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1 General information
Costain Group PLC (the Company) is a public limited company domiciled in England and incorporated in England and Wales. The address
of its registered office and principal place of business is disclosed on page 155 of this Annual Report. The principal activities of the
Company and its subsidiary undertakings (collectively referred to as the Group) are described in the Strategic Report.
The consolidated financial statements of the Company for the year ended 31 December 2025 comprise the Group and the Group\u2019s
interests in associates, joint ventures and joint operations. The Parent Company financial statements present information about the
Company as a separate entity and not about its Group.
The financial statements were authorised for issue by the Directors on 9 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "Costain Group PLC ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Costain Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "2 Summary of material accounting policies Basis of preparation The Group consolidated financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company financial statements have been prepared and approved by the Directors in accordance with Financial Reporting Standard 101, \u2018Reduced disclosure framework\u2019 (FRS 101) and with the requirements of the Companies Act 2006. On publishing the Parent Company financial statements here, together with the Group financial statements, the Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these approved financial statements. These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand. The financial statements are prepared on the historical cost basis, except that pension plan assets are measured at their fair value. In preparing the financial statements of the Group, an assessment of the impact of climate change was performed with reference to the disclosures made in the Strategic Report. There has been no material impact on the financial statements in the current year from the Group\u2019s assessment of the impact of climate change, including estimates and judgements made, specifically in relation to long-term contract accounting. Related risks and opportunities have been factored into future cash flow forecasts to the best of management\u2019s ability. The preparation of the Group and Company financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. These form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the following financial years are discussed later in this note. The following exemptions have been applied in the preparation of the Company financial statements, in accordance with FRS 101: \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019; \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities); \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2013 10(d) (statement of cash flows); \u2013 16 (statement of compliance with all IFRS); \u2013 38A (requirement for minimum of two primary statements, including cash flow statements); \u2013 38B\u2013D (additional comparative information); \u2013 111 (statement of cash flows information); \u2013 134\u2013136 (capital management disclosures); \u2022 IAS 7, \u2018Statement of cash flows\u2019; \u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation); and \u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. Going concern The Group\u2019s business activities and the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position, borrowing and bonding facilities, use of financial instruments, exposure to credit risk and its objectives, policies and processes for managing its capital and financial risk, are described in the Chief Financial Officer\u2019s review and in note 18. The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number of customers. To meet its day-to-day working capital requirements, it uses cash balances provided from shareholders\u2019 capital and retained earnings and its borrowing facilities. In 2025, the Group successfully concluded negotiations with its bank and surety facility providers to refinance a new four-year agreement of its bank and bonding facilities to September 2029, with an option to extend by a further year. The Group\u2019s new facilities agreement replaces the previous three-year facilities agreement to September 2026, and comprises a \u00a3100m revolving credit facility (RCF) (previous RCF: \u00a385m) and surety and bank bonding facilities totalling \u00a3295m (previous facilities: \u00a3270m). The RCF facility is currently undrawn. These facilities have a leverage covenant of net debt/adjusted EBITDA \u22641.5 times, an interest covenant of adjusted EBITA/net interest payable of \u22654.0 times and a liquidity covenant whereby the aggregate of, without double counting, any cash and cash equivalent investments and the available commitment under the facility does not fall below \u00a350m. These financial covenants are tested quarterly. As at 31 December 2025, the Group had a leverage covenant ratio of below zero (the Group had no net debt) and an interest covenant ratio of 11.1 times. As part of its contracting operations, the Group may be required to provide performance and other bonds. It satisfies these requirements by utilising its \u00a330m bank bonding and \u00a3265m surety bonding facilities. In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2025, the Directors are required to consider whether the Group and the Company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements. In assessing the going concern assumption, the Board reviewed the Group\u2019s base case plans for the 15-month period to 30 June 2027, being a period of more than 12 months from the date of approval of these financial statements. The Directors have assumed that the current RCF remains in place with the same covenant requirements through to its current expiry date, which is beyond the end of the period reviewed for going concern purposes. The base case assumes delivery of the Board-approved strategic and financial plans. As part of the assessment, the Board also identified severe but plausible downsides affecting future profitability, working capital requirements and cash flow. The severe but plausible downsides include applying the aggregated impact of lower revenue (-30% on work to be secured), lower margins (-3% on work to be secured), higher working capital requirements and adverse contract settlements. Both the base case and severe but plausible forecasts show significant headroom and indicate that the Group and the Company will be able to operate within available banking facilities and covenants throughout this period. Having undertaken a rigorous assessment of the financial forecasts, including its liquidity and compliance with covenants, the Board considers that the Group and the Company have adequate resources to remain in operation for the foreseeable future and, therefore, the Directors have adopted the going concern basis in the preparation of the financial statements. New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21. The Group also elected to adopt the following amendments early: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 amendments to IFRS 9 and IFRS 7. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to materially affect the current or future periods. Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the Group. The Group is in the process of determining the impact of applying IFRS 18 on the financial statements, having prepared a transition plan, and is on track to report its first IFRS 18-compliant interim financial statements for the period-ending 30 June 2027 and annual financial statements for the period-ending 31 December 2027. The Group will provide an update on the progress towards transition to IFRS 18 at each subsequent reporting period. Basis of consolidation (a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that control ceases. (b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. (c) Joint ventures are those joint arrangements where control of a legal entity is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carryin g value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negativ e position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. (e) Joint operations are those joint arrangements over which joint control exists, established by contractual agreement, which are not legal entities and where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Where a joint operation exists, the Group entity involved records the assets it controls, the liabilities and expenses it incurs and its share of income. Such joint operations are reported in the consolidated financial statements on the same basis. Transactions between Group companies and joint operations eliminate on consolidation. (f) Intra-Group balances and transactions, together with any unrealised gains arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates, joint ventures and joint operations are eliminated to the extent of the interest in the entity or operation. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Currency translation Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to pounds sterling at the exchange rate ruling at the statement of financial position date. Foreign exchange differences arising on translation are recognised in the income statement. The assets and liabilities of the residual foreign entities are translated to pounds sterling at exchange rates ruling at the statement of financial position date. Income and expenses of foreign entities are translated to pounds sterling at rates approximating to the exchange rates ruling at the dates of these transactions. Exchange differences arising from the translation of the net investment in the remaining foreign entities are recognised directly in equity. Those exchange differences, that have arisen since 1 January 2004, the date of transition to IFRS, are presented as a separate component of equity. Cumulative exchange differences are released into the income statement upon loss of control. Translation differences that arose before the date of transition to IFRS in respect of all foreign operations are not presented as a separate component. Income statement presentation \u2013 Alternative performance measures The Group discloses alternative performance measures, in addition to statutory disclosures, to provide investors with supplementary information, which may be relevant to the Group\u2019s future performance. \u2018Adjusted profit\u2019 excludes \u2018adjusting items\u2019, which are significant items of income and expenditure that the Board considers are incremental to business operations and do not reflect the long-term performance of the Group. These adjusted measures are reconciled to statutory disclosures, with the tax impact given, in note 3, and disclosed in the segmental reporting in note 4. Presenting results on this basis is consistent with internal reporting to the Board. Alternative performance measures do not have standardised meanings and, therefore, they may not be comparable between companies. The Directors exercise judgement in determining classification as an \u2018adjusting item\u2019 using quantitative and qualitative factors. Consideration is given, both individually and collectively, to the circumstances giving rise to the item, its materiality and whether it is expected to recur. \u2018Adjusted profit\u2019 may exclude income and expenditure related to acquisitions, discontinued operations, transformation costs, costs of a function or sector-wide restructuring programme, claims and litigation, and impairments, where the impairment is the result of an isolated, non-recurring event. \u2018Adjusted earnings per share\u2019 is calculated using \u2018adjusted profit\u2019. The Group also presents \u2018net cash/bank debt\u2019 and \u2018adjusted free cash flow\u2019 as alternative performance measures in the front of the Annual Report. \u2018Net cash/bank debt\u2019 is defined as cash and cash equivalents less interest-bearing borrowings (excluding leases under IFRS 16 and net of unamortised arrangement fees) and excluding \u2018cash and cash equivalents \u2013 with restrictions\u2019. \u2018Adjusted free cash flow\u2019 is defined as cash generated from operations, excluding cash flows relating to \u2018adjusting items\u2019 and pension deficit contributions, less taxation and capital expenditure and excluding cash flows related to \u2018cash and cash equivalents \u2013 with restrictions\u2019. The Directors consider that these measures provide useful information about the Group\u2019s liquidity position. Revenue from contracts with customers The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue is measured at the transaction price of the contract, net of value-added tax. The Group assesses all contracts for whether it is acting as principal or agent. Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate-card mechanism. The Group also enters into framework contracts; however, the work called off under these contracts will be structured under one of the above mechanisms. For most contracts, there is generally one performance obligation as the works specified within the contract are integrated and the customer procures one complete package, which may incorporate design, engineering and advisory work into the scope. Where multiple performance obligations exist, for example, under a framework with several call-off contracts, the Group accounts for each performance obligation separately and the transaction price is determined separately for each performance obligation. Each call- off agreement typically represents a separate performance obligation; however, call-off contracts are combined where appropriate. For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance obligation at the statement of financial position date. For cost reimbursement, target cost and fixed-price contracts, stage of completion is assessed by reference to the proportion of contract costs incurred on work performed to date relative to the estimated total costs. Rate-card contracts may include management, design, implementation and support services under fixed-price and variable-price contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the proportion of labour hours worked to date relative to the estimated total number of labour hours. Each performance obligation under a framework contract may be priced using a cost reimbursement, target cost or rate-card model and, therefore, the stage of completion is assessed by reference to these individual models. Contract costs are recognised as expenses in the period in which they are incurred. Incremental costs to obtaining a contract are written off as incurred as they are not recovered through the contract. The scope and/or price of the works will often be subject to change, which may take the form of a variation or compensation event. A compensation event is within the scope of existing enforceable rights and obligations. When a variation, which either creates new, or changes existing, enforceable rights and obligations, is approved, a contract modification exists. The revenue recognition consequences of a contract modification are recognised in one of the following ways: (a) prospectively as a separate contract (when new distinct goods or services are provided at an amount reflective of their standalone selling price); (b) prospectively as a termination of the existing contract and creation of a new contract (where the remaining goods or services under the original contract were distinct from those already transferred to the customer); or (c) using a cumulative catch up as if the modification were part of the existing contract (where the existing contract\u2019s performance obligation was partially satisfied). Compensation events, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly probable that a significant reversal of the amount of cumulative revenue recognised, which can be measured reliably, will not occur when the associated uncertainty is subsequently resolved. Pain from pain/gain arrangements or disallowed or withheld costs are included where probable to be incurred. Variable revenue is typically determined using the expected value method. Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year. In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to the extent of contract costs incurred, provided Costain expects to recover the costs. When it is probable that total contract costs will exceed total revenue, giving rise to an onerous contract, the unavoidable cost is recognised as an expense in cost of sales immediately. Contract assets are stated as revenue earned from customers, which is subject to certification but which has not yet been certified, such that the right to receive the consideration is conditioned on something other than the passage of time. Revenue earned and (where relevant) certified, which creates an unconditional right to consideration, is included in trade receivables. Where cash received from, or amounts invoiced to, customers exceeds the value of work performed, the amount is included in contract liabilities. In the case where a contract liability exceeds the remaining revenue to be earned on a contract, the excess is disclosed as an other payable. Research and development Research and development activities are usually directly attributable to a project and accounted for within project costs. In line with common practice, the Group has adopted the research and development expenditure credit (RDEC) regime as these credits have characteristics similar to government grants. RDEC credits are recognised in cost of sales. Development expenditure that satisfies all the relevant conditions is capitalised as an intangible asset (see below). Finance income Interest income on financial assets at amortised cost or at fair value through other comprehensive income is calculated using the effective interest method and is recognised in profit or loss as finance income. Finance expense Interest expense includes interest calculated on financial liabilities at amortised cost using the effective interest rate method, interest in respect of lease liabilities, the unwinding of the effect of discounting provisions and other costs associated with the Group\u2019s manageme of cash and is recognised in profit or loss as finance expense. Goodwill and other intangible assets Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The attributable costs of acquisitions are expensed to the income statement. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Acquired intangible assets comprise customer relationships, order book, brand and intellectual property. Other intangible assets compri computer software, development expenditure and patents. Customer relationships and other acquired intangibles are measured at the present value of cash flows attributable to the relationship less an appropriate contributory asset charge. Computer software, development expenditure and patents are recognised at cost. Internally generated development expenditure is recognised as an intangible asset only if all of the following conditions are satisfied: \u2022 it is intended for use or sale, can be technically and financially completed and is able to be used as intended; \u2022 it is probable that the asset will create future economic benefits; and \u2022 the development costs can be measured reliably. Once the asset is complete, subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates, otherwise expenditure is expensed as incurred. For Software as a Service arrangements (SaaS), the Group applies guidance as set out in the 2021 IFRIC agenda decision on \u2018Configuration and Customisation costs in a Cloud Computing Arrangement\u2019. Where the asset meets the definition of an intangible asset under IAS 38, the costs are capitalised. Alternatively, where the SaaS provider has carried out the configuration and customisation, and the services are distinct from the SaaS arrangement, the costs are prepaid and spread over the term of the SaaS agreement. Otherwise the costs are expensed as incurred. Amortisation begins when an asset is acquired or, in the case of computer software and other development assets, is available for use. Amortisation charges are included in administration expenses and are charged over the following periods:
Customer relationships
\u2013 on a straight-line basis up to seven years
Other intangibles (including other acquired)
\u2013 on a straight-line basis up to five years
Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful economic lives as follows:
Leasehold improvements
\u2013 lease term
Plant and equipment
\u2013 3 to 10 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. Investments \u2013 Company Company investments in subsidiaries are carried at cost less provision for impairment. Impairment of non-financial assets For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset, or its cash-generating unit, is less than the recoverable amount. Impairment losses are recognised in the income statement. An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Provisions A provision is recognised in the statement of financial position when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for onerous contracts is recognised when the expected benefits to be derived from a contract are lower than the unavoidable cost of meeting the obligations under the contract. Taxation The tax expense represents the sum of UK corporation tax and overseas tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted, or substantively enacted, by the statement of financial position date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those specific exemptions set out as follows and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each statement of financial position date. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates based on those enacted, or substantially enacted, at the statement of financial position date. Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Additional taxes arising from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Leases Where the Group is party to a lease, except for short-term leases or leases of low-value assets (as noted below), the Group recognises a right-of-use asset and a lease liability upon lease commencement. The major categories of leased items within the scope of IFRS 16 are properties, vehicles and site plant. Changes to contract scope can lengthen or shorten contract programmes and result in extensions or early terminations to site plant lease terms. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at, or before, the commencement date, any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the interest rate implicit in the lease, or where this cannot be readily determined, the incremental borrowing rate. The amount charged to the income statement comprises the depreciation of the right-of-use asset and the imputed interest on the lease liability. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Guarantee contracts Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. The Company accounts for these as financial guarantee contracts under IFRS 9. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Dividends Dividends are recognised as distributions in the period in which they are declared. Dividends proposed but not declared are not recognised but are disclosed in note 11 to the financial statements. Share-based payments These comprise equity-settled share-based compensation plans. Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed over the vesting period, based on the estimate of awards that will eventually vest. Fair value is measured using a Black\u2013Scholes option pricing model. Market performance conditions are reflected in the grant date fair value of the option. Non-market vesting conditions are not included when estimating the grant date fair value; instead, the estimate of the number of equity instruments expected to vest is revised at each period-end for changes in estimates of non-market conditions and on final vesting. Where options over shares in the Company are granted to employees of subsidiaries, the Company recognises in its financial statements an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge recognised in its subsidiaries\u2019 financial statements, with the corresponding credit being recognised directly in equity. Treasury shares Applying the principles in IFRS 10, the Group controls the Employee Benefit Trust that holds small numbers of Company shares to be issued under the Costain employee share schemes. Therefore, the Employee Benefit Trust is consolidated in these financial statements and shares held by the Employee Benefit Trust are presented as Treasury shares, being a deduction to equity in the statement of financial position. Retirement benefit obligations A defined benefit pension scheme is operated in the UK, which provides benefits based on pensionable salary and is closed to future accrual. The details are included in note 21. The assets of the scheme are held separately from those of the Group. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. The liability or asset recognised in the statement of financial position in respect of the defined benefit pension scheme is the difference between the present value of the defined benefit obligations and the fair value of scheme assets at the statement of financial position date. An asset is recognised because any surplus on the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the unconditional right to any surplus once all the obligations of the Scheme have been settled. Administration costs of the scheme are recognised in the income statement. The interest income or expense on the scheme\u2019s net assets or liabilities is included in net finance income. Remeasurements of the net asset or liability are recognised in the consolidated statement of comprehensive income. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Financial assets and liabilities Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. (a) Financial assets The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition. A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Trade and other receivables Trade and other receivables that are financial assets do not carry interest and are stated at amortised cost less loss allowances. Trade receivables represent an unconditional right to receive consideration. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. (b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. Trade and other payables Trade and other payables that are financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. (c) Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows. \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Parent, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for contingently issuable shares and excluding treasury shares. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take account of the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares. Significant areas of judgement and estimation The estimates and underlying assumptions used in the preparation of these financial statements are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The most critical accounting policies and significant areas of estimation and judgement arise from the accounting for long-term contracts under IFRS 15, \u2018Revenue from Contracts with Customers\u2019 and the assumptions used in the accounting for defined benefit pension schemes under IAS 19, \u2018Employee benefits\u2019. Long-term contracts The majority of the Group\u2019s activities are undertaken via long-term contracts and IFRS 15 requires the identification and separation of individual, distinct performance obligations, which are then accounted for individually. The most common type of contracts undertaken by the Group with multiple performance obligations are framework contracts. In most cases, the obligations are satisfied over time and estimates are made of the total contract costs and revenues. In many cases, these obligations span more than one financial year. Both cost and revenue forecasts may be affected by a number of uncertainties that depend on the outcome of future events and may need to be revised as events unfold and uncertainties are resolved. Cost forecasts take into account the expectations of work to be undertaken on the contract. Revenue forecasts take into account compensation events, variations and claims and assessments, for example, of the impact of pain/gain arrangements and disallowed or withheld costs, to the extent that the amounts the Group expects to recover can be reliably estimated and are highly probable not to reverse. Management bases its estimates of costs and revenues and its assessment of the expected outcome of each long-term contractual obligation on the latest available information. This includes detailed contract valuations, progress on discussions over compensation events, variations and claims with customers, progress against the latest programme for completing the works, forecasts of the costs to complete and, in certain cases, assessments of recoveries from insurers, suppliers and contractors, where these are considered virtually certain. Revenue is recognised when the related compensation events, variations and claims are agreed with the customer (or are otherwise legally enforceable), and only to the extent that the resulting forecast consideration is considered highly probable of not resulting in a significant reversal. There are a small number of material contracts where management has been required to make significant accounting estimates and, which result in estimation uncertainty, as at 31 December 2025. In relation to these contracts, the Group has included estimated recoveries with a combined value of \u00a313.4m (2024: \u00a38.6m), on the basis that these are considered highly probable not to reverse. However, there are a range of factors, which will affect the ultimate outcome once these contracts are finalised. Management considers that the estimation uncertainty in relation to these contracts ranges from a potential upside of \u00a315.8m to a downside of \u00a313.4m (2024: a potential upside of \u00a311.2m to a downside of \u00a38.6m). The ultimate financial impact of this estimation uncertainty will depend, inter alia, on the terms of the contract and the interaction with incentive arrangements, such as pain/gain mechanisms and bonus or KPI arrangements, as well as final conclusions regarding claims and compensation events and assessments of, for example, costs disallowed under the contract. In addition, the HS2 programme is currently navigating a change in its programme delivery strategy with an integrated programme being developed, and discussions are underway on a potential revised programme with the supply chain, including the Skanska-Costain- Strabag Joint Venture. Our 2025 financial result reflects the current contractual position. The estimates of the forecast contract outcome and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates (both positive and negative) is then reflected in the financial statements. While management believes it has recorded positions that are highly probable not to reverse on the basis of existing facts and circumstances, there are uncertain factors, which will impact the final contract outcome and could give rise to material adjustments within the next financial year. Given the inherent complexity and pervasive impact of the various judgements and estimates impacting revenue, cost of sales and related balance sheet amounts, it is not considered plausible to quantify the impact of taking alternative assessments on each of these judgements. Defined benefit pension scheme Defined benefit pension schemes require significant estimates in relation to the assumptions for the discount rate, inflation and member longevity that underpin the valuation. Each year in selecting the appropriate assumptions, the Directors take advice from an independent qualified actuary. The assumptions and resultant sensitivities are set out in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Basis of preparation The Group consolidated financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company financial statements have been prepared and approved by the Directors in accordance with Financial Reporting Standard 101, \u2018Reduced disclosure framework\u2019 (FRS 101) and with the requirements of the Companies Act 2006. On publishing the Parent Company financial statements here, together with the Group financial statements, the Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these approved financial statements. These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand. The financial statements are prepared on the historical cost basis, except that pension plan assets are measured at their fair value. In preparing the financial statements of the Group, an assessment of the impact of climate change was performed with reference to the disclosures made in the Strategic Report. There has been no material impact on the financial statements in the current year from the Group\u2019s assessment of the impact of climate change, including estimates and judgements made, specifically in relation to long-term contract accounting. Related risks and opportunities have been factored into future cash flow forecasts to the best of management\u2019s ability. The preparation of the Group and Company financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. These form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Judgements made by management that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the following financial years are discussed later in this note. The following exemptions have been applied in the preparation of the Company financial statements, in accordance with FRS 101: \u2022 IFRS 7, \u2018Financial instruments: Disclosures\u2019; \u2022 Paragraphs 91 to 99 of IFRS 13, \u2018Fair value measurement\u2019 (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities); \u2022 The following paragraphs of IAS 1, \u2018Presentation of financial statements\u2019: \u2013 10(d) (statement of cash flows); \u2013 16 (statement of compliance with all IFRS); \u2013 38A (requirement for minimum of two primary statements, including cash flow statements); \u2013 38B\u2013D (additional comparative information); \u2013 111 (statement of cash flows information); \u2013 134\u2013136 (capital management disclosures); \u2022 IAS 7, \u2018Statement of cash flows\u2019; \u2022 Paragraph 17 of IAS 24, \u2018Related party disclosures\u2019 (key management compensation); and \u2022 The requirements in IAS 24, \u2018Related party disclosures\u2019, to disclose related party transactions entered into between two or more members of a group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "The Group consolidated financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "These financial statements are presented in pounds sterling, rounded to the nearest hundred thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
Going concern
The Group\u2019s business activities and the factors likely to affect its future development, performance and position are set out in the
Strategic Report. The financial position of the Group, its cash flows, liquidity position, borrowing and bonding facilities, use of financial
instruments, exposure to credit risk and its objectives, policies and processes for managing its capital and financial risk, are described
in the Chief Financial Officer\u2019s review and in note 18.
The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number
of customers. To meet its day-to-day working capital requirements, it uses cash balances provided from shareholders\u2019 capital and
retained earnings and its borrowing facilities. In 2025, the Group successfully concluded negotiations with its bank and surety facility
providers to refinance a new four-year agreement of its bank and bonding facilities to September 2029, with an option to extend by
a further year. The Group\u2019s new facilities agreement replaces the previous three-year facilities agreement to September 2026, and
comprises a \u00a3100m revolving credit facility (RCF) (previous RCF: \u00a385m) and surety and bank bonding facilities totalling \u00a3295m (previous
facilities: \u00a3270m). The RCF facility is currently undrawn.
These facilities have a leverage covenant of net debt/adjusted EBITDA \u22641.5 times, an interest covenant of adjusted EBITA/net interest
payable of \u22654.0 times and a liquidity covenant whereby the aggregate of, without double counting, any cash and cash equivalent
investments and the available commitment under the facility does not fall below \u00a350m. These financial covenants are tested quarterly. As
at 31 December 2025, the Group had a leverage covenant ratio of below zero (the Group had no net debt) and an interest covenant ratio
of 11.1 times. As part of its contracting operations, the Group may be required to provide performance and other bonds. It satisfies these
requirements by utilising its \u00a330m bank bonding and \u00a3265m surety bonding facilities.
