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4 March 2026 and signed on its behalf by:
Justin Ash
Harbant Samra
Chief Executive Of\ufb01cer
Chief Financial Of\ufb01cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_00167": { "value": "242400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00168": { "value": "235800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00169": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": 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"iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00193": { "value": "23900000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestPaidAndOtherFinancingCosts", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00194": { "value": "22000000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestPaidAndOtherFinancingCosts", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00203": { "value": "81100000.0", "decimals": -5, "dimensions": { "concept": "spi:InterestOnLeaseLiabilities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00204": { "value": "76100000.0", "decimals": -5, "dimensions": { "concept": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00480": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "spi:DrawDrownOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00481": { "value": "55000000.0", "decimals": -5, "dimensions": { "concept": "spi:RepaymentOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00482": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "spi:RepaymentOnRevolvingCreditFacility", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00489": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "spi:ProceedsFromIssueOfSharesByEbt", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00490": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "spi:ProceedsFromIssueOfSharesByEbt", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00507": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOwnSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00508": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOwnSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00509": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfNonControllingInterests", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00510": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "spi:PurchaseOfNonControllingInterests", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00511": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "spi:SettlementOnVestedShareAwardsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00512": { "value": "5400000.0", "decimals": -5, "dimensions": { "concept": "spi:SettlementOnVestedShareAwardsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00513": { "value": "9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00514": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00535": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00536": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00593": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "spi:PurchaseOfOrdinarySharesforCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00594": { "value": "-3100000.0", "decimals": -5, "dimensions": { "concept": "spi:PurchaseOfOrdinarySharesforCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00595": { "value": "-164500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00596": { "value": "-145100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00210": { "value": "-6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00209": { "value": "-8400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00212": { "value": "41200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00211": { "value": "49600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00214": { "value": "34700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00213": { "value": "41200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00216": { "value": "-19700000.0", "decimals": -5, "dimensions": { "concept": "spi:AdjustingItemsPaidIncludedInTheCashFlow", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00215": { "value": "-10400000.0", "decimals": -5, "dimensions": { "concept": "spi:AdjustingItemsPaidIncludedInTheCashFlow", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00218": { "value": "-27900000.0", "decimals": -5, "dimensions": { "concept": "spi:TotalPretaxAdjustingItems", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00217": { "value": "-11900000.0", "decimals": -5, "dimensions": { "concept": "spi:TotalPretaxAdjustingItems", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "1. General information
Spire Healthcare Group plc (the \u2018company\u2019) and its subsidiaries (collectively, the \u2018group\u2019) owns and operates
private hospitals and clinics in the UK and provides a range of private healthcare services.
The \ufb01nancial statements for the year ended 31 December 2025 were authorised for issue by the board of
directors of the company on
[xx]
March 2026.
The company is a public limited company, which is listed on the London Stock Exchange, incorporated,
registered and domiciled in England and Wales (registered number: 09084066). The address of its registered
of\ufb01ce is 3 Dorset Rise, London, EC4Y 8EN.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "Spire Healthcare Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Spire Healthcare Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Spire Healthcare Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "owns and operates private hospitals and clinics in the UK and provides a range of private healthcare services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "3 Dorset Rise, London, EC4Y 8EN.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "2. Accounting policies
The material accounting policies applied in the preparation of these \ufb01nancial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated \ufb01nancial statements of the group have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IFRS) as issued by the International Accounting Standards
Board (IASB) and in accordance with the Companies Act 2006.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for derivative
\ufb01nancial instruments and \ufb01nancial assets and liabilities measured at fair value. The group \ufb01nancial statements
are presented in UK sterling and all values are rounded to the nearest million pounds (\u00a3m), except when
otherwise indicated.
The preparation of \ufb01nancial statements in accordance with UK-adopted IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
group\u2019s accounting policies. Further details on the group\u2019s critical judgements and estimates are included
in Note 3.
The group has considered the future potential environmental impact on its current and future \ufb01nancial
position and considered the impact to below.
Going concern
The group assessed going concern risk for the period through to 30 June 2027. As at 31 December 2025, the
group had cash of \u00a334.7 million and borrowings of \u00a3365 million of which \u00a3325 million is a Senior Loan Facility
(SFA) and \u00a340 million drawn Revolving Credit Facility (RCF). The group has access to a further \u00a360m which
remains undrawn under the RCF. On 24 November 2025, the group successfully extended the term of the bank
facility (both SFA and RCF) by 18 months to August 2028. The \ufb01nancial covenants associated with the bank
facility remain materially unchanged and no modi\ufb01cations have been made other than to extend the term.
The group has undertaken extensive activity to identify plausible risks that may arise and to assess the
mitigating actions available, which in the \ufb01rst instance would include constrained levels of discretionary capital
investment. Based on the current assessment of the likelihood of these risks arising by 30 June 2027, together
with their assessment of the planned controllable mitigating actions being successful, the directors have
concluded it is appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the
directors have also noted that, were these risks to arise in combination, it could result in a liquidity constraint
or, more sensitively, a breach of \ufb01nancial covenants. However, the risk of this is considered remote based on
available controllable mitigating factors.
The group has also assessed, as part of its reverse stress testing, the degree of downturn in trading it could
sustain before it breaches its \ufb01nancial covenants. This stress testing was based on \ufb02exing revenue downwards
from the group\u2019s current forecast with a consistent percentage decline in variable costs and \ufb01xed costs. The
base case forecast assumes a continuation of current trading performance, which is broadly in line with
expectations, and assumes modest revenue growth over the going concern period, stable gross margins, and
continued cost control. The downside scenarios model a range of stress events, including a decline in revenue
and in\ufb02ationary pressures on operating costs. These scenarios were selected to re\ufb02ect plausible but severe
macroeconomic and sector-speci\ufb01c risks. The testing allows for the bene\ufb01t of mitigating actions that could be
taken by management to preserve cash. This testing suggested that there would have to be at least a 25% fall
in annual forecast revenue before the group breaches its \ufb01nancial covenant, we believe that the risk of an event
giving rise to this size of reduction in revenue is remote based on current trading performance and outlook.
It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. The
directors continue to closely monitor these risks and their plausible impact.
On 19 September 2025, the Board commenced a formal strategic review to maximise shareholder value (the
Strategic Review). On 24 January 2026, the Company announced, as part of the Strategic Review, that it was in
discussion with parties (the Discussions) pursuant to Rule 2.4 of the UK Takeover Code. The deadline by which
the parties must announce their intentions has been extended to 21 March 2026. There can be no certainty
that a \ufb01rm intention to make an offer will be made nor the terms on which any offer might be made (Rule 2.7
of the UK Takeover Code). There can be no certainty as to the outcome or the timing of the Strategic Review
and given the early stages and uncertainties of the Discussions, the Directors have undertaken appropriate
analysis to understand the impact of the potential implications of the Discussions. As such, the going concern
assessment does not assume the successful completion of any outcome arising from the Strategic Review.
Taking account of the above factors, the Board concluded that it remained appropriate to adopt the going
concern basis of accounting in preparing the consolidated \ufb01nancial statements and the parent company
\ufb01nancial statements. The Board has a reasonable expectation that the Company and the Group will each
continue to operate as a going concern for the period to 30 June 2027.
Further detail on both macroeconomic-related risk is provided in the risk management and internal control
section from
[page XX]
.
Other speci\ufb01c scenarios covered by our testing were as follows:
\u2013
The group is subject to temporary suspension of trade, with a temporary adverse impact on revenue, for
example, as a result of a successful cyber-attack on key business systems
\u2013
The downside modelling of a number of risks which result in a decline in earnings, including the loss of a
contractual relationship with a key insurer
\u2013
Signi\ufb01cant change in government policy resulting in consultants going on payroll
\u2013
Short-term disruption to trade at a sub-set of hospitals owing to an extreme weather event
This review included the following key assumptions:
\u2013
No change in capital structure given the group re\ufb01nanced its existing senior \ufb01nance facility and revolving
credit facility in November 2025, and
\u2013
The government will not make signi\ufb01cant changes to its existing policy towards utilising private provision of
healthcare services to supplement the NHS.
Revenue recognition
The group derives its revenue primarily from providing private healthcare services to both the public sector and
private patients in the UK. Revenue from charges to patients is recognised when the treatment is provided.
Revenue recognition \u2013 principal versus agent
The Group assesses whether it acts as principal or agent in arrangements involving third-party delivery partners.
Under IFRS 15, the Group is a principal when it controls the speci\ufb01ed services before they are transferred to the
customer. The Group is an agent when it does not control those services, but instead arranges for another
party to provide them. Revenue is recognised gross when acting as principal and net when acting as agent.
Judgement is required in determining whether the Group controls the speci\ufb01ed services. Indicators include:
\u2013
whether the third-party provider, rather than the Group, is primarily responsible for delivering the services
\u2013
whether the third party bears delivery, performance, or \ufb01nancial risk
\u2013
whether consideration received by the Group is largely passed through to the delivery partner
\u2013
whether the Group has limited discretion in directing or substituting the service provider
Where third-party providers deliver de\ufb01ned portions of services, carry direct performance or \ufb01nancial
exposure, and the Group retains only a coordination or administrative role, the Group concludes it is an agent
for those portions. The Group reassesses this judgement if contractual terms or the nature of the Group\u2019s
involvement change.
Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on an
individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.
Interest income
Interest is recognised on an effective interest rate basis.
Cost of sales
Cost of sales principally comprises salaries of clinical staff, consultant and clinical fees, medical services and
inventories, including drugs, consumables and prostheses.
Other operating costs
Other operating costs mainly comprise non-clinical staff costs, rent associated with short or low-value leases,
the depreciation of property, plant and equipment and right-of-use assets and the maintenance and running
costs of properties and equipment. It also includes administrative expenses, including the provision of central
support services, IT and other administrative costs.
Other income
Other income comprises fair value movements on the \ufb01nancial asset, a pro\ufb01t share arrangement with Genesis
Care, and recovery of insurance claims.
Operating pro\ufb01t
Operating pro\ufb01t is the pro\ufb01t arising from the normal, recurring operations of the business and after charging
adjusting items, as de\ufb01ned below. Operating pro\ufb01t is adjusted to exclude adjusting items to calculate the key
performance indicator (KPI) \u2018operating pro\ufb01t before adjusting items (adjusted EBIT).
Adjusting items
Adjusting items are those items which the directors believe, by virtue of their nature, size or incidence, either
individually or in aggregate, should be disclosed separately to allow a full understanding and comparison of the
underlying performance of the group. Examples of items which may be considered this way in nature include
signi\ufb01cant write-downs of goodwill and other assets, restructuring costs relating to strategic review,
impairments, hospital closures and set-up costs, business acquisition costs, medical malpractice provisions,
aborted project costs and compliance set-up costs.
Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range of
results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities for
\ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which, at
the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does not
give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major projects are treated as
assets in the course of construction until completed when they are transferred to the appropriate asset class.
No depreciation is charged on freehold land or assets in the course of construction. Other assets are
depreciated so as to write off the carrying amounts of the assets, less their estimated residual values, over their
expected useful lives, 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\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum of
\u00a0 \u00a0
35 years
Equipment
\u2013
3 to 10 years
\n
The expected useful lives and residual values of property, plant and equipment are reviewed semi-annually and
revised as appropriate. The review of the asset lives and residual values of properties takes into consideration
the plans of the business and levels of expenditure incurred on an ongoing basis to maintain the properties in a
\ufb01t and proper state for their ongoing use as hospitals. In addition, the potential impact of future climate
change is considered. In the case of major facilities opening in new locations, depreciation may be applied to
only those assets available for use at the of\ufb01cial opening date to re\ufb02ect that the site is not always fully
operational at this opening date.
Consolidation
The results of all subsidiary undertakings are included in the consolidated \ufb01nancial statements. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated \ufb01nancial statements from the date the group gains control until the date the group ceases to
control the subsidiary.
Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Speci\ufb01cally, the group
controls an investee if, and only if, the group has:
\u2013
Power over the investee (ie existing rights that give it the current ability to direct the relevant activities of the
investee)
\u2013
Exposure, or rights, to variable returns from its involvement with the investee
\u2013
The ability to use its power over the investee to affect its returns
The Employee Bene\ufb01t Trust (EBT) is treated as an extension of the group and the company.
Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include an
input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs. The
acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the
inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered
unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue
producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).
Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at
cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition
date where it is probable that the expected future economic bene\ufb01ts that are attributable to the asset will
\ufb02ow to the entity and the fair value of the asset can be measured reliably; the intangible asset is separable or
arises from contractual or other legal rights.
As at 31 December 2025 the intangible assets, other than goodwill are assessed to have \ufb01nite lives.
Amortisation is recognised so as to write off the cost or carrying amounts of the assets, less their estimated
residual values, over their expected useful lives, 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\n
\u00a0 \u00a0
Customer contracts
\u2013
5 to 15 years
Software
\u2013
5 years
Mobilisation costs
\u2013
in line with relevant customer contract length which is typically
\u00a0 \u00a0
between 5 to 10 years
\n
The amortisation period and the amortisation method for an intangible asset with a \ufb01nite useful life are
reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The
amortisation expense on intangible assets with \ufb01nite lives is recognised in the statement of pro\ufb01t or loss in the
expense category that is consistent with the function of the intangible assets.
Mobilisation costs
Mobilisation costs within intangible assets relate to set-up costs when a new NHS contract is won. These costs
are incurred for the bene\ufb01t of running the contract over its entire term and are classi\ufb01ed as intangible assets as
these costs are incremental costs of obtaining the contract as determined under IFRS 15. The group\u2019s policy is
to capitalise these costs and amortise them over the \ufb01xed term of the contract on a straight-line basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the group\u2019s cash management are included as a component of cash and
cash equivalents for the purpose only of the statement of cash \ufb02ows. There are no bank overdrafts in either
year presented.
Financial Instruments
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or
equity instrument of another entity.
i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical
expedient, the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not
at fair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant
\ufb01nancing component or for which the group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the customer
being required in respect of the variable consideration. Unbilled receivables can also include amounts where the
performance obligation has been met, but the invoice not yet raised due to the timing of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all the
risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly.
ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changes in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.
iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest rate
risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into
and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise, the
amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.
iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost means purchase price, less trade
discounts, calculated on an average basis. Net realisable value means estimated selling price less incremental
costs including trade discounts and all costs to be incurred in marketing, selling and distribution.
The group holds consignment stock on sale or return. The group is only required to pay for the equipment it
chooses to use and therefore this stock is not recognised as an asset.
Borrowing costs
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised as an expense in the period in which they are incurred.
Provisions
A provision is recognised in the consolidated balance sheet when the group has a present legal or constructive
obligation as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to
settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk-
adjusted, future cash \ufb02ows at a pre-tax risk-free rate. Management considers its best estimate of the likely
outcomes of the obligation when determining the recognition. Where a material range of outcomes could arise,
details are disclosed accordingly. Provisions are measured gross of any expected insurance recovery. Any such
insurance recoveries are recognised in other receivables when the receipt of them is judged virtually certain.
Leases
i) As a lessee
At inception, the group assesses whether a contract is or contains a lease. This assessment involves the exercise
of judgement about whether the group obtains substantially all the economic bene\ufb01ts from the use of that
asset, and whether the group has the right to direct the use of the asset when considering whether the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for
consideration. After initial recognition, the lease liability is measured at amortised cost using the effective
interest method. A reassessment of the lease liability occurs when there is a change in lease payments. The
incremental borrowing rate is only revised where the change in payments is a result of a change in \ufb02oating
interest rates, lease term change or a change in assessment relating to the exercise of purchase option charges.
The group has elected not to separate lease and non-lease components for leases of vehicles or buildings.
The group recognises a Right-of-Use (ROU) asset and a lease liability at the commencement of the lease.
The ROU is initially measured based on the present value of lease payments, less any incentives received.
Initial direct costs and costs to dismantle or restore an asset are included. The ROU is depreciated over the
shorter of the lease term or the useful life of the underlying asset. The incremental borrowing rate is used
to discount the assets over the relevant term. The ROU is subject to testing for impairment if there is an
indicator for impairment.
Lease payments generally include \ufb01xed payments and variable payments that depend on an index (such as
in\ufb02ation index) or rate. When the lease contains an extension or purchase option that the group considered
reasonably certain to be exercised, the cost of the option is included in the lease payments. The incremental
borrowing rate is used to discount the lease payments over the term of the lease.
ROU assets are categorised to re\ufb02ect the nature of the underlying asset and to be consistent with the plant,
property and equipment (PPE) note. The assets are depreciated over the term of the lease, accounting for break
clauses or options to extend in line with the lease liability decision.
ROU assets are disclosed as PPE on the balance sheet (non-current) with a separate disclosure within the
associated note, and the lease liability is included in the headings lease liability (current and non-current) on
the Consolidated balance sheet.
The group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less
than 12 months, or for leases of low-value equipment. The payments for such leases are recognised in the
Consolidated income statement on a straight-line basis over the lease term.
ii) As a lessor
When the group acts as a lessor, leases are classi\ufb01ed as \ufb01nance leases whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of
the asset. All other leases are classi\ufb01ed as operating leases. If an arrangement contains lease and non-lease
components, the group applies IFRS 15 to allocate the consideration in the contract. When the group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the
sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.
Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are
deducted from share premium. Where the employee bene\ufb01t trust purchases the company\u2019s equity share
capital, the consideration paid, including any directly attributable incremental costs, is deducted from equity
attributable to the company\u2019s equity holders in both the company and the consolidated balance sheet until the
shares are cancelled or reissued.
Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the group\u2019s \ufb01nancial
statements in the period in which the dividend is approved by the company\u2019s shareholders. Interim dividends
are recognised when paid.
Pensions
The group operates the Spire Healthcare Pension Plan, a de\ufb01ned contribution scheme. The assets of the
scheme are held separately from those of the group in independently administered funds.
Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the
income statement as incurred.
Other employee bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A provision is recognised for the amount expected to be paid under short-term cash
bonuses if the group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
Share-based payments
The group operates a number of equity-settled, share-based payment schemes under which the group receives
services from employees as consideration for equity instruments of the group. The fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The group has estimated
the relevant fair value of the share options and awards, which are subject to total shareholder return (TSR)
market-related performance criteria, using a Monte Carlo simulation model (see Note 29). This applies to LTIP
Awards and Deferred Share Bonus Schemes.
The group also operates a Save As You Earn (SAYE) scheme, which is open to all employees. Employees are
required to save a \ufb01xed amount, up to a cap, every month for three years. At the end of the three-year period
employees are entitled to use their savings to purchase shares in the company at a stated exercise price.
Employees are free to stop contributing to the scheme and obtain a refund of contributions at any time, but
forfeit their entitlement to exercise the options if they do so. Payment of contributions into a SAYE scheme is
not a vesting condition; it does not meet the de\ufb01nition of a performance condition because it has no link to
service. Failure to meet a non-vesting condition (eg by ceasing to contribute to an SAYE scheme) is accounted
for as a cancellation of the options so that the expense is accelerated and recognised in the income statement,
with a corresponding adjustment to equity as required. The IFRS 2 charge has been calculated using an
adjusted Black Scholes model with judgements including leavers of the scheme (employees who may cease to
save) and dividend yields.
At the end of each year, the group revises its estimates of the number of options that are expected to vest
based on the non-market conditions and recognises the impact of the revision to original estimates, if any, in
the income statement, with a corresponding adjustment to equity.
Non-current assets held for sale
Non-current assets and disposal groups are classi\ufb01ed as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its
present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
Non-current assets (and disposal groups) classi\ufb01ed as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell.
Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there is
an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use. The
recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss
is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of
the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the CGU
level, as appropriate, and when circumstances indicate that the carrying value may be impaired.
Changes in accounting policy and estimates
New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2025. These
amendments have not had a material impact.
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 21 \u2013 Lack of Exchangeability
1 January 2025
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.
New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
\u00a0
financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Basis of preparation
The consolidated \ufb01nancial statements of the group have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IFRS) as issued by the International Accounting Standards
Board (IASB) and in accordance with the Companies Act 2006.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for derivative
\ufb01nancial instruments and \ufb01nancial assets and liabilities measured at fair value. The group \ufb01nancial statements
are presented in UK sterling and all values are rounded to the nearest million pounds (\u00a3m), except when
otherwise indicated.
The preparation of \ufb01nancial statements in accordance with UK-adopted IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the
group\u2019s accounting policies. Further details on the group\u2019s critical judgements and estimates are included
in Note 3.
The group has considered the future potential environmental impact on its current and future \ufb01nancial
position and considered the impact to below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Going concern
The group assessed going concern risk for the period through to 30 June 2027. As at 31 December 2025, the
group had cash of \u00a334.7 million and borrowings of \u00a3365 million of which \u00a3325 million is a Senior Loan Facility
(SFA) and \u00a340 million drawn Revolving Credit Facility (RCF). The group has access to a further \u00a360m which
remains undrawn under the RCF. On 24 November 2025, the group successfully extended the term of the bank
facility (both SFA and RCF) by 18 months to August 2028. The \ufb01nancial covenants associated with the bank
facility remain materially unchanged and no modi\ufb01cations have been made other than to extend the term.
The group has undertaken extensive activity to identify plausible risks that may arise and to assess the
mitigating actions available, which in the \ufb01rst instance would include constrained levels of discretionary capital
investment. Based on the current assessment of the likelihood of these risks arising by 30 June 2027, together
with their assessment of the planned controllable mitigating actions being successful, the directors have
concluded it is appropriate to prepare the accounts on a going concern basis. In arriving at their conclusion, the
directors have also noted that, were these risks to arise in combination, it could result in a liquidity constraint
or, more sensitively, a breach of \ufb01nancial covenants. However, the risk of this is considered remote based on
available controllable mitigating factors.
The group has also assessed, as part of its reverse stress testing, the degree of downturn in trading it could
sustain before it breaches its \ufb01nancial covenants. This stress testing was based on \ufb02exing revenue downwards
from the group\u2019s current forecast with a consistent percentage decline in variable costs and \ufb01xed costs. The
base case forecast assumes a continuation of current trading performance, which is broadly in line with
expectations, and assumes modest revenue growth over the going concern period, stable gross margins, and
continued cost control. The downside scenarios model a range of stress events, including a decline in revenue
and in\ufb02ationary pressures on operating costs. These scenarios were selected to re\ufb02ect plausible but severe
macroeconomic and sector-speci\ufb01c risks. The testing allows for the bene\ufb01t of mitigating actions that could be
taken by management to preserve cash. This testing suggested that there would have to be at least a 25% fall
in annual forecast revenue before the group breaches its \ufb01nancial covenant, we believe that the risk of an event
giving rise to this size of reduction in revenue is remote based on current trading performance and outlook.
It should be noted that we remain in a period of material geopolitical and macroeconomic uncertainty. The
directors continue to closely monitor these risks and their plausible impact.
On 19 September 2025, the Board commenced a formal strategic review to maximise shareholder value (the
Strategic Review). On 24 January 2026, the Company announced, as part of the Strategic Review, that it was in
discussion with parties (the Discussions) pursuant to Rule 2.4 of the UK Takeover Code. The deadline by which
the parties must announce their intentions has been extended to 21 March 2026. There can be no certainty
that a \ufb01rm intention to make an offer will be made nor the terms on which any offer might be made (Rule 2.7
of the UK Takeover Code). There can be no certainty as to the outcome or the timing of the Strategic Review
and given the early stages and uncertainties of the Discussions, the Directors have undertaken appropriate
analysis to understand the impact of the potential implications of the Discussions. As such, the going concern
assessment does not assume the successful completion of any outcome arising from the Strategic Review.
Taking account of the above factors, the Board concluded that it remained appropriate to adopt the going
concern basis of accounting in preparing the consolidated \ufb01nancial statements and the parent company
\ufb01nancial statements. The Board has a reasonable expectation that the Company and the Group will each
continue to operate as a going concern for the period to 30 June 2027.
Further detail on both macroeconomic-related risk is provided in the risk management and internal control
section from
[page XX]
.
Other speci\ufb01c scenarios covered by our testing were as follows:
\u2013
The group is subject to temporary suspension of trade, with a temporary adverse impact on revenue, for
example, as a result of a successful cyber-attack on key business systems
\u2013
The downside modelling of a number of risks which result in a decline in earnings, including the loss of a
contractual relationship with a key insurer
\u2013
Signi\ufb01cant change in government policy resulting in consultants going on payroll
\u2013
Short-term disruption to trade at a sub-set of hospitals owing to an extreme weather event
This review included the following key assumptions:
\u2013
No change in capital structure given the group re\ufb01nanced its existing senior \ufb01nance facility and revolving
credit facility in November 2025, and
\u2013
The government will not make signi\ufb01cant changes to its existing policy towards utilising private provision of
healthcare services to supplement the NHS", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Revenue recognition
The group derives its revenue primarily from providing private healthcare services to both the public sector and
private patients in the UK. Revenue from charges to patients is recognised when the treatment is provided.
Revenue recognition \u2013 principal versus agent
The Group assesses whether it acts as principal or agent in arrangements involving third-party delivery partners.
Under IFRS 15, the Group is a principal when it controls the speci\ufb01ed services before they are transferred to the
customer. The Group is an agent when it does not control those services, but instead arranges for another
party to provide them. Revenue is recognised gross when acting as principal and net when acting as agent.
Judgement is required in determining whether the Group controls the speci\ufb01ed services. Indicators include:
\u2013
whether the third-party provider, rather than the Group, is primarily responsible for delivering the services
\u2013
whether the third party bears delivery, performance, or \ufb01nancial risk
\u2013
whether consideration received by the Group is largely passed through to the delivery partner
\u2013
whether the Group has limited discretion in directing or substituting the service provider
Where third-party providers deliver de\ufb01ned portions of services, carry direct performance or \ufb01nancial
exposure, and the Group retains only a coordination or administrative role, the Group concludes it is an agent
for those portions. The Group reassesses this judgement if contractual terms or the nature of the Group\u2019s
involvement change.
Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on an
individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Revenue from contracts with customers
The criteria for revenue recognition are as follows: identify the contract with the customer, identify the
performance obligation, determine the transaction price, allocate the transaction price to the performance
obligations, and satisfying the performance obligation. It applies to all contracts with customers, except those
in the scope of other standards.
Revenue is recorded as services are transferred to the patient, with the consideration based on the total
amount the group expects to receive, taking account of discounts where they are quanti\ufb01able and probable.
Approximately 65% of the group\u2019s revenue is derived from inpatient and day case admissions. Revenue is
recognised day-by-day, as services are provided to patients. These services are typically provided over a short
time frame, that is, one to three days. Outpatient cases and other revenue represent approximately 35% of the
group\u2019s revenue. Outpatient cases generally do not involve surgical procedures and revenue is recognised on an
individual component basis when performance obligations are satis\ufb01ed. Similarly, other revenue, which
includes consultant revenue, and other third-party revenue streams, is recognised when performance
continued obligations are satis\ufb01ed and the control of goods or services is transferred. Outpatient revenue for
the primary care business includes rehabilitation, counselling and physiotherapy revenue. Revenue is either
recognised over the period to which it relates or where there are multi-year contracts, the revenue is spread
over the term of the contract. The majority of outpatient revenue received is under multi-year contracts with
the NHS.
The group reports disaggregated revenue by material revenue stream (ie type of payor: PMI, NHS and self-pay)
and other revenue which includes consultant revenue, third-party revenue streams (eg pathology services).
Material revenue streams are consistent in nature, being the consideration received in return for the provision
of healthcare services to patients. The timing and uncertainty of cash \ufb02ows is similar for PMI and NHS business
while self-pay revenue is received in advance or collected by credit card shortly after treatment. In addition,
where possible and meaningful, Spire Healthcare reports revenue split between inpatient/day case, outpatient
and other. As noted above, in all cases, revenue is recognised as performance obligations are completed in the
form of services being provided to patients. Unbilled revenue is accrued at period ends. Invoices for the
combination of services provided to patients are generally produced within three days of discharge.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Interest income Interest is recognised on an effective interest rate basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Cost of sales
Cost of sales principally comprises salaries of clinical staff, consultant and clinical fees, medical services and
inventories, including drugs, consumables and prostheses.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Other operating costs
Other operating costs mainly comprise non-clinical staff costs, rent associated with short or low-value leases,
the depreciation of property, plant and equipment and right-of-use assets and the maintenance and running
costs of properties and equipment. It also includes administrative expenses, including the provision of central
support services, IT and other administrative costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range of
results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities for
\ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which, at
the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does not
give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Taxation, including deferred taxation
Total income tax on the result for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity and other
comprehensive income.
The group has applied the mandatory temporary exemption in IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Current tax is the expected tax payable on the taxable result for the year, using tax rates enacted, or
substantively enacted, at the balance sheet date, and any adjustments to tax payable in respect
of previous years.
Where there is an uncertain tax position, a provision is recognised when it is not probable that the tax
authority will accept the uncertain tax position, based on either the most likely amount where the range of
results is binary, or as a weighted average of possible outcomes where a range of outcomes is possible.
Deferred tax is provided on all temporary differences between the carrying amounts of assets and liabilities for
\ufb01nancial reporting purposes and the amounts used for taxation purposes, except for:
\u2013
Goodwill not deductible for tax purposes
\u2013
The initial recognition of an asset or liability in a transaction that is not a business combination and which, at
the time of the transaction, affects neither the accounting pro\ufb01t nor the taxable pro\ufb01t or loss and does not
give rise to equal taxable and deductible temporary differences
\u2013
Investments in subsidiary companies where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future
It should be noted that the initial recognition exception does not apply to the majority of the group\u2019s freehold
property portfolio as these were acquired through the Bupa and Classics acquisitions in 2007 and 2008, which
were accounted for as a business combination.
The amount of deferred tax recognised is based on the expected manner of realisation or settlement of the
carrying amounts of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance
sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities simultaneously, in each future period in which signi\ufb01cant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.
In assessing the recoverability of deferred tax assets, the group relies on the same forecast assumptions used
elsewhere in the \ufb01nancial statements and in other management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the business, such as increased costs as a result of
measures to reduce carbon emission.
A deferred tax asset, subject to the offsetting above, is only recognised to the extent that it is probable that
future taxable pro\ufb01ts will be available against which the asset can be used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation. Major projects are treated as
assets in the course of construction until completed when they are transferred to the appropriate asset class.
No depreciation is charged on freehold land or assets in the course of construction. Other assets are
depreciated so as to write off the carrying amounts of the assets, less their estimated residual values, over their
expected useful lives, 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\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum of
\u00a0 \u00a0
35 years
Equipment
\u2013
3 to 10 years
\n
The expected useful lives and residual values of property, plant and equipment are reviewed semi-annually and
revised as appropriate. The review of the asset lives and residual values of properties takes into consideration
the plans of the business and levels of expenditure incurred on an ongoing basis to maintain the properties in a
\ufb01t and proper state for their ongoing use as hospitals. In addition, the potential impact of future climate
change is considered. In the case of major facilities opening in new locations, depreciation may be applied to
only those assets available for use at the of\ufb01cial opening date to re\ufb02ect that the site is not always fully
operational at this opening date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "No depreciation is charged on freehold land or assets in the course of construction. Other assets are
depreciated so as to write off the carrying amounts of the assets, less their estimated residual values, over their
expected useful lives, 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\n
\u00a0 \u00a0
Freehold property and improvements
\u2013
5 to 60 years
Leasehold improvements
\u2013
lower of unexpired lease term or expected life, with a maximum of
\u00a0 \u00a0
35 years
Equipment
\u2013
3 to 10 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Consolidation
The results of all subsidiary undertakings are included in the consolidated \ufb01nancial statements. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated \ufb01nancial statements from the date the group gains control until the date the group ceases to
control the subsidiary.
Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Speci\ufb01cally, the group
controls an investee if, and only if, the group has:
\u2013
Power over the investee (ie existing rights that give it the current ability to direct the relevant activities of the
investee)
\u2013
Exposure, or rights, to variable returns from its involvement with the investee
\u2013
The ability to use its power over the investee to affect its returns
The Employee Bene\ufb01t Trust (EBT) is treated as an extension of the group and the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include an
input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs. The
acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the
inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered
unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue
producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Business combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured
as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of
any non-controlling interests in the acquiree. For each business combination, the group elects whether to
measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identi\ufb01able net assets. Acquisition-related costs are expensed as incurred and included in other
operating costs.
The group determines that it has acquired a business when the acquired set of activities and assets include an
input and a substantive process that together signi\ufb01cantly contribute to the ability to create outputs. The
acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the
inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered
unique or scarce or cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue
producing outputs.
When the group acquires a business, it assesses the \ufb01nancial assets and liabilities assumed for appropriate
classi\ufb01cation and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Goodwill
Goodwill represents the excess of the cost of acquisition (being the fair value of consideration transferred) over
the fair value of the assets, liabilities and contingent liabilities of acquired businesses at the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to one cash-generating unit or a group of cash-generating units and is not amortised but
is tested annually for impairment, or more frequently if there is an indication that the value of the goodwill
may be impaired (see impairment policy).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at
cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition
date where it is probable that the expected future economic bene\ufb01ts that are attributable to the asset will
\ufb02ow to the entity and the fair value of the asset can be measured reliably; the intangible asset is separable or
arises from contractual or other legal rights.
As at 31 December 2025 the intangible assets, other than goodwill are assessed to have \ufb01nite lives.
Amortisation is recognised so as to write off the cost or carrying amounts of the assets, less their estimated
residual values, over their expected useful lives, 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\n
\u00a0 \u00a0
Customer contracts
\u2013
5 to 15 years
Software
\u2013
5 years
Mobilisation costs
\u2013
in line with relevant customer contract length which is typically
\u00a0 \u00a0
between 5 to 10 years
\n
The amortisation period and the amortisation method for an intangible asset with a \ufb01nite useful life are
reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic bene\ufb01ts embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The
amortisation expense on intangible assets with \ufb01nite lives is recognised in the statement of pro\ufb01t or loss in the
expense category that is consistent with the function of the intangible assets.
Mobilisation costs
Mobilisation costs within intangible assets relate to set-up costs when a new NHS contract is won. These costs
are incurred for the bene\ufb01t of running the contract over its entire term and are classi\ufb01ed as intangible assets as
these costs are incremental costs of obtaining the contract as determined under IFRS 15. The group\u2019s policy is
to capitalise these costs and amortise them over the \ufb01xed term of the contract on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the group\u2019s cash management are included as a component of cash and
cash equivalents for the purpose only of the statement of cash \ufb02ows. There are no bank overdrafts in either
year presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Financial Instruments
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or
equity instrument of another entity.
i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical
expedient, the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not
at fair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant
\ufb01nancing component or for which the group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the customer
being required in respect of the variable consideration. Unbilled receivables can also include amounts where the
performance obligation has been met, but the invoice not yet raised due to the timing of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all the
risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly.
ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changes in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.
iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest rate
risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into
and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise, the
amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.
iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "i) Financial assets other than derivatives
Initial recognition and measurement
Financial assets are classi\ufb01ed as \ufb01nancial assets at fair value through pro\ufb01t or loss, amortised cost or fair value
through other comprehensive income (OCI).
The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow
characteristics and the group\u2019s business model for managing them. With the exception of trade receivables
that do not contain a signi\ufb01cant \ufb01nancing component or for which the group has applied the practical
expedient, the group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not
at fair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant
\ufb01nancing component or for which the group has applied the practical expedient are measured at the
transaction price determined under IFRS 15.
In order for a \ufb01nancial asset to be classi\ufb01ed and measured at amortised cost or fair value through OCI, it needs
to give rise to cash \ufb02ows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order
to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting
contractual cash \ufb02ows, selling the \ufb01nancial assets, or both.
The company\u2019s \ufb01nancial assets include cash and short-term deposits, trade and other receivables, unbilled
receivables and receivables from pro\ufb01t share arrangements. Unbilled receivables may include contract assets
where the performance obligation has been met, but the invoice not raised due to agreement with the customer
being required in respect of the variable consideration. Unbilled receivables can also include amounts where the
performance obligation has been met, but the invoice not yet raised due to the timing of the reporting period.
Subsequent measurement
Trade receivables and unbilled receivables are accounted for at amortised cost. The group applies the IFRS 9
simpli\ufb01ed approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all
trade receivables. At each reporting period, the group makes an assessment of the asset\u2019s recoverable amount
based on forward-looking information. Losses arising from impairment are recognised in the consolidated
income statement in other operating costs.
Loans and receivables are non-derivative \ufb01nancial assets with \ufb01xed or determinable payments that are not
quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly
attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective
interest rate (EIR) method, less any allowance for impairment.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the consolidated
income statement.
Receivables relating to pro\ufb01t share arrangements are recognised as fair value through pro\ufb01t and loss. At each
reporting period, the assets are revalued, with any movement in fair value being recognised in the consolidated
income statement. Any cash received from pro\ufb01t share arrangements is presented within cash \ufb02ows from
investing activities within the cash \ufb02ow statement.
Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all the
risks and rewards of the asset.
Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Derecognition
A \ufb01nancial asset is derecognised when the rights to receive cash \ufb02ows from the asset have expired, or the
group has transferred its rights to receive cash \ufb02ows from the asset including transferring substantially all the
risks and rewards of the asset.Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Impairment
The group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in
accordance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash \ufb02ows will include cash \ufb02ows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (including unbilled receivables), contract assets and lease receivables, the group applies a
simpli\ufb01ed approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
speci\ufb01c to the receivables and the economic environment. To measure the expected credit losses, trade
receivables have been grouped based on shared characteristics and the days past due. The group has
concluded that the expected loss rates for trade receivables, are a reasonable approximation of the loss rates
for each ageing bucket based on historical debt trends of our portfolio of customers for the last two reporting
periods, with the exception of patient debt. Patient debt is more susceptible to the economic environment. As
a result, the group has reviewed the expected loss rates for this payor group, as well as considering forward-
looking information (speci\ufb01cally the cost of living) and increased the loss rates accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "ii) Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classi\ufb01ed as \ufb01nancial liabilities at fair value through pro\ufb01t or
loss, or at amortised cost. The group determines the classi\ufb01cation of \ufb01nancial liabilities at initial recognition.
Initial recognition and measurement
All \ufb01nancial liabilities are recognised initially at fair value and in the case of loans and borrowings, net of directly
attributable transaction costs.
The group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings, and derivative \ufb01nancial
instruments.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and losses arising on the repurchase, settlement or
otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable in the
consolidated income statement. Amortised cost is calculated by taking in to account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance
costs in the consolidated income statement.
Financial liabilities to purchase own equity instruments
Financial agreements entered into with non-controlling interests for the future purchase of the remaining
interest is recognised as a \ufb01nancial liability measured initially at fair value where there is an obligation on the
group to settle a liability. On initial recognition the \ufb01nancial liability is recognised through equity. In subsequent
periods, the liability will be measured at amortised cost with changes in the expected cash \ufb02ows recognised in
the income statement. Cash \ufb02ows are discounted using the weighted average cost of debt.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is
treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "iii) Derivative \ufb01nancial instruments
The group may enter into derivative \ufb01nancial instrument arrangements to manage its exposure to interest rate
risk. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into
and subsequently remeasured at fair value at each balance sheet date. Derivatives are carried as \ufb01nancial
assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative.
The group applies cash \ufb02ow hedge accounting to such derivatives if the criteria for doing so are met. At the
inception of a hedge relationship, the group formally designates and documents the hedge relationship to
which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
The effective portion of the changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. The cash \ufb02ow hedge reserve is adjusted to the lower of the
cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
Amounts deferred in equity are recycled in the income statement in the periods when the hedged item is
recognised, in the same line of the income statement as the recognised hedged item. If cash \ufb02ow hedge
accounting is discontinued, the amount that has been accumulated in the consolidated statement of other
comprehensive income is maintained if the hedged future cash \ufb02ows are still expected to occur. Otherwise, the
amount is immediately reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "iv) Offsetting of \ufb01nancial instruments
Financial assets and \ufb01nancial liabilities are offset and the net amount reported in the consolidated balance
sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable value. Cost means purchase price, less trade
discounts, calculated on an average basis. Net realisable value means estimated selling price less incremental
costs including trade discounts and all costs to be incurred in marketing, selling and distribution.
The group holds consignment stock on sale or return. The group is only required to pay for the equipment it
chooses to use and therefore this stock is not recognised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Borrowing costs
Borrowing costs that are directly attributable to the acquisition and construction of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised as an expense in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Provisions
A provision is recognised in the consolidated balance sheet when the group has a present legal or constructive
obligation as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to
settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk-
adjusted, future cash \ufb02ows at a pre-tax risk-free rate. Management considers its best estimate of the likely
outcomes of the obligation when determining the recognition. Where a material range of outcomes could arise,
details are disclosed accordingly. Provisions are measured gross of any expected insurance recovery. Any such
insurance recoveries are recognised in other receivables when the receipt of them is judged virtually certain.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Leases
i) As a lessee
At inception, the group assesses whether a contract is or contains a lease. This assessment involves the exercise
of judgement about whether the group obtains substantially all the economic bene\ufb01ts from the use of that
asset, and whether the group has the right to direct the use of the asset when considering whether the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for
consideration. After initial recognition, the lease liability is measured at amortised cost using the effective
interest method. A reassessment of the lease liability occurs when there is a change in lease payments. The
incremental borrowing rate is only revised where the change in payments is a result of a change in \ufb02oating
interest rates, lease term change or a change in assessment relating to the exercise of purchase option charges.
The group has elected not to separate lease and non-lease components for leases of vehicles or buildings.
The group recognises a Right-of-Use (ROU) asset and a lease liability at the commencement of the lease.
The ROU is initially measured based on the present value of lease payments, less any incentives received.
Initial direct costs and costs to dismantle or restore an asset are included. The ROU is depreciated over the
shorter of the lease term or the useful life of the underlying asset. The incremental borrowing rate is used
to discount the assets over the relevant term. The ROU is subject to testing for impairment if there is an
indicator for impairment.
Lease payments generally include \ufb01xed payments and variable payments that depend on an index (such as
in\ufb02ation index) or rate. When the lease contains an extension or purchase option that the group considered
reasonably certain to be exercised, the cost of the option is included in the lease payments. The incremental
borrowing rate is used to discount the lease payments over the term of the lease.
ROU assets are categorised to re\ufb02ect the nature of the underlying asset and to be consistent with the plant,
property and equipment (PPE) note. The assets are depreciated over the term of the lease, accounting for break
clauses or options to extend in line with the lease liability decision.
ROU assets are disclosed as PPE on the balance sheet (non-current) with a separate disclosure within the
associated note, and the lease liability is included in the headings lease liability (current and non-current) on
the Consolidated balance sheet.
The group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less
than 12 months, or for leases of low-value equipment. The payments for such leases are recognised in the
Consolidated income statement on a straight-line basis over the lease term.
ii) As a lessor
When the group acts as a lessor, leases are classi\ufb01ed as \ufb01nance leases whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of
the asset. All other leases are classi\ufb01ed as operating leases. If an arrangement contains lease and non-lease
components, the group applies IFRS 15 to allocate the consideration in the contract. When the group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the
sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of new shares are
deducted from share premium. Where the employee bene\ufb01t trust purchases the company\u2019s equity share
capital, the consideration paid, including any directly attributable incremental costs, is deducted from equity
attributable to the company\u2019s equity holders in both the company and the consolidated balance sheet until the
shares are cancelled or reissued.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the group\u2019s \ufb01nancial
statements in the period in which the dividend is approved by the company\u2019s shareholders. Interim dividends
are recognised when paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Pensions
The group operates the Spire Healthcare Pension Plan, a de\ufb01ned contribution scheme. The assets of the
scheme are held separately from those of the group in independently administered funds.
Obligations for contributions to de\ufb01ned contribution pension schemes are recognised as an expense in the
income statement as incurred.
Other employee bene\ufb01ts
Short-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A provision is recognised for the amount expected to be paid under short-term cash
bonuses if the group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Share-based payments
The group operates a number of equity-settled, share-based payment schemes under which the group receives
services from employees as consideration for equity instruments of the group. The fair value of the employee
services received in exchange for the grant of the options is recognised as an expense. The group has estimated
the relevant fair value of the share options and awards, which are subject to total shareholder return (TSR)
market-related performance criteria, using a Monte Carlo simulation model (see Note 29). This applies to LTIP
Awards and Deferred Share Bonus Schemes.
The group also operates a Save As You Earn (SAYE) scheme, which is open to all employees. Employees are
required to save a \ufb01xed amount, up to a cap, every month for three years. At the end of the three-year period
employees are entitled to use their savings to purchase shares in the company at a stated exercise price.
Employees are free to stop contributing to the scheme and obtain a refund of contributions at any time, but
forfeit their entitlement to exercise the options if they do so. Payment of contributions into a SAYE scheme is
not a vesting condition; it does not meet the de\ufb01nition of a performance condition because it has no link to
service. Failure to meet a non-vesting condition (eg by ceasing to contribute to an SAYE scheme) is accounted
for as a cancellation of the options so that the expense is accelerated and recognised in the income statement,
with a corresponding adjustment to equity as required. The IFRS 2 charge has been calculated using an
adjusted Black Scholes model with judgements including leavers of the scheme (employees who may cease to
save) and dividend yields.
At the end of each year, the group revises its estimates of the number of options that are expected to vest
based on the non-market conditions and recognises the impact of the revision to original estimates, if any, in
the income statement, with a corresponding adjustment to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Non-current assets held for sale
Non-current assets and disposal groups are classi\ufb01ed as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its
present condition. Management must be committed to the sale, which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
Non-current assets (and disposal groups) classi\ufb01ed as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there is
an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use. The
recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss
is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of
the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the CGU
level, as appropriate, and when circumstances indicate that the carrying value may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Impairment
The group applies its impairment policy to non-\ufb01nancial assets, being intangible assets (goodwill), plant,
property and equipment, and right-of-use assets. The group assesses, at each reporting date, whether there is
an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required, the group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash generating units (CGU)\u2019s fair value less costs of disposal or its value-in-use. The
recoverable amounts is determined for an individual asset, unless the asset does not generate cash in\ufb02ows
that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired, and is written down to its
recoverable amount.
In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a
discount rate that re\ufb02ects current market assessments of the time value of money and risks speci\ufb01c to the
asset. As part of this, the group assesses where climate risks could have a signi\ufb01cant impact, such as the
introduction of emission-reduction legislation that may increase costs. These risks in relation to climate-related
matters are included as key assumptions where they materially impact the measure of recoverable amount.
The group bases its impairment calculation on most recent budgets and forecast calculations, which are
prepared for each CGU. The forecasts generally cover a \ufb01ve-year period. A long-term growth rate is calculated
and applies to project future cash \ufb02ows after the \ufb01fth year.
Impairment losses of continuing operations are recognised in the consolidated income statement in other
operating costs. Impairment is likely to be considered an adjusting item.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an
indication that previously recognised impairment losses no longer exist or have decreased. If such indication
exists, the group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss
is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable
amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of
the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the statement of pro\ufb01t or loss.
Goodwill is tested for impairment annually as at 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at 31 December at the CGU
level, as appropriate, and when circumstances indicate that the carrying value may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "Changes in accounting policy and estimates
New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2025. These
amendments have not had a material impact.
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 21 \u2013 Lack of Exchangeability
1 January 2025
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.
New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
\u00a0
financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "New standards, interpretations and amendments applied
The following amendments to existing standards were effective for the group from 1 January 2025. These
amendments have not had a material impact.
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IAS 21 \u2013 Lack of Exchangeability
1 January 2025
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations that are consistent with the
endorsement process for use in the UK.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "New standards, interpretations and amendments in issue, but not yet effective
As at date of approval of the group \ufb01nancial statements, the following new and amended standards,
interpretations and amendments in issue are applicable to the group but not yet effective and thus, have not
been applied by the group:
\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\n
\u00a0 \u00a0
\u00a0
Effective date*
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the classification and measurement of
\u00a0
financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and disclosure in financial statements
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures
1 January 2027
\n
*
The effective dates stated above are those given in the original IASB/IFRIC standards and interpretations. As the group prepares its
\ufb01nancial statements in accordance with IFRS as issued by the IASB as endorsed by the UK, the application of new standards and
interpretations will result in an effective date subject to that agreed by the UK Endorsement process.
We are in the process of assessing the impact of the above on the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "3. Critical accounting judgements and estimates
In the application of the group\u2019s accounting policies, the directors are required to make judgements and
estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
Judgements
Adjusting items
Judgements are required as to whether items that are material in size, unusual or infrequent in nature should
be disclosed as adjusting items. Deciding which items meet the respective de\ufb01nitions requires the group to
exercise its judgement. Details of these items categorised as adjusting items are outlined in Note 11.
Leases
The application of IFRS 16 requires the group to make certain judgements which affect the value of the ROU
asset and lease liability, and these include: determining contracts in the scope of IFRS 16 and the contract term.
The lease term is determined by the group and includes the non-cancellable period of lease contracts, periods
covered by an option to extend the lease if the group is reasonably certain to exercise that option and period
covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The
group reviews the business plan, investment in leasehold improvements and market conditions when
considering the certainty of options to extend or terminate. For lease contracts with an inde\ufb01nite term, the
group determines the length of the contract to be equal to the average or typical market contract term of the
particular type of lease. The same life is then applied to determine the depreciation rate of ROU assets.
Revenue recognition \u2013 principal versus agent
Judgement is required when the Group assesses whether it acts as principal or agent in arrangements
involving third-party delivery partners. These judgements are made in line with the Group\u2019s accounting policy
for revenue recognition \u2013 principal versus agent.
Where third-party providers deliver de\ufb01ned services, carry direct performance or \ufb01nancial exposure, and the
Group retains only a coordination or administrative role, the Group concludes it is not principal for those
services. The Group reassesses this judgement if contractual terms or the nature of the Group\u2019s involvement
change.
Signi\ufb01cant accounting estimates
The preparation of the group\u2019s consolidated \ufb01nancial statements includes the use of estimates and
assumptions. The signi\ufb01cant accounting estimates with a signi\ufb01cant risk of a material change to the carrying
value of assets and liabilities within the next year in terms of IAS 1, \u2018Presentation of Financial Statements\u2019, are:
Property impairment
Property, including property ROU assets, is considered for indicators of impairment at each reporting date, or
earlier if a trigger indicates, as set out in the impairment policy. The recoverable amount, being the value-in-
use, requires the group to estimate cash \ufb02ows expected to arise in the future, taking into account market
conditions. The variables in the cash \ufb02ows are interdependent and re\ufb02ect management\u2019s expectations based
on past experience and current market trends, it takes into account both current business and committed
initiatives. The present value of these cash \ufb02ows is determined using an appropriate discount rate.
The assumptions are considered to be most critical in reviewing properties for impairment are contained in
Note 14.
Other areas of accounting estimates
The consolidated \ufb01nancial statements include other areas of judgement and accounting estimates. While
these areas do not meet the de\ufb01nition under IAS 1 of signi\ufb01cant accounting estimates and critical accounting
judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions
and/or are subject to longer-term uncertainties. The other areas of accounting estimates and judgement are:
Goodwill
Goodwill is tested for impairment at least annually, or more frequently if there is an indication that goodwill
may be impaired. This is achieved by comparing the carrying value in the accounts with the recoverable
amount (being the value-in-use), as set out in the impairment policy. The value-in-use calculations require the
group to estimate future cash \ufb02ows expected to arise in the future, taking into account market conditions. The
current value of goodwill is underpinned by these forecasts. The present value of these cash \ufb02ows is
determined using an appropriate discount rate.
Separately, management also recognises that some of the key impairment review assumptions constitute a
source of estimation uncertainty. While reasonably possible changes do not give rise to an impairment, these
assumptions are in\ufb02uenced by external market conditions and internal operational factors. As a result,
management considers these assumptions to represent a source of estimation uncertainty.
The assumptions considered to be most critical in reviewing goodwill for impairment are contained in Note 15.
Leases
The present value of the lease payment is determined using the discount factor (incremental borrowing rate)
which is based on a risk free UK gilt rate plus an applicable credit spread or margin to re\ufb02ect the credit standing
of the group observed in the period when the lease contract commences or is modi\ufb01ed. The incremental borrowing
rate applied re\ufb02ects a rate for a similar term and security to that of the lease and is determined at inception.
Details of incremental borrowing rates can be found in Note 23.
Expected credit losses
The group has not changed the methodology in respect of the expected credit loss (ECL) calculations. The
group\u2019s customer pro\ufb01le includes large organisations that have stable credit ratings, and the payment pro\ufb01les
have remained stable for historical debts. The exception to this is patient debt where economic circumstances
can have a signi\ufb01cant impact and, given the current economic uncertainty, remains the highest risk for the
group. The ECL as at December 2025 is \u00a34.1 million (December 2024: \u00a36.2 million). See Note 19.
Provisions for medical malpractice
The provision was established by Spire Healthcare in respect of implementing the recommendations of the
Independent Inquiry including a detailed patient review and support for patients of Paterson. The provision is
utilised for patient claim settlements. The variables include the number of patients which are found to have
been harmed and the associated compensation claim. The project is complex and the process for settlement of
claims, where relevant, takes some time. It is possible that, as further information becomes available, an
adjustment to this provision will be required, but at this time, it re\ufb02ects management\u2019s best estimate of the
costs and settlement of claims. This provision remains subject to ongoing review.
Details of the provision can be found in Note 26.
Climate-related risk and opportunities on the \ufb01nancial statements
To date, the board has not identi\ufb01ed any climate-related risks or opportunities that would have a material
impact on the assets or liabilities of the group, and therefore has not adjusted \ufb01nancial balances for climate-
related risks or opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Goodwill
Goodwill is tested for impairment at least annually, or more frequently if there is an indication that goodwill
may be impaired. This is achieved by comparing the carrying value in the accounts with the recoverable
amount (being the value-in-use), as set out in the impairment policy. The value-in-use calculations require the
group to estimate future cash \ufb02ows expected to arise in the future, taking into account market conditions. The
current value of goodwill is underpinned by these forecasts. The present value of these cash \ufb02ows is
determined using an appropriate discount rate.
Separately, management also recognises that some of the key impairment review assumptions constitute a
source of estimation uncertainty. While reasonably possible changes do not give rise to an impairment, these
assumptions are in\ufb02uenced by external market conditions and internal operational factors. As a result,
management considers these assumptions to represent a source of estimation uncertainty.
The assumptions considered to be most critical in reviewing goodwill for impairment are contained in Note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Expected credit losses
The group has not changed the methodology in respect of the expected credit loss (ECL) calculations. The
group\u2019s customer pro\ufb01le includes large organisations that have stable credit ratings, and the payment pro\ufb01les
have remained stable for historical debts. The exception to this is patient debt where economic circumstances
can have a signi\ufb01cant impact and, given the current economic uncertainty, remains the highest risk for the
group. The ECL as at December 2025 is \u00a34.1 million (December 2024: \u00a36.2 million). See Note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "4. Revenue
All revenue is attributable to, and all non-current assets are located in, the United Kingdom.
Revenue by location (inpatient, day case or out-patient) and wider customer (payor) group is shown 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Hospitals
\u00a0 \u00a0
Hospitals
\u00a0 \u00a0
(\u00a3m)
Business
Primary Care
Total
Business
Primary Care
Total
Inpatient
563.7
\u2013
563.7
548.0
\u2013
548.0
Day case
456.3
1.4
457.7
426.6
0.6
427.2
Out-patient
398.0
131.4
529.4
388.1
120.2
508.3
Other*
28.1
0.9
29.0
27.5
0.2
27.7
Total revenue
1,446.1
133.7
1,579.8
1,390.2
121.0
1,511.2
Insured
681.5
2.8
684.3
662.4
1.6
664.0
Self-pay
328.6
8.5
337.1
332.9
8.0
340.9
NHS
407.9
87.6
495.5
367.4
80.8
448.2
Other*
28.1
34.8
62.9
27.5
30.6
58.1
Total revenue
1,446.1
133.7
1,579.8
1,390.2
121.0
1,511.2
\n
*
Other revenue includes fees paid to the group by consultants (eg for the use of group facilities and services) and third-party revenue
(eg pathology services to third parties).
Group revenues increased 4.5% to \u00a31,579.8 million (2024: \u00a31,511.2 million) driven by growth in both the
Hospitals Business and Primary Care. Hospitals business revenue has increased by 4.0% to \u00a31,446.1 million
(2024:\u00a31,390.2 million), supported by higher Average Revenue per Case (ARPC) across all payor groups and
strong Private Medical Insurance (PMI) performance. NHS revenue also grew strongly, re\ufb02ecting higher activity
levels, particularly in the \ufb01rst half of the year, with ARPC growth broadly aligned to tariff.
Overall Hospitals performance bene\ufb01tted from continued price and case-mix optimisation, contributing to
volume growth of 1.2% and ARPC growth of 3.9%. Primary Care revenue increased 10.5% to \u00a3133.7million
(2024: \u00a3121 million), driven by strong organic growth in Talking Therapies under the Vita brand and the
expansion of the clinic network, which, while incurring early start-up costs, enhances integrated care pathways
and supports downstream referrals to hospitals. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "5. Segmental reporting
In determining the group\u2019s operating segments, management has primarily considered the \ufb01nancial
information in internal reports that are reviewed and used by the executive management team and board of
directors (who together are the chief operating decision maker of Spire Healthcare) in assessing performance
and in determining the allocation of resources. The \ufb01nancial information in those internal reports in respect of
revenue and expenses has led management to conclude that the group has two operating segments, being
Hospitals Business and Primary Care.
The Hospitals Business is the group\u2019s core business activity and consists of hospitals, medical centres and
consulting rooms. They provide diagnostics, inpatient, day case and outpatient care in areas including
orthopaedics, gynaecology, cardiology, neurology, oncology and general surgery.
Primary Care encompasses services focused on the primary care needs of outpatients, including GP services,
occupational health services or mental and physical health services. This segment includes the activities of Vita
Health Group (VHG), Doctors Clinic Group (DCG) and clinics.
During 2025, the group completed the integration of VHG and DCG into a uni\ufb01ed Primary Care platform. While
VHG and DCG remain separate legal entities for statutory purposes, they are no longer considered distinct
operating segments under IFRS 8. This is because the chief operating decision maker no longer reviews discrete
\ufb01nancial information for these entities individually. Instead, performance is assessed at the consolidated
Primary Care level, which re\ufb02ects the group\u2019s strategic and operational integration of these services.
This integration included:
\u2013
The appointment of a uni\ufb01ed leadership team and central management structure;
\u2013
Consolidated governance and reporting processes;
\u2013
Joint tendering and bundled service offerings across the entities; and
\u2013
Alignment of services by payor group (e.g., NHS, Employers, B2C).
As a result, the Primary Care segment is now managed and monitored as a single operating segment. This is
consistent with the level of information reviewed by the chief operating decision maker. In the prior year VHG,
DCG and clinics were reported as one reportable segment and therefore no restatements are required.
Segment performance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in
the consolidated \ufb01nancial statements. The balance sheet is evaluated on a group level.
In the year, the group had two major customers, accounting for 15% (2024: 15%) and 12% (2024: 14%) of group
revenue. These revenues were reported primarily within the Hospitals Business segment. Further detail is
provided in the Principal Risk: Private market dynamics
[(page XX)]
.
\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
Hospitals
\u00a0\u00a0
Hospitals
\u00a0\u00a0
(\u00a3m)
Business
Primary Care
Total
Business
Primary Care
Total
Revenue
1,446.1
133.7
1,579.8
1,390.2
121.0
1,511.2
Cost of sales
(774.8)
(88.9)
(863.7)
(748.4)
(79.2)
(827.6)
Gross profit
671.3
44.8
716.1
641.8
41.8
683.6
Other operating costs
(555.4)
(41.5)
(596.9)
(519.2)
(39.5)
(558.7)
Other income
3.4
\u2013
3.4
12.6
\u2013
12.6
Segmental operating
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
profit (EBIT)
119.3
3.3
122.6
135.2
2.3
137.5
\n
Finance income, \ufb01nance costs and taxes are not allocated to individual segments as these are managed on an
overall group basis. Reconciliation of segment operating pro\ufb01t to group pro\ufb01t 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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
Segment operating profit (EBIT)
122.6
137.5
Finance income
1.0
0.7
Finance costs
(105.0)
(99.9)
Profit before taxation
18.6
38.3
Taxation
(1.4)
(12.3)
Profit for the year
17.2
26.0
Operating pro\ufb01t is arrived at after charging:
\u00a0
2025
2024
\u00a0
Hospitals
\u00a0\u00a0
Hospitals
\u00a0\u00a0
(\u00a3m)
Business
Primary Care
Total
Business
Primary Care
Total
Depreciation of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
property, plant and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equipment and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
right-of-use assets
111.9
3.6
115.5
106.4
1.6
108.0
Amortisation of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
intangible assets
1.5
2.6
4.1
1.6
2.6
4.2
Lease payments made
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
in respect of low value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and short leases
15.3
3.1
18.4
16.6
3.8
20.4
Staff costs
509.1
82.3
591.4
494.4
73.0
567.4
\n
The total pre-tax adjusting items is \u00a327.9 million (2024: \u00a311.9 million) of which \u00a327.6 million (2024: \u00a38.1 million)
relate to the Hospitals Business and \u00a30.3 million (2024: \u00a33.8 million) relates to Primary Care. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "6. Other income
(\u00a3m)
2025
2024
Fair value movement on financial asset
2.1
4.8
Realised profit in respect of financial asset
1.0
1.0
Movement on financial liability
0.3
1.6
Profit on disposal of hospital (adjusting items) (see Note 11)
\u2013
4.5
Profit on disposal of property, plant and equipment
\u2013
0.7
Total other income
3.4
12.6
\n
The fair value movement in respect of the \ufb01nancial asset was recognised to re\ufb02ect the on-going pro\ufb01t share
arrangement with Genesis Care which arose as part of the sale of the Bristol Cancer Centre in 2019. Pro\ufb01ts of
\u00a31.0 million (2024: \u00a31.0 million) have been realised in respect of this arrangement. The fair value movement on
\ufb01nancial liability relates to the change in cash \ufb02ows relating to the \ufb01nancial instruments held to purchase own
equity instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "7. Auditor\u2019s remuneration
During the year, the group (including its subsidiary undertakings) obtained the following services from the
group\u2019s external auditor as detailed below:
(\u00a3m)
2025
2024
Audit of these financial statements
1.5
1.3
Audit of the financial statements of subsidiaries of the company pursuant
\u00a0 \u00a0
to legislation
0.4
0.4
Audit-related assurance services
0.2
0.2
Total
2.1
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "8. Operating pro\ufb01t
Arrived at after charging/(crediting):
(\u00a3m)
2025
2024
Depreciation of property, plant and equipment (see Note 14)
68.2
67.0
Depreciation of right-of-use assets (see Note 14)
47.3
41.0
Amortisation of intangible assets (see Note 15)
4.1
4.2
Acquisition-related transaction costs (adjusting item) (see Note 11)
0.8
\u2013
Lease payments made in respect of low value and short leases
18.4
20.4
Provision related to Ian Paterson (adjusting item) (see Note 11)
\u2013
4.6
Impairment on assets held for sale (see Note 21)
0.5
\u2013
Movement on the provision for expected credit losses of trade receivables (see Note
\u00a0\u00a0
19)
(1.5)
1.0
Movement on financial liability (see Note 24)
(0.3)
\u2013
Staff restructuring costs (adjusting item) (see Note 9 and 11)
13.8
4.3
Staff costs (net of staff restructuring costs and including share-based payment
\u00a0\u00a0
charge) (see Note 9 and 29)
591.4
567.4
\nInventory recognised as an expense in the current year is disclosed in Note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "9. Staff costs
(No.)
2025
2024
Clinical
9,085
9,248
Non-clinical
6,282
6,021
Central
1,001
972
The average number of persons employed by the group (including directors)
\u00a0 \u00a0
during the year
16,368
16,241
(No.)
2025
2024
Clinical
6,913
7,004
Non-clinical
4,793
4,655
Central
875
848
The average number of full-time equivalent persons employed by the group
\u00a0\u00a0
during the year
12,581
12,507
\n
The aggregate payroll costs of these persons were as follows:
(\u00a3m)
2025
2024
Wages and salaries
496.9
476.3
Social security costs
59.9
46.9
Pension costs, defined contribution scheme
46.3
44.3
Aggregate payroll costs excluding share-based payments
603.1
567.5
Share-based payment charge
2.1
4.2
Aggregate payroll costs
605.2
571.7
There are \u00a313.8 million (2024: \u00a34.3m) wages and salaries and social security costs for year ended 31 December
2025 included in Adjusting items which relate to staff restructuring costs, and are set out in Note 8 and 11.
Pension costs are in respect of the de\ufb01ned contribution scheme; unpaid contributions at 31 December 2025
were \u00a34.9 million (2024: \u00a34.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "9. Staff costs
(No.)
2025
2024
Clinical
9,085
9,248
Non-clinical
6,282
6,021
Central
1,001
972
The average number of persons employed by the group (including directors)
\u00a0 \u00a0
during the year
16,368
16,241
(No.)
2025
2024
Clinical
6,913
7,004
Non-clinical
4,793
4,655
Central
875
848
The average number of full-time equivalent persons employed by the group
\u00a0\u00a0
during the year
12,581
12,507
\n
The aggregate payroll costs of these persons were as follows:
(\u00a3m)
2025
2024
Wages and salaries
496.9
476.3
Social security costs
59.9
46.9
Pension costs, defined contribution scheme
46.3
44.3
Aggregate payroll costs excluding share-based payments
603.1
567.5
Share-based payment charge
2.1
4.2
Aggregate payroll costs
605.2
571.7
There are \u00a313.8 million (2024: \u00a34.3m) wages and salaries and social security costs for year ended 31 December
2025 included in Adjusting items which relate to staff restructuring costs, and are set out in Note 8 and 11.
Pension costs are in respect of the de\ufb01ned contribution scheme; unpaid contributions at 31 December 2025
were \u00a34.9 million (2024: \u00a34.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "10. Finance income and costs
(\u00a3m)
2025
2024
Finance income
\u00a0 \u00a0
Interest income on bank deposits
0.4
0.7
Interest income on finance lease receivable
0.6
\u2013
Total finance income
1.0
0.7
Finance costs
\u00a0 \u00a0
Interest on bank facilities
22.4
22.3
Amortisation of fee arising on facilities extensions/borrowing costs1
1.5
1.5
Interest on obligations under leases
81.1
76.1
Total finance costs
105.0
99.9
Total net finance costs
104.0
99.2
\n
1.
\u00a31.1 million of borrowing costs were capitalised on the extension of the senior facility, these are being amortised to August 2028.
Previously, \u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised to
February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "10. Finance income and costs
(\u00a3m)
2025
2024
Finance income
\u00a0 \u00a0
Interest income on bank deposits
0.4
0.7
Interest income on finance lease receivable
0.6
\u2013
Total finance income
1.0
0.7
Finance costs
\u00a0 \u00a0
Interest on bank facilities
22.4
22.3
Amortisation of fee arising on facilities extensions/borrowing costs1
1.5
1.5
Interest on obligations under leases
81.1
76.1
Total finance costs
105.0
99.9
Total net finance costs
104.0
99.2
\n
1.
\u00a31.1 million of borrowing costs were capitalised on the extension of the senior facility, these are being amortised to August 2028.
Previously, \u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised to
February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "10. Finance income and costs
(\u00a3m)
2025
2024
Finance income
\u00a0 \u00a0
Interest income on bank deposits
0.4
0.7
Interest income on finance lease receivable
0.6
\u2013
Total finance income
1.0
0.7
Finance costs
\u00a0 \u00a0
Interest on bank facilities
22.4
22.3
Amortisation of fee arising on facilities extensions/borrowing costs1
1.5
1.5
Interest on obligations under leases
81.1
76.1
Total finance costs
105.0
99.9
Total net finance costs
104.0
99.2
\n
1.
\u00a31.1 million of borrowing costs were capitalised on the extension of the senior facility, these are being amortised to August 2028.
Previously, \u00a35.0 million of borrowing costs were capitalised on the re\ufb01nancing of the senior facility, these are being amortised to
February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "12. Taxation
(\u00a3m)
2025
2024
Current tax
\u00a0 \u00a0
UK corporation tax expense
0.9
0.7
Adjustments in respect of prior years
\u2013
(1.0)
Total current tax charge/(credit)
0.9
(0.3)
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary differences
6.4
10.3
Adjustments in respect of prior years
(5.9)
2.3
Total deferred tax charge
0.5
12.6
Total tax charge
1.4
12.3
\n
IIn addition to the amounts recognised in the income statement, a credit of \u00a30.9 million has been recognised in
Other Comprehensive Income (2024: \u00a30.2 million credit) and a debit of \u00a30.1 million (2024: \u00a30.4 million credit)
has been recognised directly in Equity. The \u00a30.1 million debit recognised in equity relates to movements in
share-based payments and represents a \u00a30.9 million deferred tax debit and \u00a30.8 million current tax credit.
Corporation tax is calculated at 25.0% (2024: 25.0%) of the estimated taxable pro\ufb01t or loss for the year. When
excluding prior year adjustments and the impact of share based payments, the effective tax rate for 2025 is
34.9% (2024: 27.9%). The increase re\ufb02ects additional adjusting items arising during the period.
The effective tax assessed for the year, all of which arises in the UK, differs from the standard weighted rate of
corporation tax in the UK.
The reconciliation of the actual tax charge to that at the domestic corporation tax rate is as follows:
(\u00a3m)
2025
2024
Profit before taxation
18.6
38.3
Tax at the standard rate
4.7
9.6
Effects of:
\u00a0 \u00a0
Expenses and income not deductible or taxable
1.8
1.1
Adjustment for movement on share-based payments
0.8
0.3
Adjustments in respect of prior year
(5.9)
1.3
Total tax charge
1.4
12.3
\n
The current-year and prior-year tax charges are mainly driven by expenses that are not deductible for tax
purposes, adjustments in respect of prior periods, and movements arising from share-based payments.
Expenses and income that are not deductible or taxable primarily relate to depreciation on non-qualifying
\ufb01xed assets, disallowable entertaining costs, and certain legal and professional fees.
Within the prior-year adjustment, there is a one-off capital allowances claim covering multiple years. This
resulted in a signi\ufb01cant reduction in the tax charge for the period. The bene\ufb01t of this claim will also \ufb02ow
through to future periods, enabling greater tax relief in later years.
The effective tax rate on pro\ufb01t before taxation for the year of 7.5% (2024: 32.1%), is not considered meaningful
due to the signi\ufb01cant prior year adjustments.
The Group calculates an underlying tax rate on an adjusted basis to remove the effect of distorting items such
as prior year adjustments, non-recurring transactions and share based payments. The underying tax rate is
28.4% (2024: 29.8%) which is higher than the statutory rate due to expenses and income that are not
deductible and depreciation on non-qualifying \ufb01xed assets.
The group does not hold any uncertain tax positions under IFRIC 23 at the year-end (2024: none).
Pillar Two legislation, introduced as part of the OECD\u2019s Base Erosion and Pro\ufb01t Shifting (\u2018BEPS\u2019) framework,
became effective for accounting periods beginning on or after 1 January 2024. The group operates solely in the
UK. Based on the group\u2019s assessment, its underlying effective tax rates continue to exceed 16%, and therefore
no exposure to Pillar Two top-up taxes is expected.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "13. Earnings per share (EPS)
Basic EPS is calculated by dividing the pro\ufb01t for the year attributable to ordinary equity holders of the parent by
the weighted average number of ordinary shares outstanding during the year.
\u00a0
2025
2024
Profit for the year attributable to ordinary equity holders of the parent (\u00a3m)
16.4
25.4
Weighted average number of ordinary shares for basic EPS (No.)
402,759,340
403,991,639
Adjustment for weighted average number of shares held in EBT (No.)
(2,376,882)
(498,516)
Weighted average number of ordinary shares in issue (No.)
400,382,458
403,493,123
Basic earnings per share (in pence per share)
4.1
6.3
\n
For dilutive EPS, the weighted average number of ordinary shares in issue is adjusted to include all dilutive
potential ordinary shares arising from share options. Refer to the remuneration committee report for the terms
and conditions of instruments generating potential ordinary shares that affect the measurement of diluted
EPS.
\u00a0
2025
2024
Profit for the year attributable to ordinary equity holders of the parent (\u00a3m)
16.4
25.4
Weighted average number of ordinary shares in issue (No.)
400,382,458
403,493,123
Adjustment for weighted average number of contingently issuable shares (No.)
4,929,266
7,900,003
Diluted weighted average number of ordinary shares in issue (No.)
405,311,724
411,393,126
Diluted earnings per share (in pence per share)
4.0
6.2
\n
The directors believe that EPS excluding adjusting items (adjusted EPS) better re\ufb02ects the underlying
performance of the business and assists in providing a clearer view of the performance of the group.
Reconciliation of pro\ufb01t after taxation to pro\ufb01t after taxation excluding adjusting items (adjusted pro\ufb01t):
\u00a0
2025
2024
Profit for the year attributable to owners of the parent (\u00a3m)
16.4
25.4
Adjusting items (see Note 11) (\u00a3m)
21.9
10.1
Adjusted profit (\u00a3m)
38.3
35.5
Weighted average number of Ordinary Shares in issue (No.)
400,382,458
403,493,123
Weighted average number of dilutive Ordinary Shares (No.)
405,311,724
411,393,126
Adjusted basic earnings per share (in pence per share)
9.6
8.8
Adjusted diluted earnings per share (in pence per share)
9.4
8.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "14. 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Assets in the
\u00a0 \u00a0
\u00a0
Freehold
Leasehold
\u00a0
course of
Right-of-use
\u00a0
(\u00a3m)
property
improvements
Equipment
construction
(ROU)
Total
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
860.4
203.4
487.2
25.2
926.5
2,502.7
Additions
8.9
14.8
52.9
32.7
\u2013
109.3
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
15.1
15.1
Adjustments to existing assets (eg
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
indexation)
\u2013
\u2013
\u2013
\u2013
36.9
36.9
Disposals
(1.3)
(9.6)
(84.0)
\u2013
(2.4)
(97.3)
Transfers
1.2
15.9
0.7
(17.8)
\u2013
\u2013
At 1 January 2025
869.2
224.5
456.8
40.1
976.1
2,566.7
Additions
4.3
10.9
33.7
27.4
\u2013
76.3
Acquisition of subsidiaries
\u2013
\u2013
0.5
\u2013
\u2013
0.5
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
37.4
37.4
Adjustments to existing assets (eg
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
indexation)
\u2013
\u2013
\u2013
\u2013
33.6
33.6
Transferred to Assets held for sale
(4.0)
\u2013
\u2013
\u2013
\u2013
(4.0)
Disposals
(0.8)
\u2013
\u2013
\u2013
\u2013
(0.8)
Transfers
17.2
8.5
(10.2)
(15.5)
\u2013
\u2013
At 31 December 2025
885.9
243.9
480.8
52.0
1,047.1
2,709.7
Accumulated depreciation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
209.6
67.5
313.9
\u2013
292.9
883.9
Charge for the year
12.3
10.6
44.1
\u2013
41.0
108.0
Disposals
(1.2)
(4.9)
(82.3)
\u2013
(0.2)
(88.6)
At 1 January 2025
220.7
73.2
275.7
\u2013
333.7
903.3
Charge for year
12.0
12.1
44.1
\u2013
47.3
115.5
Transferred to Assets held for sale
(0.7)
\u2013
\u2013
\u2013
\u2013
(0.7)
Disposals
(0.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
Transfers
2.3
(2.3)
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
233.8
83.0
319.8
\u2013
381.0
1,017.6
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
652.1
160.9
161.0
52.0
666.1
1,692.1
At 31 December 2024
648.5
151.3
181.1
40.1
642.4
1,663.4
\n
The net book value of land is \u00a3156.3 million (2024: \u00a3156.3 million). Nine of the group\u2019s freehold properties are
pledged as security against the senior \ufb01nance facility, the net book value of these properties are \u00a3127.0 million
(2024: \u00a3120.0million). There were no borrowing costs capitalised during the year ended 31 December 2025
(2024: Nil). The fair value of freehold properties is \u00a31.4 billion.
On 31 March 2024, the group sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells
NHS Trust for \u00a310.0 million and derecognised property, plant and equipment of \u00a36.2 million. As part of the sale
agreement, the group has entered into a sub lease agreement with the trust to lease the Tunbridge Wells
property (refer to Note 23). A right of use asset of \u00a32.4 million was derecognised and a \ufb01nance lease receivable
of \u00a34.4 million was recognised. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust
to settle the lease obligation in the head lease. Refer to Note 23 for more details.
Impairment testing
The directors consider property and property right-of-use assets for indicators of impairment semi-annually. As
equipment and leasehold improvements do not generate independent cash \ufb02ows, they are considered
alongside the property or legal entity as a single cash-generating unit (CGU). When making the assessment, the
value-in-use of the property is compared with its carrying value in the accounts. Where headroom is
signi\ufb01cant, no further work is undertaken. Where headroom is minimal, a detailed assessment is performed for
the property, which includes identifying the factors resulting in limited headroom and undertaking \ufb01nancial
forecasts to assess the level of sensitivity this has to key assumptions.
In order to estimate the value-in-use, management has used trading projections covering the period to
December 2030 from the most recent board approved strategic plan. The variables in the cash \ufb02ows are
interdependent and re\ufb02ect management\u2019s expectations based on past experience and current market trends,
it takes into account both current business and committed initiatives. To the extent that there was a shortfall
between the recent actual cash \ufb02ows and forecast, the future cash \ufb02ows have been adjusted to re\ufb02ect any
initiatives implemented by management to address the underlying cause. In addition, management consider
the potential \ufb01nancial impact from short-term climate change scenarios, and the cost of initiatives that have
substantially commenced by the group to manage the longer-term climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is based on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
The group has used a pre-tax discount rate of 11.3% (2024: 11.2%).
Management has performed a sensitivity analysis on these properties using reasonably possible changes for
each key assumption, keeping all other assumptions constant. The sensitivity analysis included an assessment
of the break-even point for each of the key assumptions.
The sensitivity analysis identi\ufb01ed two properties and a legal entity for which a reasonably possible change
would eliminate the headroom.
For the \ufb01rst property, the average annual EBITDA growth rate is 4.9%, resulting in a headroom of \u00a36.7 million. A
reduction of 2.6% per annum in the average annual EBITDA growth rate over the \ufb01ve-year period would
eliminate this headroom. The sensitivity testing identi\ufb01ed no reasonably possible changes in the discount rate.
For the second property, the average annual EBITDA growth rate is 4.4%, resulting in a headroom of \u00a32.2 million.
The headroom would be eliminated by a reduction of 1.9% per annum in the average annual EBITDA growth
rate over the \ufb01ve-year period, or by an increase of 103bps in the discount rate. A reasonably possible change of
a increase of 110bps in the discount rate over the \ufb01ve-year period would result in an impairment of \u00a30.1m.
For the legal entity, the average annual EBITDA growth rate is 17.3%, resulting in a headroom of \u00a30.5 million.
The headroom would be eliminated by a reduction of 1.6% per annum in the average annual EBITDA growth
rate over the \ufb01ve-year period. A reasonably possible change of a reduction of 10.1% in the average annual
EBITDA rate over the \ufb01ve-year period would result in an impairment of \u00a31.9m. The higher average annual
EBITDA growth rate assumed for this CGU is due to an expected period of accelerated growth as capacity is
built and operational maturity is achieved. The sensitivity testing identi\ufb01ed no reasonably possible changes in
the discount rate.
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2030 based on a long-term view of
in\ufb02ation, revenue growth and market conditions. Capital maintenance spend is based on historic run rates and
our expectations of the group\u2019s requirements. The sensitivity testing identi\ufb01ed no reasonably possible changes
in the capital maintenance and long-term growth rates that would cause the carrying amount of any CGU to
exceed its recoverable amount.
Due to the well-publicised slowdown in NHS commissioning activity to the independent sector and due to
budgetary restrictions impacting the business. Management performed an additional sensitivity analysis using
a reasonably possible change in NHS revenue, keeping all other assumptions constant. The sensitivity analysis
resulted in the reduction of headroom of the two properties mentioned above from \u00a36.7 million to 5.7 million
for the \ufb01rst property and from \u00a32.2 million to 1.1 million for the second property.
As a result, management believe that some of the key impairment review assumptions constitute a major
source of estimation uncertainty as they consider that there is a signi\ufb01cant risk of a material change to its
estimate of these assumptions within the next 12 months.
Right-of-use (ROU) assets
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2024
892.1
34.4
926.5
Additions to ROU assets
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 1 January 2025
931.2
44.9
976.1
Additions to ROU assets
17.5
19.9
37.4
Adjustments to existing assets (eg indexation)
33.6
\u2013
33.6
Transfers
3.6
(3.6)
\u2013
At 31 December 2025
985.9
61.2
1,047.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 1 January 2025
314.2
19.5
333.7
Charge for year
38.8
8.5
47.3
Transfers
0.1
(0.1)
\u2013
At 31 December 2025
353.1
27.9
381.0
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2025
632.8
33.3
666.1
At 31 December 2024
617.0
25.4
642.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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 \u00a0
Assets in the
\u00a0 \u00a0
\u00a0
Freehold
Leasehold
\u00a0
course of
Right-of-use
\u00a0
(\u00a3m)
property
improvements
Equipment
construction
(ROU)
Total
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
860.4
203.4
487.2
25.2
926.5
2,502.7
Additions
8.9
14.8
52.9
32.7
\u2013
109.3
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
15.1
15.1
Adjustments to existing assets (eg
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
indexation)
\u2013
\u2013
\u2013
\u2013
36.9
36.9
Disposals
(1.3)
(9.6)
(84.0)
\u2013
(2.4)
(97.3)
Transfers
1.2
15.9
0.7
(17.8)
\u2013
\u2013
At 1 January 2025
869.2
224.5
456.8
40.1
976.1
2,566.7
Additions
4.3
10.9
33.7
27.4
\u2013
76.3
Acquisition of subsidiaries
\u2013
\u2013
0.5
\u2013
\u2013
0.5
Additions to ROU assets
\u2013
\u2013
\u2013
\u2013
37.4
37.4
Adjustments to existing assets (eg
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
indexation)
\u2013
\u2013
\u2013
\u2013
33.6
33.6
Transferred to Assets held for sale
(4.0)
\u2013
\u2013
\u2013
\u2013
(4.0)
Disposals
(0.8)
\u2013
\u2013
\u2013
\u2013
(0.8)
Transfers
17.2
8.5
(10.2)
(15.5)
\u2013
\u2013
At 31 December 2025
885.9
243.9
480.8
52.0
1,047.1
2,709.7
Accumulated depreciation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
209.6
67.5
313.9
\u2013
292.9
883.9
Charge for the year
12.3
10.6
44.1
\u2013
41.0
108.0
Disposals
(1.2)
(4.9)
(82.3)
\u2013
(0.2)
(88.6)
At 1 January 2025
220.7
73.2
275.7
\u2013
333.7
903.3
Charge for year
12.0
12.1
44.1
\u2013
47.3
115.5
Transferred to Assets held for sale
(0.7)
\u2013
\u2013
\u2013
\u2013
(0.7)
Disposals
(0.5)
\u2013
\u2013
\u2013
\u2013
(0.5)
Transfers
2.3
(2.3)
\u2013
\u2013
\u2013
\u2013
At 31 December 2025
233.8
83.0
319.8
\u2013
381.0
1,017.6
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
652.1
160.9
161.0
52.0
666.1
1,692.1
At 31 December 2024
648.5
151.3
181.1
40.1
642.4
1,663.4
\n
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2024
892.1
34.4
926.5
Additions to ROU assets
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 1 January 2025
931.2
44.9
976.1
Additions to ROU assets
17.5
19.9
37.4
Adjustments to existing assets (eg indexation)
33.6
\u2013
33.6
Transfers
3.6
(3.6)
\u2013
At 31 December 2025
985.9
61.2
1,047.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 1 January 2025
314.2
19.5
333.7
Charge for year
38.8
8.5
47.3
Transfers
0.1
(0.1)
\u2013
At 31 December 2025
353.1
27.9
381.0
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2025
632.8
33.3
666.1
At 31 December 2024
617.0
25.4
642.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Impairment testing
The directors consider property and property right-of-use assets for indicators of impairment semi-annually. As
equipment and leasehold improvements do not generate independent cash \ufb02ows, they are considered
alongside the property or legal entity as a single cash-generating unit (CGU). When making the assessment, the
value-in-use of the property is compared with its carrying value in the accounts. Where headroom is
signi\ufb01cant, no further work is undertaken. Where headroom is minimal, a detailed assessment is performed for
the property, which includes identifying the factors resulting in limited headroom and undertaking \ufb01nancial
forecasts to assess the level of sensitivity this has to key assumptions.
In order to estimate the value-in-use, management has used trading projections covering the period to
December 2030 from the most recent board approved strategic plan. The variables in the cash \ufb02ows are
interdependent and re\ufb02ect management\u2019s expectations based on past experience and current market trends,
it takes into account both current business and committed initiatives. To the extent that there was a shortfall
between the recent actual cash \ufb02ows and forecast, the future cash \ufb02ows have been adjusted to re\ufb02ect any
initiatives implemented by management to address the underlying cause. In addition, management consider
the potential \ufb01nancial impact from short-term climate change scenarios, and the cost of initiatives that have
substantially commenced by the group to manage the longer-term climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is based on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
The group has used a pre-tax discount rate of 11.3% (2024: 11.2%).
Management has performed a sensitivity analysis on these properties using reasonably possible changes for
each key assumption, keeping all other assumptions constant. The sensitivity analysis included an assessment
of the break-even point for each of the key assumptions.
The sensitivity analysis identi\ufb01ed two properties and a legal entity for which a reasonably possible change
would eliminate the headroom.
For the \ufb01rst property, the average annual EBITDA growth rate is 4.9%, resulting in a headroom of \u00a36.7 million. A
reduction of 2.6% per annum in the average annual EBITDA growth rate over the \ufb01ve-year period would
eliminate this headroom. The sensitivity testing identi\ufb01ed no reasonably possible changes in the discount rate.
For the second property, the average annual EBITDA growth rate is 4.4%, resulting in a headroom of \u00a32.2 million.
The headroom would be eliminated by a reduction of 1.9% per annum in the average annual EBITDA growth
rate over the \ufb01ve-year period, or by an increase of 103bps in the discount rate. A reasonably possible change of
a increase of 110bps in the discount rate over the \ufb01ve-year period would result in an impairment of \u00a30.1m.
For the legal entity, the average annual EBITDA growth rate is 17.3%, resulting in a headroom of \u00a30.5 million.
The headroom would be eliminated by a reduction of 1.6% per annum in the average annual EBITDA growth
rate over the \ufb01ve-year period. A reasonably possible change of a reduction of 10.1% in the average annual
EBITDA rate over the \ufb01ve-year period would result in an impairment of \u00a31.9m. The higher average annual
EBITDA growth rate assumed for this CGU is due to an expected period of accelerated growth as capacity is
built and operational maturity is achieved. The sensitivity testing identi\ufb01ed no reasonably possible changes in
the discount rate.
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2030 based on a long-term view of
in\ufb02ation, revenue growth and market conditions. Capital maintenance spend is based on historic run rates and
our expectations of the group\u2019s requirements. The sensitivity testing identi\ufb01ed no reasonably possible changes
in the capital maintenance and long-term growth rates that would cause the carrying amount of any CGU to
exceed its recoverable amount.
Due to the well-publicised slowdown in NHS commissioning activity to the independent sector and due to
budgetary restrictions impacting the business. Management performed an additional sensitivity analysis using
a reasonably possible change in NHS revenue, keeping all other assumptions constant. The sensitivity analysis
resulted in the reduction of headroom of the two properties mentioned above from \u00a36.7 million to 5.7 million
for the \ufb01rst property and from \u00a32.2 million to 1.1 million for the second property.
As a result, management believe that some of the key impairment review assumptions constitute a major
source of estimation uncertainty as they consider that there is a signi\ufb01cant risk of a material change to its
estimate of these assumptions within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Right-of-use (ROU) assets
\u00a0
Leasehold
Equipment and
\u00a0
(\u00a3m)
property
motor vehicles
Total
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2024
892.1
34.4
926.5
Additions to ROU assets
4.4
10.7
15.1
Adjustments to existing assets (eg indexation)
36.9
\u2013
36.9
Disposals
(2.2)
(0.2)
(2.4)
At 1 January 2025
931.2
44.9
976.1
Additions to ROU assets
17.5
19.9
37.4
Adjustments to existing assets (eg indexation)
33.6
\u2013
33.6
Transfers
3.6
(3.6)
\u2013
At 31 December 2025
985.9
61.2
1,047.1
Accumulated depreciation and impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2024
279.8
13.1
292.9
Charge for the year
34.4
6.6
41.0
Disposals
\u2013
(0.2)
(0.2)
At 1 January 2025
314.2
19.5
333.7
Charge for year
38.8
8.5
47.3
Transfers
0.1
(0.1)
\u2013
At 31 December 2025
353.1
27.9
381.0
Net book value:
\u00a0 \u00a0 \u00a0
At 31 December 2025
632.8
33.3
666.1
At 31 December 2024
617.0
25.4
642.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "15. Intangible assets
\u00a0 \u00a0
Customer
\u00a0
Mobilisation
\u00a0
(\u00a3m)
Goodwill
contracts
Software
costs
Total
Cost or valuation:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
612.1
20.6
4.6
2.6
639.9
Acquisition of a subsidiary
0.5
\u2013
\u2013
\u2013
0.5
Additions
\u2013
\u2013
2.1
0.7
2.8
At 1 January 2025
612.6
20.6
6.7
3.3
643.2
Acquisition of a subsidiary
8.1
1.2
\u2013
\u2013
9.3
Additions
\u2013
\u2013
1.5
0.7
2.2
At 31 December 2025
620.7
21.8
8.2
4.0
654.7
Accumulated amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
201.0
0.2
0.3
0.1
201.6
Amortisation charge during the year
\u2013
1.9
1.6
0.7
4.2
At 1 January 2025
201.0
2.1
1.9
0.8
205.8
Amortisation charge during the year
\u2013
1.5
1.9
0.7
4.1
At 31 December 2025
201.0
3.6
3.8
1.5
209.9
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
419.7
18.2
4.4
2.5
444.8
At 31 December 2024
411.6
18.5
4.8
2.5
437.4
\n
Impairment testing
The group completed the integration of Vita Health Group and The Doctors Clinic Group into a uni\ufb01ed Primary
Care platform during the \ufb01rst half of 2025. This integration included the alignment of leadership, governance,
operational systems, and \ufb01nancial reporting. As a result, cash in\ufb02ows across these businesses became
interdependent, and performance is now monitored at the consolidated Primary Care level.
In accordance with IAS 36 \u2013 Impairment of Assets, this change in how the businesses are managed and
monitored triggered a reclassi\ufb01cation of CGUs. Following completion of the integration outlined above, the
Primary Care CGUs have been grouped for the purposes of impairment testing, which aligns with the group\u2019s
operating segment structure and does not exceed the size of an operating segment.
Prior to the reallocation of goodwill, an impairment test was performed on the original CGU groups, con\ufb01rming
that the recoverable amount continued to exceed the carrying amount.
The recoverable amount of goodwill is calculated by reference to its estimated value-in-use. In order to
estimate the value-in-use, management has used trading projections covering the period to December 2030
from the most recent board-approved budget. The variables in the cash \ufb02ows are interdependent and re\ufb02ect
management\u2019s expectations based on past experience and current market trends, it takes into account both
current business and committed initiatives. In addition, management consider the potential \ufb01nancial impact
from short-term climate change scenarios, and the cost of initiatives by the group to manage the longer-term
climate impacts.
Key assumptions
Management identi\ufb01ed a number of key assumptions relevant to the value-in-use calculations, being EBITDA
growth over the \ufb01ve-year period, capital maintenance spend, discount rates and long-term growth rates. The
assumptions are based on past experience and external sources of information.
The table below provides the resulting headroom as determined in our calculation.
(\u00a3m)
Goodwill
Headroom
Hospitals Business
334.6
635.3
Primary Care*
77.0
69.6
\n
*
Excludes goodwill arising from acquisitions completed in the year, as these acquisitions remain within the IFRS 3 measurement period.
The trading projections for the \ufb01ve-year period underlying the value-in-use re\ufb02ect a growth in EBITDA. EBITDA
is dependent on a number of elements of the operating model over the longer term, including pricing trends,
volume growth and the mix and complexity of procedures and assumptions regarding cost in\ufb02ation.
The group has used a pre-tax discount rate of 11.3% (2024: 11.2%).
A long-term growth rate of 2.0% has been applied to cash \ufb02ows beyond 2030 based on long-term view of
in\ufb02ation and market conditions. Capital maintenance spend is based on historic run rates and our expectation
of the group\u2019s requirements.
Management has performed a sensitivity analysis using reasonably possible changes for each key assumption,
keeping all other assumptions constant. The sensitivity testing for the Hospitals Business and Primary Care
identi\ufb01ed no reasonably possible changes that would cause the carrying amount of any CGU to exceed its
recoverable amount. .", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "16. Financial assets
Financial assets comprise a \u00a314.4m pro\ufb01t-share arrangement with Genesis Care (2024: \u00a312.3m). Within the
prior period, a \u00a32.5m balance was held in respect of the Monte\ufb01ore option to purchase the remaining interest
in the subsidiary; this has been utilised in the current period. Further detail is provided in Note 24.
On 31 October 2019, the group entered into a pro\ufb01t share arrangement with Genesis Care. The agreement
provides the group with an entitlement to a gross pro\ufb01t share relating to the chemotherapy business
transferred to Genesis Care as part of the sale of the Bristol Cancer Centre in perpetuity. Under the agreement
after the ten-year anniversary of the agreement, the buyer (Genesis Care) may exit the arrangement by serving
notice and paying a multiple of ten times the gross margin in the preceding 12 months.
The group has recognised a \ufb01nancial asset in respect of this gross pro\ufb01t share and the asset is classed as a fair
value through pro\ufb01t and loss asset. The \ufb01nancial asset is valued using the expected present value technique \u2013
method 2 in determining the fair value. Management uses forward looking and historical trends of gross
pro\ufb01ts, growth rate, risk premium and an appropriate discount rate to determine the fair value. At the
inception of the transaction we applied a risk premium to the fair value of the asset re\ufb02ecting the fact that it
was a new venture and so any future forecast cash\ufb02ows contained an element of uncertainty. This risk
premium has been reduced over time and re\ufb02ects our growing con\ufb01dence in the operation\u2019s ability to hit its
future forecasts. Sensitivities are also taken into account when reviewing the fair value.
This valuation is reviewed at each reporting date, with movements in fair value being recognised through the
consolidated income statement. Cash received is adjusted against the \ufb01nancial asset, and is included within
cash \ufb02ows from investing activities on the consolidated statement of cash \ufb02ows.
(\u00a3m)
2025
2024
Valuation at 1 January
12.3
7.5
Cash receipt
(1.0)
(1.0)
Fair value adjustments
3.1
5.8
Valuation at 31 December
14.4
12.3
\n
Management completes relevant sensitivities on the inputs when assessing the fair value.
With all other inputs remaining constant:
\u2013
A 1.2% increase (decrease)in the discount rate used, would see a decrease (increase) in fair value of \u00a31.4
million (\u00a31.7 million) (2024: 1.2% increase (decrease) \u00a31.0 million (\u00a31.3 million))]
\u2013
A 20% increase (decrease) in the forecast annual cash \ufb02ow of \u00a30.22 million (2024: \u00a30.19 million),
would see an increase (decrease) in fair value of \u00a32.9 million (\u00a32.9 million) (2024: \u00a32.3 million (\u00a32.3 million)).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "17. Subsidiary undertakings and non-controlling interest
As at 31 December 2025, these consolidated \ufb01nancial statements of the group comprise the company and the
following companies, most of which are incorporated in, and whose operations are conducted in, the United
Kingdom. All subsidiaries are 100% owned unless otherwise indicated.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0 \u00a0
unless otherwise stated
Principal activity
Class of share
Claremont Hospital Holdings Limited
Holding company
Ordinary
Claremont Hospital LLP!
Health provision
N/A
Classic Hospitals Limited#
Non-trading company
Ordinary
Classic Hospitals Property Limited
Property company
Ordinary
Didsbury MSK Limited\u00b0
Health provision
Ordinary
Fox Healthcare Acquisitions Limited
Leasing company
Ordinary
Spire Occupational Health Limited
Health provision
Ordinary
Medicainsure Limited
Non-trading company
Ordinary
Montefiore House Limited
Health provision
Ordinary
Soma Health Limited#
Health provision
Ordinary
Spire Healthcare (Holdings) Limited
Holding company
Ordinary
Spire Healthcare Finance Limited*
Holding company
Ordinary
Spire Healthcare Property Developments Limited
Development company
Ordinary
Spire Healthcare Limited
Health provision
Ordinary
Spire Healthcare Properties Limited
Property company
Ordinary
Spire Property 1 Limited
Property company
Ordinary
Spire Property 4 Limited
Property company
Ordinary
Spire Property 5 Limited
Property company
Ordinary
Spire Property 6 Limited
Property company
Ordinary
Spire Property 13 Limited
Property company
Ordinary
Spire Property 16 Limited
Property company
Ordinary
Spire Property 18 Limited
Property company
Ordinary
Spire Property 19 Limited
Property company
Ordinary
Spire Property 23 Limited
Property company
Ordinary
Spire Thames Valley Hospital Limited#
Non-trading company
Ordinary
Spire Thames Valley Hospital Propco Limited
Property company
Ordinary
Spire UK Holdco 4 Limited
Holding company
Ordinary
The Doctors Clinic Group Ltd
Holding company and
Ordinary
\u00a0
health provision
\u00a0
The London Doctors Clinic Ltd
Non-trading company
Ordinary
Kingfisher Topco Limited
Holding company
Ordinary
Kingfisher Midco Limited
Holding company
Ordinary
Kingfisher Bidco Limited
Holding company
Ordinary
Acorn Occupational Health Limited
Health provision
Ordinary
Vita Health Group Limited
Health provision
Ordinary
Crystal Palace Physio Holdings Limited
Holding company
Ordinary
Vita Health Solutions Limited
Health provision
Ordinary
\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
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Pennine MSK Partnership Limited
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physio For All Limited
Health provision
Ordinary
Physiotherapy2fit Ltd
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physiotherapy Specialists Ltd
Health provision
Ordinary
The Abbey Clinic Limited
Health provision
Ordinary
Physiolistic Limited
Health provision
Ordinary
The Bisham Abbey Knee Clinic Limited
Health provision
Ordinary
Vita Health Wellness Limited
Health provision
Ordinary
\n
\u00b0 Ownership interest is 51.0%.
* Direct shareholding of the company
! The LLP has \u2018Members\u2019 capital classi\ufb01ed as equity\u2019 in lieu of \u2018Class of shares\u2019.
# In liquidation and expected to be dissolved during 2026.
In 2021, in order to simplify the structure of the group and reduce costs, the group undertook a process in
which a number of companies within the group were identi\ufb01ed for members\u2019 voluntary liquidation. The
entities in members\u2019 voluntary liquidation at year end are shown above and they are expected to be formally
dissolved at Companies House during 2026.
Non-controlling interest
Financial information of subsidiaries that have a material non-controlling interest is provided below. The
entities, as set out above, are Monte\ufb01ore House Limited and Didsbury MSK Limited. In 2025, Spire Healthcare
acquired an additional 24.9% interest in Monte\ufb01ore House Limited, and now owns 100% of this entity.
Accumulated balances of material non-controlling interest:
\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\n
\u00a0 \u00a0
\u00a0
Montefiore
Didsbury MSK
\u00a0
(\u00a3m)
House Limited
Limited
Total
Accumulated balances of non-controlling interest at 1 January 2024
(3.2)
1.1
(2.1)
Profit/(loss) allocated to non-controlling interests
0.3
0.3
0.6
Dividends to non-controlling interests
\u2013
(0.7)
(0.7)
Accumulated balances of non-controlling interest at 31 December
(2.9)
0.7
(2.2)
2024
\u00a0 \u00a0 \u00a0
Profit allocated to non-controlling interests
0.1
0.7
0.8
Dividends to non-controlling interests
\u2013
(0.5)
(0.5)
Recycled loss for non-controlling interest purchased by parent
2.8
\u2013
2.8
Accumulated balances of non-controlling interest at 31 December
\u2013
0.9
0.9
2025
\u00a0 \u00a0 \u00a0
Within the entities, the most material assets and liabilities relate to right of use assets and lease liabilities in
respect of property. Except for the lease rental payments, the majority of cash \ufb02ows are generated through
operations. In 2023, the group entered into an agreement with the non-controlling interest of one of its
subsidiaries, Monte\ufb01ore House Limited, in which both parties can exercise an option for Spire Healthcare to
purchase the remaining 25% interest in the subsidiary at a future date. On 21 February 2025 Brighton
Orthopaedic and Sports Injury Clinic Limited (BOSIC) formally noti\ufb01ed Spire Healthcare of the intention to
exercise their option. The total consideration for the transaction was \u00a37.7m, of which \u00a32.5m had been prepaid.
The remaining balance of \u00a35.2m was settled in cash on 28 May 2025. The accumulated non-controlling interest
equity of \u00a32.8m relating to the 24.9% interest acquired has been reclassi\ufb01ed to retained earnings in the current
year.
Guarantees with group undertakings for the year ended 31 December 2025
Spire Healthcare Group plc agreed to provide a guarantee, in the course of ordinary business to the below
subsidiaries to take exemption from having their \ufb01nancial statements audited under section 479A to 479C of
the Companies Act 2006. The guarantee to these subsidiaries is to guarantee outstanding liabilities, including
contingent and prospective liabilities, for the \ufb01nancial year ended 31 December 2025. In respect to this
guarantee, it is judged to be remote that any cash out\ufb02ow will arise.
Subsidiary
Companies house registration number
Spire Healthcare Properties Limited
01829406
Spire Healthcare Property Developments Limited
08996103
Claremont Hospital Holdings Limited
08534235
Spire Thames Valley Hospital Propco Limited
06480375
Fox Healthcare Acquisitions Limited
06487777
Classic Hospitals Property Limited
05389607
Spire UK Holdco 4 Limited
06342689
Spire Property 1 Limited
06408718
Spire Property 4 Limited
06408872
Spire Property 5 Limited
06408908
Spire Property 6 Limited
06408930
Spire Property 13 Limited
06409008
Spire Property 16 Limited
06409066
Spire Property 18 Limited
06409117
Spire Property 19 Limited
06409119
Spire Property 23 Limited
06409139
Kingfisher Topco Limited
09711513
Kingfisher Midco Limited
09711514
Kingfisher Bidco Limited
09711516
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "17. Subsidiary undertakings and non-controlling interest
As at 31 December 2025, these consolidated \ufb01nancial statements of the group comprise the company and the
following companies, most of which are incorporated in, and whose operations are conducted in, the United
Kingdom. All subsidiaries are 100% owned unless otherwise indicated.
\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0 \u00a0
unless otherwise stated
Principal activity
Class of share
Claremont Hospital Holdings Limited
Holding company
Ordinary
Claremont Hospital LLP!
Health provision
N/A
Classic Hospitals Limited#
Non-trading company
Ordinary
Classic Hospitals Property Limited
Property company
Ordinary
Didsbury MSK Limited\u00b0
Health provision
Ordinary
Fox Healthcare Acquisitions Limited
Leasing company
Ordinary
Spire Occupational Health Limited
Health provision
Ordinary
Medicainsure Limited
Non-trading company
Ordinary
Montefiore House Limited
Health provision
Ordinary
Soma Health Limited#
Health provision
Ordinary
Spire Healthcare (Holdings) Limited
Holding company
Ordinary
Spire Healthcare Finance Limited*
Holding company
Ordinary
Spire Healthcare Property Developments Limited
Development company
Ordinary
Spire Healthcare Limited
Health provision
Ordinary
Spire Healthcare Properties Limited
Property company
Ordinary
Spire Property 1 Limited
Property company
Ordinary
Spire Property 4 Limited
Property company
Ordinary
Spire Property 5 Limited
Property company
Ordinary
Spire Property 6 Limited
Property company
Ordinary
Spire Property 13 Limited
Property company
Ordinary
Spire Property 16 Limited
Property company
Ordinary
Spire Property 18 Limited
Property company
Ordinary
Spire Property 19 Limited
Property company
Ordinary
Spire Property 23 Limited
Property company
Ordinary
Spire Thames Valley Hospital Limited#
Non-trading company
Ordinary
Spire Thames Valley Hospital Propco Limited
Property company
Ordinary
Spire UK Holdco 4 Limited
Holding company
Ordinary
The Doctors Clinic Group Ltd
Holding company and
Ordinary
\u00a0
health provision
\u00a0
The London Doctors Clinic Ltd
Non-trading company
Ordinary
Kingfisher Topco Limited
Holding company
Ordinary
Kingfisher Midco Limited
Holding company
Ordinary
Kingfisher Bidco Limited
Holding company
Ordinary
Acorn Occupational Health Limited
Health provision
Ordinary
Vita Health Group Limited
Health provision
Ordinary
Crystal Palace Physio Holdings Limited
Holding company
Ordinary
Vita Health Solutions Limited
Health provision
Ordinary
\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
Incorporated in England and Wales and registered at 3 Dorset Rise, London, EC4Y 8EN,
\u00a0\u00a0
unless otherwise stated
Principal activity
Class of share
Pennine MSK Partnership Limited
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physio For All Limited
Health provision
Ordinary
Physiotherapy2fit Ltd
Health provision
A Ordinary &
\u00a0\u00a0
B Ordinary
Physiotherapy Specialists Ltd
Health provision
Ordinary
The Abbey Clinic Limited
Health provision
Ordinary
Physiolistic Limited
Health provision
Ordinary
The Bisham Abbey Knee Clinic Limited
Health provision
Ordinary
Vita Health Wellness Limited
Health provision
Ordinary
\n
\u00b0 Ownership interest is 51.0%.
* Direct shareholding of the company
! The LLP has \u2018Members\u2019 capital classi\ufb01ed as equity\u2019 in lieu of \u2018Class of shares\u2019.
# In liquidation and expected to be dissolved during 2026.
In 2021, in order to simplify the structure of the group and reduce costs, the group undertook a process in
which a number of companies within the group were identi\ufb01ed for members\u2019 voluntary liquidation. The
entities in members\u2019 voluntary liquidation at year end are shown above and they are expected to be formally
dissolved at Companies House during 2026.
Non-controlling interest
Financial information of subsidiaries that have a material non-controlling interest is provided below. The
entities, as set out above, are Monte\ufb01ore House Limited and Didsbury MSK Limited. In 2025, Spire Healthcare
acquired an additional 24.9% interest in Monte\ufb01ore House Limited, and now owns 100% of this entity.
Accumulated balances of material non-controlling interest:
\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\n
\u00a0 \u00a0
\u00a0
Montefiore
Didsbury MSK
\u00a0
(\u00a3m)
House Limited
Limited
Total
Accumulated balances of non-controlling interest at 1 January 2024
(3.2)
1.1
(2.1)
Profit/(loss) allocated to non-controlling interests
0.3
0.3
0.6
Dividends to non-controlling interests
\u2013
(0.7)
(0.7)
Accumulated balances of non-controlling interest at 31 December
(2.9)
0.7
(2.2)
2024
\u00a0 \u00a0 \u00a0
Profit allocated to non-controlling interests
0.1
0.7
0.8
Dividends to non-controlling interests
\u2013
(0.5)
(0.5)
Recycled loss for non-controlling interest purchased by parent
2.8
\u2013
2.8
Accumulated balances of non-controlling interest at 31 December
\u2013
0.9
0.9
2025
\u00a0 \u00a0 \u00a0
Within the entities, the most material assets and liabilities relate to right of use assets and lease liabilities in
respect of property. Except for the lease rental payments, the majority of cash \ufb02ows are generated through
operations. In 2023, the group entered into an agreement with the non-controlling interest of one of its
subsidiaries, Monte\ufb01ore House Limited, in which both parties can exercise an option for Spire Healthcare to
purchase the remaining 25% interest in the subsidiary at a future date. On 21 February 2025 Brighton
Orthopaedic and Sports Injury Clinic Limited (BOSIC) formally noti\ufb01ed Spire Healthcare of the intention to
exercise their option. The total consideration for the transaction was \u00a37.7m, of which \u00a32.5m had been prepaid.
The remaining balance of \u00a35.2m was settled in cash on 28 May 2025. The accumulated non-controlling interest
equity of \u00a32.8m relating to the 24.9% interest acquired has been reclassi\ufb01ed to retained earnings in the current
year.
Guarantees with group undertakings for the year ended 31 December 2025
Spire Healthcare Group plc agreed to provide a guarantee, in the course of ordinary business to the below
subsidiaries to take exemption from having their \ufb01nancial statements audited under section 479A to 479C of
the Companies Act 2006. The guarantee to these subsidiaries is to guarantee outstanding liabilities, including
contingent and prospective liabilities, for the \ufb01nancial year ended 31 December 2025. In respect to this
guarantee, it is judged to be remote that any cash out\ufb02ow will arise.
Subsidiary
Companies house registration number
Spire Healthcare Properties Limited
01829406
Spire Healthcare Property Developments Limited
08996103
Claremont Hospital Holdings Limited
08534235
Spire Thames Valley Hospital Propco Limited
06480375
Fox Healthcare Acquisitions Limited
06487777
Classic Hospitals Property Limited
05389607
Spire UK Holdco 4 Limited
06342689
Spire Property 1 Limited
06408718
Spire Property 4 Limited
06408872
Spire Property 5 Limited
06408908
Spire Property 6 Limited
06408930
Spire Property 13 Limited
06409008
Spire Property 16 Limited
06409066
Spire Property 18 Limited
06409117
Spire Property 19 Limited
06409119
Spire Property 23 Limited
06409139
Kingfisher Topco Limited
09711513
Kingfisher Midco Limited
09711514
Kingfisher Bidco Limited
09711516
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "18. Inventories
(\u00a3m)
2025
2024
Prostheses, drugs, medical and other consumables
46.2
46.6
\n
Cost of sales for the year ended 31 December 2025 includes inventories recognised as an expense amounting
to \u00a3285.2 million (2024: \u00a3275.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "19. Trade and other receivables
(\u00a3m)
2025
2024
Amounts falling due within one year:
\u00a0 \u00a0
Trade receivables
81.2
83.1
Unbilled receivables
21.9
22.2
Prepayments
28.5
26.1
Other receivables
9.0
6.2
\u00a0
140.6
137.6
Allowance for expected credit losses
(4.1)
(6.2)
Total current trade and other receivables
136.5
131.4
\n
Unbilled receivables re\ufb02ects work in progress where a patient had treatment, or was receiving treatment, at
the end of the period and the invoice had not yet been raised.
Other receivables of \u00a39.0 million includes \u00a36.6 million insurance reimbursement right (2024: \u00a34.3 million); and
\u00a30.7 million (2024: \u00a31.3 million) reimbursement right related to the Paterson fund.
The Paterson fund is being held by solicitors on account until payments are made, with any amount not paid
out being returned to Spire Healthcare. During the year, \u00a30.7 million was paid out of this fund and no payments
made into the fund. The amounts paid to the Paterson fund do not re\ufb02ect an investment in a \ufb01nancial asset,
but merely a right to reimbursement should the fund not be utilised in full.
Trade receivables comprise amounts due from private medical insurers, the NHS, self-pay patients, consultants
and other third parties who use the group\u2019s facilities. Invoices to customers fall due within 60 days of the date
of issue.
The group was successful in its bid to be included on the NHSE Framework for purchasing additional activity
from the independent sector, which commenced in April 2021. Inclusion on the framework is at an agreed price
for activity, based on the NHS tariff, but carries no guaranteed volumes. For contracts under the framework
that include an estimated contract value, billing is in advance for the expected volume, with a quarterly
true-up for actual volumes undertaken. For contracts under the framework without an estimated contract
value (which can include local agreements), billing is in arrears based on actual volumes only.
The ageing of trade receivables is shown below and shows amounts that are past due at the reporting date
(excluding payments on account where there is no right to offset these at the reporting date). A provision for
expected credit losses has been recognised at the reporting date through consideration of the ageing pro\ufb01le of
the group\u2019s trade receivables and the perceived credit quality of its customers re\ufb02ecting net debt due. The
carrying amount of trade receivables, net of expected credit losses, is considered to be an approximation to its
fair value.
The loss allowance as at 31 December 2025 for trade receivables was determined as follows:
\u00a0
Current
0-30 days
31-90 days
91-364 days
1-2 years
Total
Expected loss rate
1.6%
2.3%
23.2%
70.5%
27.8%
4.2%
Gross debt (\u00a3m)
84.5
6.2
1.0
1.3
5.4
98.4
Less payments on account (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
(17.2)
Carrying amount of trade
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivables (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
81.2
Loss allowance (\u00a3m)
1.3
0.1
0.2
0.9
1.6
4.1
\n
The loss allowance as at 31 December 2024 for trade receivables was determined as follows:
\u00a0
Current
0-30 days
31-90 days
91-364 days
1-2 years
Total
Expected loss rate
1.0%
3.9%
42.9%
57.6%
33.9%
5.6%
Gross debt (\u00a3m)
81.8
17.8
2.1
3.3
5.6
110.6
Less payments on account (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
(27.5)
Carrying amount of trade
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivables (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
83.1
Loss allowance (\u00a3m)
0.8
0.7
0.9
1.9
1.9
6.2
\n
Trade receivables are written off when there is no longer a reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a
repayment plan with the group, and failure to make contractual payments for a period of greater than two
years past due.
The group assesses on a forward-looking basis expected credit losses associated with its debt instruments
carried at amortised cost. The impairment methodology applied for trade receivables is the simpli\ufb01ed
approach, which requires expected lifetime losses to be recognised from initial recognition of the
trade receivables.
Trade receivables after expected credit losses comprise the following wider customer/payor groups:
(\u00a3m)
2025
2024
Private medical insurers
18.3
31.1
NHS
41.0
30.7
Patient debt
5.5
6.0
Other
12.3
9.1
Total
77.1
76.9
\n
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
(\u00a3m)
2025
2024
At 1 January
6.2
5.5
Provided in the year
0.4
2.0
Utilised during the year
(0.6)
(0.3)
Released during the year
(1.9)
(1.0)
At 31 December
4.1
6.2
\n
The group applies the IFRS 9 simpli\ufb01ed approach to measuring Expected Credit Losses (ECLs) for trade
receivables. Under this standard, lifetime ECL provisions are recognised for trade receivables using a matrix of
rates dependent on age thresholds and customer types. The ECL rates are determined with reference to
historical performance of each payor age group during the last two years.
To develop the ECL matrix, trade receivables were grouped according to shared characteristics (payor/payor
type) and the days past due. As the majority of the group\u2019s debt is receivable from large, well-funded insurance
companies, the National Health Service or from a large number of individuals, the group has concluded that
historical debt performance of the portfolio during the last two reporting periods provides a reasonable
approximation of the future expected loss rates for each payor age category.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "20. Cash and cash equivalents
(\u00a3m)
2025
2024
Cash at bank
19.1
33.8
Short-term deposits
15.6
7.4
Total cash and cash equivalents
34.7
41.2
\n
Cash and cash equivalents comprise cash balances, short-term deposits and other short-term highly liquid
investments (including money market funds) with maturities not exceeding three months placed with
investment grade counterparties which are subject to an insigni\ufb01cant risk of change in value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "21. Non-current assets held for sale
As at 31 December 2025 the group\u2019s management have committed to sell a parcel of land at Bostocks Lane as
the group has accepted an offer on the property. The sale is considered highly probable and the assessment
has not changed. It therefore remains as classi\ufb01ed as held for sale.
During the period the group\u2019s management committed to the sale of the Regents Gate property, which housed
certain administrative functions that have been transferred elsewhere. The property is expected to be sold
within twelve months and has been classi\ufb01ed as held for sale. An impairment has been recognised to align the
carrying amount to the expected proceeds.
(\u00a3m)
2025
2024
At 1 January
1.1
1.1
Transferred from Plant, Property and Equipment
3.3
\u2013
Impairment
(0.5)
\u2013
At 31 December
3.9
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "22. Share capital and reserves
Authorised shares
\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\n
\u00a0 \u00a0
(No.)
2025
2024
Ordinary shares of \u00a30.01 each
402,759,599
402,751,824
\n
Issued and fully paid shares
\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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a30.01 ordinary shares
\u00a30.01 ordinary shares
\u00a0
Number of shares
\u00a3\u2019000
Number of shares
\u00a3\u2019000
At 1 January
402,751,824
4,028
404,126,630
4,042
Issued during the year
7,775
\u2013
13,943
\u2013
Cancelled during the year
\u2013
\u2013
(1,388,749)
(14)
At 31 December
402,759,599
4,028
402,751,824
4,028
\n
Share premium
\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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During 2024, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependents. The EBT is treated as an extension of the group and
the company.
During the period, the EBT purchased 4,700,000 shares and transferred 2,878,907 (2024: 1,312,000 shares
acquired and 1,235,976 exercised) in order to settle share awards in relation to the directors\u2019 share bonus
award; the Long-Term Incentive Plan and the employees\u2019 Save As You Earn Scheme.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2025, 2,209,277 shares (2024: 388,184 shares) were held by
the EBT in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve
represents the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares
are reissued.
As with prior periods, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number of shares
\u00a3m
Number of shares
\u00a3m
At 1 January
388,184
0.9
312,160
0.7
Purchased
4,700,000
8.7
1,312,000
3.1
Exercised
(2,878,907)
(5.4)
(1,235,976)
(2.9)
At 31 December
2,209,277
4.2
388,184
0.9
\n
Hedging reserve
The balance of \u00a30.1 million at 31 December 2025 (2024: \u00a32.1 million) re\ufb02ects the \u00a32.5 million debit (2024: \u00a34.3
million debit) recycled in the period, the fair value debit of \u00a30.4 million (2024: \u00a32.8 million credit) and the \u00a30.9
million tax credit on the pro\ufb01t (2024: \u00a30.3 million credit) to give a net movement of a decrease of \u00a32.0 million
during the year (2024: a decrease of \u00a31.2 million) on a hedged transaction. See Note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "22. Share capital and reserves
Authorised shares
\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\n
\u00a0 \u00a0
(No.)
2025
2024
Ordinary shares of \u00a30.01 each
402,759,599
402,751,824
\n
Issued and fully paid shares
\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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a30.01 ordinary shares
\u00a30.01 ordinary shares
\u00a0
Number of shares
\u00a3\u2019000
Number of shares
\u00a3\u2019000
At 1 January
402,751,824
4,028
404,126,630
4,042
Issued during the year
7,775
\u2013
13,943
\u2013
Cancelled during the year
\u2013
\u2013
(1,388,749)
(14)
At 31 December
402,759,599
4,028
402,751,824
4,028
\n
Share premium
\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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During 2024, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependents. The EBT is treated as an extension of the group and
the company.
During the period, the EBT purchased 4,700,000 shares and transferred 2,878,907 (2024: 1,312,000 shares
acquired and 1,235,976 exercised) in order to settle share awards in relation to the directors\u2019 share bonus
award; the Long-Term Incentive Plan and the employees\u2019 Save As You Earn Scheme.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2025, 2,209,277 shares (2024: 388,184 shares) were held by
the EBT in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve
represents the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares
are reissued.
As with prior periods, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number of shares
\u00a3m
Number of shares
\u00a3m
At 1 January
388,184
0.9
312,160
0.7
Purchased
4,700,000
8.7
1,312,000
3.1
Exercised
(2,878,907)
(5.4)
(1,235,976)
(2.9)
At 31 December
2,209,277
4.2
388,184
0.9
\n
Hedging reserve
The balance of \u00a30.1 million at 31 December 2025 (2024: \u00a32.1 million) re\ufb02ects the \u00a32.5 million debit (2024: \u00a34.3
million debit) recycled in the period, the fair value debit of \u00a30.4 million (2024: \u00a32.8 million credit) and the \u00a30.9
million tax credit on the pro\ufb01t (2024: \u00a30.3 million credit) to give a net movement of a decrease of \u00a32.0 million
during the year (2024: a decrease of \u00a31.2 million) on a hedged transaction. See Note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "22. Share capital and reserves
Authorised shares
\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\n
\u00a0 \u00a0
(No.)
2025
2024
Ordinary shares of \u00a30.01 each
402,759,599
402,751,824
\n
Issued and fully paid shares
\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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a30.01 ordinary shares
\u00a30.01 ordinary shares
\u00a0
Number of shares
\u00a3\u2019000
Number of shares
\u00a3\u2019000
At 1 January
402,751,824
4,028
404,126,630
4,042
Issued during the year
7,775
\u2013
13,943
\u2013
Cancelled during the year
\u2013
\u2013
(1,388,749)
(14)
At 31 December
402,759,599
4,028
402,751,824
4,028
\n
Share premium
\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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
At 1 January
830.0
830.0
Issue of new shares
\u2013
\u2013
At 31 December
830.0
830.0
\n
Capital reserves
This reserve represents the loans of \u00a3376.1 million due to the former ultimate parent undertaking and
management that were forgiven by those counterparties as part of the reorganisation of the group prior to the
IPO in 2014.
Capital redemption reserve
During 2024, the group announced a share buyback programme, the company redeemed 1,388,749 shares
with a nominal value of \u00a30.01 per share, resulting in a transfer of \u00a313,887 from distributable pro\ufb01ts to the
Capital redemption reserve.
EBT share reserves
Equiniti Trust (Jersey) Limited is acting in its capacity as trustee of the company\u2019s Employee Bene\ufb01t Trust (EBT).
The purpose of the EBT is to further the interests of the company by bene\ufb01tting employees and former
employees of the group and certain of their dependents. The EBT is treated as an extension of the group and
the company.
During the period, the EBT purchased 4,700,000 shares and transferred 2,878,907 (2024: 1,312,000 shares
acquired and 1,235,976 exercised) in order to settle share awards in relation to the directors\u2019 share bonus
award; the Long-Term Incentive Plan and the employees\u2019 Save As You Earn Scheme.
Where the EBT purchases the company\u2019s equity share capital the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to the company\u2019s equity holders until the
shares are cancelled or reissued. As at 31 December 2025, 2,209,277 shares (2024: 388,184 shares) were held by
the EBT in relation to the directors\u2019 share bonus award and Long-Term Incentive Plan. The EBT share reserve
represents the consideration paid when the EBT purchases the company\u2019s equity share capital, until the shares
are reissued.
As with prior periods, the company will continue to fund the Spire Healthcare Employee Bene\ufb01t Trust (EBT), a
discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the ongoing acquisition of shares to satisfy
the exercise of share plan awards by employees.
\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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Number of shares
\u00a3m
Number of shares
\u00a3m
At 1 January
388,184
0.9
312,160
0.7
Purchased
4,700,000
8.7
1,312,000
3.1
Exercised
(2,878,907)
(5.4)
(1,235,976)
(2.9)
At 31 December
2,209,277
4.2
388,184
0.9
\n
Hedging reserve
The balance of \u00a30.1 million at 31 December 2025 (2024: \u00a32.1 million) re\ufb02ects the \u00a32.5 million debit (2024: \u00a34.3
million debit) recycled in the period, the fair value debit of \u00a30.4 million (2024: \u00a32.8 million credit) and the \u00a30.9
million tax credit on the pro\ufb01t (2024: \u00a30.3 million credit) to give a net movement of a decrease of \u00a32.0 million
during the year (2024: a decrease of \u00a31.2 million) on a hedged transaction. See Note 23 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "23. Borrowings
The group has borrowings in two forms, bank borrowings and lease liabilities as disclosed on the consolidated
balance sheet. Total borrowings at 31 December 2025 were \u00a31,315.8 million (2024: \u00a31,279.9 million). More
detail in respect of these two forms of borrowings are set out below.
Bank borrowings
The bank loans are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries of the group. On 24 November 2025, the group successfully extended its existing debt facilities to
maturity of August 2028. The \ufb01nancial covenants relating to this new agreement are materially unchanged and
no modi\ufb01cations have been made other than to extend the term. The loan is non-amortising and carries
interest at a margin of 2.05% over SONIA (2024: 2.05% over SONIA).
\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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
Amount due for settlement within 12 months
3.1
3.6
Amount due for settlement after 12 months
364.0
363.5
Total bank borrowings1
367.1
367.1
Terms and debt repayment schedule
The maturity date is the date on which the relevant bank loans are due to be fully repaid.
The carrying amounts drawn (after issue costs and including interest accrued) under facilities in place at the
balance sheet date 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Margin over
\u00a0 \u00a0
(\u00a3m)
Maturity
SONIA
2025
2024
Senior finance facility
August 2028
2.05%
327.1
327.1
Revolving credit facility (drawn committed facility)
August 2028
1.95%
40.0
40.0
\n
Net debt for the purposes of the covenant test in respect of the Senior Loan Facility was \u00a3330.3 million (2024:
\u00a3323.8 million) and the net debt to EBITDA ratio was 2.0x (2024: 2.0x). The net debt for covenant purposes
comprises the senior facility of \u00a3325.0 million, drawn revolving credit facility of \u00a340.0 million less cash and cash
equivalents of \u00a334.7 million. EBITDA for covenant purposes comprises Adjusted EBITDA for Last Twelve Months
(LTM) of pre-IFRS 16 Adjusted EBITDA of \u00a3175.4 million (2024: \u00a3171.1 million) less the rental of a \ufb01nance lease
pre-IFRS 16 of \u00a310.9 million (2024: \u00a310.4 million).
The interest cover for covenant purposes was 7.5x (2024: 7.5x) and is calculated as the pre-IFRS 16 EBITDA
described above over pre-IFRS 16 \ufb01nance costs paid.
The senior \ufb01nance facility includes a sustainability-linked element connected to environmental and quality
factors. The group also has access to a further \u00a360.0 million through its existing committed and undrawn
revolving credit facility to August 2028.
Effect of covenants
The group\u2019s non-current bank borrowings include borrowings amounting to \u00a3365.0 million that contain
covenants, which, if not met, would result in the borrowings becoming repayable on demand. These
borrowings are otherwise repayable more than 12 months after the end of the reporting period. The \ufb01nancial
covenants are tested by reference to the most recent \ufb01nancial statements of the group, namely 30 June and
31 December each year. The \ufb01nancial covenants are for the leverage ratio to be below 4.0x and interest cover to
be in excess of 4.0x. As at 31 December 2025, the group complied with all covenants as the leverage measure
stood at 2.0x and interest cover of 7.5x and therefore bank borrowings remain classi\ufb01ed as non-current
liabilities. The group is not aware of any circumstances in which there will be a breach in \ufb01nancial covenants.
The Group\u2019s syndicated facilities agreement includes standard change of control provisions triggered by a change
in ownership of more than 50% of the issued share capital. Such provisions would permit lenders to cancel the
existing commitments, cease further drawings, and require immediate repayment of all amounts outstanding
together with accrued interest and fees. Repayment of banking facilities is common on a change of ownership
transaction. No change of control has occurred as at the date of approval of these \ufb01nancial statements.
Lease liabilities
The group has \ufb01nance leases in respect of hospital properties, vehicles, of\ufb01ce and medical equipment. The
leases are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries in the group. Leases, with a present value liability of \u00a3948.7 million (December 2024: \u00a3912.8
million), expire in various years to 2081 and carry incremental borrowing rates in the range 1.5-14.0% (2024:
3.2-14.6%). Rents in respect of hospital property leases are reviewed annually with reference to RPI or CPI,
subject to assorted \ufb02oors and caps. The discount rates used are calculated on a lease by lease basis, and are
based on estimates of incremental borrowing rates. A movement in the incremental borrowing rate of 1%
would result in an 6.7% movement in lease liability.
In the period, the group recognised charges of \u00a32.8 million (2024: \u00a33.4 million) of lease expense relating to low
value leases and \u00a315.6 million (2024: \u00a317.0 million) of lease expense in respect of short-term leases for which
the exemption under IFRS 16 has been taken. Lease commitments for short term leases are not dissimilar to
the expense recognised, resulting in a total cash out\ufb02ow of \u00a3134.6 million (2024: \u00a3122.7 million).The group is a
lessor to one lease to external parties and has recognised a \ufb01nance lease receivable of \u00a34.3 million (2024: \u00a34.4
million). The terms of the sublease are the same as those contained in the head-lease. There have been no
(2024: no) sale and leaseback transactions in the year. Where new leases have the right to extend and
management is not reasonably certain to exercise the extension option, those future cash \ufb02ows are not
re\ufb02ected in the lease liability balance. If the option to extend was exercised the lease liability would increase by
\u00a3239.0 million.
During 2024 the group sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells NHS Trust.
As part of the sale agreement, the group has entered into a sub lease agreement with the trust to lease the
Tunbridge Wells property. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust to
settle the lease obligation in the head lease.
Some leases receive in\ufb02ation linked increases on an annual basis which affects both the cash \ufb02ow and interest
charged on those leases. Except for this increase, cash \ufb02ows and charges are expected to remain in line with
current year. The cash \ufb02ows above do not re\ufb02ect any termination, extension or break clause options as
management is reasonably certain that the options will not be exercised. There are no signi\ufb01cant restrictions
or covenants which impact the cash \ufb02ows in respect of these leases.
See Note 14 for more detail on the depreciation of the right-of-use (ROU) assets and Note 10 for more detail on
the interest expense relating to leases.
Changes in bank borrowings and lease liabilities arising from \ufb01nancing activities
\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\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Non-cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
1
changes
2
Additions
3
31 December
2025
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
367.1
(22.9)
22.9
\u2013
367.1
Lease liabilities
912.8
(116.2)
81.1
71.0
948.7
Total
1,279.9
(139.1)
104.0
71.0
1,315.8
\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\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Non-cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
1
changes
2
Additions
3
31 December
2024
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
365.3
(22.0)
23.8
\u2013
367.1
Lease liabilities
891.7
(102.3)
76.1
47.3
912.8
Total
1,257.0
(124.3)
99.9
47.3
1,279.9
\n
1.
During the year, \u00a355 million (2024: \u00a35 million) was drawn down and \u00a355 million (2024: \u00a35 million) was subsequently repaid.
2.
Non-cash changes re\ufb02ect interest charged on the loan
3.
Additions include both new leases entered into, indexation of existing leases and acquisitions of subsidiaries.
Derivatives
The following derivatives were in place at 31 December:
\u00a0 \u00a0 \u00a0 \u00a0
Carrying value
(\u00a3m)
Interest rate
Maturity date
Notional amount
asset/(liability)
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
0.2
Interest rate swaps
3.5346%
Aug 2027
162.5
(0.2)
Total
\u00a0 \u00a0
325.0
\u2013
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
2.9
(\u00a3m)
2025
2024
Amount due from settlement within 12 months
0.2
2.5
Amount due for settlement after 12 months
(0.2)
0.4
Total derivatives asset/(liability)
\u2013
2.9
\n
The group entered into interest rate swap contracts on 25 July 2022 to hedge the exposure to variability in cash
\ufb02ows arising from its \ufb02oating rate bank borrowings. These swaps had a maturity date of 23 February 2026 and
were designated as cash \ufb02ow hedges of interest payments on the underlying debt.
Following the successful extension of the group\u2019s debt facilities to a revised maturity of 25 August 2028, the
group extended its interest rate hedging strategy to maintain alignment between the hedged items and the
hedging instruments. Accordingly, on 25 November 2025 the group entered into additional interest rate swap
contracts, with a contractual maturity date of August 2027. These swaps extend the duration of the hedge
relationship beyond the maturity of the original 2022 contracts.
The movement in respect of derivatives re\ufb02ects \u00a32.5 million (2024: \u00a34.3 million) recycled in the period and a
\u00a30.4 million loss (2024: \u00a32.8 million gain) in fair value. All movements are re\ufb02ected within other comprehensive
income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Bank borrowings
The bank loans are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries of the group. On 24 November 2025, the group successfully extended its existing debt facilities to
maturity of August 2028. The \ufb01nancial covenants relating to this new agreement are materially unchanged and
no modi\ufb01cations have been made other than to extend the term. The loan is non-amortising and carries
interest at a margin of 2.05% over SONIA (2024: 2.05% over SONIA).
\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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
Amount due for settlement within 12 months
3.1
3.6
Amount due for settlement after 12 months
364.0
363.5
Total bank borrowings1
367.1
367.1
Terms and debt repayment schedule
The maturity date is the date on which the relevant bank loans are due to be fully repaid.
The carrying amounts drawn (after issue costs and including interest accrued) under facilities in place at the
balance sheet date 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Margin over
\u00a0 \u00a0
(\u00a3m)
Maturity
SONIA
2025
2024
Senior finance facility
August 2028
2.05%
327.1
327.1
Revolving credit facility (drawn committed facility)
August 2028
1.95%
40.0
40.0
\n
Net debt for the purposes of the covenant test in respect of the Senior Loan Facility was \u00a3330.3 million (2024:
\u00a3323.8 million) and the net debt to EBITDA ratio was 2.0x (2024: 2.0x). The net debt for covenant purposes
comprises the senior facility of \u00a3325.0 million, drawn revolving credit facility of \u00a340.0 million less cash and cash
equivalents of \u00a334.7 million. EBITDA for covenant purposes comprises Adjusted EBITDA for Last Twelve Months
(LTM) of pre-IFRS 16 Adjusted EBITDA of \u00a3175.4 million (2024: \u00a3171.1 million) less the rental of a \ufb01nance lease
pre-IFRS 16 of \u00a310.9 million (2024: \u00a310.4 million).
The interest cover for covenant purposes was 7.5x (2024: 7.5x) and is calculated as the pre-IFRS 16 EBITDA
described above over pre-IFRS 16 \ufb01nance costs paid.
The senior \ufb01nance facility includes a sustainability-linked element connected to environmental and quality
factors. The group also has access to a further \u00a360.0 million through its existing committed and undrawn
revolving credit facility to August 2028.
Effect of covenants
The group\u2019s non-current bank borrowings include borrowings amounting to \u00a3365.0 million that contain
covenants, which, if not met, would result in the borrowings becoming repayable on demand. These
borrowings are otherwise repayable more than 12 months after the end of the reporting period. The \ufb01nancial
covenants are tested by reference to the most recent \ufb01nancial statements of the group, namely 30 June and
31 December each year. The \ufb01nancial covenants are for the leverage ratio to be below 4.0x and interest cover to
be in excess of 4.0x. As at 31 December 2025, the group complied with all covenants as the leverage measure
stood at 2.0x and interest cover of 7.5x and therefore bank borrowings remain classi\ufb01ed as non-current
liabilities. The group is not aware of any circumstances in which there will be a breach in \ufb01nancial covenants.
The Group\u2019s syndicated facilities agreement includes standard change of control provisions triggered by a change
in ownership of more than 50% of the issued share capital. Such provisions would permit lenders to cancel the
existing commitments, cease further drawings, and require immediate repayment of all amounts outstanding
together with accrued interest and fees. Repayment of banking facilities is common on a change of ownership
transaction. No change of control has occurred as at the date of approval of these \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Lease liabilities
The group has \ufb01nance leases in respect of hospital properties, vehicles, of\ufb01ce and medical equipment. The
leases are secured on \ufb01xed and \ufb02oating charges over both the present and future assets of material
subsidiaries in the group. Leases, with a present value liability of \u00a3948.7 million (December 2024: \u00a3912.8
million), expire in various years to 2081 and carry incremental borrowing rates in the range 1.5-14.0% (2024:
3.2-14.6%). Rents in respect of hospital property leases are reviewed annually with reference to RPI or CPI,
subject to assorted \ufb02oors and caps. The discount rates used are calculated on a lease by lease basis, and are
based on estimates of incremental borrowing rates. A movement in the incremental borrowing rate of 1%
would result in an 6.7% movement in lease liability.
In the period, the group recognised charges of \u00a32.8 million (2024: \u00a33.4 million) of lease expense relating to low
value leases and \u00a315.6 million (2024: \u00a317.0 million) of lease expense in respect of short-term leases for which
the exemption under IFRS 16 has been taken. Lease commitments for short term leases are not dissimilar to
the expense recognised, resulting in a total cash out\ufb02ow of \u00a3134.6 million (2024: \u00a3122.7 million).The group is a
lessor to one lease to external parties and has recognised a \ufb01nance lease receivable of \u00a34.3 million (2024: \u00a34.4
million). The terms of the sublease are the same as those contained in the head-lease. There have been no
(2024: no) sale and leaseback transactions in the year. Where new leases have the right to extend and
management is not reasonably certain to exercise the extension option, those future cash \ufb02ows are not
re\ufb02ected in the lease liability balance. If the option to extend was exercised the lease liability would increase by
\u00a3239.0 million.
During 2024 the group sold its Tunbridge Wells Hospital business to Maidstone and Tunbridge Wells NHS Trust.
As part of the sale agreement, the group has entered into a sub lease agreement with the trust to lease the
Tunbridge Wells property. The \ufb01nance lease receivable represents the cash \ufb02ows receivable from the trust to
settle the lease obligation in the head lease.
Some leases receive in\ufb02ation linked increases on an annual basis which affects both the cash \ufb02ow and interest
charged on those leases. Except for this increase, cash \ufb02ows and charges are expected to remain in line with
current year. The cash \ufb02ows above do not re\ufb02ect any termination, extension or break clause options as
management is reasonably certain that the options will not be exercised. There are no signi\ufb01cant restrictions
or covenants which impact the cash \ufb02ows in respect of these leases.
See Note 14 for more detail on the depreciation of the right-of-use (ROU) assets and Note 10 for more detail on
the interest expense relating to leases.
Changes in bank borrowings and lease liabilities arising from \ufb01nancing activities
\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\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Non-cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
1
changes
2
Additions
3
31 December
2025
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
367.1
(22.9)
22.9
\u2013
367.1
Lease liabilities
912.8
(116.2)
81.1
71.0
948.7
Total
1,279.9
(139.1)
104.0
71.0
1,315.8
\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\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Non-cash
\u00a0\u00a0
(\u00a3m)
1 January
Cash flows
1
changes
2
Additions
3
31 December
2024
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
365.3
(22.0)
23.8
\u2013
367.1
Lease liabilities
891.7
(102.3)
76.1
47.3
912.8
Total
1,257.0
(124.3)
99.9
47.3
1,279.9
\n
1.
During the year, \u00a355 million (2024: \u00a35 million) was drawn down and \u00a355 million (2024: \u00a35 million) was subsequently repaid.
2.
Non-cash changes re\ufb02ect interest charged on the loan
3.
Additions include both new leases entered into, indexation of existing leases and acquisitions of subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Derivatives
The following derivatives were in place at 31 December:
\u00a0 \u00a0 \u00a0 \u00a0
Carrying value
(\u00a3m)
Interest rate
Maturity date
Notional amount
asset/(liability)
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
0.2
Interest rate swaps
3.5346%
Aug 2027
162.5
(0.2)
Total
\u00a0 \u00a0
325.0
\u2013
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
2.7780%
Feb 2026
162.5
2.9
(\u00a3m)
2025
2024
Amount due from settlement within 12 months
0.2
2.5
Amount due for settlement after 12 months
(0.2)
0.4
Total derivatives asset/(liability)
\u2013
2.9
\n
The group entered into interest rate swap contracts on 25 July 2022 to hedge the exposure to variability in cash
\ufb02ows arising from its \ufb02oating rate bank borrowings. These swaps had a maturity date of 23 February 2026 and
were designated as cash \ufb02ow hedges of interest payments on the underlying debt.
Following the successful extension of the group\u2019s debt facilities to a revised maturity of 25 August 2028, the
group extended its interest rate hedging strategy to maintain alignment between the hedged items and the
hedging instruments. Accordingly, on 25 November 2025 the group entered into additional interest rate swap
contracts, with a contractual maturity date of August 2027. These swaps extend the duration of the hedge
relationship beyond the maturity of the original 2022 contracts.
The movement in respect of derivatives re\ufb02ects \u00a32.5 million (2024: \u00a34.3 million) recycled in the period and a
\u00a30.4 million loss (2024: \u00a32.8 million gain) in fair value. All movements are re\ufb02ected within other comprehensive
income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "24. Financial liabilities
Financial instruments to purchase non-controlling interest
In 2023, the group entered into an agreement with the non-controlling interest of one of its subsidiaries,
Monte\ufb01ore House Limited, in which both parties could exercise an option for Spire Healthcare to purchase the
remaining 25% interest in the subsidiary at a future date. On 21 February 2025, Brighton Orthopaedic and
Sports Injury Clinic Limited (BOSIC) formally noti\ufb01ed Spire Healthcare of the intention to exercise their option.
The total consideration for the transaction was \u00a37.7 million, of which \u00a32.5 million had been prepaid. The
remaining balance of \u00a35.2 million was settled in cash on 28 May 2025.
In 2025, the group made two acquisitions : Acorn Occupational Health Limited and Physiolistic Limited. The
terms of both acquisitions include a contingent earnout, to be paid based on performance of the company in
the twelve months following acquisition. Therefore, the group has recognised an initial estimated
consideration that would be due in respect of these earnouts. For more detail see Note 35.
(\u00a3m)
2025
2024
Valuation at 1 January
8.0
9.6
Option to purchase non-controlling interests
(7.7)
\u2013
Movement in financial liability
(0.3)
(1.6)
Contingent consideration
1.6
\u2013
Valuation at 31 December
1.6
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "25. Deferred tax
\u00a0
Property,
\u00a0\u00a0\u00a0\u00a0\u00a0
Provisions
\u00a0
\u00a0
plant
\u00a0\u00a0\u00a0\u00a0\u00a0
and other
\u00a0
\u00a0
and
\u00a0
IFRS leases
\u00a0
Share-based
\u00a0
temporary
\u00a0
(\u00a3m)
equipment
Intangible
- spreading
IFRS 16
payments
Losses
differences
Total
At 1 January 2024
86.6
5.0
(42.9)
34.4
(4.1)
(7.3)
(3.8)
67.9
Charge/(credit) to the
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
profit or loss
6.4
(0.4)
2.4
0.8
(0.1)
\u2013
1.2
10.3
Charge/(credit) to other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equity
\u2013
\u2013
\u2013
\u2013
0.5
\u2013
(0.2)
0.3
Prior year adjustment
0.6
\u2013
\u2013
\u2013
(0.1)
0.2
1.6
2.3
At 1 January 2025
93.6
4.6
(40.5)
35.2
(3.8)
(7.1)
(1.2)
80.8
Charge/(credit) to the
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
profit or loss
17.2
(0.3)
2.4
0.4
1.0
(14.1)
(0.2)
6.4
Charge/(credit) to other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
equity
\u2013
\u2013
\u2013
\u2013
0.9
\u2013
(0.9)
\u2013
Prior year adjustment
0.3
\u2013
\u2013
\u2013
\u2013
(6.5)
0.3
(5.9)
At 31 December 2025
111.1
4.3
(38.1)
35.6
(1.9)
(27.7)
(2.0)
81.3
Disclosed within liabilities
111.1
4.3
(38.1)
35.6
(1.9)
(27.7)
(2.0)
81.3
\n
Deferred tax on property, plant and equipment has arisen on differences between the carrying value of the
relevant assets and the tax base.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when
the asset is realised or the liability settled, based on tax rates that have been enacted, or substantively enacted,
at the balance sheet date. The group has separately calculated the tax rates applicable in respect of Adjusting
items for the period. Deferred tax in the current period continues to be measured at 25%.
Deferred tax assets are recognised on the basis that the deferred tax liabilities represent forecast pro\ufb01ts of the
appropriate type (either capital or trading) and therefore represent a suitable taxable pro\ufb01t against the reversal
of the deferred tax assets can be offset. Deferred tax assets and liabilities in relation to property are only offset
to the extent that they relate to the same site.
The group has unrecognised deferred tax assets (which do not expire) 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
(\u00a3m)
Gross
Tax effected
Gross
Tax effected
Trading losses
4.2
1.1
10.4
2.6
Tax basis for future capital disposals
11.6
2.9
11.6
2.9
Total
15.8
4.0
22.0
5.5
\n
These amounts are the expected tax value of the gross temporary difference at the enacted long-term tax rate
of 25% (2024: 25%). A deferred tax asset has not been recognised in respect of these amounts due to
uncertainties as to the timing of future pro\ufb01ts that the trading losses could be offset against and tax basis for
capital disposals could be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "26. 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\n
\u00a0 \u00a0
\u00a0 \u00a0
Business
\u00a0
\u00a0
Medical
restructuring
\u00a0
(\u00a3m)
malpractice
and other
Total
At 1 January 2025
13.2
1.0
14.2
Increase in existing provisions
4.3
4.1
8.4
Provisions utilised
(2.2)
(4.1)
(6.3)
Provisions released
\u2013
\u2013
\u2013
At 31 December 2025
15.3
1.0
16.3
\n
Medical malpractice relates to estimated liabilities arising from claims for damages in respect of services
previously supplied to patients. During the period \u00a34.3 million was added due to additional claims received, and
\u00a31.8 million utilised. Amounts are shown gross of insured liabilities. Any such insurance recoveries of \u00a36.6
million (2024: \u00a34.3 million) are recognised in other receivables.
In response to the publication of the public inquiry report on Paterson on 4 February 2020, Spire Healthcare
established a provision in respect of implementing the recommendations including a detailed patient review
and support for patients. Since inception of the provision in 2021 \u00a313.7 million has been utilised in settlement
of patient claims.
The provision was established by Spire Healthcare in respect of implementing the recommendations of the
independent inquiry including a detailed patient review and support for patients of Paterson. The project is
complex and the process for review and settlement of claims, where relevant, takes some time. The detailed
patient review has now reached the milestone of having contacted all living patients and invited them, where
appropriate, to consultations to discuss their care. As a consequence, the rate of new claims has dropped
signi\ufb01cantly, as most patients now have their outcomes of their review and have initiated their claim, where
relevant. Claims activity in the second half of the year has therefore been in line with the assumptions taken by
management and the provision established at the half year. As a result there has been no subsequent increase
in the provision. In addition, \u00a31.7 million of legal fees have been incurred for the ongoing inquests. While it is
possible that, as further information becomes available, an adjustment to this provision will be required, at this
time it re\ufb02ects management\u2019s best estimate of the costs and settlement of claims.
As at 31 December 2025, the business restructuring and other provisions primarily includes dilapidation
provisions for the primary care business.
Provisions as at 31 December 2025 are materially considered to be current and expected to be utilised at any
time within the next twelve months, subject to external factors beyond the group\u2019s control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "27. Trade and other payables \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
(\u00a3m)
2025
2024
Trade payables
86.1
84.9
Accrued expenses
60.9
53.8
Deferred Income
8.3
10.5
Social security and other taxes
16.5
18.4
Other payables \u2013 other
46.3
46.4
Total
218.1
214.0
\n
Accrued expenses include general operating expenses incurred but not invoiced as at the year end, holiday pay
accrued of \u00a31.5 million (2024: \u00a32.1 million), bonuses accrued during the year and paid in the following year of
Nil (2024: \u00a35.3 million), and a \u00a36.2 million (2024: Nil) accrual relating to the strategic review of the business (see
Note 11 for more detail). Deferred income of \u00a38.1 million (2024: \u00a310.2 million) relates to contract revenue of
VHG.
Other payables include an accrual for pensions and payments on account. Revenue is not recognised in respect
of payments on account until the performance obligation has been met at year end the balance of payments
on account was \u00a32.5 million (2024: \u00a32.4 million). In addition other credit balances re-classed from trade debtors
were \u00a328.3 million (2024: \u00a338.1 million), which largely relate to NHS credits. Payments on account are expected
to be utilised against patient procedures within the following 12 months. The balance of payments on account
as at 31 December 2024 were utilised in the current year when the patient attended the procedure, and not
cancelling or deferring treatment, such payments on account could result in repayment to the patient should
they request so.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "28. Dividends \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\n
\u00a0 \u00a0
(\u00a3m)
2025
2024
Final dividend for the year ended 31 December 2023 (2.1 pence per share)
\u2013
8.5
Final dividend for the year ended 31 December 2024 (2.3 pence per share)
9.2
\u2013
Dividend paid to non-controlling interests
0.5
0.7
Total dividends paid
9.7
9.2
\n
Since the end of the \ufb01nancial year, the directors have proposed a \ufb01nal dividend of approximately 1.5 pence per
share. The dividend is subject to approval by shareholders at the Annual General Meeting and is therefore not
included in the balance sheet as a liability at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "29. Share-based payments
The group operates several share-based payment schemes for executive directors and other employees. With
the exception of the cash-settled Long-Term Incentive Plan (LTIP), all schemes are equity-settled. The group has
no legal or constructive obligation to repurchase or settle any of the equity-settled awards in cash.
The cash-settled LTIP is settled in cash and is accounted for as a liability, with changes in fair value recognised
in pro\ufb01t or loss.
The total cost in respect of LTIPs and SAYE recognised in the income statement was \u00a32.1 million in the year
ended 31 December 2025 (2024: \u00a34.2 million). Employer\u2019s National Insurance is being accrued, where
applicable, at the rate of 14.3%, which management expects to be the prevailing rate at the time the options
are exercised, based on the share price at the reporting date. The total National Insurance charge for the year
was \u00a30.6 million (2024: \u00a30.5 million).
During the period, the group made payments of \u00a33.0 million (2024: \u00a35.4 million) in respect of amounts
withheld for employee tax obligations arising from the exercise of equity-settled share awards (as shown in the
consolidated statement of cash \ufb02ows). These payments were made on behalf of participants under the terms
of the share-based payment schemes and tax regulations, and do not represent a cash settlement of the
awards. The awards are classi\ufb01ed as equity settled in its entirety as it would have been in the absence of the
net settlement feature. The group has no contractual or constructive obligation to settle these awards in cash.
Under the net settlement arrangement for the LTIP scheme the group estimates a total cash out\ufb02ow of \u00a34.7
million to settle participants\u2019 employees tax for awards which are yet to vest.
The following table analyses the total cost between each of the relevant schemes, together with the number
of options outstanding:
\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
\u00a0 \u00a0
Number of
\u00a0
Number of
\u00a0 \u00a0
options
\u00a0
options
\u00a0
Charge \u00a3m
(thousands)
Charge \u00a3m
(thousands)
Long Term Incentive Plan
1.3
10,313
3.3
11,643
Deferred Share Bonus Plan
\u2013
480
\u2013
531
Save As You Earn (SAYE)
0.3
31
0.7
2,957
Cash-settled Long Term Incentive Plan
0.5
\u2013
0.2
\u2013
Total
2.1
10,824
4.2
15,131
\n
A summary of the main features of the scheme is shown below:
Long Term Incentive Plan
The Long Term Incentive Plan (LTIP) is open to executive directors and designated senior managers, and awards
are made at the discretion of the remuneration committee. Awards are subject to market and non-market
performance criteria.
Awards granted under the LTIP vest subject to achievement of performance conditions measured over a period
of at least three years, unless the committee determines otherwise. Awards may be in the form of conditional
share awards or nil-cost options or any other form allowed by the plan rules.
Vesting of awards will be dependent on a range of \ufb01nancial, operational or share price measures, as set by the
committee, which are aligned with the long-term strategic objectives of the group and shareholder value
creation. No less than 30% of an award will be based on share price measures. The remainder will be based on
either \ufb01nancial and/or operational measures. At the threshold performance, no more than 25% of the award
will vest, rising to 100% for maximum performance.
On 15 March 2023, the company granted a total of 2,980,384 options to the executive directors and other
senior management. The options will vest based on return on capital employed (ROCE) (35%) targets for the
\ufb01nancial year ending 31 December 2025, relative total shareholder return (TSR) (35%) targets on performance
over the three-year period to 31 December 2025 and operational excellence (OE) (30%) targets based on
employee engagement targets and regulatory ratings for the current portfolio of hospitals, subject to
continued employment. Upon vesting, the options will remain exercisable until March 2033. The executive
directors are subject to a two-year holding period, whilst other senior management are not.
On 14 March 2024, the company granted a total of 2,054,599 options to the executive directors and other
senior management. The options will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the
\ufb01nancial year ending 31 December 2026, relative total shareholder return (\u2018TSR\u2019) (20%) targets over the three
year period to 31 December 2026, EBITDA margin (15%) targets for the \ufb01nancial year ending 31 December 2026
for the Company\u2019s Hospital Business and operational excellence (\u2018OE\u2019) (30%) targets based on employee
engagement targets and regulatory ratings for the current portfolio of hospitals (including The Doctors Clinic
group, but excluding new clinics that open during the performance period and Vita Health Group). The options
are subject to continued employment and, upon vesting, will remain exercisable until March 2034. The
executive directors are subject to a two-year holding period.
On 14 March 2024, the company also granted a total of 235,231 options to senior management. These options
will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the \ufb01nancial year ending 31 December
2026, relative total shareholder return (\u2018TSR\u2019) (20%) targets on performance over the three year period to 31
December 2026, EBITDA margin (15%) targets for the \ufb01nancial year ending 31 December 2026 for the VHG and
operational excellence (\u2018OE\u2019) (30%) targets (based on non-market vesting conditions related to access rates and
recovery for mature contracts and employee engagement targets for the VHG). The options are subject to
continued employment and, upon vesting, will remain exercisable until March 2034.
On 27 March 2025, the Company granted a total of 2,955,802 options to the executive directors and other
senior management. The options will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the
\ufb01nancial year ending 31 December 2027, relative total shareholder return (\u2018TSR\u2019) (20%) targets over the
three-year period to 31 December 2027, EBIT margin (15%) targets for the \ufb01nancial year ending 31 December
2027 for the Company\u2019s Hospital Business and operational excellence (\u2018OE\u2019) (30%) targets based on employee
engagement targets and regulatory ratings for the current portfolio of hospitals and clinics (but excluding any
new acquisitions during the performance period). The options are subject to continued employment and, upon
vesting, will remain exercisable until March 2035. The executive directors are subject to a two-year holding
period.
On 19 June 2025, the Company also granted a total of 288,995 options to senior management. These options
will vest based on return on capital employed (\u2018ROCE\u2019) (35%) targets for the \ufb01nancial year ending 31 December
2027, relative total shareholder return (\u2018TSR\u2019) (20%) targets on performance over the three-year period to 31
December 2027, EBIT margin (15%) targets for the \ufb01nancial year ending 31 December 2027 for the Company\u2019s
Hospital Business and operational excellence (\u2018OE\u2019) (30%) targets based on employee engagement targets and
regulatory ratings for the current portfolio of hospitals and clinics (but excluding any new acquisitions during
the performance period). The options are subject to continued employment and, upon vesting, will remain
exercisable until March 2035.
Deferred Share Bonus Plan
\n
The Deferred Share Bonus Plan is a discretionary executive share bonus plan under which the remuneration
\n
committee determines that a proportion of a participant\u2019s annual bonus will be deferred. The market value of
\n
the shares granted to any employee will be equal to one-third of the total annual bonus that would otherwise
\n
have been payable to the individual. The awards will be granted on the day after the announcement of the
\n
group\u2019s annual results. The awards will normally vest over a three-year period.
\n
On 15 March 2023, the company granted a total of 168,042 options to executive directors, with a vesting date
\n
of 15 March 2026. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
On 14 March 2024, the company granted a total of 221,319 options to executive directors, with a vesting date
\n
of 14 March 2027. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
On 13 March 2025, the Company granted a total of 90,626 options to executive directors, with a vesting date
\n
of 13 March 2028. There are no performance conditions in respect of the scheme and is subject to continued
\n
employment.
\n
Save As You Earn
\n
The Save As You Earn (SAYE) is open to all Spire Healthcare employees. Vesting will be dependent on continued
\n
employment for a period of three years from grant. The requirement to save is a non-vesting condition.
\n
On 24 April 2022, the company granted 3,800,557 options to employees with a vesting date of 1 June 2025.
\n
There are no performance conditions in respect of the scheme. Upon vesting, the options will remain
\n
exercisable for six months. The IFRS 2 charge has been calculated using an adjusted Black Scholes model with
\n
judgements including leavers of the scheme (employees who may cease to save) and dividend yields.
\n
The aggregate number of share awards outstanding for the group and their weighted average contractual life
\n
is shown below:
\n\n \n
2025
Deferred
LTIP (ROCE
LTIP (TSR
LTIP (EBITDA
LTIP (EBIT
LTIP (EPS
LTIP (OE
share bonus
condition)
condition)
condition)
condition)
condition)
condition)
plan
SAYE
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
At 1 January
3,121
4,289
343
\u2013
\u2013
3,890
531
2,957
Granted
1,136
649
\u2013
487
\u2013
973
91
\u2013
Exercised
(345)
(1,510)
\u2013
\u2013
\u2013
(1,319)
(142)
(1,124)
Surrendered
1
(50)
(50)
\u2013
\u2013
\u2013
(43)
\u2013
\u2013
Cancelled
2
(359)
(612)
(21)
\u2013
\u2013
(266)
\u2013
(1,802)
At 31 December
3,503
2,766
322
487
\u2013
3,235
480
31
Exercisable at 31 December
716
788
\u2013
\u2013
\u2013
847
\u2013
28
Weighted average
contractual life
1.0 years 0.8 years 1.2 years 2.2 years
0 years 1.0 years 1.0 years
0 years
\n\n \n
2024
Deferred
LTIP (ROCE
LTIP (TSR
LTIP (EBITDA
LTIP (EBIT
LTIP (EPS
LTIP (OE
share bonus
condition)
condition)
condition)
condition)
condition)
condition)
plan
SAYE
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
(thousands)
At 1 January
3,076
4,458
\u2013
\u2013
902
3,958
449
3,252
Granted
801
458
343
\u2013
\u2013
687
221
\u2013
Exercised
(181)
(865)
\u2013
\u2013
(423)
(716)
(139)
(14)
Surrendered
1
(99)
(99)
\u2013
\u2013
\u2013
(84)
\u2013
\u2013
Cancelled
2
(476)
337
\u2013
\u2013
(479)
45
\u2013
(281)
At 31 December
3,121
4,289
343
\u2013
\u2013
3,890
531
2,957
Exercisable at 31 December
417
1,928
\u2013
\u2013
\u2013
1,571
\u2013
32
Weighted average
contractual life
1.0 years
0.6 years
2.2 years
0 years
0 years
0.7 years
1.3 years
0.4 years
\n
1.
These are shares where the participants are considered to be good leavers and forfeit a proportion of their shares on pro-rata basis.
\n
2. These are shares where the participants forfeit all share options.
\n
The weighted average share price for the share awards exercised during the period is \u00a31.83 per share.
\n
Share options outstanding at the end of the year have the following expiry date:
\n\n \n
Share options
thousands
Grant \u2013 vest
Expiry date
Exercise price \u00a3
2025
2024
LTIP grants
06/04/2020 \u2013 April 2023
06/04/2030
\u2013
155
2,176
18/03/2021 \u2013 March 2024
18/03/2031
\u2013
1,013
1,741
14/03/2022 \u2013 March 2025
14/03/2032
\u2013
1,182
2,644
15/03/2023 \u2013 March 2026
15/03/2033
\u2013
2,571
2,792
14/03/2024 \u2013 March 2027
14/03/2034
\u2013
2,147
2,290
27/03/2025 \u2013 March 2028
27/03/2035
\u2013
2,956
\u2013
19/06/2025 \u2013 March 2028
27/03/2035
\u2013
289
\u2013
Deferred Share Bonus Plan
14/03/2022 \u2013 March 2025
13/03/2032
\u2013
\u2013
142
15/03/2023 \u2013 March 2026
14/03/2033
\u2013
168
168
14/03/2024 \u2013 March 2027
13/03/2034
\u2013
221
221
13/03/2025 \u2013 March 2028
12/03/2035
\u2013
91
\u2013
Save As You Earn
26/04/2022 \u2013 June 2025
01/12/2025
1.98
31
2,957
\n
During the period, 2,878,907 shares, relating to the Deferred share bonus plan, Save as you Earn, and LTIPs,
\n
were exercised from the company\u2019s Employee Bene\ufb01t Trust (EBT) (see Note 22 for more information). Where
\n
considered the most appropriate use of surplus cash, the company will continue to fund the Spire Healthcare
\n
Employee Bene\ufb01t Trust (EBT), a discretionary trust held for the bene\ufb01t of the group\u2019s employees, for the
\n
ongoing acquisition of shares to satisfy the exercise of share plan awards by employees.
The following information is relevant to the determination of the fair value of the awards granted for the years
ended 31 December 2025 and 2024, respectively, under the schemes:
\u00a0
LTIP (TSR
LTIP (ROCE
LTIP (EBIT
LTIP (OE
Deferred share
2025
condition)
condition)
condition)
condition)
bonus plan
Option pricing model
\u00a0
Fair value
Fair value
Fair value
\u00a0
\u00a0
Monte
at grant
at grant
at grant
\u00a0
\u00a0
Carlo
date
date
date
n/a
Fair value at grant date (\u00a3)
2
0.59 / 0.99
1.72 / 2.08
1.72 / 2.08
1.72 / 2.08
n/a
Fair value at grant date for shares subject to
\u00a0\u00a0\u00a0\u00a0\u00a0
holding period(\u00a3)
2
0.55 / 0.91
1.59 / 1.92
1.59 / 1.92
1.59 / 1.92
n/a
Weighted average share price at grant date (\u00a3)
2
1.72 / 2.08
1.72 / 2.08
1.72 / 2.08
1.72 / 2.08
n/a
Exercise price (\u00a3)
Nil
Nil
Nil
Nil
Nil
Weighted average contractual life
2
3.8 years /
3.8 years /
3.8 years /
3.8 years /
\u00a0
\u00a0
3.2 years
3.2 years
3.2 years
3.2 years
3 years
Expected dividend yield
n/a
n/a
n/a
n/a
n/a
Risk-free interest rate
2
4.1% / 3.8%
n/a
n/a
n/a
n/a
Volatility
1
24%
n/a
n/a
n/a
n/a
\n
1.
The expected volatility is based on the historical volatility of the company and a comparator group of other international healthcare
companies.
2.
The disclosure indicates the inputs on two grant dates.
\u00a0
LTIP (TSR
LTIP (ROCE
LTIP (EBITDA
LTIP (OE
Deferred Bonus
2024
condition)
condition)
condition)
condition)
Plan
Option pricing model
Monte
Fair value at
Fair value at
Fair value at
\u00a0
\u00a0
Carlo
grant date
grant date
grant date
n/a
Fair value at grant date (\u00a3)
1.35
2.36
2.36
2.36
n/a
Fair value at grant date for shares subject to
\u00a0\u00a0\u00a0\u00a0\u00a0
holding period (\u00a3)
1.23
2.15
2.15
2.15
n/a
Weighted average share price at grant date (\u00a3)
2.36
2.36
2.36
2.36
n/a
Exercise price (\u00a3)
Nil
Nil
Nil
Nil
Nil
Weighted average contractual life
3.8 years
3.8 years
3.8 years
3.8 years
3 years
Expected dividend yield
n/a
n/a
n/a
n/a
n/a
Risk-free interest rate
4.1%
n/a
n/a
n/a
n/a
Volatility
1
28%
n/a
n/a
n/a
n/a
\n
1.
The expected volatility is based on the historical volatility of the company and a comparator group of other international healthcare
companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "30. Reconciliation of cash generated from operations
(\u00a3m)
Notes
2025
2024
Cash flows from operating activities
\u00a0 \u00a0 \u00a0
Profit before taxation
\u00a0
18.6
38.3
Adjustments to reconcile profit before tax to net cash flows:
\u00a0 \u00a0 \u00a0
Impairment of assets held for sale (adjusting items)
8
0.5
\u2013
Movement on financial liability
6
(0.3)
(1.6)
Profit on disposal of property, plant and equipment
\u00a0
\u2013
(5.2)
Adjusting items - other
11
6.2
1.5
Depreciation of property, plant and equipment
14
68.2
67.0
Depreciation of right-of-use assets
14
47.3
41.0
Amortisation of intangible assets
15
4.1
4.2
Finance income
10
(1.0)
(0.7)
Finance costs
10
105.0
99.9
Other income
6
(3.1)
(5.8)
Share-based payments expense
29
2.1
4.2
\u00a0 \u00a0
247.6
242.8
Movements in working capital:
\u00a0 \u00a0 \u00a0
Increase in trade and other receivables
\u00a0
(5.1)
(11.0)
Decrease/(increase) in inventories
\u00a0
0.4
(2.3)
(Decrease)/increase in trade and other payables
\u00a0
(2.6)
9.0
Increase/(decrease) in provisions
\u00a0
2.1
(2.7)
Cash generated from operations
\u00a0
242.4
235.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "31. Commitments
Consignment stock
At 31 December 2025, the group held consignment stock on sale or return of \u00a326.6 million (2024: \u00a325.5 million).
The group is only required to pay for the equipment it chooses to use and therefore this stock is not recognised
as an asset.
Capital commitments
Capital commitments comprise amounts payable under capital contracts which are duly authorised and in
progress at the consolidated balance sheet date. They include the full cost of goods and services to be provided
under the contracts through to completion. The group has rights within its contracts to terminate at short
notice and, therefore, cancellation payments are minimal.
Capital commitments at the end of the year were as follows:
(\u00a3m)
2025
2024
Contracted but not provided for
26.7
24.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "32. Financial guarantees
The group had the following guarantees at 31 December 2025:
\u2013
The bankers to Spire Healthcare Limited have issued a letter of credit in the maximum amount of \u00a31.5 million
(2024: \u00a31.5 million) in relation to contractual pension obligations
\u2013
Under certain lease agreements entered into on 26 January 2010, the group has given undertakings relating
to obligations in the lease documentation and the assets of the group are subject to a \ufb01xed and \ufb02oating.
charge. See Note C11 for details of \ufb01nancial guarantees in respect of lease arrangements and agreements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "33. Financial risk management and impairment of \ufb01nancial assets
The group has exposure to the following risks from its use of \ufb01nancial instruments:
\u2013
Credit risk
\u2013
Liquidity risk
\u2013
Market risk
This note presents information about the group\u2019s exposure to each of the above risks, the group\u2019s objectives,
policies and processes for measuring and managing risk. Further quantitative disclosures are included
throughout these \ufb01nancial statements.
The directors have overall responsibility for the establishment and oversight of the group\u2019s risk management
framework. The group\u2019s risk management policies are established to identify and analyse the risks faced by the
group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.
Credit risk and impairment
Credit risk is the risk of \ufb01nancial loss to the group if a customer or counterparty to a \ufb01nancial instrument fails to
meet its contractual obligations, and arises principally from the group\u2019s receivables from customers and
investment securities.
Trade and other receivables
The group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The
group\u2019s exposure to credit risk from trade receivables is considered to be low because of the nature of its
customers and policies in place to prevent credit risk occurring in normal circumstances.
Most revenues arise from insured patients\u2019 business and the NHS. Insured revenues give rise to trade
receivables which are mainly due from large insurance institutions, which have high credit worthiness. The
remainder of revenues arise from individual self-pay patients and consultants.
The group establishes an allowance for impairment that represents its ECL in respect of trade and other
receivables. This allowance is composed of speci\ufb01c losses that relate to individual exposures and also an
ECL component established using rates re\ufb02ecting historical information for payor groups, and forward
looking information.
During the period, trade receivables have increased in line with revenue, but aged debt has reduced. Individual
self-pay patients continues to be the largest risk for the group given the current economic uncertainty. The
group has considered the provision required and maintained a provision accordingly through the expected loss
rate percentages, which is in line with the position at December 2024. The Expected Credit Loss (ECL) as at year
end is \u00a34.1 million (2024: \u00a36.2 million).
Note 19 shows the ageing and customer pro\ufb01les of trade receivables outstanding at the year end.
Unbilled receivables are considered for expected credit losses, but these are not considered material and
therefore not recognised.
Investments
The group limits its exposure to credit risk by only investing in short-term money market deposits with large
\ufb01nancial institutions, which must be rated at least Investment Grade by key rating agencies.
Market risk
Market risk is the risk that changes in market prices, such as interest rates, will affect the group\u2019s income or the
value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters, while optimising the return on risk.
Interest rate risk
The group is exposed to interest rate risk arising from \ufb02uctuations in market rates. This affects future cash
\ufb02ows from money market investments and the cost of \ufb02oating rate borrowings.
From time-to-time, the group considers the cost bene\ufb01t of entering into derivative \ufb01nancial instruments to
hedge its exposure to interest rate volatility based on existing variable rates, current and predicted interest
yield curves and the cost of associated medium-term derivative \ufb01nancial instruments.
Interest rates on variable rate loans are determined by SONIA \ufb01xings on a quarterly basis. Interest is settled
on all loans in line with agreements and is settled at least annually.
\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\n
\u00a0 \u00a0
\u00a0
Variable
Total
Undrawn facility
1
31 December 2025 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.26%
5.26%
\u00a0
31 December 2024 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.85%
5.85%
\u00a0
\n
1.
If this facility was drawn the interest rate would be in line with the variable rate loans.
The group has an interest rate swap derivative asset of Nil (2024: \u00a32.9 million) in place (refer to Note 23).
The fair value of this instrument is considered the same as its carrying value and level two of the fair value
hierarchy is used to measure the fair value of the instrument. The variable rate consideration received by the
group is Sterling three month SONIA.
Sensitivity analysis
A change of 25 basis points (bp) in interest rates at the reporting date would have increased/(decreased) equity
and reported results by the amounts shown below. This analysis assumes that all other variables remain
constant.
\u00a0
Profit or loss
Equity
\u00a0
25bp increase
25bp decrease
25bp increase
25bp decrease
31 December 2025 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Variable rate instruments
(0.1)
0.1
(0.1)
0.1
31 December 2024 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Variable rate instruments
(0.5)
0.5
(0.5)
0.5
\n
Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its \ufb01nancial obligations as they fall due. The
group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the group\u2019s reputation.
Liquidity is managed across the group and consideration is taken of the segregation of accounts for regulatory
purposes. Short-term operational working capital requirements are met by cash in hand.
The group has a supplier \ufb01nancing arrangement under which a third-party provider settles amounts payable to
certain suppliers on the group\u2019s behalf. Liabilities arising under this arrangement continue to be classi\ufb01ed
within trade payables, as the terms and conditions of the underlying supplier invoices remain substantially
unchanged.
A fee is payable to the \ufb01nance provider and these fees are recognised within operating expenses. No collateral
or guarantees have been provided in connection with this arrangement.
Typically the group ensures that it has suf\ufb01cient cash on demand to meet expected operational expenses for a
period of at least 90 days, including the servicing of \ufb01nancial obligations. In addition to cash on demand, the
group has available the following line of credit:
\u2013
\u00a360.0 million of revolving credit facility, which was undrawn as at 31 December 2025 (2024: \u00a360.0 million
undrawn)
The following are contractual maturities, at as the balance sheet date, of \ufb01nancial liabilities, including interest
payments and excluding the impact of netting agreements:
\u00a0
Maturity analysis
31 December 2025
Carrying
Contractual
Within 1
Between 1
Between 2
Between 3
Between 4
More than 5
(\u00a3m)
amount
cash flows
year
and 2 years
and 3 years
and 4 years
and 5 years
years
Trade and other payables
193.3
193.3
193.3
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
422.8
20.6
20.1
382.1
\u2013
\u2013
\u2013
Finance lease liabilities
948.7
1,806.4
116.9
112.6
112.1
109.8
108.0
1,247.0
\u00a0
1,509.1
2,422.5
330.8
132.7
494.2
109.8
108.0
1,247.0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
0.2
(0.4)
(0.6)
0.2
\u2013
\u2013
\u2013
\u2013
Total
1,509.3
2,422.1
330.2
132.9
494.2
109.8
108.0
1,247.0
\u00a0
Maturity analysis
31 December 2024
Carrying
Contractual
Within 1
Between 1
Between 2
Between 3
Between 4
More than 5
(\u00a3m)
amount
cash flows
year
and 2 years
and 3 years
and 4 years
and 5 years
years
Trade and other payables
185.1
185.1
185.1
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
418.6
23.7
22.6
372.3
\u2013
\u2013
\u2013
Finance lease liabilities
912.8
1,802.6
104.7
104.1
103.1
103.1
101.9
1,285.7
\u00a0
1,465.0
2,406.3
313.5
126.7
475.4
103.1
101.9
1,285.7
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(2.9)
(3.3)
(2.6)
(0.7)
\u2013
\u2013
\u2013
\u2013
Total
1,462.1
2,403.0
310.9
126.0
475.4
103.1
101.9
1,285.7
\n
Capital management
The group\u2019s objective is to maintain an appropriate balance of debt and equity \ufb01nancing to enable the group to
continue as a going concern, to continue the future development of the business and to optimise returns to
shareholders and bene\ufb01ts to other stakeholders.
The board closely manages trading capital, de\ufb01ned as net assets plus net debt. The group\u2019s net assets at 31
December 2025 were \u00a3743.7 million (2024: \u00a3746.2 million) and net debt, calculated as bank borrowings of
\u00a3367.1 million (2024: \u00a3367.1 million) less cash and cash equivalents of \u00a334.7 million (2024: \u00a341.2 million)
amounted to \u00a3332.4 million (2024: \u00a3325.9 million).
The principal focus of capital management revolves around working capital management and compliance with
externally imposed \ufb01nancial covenants see Note 23 for more detail.
Major investment decisions are based on reviewing the expected future cash \ufb02ows and all major capital
expenditure requires approval by the board.
At the balance sheet date, the group\u2019s committed undrawn facilities, and cash and cash equivalents were as
follows:
(\u00a3m)
2025
2024
Committed undrawn revolving credit facility
60.0
60.0
Cash and cash equivalents
34.7
41.2
Fair value measurement
As of 31 December 2025, except for a interest rate swaps, \ufb01nancial asset relating to a gross pro\ufb01t share, and
\ufb01nancial liabilities relating to contingent consideration, the group did not hold \ufb01nancial instruments that are
included in level 1, 2 or 3 of the hierarchy.
Management assessed that cash and short-term deposits, trade and other receivables, unbilled receivables,
trade payables and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments. The carrying value of debt is approximately equal to its fair value. During the
year ended 31 December 2025, there were no transfers between the levels in the fair value hierarchy.
In determining fair value measurement, the impact of potential climate-related matters, including legislation,
which may affect the fair value measurement of assets and liabilities in the \ufb01nancial statements has been
considered.
A derivative is a \ufb01nancial instrument whose value is based on one or more underlying variables. The group uses
derivative \ufb01nancial instruments to hedge its exposure to interest rate risk. Derivatives are not held for
speculative reasons. Fair values are obtained from market observable pricing information including interest
rate yield curves and have been calculated as follows; fair value of interest rate swaps is determined as the
present value of the estimated future cash \ufb02ows based on observable yield curves.
The \ufb01nancial asset re\ufb02ects a pro\ufb01t share arrangement with a partner. There are no market observable prices
for the valuation. Management therefore assesses forward looking information and appropriate discount rates
and risk factors to determine the fair value. Sensitivities are also taken into account when reviewing the fair
value (Note 16).
The \ufb01nancial liability of \u00a31.6m (2024: nil) re\ufb02ects the contingent consideration estimated to be paid on the two
acquisitions of Acorn Occupational Health Limited and Physiolistic Limited. There are no market observable
prices for the valuation (Level 3 under the fair value hierarchy). Management therefore assesses forward
looking information based on an estimate of the performance of the companies in the twelve months
following their acquisition.
As at 31 December 2025, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
Financial instruments measured at fair value
Value as at 31
\u00a0 \u00a0 \u00a0
(\u00a3m)
December 2025
Level 1
Level 2
Level 3
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
14.4
\u2013
\u2013
14.4
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
Financial liabilities
(1.6)
\u2013
\u2013
(1.6)
Financial instruments measured at fair value
12.8
\u2013
\u2013
12.8
\n
During the year, Spire Healthcare received a pro\ufb01t share in respect of the \ufb01nancial asset of \u00a31.0 million (2024:
\u00a31.0 million). In addition an unrealised fair value movement of \u00a32.1 million (2024: \u00a34.8 million) was recognised
in income upon review of the \ufb01nancial asset to increase the value of the \ufb01nancial asset on the balance sheet.
As at 31 December 2024, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
Financial instruments measured at fair value
Value as at 31
\u00a0 \u00a0 \u00a0
(\u00a3m)
December 2024
Level 1
Level 2
Level 3
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
12.3
\u2013
\u2013
12.3
Interest rate swaps
2.9
\u2013
2.9
\u2013
Financial instruments measured at fair value
15.2
\u2013
2.9
12.3
\n
Cash \ufb02ow hedge
The group designate, as cash \ufb02ow hedges, interest rate swaps entered into with three counterparties maturing
in August 2027. These interest rate swaps convert \ufb02oating interest rate liabilities into \ufb01xed interest rate
liabilities. The swaps run concurrently with the hedged item, being the group\u2019s \ufb02oating rate liabilities under the
senior \ufb01nance facility.
For the years ended December 2025 and 2024, there were no signi\ufb01cant amounts recognised in the pro\ufb01t or
loss relating to the ineffective portion of hedges or portions excluded from the assessment of hedge
effectiveness. The movement in the interest rate swap relates to fair value movement and is recognised
through other comprehensive income.
Fair value hierarchy
The group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments by
valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are
observable, either directly or indirectly; and
Level 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not
based on observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Credit risk and impairment
Credit risk is the risk of \ufb01nancial loss to the group if a customer or counterparty to a \ufb01nancial instrument fails to
meet its contractual obligations, and arises principally from the group\u2019s receivables from customers and
investment securities.
Trade and other receivables
The group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The
group\u2019s exposure to credit risk from trade receivables is considered to be low because of the nature of its
customers and policies in place to prevent credit risk occurring in normal circumstances.
Most revenues arise from insured patients\u2019 business and the NHS. Insured revenues give rise to trade
receivables which are mainly due from large insurance institutions, which have high credit worthiness. The
remainder of revenues arise from individual self-pay patients and consultants.
The group establishes an allowance for impairment that represents its ECL in respect of trade and other
receivables. This allowance is composed of speci\ufb01c losses that relate to individual exposures and also an
ECL component established using rates re\ufb02ecting historical information for payor groups, and forward
looking information.
During the period, trade receivables have increased in line with revenue, but aged debt has reduced. Individual
self-pay patients continues to be the largest risk for the group given the current economic uncertainty. The
group has considered the provision required and maintained a provision accordingly through the expected loss
rate percentages, which is in line with the position at December 2024. The Expected Credit Loss (ECL) as at year
end is \u00a34.1 million (2024: \u00a36.2 million).
Note 19 shows the ageing and customer pro\ufb01les of trade receivables outstanding at the year end.
Unbilled receivables are considered for expected credit losses, but these are not considered material and
therefore not recognised.
Investments
The group limits its exposure to credit risk by only investing in short-term money market deposits with large
\ufb01nancial institutions, which must be rated at least Investment Grade by key rating agencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Market risk
Market risk is the risk that changes in market prices, such as interest rates, will affect the group\u2019s income or the
value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and
control market risk exposures within acceptable parameters, while optimising the return on risk.
Interest rate risk
The group is exposed to interest rate risk arising from \ufb02uctuations in market rates. This affects future cash
\ufb02ows from money market investments and the cost of \ufb02oating rate borrowings.
From time-to-time, the group considers the cost bene\ufb01t of entering into derivative \ufb01nancial instruments to
hedge its exposure to interest rate volatility based on existing variable rates, current and predicted interest
yield curves and the cost of associated medium-term derivative \ufb01nancial instruments.
Interest rates on variable rate loans are determined by SONIA \ufb01xings on a quarterly basis. Interest is settled
on all loans in line with agreements and is settled at least annually.
\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\n
\u00a0 \u00a0
\u00a0
Variable
Total
Undrawn facility
1
31 December 2025 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.26%
5.26%
\u00a0
31 December 2024 (\u00a3m)
365.0
365.0
60.0
Effective interest rate (%)
5.85%
5.85%
\u00a0
\n
1.
If this facility was drawn the interest rate would be in line with the variable rate loans.
The group has an interest rate swap derivative asset of Nil (2024: \u00a32.9 million) in place (refer to Note 23).
The fair value of this instrument is considered the same as its carrying value and level two of the fair value
hierarchy is used to measure the fair value of the instrument. The variable rate consideration received by the
group is Sterling three month SONIA", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Sensitivity analysis
A change of 25 basis points (bp) in interest rates at the reporting date would have increased/(decreased) equity
and reported results by the amounts shown below. This analysis assumes that all other variables remain
constant.
\u00a0
Profit or loss
Equity
\u00a0
25bp increase
25bp decrease
25bp increase
25bp decrease
31 December 2025 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Variable rate instruments
(0.1)
0.1
(0.1)
0.1
31 December 2024 (\u00a3m)
\u00a0 \u00a0 \u00a0 \u00a0
Variable rate instruments
(0.5)
0.5
(0.5)
0.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its \ufb01nancial obligations as they fall due. The
group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the group\u2019s reputation.
Liquidity is managed across the group and consideration is taken of the segregation of accounts for regulatory
purposes. Short-term operational working capital requirements are met by cash in hand.
The group has a supplier \ufb01nancing arrangement under which a third-party provider settles amounts payable to
certain suppliers on the group\u2019s behalf. Liabilities arising under this arrangement continue to be classi\ufb01ed
within trade payables, as the terms and conditions of the underlying supplier invoices remain substantially
unchanged.
A fee is payable to the \ufb01nance provider and these fees are recognised within operating expenses. No collateral
or guarantees have been provided in connection with this arrangement.
Typically the group ensures that it has suf\ufb01cient cash on demand to meet expected operational expenses for a
period of at least 90 days, including the servicing of \ufb01nancial obligations. In addition to cash on demand, the
group has available the following line of credit:
\u2013
\u00a360.0 million of revolving credit facility, which was undrawn as at 31 December 2025 (2024: \u00a360.0 million
undrawn)
The following are contractual maturities, at as the balance sheet date, of \ufb01nancial liabilities, including interest
payments and excluding the impact of netting agreements:
\u00a0
Maturity analysis
31 December 2025
Carrying
Contractual
Within 1
Between 1
Between 2
Between 3
Between 4
More than 5
(\u00a3m)
amount
cash flows
year
and 2 years
and 3 years
and 4 years
and 5 years
years
Trade and other payables
193.3
193.3
193.3
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
422.8
20.6
20.1
382.1
\u2013
\u2013
\u2013
Finance lease liabilities
948.7
1,806.4
116.9
112.6
112.1
109.8
108.0
1,247.0
\u00a0
1,509.1
2,422.5
330.8
132.7
494.2
109.8
108.0
1,247.0
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
0.2
(0.4)
(0.6)
0.2
\u2013
\u2013
\u2013
\u2013
Total
1,509.3
2,422.1
330.2
132.9
494.2
109.8
108.0
1,247.0
\u00a0
Maturity analysis
31 December 2024
Carrying
Contractual
Within 1
Between 1
Between 2
Between 3
Between 4
More than 5
(\u00a3m)
amount
cash flows
year
and 2 years
and 3 years
and 4 years
and 5 years
years
Trade and other payables
185.1
185.1
185.1
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings
367.1
418.6
23.7
22.6
372.3
\u2013
\u2013
\u2013
Finance lease liabilities
912.8
1,802.6
104.7
104.1
103.1
103.1
101.9
1,285.7
\u00a0
1,465.0
2,406.3
313.5
126.7
475.4
103.1
101.9
1,285.7
Derivative financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(2.9)
(3.3)
(2.6)
(0.7)
\u2013
\u2013
\u2013
\u2013
Total
1,462.1
2,403.0
310.9
126.0
475.4
103.1
101.9
1,285.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Capital management
The group\u2019s objective is to maintain an appropriate balance of debt and equity \ufb01nancing to enable the group to
continue as a going concern, to continue the future development of the business and to optimise returns to
shareholders and bene\ufb01ts to other stakeholders.
The board closely manages trading capital, de\ufb01ned as net assets plus net debt. The group\u2019s net assets at 31
December 2025 were \u00a3743.7 million (2024: \u00a3746.2 million) and net debt, calculated as bank borrowings of
\u00a3367.1 million (2024: \u00a3367.1 million) less cash and cash equivalents of \u00a334.7 million (2024: \u00a341.2 million)
amounted to \u00a3332.4 million (2024: \u00a3325.9 million).
The principal focus of capital management revolves around working capital management and compliance with
externally imposed \ufb01nancial covenants see Note 23 for more detail.
Major investment decisions are based on reviewing the expected future cash \ufb02ows and all major capital
expenditure requires approval by the board.
At the balance sheet date, the group\u2019s committed undrawn facilities, and cash and cash equivalents were as
follows:
(\u00a3m)
2025
2024
Committed undrawn revolving credit facility
60.0
60.0
Cash and cash equivalents
34.7
41.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Fair value measurement
As of 31 December 2025, except for a interest rate swaps, \ufb01nancial asset relating to a gross pro\ufb01t share, and
\ufb01nancial liabilities relating to contingent consideration, the group did not hold \ufb01nancial instruments that are
included in level 1, 2 or 3 of the hierarchy.
Management assessed that cash and short-term deposits, trade and other receivables, unbilled receivables,
trade payables and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments. The carrying value of debt is approximately equal to its fair value. During the
year ended 31 December 2025, there were no transfers between the levels in the fair value hierarchy.
In determining fair value measurement, the impact of potential climate-related matters, including legislation,
which may affect the fair value measurement of assets and liabilities in the \ufb01nancial statements has been
considered.
A derivative is a \ufb01nancial instrument whose value is based on one or more underlying variables. The group uses
derivative \ufb01nancial instruments to hedge its exposure to interest rate risk. Derivatives are not held for
speculative reasons. Fair values are obtained from market observable pricing information including interest
rate yield curves and have been calculated as follows; fair value of interest rate swaps is determined as the
present value of the estimated future cash \ufb02ows based on observable yield curves.
The \ufb01nancial asset re\ufb02ects a pro\ufb01t share arrangement with a partner. There are no market observable prices
for the valuation. Management therefore assesses forward looking information and appropriate discount rates
and risk factors to determine the fair value. Sensitivities are also taken into account when reviewing the fair
value (Note 16).
The \ufb01nancial liability of \u00a31.6m (2024: nil) re\ufb02ects the contingent consideration estimated to be paid on the two
acquisitions of Acorn Occupational Health Limited and Physiolistic Limited. There are no market observable
prices for the valuation (Level 3 under the fair value hierarchy). Management therefore assesses forward
looking information based on an estimate of the performance of the companies in the twelve months
following their acquisition.
As at 31 December 2025, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
Financial instruments measured at fair value
Value as at 31
\u00a0 \u00a0 \u00a0
(\u00a3m)
December 2025
Level 1
Level 2
Level 3
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
14.4
\u2013
\u2013
14.4
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
Financial liabilities
(1.6)
\u2013
\u2013
(1.6)
Financial instruments measured at fair value
12.8
\u2013
\u2013
12.8
\n
During the year, Spire Healthcare received a pro\ufb01t share in respect of the \ufb01nancial asset of \u00a31.0 million (2024:
\u00a31.0 million). In addition an unrealised fair value movement of \u00a32.1 million (2024: \u00a34.8 million) was recognised
in income upon review of the \ufb01nancial asset to increase the value of the \ufb01nancial asset on the balance sheet.
As at 31 December 2024, the group held the following \ufb01nancial instruments measured at fair value:
\u00a0
Maturity analysis
Financial instruments measured at fair value
Value as at 31
\u00a0 \u00a0 \u00a0
(\u00a3m)
December 2024
Level 1
Level 2
Level 3
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Profit share arrangement (Note 16)
12.3
\u2013
\u2013
12.3
Interest rate swaps
2.9
\u2013
2.9
\u2013
Financial instruments measured at fair value
15.2
\u2013
2.9
12.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "34. Related party transactions
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the group, directly or indirectly. They include the board and executive committee, as
identi\ufb01ed on pages
[ZZ to ZZ]
.
Compensation for key management personnel is set out in the table below:
Key management compensation
(\u00a3m)
2025
2024
Salaries and other short term employee benefits
6.7
7.5
Share-based payments
3.4
3.7
Total
10.1
11.2
\n
Further information about the remuneration of individual directors is provided in the audited part of the
directors\u2019 remuneration report on pages
[ZZ to ZZ]
. There were no transactions with related parties external to
the group in the year to 31 December 2025 (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the group, directly or indirectly. They include the board and executive committee, as
identi\ufb01ed on pages
[ZZ to ZZ]
.
Compensation for key management personnel is set out in the table below:
Key management compensation
(\u00a3m)
2025
2024
Salaries and other short term employee benefits
6.7
7.5
Share-based payments
3.4
3.7
Total
10.1
11.2
\n
Further information about the remuneration of individual directors is provided in the audited part of the
directors\u2019 remuneration report on pages
[ZZ to ZZ]
. There were no transactions with related parties external to
the group in the year to 31 December 2025 (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "35. Acquisitions
On 31 March 2025, the group acquired 100% of the shares of Acorn Occupational Health Limited (\u2018Acorn\u2019), a
non-listed occupational health services provider based in England, for a cash consideration of \u00a33.3 million. On
30 July 2025, the group acquired 100% of the shares of Physiolistic Limited (\u2018Physiolistic\u2019), a non-listed
physiotherapy services provider based in England, for a cash consideration of \u00a35.4 million. The acquisitions
complement our existing business and align well with our strategy of developing primary care and moving into
adjacent markets.
Assets acquired and liabilities assumed
The fair values of the identi\ufb01able assets and liabilities of Acorn and Physiolistic as at the dates of acquisition
were:
\u00a0
Fair value
\u00a0
recognised on
(\u00a3m)
acquisition
Assets
\u00a0
Acquired intangible assets
1.2
Plant, property and equipment
0.5
Trade and other receivables
0.8
Cash
1.0
\u00a0
3.5
Liabilities
\u00a0
Trade and other payables
(0.8)
Corporation tax payable
(0.3)
Deferred tax liability
(0.2)
\u00a0
(1.3)
Total identifiable net assets at fair value
2.2
Goodwill arising on acquisition
8.1
Purchase consideration transferred
10.3
\n
The initial accounting for the business combinations is not complete due to the timing of the acquisition,
amounts recognised, are subject to adjustment in line with IFRS 3 for up to 12 months from acquisition, with
goodwill being adjusted accordingly. Therefore, goodwill has not been allocated.
The fair value of the trade receivables amounts to \u00a30.8 million. The gross amount of trade receivables is \u00a30.8
million and it is expected that the full contractual amounts can be collected.
From the date of acquisition, Acorn contributed \u00a32.6 million of revenue and pro\ufb01t of \u00a30.4 million to pro\ufb01t
before tax from continuing operations of the group. If the combination had taken place at the beginning of the
year, revenue from continuing operations would have been \u00a33.4 million and pro\ufb01t before tax from continuing
operations for the group would have been \u00a30.5 million.
From the date of acquisition, Physiolistic contributed \u00a31.2 million of revenue and pro\ufb01t of \u00a30.4 million to pro\ufb01t
before tax from continuing operations of the group. If the combination had taken place at the beginning of the
year, revenue from continuing operations would have been \u00a32.7 million and pro\ufb01t before tax from continuing
operations for the group would have been \u00a30.3 million.
Goodwill has been recognised to re\ufb02ect the synergies which the group believes are available to expand its
offering for Primary Care services in line with its strategic plan which re\ufb02ect intangibles that cannot be
separately quanti\ufb01ed. This goodwill is not deductible for tax purposes.
Purchase consideration transferred
\u00a3m
Cash flow on
\u00a0
acquisition
Total purchase consideration
10.3
Less :
\u00a0
Net cash acquired with the subsidiary
(1.0)
Contingent consideration
(1.6)
Net cash flow on acquisition
7.7
\n
The contingent consideration is to be paid based on performance of the companies in the twelve months
following acquisition. At the acquisition date management have recognised a \ufb01nancial liability of \u00a31.6 million
for the estimated consideration payable, refer to note 24. This was calculated based on the forecasted
performance for the twelve-month period. The contingent consideration is capped at \u00a33.66m for earnout.
Transaction costs of \u00a30.8 million were expensed and are included within adjusting items.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "36. Events after the reporting period There have been no other events to disclose after the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IBJPW3SE2RA350", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }