
\n
The following graph illustrates the total return, in terms of share price growth and dividends,
\n
on a notional investment of \u00a3100 in Breedon over the last ten years relative to the FTSE 250
\n
Index (excluding investment trusts).
\n
This index was chosen by the Committee as Breedon is a constituent of the index and it
\n
provides an indicator of general UK market performance for companies of a broadly
\n
similar size.
\n
Dec-17
\n
0
\n
50
\n
25
\n
75
\n
150
\n
175
\n
125
\n
100
\n
200
\n
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-24
Dec-23
Dec-25
Dec-15
Dec-16
\n
TSR chart
\n
Breedon Group
\n
FTSE 250 (excluding investment trusts)
\n
Source: Re\ufb01nitiv
\n
The total remuneration \ufb01gures, including annual bonus and vested PSP awards (shown as
\n
a percentage of maximum) for the CEO for each of the last nine \ufb01nancial years are shown in
\n
the table below.
\n\n \n
CEO single \ufb01gure
Annual bonus payout
of total remuneration
against maximum
Year
CEO
\u00a3\u2019000
opportunity %
PSP vesting rates %
2025
Rob Wood
1,289
34.3
20.6
2024
Rob Wood
2,023
72.0
53.5
2023
Rob Wood
1,832
99.5
50.0
2022
Rob Wood
1,868
97.8
100.0
2021
Rob Wood
1
1,722
100.0
70.8
2021
Pat Ward
2
1,210
100.0
70.8
2020
Pat Ward
1,444
100.0
0
2019
Pat Ward
2,076
82.6
61.9
2018
Pat Ward
1,334
60.5
83.5
2017
Pat Ward
1,056
67.1
100
\n
1
Total remuneration for Rob Wood including the period 1 January 2021 to 31 March 2021 when he served as Group
\n
Finance Director.
\n
2
Pat Ward\u2019s remuneration above is for the period ended 31 March 2021 when he retired from the Board.
\n
Relative importance of the spend on pay
\n
The following table shows the Company\u2019s actual spend on pay for all Group colleagues
\n
relative to dividends:
\n\n \n
2025
2024
% change
\u00a3m
\u00a3m
%
Sta\ufb00 costs
1
297.2
246.6
20.5
Dividends
2
51.1
48.1
6.2
\n
1
Note 5 of the consolidated \ufb01nancial statements.
\n
2
Dividend paid to Breedon Group shareholders
4E
Implementation of the Policy in 2026
Base salaries
As explained in the annual statement on page 135, the changes to base salary e\ufb00ective from
1 April 2026 will be as follows:
Chief Executive O\ufb03cer: \u00a3721,000 (2025: \u00a3700,000)
Chief Financial O\ufb03cer: \u00a3500,000 (2025: \u00a3485,000)
Non-executive directors\u2019 fees
The fee for the non-executive chair for 2026 is \u00a3245,140 (2025: \u00a3238,000).
The fees payable to the non-executive directors for 2026 are:
basic fee of \u00a363,860 (2025: \u00a362,000);
an additional fee for holding the o\ufb03ce of Senior Independent Director of \u00a310,900;
an additional fee for chairing the Audit & Risk, Remuneration or Sustainability
Committees of \u00a313,000; and
an additional fee of \u00a37,800 to the Designated Non-executive Director for
Workforce Engagement.
Annual bonus
For 2026, the executive directors will have the opportunity to earn a bonus of up to 150% of
salary. The bonus will be subject to stretching performance conditions based on Underlying
EBITDA (75%) and corporate objectives (25%). Financial performance will continue to
incorporate a capital employed moderator designed to incentivise a strong balance
sheet and cash management and penalise poor performance in these areas. In addition,
a\u00a0quality of earnings assessment will apply in determining the \ufb01nancial bonus outcome.
This subjective assessment of earnings would consider \u2013 in the round \u2013 whether the
Underlying EBITDA outcome is reasonable taking into account other \ufb01nancial indicators,
and assurance from the Audit & Risk Committee.
The performance targets contain con\ufb01dential information and so are not disclosed on a
prospective basis. The Committee intends to disclose the targets, and performance against
them, in the 2026 Annual Report.
PSP awards
For 2026, it is anticipated that the CEO will receive an award with a face value of 200%
of base salary and the CFO will receive an award of 175% of salary.
The awards will vest subject to the satisfaction of stretching performance conditions
assessed over the three-year period ending 31 December 2028. These measures and
weightings will be EPS 42.5%, relative TSR 42.5% and carbon reduction 15%, as detailed
in the table below.
\u00a0
Performance measure, weighting and targets range
\u00a0
Adjusted underlying
TSR vs
Core carbon
\u00a0
diluted FY28 EPS
FTSE 250 excl. IT
intensity reduction
Percentage of award
\u00a0 \u00a0 \u00a0
that\u00a0vests
42.5% weighting
42.5% weighting
15.0% weighting
0%
Less than 34.6p
Below Median TSR
Less than 2.25%
25%
34.6p
Median TSR
2.25%
50%
36.4p
n/a
3.00%
100%
40.0p
Upper quartile TSR
3.75%
\n
Pauline La\ufb00erty
Chair, Remuneration Committee
11 March 2026Disclosure of individual directors\u2019 remuneration, including information on all outstanding
share options, is\u00a0provided in the Directors\u2019 Remuneration report from page 132. Aggregate
remuneration received by the directors (the Group\u2019s Key Management Personnel) is
summarised below:
Directors\u2019 remuneration
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
1.9
2.4
Directors\u2019 fees
0.5
0.5
Share-based payments (note 18)
1.0
0.6
\u00a0
3.4
3.5
\n
No pension contributions were paid by the Group to any pension schemes on behalf of the
directors in either the current or prior years.Transactions with directors and directors\u2019 shareholdings
Details of transactions with directors, directors\u2019 shareholdings and outstanding share
options and awards are given in the Directors\u2019 Remuneration report on pages 132 to 148.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "4
Annual report on remuneration
This section of the report has been prepared
in accordance with Part 3 of The Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations
2008 (as amended) and UKLR 6.6.6R. The
Directors\u2019 Remuneration report, comprising
the Annual Statement to shareholders by
the Remuneration Committee Chair and the
Annual report on remuneration, will be put to
a to a single advisory shareholder vote at the
AGM on 29 April 2026.
This part of the report is comprised of
\ufb01ve\u00a0sections:
Remuneration for 2025
\u00bb142
4A
Directors\u2019 share ownership
\u00bb144
4B
and share interests
Remuneration Committee
\u00bb145
4C
membership, governance
and voting
Pay comparison
\u00bb146
4D
Implementation of the
\u00bb148
4E
Policy in 2026
Remuneration for 2025
4A
Single total \ufb01gure of directors\u2019 remuneration (audited)
The total remuneration of the directors for the year ended 31 December 2025 and the prior year is shown in the table below:
Fixed pay
Annual
PSP awards
Variable pay
Salary/fees
Bene\ufb01ts
1
Pension
2
Sub-total
bonus
3
vesting
4
Sub-total
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Director
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Executive directors
Rob Wood
692
662
21
20
30
29
743
711
360
722
186
590
546
1,312
1,289
2,023
James Brotherton
477
448
20
20
20
20
517
488
250
488
126
399
376
887
893
1,375
Non-executive directors
Amit Bhatia
236
219
\u2013
\u2013
\u2013
\u2013
236
219
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
236
219
Carol Hui, OBE
74
70
\u2013
\u2013
\u2013
\u2013
74
70
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
74
70
Pauline La\ufb00erty
82
77
\u2013
\u2013
\u2013
\u2013
82
77
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
82
77
Helen Miles
62
59
\u2013
\u2013
\u2013
\u2013
62
59
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62
59
Clive Watson
85
81
\u2013
\u2013
\u2013
\u2013
85
81
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
85
81
1
Bene\ufb01ts paid to Rob Wood and James Brotherton comprise the provision of private medical cover and a car allowance.
2
Rob Wood and James Brotherton received a salary supplement in lieu of a contribution to a pension arrangement.
3
Further information in relation to the bonuses payable to Rob Wood and James Brotherton is given on pages 142 and 143 and these bonuses were earned pursuant to the terms
of the 2025 annual bonus scheme.
4
Both executive directors were granted PSP awards on 11 April 2023 which are due to vest at 20.6% on 11 April 2026. As the vesting date falls after the remuneration report is
signed o\ufb00, the value of these awards has been estimated using the three-month average share price to 31 December 2025 (332.8p). The actual value of these awards at the
point of vesting will be set out in the 2026 Directors\u2019 Remuneration report. The 2024 PSP \ufb01gures have been updated to re\ufb02ect the actual share price at vesting (429.9p) and the
value of accrued dividends during the vesting period.
\n
4A
Remuneration for 2025
\n
Annual bonus for the year ended 31 December 2025 (audited)
\n
The annual bonus opportunity for each executive director was 150% of base salary.
\n
The\u00a02025 annual bonus was based on the achievement of stretching Underlying EBITDA
\n
targets for 75% with the remaining 25% based on corporate objectives. The Underlying
\n
EBITDA range was set around the budget for the year, and was subsequently increased to
\n
re\ufb02ect the impact of the Lionmark acquisition. At the time of setting the Underlying EBITDA
\n
range, the stretch level of performance required a 7% outperformance of market consensus.
\n
Underlying EBITDA (75% of the total bonus)
\n\n \n
Threshold level of
Target level of
Underlying EBITDA
Underlying EBITDA
Maximum level of
Adjusted Underlying
Bonus earned
(10% payout)
(50% payout)
Underlying EBITDA
EBITDA
(percentage of
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1
maximum) %
275.4
306.0
327.5
278.2
10.3
\n
1
After the application of the capital employed moderator and the exchange rate translation.
\n
The rules of the annual bonus scheme provide that the actual level of Underlying EBITDA
\n
achieved is subject to a capital moderator which takes account of the impact of smaller
\n
bolt-on acquisitions on Group performance and reinforces working capital discipline. It is
\n
based on applying a capital charge to excess capital employed, and conversely a capital
\n
credit for a reduction in capital employed. In 2025 the impact of the capital moderator
\n
on the Underlying EBITDA achieved was to decrease EBITDA by c.\u00a30.6m as a function of
\n
average working capital being slightly higher than had been budgeted.
\n
In overseeing the bonus outcome, the Committee examines whether the formulaic
\n
calculation for the Underlying EBITDA metric is justi\ufb01able and explainable in the context
\n
of overall business performance, particularly focusing on the impact of one-o\ufb00 events.
\n
The Committee concluded from its review that the formulaic outcome against the
\n
Underlying EBITDA targets re\ufb02ected the underlying performance of the Group in the year.
\n
Corporate objectives (25% of the total bonus)
\n\n \n
Objectives
Assessment
Strategic themes
Strategy
\u2014 progress M&A strategic priorities
Lionmark acquisition completed doubling the size of
and science-based carbon reduction roadmap;
the US business and enhancing vertical integration.
particular focus on US and cement decarbonisation.
Signi\ufb01cant progress made on the Peak Cluster
Decarbonisation project.
Customer
\u2014 maintain and/or improve our weighted
Target for 2025 was to maintain or improve the NPS
averaged NPS.
score of 67. The target was exceeded with a weighted
NPS score of 69.
Mineral reserves
\u2014 planning applications/planning
Target for replenishment of mineral reserves in 2025
consents secured for key mineral reserves.
was exceeded with 50 million tonnes of minerals
secured during the year.
Digitalisation
\u2014 implement and embed common
A new platform, Enablon, was implemented and
Group platforms to consolidate and digitalise risk
embedded as a common Group platform during
and control, health and safety, and sustainability
2025.
assurance and compliance capabilities.
Sustainability 2030 target
People
\u2013 generate social value.
Thrive\u2019s Impact Valuation Standard was
implemented in 2025. Social value generated in 2025
was \u00a3134.5m (against a target of \u00a383m).
Places
\u2013 sale of products from the Breedon Balance
The sale of products from the Breedon Balance
range.
range in 2025 was 39% against a target of 37%,
(slightly below the stretch target set).
\n
The objectives made up 25% of the total bonus for the CEO and CFO. The Committee
\n
determined that excellent progress had been made against each of the objectives
\n
and targets and this resulted in a payout of 96%.
\n
The table above provides disclosure of the objectives against each area and actual
\n
performance.
\n
4A
Remuneration for 2025
\n
Overall the bonus outcome for the year, taking into account \ufb01nancial performance and the
\n
delivery of corporate objectives, was 34.3% of maximum. The overall bonus for the period
\n
was as follows:
\n\n \n
Portion to be
Maximum bonus
deferred in
opportunity
Bonus payout
Bonus earned
Payable in
shares for
(% of salary)
(% of maximum)
(\u00a3\u2019000)
cash
2 years
Rob Wood
150%
34.3%
360
240
120
James Brotherton
150%
34.3%
250
167
83
\n
The Remuneration Committee believes these outcomes fairly re\ufb02ect the performance of
\n
the business over the 2025 \ufb01nancial year and therefore no adjustment is required to the
\n
formulaic outcomes. In arriving at this conclusion, the Committee recognised the resilient
\n
performance delivered in 2025 in a very challenging macroeconomic environment. The
\n
Committee also considered progress on strategic delivery and sustainability objectives
\n
delivered during the year.
\n
2023 PSP vesting outcome in respect of performance to 31 December 2025 (audited)
\n
Awards were granted under the PSP on 11 April 2023, with vesting subject to two
\n
performance conditions, each with an equal weighting \u2013 Underlying Diluted EPS growth
\n
and relative TSR against the constituents of the FTSE 250 (excluding investment trusts).
\n
The performance period for both measures ended on 31 December 2025 and the awards
\n
will become exercisable on the third anniversary of grant subject to continued service.
\n
These awards are subject to a two-year holding period.
\n\n \n
Threshold
Maximum
Vesting (% of
(25% vesting)
(100% vesting)
Actual
maximum)
Relative TSR (50%)
Median rank
Upper quartile rank
29.8% TSR, above
41.2%
21.6% TSR
59.9% TSR
median ranking
EPS (50%)
1
33.25p
37.0p or higher
31.8p
0%
\n
1
The EPS targets were adjusted for the one-for-\ufb01ve share consolidation undertaken as part of the move to the
\n
Main Market.
\n
The EPS performance over the period was such that this part of the award will not vest.
\n
For TSR, the Company ranked above median of the comparator group and therefore 41.2%
\n
of this part of the award will vest. As such, 20.6% of the awards will vest on 11 April 2026.
\n\n \n
Value due to
Number of PSP
Performance
Number of
share price
PSP single total
awards granted
outcome
awards vesting
appreciation
\ufb01gure value
\u2019000
%
\u2019000
\u00a3\u2019000
\u00a3\u2019000
Rob Wood
272
20.6%
56
(13)
186
James Brotherton
184
20.6%
38
(9)
126
\n
The value of these awards as set out in the above table is based on the average three-month
\n
share price to 31 December 2025 of 332.8p.
\n
The Committee believes the vesting outcome is a fair re\ufb02ection of performance over the
\n
three-year period and therefore no discretion has been applied to amend the formulaic
\n
outcomes. In addition, the Committee is satis\ufb01ed that no windfall gains have arisen;
\n
however this will be subject to a \ufb01nal assessment at vesting.
\n
2022 PSP vesting
\n
The PSP awards granted on 11 April 2022 vested at 53.5% on 11 April 2025. In the 2024
\n
Annual Report, an estimated vesting value was provided based on the three-month
\n
average share price to 31 December 2024 (of 444.8p). The prior year PSP values in the
\n
single \ufb01gure table have been updated to re\ufb02ect the actual share price at vesting (429.9p)
\n
and the value of accrued dividends during the vesting period.
\n
Payments to former directors (audited)
\n
There were no payments to former directors during the year.
\n
Payments for loss of o\ufb03ce (audited)
\n
There were no payments for loss of o\ufb03ce during the year.
\n
4B
Directors\u2019 share ownership and share interests
\n
Share awards granted in 2025 (audited)
\n
The table below provides details of PSP and Deferred Share Bonus Plan (DSBP) awards
\n
made to executive directors on 8 April 2025.
\n\n \n
Number of
Percentage
shares
of salary
under
Face value
Percentage
End of
Basis of
award
1
of award
1
vesting at
performance
Director
Type of award
award
\u2019000
\u00a3\u2019000
threshold
period
Rob Wood
PSP
200%
342
1,400
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
59
241
n/a
n/a
James Brotherton
PSP
175%
207
849
25%
31 Dec 2027
conditional
shares
DSBP shares
n/a
40
163
n/a
n/a
\n
1
The number of awards was based on a share price of 409.4p being the middle market closing price on the dealing
\n
day prior to grant.
\n
The vesting of the above PSP awards is subject to the achievement of three performance
\n
conditions, measured independently.
\n\n \n
Performance measure, weighting and targets range
Adjusted underlying
TSR vs FTSE 250
Core carbon
diluted FY27 EPS
excl. IT
intensity reduction
Percentage of award
that vests
42.5% weighting
42.5% weighting
15% weighting
0%
Less than 38.00p
Below Median TSR
Less than 4.87%
25%
38.00p
Median TSR
4.87%
50%
41.00p
n/a
6.50%
100%
47.00p
Upper quartile TSR
8.13%
\n
Outstanding DSBP and PSP awards (audited)
\n\n \n
Movements in the year
Awards
Awards held
held as at
as at
1 January
31 December
Year of
2025
Granted
Vested
1
Lapsed
2025
Plan
award
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
Vesting date
Rob Wood
PSP
2022
229
0
137
107
0
April 2025
PSP
2023
272
0
0
0
272
April 2026
PSP
2024
367
0
0
0
367
April 2027
DSBP
2025
0
59
0
0
59
April 2027
PSP
2025
0
342
0
0
342
April 2028
Total
868
401
137
107
1,040
James
Brotherton
PSP
2022
155
0
93
72
0
April 2025
PSP
2023
184
0
0
0
184
April 2026
PSP
2024
217
0
0
0
217
April 2027
DSBP
2025
0
40
0
0
40
April 2027
PSP
2025
0
207
0
0
207
April 2028
Total
556
247
93
72
648
\n
1
2022 PSP \u2013 additional dividend shares of 14,525 for Rob Wood and 9,824 for James Brotherton accrued on vested
\n
shares.
\n
Outstanding SAYE awards (audited)
\n\n \n
Options matured
Shares under
during the year
option
Term
\u2019000
Option date
Maturity date
Option price
(months)
\u2019000
Rob Wood
10
1 May 2024
1 June 2029
316p
60
Nil
James
8
1 April 2021
1 May 2026
356p
60
Nil
Brotherton
\n
4B
Directors\u2019 share ownership and share interests
\n
Bene\ufb01cial interests (audited)
\n
The share interests of each director as at 31 December 2025 (together with interests held
\n
by connected persons) are set out in the table below. To align executive directors with
\n
the interests of shareholders, the Committee has implemented shareholding guidelines
\n
for executive directors and key senior colleagues. The guidelines require that executive
\n
directors build up and maintain an interest in the ordinary shares of the Company that is
\n
200% of their annual base salary and retain half of any vested share awards (net of any
\n
taxes due) until this guideline is met.
\n
Shareholdings for directors who have held o\ufb03ce during the year ended 31 December 2025
\n
are set out as a percentage of salary or fees in the table below.
\n\n \n
No. of
No. of
shares
shares
owned
owned
outright
outright
(inc.
(inc.
Unvested
Unvested
Share-
connected
connected
shares
shares not
Share-
holding
persons)
persons)
Vested but
subject to
subject to
SAYE
holding
guidelines
31 Dec
31 Dec
unexercised
performance
performance
Options
as a % of
(200% of
2025
2024
share
conditions
conditions
held
salary as at
salary)
\u2019
000
\u2019
000
awards
\u2019
000
\u2019
000
\u2019
000
31 Dec 2025
1
met?
Executive directors
Rob Wood
491
405
0
980
59
10
234
Yes
James
Brotherton
100
44
0
608
40
8
69
No
Non-executive directors
Amit Bhatia
2
100
100
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
4
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline
La\ufb00erty
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
0
0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
60
40
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
1
Includes the value of bene\ufb01cially owned shares and any vested but unexercised share awards on a net of tax basis.
\n
2
Amit Bhatia is recognised by the Board as being a person closely associated with Abicad Holdings Limited. As at
\n
31 December 2025 Abicad Holdings Limited held 67,054,894 ordinary shares in the Company.
\n
There was no change in the interests set out above between 31\u00a0December 2025 and
\n
10 March 2026.
\n
4C
Remuneration Committee membership, governance and voting
\n
Independent advisers
\n
The Committee takes account of information from both internal and independent sources,
\n
including Ellason who acted as the Committee\u2019s independent adviser during 2025.
\n
Ellason is a member of the Remuneration Consultants\u2019 Group and complies with its Code
\n
of Conduct, which sets out guidelines to ensure that their advice is independent and
\n
free of undue in\ufb02uence. The Committee reviews the performance and independence of
\n
its advisers on an annual basis, and was satis\ufb01ed that Ellason\u2019s advice was independent
\n
and objective. Breedon incurred fees of \u00a370,550 excluding VAT during 2025 relating to
\n
Committee advice. Ellason billed on a time and materials basis and did not provide any
\n
other services to Breedon during 2025.
\n
Shareholder voting
\n
Breedon submitted the 2024 Directors\u2019 Remuneration report for shareholder vote at the
\n
AGM held on 29 April 2025, and the 2024 Directors\u2019 Remuneration Policy at the AGM held
\n
on 24 April 2024. The vote on the Remuneration report was advisory and the vote on the
\n
Remuneration Policy binding, receiving the following support.
\n\n \n
2024 Directors\u2019 Remuneration report
2024 Directors\u2019 Remuneration Policy
(2025 AGM)
(2024 AGM)
Total number of votes
% of votes cast
Total number of votes
% of votes cast
For
263,854,919
98.46
265,756,165
96.95
Against
4,133,636
1.54
8,353,190
3.05
Total votes cast
(for and against)
267,988,555
100
274,109,355
100
Votes withheld
2,332,873
\u2013
22,467
\u2013
\n
4D
Pay comparison
\n
Percentage change in directors\u2019 remuneration versus employee pay
\n
The table below shows the percentage changes in base salary or fees, taxable bene\ufb01ts and
\n
annual bonus of each director in the \ufb01nancial year ended 31 December 2025 together with
\n
the approximate comparative average \ufb01gures for those employees who were employed
\n
for a full 12 months in the UK. This section of the employee population (comprising
\n
approximately 2,827 individuals across a number of levels) is considered to be the most
\n
appropriate group for comparison purposes, as its remuneration is controlled by the
\n
Group and is subject to similar external market forces as those that relate to the executive
\n
directors\u2019 remuneration.
\n\n \n
Salary/Fees
Bene\ufb01ts
Annual bonus
2025
2024
2023
2025
2024
2023
2025
2024
2023
Rob Wood
4.6%
4.1%
5.1%
4.4%
(3.6)%
(2.5)%
(50.1)
(9.7)%
6.3%
James
Brotherton
6.5%
4.1%
4.4%
0.1%
0.0%
(4.3)%
(48.9)
(9.7)%
6.3%
Amit Bhatia
7.9%
19.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Carol Hui, OBE
5.6%
10.5%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Pauline La\ufb00erty
6.2%
12.5%
3.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Helen Miles
5.0%
9.0%
4.4%
\u2013
\u2013
\u2013
\u2013
\u2013
Clive Watson
5.4%
9.6%
3.2%
\u2013
\u2013
\u2013
\u2013
\u2013
\n
Workforce
\n
average
\n
1
\n
5.4%
5.2%
6.6%
(9.9)%
(6.2)%
1.0%
(60.2)
(16.5)%
9.6%
\n
1
The salaries for part-time employees have been pro-rated to full-time equivalents. Weekly paid employees have
\n
been excluded from the report as the pay conditions are di\ufb00erent from those employees who are monthly paid,
\n
making comparison misleading.
\n
CEO pay ratio
\n
In line with the reporting regulations, set out below is the ratio of CEO pay compared to
\n
the pay of UK full-time equivalent colleagues of the Group for the \ufb01nancial year ended
\n
31\u00a0December 2025. This disclosure for Breedon will continue to build up to ten years\u2019 worth
\n
of data over time. We expect the pay ratio to vary from year to year, driven largely by
\n
variability in incentive outcomes for the CEO, which will signi\ufb01cantly outweigh any other
\n
general employee pay changes at Breedon. The CEO single total \ufb01gure remuneration
\n
of \u00a31,288,946 is used in the table below. The Committee will monitor the CEO pay ratio
\n
over time to check that it appears reasonable and is consistent with the Company\u2019s wider
\n
policies on colleague pay, reward and progression. We have chosen to use Option A in
\n
calculating the ratios, which is a calculation based on the pay of all UK employees on a full-
\n
time equivalent basis, as this option is considered to be more statistically robust. The\u00a0ratios
\n
are based on total pay and bene\ufb01ts inclusive of short-term and long-term incentives
\n
applicable for the respective \ufb01nancial year (1 January to 31 December). The reference
\n
employees at the 25th, 50th and 75th percentile have been determined by reference to pay
\n
and taxable bene\ufb01ts as at 31 December 2025.
\n\n \n
25th percentile
75th percentile
Method
pay ratio
Median pay ratio
pay ratio
2025
Option A
36.5:1
30.4:1
23.9:1
2024
Option A
57.3:1
47.5:1
36.9:1
2023
Option A
51.8:1
43.1:1
33.8:1
\n
The Committee is satis\ufb01ed that the resulting \ufb01gures are reasonable and are appropriately
\n
representative for the purposes of the CEO pay ratio calculations.
\n
Set out in the table below is the base salary and total pay and bene\ufb01ts for each of the
\n
percentiles.
\n\n \n
CEO
25th percentile
Median
75th percentile
Salary
\u00a3692,095
\u00a333,368
\u00a333,659
\u00a344,450
Total pay and bene\ufb01ts
\u00a31,288,946
\u00a335,356
\u00a342,377
\u00a353,830
\n
4D
Pay comparison
\n
Total shareholder return performance graph and CEO total pay
\n
The following graph illustrates the total return, in terms of share price growth and dividends,
\n
on a notional investment of \u00a3100 in Breedon over the last ten years relative to the FTSE 250
\n
Index (excluding investment trusts).
\n
This index was chosen by the Committee as Breedon is a constituent of the index and it
\n
provides an indicator of general UK market performance for companies of a broadly
\n
similar size.
\n
Dec-17
\n
0
\n
50
\n
25
\n
75
\n
150
\n
175
\n
125
\n
100
\n
200
\n
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-24
Dec-23
Dec-25
Dec-15
Dec-16
\n
TSR chart
\n
Breedon Group
\n
FTSE 250 (excluding investment trusts)
\n
Source: Re\ufb01nitiv
\n
The total remuneration \ufb01gures, including annual bonus and vested PSP awards (shown as
\n
a percentage of maximum) for the CEO for each of the last nine \ufb01nancial years are shown in
\n
the table below.
\n\n \n
CEO single \ufb01gure
Annual bonus payout
of total remuneration
against maximum
Year
CEO
\u00a3\u2019000
opportunity %
PSP vesting rates %
2025
Rob Wood
1,289
34.3
20.6
2024
Rob Wood
2,023
72.0
53.5
2023
Rob Wood
1,832
99.5
50.0
2022
Rob Wood
1,868
97.8
100.0
2021
Rob Wood
1
1,722
100.0
70.8
2021
Pat Ward
2
1,210
100.0
70.8
2020
Pat Ward
1,444
100.0
0
2019
Pat Ward
2,076
82.6
61.9
2018
Pat Ward
1,334
60.5
83.5
2017
Pat Ward
1,056
67.1
100
\n
1
Total remuneration for Rob Wood including the period 1 January 2021 to 31 March 2021 when he served as Group
\n
Finance Director.
\n
2
Pat Ward\u2019s remuneration above is for the period ended 31 March 2021 when he retired from the Board.
\n
Relative importance of the spend on pay
\n
The following table shows the Company\u2019s actual spend on pay for all Group colleagues
\n
relative to dividends:
\n\n \n
2025
2024
% change
\u00a3m
\u00a3m
%
Sta\ufb00 costs
1
297.2
246.6
20.5
Dividends
2
51.1
48.1
6.2
\n
1
Note 5 of the consolidated \ufb01nancial statements.
\n
2
Dividend paid to Breedon Group shareholders
4E
Implementation of the Policy in 2026
Base salaries
As explained in the annual statement on page 135, the changes to base salary e\ufb00ective from
1 April 2026 will be as follows:
Chief Executive O\ufb03cer: \u00a3721,000 (2025: \u00a3700,000)
Chief Financial O\ufb03cer: \u00a3500,000 (2025: \u00a3485,000)
Non-executive directors\u2019 fees
The fee for the non-executive chair for 2026 is \u00a3245,140 (2025: \u00a3238,000).
The fees payable to the non-executive directors for 2026 are:
basic fee of \u00a363,860 (2025: \u00a362,000);
an additional fee for holding the o\ufb03ce of Senior Independent Director of \u00a310,900;
an additional fee for chairing the Audit & Risk, Remuneration or Sustainability
Committees of \u00a313,000; and
an additional fee of \u00a37,800 to the Designated Non-executive Director for
Workforce Engagement.
Annual bonus
For 2026, the executive directors will have the opportunity to earn a bonus of up to 150% of
salary. The bonus will be subject to stretching performance conditions based on Underlying
EBITDA (75%) and corporate objectives (25%). Financial performance will continue to
incorporate a capital employed moderator designed to incentivise a strong balance
sheet and cash management and penalise poor performance in these areas. In addition,
a\u00a0quality of earnings assessment will apply in determining the \ufb01nancial bonus outcome.
This subjective assessment of earnings would consider \u2013 in the round \u2013 whether the
Underlying EBITDA outcome is reasonable taking into account other \ufb01nancial indicators,
and assurance from the Audit & Risk Committee.
The performance targets contain con\ufb01dential information and so are not disclosed on a
prospective basis. The Committee intends to disclose the targets, and performance against
them, in the 2026 Annual Report.
PSP awards
For 2026, it is anticipated that the CEO will receive an award with a face value of 200%
of base salary and the CFO will receive an award of 175% of salary.
The awards will vest subject to the satisfaction of stretching performance conditions
assessed over the three-year period ending 31 December 2028. These measures and
weightings will be EPS 42.5%, relative TSR 42.5% and carbon reduction 15%, as detailed
in the table below.
\u00a0
Performance measure, weighting and targets range
\u00a0
Adjusted underlying
TSR vs
Core carbon
\u00a0
diluted FY28 EPS
FTSE 250 excl. IT
intensity reduction
Percentage of award
\u00a0 \u00a0 \u00a0
that\u00a0vests
42.5% weighting
42.5% weighting
15.0% weighting
0%
Less than 34.6p
Below Median TSR
Less than 2.25%
25%
34.6p
Median TSR
2.25%
50%
36.4p
n/a
3.00%
100%
40.0p
Upper quartile TSR
3.75%
\n
Pauline La\ufb00erty
Chair, Remuneration Committee
11 March 20265
Employees and directors
Disclosure of individual directors\u2019 remuneration, including information on all outstanding
share options, is\u00a0provided in the Directors\u2019 Remuneration report from page 132. Aggregate
remuneration received by the directors (the Group\u2019s Key Management Personnel) is
summarised below:
Directors\u2019 remuneration
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Salaries and short-term employee bene\ufb01ts
1.9
2.4
Directors\u2019 fees
0.5
0.5
Share-based payments (note 18)
1.0
0.6
\u00a0
3.4
3.5
\n
No pension contributions were paid by the Group to any pension schemes on behalf of the
directors in either the current or prior years.
Sta\ufb00 numbers and costs
The average number of persons employed by the Group during the year was as follows:
\u00a0
Number of employees
\u00a0
2025
2024 Restated
1
Great Britain
3,122
3,136
Ireland
503
515
United States
853
466
Central administration
302
278
\u00a0
4,780
4,395
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
The aggregate payroll costs of these persons were as follows:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
243.6
211.8
Social security costs
30.6
22.5
Pension costs
12.0
9.0
Share-based payments (note 18)
4.6
3.3
Other employee-related bene\ufb01ts
6.4
\u2013
\u00a0
297.2
246.6
\n
Pension costs relate to various de\ufb01ned contribution pension schemes operated within the
Group. These are accounted for on a contribution payable basis. Contributions outstanding
at 31 December 2025 amounted to \u00a31.3m (2024: \u00a31.1m) and are included in other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_005": { "value": "1713800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_002": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_004": { "value": "1713800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_003": { "value": "1576300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_001": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_006": { "value": "1576300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0012": { "value": "1548200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_007": { "value": "34900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_009": { "value": "1583100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0011": { "value": "1406100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0010": { "value": "24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_008": { "value": "1430200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0013": { "value": "165600000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0017": { "value": "-34900000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0018": { "value": "130700000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0014": { "value": "170200000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0015": { "value": "-24100000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0016": { "value": "146100000.0", "decimals": -5, "dimensions": { "concept": "bgp:GroupOperatingProfit", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0019": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0023": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0020": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0021": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0022": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0024": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0026": { "value": "169700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0029": { "value": "-34900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0027": { "value": "134800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0025": { "value": "173700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:UnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0028": { "value": "-24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "bgp:ConsolidatedIncomeStatementAxis": "bgp:NonUnderlyingMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0030": { "value": "149600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": 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"iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00166": { "value": "1196700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00165": { "value": "1170200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00168": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00167": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", 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and were signed on its behalf by:
Rob Wood
James Brotherton
Chief Executive O\ufb03cer
Chief Financial O\ufb03cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00171": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00177": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00173": { "value": "-500000.0", "decimals": -5, 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"value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00323": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00324": { "value": "19000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00325": { "value": "24000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00492": { "value": "225900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00493": { "value": "201700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00327": { "value": "159900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00326": { "value": "173600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00329": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00328": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00330": { "value": "120100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00331": { "value": "131300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00333": { "value": "9600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00332": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00334": { "value": "-265200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00335": { "value": "-296200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00337": { "value": "51500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00336": { "value": "48300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00338": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00339": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00341": { "value": "166000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00340": { "value": "357400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00342": { "value": "22100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00343": { "value": "304000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00344": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00345": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00484": { "value": "10400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00485": { "value": "9400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00491": { "value": "82300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00490": { "value": "-3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00347": { "value": "43000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00346": { "value": "-97500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00349": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00348": { "value": "126900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00351": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00350": { "value": "-500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00352": { "value": "71600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00353": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "1
Accounting policies
Breedon Group plc (\u2018the Company\u2019)
is a public limited company, limited by
shares, which is listed on the London Stock
Exchange and incorporated and domiciled in
England and Wales. The registered number
is 14739556 and the registered o\ufb03ce is
Pinnacle House, Breedon Quarry, Breedon
on the Hill, Derby, DE73 8AP, England.
Basis of preparation
These \ufb01nancial statements consolidate
the\u00a0results of the Company and subsidiary
undertakings, and equity accounts for
the Group\u2019s interests in its associate and
joint ventures (collectively \u2018the Group\u2019).
Principal activities
The principal activities of the Group are
the quarrying of aggregates together
with manufacture and sale of construction
materials and building products. The
Group\u2019s key outputs include cement,
asphalt and ready-mixed concrete, together
with related activities in Great Britain,
Ireland and the United States.
Applicable laws and accounting
standards
These \ufb01nancial statements have been
prepared in accordance with UK-adopted
International Accounting Standards.
The\u00a0consolidated \ufb01nancial statements have
been prepared under the historical cost
convention except for the revaluation to
fair\u00a0value of certain \ufb01nancial instruments.
The accounting policies set out below
have,\u00a0unless otherwise stated, been applied
consistently throughout the year.
Presentation currency
These \ufb01nancial statements are presented in
Sterling. All \ufb01nancial information presented
has been rounded to the nearest \u00a30.1m
unless otherwise stated.
Basis of consolidation
Subsidiary undertakings are entities
controlled by the Group. Control exists
when the Group is exposed to or has rights
to variable returns from its investment
and\u00a0has the ability to a\ufb00ect those returns
through its power over the investee. In
assessing control, potential voting rights
that are currently exercisable or convertible
are taken into account.
The Group considers an entity to be a
subsidiary undertaking when the Group
has control over the entity. Ordinarily
this is\u00a0when the Group holds more than
50% of\u00a0the shares and voting rights.
Subsidiary undertakings are consolidated
in accordance with IFRS 10 Consolidated
Financial Statements.
Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has signi\ufb01cant
in\ufb02uence, but not control, over the \ufb01nancial
and operating policies. Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic \ufb01nancial and operating decisions.
Going Concern
These \ufb01nancial statements are prepared
on a going concern basis which the
directors consider to be appropriate for
the following reasons:
The Group meets day-to-day working
capital and other funding requirements
through banking facilities, which include
an overdraft facility. Longer-term debt
\ufb01nancing is accessed through the
Group\u2019s USPP loan note programme.
The Group\u2019s borrowing facilities at
31 December 2025 comprised a
\u00a3400m multi-currency RCF committed
to July 2029 and USPP loan notes
(\u00a3170m denominated in Sterling and
\u20ac189m denominated in Euro), with
maturities between 2028 and 2036.
Further details are provided in note 19
to these \ufb01nancial statements.
During 2025, the Group comfortably
met all covenants and other terms of its
borrowing agreements. The Group has
continued its track record of generating
pro\ufb01ts and cash, with an overall pro\ufb01t
before taxation of \u00a3105.3m and net cash
from operating activities of \u00a3225.9m.
The Group has prepared cash \ufb02ow
forecasts for a period of 12 months
from the date of signing these \ufb01nancial
statements, which show a sustained
trend of pro\ufb01tability, cash generation
and retained covenant headroom, even
under a \u2018severe but plausible\u2019 downside
scenario of forecast cash \ufb02ows.
The base case assumes a trading
performance delivered in line with
market consensus over the forecast
period, while the downside scenario
models a 5-10% reduction in revenues,
which the Group believes is a severe
sensitivity relative to likely outcomes and
historic experience.
As at 31 December 2025, the Group had
cash balances of \u00a3115.5m and undrawn
banking facilities in excess of \u00a3130m.
At the date of this report, the Group
retains a similar level of liquidity, which is
expected to provide su\ufb03cient available
funds for the Group to discharge its
liabilities as they fall due.
Consequently, the directors are
con\ufb01dent that the Group will have
su\ufb03cient funds to continue to meet its
liabilities as they fall due for at least 12
months from the date of approval of
these \ufb01nancial statements and therefore
have prepared the \ufb01nancial statements
on a going concern basis.
The consolidated \ufb01nancial statements
include the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that signi\ufb01cant
in\ufb02uence or joint control commences until
the date that signi\ufb01cant in\ufb02uence or\u00a0joint
control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture.
Accounting estimates and judgements
The preparation of the \ufb01nancial statements
requires the use of certain critical
accounting estimates, and for management
to exercise judgement in the process of
applying the Group\u2019s accounting policies.
The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are signi\ufb01cant
to the consolidated \ufb01nancial statements, are
disclosed in note 26.
New IFRS Standards and Interpretations
adopted in the year
The Group adopted amendments
to IAS 21 The E\ufb00ects of Changes in
Foreign Exchange Rates from\u00a01 January
2025. The\u00a0adoption of this standard
has not\u00a0had a\u00a0material impact on\u00a0the
\ufb01nancial\u00a0statements.
New IFRS Standards and Interpretations
not adopted
IFRS 18 Presentation and Disclosure
in Financial Statements is e\ufb00ective for
periods beginning on or after 1 January
2027. The Group does not intend to adopt
the standard early. IFRS 18 is expected to
impact the presentation and disclosure
of information in the Group\u2019s \ufb01nancial
statements but is not expected to have
a material impact on recognition or
measurement.
At the date on which these \ufb01nancial
statements were authorised, there were
no further Standards, Interpretations and
Amendments which had been issued
but were not e\ufb00ective for the year ended
31\u00a0December 2025 that are expected to
have a material impact on the Group\u2019s
\ufb01nancial statements in the future.
Foreign exchange
Foreign exchange transactions
Transactions in foreign currencies are
recorded at the spot rate at the transaction
date. Monetary assets and liabilities
denominated in foreign currencies are
retranslated at the balance sheet date,
with all currency translation di\ufb00erences
recognised within the consolidated income
statement, except for those monetary
items that provide an e\ufb00ective hedge for
a\u00a0net investment in a foreign operation.
Foreign exchange translation
The consolidated \ufb01nancial statements
are presented in Sterling, which is the
presentational currency of the Group.
The individual \ufb01nancial statements of the
Group\u2019s subsidiaries and joint ventures with
a functional currency other than Sterling
are\u00a0translated into Sterling according
to IAS 21.
Results and cash \ufb02ows are translated
monthly using average monthly exchange
rates. Accumulated assets and liabilities
are translated using the closing rates at the
reporting date and equity is translated at
historic exchange rates.
The resulting translation di\ufb00erences are
recognised in the consolidated statement of
comprehensive income until the subsidiary
is disposed of. Goodwill and fair value
adjustments arising on acquisition of a
foreign operation are regarded as assets
and liabilities of the foreign operation and
are translated accordingly.
Financial instruments
Financial instruments are recognised
when the Group becomes a party to the
contractual provisions of the instrument.
The principal \ufb01nancial assets and liabilities
of the Group are as follows:
Trade and other receivables and trade
and other payables
Trade and other receivables and trade and
other payables are initially recognised at fair
value and are then stated at amortised cost.
Contract assets and liabilities
Contract assets, presented within trade
and other receivables, primarily relate to
the Group\u2019s rights to consideration for work
completed but not billed at the reporting
date on surfacing contracts. The contract
assets are transferred to receivables
when\u00a0the rights become unconditional.
Contract liabilities, presented within trade
and other payables, primarily relate to
the advance consideration received from
customers on these contracts.
Cash and cash equivalents
Cash and cash equivalents comprise
cash at bank and in hand, including bank
deposits and money-market funds with
original maturities of three months or
less. For the purposes of the consolidated
statement of cash \ufb02ows, bank overdrafts
are included in cash and cash equivalents
as they are an integral part of\u00a0the Group\u2019s
cash management.
Bank and other borrowings
Interest-bearing bank loans, overdrafts
and other loans, including USPP loan
notes,\u00a0are recognised initially at fair
value less attributable transaction costs.
All\u00a0borrowings are subsequently stated
at amortised cost with the di\ufb00erence
between initial net proceeds and
redemption value recognised in the
consolidated income statement over
the period to redemption on an e\ufb00ective
interest basis.
Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.
Mineral reserves and resources
Mineral reserves and resources are stated
at cost, including both the purchase price
and costs incurred to gain access to the
reserves, including costs of planning and
initial site development. The value of mineral
reserves and resources recognised as a
result of business combinations is based on
the fair value at the point of acquisition.
Mineral assets are depreciated using a
physical unit-of-production method,
over the commercial life of the quarry.
Property, plant and equipment
Items of property, plant and equipment
are stated at cost less accumulated
depreciation and any recognised
impairment loss.
Depreciation is charged to the consolidated
income statement on a straight-line basis
over the estimated useful lives of assets,
in\u00a0order to write o\ufb00 the cost or deemed cost
of assets.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years
Fixtures and \ufb01ttings
up to 10 years
O\ufb03ce equipment
up to 5 years
Fixed plant
up to 35 years
Loose plant
up to 10 years
and machinery
\u00a0
Motor vehicles
up to 10 years
\n
No depreciation is provided on freehold land.
Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity.
Impairment of non-\ufb01nancial assets
The carrying amounts of the Group\u2019s
non-\ufb01nancial assets, other than goodwill,
inventories and deferred tax assets,
are reviewed at each reporting date to
determine whether there is any indication
of impairment; including an assessment of
any indication of impairment arising as a
result of climate change.
Impairment reviews are undertaken at the
level of each signi\ufb01cant cash-generating
unit, which is no larger than an operating
segment as de\ufb01ned by IFRS 8 Operating
Segments. If any such\u00a0indication exists then
the asset\u2019s recoverable amount is estimated.
The recoverable amount of an asset or
Cash-Generating Unit (CGU) is the greater
of the value in use and the fair value less
costs to sell.
In assessing value in use, the estimated
future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate
that re\ufb02ects current market assessments
of the time value of money and the risks
speci\ufb01c to the asset.
An impairment loss in respect of goodwill
is\u00a0not reversed. In respect of other assets,
impairment losses recognised in prior
periods are assessed at each reporting
date for any indications that the loss has
decreased or no longer exists.
An impairment loss is reversed if there has
been a change in the estimates used to
determine the recoverable amount.
An\u00a0impairment loss is reversed only to the
extent that the asset\u2019s carrying amount
does not exceed the carrying amount
that would have been determined, net
of depreciation or amortisation, if no
impairment loss had been recognised.
Impairment of \ufb01nancial assets
The Group recognises loss allowances
for expected credit losses (ECLs) on
\ufb01nancial and contract assets measured
at amortised cost.
The Group measures loss allowances at
an\u00a0amount equal to lifetime ECLs except
for bank balances for which credit risk
(i.e.\u00a0the risk of default occurring over the
expected life of the \ufb01nancial instrument)
has not increased signi\ufb01cantly since
initial recognition, which are measured as
12-month ECLs.
ECLs are a probability-weighted estimate
of credit losses. Credit losses are measured
as the present value of all cash shortfalls (i.e.
the di\ufb00erence between the cash \ufb02ows due
to the entity in accordance with the contract
and the cash \ufb02ows that the Group expects
to receive). ECLs are discounted at the
e\ufb00ective interest rate of the \ufb01nancial asset.
Inventories
Inventories are stated at the lower of cost
and net realisable value. Cost is based on
the \ufb01rst-in \ufb01rst-out principle and includes
expenditure incurred in acquiring the
inventories and bringing them to their
existing location and condition.
In the case of manufactured inventories
and work in progress, cost includes an
apportionment of overheads, including
mineral depletion where relevant. The level of
overheads included in the cost of inventory is
based on normal operating capacity.
Net realisable value is determined with
reference to sales prices less cost to sell
and, in the case of obsolete stock, on an
excess stock model of sales relative to
inventories held.
Emissions rights
The Group is required to purchase carbon
emissions credits to settle liabilities
under both EU and UK ETS. Assets and
liabilities arising in respect of\u00a0emission
rights are\u00a0presented on a net basis in the
consolidated \ufb01nancial statements.
Where an emissions credit is received for
nil\u00a0cost, these are initially measured at a
nominal value of\u00a0zero. An emissions liability
is recognised only in circumstances where
emissions have exceeded the allowance
for\u00a0a scheme, from the perspective of
the Group as a whole, and will require the
purchase of additional allowances to settle
an emissions liability.\u00a0
Emission credits purchased for
consideration are measured using the
weighted average cost principle and
presented within inventories where the
net\u00a0value is in excess of emissions liabilities.
Carbon credits are derecognised when
they are surrendered to settle emissions
obligations, sold or transferred, or when
the\u00a0Group no longer controls the credits.
On derecognition, the carrying amount of
the credits is removed from the statement
of \ufb01nancial position and any resulting gain
or loss is recognised in the consolidated
income statement. Credits surrendered
to meet compliance obligations are
recognised as an operating expense.
Gains\u00a0or losses on the sale of carbon credits
are recognised within operating pro\ufb01t.
Retirement bene\ufb01ts
The Group does not operate any de\ufb01ned
bene\ufb01t plans. Obligations for contributions
to de\ufb01ned contribution pension plans
are\u00a0recognised as an expense in the
consolidated income statement as\u00a0incurred.
Provisions
A provision is recognised in the consolidated
statement of \ufb01nancial position when the
Group has a present legal or constructive
obligation, it is probable that an out\ufb02ow
of economic bene\ufb01ts will be required to
settle the obligation, and the amount of the
obligation can be estimated reliably.
The Group provides for the costs of
decommissioning and restoration where
an obligation arises to comply with
contractual, environmental, planning and
other legislation.
The initial cost of creating provisions on
commencement of operations is included
in property, plant and equipment and
depreciated over the life of the plant.
Changes in the measurement of a previously
capitalised provision that result from changes
in the estimated timing or amount of cash
out\ufb02ows are added to, or deducted from, the
cost of the related asset unless a deduction
would reduce the asset to below zero.
All other changes are recognised in the
consolidated income statement, including
incremental extraction of minerals which
increase the level of restoration provisions
and any decreases in liability in excess of the
carrying amount of a capitalised asset.
All provisions are discounted to their present
value at a rate that re\ufb02ects current market
assessments of the time value of money and
the risks speci\ufb01c to the liability.
Revenue
Group revenue arises from the sale
of goods and the provision of services.
IFRS 15 Revenue from Contracts with
Customers requires revenue to be
recognised in line with a\u00a0principles-based
\ufb01ve-step model. This requires the Group
to identify its performance obligations,
determine the transaction price applicable
to each of these performance obligations
and then to select an appropriate method
for the timing of revenue recognition,
re\ufb02ecting the substance of the performance
obligation, being either recognition at a
point in time or over time.
Revenue from sale of goods
The majority of the Group\u2019s revenue is
derived from the sale of physical goods
to\u00a0customers. Depending on whether
the\u00a0goods are delivered to or collected
by\u00a0the customer, the contract contains either
one\u00a0performance obligation which is\u00a0satis\ufb01ed
at the point of collection, or\u00a0two\u00a0performance
obligations which are\u00a0satis\ufb01ed
simultaneously at the point of\u00a0delivery.
The transaction price for this revenue is
the amount which can be invoiced to
the customer once the performance
obligations are ful\ufb01lled, reduced to re\ufb02ect
provisions recognised for returns, trade
discounts and rebates. Where the Group
o\ufb00ers discounts or volume rebates, the
variable element of revenue is recognised
only to the extent that it is deemed highly
probable that a signi\ufb01cant reversal in
revenue will not occur. This value excludes
items collected on behalf of third parties,
such as sales taxes.
For all sales of goods, revenue is recognised
at a point in time, being the point that the
goods are transferred to the customer.
Revenue from the provision of services
The majority of service revenue relates
to surfacing and comprises short-term
performance obligations to supply and
lay materials. Other service revenue can
contain more\u00a0than one performance
obligation dependent on the nature
of the contract.
The transaction price is calculated as
consideration speci\ufb01ed by the contract,
adjusted to re\ufb02ect provisions recognised for
returns, trade discounts and rebates.
Where the agreement with a customer
provides for elements of variable
consideration, these values are included
in\u00a0the calculation of the transaction price
only to the extent that it is deemed \u2018highly
probable\u2019 that\u00a0a signi\ufb01cant reversal in the
amount of\u00a0cumulative revenue recognised
will not occur when the uncertainty
associated with the variable consideration
is resolved.
Where the transaction price is allocated
between multiple performance obligations,
this typically re\ufb02ects the allocation of value
to each performance obligation agreed with
the end customer, unless this does
not re\ufb02ect the economic substance.
Surfacing performance obligations
are satis\ufb01ed over time, so surfacing revenue
is typically recognised on an output basis,
being volume of product laid.
Warranties and customer claims
The Group provides assurance type
warranties over the speci\ufb01cation of
products but does not provide extended
warranties or maintenance services in
contracts with customers. Claims with
customers may arise in the usual course
of business. Both customer claims and
warranties are accounted for under
IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.
Financial income and expense
Financial income and expense comprise
interest payable, \ufb01nance charges, lease
interest, interest receivable on funds
invested, and gains and losses on related
hedging instruments that are recognised
in the consolidated income statement.
Interest income and interest payable is
recognised in pro\ufb01t or loss as it accrues,
using the e\ufb00ective interest method.
Income tax
Income tax on the pro\ufb01t or loss for the
year comprises current and deferred
tax. Income tax is recognised in the
consolidated income statement except
to the extent that income tax relates to
items recognised directly in equity.
Current tax is the expected tax payable
on the taxable pro\ufb01t for the year. Taxable
pro\ufb01t di\ufb00ers from net pro\ufb01t as reported
in the consolidated income statement
because taxable pro\ufb01t excludes items of
income or expense that are not taxable
or deductible.
The Group\u2019s liability for current tax is
calculated using tax rates enacted or
substantively enacted at the reporting
date\u00a0and includes any adjustment to tax
payable in respect of previous years.
Deferred tax
Deferred tax is provided in full using the
statement of \ufb01nancial position liability
method and represents the tax expected
to\u00a0be payable or recoverable on the
temporary di\ufb00erences between the
carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the
amounts used for taxation purposes.
The following temporary di\ufb00erences are not
provided for:
goodwill not deductible for tax purposes;
the initial recognition of assets or
liabilities that a\ufb00ect neither accounting
nor taxable pro\ufb01t other than in a business
combination; and
di\ufb00erences relating to investments
in subsidiaries to the extent that
they\u00a0will\u00a0probably not reverse in the
foreseeable future.
The amount of deferred tax provided
is\u00a0based on the expected manner of
realisation or settlement of the carrying
amount of assets and liabilities using tax
rates enacted or substantively enacted
at the reporting date.
A deferred tax asset is recognised only
to\u00a0the extent that it is probable that
future\u00a0taxable pro\ufb01ts will be available
against which the asset can be utilised.
The\u00a0carrying amount of deferred tax assets
is reviewed at each reporting date and
reduced to the extent that it is no longer
probable that su\ufb03cient taxable pro\ufb01t
will be available to allow all or part of the
asset to be recovered.
Deferred tax assets and liabilities are o\ufb00set
when they relate to income taxes levied by
the same taxation authority and the Group
intends to settle its current tax assets and
liabilities on a net basis.
Leases
Right-of-use assets and liabilities are
recognised for any arrangements
meeting the de\ufb01nition of a lease set
out in IFRS 16 Leases.
Right-of-use assets are measured at cost,
comprising the initial amount of the
lease liability adjusted for any lease
prepayments, plus any initial direct costs
incurred, less any lease incentives received.
Right-of-use assets are then depreciated
using the straight-line method from the
start of the lease to the earlier of the end
of\u00a0the useful life of the right-of-use asset
or\u00a0the end of the lease term.
Lease liabilities are presented within
interest-bearing loans and borrowings.
They are measured at the present value
of future lease payments, discounted at
a rate which re\ufb02ects both the Group\u2019s
incremental borrowing rate, adjusted
for the time value of money, and the nature
of\u00a0the leased asset.
The Group has elected to take advantage
of the practical expedients, permitted by
IFRS 16, not to recognise lease assets and
liabilities in respect of short-term and low-
value leases. Charges recognised in the
consolidated income statement in respect of
these leases are not signi\ufb01cant to the Group.
Share-based transactions
Equity-settled share-based payments
to directors, key employees and others
providing similar services are measured at
the fair value of the equity instruments at
the grant date. The fair value is expensed,
with a corresponding increase in equity,
on\u00a0a straight-line basis over the period that
the\u00a0employees become unconditionally
entitled to the awards.
At each reporting date, the Group revises
the amount recognised as an expense
to re\ufb02ect the number of awards for which
the related service and non-market
performance conditions are expected to
be met, such that the amount ultimately
recognised as an expense is based on the
number of awards that meet the related
service and non-market performance
conditions at the vesting date.
For share-based payment awards with
market-based performance conditions,
the grant date fair value of the share-
based payment is measured to re\ufb02ect
such conditions and there is no true-up
for di\ufb00erences between expected and
actual\u00a0outcomes.
Where a share-based payment is net-
settled by withholding a speci\ufb01ed portion of
the shares to meet statutory obligations, the
arrangement is accounted for as an equity-
settled share-based payment in its entirety.
Dividends
Dividends are recognised as a liability
in the \ufb01nancial statements in the period in
which they are declared by the Company
and, in respect of \ufb01nal dividends, approved
by shareholders.
Alternative performance measures
The following non-GAAP performance
measures have been used in the
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-GAAP performance measure
Note
i.
Underlying EBITDA
27
ii.
Underlying EBITDA margin
27
iii.
Adjusted Underlying Basic & Diluted
23
\u00a0
EPS
\u00a0
iv.
Free Cash Flow
27
v.
Free Cash Flow conversion
27
vi.
Return on Invested Capital
27
vii.
Covenant Leverage
27
viii.
Net Debt
14
ix.
Net Debt (excluding IFRS 16)
14
x.
Interest Cover
27
\n
Management uses these terms as they
believe these measures allow stakeholders
an improved understanding of the Group\u2019s
underlying business performance. These
alternative performance measures are
well understood by investors and analysts,
are\u00a0consistent with the Group\u2019s historic
communications and re\ufb02ect the way in
which the business is managed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Breedon Group plc (\u2018the Company\u2019)
is a public limited company, limited by
shares, which is listed on the London Stock
Exchange and incorporated and domiciled in
England and Wales. The registered number
is 14739556 and the registered o\ufb03ce is
Pinnacle House, Breedon Quarry, Breedon
on the Hill, Derby, DE73 8AP, England.Principal activities
The principal activities of the Group are
the quarrying of aggregates together
with manufacture and sale of construction
materials and building products. The
Group\u2019s key outputs include cement,
asphalt and ready-mixed concrete, together
with related activities in Great Britain,
Ireland and the United States.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Breedon Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "England and Wales.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Pinnacle House, Breedon Quarry, Breedon on the Hill, Derby, DE73 8AP, England.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Basis of preparation
These \ufb01nancial statements consolidate
the\u00a0results of the Company and subsidiary
undertakings, and equity accounts for
the Group\u2019s interests in its associate and
joint ventures (collectively \u2018the Group\u2019).
Principal activities
The principal activities of the Group are
the quarrying of aggregates together
with manufacture and sale of construction
materials and building products. The
Group\u2019s key outputs include cement,
asphalt and ready-mixed concrete, together
with related activities in Great Britain,
Ireland and the United States.
Applicable laws and accounting
standards
These \ufb01nancial statements have been
prepared in accordance with UK-adopted
International Accounting Standards.
The\u00a0consolidated \ufb01nancial statements have
been prepared under the historical cost
convention except for the revaluation to
fair\u00a0value of certain \ufb01nancial instruments.
The accounting policies set out below
have,\u00a0unless otherwise stated, been applied
consistently throughout the year.
Presentation currency
These \ufb01nancial statements are presented in
Sterling. All \ufb01nancial information presented
has been rounded to the nearest \u00a30.1m
unless otherwise stated.
Basis of consolidation
Subsidiary undertakings are entities
controlled by the Group. Control exists
when the Group is exposed to or has rights
to variable returns from its investment
and\u00a0has the ability to a\ufb00ect those returns
through its power over the investee. In
assessing control, potential voting rights
that are currently exercisable or convertible
are taken into account.
The Group considers an entity to be a
subsidiary undertaking when the Group
has control over the entity. Ordinarily
this is\u00a0when the Group holds more than
50% of\u00a0the shares and voting rights.
Subsidiary undertakings are consolidated
in accordance with IFRS 10 Consolidated
Financial Statements.
Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has signi\ufb01cant
in\ufb02uence, but not control, over the \ufb01nancial
and operating policies. Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic \ufb01nancial and operating decisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "The principal activities of the Group are the quarrying of aggregates together with manufacture and sale of construction materials and building products. The Group\u2019s key outputs include cement, asphalt and ready-mixed concrete, together with related activities in Great Britain, Ireland and the United States.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Great Britain, Ireland and the United States.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "These \ufb01nancial statements have been
prepared in accordance with UK-adopted
International Accounting Standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Basis of consolidation
Subsidiary undertakings are entities
controlled by the Group. Control exists
when the Group is exposed to or has rights
to variable returns from its investment
and\u00a0has the ability to a\ufb00ect those returns
through its power over the investee. In
assessing control, potential voting rights
that are currently exercisable or convertible
are taken into account.
The Group considers an entity to be a
subsidiary undertaking when the Group
has control over the entity. Ordinarily
this is\u00a0when the Group holds more than
50% of\u00a0the shares and voting rights.
Subsidiary undertakings are consolidated
in accordance with IFRS 10 Consolidated
Financial Statements.
Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has signi\ufb01cant
in\ufb02uence, but not control, over the \ufb01nancial
and operating policies. Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic \ufb01nancial and operating decisions.The consolidated \ufb01nancial statements
include the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that signi\ufb01cant
in\ufb02uence or joint control commences until
the date that signi\ufb01cant in\ufb02uence or\u00a0joint
control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Subsidiary undertakings are entities
controlled by the Group. Control exists
when the Group is exposed to or has rights
to variable returns from its investment
and\u00a0has the ability to a\ufb00ect those returns
through its power over the investee. In
assessing control, potential voting rights
that are currently exercisable or convertible
are taken into account.
The Group considers an entity to be a
subsidiary undertaking when the Group
has control over the entity. Ordinarily
this is\u00a0when the Group holds more than
50% of\u00a0the shares and voting rights.
Subsidiary undertakings are consolidated
in accordance with IFRS 10 Consolidated
Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has signi\ufb01cant
in\ufb02uence, but not control, over the \ufb01nancial
and operating policies. Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic \ufb01nancial and operating decisions.The consolidated \ufb01nancial statements
include the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that signi\ufb01cant
in\ufb02uence or joint control commences until
the date that signi\ufb01cant in\ufb02uence or\u00a0joint
control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Associates are those entities in which the
Group holds more than 20% of the shares
and voting rights and has signi\ufb01cant
in\ufb02uence, but not control, over the \ufb01nancial
and operating policies. The consolidated \ufb01nancial statements
include the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that signi\ufb01cant
in\ufb02uence or joint control commences until
the date that signi\ufb01cant in\ufb02uence or\u00a0joint
control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Joint ventures
are those entities over whose activities
the Group has joint control, requiring
unanimous consent of the owners for
strategic \ufb01nancial and operating decisions.The consolidated \ufb01nancial statements
include the Group\u2019s share of the total
comprehensive income of its associate
and joint ventures, on an equity accounted
basis, from the date that signi\ufb01cant
in\ufb02uence or joint control commences until
the date that signi\ufb01cant in\ufb02uence or\u00a0joint
control ceases.
When the Group\u2019s share of losses exceeds
its interest in an associate or joint venture,
the Group\u2019s carrying amount is reduced
to nil and recognition of further losses is
discontinued, except to the extent that the
Group has incurred legal or constructive
obligations or made payments on behalf
of an associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Going Concern
These \ufb01nancial statements are prepared
on a going concern basis which the
directors consider to be appropriate for
the following reasons:
The Group meets day-to-day working
capital and other funding requirements
through banking facilities, which include
an overdraft facility. Longer-term debt
\ufb01nancing is accessed through the
Group\u2019s USPP loan note programme.
The Group\u2019s borrowing facilities at
31 December 2025 comprised a
\u00a3400m multi-currency RCF committed
to July 2029 and USPP loan notes
(\u00a3170m denominated in Sterling and
\u20ac189m denominated in Euro), with
maturities between 2028 and 2036.
Further details are provided in note 19
to these \ufb01nancial statements.
During 2025, the Group comfortably
met all covenants and other terms of its
borrowing agreements. The Group has
continued its track record of generating
pro\ufb01ts and cash, with an overall pro\ufb01t
before taxation of \u00a3105.3m and net cash
from operating activities of \u00a3225.9m.
The Group has prepared cash \ufb02ow
forecasts for a period of 12 months
from the date of signing these \ufb01nancial
statements, which show a sustained
trend of pro\ufb01tability, cash generation
and retained covenant headroom, even
under a \u2018severe but plausible\u2019 downside
scenario of forecast cash \ufb02ows.
The base case assumes a trading
performance delivered in line with
market consensus over the forecast
period, while the downside scenario
models a 5-10% reduction in revenues,
which the Group believes is a severe
sensitivity relative to likely outcomes and
historic experience.
As at 31 December 2025, the Group had
cash balances of \u00a3115.5m and undrawn
banking facilities in excess of \u00a3130m.
At the date of this report, the Group
retains a similar level of liquidity, which is
expected to provide su\ufb03cient available
funds for the Group to discharge its
liabilities as they fall due.
Consequently, the directors are
con\ufb01dent that the Group will have
su\ufb03cient funds to continue to meet its
liabilities as they fall due for at least 12
months from the date of approval of
these \ufb01nancial statements and therefore
have prepared the \ufb01nancial statements
on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "Accounting estimates and judgements
The preparation of the \ufb01nancial statements
requires the use of certain critical
accounting estimates, and for management
to exercise judgement in the process of
applying the Group\u2019s accounting policies.
The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are signi\ufb01cant
to the consolidated \ufb01nancial statements, are
disclosed in note 26.26
Accounting estimates and judgements
Preparation of \ufb01nancial information requires management to make judgements, estimates
and assumptions that a\ufb00ect the application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. Actual results may di\ufb00er from these estimates.
Estimates and their associated underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is
revised and in any future periods a\ufb00ected.
In particular, information about signi\ufb01cant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most signi\ufb01cant e\ufb00ect on the
amounts recognised in the \ufb01nancial information are described below.
Accounting estimates
Restoration provisions
Restoration provisions principally comprise provisions for the cost of decommissioning and
restoring sites. This is an inherently subjective calculation and there is signi\ufb01cant estimation
required to determine the future cost of the approved restoration scheme.
Estimated future cash \ufb02ows have been determined on a site-by-site basis based on the
present day cost of restoration. An increase in these gross cash \ufb02ow assumptions
of 10% would result in an increase to the restoration liability of \u00a39.3m. The estimated cost
of restoration is subject to both internal and external expert evaluation in order to mitigate
the risk of material error.
These cash \ufb02ows are in\ufb02ated to the point that the cash \ufb02ow is expected to occur and
discounted, at a rate which re\ufb02ects both the time value of money and the risk-free rate,
in order to derive the net present value of the obligation as at the balance sheet date.
The\u00a0discount and long-term in\ufb02ation rates used in this calculation are between 2.2 and
5.2% and 1.8 and 3.0% respectively. A 100bps increase in discount rate or decrease in the
long-term in\ufb02ation rate would result in a decrease in the value of restoration provisions
by \u00a38.0m or \u00a38.4m respectively. A 100bps decrease in discount rate\u00a0or increase in the
long-term in\ufb02ation rate would result in an increase in the value of restoration provisions
by\u00a0\u00a39.4m\u00a0or\u00a0\u00a39.7m respectively.
Restoration dates have been determined as the earlier of the date at which reserves are
expected to be exhausted or planning permission on reserves is expected to expire.
Reasonably possible changes in restoration dates would not have a material impact
on the \ufb01nancial statements, and management does not consider restoration dates to be
signi\ufb01cant estimates.
Accounting judgements
Impact of climate change on impairment review
The Group is committed to achieving net zero by 2050, as well as to the manufacture of
cement at its two well-invested cement plants; however, to achieve net zero is likely to
require a signi\ufb01cant reduction in carbon emissions.
The cash \ufb02ows used in our impairment review are underpinned by a judgement that future
cement volumes remain broadly in line with current levels and that increased costs to
achieve net zero will be recovered through market acceptance of increased pricing.
See note 9 for additional detail and further information on how the impact of climate
change and the estimation uncertainty involved has been considered through the
impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "New IFRS Standards and Interpretations
adopted in the year
The Group adopted amendments
to IAS 21 The E\ufb00ects of Changes in
Foreign Exchange Rates from\u00a01 January
2025. The\u00a0adoption of this standard
has not\u00a0had a\u00a0material impact on\u00a0the
\ufb01nancial\u00a0statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "New IFRS Standards and Interpretations
not adopted
IFRS 18 Presentation and Disclosure
in Financial Statements is e\ufb00ective for
periods beginning on or after 1 January
2027. The Group does not intend to adopt
the standard early. IFRS 18 is expected to
impact the presentation and disclosure
of information in the Group\u2019s \ufb01nancial
statements but is not expected to have
a material impact on recognition or
measurement.
At the date on which these \ufb01nancial
statements were authorised, there were
no further Standards, Interpretations and
Amendments which had been issued
but were not e\ufb00ective for the year ended
31\u00a0December 2025 that are expected to
have a material impact on the Group\u2019s
\ufb01nancial statements in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "New IFRS Standards and Interpretations not adopted IFRS 18 Presentation and Disclosure in Financial Statements is e\ufb00ective for periods beginning on or after 1 January 2027. The Group does not intend to adopt the standard early. IFRS 18 is expected to impact the presentation and disclosure of information in the Group\u2019s \ufb01nancial statements but is not expected to have a material impact on recognition or measurement. At the date on which these \ufb01nancial statements were authorised, there were no further Standards, Interpretations and Amendments which had been issued but were not e\ufb00ective for the year ended 31\u00a0December 2025 that are expected to have a material impact on the Group\u2019s \ufb01nancial statements in the future.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Foreign exchange
Foreign exchange transactions
Transactions in foreign currencies are
recorded at the spot rate at the transaction
date. Monetary assets and liabilities
denominated in foreign currencies are
retranslated at the balance sheet date,
with all currency translation di\ufb00erences
recognised within the consolidated income
statement, except for those monetary
items that provide an e\ufb00ective hedge for
a\u00a0net investment in a foreign operation.
Foreign exchange translation
The consolidated \ufb01nancial statements
are presented in Sterling, which is the
presentational currency of the Group.
The individual \ufb01nancial statements of the
Group\u2019s subsidiaries and joint ventures with
a functional currency other than Sterling
are\u00a0translated into Sterling according
to IAS 21.
Results and cash \ufb02ows are translated
monthly using average monthly exchange
rates. Accumulated assets and liabilities
are translated using the closing rates at the
reporting date and equity is translated at
historic exchange rates.
The resulting translation di\ufb00erences are
recognised in the consolidated statement of
comprehensive income until the subsidiary
is disposed of. Goodwill and fair value
adjustments arising on acquisition of a
foreign operation are regarded as assets
and liabilities of the foreign operation and
are translated accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Financial instruments
Financial instruments are recognised
when the Group becomes a party to the
contractual provisions of the instrument.
The principal \ufb01nancial assets and liabilities
of the Group are as follows:
Trade and other receivables and trade
and other payables
Trade and other receivables and trade and
other payables are initially recognised at fair
value and are then stated at amortised cost.
Contract assets and liabilities
Contract assets, presented within trade
and other receivables, primarily relate to
the Group\u2019s rights to consideration for work
completed but not billed at the reporting
date on surfacing contracts. The contract
assets are transferred to receivables
when\u00a0the rights become unconditional.
Contract liabilities, presented within trade
and other payables, primarily relate to
the advance consideration received from
customers on these contracts.
Cash and cash equivalents
Cash and cash equivalents comprise
cash at bank and in hand, including bank
deposits and money-market funds with
original maturities of three months or
less. For the purposes of the consolidated
statement of cash \ufb02ows, bank overdrafts
are included in cash and cash equivalents
as they are an integral part of\u00a0the Group\u2019s
cash management.
Bank and other borrowings
Interest-bearing bank loans, overdrafts
and other loans, including USPP loan
notes,\u00a0are recognised initially at fair
value less attributable transaction costs.
All\u00a0borrowings are subsequently stated
at amortised cost with the di\ufb00erence
between initial net proceeds and
redemption value recognised in the
consolidated income statement over
the period to redemption on an e\ufb00ective
interest basis.
Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Financial instruments
Financial instruments are recognised
when the Group becomes a party to the
contractual provisions of the instrument.
The principal \ufb01nancial assets and liabilities
of the Group are as follows:
Trade and other receivables and trade
and other payables
Trade and other receivables and trade and
other payables are initially recognised at fair
value and are then stated at amortised cost.
Contract assets and liabilities
Contract assets, presented within trade
and other receivables, primarily relate to
the Group\u2019s rights to consideration for work
completed but not billed at the reporting
date on surfacing contracts. The contract
assets are transferred to receivables
when\u00a0the rights become unconditional.
Contract liabilities, presented within trade
and other payables, primarily relate to
the advance consideration received from
customers on these contracts.
Cash and cash equivalents
Cash and cash equivalents comprise
cash at bank and in hand, including bank
deposits and money-market funds with
original maturities of three months or
less. For the purposes of the consolidated
statement of cash \ufb02ows, bank overdrafts
are included in cash and cash equivalents
as they are an integral part of\u00a0the Group\u2019s
cash management.
Bank and other borrowings
Interest-bearing bank loans, overdrafts
and other loans, including USPP loan
notes,\u00a0are recognised initially at fair
value less attributable transaction costs.
All\u00a0borrowings are subsequently stated
at amortised cost with the di\ufb00erence
between initial net proceeds and
redemption value recognised in the
consolidated income statement over
the period to redemption on an e\ufb00ective
interest basis.
Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Trade and other receivables and trade
and other payables
Trade and other receivables and trade and
other payables are initially recognised at fair
value and are then stated at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Trade and other receivables and trade
and other payables
Trade and other receivables and trade and
other payables are initially recognised at fair
value and are then stated at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise
cash at bank and in hand, including bank
deposits and money-market funds with
original maturities of three months or
less. For the purposes of the consolidated
statement of cash \ufb02ows, bank overdrafts
are included in cash and cash equivalents
as they are an integral part of\u00a0the Group\u2019s
cash management.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Bank and other borrowings
Interest-bearing bank loans, overdrafts
and other loans, including USPP loan
notes,\u00a0are recognised initially at fair
value less attributable transaction costs.
All\u00a0borrowings are subsequently stated
at amortised cost with the di\ufb00erence
between initial net proceeds and
redemption value recognised in the
consolidated income statement over
the period to redemption on an e\ufb00ective
interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Derivative \ufb01nancial instruments
The majority of the Group\u2019s strategic
hedging programme is delivered using
executory contracts to forward purchase
commodities for our own use. The cost is
recognised in the consolidated income
statement at the agreed forward rates
on receipt of the underlying items.
The Group uses \ufb01nancial instruments to
manage \ufb01nancial risks associated with
the Group\u2019s underlying business activities
and the \ufb01nancing of those activities.
The\u00a0Group does not undertake any
trading\u00a0in \ufb01nancial instruments.
Derivatives are initially recognised at fair
value and subsequently remeasured in
future periods at fair value. The gain
or loss on remeasurement is recognised
immediately in pro\ufb01t or loss, unless
a derivative \ufb01nancial instrument is
designated as a hedge of the variability in
cash \ufb02ows of a recognised asset or liability.
In this instance the e\ufb00ective part of
any gain or loss is recognised in the
consolidated statement of comprehensive
income and in the hedging reserve.
Any ine\ufb00ective portion of the hedge
is recognised immediately in the
consolidated income statement.
Amounts recorded in the hedging reserve
are subsequently reclassi\ufb01ed to the
consolidated income statement when
the expense for the hedged transaction
is actually recognised.
To qualify for hedge accounting, the hedging
relationship must meet several conditions
with respect to documentation, probability
of occurrence, hedge e\ufb00ectiveness and
reliability of measurement.
At the inception of the transaction,
the Group documents the relationship
between hedging instruments and hedged
items, as well as its risk management
objective and strategy for undertaking
the hedge transaction.
This process includes linking all derivatives
designated as hedges to speci\ufb01c assets\u00a0and
liabilities or to speci\ufb01c \ufb01rm commitments or
forecast transactions.
The Group documents an assessment,
at\u00a0hedge inception and on an annual basis,
as to whether the derivatives that are
used in hedging transactions have been,
and are likely to continue to be, e\ufb00ective
in o\ufb00setting changes in fair value or cash
\ufb02ows of hedged items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Mineral reserves and resources
Mineral reserves and resources are stated
at cost, including both the purchase price
and costs incurred to gain access to the
reserves, including costs of planning and
initial site development. The value of mineral
reserves and resources recognised as a
result of business combinations is based on
the fair value at the point of acquisition.
Mineral assets are depreciated using a
physical unit-of-production method,
over the commercial life of the quarry.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Property, plant and equipment
Items of property, plant and equipment
are stated at cost less accumulated
depreciation and any recognised
impairment loss.
Depreciation is charged to the consolidated
income statement on a straight-line basis
over the estimated useful lives of assets,
in\u00a0order to write o\ufb00 the cost or deemed cost
of assets.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years
Fixtures and \ufb01ttings
up to 10 years
O\ufb03ce equipment
up to 5 years
Fixed plant
up to 35 years
Loose plant
up to 10 years
and machinery
\u00a0
Motor vehicles
up to 10 years
\nNo depreciation is provided on freehold land.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Depreciation is charged to the consolidated
income statement on a straight-line basis
over the estimated useful lives of assets,
in\u00a0order to write o\ufb00 the cost or deemed cost
of assets.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years
Fixtures and \ufb01ttings
up to 10 years
O\ufb03ce equipment
up to 5 years
Fixed plant
up to 35 years
Loose plant
up to 10 years
and machinery
\u00a0
Motor vehicles
up to 10 years
No depreciation is provided on freehold land.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Business combinations, intangible
assets and goodwill
The Group measures goodwill as the
fair value of the purchase consideration
transferred, including the recognised
amount of any non-controlling interest
in the acquiree, less the fair value of the
identi\ufb01able assets acquired and liabilities
assumed, all measured as of the acquisition
date. Fair value adjustments are always
considered to be provisional for the \ufb01rst
twelve months after the acquisition.
Goodwill arising on the acquisition of
subsidiary undertakings is recognised
as an asset in the consolidated statement of
\ufb01nancial position and is subject to an annual
impairment review.
Other intangible assets that are acquired by
the Group as part of a business combination
are stated at cost less accumulated
amortisation and impairment losses.
Cost re\ufb02ects management\u2019s judgement
of the fair value of the individual intangible
asset calculated by reference to the
net present value of future economic
bene\ufb01ts accruing to the Group from the
utilisation of the asset, discounted at an
appropriate rate. Cash \ufb02ow projections
are based on management\u2019s estimate of
economic and market conditions, as well
as operating margins, capital expenditure,
customer attrition rates and working
capital requirements. Other intangibles
arising on\u00a0the acquisition of associated
undertakings are included within the
carrying value of the investment.
Amortisation is based on the estimated
useful economic lives of the assets
concerned, which is considered by the
directors to be a period of up to 20 years.
The Group measures non-controlling
interests at a proportionate share of the
recognised amount of the identi\ufb01able net
assets at the acquisition date.
Where the Group has entered into put
options relating to a minority shareholding
as part of a transaction, the Group applies
the \u2018anticipated acquisition\u2019 method to
account for the put liability and does not
recognise a separate non-controlling
interest within reserves. Subsequent
changes in the value of the put liability
are recognised within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Impairment of non-\ufb01nancial assets
The carrying amounts of the Group\u2019s
non-\ufb01nancial assets, other than goodwill,
inventories and deferred tax assets,
are reviewed at each reporting date to
determine whether there is any indication
of impairment; including an assessment of
any indication of impairment arising as a
result of climate change.
Impairment reviews are undertaken at the
level of each signi\ufb01cant cash-generating
unit, which is no larger than an operating
segment as de\ufb01ned by IFRS 8 Operating
Segments. If any such\u00a0indication exists then
the asset\u2019s recoverable amount is estimated.
The recoverable amount of an asset or
Cash-Generating Unit (CGU) is the greater
of the value in use and the fair value less
costs to sell.
In assessing value in use, the estimated
future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate
that re\ufb02ects current market assessments
of the time value of money and the risks
speci\ufb01c to the asset.
An impairment loss in respect of goodwill
is\u00a0not reversed. In respect of other assets,
impairment losses recognised in prior
periods are assessed at each reporting
date for any indications that the loss has
decreased or no longer exists.
An impairment loss is reversed if there has
been a change in the estimates used to
determine the recoverable amount.
An\u00a0impairment loss is reversed only to the
extent that the asset\u2019s carrying amount
does not exceed the carrying amount
that would have been determined, net
of depreciation or amortisation, if no
impairment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Impairment of non-\ufb01nancial assets
The carrying amounts of the Group\u2019s
non-\ufb01nancial assets, other than goodwill,
inventories and deferred tax assets,
are reviewed at each reporting date to
determine whether there is any indication
of impairment; including an assessment of
any indication of impairment arising as a
result of climate change.
Impairment reviews are undertaken at the
level of each signi\ufb01cant cash-generating
unit, which is no larger than an operating
segment as de\ufb01ned by IFRS 8 Operating
Segments. If any such\u00a0indication exists then
the asset\u2019s recoverable amount is estimated.
The recoverable amount of an asset or
Cash-Generating Unit (CGU) is the greater
of the value in use and the fair value less
costs to sell.
In assessing value in use, the estimated
future cash \ufb02ows are discounted to their
present value using a pre-tax discount rate
that re\ufb02ects current market assessments
of the time value of money and the risks
speci\ufb01c to the asset.
An impairment loss in respect of goodwill
is\u00a0not reversed. In respect of other assets,
impairment losses recognised in prior
periods are assessed at each reporting
date for any indications that the loss has
decreased or no longer exists.
An impairment loss is reversed if there has
been a change in the estimates used to
determine the recoverable amount.
An\u00a0impairment loss is reversed only to the
extent that the asset\u2019s carrying amount
does not exceed the carrying amount
that would have been determined, net
of depreciation or amortisation, if no
impairment loss had been recognised.
Impairment of \ufb01nancial assets
The Group recognises loss allowances
for expected credit losses (ECLs) on
\ufb01nancial and contract assets measured
at amortised cost.
The Group measures loss allowances at
an\u00a0amount equal to lifetime ECLs except
for bank balances for which credit risk
(i.e.\u00a0the risk of default occurring over the
expected life of the \ufb01nancial instrument)
has not increased signi\ufb01cantly since
initial recognition, which are measured as
12-month ECLs.
ECLs are a probability-weighted estimate
of credit losses. Credit losses are measured
as the present value of all cash shortfalls (i.e.
the di\ufb00erence between the cash \ufb02ows due
to the entity in accordance with the contract
and the cash \ufb02ows that the Group expects
to receive). ECLs are discounted at the
e\ufb00ective interest rate of the \ufb01nancial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "Impairment of \ufb01nancial assets
The Group recognises loss allowances
for expected credit losses (ECLs) on
\ufb01nancial and contract assets measured
at amortised cost.
The Group measures loss allowances at
an\u00a0amount equal to lifetime ECLs except
for bank balances for which credit risk
(i.e.\u00a0the risk of default occurring over the
expected life of the \ufb01nancial instrument)
has not increased signi\ufb01cantly since
initial recognition, which are measured as
12-month ECLs.
ECLs are a probability-weighted estimate
of credit losses. Credit losses are measured
as the present value of all cash shortfalls (i.e.
the di\ufb00erence between the cash \ufb02ows due
to the entity in accordance with the contract
and the cash \ufb02ows that the Group expects
to receive). ECLs are discounted at the
e\ufb00ective interest rate of the \ufb01nancial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Inventories
Inventories are stated at the lower of cost
and net realisable value. Cost is based on
the \ufb01rst-in \ufb01rst-out principle and includes
expenditure incurred in acquiring the
inventories and bringing them to their
existing location and condition.
In the case of manufactured inventories
and work in progress, cost includes an
apportionment of overheads, including
mineral depletion where relevant. The level of
overheads included in the cost of inventory is
based on normal operating capacity.
Net realisable value is determined with
reference to sales prices less cost to sell
and, in the case of obsolete stock, on an
excess stock model of sales relative to
inventories held.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Emissions rights
The Group is required to purchase carbon
emissions credits to settle liabilities
under both EU and UK ETS. Assets and
liabilities arising in respect of\u00a0emission
rights are\u00a0presented on a net basis in the
consolidated \ufb01nancial statements.
Where an emissions credit is received for
nil\u00a0cost, these are initially measured at a
nominal value of\u00a0zero. An emissions liability
is recognised only in circumstances where
emissions have exceeded the allowance
for\u00a0a scheme, from the perspective of
the Group as a whole, and will require the
purchase of additional allowances to settle
an emissions liability.\u00a0
Emission credits purchased for
consideration are measured using the
weighted average cost principle and
presented within inventories where the
net\u00a0value is in excess of emissions liabilities.
Carbon credits are derecognised when
they are surrendered to settle emissions
obligations, sold or transferred, or when
the\u00a0Group no longer controls the credits.
On derecognition, the carrying amount of
the credits is removed from the statement
of \ufb01nancial position and any resulting gain
or loss is recognised in the consolidated
income statement. Credits surrendered
to meet compliance obligations are
recognised as an operating expense.
Gains\u00a0or losses on the sale of carbon credits
are recognised within operating pro\ufb01t", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Retirement bene\ufb01ts
The Group does not operate any de\ufb01ned
bene\ufb01t plans. Obligations for contributions
to de\ufb01ned contribution pension plans
are\u00a0recognised as an expense in the
consolidated income statement as\u00a0incurred.Share-based transactions
Equity-settled share-based payments
to directors, key employees and others
providing similar services are measured at
the fair value of the equity instruments at
the grant date. The fair value is expensed,
with a corresponding increase in equity,
on\u00a0a straight-line basis over the period that
the\u00a0employees become unconditionally
entitled to the awards.
At each reporting date, the Group revises
the amount recognised as an expense
to re\ufb02ect the number of awards for which
the related service and non-market
performance conditions are expected to
be met, such that the amount ultimately
recognised as an expense is based on the
number of awards that meet the related
service and non-market performance
conditions at the vesting date.
For share-based payment awards with
market-based performance conditions,
the grant date fair value of the share-
based payment is measured to re\ufb02ect
such conditions and there is no true-up
for di\ufb00erences between expected and
actual\u00a0outcomes.
Where a share-based payment is net-
settled by withholding a speci\ufb01ed portion of
the shares to meet statutory obligations, the
arrangement is accounted for as an equity-
settled share-based payment in its entirety. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Provisions
A provision is recognised in the consolidated
statement of \ufb01nancial position when the
Group has a present legal or constructive
obligation, it is probable that an out\ufb02ow
of economic bene\ufb01ts will be required to
settle the obligation, and the amount of the
obligation can be estimated reliably.
The Group provides for the costs of
decommissioning and restoration where
an obligation arises to comply with
contractual, environmental, planning and
other legislation.
The initial cost of creating provisions on
commencement of operations is included
in property, plant and equipment and
depreciated over the life of the plant.
Changes in the measurement of a previously
capitalised provision that result from changes
in the estimated timing or amount of cash
out\ufb02ows are added to, or deducted from, the
cost of the related asset unless a deduction
would reduce the asset to below zero.
All other changes are recognised in the
consolidated income statement, including
incremental extraction of minerals which
increase the level of restoration provisions
and any decreases in liability in excess of the
carrying amount of a capitalised asset.
All provisions are discounted to their present
value at a rate that re\ufb02ects current market
assessments of the time value of money and
the risks speci\ufb01c to the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "Provisions
A provision is recognised in the consolidated
statement of \ufb01nancial position when the
Group has a present legal or constructive
obligation, it is probable that an out\ufb02ow
of economic bene\ufb01ts will be required to
settle the obligation, and the amount of the
obligation can be estimated reliably.
The Group provides for the costs of
decommissioning and restoration where
an obligation arises to comply with
contractual, environmental, planning and
other legislation.
The initial cost of creating provisions on
commencement of operations is included
in property, plant and equipment and
depreciated over the life of the plant.
Changes in the measurement of a previously
capitalised provision that result from changes
in the estimated timing or amount of cash
out\ufb02ows are added to, or deducted from, the
cost of the related asset unless a deduction
would reduce the asset to below zero.
All other changes are recognised in the
consolidated income statement, including
incremental extraction of minerals which
increase the level of restoration provisions
and any decreases in liability in excess of the
carrying amount of a capitalised asset.
All provisions are discounted to their present
value at a rate that re\ufb02ects current market
assessments of the time value of money and
the risks speci\ufb01c to the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "Revenue
Group revenue arises from the sale
of goods and the provision of services.
IFRS 15 Revenue from Contracts with
Customers requires revenue to be
recognised in line with a\u00a0principles-based
\ufb01ve-step model. This requires the Group
to identify its performance obligations,
determine the transaction price applicable
to each of these performance obligations
and then to select an appropriate method
for the timing of revenue recognition,
re\ufb02ecting the substance of the performance
obligation, being either recognition at a
point in time or over time.
Revenue from sale of goods
The majority of the Group\u2019s revenue is
derived from the sale of physical goods
to\u00a0customers. Depending on whether
the\u00a0goods are delivered to or collected
by\u00a0the customer, the contract contains either
one\u00a0performance obligation which is\u00a0satis\ufb01ed
at the point of collection, or\u00a0two\u00a0performance
obligations which are\u00a0satis\ufb01ed
simultaneously at the point of\u00a0delivery.
The transaction price for this revenue is
the amount which can be invoiced to
the customer once the performance
obligations are ful\ufb01lled, reduced to re\ufb02ect
provisions recognised for returns, trade
discounts and rebates. Where the Group
o\ufb00ers discounts or volume rebates, the
variable element of revenue is recognised
only to the extent that it is deemed highly
probable that a signi\ufb01cant reversal in
revenue will not occur. This value excludes
items collected on behalf of third parties,
such as sales taxes.
For all sales of goods, revenue is recognised
at a point in time, being the point that the
goods are transferred to the customer.
Revenue from the provision of services
The majority of service revenue relates
to surfacing and comprises short-term
performance obligations to supply and
lay materials. Other service revenue can
contain more\u00a0than one performance
obligation dependent on the nature
of the contract.
The transaction price is calculated as
consideration speci\ufb01ed by the contract,
adjusted to re\ufb02ect provisions recognised for
returns, trade discounts and rebates.
Where the agreement with a customer
provides for elements of variable
consideration, these values are included
in\u00a0the calculation of the transaction price
only to the extent that it is deemed \u2018highly
probable\u2019 that\u00a0a signi\ufb01cant reversal in the
amount of\u00a0cumulative revenue recognised
will not occur when the uncertainty
associated with the variable consideration
is resolved.
Where the transaction price is allocated
between multiple performance obligations,
this typically re\ufb02ects the allocation of value
to each performance obligation agreed with
the end customer, unless this does
not re\ufb02ect the economic substance.
Surfacing performance obligations
are satis\ufb01ed over time, so surfacing revenue
is typically recognised on an output basis,
being volume of product laid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "Warranties and customer claims The Group provides assurance type warranties over the speci\ufb01cation of products but does not provide extended warranties or maintenance services in contracts with customers. Claims with customers may arise in the usual course of business. Both customer claims and warranties are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfTypesOfWarrantiesAndRelatedObligations", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Financial income and expense
Financial income and expense comprise
interest payable, \ufb01nance charges, lease
interest, interest receivable on funds
invested, and gains and losses on related
hedging instruments that are recognised
in the consolidated income statement.
Interest income and interest payable is
recognised in pro\ufb01t or loss as it accrues,
using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Financial income and expense
Financial income and expense comprise
interest payable, \ufb01nance charges, lease
interest, interest receivable on funds
invested, and gains and losses on related
hedging instruments that are recognised
in the consolidated income statement.
Interest income and interest payable is
recognised in pro\ufb01t or loss as it accrues,
using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Financial income and expense
Financial income and expense comprise
interest payable, \ufb01nance charges, lease
interest, interest receivable on funds
invested, and gains and losses on related
hedging instruments that are recognised
in the consolidated income statement.
Interest income and interest payable is
recognised in pro\ufb01t or loss as it accrues,
using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Income tax
Income tax on the pro\ufb01t or loss for the
year comprises current and deferred
tax. Income tax is recognised in the
consolidated income statement except
to the extent that income tax relates to
items recognised directly in equity.
Current tax is the expected tax payable
on the taxable pro\ufb01t for the year. Taxable
pro\ufb01t di\ufb00ers from net pro\ufb01t as reported
in the consolidated income statement
because taxable pro\ufb01t excludes items of
income or expense that are not taxable
or deductible.
The Group\u2019s liability for current tax is
calculated using tax rates enacted or
substantively enacted at the reporting
date\u00a0and includes any adjustment to tax
payable in respect of previous years.
Deferred tax
Deferred tax is provided in full using the
statement of \ufb01nancial position liability
method and represents the tax expected
to\u00a0be payable or recoverable on the
temporary di\ufb00erences between the
carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the
amounts used for taxation purposes.
The following temporary di\ufb00erences are not
provided for:
goodwill not deductible for tax purposes;
the initial recognition of assets or
liabilities that a\ufb00ect neither accounting
nor taxable pro\ufb01t other than in a business
combination; and
di\ufb00erences relating to investments
in subsidiaries to the extent that
they\u00a0will\u00a0probably not reverse in the
foreseeable future.
The amount of deferred tax provided
is\u00a0based on the expected manner of
realisation or settlement of the carrying
amount of assets and liabilities using tax
rates enacted or substantively enacted
at the reporting date.
A deferred tax asset is recognised only
to\u00a0the extent that it is probable that
future\u00a0taxable pro\ufb01ts will be available
against which the asset can be utilised.
The\u00a0carrying amount of deferred tax assets
is reviewed at each reporting date and
reduced to the extent that it is no longer
probable that su\ufb03cient taxable pro\ufb01t
will be available to allow all or part of the
asset to be recovered.
Deferred tax assets and liabilities are o\ufb00set
when they relate to income taxes levied by
the same taxation authority and the Group
intends to settle its current tax assets and
liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Deferred tax
Deferred tax is provided in full using the
statement of \ufb01nancial position liability
method and represents the tax expected
to\u00a0be payable or recoverable on the
temporary di\ufb00erences between the
carrying amounts of assets and liabilities
for \ufb01nancial reporting purposes and the
amounts used for taxation purposes.
The following temporary di\ufb00erences are not
provided for:
goodwill not deductible for tax purposes;
the initial recognition of assets or
liabilities that a\ufb00ect neither accounting
nor taxable pro\ufb01t other than in a business
combination; and
di\ufb00erences relating to investments
in subsidiaries to the extent that
they\u00a0will\u00a0probably not reverse in the
foreseeable future.
The amount of deferred tax provided
is\u00a0based on the expected manner of
realisation or settlement of the carrying
amount of assets and liabilities using tax
rates enacted or substantively enacted
at the reporting date.
A deferred tax asset is recognised only
to\u00a0the extent that it is probable that
future\u00a0taxable pro\ufb01ts will be available
against which the asset can be utilised.
The\u00a0carrying amount of deferred tax assets
is reviewed at each reporting date and
reduced to the extent that it is no longer
probable that su\ufb03cient taxable pro\ufb01t
will be available to allow all or part of the
asset to be recovered.
Deferred tax assets and liabilities are o\ufb00set
when they relate to income taxes levied by
the same taxation authority and the Group
intends to settle its current tax assets and
liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Leases
Right-of-use assets and liabilities are
recognised for any arrangements
meeting the de\ufb01nition of a lease set
out in IFRS 16 Leases.
Right-of-use assets are measured at cost,
comprising the initial amount of the
lease liability adjusted for any lease
prepayments, plus any initial direct costs
incurred, less any lease incentives received.
Right-of-use assets are then depreciated
using the straight-line method from the
start of the lease to the earlier of the end
of\u00a0the useful life of the right-of-use asset
or\u00a0the end of the lease term.
Lease liabilities are presented within
interest-bearing loans and borrowings.
They are measured at the present value
of future lease payments, discounted at
a rate which re\ufb02ects both the Group\u2019s
incremental borrowing rate, adjusted
for the time value of money, and the nature
of\u00a0the leased asset.
The Group has elected to take advantage
of the practical expedients, permitted by
IFRS 16, not to recognise lease assets and
liabilities in respect of short-term and low-
value leases. Charges recognised in the
consolidated income statement in respect of
these leases are not signi\ufb01cant to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Share-based transactions
Equity-settled share-based payments
to directors, key employees and others
providing similar services are measured at
the fair value of the equity instruments at
the grant date. The fair value is expensed,
with a corresponding increase in equity,
on\u00a0a straight-line basis over the period that
the\u00a0employees become unconditionally
entitled to the awards.
At each reporting date, the Group revises
the amount recognised as an expense
to re\ufb02ect the number of awards for which
the related service and non-market
performance conditions are expected to
be met, such that the amount ultimately
recognised as an expense is based on the
number of awards that meet the related
service and non-market performance
conditions at the vesting date.
For share-based payment awards with
market-based performance conditions,
the grant date fair value of the share-
based payment is measured to re\ufb02ect
such conditions and there is no true-up
for di\ufb00erences between expected and
actual\u00a0outcomes.
Where a share-based payment is net-
settled by withholding a speci\ufb01ed portion of
the shares to meet statutory obligations, the
arrangement is accounted for as an equity-
settled share-based payment in its entirety. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "Dividends
Dividends are recognised as a liability
in the \ufb01nancial statements in the period in
which they are declared by the Company
and, in respect of \ufb01nal dividends, approved
by shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "Alternative performance measures
The following non-GAAP performance
measures have been used in the
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-GAAP performance measure
Note
i.
Underlying EBITDA
27
ii.
Underlying EBITDA margin
27
iii.
Adjusted Underlying Basic & Diluted
23
\u00a0
EPS
\u00a0
iv.
Free Cash Flow
27
v.
Free Cash Flow conversion
27
vi.
Return on Invested Capital
27
vii.
Covenant Leverage
27
viii.
Net Debt
14
ix.
Net Debt (excluding IFRS 16)
14
x.
Interest Cover
27
\n
Management uses these terms as they
believe these measures allow stakeholders
an improved understanding of the Group\u2019s
underlying business performance. These
alternative performance measures are
well understood by investors and analysts,
are\u00a0consistent with the Group\u2019s historic
communications and re\ufb02ect the way in
which the business is managed. ", "dimensions": { "concept": "bgp:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "2
Segmental analysis
With e\ufb00ect from 1 July 2025, the Group changed from a divisional management structure
(Great Britain, Ireland, Cement and United States) to a country-based management
structure (Great Britain, Ireland and United States). The presentation of these results
re\ufb02ects the new country-based structure. Comparatives have been restated to aid
comparability.
The Group\u2019s activities comprise the following reportable segments:
Great Britain:
our construction materials and surfacing businesses and cementitious
operations in Great Britain.
Ireland:
our construction materials and surfacing businesses and cementitious
operations on the Island of Ireland.
United States:
our construction materials and surfacing businesses in the United States
of America.
A description of the activities of each segment is included on pages 36 to 41.
Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Great Britain
1,116.1
185.2
1,155.8
192.7
Ireland
291.6
64.3
297.6
68.9
United States
316.1
42.8
132.5
24.8
Central administration
\u2013
(13.5)
\u2013
(16.5)
Eliminations
(10.0)
\u2013
(9.6)
\u2013
Total
1,713.8
278.8
1,576.3
269.9
Reconciliation to statutory pro\ufb01t
\u00a0\u00a0\u00a0\u00a0
Underlying EBITDA as above
\u00a0
278.8
\u00a0
269.9
Depreciation and mineral depletion
\u00a0
(113.2)
\u00a0
(99.7)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\u2013 Great Britain
\u00a0
104.0
\u00a0
114.7
\u2013 Ireland
\u00a0
51.8
\u00a0
55.9
\u2013 United States
\u00a0
23.6
\u00a0
16.4
\u2013 Central administration
\u00a0
(13.8)
\u00a0
(16.8)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share of pro\ufb01t of associate and joint
\u00a0\u00a0\u00a0\u00a0
ventures
\u00a0
4.1
\u00a0
3.5
Underlying pro\ufb01t from operations
\u00a0
169.7
\u00a0
173.7
Non-underlying items (note 3)
\u00a0
(34.9)
\u00a0
(24.1)
Pro\ufb01t from operations
\u00a0
134.8
\u00a0
149.6
\n
1
Underlying EBITDA is earnings before interest, tax, depreciation and mineral depletion, amortisation,
non-underlying items (note 3) and before our share of pro\ufb01t of associate and joint ventures.
Disaggregation of revenue from contracts with the customers
Analysis of revenue by geographic location of end-market
The primary geographic markets for all Group revenues for the purpose of IFRS 15 are the
United Kingdom, Republic of Ireland (RoI) and United States. In line with the requirements
of IFRS 8, this is analysed by individual countries as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,208.8
1,251.0
Republic of Ireland
185.0
190.1
United States
316.1
132.5
Other
3.9
2.7
\u00a0
1,713.8
1,576.3
\n
Analysis of revenue by major products and service lines by segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Sale of goods
\u00a0 \u00a0
Great Britain
905.2
956.3
Ireland
159.6
171.1
United States
154.6
132.5
Eliminations
(10.0)
(9.6)
\u00a0
1,209.4
1,250.3
\n
Eliminations primarily comprise sales from Ireland to Great Britain.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Provision of services
\u00a0 \u00a0
Great Britain
210.9
199.5
Ireland
132.0
126.5
United States
161.5
\u2013
\u00a0
504.4
326.0
\u00a0
1,713.8
1,576.3
\n
Timing of revenue recognition
Sale of goods revenue relates to products for which revenue is recognised at a point
in time as the product is transferred to the customer. Revenues from the provision of services
are accounted for as products and services for which revenue is recognised over time.
Statement of \ufb01nancial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
Total assets
Total liabilities
Total assets
Total liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Great Britain
1,302.1
(282.1)
1,314.8
(285.0)
Ireland
485.5
(66.6)
462.3
(62.8)
United States
449.8
(40.5)
303.5
(32.7)
Central administration
4.7
(23.4)
3.0
(24.5)
Total operations
2,242.1
(412.6)
2,083.6
(405.0)
Current tax
\u2013
(2.1)
1.5
\u2013
Deferred tax
\u2013
(102.9)
\u2013
(104.2)
Net Debt
115.5
(642.8)
70.0
(475.3)
Total Group
2,357.6
(1,160.4)
2,155.1
(984.5)
Net assets
\u00a0
1,197.2
\u00a0
1,170.6
\n
1
In addition to the restatement relating to the change in structure, total assets and liabilities have been restated to
re\ufb02ect a change in the presentation of cash and cash equivalents
.
Refer to note 29 for further details.
Great Britain total assets include \u00a312.7m (2024: \u00a313.8m), Ireland total assets include \u00a31.3m
(2024: \u00a31.2m) and United States total assets include \u00a30.7m (2024: \u00a3nil) in respect of
investments in associate and joint ventures.
Geographic location of non-current assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,105.8
1,106.2
Republic of Ireland
353.8
324.1
United States
392.0
256.6
\u00a0
1,851.6
1,686.9
\n
Analysis of depreciation, amortisation and capital expenditure
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Additions
\u00a0
Depreciation
Amortisation
to property,
\u00a0
and mineral
of intangible
plant and
\u00a0
depletion
assets
equipment
\u00a0
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0
Great Britain
81.2
3.6
75.4
Ireland
12.5
2.5
20.5
United States
19.2
19.2
23.3
Central administration
0.3
\u2013
0.9
\u00a0
113.2
25.3
120.1
2024 Restated
\u00a0 \u00a0 \u00a0
Great Britain
78.0
3.6
93.2
Ireland
13.0
2.5
21.4
United States
8.4
6.4
16.7
Central administration
0.3
\u2013
\u2013
\u00a0
99.7
12.5
131.3
\n
Additions to property, plant and equipment exclude additions in respect of business
combinations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "2
Segmental analysis
With e\ufb00ect from 1 July 2025, the Group changed from a divisional management structure
(Great Britain, Ireland, Cement and United States) to a country-based management
structure (Great Britain, Ireland and United States). The presentation of these results
re\ufb02ects the new country-based structure. Comparatives have been restated to aid
comparability.
The Group\u2019s activities comprise the following reportable segments:
Great Britain:
our construction materials and surfacing businesses and cementitious
operations in Great Britain.
Ireland:
our construction materials and surfacing businesses and cementitious
operations on the Island of Ireland.
United States:
our construction materials and surfacing businesses in the United States
of America.
A description of the activities of each segment is included on pages 36 to 41.
Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Great Britain
1,116.1
185.2
1,155.8
192.7
Ireland
291.6
64.3
297.6
68.9
United States
316.1
42.8
132.5
24.8
Central administration
\u2013
(13.5)
\u2013
(16.5)
Eliminations
(10.0)
\u2013
(9.6)
\u2013
Total
1,713.8
278.8
1,576.3
269.9
Reconciliation to statutory pro\ufb01t
\u00a0\u00a0\u00a0\u00a0
Underlying EBITDA as above
\u00a0
278.8
\u00a0
269.9
Depreciation and mineral depletion
\u00a0
(113.2)
\u00a0
(99.7)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\u2013 Great Britain
\u00a0
104.0
\u00a0
114.7
\u2013 Ireland
\u00a0
51.8
\u00a0
55.9
\u2013 United States
\u00a0
23.6
\u00a0
16.4
\u2013 Central administration
\u00a0
(13.8)
\u00a0
(16.8)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share of pro\ufb01t of associate and joint
\u00a0\u00a0\u00a0\u00a0
ventures
\u00a0
4.1
\u00a0
3.5
Underlying pro\ufb01t from operations
\u00a0
169.7
\u00a0
173.7
Non-underlying items (note 3)
\u00a0
(34.9)
\u00a0
(24.1)
Pro\ufb01t from operations
\u00a0
134.8
\u00a0
149.6
\n
1
Underlying EBITDA is earnings before interest, tax, depreciation and mineral depletion, amortisation,
non-underlying items (note 3) and before our share of pro\ufb01t of associate and joint ventures.
Disaggregation of revenue from contracts with the customers
Analysis of revenue by geographic location of end-market
The primary geographic markets for all Group revenues for the purpose of IFRS 15 are the
United Kingdom, Republic of Ireland (RoI) and United States. In line with the requirements
of IFRS 8, this is analysed by individual countries as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,208.8
1,251.0
Republic of Ireland
185.0
190.1
United States
316.1
132.5
Other
3.9
2.7
\u00a0
1,713.8
1,576.3
\n
Analysis of revenue by major products and service lines by segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Sale of goods
\u00a0 \u00a0
Great Britain
905.2
956.3
Ireland
159.6
171.1
United States
154.6
132.5
Eliminations
(10.0)
(9.6)
\u00a0
1,209.4
1,250.3
\n
Eliminations primarily comprise sales from Ireland to Great Britain.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Provision of services
\u00a0 \u00a0
Great Britain
210.9
199.5
Ireland
132.0
126.5
United States
161.5
\u2013
\u00a0
504.4
326.0
\u00a0
1,713.8
1,576.3
\n
Timing of revenue recognition
Sale of goods revenue relates to products for which revenue is recognised at a point
in time as the product is transferred to the customer. Revenues from the provision of services
are accounted for as products and services for which revenue is recognised over time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "Income statement \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Great Britain
1,116.1
185.2
1,155.8
192.7
Ireland
291.6
64.3
297.6
68.9
United States
316.1
42.8
132.5
24.8
Central administration
\u2013
(13.5)
\u2013
(16.5)
Eliminations
(10.0)
\u2013
(9.6)
\u2013
Total
1,713.8
278.8
1,576.3
269.9
Reconciliation to statutory pro\ufb01t
\u00a0\u00a0\u00a0\u00a0
Underlying EBITDA as above
\u00a0
278.8
\u00a0
269.9
Depreciation and mineral depletion
\u00a0
(113.2)
\u00a0
(99.7)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\u2013 Great Britain
\u00a0
104.0
\u00a0
114.7
\u2013 Ireland
\u00a0
51.8
\u00a0
55.9
\u2013 United States
\u00a0
23.6
\u00a0
16.4
\u2013 Central administration
\u00a0
(13.8)
\u00a0
(16.8)
Underlying Group operating pro\ufb01t
\u00a0
165.6
\u00a0
170.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0\u00a0
Underlying
\u00a0
Underlying
\u00a0
Revenue
EBITDA
1
Revenue
EBITDA
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Share of pro\ufb01t of associate and joint
\u00a0\u00a0\u00a0\u00a0
ventures
\u00a0
4.1
\u00a0
3.5
Underlying pro\ufb01t from operations
\u00a0
169.7
\u00a0
173.7
Non-underlying items (note 3)
\u00a0
(34.9)
\u00a0
(24.1)
Pro\ufb01t from operations
\u00a0
134.8
\u00a0
149.6
\n
1
Underlying EBITDA is earnings before interest, tax, depreciation and mineral depletion, amortisation,
non-underlying items (note 3) and before our share of pro\ufb01t of associate and joint ventures.
Disaggregation of revenue from contracts with the customers
Analysis of revenue by geographic location of end-market
The primary geographic markets for all Group revenues for the purpose of IFRS 15 are the
United Kingdom, Republic of Ireland (RoI) and United States. In line with the requirements
of IFRS 8, this is analysed by individual countries as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,208.8
1,251.0
Republic of Ireland
185.0
190.1
United States
316.1
132.5
Other
3.9
2.7
\u00a0
1,713.8
1,576.3
\n
Analysis of revenue by major products and service lines by segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Sale of goods
\u00a0 \u00a0
Great Britain
905.2
956.3
Ireland
159.6
171.1
United States
154.6
132.5
Eliminations
(10.0)
(9.6)
\u00a0
1,209.4
1,250.3
\nEliminations primarily comprise sales from Ireland to Great Britain.Statement of \ufb01nancial position \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
Total assets
Total liabilities
Total assets
Total liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Great Britain
1,302.1
(282.1)
1,314.8
(285.0)
Ireland
485.5
(66.6)
462.3
(62.8)
United States
449.8
(40.5)
303.5
(32.7)
Central administration
4.7
(23.4)
3.0
(24.5)
Total operations
2,242.1
(412.6)
2,083.6
(405.0)
Current tax
\u2013
(2.1)
1.5
\u2013
Deferred tax
\u2013
(102.9)
\u2013
(104.2)
Net Debt
115.5
(642.8)
70.0
(475.3)
Total Group
2,357.6
(1,160.4)
2,155.1
(984.5)
Net assets
\u00a0
1,197.2
\u00a0
1,170.6
\n
1
In addition to the restatement relating to the change in structure, total assets and liabilities have been restated to
re\ufb02ect a change in the presentation of cash and cash equivalents
.
Refer to note 29 for further details.
Great Britain total assets include \u00a312.7m (2024: \u00a313.8m), Ireland total assets include \u00a31.3m
(2024: \u00a31.2m) and United States total assets include \u00a30.7m (2024: \u00a3nil) in respect of
investments in associate and joint ventures.
Geographic location of non-current assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,105.8
1,106.2
Republic of Ireland
353.8
324.1
United States
392.0
256.6
\u00a0
1,851.6
1,686.9
\n
Analysis of depreciation, amortisation and capital expenditure
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Additions
\u00a0
Depreciation
Amortisation
to property,
\u00a0
and mineral
of intangible
plant and
\u00a0
depletion
assets
equipment
\u00a0
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0
Great Britain
81.2
3.6
75.4
Ireland
12.5
2.5
20.5
United States
19.2
19.2
23.3
Central administration
0.3
\u2013
0.9
\u00a0
113.2
25.3
120.1
2024 Restated
\u00a0 \u00a0 \u00a0
Great Britain
78.0
3.6
93.2
Ireland
13.0
2.5
21.4
United States
8.4
6.4
16.7
Central administration
0.3
\u2013
\u2013
\u00a0
99.7
12.5
131.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Disaggregation of revenue from contracts with the customers
Analysis of revenue by geographic location of end-market
The primary geographic markets for all Group revenues for the purpose of IFRS 15 are the
United Kingdom, Republic of Ireland (RoI) and United States. In line with the requirements
of IFRS 8, this is analysed by individual countries as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
United Kingdom
1,208.8
1,251.0
Republic of Ireland
185.0
190.1
United States
316.1
132.5
Other
3.9
2.7
\u00a0
1,713.8
1,576.3
\n
Analysis of revenue by major products and service lines by segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Sale of goods
\u00a0 \u00a0
Great Britain
905.2
956.3
Ireland
159.6
171.1
United States
154.6
132.5
Eliminations
(10.0)
(9.6)
\u00a0
1,209.4
1,250.3
Eliminations primarily comprise sales from Ireland to Great Britain.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
\u00a0
\u00a3m
\u00a3m
Provision of services
\u00a0 \u00a0
Great Britain
210.9
199.5
Ireland
132.0
126.5
United States
161.5
\u2013
\u00a0
504.4
326.0
\u00a0
1,713.8
1,576.3
\n
Timing of revenue recognition
Sale of goods revenue relates to products for which revenue is recognised at a point
in time as the product is transferred to the customer. Revenues from the provision of services
are accounted for as products and services for which revenue is recognised over time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Analysis of depreciation, amortisation and capital expenditure \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Additions
\u00a0
Depreciation
Amortisation
to property,
\u00a0
and mineral
of intangible
plant and
\u00a0
depletion
assets
equipment
\u00a0
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0
Great Britain
81.2
3.6
75.4
Ireland
12.5
2.5
20.5
United States
19.2
19.2
23.3
Central administration
0.3
\u2013
0.9
\u00a0
113.2
25.3
120.1
2024 Restated
\u00a0 \u00a0 \u00a0
Great Britain
78.0
3.6
93.2
Ireland
13.0
2.5
21.4
United States
8.4
6.4
16.7
Central administration
0.3
\u2013
\u2013
\u00a0
99.7
12.5
131.3
Additions to property, plant and equipment exclude additions in respect of business
combinations.8
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Mineral
\u00a0
Plant,
\u00a0
\u00a0
reserves and
Land and
equipment
\u00a0
\u00a0
resources
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 2025
366.6
172.3
943.1
1,482.0
Translation adjustment
1.1
1.4
(2.8)
(0.3)
Business combinations (note 25)
\u2013
4.9
43.4
48.3
Additions
11.8
2.1
106.2
120.1
Disposals and impairment
(1.5)
(0.8)
(20.8)
(23.1)
Change to capitalised provisions (note 16)
(0.7)
0.1
(0.2)
(0.8)
Reclassi\ufb01cation
(0.3)
25.5
(25.2)
\u2013
Transfer from leased assets (note 20)
\u2013
\u2013
0.2
0.2
At 31 December 2025
377.0
205.5
1,043.9
1,626.4
Depreciation and mineral depletion
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 2025
108.0
46.4
388.5
542.9
Translation adjustment
0.2
0.5
0.6
1.3
Charge for the year
12.7
7.1
85.4
105.2
Disposals and impairment
(0.1)
(0.2)
(18.8)
(19.1)
At 31 December 2025
120.8
53.8
455.7
630.3
Net book value
\u00a0\u00a0\u00a0\u00a0
At 31 December 2025
256.2
151.7
588.2
996.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Mineral
\u00a0
Plant,
\u00a0
\u00a0
reserves and
Land and
equipment
\u00a0
\u00a0
resources
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
354.8
148.4
787.4
1,290.6
Translation adjustment
(1.1)
(2.1)
(3.4)
(6.6)
Business combinations (note 25)
4.6
15.1
68.1
87.8
Additions
7.0
5.7
118.6
131.3
Disposals and impairment
\u2013
(0.8)
(23.6)
(24.4)
Change to capitalised provisions (note 16)
1.3
1.6
0.4
3.3
Reclassi\ufb01cation
\u2013
4.4
(4.4)
\u2013
At 31 December 2024
366.6
172.3
943.1
1,482.0
Depreciation and mineral depletion
\u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
96.5
40.7
336.2
473.4
Translation adjustment
(0.2)
(0.4)
(0.8)
(1.4)
Charge for the year
11.7
6.5
73.4
91.6
Disposals and impairment
\u2013
(0.4)
(20.3)
(20.7)
At 31 December 2024
108.0
46.4
388.5
542.9
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
258.6
125.9
554.6
939.1
\n
Assets under construction
Presented within plant, equipment and vehicles are assets in the course of construction
totalling \u00a341.9m (2024: \u00a366.5m) which are not being depreciated.
9
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0
Goodwill
related
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
534.6
170.1
19.3
724.0
Translation adjustment
1.2
(13.1)
(0.2)
(12.1)
Business combinations (note 25)
28.2
113.9
0.7
142.8
At 31 December 2025
564.0
270.9
19.8
854.7
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
29.7
8.0
37.7
Translation adjustment
\u2013
(0.2)
(0.2)
(0.4)
Charge for the year
\u2013
23.7
1.6
25.3
At 31 December 2025
\u2013
53.2
9.4
62.6
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
564.0
217.7
10.4
792.1
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
474.1
53.8
17.7
545.6
Translation adjustment
(4.7)
0.2
\u2013
(4.5)
Business combinations (note 25)
65.2
116.1
1.6
182.9
At 31 December 2024
534.6
170.1
19.3
724.0
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u2013
18.9
6.5
25.4
Translation adjustment
\u2013
\u2013
(0.2)
(0.2)
Charge for the year
\u2013
10.8
1.7
12.5
At 31 December 2024
\u2013
29.7
8.0
37.7
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
534.6
140.4
11.3
686.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "3
Non-underlying items
Non-underlying items are those items which, because of their nature, size or incidence,
are either unlikely to recur in future periods or which distort the underlying trading
performance of the business, including non-cash items. For an item to be classi\ufb01ed as non-
underlying, it\u00a0must meet de\ufb01ned criteria which are applied consistently by the Group.
The directors monitor the performance of the Group using alternative performance
measures which are calculated on an underlying basis. In the opinion of the directors,
this\u00a0presentation aids understanding of the underlying business performance and any
references to underlying earnings measures throughout this report are made on this basis.
As underlying measures include the bene\ufb01ts of acquisitions but exclude signi\ufb01cant costs
(such as one-o\ufb00 acquisition-related costs or amortisation of acquired intangible assets),
they should not be regarded as a complete picture of the Group\u2019s \ufb01nancial performance.
Underlying measures are\u00a0calculated and presented on a consistent basis over time to assist
in the comparison of\u00a0performance.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Included in operating expenses:
\u00a0 \u00a0
Acquisition-related expenses (note 25)
3.8
10.2
(Gain)/loss on disposal of property
(1.6)
0.1
Redundancy, reorganisation and other costs
1.6
1.3
Cement decarbonisation costs
5.8
\u2013
Amortisation of acquired intangible assets
25.3
12.5
Total non-underlying items (before interest and tax)
34.9
24.1
Non-underlying interest (note 14)
\u2013
1.3
Non-underlying tax
(8.5)
(3.6)
Total non-underlying items
26.4
21.8
\n
Cement decarbonisation costs re\ufb02ect the Group\u2019s initial investment in Peak Cluster Limited
and costs of carbon capture and storage, which includes \u00a32.8m of non-cash costs.", "dimensions": { "concept": "bgp:DisclosureOfNonunderlyingItemsTextBlock", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "4
Operating expenses and auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Costs of raw materials purchased
346.1
306.8
Employee costs (note 5)
297.2
246.6
Depreciation and mineral depletion:
\u00a0 \u00a0
Owned assets (note 8)
105.2
91.6
Leased assets (note 20)
8.0
8.1
Gain on sale of plant and equipment
(3.0)
(1.8)
Gain on sale of UK Carbon Allowances
(6.0)
-
Other operating expenses
800.7
754.8
Underlying operating expenses
1,548.2
1,406.1
Non-underlying operating expenses (note 3)
34.9
24.1
Operating expenses
1,583.1
1,430.2
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit of the Company
0.4
0.3
Audit of the Company\u2019s subsidiary undertakings
1.5
1.3
\u00a0
1.9
1.6
\nThere were no non-audit services undertaken during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "4
Operating expenses and auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Costs of raw materials purchased
346.1
306.8
Employee costs (note 5)
297.2
246.6
Depreciation and mineral depletion:
\u00a0 \u00a0
Owned assets (note 8)
105.2
91.6
Leased assets (note 20)
8.0
8.1
Gain on sale of plant and equipment
(3.0)
(1.8)
Gain on sale of UK Carbon Allowances
(6.0)
-
Other operating expenses
800.7
754.8
Underlying operating expenses
1,548.2
1,406.1
Non-underlying operating expenses (note 3)
34.9
24.1
Operating expenses
1,583.1
1,430.2
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit of the Company
0.4
0.3
Audit of the Company\u2019s subsidiary undertakings
1.5
1.3
\u00a0
1.9
1.6
\nThere were no non-audit services undertaken during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "4
Operating expenses and auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Costs of raw materials purchased
346.1
306.8
Employee costs (note 5)
297.2
246.6
Depreciation and mineral depletion:
\u00a0 \u00a0
Owned assets (note 8)
105.2
91.6
Leased assets (note 20)
8.0
8.1
Gain on sale of plant and equipment
(3.0)
(1.8)
Gain on sale of UK Carbon Allowances
(6.0)
-
Other operating expenses
800.7
754.8
Underlying operating expenses
1,548.2
1,406.1
Non-underlying operating expenses (note 3)
34.9
24.1
Operating expenses
1,583.1
1,430.2
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit of the Company
0.4
0.3
Audit of the Company\u2019s subsidiary undertakings
1.5
1.3
\u00a0
1.9
1.6
\nThere were no non-audit services undertaken during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "4
Operating expenses and auditor\u2019s remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Costs of raw materials purchased
346.1
306.8
Employee costs (note 5)
297.2
246.6
Depreciation and mineral depletion:
\u00a0 \u00a0
Owned assets (note 8)
105.2
91.6
Leased assets (note 20)
8.0
8.1
Gain on sale of plant and equipment
(3.0)
(1.8)
Gain on sale of UK Carbon Allowances
(6.0)
-
Other operating expenses
800.7
754.8
Underlying operating expenses
1,548.2
1,406.1
Non-underlying operating expenses (note 3)
34.9
24.1
Operating expenses
1,583.1
1,430.2
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit of the Company
0.4
0.3
Audit of the Company\u2019s subsidiary undertakings
1.5
1.3
\u00a0
1.9
1.6
\nThere were no non-audit services undertaken during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit of the Company
0.4
0.3
Audit of the Company\u2019s subsidiary undertakings
1.5
1.3
\u00a0
1.9
1.6
\nThere were no non-audit services undertaken during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "6
Financial income and expense
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income on cash deposits and money-market funds
0.2
1.2
Total \ufb01nancial income
0.2
1.2
Interest charged on bank loans, private placement notes and overdrafts
(21.8)
(15.9)
Amortisation of loan arrangement fees
(0.8)
(0.9)
Lease liabilities
(2.8)
(2.9)
Unwinding of discount on provisions (note 16)
(4.3)
(4.4)
Underlying \ufb01nancial expense
(29.7)
(24.1)
Non-underlying interest (note 14)
\u2013
(1.3)
Total \ufb01nancial expense
(29.7)
(25.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "7 Taxation
Recognised in the consolidated income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
Current year
24.3
26.5
Prior year
(1.5)
(4.1)
Total current tax
22.8
22.4
Deferred tax
\u00a0 \u00a0
Current year
(0.3)
2.6
Prior year
(1.1)
4.1
Total deferred tax
(1.4)
6.7
Total tax charge in the consolidated income statement
21.4
29.1
\n
Recognised in equity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax
\u00a0 \u00a0
Derivatives
(1.5)
\u2013
Share-based payments
0.2
(0.3)
Total tax credit in equity
(1.3)
(0.3)
\n
Reconciliation of e\ufb00ective tax rate
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before taxation
105.3
125.4
Tax at the Company\u2019s domestic rate of 25.0% (2024: 25.0%)
26.3
31.4
Di\ufb00erence between Company and subsidiary statutory tax rates
(4.6)
(5.8)
Expenses not deductible for tax purposes
3.4
3.2
Income from associate and joint ventures already taxed
(1.0)
(0.8)
Pillar Two top-up charge
0.1
0.6
Other
(0.2)
0.5
Adjustment in respect of prior years
(2.6)
\u2013
Total tax charge
21.4
29.1
\n
The Company is tax resident in the UK, with a 25.0% (2024: 25.0%) tax rate. The Group\u2019s
subsidiary operations pay tax at a rate of 25.0% (2024: 25.0%) in the UK and 12.5%
(2024:\u00a012.5%) in RoI. US subsidiary operations pay tax at the federal tax rate of 21%
together\u00a0with state income tax, resulting in a blended statutory rate of c. 25% (2024: c. 25%).
Excluding the impact of non-underlying items, the\u00a0Group\u2019s Underlying e\ufb00ective tax rate
is 21.3% (2024: 21.7%). Including these items, the\u00a0Group\u2019s reported tax rate for the year
is\u00a020.3% (2024: 23.2%).
Global Minimum Corporate Tax Framework
From 1 January 2024, the Group is within scope of the Global Minimum Corporate Tax rate
of 15% (\u2018Pillar Two\u2019 rules). The impact of these rules on the Group is limited to the Group\u2019s
taxable pro\ufb01ts generated in the Republic of Ireland, where the tax rate is 12.5%, resulting in a
top-up charge of \u00a30.1
m
(2024: \u00a30.6m).
In accordance with the mandatory exception under Amendments to IAS 12 Income
Taxes, the Group has not remeasured deferred tax assets and liabilities as a result of the
implementation of the Pillar Two rules.11
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2025
(note 25)
in income
in equity
adjustments
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(124.7)
(1.5)
(13.3)
\u2013
(0.1)
(139.6)
Intangible assets
(10.7)
(0.2)
3.6
\u2013
\u2013
(7.3)
Tax losses
6.3
\u2013
11.1
\u2013
\u2013
17.4
Share-based payments
1.8
\u2013
(0.5)
(0.2)
\u2013
1.1
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
23.1
0.5
0.5
\u2013
(0.1)
24.0
Derivatives
\u2013
\u2013
\u2013
1.5
\u2013
1.5
\u00a0
(104.2)
(1.2)
1.4
1.3
(0.2)
(102.9)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2024
(note 25)
in income
in equity
adjustments
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(103.3)
(6.3)
(15.7)
\u2013
0.6
(124.7)
Intangible assets
(9.9)
0.2
(1.2)
\u2013
0.2
(10.7)
Tax losses
0.7
\u2013
6.2
\u2013
(0.6)
6.3
Share-based payments
0.9
\u2013
0.6
0.3
\u2013
1.8
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
19.6
\u2013
3.4
\u2013
0.1
23.1
\u00a0
(92.0)
(6.1)
(6.7)
0.3
0.3
(104.2)
\n
There are no unrecognised deferred tax assets or liabilities.
Tax losses of \u00a311.1m relate to deferred tax assets, driven by 100% bonus depreciation arising
in the US.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "7 Taxation
Recognised in the consolidated income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
Current year
24.3
26.5
Prior year
(1.5)
(4.1)
Total current tax
22.8
22.4
Deferred tax
\u00a0 \u00a0
Current year
(0.3)
2.6
Prior year
(1.1)
4.1
Total deferred tax
(1.4)
6.7
Total tax charge in the consolidated income statement
21.4
29.1
\n
Recognised in equity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax
\u00a0 \u00a0
Derivatives
(1.5)
\u2013
Share-based payments
0.2
(0.3)
Total tax credit in equity
(1.3)
(0.3)
\n
Reconciliation of e\ufb00ective tax rate
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before taxation
105.3
125.4
Tax at the Company\u2019s domestic rate of 25.0% (2024: 25.0%)
26.3
31.4
Di\ufb00erence between Company and subsidiary statutory tax rates
(4.6)
(5.8)
Expenses not deductible for tax purposes
3.4
3.2
Income from associate and joint ventures already taxed
(1.0)
(0.8)
Pillar Two top-up charge
0.1
0.6
Other
(0.2)
0.5
Adjustment in respect of prior years
(2.6)
\u2013
Total tax charge
21.4
29.1
\n
The Company is tax resident in the UK, with a 25.0% (2024: 25.0%) tax rate. The Group\u2019s
subsidiary operations pay tax at a rate of 25.0% (2024: 25.0%) in the UK and 12.5%
(2024:\u00a012.5%) in RoI. US subsidiary operations pay tax at the federal tax rate of 21%
together\u00a0with state income tax, resulting in a blended statutory rate of c. 25% (2024: c. 25%).
Excluding the impact of non-underlying items, the\u00a0Group\u2019s Underlying e\ufb00ective tax rate
is 21.3% (2024: 21.7%). Including these items, the\u00a0Group\u2019s reported tax rate for the year
is\u00a020.3% (2024: 23.2%).
Global Minimum Corporate Tax Framework
From 1 January 2024, the Group is within scope of the Global Minimum Corporate Tax rate
of 15% (\u2018Pillar Two\u2019 rules). The impact of these rules on the Group is limited to the Group\u2019s
taxable pro\ufb01ts generated in the Republic of Ireland, where the tax rate is 12.5%, resulting in a
top-up charge of \u00a30.1
m
(2024: \u00a30.6m).
In accordance with the mandatory exception under Amendments to IAS 12 Income
Taxes, the Group has not remeasured deferred tax assets and liabilities as a result of the
implementation of the Pillar Two rules.11
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2025
(note 25)
in income
in equity
adjustments
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(124.7)
(1.5)
(13.3)
\u2013
(0.1)
(139.6)
Intangible assets
(10.7)
(0.2)
3.6
\u2013
\u2013
(7.3)
Tax losses
6.3
\u2013
11.1
\u2013
\u2013
17.4
Share-based payments
1.8
\u2013
(0.5)
(0.2)
\u2013
1.1
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
23.1
0.5
0.5
\u2013
(0.1)
24.0
Derivatives
\u2013
\u2013
\u2013
1.5
\u2013
1.5
\u00a0
(104.2)
(1.2)
1.4
1.3
(0.2)
(102.9)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2024
(note 25)
in income
in equity
adjustments
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(103.3)
(6.3)
(15.7)
\u2013
0.6
(124.7)
Intangible assets
(9.9)
0.2
(1.2)
\u2013
0.2
(10.7)
Tax losses
0.7
\u2013
6.2
\u2013
(0.6)
6.3
Share-based payments
0.9
\u2013
0.6
0.3
\u2013
1.8
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
19.6
\u2013
3.4
\u2013
0.1
23.1
\u00a0
(92.0)
(6.1)
(6.7)
0.3
0.3
(104.2)
\n
There are no unrecognised deferred tax assets or liabilities.
Tax losses of \u00a311.1m relate to deferred tax assets, driven by 100% bonus depreciation arising
in the US.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "8
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Mineral
\u00a0
Plant,
\u00a0
\u00a0
reserves and
Land and
equipment
\u00a0
\u00a0
resources
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 2025
366.6
172.3
943.1
1,482.0
Translation adjustment
1.1
1.4
(2.8)
(0.3)
Business combinations (note 25)
\u2013
4.9
43.4
48.3
Additions
11.8
2.1
106.2
120.1
Disposals and impairment
(1.5)
(0.8)
(20.8)
(23.1)
Change to capitalised provisions (note 16)
(0.7)
0.1
(0.2)
(0.8)
Reclassi\ufb01cation
(0.3)
25.5
(25.2)
\u2013
Transfer from leased assets (note 20)
\u2013
\u2013
0.2
0.2
At 31 December 2025
377.0
205.5
1,043.9
1,626.4
Depreciation and mineral depletion
\u00a0\u00a0\u00a0\u00a0
Balance at 1 January 2025
108.0
46.4
388.5
542.9
Translation adjustment
0.2
0.5
0.6
1.3
Charge for the year
12.7
7.1
85.4
105.2
Disposals and impairment
(0.1)
(0.2)
(18.8)
(19.1)
At 31 December 2025
120.8
53.8
455.7
630.3
Net book value
\u00a0\u00a0\u00a0\u00a0
At 31 December 2025
256.2
151.7
588.2
996.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Mineral
\u00a0
Plant,
\u00a0
\u00a0
reserves and
Land and
equipment
\u00a0
\u00a0
resources
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
354.8
148.4
787.4
1,290.6
Translation adjustment
(1.1)
(2.1)
(3.4)
(6.6)
Business combinations (note 25)
4.6
15.1
68.1
87.8
Additions
7.0
5.7
118.6
131.3
Disposals and impairment
\u2013
(0.8)
(23.6)
(24.4)
Change to capitalised provisions (note 16)
1.3
1.6
0.4
3.3
Reclassi\ufb01cation
\u2013
4.4
(4.4)
\u2013
At 31 December 2024
366.6
172.3
943.1
1,482.0
Depreciation and mineral depletion
\u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
96.5
40.7
336.2
473.4
Translation adjustment
(0.2)
(0.4)
(0.8)
(1.4)
Charge for the year
11.7
6.5
73.4
91.6
Disposals and impairment
\u2013
(0.4)
(20.3)
(20.7)
At 31 December 2024
108.0
46.4
388.5
542.9
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
258.6
125.9
554.6
939.1
\n
Assets under construction
Presented within plant, equipment and vehicles are assets in the course of construction
totalling \u00a341.9m (2024: \u00a366.5m) which are not being depreciated.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "9
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0
Goodwill
related
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
534.6
170.1
19.3
724.0
Translation adjustment
1.2
(13.1)
(0.2)
(12.1)
Business combinations (note 25)
28.2
113.9
0.7
142.8
At 31 December 2025
564.0
270.9
19.8
854.7
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
29.7
8.0
37.7
Translation adjustment
\u2013
(0.2)
(0.2)
(0.4)
Charge for the year
\u2013
23.7
1.6
25.3
At 31 December 2025
\u2013
53.2
9.4
62.6
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
564.0
217.7
10.4
792.1
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
474.1
53.8
17.7
545.6
Translation adjustment
(4.7)
0.2
\u2013
(4.5)
Business combinations (note 25)
65.2
116.1
1.6
182.9
At 31 December 2024
534.6
170.1
19.3
724.0
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u2013
18.9
6.5
25.4
Translation adjustment
\u2013
\u2013
(0.2)
(0.2)
Charge for the year
\u2013
10.8
1.7
12.5
At 31 December 2024
\u2013
29.7
8.0
37.7
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
534.6
140.4
11.3
686.3
Other intangible assets primarily comprise brand and permit assets arising from
acquisitions. The amortisation charge on these assets is recognised in non-underlying
operating expenses in the consolidated income statement. The remaining life of the \ufb01nite
intangible assets is up to 20 years.
Reallocation of goodwill
During the year, the Group changed from a divisional management structure (Great Britain,
Ireland, Cement and United States) to a country-based management structure (Great
Britain, Ireland and United States). This change aligns with how the business is managed by
the Board of Breedon Group plc in its capacity as Chief Operating Decision Maker. As part
of this reorganisation, the composition of Cash-Generating Units (CGUs) to which goodwill
had previously been allocated was changed. Goodwill previously allocated to the Cement
division has been reallocated between the Great Britain Country CGU and the Ireland
Country CGU.
Basis of reallocation
In accordance with IAS 36 Impairment of Assets, goodwill has been reallocated to the
a\ufb00ected CGUs using a relative value approach. Speci\ufb01cally, the reallocation was based on
the geographical relative value in use of the Cement division before the reorganisation.
Management judged that no alternative method would better re\ufb02ect the goodwill
associated with each of the reorganised CGUs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
United
\u00a0 \u00a0
\u00a0
Great Britain
Ireland
States
Cement
Total
2024 goodwill reallocation
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of goodwill before
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reorganisation
212.4
109.1
53.6
159.5
534.6
Reallocation of Cement goodwill
93.9
65.6
\u2013
(159.5)
\u2013
Revised carrying value of goodwill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
after reorganisation
306.3
174.7
53.6
\u2013
534.6
\n
Carrying value of goodwill by operating segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
308.1
306.3
Ireland
185.6
174.7
United States
70.3
53.6
\u00a0
564.0
534.6
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
Impairment tests for cash-generating units containing goodwill
\n
Goodwill arising on business combinations is not amortised but is reviewed for impairment
\n
annually, or more frequently if there are indications that the goodwill may
\n
be impaired. Goodwill is allocated to groups of CGUs according to the level at which
\n
management monitors that goodwill, being the Group\u2019s operating segments.
\n
The key assumptions used in performing the impairment review are those used in
\n
calculating the value-in-use of each CGU, as set out below:
\n
Cash \ufb02ow projections
\n
Cash \ufb02ow projections for each operating segment are derived from the annual budget
\n
approved by the Board for 2026 and the three-year plan extending to 2028. The key
\n
assumptions on which budgets and plans are based include sales growth, product mix,
\n
changes in operating costs and capital investment requirements. Budgeted cash \ufb02ows are
\n
based on past experience and forecast future trading\u00a0conditions.
\n
These cash \ufb02ows are then extrapolated forward for a further period of 50 years re\ufb02ecting
\n
the long-term nature of the underlying assets, subject to obtaining incremental planning
\n
permissions for our quarries and plants. This is not considered to be a signi\ufb01cant
\n
judgement.
\n
Discount rate
\n
Forecast pre-tax cash \ufb02ows for each segment have been discounted at the pre-tax rates
\n
disclosed below. These rates were determined by\u00a0an external expert based on market
\n
participants\u2019 cost of capital and adjusted to re\ufb02ect factors speci\ufb01c to each segment.
\n\n \n
Pre-tax discount rates
2025
2024
Great Britain
12.5%
13.6%
Ireland
9.7%
11.7%
United States
10.7%
11.3%
\n
Long-term growth rates
\n
Cash \ufb02ow projections assume a growth rate of between 2.3% and 3.5% (2024: between
\n
2.5% and 3.0%) from the\u00a0fourth year of the value-in-use model, which re\ufb02ects the impact
\n
of longer-term in\ufb02ation projections on future earnings derived from published market data.
\n
Short-term growth rates
\n
Short-term growth rates range between 3.0% and 10.6% on average.
\n
Sensitivity
\n
The Group assessed the impact of reasonably possible changes in key assumptions and
\n
concluded that there would be no impairment in respect of Great Britain, Ireland and the
\n
United States. The table below indicates the changes that, in isolation, would need to be
\n
made to the key assumptions used in the impairment review to lead to an impairment
\n
being recognised.
\n\n \n
Change required for carrying amount to equal recoverable amount
Headroom \u00a3m
Pre-tax discount rate
Long-term growth rate
Short-term growth rate
Great Britain
109.8
+120bps
(110)bps
(270)bps
Ireland
320.9
+630bps
(650)bps
(1,480)bps
United States
107.8
+210bps
(210)bps
(640)bps
\n
Our modelling also considered the near-term capital costs of the implementation of our
\n
carbon reduction strategy that are included in our \ufb01nancial plans. It is not possible at
\n
present to quantify in full the gross cost of the transition over the longer-term, but where
\n
appropriate, considerations have been made within our cash \ufb02ow projections.
\n
Impact of climate change on impairment testing
\n
Impacts related to climate change and the transition to a lower carbon economy
\n
may include:
\n
physical impacts resulting from increased severity and frequency of extreme weather
\n
events, together with impacts arising from longer-term shifts in climate patterns; and
\n
transitional impacts, including changing demand for the Group\u2019s products due to
\n
shifts\u00a0in policy, regulation (including carbon pricing mechanisms), legal, technological,
\n
market, customer or societal responses to climate change.
\n
The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely
\n
to have a signi\ufb01cant impact on our impairment testing, with our operations typically
\n
located in regions that face relatively low physical challenges from climate change.
\n
Our climate-related disclosures are included in our TCFD report on\u00a0pages 88 to 95.
\n
The impact of the transition to a lower carbon economy could be more signi\ufb01cant. Breedon
\n
is committed to net zero by 2050 as well as to the manufacture of cement at our two well-
\n
invested cement plants; however, to achieve net zero will require a signi\ufb01cant reduction in
\n
our carbon emissions.
As set out in more detail in our Sustainability report, we have SBTi validated carbon
reduction targets following the 1.5\u02daC warming pathway. By 2030, we aim to achieve a
23.3%\u00a0reduction in absolute gross scope 1 and 2 GHG emissions, and scope 3 emissions
from purchased cement and clinker from a 2022 base year. Our long-term SBTi target
commits to reducing our absolute gross scope 1, 2 and 3 GHG emissions 95% by 2050
from\u00a0the 2022 base year.
We are taking near-term actions based on existing technologies to move towards this
objective. In addition, the Group is working with governments, industry, academia and
the\u00a0GCCA to explore potential routes to further decarbonisation, including carbon capture
technologies. However these are not yet proven at scale.
The cash \ufb02ows associated with our near-term plans are incorporated into our impairment
testing along with our best estimate of the longer-term impacts associated with the
transition to net zero. However, it is not possible to quantify these accurately and in full,
nor longer-term changes in consumer behaviour or how demand for cement might be
impacted by price increases needed to recover these costs.
In conducting the impairment tests, we have assumed that future cement volumes remain
broadly in line with current levels and that increased costs, including carbon costs and
increased capital investment are recovered through pricing, consistent with our historic
experience, and that no scalable substitute for concrete emerges in the near term. As the
cost of transition to net zero and the consequent impact on end-market demand becomes
clearer along with the e\ufb00ectiveness of government intervention mechanisms such as
CBAM to regulate imports, these judgements will need to be re\ufb01ned and it is possible that
this may result in future impairment charges.
The directors are aware of the evolving risks attached to climate change and will
regularly assess these risks against estimates made in future value-in-use assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "9
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0
Goodwill
related
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
534.6
170.1
19.3
724.0
Translation adjustment
1.2
(13.1)
(0.2)
(12.1)
Business combinations (note 25)
28.2
113.9
0.7
142.8
At 31 December 2025
564.0
270.9
19.8
854.7
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
29.7
8.0
37.7
Translation adjustment
\u2013
(0.2)
(0.2)
(0.4)
Charge for the year
\u2013
23.7
1.6
25.3
At 31 December 2025
\u2013
53.2
9.4
62.6
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
564.0
217.7
10.4
792.1
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
474.1
53.8
17.7
545.6
Translation adjustment
(4.7)
0.2
\u2013
(4.5)
Business combinations (note 25)
65.2
116.1
1.6
182.9
At 31 December 2024
534.6
170.1
19.3
724.0
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u2013
18.9
6.5
25.4
Translation adjustment
\u2013
\u2013
(0.2)
(0.2)
Charge for the year
\u2013
10.8
1.7
12.5
At 31 December 2024
\u2013
29.7
8.0
37.7
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
534.6
140.4
11.3
686.3
Other intangible assets primarily comprise brand and permit assets arising from
acquisitions. The amortisation charge on these assets is recognised in non-underlying
operating expenses in the consolidated income statement. The remaining life of the \ufb01nite
intangible assets is up to 20 years.
Reallocation of goodwill
During the year, the Group changed from a divisional management structure (Great Britain,
Ireland, Cement and United States) to a country-based management structure (Great
Britain, Ireland and United States). This change aligns with how the business is managed by
the Board of Breedon Group plc in its capacity as Chief Operating Decision Maker. As part
of this reorganisation, the composition of Cash-Generating Units (CGUs) to which goodwill
had previously been allocated was changed. Goodwill previously allocated to the Cement
division has been reallocated between the Great Britain Country CGU and the Ireland
Country CGU.
Basis of reallocation
In accordance with IAS 36 Impairment of Assets, goodwill has been reallocated to the
a\ufb00ected CGUs using a relative value approach. Speci\ufb01cally, the reallocation was based on
the geographical relative value in use of the Cement division before the reorganisation.
Management judged that no alternative method would better re\ufb02ect the goodwill
associated with each of the reorganised CGUs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
United
\u00a0 \u00a0
\u00a0
Great Britain
Ireland
States
Cement
Total
2024 goodwill reallocation
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of goodwill before
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reorganisation
212.4
109.1
53.6
159.5
534.6
Reallocation of Cement goodwill
93.9
65.6
\u2013
(159.5)
\u2013
Revised carrying value of goodwill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
after reorganisation
306.3
174.7
53.6
\u2013
534.6
\n
Carrying value of goodwill by operating segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
308.1
306.3
Ireland
185.6
174.7
United States
70.3
53.6
\u00a0
564.0
534.6
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
\n\n
Impairment tests for cash-generating units containing goodwill
\n
Goodwill arising on business combinations is not amortised but is reviewed for impairment
\n
annually, or more frequently if there are indications that the goodwill may
\n
be impaired. Goodwill is allocated to groups of CGUs according to the level at which
\n
management monitors that goodwill, being the Group\u2019s operating segments.
\n
The key assumptions used in performing the impairment review are those used in
\n
calculating the value-in-use of each CGU, as set out below:
\n
Cash \ufb02ow projections
\n
Cash \ufb02ow projections for each operating segment are derived from the annual budget
\n
approved by the Board for 2026 and the three-year plan extending to 2028. The key
\n
assumptions on which budgets and plans are based include sales growth, product mix,
\n
changes in operating costs and capital investment requirements. Budgeted cash \ufb02ows are
\n
based on past experience and forecast future trading\u00a0conditions.
\n
These cash \ufb02ows are then extrapolated forward for a further period of 50 years re\ufb02ecting
\n
the long-term nature of the underlying assets, subject to obtaining incremental planning
\n
permissions for our quarries and plants. This is not considered to be a signi\ufb01cant
\n
judgement.
\n
Discount rate
\n
Forecast pre-tax cash \ufb02ows for each segment have been discounted at the pre-tax rates
\n
disclosed below. These rates were determined by\u00a0an external expert based on market
\n
participants\u2019 cost of capital and adjusted to re\ufb02ect factors speci\ufb01c to each segment.
\n\n \n
Pre-tax discount rates
2025
2024
Great Britain
12.5%
13.6%
Ireland
9.7%
11.7%
United States
10.7%
11.3%
\n
Long-term growth rates
\n
Cash \ufb02ow projections assume a growth rate of between 2.3% and 3.5% (2024: between
\n
2.5% and 3.0%) from the\u00a0fourth year of the value-in-use model, which re\ufb02ects the impact
\n
of longer-term in\ufb02ation projections on future earnings derived from published market data.
\n
Short-term growth rates
\n
Short-term growth rates range between 3.0% and 10.6% on average.
\n
Sensitivity
\n
The Group assessed the impact of reasonably possible changes in key assumptions and
\n
concluded that there would be no impairment in respect of Great Britain, Ireland and the
\n
United States. The table below indicates the changes that, in isolation, would need to be
\n
made to the key assumptions used in the impairment review to lead to an impairment
\n
being recognised.
\n\n \n
Change required for carrying amount to equal recoverable amount
Headroom \u00a3m
Pre-tax discount rate
Long-term growth rate
Short-term growth rate
Great Britain
109.8
+120bps
(110)bps
(270)bps
Ireland
320.9
+630bps
(650)bps
(1,480)bps
United States
107.8
+210bps
(210)bps
(640)bps
\n
Our modelling also considered the near-term capital costs of the implementation of our
\n
carbon reduction strategy that are included in our \ufb01nancial plans. It is not possible at
\n
present to quantify in full the gross cost of the transition over the longer-term, but where
\n
appropriate, considerations have been made within our cash \ufb02ow projections.
\n
Impact of climate change on impairment testing
\n
Impacts related to climate change and the transition to a lower carbon economy
\n
may include:
\n
physical impacts resulting from increased severity and frequency of extreme weather
\n
events, together with impacts arising from longer-term shifts in climate patterns; and
\n
transitional impacts, including changing demand for the Group\u2019s products due to
\n
shifts\u00a0in policy, regulation (including carbon pricing mechanisms), legal, technological,
\n
market, customer or societal responses to climate change.
\n
The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely
\n
to have a signi\ufb01cant impact on our impairment testing, with our operations typically
\n
located in regions that face relatively low physical challenges from climate change.
\n
Our climate-related disclosures are included in our TCFD report on\u00a0pages 88 to 95.
\n
The impact of the transition to a lower carbon economy could be more signi\ufb01cant. Breedon
\n
is committed to net zero by 2050 as well as to the manufacture of cement at our two well-
\n
invested cement plants; however, to achieve net zero will require a signi\ufb01cant reduction in
\n
our carbon emissions.
As set out in more detail in our Sustainability report, we have SBTi validated carbon
reduction targets following the 1.5\u02daC warming pathway. By 2030, we aim to achieve a
23.3%\u00a0reduction in absolute gross scope 1 and 2 GHG emissions, and scope 3 emissions
from purchased cement and clinker from a 2022 base year. Our long-term SBTi target
commits to reducing our absolute gross scope 1, 2 and 3 GHG emissions 95% by 2050
from\u00a0the 2022 base year.
We are taking near-term actions based on existing technologies to move towards this
objective. In addition, the Group is working with governments, industry, academia and
the\u00a0GCCA to explore potential routes to further decarbonisation, including carbon capture
technologies. However these are not yet proven at scale.
The cash \ufb02ows associated with our near-term plans are incorporated into our impairment
testing along with our best estimate of the longer-term impacts associated with the
transition to net zero. However, it is not possible to quantify these accurately and in full,
nor longer-term changes in consumer behaviour or how demand for cement might be
impacted by price increases needed to recover these costs.
In conducting the impairment tests, we have assumed that future cement volumes remain
broadly in line with current levels and that increased costs, including carbon costs and
increased capital investment are recovered through pricing, consistent with our historic
experience, and that no scalable substitute for concrete emerges in the near term. As the
cost of transition to net zero and the consequent impact on end-market demand becomes
clearer along with the e\ufb00ectiveness of government intervention mechanisms such as
CBAM to regulate imports, these judgements will need to be re\ufb01ned and it is possible that
this may result in future impairment charges.
The directors are aware of the evolving risks attached to climate change and will
regularly assess these risks against estimates made in future value-in-use assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "9
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0
Goodwill
related
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
534.6
170.1
19.3
724.0
Translation adjustment
1.2
(13.1)
(0.2)
(12.1)
Business combinations (note 25)
28.2
113.9
0.7
142.8
At 31 December 2025
564.0
270.9
19.8
854.7
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
29.7
8.0
37.7
Translation adjustment
\u2013
(0.2)
(0.2)
(0.4)
Charge for the year
\u2013
23.7
1.6
25.3
At 31 December 2025
\u2013
53.2
9.4
62.6
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
564.0
217.7
10.4
792.1
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
474.1
53.8
17.7
545.6
Translation adjustment
(4.7)
0.2
\u2013
(4.5)
Business combinations (note 25)
65.2
116.1
1.6
182.9
At 31 December 2024
534.6
170.1
19.3
724.0
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u2013
18.9
6.5
25.4
Translation adjustment
\u2013
\u2013
(0.2)
(0.2)
Charge for the year
\u2013
10.8
1.7
12.5
At 31 December 2024
\u2013
29.7
8.0
37.7
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
534.6
140.4
11.3
686.3
Other intangible assets primarily comprise brand and permit assets arising from
acquisitions. The amortisation charge on these assets is recognised in non-underlying
operating expenses in the consolidated income statement. The remaining life of the \ufb01nite
intangible assets is up to 20 years.
Reallocation of goodwill
During the year, the Group changed from a divisional management structure (Great Britain,
Ireland, Cement and United States) to a country-based management structure (Great
Britain, Ireland and United States). This change aligns with how the business is managed by
the Board of Breedon Group plc in its capacity as Chief Operating Decision Maker. As part
of this reorganisation, the composition of Cash-Generating Units (CGUs) to which goodwill
had previously been allocated was changed. Goodwill previously allocated to the Cement
division has been reallocated between the Great Britain Country CGU and the Ireland
Country CGU.
Basis of reallocation
In accordance with IAS 36 Impairment of Assets, goodwill has been reallocated to the
a\ufb00ected CGUs using a relative value approach. Speci\ufb01cally, the reallocation was based on
the geographical relative value in use of the Cement division before the reorganisation.
Management judged that no alternative method would better re\ufb02ect the goodwill
associated with each of the reorganised CGUs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
United
\u00a0 \u00a0
\u00a0
Great Britain
Ireland
States
Cement
Total
2024 goodwill reallocation
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of goodwill before
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reorganisation
212.4
109.1
53.6
159.5
534.6
Reallocation of Cement goodwill
93.9
65.6
\u2013
(159.5)
\u2013
Revised carrying value of goodwill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
after reorganisation
306.3
174.7
53.6
\u2013
534.6
\n
Carrying value of goodwill by operating segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
308.1
306.3
Ireland
185.6
174.7
United States
70.3
53.6
\u00a0
564.0
534.6
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
\n\n
Impairment tests for cash-generating units containing goodwill
\n
Goodwill arising on business combinations is not amortised but is reviewed for impairment
\n
annually, or more frequently if there are indications that the goodwill may
\n
be impaired. Goodwill is allocated to groups of CGUs according to the level at which
\n
management monitors that goodwill, being the Group\u2019s operating segments.
\n
The key assumptions used in performing the impairment review are those used in
\n
calculating the value-in-use of each CGU, as set out below:
\n
Cash \ufb02ow projections
\n
Cash \ufb02ow projections for each operating segment are derived from the annual budget
\n
approved by the Board for 2026 and the three-year plan extending to 2028. The key
\n
assumptions on which budgets and plans are based include sales growth, product mix,
\n
changes in operating costs and capital investment requirements. Budgeted cash \ufb02ows are
\n
based on past experience and forecast future trading\u00a0conditions.
\n
These cash \ufb02ows are then extrapolated forward for a further period of 50 years re\ufb02ecting
\n
the long-term nature of the underlying assets, subject to obtaining incremental planning
\n
permissions for our quarries and plants. This is not considered to be a signi\ufb01cant
\n
judgement.
\n
Discount rate
\n
Forecast pre-tax cash \ufb02ows for each segment have been discounted at the pre-tax rates
\n
disclosed below. These rates were determined by\u00a0an external expert based on market
\n
participants\u2019 cost of capital and adjusted to re\ufb02ect factors speci\ufb01c to each segment.
\n\n \n
Pre-tax discount rates
2025
2024
Great Britain
12.5%
13.6%
Ireland
9.7%
11.7%
United States
10.7%
11.3%
\n
Long-term growth rates
\n
Cash \ufb02ow projections assume a growth rate of between 2.3% and 3.5% (2024: between
\n
2.5% and 3.0%) from the\u00a0fourth year of the value-in-use model, which re\ufb02ects the impact
\n
of longer-term in\ufb02ation projections on future earnings derived from published market data.
\n
Short-term growth rates
\n
Short-term growth rates range between 3.0% and 10.6% on average.
\n
Sensitivity
\n
The Group assessed the impact of reasonably possible changes in key assumptions and
\n
concluded that there would be no impairment in respect of Great Britain, Ireland and the
\n
United States. The table below indicates the changes that, in isolation, would need to be
\n
made to the key assumptions used in the impairment review to lead to an impairment
\n
being recognised.
\n\n \n
Change required for carrying amount to equal recoverable amount
Headroom \u00a3m
Pre-tax discount rate
Long-term growth rate
Short-term growth rate
Great Britain
109.8
+120bps
(110)bps
(270)bps
Ireland
320.9
+630bps
(650)bps
(1,480)bps
United States
107.8
+210bps
(210)bps
(640)bps
\n
Our modelling also considered the near-term capital costs of the implementation of our
\n
carbon reduction strategy that are included in our \ufb01nancial plans. It is not possible at
\n
present to quantify in full the gross cost of the transition over the longer-term, but where
\n
appropriate, considerations have been made within our cash \ufb02ow projections.
\n
Impact of climate change on impairment testing
\n
Impacts related to climate change and the transition to a lower carbon economy
\n
may include:
\n
physical impacts resulting from increased severity and frequency of extreme weather
\n
events, together with impacts arising from longer-term shifts in climate patterns; and
\n
transitional impacts, including changing demand for the Group\u2019s products due to
\n
shifts\u00a0in policy, regulation (including carbon pricing mechanisms), legal, technological,
\n
market, customer or societal responses to climate change.
\n
The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely
\n
to have a signi\ufb01cant impact on our impairment testing, with our operations typically
\n
located in regions that face relatively low physical challenges from climate change.
\n
Our climate-related disclosures are included in our TCFD report on\u00a0pages 88 to 95.
\n
The impact of the transition to a lower carbon economy could be more signi\ufb01cant. Breedon
\n
is committed to net zero by 2050 as well as to the manufacture of cement at our two well-
\n
invested cement plants; however, to achieve net zero will require a signi\ufb01cant reduction in
\n
our carbon emissions.
As set out in more detail in our Sustainability report, we have SBTi validated carbon
reduction targets following the 1.5\u02daC warming pathway. By 2030, we aim to achieve a
23.3%\u00a0reduction in absolute gross scope 1 and 2 GHG emissions, and scope 3 emissions
from purchased cement and clinker from a 2022 base year. Our long-term SBTi target
commits to reducing our absolute gross scope 1, 2 and 3 GHG emissions 95% by 2050
from\u00a0the 2022 base year.
We are taking near-term actions based on existing technologies to move towards this
objective. In addition, the Group is working with governments, industry, academia and
the\u00a0GCCA to explore potential routes to further decarbonisation, including carbon capture
technologies. However these are not yet proven at scale.
The cash \ufb02ows associated with our near-term plans are incorporated into our impairment
testing along with our best estimate of the longer-term impacts associated with the
transition to net zero. However, it is not possible to quantify these accurately and in full,
nor longer-term changes in consumer behaviour or how demand for cement might be
impacted by price increases needed to recover these costs.
In conducting the impairment tests, we have assumed that future cement volumes remain
broadly in line with current levels and that increased costs, including carbon costs and
increased capital investment are recovered through pricing, consistent with our historic
experience, and that no scalable substitute for concrete emerges in the near term. As the
cost of transition to net zero and the consequent impact on end-market demand becomes
clearer along with the e\ufb00ectiveness of government intervention mechanisms such as
CBAM to regulate imports, these judgements will need to be re\ufb01ned and it is possible that
this may result in future impairment charges.
The directors are aware of the evolving risks attached to climate change and will
regularly assess these risks against estimates made in future value-in-use assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "9
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
\u00a0 \u00a0
\u00a0
Goodwill
related
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
534.6
170.1
19.3
724.0
Translation adjustment
1.2
(13.1)
(0.2)
(12.1)
Business combinations (note 25)
28.2
113.9
0.7
142.8
At 31 December 2025
564.0
270.9
19.8
854.7
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
\u2013
29.7
8.0
37.7
Translation adjustment
\u2013
(0.2)
(0.2)
(0.4)
Charge for the year
\u2013
23.7
1.6
25.3
At 31 December 2025
\u2013
53.2
9.4
62.6
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
564.0
217.7
10.4
792.1
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
474.1
53.8
17.7
545.6
Translation adjustment
(4.7)
0.2
\u2013
(4.5)
Business combinations (note 25)
65.2
116.1
1.6
182.9
At 31 December 2024
534.6
170.1
19.3
724.0
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u2013
18.9
6.5
25.4
Translation adjustment
\u2013
\u2013
(0.2)
(0.2)
Charge for the year
\u2013
10.8
1.7
12.5
At 31 December 2024
\u2013
29.7
8.0
37.7
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
534.6
140.4
11.3
686.3
Other intangible assets primarily comprise brand and permit assets arising from
acquisitions. The amortisation charge on these assets is recognised in non-underlying
operating expenses in the consolidated income statement. The remaining life of the \ufb01nite
intangible assets is up to 20 years.
Reallocation of goodwill
During the year, the Group changed from a divisional management structure (Great Britain,
Ireland, Cement and United States) to a country-based management structure (Great
Britain, Ireland and United States). This change aligns with how the business is managed by
the Board of Breedon Group plc in its capacity as Chief Operating Decision Maker. As part
of this reorganisation, the composition of Cash-Generating Units (CGUs) to which goodwill
had previously been allocated was changed. Goodwill previously allocated to the Cement
division has been reallocated between the Great Britain Country CGU and the Ireland
Country CGU.
Basis of reallocation
In accordance with IAS 36 Impairment of Assets, goodwill has been reallocated to the
a\ufb00ected CGUs using a relative value approach. Speci\ufb01cally, the reallocation was based on
the geographical relative value in use of the Cement division before the reorganisation.
Management judged that no alternative method would better re\ufb02ect the goodwill
associated with each of the reorganised CGUs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
United
\u00a0 \u00a0
\u00a0
Great Britain
Ireland
States
Cement
Total
2024 goodwill reallocation
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of goodwill before
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reorganisation
212.4
109.1
53.6
159.5
534.6
Reallocation of Cement goodwill
93.9
65.6
\u2013
(159.5)
\u2013
Revised carrying value of goodwill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
after reorganisation
306.3
174.7
53.6
\u2013
534.6
\n
Carrying value of goodwill by operating segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
308.1
306.3
Ireland
185.6
174.7
United States
70.3
53.6
\u00a0
564.0
534.6
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
\n\n
Impairment tests for cash-generating units containing goodwill
\n
Goodwill arising on business combinations is not amortised but is reviewed for impairment
\n
annually, or more frequently if there are indications that the goodwill may
\n
be impaired. Goodwill is allocated to groups of CGUs according to the level at which
\n
management monitors that goodwill, being the Group\u2019s operating segments.
\n
The key assumptions used in performing the impairment review are those used in
\n
calculating the value-in-use of each CGU, as set out below:
\n
Cash \ufb02ow projections
\n
Cash \ufb02ow projections for each operating segment are derived from the annual budget
\n
approved by the Board for 2026 and the three-year plan extending to 2028. The key
\n
assumptions on which budgets and plans are based include sales growth, product mix,
\n
changes in operating costs and capital investment requirements. Budgeted cash \ufb02ows are
\n
based on past experience and forecast future trading\u00a0conditions.
\n
These cash \ufb02ows are then extrapolated forward for a further period of 50 years re\ufb02ecting
\n
the long-term nature of the underlying assets, subject to obtaining incremental planning
\n
permissions for our quarries and plants. This is not considered to be a signi\ufb01cant
\n
judgement.
\n
Discount rate
\n
Forecast pre-tax cash \ufb02ows for each segment have been discounted at the pre-tax rates
\n
disclosed below. These rates were determined by\u00a0an external expert based on market
\n
participants\u2019 cost of capital and adjusted to re\ufb02ect factors speci\ufb01c to each segment.
\n\n \n
Pre-tax discount rates
2025
2024
Great Britain
12.5%
13.6%
Ireland
9.7%
11.7%
United States
10.7%
11.3%
\n
Long-term growth rates
\n
Cash \ufb02ow projections assume a growth rate of between 2.3% and 3.5% (2024: between
\n
2.5% and 3.0%) from the\u00a0fourth year of the value-in-use model, which re\ufb02ects the impact
\n
of longer-term in\ufb02ation projections on future earnings derived from published market data.
\n
Short-term growth rates
\n
Short-term growth rates range between 3.0% and 10.6% on average.
\n
Sensitivity
\n
The Group assessed the impact of reasonably possible changes in key assumptions and
\n
concluded that there would be no impairment in respect of Great Britain, Ireland and the
\n
United States. The table below indicates the changes that, in isolation, would need to be
\n
made to the key assumptions used in the impairment review to lead to an impairment
\n
being recognised.
\n\n \n
Change required for carrying amount to equal recoverable amount
Headroom \u00a3m
Pre-tax discount rate
Long-term growth rate
Short-term growth rate
Great Britain
109.8
+120bps
(110)bps
(270)bps
Ireland
320.9
+630bps
(650)bps
(1,480)bps
United States
107.8
+210bps
(210)bps
(640)bps
\n
Our modelling also considered the near-term capital costs of the implementation of our
\n
carbon reduction strategy that are included in our \ufb01nancial plans. It is not possible at
\n
present to quantify in full the gross cost of the transition over the longer-term, but where
\n
appropriate, considerations have been made within our cash \ufb02ow projections.
\n
Impact of climate change on impairment testing
\n
Impacts related to climate change and the transition to a lower carbon economy
\n
may include:
\n
physical impacts resulting from increased severity and frequency of extreme weather
\n
events, together with impacts arising from longer-term shifts in climate patterns; and
\n
transitional impacts, including changing demand for the Group\u2019s products due to
\n
shifts\u00a0in policy, regulation (including carbon pricing mechanisms), legal, technological,
\n
market, customer or societal responses to climate change.
\n
The Group\u2019s risk analysis indicates that the physical impacts of climate change are unlikely
\n
to have a signi\ufb01cant impact on our impairment testing, with our operations typically
\n
located in regions that face relatively low physical challenges from climate change.
\n
Our climate-related disclosures are included in our TCFD report on\u00a0pages 88 to 95.
\n
The impact of the transition to a lower carbon economy could be more signi\ufb01cant. Breedon
\n
is committed to net zero by 2050 as well as to the manufacture of cement at our two well-
\n
invested cement plants; however, to achieve net zero will require a signi\ufb01cant reduction in
\n
our carbon emissions.
As set out in more detail in our Sustainability report, we have SBTi validated carbon
reduction targets following the 1.5\u02daC warming pathway. By 2030, we aim to achieve a
23.3%\u00a0reduction in absolute gross scope 1 and 2 GHG emissions, and scope 3 emissions
from purchased cement and clinker from a 2022 base year. Our long-term SBTi target
commits to reducing our absolute gross scope 1, 2 and 3 GHG emissions 95% by 2050
from\u00a0the 2022 base year.
We are taking near-term actions based on existing technologies to move towards this
objective. In addition, the Group is working with governments, industry, academia and
the\u00a0GCCA to explore potential routes to further decarbonisation, including carbon capture
technologies. However these are not yet proven at scale.
The cash \ufb02ows associated with our near-term plans are incorporated into our impairment
testing along with our best estimate of the longer-term impacts associated with the
transition to net zero. However, it is not possible to quantify these accurately and in full,
nor longer-term changes in consumer behaviour or how demand for cement might be
impacted by price increases needed to recover these costs.
In conducting the impairment tests, we have assumed that future cement volumes remain
broadly in line with current levels and that increased costs, including carbon costs and
increased capital investment are recovered through pricing, consistent with our historic
experience, and that no scalable substitute for concrete emerges in the near term. As the
cost of transition to net zero and the consequent impact on end-market demand becomes
clearer along with the e\ufb00ectiveness of government intervention mechanisms such as
CBAM to regulate imports, these judgements will need to be re\ufb01ned and it is possible that
this may result in future impairment charges.
The directors are aware of the evolving risks attached to climate change and will
regularly assess these risks against estimates made in future value-in-use assessments.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "10 Investment in associate and joint ventures
The entities contributing to the Group\u2019s \ufb01nancial results are listed on pages 209 to 211.
The\u00a0Group equity accounts for investments in its associate and joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Associate
Joint ventures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0
At 1 January 2024
5.5
9.0
14.5
Share of pro\ufb01t of associate and joint ventures
1.3
2.2
3.5
Dividends received
(1.8)
(1.2)
(3.0)
At 31 December 2024
5.0
10.0
15.0
Share of pro\ufb01t of associate and joint ventures
2.8
1.3
4.1
Dividends received
(4.1)
(1.1)
(5.2)
Additions
-
1.1
1.1
Acquisitions
\u2013
0.7
0.7
Impairment
-
(1.1)
(1.1)
Translation adjustment
\u2013
0.1
0.1
At 31 December 2025
3.7
11.0
14.7
\n
Summary \ufb01nancial information of associate and joint ventures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Associate
Joint ventures
Associate
Joint ventures
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
21.2
19.5
18.5
15.4
Current assets
57.6
26.3
37.6
19.4
Current liabilities
(56.0)
(24.9)
(35.9)
(22.0)
Non-current liabilities
(3.2)
(2.6)
(5.9)
(1.1)
Net assets
19.6
18.3
14.3
11.7
Revenue
244.6
106.4
199.0
109.9
Pro\ufb01t for the year
7.6
3.0
3.8
4.2
\n
Included within the consolidated results of the Group is the share of pro\ufb01t of the associate
and joint ventures, as presented on the face of the consolidated income statement.Subsidiaries
As at 31 December 2025, the companies listed below and on the following pages are indirectly held by Breedon Group plc except Breedon Midco Limited which is 100% directly owned.
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Aggregate Holdings, LLC
15
100
100
ALBA Tra\ufb03c Management Limited
3
75
75
Alfred McAlpine Slate Penrhyn
Limited
1
100
100
Alliance Recycling (UK) Ltd
1
80
80
Alpha Resource Management Ltd
2
100
100
Barney Precast Limited
1
100
99.4
Berwyn Granite Quarries Limited
1
100
100
Bi-State Emulsions LLC
15
100
100
Blinkbonny Quarry (Borders) Limited
3
100
100
BMC Development of Caseyville, LLC
17
100
100
BMC Development of Columbia, LLC
17
100
100
BMC Development of De\ufb01ance, LLC
15
100
100
BMC Development of Hamel, LLC
17
100
100
BMC Development of Illinois, LLC
15
100
100
BMC Development of Lebanon, LLC
17
100
100
BMC Development of Missouri, Inc
15
100
100
BMC Development of Warrenton, LLC
15
100
100
BMC Development of Wright City, LLC
15
100
100
BMC Development, LLC
15
100
100
BMC Enterprises, Inc
15
100
100
BMC Hauling, Inc
15
100
100
BMC Je\ufb00erson, LLC
15
100
100
BMC Leasing of Illinois, LLC
15
100
100
BMC Leasing of Missouri, Inc
15
100
100
BMC Leasing, LLC
15
100
100
BMC Maintenance, LLC
15
100
100
BMC Management, Inc
15
100
100
BMC Missouri Realty, LLC
15
100
100
BMC Sand, LLC
15
100
100
BMC St Charles, LLC
15
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BMC Stone, LLC
15
100
100
Boyne Bay Lime Company Ltd, The
3
100
100
Breckenridge Je\ufb00erson County, Inc
15
100
100
Breckenridge of Illinois, LLC
15
100
100
Breckenridge O\u2019Fallon, Inc
15
100
100
Breckenridge Material Company
15
100
100
Breedon Aggregates SW Limited
3
100
100
Breedon Bow Highways Limited
1
100
100
Breedon Brick Limited
5
100
100
Breedon Cement Ireland Limited
5
100
100
Breedon Cement Limited
1
100
100
Breedon Employee Services Ireland
Limited
4
100
100
Breedon Facilities Management
Limited
3
100
100
Breedon Group Limited
6
100
100
Breedon Group Services Limited
1
100
100
Breedon Holdings (Jersey) Limited
6
100
100
Breedon Holdings Limited
1
100
100
Breedon Investments UK Limited
1
100
100
Breedon Investments USA Inc
9
100
100
Breedon Materials Limited
4
100
100
Breedon Midco Limited
1
100
100
Breedon Northern Limited
3
100
100
Breedon Properties Limited
1
100
100
Breedon Scotland Limited
3
100
100
Breedon Southern Limited
1
100
100
Breedon Surfacing Solutions Ireland
Limited
4
100
100
Breedon Surfacing Solutions Limited
1
100
100
Breedon Trading Limited
1
100
100
Breedon Whitemountain Ltd
3
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BRH Enterprises, LLC
15
100
100
BRM, LLC
15
100
100
Broome Bros. (Doncaster) Limited
1
100
100
City Asphalt Limited
8
100
80
City Mini Mix (Notts) Limited
1
100
100
Clearwell Quarries Limited
1
100
99.4
Cocklebank Conservations Limited
1
100
100
Cwmorthin Slate Quarry 1994
Company Limited
1
100
100
Deckal Limited
7
100
100
Eastern Missouri Concrete, LLC
15
100
100
Eco-Asphalt Supplies Limited
1
100
100
EJCC Limited
1
100
100
Enneurope Holdings Limited
1
100
100
Enneurope Limited
1
100
100
Flemings\u2019 Fireclays Limited
4
100
100
G&T Investing, LLC
15
100
100
Glencarne Bricks Limited
4
100
100
Glenfarne Clayware Limited
4
100
100
Greenshine
7
100
100
Hart Aggregates Limited
1
100
100
Hope Construction Products Limited
1
100
100
Hope Dormant 1 Limited
1
100
100
Hope Ready Mixed Concrete Limited
1
100
100
Humberside Aggregates Limited
1
100
100
Huntsman\u2019s Quarries Limited
1
100
100
Indian Creek Materials, LLC
15
100
100
Innovative Roadway Solutions, LLC
15
100
100
Interstate Testing Services
15
100
100
Kettering Bituminous Products
Limited
21
100
80
Subsidiaries
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Kilcarn Limited
2
100
100
Kingscourt Bricks Limited
2
100
100
Kingscourt Clay Products Limited
2
100
100
Lagan Airports Limited
2
100
100
Lagan Asphalt (UK) Ltd
2
100
100
Lagan Asphalt Group Limited
2
100
100
Lagan Asphalt Limited
4
100
100
Lagan Bitumen Limited
1
100
100
Lagan Cement Limited
2
100
100
Lagan Cement Products Limited
2
100
100
Lagan Group (Holdings) Limited
7
100
100
Lagan Group Limited
7
100
100
Lagan Hibernian Limited
4
100
100
Lagan Materials Limited
4
100
100
Lagan Whitemountain Limited
2
100
100
Lionmark Construction Companies
LLC
15
100
100
Lionmark Management Services, Inc
15
100
100
Marwyn Materials (UK) Limited
1
100
100
MC Materials, LLC
15
100
100
Midwest Aggregates Limited
5
100
100
Minster Surfacing Limited
1
80
80
Mulholland Bros (Brick and Sand)
Limited
2
99.9
99.9
Natural Building Materials Limited
1
99.4
99.4
Nith Aggregates Limited
1
100
100
Nottingham Ready Mix Limited
1
100
100
Ozark Building Materials, LLC
15
100
100
Pace Construction Company LLC
15
100
100
Phoenix Surfacing Limited
21
80
80
Pile\u2019s Concrete, LLC
16
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Pinnacle Construction Materials
Limited
1
100
100
Politte Ready Mix, LLC
15
100
100
Pro Mini Mix Concrete, Mortars and
Screeds Limited
1
100
100
Raineri Building Materials, LLC
15
100
100
RMC, LLC
15
100
100
Roadmix Limited
2
100
100
Roadway Civil Engineering &
Surfacing Ltd
1
100
100
Robinson Quarry Masters Limited
2
100
100
RT Mycock & Sons Limited
1
100
100
SCP Holdings, LLC
15
100
100
Severn Sands (Holdings) Limited
1
100
100
Severn Sands Limited
1
100
100
Sherburn Cement Limited
1
100
100
Sherburn Minerals Limited
1
100
100
Sherburn Sand Company Limited
1
100
100
Sherburn Stone Company Limited
1
100
100
SMRM Holdings, LLC
15
100
100
Sta\ufb00s Concrete Limited
1
100
100
Stewart Concrete Products, LLC
15
100
100
The Cwt-Y-Bugail Slate Quarries
Limited
1
100
100
The Waveney Asphalt Company
Limited
1
100
100
Thomas Bow Limited
8
80
80
Tipperary Asphalt Limited
4
100
100
Titan Truck & Equipment Company,
LLC
15
100
100
Tor Multimix Limited
1
100
100
UK Stone Direct Limited
1
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Welsh Slate Limited
1
100
100
West Plains Bridge & Grading LLC
15
100
100
Whitemountain Quarries Ltd
2
100
100
Associate and joint ventures
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BEAR Scotland Limited
14
37.5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
Fruitland Asphalt LLC
22
30
30
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport)
Limited
1
100
50
Kilwex Lagan Joint Venture Limited
23
50
50
Kingscourt Country Manor Brick
Company Limited
11
50
50
Lough Neagh Sand Traders Limited
20
25
25
Northern Quarry Products Limited
12
50
50
Peak Cluster Limited
24
14.4
14.4
Priority Lagan Joint Venture Limited
25
50
50
PSV (UK) Ltd
1
100
50
Rolla Ready Mix, LLC
18
50
50
RRM Real Estate Partnership
19
50
50
Welsh Slate Europe B.V.
13
50
50
Subsidiaries
Registered o\ufb03ce addresses
\n \n
1
Pinnacle House, Breedon Quarry, Breedon on the Hill, Derby, DE73 8AP, England
2
5 Blackwater Road, Newtownabbey, BT36 4TZ, Northern Ireland
3
Ethiebeaton Quarry, Kingennie, Moni\ufb01eth, Angus, DD5 3RB, Scotland
4
Rosemount Business Park, Ballycoolin Road, Dublin 11, Ireland
5
Killaskillen, Kinnegad, Westmeath, Ireland
6
28 Esplanade, St Helier, JE2 3QA, Jersey
7
Bank Chambers, 15-19 Athol Street, Douglas, IM1 1LB, Isle of Man
8
Ashbow Court, 4-12 Middleton Street, Lenton, Nottingham, NG7 2AL, England
9
1209 Orange Street, City of Wilmington, New Castle County, DE 19801, United States
10
Robert Brett House, Ashford Road, Canterbury, Kent, CT4 7PP, England
11
Unit 26 Airways Industrial Estate, Dublin 17, Santry, D17 TH93, Ireland
12
Rigifa, Cove, Aberdeen, AB12 3LR, Scotland
13
Battenweg 10, 6051AD Maasbracht, The Netherlands
14
BEAR House, Inveralmond Road, Inveralmond Industrial Estate, Perth, PH1 3TW, Scotland
15
406 N Main St, Ste B, Rolla, MO 65401-3154, United States
16
850 New Burton Road, Suite 201, Dover, Kent, DE 19904, United States
17
600 S. 2nd St., Suite 404, Spring\ufb01eld, IL 62704, United States
18
8112 Maryland Ave, Suite 320, Saint Louis, MO 63105, United States
19
County Road 3060, Rolla, MO, United States
20
Murray House, Murray Street, Belfast, Antrim, BT1 6DN, Northern Ireland
21
12 Henson Close, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8PZ, England
22
12132 Highway CC, Festus, MO 63028, United States
23
Pacelli House, Pacelli Road, Naas, Kildare, Ireland
24
38f Swan House, Bonds Mill, Bristol Road, Stonehouse, Gloucestershire, GL10 3RF, England
25
162 Clontarf Road, Dublin 3, Ireland
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "10 Investment in associate and joint ventures
The entities contributing to the Group\u2019s \ufb01nancial results are listed on pages 209 to 211.
The\u00a0Group equity accounts for investments in its associate and joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Associate
Joint ventures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0
At 1 January 2024
5.5
9.0
14.5
Share of pro\ufb01t of associate and joint ventures
1.3
2.2
3.5
Dividends received
(1.8)
(1.2)
(3.0)
At 31 December 2024
5.0
10.0
15.0
Share of pro\ufb01t of associate and joint ventures
2.8
1.3
4.1
Dividends received
(4.1)
(1.1)
(5.2)
Additions
-
1.1
1.1
Acquisitions
\u2013
0.7
0.7
Impairment
-
(1.1)
(1.1)
Translation adjustment
\u2013
0.1
0.1
At 31 December 2025
3.7
11.0
14.7
\n
Summary \ufb01nancial information of associate and joint ventures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Associate
Joint ventures
Associate
Joint ventures
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
21.2
19.5
18.5
15.4
Current assets
57.6
26.3
37.6
19.4
Current liabilities
(56.0)
(24.9)
(35.9)
(22.0)
Non-current liabilities
(3.2)
(2.6)
(5.9)
(1.1)
Net assets
19.6
18.3
14.3
11.7
Revenue
244.6
106.4
199.0
109.9
Pro\ufb01t for the year
7.6
3.0
3.8
4.2
\n
Included within the consolidated results of the Group is the share of pro\ufb01t of the associate
and joint ventures, as presented on the face of the consolidated income statement.Associate and joint ventures \n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BEAR Scotland Limited
14
37.5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
Fruitland Asphalt LLC
22
30
30
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport)
Limited
1
100
50
Kilwex Lagan Joint Venture Limited
23
50
50
Kingscourt Country Manor Brick
Company Limited
11
50
50
Lough Neagh Sand Traders Limited
20
25
25
Northern Quarry Products Limited
12
50
50
Peak Cluster Limited
24
14.4
14.4
Priority Lagan Joint Venture Limited
25
50
50
PSV (UK) Ltd
1
100
50
Rolla Ready Mix, LLC
18
50
50
RRM Real Estate Partnership
19
50
50
Welsh Slate Europe B.V.
13
50
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "10 Investment in associate and joint ventures
The entities contributing to the Group\u2019s \ufb01nancial results are listed on pages 209 to 211.
The\u00a0Group equity accounts for investments in its associate and joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Associate
Joint ventures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0
At 1 January 2024
5.5
9.0
14.5
Share of pro\ufb01t of associate and joint ventures
1.3
2.2
3.5
Dividends received
(1.8)
(1.2)
(3.0)
At 31 December 2024
5.0
10.0
15.0
Share of pro\ufb01t of associate and joint ventures
2.8
1.3
4.1
Dividends received
(4.1)
(1.1)
(5.2)
Additions
-
1.1
1.1
Acquisitions
\u2013
0.7
0.7
Impairment
-
(1.1)
(1.1)
Translation adjustment
\u2013
0.1
0.1
At 31 December 2025
3.7
11.0
14.7
\n
Summary \ufb01nancial information of associate and joint ventures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Associate
Joint ventures
Associate
Joint ventures
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
21.2
19.5
18.5
15.4
Current assets
57.6
26.3
37.6
19.4
Current liabilities
(56.0)
(24.9)
(35.9)
(22.0)
Non-current liabilities
(3.2)
(2.6)
(5.9)
(1.1)
Net assets
19.6
18.3
14.3
11.7
Revenue
244.6
106.4
199.0
109.9
Pro\ufb01t for the year
7.6
3.0
3.8
4.2
\n
Included within the consolidated results of the Group is the share of pro\ufb01t of the associate
and joint ventures, as presented on the face of the consolidated income statement.Associate and joint ventures \n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BEAR Scotland Limited
14
37.5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
Fruitland Asphalt LLC
22
30
30
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport)
Limited
1
100
50
Kilwex Lagan Joint Venture Limited
23
50
50
Kingscourt Country Manor Brick
Company Limited
11
50
50
Lough Neagh Sand Traders Limited
20
25
25
Northern Quarry Products Limited
12
50
50
Peak Cluster Limited
24
14.4
14.4
Priority Lagan Joint Venture Limited
25
50
50
PSV (UK) Ltd
1
100
50
Rolla Ready Mix, LLC
18
50
50
RRM Real Estate Partnership
19
50
50
Welsh Slate Europe B.V.
13
50
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "10 Investment in associate and joint ventures
The entities contributing to the Group\u2019s \ufb01nancial results are listed on pages 209 to 211.
The\u00a0Group equity accounts for investments in its associate and joint ventures.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Associate
Joint ventures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0
At 1 January 2024
5.5
9.0
14.5
Share of pro\ufb01t of associate and joint ventures
1.3
2.2
3.5
Dividends received
(1.8)
(1.2)
(3.0)
At 31 December 2024
5.0
10.0
15.0
Share of pro\ufb01t of associate and joint ventures
2.8
1.3
4.1
Dividends received
(4.1)
(1.1)
(5.2)
Additions
-
1.1
1.1
Acquisitions
\u2013
0.7
0.7
Impairment
-
(1.1)
(1.1)
Translation adjustment
\u2013
0.1
0.1
At 31 December 2025
3.7
11.0
14.7
\n
Summary \ufb01nancial information of associate and joint ventures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Associate
Joint ventures
Associate
Joint ventures
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
21.2
19.5
18.5
15.4
Current assets
57.6
26.3
37.6
19.4
Current liabilities
(56.0)
(24.9)
(35.9)
(22.0)
Non-current liabilities
(3.2)
(2.6)
(5.9)
(1.1)
Net assets
19.6
18.3
14.3
11.7
Revenue
244.6
106.4
199.0
109.9
Pro\ufb01t for the year
7.6
3.0
3.8
4.2
\n
Included within the consolidated results of the Group is the share of pro\ufb01t of the associate
and joint ventures, as presented on the face of the consolidated income statement.Associate and joint ventures \n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BEAR Scotland Limited
14
37.5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
Fruitland Asphalt LLC
22
30
30
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport)
Limited
1
100
50
Kilwex Lagan Joint Venture Limited
23
50
50
Kingscourt Country Manor Brick
Company Limited
11
50
50
Lough Neagh Sand Traders Limited
20
25
25
Northern Quarry Products Limited
12
50
50
Peak Cluster Limited
24
14.4
14.4
Priority Lagan Joint Venture Limited
25
50
50
PSV (UK) Ltd
1
100
50
Rolla Ready Mix, LLC
18
50
50
RRM Real Estate Partnership
19
50
50
Welsh Slate Europe B.V.
13
50
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "11
Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2025
(note 25)
in income
in equity
adjustments
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(124.7)
(1.5)
(13.3)
\u2013
(0.1)
(139.6)
Intangible assets
(10.7)
(0.2)
3.6
\u2013
\u2013
(7.3)
Tax losses
6.3
\u2013
11.1
\u2013
\u2013
17.4
Share-based payments
1.8
\u2013
(0.5)
(0.2)
\u2013
1.1
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
23.1
0.5
0.5
\u2013
(0.1)
24.0
Derivatives
\u2013
\u2013
\u2013
1.5
\u2013
1.5
\u00a0
(104.2)
(1.2)
1.4
1.3
(0.2)
(102.9)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1 January
Acquisitions
Recognised
Recognised
Translation
31 December
\u00a0
2024
(note 25)
in income
in equity
adjustments
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0equipment
(103.3)
(6.3)
(15.7)
\u2013
0.6
(124.7)
Intangible assets
(9.9)
0.2
(1.2)
\u2013
0.2
(10.7)
Tax losses
0.7
\u2013
6.2
\u2013
(0.6)
6.3
Share-based payments
0.9
\u2013
0.6
0.3
\u2013
1.8
Working capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and\u00a0provisions
19.6
\u2013
3.4
\u2013
0.1
23.1
\u00a0
(92.0)
(6.1)
(6.7)
0.3
0.3
(104.2)
\n
There are no unrecognised deferred tax assets or liabilities.
Tax losses of \u00a311.1m relate to deferred tax assets, driven by 100% bonus depreciation arising
in the US.15
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
144.2
151.7
Amounts due to associate and joint ventures (note 22)
0.2
\u2013
Contract liabilities
11.5
11.5
Deferred and contingent consideration
8.1
6.4
Derivative liabilities
6.6
\u2013
Other payables and accrued expenses
94.0
91.4
Other taxation and social security
21.3
22.6
\u00a0
285.9
283.6
\n
The nature of contract liabilities has not changed signi\ufb01cantly during the reporting period.
Brought forward contract liabilities of \u00a311.5m have all been recognised in revenue during
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "12 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Raw materials and consumables
61.7
59.5
Work in progress
11.0
11.2
Finished goods and goods for resale
54.4
65.0
\u00a0
127.1
135.7
\n
Inventories (being directly attributable costs of production) of \u00a31,113.8m (2024: \u00a3982.7m)
have been expensed in the year.
Emission Trading Scheme assets are presented within \ufb01nished goods and goods for resale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "13
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
197.0
198.3
Amounts due from associate and joint ventures (note 22)
4.5
2.4
Derivative assets
\u2013
0.3
Contract assets
22.6
17.4
Other receivables and prepayments
42.7
42.6
\u00a0
266.8
261.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0\u00a0
Current
263.4
261.0
Non-current
3.4
\u2013
\u00a0
266.8
261.0
\nThe nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "13
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
197.0
198.3
Amounts due from associate and joint ventures (note 22)
4.5
2.4
Derivative assets
\u2013
0.3
Contract assets
22.6
17.4
Other receivables and prepayments
42.7
42.6
\u00a0
266.8
261.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0\u00a0
Current
263.4
261.0
Non-current
3.4
\u2013
\u00a0
266.8
261.0
\nThe nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "13
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
197.0
198.3
Amounts due from associate and joint ventures (note 22)
4.5
2.4
Derivative assets
\u2013
0.3
Contract assets
22.6
17.4
Other receivables and prepayments
42.7
42.6
\u00a0
266.8
261.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0\u00a0
Current
263.4
261.0
Non-current
3.4
\u2013
\u00a0
266.8
261.0
\nThe nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "13
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
197.0
198.3
Amounts due from associate and joint ventures (note 22)
4.5
2.4
Derivative assets
\u2013
0.3
Contract assets
22.6
17.4
Other receivables and prepayments
42.7
42.6
\u00a0
266.8
261.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0\u00a0
Current
263.4
261.0
Non-current
3.4
\u2013
\u00a0
266.8
261.0
\nThe nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "13
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
197.0
198.3
Amounts due from associate and joint ventures (note 22)
4.5
2.4
Derivative assets
\u2013
0.3
Contract assets
22.6
17.4
Other receivables and prepayments
42.7
42.6
\u00a0
266.8
261.0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0\u00a0
Current
263.4
261.0
Non-current
3.4
\u2013
\u00a0
266.8
261.0
\nThe nature of contract assets has not changed materially during the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "14
Interest-bearing loans and borrowings
Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
115.5
70.0
Current borrowings
(49.1)
(49.8)
Non-current borrowings
(593.7)
(425.5)
Net Debt
(527.3)
(405.3)
IFRS 16 lease liabilities
46.2
48.7
Net Debt (excluding IFRS 16 lease liabilities)
(481.1)
(356.6)
\n
Analysis of borrowings between current and non-current
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Bank overdrafts
43.9
41.1
Lease liabilities
5.2
8.7
Current borrowings
49.1
49.8
Bank and USPP debt
552.7
385.5
Lease liabilities
41.0
40.0
Non-current borrowings
593.7
425.5
\n
1
Refer to note 29 for details of the restatement.
During the year, the Group issued \u20ac95m of additional notes under the Group\u2019s USPP
programme. The notes have a maturity pro\ufb01le of between 2030 and 2032, with a \ufb01xed
interest rate of approximately 4%.
The initial USPP was issued in 2021 with an average \ufb01xed coupon of approximately 2% and
comprises \u00a3170m denominated in Sterling and \u20ac94m denominated in Euro with a maturity
pro\ufb01le between 2028 and 2036.
Interest on the RCF is calculated as a margin referenced to the Group\u2019s Covenant Leverage
plus SONIA, SOFR or EURIBOR according to the currency of borrowing. Margins payable
on the RCF in the period were between 1.65% and 1.95%.
Debt arrangement fees associated with the extension of the RCF amounted to \u00a30.9m
and will be amortised over the remaining life of the facility.
During the prior year, prepaid fees of \u00a31.3m in relation to the old RCF facility were expensed
to the income statement as a non-underlying interest expense.
Borrowing facilities are subject to leverage and interest cover covenants which are
tested half-yearly. The Group remained fully compliant with all covenants during the year.
For more details, refer to note 27.
Reconciliation of cash \ufb02ow movement to movement in Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
For the year ended 31 December
\u00a0 \u00a0
Net increase/(decrease) in cash and cash equivalents
43.0
(97.5)
Foreign exchange di\ufb00erences \u2013 cash and cash equivalents
(0.3)
(0.5)
Net movement in cash and cash equivalents
42.7
(98.0)
Net cash \ufb02ow movements in debt \ufb01nancing
(132.6)
(44.0)
Non-cash movements
\u00a0 \u00a0
Net of lease additions and disposals
(7.3)
(8.6)
Amortisation of loan arrangement fee
(0.8)
(2.2)
Debt acquired via acquisitions (note 25)
(22.7)
(87.8)
Foreign exchange di\ufb00erences \u2013 interest-bearing loans and borrowings
(1.3)
5.2
Increase in Net Debt in the year
(122.0)
(235.4)
Net Debt as at 1 January
(405.3)
(169.9)
Net Debt as at 31 December
(527.3)
(405.3)
\n19
Financial instruments
The Group has the following \ufb01nancial assets and liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0
Non-
\u00a0
\u00a0 \u00a0
\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
266.8
15.4
251.4
Cash and cash equivalents
115.5
\u2013
115.5
Total \ufb01nancial assets
382.3
15.4
366.9
Financial liabilities
\u00a0 \u00a0 \u00a0
Borrowings
(596.6)
2.9
(599.5)
Lease liabilities
(46.2)
\u2013
(46.2)
Trade and other payables
(285.9)
(32.5)
(253.4)
Total \ufb01nancial liabilities
(928.7)
(29.6)
(899.1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024 Restated
1
\u00a0
\u00a0\u00a0
Non-\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0
Trade and other receivables
261.0
13.9
247.1
Cash and cash equivalents
70.0
\u2013
70.0
Total \ufb01nancial assets
331.0
13.9
317.1
Financial liabilities
\u00a0\u00a0\u00a0
Borrowings
(426.6)
2.8
(429.4)
Lease liabilities
(48.7)
\u2013
(48.7)
Trade and other payables
(283.6)
(34.1)
(249.5)
Total \ufb01nancial liabilities
(758.9)
(31.3)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
The Group has exposure to the following risks from its use of \ufb01nancial instruments:
Credit risk
Foreign exchange risk
Liquidity risk
Interest rate risk
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial
instrument fails to meet their contractual obligations. Credit risk arises principally from
the Group\u2019s cash and cash equivalents held with \ufb01nancial counterparties and the Group\u2019s
receivables due from customers.
Management has a credit policy in place and exposure to credit risk is monitored on an
ongoing basis. At the reporting date there were no signi\ufb01cant concentrations of customer
credit risk.
Credit risk associated with cash balances is managed and limited by transacting with
\ufb01nancial institutions with high-quality credit ratings.
Exposure to credit risk
The carrying amount of \ufb01nancial assets at the reporting date represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Trade and other receivables
251.4
247.1
Cash and cash equivalents
115.5
70.0
\u00a0
366.9
317.1
\n
1
Refer to note 29 for details of the restatement.
The maximum exposure to credit risk for trade and other receivables by reportable
segment was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
161.9
160.3
Ireland
45.0
48.9
United States
44.3
37.5
Central administration
0.2
0.4
\u00a0
251.4
247.1
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
Management considers that the credit quality of the various receivables is good in respect
of the amounts outstanding. The Group has no individually signi\ufb01cant customers and the
majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to
cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject
to\u00a0an aggregate \ufb01rst loss. The Group has fully provided for all its doubtful debt exposure.
The remaining credit risk is therefore considered to be low. Balances are only written o\ufb00
when the Group has exhausted all options to recover the amounts receivable.
The ageing of trade and other receivables at the reporting date was:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Gross
Impairment
Net
Gross
Impairment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
219.1
(2.8)
216.3
218.9
(3.9)
215.0
Past due
0-30 days
24.5
(0.6)
23.9
19.1
(0.6)
18.5
Past due
31-60 days
5.5
(0.3)
5.2
9.3
(0.7)
8.6
Past due more
than 60 days
9.5
(3.5)
6.0
8.4
(3.4)
5.0
258.6
(7.2)
251.4
255.7
(8.6)
247.1
\n
Provisions for impairment of trade and other receivables are calculated on a lifetime
expected loss model in line with IFRS 9 Financial Instruments. The key inputs in determining
the level of provision are the historical level of bad debts experienced by the Group and
ageing of outstanding amounts. Movements during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
8.6
6.9
Charged to the consolidated income statement during the year
2.2
3.5
Business combination
0.4
1.0
Utilised during the year
(2.2)
(1.7)
Unused amounts released
(1.8)
(1.1)
At 31 December
7.2
8.6
\n
Foreign exchange risk
Transactional
The Group has limited transactional currency exposures arising on sales and purchases made
in currencies other than the functional currency of the entity making the sale or purchase.
Signi\ufb01cant exposures which are deemed at least highly probable are matched where possible.
Translation
The Group has signi\ufb01cant net assets denominated in Euro and US Dollars. The translation of
these balances into Sterling for reporting purposes exposes the Group to foreign exchange
movements in the consolidated statement of \ufb01nancial position and consolidated income
statement, along with a corresponding impact on certain key performance indicators.
The\u00a0Group\u2019s strategy is to mitigate this risk through utilising Euro and US Dollar borrowings
as a hedge against movements in the Sterling value of Euro and US Dollar investments.
The level of this hedge is currently managed with the objective of mitigating the impact
of\u00a0foreign exchange movements on Covenant Leverage.
Currency analysis and exchange rate sensitivity
Foreign currency \ufb01nancial assets and liabilities, translated into Sterling at the closing rate,
are as follows:
\u00a0
2025
2024 Restated
1
\u00a0
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
177.6
29.7
44.1
251.4
181.1
28.5
37.5
247.1
Cash and cash
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equivalents
69.8
18.2
27.5
115.5
44.5
23.9
1.6
70.0
Total \ufb01nancial assets
247.4
47.9
71.6
366.9
225.6
52.4
39.1
317.1
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
(208.4)
(257.5)
(133.6)
(599.5)
(208.6)
(169.0)
(51.8)
(429.4)
Lease liabilities
(44.6)
(0.7)
(0.9)
(46.2)
(47.3)
\u2013
(1.4)
(48.7)
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
(202.9)
(34.8)
(15.7)
(253.4)
(204.9)
(33.3)
(11.3)
(249.5)
Total \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
(455.9)
(293.0)
(150.2)
(899.1)
(460.8)
(202.3)
(64.5)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on pro\ufb01t before taxation \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(1.6)
0.7
1.9
1.1
10% depreciation in foreign currency
1.3
(0.6)
(1.3)
(0.9)
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on other comprehensive income \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(27.2)
(8.7)
(16.7)
(2.8)
10% depreciation in foreign currency
22.3
7.2
13.6
2.3
\n
Signi\ufb01cant exchange rates
The following signi\ufb01cant exchange rates applied during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
2024
\u00a0
\u00a0
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/Euro
1.17
1.15
1.18
1.21
Sterling/US Dollar
1.32
1.35
1.29
1.26
\n
Liquidity risk
Liquidity risk is the risk that the Group does not have su\ufb03cient \ufb01nancial resources to meet
obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and
cash \ufb02ows and negotiating appropriate bank facilities. The Group uses term and revolving
bank facilities and su\ufb03cient headroom is maintained above peak requirements to meet
unforeseen events.
The following are the contractual maturities of \ufb01nancial liabilities, including estimated
interest payments, assuming the current utilisation remains until the contract matures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
38.4
38.4
38.4
\u2013
\u2013
\u2013 Euro
5.5
5.5
5.5
\u2013
\u2013
Revolving Credit Facility
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
\u2013
4.3
1.2
3.1
\u2013
\u2013 Euro
87.2
99.0
3.3
95.7
\u2013
\u2013 US Dollar
133.6
164.0
8.6
155.4
\u2013
USPP loan notes
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
170.0
199.6
3.9
39.8
155.9
\u2013 Euro
164.8
187.9
4.2
86.8
96.9
Lease liabilities
46.2
67.9
7.2
23.1
37.6
Trade and other payables
253.4
253.4
253.4
\u2013
\u2013
\u00a0
899.1
1,020.0
325.7
403.9
290.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2024 Restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
28.6
28.6
28.6
\u2013
\u2013
\u2013 Euro
12.5
12.5
12.5
\u2013
\u2013
Revolving Credit Facility
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
10.0
18.0
2.2
15.8
\u2013
\u2013 Euro
78.6
92.6
3.9
88.7
\u2013
\u2013 US Dollar
51.8
63.7
3.3
60.4
\u2013
USPP loan notes
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
170.0
203.6
4.0
40.3
159.3
\u2013 Euro
77.9
83.2
0.9
42.3
40.0
Lease liabilities
48.7
74.9
9.0
23.3
42.6
Trade and other payables
249.5
249.5
249.5
\u2013
\u2013
\u00a0
727.6
826.6
313.9
270.8
241.9
\n
1
Refer to note 29 for details of the restatement.
Interest rate risk
The Group borrows at \ufb02oating and \ufb01xed interest rates. At the reporting date the interest
rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Fixed rate instruments
\u00a0\u00a0
Financial liabilities
(381.0)
(296.6)
Variable rate instruments
\u00a0\u00a0
Financial assets
115.5
70.0
Financial liabilities
(264.7)
(181.5)
\n
1
Refer to note 29 for details of the restatement.
Fair value sensitivity analysis for \ufb01xed rate instruments
The Group does not account for any \ufb01xed rate \ufb01nancial assets and liabilities at fair value
through pro\ufb01t or loss. Therefore, a change in interest rates at the reporting date would not
a\ufb00ect pro\ufb01t or loss.
Cash \ufb02ow sensitivity analysis for variable rate instruments
As at 31 December 2025, drawn borrowings on the USPP are \ufb01xed rate and are not exposed
to interest rate \ufb02uctuations. The RCF is subject to variable interest rates. An\u00a0increase of 100
basis points in interest rates in respect of variable rate instruments at the reporting date
values would decrease pro\ufb01t for the year by \u00a32.2m (2024: decrease of \u00a31.5m). A decrease
of 100 basis points would increase pro\ufb01t for the year by \u00a32.2m (2024:\u00a0increase of \u00a31.5m).
These analyses assume that all other variables remain constant.
Fair values versus carrying amounts
The directors consider that the carrying amounts recorded in the \ufb01nancial information
in\u00a0respect of \ufb01nancial assets and liabilities, which are carried at amortised cost, approximate
to their fair values with the exception of the \u00a3334.8m of USPP loan note liabilities which
have an estimated fair value of \u00a3287.8m, valued as Level 3 according to the de\ufb01nitions
below. Derivative \ufb01nancial assets and liabilities are carried at fair value. The di\ufb00erent levels
are de\ufb01ned as follows:
Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable
for\u00a0the asset or liability, either as a direct price or indirectly derived from prices; and
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The fair values of the derivative \ufb01nancial assets and liabilities are based on bank valuations.
Capital management
The Board\u2019s capital management policy is to maintain a strong balance sheet, providing
\ufb02exibility to pursue growth opportunities. The Board seeks to maintain a balance
between the higher returns that might be possible with higher levels of borrowing and
the advantages and security a\ufb00orded by a sound capital position.
In maintaining the Group\u2019s capital structure in line with these principles, the Board may
choose to adjust amounts paid as dividends to shareholders, issue new equity or dispose
of\u00a0assets as required.
The \ufb01nancial covenants associated with the Group\u2019s borrowings are a maximum leverage
ratio and a minimum interest cover. Covenants are tested half-yearly and the Group
remained compliant during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "14
Interest-bearing loans and borrowings
Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
115.5
70.0
Current borrowings
(49.1)
(49.8)
Non-current borrowings
(593.7)
(425.5)
Net Debt
(527.3)
(405.3)
IFRS 16 lease liabilities
46.2
48.7
Net Debt (excluding IFRS 16 lease liabilities)
(481.1)
(356.6)
\n
Analysis of borrowings between current and non-current
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Bank overdrafts
43.9
41.1
Lease liabilities
5.2
8.7
Current borrowings
49.1
49.8
Bank and USPP debt
552.7
385.5
Lease liabilities
41.0
40.0
Non-current borrowings
593.7
425.5
\n
1
Refer to note 29 for details of the restatement.
During the year, the Group issued \u20ac95m of additional notes under the Group\u2019s USPP
programme. The notes have a maturity pro\ufb01le of between 2030 and 2032, with a \ufb01xed
interest rate of approximately 4%.
The initial USPP was issued in 2021 with an average \ufb01xed coupon of approximately 2% and
comprises \u00a3170m denominated in Sterling and \u20ac94m denominated in Euro with a maturity
pro\ufb01le between 2028 and 2036.
Interest on the RCF is calculated as a margin referenced to the Group\u2019s Covenant Leverage
plus SONIA, SOFR or EURIBOR according to the currency of borrowing. Margins payable
on the RCF in the period were between 1.65% and 1.95%.
Debt arrangement fees associated with the extension of the RCF amounted to \u00a30.9m
and will be amortised over the remaining life of the facility.
During the prior year, prepaid fees of \u00a31.3m in relation to the old RCF facility were expensed
to the income statement as a non-underlying interest expense.
Borrowing facilities are subject to leverage and interest cover covenants which are
tested half-yearly. The Group remained fully compliant with all covenants during the year.
For more details, refer to note 27.
Reconciliation of cash \ufb02ow movement to movement in Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
For the year ended 31 December
\u00a0 \u00a0
Net increase/(decrease) in cash and cash equivalents
43.0
(97.5)
Foreign exchange di\ufb00erences \u2013 cash and cash equivalents
(0.3)
(0.5)
Net movement in cash and cash equivalents
42.7
(98.0)
Net cash \ufb02ow movements in debt \ufb01nancing
(132.6)
(44.0)
Non-cash movements
\u00a0 \u00a0
Net of lease additions and disposals
(7.3)
(8.6)
Amortisation of loan arrangement fee
(0.8)
(2.2)
Debt acquired via acquisitions (note 25)
(22.7)
(87.8)
Foreign exchange di\ufb00erences \u2013 interest-bearing loans and borrowings
(1.3)
5.2
Increase in Net Debt in the year
(122.0)
(235.4)
Net Debt as at 1 January
(405.3)
(169.9)
Net Debt as at 31 December
(527.3)
(405.3)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "Net Debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
115.5
70.0
Current borrowings
(49.1)
(49.8)
Non-current borrowings
(593.7)
(425.5)
Net Debt
(527.3)
(405.3)
IFRS 16 lease liabilities
46.2
48.7
Net Debt (excluding IFRS 16 lease liabilities)
(481.1)
(356.6)
\n
Analysis of borrowings between current and non-current
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Bank overdrafts
43.9
41.1
Lease liabilities
5.2
8.7
Current borrowings
49.1
49.8
Bank and USPP debt
552.7
385.5
Lease liabilities
41.0
40.0
Non-current borrowings
593.7
425.5
\n
1
Refer to note 29 for details of the restatement.
During the year, the Group issued \u20ac95m of additional notes under the Group\u2019s USPP
programme. The notes have a maturity pro\ufb01le of between 2030 and 2032, with a \ufb01xed
interest rate of approximately 4%.
The initial USPP was issued in 2021 with an average \ufb01xed coupon of approximately 2% and
comprises \u00a3170m denominated in Sterling and \u20ac94m denominated in Euro with a maturity
pro\ufb01le between 2028 and 2036.
Interest on the RCF is calculated as a margin referenced to the Group\u2019s Covenant Leverage
plus SONIA, SOFR or EURIBOR according to the currency of borrowing. Margins payable
on the RCF in the period were between 1.65% and 1.95%.
Debt arrangement fees associated with the extension of the RCF amounted to \u00a30.9m
and will be amortised over the remaining life of the facility.
During the prior year, prepaid fees of \u00a31.3m in relation to the old RCF facility were expensed
to the income statement as a non-underlying interest expense.
Borrowing facilities are subject to leverage and interest cover covenants which are
tested half-yearly. The Group remained fully compliant with all covenants during the year.
For more details, refer to note 27.
Reconciliation of cash \ufb02ow movement to movement in Net Debt
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
For the year ended 31 December
\u00a0 \u00a0
Net increase/(decrease) in cash and cash equivalents
43.0
(97.5)
Foreign exchange di\ufb00erences \u2013 cash and cash equivalents
(0.3)
(0.5)
Net movement in cash and cash equivalents
42.7
(98.0)
Net cash \ufb02ow movements in debt \ufb01nancing
(132.6)
(44.0)
Non-cash movements
\u00a0 \u00a0
Net of lease additions and disposals
(7.3)
(8.6)
Amortisation of loan arrangement fee
(0.8)
(2.2)
Debt acquired via acquisitions (note 25)
(22.7)
(87.8)
Foreign exchange di\ufb00erences \u2013 interest-bearing loans and borrowings
(1.3)
5.2
Increase in Net Debt in the year
(122.0)
(235.4)
Net Debt as at 1 January
(405.3)
(169.9)
Net Debt as at 31 December
(527.3)
(405.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Reconciliation of cash \ufb02ow movement to movement in Net Debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
For the year ended 31 December
\u00a0 \u00a0
Net increase/(decrease) in cash and cash equivalents
43.0
(97.5)
Foreign exchange di\ufb00erences \u2013 cash and cash equivalents
(0.3)
(0.5)
Net movement in cash and cash equivalents
42.7
(98.0)
Net cash \ufb02ow movements in debt \ufb01nancing
(132.6)
(44.0)
Non-cash movements
\u00a0 \u00a0
Net of lease additions and disposals
(7.3)
(8.6)
Amortisation of loan arrangement fee
(0.8)
(2.2)
Debt acquired via acquisitions (note 25)
(22.7)
(87.8)
Foreign exchange di\ufb00erences \u2013 interest-bearing loans and borrowings
(1.3)
5.2
Increase in Net Debt in the year
(122.0)
(235.4)
Net Debt as at 1 January
(405.3)
(169.9)
Net Debt as at 31 December
(527.3)
(405.3)
Cash \ufb02ow
The cash \ufb02ow impact of acquisitions in the year can be summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Consideration \u2013 cash
162.7
Cash and cash equivalents acquired
(2.8)
Net cash consideration shown in the consolidated statement of cash \ufb02ows
159.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "15
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
144.2
151.7
Amounts due to associate and joint ventures (note 22)
0.2
\u2013
Contract liabilities
11.5
11.5
Deferred and contingent consideration
8.1
6.4
Derivative liabilities
6.6
\u2013
Other payables and accrued expenses
94.0
91.4
Other taxation and social security
21.3
22.6
\u00a0
285.9
283.6
\n
The nature of contract liabilities has not changed signi\ufb01cantly during the reporting period.
Brought forward contract liabilities of \u00a311.5m have all been recognised in revenue during
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "15
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
144.2
151.7
Amounts due to associate and joint ventures (note 22)
0.2
\u2013
Contract liabilities
11.5
11.5
Deferred and contingent consideration
8.1
6.4
Derivative liabilities
6.6
\u2013
Other payables and accrued expenses
94.0
91.4
Other taxation and social security
21.3
22.6
\u00a0
285.9
283.6
\n
The nature of contract liabilities has not changed signi\ufb01cantly during the reporting period.
Brought forward contract liabilities of \u00a311.5m have all been recognised in revenue during
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "15
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
144.2
151.7
Amounts due to associate and joint ventures (note 22)
0.2
\u2013
Contract liabilities
11.5
11.5
Deferred and contingent consideration
8.1
6.4
Derivative liabilities
6.6
\u2013
Other payables and accrued expenses
94.0
91.4
Other taxation and social security
21.3
22.6
\u00a0
285.9
283.6
\n
The nature of contract liabilities has not changed signi\ufb01cantly during the reporting period.
Brought forward contract liabilities of \u00a311.5m have all been recognised in revenue during
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "15
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
144.2
151.7
Amounts due to associate and joint ventures (note 22)
0.2
\u2013
Contract liabilities
11.5
11.5
Deferred and contingent consideration
8.1
6.4
Derivative liabilities
6.6
\u2013
Other payables and accrued expenses
94.0
91.4
Other taxation and social security
21.3
22.6
\u00a0
285.9
283.6
\n
The nature of contract liabilities has not changed signi\ufb01cantly during the reporting period.
Brought forward contract liabilities of \u00a311.5m have all been recognised in revenue during
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "16 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Restoration
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
91.3
3.3
94.6
Translation adjustment
(0.4)
\u2013
(0.4)
Utilised during the year
(3.1)
\u2013
(3.1)
Charged to income statement
0.1
\u2013
0.1
Amounts arising from business combinations
3.5
19.0
22.5
Change to capitalised provisions (note 8)
3.3
\u2013
3.3
Unwinding of discount
4.4
\u2013
4.4
At 31 December 2024
99.1
22.3
121.4
Translation adjustment
0.3
(1.4)
(1.1)
Utilised during the year
(2.8)
(0.7)
(3.5)
(Released)/charged to income statement
(3.5)
8.0
4.5
Amounts arising from business combinations (note 25)
0.6
1.3
1.9
Change to capitalised provisions (note 8)
(0.8)
\u2013
(0.8)
Unwinding of discount
4.3
\u2013
4.3
At 31 December 2025
97.2
29.5
126.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0 \u00a0
Current
38.0
30.0
Non-current
88.7
91.4
\u00a0
126.7
121.4
\n
Restoration provisions principally comprise provisions for the cost of decommissioning and
restoring sites. The obligation is calculated on a site-by-site basis and is subject to regular
reviews which utilise external data and expertise. Each obligation is discounted to re\ufb02ect
the period over which it is expected to be settled which, on average, is around 10 years.
Nominal discount rates used have been derived using UK, Irish and US Gilt rates.
Other provisions mainly relate to amounts arising on the BMC acquisition. They include
a \u00a310.0m contingent liability for which the Group is fully indemni\ufb01ed, with a matching
indemni\ufb01cation asset recognised in other receivables. The expected outcome range is
either nil or \u00a310.0m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "16 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Restoration
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
91.3
3.3
94.6
Translation adjustment
(0.4)
\u2013
(0.4)
Utilised during the year
(3.1)
\u2013
(3.1)
Charged to income statement
0.1
\u2013
0.1
Amounts arising from business combinations
3.5
19.0
22.5
Change to capitalised provisions (note 8)
3.3
\u2013
3.3
Unwinding of discount
4.4
\u2013
4.4
At 31 December 2024
99.1
22.3
121.4
Translation adjustment
0.3
(1.4)
(1.1)
Utilised during the year
(2.8)
(0.7)
(3.5)
(Released)/charged to income statement
(3.5)
8.0
4.5
Amounts arising from business combinations (note 25)
0.6
1.3
1.9
Change to capitalised provisions (note 8)
(0.8)
\u2013
(0.8)
Unwinding of discount
4.3
\u2013
4.3
At 31 December 2025
97.2
29.5
126.7
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Analysed as
\u00a0 \u00a0
Current
38.0
30.0
Non-current
88.7
91.4
\u00a0
126.7
121.4
\n
Restoration provisions principally comprise provisions for the cost of decommissioning and
restoring sites. The obligation is calculated on a site-by-site basis and is subject to regular
reviews which utilise external data and expertise. Each obligation is discounted to re\ufb02ect
the period over which it is expected to be settled which, on average, is around 10 years.
Nominal discount rates used have been derived using UK, Irish and US Gilt rates.
Other provisions mainly relate to amounts arising on the BMC acquisition. They include
a \u00a310.0m contingent liability for which the Group is fully indemni\ufb01ed, with a matching
indemni\ufb01cation asset recognised in other receivables. The expected outcome range is
either nil or \u00a310.0m. 24
Contingent liabilities
The Group has guaranteed its share of the banking facilities of BEAR Scotland. The maximum
liability at 31 December 2025 amounted to \u00a32.9m (2024: \u00a32.9m). This has been accounted
for as a Financial Guarantee Contract in line with IFRS 9 Financial Instruments.
The Group has guaranteed the performance of the BEAR Scotland contracts in respect
of\u00a0the maintenance of certain trunk roads in the North-West and South-East of Scotland and
in respect of the M80 operating and maintenance contract. The Group has also guaranteed
the performance of the Breedon Colas contract in respect of Lot 1 of the North\u00a0Super Region
of the Pavement Delivery Framework issued by National Highways. These guarantees have
been accounted for as insurance contracts in line with IFRS 17 Insurance Contracts.
For the year ended 31 December 2025, the Group has elected to take advantage of Section
479A of the Companies Act 2006 for the following subsidiary companies. As a result, these
companies are exempt from the requirement to perform an audit of the individual \ufb01nancial
statements and the Company guarantees all outstanding liabilities to which the subsidiary
companies are subject.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Country of incorporation or
\u00a0
Name of undertaking
registration
Company registration number
Alliance Recycling (UK) Ltd
England and Wales
09418245
Alpha Resource Management Ltd
Northern Ireland
NI 059764
Breedon Bow Highways Limited
England and Wales
9804033
Breedon Facilities Management Limited
Scotland
SC205744
Breedon Investment UK Limited
England and Wales
15532326
Breedon Midco Limited
England and Wales
14777332
Breedon Whitemountain Ltd
Scotland
SC521760
Lagan Asphalt UK Limited
Northern Ireland
NI 626706
Lagan Asphalt Group Limited
Northern Ireland
NI073968
Minster Surfacing Limited
England and Wales
04084446
Robinson Quarry Masters Limited
Northern Ireland
NI 009269
Tor Multimix Limited
England and Wales
04590335
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "17
Capital, reserves and dividends
Share capital and share premium
All shares issued by Breedon are ordinary shares which have a par value of \u00a30.01 and are
fully paid. The Company has no limit to the number of shares which may be issued.
The holders of ordinary shares are entitled to receive dividends as declared and are entitled
to one vote per share at meetings of the Company.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of ordinary shares (m)
\u00a0
2025
2024
Issued ordinary shares at beginning of year
343.7
339.7
Issued in connection with:
\u00a0 \u00a0
Exercise of savings-related share options
0.3
0.5
Vesting of Performance Share Plan awards
0.5
0.3
Issued on acquisition of Lionmark (note 25)
2.1
\u2013
Issued on acquisition of BMC
\u2013
3.2
Issued ordinary shares at the end of the year
346.6
343.7
\n
The Company issued 0.3 million (2024: 0.5 million) shares for cash raising \u00a31.2m
(2024: \u00a31.3m) in connection with the exercise of certain savings-related share options,
with\u00a0\u00a31.2m (2024: \u00a31.3m) recognised as share premium.
The Company issued 0.5 million (2024: 0.3 million) shares for non-cash consideration
of\u00a01.0p (2024: 1.0p) per share, satis\ufb01ed through the capitalisation of retained earnings,
in\u00a0connection with the vesting of awards under the PSP (note 18).
During 2025, 2.1 million of ordinary shares were issued to the vendor of Lionmark with
\u00a38.0m being recognised within the merger reserve, \u00a30.1m recognised within share capital
and \u00a32.2m recognised within share premium.
During 2024, 3.2 million of ordinary shares were issued to the vendor of BMC, with \u00a312.2m
being recognised within the merger reserve.
Other reserves
Hedging reserve
The hedging reserve comprises the e\ufb00ective portion of the cumulative net change in the
fair value of cash \ufb02ow hedged instruments related to hedged transactions which have not
yet occurred.
Merger reserve
In 2025, 2.1 million ordinary shares were issued to the vendor of Lionmark, with \u00a38.0m
being\u00a0recognised as merger reserve. In 2024, 3.2 million of ordinary shares were issued
to\u00a0the vendor of BMC in 2024, with \u00a312.2m being recognised as merger reserve.
Translation reserve
The translation reserve comprises all foreign exchange di\ufb00erences arising from the
translation of the \ufb01nancial statements of foreign operations as well as from the translation
of the liabilities that hedge the Group\u2019s net investment in foreign operations.
Dividends
Paid in year
Dividends paid comprise the following elements:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Dividends paid to Breedon Group plc shareholders
51.1
48.1
Dividends paid to non-controlling interests in consolidated subsidiaries
0.4
0.2
Total dividends paid
51.5
48.3
\n
Amounts recognised as dividends paid to Breedon Group plc shareholders in the year
comprised \u00a351.1m, being \u00a334.6m in respect of the \ufb01nal dividend of the year ended
31\u00a0December 2024 of 10.0p per share and \u00a316.5m in respect of an interim dividend
of 4.75p per\u00a0share for the year ended 31 December 2025.
Dividends totalling \u00a30.4m have been paid to non-controlling interests relating to
consolidated subsidiaries accounted for using the anticipated acquisition method which
have been recognised directly in equity. No dividend has been paid to non-controlling
interests relating to other consolidated subsidiaries.
Future dividends
The directors have proposed a \ufb01nal dividend in respect of the \ufb01nancial year ended
31 December 2025 of 10.25p per share which will absorb an estimated \u00a335.5m of
shareholders\u2019 funds. Assuming the \ufb01nal dividend is approved by shareholders at the Annual
General Meeting of the Company to be held on 29 April 2026, the \ufb01nal dividend will\u00a0be paid on
10 July 2026 to shareholders who are on the register at the close of business on 29 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Share capital and share premium
All shares issued by Breedon are ordinary shares which have a par value of \u00a30.01 and are
fully paid. The Company has no limit to the number of shares which may be issued.
The holders of ordinary shares are entitled to receive dividends as declared and are entitled
to one vote per share at meetings of the Company.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of ordinary shares (m)
\u00a0
2025
2024
Issued ordinary shares at beginning of year
343.7
339.7
Issued in connection with:
\u00a0 \u00a0
Exercise of savings-related share options
0.3
0.5
Vesting of Performance Share Plan awards
0.5
0.3
Issued on acquisition of Lionmark (note 25)
2.1
\u2013
Issued on acquisition of BMC
\u2013
3.2
Issued ordinary shares at the end of the year
346.6
343.7
\n
The Company issued 0.3 million (2024: 0.5 million) shares for cash raising \u00a31.2m
(2024: \u00a31.3m) in connection with the exercise of certain savings-related share options,
with\u00a0\u00a31.2m (2024: \u00a31.3m) recognised as share premium.
The Company issued 0.5 million (2024: 0.3 million) shares for non-cash consideration
of\u00a01.0p (2024: 1.0p) per share, satis\ufb01ed through the capitalisation of retained earnings,
in\u00a0connection with the vesting of awards under the PSP (note 18).
During 2025, 2.1 million of ordinary shares were issued to the vendor of Lionmark with
\u00a38.0m being recognised within the merger reserve, \u00a30.1m recognised within share capital
and \u00a32.2m recognised within share premium.
During 2024, 3.2 million of ordinary shares were issued to the vendor of BMC, with \u00a312.2m
being recognised within the merger reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Other reserves
Hedging reserve
The hedging reserve comprises the e\ufb00ective portion of the cumulative net change in the
fair value of cash \ufb02ow hedged instruments related to hedged transactions which have not
yet occurred.
Merger reserve
In 2025, 2.1 million ordinary shares were issued to the vendor of Lionmark, with \u00a38.0m
being\u00a0recognised as merger reserve. In 2024, 3.2 million of ordinary shares were issued
to\u00a0the vendor of BMC in 2024, with \u00a312.2m being recognised as merger reserve.
Translation reserve
The translation reserve comprises all foreign exchange di\ufb00erences arising from the
translation of the \ufb01nancial statements of foreign operations as well as from the translation
of the liabilities that hedge the Group\u2019s net investment in foreign operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Dividends
Paid in year
Dividends paid comprise the following elements:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Dividends paid to Breedon Group plc shareholders
51.1
48.1
Dividends paid to non-controlling interests in consolidated subsidiaries
0.4
0.2
Total dividends paid
51.5
48.3
\n
Amounts recognised as dividends paid to Breedon Group plc shareholders in the year
comprised \u00a351.1m, being \u00a334.6m in respect of the \ufb01nal dividend of the year ended
31\u00a0December 2024 of 10.0p per share and \u00a316.5m in respect of an interim dividend
of 4.75p per\u00a0share for the year ended 31 December 2025.
Dividends totalling \u00a30.4m have been paid to non-controlling interests relating to
consolidated subsidiaries accounted for using the anticipated acquisition method which
have been recognised directly in equity. No dividend has been paid to non-controlling
interests relating to other consolidated subsidiaries.
Future dividends
The directors have proposed a \ufb01nal dividend in respect of the \ufb01nancial year ended
31 December 2025 of 10.25p per share which will absorb an estimated \u00a335.5m of
shareholders\u2019 funds. Assuming the \ufb01nal dividend is approved by shareholders at the Annual
General Meeting of the Company to be held on 29 April 2026, the \ufb01nal dividend will\u00a0be paid on
10 July 2026 to shareholders who are on the register at the close of business on 29 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "0.10", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "0.1025", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "19
Financial instruments
The Group has the following \ufb01nancial assets and liabilities:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0
Non-
\u00a0
\u00a0 \u00a0
\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
266.8
15.4
251.4
Cash and cash equivalents
115.5
\u2013
115.5
Total \ufb01nancial assets
382.3
15.4
366.9
Financial liabilities
\u00a0 \u00a0 \u00a0
Borrowings
(596.6)
2.9
(599.5)
Lease liabilities
(46.2)
\u2013
(46.2)
Trade and other payables
(285.9)
(32.5)
(253.4)
Total \ufb01nancial liabilities
(928.7)
(29.6)
(899.1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024 Restated
1
\u00a0
\u00a0\u00a0
Non-\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0
Trade and other receivables
261.0
13.9
247.1
Cash and cash equivalents
70.0
\u2013
70.0
Total \ufb01nancial assets
331.0
13.9
317.1
Financial liabilities
\u00a0\u00a0\u00a0
Borrowings
(426.6)
2.8
(429.4)
Lease liabilities
(48.7)
\u2013
(48.7)
Trade and other payables
(283.6)
(34.1)
(249.5)
Total \ufb01nancial liabilities
(758.9)
(31.3)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
The Group has exposure to the following risks from its use of \ufb01nancial instruments:
Credit risk
Foreign exchange risk
Liquidity risk
Interest rate risk
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial
instrument fails to meet their contractual obligations. Credit risk arises principally from
the Group\u2019s cash and cash equivalents held with \ufb01nancial counterparties and the Group\u2019s
receivables due from customers.
Management has a credit policy in place and exposure to credit risk is monitored on an
ongoing basis. At the reporting date there were no signi\ufb01cant concentrations of customer
credit risk.
Credit risk associated with cash balances is managed and limited by transacting with
\ufb01nancial institutions with high-quality credit ratings.
Exposure to credit risk
The carrying amount of \ufb01nancial assets at the reporting date represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Trade and other receivables
251.4
247.1
Cash and cash equivalents
115.5
70.0
\u00a0
366.9
317.1
\n
1
Refer to note 29 for details of the restatement.
The maximum exposure to credit risk for trade and other receivables by reportable
segment was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
161.9
160.3
Ireland
45.0
48.9
United States
44.3
37.5
Central administration
0.2
0.4
\u00a0
251.4
247.1
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
Management considers that the credit quality of the various receivables is good in respect
of the amounts outstanding. The Group has no individually signi\ufb01cant customers and the
majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to
cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject
to\u00a0an aggregate \ufb01rst loss. The Group has fully provided for all its doubtful debt exposure.
The remaining credit risk is therefore considered to be low. Balances are only written o\ufb00
when the Group has exhausted all options to recover the amounts receivable.
The ageing of trade and other receivables at the reporting date was:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Gross
Impairment
Net
Gross
Impairment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
219.1
(2.8)
216.3
218.9
(3.9)
215.0
Past due
0-30 days
24.5
(0.6)
23.9
19.1
(0.6)
18.5
Past due
31-60 days
5.5
(0.3)
5.2
9.3
(0.7)
8.6
Past due more
than 60 days
9.5
(3.5)
6.0
8.4
(3.4)
5.0
258.6
(7.2)
251.4
255.7
(8.6)
247.1
\n
Provisions for impairment of trade and other receivables are calculated on a lifetime
expected loss model in line with IFRS 9 Financial Instruments. The key inputs in determining
the level of provision are the historical level of bad debts experienced by the Group and
ageing of outstanding amounts. Movements during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
8.6
6.9
Charged to the consolidated income statement during the year
2.2
3.5
Business combination
0.4
1.0
Utilised during the year
(2.2)
(1.7)
Unused amounts released
(1.8)
(1.1)
At 31 December
7.2
8.6
\n
Foreign exchange risk
Transactional
The Group has limited transactional currency exposures arising on sales and purchases made
in currencies other than the functional currency of the entity making the sale or purchase.
Signi\ufb01cant exposures which are deemed at least highly probable are matched where possible.
Translation
The Group has signi\ufb01cant net assets denominated in Euro and US Dollars. The translation of
these balances into Sterling for reporting purposes exposes the Group to foreign exchange
movements in the consolidated statement of \ufb01nancial position and consolidated income
statement, along with a corresponding impact on certain key performance indicators.
The\u00a0Group\u2019s strategy is to mitigate this risk through utilising Euro and US Dollar borrowings
as a hedge against movements in the Sterling value of Euro and US Dollar investments.
The level of this hedge is currently managed with the objective of mitigating the impact
of\u00a0foreign exchange movements on Covenant Leverage.
Currency analysis and exchange rate sensitivity
Foreign currency \ufb01nancial assets and liabilities, translated into Sterling at the closing rate,
are as follows:
\u00a0
2025
2024 Restated
1
\u00a0
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
177.6
29.7
44.1
251.4
181.1
28.5
37.5
247.1
Cash and cash
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equivalents
69.8
18.2
27.5
115.5
44.5
23.9
1.6
70.0
Total \ufb01nancial assets
247.4
47.9
71.6
366.9
225.6
52.4
39.1
317.1
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
(208.4)
(257.5)
(133.6)
(599.5)
(208.6)
(169.0)
(51.8)
(429.4)
Lease liabilities
(44.6)
(0.7)
(0.9)
(46.2)
(47.3)
\u2013
(1.4)
(48.7)
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
(202.9)
(34.8)
(15.7)
(253.4)
(204.9)
(33.3)
(11.3)
(249.5)
Total \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
(455.9)
(293.0)
(150.2)
(899.1)
(460.8)
(202.3)
(64.5)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on pro\ufb01t before taxation \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(1.6)
0.7
1.9
1.1
10% depreciation in foreign currency
1.3
(0.6)
(1.3)
(0.9)
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on other comprehensive income \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(27.2)
(8.7)
(16.7)
(2.8)
10% depreciation in foreign currency
22.3
7.2
13.6
2.3
\n
Signi\ufb01cant exchange rates
The following signi\ufb01cant exchange rates applied during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
2024
\u00a0
\u00a0
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/Euro
1.17
1.15
1.18
1.21
Sterling/US Dollar
1.32
1.35
1.29
1.26
\n
Liquidity risk
Liquidity risk is the risk that the Group does not have su\ufb03cient \ufb01nancial resources to meet
obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and
cash \ufb02ows and negotiating appropriate bank facilities. The Group uses term and revolving
bank facilities and su\ufb03cient headroom is maintained above peak requirements to meet
unforeseen events.
The following are the contractual maturities of \ufb01nancial liabilities, including estimated
interest payments, assuming the current utilisation remains until the contract matures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
38.4
38.4
38.4
\u2013
\u2013
\u2013 Euro
5.5
5.5
5.5
\u2013
\u2013
Revolving Credit Facility
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
\u2013
4.3
1.2
3.1
\u2013
\u2013 Euro
87.2
99.0
3.3
95.7
\u2013
\u2013 US Dollar
133.6
164.0
8.6
155.4
\u2013
USPP loan notes
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
170.0
199.6
3.9
39.8
155.9
\u2013 Euro
164.8
187.9
4.2
86.8
96.9
Lease liabilities
46.2
67.9
7.2
23.1
37.6
Trade and other payables
253.4
253.4
253.4
\u2013
\u2013
\u00a0
899.1
1,020.0
325.7
403.9
290.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2024 Restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
28.6
28.6
28.6
\u2013
\u2013
\u2013 Euro
12.5
12.5
12.5
\u2013
\u2013
Revolving Credit Facility
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
10.0
18.0
2.2
15.8
\u2013
\u2013 Euro
78.6
92.6
3.9
88.7
\u2013
\u2013 US Dollar
51.8
63.7
3.3
60.4
\u2013
USPP loan notes
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
170.0
203.6
4.0
40.3
159.3
\u2013 Euro
77.9
83.2
0.9
42.3
40.0
Lease liabilities
48.7
74.9
9.0
23.3
42.6
Trade and other payables
249.5
249.5
249.5
\u2013
\u2013
\u00a0
727.6
826.6
313.9
270.8
241.9
\n
1
Refer to note 29 for details of the restatement.
Interest rate risk
The Group borrows at \ufb02oating and \ufb01xed interest rates. At the reporting date the interest
rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Fixed rate instruments
\u00a0\u00a0
Financial liabilities
(381.0)
(296.6)
Variable rate instruments
\u00a0\u00a0
Financial assets
115.5
70.0
Financial liabilities
(264.7)
(181.5)
\n
1
Refer to note 29 for details of the restatement.
Fair value sensitivity analysis for \ufb01xed rate instruments
The Group does not account for any \ufb01xed rate \ufb01nancial assets and liabilities at fair value
through pro\ufb01t or loss. Therefore, a change in interest rates at the reporting date would not
a\ufb00ect pro\ufb01t or loss.
Cash \ufb02ow sensitivity analysis for variable rate instruments
As at 31 December 2025, drawn borrowings on the USPP are \ufb01xed rate and are not exposed
to interest rate \ufb02uctuations. The RCF is subject to variable interest rates. An\u00a0increase of 100
basis points in interest rates in respect of variable rate instruments at the reporting date
values would decrease pro\ufb01t for the year by \u00a32.2m (2024: decrease of \u00a31.5m). A decrease
of 100 basis points would increase pro\ufb01t for the year by \u00a32.2m (2024:\u00a0increase of \u00a31.5m).
These analyses assume that all other variables remain constant.
Fair values versus carrying amounts
The directors consider that the carrying amounts recorded in the \ufb01nancial information
in\u00a0respect of \ufb01nancial assets and liabilities, which are carried at amortised cost, approximate
to their fair values with the exception of the \u00a3334.8m of USPP loan note liabilities which
have an estimated fair value of \u00a3287.8m, valued as Level 3 according to the de\ufb01nitions
below. Derivative \ufb01nancial assets and liabilities are carried at fair value. The di\ufb00erent levels
are de\ufb01ned as follows:
Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable
for\u00a0the asset or liability, either as a direct price or indirectly derived from prices; and
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The fair values of the derivative \ufb01nancial assets and liabilities are based on bank valuations.
Capital management
The Board\u2019s capital management policy is to maintain a strong balance sheet, providing
\ufb02exibility to pursue growth opportunities. The Board seeks to maintain a balance
between the higher returns that might be possible with higher levels of borrowing and
the advantages and security a\ufb00orded by a sound capital position.
In maintaining the Group\u2019s capital structure in line with these principles, the Board may
choose to adjust amounts paid as dividends to shareholders, issue new equity or dispose
of\u00a0assets as required.
The \ufb01nancial covenants associated with the Group\u2019s borrowings are a maximum leverage
ratio and a minimum interest cover. Covenants are tested half-yearly and the Group
remained compliant during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "The Group has the following \ufb01nancial assets and liabilities: \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0
Non-
\u00a0
\u00a0 \u00a0
\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
266.8
15.4
251.4
Cash and cash equivalents
115.5
\u2013
115.5
Total \ufb01nancial assets
382.3
15.4
366.9
Financial liabilities
\u00a0 \u00a0 \u00a0
Borrowings
(596.6)
2.9
(599.5)
Lease liabilities
(46.2)
\u2013
(46.2)
Trade and other payables
(285.9)
(32.5)
(253.4)
Total \ufb01nancial liabilities
(928.7)
(29.6)
(899.1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024 Restated
1
\u00a0
\u00a0\u00a0
Non-\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0
Trade and other receivables
261.0
13.9
247.1
Cash and cash equivalents
70.0
\u2013
70.0
Total \ufb01nancial assets
331.0
13.9
317.1
Financial liabilities
\u00a0\u00a0\u00a0
Borrowings
(426.6)
2.8
(429.4)
Lease liabilities
(48.7)
\u2013
(48.7)
Trade and other payables
(283.6)
(34.1)
(249.5)
Total \ufb01nancial liabilities
(758.9)
(31.3)
(727.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0 \u00a0
Non-
\u00a0
\u00a0 \u00a0
\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
266.8
15.4
251.4
Cash and cash equivalents
115.5
\u2013
115.5
Total \ufb01nancial assets
382.3
15.4
366.9
Financial liabilities
\u00a0 \u00a0 \u00a0
Borrowings
(596.6)
2.9
(599.5)
Lease liabilities
(46.2)
\u2013
(46.2)
Trade and other payables
(285.9)
(32.5)
(253.4)
Total \ufb01nancial liabilities
(928.7)
(29.6)
(899.1)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024 Restated
1
\u00a0
\u00a0\u00a0
Non-\ufb01nancial
Financial
\u00a0
Book value
instruments
instruments
\u00a0
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0
Trade and other receivables
261.0
13.9
247.1
Cash and cash equivalents
70.0
\u2013
70.0
Total \ufb01nancial assets
331.0
13.9
317.1
Financial liabilities
\u00a0\u00a0\u00a0
Borrowings
(426.6)
2.8
(429.4)
Lease liabilities
(48.7)
\u2013
(48.7)
Trade and other payables
(283.6)
(34.1)
(249.5)
Total \ufb01nancial liabilities
(758.9)
(31.3)
(727.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial
instrument fails to meet their contractual obligations. Credit risk arises principally from
the Group\u2019s cash and cash equivalents held with \ufb01nancial counterparties and the Group\u2019s
receivables due from customers.
Management has a credit policy in place and exposure to credit risk is monitored on an
ongoing basis. At the reporting date there were no signi\ufb01cant concentrations of customer
credit risk.
Credit risk associated with cash balances is managed and limited by transacting with
\ufb01nancial institutions with high-quality credit ratings.
Exposure to credit risk
The carrying amount of \ufb01nancial assets at the reporting date represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Trade and other receivables
251.4
247.1
Cash and cash equivalents
115.5
70.0
\u00a0
366.9
317.1
\n
1
Refer to note 29 for details of the restatement.
The maximum exposure to credit risk for trade and other receivables by reportable
segment was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
161.9
160.3
Ireland
45.0
48.9
United States
44.3
37.5
Central administration
0.2
0.4
\u00a0
251.4
247.1
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
Management considers that the credit quality of the various receivables is good in respect
of the amounts outstanding. The Group has no individually signi\ufb01cant customers and the
majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to
cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject
to\u00a0an aggregate \ufb01rst loss. The Group has fully provided for all its doubtful debt exposure.
The remaining credit risk is therefore considered to be low. Balances are only written o\ufb00
when the Group has exhausted all options to recover the amounts receivable.
The ageing of trade and other receivables at the reporting date was:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Gross
Impairment
Net
Gross
Impairment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
219.1
(2.8)
216.3
218.9
(3.9)
215.0
Past due
0-30 days
24.5
(0.6)
23.9
19.1
(0.6)
18.5
Past due
31-60 days
5.5
(0.3)
5.2
9.3
(0.7)
8.6
Past due more
than 60 days
9.5
(3.5)
6.0
8.4
(3.4)
5.0
258.6
(7.2)
251.4
255.7
(8.6)
247.1
\n
Provisions for impairment of trade and other receivables are calculated on a lifetime
expected loss model in line with IFRS 9 Financial Instruments. The key inputs in determining
the level of provision are the historical level of bad debts experienced by the Group and
ageing of outstanding amounts. Movements during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
8.6
6.9
Charged to the consolidated income statement during the year
2.2
3.5
Business combination
0.4
1.0
Utilised during the year
(2.2)
(1.7)
Unused amounts released
(1.8)
(1.1)
At 31 December
7.2
8.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Exposure to credit risk
The carrying amount of \ufb01nancial assets at the reporting date represents the maximum
credit exposure. The maximum exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Trade and other receivables
251.4
247.1
Cash and cash equivalents
115.5
70.0
\u00a0
366.9
317.1
\n
1
Refer to note 29 for details of the restatement.
The maximum exposure to credit risk for trade and other receivables by reportable
segment was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Great Britain
161.9
160.3
Ireland
45.0
48.9
United States
44.3
37.5
Central administration
0.2
0.4
\u00a0
251.4
247.1
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
structure in 2025.
Management considers that the credit quality of the various receivables is good in respect
of the amounts outstanding. The Group has no individually signi\ufb01cant customers and the
majority of the Group\u2019s customers are end-user customers. Credit insurance is in place to
cover the majority of the Group\u2019s private sector UK and Ireland trade receivables, subject
to\u00a0an aggregate \ufb01rst loss. The Group has fully provided for all its doubtful debt exposure.
The remaining credit risk is therefore considered to be low. Balances are only written o\ufb00
when the Group has exhausted all options to recover the amounts receivable.
The ageing of trade and other receivables at the reporting date was:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Gross
Impairment
Net
Gross
Impairment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
219.1
(2.8)
216.3
218.9
(3.9)
215.0
Past due
0-30 days
24.5
(0.6)
23.9
19.1
(0.6)
18.5
Past due
31-60 days
5.5
(0.3)
5.2
9.3
(0.7)
8.6
Past due more
than 60 days
9.5
(3.5)
6.0
8.4
(3.4)
5.0
258.6
(7.2)
251.4
255.7
(8.6)
247.1
\n
Provisions for impairment of trade and other receivables are calculated on a lifetime
expected loss model in line with IFRS 9 Financial Instruments. The key inputs in determining
the level of provision are the historical level of bad debts experienced by the Group and
ageing of outstanding amounts. Movements during the year were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
8.6
6.9
Charged to the consolidated income statement during the year
2.2
3.5
Business combination
0.4
1.0
Utilised during the year
(2.2)
(1.7)
Unused amounts released
(1.8)
(1.1)
At 31 December
7.2
8.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Foreign exchange risk
Transactional
The Group has limited transactional currency exposures arising on sales and purchases made
in currencies other than the functional currency of the entity making the sale or purchase.
Signi\ufb01cant exposures which are deemed at least highly probable are matched where possible.
Translation
The Group has signi\ufb01cant net assets denominated in Euro and US Dollars. The translation of
these balances into Sterling for reporting purposes exposes the Group to foreign exchange
movements in the consolidated statement of \ufb01nancial position and consolidated income
statement, along with a corresponding impact on certain key performance indicators.
The\u00a0Group\u2019s strategy is to mitigate this risk through utilising Euro and US Dollar borrowings
as a hedge against movements in the Sterling value of Euro and US Dollar investments.
The level of this hedge is currently managed with the objective of mitigating the impact
of\u00a0foreign exchange movements on Covenant Leverage.
Currency analysis and exchange rate sensitivity
Foreign currency \ufb01nancial assets and liabilities, translated into Sterling at the closing rate,
are as follows:
\u00a0
2025
2024 Restated
1
\u00a0
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
177.6
29.7
44.1
251.4
181.1
28.5
37.5
247.1
Cash and cash
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equivalents
69.8
18.2
27.5
115.5
44.5
23.9
1.6
70.0
Total \ufb01nancial assets
247.4
47.9
71.6
366.9
225.6
52.4
39.1
317.1
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
(208.4)
(257.5)
(133.6)
(599.5)
(208.6)
(169.0)
(51.8)
(429.4)
Lease liabilities
(44.6)
(0.7)
(0.9)
(46.2)
(47.3)
\u2013
(1.4)
(48.7)
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
(202.9)
(34.8)
(15.7)
(253.4)
(204.9)
(33.3)
(11.3)
(249.5)
Total \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
(455.9)
(293.0)
(150.2)
(899.1)
(460.8)
(202.3)
(64.5)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on pro\ufb01t before taxation \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(1.6)
0.7
1.9
1.1
10% depreciation in foreign currency
1.3
(0.6)
(1.3)
(0.9)
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on other comprehensive income \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(27.2)
(8.7)
(16.7)
(2.8)
10% depreciation in foreign currency
22.3
7.2
13.6
2.3
\n
Signi\ufb01cant exchange rates
The following signi\ufb01cant exchange rates applied during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
2024
\u00a0
\u00a0
Average rate
Year-end rate
Average rate
Year-end rate
Sterling/Euro
1.17
1.15
1.18
1.21
Sterling/US Dollar
1.32
1.35
1.29
1.26
\nInterest rate risk
The Group borrows at \ufb02oating and \ufb01xed interest rates. At the reporting date the interest
rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
\u00a0
2025
2024 Restated
1
\u00a0
\u00a3m
\u00a3m
Fixed rate instruments
\u00a0\u00a0
Financial liabilities
(381.0)
(296.6)
Variable rate instruments
\u00a0\u00a0
Financial assets
115.5
70.0
Financial liabilities
(264.7)
(181.5)
\n
1
Refer to note 29 for details of the restatement.
Fair value sensitivity analysis for \ufb01xed rate instruments
The Group does not account for any \ufb01xed rate \ufb01nancial assets and liabilities at fair value
through pro\ufb01t or loss. Therefore, a change in interest rates at the reporting date would not
a\ufb00ect pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Currency analysis and exchange rate sensitivity
Foreign currency \ufb01nancial assets and liabilities, translated into Sterling at the closing rate,
are as follows:
\u00a0
2025
2024 Restated
1
\u00a0
Sterling
Euro
US Dollar
Total
Sterling
Euro
US Dollar
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
177.6
29.7
44.1
251.4
181.1
28.5
37.5
247.1
Cash and cash
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equivalents
69.8
18.2
27.5
115.5
44.5
23.9
1.6
70.0
Total \ufb01nancial assets
247.4
47.9
71.6
366.9
225.6
52.4
39.1
317.1
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Borrowings
(208.4)
(257.5)
(133.6)
(599.5)
(208.6)
(169.0)
(51.8)
(429.4)
Lease liabilities
(44.6)
(0.7)
(0.9)
(46.2)
(47.3)
\u2013
(1.4)
(48.7)
Trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
payables
(202.9)
(34.8)
(15.7)
(253.4)
(204.9)
(33.3)
(11.3)
(249.5)
Total \ufb01nancial
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
(455.9)
(293.0)
(150.2)
(899.1)
(460.8)
(202.3)
(64.5)
(727.6)
\n
1
Refer to note 29 for details of the restatement.
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on pro\ufb01t before taxation \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(1.6)
0.7
1.9
1.1
10% depreciation in foreign currency
1.3
(0.6)
(1.3)
(0.9)
\u00a0
2025
2024
\u00a0
Euro
US Dollar
Euro
US Dollar
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Potential impact on other comprehensive income \u2013 gain/(loss)
\u00a0 \u00a0 \u00a0 \u00a0
10% appreciation in foreign currency
(27.2)
(8.7)
(16.7)
(2.8)
10% depreciation in foreign currency
22.3
7.2
13.6
2.3
\nFair value sensitivity analysis for \ufb01xed rate instruments
The Group does not account for any \ufb01xed rate \ufb01nancial assets and liabilities at fair value
through pro\ufb01t or loss. Therefore, a change in interest rates at the reporting date would not
a\ufb00ect pro\ufb01t or loss.
Cash \ufb02ow sensitivity analysis for variable rate instruments
As at 31 December 2025, drawn borrowings on the USPP are \ufb01xed rate and are not exposed
to interest rate \ufb02uctuations. The RCF is subject to variable interest rates. An\u00a0increase of 100
basis points in interest rates in respect of variable rate instruments at the reporting date
values would decrease pro\ufb01t for the year by \u00a32.2m (2024: decrease of \u00a31.5m). A decrease
of 100 basis points would increase pro\ufb01t for the year by \u00a32.2m (2024:\u00a0increase of \u00a31.5m).
These analyses assume that all other variables remain constant.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Liquidity risk
Liquidity risk is the risk that the Group does not have su\ufb03cient \ufb01nancial resources to meet
obligations as they fall due. The Group manages liquidity risk by monitoring forecasts and
cash \ufb02ows and negotiating appropriate bank facilities. The Group uses term and revolving
bank facilities and su\ufb03cient headroom is maintained above peak requirements to meet
unforeseen events.
The following are the contractual maturities of \ufb01nancial liabilities, including estimated
interest payments, assuming the current utilisation remains until the contract matures:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
38.4
38.4
38.4
\u2013
\u2013
\u2013 Euro
5.5
5.5
5.5
\u2013
\u2013
Revolving Credit Facility
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
\u2013
4.3
1.2
3.1
\u2013
\u2013 Euro
87.2
99.0
3.3
95.7
\u2013
\u2013 US Dollar
133.6
164.0
8.6
155.4
\u2013
USPP loan notes
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
170.0
199.6
3.9
39.8
155.9
\u2013 Euro
164.8
187.9
4.2
86.8
96.9
Lease liabilities
46.2
67.9
7.2
23.1
37.6
Trade and other payables
253.4
253.4
253.4
\u2013
\u2013
\u00a0
899.1
1,020.0
325.7
403.9
290.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2024 Restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
28.6
28.6
28.6
\u2013
\u2013
\u2013 Euro
12.5
12.5
12.5
\u2013
\u2013
Revolving Credit Facility
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
10.0
18.0
2.2
15.8
\u2013
\u2013 Euro
78.6
92.6
3.9
88.7
\u2013
\u2013 US Dollar
51.8
63.7
3.3
60.4
\u2013
USPP loan notes
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
170.0
203.6
4.0
40.3
159.3
\u2013 Euro
77.9
83.2
0.9
42.3
40.0
Lease liabilities
48.7
74.9
9.0
23.3
42.6
Trade and other payables
249.5
249.5
249.5
\u2013
\u2013
\u00a0
727.6
826.6
313.9
270.8
241.9
\n
1
Refer to note 29 for details of the restatement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
38.4
38.4
38.4
\u2013
\u2013
\u2013 Euro
5.5
5.5
5.5
\u2013
\u2013
Revolving Credit Facility
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
\u2013
4.3
1.2
3.1
\u2013
\u2013 Euro
87.2
99.0
3.3
95.7
\u2013
\u2013 US Dollar
133.6
164.0
8.6
155.4
\u2013
USPP loan notes
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Sterling
170.0
199.6
3.9
39.8
155.9
\u2013 Euro
164.8
187.9
4.2
86.8
96.9
Lease liabilities
46.2
67.9
7.2
23.1
37.6
Trade and other payables
253.4
253.4
253.4
\u2013
\u2013
\u00a0
899.1
1,020.0
325.7
403.9
290.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Within
Between one
More than
\u00a0
amount
cash \ufb02ows
one year
and \ufb01ve years
\ufb01ve years
31 December 2024 Restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0
Overdrafts
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
28.6
28.6
28.6
\u2013
\u2013
\u2013 Euro
12.5
12.5
12.5
\u2013
\u2013
Revolving Credit Facility
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
10.0
18.0
2.2
15.8
\u2013
\u2013 Euro
78.6
92.6
3.9
88.7
\u2013
\u2013 US Dollar
51.8
63.7
3.3
60.4
\u2013
USPP loan notes
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 Sterling
170.0
203.6
4.0
40.3
159.3
\u2013 Euro
77.9
83.2
0.9
42.3
40.0
Lease liabilities
48.7
74.9
9.0
23.3
42.6
Trade and other payables
249.5
249.5
249.5
\u2013
\u2013
\u00a0
727.6
826.6
313.9
270.8
241.9
\n
1
Refer to note 29 for details of the restatement. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Fair values versus carrying amounts
The directors consider that the carrying amounts recorded in the \ufb01nancial information
in\u00a0respect of \ufb01nancial assets and liabilities, which are carried at amortised cost, approximate
to their fair values with the exception of the \u00a3334.8m of USPP loan note liabilities which
have an estimated fair value of \u00a3287.8m, valued as Level 3 according to the de\ufb01nitions
below. Derivative \ufb01nancial assets and liabilities are carried at fair value. The di\ufb00erent levels
are de\ufb01ned as follows:
Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable
for\u00a0the asset or liability, either as a direct price or indirectly derived from prices; and
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The fair values of the derivative \ufb01nancial assets and liabilities are based on bank valuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Fair values versus carrying amounts
The directors consider that the carrying amounts recorded in the \ufb01nancial information
in\u00a0respect of \ufb01nancial assets and liabilities, which are carried at amortised cost, approximate
to their fair values with the exception of the \u00a3334.8m of USPP loan note liabilities which
have an estimated fair value of \u00a3287.8m, valued as Level 3 according to the de\ufb01nitions
below. Derivative \ufb01nancial assets and liabilities are carried at fair value. The di\ufb00erent levels
are de\ufb01ned as follows:
Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable
for\u00a0the asset or liability, either as a direct price or indirectly derived from prices; and
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The fair values of the derivative \ufb01nancial assets and liabilities are based on bank valuations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Capital management
The Board\u2019s capital management policy is to maintain a strong balance sheet, providing
\ufb02exibility to pursue growth opportunities. The Board seeks to maintain a balance
between the higher returns that might be possible with higher levels of borrowing and
the advantages and security a\ufb00orded by a sound capital position.
In maintaining the Group\u2019s capital structure in line with these principles, the Board may
choose to adjust amounts paid as dividends to shareholders, issue new equity or dispose
of\u00a0assets as required.
The \ufb01nancial covenants associated with the Group\u2019s borrowings are a maximum leverage
ratio and a minimum interest cover. Covenants are tested half-yearly and the Group
remained compliant during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "20 Leases
Right-of-use assets
\u00a0 \u00a0
Plant,
\u00a0
\u00a0
Land and
equipment
\u00a0
\u00a0
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2025
59.8
29.6
89.4
Acquired on business combinations (note 25)
0.6
\u2013
0.6
Additions
4.0
3.5
7.5
Disposals and impairments
(2.1)
(1.8)
(3.9)
Transfer to owned assets (note 8)
\u2013
(0.2)
(0.2)
Translation adjustment
(0.1)
\u2013
(0.1)
Balance at 31 December 2025
62.2
31.1
93.3
Depreciation
\u00a0 \u00a0 \u00a0
Balance at 1 January 2025
18.2
24.7
42.9
Charge for the year
4.3
3.7
8.0
Disposals and impairments
(1.1)
(1.8)
(2.9)
Balance at 31 December 2025
21.4
26.6
48.0
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2025
40.8
4.5
45.3
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
51.2
32.7
83.9
Acquired on business combinations (note 25)
1.2
\u2013
1.2
Additions
8.3
0.3
8.6
Disposals and impairments
(0.9)
(3.4)
(4.3)
Balance at 31 December 2024
59.8
29.6
89.4
Depreciation
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
14.8
24.0
38.8
Charge for the year
4.0
4.1
8.1
Disposals and impairments
(0.6)
(3.4)
(4.0)
Balance at 31 December 2024
18.2
24.7
42.9
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
41.6
4.9
46.5
\n
Lease liabilities are secured on the assets to which they relate and are payable as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Minimum lease payments
\u00a3m
\u00a3m
Less than one year
7.2
9.0
Between one and \ufb01ve years
23.1
23.3
More than \ufb01ve years
37.6
42.6
\u00a0
67.9
74.9
\n
The value of lease payments inclusive of capital repayments and interest made during the
year were \u00a313.2m (2024: \u00a312.3m).
Movements between owned and leased assets
Items transferred to owned assets represent leases where the liability has been fully repaid
in the normal course of business and legal ownership of the asset has transferred to the
Group. Where an underlying physical asset is purchased by the Group and this causes an
existing lease to end, this is presented as an addition to owned assets within note 8 and as a
disposal of a leased asset within this note.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Right-of-use assets
\u00a0 \u00a0
Plant,
\u00a0
\u00a0
Land and
equipment
\u00a0
\u00a0
buildings
and vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2025
59.8
29.6
89.4
Acquired on business combinations (note 25)
0.6
\u2013
0.6
Additions
4.0
3.5
7.5
Disposals and impairments
(2.1)
(1.8)
(3.9)
Transfer to owned assets (note 8)
\u2013
(0.2)
(0.2)
Translation adjustment
(0.1)
\u2013
(0.1)
Balance at 31 December 2025
62.2
31.1
93.3
Depreciation
\u00a0 \u00a0 \u00a0
Balance at 1 January 2025
18.2
24.7
42.9
Charge for the year
4.3
3.7
8.0
Disposals and impairments
(1.1)
(1.8)
(2.9)
Balance at 31 December 2025
21.4
26.6
48.0
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2025
40.8
4.5
45.3
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
51.2
32.7
83.9
Acquired on business combinations (note 25)
1.2
\u2013
1.2
Additions
8.3
0.3
8.6
Disposals and impairments
(0.9)
(3.4)
(4.3)
Balance at 31 December 2024
59.8
29.6
89.4
Depreciation
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
14.8
24.0
38.8
Charge for the year
4.0
4.1
8.1
Disposals and impairments
(0.6)
(3.4)
(4.0)
Balance at 31 December 2024
18.2
24.7
42.9
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
41.6
4.9
46.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "21
Capital commitments
At 31 December 2025, the Group had commitments to purchase property, plant and
equipment for \u00a319.4m (2024: \u00a313.7m). These commitments are expected to be settled
during the course of 2026.24
Contingent liabilities
The Group has guaranteed its share of the banking facilities of BEAR Scotland. The maximum
liability at 31 December 2025 amounted to \u00a32.9m (2024: \u00a32.9m). This has been accounted
for as a Financial Guarantee Contract in line with IFRS 9 Financial Instruments.
The Group has guaranteed the performance of the BEAR Scotland contracts in respect
of\u00a0the maintenance of certain trunk roads in the North-West and South-East of Scotland and
in respect of the M80 operating and maintenance contract. The Group has also guaranteed
the performance of the Breedon Colas contract in respect of Lot 1 of the North\u00a0Super Region
of the Pavement Delivery Framework issued by National Highways. These guarantees have
been accounted for as insurance contracts in line with IFRS 17 Insurance Contracts.
For the year ended 31 December 2025, the Group has elected to take advantage of Section
479A of the Companies Act 2006 for the following subsidiary companies. As a result, these
companies are exempt from the requirement to perform an audit of the individual \ufb01nancial
statements and the Company guarantees all outstanding liabilities to which the subsidiary
companies are subject.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Country of incorporation or
\u00a0
Name of undertaking
registration
Company registration number
Alliance Recycling (UK) Ltd
England and Wales
09418245
Alpha Resource Management Ltd
Northern Ireland
NI 059764
Breedon Bow Highways Limited
England and Wales
9804033
Breedon Facilities Management Limited
Scotland
SC205744
Breedon Investment UK Limited
England and Wales
15532326
Breedon Midco Limited
England and Wales
14777332
Breedon Whitemountain Ltd
Scotland
SC521760
Lagan Asphalt UK Limited
Northern Ireland
NI 626706
Lagan Asphalt Group Limited
Northern Ireland
NI073968
Minster Surfacing Limited
England and Wales
04084446
Robinson Quarry Masters Limited
Northern Ireland
NI 009269
Tor Multimix Limited
England and Wales
04590335
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "21
Capital commitments
At 31 December 2025, the Group had commitments to purchase property, plant and
equipment for \u00a319.4m (2024: \u00a313.7m). These commitments are expected to be settled
during the course of 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "22
Related parties
During the year the Group supplied services and materials to, and purchased services and
materials from, its associate and joint ventures on an arm\u2019s length basis.
The Group had the following transactions with these related parties during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sales
Purchases
Receivables
Payables
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0\u00a0\u00a0\u00a0
BEAR Scotland
37.0
\u2013
1.0
\u2013
Joint ventures
21.4
8.5
3.5
0.2
\u00a0
58.4
8.5
4.5
0.2
2024
\u00a0\u00a0\u00a0\u00a0
BEAR Scotland
21.9
\u2013
1.3
\u2013
Joint ventures
6.0
2.4
1.1
0.1
\u00a0
27.9
2.4
2.4
0.1
\n
Parent and ultimate controlling party
The Company\u2019s shares are traded on the Premium Segment of the Main Market of the
London Stock Exchange. The Company\u2019s shareholder base is monitored on a regular basis.
There is no controlling party and the Company does not have a parent.
Transactions with directors and directors\u2019 shareholdings
Details of transactions with directors, directors\u2019 shareholdings and outstanding share
options and awards are given in the Directors\u2019 Remuneration report on pages 132 to 148. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "22
Related parties
During the year the Group supplied services and materials to, and purchased services and
materials from, its associate and joint ventures on an arm\u2019s length basis.
The Group had the following transactions with these related parties during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sales
Purchases
Receivables
Payables
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0\u00a0\u00a0\u00a0
BEAR Scotland
37.0
\u2013
1.0
\u2013
Joint ventures
21.4
8.5
3.5
0.2
\u00a0
58.4
8.5
4.5
0.2
2024
\u00a0\u00a0\u00a0\u00a0
BEAR Scotland
21.9
\u2013
1.3
\u2013
Joint ventures
6.0
2.4
1.1
0.1
\u00a0
27.9
2.4
2.4
0.1
\n
Parent and ultimate controlling party
The Company\u2019s shares are traded on the Premium Segment of the Main Market of the
London Stock Exchange. The Company\u2019s shareholder base is monitored on a regular basis.
There is no controlling party and the Company does not have a parent.
Transactions with directors and directors\u2019 shareholdings
Details of transactions with directors, directors\u2019 shareholdings and outstanding share
options and awards are given in the Directors\u2019 Remuneration report on pages 132 to 148. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "23
Earnings per share
Basic earnings per share amounts are calculated by dividing pro\ufb01t for the year attributable
to Breedon Group shareholders by the weighted average number of ordinary shares
outstanding during the year.
Diluted earnings per share amounts are calculated by dividing pro\ufb01t for the year
attributable to Breedon Group shareholders by the weighted average number of ordinary
shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all the potential dilutive ordinary shares into
ordinary shares.
Calculations of these measures and reconciliations to related alternative performance
measures are as follows:
Basic EPS to Adjusted Underlying Basic EPS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
millions
pence
\u00a3m
millions
pence
Basic EPS
83.8
346.0
24.2
96.2
342.8
28.1
Adjustments to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
earnings
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-underlying
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
items (note 3)
26.4
\u2013
7.6
21.8
\u2013
6.3
Adjusted Underlying
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Basic EPS
110.2
346.0
31.8
118.0
342.8
34.4
\n
Diluted EPS to Adjusted Underlying Diluted EPS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
millions
pence
\u00a3m
millions
pence
Diluted EPS
83.8
346.3
24.2
96.2
343.7
28.0
Adjustments to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
earnings
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-underlying
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
items (note 3)
26.4
\u2013
7.6
21.8
\u2013
6.3
Adjusted Underlying
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Diluted EPS
110.2
346.3
31.8
118.0
343.7
34.3
\n
Dilutive items in both the current and prior year related to share-based payments. Details\u00a0of
the Group\u2019s share schemes, which may become dilutive in the future, are set out in note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "24
Contingent liabilities
The Group has guaranteed its share of the banking facilities of BEAR Scotland. The maximum
liability at 31 December 2025 amounted to \u00a32.9m (2024: \u00a32.9m). This has been accounted
for as a Financial Guarantee Contract in line with IFRS 9 Financial Instruments.
The Group has guaranteed the performance of the BEAR Scotland contracts in respect
of\u00a0the maintenance of certain trunk roads in the North-West and South-East of Scotland and
in respect of the M80 operating and maintenance contract. The Group has also guaranteed
the performance of the Breedon Colas contract in respect of Lot 1 of the North\u00a0Super Region
of the Pavement Delivery Framework issued by National Highways. These guarantees have
been accounted for as insurance contracts in line with IFRS 17 Insurance Contracts.
For the year ended 31 December 2025, the Group has elected to take advantage of Section
479A of the Companies Act 2006 for the following subsidiary companies. As a result, these
companies are exempt from the requirement to perform an audit of the individual \ufb01nancial
statements and the Company guarantees all outstanding liabilities to which the subsidiary
companies are subject.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Country of incorporation or
\u00a0
Name of undertaking
registration
Company registration number
Alliance Recycling (UK) Ltd
England and Wales
09418245
Alpha Resource Management Ltd
Northern Ireland
NI 059764
Breedon Bow Highways Limited
England and Wales
9804033
Breedon Facilities Management Limited
Scotland
SC205744
Breedon Investment UK Limited
England and Wales
15532326
Breedon Midco Limited
England and Wales
14777332
Breedon Whitemountain Ltd
Scotland
SC521760
Lagan Asphalt UK Limited
Northern Ireland
NI 626706
Lagan Asphalt Group Limited
Northern Ireland
NI073968
Minster Surfacing Limited
England and Wales
04084446
Robinson Quarry Masters Limited
Northern Ireland
NI 009269
Tor Multimix Limited
England and Wales
04590335
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "25 Acquisitions
Current year acquisitions
The Group completed four acquisitions in the period, being Lionmark Construction
Companies LLC, Tipperary Asphalt Limited, Tor Multimix Limited and Hardcrete Limited.
Lionmark Construction Companies LLC (\u2018Lionmark\u2019)
On 5 March 2025, the Group completed the acquisition of 100% of the issued share capital
of Lionmark Construction Companies LLC and the trade and certain assets of Missouri
Petroleum Products Company (together, \u201cLionmark\u201d), a construction materials and
surfacing business. The transactions together constituted a single business combination
and have been accounted for accordingly.
The fair values in respect of the identi\ufb01able assets acquired and liabilities assumed are set
out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value on
\u00a0
acquisition
\u00a0
\u00a3m
Intangible assets
114.1
Property, plant and equipment
42.6
Investments in joint ventures
0.7
Inventories
4.4
Trade and other receivables
13.2
Cash and cash equivalents
2.7
Trade and other payables
(11.0)
Provisions
(0.7)
Borrowings
(17.2)
Deferred tax liabilities
(0.7)
Total acquired net assets
148.1
Cash consideration on completion
159.5
Equity consideration
10.4
Total consideration payable
169.9
Goodwill arising
21.8
\n
Equity consideration
Equity consideration comprises 2,146,402 ordinary shares issued to the vendor, valued
based on the market price of those shares at the date of acquisition.
Fair value adjustments
Fair value adjustments are inclusive of adjustments to:
recognise intangible assets, including the value of acquired customer relationships and
order books. The value of these assets was assessed with the support of a third party
corporate \ufb01nance specialist using an excess earnings method, based on estimated cash
\ufb02ows (see accounting policies, on page 171);
revalue certain items of property, plant and equipment to re\ufb02ect the fair value at date of
acquisition;
working capital accounts to re\ufb02ect fair value; and
restoration provisions to re\ufb02ect costs to comply with environmental and other
legislation.
The goodwill arising represents the strategic geographic location of assets acquired, the
potential for future growth and the skills of the existing workforce and management team.
Goodwill is deductible for tax purposes.
Since the interim results were published, goodwill has fallen by \u00a31.5m, mainly due to fair
value adjustments to property, plant and equipment.
Other current year acquisitions
The directors consider the remaining acquisitions completed in the year, being 100%
of the share capital of Tor Multimix Limited (31 March 2025), 100% of the share capital
of\u00a0Tipperary Asphalt Limited (31 May 2025), and the trade and assets of Hardcrete Limited
(28 November 2025) to be individually immaterial, but material in aggregate.
The combined provisional fair values in respect of the identi\ufb01able assets acquired and
liabilities assumed are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Provisional
\u00a0
fair value on
\u00a0
acquisition
\u00a0
\u00a3m
Intangible assets
0.5
Property, plant and equipment
5.7
Right-of-use assets
0.6
Inventories
0.1
Trade and other receivables
0.7
Cash and cash equivalents
0.1
Trade and other payables
(1.0)
Provisions
(1.2)
Borrowings
(5.5)
Deferred tax liabilities
(0.5)
Total acquired net liabilities
(0.5)
Cash consideration on completion
3.2
Deferred consideration
2.5
Contingent consideration
0.2
Total consideration payable
5.9
Goodwill arising
6.4
\n
Fair value adjustments
The fair value adjustments primarily comprised:
intangible assets, including the value of acquired customer relationships; and
deferred tax balances.
The goodwill arising represents expected synergies, the potential for future growth,
and the skills of the existing workforce.
Impact of current year acquisitions
Income statement
During the period, the Lionmark acquisition (which was acquired 5 March 2025), contributed
revenues of \u00a3161.4m, Underlying EBITDA of \u00a321.1m and pro\ufb01t before taxation of \u00a314.0m to the
results of the Group.
Other current year acquisitions contributed revenues of \u00a33.0m, Underlying EBITDA of
\u00a3(0.2)m and a loss before taxation of \u00a30.7m to the results of the Group.
Had these acquisitions occurred on 1 January 2025, the results of the Group for the year ended
31 December 2025 would have shown revenue of \u00a31,724.3m, Underlying EBITDA of \u00a3275.1m
and pro\ufb01t before taxation of \u00a3100.1m.
Cash \ufb02ow
The cash \ufb02ow impact of acquisitions in the year can be summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Consideration \u2013 cash
162.7
Cash and cash equivalents acquired
(2.8)
Net cash consideration shown in the consolidated statement of cash \ufb02ows
159.9
\n
Acquisition costs
The Group incurred acquisition-related costs of \u00a33.8m (2024: \u00a310.2m) which included
external professional fees in relation to these acquisitions. These are presented as non-
underlying operating costs (note 3).
Prior year acquisitions
The Group acquired one individually material acquisition in the prior year being BMC
Enterprises, Inc (6 March 2024) and three individually immaterial acquisitions, being Eco-
Asphalt Supplies Limited (31 January 2024), 80% of the share capital of Phoenix Surfacing
Limited (1 April 2024) and the trade and assets of Building Products Inc. (18 October 2024)
for a total consideration of \u00a3197.1m. No additional adjustments have been made in respect
of these acquisitions within the measurement period and the provisional values reported in
the prior year are now considered \ufb01nal.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "27
Reconciliation to non-GAAP measures
Non-GAAP performance measures are used throughout this Annual Report and these
consolidated \ufb01nancial statements. This note provides a reconciliation between these
alternative performance measures to the most directly related statutory measures.
These measures are not a substitute for, or superior to, any IFRS measures of performance.
Management believes these measures allow an understanding of the Group\u2019s underlying
business performance. They are de\ufb01ned as:
Underlying EBITDA margin
Underlying EBITDA margin is a pro\ufb01tability ratio that measures how much Underlying
EBITDA the business generates as a percentage of its revenue. It shows the core operating
performance of the business before the impact of non-underlying items.
Reconciliation of earnings-based alternative performance measures
\n\n \n
Share of
Central
pro\ufb01t of
administration
associate
Great
United
and
and joint
Britain
Ireland
States
eliminations
ventures
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
1,116.1
291.6
316.1
(10.0)
\u2013
1,713.8
Pro\ufb01t from operations
134.8
Non-underlying
items (note 3)
34.9
Share of pro\ufb01t
of associate and
joint ventures
\u2013
\u2013
\u2013
\u2013
(4.1)
(4.1)
Depreciation and mineral
depletion
81.2
12.5
19.2
0.3
\u2013
113.2
Underlying EBITDA
185.2
64.3
42.8
(13.5)
\u2013
278.8
Underlying EBITDA margin
16.6%
22.1%
13.5%
\u2013
\u2013
16.3%
\n\n \n
Share of
Central
pro\ufb01t of
administration
associate
Great
United
and
and joint
Britain
Ireland
States
eliminations
ventures
Total
2024 Restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
1,155.8
297.6
132.5
(9.6)
\u2013
1,576.3
Pro\ufb01t from operations
149.6
Non-underlying
items (note 3)
24.1
Share of pro\ufb01t
of associate and
joint ventures
\u2013
\u2013
\u2013
\u2013
(3.5)
(3.5)
Depreciation and mineral
depletion
78.0
13.0
8.4
0.3
\u2013
99.7
Underlying EBITDA
192.7
68.9
24.8
(16.5)
\u2013
269.9
Underlying EBITDA margin
16.7%
23.2%
18.7%
\u2013
\u2013
17.1%
\n
1
Restated to re\ufb02ect the changes from a divisional management structure to a country-based management
\n
structure in 2025.
\n
Like-for-like alternative performance measures
\n
There are a number of references throughout this report to like-for-like revenue, earnings
\n
and volumes. Like-for-like numbers adjust for the impact of acquisitions, disposals
\n
and material currency \ufb02uctuations. Currency \ufb02uctuations are calculated on a constant
\n
currency basis by applying the average exchange rate for the prior period to the current
\n
local currency amount. Like-for-like measures have been used alongside non-like-for-like
\n
measures to help the Group better communicate performance in the year when compared
\n
to previous reporting periods.
\n
Covenant Leverage
\n
Covenant Leverage is de\ufb01ned as the ratio of Underlying EBITDA to Net Debt, with
\n
both Underlying EBITDA and Net Debt adjusted to re\ufb02ect the material items which are
\n
adjusted by the Group and its lenders in determining leverage for the purpose of assessing
\n
covenant compliance and, in the case of our bank facilities, the margin payable on drawn
\n
borrowings. In both the current and prior year, the only material adjusting item was the
\n
impact of IFRS 16 Leases.
\n
Net Debt
\n
Net Debt is calculated as the net of cash and cash equivalents and interest-bearing
\n
loans and borrowings (both current and non-current). It is a measure of the Group\u2019s net
\n
indebtedness that provides an indicator of the overall balance sheet strength. Net Debt is
\n
also shown on a pre-IFRS 16 basis as the Group\u2019s banking covenants and margins payable
\n
on bank borrowings are calculated on this basis.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Underlying EBITDA
278.8
269.9
Impact of IFRS 16
(10.8)
(11.0)
Underlying EBITDA for covenants
268.0
258.9
Net Debt (excluding IFRS 16) (note 14)
481.1
356.6
Covenant Leverage
1.8x
1.4x
Covenant Leverage threshold
Under 3.0x
Under 3.0x
Interest Cover
Interest Cover is de\ufb01ned as the ratio of Underlying EBITDA to interest expense, with both
Underlying EBITDA and interest charged adjusted to re\ufb02ect the material items which
are adjusted by the Group and its lenders in determining Interest Cover for the purpose
of assessing covenant compliance. In both the current and prior year, the only material
adjusting item was the impact of IFRS 16 Leases.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying EBITDA for covenants
268.0
258.9
Interest expense (note 6)
21.8
15.9
Interest Cover
12.3x
16.3x
Interest Cover covenant threshold
Over 3.5x
Over 3.5x
\n
Free Cash Flow (FCF) conversion
FCF is calculated as statutory (reported) net cash \ufb02ow from operating activities and net
cash used in investing activities, adjusted for the cash impact of major capital projects in the
year, cash associated with acquisition of businesses and the cash impact of non-underlying
items. FCF represents the cash that the Group generates after investing to maintain or
expand its asset base, and is considered useful by management in assessing liquidity.
FCF has been reconciled to net cash from operating activities, which is the most relevant
GAAP measure.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net cash from operating activities
225.9
201.7
Net cash used in investing activities
(265.2)
(296.2)
Cash impact of major capital projects
4.2
23.4
Acquisition of businesses
159.9
173.6
Cash impact of non-underlying items
8.4
11.6
Free Cash Flow
133.2
114.1
Underlying EBITDA
278.8
269.9
Free Cash Flow conversion
48%
42%
\n
Major capital projects include the ARM installation and Primary Crusher projects at Hope
and the Solar Farm at Kinnegad.
Return on Invested Capital
ROIC measures how e\ufb03ciently a business generates operating returns from the total
capital invested in it. ROIC is calculated as Underlying earnings before interest for the
previous 12 months, divided by Adjusted average invested capital for the year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Underlying pro\ufb01t from operations
169.7
173.7
Underlying e\ufb00ective tax rate (note 7)
21.3%
21.7%
Taxation at the Group\u2019s Underlying e\ufb00ective rate
(36.1)
(37.7)
Underlying earnings before interest
133.6
136.0
Net assets
1,197.2
1,170.6
Net Debt (note 14)
527.3
405.3
Invested capital at 31 December
1,724.5
1,575.9
Average invested capital
1
1,650.2
1,428.3
Adjustment for timing of signi\ufb01cant acquisition
2
61.7
83.3
Adjusted average invested capital
1,711.9
1,511.6
Return on Invested Capital
7.8%
9.0%
\n
1
Average invested capital is calculated by taking the average of the opening invested capital at 1 January and the
closing invested capital at 31 December. Opening invested capital at 1 January 2024 was \u00a31,280.6m.
2
This adjustment is made to the average of opening and closing invested capital to more accurately re\ufb02ect the
impact of the timing of the acquisition of Lionmark in 2025 and BMC in 2024. See note 25.", "dimensions": { "concept": "bgp:DisclosureOfReconciliationToNonGaapMeasuresTextBlock", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "28
Post balance sheet events
On 27 February 2026, Breedon completed the acquisition of Booth Precast Products
Limited, a quarrying and concrete business in the Republic of Ireland, for consideration
of \u20ac20.2m.
The acquisition has had no \ufb01nancial impact on the Group\u2019s 2025 \ufb01nancial results. Given
the proximity of the acquisition date to the date on which the \ufb01nancial statements were
authorised, the Group is not yet able to provide certain disclosures required by IFRS 3,
including the initial fair values of assets and liabilities acquired, which have not yet been
ascertained. These disclosures will be presented as part of the Group\u2019s Interim Statement
made up to 30 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "29
Prior year restatement
During the year, the Group reviewed the presentation of its cash and cash equivalent
balances and associated bank overdrafts, concluding that overdraft balances, previously
presented net within cash and cash equivalents, should have been reported on a gross
basis in accordance with IAS 32 Financial Instruments: Presentation.
This restatement impacts only the presentation of assets and liabilities. There is no impact
on previously reported revenue, pro\ufb01t, net assets or cash \ufb02ows for any period.
The e\ufb00ect of the restatement on the comparative statement of \ufb01nancial position is
summarised as follows:
Cash and cash equivalents increased by \u00a341.1m
Interest-bearing loans and borrowings (within current liabilities) increased by \u00a341.1m.
The restatement does not impact the Group\u2019s key \ufb01nancial metrics including net debt and
measurement of covenants.
There is no impact on the current year\u2019s statement of \ufb01nancial position other than the
ongoing gross presentation of these balances.", "dimensions": { "concept": "bgp:DisclosureOfPriorYearRestatementExplanatoryTextBlock", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": " England and Wales.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800DQGNQE3X76WS92", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Subsidiaries
As at 31 December 2025, the companies listed below and on the following pages are indirectly held by Breedon Group plc except Breedon Midco Limited which is 100% directly owned.
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Aggregate Holdings, LLC
15
100
100
ALBA Tra\ufb03c Management Limited
3
75
75
Alfred McAlpine Slate Penrhyn
Limited
1
100
100
Alliance Recycling (UK) Ltd
1
80
80
Alpha Resource Management Ltd
2
100
100
Barney Precast Limited
1
100
99.4
Berwyn Granite Quarries Limited
1
100
100
Bi-State Emulsions LLC
15
100
100
Blinkbonny Quarry (Borders) Limited
3
100
100
BMC Development of Caseyville, LLC
17
100
100
BMC Development of Columbia, LLC
17
100
100
BMC Development of De\ufb01ance, LLC
15
100
100
BMC Development of Hamel, LLC
17
100
100
BMC Development of Illinois, LLC
15
100
100
BMC Development of Lebanon, LLC
17
100
100
BMC Development of Missouri, Inc
15
100
100
BMC Development of Warrenton, LLC
15
100
100
BMC Development of Wright City, LLC
15
100
100
BMC Development, LLC
15
100
100
BMC Enterprises, Inc
15
100
100
BMC Hauling, Inc
15
100
100
BMC Je\ufb00erson, LLC
15
100
100
BMC Leasing of Illinois, LLC
15
100
100
BMC Leasing of Missouri, Inc
15
100
100
BMC Leasing, LLC
15
100
100
BMC Maintenance, LLC
15
100
100
BMC Management, Inc
15
100
100
BMC Missouri Realty, LLC
15
100
100
BMC Sand, LLC
15
100
100
BMC St Charles, LLC
15
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BMC Stone, LLC
15
100
100
Boyne Bay Lime Company Ltd, The
3
100
100
Breckenridge Je\ufb00erson County, Inc
15
100
100
Breckenridge of Illinois, LLC
15
100
100
Breckenridge O\u2019Fallon, Inc
15
100
100
Breckenridge Material Company
15
100
100
Breedon Aggregates SW Limited
3
100
100
Breedon Bow Highways Limited
1
100
100
Breedon Brick Limited
5
100
100
Breedon Cement Ireland Limited
5
100
100
Breedon Cement Limited
1
100
100
Breedon Employee Services Ireland
Limited
4
100
100
Breedon Facilities Management
Limited
3
100
100
Breedon Group Limited
6
100
100
Breedon Group Services Limited
1
100
100
Breedon Holdings (Jersey) Limited
6
100
100
Breedon Holdings Limited
1
100
100
Breedon Investments UK Limited
1
100
100
Breedon Investments USA Inc
9
100
100
Breedon Materials Limited
4
100
100
Breedon Midco Limited
1
100
100
Breedon Northern Limited
3
100
100
Breedon Properties Limited
1
100
100
Breedon Scotland Limited
3
100
100
Breedon Southern Limited
1
100
100
Breedon Surfacing Solutions Ireland
Limited
4
100
100
Breedon Surfacing Solutions Limited
1
100
100
Breedon Trading Limited
1
100
100
Breedon Whitemountain Ltd
3
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BRH Enterprises, LLC
15
100
100
BRM, LLC
15
100
100
Broome Bros. (Doncaster) Limited
1
100
100
City Asphalt Limited
8
100
80
City Mini Mix (Notts) Limited
1
100
100
Clearwell Quarries Limited
1
100
99.4
Cocklebank Conservations Limited
1
100
100
Cwmorthin Slate Quarry 1994
Company Limited
1
100
100
Deckal Limited
7
100
100
Eastern Missouri Concrete, LLC
15
100
100
Eco-Asphalt Supplies Limited
1
100
100
EJCC Limited
1
100
100
Enneurope Holdings Limited
1
100
100
Enneurope Limited
1
100
100
Flemings\u2019 Fireclays Limited
4
100
100
G&T Investing, LLC
15
100
100
Glencarne Bricks Limited
4
100
100
Glenfarne Clayware Limited
4
100
100
Greenshine
7
100
100
Hart Aggregates Limited
1
100
100
Hope Construction Products Limited
1
100
100
Hope Dormant 1 Limited
1
100
100
Hope Ready Mixed Concrete Limited
1
100
100
Humberside Aggregates Limited
1
100
100
Huntsman\u2019s Quarries Limited
1
100
100
Indian Creek Materials, LLC
15
100
100
Innovative Roadway Solutions, LLC
15
100
100
Interstate Testing Services
15
100
100
Kettering Bituminous Products
Limited
21
100
80
Subsidiaries
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Kilcarn Limited
2
100
100
Kingscourt Bricks Limited
2
100
100
Kingscourt Clay Products Limited
2
100
100
Lagan Airports Limited
2
100
100
Lagan Asphalt (UK) Ltd
2
100
100
Lagan Asphalt Group Limited
2
100
100
Lagan Asphalt Limited
4
100
100
Lagan Bitumen Limited
1
100
100
Lagan Cement Limited
2
100
100
Lagan Cement Products Limited
2
100
100
Lagan Group (Holdings) Limited
7
100
100
Lagan Group Limited
7
100
100
Lagan Hibernian Limited
4
100
100
Lagan Materials Limited
4
100
100
Lagan Whitemountain Limited
2
100
100
Lionmark Construction Companies
LLC
15
100
100
Lionmark Management Services, Inc
15
100
100
Marwyn Materials (UK) Limited
1
100
100
MC Materials, LLC
15
100
100
Midwest Aggregates Limited
5
100
100
Minster Surfacing Limited
1
80
80
Mulholland Bros (Brick and Sand)
Limited
2
99.9
99.9
Natural Building Materials Limited
1
99.4
99.4
Nith Aggregates Limited
1
100
100
Nottingham Ready Mix Limited
1
100
100
Ozark Building Materials, LLC
15
100
100
Pace Construction Company LLC
15
100
100
Phoenix Surfacing Limited
21
80
80
Pile\u2019s Concrete, LLC
16
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Pinnacle Construction Materials
Limited
1
100
100
Politte Ready Mix, LLC
15
100
100
Pro Mini Mix Concrete, Mortars and
Screeds Limited
1
100
100
Raineri Building Materials, LLC
15
100
100
RMC, LLC
15
100
100
Roadmix Limited
2
100
100
Roadway Civil Engineering &
Surfacing Ltd
1
100
100
Robinson Quarry Masters Limited
2
100
100
RT Mycock & Sons Limited
1
100
100
SCP Holdings, LLC
15
100
100
Severn Sands (Holdings) Limited
1
100
100
Severn Sands Limited
1
100
100
Sherburn Cement Limited
1
100
100
Sherburn Minerals Limited
1
100
100
Sherburn Sand Company Limited
1
100
100
Sherburn Stone Company Limited
1
100
100
SMRM Holdings, LLC
15
100
100
Sta\ufb00s Concrete Limited
1
100
100
Stewart Concrete Products, LLC
15
100
100
The Cwt-Y-Bugail Slate Quarries
Limited
1
100
100
The Waveney Asphalt Company
Limited
1
100
100
Thomas Bow Limited
8
80
80
Tipperary Asphalt Limited
4
100
100
Titan Truck & Equipment Company,
LLC
15
100
100
Tor Multimix Limited
1
100
100
UK Stone Direct Limited
1
100
100
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
Welsh Slate Limited
1
100
100
West Plains Bridge & Grading LLC
15
100
100
Whitemountain Quarries Ltd
2
100
100
Associate and joint ventures
\n \n
Proportion
held
directly
Proportion
Registered
by the
held by
Company name
address
parent
the Group
BEAR Scotland Limited
14
37.5
37.5
Breedon Bowen Limited
1
50
50
Breedon Colas Limited
1
50
50
Capital Concrete Limited
10
43
43
Fruitland Asphalt LLC
22
30
30
H.V. Bowen & Sons (Quarry) Ltd
1
100
50
H.V. Bowen & Sons (Transport)
Limited
1
100
50
Kilwex Lagan Joint Venture Limited
23
50
50
Kingscourt Country Manor Brick
Company Limited
11
50
50
Lough Neagh Sand Traders Limited
20
25
25
Northern Quarry Products Limited
12
50
50
Peak Cluster Limited
24
14.4
14.4
Priority Lagan Joint Venture Limited
25
50
50
PSV (UK) Ltd
1
100
50
Rolla Ready Mix, LLC
18
50
50
RRM Real Estate Partnership
19
50
50
Welsh Slate Europe B.V.
13
50
50
Subsidiaries
Registered o\ufb03ce addresses
\n \n
1
Pinnacle House, Breedon Quarry, Breedon on the Hill, Derby, DE73 8AP, England
2
5 Blackwater Road, Newtownabbey, BT36 4TZ, Northern Ireland
3
Ethiebeaton Quarry, Kingennie, Moni\ufb01eth, Angus, DD5 3RB, Scotland
4
Rosemount Business Park, Ballycoolin Road, Dublin 11, Ireland
5
Killaskillen, Kinnegad, Westmeath, Ireland
6
28 Esplanade, St Helier, JE2 3QA, Jersey
7
Bank Chambers, 15-19 Athol Street, Douglas, IM1 1LB, Isle of Man
8
Ashbow Court, 4-12 Middleton Street, Lenton, Nottingham, NG7 2AL, England
9
1209 Orange Street, City of Wilmington, New Castle County, DE 19801, United States
10
Robert Brett House, Ashford Road, Canterbury, Kent, CT4 7PP, England
11
Unit 26 Airways Industrial Estate, Dublin 17, Santry, D17 TH93, Ireland
12
Rigifa, Cove, Aberdeen, AB12 3LR, Scotland
13
Battenweg 10, 6051AD Maasbracht, The Netherlands
14
BEAR House, Inveralmond Road, Inveralmond Industrial Estate, Perth, PH1 3TW, Scotland
15
406 N Main St, Ste B, Rolla, MO 65401-3154, United States
16
850 New Burton Road, Suite 201, Dover, Kent, DE 19904, United States
17
600 S. 2nd St., Suite 404, Spring\ufb01eld, IL 62704, United States
18
8112 Maryland Ave, Suite 320, Saint Louis, MO 63105, United States
19
County Road 3060, Rolla, MO, United States
20
Murray House, Murray Street, Belfast, Antrim, BT1 6DN, Northern Ireland
21
12 Henson Close, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8PZ, England
22
12132 Highway CC, Festus, MO 63028, United States
23
Pacelli House, Pacelli Road, Naas, Kildare, Ireland
24
38f Swan House, Bonds Mill, Bristol Road, Stonehouse, Gloucestershire, GL10 3RF, England
25
162 Clontarf Road, Dublin 3, Ireland
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