In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2025, the Directors are
required to consider whether the Group and the Company can continue in operational existence for the foreseeable future, being a
period of at least 12 months from the date of approval of the financial statements.
In assessing the going concern assumption, the Board reviewed the Group\u2019s base case plans for the 15-month period to 30 June
2027, being a period of more than 12 months from the date of approval of these financial statements. The Directors have assumed that
the current RCF remains in place with the same covenant requirements through to its current expiry date, which is beyond the end
of the period reviewed for going concern purposes. The base case assumes delivery of the Board-approved strategic and financial
plans. As part of the assessment, the Board also identified severe but plausible downsides affecting future profitability, working capital
requirements and cash flow. The severe but plausible downsides include applying the aggregated impact of lower revenue (-30% on
work to be secured), lower margins (-3% on work to be secured), higher working capital requirements and adverse contract settlements.
Both the base case and severe but plausible forecasts show significant headroom and indicate that the Group and the Company
will be able to operate within available banking facilities and covenants throughout this period.
Having undertaken a rigorous assessment of the financial forecasts, including its liquidity and compliance with covenants, the Board
considers that the Group and the Company have adequate resources to remain in operation for the foreseeable future and, therefore,
the Directors have adopted the going concern basis in the preparation of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "The Group\u2019s principal business activity involves work on the UK\u2019s infrastructure, mostly delivering long-term contracts with a number of customers", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21. The Group also elected to adopt the following amendments early: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 amendments to IFRS 9 and IFRS 7. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to materially affect the current or future periods", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21. The Group also elected to adopt the following amendments early: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 amendments to IFRS 9 and IFRS 7. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to materially affect the current or future periods. Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the Group. The Group is in the process of determining the impact of applying IFRS 18 on the financial statements, having prepared a transition plan, and is on track to report its first IFRS 18-compliant interim financial statements for the period-ending 30 June 2027 and annual financial statements for the period-ending 31 December 2027. The Group will provide an update on the progress towards transition to IFRS 18 at each subsequent reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "New and amended standards adopted by the Group The accounting policies set out in this note have been applied consistently by the Group and the Company to each period presented in these financial statements, except for the adoption of the new accounting standards noted below. The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025: \u2022 Lack of Exchangeability \u2013 Amendments to IAS 21. The Group also elected to adopt the following amendments early: \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 amendments to IFRS 9 and IFRS 7. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to materially affect the current or future periods. Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable future transactions. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the Group. The Group is in the process of determining the impact of applying IFRS 18 on the financial statements, having prepared a transition plan, and is on track to report its first IFRS 18-compliant interim financial statements for the period-ending 30 June 2027 and annual financial statements for the period-ending 31 December 2027. The Group will provide an update on the progress towards transition to IFRS 18 at each subsequent reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not
mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. These standards, amendments or
interpretations are not expected to have a material impact on the entity in the current or future reporting periods or on foreseeable
future transactions.
IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the Group. The Group is in the process of determining
the impact of applying IFRS 18 on the financial statements, having prepared a transition plan, and is on track to report its first IFRS
18-compliant interim financial statements for the period-ending 30 June 2027 and annual financial statements for the period-ending 31
December 2027. The Group will provide an update on the progress towards transition to IFRS 18 at each subsequent reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Basis of consolidation (a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that control ceases. (b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. (c) Joint ventures are those joint arrangements where control of a legal entity is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carryin g value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negativ e position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. (e) Joint operations are those joint arrangements over which joint control exists, established by contractual agreement, which are not legal entities and where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Where a joint operation exists, the Group entity involved records the assets it controls, the liabilities and expenses it incurs and its share of income. Such joint operations are reported in the consolidated financial statements on the same basis. Transactions between Group companies and joint operations eliminate on consolidation. (f) Intra-Group balances and transactions, together with any unrealised gains arising from intra-Group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates, joint ventures and joint operations are eliminated to the extent of the interest in the entity or operation. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "(a) The Group\u2019s financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Group and control exists when the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control starts until the date that control ceases.
Investments \u2013 Company
Company investments in subsidiaries are carried at cost less provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "(b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "(b) Associates are operations over which power exists to exercise significant influence but not control, generally accompanied by a share of between 20% and 50% of the voting rights. Associates are accounted for using the equity method. (c) Joint ventures are those joint arrangements where control of a legal entity is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carryin g value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negativ e position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "(c) Joint ventures are those joint arrangements where control of a legal entity is shared with another entity, and where the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method from the date that the joint venture starts until the date that joint control of the entity ceases. (d) The presentation of investments in associates and joint ventures in the statement of financial position restricts the minimum carryin value to \u00a3nil. Where the cost of investment would be negative, due to losses incurred, then an amount up to the value of the negativ position is applied to any outstanding loan balance with the investment or, where future funding commitments exist, a provision is made up to the value of the commitment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Currency translation Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to pounds sterling at the exchange rate ruling at the statement of financial position date. Foreign exchange differences arising on translation are recognised in the income statement. The assets and liabilities of the residual foreign entities are translated to pounds sterling at exchange rates ruling at the statement of financial position date. Income and expenses of foreign entities are translated to pounds sterling at rates approximating to the exchange rates ruling at the dates of these transactions. Exchange differences arising from the translation of the net investment in the remaining foreign entities are recognised directly in equity. Those exchange differences, that have arisen since 1 January 2004, the date of transition to IFRS, are presented as a separate component of equity. Cumulative exchange differences are released into the income statement upon loss of control. Translation differences that arose before the date of transition to IFRS in respect of all foreign operations are not presented as a separate component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Income statement presentation \u2013 Alternative performance measures The Group discloses alternative performance measures, in addition to statutory disclosures, to provide investors with supplementary information, which may be relevant to the Group\u2019s future performance. \u2018Adjusted profit\u2019 excludes \u2018adjusting items\u2019, which are significant items of income and expenditure that the Board considers are incremental to business operations and do not reflect the long-term performance of the Group. These adjusted measures are reconciled to statutory disclosures, with the tax impact given, in note 3, and disclosed in the segmental reporting in note 4. Presenting results on this basis is consistent with internal reporting to the Board. Alternative performance measures do not have standardised meanings and, therefore, they may not be comparable between companies. The Directors exercise judgement in determining classification as an \u2018adjusting item\u2019 using quantitative and qualitative factors. Consideration is given, both individually and collectively, to the circumstances giving rise to the item, its materiality and whether it is expected to recur. \u2018Adjusted profit\u2019 may exclude income and expenditure related to acquisitions, discontinued operations, transformation costs, costs of a function or sector-wide restructuring programme, claims and litigation, and impairments, where the impairment is the result of an isolated, non-recurring event. \u2018Adjusted earnings per share\u2019 is calculated using \u2018adjusted profit\u2019. The Group also presents \u2018net cash/bank debt\u2019 and \u2018adjusted free cash flow\u2019 as alternative performance measures in the front of the Annual Report. \u2018Net cash/bank debt\u2019 is defined as cash and cash equivalents less interest-bearing borrowings (excluding leases under IFRS 16 and net of unamortised arrangement fees) and excluding \u2018cash and cash equivalents \u2013 with restrictions\u2019. \u2018Adjusted free cash flow\u2019 is defined as cash generated from operations, excluding cash flows relating to \u2018adjusting items\u2019 and pension deficit contributions, less taxation and capital expenditure and excluding cash flows related to \u2018cash and cash equivalents \u2013 with restrictions\u2019. The Directors consider that these measures provide useful information about the Group\u2019s liquidity position.", "dimensions": { "concept": "costaingroupplc:DescriptionOfAccountingPolicyForIncomeStatementPresentationAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
Revenue from contracts with customers
The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and
defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue
is measured at the transaction price of the contract, net of value-added tax. The Group assesses all contracts for whether it is acting as
principal or agent.
Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate-card mechanism. The Group
also enters into framework contracts; however, the work called off under these contracts will be structured under one of the
above mechanisms.
For most contracts, there is generally one performance obligation as the works specified within the contract are integrated and the
customer procures one complete package, which may incorporate design, engineering and advisory work into the scope.
Where multiple performance obligations exist, for example, under a framework with several call-off contracts, the Group accounts for
each performance obligation separately and the transaction price is determined separately for each performance obligation. Each call-
off agreement typically represents a separate performance obligation; however, call-off contracts are combined where appropriate.
For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance
obligation at the statement of financial position date.
For cost reimbursement, target cost and fixed-price contracts, stage of completion is assessed by reference to the proportion
of contract costs incurred on work performed to date relative to the estimated total costs.
Rate-card contracts may include management, design, implementation and support services under fixed-price and variable-price
contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of
hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the
proportion of labour hours worked to date relative to the estimated total number of labour hours.
Each performance obligation under a framework contract may be priced using a cost reimbursement, target cost or rate-card model and,
therefore, the stage of completion is assessed by reference to these individual models.
Contract costs are recognised as expenses in the period in which they are incurred. Incremental costs to obtaining a contract are written
off as incurred as they are not recovered through the contract.
The scope and/or price of the works will often be subject to change, which may take the form of a variation or compensation event.
A compensation event is within the scope of existing enforceable rights and obligations. When a variation, which either creates
new, or changes existing, enforceable rights and obligations, is approved, a contract modification exists. The revenue recognition
consequences of a contract modification are recognised in one of the following ways:
(a) prospectively as a separate contract (when new distinct goods or services are provided at an amount reflective of their standalone
selling price);
(b) prospectively as a termination of the existing contract and creation of a new contract (where the remaining goods or services under
the original contract were distinct from those already transferred to the customer); or
(c) using a cumulative catch up as if the modification were part of the existing contract (where the existing contract\u2019s performance
obligation was partially satisfied).
Compensation events, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly probable
that a significant reversal of the amount of cumulative revenue recognised, which can be measured reliably, will not occur when the
associated uncertainty is subsequently resolved. Pain from pain/gain arrangements or disallowed or withheld costs are included where
probable to be incurred. Variable revenue is typically determined using the expected value method.
Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a
change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year.
In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to
the extent of contract costs incurred, provided Costain expects to recover the costs. When it is probable that total contract costs will
exceed total revenue, giving rise to an onerous contract, the unavoidable cost is recognised as an expense in cost of sales immediately.
Contract assets are stated as revenue earned from customers, which is subject to certification but which has not yet been certified,
such that the right to receive the consideration is conditioned on something other than the passage of time. Revenue earned and (where
relevant) certified, which creates an unconditional right to consideration, is included in trade receivables. Where cash received from, or
amounts invoiced to, customers exceeds the value of work performed, the amount is included in contract liabilities. In the case where a
contract liability exceeds the remaining revenue to be earned on a contract, the excess is disclosed as an other payable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Revenue from contracts with customers The principal source of revenue relates to developing and improving the UK\u2019s infrastructure across the transportation, water, energy and defence sectors. The Group recognises revenue when control over the service or product is transferred to the customer and revenue is measured at the transaction price of the contract, net of value-added tax. The Group assesses all contracts for whether it is acting as principal or agent. Long-term contracts are structured under either a cost reimbursement, target cost, fixed price or rate-card mechanism. The Group also enters into framework contracts; however, the work called off under these contracts will be structured under one of the above mechanisms. For most contracts, there is generally one performance obligation as the works specified within the contract are integrated and the customer procures one complete package, which may incorporate design, engineering and advisory work into the scope. Where multiple performance obligations exist, for example, under a framework with several call-off contracts, the Group accounts for each performance obligation separately and the transaction price is determined separately for each performance obligation. Each call- off agreement typically represents a separate performance obligation; however, call-off contracts are combined where appropriate. For long-term contracts, revenue is recognised over time by measuring the progress towards complete satisfaction of the performance obligation at the statement of financial position date. For cost reimbursement, target cost and fixed-price contracts, stage of completion is assessed by reference to the proportion of contract costs incurred on work performed to date relative to the estimated total costs. Rate-card contracts may include management, design, implementation and support services under fixed-price and variable-price contracts, where the customer receives and uses the benefits simultaneously. Revenue recognised is determined by the number of hours incurred on a project multiplied by an agreed rate; where the price is fixed or capped, revenue is recognised by reference to the proportion of labour hours worked to date relative to the estimated total number of labour hours. Each performance obligation under a framework contract may be priced using a cost reimbursement, target cost or rate-card model and, therefore, the stage of completion is assessed by reference to these individual models. Contract costs are recognised as expenses in the period in which they are incurred. Incremental costs to obtaining a contract are written off as incurred as they are not recovered through the contract. The scope and/or price of the works will often be subject to change, which may take the form of a variation or compensation event. A compensation event is within the scope of existing enforceable rights and obligations. When a variation, which either creates new, or changes existing, enforceable rights and obligations, is approved, a contract modification exists. The revenue recognition consequences of a contract modification are recognised in one of the following ways: (a) prospectively as a separate contract (when new distinct goods or services are provided at an amount reflective of their standalone selling price); (b) prospectively as a termination of the existing contract and creation of a new contract (where the remaining goods or services under the original contract were distinct from those already transferred to the customer); or (c) using a cumulative catch up as if the modification were part of the existing contract (where the existing contract\u2019s performance obligation was partially satisfied). Compensation events, claims, and gain from pain/gain or other bonus assessments are included in revenue where it is highly probable that a significant reversal of the amount of cumulative revenue recognised, which can be measured reliably, will not occur when the associated uncertainty is subsequently resolved. Pain from pain/gain arrangements or disallowed or withheld costs are included where probable to be incurred. Variable revenue is typically determined using the expected value method. Where there is a change in circumstances that requires related revenue estimates to be revised, any reversal of revenue arising from a change that occurs in the current year but affects the previously recognised position is recognised within revenue for the current year. In the early stages of a contract, if the outcome of a performance obligation cannot be reasonably measured, revenue is recognised to the extent of contract costs incurred, provided Costain expects to recover the costs. When it is probable that total contract costs will exceed total revenue, giving rise to an onerous contract, the unavoidable cost is recognised as an expense in cost of sales immediately. Contract assets are stated as revenue earned from customers, which is subject to certification but which has not yet been certified, such that the right to receive the consideration is conditioned on something other than the passage of time. Revenue earned and (where relevant) certified, which creates an unconditional right to consideration, is included in trade receivables. Where cash received from, or amounts invoiced to, customers exceeds the value of work performed, the amount is included in contract liabilities. In the case where a contract liability exceeds the remaining revenue to be earned on a contract, the excess is disclosed as an other payable.
Adjusting
Adjusted items Total
2025 \u00a3m \u00a3m \u00a3m
Revenue
1,045.7
\u2013
1,045.7
Cost of sales
(931.9)
\u2013
(931.9)
Gross profit
113.8
\u2013
113.8
Administrative expenses before adjusting items
(66.7)
\u2013
(66.7)
Adjusting items:
Restructuring costs
\u2013
( 2 . 6 )
( 2 . 6 )
Transformation costs
\u2013
( 0 . 7 )
( 0 . 7 )
Fire safety provision release
\u2013
1.0
1.0
Administrative expenses
(66.7)
(2.3)
(69.0)
Operating profit
47.1
(2.3)
44.8
Share of results of joint ventures and associates
(0.4)
\u2013
(0.4)
Profit from operations
46.7
(2.3)
44.4
Net finance income
3.8
\u2013
3.8
Profit before tax
50.5
(2.3)
48.2
Taxation
(11.5)
0.6
(10.9)
Profit for the year attributable to equity holders of the parent
39.0
(1.7)
37.3
Basic earnings per share
14.5p
13.9p
Adjusting
Adjusted items Total
2024 \u00a3m \u00a3m \u00a3m
Revenue
1,251.1
\u2013
1,251.1
Cost of sales
(1,147.8)
\u2013
(1,147.8)
Gross profit
103.3
\u2013
103.3
Administrative expenses before adjusting items
(60.2)
\u2013
(60.2)
Adjusting items:
Restructuring costs
\u2013
0 . 1
0 . 1
Transformation costs
\u2013
( 5 . 4 )
( 5 . 4 )
Fire safety claims
\u2013
(6.7)
(6.7)
Administrative expenses
(60.2)
(12.0)
(72.2)
Operating profit
43.1
(12.0)
31.1
Net finance income
5.4
\u2013
5.4
Profit before tax
48.5
(12.0)
36.5
Taxation
(8.9)
3.0
(5.9)
Profit for the year attributable to equity holders of the parent
39.6
(9.0)
30.6
Basic earnings per share
14.6p
11.3p
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
Research and development
Research and development activities are usually directly attributable to a project and accounted for within project costs. In line with
common practice, the Group has adopted the research and development expenditure credit (RDEC) regime as these credits have
characteristics similar to government grants. RDEC credits are recognised in cost of sales. Development expenditure that satisfies all
the relevant conditions is capitalised as an intangible asset (see below).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Finance income Interest income on financial assets at amortised cost or at fair value through other comprehensive income is calculated using the effective interest method and is recognised in profit or loss as finance income. Finance expense Interest expense includes interest calculated on financial liabilities at amortised cost using the effective interest rate method, interest in respect of lease liabilities, the unwinding of the effect of discounting provisions and other costs associated with the Group\u2019s manageme nt of cash and is recognised in profit or loss as finance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
Finance expense
Interest expense includes interest calculated on financial liabilities at amortised cost using the effective interest rate method, interest in
respect of lease liabilities, the unwinding of the effect of discounting provisions and other costs associated with the Group\u2019s manageme nt
of cash and is recognised in profit or loss as finance expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Goodwill and other intangible assets Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The attributable costs of acquisitions are expensed to the income statement. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Goodwill and other intangible assets Goodwill arising on acquisitions represents the excess of the fair value of the consideration over the identifiable assets, liabilities and contingent liabilities of the acquired entity and goodwill arising on the acquisition of subsidiaries is included in non-current assets. The attributable costs of acquisitions are expensed to the income statement. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Acquired intangible assets comprise customer relationships, order book, brand and intellectual property. Other intangible assets compri se computer software, development expenditure and patents. Customer relationships and other acquired intangibles are measured at the present value of cash flows attributable to the relationship less an appropriate contributory asset charge. Computer software, development expenditure and patents are recognised at cost. Internally generated development expenditure is recognised as an intangible asset only if all of the following conditions are satisfied: \u2022 it is intended for use or sale, can be technically and financially completed and is able to be used as intended; \u2022 it is probable that the asset will create future economic benefits; and \u2022 the development costs can be measured reliably. Once the asset is complete, subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates, otherwise expenditure is expensed as incurred. For Software as a Service arrangements (SaaS), the Group applies guidance as set out in the 2021 IFRIC agenda decision on \u2018Configuration and Customisation costs in a Cloud Computing Arrangement\u2019. Where the asset meets the definition of an intangible asset under IAS 38, the costs are capitalised. Alternatively, where the SaaS provider has carried out the configuration and customisation, and the services are distinct from the SaaS arrangement, the costs are prepaid and spread over the term of the SaaS agreement. Otherwise , the costs are expensed as incurred. Amortisation begins when an asset is acquired or, in the case of computer software and other development assets, is available for use. Amortisation charges are included in administration expenses and are charged over the following periods:
Customer relationships
\u2013 on a straight-line basis up to seven years
Other intangibles (including other acquired)
\u2013 on a straight-line basis up to five years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "
Acquired intangible assets comprise customer relationships, order book, brand and intellectual property. Other intangible assets compri se
computer software, development expenditure and patents. Customer relationships and other acquired intangibles are measured at
the present value of cash flows attributable to the relationship less an appropriate contributory asset charge. Computer software,
development expenditure and patents are recognised at cost.
Internally generated development expenditure is recognised as an intangible asset only if all of the following conditions are satisfied:
\u2022 it is intended for use or sale, can be technically and financially completed and is able to be used as intended;
\u2022 it is probable that the asset will create future economic benefits; and
\u2022 the development costs can be measured reliably.
Once the asset is complete, subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the
specific asset to which it relates, otherwise expenditure is expensed as incurred.
For Software as a Service arrangements (SaaS), the Group applies guidance as set out in the 2021 IFRIC agenda decision on
\u2018Configuration and Customisation costs in a Cloud Computing Arrangement\u2019. Where the asset meets the definition of an intangible asset
under IAS 38, the costs are capitalised. Alternatively, where the SaaS provider has carried out the configuration and customisation, and
the services are distinct from the SaaS arrangement, the costs are prepaid and spread over the term of the SaaS agreement. Otherwise ,
the costs are expensed as incurred.
Amortisation begins when an asset is acquired or, in the case of computer software and other development assets, is available for use.
Amortisation charges are included in administration expenses and are charged over the following periods:
Customer relationships
\u2013 on a straight-line basis up to seven years
Other intangibles (including other acquired)
\u2013 on a straight-line basis up to five years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and
directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property,
plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their
estimated useful economic lives as follows:
Leasehold improvements
\u2013 lease term
Plant and equipment
\u2013 3 to 10 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date.
The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful
life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those
of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by
any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful economic lives as follows:
Leasehold improvements
\u2013 lease term
Plant and equipment
\u2013 3 to 10 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Cost comprises purchase price and directly attributable costs. Depreciation is charged to administration expenses. Freehold land is not depreciated. For all other property, plant and equipment, depreciation is calculated on a straight-line basis to allocate cost less residual values of the assets over their estimated useful economic lives as follows:
Leasehold improvements
\u2013 lease term
Plant and equipment
\u2013 3 to 10 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each statement of financial position date. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
Impairment of non-financial assets
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the synergies of
the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently
when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying
amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date
to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An
impairment loss is recognised whenever the carrying amount of an asset, or its cash-generating unit, is less than the recoverable amount.
Impairment losses are recognised in the income statement.
An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable
amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of
the asset does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Impairment of non-financial assets For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. The carrying amounts of other non-financial assets, except deferred tax assets, are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset, or its cash-generating unit, is less than the recoverable amount. Impairment losses are recognised in the income statement. An impairment loss (other than in relation to goodwill) is reversed if there has been a change in estimates, resulting in the recoverable amount exceeding the impaired carrying value of the asset. An impairment loss is reversed only to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Provisions A provision is recognised in the statement of financial position when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for onerous contracts is recognised when the expected benefits to be derived from a contract are lower than the unavoidable cost of meeting the obligations under the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
Taxation
The tax expense represents the sum of UK corporation tax and overseas tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit before tax as reported in the
income statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that
are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted, or substantively
enacted, by the statement of financial position date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement
of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those specific
exemptions set out as follows and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each
statement of financial position date.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit
nor the accounting profit.
Deferred tax is calculated at the tax rates based on those enacted, or substantially enacted, at the statement of financial position date.
Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity,
in which case the deferred tax is also recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Taxation The tax expense represents the sum of UK corporation tax and overseas tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted, or substantively enacted, by the statement of financial position date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all temporary differences except for those specific exemptions set out as follows and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each statement of financial position date. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates based on those enacted, or substantially enacted, at the statement of financial position date. Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Additional taxes arising from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
Additional taxes arising from the distribution of dividends are recognised at the same time as the liability to pay the related dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Leases Where the Group is party to a lease, except for short-term leases or leases of low-value assets (as noted below), the Group recognises a right-of-use asset and a lease liability upon lease commencement. The major categories of leased items within the scope of IFRS 16 are properties, vehicles and site plant. Changes to contract scope can lengthen or shorten contract programmes and result in extensions or early terminations to site plant lease terms. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at, or before, the commencement date, any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. The depreciation charges are included in cost of sales. In addition, the right-of-use asset is reduced by any impairment losses and adjusted for certain remeasurements of the lease liability associated with changes to the lease term. The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the interest rate implicit in the lease, or where this cannot be readily determined, the incremental borrowing rate. The amount charged to the income statement comprises the depreciation of the right-of-use asset and the imputed interest on the lease liability. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Guarantee contracts
Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and
other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the
Company and participating companies in the Group.
The Company accounts for these as financial guarantee contracts under IFRS 9.
Financial assets and liabilities Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. (a) Financial assets The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition. A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Trade and other receivables Trade and other receivables that are financial assets do not carry interest and are stated at amortised cost less loss allowances. Trade receivables represent an unconditional right to receive consideration. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal. Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. (b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. Trade and other payables Trade and other payables that are financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. (c) Fair value measurement When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows. \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant to the entire measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "Guarantee contracts Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. The Company accounts for these as financial guarantee contracts under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity
as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Dividends Dividends are recognised as distributions in the period in which they are declared. Dividends proposed but not declared are not recognised but are disclosed in note 11 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Share-based payments
These comprise equity-settled share-based compensation plans.
Equity-settled share-based payments are measured at fair value at the date of grant and the fair value is expensed over the vesting
period, based on the estimate of awards that will eventually vest. Fair value is measured using a Black\u2013Scholes option pricing model.
Market performance conditions are reflected in the grant date fair value of the option. Non-market vesting conditions are not included
when estimating the grant date fair value; instead, the estimate of the number of equity instruments expected to vest is revised at each
period-end for changes in estimates of non-market conditions and on final vesting.
Where options over shares in the Company are granted to employees of subsidiaries, the Company recognises in its financial statements
an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge recognised in its
subsidiaries\u2019 financial statements, with the corresponding credit being recognised directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Treasury shares Applying the principles in IFRS 10, the Group controls the Employee Benefit Trust that holds small numbers of Company shares to be issued under the Costain employee share schemes. Therefore, the Employee Benefit Trust is consolidated in these financial statements and shares held by the Employee Benefit Trust are presented as Treasury shares, being a deduction to equity in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Retirement benefit obligations A defined benefit pension scheme is operated in the UK, which provides benefits based on pensionable salary and is closed to future accrual. The details are included in note 21. The assets of the scheme are held separately from those of the Group. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. The liability or asset recognised in the statement of financial position in respect of the defined benefit pension scheme is the difference between the present value of the defined benefit obligations and the fair value of scheme assets at the statement of financial position date. An asset is recognised because any surplus on the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the unconditional right to any surplus once all the obligations of the Scheme have been settled. Administration costs of the scheme are recognised in the income statement. The interest income or expense on the scheme\u2019s net assets or liabilities is included in net finance income. Remeasurements of the net asset or liability are recognised in the consolidated statement of comprehensive income. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
Financial assets and liabilities
Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party
to the contractual provisions of the instrument.
(a) Financial assets
The classification depends on the nature and purpose of the financial asset and is determined at the time of initial recognition.
A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and
substantially all the risks and rewards of ownership of the asset are transferred to another entity.
Trade and other receivables
Trade and other receivables that are financial assets do not carry interest and are stated at amortised cost less loss allowances. Trade
receivables represent an unconditional right to receive consideration.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and
the cash flow statement.
Cash and cash equivalents \u2013 with restrictions
\u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated
for future payment to suppliers under contracts where Costain is acting as a principal.
Impairment of financial assets
Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9.
The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from
similar customers and modelling default scenarios and applying probabilities of such scenarios.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "A financial asset is derecognised only when the contractual rights to the cash flows from that asset expire, or the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another entity. Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Trade and other receivables Trade and other receivables that are financial assets do not carry interest and are stated at amortised cost less loss allowances. Trade receivables represent an unconditional right to receive consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. This policy applies to both the statement of financial position and the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Impairment of financial assets Impairment of financial assets is based on an expected credit loss model applying the simplified approach permitted under IFRS 9. The Group calculates an allowance for credit losses based on the nature of the customer, experience of collecting receivables from similar customers and modelling default scenarios and applying probabilities of such scenarios. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
(b) Financial liabilities
Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently
measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
Financial liabilities are derecognised only when the obligations are discharged, cancelled or expire.
Trade and other payables
Trade and other payables that are financial liabilities are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "(b) Financial liabilities Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Trade and other payables Trade and other payables that are financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
(c) Fair value measurement
When measuring the fair value of a financial or non-financial asset or liability, the Group uses market observable data as far as possible.
Fair values are categorised into different levels, in a fair value hierarchy, based on the inputs used in the valuation techniques as follows.
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.
\u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(ie as prices) or indirectly (ie derived from prices).
\u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then
the fair value measurement is categorised in its entirety in the same level of the hierarchy as the lowest level input that is significant
to the entire measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Parent, excluding any costs of servicing
equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for
contingently issuable shares and excluding treasury shares.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take account of the after-income
tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of
additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
Significant areas of judgement and estimation
The estimates and underlying assumptions used in the preparation of these financial statements are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revision and future periods if the revision affects both current and future periods.
The most critical accounting policies and significant areas of estimation and judgement arise from the accounting for long-term contracts
under IFRS 15, \u2018Revenue from Contracts with Customers\u2019 and the assumptions used in the accounting for defined benefit pension
schemes under IAS 19, \u2018Employee benefits\u2019.
Long-term contracts
The majority of the Group\u2019s activities are undertaken via long-term contracts and IFRS 15 requires the identification and separation of
individual, distinct performance obligations, which are then accounted for individually. The most common type of contracts undertaken
by the Group with multiple performance obligations are framework contracts. In most cases, the obligations are satisfied over time and
estimates are made of the total contract costs and revenues. In many cases, these obligations span more than one financial year. Both
cost and revenue forecasts may be affected by a number of uncertainties that depend on the outcome of future events and may need to
be revised as events unfold and uncertainties are resolved. Cost forecasts take into account the expectations of work to be undertaken
on the contract. Revenue forecasts take into account compensation events, variations and claims and assessments, for example, of the
impact of pain/gain arrangements and disallowed or withheld costs, to the extent that the amounts the Group expects to recover can be
reliably estimated and are highly probable not to reverse.
Management bases its estimates of costs and revenues and its assessment of the expected outcome of each long-term contractual
obligation on the latest available information. This includes detailed contract valuations, progress on discussions over compensation
events, variations and claims with customers, progress against the latest programme for completing the works, forecasts of the costs
to complete and, in certain cases, assessments of recoveries from insurers, suppliers and contractors, where these are considered
virtually certain. Revenue is recognised when the related compensation events, variations and claims are agreed with the customer (or
are otherwise legally enforceable), and only to the extent that the resulting forecast consideration is considered highly probable of not
resulting in a significant reversal.
There are a small number of material contracts where management has been required to make significant accounting estimates and,
which result in estimation uncertainty, as at 31 December 2025. In relation to these contracts, the Group has included estimated
recoveries with a combined value of \u00a313.4m (2024: \u00a38.6m), on the basis that these are considered highly probable not to reverse.
However, there are a range of factors, which will affect the ultimate outcome once these contracts are finalised. Management considers
that the estimation uncertainty in relation to these contracts ranges from a potential upside of \u00a315.8m to a downside of \u00a313.4m (2024: a
potential upside of \u00a311.2m to a downside of \u00a38.6m).
The ultimate financial impact of this estimation uncertainty will depend, inter alia, on the terms of the contract and the interaction with
incentive arrangements, such as pain/gain mechanisms and bonus or KPI arrangements, as well as final conclusions regarding claims and
compensation events and assessments of, for example, costs disallowed under the contract.
In addition, the HS2 programme is currently navigating a change in its programme delivery strategy with an integrated programme being
developed, and discussions are underway on a potential revised programme with the supply chain, including the Skanska-Costain-
Strabag Joint Venture. Our 2025 financial result reflects the current contractual position.
The estimates of the forecast contract outcome and the profit or loss earned to date are updated regularly and significant changes are
highlighted through established internal review procedures. The impact of any change in the accounting estimates (both positive and
negative) is then reflected in the financial statements.
While management believes it has recorded positions that are highly probable not to reverse on the basis of existing facts and
circumstances, there are uncertain factors, which will impact the final contract outcome and could give rise to material adjustments within
the next financial year. Given the inherent complexity and pervasive impact of the various judgements and estimates impacting revenue,
cost of sales and related balance sheet amounts, it is not considered plausible to quantify the impact of taking alternative assessments
on each of these judgements.
Defined benefit pension scheme
Defined benefit pension schemes require significant estimates in relation to the assumptions for the discount rate, inflation and member
longevity that underpin the valuation. Each year in selecting the appropriate assumptions, the Directors take advice from an independent
qualified actuary. The assumptions and resultant sensitivities are set out in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "3 Reconciliation of reported operating profit to adjusted operating profit \u2019Adjusted operating profit\u2019 and \u2018adjusted earnings per share\u2019 are presented as non-GAAP alternative performance measures. The Board considers the adjusted measures better reflect the underlying trading performance of the Group for the reasons described in note 2. The profit adjustments represent amounts included in the income statement. \u00a32.6m was incurred as a result of the restructuring of some of the central functions within the business in 2025. \u00a30.7m of residual costs were incurred in respect of our Transformation programme, which completed in 2024. A \u00a31.0m credit has been recognised to reduce the fire safety provision taken in 2024 as a result of progressing negotiations. In 2024, adjusting items of \u00a35.4m were incurred on the Group\u2019s Transformation programme and \u00a36.7m in relation to the settlement of a fire safety compliance claim on one building and a provision for the sole other identified obligation. A \u00a30.1m credit was also recognised as a result of the sale in 2024 of assets written down during restructuring in 2023.
Adjusting
Adjusted items Total
2025 \u00a3m \u00a3m \u00a3m
Revenue
1,045.7
\u2013
1,045.7
Cost of sales
(931.9)
\u2013
(931.9)
Gross profit
113.8
\u2013
113.8
Administrative expenses before adjusting items
(66.7)
\u2013
(66.7)
Adjusting items:
Restructuring costs
\u2013
( 2 . 6 )
( 2 . 6 )
Transformation costs
\u2013
( 0 . 7 )
( 0 . 7 )
Fire safety provision release
\u2013
1.0
1.0
Administrative expenses
(66.7)
(2.3)
(69.0)
Operating profit
47.1
(2.3)
44.8
Share of results of joint ventures and associates
(0.4)
\u2013
(0.4)
Profit from operations
46.7
(2.3)
44.4
Net finance income
3.8
\u2013
3.8
Profit before tax
50.5
(2.3)
48.2
Taxation
(11.5)
0.6
(10.9)
Profit for the year attributable to equity holders of the parent
39.0
(1.7)
37.3
Basic earnings per share
14.5p
13.9p
Adjusting
Adjusted items Total
2024 \u00a3m \u00a3m \u00a3m
Revenue
1,251.1
\u2013
1,251.1
Cost of sales
(1,147.8)
\u2013
(1,147.8)
Gross profit
103.3
\u2013
103.3
Administrative expenses before adjusting items
(60.2)
\u2013
(60.2)
Adjusting items:
Restructuring costs
\u2013
0 . 1
0 . 1
Transformation costs
\u2013
( 5 . 4 )
( 5 . 4 )
Fire safety claims
\u2013
(6.7)
(6.7)
Administrative expenses
(60.2)
(12.0)
(72.2)
Operating profit
43.1
(12.0)
31.1
Net finance income
5.4
\u2013
5.4
Profit before tax
48.5
(12.0)
36.5
Taxation
(8.9)
3.0
(5.9)
Profit for the year attributable to equity holders of the parent
39.6
(9.0)
30.6
Basic earnings per share
14.6p
11.3p
", "dimensions": { "concept": "costaingroupplc:DisclosureOfReconciliationOfReportedOperatingProfitToAdjustedOperatingProfit", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
Adjusting
Adjusted items Total
2025 \u00a3m \u00a3m \u00a3m
Revenue
1,045.7
\u2013
1,045.7
Cost of sales
(931.9)
\u2013
(931.9)
Gross profit
113.8
\u2013
113.8
Administrative expenses before adjusting items
(66.7)
\u2013
(66.7)
Adjusting items:
Restructuring costs
\u2013
( 2 . 6 )
( 2 . 6 )
Transformation costs
\u2013
( 0 . 7 )
( 0 . 7 )
Fire safety provision release
\u2013
1.0
1.0
Administrative expenses
(66.7)
(2.3)
(69.0)
Operating profit
47.1
(2.3)
44.8
Share of results of joint ventures and associates
(0.4)
\u2013
(0.4)
Profit from operations
46.7
(2.3)
44.4
Net finance income
3.8
\u2013
3.8
Profit before tax
50.5
(2.3)
48.2
Taxation
(11.5)
0.6
(10.9)
Profit for the year attributable to equity holders of the parent
39.0
(1.7)
37.3
Basic earnings per share
14.5p
13.9p
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "4 Operating segments The Group has two business segments: Natural Resources and Transportation. These segments are strategic business units with separate management and have different customers or offer different services. Segmental information is provided to the Chief Executive who is the chief operating decision maker. The segments are discussed in the Strategic Report section of this Annual Report. The accounting policies of the operating segments are the same as those described in the summary of material accounting policies. The Group evaluates segment performance on the basis of profit or loss from operations before interest and taxation and before \u2018adjusting items\u2019. The segment results that are reported to the Chief Executive include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Other items are allocated to the operating segments where appropriate, but otherwise are viewed as Central costs. Intersegment sales and transfers are not material.
Natural Central
Resources Transportation costs Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
Revenue
440.4
605.3
\u2013
1,045.7
Segment profit/(loss)
Operating profit/(loss) before other items
35.0
24.9
(12.8)
47.1
Share of results of joint ventures and associates
(0.4)
\u2013
\u2013
(0.4)
Operating profit/(loss) before adjusting items
34.6
24.9
(12.8)
46.7
Adjusting items:
Restructuring costs
\u2013
\u2013
(2.6)
(2.6)
Transformation costs
\u2013
\u2013
( 0 . 7 )
( 0 . 7 )
Fire safety provision release
\u2013
\u2013
1.0
1.0
Profit/(loss) from operations
34.6
24.9
(15.1)
44.4
Net finance income
3.8
Profit before tax
48.2
Segment profit/(loss) is stated after charging the following:
Depreciation
5.7
6.1
\u2013
11.8
Amortisation
0.6
0.5
\u2013
1.1
Segment assets
Reportable segment assets
174.4
134.3
1.0
309.7
Unallocated assets:
Retirement benefit asset
60.0
Deferred tax
2.9
Cash and cash equivalents
189.3
Total assets
561.9
Additions to non-current assets
Property, plant and equipment
7.6
5.0
\u2013
12.6
Intangible assets
0.5
0.5
\u2013
1.0
Segment liabilities
Reportable segment liabilities
159.1
132.2
12.1
303.4
Income tax
0.3
Total liabilities
303.7
Recorded within \u2018Reportable segment assets\u2019 is \u2018cash and cash equivalents \u2013 with restrictions\u2019 totalling \u00a326.0m, which represent amounts held in trust bank accounts on behalf of certain customers and designated for future payment to suppliers.
Natural Central
Resources Transportation costs Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Segment revenue
Revenue
405.3
845.8
\u2013
1,251.1
Segment profit/(loss)
Operating profit/(loss) before adjusting items
23.8
29.9
(10.6)
43.1
Adjusting items:
Restructuring credit
\u2013
\u2013
0.1
0.1
Transformation costs
\u2013
\u2013
(5.4)
(5.4)
Fire safety claims
\u2013
\u2013
(6.7)
(6.7)
Profit/(loss) from operations
23.8
29.9
(22.6)
31.1
Net finance income 5.4
Profit before tax
36.5
Segment profit/(loss) is stated after charging the following:
Depreciation
4.5
7.4
\u2013
11.9
Amortisation
0.1
0.2
\u2013
0.3
Segment assets
Reportable segment assets
144.0
179.1
0.6
323.7
Unallocated assets:
Retirement benefit asset
54.9
Deferred tax
8.6
Income tax 1.5
Cash and cash equivalents 158.5
Total assets 547.2
Additions to non-current assets
Property, plant and equipment
12.2
14.6
\u2013
26.8
Intangible assets
2.7
3.1
\u2013
5.8
Segment liabilities
Reportable segment liabilities
125.7
175.5
10.3
311.5
Total liabilities
311.5
Recorded within \u2018Reportable segment assets\u2019 is \u2018cash and cash equivalents \u2013 with restrictions\u2019 totalling \u00a338.4m, which represent amounts held in trust bank accounts on behalf of certain customers and designated for future payment to suppliers. Geographical information Segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets and exclude deferred tax assets. All revenue originates in the UK (2024: all) and all non-current assets are located in the UK (2024: all). Customers accounting for more than 10% of revenue Two customers (2024: two) in the Transportation sector accounted for revenue of \u00a3451.0m (2024: \u00a3751.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
The accounting policies of the operating segments are the same as those described in the summary of material accounting policies. The
Group evaluates segment performance on the basis of profit or loss from operations before interest and taxation and before \u2018adjusting
items\u2019. The segment results that are reported to the Chief Executive include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Other items are allocated to the operating segments where appropriate, but otherwise are
viewed as Central costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "Geographical information Segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets and exclude deferred tax assets. All revenue originates in the UK (2024: all) and all non-current assets are located in the UK (2024: all). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
Customers accounting for more than 10% of revenue
Two customers (2024: two) in the Transportation sector accounted for revenue of \u00a3451.0m (2024: \u00a3751.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation
reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign
entity previously treated as a subsidiary undertaking.
Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs.
Short-term leases mostly relate to the hiring of plant for operations on construction sites.
Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other
non-audit services.
Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial
statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign entity previously treated as a subsidiary undertaking. Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs. Short-term leases mostly relate to the hiring of plant for operations on construction sites. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign entity previously treated as a subsidiary undertaking. Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs. Short-term leases mostly relate to the hiring of plant for operations on construction sites. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign entity previously treated as a subsidiary undertaking. Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs. Short-term leases mostly relate to the hiring of plant for operations on construction sites. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign entity previously treated as a subsidiary undertaking. Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs. Short-term leases mostly relate to the hiring of plant for operations on construction sites. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "5 Other operating expenses and income
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
\u00a31.0m of cumulative exchange differences, recognised historically in other comprehensive income and carried forward in the translation reserve, and has been reclassified to the consolidated income statement in the year as a result of Costain no longer controlling a foreign entity previously treated as a subsidiary undertaking. Other expenses in the income statement primarily relate to subcontractor costs, materials, people costs and other business operating costs. Short-term leases mostly relate to the hiring of plant for operations on construction sites. Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
2025 2024
\u00a3m \u00a3m
Profit before tax is stated after charging:
Amortisation and impairment of intangible assets (note 12)
1.1
0.3
Depreciation of property, plant and equipment (note 13)
11.8
11.9
Restructuring costs (note 3)
2.6
\u2013
Transformation costs (note 3)
0.7
5.4
Fire safety claims (note 3)
\u2013
6.7
Expenses relating to short-term leases and leases of low-value assets
24.9
42.6
and after crediting:
Fire safety provision release (note 3)
1.0
\u2013
Restructuring credit (note 3)
\u2013
0.1
Reclassification from Translation Reserve
1.0
\u2013
RDEC grant income
4.6
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Auditor\u2019s remuneration
2025 2024
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditors for the audit of the annual financial statements
0.2
0.2
Fees payable to the Group\u2019s auditors in respect of:
Audit of financial statements of subsidiaries of the Company
1.0
1.0
1.2
1.2
An amount of \u00a30.2m (2024: \u00a30.2m) was paid to the Group\u2019s auditors in 2025 for the independent review of the interim results and other non-audit services. Amounts paid to the Company\u2019s auditors in respect of services to the Company, other than the audit of the Company\u2019s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
6 Employee benefit expense
2025 2024
\u00a3m \u00a3m
Wages and salaries
235.8
233.3
Social security costs
28.8
25.6
Other pension costs \u2013 defined contribution schemes (note 21)
13.8
12.9
Share-based payments expense (note 21)
3.1
2.3
281.5
274.1
2025 2024
Number Number
Monthly average number of persons employed
Natural Resources
1,676
1,608
Transportation
1,349
1,551
Central
24
23
3,049
3,182
Of the above employees, there were none (2024: none) employed overseas.
21 Employee benefits Pensions The Group operates a defined benefit pension scheme in the UK; contributions, if due, are paid by subsidiary undertakings. There are also two defined contribution pension schemes in place in the UK, to which contributions are made by both subsidiary undertakings and employees. The total pension charge in the income statement is \u00a313.1m, comprising \u00a316.1m included in operating costs less \u00a33.0m interest income included in net finance income (2024: \u00a312.2m, comprising \u00a314.8m included in operating costs less \u00a32.6m interest income included in net finance income). Defined benefit scheme The defined benefit scheme was closed to new members on 31 May 2005 and from 1 April 2006, future benefits were calculated on a Career Average Revalued Earnings basis. The scheme was closed to future accrual of benefits to members on 30 September 2009. A full actuarial valuation of the scheme was carried out as at 31 March 2025 and this was updated to 31 December 2025 by a qualified independent actuary. At 31 December 2025, there were 2,875 retirees and 2,296 deferred members (2024: 2,886 retirees and 2,601 deferred members). The weighted average duration of the obligations is 12.0 years (2024: 11.0 years).
2025 2024 2023
\u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(491.0)
(497.5)
(542.6)
Fair value of scheme assets
551.0
552.4
596.1
Recognised asset for defined benefit obligations
60.0
54.9
53.5
2025 2024
Movements in present value of defined benefit obligations \u00a3m \u00a3m
At 1 January
497.5
542.6
Interest cost
26.4
25.0
Remeasurements \u2013 demographic assumptions
(14.0)
0.5
Remeasurements \u2013 financial assumptions
(6.0)
(41.0)
Remeasurements \u2013 experience adjustments
20.3
3.7
Benefits paid
(33.2)
(33.3)
At 31 December
491.0
497.5
2025 2024
Movements in fair value of scheme assets \u00a3m \u00a3m
At 1 January
552.4
596.1
Interest income
29.4
27.6
Remeasurements \u2013 return on assets
2.4
(39.9)
Contributions by employer
\u2013
2.0
Administrative expenses
\u2013
(0.1)
Benefits paid
(33.2)
(33.3)
At 31 December
551.0
552.4
2025 2024
Expense recognised in the income statement \u00a3m \u00a3m
Administrative expenses paid by the pension scheme
\u2013
(0.1)
Administrative expenses paid directly by the Group
(2.3)
(1.8)
Interest income on the net assets of the defined benefit pension scheme
3.0
2.6
0.7
0.7
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
Global equities
90.8
90.0
Multi-asset growth funds
22.6
20.7
Multi-credit fund
80.6
83.8
LDI plus collateral
345.1
339.7
Cash
11.9
18.2
551.0
552.4
All equities are quoted securities. The multi-asset growth funds comprise portfolios of quoted and unquoted investments. The multi-credit fund invests in a portfolio of primarily floating rate debt of non-investment grade or unrated borrowers. The Liability Driven Investments (LDI) portfolio comprises gilts, repurchase agreements and swaps and is supported by a liquid absolute return fund providing collateral. Quoted equities are valued at the prevailing bid, offer or middle-market stock exchange or over-the-counter market prices. In the multi-asset growth funds, the fair values of the underlying unquoted assets are determined by the fund managers using quoted prices for similar assets or other valuation techniques where all the inputs are directly observable or indirectly observable from market data. The loans in the multi-credit fund may be priced either using quotes from a pricing vendor (if available), a broker or at a level determined by the investment manager that is agreed with the fund. The LDI fund is valued using a unit price calculated for the fund based on the net asset value of the underlying assets. The pension scheme does not have any assets invested in the Group\u2019s financial instruments or in property or other assets used by the Group.
2025 2024 2023
Principal actuarial assumptions (expressed as weighted averages) % % %
Discount rate
5.45
5.50
4.75
Future pension increases
2.75
2.95
2.90
Inflation assumption
2.85
3.10
3.05
Weighted average life expectancies from age 65, as per mortality tables, used to determine benefits at 31 December 2025 and 31 December 2024 are:
2025
2024
Male Female Male Female
(years) (years) (years) (years)
Currently aged 65
21.3
23.3
21.9
23.8
Non-retirees currently aged 45
22.1
24.1
22.9
25.1
The discount rate, inflation and pension increase and mortality assumptions have a significant effect on the amounts reported. Changes in these assumptions would have the following effects on the defined benefit scheme:
Pension liability Pension cost
\u00a3m \u00a3m
Increasing the discount rate by 0.25%, decreases pension liability
and increases pension income/reduces pension cost by
Decreasing inflation by 0.25% (which reduces pension increases), decreases
11.9
0.6
pension liability and increases pension income/reduces pension cost by
Increasing life expectancy by one year, increases pension liability
8.7
0.5
and reduces pension income/increases pension cost by
19.5
1.1
As highlighted in the table above, the defined benefit scheme exposes the Group to actuarial risks such as longevity, interest rate, inflation and investment risks. The LDI portfolio is designed to respond to changes in gilt yields in a similar way to a fixed proportion of the liabilities. With the LDI portfolio, if gilt yields fall, the value of the investments will rise to help partially match the increase in the trustee valuation of the liabilities arising from a fall in the gilt yield-based discount rate. Similarly, if gilt yields rise, the value of the matching asset portfolio will fall, as will the valuation of the liabilities because of an increase in the discount rate. The leverage within the LDI portfolio means the equivalent of 95% of the value of the assets is sensitive to changes in interest rates and inflation, and this mitigates the equivalent movement in the liabilities of the scheme as a whole. In accordance with the pension regulations, a triennial actuarial review of the Costain defined benefit pension scheme was carried out as at 31 March 2025. In January 2026, the funding valuation and ongoing Scheme contributions were agreed with the Scheme Trustee. Following this, the dividend parity arrangement that previously existed has been removed, there is no requirement going forward for an annual assessment of the Scheme funding position and there will be no further cash contributions made by the Company into the Scheme under the new schedule of contributions which is in place until January 2031. The next triennial actuarial review will be carried out as at 31 March 2028. Any surplus of deficit contributions to the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the unconditional right to any surplus once all the obligations of the Scheme have been settled. Accordingly, the Group does not expect to have to make provision for these additional contributions arising from this agreement in future financial statements. The DWP has, through the Pension Schemes Bill, introduced a mechanism to allow trustees to address any issues arising from the Virgin Media and the NTL Pension Trustee judgement. This legislation will allow trustees of affected schemes to retrospectively obtain written actuarial confirmation that any historic benefits changes that may have been made meet the necessary standards. The Trustee of the Costain Pension Scheme will review if any action needs to be taken. Defined contribution schemes Two defined contribution pensions schemes are operated. The total expense relating to these plans was \u00a313.8m (2024: \u00a312.9m). Share-based payments The Company operates a number of share-based payment plans, described as follows. Long-Term Incentive Plan (LTIP) Shareholders approved Long-Term Incentive Plans at the 2014 and 2023 AGMs that allow for conditional awards with a maximum face value of up to 150% of base salary to be awarded. The maximum Costain has applied is 100% of base salary. Performance conditions, such as those based on earnings per share and Total Shareholder Return (TSR), are determined by the Remuneration Committee at the time of grant. Annual Incentive Plan (AIP) Executive Directors and other senior management are eligible to participate in the Company\u2019s Annual Incentive Plan, under which one-third of the award is deferred into shares (the Share Deferral Plan (SDP)). The total AIP award of up to 150% of base salary has performance conditions based on Group \u2018adjusted operating profit\u2019 and other measures. Financial metrics will comprise at least 50% of AIP opportunity. The share award element vests on the second anniversary of the date of grant and will be satisfied by shares purchased by a trust on behalf of the Group. It will not lead to any dilution of shareholder interest. Participants must be in employment with the Company and not under notice of termination (either given or received) on the date of grant. Save As You Earn Scheme (SAYE) The Company operates a SAYE scheme that is open to all eligible employees who pay a fixed amount from salary into a savings account each month and elect to save over three years. At the end of the savings period, employees have six months in which to exercise their options using the funds saved together with any interest or bonus (after which the options expire). If employees decide not to exercise their options, they may withdraw the funds saved. Exercise of options is subject to continued employment within the Group (except where permitted by the rules of the scheme). Share-based payment expense The amount recognised in the income statement, before tax, for share-based payment transactions with employees was \u00a33.1m (2024: \u00a32.3m); the entire charge relates to subsidiaries. Options outstanding at the end of the year The movements in the outstanding LTIPs (nil-cost option) and AIP (nil-cost option), which provide for the grant of shares to Executive Directors and senior management, and the outstanding SAYE schemes, are shown below:
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2024
13.6
3.4
4.9
50.0
Forfeited during the year
(1.4)
(0.1)
(0.4)
51.1
Exercised during the year
(0.7)
(1.9)
\u2013
50.0
Granted during the year
3.0
1.5
4.0
81.2
Outstanding at 31 December 2024
14.5
2.9
8.5
64.8
Outstanding at 1 January 2025
14.5
2.9
8.5
64.8
Forfeited during the year
(1.9)
(0.3)
(0.4)
62.2
Exercised during the year
(2.2)
(1.2)
\u2013
\u2013
Granted during the year
2.5
1.3
3.1
102.0
Outstanding at 31 December 2025
12.9
2.7
11.2
75.1
Exercisable at the end of the period
3.5
0.3
\u2013
\u2013
Share options outstanding at the end of the year had a weighted average remaining contractual life of 5.8 years (2024: 5.8 years). The fair value of options granted is calculated using the Black\u2013Scholes option pricing model. The aggregate fair value of options granted during the year was \u00a34.4m (2024: \u00a34.9m). The assumptions used in valuing the grants were:
2025
2024
Expected volatility
39.2%
43.9%
Expected life (years)
3.5
3.5
Risk-free interest rate
3.9%
3.9%
Expected dividend yield
2.1%
1.2%
The expected volatility is based on the historical share price volatility over a term matching the expected life. The expected life is based on management\u2019s best estimate having regard to the effect of non-transferability, exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "6 Employee benefit expense
2025 2024
\u00a3m \u00a3m
Wages and salaries
235.8
233.3
Social security costs
28.8
25.6
Other pension costs \u2013 defined contribution schemes (note 21)
13.8
12.9
Share-based payments expense (note 21)
3.1
2.3
281.5
274.1
2025 2024
Number Number
Monthly average number of persons employed
Natural Resources
1,676
1,608
Transportation
1,349
1,551
Central
24
23
3,049
3,182
Of the above employees, there were none (2024: none) employed overseas. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "7 Remuneration of Directors Details of the Directors\u2019 remuneration, pension entitlements, interest in the Long-Term Incentive Plans, Annual Incentive Plans and share options are included in the Directors\u2019 Remuneration Report. For the purpose of the disclosure required by Schedule 5 to the Companies Act 2006, the total aggregate emoluments of the Directors in respect of 2025 and 2024 are detailed below:
2025 2024
\u00a3m \u00a3m
Remuneration
2.0
2.2
Post-employment benefits
\u2013
0.1
2.0
2.3
Transactions with key management personnel Disclosures related to the remuneration of key management personnel as defined in IAS 24, \u2018Related Party Disclosures\u2019 are given below. Key management personnel, as defined under IAS 24, \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls operated by the Group ensure that all key decisions are reserved for the Board. As at 9 March 2026, the date of signing this report, the Directors of the Company and their immediate relatives control 990,877 ordinary shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.37% (2024: 0.31%). In addition to their salaries, in respect of the Executive Directors and Executive Officers, the Group provides non-cash benefits and contributes to defined contribution pension plans. Executive Directors and Executive Officers also participate in the Group\u2019s LTIP, AIP and SAYE plans, which are detailed in note 21. The compensation of key management personnel, including the Directors, is as follows:
Group
2025
2024
1
\u00a3m \u00a3m
Directors\u2019 emoluments
2.0
2.2
Executive officers\u2019 emoluments
3.5
2.2
Post-employment benefits
0.2
0.2
Termination benefits
\u2013
\u2013
Share-based payments
2.0
2.0
7.7
6.6
1 The 2024 Directors\u2019 emoluments have been restated to include annual incentive payments. The above amounts are included in employee benefit expense (note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
8 Finance income/(expense)
2025 2024
\u00a3m \u00a3m
Interest income from bank deposits
5.0
6.7
Interest income on the net assets of the defined benefit pension scheme (note 21)
3.0
2.6
Finance income
8.0
9.3
Interest payable on interest bearing bank loans, borrowings and other similar charges
(1.8)
(1.4)
Interest expense on lease liabilities
(2.4)
(2.5)
Finance expense
(4.2)
(3.9)
Net finance income
3.8
5.4
Other similar charges includes arrangement and commitment fees payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
9 Taxation
2025 2024
\u00a3m \u00a3m
On profit for the year
UK corporation tax at statutory rate of 25.0% (2024: 25.0%)
(5.1)
(4.1)
Adjustment in respect of prior years
0.2
1.0
Current tax charge for the year
(4.9)
(3.1)
Deferred tax charge for the current year
(5.3)
(4.0)
Adjustment in respect of prior years
(0.7)
1.2
Deferred tax charge for the year
(6.0)
(2.8)
Tax charge in the consolidated income statement
(10.9)
(5.9)
2025 2024
\u00a3m \u00a3m
Tax reconciliation
Profit before tax
48.2
36.5
Taxation at 25.0% (2024: 25.0%)
(12.0)
(9.1)
Amounts qualifying for tax relief and disallowed expenses
1.6
1.0
Adjustments in respect of prior years
(0.5)
2.2
Tax charge in the consolidated income statement
(10.9)
(5.9)
Effective rate of tax
22.6%
16.2%
The tax above does not include any amounts for equity accounted joint ventures and associates, whose results are disclosed in the
consolidated income statement net of tax.
The current tax liability of \u00a30.3m (2024: \u00a31.5m asset) for the Group and asset of \u00a30.2m (2024: liability of \u00a30.2m) for the Company
represent the amount of tax in respect of all outstanding periods and include the Group\u2019s best estimate of any assets and liabilities,
where appropriate.
2025 2024
\u00a3m \u00a3m
Tax in other comprehensive income
Current tax \u2013 Retirement benefit assets
\u2013
1.2
Deferred tax \u2013 Retirement benefit obligations/assets and short-term temporary timing differences
0.3
(0.4)
Tax credit in other comprehensive income
0.3
0.8
2025 2024
\u00a3m \u00a3m
Deferred tax asset recognised
Accelerated capital allowances
(0.4)
1.0
Short-term temporary differences
6.8
3.6
Retirement benefit assets
(15.0)
(13.7)
Tax losses
11.5
17.7
Deferred tax asset
2.9
8.6
Deferred tax assets have been calculated at the rate of 25.0% (2024: 25.0%).
Deferred tax assets have been recognised in respect of accumulated tax losses in the UK of \u00a346.1m (2024: \u00a370.8m). The deferred tax
assets include an amount of \u00a311.5m (2024: \u00a317.7m), which relates to these carried forward tax losses. These have been recognised to the
extent it is expected that they will be recoverable within two years (2024: three years) using the estimated future taxable income based
on the approved forecasts for the Group and reasonably likely estimated future profits. These losses can be carried forward indefinitely
and have no expiry date.
The Group is within the scope of the OECD Pillar Two rules, which implement a minimum effective tax rate of 15% on profits of large multinational groups in each country in which they operate. These rules were enacted in the UK on 11 July 2023 and apply to the Group from the financial year ended 31 December 2024 onwards. The impact of the rules is not material to the Group given the UK profile. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities, as provided in the amendments to IAS 12 issued in May 2023. The Company has no deferred tax asset (2024: no) relating to short-term temporary differences.
2025 2024
\u00a3m \u00a3m
Analysis of deferred tax movements
At 1 January
8.6
11.8
Deferred tax in consolidated income statement
Accelerated capital allowances
(1.4)
(1.2)
Short-term temporary differences
2.4
2.0
Retirement benefit assets/obligations
(0.8)
\u2013
Tax losses
(6.2)
(3.6)
(6.0)
(2.8)
Deferred tax in other comprehensive income
Retirement benefit assets
(0.5)
(0.4)
Short-term temporary differences
0.8
\u2013
At 31 December
2.9
8.6
Factors that may affect future tax charges The corporation tax rate since 1 April 2024 is 25.0%. No changes to this rate have been announced by the government. Deferred tax balances in these financial statements have, therefore, been calculated at the rate of 25.0%. Deferred tax assets not recognised The Group and Company have deferred tax assets in their UK operations that have not been recognised at the year-end on the basis that their future economic benefits were not assured at the statement of financial position date. The following gross value items are available as deferred tax assets:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Management expenses and charges incurred by Parent Company
54.4
54.4
54.2
54.2
Capital losses
270.6
270.6
241.0
241.0
The current year tax effect of claiming short-term temporary differences and trading tax losses was \u00a3nil (2024: \u00a3nil) as shown in the tax reconciliation above. There are no expiry dates associated with the deferred tax assets not recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "9 Taxation
2025 2024
\u00a3m \u00a3m
On profit for the year
UK corporation tax at statutory rate of 25.0% (2024: 25.0%)
(5.1)
(4.1)
Adjustment in respect of prior years
0.2
1.0
Current tax charge for the year
(4.9)
(3.1)
Deferred tax charge for the current year
(5.3)
(4.0)
Adjustment in respect of prior years
(0.7)
1.2
Deferred tax charge for the year
(6.0)
(2.8)
Tax charge in the consolidated income statement
(10.9)
(5.9)
2025 2024
\u00a3m \u00a3m
Tax reconciliation
Profit before tax
48.2
36.5
Taxation at 25.0% (2024: 25.0%)
(12.0)
(9.1)
Amounts qualifying for tax relief and disallowed expenses
1.6
1.0
Adjustments in respect of prior years
(0.5)
2.2
Tax charge in the consolidated income statement
(10.9)
(5.9)
Effective rate of tax
22.6%
16.2%
The tax above does not include any amounts for equity accounted joint ventures and associates, whose results are disclosed in the consolidated income statement net of tax. The current tax liability of \u00a30.3m (2024: \u00a31.5m asset) for the Group and asset of \u00a30.2m (2024: liability of \u00a30.2m) for the Company represent the amount of tax in respect of all outstanding periods and include the Group\u2019s best estimate of any assets and liabilities, where appropriate.
2025 2024
\u00a3m \u00a3m
Tax in other comprehensive income
Current tax \u2013 Retirement benefit assets
\u2013
1.2
Deferred tax \u2013 Retirement benefit obligations/assets and short-term temporary timing differences
0.3
(0.4)
Tax credit in other comprehensive income
0.3
0.8
2025 2024
\u00a3m \u00a3m
Deferred tax asset recognised
Accelerated capital allowances
(0.4)
1.0
Short-term temporary differences
6.8
3.6
Retirement benefit assets
(15.0)
(13.7)
Tax losses
11.5
17.7
Deferred tax asset
2.9
8.6
Deferred tax assets have been calculated at the rate of 25.0% (2024: 25.0%). Deferred tax assets have been recognised in respect of accumulated tax losses in the UK of \u00a346.1m (2024: \u00a370.8m). The deferred tax assets include an amount of \u00a311.5m (2024: \u00a317.7m), which relates to these carried forward tax losses. These have been recognised to the extent it is expected that they will be recoverable within two years (2024: three years) using the estimated future taxable income based on the approved forecasts for the Group and reasonably likely estimated future profits. These losses can be carried forward indefinitely and have no expiry date.
The Group is within the scope of the OECD Pillar Two rules, which implement a minimum effective tax rate of 15% on profits of large
multinational groups in each country in which they operate. These rules were enacted in the UK on 11 July 2023 and apply to the Group
from the financial year ended 31 December 2024 onwards. The impact of the rules is not material to the Group given the UK profile.
The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities, as provided in the
amendments to IAS 12 issued in May 2023.
The Company has no deferred tax asset (2024: no) relating to short-term temporary differences.
2025 2024
\u00a3m \u00a3m
Analysis of deferred tax movements
At 1 January
8.6
11.8
Deferred tax in consolidated income statement
Accelerated capital allowances
(1.4)
(1.2)
Short-term temporary differences
2.4
2.0
Retirement benefit assets/obligations
(0.8)
\u2013
Tax losses
(6.2)
(3.6)
(6.0)
(2.8)
Deferred tax in other comprehensive income
Retirement benefit assets
(0.5)
(0.4)
Short-term temporary differences
0.8
\u2013
At 31 December
2.9
8.6
Factors that may affect future tax charges
The corporation tax rate since 1 April 2024 is 25.0%. No changes to this rate have been announced by the government. Deferred tax
balances in these financial statements have, therefore, been calculated at the rate of 25.0%.
Deferred tax assets not recognised
The Group and Company have deferred tax assets in their UK operations that have not been recognised at the year-end on the basis
that their future economic benefits were not assured at the statement of financial position date.
The following gross value items are available as deferred tax assets:
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Management expenses and charges incurred by Parent Company
54.4
54.4
54.2
54.2
Capital losses
270.6
270.6
241.0
241.0
The current year tax effect of claiming short-term temporary differences and trading tax losses was \u00a3nil (2024: \u00a3nil) as shown in the tax
reconciliation above.
There are no expiry dates associated with the deferred tax assets not recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "The Group is within the scope of the OECD Pillar Two rules, which implement a minimum effective tax rate of 15% on profits of large multinational groups in each country in which they operate. These rules were enacted in the UK on 11 July 2023 and apply to the Group from the financial year ended 31 December 2024 onwards. The impact of the rules is not material to the Group given the UK profile. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "10 Earnings per share The calculation of earnings per share is based on profit of \u00a337.3m (2024: \u00a330.6m) and the number of shares set out below.
2025 2024
Number Number
(millions) (millions)
Weighted average number of ordinary shares in issue for basic earnings per share calculation
268.5
271.3
Dilutive potential ordinary shares arising from employee share schemes
4.2
3.3
Weighted average number of ordinary shares in issue for diluted earnings per share calculation
272.7
274.6
At 31 December 2025, 0.7m options were excluded from the weighted average number of ordinary shares calculation because they were anti-dilutive (2024: nil options were excluded).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "11 Dividends
Dividend per 2025 2024
share pence \u00a3m \u00a3m
Final dividend for the year ended 31 December 2023
0.8
\u2013
2.2
Interim dividend for the year ended 31 December 2024
0.4
\u2013
1.1
Final dividend for the year ended 31 December 2024
2.0
5.3
\u2013
Interim dividend for the year ended 31 December 2025
1.0
2.6
\u2013
Amount recognised as distributions to equity holders in the year
7.9
3.3
Dividends settled in shares
(0.6)
(0.1)
Dividends settled in cash
7.3
3.2
An interim dividend of 1.0 pence per share was paid for the six months ended 30 June 2025. The Board is proposing a final dividend of 3. 2 pence per share. The Board\u2019s current policy for dividends is described in note 18 a) Capital management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "11 Dividends
Dividend per 2025 2024
share pence \u00a3m \u00a3m
Final dividend for the year ended 31 December 2023
0.8
\u2013
2.2
Interim dividend for the year ended 31 December 2024
0.4
\u2013
1.1
Final dividend for the year ended 31 December 2024
2.0
5.3
\u2013
Interim dividend for the year ended 31 December 2025
1.0
2.6
\u2013
Amount recognised as distributions to equity holders in the year
7.9
3.3
Dividends settled in shares
(0.6)
(0.1)
Dividends settled in cash
7.3
3.2
An interim dividend of 1.0 pence per share was paid for the six months ended 30 June 2025. The Board is proposing a final dividend of 3. 2 pence per share. The Board\u2019s current policy for dividends is described in note 18 a) Capital management.
22 Share capital
2025
2024
Number Nominal value Number Nominal value
(millions) \u00a3m (millions) \u00a3m
Issued share capital
Shares in issue at beginning of year \u2013 ordinary shares of one pence
each, fully paid (2024: 50 pence each)
268.8
2.7
276.7
138.3
Issued in year (see below)
4.3
\u2013
1.8
0.9
Nominal value reduction
\u2013
\u2013
\u2013
(136.4)
Share buyback
(6.4)
\u2013
(9.7)
(0.1)
Shares in issue at end of year \u2013
ordinary shares of one pence each, fully paid
266.7
2.7
268.8
2.7
The Company\u2019s issued share capital comprised 266,714,895 ordinary shares of one pence each as at 31 December 2025
(2024: 268,766,087 ordinary shares). All shares rank pari passu regarding entitlement to capital and dividends.
The 2022 LTIP vested in the year and 3,800,000 shares were issued in April 2025 to satisfy this vesting.
A total of 543,908 shares were issued under the Scrip Dividend Scheme during 2025.
In June 2025, Costain announced an on-market share buyback programme. This programme was completed in August 2025 and resulted
in the purchase of 6,395,100 ordinary shares in aggregate for cancellation.
The share options outstanding at the year-end are detailed in note 21. Details of the performance conditions and the options granted
to Executive Directors are given in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "0.01", "decimals": 3, "dimensions": { "concept": "costaingroupplc:InterimDividend", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-424": { "value": "0.032", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-395": { "value": "
12 Intangible assets
Customer Other acquired Other
Goodwill relationships intangibles intangibles Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
54.1
15.4
9.7
16.2
95.4
Additions
\u2013
\u2013
\u2013
5.8
5.8
Disposals
\u2013
\u2013
\u2013
(7.6)
(7.6)
At 31 December 2024
54.1
15.4
9.7
14.4
93.6
At 1 January 2025
54.1
15.4
9.7
14.4
93.6
Additions
\u2013
\u2013
\u2013
1.0
1.0
At 31 December 2025
54.1
15.4
9.7
15.4
94.6
Accumulated amortisation and impairment
At 1 January 2024
9.0
15.4
9.7
15.6
49.7
Charge in year
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
(7.6)
(7.6)
At 31 December 2024
9.0
15.4
9.7
8.3
42.4
At 1 January 2025
9.0
15.4
9.7
8.3
42.4
Charge in year
\u2013
\u2013
\u2013
1.1
1.1
At 31 December 2025
9.0
15.4
9.7
9.4
43.5
Net book value
At 31 December 2025
45.1
\u2013
\u2013
6.0
51.1
At 31 December 2024
45.1
\u2013
\u2013
6.1
51.2
At 1 January 2024
45.1
\u2013
\u2013
0.6
45.7
Additions to Other intangibles in the prior year relate to the investment in a new HR system.
Goodwill has been allocated to the applicable cash-generating units of the Transportation segment (\u00a315.5m (2024: \u00a315.5m)) and the
Natural Resources segment (\u00a329.6m (2024: \u00a329.6m)).
As described in note 2, the Group reviews the value of goodwill and, in the absence of any identified impairment risks, tests are based on
internal value in use calculations of the cash-generating unit (CGU). The key assumptions for these calculations are: operating margins,
discount rates and growth rates.
Discount rates have been estimated based on pre-tax rates that reflect current market assessments of the time value of money and
the risks specific to the CGU. The rates used to discount the forecast cash flows for the Transportation and Natural Resources CGUs
were 13.5% and 13.8% respectively. In 2024, the rates used to discount the forecast cash flows for both the Transportation and Natural
Resources CGUs was 15.9%.
The value-in-use calculations use the Group\u2019s four-year cash flow forecasts, which are based on the expected revenues and profitability
of each CGU, taking into account the current level of secured and anticipated orders, extrapolated for future years by the expected
growth rate applicable to each CGU, 2.0% for both Transportation and Natural Resources (2024: 2.0% for both Transportation and
Natural Resources).
At 31 December 2025, based on the internal value-in-use calculations, management concluded that the recoverable value of both the
Natural Resources and the Transportation cash-generating units exceeded their respective carrying amounts with substantial headroom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "12 Intangible assets
Customer Other acquired Other
Goodwill relationships intangibles intangibles Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
54.1
15.4
9.7
16.2
95.4
Additions
\u2013
\u2013
\u2013
5.8
5.8
Disposals
\u2013
\u2013
\u2013
(7.6)
(7.6)
At 31 December 2024
54.1
15.4
9.7
14.4
93.6
At 1 January 2025
54.1
15.4
9.7
14.4
93.6
Additions
\u2013
\u2013
\u2013
1.0
1.0
At 31 December 2025
54.1
15.4
9.7
15.4
94.6
Accumulated amortisation and impairment
At 1 January 2024
9.0
15.4
9.7
15.6
49.7
Charge in year
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
(7.6)
(7.6)
At 31 December 2024
9.0
15.4
9.7
8.3
42.4
At 1 January 2025
9.0
15.4
9.7
8.3
42.4
Charge in year
\u2013
\u2013
\u2013
1.1
1.1
At 31 December 2025
9.0
15.4
9.7
9.4
43.5
Net book value
At 31 December 2025
45.1
\u2013
\u2013
6.0
51.1
At 31 December 2024
45.1
\u2013
\u2013
6.1
51.2
At 1 January 2024
45.1
\u2013
\u2013
0.6
45.7
Additions to Other intangibles in the prior year relate to the investment in a new HR system. Goodwill has been allocated to the applicable cash-generating units of the Transportation segment (\u00a315.5m (2024: \u00a315.5m)) and the Natural Resources segment (\u00a329.6m (2024: \u00a329.6m)). As described in note 2, the Group reviews the value of goodwill and, in the absence of any identified impairment risks, tests are based on internal value in use calculations of the cash-generating unit (CGU). The key assumptions for these calculations are: operating margins, discount rates and growth rates. Discount rates have been estimated based on pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU. The rates used to discount the forecast cash flows for the Transportation and Natural Resources CGUs were 13.5% and 13.8% respectively. In 2024, the rates used to discount the forecast cash flows for both the Transportation and Natural Resources CGUs was 15.9%. The value-in-use calculations use the Group\u2019s four-year cash flow forecasts, which are based on the expected revenues and profitability of each CGU, taking into account the current level of secured and anticipated orders, extrapolated for future years by the expected growth rate applicable to each CGU, 2.0% for both Transportation and Natural Resources (2024: 2.0% for both Transportation and Natural Resources). At 31 December 2025, based on the internal value-in-use calculations, management concluded that the recoverable value of both the Natural Resources and the Transportation cash-generating units exceeded their respective carrying amounts with substantial headroom.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
13 Property, plant and equipment
Right-of-use assets
Leasehold Plant and Vehicles Land and Plant and
improvements equipment buildings equipment Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
\u2013
15.0
19.6
19.5
13.1
67.2
Additions
8.2
0.1
8.9
7.3
2.3
26.8
Disposals
\u2013
(7.1)
(5.7)
(10.9)
(9.8)
(33.5)
At 31 December 2024
8.2
8.0
22.8
15.9
5.6
60.5
At 1 January 2025
8.2
8.0
22.8
15.9
5.6
60.5
Additions
0.3
1.1
6.6
0.1
4.5
12.6
Disposals
\u2013
(0.1)
(4.0)
(2.1)
(4.9)
(11.1)
At 31 December 2025
8.5
9.0
25.4
13.9
5.2
62.0
Accumulated depreciation and impairment
At 1 January 2024
\u2013
14.6
9.0
9.8
7.0
40.4
Charge in year
0.2
0.2
6.1
2.8
2.6
11.9
Disposals
\u2013
(7.1)
(5.6)
(8.3)
(6.1)
(27.1)
At 31 December 2024
0.2
7.7
9.5
4.3
3.5
25.2
At 1 January 2025
0.2
7.7
9.5
4.3
3.5
25.2
Charge in year
1.1
0.1
6.9
1.8
1.9
11.8
Disposals
\u2013
(0.1)
(4.0)
(1.8)
(3.6)
(9.5)
At 31 December 2025
1.3
7.7
12.4
4.3
1.8
27.5
Net book value
At 31 December 2025
7.2
1.3
13.0
9.6
3.4
34.5
At 31 December 2024
8.0
0.3
13.3
11.6
2.1
35.3
At 1 January 2024
\u2013
0.4
10.6
9.7
6.1
26.8
Additions to Leasehold improvements in the prior year relate to the fit out of the new London office and related dilapidations provisions
as well as additions to the Manchester office and related dilpidations provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "13 Property, plant and equipment
Right-of-use assets
Leasehold Plant and Vehicles Land and Plant and
improvements equipment buildings equipment Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
\u2013
15.0
19.6
19.5
13.1
67.2
Additions
8.2
0.1
8.9
7.3
2.3
26.8
Disposals
\u2013
(7.1)
(5.7)
(10.9)
(9.8)
(33.5)
At 31 December 2024
8.2
8.0
22.8
15.9
5.6
60.5
At 1 January 2025
8.2
8.0
22.8
15.9
5.6
60.5
Additions
0.3
1.1
6.6
0.1
4.5
12.6
Disposals
\u2013
(0.1)
(4.0)
(2.1)
(4.9)
(11.1)
At 31 December 2025
8.5
9.0
25.4
13.9
5.2
62.0
Accumulated depreciation and impairment
At 1 January 2024
\u2013
14.6
9.0
9.8
7.0
40.4
Charge in year
0.2
0.2
6.1
2.8
2.6
11.9
Disposals
\u2013
(7.1)
(5.6)
(8.3)
(6.1)
(27.1)
At 31 December 2024
0.2
7.7
9.5
4.3
3.5
25.2
At 1 January 2025
0.2
7.7
9.5
4.3
3.5
25.2
Charge in year
1.1
0.1
6.9
1.8
1.9
11.8
Disposals
\u2013
(0.1)
(4.0)
(1.8)
(3.6)
(9.5)
At 31 December 2025
1.3
7.7
12.4
4.3
1.8
27.5
Net book value
At 31 December 2025
7.2
1.3
13.0
9.6
3.4
34.5
At 31 December 2024
8.0
0.3
13.3
11.6
2.1
35.3
At 1 January 2024
\u2013
0.4
10.6
9.7
6.1
26.8
Additions to Leasehold improvements in the prior year relate to the fit out of the new London office and related dilapidations provisions as well as additions to the Manchester office and related dilpidations provisions. Leased assets Other amounts recognised in the income statement:
2025 2024
\u00a3m \u00a3m
Interest expense (included in finance expense)
2.4
2.5
Expense relating to short-term leases (included in cost of sales and administrative expenses)
24.9
42.6
The lease liabilities relating to these right-of-use assets are as follows:
2025 2024
\u00a3m \u00a3m
Current
8.5
13.0
Non-current
16.5
12.8
25.0
25.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
Leased assets
Other amounts recognised in the income statement:
2025 2024
\u00a3m \u00a3m
Interest expense (included in finance expense)
2.4
2.5
Expense relating to short-term leases (included in cost of sales and administrative expenses)
24.9
42.6
The lease liabilities relating to these right-of-use assets are as follows:
2025 2024
\u00a3m \u00a3m
Current
8.5
13.0
Non-current
16.5
12.8
25.0
25.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "14 Investments in subsidiaries, equity accounted joint ventures and associates Group Details of subsidiary undertakings, joint ventures, joint operations and associates are shown in note 24. Certain subsidiaries of the Group (as indicated in note 24) have opted to take advantage of the audit exemption under Section 479A of the Companies Act 2006 for the year ended 31 December 2025. In order to take advantage of this exemption, Costain Group PLC undertakes to provide a Parent Company guarantee in respect of debts and liabilities of these subsidiaries at the balance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under these guarantees as remote. Company
Investments in subsidiaries
\u00a3m
Cost
At 1 January 2024
429.3
Additions
2.3
At 31 December 2024
431.6
At 1 January 2025
431.6
Additions
3.1
At 31 December 2025
434.7
Amounts written off
At 1 January 2024
(273.7)
At 31 December 2024
(273.7)
At 1 January 2025
(273.7)
At 31 December 2025
(273.7)
Net book value
At 31 December 2025
161.0
At 31 December 2024
157.9
At 1 January 2024
155.6
Additions relate to the increase in the cost of investments in subsidiaries by the equivalent amount of the equity-settled share-based payment charge in relation to employees of subsidiaries included in the income statement (\u00a33.1m (2024: \u00a32.3m)). Details of the Company\u2019s subsidiaries are set out in note 24.
Registered
Percentage of office/principal
Activity equity held place of business
Principal subsidiary undertakings
Costain Limited
Engineering, Construction and Maintenance
100
(1)
Costain Engineering & Construction Limited
Holding and Service Company
100
(1)
Costain Engineering Limited
Engineering
100
(1)
Costain Oil, Gas & Process Limited
Process Engineering
100
(1)
Richard Costain Limited
Service Company
100
(1)
The equity capital of the above are held by subsidiary undertakings with the exception of Richard Costain Limited and Costain Engineering & Construction Limited. Costain Engineering Limited was incorporated on 7 February 2025. All undertakings operate mainly in the country of incorporation. See key to registered office/principal place of business at the bottom of this note. All holdings are of ordinary shares and there have been no changes to the equity percentages held in 2025. In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, associates, joint ventures and joint arrangements is required:
Registered
Percentage of office/principal
Status equity held place of business
Other subsidiaries owned directly by Costain Group PLC
Costain Civil Engineering Limited
Holding Company
100
(1)
Costain Investments Limited
Dormant
100
(7)
Costain USA Inc.
Holding Company
100
(5)
County & District Properties Limited
1
Trading
100
(1)
Renown Investments (Holdings) Limited
1
Trading
100
(1)
Lysander Services Limited
1
Trading
100
(1)
Other subsidiaries owned indirectly by Costain Group PLC
Brunswick Infrastructure Services Limited
Dissolved August 2025
100
(1)
Calvert & Russell Limited
1
Dormant
100
(1)
CLM Engineering (Overseas) Limited
Dissolved August 2025
100
(1)
COGAP (Middle East) Limited
1
Holding Company
100
(1)
Construction Study Centre Limited
1
Dormant
100
(1)
Costain Alcaidesa Limited
Dissolved August 2025
100
(1)
Costain America Inc.
Holding Company
100
(5)
Costain Building & Civil Engineering Limited
1
Holding Company
100
(1)
Costain Construction Limited
Dissolved December 2025
100
(1)
Costain de Venezuela CA
Dormant
100
(13)
Costain Energy Solutions Limited
1
Dormant
100
(1)
Costain Engineering & Construction (Overseas) Limited
1
Holding Company
100
(1)
Costain Engineering Services Inc.
Dormant
100
(5)
Costain Integrated Services Limited
1
Trading
100
(1)
Costain Integrated Technology Solutions Limited
1
Trading
100
(1)
Costain International Limited
Dissolved August 2025
100
(1)
Costain Management Design Limited
Dissolved August 2025
100
(1)
Costain Minerals Inc.
Dormant
100
(5)
Costain Mining Services Inc.
Dormant
100
(5)
Costain Oil, Gas & Process (Nigeria) Limited
Dormant
95
(14)
Costain Oil, Gas & Process (Overseas) Limited
1
Dormant
100
(1)
Costain Process Construction Limited
Dissolved August 2025
100
(1)
Costain Upstream Limited
1
Trading
100
(2)
Promanex (Civils & Industrial Services) Limited
Dissolved August 2025
100
(1)
Promanex (Construction & Maintenance Services) Limited
Dissolved August 2025
100
(1)
Promanex (Total FM & Environmental Services) Limited
Dissolved August 2025
100
(1)
Sunland Mining Corporation (II)
Dormant
100
(5)
Westminster Plant Co. Limited
Dissolved August 2025
100
(1)
1 Denotes that the entity has taken the audit exemption under Section 479A of the Companies Act 2006 for the financial year ended 31 December 2025.
Key to registered office/principal place of business
(1) Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England
(2) Neo House, Riverside, Aberdeen AB11 7LH, Scotland
(3)
210
Pentonville Road, London N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Alstom, Litchurch Lane, Derby DE24 8AD, England
(7)
P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(8) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(9) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(10)
P.O.Box 6967, 21452,
Jeddah, Saudi Arabia
(11)
Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(12) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(13) Dormant company \u2013 Venezuela, no record of address
(14) Dormant company \u2013 Nigeria, no record of address
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
Investments in joint ventures
\u00a3m
Cost
At 1 January 2024
20.9
At 31 December 2024
20.9
At 1 January 2025
20.9
At 31 December 2025
20.9
Share of post-acquisition reserves
At 1 January 2024
(14.0)
At 31 December 2024
(14.0)
At 1 January 2025
(14.0)
Loss for the year
(0.4)
At 31 December 2025
(14.4)
Accumulated impairment
At 1 January 2024
(6.5)
At 31 December 2024
(6.5)
At 1 January 2025
(6.5)
At 31 December 2025
(6.5)
Net book value
At 31 December 2025
\u2013
At 31 December 2024
0.4
At 1 January 2024
0.4
Analysis of Group share of revenue, income and assets and liabilities of joint ventures
2025 2024
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
0.1
Loss before tax
(0.4)
\u2013
Taxation
\u2013
\u2013
Loss for the year
(0.4)
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
\u2013
0.7
Cash and cash equivalents
0.2
0.1
Trade and other payables \u2013 current
(0.2)
(0.4)
Non-current liabilities
\u2013
\u2013
Investments in joint ventures and associates
\u2013
0.4
Dividends received by Group
\u2013
\u2013
Net interest payable by joint ventures in 2025 was \u00a3nil (2024: \u00a3nil). There was no (2024: no) interest income and interest expense during the year. At the year-end, there were no capital or financial commitments entered into by the joint ventures (2024: none). Analysis of the total revenue, income, assets and liabilities of joint ventures
2025 2024
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
0.2
Loss before tax
(1.0)
\u2013
Taxation
\u2013
\u2013
Loss for the year
(1.0)
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
\u2013
1.5
Cash and cash equivalents
0.4
0.2
Trade and other payables \u2013 current
(0.4)
(0.7)
Non-current liabilities
\u2013
\u2013
Equity
\u2013
1.0
There is no other comprehensive income/(expense) in respect of joint ventures or associates.
Registered
Percentage of office/principal place
Status equity held of business
Other joint ventures or associates owned indirectly by Costain Group PLC
4Delivery Limited
Trading
40
(3)
ABC Electrification Ltd
In strike off
33.3
(6)
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(12)
Costain Abu Dhabi Co WLL
Dormant
49
(8)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(11)
Jalal Costain WLL
Dormant
49
(9)
Nesma-Costain Process Co. Limited
Dormant
50
(10)
Key to registered office/principal place of business
(1) Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England
(2) Neo House, Riverside, Aberdeen AB11 7LH, Scotland
(3)
210
Pentonville Road, London N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Alstom, Litchurch Lane, Derby DE24 8AD, England
(7)
P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(8) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(9) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(10)
P.O.Box 6967, 21452,
Jeddah, Saudi Arabia
(11)
Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(12) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(13) Dormant company \u2013 Venezuela, no record of address
(14) Dormant company \u2013 Nigeria, no record of address
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
Investments in joint ventures
\u00a3m
Cost
At 1 January 2024
20.9
At 31 December 2024
20.9
At 1 January 2025
20.9
At 31 December 2025
20.9
Share of post-acquisition reserves
At 1 January 2024
(14.0)
At 31 December 2024
(14.0)
At 1 January 2025
(14.0)
Loss for the year
(0.4)
At 31 December 2025
(14.4)
Accumulated impairment
At 1 January 2024
(6.5)
At 31 December 2024
(6.5)
At 1 January 2025
(6.5)
At 31 December 2025
(6.5)
Net book value
At 31 December 2025
\u2013
At 31 December 2024
0.4
At 1 January 2024
0.4
Analysis of Group share of revenue, income and assets and liabilities of joint ventures
2025 2024
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
0.1
Loss before tax
(0.4)
\u2013
Taxation
\u2013
\u2013
Loss for the year
(0.4)
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
\u2013
0.7
Cash and cash equivalents
0.2
0.1
Trade and other payables \u2013 current
(0.2)
(0.4)
Non-current liabilities
\u2013
\u2013
Investments in joint ventures and associates
\u2013
0.4
Dividends received by Group
\u2013
\u2013
Net interest payable by joint ventures in 2025 was \u00a3nil (2024: \u00a3nil). There was no (2024: no) interest income and interest expense
during the year.
At the year-end, there were no capital or financial commitments entered into by the joint ventures (2024: none).
Analysis of the total revenue, income, assets and liabilities of joint ventures
2025 2024
Joint ventures Joint ventures
\u00a3m \u00a3m
Revenue
\u2013
0.2
Loss before tax
(1.0)
\u2013
Taxation
\u2013
\u2013
Loss for the year
(1.0)
\u2013
Non-current assets
\u2013
\u2013
Trade and other receivables
\u2013
1.5
Cash and cash equivalents
0.4
0.2
Trade and other payables \u2013 current
(0.4)
(0.7)
Non-current liabilities
\u2013
\u2013
Equity
\u2013
1.0
There is no other comprehensive income/(expense) in respect of joint ventures or associates.
Registered
Percentage of office/principal place
Status equity held of business
Other joint ventures or associates owned indirectly by Costain Group PLC
4Delivery Limited
Trading
40
(3)
ABC Electrification Ltd
In strike off
33.3
(6)
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(12)
Costain Abu Dhabi Co WLL
Dormant
49
(8)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(11)
Jalal Costain WLL
Dormant
49
(9)
Nesma-Costain Process Co. Limited
Dormant
50
(10)
Key to registered office/principal place of business
(1) Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England
(2) Neo House, Riverside, Aberdeen AB11 7LH, Scotland
(3)
210
Pentonville Road, London N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Alstom, Litchurch Lane, Derby DE24 8AD, England
(7)
P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(8) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(9) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(10)
P.O.Box 6967, 21452,
Jeddah, Saudi Arabia
(11)
Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(12) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(13) Dormant company \u2013 Venezuela, no record of address
(14) Dormant company \u2013 Nigeria, no record of address
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
15 Assets and liabilities related to contracts with customers
The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in trade
receivables and trade payables:
2025 2024
\u00a3m \u00a3m
Contract assets
90.0
84.0
Contract liabilities
(23.5)
(56.2)
Contract assets is made up of a portfolio of contracts and represents amounts that have been recognised as revenue but not yet billed
to the customer. There are no other significant one-off factors outside of normal trading contributing to the increase in contract assets.
Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts
undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order to
the programme envisaged in the contractual payments schedule. In the case where a contract liability exceeds the remaining revenue to
be earned on a contract, the excess is disclosed as an other payable. In 2025, the decrease in contract liabilities is predominantly related
to a reclassification to other payables (see note 19). There are no other significant one-off factors outside of normal trading contributing
to the decrease in contract liabilities.
Revenue recognised in 2025 from performance obligations satisfied in previous periods was immaterial.
The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement
of financial position date was \u00a35,346.4m (2024: \u00a34,814.0m). Progress billings and advances received from customers under open
construction contracts amounted to \u00a35,279.9m (2024: \u00a34,788.1m). Advances for which work has not started, and billings in excess of
costs incurred and recognised profits are included in contract liabilities.
Unsatisfied long-term contracts The following table shows unsatisfied performance obligations resulting from long-term contracts:
2025 2024
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
4,096.0
2,099.7
Management expects that approximately 20% of the transaction price allocated to the unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the next reporting period (\u00a3837.3m). Of the remaining 80%, 39% will be recognised during 2027 to 2029. Mobilisation costs and costs incurred to obtain a contract The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract. 16 Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
54.1
54.6
\u2013
\u2013
Other receivables
28.4
20.6
0.2
\u2013
Contract assets
90.0
84.0
\u2013
\u2013
Prepayments
19.0
26.1
1.0
0.6
191.5
185.3
1.2
0.6
Amounts included in non-current assets
Trade receivables
2.3
4.3
\u2013
\u2013
At 31 December 2025, trade receivables falling due within one year include retentions of \u00a34.3m (2024: \u00a34.4m) relating to long-term contracts in progress. Trade receivables falling due after more than one year include retentions of \u00a32.3m (2024: \u00a34.3m) relating to long-term contracts in progress. The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 34 days (2024: 35 days). An analysis of trade receivables ageing is shown in note 18. Other receivables primarily relate to amounts due from joint operations and RDEC income receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "15 Assets and liabilities related to contracts with customers The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in trade receivables and trade payables:
2025 2024
\u00a3m \u00a3m
Contract assets
90.0
84.0
Contract liabilities
(23.5)
(56.2)
Contract assets is made up of a portfolio of contracts and represents amounts that have been recognised as revenue but not yet billed to the customer. There are no other significant one-off factors outside of normal trading contributing to the increase in contract assets. Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order to the programme envisaged in the contractual payments schedule. In the case where a contract liability exceeds the remaining revenue to be earned on a contract, the excess is disclosed as an other payable. In 2025, the decrease in contract liabilities is predominantly related to a reclassification to other payables (see note 19). There are no other significant one-off factors outside of normal trading contributing to the decrease in contract liabilities. Revenue recognised in 2025 from performance obligations satisfied in previous periods was immaterial. The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement of financial position date was \u00a35,346.4m (2024: \u00a34,814.0m). Progress billings and advances received from customers under open construction contracts amounted to \u00a35,279.9m (2024: \u00a34,788.1m). Advances for which work has not started, and billings in excess of costs incurred and recognised profits are included in contract liabilities. Unsatisfied long-term contracts The following table shows unsatisfied performance obligations resulting from long-term contracts:
2025 2024
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
4,096.0
2,099.7
Management expects that approximately 20% of the transaction price allocated to the unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the next reporting period (\u00a3837.3m). Of the remaining 80%, 39% will be recognised during 2027 to 2029. Mobilisation costs and costs incurred to obtain a contract The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract. ", "dimensions": { "concept": "costaingroupplc:DisclosureOfAssetsAndLiabilitiesRelatedToContractsWithCustomers", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "15 Assets and liabilities related to contracts with customers The Group has recognised the following assets and liabilities related to contracts with customers, in addition to amounts included in trade receivables and trade payables:
2025 2024
\u00a3m \u00a3m
Contract assets
90.0
84.0
Contract liabilities
(23.5)
(56.2)
Contract assets is made up of a portfolio of contracts and represents amounts that have been recognised as revenue but not yet billed to the customer. There are no other significant one-off factors outside of normal trading contributing to the increase in contract assets. Contract liabilities result when cumulative cash received exceeds cumulative revenue on any particular contract. On contracts undertaken by the Group, this typically results from work being undertaken, or on framework contracts awarded, in a different order to the programme envisaged in the contractual payments schedule. In the case where a contract liability exceeds the remaining revenue to be earned on a contract, the excess is disclosed as an other payable. In 2025, the decrease in contract liabilities is predominantly related to a reclassification to other payables (see note 19). There are no other significant one-off factors outside of normal trading contributing to the decrease in contract liabilities. Revenue recognised in 2025 from performance obligations satisfied in previous periods was immaterial. The aggregate amount of costs incurred plus recognised profits, less recognised losses, for all contracts in progress at the statement of financial position date was \u00a35,346.4m (2024: \u00a34,814.0m). Progress billings and advances received from customers under open construction contracts amounted to \u00a35,279.9m (2024: \u00a34,788.1m). Advances for which work has not started, and billings in excess of costs incurred and recognised profits are included in contract liabilities.
Unsatisfied long-term contracts
The following table shows unsatisfied performance obligations resulting from long-term contracts:
2025 2024
\u00a3m \u00a3m
Aggregate amount of the transaction price allocated to long-term
contracts that are partially or fully unsatisfied as at 31 December
4,096.0
2,099.7
Management expects that approximately 20% of the transaction price allocated to the unsatisfied contracts as of 31 December 2025 will
be recognised as revenue during the next reporting period (\u00a3837.3m). Of the remaining 80%, 39% will be recognised during 2027 to 2029.
Mobilisation costs and costs incurred to obtain a contract
The Group does not have any assets relating to mobilisation costs or costs incurred to obtain a contract.
19 Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
46.6
45.3
\u2013
\u2013
Other payables
47.8
21.0
0.1
0.1
Social security
8.9
8.8
\u2013
\u2013
Contract liabilities
23.5
56.2
\u2013
\u2013
Accruals and deferred income
140.6
139.5
0.4
0.5
Amounts owed to joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
60.4
46.0
267.4
271.0
60.9
46.6
Non-current liabilities
Trade payables
1.1
1.8
\u2013
\u2013
1.1
1.8
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. \u00a319.2m (2024: \u00a317.5m) of the amounts included in contract liabilities and deferred income at 31 December 2024 has been recognised in the income statement in the year. Other payables primarily includes the VAT liability and amounts due to a customer to final settle an account which were previously presented as contract liabilities due to stage of completion of the project. Amounts owed to subsidiary undertakings, excluding current accounts, are unsecured, repayable on demand and accrue interest at the Bank of England base rate plus 2.60% (2024: Bank of England base rate plus 2.74%). The Directors consider that the carrying amount of trade payables and amounts owed to joint ventures and associates approximates to their fair value. Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes. 20 Provisions for other liabilities and charges
Rectification
provision Other Total
Group \u00a3m \u00a3m \u00a3m
Current
At 1 January 2024
11.6
2.7
14.3
Provided
2.6
6.6
9.2
Utilised
(8.4)
(0.1)
(8.5)
Released
\u2013
(2.1)
(2.1)
At 31 December 2024
5.8
7.1
12.9
At 1 January 2025
5.8
7.1
12.9
Provided
5.4
0.7
6.1
Utilised
(7.7)
(0.4)
(8.1)
Released
\u2013
(1.0)
(1.0)
At 31 December 2025
3.5
6.4
9.9
Funding
obligations
Company \u00a3m
Current
At 1 January 2024
0.1
Reclassified from non-current
0.1
Utilised
(0.1)
At 31 December 2024
0.1
At 1 January 2025
0.1
At 31 December 2025
0.1
Non-current
At 1 January 2024
0.6
Reclassified to current
(0.1)
At 31 December 2024
0.5
At 1 January 2025
0.5
At 31 December 2025
0.5
Group Rectification provision: Contract in the water sector Costain first recognised a provision in 2021 in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where the Group had been prime contractor. Costain engaged with its insurers and received confirmation in 2022 that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Insurers continued to make interim payments on account during 2025 and the insurance receivable recognised in the statement of financial position as at 31 December 2025 is \u00a34.3m. Work is scheduled to complete in 2026. Other provisions mainly comprise provisions for dilapidations, which are expected to be utilised in line with cessation of the relevant leases and a provision for a fire safety compliance claim, which is expected to be utilised in the next year. Company Provisions in the Company relate to funding obligations to a non-trading overseas subsidiary, which eliminate on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
16 Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
54.1
54.6
\u2013
\u2013
Other receivables
28.4
20.6
0.2
\u2013
Contract assets
90.0
84.0
\u2013
\u2013
Prepayments
19.0
26.1
1.0
0.6
191.5
185.3
1.2
0.6
Amounts included in non-current assets
Trade receivables
2.3
4.3
\u2013
\u2013
At 31 December 2025, trade receivables falling due within one year include retentions of \u00a34.3m (2024: \u00a34.4m) relating to long-term
contracts in progress. Trade receivables falling due after more than one year include retentions of \u00a32.3m (2024: \u00a34.3m) relating
to long-term contracts in progress.
The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 34 days (2024: 35
days). An analysis of trade receivables ageing is shown in note 18.
Other receivables primarily relate to amounts due from joint operations and RDEC income receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "16 Trade and other receivables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts included in current assets
Trade receivables
54.1
54.6
\u2013
\u2013
Other receivables
28.4
20.6
0.2
\u2013
Contract assets
90.0
84.0
\u2013
\u2013
Prepayments
19.0
26.1
1.0
0.6
191.5
185.3
1.2
0.6
Amounts included in non-current assets
Trade receivables
2.3
4.3
\u2013
\u2013
At 31 December 2025, trade receivables falling due within one year include retentions of \u00a34.3m (2024: \u00a34.4m) relating to long-term contracts in progress. Trade receivables falling due after more than one year include retentions of \u00a32.3m (2024: \u00a34.3m) relating to long-term contracts in progress. The average credit period within trade receivables on amounts billed for construction work and on sales of goods is 34 days (2024: 35 days). An analysis of trade receivables ageing is shown in note 18. Other receivables primarily relate to amounts due from joint operations and RDEC income receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
17 Cash and cash equivalents, loans and borrowings
Cash and cash equivalents
Cash and cash equivalents are analysed below and include the Group\u2019s share of cash held by joint operations of \u00a367.7m (2024: \u00a362.7m).
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
189.3
158.5
108.1
77.5
Cash and cash equivalents in
the cash flow statement
189.3
158.5
108.1
77.5
Cash and cash equivalents \u2013 with restrictions
\u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated
for future payment to suppliers under contracts where Costain is acting as a principal.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents \u2013 with restrictions
26.0
38.4
\u2013
\u2013
Cash and cash equivalents \u2013 with restrictions in
the cash flow statement
26.0
38.4
\u2013
\u2013
Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (including cash with restrictions)
215.3
196.9
108.1
77.5
Less cash and cash equivalents \u2013 with restrictions
(26.0)
(38.4)
\u2013
\u2013
Net cash before lease liabilities
189.3
158.5
108.1
77.5
Lease liabilities (note 13)
(25.0)
(25.8)
\u2013
\u2013
Net cash
164.3
132.7
108.1
77.5
Cash and cash
equivalents Less cash and cash
(including cash with equivalents \u2013 with
restrictions) restrictions Lease liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2024
188.8
(24.4)
(24.3)
140.1
Cash flows
8.1
(14.0)
11.3
5.4
New leases
\u2013
\u2013
(18.5)
(18.5)
Disposal of leases
\u2013
\u2013
5.7
5.7
Interest expense
\u2013
\u2013
(2.5)
(2.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.5
2.5
Net cash/(debt) at 31 December 2024
196.9
(38.4)
(25.8)
132.7
Net cash/(debt) at 1 January 2025
196.9
(38.4)
(25.8)
132.7
Cash flows
18.4
12.4
10.8
41.6
New leases
\u2013
\u2013
(11.2)
(11.2)
Disposal of leases
\u2013
\u2013
1.2
1.2
Interest expense
\u2013
\u2013
(2.4)
(2.4)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.4
2.4
Net cash/(debt) at 31 December 2025
215.3
(26.0)
(25.0)
164.3
Cash and cash
equivalents
Company \u00a3m
Net cash at 1 January 2024
81.8
Cash flows
(4.3)
Net cash at 31 December 2024
77.5
Net cash at 1 January 2025
77.5
Cash flows
30.6
Net cash at 31 December 2025
108.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "17 Cash and cash equivalents, loans and borrowings Cash and cash equivalents Cash and cash equivalents are analysed below and include the Group\u2019s share of cash held by joint operations of \u00a367.7m (2024: \u00a362.7m).
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
189.3
158.5
108.1
77.5
Cash and cash equivalents in
the cash flow statement
189.3
158.5
108.1
77.5
Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents \u2013 with restrictions
26.0
38.4
\u2013
\u2013
Cash and cash equivalents \u2013 with restrictions in
the cash flow statement
26.0
38.4
\u2013
\u2013
Cash flow information
Net cash/(debt) reconciliation
This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (including cash with restrictions)
215.3
196.9
108.1
77.5
Less cash and cash equivalents \u2013 with restrictions
(26.0)
(38.4)
\u2013
\u2013
Net cash before lease liabilities
189.3
158.5
108.1
77.5
Lease liabilities (note 13)
(25.0)
(25.8)
\u2013
\u2013
Net cash
164.3
132.7
108.1
77.5
Cash and cash
equivalents Less cash and cash
(including cash with equivalents \u2013 with
restrictions) restrictions Lease liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2024
188.8
(24.4)
(24.3)
140.1
Cash flows
8.1
(14.0)
11.3
5.4
New leases
\u2013
\u2013
(18.5)
(18.5)
Disposal of leases
\u2013
\u2013
5.7
5.7
Interest expense
\u2013
\u2013
(2.5)
(2.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.5
2.5
Net cash/(debt) at 31 December 2024
196.9
(38.4)
(25.8)
132.7
Net cash/(debt) at 1 January 2025
196.9
(38.4)
(25.8)
132.7
Cash flows
18.4
12.4
10.8
41.6
New leases
\u2013
\u2013
(11.2)
(11.2)
Disposal of leases
\u2013
\u2013
1.2
1.2
Interest expense
\u2013
\u2013
(2.4)
(2.4)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.4
2.4
Net cash/(debt) at 31 December 2025
215.3
(26.0)
(25.0)
164.3
Cash and cash
equivalents
Company \u00a3m
Net cash at 1 January 2024
81.8
Cash flows
(4.3)
Net cash at 31 December 2024
77.5
Net cash at 1 January 2025
77.5
Cash flows
30.6
Net cash at 31 December 2025
108.1
Risk management The Group\u2019s centralised treasury function manages financial risk, principally arising from liquidity and funding risks and movements in foreign currency rates and interest rates, for all companies within the Group in accordance with policies agreed by the Directors. Neither the Company nor the Group enters into speculative transactions. a) Capital management The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders, while maintaining a balanced approach to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three times adjusted earnings, taking into account the cash flow generated in the period. An interim dividend of 1.0 pence per share was paid for the six months ended 30 June 2025. The Board is proposing a final dividend of 3.2 pence per share. b) Liquidity and funding risk Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework to manage funding requirements. Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial assets and liabilities, and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows, together with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and week-end balances during the year. The average month-end net cash balance on cash and cash equivalents during the year was \u00a3152.6m (2024: \u00a3169.4m) and the average week-end net cash balance on cash and cash equivalents during the year was \u00a3149.2m (2024: \u00a3164.3m). Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these bonds and monitors the usage and regularly updates the forecast usage of these facilities. At 31 December 2025, the Group had banking and bonding facilities, including a \u00a3100.0m RCF, extending to 30 September 2029 (2024: \u00a385.0m RCF, extending to 24 September 2026). The unsecured facilities have financial covenants based on interest cover and leverage measured quarterly and liquidity measured monthly. The covenants are based on accounting standards already in force at the date of signing the facilities and any subsequent agreements. The Group complied with all covenants in 2025. The unsecured bonding facilities are set out below:
Group and Company
2025 2024
\u00a3m \u00a3m
Expiring between one and five years
295.0
270.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2025, the utilisation of these bonding facilities amounted to \u00a372.4m (2024: \u00a365.3m). c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,037.0m (2024: \u00a31,243.3m) was attributable to Group 1 customers and \u00a38.7m (2024: \u00a37.8m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2025
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
34.3
11.7
2.8
4.8
53.6
Contract assets
70.0
12.7
1.1
6.2
90.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.2
0.2
0.1
\u2013
0.5
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2024
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
40.5
13.4
0.1
0.3
54.3
Contract assets
60.8
13.6
2.5
7.1
84.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
0.2
\u2013
\u2013
0.3
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.1m (2024: \u00a30.1m). The credit risk in contract assets is not material. There is no material credit risk associated with non-current retentions as assessed in accordance with the simplified expected credit loss model. There is no material credit risk associated with other receivables (excluding non-current retentions) as assessed in accordance with the 12-month expected credit loss model. Deposits in the UK are placed with bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset and the individual constituents of contract assets in the statement of financial position. d) Interest rate risk The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling. As there are no borrowings at the 2025 year-end, interest rate risk is negligible. e) Foreign currency risk Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms of the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates and hedges foreign currency risks, in close cooperation with the responsible operational management team. Financial assets and liabilities The Group has grouped its financial instruments into \u2018classes\u2019. Although IFRS 7 does not define \u2018classes\u2019, as a minimum instruments measured at amortised cost should be distinguished from instruments measured at fair value. a) Currency and maturity of financial assets Financial assets not measured at fair value
2025
2024
Between Between
Within one and After five Within one and After five
Total one year five years years Total one year five years years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Pounds sterling
189.2
189.2
\u2013
\u2013
158.2
158.2
\u2013
\u2013
Other
0.1
0.1
\u2013
\u2013
0.3
0.3
\u2013
\u2013
189.3
189.3
\u2013
\u2013
158.5
158.5
\u2013
\u2013
Cash and cash equivalents \u2013 with
restrictions:
Pounds sterling
26.0
26.0
\u2013
\u2013
38.4
38.4
\u2013
\u2013
26.0
26.0
\u2013
\u2013
38.4
38.4
\u2013
\u2013
Trade and other receivables:
Pounds sterling
84.8
82.5
2.3
\u2013
79.5
75.2
4.3
\u2013
Insurance recovery asset:
Pounds sterling
4.3
4.3
\u2013
\u2013
8.8
8.8
\u2013
\u2013
89.1
86.8
2.3
\u2013
88.3
84.0
4.3
\u2013
Total financial assets not measured
at fair value
304.4
302.1
2.3
\u2013
285.2
280.9
4.3
\u2013
The Group has not disclosed the fair values for short-term trade receivables within financial assets, because their carrying amounts are a reasonable approximation of fair values. The insurance recovery asset is measured in accordance with IAS 37. b) Currency and maturity of financial liabilities Financial liabilities not measured at fair value
2025
2024
Between Between
Within one and Within one and
Total one year five years Total one year five years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities \u2013 pounds sterling
25.0
8.5
16.5
25.8
13.0
12.8
Trade payables and amounts owed to joint ventures and
associates \u2013 pounds sterling
47.7
46.6
1.1
47.3
45.5
1.8
Total financial liabilities not measured at fair value
72.7
55.1
17.6
73.1
58.5
14.6
The Group has not disclosed the fair values for short-term trade and other payables and bank loans within financial liabilities, because their carrying amounts are a reasonable approximation of fair values. Lease liabilities are carried at the present value of the minimum lease payments. The expected undiscounted lease payments on long- term and high-value leased assets included in the IFRS 16 discounted liability are within one year \u00a310.4m (2024: \u00a312.1m), two to five years \u00a316.2m (2024: \u00a319.3m) and over five years \u00a33.7m (2024: \u00a37.2m). There are no financial liabilities carried at fair value. The Company has issued financial guarantees relating to performance of contracts signed by its subsidiaries, which could be called upon on demand if the subsidiary fails to perform under the contract. However, the value of these guarantees is difficult to quantify, and they have never been called. c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
86.8
2.3
84.0
4.3
Contract assets
90.0
\u2013
84.0
\u2013
Prepayments
19.0
\u2013
26.1
\u2013
195.8
2.3
194.1
4.3
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
46.6
1.1
45.5
1.8
Social security
8.9
\u2013
8.8
\u2013
Other payables
47.8
\u2013
21.0
\u2013
Contract liabilities
23.5
\u2013
56.2
\u2013
Accruals and deferred income
140.6
\u2013
139.5
\u2013
267.4
1.1
271.0
1.8
d) Effective interest rates of financial assets and liabilities Financial assets
2025
2024
Cash and cash equivalents
0.00% to 4.72%
0.00% to 5.05%
Financial liabilities The Group has a \u00a3100.0m (2024: \u00a385.0m) RCF of which \u00a3nil (2024: \u00a3nil) was drawn at the year-end. The RCF is unsecured and carries interest at floating rate at a margin over SONIA. Measurement of fair value Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used. There are no financial instruments whose fair value could be determined under Level 1 or 3. Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "17 Cash and cash equivalents, loans and borrowings Cash and cash equivalents Cash and cash equivalents are analysed below and include the Group\u2019s share of cash held by joint operations of \u00a367.7m (2024: \u00a362.7m).
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
189.3
158.5
108.1
77.5
Cash and cash equivalents in
the cash flow statement
189.3
158.5
108.1
77.5
Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents \u2013 with restrictions
26.0
38.4
\u2013
\u2013
Cash and cash equivalents \u2013 with restrictions in
the cash flow statement
26.0
38.4
\u2013
\u2013
Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (including cash with restrictions)
215.3
196.9
108.1
77.5
Less cash and cash equivalents \u2013 with restrictions
(26.0)
(38.4)
\u2013
\u2013
Net cash before lease liabilities
189.3
158.5
108.1
77.5
Lease liabilities (note 13)
(25.0)
(25.8)
\u2013
\u2013
Net cash
164.3
132.7
108.1
77.5
Cash and cash
equivalents Less cash and cash
(including cash with equivalents \u2013 with
restrictions) restrictions Lease liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2024
188.8
(24.4)
(24.3)
140.1
Cash flows
8.1
(14.0)
11.3
5.4
New leases
\u2013
\u2013
(18.5)
(18.5)
Disposal of leases
\u2013
\u2013
5.7
5.7
Interest expense
\u2013
\u2013
(2.5)
(2.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.5
2.5
Net cash/(debt) at 31 December 2024
196.9
(38.4)
(25.8)
132.7
Net cash/(debt) at 1 January 2025
196.9
(38.4)
(25.8)
132.7
Cash flows
18.4
12.4
10.8
41.6
New leases
\u2013
\u2013
(11.2)
(11.2)
Disposal of leases
\u2013
\u2013
1.2
1.2
Interest expense
\u2013
\u2013
(2.4)
(2.4)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.4
2.4
Net cash/(debt) at 31 December 2025
215.3
(26.0)
(25.0)
164.3
Cash and cash
equivalents
Company \u00a3m
Net cash at 1 January 2024
81.8
Cash flows
(4.3)
Net cash at 31 December 2024
77.5
Net cash at 1 January 2025
77.5
Cash flows
30.6
Net cash at 31 December 2025
108.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Cash and cash equivalents \u2013 with restrictions \u2018Cash and cash equivalents \u2013 with restrictions\u2019 comprise amounts held in trust accounts on behalf of certain customers and designated for future payment to suppliers under contracts where Costain is acting as a principal.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents \u2013 with restrictions
26.0
38.4
\u2013
\u2013
Cash and cash equivalents \u2013 with restrictions in
the cash flow statement
26.0
38.4
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Cash flow information Net cash/(debt) reconciliation This section sets out an analysis of net cash/(debt) and movements in net cash/(debt) during the year.
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents (including cash with restrictions)
215.3
196.9
108.1
77.5
Less cash and cash equivalents \u2013 with restrictions
(26.0)
(38.4)
\u2013
\u2013
Net cash before lease liabilities
189.3
158.5
108.1
77.5
Lease liabilities (note 13)
(25.0)
(25.8)
\u2013
\u2013
Net cash
164.3
132.7
108.1
77.5
Cash and cash
equivalents Less cash and cash
(including cash with equivalents \u2013 with
restrictions) restrictions Lease liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Net cash/(debt) at 1 January 2024
188.8
(24.4)
(24.3)
140.1
Cash flows
8.1
(14.0)
11.3
5.4
New leases
\u2013
\u2013
(18.5)
(18.5)
Disposal of leases
\u2013
\u2013
5.7
5.7
Interest expense
\u2013
\u2013
(2.5)
(2.5)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.5
2.5
Net cash/(debt) at 31 December 2024
196.9
(38.4)
(25.8)
132.7
Net cash/(debt) at 1 January 2025
196.9
(38.4)
(25.8)
132.7
Cash flows
18.4
12.4
10.8
41.6
New leases
\u2013
\u2013
(11.2)
(11.2)
Disposal of leases
\u2013
\u2013
1.2
1.2
Interest expense
\u2013
\u2013
(2.4)
(2.4)
Interest payments (presented as operating cash flows)
\u2013
\u2013
2.4
2.4
Net cash/(debt) at 31 December 2025
215.3
(26.0)
(25.0)
164.3
Cash and cash
equivalents
Company \u00a3m
Net cash at 1 January 2024
81.8
Cash flows
(4.3)
Net cash at 31 December 2024
77.5
Net cash at 1 January 2025
77.5
Cash flows
30.6
Net cash at 31 December 2025
108.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
18 Financial instruments \u2013 Fair values and risk management
Risk management
The Group\u2019s centralised treasury function manages financial risk, principally arising from liquidity and funding risks and movements
in foreign currency rates and interest rates, for all companies within the Group in accordance with policies agreed by the Directors.
Neither the Company nor the Group enters into speculative transactions.
a) Capital management
The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders, while maintaining a balanced approach
to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three
times adjusted earnings, taking into account the cash flow generated in the period.
An interim dividend of 1.0 pence per share was paid for the six months ended 30 June 2025. The Board is proposing a final dividend of
3.2 pence per share.
b) Liquidity and funding risk
Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework
to manage funding requirements.
Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial
assets and liabilities, and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows,
together with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and
week-end balances during the year.
The average month-end net cash balance on cash and cash equivalents during the year was \u00a3152.6m (2024: \u00a3169.4m) and the average
week-end net cash balance on cash and cash equivalents during the year was \u00a3149.2m (2024: \u00a3164.3m).
Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and
other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these
bonds and monitors the usage and regularly updates the forecast usage of these facilities.
At 31 December 2025, the Group had banking and bonding facilities, including a \u00a3100.0m RCF, extending to 30 September 2029 (2024:
\u00a385.0m RCF, extending to 24 September 2026). The unsecured facilities have financial covenants based on interest cover and leverage
measured quarterly and liquidity measured monthly. The covenants are based on accounting standards already in force at the date of
signing the facilities and any subsequent agreements. The Group complied with all covenants in 2025. The unsecured bonding facilities
are set out below:
Group and Company
2025 2024
\u00a3m \u00a3m
Expiring between one and five years
295.0
270.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2025, the utilisation of these bonding facilities amounted to \u00a372.4m (2024: \u00a365.3m).
c) Credit risk
The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group
uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress
payments and will enter into a contract only if these assessments are satisfactory.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes
smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance
contracts. Revenue of \u00a31,037.0m (2024: \u00a31,243.3m) was attributable to Group 1 customers and \u00a38.7m (2024: \u00a37.8m) attributable to Group 2
customers.
The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade
receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a
reasonable approximation of the loss rates for the contract assets.
The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the
ability of the customers to settle the receivables.
On this basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for both trade receivables
and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2025
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
34.3
11.7
2.8
4.8
53.6
Contract assets
70.0
12.7
1.1
6.2
90.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.2
0.2
0.1
\u2013
0.5
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2024
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
40.5
13.4
0.1
0.3
54.3
Contract assets
60.8
13.6
2.5
7.1
84.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
0.2
\u2013
\u2013
0.3
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts
previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.1m
(2024: \u00a30.1m). The credit risk in contract assets is not material.
There is no material credit risk associated with non-current retentions as assessed in accordance with the simplified expected credit
loss model.
There is no material credit risk associated with other receivables (excluding non-current retentions) as assessed in accordance with the
12-month expected credit loss model.
Deposits in the UK are placed with bank facility providers or, in joint operations, with banks agreed by the partners, provided that the
bank has a long-term credit rating above BBB-. Given the high credit ratings of the banks and insurance companies used, management
does not expect any counterparty will fail to meet its obligations.
At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure
to credit risk is represented by the carrying amounts of each financial asset and the individual constituents of contract assets in the
statement of financial position.
d) Interest rate risk
The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling.
As there are no borrowings at the 2025 year-end, interest rate risk is negligible.
e) Foreign currency risk
Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional
currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the
transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts
when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms
of the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates
and hedges foreign currency risks, in close cooperation with the responsible operational management team.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "a) Capital management The objective of the Group\u2019s strategy is to deliver long-term sustainable value to shareholders, while maintaining a balanced approach to investment in the business, a strong balance sheet and returns to shareholders. Costain is targeting a dividend cover of around three times adjusted earnings, taking into account the cash flow generated in the period. An interim dividend of 1.0 pence per share was paid for the six months ended 30 June 2025. The Board is proposing a final dividend of 3.2 pence per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "b) Liquidity and funding risk Ultimate responsibility for liquidity and funding risk rests with the Board, which has put in place a monitoring and reporting framework to manage funding requirements. Liquidity risk is managed by monitoring actual and forecast short and medium-term cash flows and the maturity profile of financial assets and liabilities, and by maintaining adequate cash reserves and bank facilities. The nature and timing of the contract cash flows, together with the change in business mix, is causing the cash balances to reflect minimal variances between the average month-end and week-end balances during the year. The average month-end net cash balance on cash and cash equivalents during the year was \u00a3152.6m (2024: \u00a3169.4m) and the average week-end net cash balance on cash and cash equivalents during the year was \u00a3149.2m (2024: \u00a3164.3m). Customers awarding long-term contracting work may, as a condition of the award, require the contractor to provide performance and other bonds. Consequently, the Group is reliant on its ability to source bank and surety bonds. It has facilities in place to provide these bonds and monitors the usage and regularly updates the forecast usage of these facilities. At 31 December 2025, the Group had banking and bonding facilities, including a \u00a3100.0m RCF, extending to 30 September 2029 (2024: \u00a385.0m RCF, extending to 24 September 2026). The unsecured facilities have financial covenants based on interest cover and leverage measured quarterly and liquidity measured monthly. The covenants are based on accounting standards already in force at the date of signing the facilities and any subsequent agreements. The Group complied with all covenants in 2025. The unsecured bonding facilities are set out below:
Group and Company
2025 2024
\u00a3m \u00a3m
Expiring between one and five years
295.0
270.0
Element of above facilities available for borrowings
\u2013
\u2013
At 31 December 2025, the utilisation of these bonding facilities amounted to \u00a372.4m (2024: \u00a365.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,037.0m (2024: \u00a31,243.3m) was attributable to Group 1 customers and \u00a38.7m (2024: \u00a37.8m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2025
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
34.3
11.7
2.8
4.8
53.6
Contract assets
70.0
12.7
1.1
6.2
90.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.2
0.2
0.1
\u2013
0.5
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2024
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
40.5
13.4
0.1
0.3
54.3
Contract assets
60.8
13.6
2.5
7.1
84.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
0.2
\u2013
\u2013
0.3
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.1m (2024: \u00a30.1m). The credit risk in contract assets is not material. There is no material credit risk associated with non-current retentions as assessed in accordance with the simplified expected credit loss model. There is no material credit risk associated with other receivables (excluding non-current retentions) as assessed in accordance with the 12-month expected credit loss model. Deposits in the UK are placed with bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset and the individual constituents of contract assets in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "c) Credit risk The Group focuses on major Tier 1 private sector and large public sector customers. In respect of contracts with customers, the Group uses an external credit scoring system to assess a potential customer\u2019s credit quality and considers the timing and amounts of progress payments and will enter into a contract only if these assessments are satisfactory. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Group 1 comprises major Tier 1 private sector and large public sector customers. Group 2 includes smaller customers and receivables arising from various additional services undertaken as requirements of some of the maintenance contracts. Revenue of \u00a31,037.0m (2024: \u00a31,243.3m) was attributable to Group 1 customers and \u00a38.7m (2024: \u00a37.8m) attributable to Group 2 customers. The contract assets relate to unbilled work in progress and have substantially the same credit risk characteristics as the trade receivables for the same types of contracts. The Group has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors that might affect the ability of the customers to settle the receivables. On this basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for both trade receivables and contract assets:
Less than 60 to 120 days More than 120 days
Current 60 days past due past due
past due
Total
31 December 2025
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
34.3
11.7
2.8
4.8
53.6
Contract assets
70.0
12.7
1.1
6.2
90.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.2
0.2
0.1
\u2013
0.5
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
31 December 2024
Group 1
Expected loss rate
0.00%
0.10%
0.25%
0.50%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
40.5
13.4
0.1
0.3
54.3
Contract assets
60.8
13.6
2.5
7.1
84.0
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Group 2
Expected loss rate
1.0%
2.0%
15.0%
30.0%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
0.1
0.2
\u2013
\u2013
0.3
Contract assets
\u2013
\u2013
\u2013
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment losses on trade receivables and contract assets are included within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The total provision for impairment of trade and other receivables is \u00a30.1m (2024: \u00a30.1m). The credit risk in contract assets is not material. There is no material credit risk associated with non-current retentions as assessed in accordance with the simplified expected credit loss model. There is no material credit risk associated with other receivables (excluding non-current retentions) as assessed in accordance with the 12-month expected credit loss model. Deposits in the UK are placed with bank facility providers or, in joint operations, with banks agreed by the partners, provided that the bank has a long-term credit rating above BBB-. Given the high credit ratings of the banks and insurance companies used, management does not expect any counterparty will fail to meet its obligations. At the year-end date, excluding UK Government bodies, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amounts of each financial asset and the individual constituents of contract assets in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "d) Interest rate risk The Group has cash balances and bank facilities in the UK, mostly denominated in pounds sterling. As there are no borrowings at the 2025 year-end, interest rate risk is negligible. e) Foreign currency risk Transactional currency exposures arise from sales or purchases by operating companies in currencies other than their functional currency. The current strategy is to hedge both committed and forecast foreign currency exposures, where applicable, and where the transaction timing and amount can be determined reliably and no natural hedge exists. The Group only enters into forward contracts when a contractual commitment exists in respect of the foreign currency transaction and the Group\u2019s policy is to negotiate the terms of the hedge derivative to match the terms of the hedged item to maximise hedge effectiveness. The Group\u2019s treasury function evaluates and hedges foreign currency risks, in close cooperation with the responsible operational management team. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Financial assets and liabilities
The Group has grouped its financial instruments into \u2018classes\u2019. Although IFRS 7 does not define \u2018classes\u2019, as a minimum instruments
measured at amortised cost should be distinguished from instruments measured at fair value.
a) Currency and maturity of financial assets
Financial assets not measured at fair value
2025
2024
Between Between
Within one and After five Within one and After five
Total one year five years years Total one year five years years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Pounds sterling
189.2
189.2
\u2013
\u2013
158.2
158.2
\u2013
\u2013
Other
0.1
0.1
\u2013
\u2013
0.3
0.3
\u2013
\u2013
189.3
189.3
\u2013
\u2013
158.5
158.5
\u2013
\u2013
Cash and cash equivalents \u2013 with
restrictions:
Pounds sterling
26.0
26.0
\u2013
\u2013
38.4
38.4
\u2013
\u2013
26.0
26.0
\u2013
\u2013
38.4
38.4
\u2013
\u2013
Trade and other receivables:
Pounds sterling
84.8
82.5
2.3
\u2013
79.5
75.2
4.3
\u2013
Insurance recovery asset:
Pounds sterling
4.3
4.3
\u2013
\u2013
8.8
8.8
\u2013
\u2013
89.1
86.8
2.3
\u2013
88.3
84.0
4.3
\u2013
Total financial assets not measured
at fair value
304.4
302.1
2.3
\u2013
285.2
280.9
4.3
\u2013
The Group has not disclosed the fair values for short-term trade receivables within financial assets, because their carrying amounts are a
reasonable approximation of fair values.
The insurance recovery asset is measured in accordance with IAS 37.
c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
86.8
2.3
84.0
4.3
Contract assets
90.0
\u2013
84.0
\u2013
Prepayments
19.0
\u2013
26.1
\u2013
195.8
2.3
194.1
4.3
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
46.6
1.1
45.5
1.8
Social security
8.9
\u2013
8.8
\u2013
Other payables
47.8
\u2013
21.0
\u2013
Contract liabilities
23.5
\u2013
56.2
\u2013
Accruals and deferred income
140.6
\u2013
139.5
\u2013
267.4
1.1
271.0
1.8
d) Effective interest rates of financial assets and liabilities
Financial assets
2025
2024
Cash and cash equivalents
0.00% to 4.72%
0.00% to 5.05%
Financial liabilities
The Group has a \u00a3100.0m (2024: \u00a385.0m) RCF of which \u00a3nil (2024: \u00a3nil) was drawn at the year-end. The RCF is unsecured and carries
interest at floating rate at a margin over SONIA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "b) Currency and maturity of financial liabilities Financial liabilities not measured at fair value
2025
2024
Between Between
Within one and Within one and
Total one year five years Total one year five years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities \u2013 pounds sterling
25.0
8.5
16.5
25.8
13.0
12.8
Trade payables and amounts owed to joint ventures and
associates \u2013 pounds sterling
47.7
46.6
1.1
47.3
45.5
1.8
Total financial liabilities not measured at fair value
72.7
55.1
17.6
73.1
58.5
14.6
The Group has not disclosed the fair values for short-term trade and other payables and bank loans within financial liabilities, because their carrying amounts are a reasonable approximation of fair values. Lease liabilities are carried at the present value of the minimum lease payments. The expected undiscounted lease payments on long- term and high-value leased assets included in the IFRS 16 discounted liability are within one year \u00a310.4m (2024: \u00a312.1m), two to five years \u00a316.2m (2024: \u00a319.3m) and over five years \u00a33.7m (2024: \u00a37.2m). There are no financial liabilities carried at fair value. The Company has issued financial guarantees relating to performance of contracts signed by its subsidiaries, which could be called upon on demand if the subsidiary fails to perform under the contract. However, the value of these guarantees is difficult to quantify, and they have never been called. c) Reconciliation of trade and other receivables and trade and other payables to the statement of financial position
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables (as above)
86.8
2.3
84.0
4.3
Contract assets
90.0
\u2013
84.0
\u2013
Prepayments
19.0
\u2013
26.1
\u2013
195.8
2.3
194.1
4.3
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables (as above)
46.6
1.1
45.5
1.8
Social security
8.9
\u2013
8.8
\u2013
Other payables
47.8
\u2013
21.0
\u2013
Contract liabilities
23.5
\u2013
56.2
\u2013
Accruals and deferred income
140.6
\u2013
139.5
\u2013
267.4
1.1
271.0
1.8
d) Effective interest rates of financial assets and liabilities Financial assets
2025
2024
Cash and cash equivalents
0.00% to 4.72%
0.00% to 5.05%
Financial liabilities The Group has a \u00a3100.0m (2024: \u00a385.0m) RCF of which \u00a3nil (2024: \u00a3nil) was drawn at the year-end. The RCF is unsecured and carries interest at floating rate at a margin over SONIA. Measurement of fair value Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used. There are no financial instruments whose fair value could be determined under Level 1 or 3. Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Measurement of fair value Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the significant unobservable inputs used. There are no financial instruments whose fair value could be determined under Level 1 or 3. Financial instruments not measured at fair value
Type
Valuation technique
Significant unobservable inputs
Other financial liabilities (as above)
Discounted cash flow
Not applicable
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
19 Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
46.6
45.3
\u2013
\u2013
Other payables
47.8
21.0
0.1
0.1
Social security
8.9
8.8
\u2013
\u2013
Contract liabilities
23.5
56.2
\u2013
\u2013
Accruals and deferred income
140.6
139.5
0.4
0.5
Amounts owed to joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
60.4
46.0
267.4
271.0
60.9
46.6
Non-current liabilities
Trade payables
1.1
1.8
\u2013
\u2013
1.1
1.8
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and
deferred income.
\u00a319.2m (2024: \u00a317.5m) of the amounts included in contract liabilities and deferred income at 31 December 2024 has been recognised in
the income statement in the year.
Other payables primarily includes the VAT liability and amounts due to a customer to final settle an account which were previously
presented as contract liabilities due to stage of completion of the project.
Amounts owed to subsidiary undertakings, excluding current accounts, are unsecured, repayable on demand and accrue interest at the
Bank of England base rate plus 2.60% (2024: Bank of England base rate plus 2.74%).
The Directors consider that the carrying amount of trade payables and amounts owed to joint ventures and associates approximates to
their fair value.
Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "19 Trade and other payables
Group
Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Current liabilities
Trade payables
46.6
45.3
\u2013
\u2013
Other payables
47.8
21.0
0.1
0.1
Social security
8.9
8.8
\u2013
\u2013
Contract liabilities
23.5
56.2
\u2013
\u2013
Accruals and deferred income
140.6
139.5
0.4
0.5
Amounts owed to joint ventures and associates
\u2013
0.2
\u2013
\u2013
Amounts owed to subsidiary undertakings
\u2013
\u2013
60.4
46.0
267.4
271.0
60.9
46.6
Non-current liabilities
Trade payables
1.1
1.8
\u2013
\u2013
1.1
1.8
\u2013
\u2013
Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. \u00a319.2m (2024: \u00a317.5m) of the amounts included in contract liabilities and deferred income at 31 December 2024 has been recognised in the income statement in the year. Other payables primarily includes the VAT liability and amounts due to a customer to final settle an account which were previously presented as contract liabilities due to stage of completion of the project. Amounts owed to subsidiary undertakings, excluding current accounts, are unsecured, repayable on demand and accrue interest at the Bank of England base rate plus 2.60% (2024: Bank of England base rate plus 2.74%). The Directors consider that the carrying amount of trade payables and amounts owed to joint ventures and associates approximates to their fair value. Financial risk management policies are in place that seek to ensure that all payables are paid within their credit timeframes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Accruals and deferred income include subcontract liabilities (not yet payable), subcontract retentions and other accruals and deferred income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
20 Provisions for other liabilities and charges
Rectification
provision Other Total
Group \u00a3m \u00a3m \u00a3m
Current
At 1 January 2024
11.6
2.7
14.3
Provided
2.6
6.6
9.2
Utilised
(8.4)
(0.1)
(8.5)
Released
\u2013
(2.1)
(2.1)
At 31 December 2024
5.8
7.1
12.9
At 1 January 2025
5.8
7.1
12.9
Provided
5.4
0.7
6.1
Utilised
(7.7)
(0.4)
(8.1)
Released
\u2013
(1.0)
(1.0)
At 31 December 2025
3.5
6.4
9.9
Group
Rectification provision: Contract in the water sector
Costain first recognised a provision in 2021 in respect of the estimated future costs of expected rectification works required at a
customer\u2019s water treatment facility where the Group had been prime contractor.
Costain engaged with its insurers and received confirmation in 2022 that insurance cover is available and that all reasonable costs of
rectification work that are validly incurred will be met by insurers. Insurers continued to make interim payments on account during 2025
and the insurance receivable recognised in the statement of financial position as at 31 December 2025 is \u00a34.3m.
Work is scheduled to complete in 2026.
Other provisions mainly comprise provisions for dilapidations, which are expected to be utilised in line with cessation of the relevant
leases and a provision for a fire safety compliance claim, which is expected to be utilised in the next year.
Company
Provisions in the Company relate to funding obligations to a non-trading overseas subsidiary, which eliminate on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "20 Provisions for other liabilities and charges
Rectification
provision Other Total
Group \u00a3m \u00a3m \u00a3m
Current
At 1 January 2024
11.6
2.7
14.3
Provided
2.6
6.6
9.2
Utilised
(8.4)
(0.1)
(8.5)
Released
\u2013
(2.1)
(2.1)
At 31 December 2024
5.8
7.1
12.9
At 1 January 2025
5.8
7.1
12.9
Provided
5.4
0.7
6.1
Utilised
(7.7)
(0.4)
(8.1)
Released
\u2013
(1.0)
(1.0)
At 31 December 2025
3.5
6.4
9.9
Group Rectification provision: Contract in the water sector Costain first recognised a provision in 2021 in respect of the estimated future costs of expected rectification works required at a customer\u2019s water treatment facility where the Group had been prime contractor. Costain engaged with its insurers and received confirmation in 2022 that insurance cover is available and that all reasonable costs of rectification work that are validly incurred will be met by insurers. Insurers continued to make interim payments on account during 2025 and the insurance receivable recognised in the statement of financial position as at 31 December 2025 is \u00a34.3m. Work is scheduled to complete in 2026. Other provisions mainly comprise provisions for dilapidations, which are expected to be utilised in line with cessation of the relevant leases and a provision for a fire safety compliance claim, which is expected to be utilised in the next year.
23 Contingent liabilities
Group
Fire safety compliance claims
The Group ceased construction of residential buildings in 2013, which was never a major part of business operations. The Group has
undertaken a review of its small number of legacy residential building constructions to identify where fire safety obligations could exist.
The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant building regulations at
the time of completion.
In preparing the financial statements, where a probable rectification obligation related to fire safety compliance has been identified, costs
to rectify have been estimated, and a provision has been made. No provision has been made where an obligation has not been established.
Guarantee contracts
Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and
participating companies in the Group.
There are contingent liabilities in respect of:
\u2022 performance bonds and other undertakings entered into in the ordinary course of business; and
\u2022 legal claims arising in the ordinary course of business.
It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided.
Company
The Company has guaranteed the obligations of the subsidiary companies that are participating employers of The Costain Pension
Scheme, the defined benefit pension scheme in the UK. At 31 December 2025, the asset was \u00a360.0m (2024: \u00a354.9m) on an IAS 19 basis
and is included in these financial statements as disclosed in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
Defined benefit scheme
The defined benefit scheme was closed to new members on 31 May 2005 and from 1 April 2006, future benefits were calculated on
a Career Average Revalued Earnings basis. The scheme was closed to future accrual of benefits to members on 30 September 2009.
A full actuarial valuation of the scheme was carried out as at 31 March 2025 and this was updated to 31 December 2025 by a qualified
independent actuary. At 31 December 2025, there were 2,875 retirees and 2,296 deferred members (2024: 2,886 retirees and 2,601
deferred members).
The weighted average duration of the obligations is 12.0 years (2024: 11.0 years).
2025 2024 2023
\u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(491.0)
(497.5)
(542.6)
Fair value of scheme assets
551.0
552.4
596.1
Recognised asset for defined benefit obligations
60.0
54.9
53.5
2025 2024
Movements in present value of defined benefit obligations \u00a3m \u00a3m
At 1 January
497.5
542.6
Interest cost
26.4
25.0
Remeasurements \u2013 demographic assumptions
(14.0)
0.5
Remeasurements \u2013 financial assumptions
(6.0)
(41.0)
Remeasurements \u2013 experience adjustments
20.3
3.7
Benefits paid
(33.2)
(33.3)
At 31 December
491.0
497.5
2025 2024
Movements in fair value of scheme assets \u00a3m \u00a3m
At 1 January
552.4
596.1
Interest income
29.4
27.6
Remeasurements \u2013 return on assets
2.4
(39.9)
Contributions by employer
\u2013
2.0
Administrative expenses
\u2013
(0.1)
Benefits paid
(33.2)
(33.3)
At 31 December
551.0
552.4
2025 2024
Expense recognised in the income statement \u00a3m \u00a3m
Administrative expenses paid by the pension scheme
\u2013
(0.1)
Administrative expenses paid directly by the Group
(2.3)
(1.8)
Interest income on the net assets of the defined benefit pension scheme
3.0
2.6
0.7
0.7
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
Global equities
90.8
90.0
Multi-asset growth funds
22.6
20.7
Multi-credit fund
80.6
83.8
LDI plus collateral
345.1
339.7
Cash
11.9
18.2
551.0
552.4
All equities are quoted securities. The multi-asset growth funds comprise portfolios of quoted and unquoted investments. The multi-credit
fund invests in a portfolio of primarily floating rate debt of non-investment grade or unrated borrowers. The Liability Driven Investments
(LDI) portfolio comprises gilts, repurchase agreements and swaps and is supported by a liquid absolute return fund providing collateral.
Quoted equities are valued at the prevailing bid, offer or middle-market stock exchange or over-the-counter market prices. In the
multi-asset growth funds, the fair values of the underlying unquoted assets are determined by the fund managers using quoted prices
for similar assets or other valuation techniques where all the inputs are directly observable or indirectly observable from market data.
The loans in the multi-credit fund may be priced either using quotes from a pricing vendor (if available), a broker or at a level determined
by the investment manager that is agreed with the fund. The LDI fund is valued using a unit price calculated for the fund based on the
net asset value of the underlying assets.
The pension scheme does not have any assets invested in the Group\u2019s financial instruments or in property or other assets used
by the Group.
2025 2024 2023
Principal actuarial assumptions (expressed as weighted averages) % % %
Discount rate
5.45
5.50
4.75
Future pension increases
2.75
2.95
2.90
Inflation assumption
2.85
3.10
3.05
Weighted average life expectancies from age 65, as per mortality tables, used to determine benefits at 31 December 2025 and
31 December 2024 are:
2025
2024
Male Female Male Female
(years) (years) (years) (years)
Currently aged 65
21.3
23.3
21.9
23.8
Non-retirees currently aged 45
22.1
24.1
22.9
25.1
The discount rate, inflation and pension increase and mortality assumptions have a significant effect on the amounts reported.
Changes in these assumptions would have the following effects on the defined benefit scheme:
Pension liability Pension cost
\u00a3m \u00a3m
Increasing the discount rate by 0.25%, decreases pension liability
and increases pension income/reduces pension cost by
Decreasing inflation by 0.25% (which reduces pension increases), decreases
11.9
0.6
pension liability and increases pension income/reduces pension cost by
Increasing life expectancy by one year, increases pension liability
8.7
0.5
and reduces pension income/increases pension cost by
19.5
1.1
As highlighted in the table above, the defined benefit scheme exposes the Group to actuarial risks such as longevity, interest rate,
inflation and investment risks. The LDI portfolio is designed to respond to changes in gilt yields in a similar way to a fixed proportion of
the liabilities. With the LDI portfolio, if gilt yields fall, the value of the investments will rise to help partially match the increase in the trustee
valuation of the liabilities arising from a fall in the gilt yield-based discount rate. Similarly, if gilt yields rise, the value of the matching asset
portfolio will fall, as will the valuation of the liabilities because of an increase in the discount rate. The leverage within the LDI portfolio
means the equivalent of 95% of the value of the assets is sensitive to changes in interest rates and inflation, and this mitigates the
equivalent movement in the liabilities of the scheme as a whole.
In accordance with the pension regulations, a triennial actuarial review of the Costain defined benefit pension scheme was carried out
as at 31 March 2025. In January 2026, the funding valuation and ongoing Scheme contributions were agreed with the Scheme Trustee.
Following this, the dividend parity arrangement that previously existed has been removed, there is no requirement going forward for
an annual assessment of the Scheme funding position and there will be no further cash contributions made by the Company into the
Scheme under the new schedule of contributions which is in place until January 2031.
The next triennial actuarial review will be carried out as at 31 March 2028.
Any surplus of deficit contributions to the Costain Pension Scheme would be recoverable by way of a refund, as the Group has the
unconditional right to any surplus once all the obligations of the Scheme have been settled. Accordingly, the Group does not expect
to have to make provision for these additional contributions arising from this agreement in future financial statements.
The DWP has, through the Pension Schemes Bill, introduced a mechanism to allow trustees to address any issues arising from the Virgin
Media and the NTL Pension Trustee judgement. This legislation will allow trustees of affected schemes to retrospectively obtain written
actuarial confirmation that any historic benefits changes that may have been made meet the necessary standards. The Trustee of the
Costain Pension Scheme will review if any action needs to be taken.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Defined contribution schemes
Two defined contribution pensions schemes are operated. The total expense relating to these plans was \u00a313.8m (2024: \u00a312.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
Share-based payments
The Company operates a number of share-based payment plans, described as follows.
Long-Term Incentive Plan (LTIP)
Shareholders approved Long-Term Incentive Plans at the 2014 and 2023 AGMs that allow for conditional awards with a maximum face value
of up to 150% of base salary to be awarded. The maximum Costain has applied is 100% of base salary. Performance conditions, such as those
based on earnings per share and Total Shareholder Return (TSR), are determined by the Remuneration Committee at the time of grant.
Annual Incentive Plan (AIP)
Executive Directors and other senior management are eligible to participate in the Company\u2019s Annual Incentive Plan, under which
one-third of the award is deferred into shares (the Share Deferral Plan (SDP)). The total AIP award of up to 150% of base salary has
performance conditions based on Group \u2018adjusted operating profit\u2019 and other measures. Financial metrics will comprise at least 50% of
AIP opportunity. The share award element vests on the second anniversary of the date of grant and will be satisfied by shares purchased
by a trust on behalf of the Group. It will not lead to any dilution of shareholder interest. Participants must be in employment with the
Company and not under notice of termination (either given or received) on the date of grant.
Save As You Earn Scheme (SAYE)
The Company operates a SAYE scheme that is open to all eligible employees who pay a fixed amount from salary into a savings account
each month and elect to save over three years. At the end of the savings period, employees have six months in which to exercise their
options using the funds saved together with any interest or bonus (after which the options expire). If employees decide not to exercise
their options, they may withdraw the funds saved. Exercise of options is subject to continued employment within the Group (except
where permitted by the rules of the scheme).
Share-based payment expense
The amount recognised in the income statement, before tax, for share-based payment transactions with employees was \u00a33.1m
(2024: \u00a32.3m); the entire charge relates to subsidiaries.
Options outstanding at the end of the year
The movements in the outstanding LTIPs (nil-cost option) and AIP (nil-cost option), which provide for the grant of shares to Executive
Directors and senior management, and the outstanding SAYE schemes, are shown below:
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2024
13.6
3.4
4.9
50.0
Forfeited during the year
(1.4)
(0.1)
(0.4)
51.1
Exercised during the year
(0.7)
(1.9)
\u2013
50.0
Granted during the year
3.0
1.5
4.0
81.2
Outstanding at 31 December 2024
14.5
2.9
8.5
64.8
Outstanding at 1 January 2025
14.5
2.9
8.5
64.8
Forfeited during the year
(1.9)
(0.3)
(0.4)
62.2
Exercised during the year
(2.2)
(1.2)
\u2013
\u2013
Granted during the year
2.5
1.3
3.1
102.0
Outstanding at 31 December 2025
12.9
2.7
11.2
75.1
Exercisable at the end of the period
3.5
0.3
\u2013
\u2013
Share options outstanding at the end of the year had a weighted average remaining contractual life of 5.8 years (2024: 5.8 years).
The fair value of options granted is calculated using the Black\u2013Scholes option pricing model. The aggregate fair value of options granted
during the year was \u00a34.4m (2024: \u00a34.9m). The assumptions used in valuing the grants were:
2025
2024
Expected volatility
39.2%
43.9%
Expected life (years)
3.5
3.5
Risk-free interest rate
3.9%
3.9%
Expected dividend yield
2.1%
1.2%
The expected volatility is based on the historical share price volatility over a term matching the expected life. The expected life is based
on management\u2019s best estimate having regard to the effect of non-transferability, exercise restrictions and behavioural considerations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
LTIP
AIP
SAYE
Weighted average
Number Number Number exercise price
(m) (m) (m) (p)
Outstanding at 1 January 2024
13.6
3.4
4.9
50.0
Forfeited during the year
(1.4)
(0.1)
(0.4)
51.1
Exercised during the year
(0.7)
(1.9)
\u2013
50.0
Granted during the year
3.0
1.5
4.0
81.2
Outstanding at 31 December 2024
14.5
2.9
8.5
64.8
Outstanding at 1 January 2025
14.5
2.9
8.5
64.8
Forfeited during the year
(1.9)
(0.3)
(0.4)
62.2
Exercised during the year
(2.2)
(1.2)
\u2013
\u2013
Granted during the year
2.5
1.3
3.1
102.0
Outstanding at 31 December 2025
12.9
2.7
11.2
75.1
Exercisable at the end of the period
3.5
0.3
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Share options outstanding at the end of the year had a weighted average remaining contractual life of 5.8 years (2024: 5.8 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "22 Share capital
2025
2024
Number Nominal value Number Nominal value
(millions) \u00a3m (millions) \u00a3m
Issued share capital
Shares in issue at beginning of year \u2013 ordinary shares of one pence
each, fully paid (2024: 50 pence each)
268.8
2.7
276.7
138.3
Issued in year (see below)
4.3
\u2013
1.8
0.9
Nominal value reduction
\u2013
\u2013
\u2013
(136.4)
Share buyback
(6.4)
\u2013
(9.7)
(0.1)
Shares in issue at end of year \u2013
ordinary shares of one pence each, fully paid
266.7
2.7
268.8
2.7
The Company\u2019s issued share capital comprised 266,714,895 ordinary shares of one pence each as at 31 December 2025 (2024: 268,766,087 ordinary shares). All shares rank pari passu regarding entitlement to capital and dividends. The 2022 LTIP vested in the year and 3,800,000 shares were issued in April 2025 to satisfy this vesting. A total of 543,908 shares were issued under the Scrip Dividend Scheme during 2025. In June 2025, Costain announced an on-market share buyback programme. This programme was completed in August 2025 and resulted in the purchase of 6,395,100 ordinary shares in aggregate for cancellation. The share options outstanding at the year-end are detailed in note 21. Details of the performance conditions and the options granted to Executive Directors are given in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "23 Contingent liabilities Group Fire safety compliance claims The Group ceased construction of residential buildings in 2013, which was never a major part of business operations. The Group has undertaken a review of its small number of legacy residential building constructions to identify where fire safety obligations could exist. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant building regulations at the time of completion. In preparing the financial statements, where a probable rectification obligation related to fire safety compliance has been identified, costs to rectify have been estimated, and a provision has been made. No provision has been made where an obligation has not been established. Guarantee contracts Group bank borrowing facilities and bank and surety bonding facilities are supported by cross-guarantees given by the Company and participating companies in the Group. There are contingent liabilities in respect of: \u2022 performance bonds and other undertakings entered into in the ordinary course of business; and \u2022 legal claims arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided. Company The Company has guaranteed the obligations of the subsidiary companies that are participating employers of The Costain Pension Scheme, the defined benefit pension scheme in the UK. At 31 December 2025, the asset was \u00a360.0m (2024: \u00a354.9m) on an IAS 19 basis and is included in these financial statements as disclosed in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "24 Subsidiary undertakings, joint ventures, associates and joint operations
Registered
Percentage of office/principal
Activity equity held place of business
Principal subsidiary undertakings
Costain Limited
Engineering, Construction and Maintenance
100
(1)
Costain Engineering & Construction Limited
Holding and Service Company
100
(1)
Costain Engineering Limited
Engineering
100
(1)
Costain Oil, Gas & Process Limited
Process Engineering
100
(1)
Richard Costain Limited
Service Company
100
(1)
The equity capital of the above are held by subsidiary undertakings with the exception of Richard Costain Limited and Costain Engineering & Construction Limited. Costain Engineering Limited was incorporated on 7 February 2025. All undertakings operate mainly in the country of incorporation. See key to registered office/principal place of business at the bottom of this note. All holdings are of ordinary shares and there have been no changes to the equity percentages held in 2025.
Percentage Country of
Activity interest business
Major joint operations
CH2M-Costain Joint Venture \u2013 Area 14 M&R contract
Engineering and Maintenance
50
UK
Costain-Atkins-Black & Veatch Joint Venture \u2013 Thames Water AMP6
Engineering
70
UK
Costain-MWH Joint Venture \u2013 Southern Water
Civil Engineering
50
UK
CVB Joint Venture \u2013 Thames Tideway Tunnel East
Civil Engineering
40
UK
Galliford-Costain-Atkins Joint Venture \u2013 United Utilities
Engineering
42.5
UK
Skanska-Costain-Strabag S2 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
The ASP Batch Joint Venture \u2013 Severn Trent \u2013 Large capital schemes outside AMP6
Engineering
33.3
UK
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries, associates, joint ventures and joint arrangements
is required:
Registered
Percentage of office/principal
Status equity held place of business
Other subsidiaries owned directly by Costain Group PLC
Costain Civil Engineering Limited
Holding Company
100
(1)
Costain Investments Limited
Dormant
100
(7)
Costain USA Inc.
Holding Company
100
(5)
County & District Properties Limited
1
Trading
100
(1)
Renown Investments (Holdings) Limited
1
Trading
100
(1)
Lysander Services Limited
1
Trading
100
(1)
Other subsidiaries owned indirectly by Costain Group PLC
Brunswick Infrastructure Services Limited
Dissolved August 2025
100
(1)
Calvert & Russell Limited
1
Dormant
100
(1)
CLM Engineering (Overseas) Limited
Dissolved August 2025
100
(1)
COGAP (Middle East) Limited
1
Holding Company
100
(1)
Construction Study Centre Limited
1
Dormant
100
(1)
Costain Alcaidesa Limited
Dissolved August 2025
100
(1)
Costain America Inc.
Holding Company
100
(5)
Costain Building & Civil Engineering Limited
1
Holding Company
100
(1)
Costain Construction Limited
Dissolved December 2025
100
(1)
Costain de Venezuela CA
Dormant
100
(13)
Costain Energy Solutions Limited
1
Dormant
100
(1)
Costain Engineering & Construction (Overseas) Limited
1
Holding Company
100
(1)
Costain Engineering Services Inc.
Dormant
100
(5)
Costain Integrated Services Limited
1
Trading
100
(1)
Costain Integrated Technology Solutions Limited
1
Trading
100
(1)
Costain International Limited
Dissolved August 2025
100
(1)
Costain Management Design Limited
Dissolved August 2025
100
(1)
Costain Minerals Inc.
Dormant
100
(5)
Costain Mining Services Inc.
Dormant
100
(5)
Costain Oil, Gas & Process (Nigeria) Limited
Dormant
95
(14)
Costain Oil, Gas & Process (Overseas) Limited
1
Dormant
100
(1)
Costain Process Construction Limited
Dissolved August 2025
100
(1)
Costain Upstream Limited
1
Trading
100
(2)
Promanex (Civils & Industrial Services) Limited
Dissolved August 2025
100
(1)
Promanex (Construction & Maintenance Services) Limited
Dissolved August 2025
100
(1)
Promanex (Total FM & Environmental Services) Limited
Dissolved August 2025
100
(1)
Sunland Mining Corporation (II)
Dormant
100
(5)
Westminster Plant Co. Limited
Dissolved August 2025
100
(1)
1
Denotes that the entity has taken the audit exemption under Section 479A of the Companies Act 2006 for the financial year ended 31 December 2025.
Registered
Percentage of office/principal place
Status equity held of business
Other joint ventures or associates owned indirectly by Costain Group PLC
4Delivery Limited
Trading
40
(3)
ABC Electrification Ltd
In strike off
33.3
(6)
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(12)
Costain Abu Dhabi Co WLL
Dormant
49
(8)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(11)
Jalal Costain WLL
Dormant
49
(9)
Nesma-Costain Process Co. Limited
Dormant
50
(10)
Percentage Country
Activity interest of business
Other joint operations, including completed
ACTUS Joint Venture \u2013 Trawsfynydd nuclear power station
active waste retrieval
Civil Engineering
25
UK
Alstom-Babcock-Costain Joint Venture \u2013 Edinburgh to
Glasgow Rail Improvement Programme
Rail Engineering
33.3
UK
Alstom-Costain C644 Joint Venture \u2013 Traction power \u2013 Crossrail
Rail Engineering
32.5
UK
Alstom-Costain C650 Joint Venture \u2013 HV power supply \u2013 Crossrail
Rail Engineering
32.5
UK
A-one+ Joint Venture - ASC area 12 - Highways England
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 7
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 12
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 14
Engineering and Maintenance
33.3
UK
A-one+ Joint Venture \u2013 ASC area 4 \u2013 Highways England
Engineering and Maintenance
33.3
UK
ATC Joint Venture \u2013 C610 \u2013 Crossrail
Rail Engineering
32.5
UK
ATC Joint Venture \u2013 C695 \u2013 Crossrail
Rail Engineering
32.5
UK
Balfour Beatty-BmJV-Carillion-Costain Joint Venture \u2013
National Major Projects \u2013 Highways England
Civil Engineering
29
UK
CosMott Joint Venture \u2013 Devonport Major Infrastructure
Programme \u2013 Construction Delivery Partner
Consultancy
50
UK
Costain Arup Joint Venture \u2013 Yorkshire Water
Consultancy
50
UK
Costain-CH2M UK \u2013 ESCC JV \u2013 East Sussex highway maintenance
Engineering and Maintenance
50
UK
Costain-Dalekovod Joint Venture \u2013 National Grid HV Overhead
Line System
Engineering
60
UK
Costain-Galliford Try Joint Venture - M1 smart motorways
Civil Engineering
50
UK
Costain-Hochtief Joint Venture \u2013 Reading station
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Bond Street station
Civil Engineering
50
UK
Costain-Skanska C336 Joint Venture \u2013 Paddington New Yard \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C360 Joint Venture \u2013 Eleanor Street \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C405 Joint Venture \u2013 Paddington \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C412 Joint Venture \u2013 Bond Street \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska \u2013 HS2 Enabling works
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 A14 Ellington to Fen Ditton
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 Balfour Beatty Joint Venture \u2013 A14
Civil Engineering
33.3
UK
Costain-Skanska Joint Venture \u2013 NGT Tunnels, London
Civil Engineering
52.6
UK
Costain-Skanska Joint Venture \u2013 Paddington Station Bakerloo Line Link
Project
Civil Engineering
50
UK
Costain-Vinci Construction Joint Venture \u2013 Shieldhall
Civil Engineering
50
UK
Costain-Vinci Joint Venture \u2013 M4 corridor around Newport
Civil Engineering
50
UK
Country
Activity
Percentage interest
of business
Other joint operations, including completed continued
Educo UK Joint Venture \u2013 Bradford Schools
Building
50
UK
Lagan-Ferrovial-Costain \u2013 A8
Civil Engineering
45
UK
Siemens Mobility-Costain - SMC JV - HS2 Rail Systems High Voltage Power
Rail Engineering
50
UK
Skanska-Costain-Strabag S1 Joint Venture - HS2 Main Works
Rail Engineering
34
UK
The e5 Joint Alliance Severn Trent Framework
Engineering
25
UK
TSIF-ILW Joint Venture \u2013 Trawsfynydd nuclear power station decommissioning
Civil Engineering
33.3
UK
Key to registered office/principal place of business
(1) Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England
(2) Neo House, Riverside, Aberdeen AB11 7LH, Scotland
(3)
210
Pentonville Road, London N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Alstom, Litchurch Lane, Derby DE24 8AD, England
(7)
P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(8) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(9) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(10)
P.O.Box 6967, 21452,
Jeddah, Saudi Arabia
(11)
Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(12) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(13) Dormant company \u2013 Venezuela, no record of address
(14) Dormant company \u2013 Nigeria, no record of address
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
Percentage Country of
Activity interest business
Major joint operations
CH2M-Costain Joint Venture \u2013 Area 14 M&R contract
Engineering and Maintenance
50
UK
Costain-Atkins-Black & Veatch Joint Venture \u2013 Thames Water AMP6
Engineering
70
UK
Costain-MWH Joint Venture \u2013 Southern Water
Civil Engineering
50
UK
CVB Joint Venture \u2013 Thames Tideway Tunnel East
Civil Engineering
40
UK
Galliford-Costain-Atkins Joint Venture \u2013 United Utilities
Engineering
42.5
UK
Skanska-Costain-Strabag S2 Joint Venture \u2013 HS2 Main Works
Rail Engineering
34
UK
The ASP Batch Joint Venture \u2013 Severn Trent \u2013 Large capital schemes outside AMP6
Engineering
33.3
UK
Percentage Country
Activity interest of business
Other joint operations, including completed
ACTUS Joint Venture \u2013 Trawsfynydd nuclear power station
active waste retrieval
Civil Engineering
25
UK
Alstom-Babcock-Costain Joint Venture \u2013 Edinburgh to
Glasgow Rail Improvement Programme
Rail Engineering
33.3
UK
Alstom-Costain C644 Joint Venture \u2013 Traction power \u2013 Crossrail
Rail Engineering
32.5
UK
Alstom-Costain C650 Joint Venture \u2013 HV power supply \u2013 Crossrail
Rail Engineering
32.5
UK
A-one+ Joint Venture - ASC area 12 - Highways England
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 7
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 12
Engineering and Maintenance
33.3
UK
A-one+ Integrated Highway Services \u2013 MAC 14
Engineering and Maintenance
33.3
UK
A-one+ Joint Venture \u2013 ASC area 4 \u2013 Highways England
Engineering and Maintenance
33.3
UK
ATC Joint Venture \u2013 C610 \u2013 Crossrail
Rail Engineering
32.5
UK
ATC Joint Venture \u2013 C695 \u2013 Crossrail
Rail Engineering
32.5
UK
Balfour Beatty-BmJV-Carillion-Costain Joint Venture \u2013
National Major Projects \u2013 Highways England
Civil Engineering
29
UK
CosMott Joint Venture \u2013 Devonport Major Infrastructure
Programme \u2013 Construction Delivery Partner
Consultancy
50
UK
Costain Arup Joint Venture \u2013 Yorkshire Water
Consultancy
50
UK
Costain-CH2M UK \u2013 ESCC JV \u2013 East Sussex highway maintenance
Engineering and Maintenance
50
UK
Costain-Dalekovod Joint Venture \u2013 National Grid HV Overhead
Line System
Engineering
60
UK
Costain-Galliford Try Joint Venture - M1 smart motorways
Civil Engineering
50
UK
Costain-Hochtief Joint Venture \u2013 Reading station
Civil Engineering
50
UK
Costain-Laing O\u2019Rourke Joint Venture \u2013 Bond Street station
Civil Engineering
50
UK
Costain-Skanska C336 Joint Venture \u2013 Paddington New Yard \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C360 Joint Venture \u2013 Eleanor Street \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C405 Joint Venture \u2013 Paddington \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska C412 Joint Venture \u2013 Bond Street \u2013 Crossrail
Civil Engineering
50
UK
Costain-Skanska \u2013 HS2 Enabling works
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 A14 Ellington to Fen Ditton
Civil Engineering
50
UK
Costain-Skanska Joint Venture \u2013 Balfour Beatty Joint Venture \u2013 A14
Civil Engineering
33.3
UK
Costain-Skanska Joint Venture \u2013 NGT Tunnels, London
Civil Engineering
52.6
UK
Costain-Skanska Joint Venture \u2013 Paddington Station Bakerloo Line Link
Project
Civil Engineering
50
UK
Costain-Vinci Construction Joint Venture \u2013 Shieldhall
Civil Engineering
50
UK
Costain-Vinci Joint Venture \u2013 M4 corridor around Newport
Civil Engineering
50
UK
Educo UK Joint Venture \u2013 Bradford Schools Building 50 UK Lagan-Ferrovial-Costain \u2013 A8 Civil Engineering 45 UK Siemens Mobility-Costain - SMC JV - HS2 Rail Systems High Voltage Power Rail Engineering 50 UK Skanska-Costain-Strabag S1 Joint Venture - HS2 Main Works Rail Engineering 34 UK The e5 Joint Alliance Severn Trent Framework Engineering 25 UK TSIF-ILW Joint Venture \u2013 Trawsfynydd nuclear power station decommissioning Civil Engineering 33.3 UK ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
Registered
Percentage of office/principal place
Status equity held of business
Other joint ventures or associates owned indirectly by Costain Group PLC
4Delivery Limited
Trading
40
(3)
ABC Electrification Ltd
In strike off
33.3
(6)
ACM Health Solutions Limited
Dormant
33.3
(4)
Brighton & Hove 4Delivery Limited
Trading
49
(3)
Budimex & Costain SP ZO.O
Dormant
50
(12)
Costain Abu Dhabi Co WLL
Dormant
49
(8)
China Harbour-Costain Mexico S de RL de CV
Dormant
50
(11)
Jalal Costain WLL
Dormant
49
(9)
Nesma-Costain Process Co. Limited
Dormant
50
(10)
Key to registered office/principal place of business
(1) Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England
(2) Neo House, Riverside, Aberdeen AB11 7LH, Scotland
(3)
210
Pentonville Road, London N1 9JY, England
(4) Booths Park, Chelford Road, Knutsford WA16 8QZ, England
(5) The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 (New Castle County), USA
(6) Alstom, Litchurch Lane, Derby DE24 8AD, England
(7)
P.O.Box N-7768, Bank Lane, Nassau, Bahamas
(8) Dormant company \u2013 Abu Dhabi, UAE, no record of address
(9) Flat 33, Building 232, Road 18, Block 321, Manama, Bahrain
(10)
P.O.Box 6967, 21452,
Jeddah, Saudi Arabia
(11)
Calle Delfines No. 268 \u2013 2, Frac. Playa Ensenada, Ensenada, B.C., CP. 22880, Mexico
(12) Marsza\u0142kowska 82, Warsaw, Mazowieckie, 00\u2013517, Poland
(13) Dormant company \u2013 Venezuela, no record of address
(14) Dormant company \u2013 Nigeria, no record of address
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
25 Related party transactions
Group
Related party relationships exist with subsidiaries, joint ventures and associates, joint operations, The Costain Pension Scheme and with
Directors and Executive officers.
Sales of goods and services
2025
2024
Joint ventures Joint Joint ventures Joint
and associates operations Total and associates operations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint operations revenue
\u2013
4 2 3 . 3
4 2 3 . 3
\u2013
545.2
545.2
Services of Group employees
\u2013
86.8
86.8
\u2013
86.7
86.7
Construction services and materials
\u2013
18.4
18.4
\u2013
18.4
18.4
\u2013
528.5
528.5
\u2013
650.3
650.3
Balances with joint ventures and associates are disclosed in notes 16 and 19. Balances with joint operations are eliminated
on consolidation.
The Costain Pension Scheme
Details of transactions between the Group and The Costain Pension Scheme are included in note 21.
Transactions with key management personnel
Disclosures related to the remuneration of key management personnel as defined in IAS 24, \u2018Related Party Disclosures\u2019 are given below.
Key management personnel, as defined under IAS 24, \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls
operated by the Group ensure that all key decisions are reserved for the Board.
As at 9 March 2026, the date of signing this report, the Directors of the Company and their immediate relatives control 990,877 ordinary
shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.37% (2024: 0.31%).
In addition to their salaries, in respect of the Executive Directors and Executive Officers, the Group provides non-cash benefits and
contributes to defined contribution pension plans. Executive Directors and Executive Officers also participate in the Group\u2019s LTIP,
AIP and SAYE plans, which are detailed in note 21.
The compensation of key management personnel, including the Directors, is as follows:
Group
2025
2024
1
\u00a3m \u00a3m
Directors\u2019 emoluments
2.0
2.2
Executive officers\u2019 emoluments
3.5
2.2
Post-employment benefits
0.2
0.2
Termination benefits
\u2013
\u2013
Share-based payments
2.0
2.0
7.7
6.6
1
The 2024 Directors\u2019 emoluments have been restated to include annual incentive payments.
The above amounts are included in employee benefit expense (note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "25 Related party transactions Group Related party relationships exist with subsidiaries, joint ventures and associates, joint operations, The Costain Pension Scheme and with Directors and Executive officers. Sales of goods and services
2025
2024
Joint ventures Joint Joint ventures Joint
and associates operations Total and associates operations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Joint operations revenue
\u2013
4 2 3 . 3
4 2 3 . 3
\u2013
545.2
545.2
Services of Group employees
\u2013
86.8
86.8
\u2013
86.7
86.7
Construction services and materials
\u2013
18.4
18.4
\u2013
18.4
18.4
\u2013
528.5
528.5
\u2013
650.3
650.3
Balances with joint ventures and associates are disclosed in notes 16 and 19. Balances with joint operations are eliminated on consolidation. The Costain Pension Scheme Details of transactions between the Group and The Costain Pension Scheme are included in note 21. Transactions with key management personnel Disclosures related to the remuneration of key management personnel as defined in IAS 24, \u2018Related Party Disclosures\u2019 are given below. Key management personnel, as defined under IAS 24, \u2018Related Party Disclosures\u2019, have been identified as the Board, as the controls operated by the Group ensure that all key decisions are reserved for the Board. As at 9 March 2026, the date of signing this report, the Directors of the Company and their immediate relatives control 990,877 ordinary shares in Costain Group PLC, which expressed as a percentage of the issued share capital is 0.37% (2024: 0.31%). In addition to their salaries, in respect of the Executive Directors and Executive Officers, the Group provides non-cash benefits and contributes to defined contribution pension plans. Executive Directors and Executive Officers also participate in the Group\u2019s LTIP, AIP and SAYE plans, which are detailed in note 21. The compensation of key management personnel, including the Directors, is as follows:
Group
2025
2024
1
\u00a3m \u00a3m
Directors\u2019 emoluments
2.0
2.2
Executive officers\u2019 emoluments
3.5
2.2
Post-employment benefits
0.2
0.2
Termination benefits
\u2013
\u2013
Share-based payments
2.0
2.0
7.7
6.6
1 The 2024 Directors\u2019 emoluments have been restated to include annual incentive payments. The above amounts are included in employee benefit expense (note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
26 Events after the reporting date
There are no events after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Seventh Floor, 70 St Mary Axe, London EC3A 8BE, England", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800PKIJBZ2EDTKC88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }