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General information
Inchcape plc is a public company limited by shares, domiciled and incorporated in the UK,
and registered in England and Wales. The address of the registered office is 22a St James\u2019s
Square, London, SW1Y 5LP. The nature of the Group\u2019s operations and principal activities are
set out in note 1 and on pages 1 to 49.
The Group consolidated financial statements have been prepared in accordance with UK-
adopted international accounting standards and IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB).
Accounting convention
The consolidated financial statements have been prepared under the historical cost
convention, except for financial assets at fair value through other comprehensive income,
and those financial assets and financial liabilities (including derivative instruments) held at fair
value through profit or loss, which are measured at fair value.
Going concern
Based on the Group\u2019s cash flow forecasts and projections, the Board is satisfied that the
Group will operate within the level of its committed facilities for the foreseeable future. For this
reason, the Board continues to adopt the going concern basis in preparing its financial
statements. In making this assessment, the Group has considered available liquidity in relation
to net debt and committed facilities, the Group\u2019s latest forecasts for 2026 and 2027 cash
flows, together with adjusted scenarios.
Committed bank facilities and Private Placement borrowings amount to \u00a31,040m, of which
\u00a3160m was drawn at 31 December 2025. In June 2023, the Group issued a \u00a3350m bond
offering with a coupon of 6.5%, due to mature in June 2028.
The Private Placement loan notes are subject to an interest cover covenant based on an
adjusted EBITA measure to interest on consolidated borrowings measured on a trailing 12-
month basis at June and December.
The latest Group forecasts for 2025 and 2026 indicate that the Group is expected to be
compliant with this covenant throughout the forecast period and have sufficient liquidity to
continue operating throughout that period.
A range of sensitivities has been applied to the forecasts to assess the Group\u2019s compliance
with its covenant requirements over the forecast period. These sensitivities included:
\u2022 a 12-month reduction in New and Used revenue from July 2026, resulting from decreasing
consumer demand in response to fiscal tightening and resulting economic downturns;
\u2022 a reduction in reported GBP earnings from July to December 2026 to December 2027
resulting from the strengthening of the sterling relative to other currencies;
\u2022 a general liquidity reduction impacting working capital from January 2027;
\u2022 with no mitigating actions applied in relation to the sensitivities described above.
In a scenario where all of the above sensitivities occur at the same time, the Group has
modelled the possibility of the interest cover covenant being breached in 2026 and 2027. With
the interest cover covenant measured on a trailing 12-month basis, the sensitised forecasts
indicate that the Group is not expected to breach any covenants and would be compliant
with the interest cover requirements throughout the forecast period. Additionally, under these
circumstances, the Group expects to have sufficient funds to meet cash flow requirements.
A reverse stress test scenario analysis, concluded that a set of circumstances in which the
Group would breach its covenant or have insufficient funds to meet cash flow requirements
are considered to be remote, relative to the sensitivities referred to above.
Therefore, the Board concluded that the Group will be able to operate within the level of its
committed facilities for the foreseeable future. The directors consider it appropriate to adopt
the going concern basis of accounting in preparing the financial statements for the year
ending 31 December 2025.
Newly adopted accounting standards
From 1 January 2025, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 21 - Lack of Exchangeability
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has not early adopted other standards, amendments to standards or
interpretations that have been issued but are not yet effective.
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2026:
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures; and
\u2022 Annual improvements to IFRS - Volume 11.
Management is currently reviewing the new standards to assess the potential impact that
they may have on the Group\u2019s reported position and performance.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the parent
company (Inchcape plc) and all of its subsidiary undertakings (defined as those where the
Group has control), together with the Group\u2019s share of the results of its joint ventures (defined
as those where the Group has joint control) and associates (defined as those where the
Group has significant influence but not control). The results of subsidiaries are consolidated
and the Group\u2019s share of results of its joint ventures and associates is equity accounted for as
of the same reporting date as the parent company, using consistent accounting policies.
The results of newly acquired subsidiaries are consolidated using the acquisition method of
accounting from the date on which control of the net assets and operations of the acquired
company are effectively transferred to the Group. Similarly, the results of subsidiaries disposed
of cease to be consolidated from the date on which control of the net assets and operations
is transferred out of the Group.
The Group treats transactions with non-controlling interests as transactions with equity owners
of the Group. For purchases from non-controlling interests, the difference between any
consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Investments in joint ventures and associates are accounted for using the equity method,
whereby the Group\u2019s share of post-acquisition profits or losses is recognised in the
consolidated income statement, and its share of post-acquisition movements in shareholders\u2019
equity is recognised in shareholders\u2019 equity. If the Group\u2019s share of losses in a joint venture or
associate equals or exceeds its investment in the joint venture or associate, the Group does
not recognise further losses, unless it has contractual obligations or made payments on behalf
of the joint venture or associate.
Intercompany balances and transactions and any unrealised profits arising from
intercompany transactions are eliminated in preparing the consolidated financial statements.
Foreign currency translation
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.
In the individual entities, transactions in foreign currencies are translated into the functional
currency at the rates of exchange prevailing at the dates of the individual transactions.
Monetary assets and liabilities denominated in foreign currencies are subsequently
retranslated at the rate of exchange ruling at the end of the reporting period. All differences
are taken to the consolidated income statement, except those exchange differences arising
on long-term foreign currency borrowings that form part of a net investment in a foreign
investment, which on consolidation are taken directly to other comprehensive income.
The assets and liabilities of foreign operations are translated into sterling at the rate of
exchange ruling at the end of the reporting period. The income statements and cash flows
of\u00a0foreign operations are translated into sterling at the average rates of exchange for the
period, except for subsidiaries in hyperinflationary economies that are translated at the
closing rate of exchange at the end of the period. Exchange differences arising from
1\u00a0January 2004 are recognised as a separate component of shareholders\u2019 equity. On disposal
of a foreign operation, any cumulative exchange differences held in shareholders\u2019 equity are
transferred to the consolidated income statement.
Presentation of comparative amounts
Prior year amounts have been represented in note 3(e), note 15 and note 17 for consistency
with the disclosure in the current year, and corrected for previously omitted amounts. There is
no impact on prior year primary financial statements from these adjustments.
Ethiopia ceases to be a hyperinflationary economy
The Group financial statements included adjustments for hyperinflation, following the
application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in relation to the
Group\u2019s operations with a functional currency of Ethiopian Birr since 2022.
For the year ending 31 December 2025, Ethiopia is no longer considered to be a
hyperinflationary economy and therefore the Group has not recognised any adjustments in
respect of hyperinflation. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
The Group\u2019s consolidated financial statements included the results and financial position of its
Ethiopian operations restated to the purchasing power or inflationary measuring unit current
up until 31 December 2024, leading to a hyperinflationary loss in respect of monetary items
being reported in finance costs, and treated as an adjusting item from 2022 to 2024. During
2022 to 2024, the results of the Group\u2019s Ethiopian operations were translated at the closing
exchange rate, as required by IAS 21 The Effects of Changes in Foreign Exchange Rates for
hyperinflationary foreign operations.
Climate change
In preparing the Group\u2019s financial statements consideration has been given to the impact
of\u00a0both physical and transition climate-related risks, as described in the Task Force on
Climate-related Financial Disclosures (TCFD) section on page 26. Based on the TCFD
recommendations, in 2025, the Group performed an assessment of the five most critical
climate-related risks and opportunities that were considered to have a potential financial
impact on the financial\u00a0statements.
Climate scenario analysis was used as a tool to identify and assess a potential range of future
outcomes, by capturing different assumptions about policies and physical climate conditions.
Scenario analysis was applied to the five most material risks and opportunities, being the risk of
revenue loss driven by misalignment, risk of increased costs from implementation of carbon
tax, risk of loss of aftersales revenues, risk of margin erosion, and physical risks (due to the
direct impacts to property and inventories from extreme weather conditions). There is inherent
uncertainty over the assumptions used within these scenarios and how they will impact the
Group\u2019s operations, cash flows and profit projections.
The policy, technology, and market changes in response to climate change are still
developing, and consequently the financial statements cannot capture all possible future
outcomes as these are not yet known. Where legislative changes are known, these are
reflected in the forecasts used for impairment modelling.
The climate-related estimates and assumptions were applied primarily to going concern,
impairment of non-financial assets, property, plant and equipment, indefinite life intangible
assets and provisions. Management has concluded there to be no material impact arising
from climate change on the judgements and estimates made in the financial statements.
Revenue and other income
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step
model to be applied to all sales contracts. It is based on the transfer of control of goods and
services to customers and requires the identification and assessment of the satisfaction of
delivery of each performance obligation in contracts in order to recognise revenue. Where
separate performance obligations are identified in a single contract, total revenue is
allocated on the basis of relative stand-alone selling prices to each performance obligation,
or management\u2019s best estimate of relative value where stand-alone selling prices do not exist.
Revenue is measured at the fair value of consideration receivable, net of any discounts,
rebates, trade allowances, incentives, or amounts collected on behalf of third parties. It is
recognised to the extent that the transfer of promised goods or services to a customer has
been satisfied and the revenue can be reliably measured. Revenue excludes sales-related
taxes and intra-group transactions. In practice this means that:
Revenue from sale of goods
Revenue from the sale of goods is recognised when the control, risks and rewards of
ownership of the goods have been transferred to the customer. The performance obligation
to transfer goods to the customer is considered to have been satisfied when the vehicles or
parts are invoiced and physically dispatched or collected. Revenue is also recognised in
circumstances where goods are available for delivery, but the customer has requested that
delivery does not take place, has confirmed ownership of the goods and assumed
responsibility for the associated risks. Consideration received in advance of transfer of goods
is\u00a0recognised as deferred revenue on the balance sheet and is subsequently recognised as
revenue when the transfer of goods occurs.
Revenue from rendering of services
Revenue from the rendering of services to the customer is considered to have been satisfied
when the service has been performed.
Group acts as an agent
Where the Group acts as an agent on behalf of a principal in relation to finance, insurance, and
similar products, the associated commission income is recognised within revenue in the period in
which the activity which generated the commission was performed.
Sales with a repurchase commitment
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is highly likely, as the customer has a
significant economic incentive to exercise the buyback, the transaction is recognised as a
lease transaction with the Group acting as a lessor. Consequently, such vehicles are
recognised within \u2018property, plant and equipment\u2019 in the consolidated statement of financial
position at cost and are depreciated to their residual value over the period of the repurchase
commitment. The difference between the initial amounts received from the customer and the
repurchase commitment is recognised as deferred income in the consolidated statement of
financial position and is released to the consolidated income statement on a straight-line
basis over the life of the arrangement. The repurchase commitment, which reflects the price
at which the vehicle will be bought back, is held within \u2018trade and other payables\u2019,
according to the date of the commitment.
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is not highly likely, revenue is recognised in
full when the vehicle is sold, less the expected value of the buyback payments to be made
which is recorded as a liability in the consolidated statement of financial position. Similarly, an
estimate of the value of the vehicles to be returned is deducted from cost of sales and
recognised as an asset in the consolidated statement of financial position.
Sale of additional services
Where additional services are included in the sale of a vehicle to a customer as part of the
total vehicle package (e.g. extended warranty, free servicing, roadside assistance, fuel
coupons etc) and the Group is acting as a principal in the fulfilment of the service, the value
of the additional services is separately identified, deducted from consideration receivable,
recognised as deferred revenue on the balance sheet and subsequently recognised as
revenue when the service is provided, or recognised on an input basis with reference to the
amount of time elapsed under the contract to which the service relates. These balances are
considered to be contract liabilities. The consideration allocated to additional services is
based on the relative stand-alone selling price of the additional services within the contract.
The value assigned to the additional service is set equal to the value of the additional service
being provided, being the expected cost to the entity plus an appropriate profit margin.
Accrued income
Amounts relating to accrued income are balances primarily due from manufacturers in
relation to volume/target related bonuses or commissions or warranty related where the work
has been completed prior to being invoiced. Any amount previously recognised as accrued
income is reclassified to trade receivables after invoicing.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Cost of sales
Cost of sales includes the expense relating to the estimated cost of self-insured product
warranties offered to customers. These warranties form part of the package of goods and
services provided to the customer when purchasing a vehicle and are not a
separable\u00a0product.
The Group receives income in the form of various incentives which are determined by our
OEM partners. The amount the Group receives is generally based on achieving specific
objectives, such as a specified sales volume, as well as other objectives including maintaining
OEM partner standards which may include, but are not limited to, retail centre image and
design requirements, customer satisfaction survey results and training standards. Where
incentives are based on a specific sales volume or number of registrations, the related income
is recognised as a reduction in cost of sales when it is reasonably certain that the income has
been earned. This is generally the later of the date the related vehicles are sold or registered
or when it is reasonably certain that the related target will be met. Where incentives are linked
to retail centre image and design requirements, customer satisfaction survey results or training
standards, they are recognised as a reduction in cost of sales when it is reasonably certain
that the incentive will be received for the relevant period.
Share-based payments
The Group operates various share-based award schemes. The fair value at the date at which
the share-based awards are granted is recognised in the consolidated income statement
(together with a corresponding credit in shareholders\u2019 equity) on a straight-line basis over the
vesting period, based on an estimate of the number of shares that will eventually vest. At the
end of each reporting period, the Group revises its estimates of the number of awards that
are expected to vest. The impact of any revision is recognised in the consolidated income
statement with a corresponding adjustment to equity.
For equity-settled share-based awards, the services received from employees are measured
by reference to the fair value of the awards granted. With the exception of the Group Save
As You Earn scheme, the vesting of all share-based awards under all schemes is solely reliant
upon non-market conditions, therefore no expense is recognised for awards that do not
ultimately vest. Where an employee or the Company cancels an award, the charge for that
award is recognised as an expense immediately, even though the award does not vest.
Finance income
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
Income tax
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty
over Income Tax Treatments when it is not probable that a tax authority will accept an
uncertain tax treatment used, or proposed to be used, in its income tax filings. Uncertain tax
positions are assessed and measured using management\u2019s estimate of the most likely
outcome including an assessment of whether uncertain tax positions should be considered
separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising
on a business combination, or to an asset or liability, the initial recognition of which does not
affect either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the
end of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019
equity, in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax
assets and liabilities are only offset where there is a legally enforceable right of offset of
current tax assets against current tax liabilities and if the deferred tax relates to income taxes
levied by the same tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
Adjusting items
The Group makes certain adjustments to the statutory profit measures in order to derive
certain alternative performance measures. Certain items which are material are presented as
adjusting items within their relevant consolidated income statement category. The separate
reporting of adjusting items helps provide additional useful information regarding the
Group\u2019s\u00a0financial performance and is used by management to facilitate internal
performance analysis.
Management applies an adjusting items policy that is regularly discussed and approved by the
Audit Committee. The policy applied in identifying adjusting items is balanced when assessing
gains and losses, clearly disclosed, and applied consistently from one year to the\u00a0next.
Adjusting items are deemed to be those items that, in the judgement of the Group, need to
be disclosed separately by virtue of their nature, size or incidence. In determining the facts
and circumstances, management considers key factors such as:
\u2022 where the same category of items recurs each year and in similar amounts (for example,
restructuring costs), consideration is given as to whether such amounts should be included
as part of underlying profit;
\u2022 where significant items are likely to be finalised over more than one year, the aggregate
cost over the affected years is considered in determining whether such amounts should be
reported as an adjusting item; and
\u2022 ensuring the treatment of favourable and unfavourable transactions are treated consistently.
Items that may be considered adjusting in nature could include gains or losses on the disposal
of businesses, restructuring of businesses, acquisition and integration costs, asset impairments,
recognition of monetary gains or losses on hyperinflation and the tax effects of these items.
Any reversal of an amount previously recognised as an adjusting item would also be
recognised as an adjusting item in a subsequent period.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating
to\u00a0the business sold except for goodwill arising on business combinations on or before
31\u00a0December 1997 which has been deducted from shareholders\u2019 equity and remains
indefinitely in shareholders\u2019 equity.
Other intangible assets
Intangible assets, when acquired separately from a business (including computer software),
are carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal
intangible assets are agreements with manufacturers for the distribution of new vehicles and
parts, which represent the estimated value of distribution rights acquired in business
combinations. Such agreements have varying terms and periods of renewal and have
historically been renewed without substantial cost. The Group therefore expects these
agreements to be renewed on a regular basis and accordingly no amortisation is charged on
these assets. The Group assesses these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and
impairment losses. Cost comprises the purchase price and directly attributable costs of the
asset and includes, where relevant, capitalised borrowing costs. Depreciation is based on
cost less estimated residual value and is included within \u2018net operating expenses\u2019 in the
consolidated income statement, with the exception of depreciation on \u2018leased vehicles,
rental machinery and equipment\u2019 which is charged to \u2018cost of sales\u2019. It is provided on a
straight-line basis over the estimated useful life of the asset, except for freehold land which is
not depreciated. For the following categories, the annual rates used are:
Freehold buildings and long leasehold buildings
2.0%
Short leasehold buildings
shorter of lease term or useful life
Plant, machinery and equipment
5.0% \u2013 33.3%
Leased vehicles, rental machinery and equipment
over the lease term
The residual values and useful lives of all assets are reviewed at least at the end of each
reporting period and adjusted if necessary.
Leases
The Group assesses whether a contract is, or contains a lease at inception of the contract.
A\u00a0lease conveys the right to direct the use and obtain substantially all of the economic
benefits of an identified asset for a period of time in exchange for consideration.
The group as a lessee
Lease liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 variable lease payment that are based on an index or a rate, initially measured using the
index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that
option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also included in
the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s
incremental borrowing rate is used, being the rate that the individual lessee would have to
pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset
in a similar economic environment with similar terms, security, and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 uses a build-up approach that starts with a risk-free interest rate by market and currency;
\u2022 applies a credit risk, based on yields of comparable entities, to the determined risk-free
interest rate by market; and
\u2022 where applicable, makes adjustments specific to the lease, e.g. country, currency, security,
and term.
Lease liabilities are remeasured when there is a change in future lease payments as a result of
an index or rate change, or if there is a change in the estimate of the amount expected to be
payable under a residual value guarantee, or if there is a change in the assessment of
whether a purchase, lease-term extension or termination option will be exercised. When lease
liabilities are remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset or recorded in profit or loss if the carrying amount of the right-
of-use asset has been reduced to zero.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period to produce a constant periodic rate of interest
on the remaining balance of the liability for each period. Right-of-use assets are recognised at
the commencement date of the lease. Right-of-use assets comprising mainly land and
buildings are measured at cost less accumulated depreciation and impairment losses. The
costs include the amount of the initial measurement of the lease liability, any lease payments
made at or before the commencement date less lease incentives received, any direct costs
and an estimate of dismantling costs. The carrying amount is further adjusted for any
remeasurement of the lease liability. Depreciation is expensed to the income statement on a
straight-line basis over the lease term. The lease term includes the noncancellable period of
lease together with any extension or termination options that are reasonably certain to
be\u00a0exercised.
Payments associated with short-term leases and all leases of low-value assets (under \u00a35,000)
are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise largely small items of
office equipment.
The group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially
all the risk and rewards of ownership to the lessee. All other leases are classified as operating
leases. Where the Group is an intermediate lessor, the sublease classification is assessed with
reference to the head lease right-of-use asset. Amounts due from lessees under finance
leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic
rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases
is recognised on a straight-line basis over the lease term.
Impairment of non-financial assets
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be
recoverable. Any impairment losses are included within \u2018net operating expenses\u2019 in the
consolidated income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money.
Impairment losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises
expenditure incurred in bringing inventories to their present location and condition. Net
realisable value represents the estimated selling price less all estimated costs of completion
and costs to be incurred in marketing, selling and distribution. Used vehicles are carried at the
lower of cost or fair value less costs to sell, generally based on external market data available
for used vehicles. Parts inventory is valued at weighted average cost.
Vehicles held on consignment are included within inventories as the Group is considered to
have the risks and rewards of ownership. The corresponding liability is included within \u2018trade
and other payables\u2019.
Inventory can be held on deferred payment terms. All costs associated with this deferral are
expensed to finance costs over the period of the financing.
An inventory provision is recognised in situations where net realisable value is likely to be less
than cost (such as obsolescence, deterioration, fall in selling price). When calculating the
provision, management considers the nature and condition of the inventory, as well as
applying assumptions around anticipated saleability, determined on conditions that exist at
the end of the reporting period. With the exception of parts, generally net realisable value
adjustments are applied on an item-by-item basis.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in
the ordinary course of business. These are recognised as current assets if collection is due in
one year or less. If collection is due in over a year, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision
for impairment is established based on an expected credit loss model under IFRS 9 Financial
Instruments. The amount of the provision is the difference between the asset\u2019s carrying
amount and the expected value of the amounts to be received.
The provision for impairment of receivables is based on lifetime expected credit losses.
Lifetime expected credit losses are calculated by assessing historic credit loss experience,
adjusted for factors specific to the receivable and company. The amount of the loss is
recognised in the consolidated income statement within \u2018net operating expenses\u2019. When a
trade receivable is not collectible, it is written off against the allowance account for trade
receivables. Subsequent recoveries of amounts previously written off are credited against \u2018net
operating expenses\u2019 in the consolidated income statement.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business. These are classified as current liabilities if payment is due in one
year or less. If payment is due at a later date, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Trade payables include the liability for vehicles held on consignment, with the corresponding
asset included within inventories. Included within trade and other payables are payments
received on account. These are deposits received from customers, in relation to orders taken
but not yet delivered, and represent an obligation to deliver a vehicle to a customer.
Pensions and other post-retirement benefits
The Group operates a number of retirement benefit schemes.
The major schemes are defined benefit pension funds with assets held separately from the
Group. The cost of providing benefits under the plans is determined separately for each plan
using the projected unit credit actuarial valuation method.
The current service cost and gains and losses on settlements and curtailments are included in
\u2018cost of sales\u2019 or \u2018net operating expenses\u2019 in the consolidated income statement. Past service
costs are similarly recognised in the consolidated income statement. Administrative scheme
expenses associated with the plans are recorded within \u2018net operating expenses\u2019 when
incurred, in line with IAS 19 Employee Benefits (revised). Net interest income or interest cost
relating to the funded defined benefit pension plans is included within \u2018finance income\u2019 or
\u2018finance costs\u2019, as relevant, in the consolidated income statement.
Changes in the retirement benefit obligation or asset due to experience and changes in
actuarial assumptions are included in the consolidated statement of comprehensive income,
as actuarial gains and losses, in full in the period in which they arise.
Where scheme assets exceed the defined benefit obligation, a net asset is only recognised to
the extent that an economic benefit is available to the Group, in accordance with the terms
of the scheme and, where relevant, statutory requirements.
The Group\u2019s contributions to defined contribution plans are charged to the consolidated
income statement in the period to which the contributions relate.
The Group also has a liability in respect of past employees under post-retirement healthcare
schemes which have been closed to new entrants. These schemes are accounted for on a
similar basis to that for defined benefit pension plans in accordance with the advice of
independent qualified actuaries.
Following the scheme merger which is now referred to as the \u2018Combined section\u2019, and sits
alongside the Group section, a change was made to the trustees deeds whereby it was
stipulated, in the event of a wind-up any pension surplus belonging to the Group section
would be returned to the Combined section in the first instance instead of being directly
returned to the principal employer. The Group takes the view that any surplus in the
Combined section ultimately belongs to the Principal employer, therefore judgement has
been taken to recognise the pension surplus for the scheme in full.
Provisions
Provisions are recognised when the Group has a present obligation in respect of a past event,
when it is more likely than not that an outflow of resources will be required to settle the
obligation and where the amount can be reliably estimated. Provisions are discounted when
the time value of money is considered to be material, using an appropriate risk-free rate on
government bonds.
Product warranty provision
A product warranty provision corresponds to warranties provided as part of the sale of a
vehicle and provide assurance to the customer that the product will work as sold. Provision is
made for the expected cost of labour and parts based on historical claims experience and
expected future trends.
Leasehold property provision
A leasehold property provision is recognised when the Group is committed to certain
leasehold premises for which it no longer has a commercial use. It is made to the extent of the
estimated future net cost, excluding the lease liability already recognised under IFRS 16
Leases. A leasehold property provision is also recognised when there is future obligation
relating to the maintenance of leasehold properties. The provision is based on management\u2019s
best estimate of the obligation which forms part of the Group\u2019s unavoidable cost of meeting
its obligations under the lease contracts.
Litigation provision
A litigation provision is recognised when a litigation case is outstanding at the end of the
reporting period and there is a likelihood that the legal claim will be settled.
Restructuring provision
A restructuring provision is recognised when a detailed formal plan for the restructuring has
been developed and a valid expectation has been raised in those affected that it will carry
out the restructuring by starting to implement the plan or announcing its main features to
those affected by it. The measurement of a restructuring provision includes only the direct
expenditures arising from the restructuring, which are those amounts that are both necessarily
entailed by the restructuring and not associated with ongoing activities of the Group.
Disposal group and assets held for sale
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets
and liabilities of the associated businesses are separately disclosed in the consolidated
statement of financial position as a disposal group. Assets and liabilities are classified as assets
held for sale if their carrying amount is to be recovered principally through a sale transaction
rather than through continuing use. Both disposal groups and assets and liabilities held for sale
are stated at the lower of their carrying amount and fair value less costs to sell.
Segmental reporting
Segment information is reported in accordance with IFRS 8 Operating Segments, which
requires segmental reporting to be presented on the same basis as the internal management
reporting. The Group\u2019s operating segments are groups of countries and the market channel,
Distribution. These operating segments are then aggregated into reporting segments to
combine those with similar characteristics. The accounting policies of the reportable
segments are the same as the Group\u2019s accounting policies described in this note.
Comparative amounts have been reclassified as explained in note 1.
Financial instruments
The Group classifies its financial assets in the following categories: measured at amortised
cost; measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are
included in current assets, except where the maturity date is more than 12 months after the
end of the reporting period. They are initially recorded at fair value and subsequently
recorded at amortised cost. Financial liabilities are included in current liabilities, except where
the maturity date is more than 12 months after the end of the reporting period. Financial
liabilities with a maturity date that is more than 12 months after the end of the reporting
period and subject to a covenant are classified as non-current where the Group is compliant
with that covenant at the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and
liabilities, which are further explained below. They are classified according to maturity date,
within current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.
Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position comprise cash
at bank and in hand, short-term bank deposits and cash and cash equivalents included in
disposal groups held for sale. Short-term bank deposits have a maturity of less than three
months from the date at which the investment is acquired. In the consolidated statement of
cash flows, cash and cash equivalents comprise cash and cash equivalents, as defined
above, net of bank overdrafts.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are primarily equity
instruments that are recognised initially at fair value (including costs to acquire) and
re-measured subsequently with gains and losses recognised directly in other comprehensive
income. Cumulative gains and losses are recycled to the Group income statement
on\u00a0disposal.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are
subsequently stated at amortised cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the consolidated income
statement over the period of the borrowings, using the effective interest method.
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
Derivative financial instruments
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered
into and are subsequently re-measured at their fair value. The method of recognising the
resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. Derivative financial instruments are
derecognised when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment
(fair\u00a0value\u00a0hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly
probable forecast transaction (cash flow hedge).
Fair value hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group does
not currently apply fair value hedge accounting. The gain or loss relating to the effective
portion of interest rate swaps hedging fixed rate borrowings and changes in the fair value of
those borrowings is recognised in the consolidated income statement within \u2018finance costs\u2019.
The gain or loss relating to the ineffective portion is also recognised in the consolidated
income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow
hedges, the gains or losses that are recognised in other comprehensive income are
transferred to the consolidated income statement in the same period in which the hedged
forecast transaction affects the consolidated income statement.
Share capital
Ordinary shares are classified as equity. Where the Group purchases the Group\u2019s equity share
capital (treasury shares), the consideration paid is deducted from shareholders\u2019 equity until
the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold
or\u00a0reissued, any consideration received is included in shareholders\u2019 equity.
Dividends
Final dividends proposed by the Board of Directors and unpaid at the year-end are not
recognised in the consolidated financial statements until they have been approved by the
shareholders at the Annual General Meeting. Interim dividends are recognised when they
are\u00a0paid.
Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements in accordance with generally accepted accounting
principles requires the use of estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates are based on
management\u2019s best knowledge, actual results may ultimately differ from those estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. The Directors have
made a number of estimates and assumptions regarding the future, and made some
significant judgements in applying the Group\u2019s accounting policies. These are discussed below:
Sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainties at the
reporting period end that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next period are discussed below:
Impairment of goodwill and indefinite life intangible assets
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. While the forecasts incorporate a number of
assumptions, those relating to revenue, discount rates and long-term growth rates are
considered by management to be the key assumptions for impairment modelling. For all CGU
groups, cash flows after the three-year period are extrapolated for a period of up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU or CGU group, to better reflect the medium-
term growth expectations for those markets. A terminal value calculation is used to estimate
the cash flows after year 10 using these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key OEM partners and the impact that
regulatory changes and climate change may have on its operations. Whilst at this stage there
is significant uncertainty regarding what the long-term impact of climate change initiatives
may be on the markets in which we operate, the forecasts reflect our best estimate. Key
assumptions and sensitivities are disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to
a review on an annual basis and are determined in conjunction with an external actuary.
The\u00a0use of different assumptions could have a material effect on the value of the relevant
liabilities and could result in a material change to amounts recognised in the income
statement over time. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note\u00a05.
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population
from which the yield curve is derived. The most significant criteria considered for the selection
of bonds include the issue size of the corporate bonds, quality of the bonds and the
identification of outliers which are excluded. Key assumptions and sensitivities for post-
employment benefit obligations are disclosed in note 5.
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination options) are only included in the lease
term if the lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note
12 for additional disclosures relating to leases.
Critical accounting judgements
Adjusting items
The Group believes that adjusted profit and earnings per share measures provide additional
useful information to shareholders on the performance of the business. These measures are
consistent with how business performance is measured internally by the Board and the Group
Executive Team. Alternative performance measures, such as the operating profit before
adjusting items and profit before tax and adjusting items, are not recognised profit measures
under IFRS and may not be directly comparable with such profit measures used by other
companies. They may also exclude significant recurring business transactions that impact
financial performance and cash flows. The classification of adjusting items requires significant
management judgement after considering the nature and intentions of a transaction.
The\u00a0Group\u2019s definitions of adjusting items are outlined within the Group accounting policies
and note 2 provides further details on current year adjusting items and their adherence to
Group\u00a0policy.
Classification of vehicle funding arrangements
The Group finances the purchase of vehicles using vehicle funding facilities provided by
various lenders including the captive finance companies associated with OEM partners. In
assessing whether the liabilities arising under these arrangements should be classified within
trade and other payables rather than as an additional component of the Group\u2019s net debt
within borrowings, the Group considers a number of factors including whether the
arrangement is a requirement of the relationship with the OEM partner, in relation to specific,
separately identifiable vehicles held as inventory and whether payment terms are consistent
with the normal working capital cycle or until the specific vehicle being funded is sold to the
end customer. Each agreement entered into has its own terms and conditions and
determining whether a new or renewed arrangement should be classified within trade and
other payables requires significant management judgement. See also note 20.
Assignment of an indefinite useful life to distribution agreements
The Group\u2019s principal intangible assets relate to relationships with manufacturers for the
distribution of new vehicles and parts. As at 31 December 2025, these distribution agreements
were assigned an indefinite useful life as although these agreements have limited terms, they
have historically been renewed by the Group without substantial cost and the Group\u2019s history
shows that OEM partners have not terminated any material distribution agreements. Refer to
note 10 for details of indefinite-life distribution agreement intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
General information
Inchcape plc is a public company limited by shares, domiciled and incorporated in the UK,
and registered in England and Wales. The address of the registered office is 22a St James\u2019s
Square, London, SW1Y 5LP. The nature of the Group\u2019s operations and principal activities are
set out in note 1 and on pages 1 to 49.
The Group consolidated financial statements have been prepared in accordance with UK-
adopted international accounting standards and IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "Inchcape plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "Inchcape plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "22a St James\u2019s Square, London, SW1Y 5LP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
The Group consolidated financial statements have been prepared in accordance with UK-
adopted international accounting standards and IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Accounting convention
The consolidated financial statements have been prepared under the historical cost
convention, except for financial assets at fair value through other comprehensive income,
and those financial assets and financial liabilities (including derivative instruments) held at fair
value through profit or loss, which are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Going concern
Based on the Group\u2019s cash flow forecasts and projections, the Board is satisfied that the
Group will operate within the level of its committed facilities for the foreseeable future. For this
reason, the Board continues to adopt the going concern basis in preparing its financial
statements. In making this assessment, the Group has considered available liquidity in relation
to net debt and committed facilities, the Group\u2019s latest forecasts for 2026 and 2027 cash
flows, together with adjusted scenarios.
Committed bank facilities and Private Placement borrowings amount to \u00a31,040m, of which
\u00a3160m was drawn at 31 December 2025. In June 2023, the Group issued a \u00a3350m bond
offering with a coupon of 6.5%, due to mature in June 2028.
The Private Placement loan notes are subject to an interest cover covenant based on an
adjusted EBITA measure to interest on consolidated borrowings measured on a trailing 12-
month basis at June and December.
The latest Group forecasts for 2025 and 2026 indicate that the Group is expected to be
compliant with this covenant throughout the forecast period and have sufficient liquidity to
continue operating throughout that period.
A range of sensitivities has been applied to the forecasts to assess the Group\u2019s compliance
with its covenant requirements over the forecast period. These sensitivities included:
\u2022 a 12-month reduction in New and Used revenue from July 2026, resulting from decreasing
consumer demand in response to fiscal tightening and resulting economic downturns;
\u2022 a reduction in reported GBP earnings from July to December 2026 to December 2027
resulting from the strengthening of the sterling relative to other currencies;
\u2022 a general liquidity reduction impacting working capital from January 2027;
\u2022 with no mitigating actions applied in relation to the sensitivities described above.
In a scenario where all of the above sensitivities occur at the same time, the Group has
modelled the possibility of the interest cover covenant being breached in 2026 and 2027. With
the interest cover covenant measured on a trailing 12-month basis, the sensitised forecasts
indicate that the Group is not expected to breach any covenants and would be compliant
with the interest cover requirements throughout the forecast period. Additionally, under these
circumstances, the Group expects to have sufficient funds to meet cash flow requirements.
A reverse stress test scenario analysis, concluded that a set of circumstances in which the
Group would breach its covenant or have insufficient funds to meet cash flow requirements
are considered to be remote, relative to the sensitivities referred to above.
Therefore, the Board concluded that the Group will be able to operate within the level of its
committed facilities for the foreseeable future. The directors consider it appropriate to adopt
the going concern basis of accounting in preparing the financial statements for the year
ending 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Newly adopted accounting standards
From 1 January 2025, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 21 - Lack of Exchangeability
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has not early adopted other standards, amendments to standards or
interpretations that have been issued but are not yet effective.
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2026:
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures; and
\u2022 Annual improvements to IFRS - Volume 11.
Management is currently reviewing the new standards to assess the potential impact that
they may have on the Group\u2019s reported position and performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Newly adopted accounting standards
From 1 January 2025, the following standards become effective in the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 21 - Lack of Exchangeability
The adoption of the standards and interpretations listed above has not led to any material
impact on the financial position or performance of the Group.
The Group has not early adopted other standards, amendments to standards or
interpretations that have been issued but are not yet effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Standards not effective at the balance sheet date
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group, and will be applied for the
Group\u2019s financial years commencing on or after 1 January 2026:
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments;
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements;
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures; and
\u2022 Annual improvements to IFRS - Volume 11.
Management is currently reviewing the new standards to assess the potential impact that
they may have on the Group\u2019s reported position and performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
The consolidated financial statements comprise the financial statements of the parent
company (Inchcape plc) and all of its subsidiary undertakings (defined as those where the
Group has control), together with the Group\u2019s share of the results of its joint ventures (defined
as those where the Group has joint control) and associates (defined as those where the
Group has significant influence but not control). The results of subsidiaries are consolidated
and the Group\u2019s share of results of its joint ventures and associates is equity accounted for as
of the same reporting date as the parent company, using consistent accounting policies.
The results of newly acquired subsidiaries are consolidated using the acquisition method of
accounting from the date on which control of the net assets and operations of the acquired
company are effectively transferred to the Group. Similarly, the results of subsidiaries disposed
of cease to be consolidated from the date on which control of the net assets and operations
is transferred out of the Group.
The Group treats transactions with non-controlling interests as transactions with equity owners
of the Group. For purchases from non-controlling interests, the difference between any
consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Investments in joint ventures and associates are accounted for using the equity method,
whereby the Group\u2019s share of post-acquisition profits or losses is recognised in the
consolidated income statement, and its share of post-acquisition movements in shareholders\u2019
equity is recognised in shareholders\u2019 equity. If the Group\u2019s share of losses in a joint venture or
associate equals or exceeds its investment in the joint venture or associate, the Group does
not recognise further losses, unless it has contractual obligations or made payments on behalf
of the joint venture or associate.
Intercompany balances and transactions and any unrealised profits arising from
intercompany transactions are eliminated in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.
In the individual entities, transactions in foreign currencies are translated into the functional
currency at the rates of exchange prevailing at the dates of the individual transactions.
Monetary assets and liabilities denominated in foreign currencies are subsequently
retranslated at the rate of exchange ruling at the end of the reporting period. All differences
are taken to the consolidated income statement, except those exchange differences arising
on long-term foreign currency borrowings that form part of a net investment in a foreign
investment, which on consolidation are taken directly to other comprehensive income.
The assets and liabilities of foreign operations are translated into sterling at the rate of
exchange ruling at the end of the reporting period. The income statements and cash flows
of\u00a0foreign operations are translated into sterling at the average rates of exchange for the
period, except for subsidiaries in hyperinflationary economies that are translated at the
closing rate of exchange at the end of the period. Exchange differences arising from
1\u00a0January 2004 are recognised as a separate component of shareholders\u2019 equity. On disposal
of a foreign operation, any cumulative exchange differences held in shareholders\u2019 equity are
transferred to the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Transactions included in the results of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (the functional
currency). The consolidated financial statements are presented in sterling, which is the
functional currency of the parent company, Inchcape plc, and the presentation currency of
the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step
model to be applied to all sales contracts. It is based on the transfer of control of goods and
services to customers and requires the identification and assessment of the satisfaction of
delivery of each performance obligation in contracts in order to recognise revenue. Where
separate performance obligations are identified in a single contract, total revenue is
allocated on the basis of relative stand-alone selling prices to each performance obligation,
or management\u2019s best estimate of relative value where stand-alone selling prices do not exist.
Revenue is measured at the fair value of consideration receivable, net of any discounts,
rebates, trade allowances, incentives, or amounts collected on behalf of third parties. It is
recognised to the extent that the transfer of promised goods or services to a customer has
been satisfied and the revenue can be reliably measured. Revenue excludes sales-related
taxes and intra-group transactions. In practice this means that:
Revenue from sale of goods
Revenue from the sale of goods is recognised when the control, risks and rewards of
ownership of the goods have been transferred to the customer. The performance obligation
to transfer goods to the customer is considered to have been satisfied when the vehicles or
parts are invoiced and physically dispatched or collected. Revenue is also recognised in
circumstances where goods are available for delivery, but the customer has requested that
delivery does not take place, has confirmed ownership of the goods and assumed
responsibility for the associated risks. Consideration received in advance of transfer of goods
is\u00a0recognised as deferred revenue on the balance sheet and is subsequently recognised as
revenue when the transfer of goods occurs.
Revenue from rendering of services
Revenue from the rendering of services to the customer is considered to have been satisfied
when the service has been performed.
Group acts as an agent
Where the Group acts as an agent on behalf of a principal in relation to finance, insurance, and
similar products, the associated commission income is recognised within revenue in the period in
which the activity which generated the commission was performed.
Sales with a repurchase commitment
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is highly likely, as the customer has a
significant economic incentive to exercise the buyback, the transaction is recognised as a
lease transaction with the Group acting as a lessor. Consequently, such vehicles are
recognised within \u2018property, plant and equipment\u2019 in the consolidated statement of financial
position at cost and are depreciated to their residual value over the period of the repurchase
commitment. The difference between the initial amounts received from the customer and the
repurchase commitment is recognised as deferred income in the consolidated statement of
financial position and is released to the consolidated income statement on a straight-line
basis over the life of the arrangement. The repurchase commitment, which reflects the price
at which the vehicle will be bought back, is held within \u2018trade and other payables\u2019,
according to the date of the commitment.
Where a vehicle is sold to a customer subject to a repurchase commitment and the possibility
of the buyback being exercised by the customer is not highly likely, revenue is recognised in
full when the vehicle is sold, less the expected value of the buyback payments to be made
which is recorded as a liability in the consolidated statement of financial position. Similarly, an
estimate of the value of the vehicles to be returned is deducted from cost of sales and
recognised as an asset in the consolidated statement of financial position.
Sale of additional services
Where additional services are included in the sale of a vehicle to a customer as part of the
total vehicle package (e.g. extended warranty, free servicing, roadside assistance, fuel
coupons etc) and the Group is acting as a principal in the fulfilment of the service, the value
of the additional services is separately identified, deducted from consideration receivable,
recognised as deferred revenue on the balance sheet and subsequently recognised as
revenue when the service is provided, or recognised on an input basis with reference to the
amount of time elapsed under the contract to which the service relates. These balances are
considered to be contract liabilities. The consideration allocated to additional services is
based on the relative stand-alone selling price of the additional services within the contract.
The value assigned to the additional service is set equal to the value of the additional service
being provided, being the expected cost to the entity plus an appropriate profit margin.
Accrued income
Amounts relating to accrued income are balances primarily due from manufacturers in
relation to volume/target related bonuses or commissions or warranty related where the work
has been completed prior to being invoiced. Any amount previously recognised as accrued
income is reclassified to trade receivables after invoicing.
Dividend income
Dividend income is recognised when the right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
The Group operates various share-based award schemes. The fair value at the date at which
the share-based awards are granted is recognised in the consolidated income statement
(together with a corresponding credit in shareholders\u2019 equity) on a straight-line basis over the
vesting period, based on an estimate of the number of shares that will eventually vest. At the
end of each reporting period, the Group revises its estimates of the number of awards that
are expected to vest. The impact of any revision is recognised in the consolidated income
statement with a corresponding adjustment to equity.
For equity-settled share-based awards, the services received from employees are measured
by reference to the fair value of the awards granted. With the exception of the Group Save
As You Earn scheme, the vesting of all share-based awards under all schemes is solely reliant
upon non-market conditions, therefore no expense is recognised for awards that do not
ultimately vest. Where an employee or the Company cancels an award, the charge for that
award is recognised as an expense immediately, even though the award does not vest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Finance income is recognised when it is probable that the economic benefits will flow to the
Group and the amount of income can be measured reliably. It is accrued on a time basis by
reference to the principal outstanding and at the effective interest rate applicable.
Finance costs
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Finance costs are recognised as an expense, calculated using the effective interest rate
method, in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty
over Income Tax Treatments when it is not probable that a tax authority will accept an
uncertain tax treatment used, or proposed to be used, in its income tax filings. Uncertain tax
positions are assessed and measured using management\u2019s estimate of the most likely
outcome including an assessment of whether uncertain tax positions should be considered
separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising
on a business combination, or to an asset or liability, the initial recognition of which does not
affect either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the
end of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019
equity, in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax
assets and liabilities are only offset where there is a legally enforceable right of offset of
current tax assets against current tax liabilities and if the deferred tax relates to income taxes
levied by the same tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
The charge for current income tax is based on the results for the period as adjusted for items
which are not taxed or are disallowed. It is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
The Group recognises provisions for uncertain tax positions in line with IFRIC 23 Uncertainty
over Income Tax Treatments when it is not probable that a tax authority will accept an
uncertain tax treatment used, or proposed to be used, in its income tax filings. Uncertain tax
positions are assessed and measured using management\u2019s estimate of the most likely
outcome including an assessment of whether uncertain tax positions should be considered
separately or as a group.
Deferred income tax is accounted for using the liability method in respect of temporary
differences arising from differences between the tax bases of assets and liabilities and their
carrying amounts in the consolidated financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference is due to the initial recognition of goodwill arising
on a business combination, or to an asset or liability, the initial recognition of which does not
affect either taxable or accounting income.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments
in subsidiaries, joint ventures, and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled using rates enacted or substantively enacted at the
end of the reporting period. Deferred tax is charged or credited in the consolidated income
statement, except when it relates to items credited or charged directly to shareholders\u2019
equity, in which case the deferred tax is also dealt with in shareholders\u2019 equity. Deferred tax
assets and liabilities are only offset where there is a legally enforceable right of offset of
current tax assets against current tax liabilities and if the deferred tax relates to income taxes
levied by the same tax authority.
The measurement of deferred tax liabilities and assets reflects the tax consequences that
would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating
to\u00a0the business sold except for goodwill arising on business combinations on or before
31\u00a0December 1997 which has been deducted from shareholders\u2019 equity and remains
indefinitely in shareholders\u2019 equity.
Other intangible assets
Intangible assets, when acquired separately from a business (including computer software),
are carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal
intangible assets are agreements with manufacturers for the distribution of new vehicles and
parts, which represent the estimated value of distribution rights acquired in business
combinations. Such agreements have varying terms and periods of renewal and have
historically been renewed without substantial cost. The Group therefore expects these
agreements to be renewed on a regular basis and accordingly no amortisation is charged on
these assets. The Group assesses these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating
to\u00a0the business sold except for goodwill arising on business combinations on or before
31\u00a0December 1997 which has been deducted from shareholders\u2019 equity and remains
indefinitely in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating
to\u00a0the business sold except for goodwill arising on business combinations on or before
31\u00a0December 1997 which has been deducted from shareholders\u2019 equity and remains
indefinitely in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the
Group gains control over a business as defined by IFRS 3 Business Combinations). The cost of
the acquisition is measured as the cash paid and the aggregate of the fair values, at the date
of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree. The consideration transferred
includes the fair value of any asset or liability resulting from a contingent consideration
arrangement at the acquisition date.
Acquisition-related costs are expensed as incurred. The acquiree\u2019s identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date. The Group recognises
any non-controlling interests in the acquiree on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Goodwill represents the excess of the cost of acquisition of a business combination over the
Group\u2019s share of the fair value of identifiable net assets of the business acquired at the date
of\u00a0acquisition. Goodwill is initially recognised at cost and is held in the functional currency of
the acquired entity and revalued at the closing exchange rate at the end of each
reporting\u00a0period.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
At the date of acquisition, the goodwill is allocated to cash generating units for the purpose
of impairment testing and is tested at least annually for impairment.
Gains and losses on disposal of a business include the carrying amount of goodwill relating
to\u00a0the business sold except for goodwill arising on business combinations on or before
31\u00a0December 1997 which has been deducted from shareholders\u2019 equity and remains
indefinitely in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Intangible assets, when acquired separately from a business (including computer software),
are carried at cost less accumulated amortisation and impairment losses. Cost comprises the
purchase price from third parties as well as internally generated development costs where
relevant. Amortisation is provided on a straight-line basis to allocate the cost of the asset over
its estimated useful life, which in the case of computer software is three to eight years.
Amortisation is recognised in the consolidated income statement within \u2018net operating
expenses\u2019. Software customisation and configuration costs relating to software not controlled
by the Group are expensed over the period such services are received.
Intangible assets acquired as part of a business combination are capitalised separately from
goodwill if the benefit of the intangible asset is obtained through contractual or other legal
rights and the fair value can be measured reliably on initial recognition. The principal
intangible assets are agreements with manufacturers for the distribution of new vehicles and
parts, which represent the estimated value of distribution rights acquired in business
combinations. Such agreements have varying terms and periods of renewal and have
historically been renewed without substantial cost. The Group therefore expects these
agreements to be renewed on a regular basis and accordingly no amortisation is charged on
these assets. The Group assesses these distribution rights for impairment on an annual basis.
Other intangible assets acquired in a business combination may include order banks and
customer contracts. These intangible assets are amortised on a straight-line basis over their
estimated useful life, which is between one and ten years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Property, plant and equipment is stated at cost less accumulated depreciation and
impairment losses. Cost comprises the purchase price and directly attributable costs of the
asset and includes, where relevant, capitalised borrowing costs. Depreciation is based on
cost less estimated residual value and is included within \u2018net operating expenses\u2019 in the
consolidated income statement, with the exception of depreciation on \u2018leased vehicles,
rental machinery and equipment\u2019 which is charged to \u2018cost of sales\u2019. It is provided on a
straight-line basis over the estimated useful life of the asset, except for freehold land which is
not depreciated. For the following categories, the annual rates used are:
Freehold buildings and long leasehold buildings
2.0%
Short leasehold buildings
shorter of lease term or useful life
Plant, machinery and equipment
5.0% \u2013 33.3%
Leased vehicles, rental machinery and equipment
over the lease term
The residual values and useful lives of all assets are reviewed at least at the end of each
reporting period and adjusted if necessary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
The Group assesses whether a contract is, or contains a lease at inception of the contract.
A\u00a0lease conveys the right to direct the use and obtain substantially all of the economic
benefits of an identified asset for a period of time in exchange for consideration.
The group as a lessee
Lease liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
\u2022 fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 variable lease payment that are based on an index or a rate, initially measured using the
index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that
option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also included in
the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s
incremental borrowing rate is used, being the rate that the individual lessee would have to
pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset
in a similar economic environment with similar terms, security, and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 uses a build-up approach that starts with a risk-free interest rate by market and currency;
\u2022 applies a credit risk, based on yields of comparable entities, to the determined risk-free
interest rate by market; and
\u2022 where applicable, makes adjustments specific to the lease, e.g. country, currency, security,
and term.
Lease liabilities are remeasured when there is a change in future lease payments as a result of
an index or rate change, or if there is a change in the estimate of the amount expected to be
payable under a residual value guarantee, or if there is a change in the assessment of
whether a purchase, lease-term extension or termination option will be exercised. When lease
liabilities are remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset or recorded in profit or loss if the carrying amount of the right-
of-use asset has been reduced to zero.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period to produce a constant periodic rate of interest
on the remaining balance of the liability for each period. Right-of-use assets are recognised at
the commencement date of the lease. Right-of-use assets comprising mainly land and
buildings are measured at cost less accumulated depreciation and impairment losses. The
costs include the amount of the initial measurement of the lease liability, any lease payments
made at or before the commencement date less lease incentives received, any direct costs
and an estimate of dismantling costs. The carrying amount is further adjusted for any
remeasurement of the lease liability. Depreciation is expensed to the income statement on a
straight-line basis over the lease term. The lease term includes the noncancellable period of
lease together with any extension or termination options that are reasonably certain to
be\u00a0exercised.
Payments associated with short-term leases and all leases of low-value assets (under \u00a35,000)
are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise largely small items of
office equipment.
The group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially
all the risk and rewards of ownership to the lessee. All other leases are classified as operating
leases. Where the Group is an intermediate lessor, the sublease classification is assessed with
reference to the head lease right-of-use asset. Amounts due from lessees under finance
leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic
rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases
is recognised on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be
recoverable. Any impairment losses are included within \u2018net operating expenses\u2019 in the
consolidated income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money.
Impairment losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever\u00a0events or circumstances indicate that the carrying amount may not be
recoverable. Any impairment losses are included within \u2018net operating expenses\u2019 in the
consolidated income statement.
In addition, goodwill is not subject to amortisation but is tested at least annually for impairment.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount, the latter being the higher of the asset\u2019s fair value less costs to sell and
value in use. Value in use calculations are performed using cash flow projections, discounted
at a pre-tax rate which reflects the asset specific risks and the time value of money.
Impairment losses are recognised on goodwill within the cash generating unit.
Non-financial assets, other than goodwill, which have previously been impaired, are reviewed
for possible reversal of the impairment at each reporting date. Impairment of inventories are
considered separately. Impairment losses are recognised against goodwill within the cash
generating units before non-financial assets are impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises
expenditure incurred in bringing inventories to their present location and condition. Net
realisable value represents the estimated selling price less all estimated costs of completion
and costs to be incurred in marketing, selling and distribution. Used vehicles are carried at the
lower of cost or fair value less costs to sell, generally based on external market data available
for used vehicles. Parts inventory is valued at weighted average cost.
Vehicles held on consignment are included within inventories as the Group is considered to
have the risks and rewards of ownership. The corresponding liability is included within \u2018trade
and other payables\u2019.
Inventory can be held on deferred payment terms. All costs associated with this deferral are
expensed to finance costs over the period of the financing.
An inventory provision is recognised in situations where net realisable value is likely to be less
than cost (such as obsolescence, deterioration, fall in selling price). When calculating the
provision, management considers the nature and condition of the inventory, as well as
applying assumptions around anticipated saleability, determined on conditions that exist at
the end of the reporting period. With the exception of parts, generally net realisable value
adjustments are applied on an item-by-item basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Trade receivables are amounts due from customers for goods sold or services performed in
the ordinary course of business. These are recognised as current assets if collection is due in
one year or less. If collection is due in over a year, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision
for impairment is established based on an expected credit loss model under IFRS 9 Financial
Instruments. The amount of the provision is the difference between the asset\u2019s carrying
amount and the expected value of the amounts to be received.
The provision for impairment of receivables is based on lifetime expected credit losses.
Lifetime expected credit losses are calculated by assessing historic credit loss experience,
adjusted for factors specific to the receivable and company. The amount of the loss is
recognised in the consolidated income statement within \u2018net operating expenses\u2019. When a
trade receivable is not collectible, it is written off against the allowance account for trade
receivables. Subsequent recoveries of amounts previously written off are credited against \u2018net
operating expenses\u2019 in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business. These are classified as current liabilities if payment is due in one
year or less. If payment is due at a later date, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method.
Trade payables include the liability for vehicles held on consignment, with the corresponding
asset included within inventories. Included within trade and other payables are payments
received on account. These are deposits received from customers, in relation to orders taken
but not yet delivered, and represent an obligation to deliver a vehicle to a customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
The Group operates a number of retirement benefit schemes.
The major schemes are defined benefit pension funds with assets held separately from the
Group. The cost of providing benefits under the plans is determined separately for each plan
using the projected unit credit actuarial valuation method.
The current service cost and gains and losses on settlements and curtailments are included in
\u2018cost of sales\u2019 or \u2018net operating expenses\u2019 in the consolidated income statement. Past service
costs are similarly recognised in the consolidated income statement. Administrative scheme
expenses associated with the plans are recorded within \u2018net operating expenses\u2019 when
incurred, in line with IAS 19 Employee Benefits (revised). Net interest income or interest cost
relating to the funded defined benefit pension plans is included within \u2018finance income\u2019 or
\u2018finance costs\u2019, as relevant, in the consolidated income statement.
Changes in the retirement benefit obligation or asset due to experience and changes in
actuarial assumptions are included in the consolidated statement of comprehensive income,
as actuarial gains and losses, in full in the period in which they arise.
Where scheme assets exceed the defined benefit obligation, a net asset is only recognised to
the extent that an economic benefit is available to the Group, in accordance with the terms
of the scheme and, where relevant, statutory requirements.
The Group\u2019s contributions to defined contribution plans are charged to the consolidated
income statement in the period to which the contributions relate.
The Group also has a liability in respect of past employees under post-retirement healthcare
schemes which have been closed to new entrants. These schemes are accounted for on a
similar basis to that for defined benefit pension plans in accordance with the advice of
independent qualified actuaries.
Following the scheme merger which is now referred to as the \u2018Combined section\u2019, and sits
alongside the Group section, a change was made to the trustees deeds whereby it was
stipulated, in the event of a wind-up any pension surplus belonging to the Group section
would be returned to the Combined section in the first instance instead of being directly
returned to the principal employer. The Group takes the view that any surplus in the
Combined section ultimately belongs to the Principal employer, therefore judgement has
been taken to recognise the pension surplus for the scheme in full.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Provisions
Provisions are recognised when the Group has a present obligation in respect of a past event,
when it is more likely than not that an outflow of resources will be required to settle the
obligation and where the amount can be reliably estimated. Provisions are discounted when
the time value of money is considered to be material, using an appropriate risk-free rate on
government bonds.
Product warranty provision
A product warranty provision corresponds to warranties provided as part of the sale of a
vehicle and provide assurance to the customer that the product will work as sold. Provision is
made for the expected cost of labour and parts based on historical claims experience and
expected future trends.
Leasehold property provision
A leasehold property provision is recognised when the Group is committed to certain
leasehold premises for which it no longer has a commercial use. It is made to the extent of the
estimated future net cost, excluding the lease liability already recognised under IFRS 16
Leases. A leasehold property provision is also recognised when there is future obligation
relating to the maintenance of leasehold properties. The provision is based on management\u2019s
best estimate of the obligation which forms part of the Group\u2019s unavoidable cost of meeting
its obligations under the lease contracts.
Litigation provision
A litigation provision is recognised when a litigation case is outstanding at the end of the
reporting period and there is a likelihood that the legal claim will be settled.
Restructuring provision
A restructuring provision is recognised when a detailed formal plan for the restructuring has
been developed and a valid expectation has been raised in those affected that it will carry
out the restructuring by starting to implement the plan or announcing its main features to
those affected by it. The measurement of a restructuring provision includes only the direct
expenditures arising from the restructuring, which are those amounts that are both necessarily
entailed by the restructuring and not associated with ongoing activities of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets
and liabilities of the associated businesses are separately disclosed in the consolidated
statement of financial position as a disposal group. Assets and liabilities are classified as assets
held for sale if their carrying amount is to be recovered principally through a sale transaction
rather than through continuing use. Both disposal groups and assets and liabilities held for sale
are stated at the lower of their carrying amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Where the Group is committed to a plan to sell and is actively marketing a business and
disposal is expected within one year of the date of classification as held for sale, the assets
and liabilities of the associated businesses are separately disclosed in the consolidated
statement of financial position as a disposal group. Assets and liabilities are classified as assets
held for sale if their carrying amount is to be recovered principally through a sale transaction
rather than through continuing use. Both disposal groups and assets and liabilities held for sale
are stated at the lower of their carrying amount and fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Segment information is reported in accordance with IFRS 8 Operating Segments, which
requires segmental reporting to be presented on the same basis as the internal management
reporting. The Group\u2019s operating segments are groups of countries and the market channel,
Distribution. These operating segments are then aggregated into reporting segments to
combine those with similar characteristics. The accounting policies of the reportable
segments are the same as the Group\u2019s accounting policies described in this note.
Comparative amounts have been reclassified as explained in note 1.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
The Group classifies its financial assets in the following categories: measured at amortised
cost; measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are
included in current assets, except where the maturity date is more than 12 months after the
end of the reporting period. They are initially recorded at fair value and subsequently
recorded at amortised cost. Financial liabilities are included in current liabilities, except where
the maturity date is more than 12 months after the end of the reporting period. Financial
liabilities with a maturity date that is more than 12 months after the end of the reporting
period and subject to a covenant are classified as non-current where the Group is compliant
with that covenant at the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and
liabilities, which are further explained below. They are classified according to maturity date,
within current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
The Group classifies its financial assets in the following categories: measured at amortised
cost; measured at fair value through profit and loss; and measured at fair value through other
comprehensive income. Classification and subsequent remeasurement depends on the
Group\u2019s business model for managing the financial asset and its cash flow characteristics.
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost.
Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or
determinable payments that are not quoted in an active market. Financial assets are
included in current assets, except where the maturity date is more than 12 months after the
end of the reporting period. They are initially recorded at fair value and subsequently
recorded at amortised cost. Financial liabilities are included in current liabilities, except where
the maturity date is more than 12 months after the end of the reporting period. Financial
liabilities with a maturity date that is more than 12 months after the end of the reporting
period and subject to a covenant are classified as non-current where the Group is compliant
with that covenant at the reporting date.
Measured at fair value through profit and loss includes derivative financial assets and
liabilities, which are further explained below. They are classified according to maturity date,
within current and non-current assets and liabilities respectively.
Measured at fair value through other comprehensive income includes certain financial assets
at fair value such as bonds and equity investments. These financial assets are included in
current assets, except where the maturity date is more than 12 months after the end of the
reporting period. Financial assets at fair value through other comprehensive income are
classified as non-current assets unless management intends to dispose of them within 12
months of the end of the reporting period and are held at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Cash and cash equivalents in the consolidated statement of financial position comprise cash
at bank and in hand, short-term bank deposits and cash and cash equivalents included in
disposal groups held for sale. Short-term bank deposits have a maturity of less than three
months from the date at which the investment is acquired. In the consolidated statement of
cash flows, cash and cash equivalents comprise cash and cash equivalents, as defined
above, net of bank overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Offsetting
Netting in the consolidated statement of financial position only occurs to the extent that there
is the legal ability and intention to settle net. As such, bank overdrafts are presented in current
liabilities to the extent that there is no intention to offset with the cash balance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered
into and are subsequently re-measured at their fair value. The method of recognising the
resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. Derivative financial instruments are
derecognised when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment
(fair\u00a0value\u00a0hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly
probable forecast transaction (cash flow hedge).
Fair value hedge
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group does
not currently apply fair value hedge accounting. The gain or loss relating to the effective
portion of interest rate swaps hedging fixed rate borrowings and changes in the fair value of
those borrowings is recognised in the consolidated income statement within \u2018finance costs\u2019.
The gain or loss relating to the ineffective portion is also recognised in the consolidated
income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow
hedges, the gains or losses that are recognised in other comprehensive income are
transferred to the consolidated income statement in the same period in which the hedged
forecast transaction affects the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
An outline of the objectives, policies and strategies pursued by the Group in relation to its
financial instruments is set out in note 23 to the consolidated financial statements.
Derivatives are initially recognised at fair value on the date a derivative contract is entered
into and are subsequently re-measured at their fair value. The method of recognising the
resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. Derivative financial instruments are
derecognised when they are settled. The Group designates certain derivatives as:
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment
(fair\u00a0value\u00a0hedge); or
\u2022 hedges of a particular risk associated with a recognised asset or liability or a highly
probable forecast transaction (cash flow hedge).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Changes in the fair value of derivatives that are designated and qualify as fair value hedges
are recorded in the consolidated income statement, together with any changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk. The Group does
not currently apply fair value hedge accounting. The gain or loss relating to the effective
portion of interest rate swaps hedging fixed rate borrowings and changes in the fair value of
those borrowings is recognised in the consolidated income statement within \u2018finance costs\u2019.
The gain or loss relating to the ineffective portion is also recognised in the consolidated
income statement within \u2018finance costs\u2019.
Cash flow hedge
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that is determined to be an effective hedge is recognised
directly in other comprehensive income and the ineffective portion is recognised within \u2018net
operating expenses\u2019 in the consolidated income statement. When the hedged forecast
transaction results in the recognition of a non-financial asset or liability then, at the time the
asset or liability is recognised, the associated gains or losses that had previously been
recognised in other comprehensive income are included in the initial measurement of the
acquisition cost or other carrying amount of the asset or liability. For all other cash flow
hedges, the gains or losses that are recognised in other comprehensive income are
transferred to the consolidated income statement in the same period in which the hedged
forecast transaction affects the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Share capital
Ordinary shares are classified as equity. Where the Group purchases the Group\u2019s equity share
capital (treasury shares), the consideration paid is deducted from shareholders\u2019 equity until
the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold
or\u00a0reissued, any consideration received is included in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Dividends
Final dividends proposed by the Board of Directors and unpaid at the year-end are not
recognised in the consolidated financial statements until they have been approved by the
shareholders at the Annual General Meeting. Interim dividends are recognised when they
are\u00a0paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
The preparation of financial statements in accordance with generally accepted accounting
principles requires the use of estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these estimates are based on
management\u2019s best knowledge, actual results may ultimately differ from those estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis. The Directors have
made a number of estimates and assumptions regarding the future, and made some
significant judgements in applying the Group\u2019s accounting policies. These are discussed below:
Sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainties at the
reporting period end that may have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities within the next period are discussed below:
Impairment of goodwill and indefinite life intangible assets
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. While the forecasts incorporate a number of
assumptions, those relating to revenue, discount rates and long-term growth rates are
considered by management to be the key assumptions for impairment modelling. For all CGU
groups, cash flows after the three-year period are extrapolated for a period of up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU or CGU group, to better reflect the medium-
term growth expectations for those markets. A terminal value calculation is used to estimate
the cash flows after year 10 using these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key OEM partners and the impact that
regulatory changes and climate change may have on its operations. Whilst at this stage there
is significant uncertainty regarding what the long-term impact of climate change initiatives
may be on the markets in which we operate, the forecasts reflect our best estimate. Key
assumptions and sensitivities are disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to
a review on an annual basis and are determined in conjunction with an external actuary.
The\u00a0use of different assumptions could have a material effect on the value of the relevant
liabilities and could result in a material change to amounts recognised in the income
statement over time. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note\u00a05.
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population
from which the yield curve is derived. The most significant criteria considered for the selection
of bonds include the issue size of the corporate bonds, quality of the bonds and the
identification of outliers which are excluded. Key assumptions and sensitivities for post-
employment benefit obligations are disclosed in note 5.
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination options) are only included in the lease
term if the lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note
12 for additional disclosures relating to leases.
Critical accounting judgements
Adjusting items
The Group believes that adjusted profit and earnings per share measures provide additional
useful information to shareholders on the performance of the business. These measures are
consistent with how business performance is measured internally by the Board and the Group
Executive Team. Alternative performance measures, such as the operating profit before
adjusting items and profit before tax and adjusting items, are not recognised profit measures
under IFRS and may not be directly comparable with such profit measures used by other
companies. They may also exclude significant recurring business transactions that impact
financial performance and cash flows. The classification of adjusting items requires significant
management judgement after considering the nature and intentions of a transaction.
The\u00a0Group\u2019s definitions of adjusting items are outlined within the Group accounting policies
and note 2 provides further details on current year adjusting items and their adherence to
Group\u00a0policy.
Classification of vehicle funding arrangements
The Group finances the purchase of vehicles using vehicle funding facilities provided by
various lenders including the captive finance companies associated with OEM partners. In
assessing whether the liabilities arising under these arrangements should be classified within
trade and other payables rather than as an additional component of the Group\u2019s net debt
within borrowings, the Group considers a number of factors including whether the
arrangement is a requirement of the relationship with the OEM partner, in relation to specific,
separately identifiable vehicles held as inventory and whether payment terms are consistent
with the normal working capital cycle or until the specific vehicle being funded is sold to the
end customer. Each agreement entered into has its own terms and conditions and
determining whether a new or renewed arrangement should be classified within trade and
other payables requires significant management judgement. See also note 20.
Assignment of an indefinite useful life to distribution agreements
The Group\u2019s principal intangible assets relate to relationships with manufacturers for the
distribution of new vehicles and parts. As at 31 December 2025, these distribution agreements
were assigned an indefinite useful life as although these agreements have limited terms, they
have historically been renewed by the Group without substantial cost and the Group\u2019s history
shows that OEM partners have not terminated any material distribution agreements. Refer to
note 10 for details of indefinite-life distribution agreement intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Goodwill and other indefinite life intangible assets are tested at least annually for impairment.
When an impairment review is carried out, the recoverable value is determined based on
value in use calculations which require the use of estimates, including projected future cash
flows (see note 10).
The value in use calculations mainly use cash flow projections based on three-year financial
forecasts prepared by management. While the forecasts incorporate a number of
assumptions, those relating to revenue, discount rates and long-term growth rates are
considered by management to be the key assumptions for impairment modelling. For all CGU
groups, cash flows after the three-year period are extrapolated for a period of up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU or CGU group, to better reflect the medium-
term growth expectations for those markets. A terminal value calculation is used to estimate
the cash flows after year 10 using these long-term growth rates.
The assumptions used in the value in use calculations are based on past experience, recent
trading, and forecasts of operational performance in the relevant markets. They also reflect
expectations about continuing relationships with key OEM partners and the impact that
regulatory changes and climate change may have on its operations. Whilst at this stage there
is significant uncertainty regarding what the long-term impact of climate change initiatives
may be on the markets in which we operate, the forecasts reflect our best estimate. Key
assumptions and sensitivities are disclosed in note 10.
Pensions and other post-retirement benefits \u2013 assumptions
Pension and other post-retirement benefit liabilities are determined based on the actuarial
assumptions detailed in note 5. A number of these assumptions require estimates to be made,
including the rate of inflation and expected mortality rates. These assumptions are subject to
a review on an annual basis and are determined in conjunction with an external actuary.
The\u00a0use of different assumptions could have a material effect on the value of the relevant
liabilities and could result in a material change to amounts recognised in the income
statement over time. Key assumptions and sensitivities for post-employment benefit
obligations are disclosed in note\u00a05.
The Group\u2019s defined benefit obligations are discounted at a rate set by reference to market
yields at the end of the reporting period on high quality corporate bonds. Significant
judgement is required when setting the criteria for bonds to be included in the population
from which the yield curve is derived. The most significant criteria considered for the selection
of bonds include the issue size of the corporate bonds, quality of the bonds and the
identification of outliers which are excluded. Key assumptions and sensitivities for post-
employment benefit obligations are disclosed in note 5.
Right-of-use assets and lease liabilities \u2013 extension and termination options
In determining the lease term, management considers all facts and circumstances that
create an economic incentive to exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination options) are only included in the lease
term if the lease is reasonably certain to be extended (or not terminated).
The Group has several retail, distribution and office property lease contracts that include
extension and termination options. The Group applies judgement in evaluating whether it is
reasonably certain whether or not to exercise the option to renew or terminate the lease. All
relevant factors are considered that create an economic incentive for it to exercise either the
renewal or termination, including: whether there are significant penalties to terminate (or not
extend); whether any leasehold improvements are expected to have a significant remaining
value; historical lease durations; the importance of the underlying asset to the Group\u2019s
operations; and the costs and business disruption required to replace the leased asset.
The assessment is reviewed if a significant event or a significant change in circumstances
occurs which affects this assessment and that is within the control of the lessee. Refer to note
12 for additional disclosures relating to leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
The Group has three reportable segments which have been identified based on the operating
segments of the Group that are regularly reviewed by the chief operating decision-maker,
which has been determined to be the Group Executive Team, in order to assess performance
and allocate resources. Operating segments are then aggregated into reporting segments to
combine those with similar economic characteristics. Following the classification in the prior
period of the Group's retail operations in the UK as a discontinued operation, the Group\u2019s
internal reporting was updated to no longer distinguish between \u2018Distribution\u2019 and \u2018Retail\u2019. As a
result the Group\u2019s remaining retail operation in Europe has been combined with the Europe &
Africa distribution business to form a single reportable segment.
The Group reports the performance of its reporting segments after the allocation of central
costs. These represent costs of Group functions.
The following summary describes the operations of each of the Group\u2019s reportable segments:
APAC
Europe & Africa
Americas
Exclusive distribution, sales and marketing activities of New Vehicles
and Parts.
Sale of New and Used Vehicles together with logistics services
where the Group may also be the exclusive distributor, alongside
associated Aftersales activities of service, body shop repairs and
parts sales.
APAC
Europe &
Africa
Americas
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Total revenue
2,541
3,255
3,304
9,100
Adjusted operating profit from continuing
operations
182
151
230
563
Operating adjusting items
(37)
Operating profit from continuing operations
526
Share of profits after tax of joint ventures and
associates
3
Profit before finance and tax
529
Finance income
72
Finance costs
(195)
Profit before tax from continuing operations
406
Tax
(133)
Profit for the year from continuing operations
273
The Group\u2019s reported segments are based on the location of the Group\u2019s assets. Revenue
earned from sales is disclosed by origin and is not materially different from revenue by
destination. Chile and Australia are presented separately as these comprise more than 10%
of\u00a0the Group\u2019s revenue. Revenue is further analysed as follows:
2025
\u00a3m
Revenue
Chile
1,420
Australia
1,018
Rest of the world
6,662
Group
9,100
The Group\u2019s non-current assets comprise intangible assets, property, plant and equipment,
right-of-use assets and joint ventures and associates. These are analysed by location in the
table below, with Chile presented separately as it comprises more than 10% of the Group\u2019s
non-current assets.
2025
\u00a3m
Non-current assets
Chile
615
Rest of the world
1,488
Group
2,103
APAC
Europe &
Africa
Americas
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets and liabilities
Segment assets
777
822
1,248
2,847
Segment liabilities
(863)
(888)
(1,013)
(2,764)
Other assets
3,002
Other liabilities
(1,745)
Total net assets
1,340
Segment assets and liabilities represent the Group\u2019s assets and liabilities that are regularly
reviewed by the chief operating decision-maker. They comprise of inventory, receivables,
payables and derivative assets and liabilities that hedge trade payables.
1 Segmental analysis continued
APAC
Europe &
Africa
Americas
Total
2025 from continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other segment items
Capital expenditure:
\u2013 Property, plant and equipment
14
17
15
46
\u2013 Leased vehicles, rental machinery and
equipment
22
4
14
40
\u2013 Right-of-use assets
14
15
8
37
\u2013 Intangible assets
\u2014
1
1
2
Depreciation and impairment
\u2013 Property, plant and equipment
17
9
18
44
\u2013 Leased vehicles, rental machinery and
equipment
6
\u2014
6
12
\u2013 Right-of-use assets
31
12
24
67
Amortisation of intangible assets
1
2
4
7
Net provisions charged/(credited) to the
consolidated income statement
13
\u2014
(2)
11
Net provisions include inventory, trade receivables impairment and other liability provisions.
APAC
Europe &
Africa
Americas
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Total revenue
2,995
3,003
3,265
9,263
Adjusted operating profit from continuing
operations
235
142
207
584
Operating adjusting items
(22)
Operating profit from continuing operations
562
Share of profits after tax of joint ventures and
associates
2
Profit before finance and tax
564
Finance income
71
Finance costs
(221)
Profit before tax from continuing operations
414
Tax
(129)
Profit for the year from continuing operations
285
The Group\u2019s reported segments are based on the location of the Group\u2019s assets. Revenue
earned from sales is disclosed by origin and is not materially different from revenue by
destination. Chile and Australia are presented separately as these comprise more than 10%
of\u00a0the Group\u2019s revenue. Revenue is further analysed as follows:
2024
\u00a3m
Revenue
Chile
1,532
Australia
1,142
Rest of the world
6,589
Group
9,263
The Group\u2019s non-current assets comprise intangible assets, property, plant and equipment,
right-of-use assets and joint ventures and associates. These are analysed by location in the
table below, with Chile presented separately as it comprises more than 10% of the Group\u2019s
non-current assets.
2024
\u00a3m
Non-current assets
Chile
590
Rest of the world
1,447
Group
2,037
APAC
Europe &
Africa
Americas
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets and liabilities
Segment assets
833
742
1,206
2,781
Segment liabilities
(1,014)
(761)
(855)
(2,630)
Other assets
2,856
Other liabilities
(1,533)
Total net assets
1,474
Segment assets and liabilities represent the Group\u2019s assets and liabilities that are regularly
reviewed by the chief operating decision-maker. They comprise of inventory, receivables,
payables and derivative assets and liabilities that hedge trade payables.
1 Segmental analysis continued
APAC
Europe &
Africa
Americas
Total
2024 from continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other segment items
Capital expenditure:
\u2013 Property, plant and equipment
28
11
21
60
\u2013 Leased vehicles, rental machinery and
equipment
23
3
12
38
\u2013 Right-of-use assets
17
12
10
39
\u2013 Intangible assets
1
1
1
3
Depreciation and impairment
\u2013 Property, plant and equipment
16
8
18
42
\u2013 Leased vehicles, rental machinery and
equipment
6
\u2014
12
18
\u2013 Right-of-use assets
33
10
31
74
Amortisation of intangible assets
2
1
6
9
Derecognition of distribution agreements
\u2014
\u2014
5
5
Impairment reversal of distribution agreements
\u2014
\u2014
(19)
(19)
Impairment of right of use assets
1
\u2014
\u2014
1
Net provisions charged/(credited) to the
consolidated income statement
23
(6)
(4)
13
Net provisions include inventory, trade receivables, impairment and other liability provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
2 Adjusting items
2025
2024
From continuing operations
\u00a3m
\u00a3m
Acquisition and integration costs
(10)
(42)
(Loss)/profit on disposal of business (see note 28)
(4)
6
Restructuring costs
(23)
\u2014
Impairment reversal of distribution agreements (see note 10)
\u2014
19
Derecognition of distribution agreements (see note 10)
\u2014
(5)
Total adjusting items in operating profit
(37)
(22)
Adjusting items in finance costs:
Net monetary loss on hyperinflation
\u2014
(8)
Total adjusting items before tax
(37)
(30)
Tax on adjusting items (see note 7)
6
10
Total adjusting items
(31)
(20)
During the year, operating costs of \u00a310m (2024: \u00a342m) were incurred in connection with the
acquisition and integration of businesses. These costs have been reported as adjusting items
to better reflect the underlying performance of the business. These primarily relate to the
acquisition and integration of the Derco group and other businesses acquired. The integration
of the Derco group was a multi-year programme that has now completed, with cumulative
costs of \u00a370m.
In December 2024, the Group sold its share in the non-genuine spare parts business in Chile
and a gain on disposal of \u00a36m was reported as an adjusting item. During 2025, following the
finalisation of the completion accounts for the disposal, there was an adjustment of \u00a34m in
favour of the buyer. This adjustment to the sale proceeds has been reported as an adjusting
item for consistency with the amount reported in 2024.
Restructuring activity is being undertaken by the Group, against a backdrop of change within
the automotive industry, to optimise the Group's operations and the associated costs have
been recognised as an adjusting item in line with the Group's policy. Restructuring costs have
only been recognised once formal plans are in place and their implementation has
commenced or been announced to those affected. Restructuring costs have also been
recognised in relation to Group-wide transformation projects impacting back-office
operations, including a review of organisational structures, internal processes and the physical
location of certain operations. Execution of the Group-wide restructuring activities
commenced in the first half of the year, with activities expected to continue into the first half
of 2026.
In the prior year, the impairment reversal of \u00a319m related to the Central America - Suzuki CGU
and the derecognition of intangibles of \u00a35m related to a distribution agreement in Bolivia.
The Group financial statements included adjustments for hyperinflation, following the
application of IAS 29 Financial Reporting in Hyperinflationary Economies in relation to the
Group\u2019s operations with a functional currency of Ethiopian Birr. The results and financial
position of Ethiopia for the year ended 31 December 2024 were restated to include the effect
of indexation and the resulting net monetary loss on hyperinflation of \u00a38m was recognised
within net finance costs and reported as an adjusting item. As at 31 December 2025, Ethiopia
is no longer considered to be a hyperinflationary economy and therefore the Group has not
recognised any adjustments in respect of hyperinflation for the year ended 31 December
2025. The Group ceased to apply IAS 29 from the beginning of the reporting period in which
hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "inchcape:DisclosureOfAdjustingItemsTextBlock", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2025
2024
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,687
8,840
Provision of services
413
423
9,100
9,263
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b. Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2025
2025
2025
2024
2024
2024
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
484
\u2014
484
516
\u2014
516
Administrative expenses
530
33
563
511
42
553
Other operating (income)/
expenses
(27)
4
(23)
(5)
(20)
(25)
987
37
1,024
1,022
22
1,044
c. Profit/(loss) before tax is stated after the following charges/(credits):
2025
2024
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
44
42
\u2013 Leased vehicles, rental machinery and equipment
12
18
\u2013 Right-of-use assets
67
74
Amortisation of intangible assets
7
9
Impairment of trade receivables
7
1
Profit on sale of property, plant and equipment and intangibles
(10)
(1)
Profit on the sale of property, plant and equipment in 2025 mainly relates to the sale of surplus
assets in the Americas and APAC (2024: profit on sale of property, plant and equipment of
surplus assets in APAC).
d. Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit
of the parent company and the consolidated financial statements
2
2
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
4
5
Total fees payable to the Company\u2019s auditor
6
7
During the year, the Group incurred fees of \u00a30.3m (2024: \u00a30.3m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e. Staff costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
(represented)1
Wages and salaries
505
531
Social security costs
42
47
Other pension costs (see note 5)
13
12
Share-based payment charge (see note 4)
15
18
575
608
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which
can be found on pages 76 to 99 of this Report. Information on compensation of key
management personnel is set out in note 31b.
f. Average monthly number of employees
Total
2025
2024
From continuing operations
Number
Number
APAC
4,187
4,492
Europe & Africa
3,790
3,493
Americas
6,515
7,821
Total Distribution
14,492
15,806
Central & Digital
1,367
1,606
15,859
17,412
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2025
2024
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,687
8,840
Provision of services
413
423
9,100
9,263
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b. Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2025
2025
2025
2024
2024
2024
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
484
\u2014
484
516
\u2014
516
Administrative expenses
530
33
563
511
42
553
Other operating (income)/
expenses
(27)
4
(23)
(5)
(20)
(25)
987
37
1,024
1,022
22
1,044
c. Profit/(loss) before tax is stated after the following charges/(credits):
2025
2024
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
44
42
\u2013 Leased vehicles, rental machinery and equipment
12
18
\u2013 Right-of-use assets
67
74
Amortisation of intangible assets
7
9
Impairment of trade receivables
7
1
Profit on sale of property, plant and equipment and intangibles
(10)
(1)
Profit on the sale of property, plant and equipment in 2025 mainly relates to the sale of surplus
assets in the Americas and APAC (2024: profit on sale of property, plant and equipment of
surplus assets in APAC).
d. Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit
of the parent company and the consolidated financial statements
2
2
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
4
5
Total fees payable to the Company\u2019s auditor
6
7
During the year, the Group incurred fees of \u00a30.3m (2024: \u00a30.3m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e. Staff costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
(represented)1
Wages and salaries
505
531
Social security costs
42
47
Other pension costs (see note 5)
13
12
Share-based payment charge (see note 4)
15
18
575
608
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which
can be found on pages 76 to 99 of this Report. Information on compensation of key
management personnel is set out in note 31b.
f. Average monthly number of employees
Total
2025
2024
From continuing operations
Number
Number
APAC
4,187
4,492
Europe & Africa
3,790
3,493
Americas
6,515
7,821
Total Distribution
14,492
15,806
Central & Digital
1,367
1,606
15,859
17,412
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2025
2024
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,687
8,840
Provision of services
413
423
9,100
9,263
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b. Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2025
2025
2025
2024
2024
2024
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
484
\u2014
484
516
\u2014
516
Administrative expenses
530
33
563
511
42
553
Other operating (income)/
expenses
(27)
4
(23)
(5)
(20)
(25)
987
37
1,024
1,022
22
1,044
c. Profit/(loss) before tax is stated after the following charges/(credits):
2025
2024
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
44
42
\u2013 Leased vehicles, rental machinery and equipment
12
18
\u2013 Right-of-use assets
67
74
Amortisation of intangible assets
7
9
Impairment of trade receivables
7
1
Profit on sale of property, plant and equipment and intangibles
(10)
(1)
Profit on the sale of property, plant and equipment in 2025 mainly relates to the sale of surplus
assets in the Americas and APAC (2024: profit on sale of property, plant and equipment of
surplus assets in APAC).
d. Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit
of the parent company and the consolidated financial statements
2
2
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
4
5
Total fees payable to the Company\u2019s auditor
6
7
During the year, the Group incurred fees of \u00a30.3m (2024: \u00a30.3m) with the Group\u2019s auditor for
audit-related assurance services.
3 Revenue and expenses continued
e. Staff costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
(represented)1
Wages and salaries
505
531
Social security costs
42
47
Other pension costs (see note 5)
13
12
Share-based payment charge (see note 4)
15
18
575
608
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which
can be found on pages 76 to 99 of this Report. Information on compensation of key
management personnel is set out in note 31b.
f. Average monthly number of employees
Total
2025
2024
From continuing operations
Number
Number
APAC
4,187
4,492
Europe & Africa
3,790
3,493
Americas
6,515
7,821
Total Distribution
14,492
15,806
Central & Digital
1,367
1,606
15,859
17,412
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "Revenue
An analysis of the Group\u2019s revenue for the year is as follows:
2025
2024
From continuing operations
\u00a3m
\u00a3m
Sale of goods
8,687
8,840
Provision of services
413
423
9,100
9,263
Sale of goods includes the sale of new and used vehicles and the sale of parts where they are
sold directly to the customer. Provision of services includes financial services, as well as labour
and parts provided in servicing vehicles.
b. Analysis of net operating expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net
operating
expenses
Net
operating
expenses
before
adjusting
items
Adjusting
items
Net operating
expenses
2025
2025
2025
2024
2024
2024
From continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Distribution costs
484
\u2014
484
516
\u2014
516
Administrative expenses
530
33
563
511
42
553
Other operating (income)/
expenses
(27)
4
(23)
(5)
(20)
(25)
987
37
1,024
1,022
22
1,044
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "Profit/(loss) before tax is stated after the following charges/(credits):
2025
2024
From continuing operations
\u00a3m
\u00a3m
Depreciation and impairment of tangible fixed assets:
\u2013 Property, plant and equipment
44
42
\u2013 Leased vehicles, rental machinery and equipment
12
18
\u2013 Right-of-use assets
67
74
Amortisation of intangible assets
7
9
Impairment of trade receivables
7
1
Profit on sale of property, plant and equipment and intangibles
(10)
(1)
Profit on the sale of property, plant and equipment in 2025 mainly relates to the sale of surplus
assets in the Americas and APAC (2024: profit on sale of property, plant and equipment of
surplus assets in APAC).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "Auditor\u2019s remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services
from the Group\u2019s auditor at costs as detailed below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit
of the parent company and the consolidated financial statements
2
2
Fees payable to the Company\u2019s auditor and its associates for other
services:
\u2013 The audit of the Company\u2019s subsidiaries
4
5
Total fees payable to the Company\u2019s auditor
6
7
During the year, the Group incurred fees of \u00a30.3m (2024: \u00a30.3m) with the Group\u2019s auditor for
audit-related assurance services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "Staff costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
(represented)1
Wages and salaries
505
531
Social security costs
42
47
Other pension costs (see note 5)
13
12
Share-based payment charge (see note 4)
15
18
575
608
1. Refer to presentation of comparative amounts in the accounting policies note.
Other pension costs correspond to the current and past service cost and contributions to the
defined contribution schemes (see note 5).
Information on Directors\u2019 emoluments and interests which forms part of these audited
consolidated financial statements is given in the Directors\u2019 Report on Remuneration which
can be found on pages 76 to 99 of this Report. Information on compensation of key
management personnel is set out in note 31b.
f. Average monthly number of employees
Total
2025
2024
From continuing operations
Number
Number
APAC
4,187
4,492
Europe & Africa
3,790
3,493
Americas
6,515
7,821
Total Distribution
14,492
15,806
Central & Digital
1,367
1,606
15,859
17,412
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
The terms and conditions of the Group\u2019s share-based payment plans are detailed in the
Directors\u2019 Report on Remuneration.
The charge arising from awards granted under share-based payment plans was \u00a315m
(2024:\u00a0\u00a318m), all of which was equity-settled.
The Other Share Plan\u2019s disclosures below include other share-based incentive plans for senior
executives and employees.
The following table sets out the movements in the number of share options and awards during
the year:
2025
Weighted
average
exercise price*
Performance
Share Plan
Save As You
Earn Plan
Other
Share Plans
Outstanding at 1 January
\u00a36.29
5,755,394
318,886
1,583,291
Granted
\u00a35.36
3,752,421
74,334
796,296
Exercised
\u00a36.13
(1,536,152)
(156,047)
(608,873)
Lapsed
\u00a36.21
(580,604)
(33,596)
(65,194)
Outstanding at 31 December
\u00a35.96
7,391,059
203,577
1,705,520
Exercisable at 31 December
\u00a36.05
493,125
36,862
154,870
2024
Weighted
average
exercise price*
Performance
Share Plan
Save As You
Earn Plan
Other
Share Plans
Outstanding at 1 January
\u00a35.78
5,497,087
1,847,522
1,599,836
Granted
\u00a36.80
2,721,055
45,870
766,410
Exercised
\u00a35.15
(1,508,833)
(663,789)
(609,993)
Lapsed
\u00a36.11
(953,915)
(910,717)
(172,962)
Outstanding at 31 December
\u00a36.29
5,755,394
318,886
1,583,291
Exercisable at 31 December
\u00a36.27
609,811
199,952
62,033
*The weighted average exercise price excludes nil cost awards made under the Performance Share Plan
and Other Share Plans.
The weighted average share price at the date of exercise of options exercised during the year ended
31\u00a0December 2025 was \u00a37.60 (2024: \u00a38.12).
4 Share based payments continued
The weighted average remaining contractual life for the awards outstanding at 31 December
2025 is 1.4 years (2024: 1.2 years).
The range of exercise prices for options outstanding at the end of the year was \u00a35.36 to \u00a36.80
(2024: \u00a36.00 to \u00a37.31). See note 24 for further details.
The fair value of options granted under the Save As You Earn Plan and Other Share Plans is
estimated as at the date of grant using a Black-Scholes option pricing model, taking into
account the terms and conditions upon which the options were granted. The fair value of nil
cost awards granted under the Performance Share Plan and Other Share Plans is the market
value of the related shares at the time of grant. The following table lists the main inputs to the
model for awards granted during the years ended 31 December 2025 and 31 December 2024:
Performance Share Plan
Save As You Earn Plan
Other Share Plans
2025
2024
2025
2024
2025
2024
Weighted average share price at
grant date
\u00a36.93
\u00a37.25
\u00a36.70
\u00a38.49
\u00a36.96
\u00a37.30
Weighted average exercise price*
n/a
n/a
\u00a35.36
\u00a36.80
n/a
n/a
Vesting period
3.0
years
3.0
years
3.0
years
3.0
years
2.1
years
2.3
years
Expected volatility
n/a
n/a
29.3%
29.2%
n/a
n/a
Expected life of award
3.0
years
3.0
years
3.3
years
3.3
years
2.1
years
2.3
years
Weighted average risk-free rate
n/a
n/a
3.9%
3.7%
n/a
n/a
Expected dividend yield
n/a
n/a
4.2%
4.2%
n/a
n/a
Weighted average fair value per
option
\u00a36.93
\u00a37.25
\u00a31.82
\u00a31.95
\u00a36.96
\u00a37.30
*The weighted average exercise price excludes nil cost awards made under the Performance Share Plan
and Other Share Plans.
No options were granted under the Executive Share Option Plan in 2025 or 2024.
The expected life and volatility of the options are based upon historical data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
The Group operates a number of pension and post-retirement benefit schemes for its
employees in a number of its businesses, primarily in the UK.
a. UK schemes: benefits, governance, cash flow obligations and investments
The Group operates the following pension schemes in the UK:
\u2022 The Inchcape Motors Pension Scheme (IMPS) which is the Group\u2019s main defined benefit
pension scheme; and
\u2022 The Inchcape Retirement Savings Plan, a defined contribution workplace personal
pension scheme.
The Group also operates the Inchcape Overseas Pension Scheme, which is non-UK registered,
and some minor unfunded arrangements relating to post-retirement health and medical
plans in respect of past employees.
Benefit structure
IMPS, which provides benefits linked to the final salary of members, is closed to new members
and closed to future benefit accrual on 31 December 2012. Final salary schemes provide
benefits to members in the form of a guaranteed level of pension payable for life. The level of
benefits provided depends on final salary at retirement (or leaving date, if earlier) and length
of service. The Group bears risks in relation to its final salary schemes, notably relating to
investment performance, interest rates, inflation, and members\u2019 life expectancies. There is
potential for these risks to harm the funding position of the schemes. If the schemes were to
be in deficit, then additional contributions may be required from the Group.
IMPS also includes a defined benefit cash balance scheme. Cash balance schemes allow
members to accrue a percentage of their earnings each year which then grows to provide a
lump sum payment on retirement. Members accrued benefits under this scheme with effect
from 1 January 2013 up to 31 December 2020. The Group underwrites the investment and
interest rate risk to normal retirement age (65). Inflation and mortality risks associated with
benefits are borne solely by the members. Following a consultation process with relevant
employees this section closed to future benefit accrual on 31 December 2020.
From 1 January 2021, UK employees were offered membership of the Inchcape Retirement
Savings Plan, a defined contribution workplace personal pension scheme, which is designed
to comply with auto enrolment legislation. Defined contribution schemes like the Inchcape
Retirement Savings Plan, see members\u2019 individual accounts credited with employee and
employer contributions which are then invested to provide a lump sum on retirement.
The\u00a0Group does not underwrite investment or other risks for this plan.
5 Pension and other post-retirement benefits continued
Governance
Our UK schemes are registered with HM Revenue and Customs (HMRC) and comply fully with
the regulatory framework published by the UK Pensions Regulator.
IMPS is established under trust law and has a trustee board that runs the scheme in
accordance with the Trust Deed and Rules and relevant legislation. The trustee board
comprises an independent sole trustee company appointed by the Group. The Trustee is
required to act in the best interest of the members and have responsibility for the scheme\u2019s
governance. The Trustee consults with the Group over decisions relating to matters such as
funding and\u00a0investments.
The Inchcape Retirement Savings Plan has an external pension provider with its own
governance committee.
Scheme specific cash obligation and investment detail
Inchcape Motors Pension Scheme
The Group considers two measures of the pension deficit. The accounting position is shown on
the Group\u2019s balance sheet. The funding position, calculated at the triennial actuarial
valuation, is used to agree contributions made to IMPS. The last completed actuarial
valuations for IMPS was carried out as at 5 April 2022 on a market-related basis.
The value of accrued liabilities determined in accordance with the advice of the Scheme
Actuary was based on the defined accrued benefit method. The actuarial valuation
determined that the duration of the liabilities was approximately 11 years and that an
aggregate surplus of \u00a340m existed. As a consequence, the Group and the Trustee agreed
that contributions to IMPS would cease with effect from April 2022.
In November 2024, the Trustee of IMPS completed a buy-in transaction whereby the assets of
the scheme were used to acquire a bulk purchase annuity policy under which the benefits
payable to the members of the scheme are now fully insured. The insurance policy was
purchased using the existing assets of the scheme with no additional funding required from
the Group. As at 31 December 2025, the bulk purchase annuity policy has been accounted
for as an asset of the scheme and valued on the same basis as the liabilities that it matches
as\u00a0the legal responsibility to pay benefits remains with the Trustee. As at 31 December 2025,
IMPS had an IAS 19 accounting surplus of \u00a327m (2024: \u00a336m).
The outcome of the case involving Virgin Media Limited and NTL Pension Trustees II Limited
relating to the validity of certain historical pension changes could potentially lead to
additional liabilities for some pension schemes and sponsors although there is uncertainty as
to how the ruling would be applied in practice. The Group has undertaken an initial risk-based
assessment of any potential impact on IMPS and the Group. The assessment has, to date, not
identified any material matters that may give rise to an additional liability. In relation to this
matter, the Government announced on 5 June 2025 that it will introduce legislation to allow
retrospective confirmation that any historical pension changes made met the required
standard. Management will continue to monitor developments in this regard and the
implications, if any, for IMPS.
Inchcape Overseas Pension Scheme (closed section)
This scheme is managed from Guernsey and is subject to regulations similar to the UK. It is
therefore reported under the United Kingdom in this note. The latest triennial actuarial
valuation for this scheme was carried out at 31 March 2024 and based on the defined
accrued benefit method. The actuarial valuation determined that the duration of the
liabilities was approximately 8 years and that the scheme was approximately 90% funded on
a prudent funding basis. To make good the funding deficit of \u00a35m, it was agreed that deficit
contributions of \u00a31m p.a. would be paid by means of an annual lump sum, ending with the
payment due in July 2028. In addition to the \u00a31m deficit funding contributions, a contribution
of \u00a30.2m per annum is made in respect of advisory and administrative expenses.
b. Overseas schemes
There are a number of smaller defined benefit schemes overseas, the significant scheme
being the Inchcape Motors Limited Retirement Scheme in Hong Kong. In general, these
schemes offer a lump sum on retirement with no further obligation to the employee and
assets are held in trust in separately administered funds. These schemes are typically subject
to triennial valuations. The overseas defined contribution schemes are principally linked to
local statutory arrangements.
c. Defined contribution plans
The total expense (from continuing operations) recognised in the consolidated income
statement is \u00a310m (2024: \u00a39m). There are no outstanding contributions at 31 December 2025
(2024: \u00a3nil).
d. Defined benefit plans
As the Group\u2019s principal defined benefit schemes are in the UK, these have been reported
separately from the overseas schemes. For the purposes of reporting, actuarial updates have
been obtained for the Group\u2019s material schemes and these updates are reflected in the
amounts reported in the following tables.
e. Recognition of Pension Surplus \u2018IFRIC 14\u2019
The Group is not required to recognise any additional liabilities in relation to funding plans, or
limit the recognition of any surpluses, as the Group retains an unconditional right to any future
economic benefits available by way of future refunds or reduction in contributions.
5 Pension and other post-retirement benefits continued
The principal weighted average assumptions used by the actuaries were:
United Kingdom
Overseas
2025
2024
2025
2024
%
%
%
%
Rate of increase in salaries
n/a
n/a
3.5
4.0
Rate of increase in pensions
2.5
2.7
3.9
3.1
Discount rate
5.4
5.4
3.7
4.3
Rate of inflation:
\u2013 Retail price index
2.9
3.3
2.0
2.0
\u2013 Consumer price index
2.5
2.8
n/a
n/a
Assumptions regarding future mortality experience are set based on published statistics and
experience. For the UK schemes, the average life expectancy of a pensioner retiring at age
65 is 22.0 years (2024: 21.7 years) for current pensioners and 23.3 years (2024: 23.0 years) for
current non pensioners. Most of the overseas schemes only offer a lump sum on retirement
and therefore mortality assumptions are not applicable.
The asset/(liability) recognised in the consolidated statement of financial position is
determined as follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded
obligations
(516)
(517)
(28)
(33)
(544)
(550)
Fair value of plan assets
539
550
29
30
568
580
Net surplus/(deficit) in funded
obligations
23
33
1
(3)
24
30
Present value of unfunded
obligations
\u2014
\u2014
(3)
(7)
(3)
(7)
23
33
(2)
(10)
21
23
The net pension asset is analysed
as follows:
Schemes in surplus
27
36
2
\u2014
29
36
Schemes in deficit
(4)
(3)
(4)
(10)
(8)
(13)
23
33
(2)
(10)
21
23
The amounts recognised in the consolidated income statement are as follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current service cost
\u2014
\u2014
(2)
(3)
(2)
(3)
Past service cost
(1)
\u2014
\u2014
\u2014
(1)
\u2014
Scheme expenses
(1)
(1)
\u2014
\u2014
(1)
(1)
Interest expense on plan liabilities
(27)
(25)
(1)
(1)
(28)
(26)
Interest income on plan assets
29
28
1
1
30
29
\u2014
2
(2)
(3)
(2)
(1)
The amounts recognised in the consolidated statement of comprehensive income are
as\u00a0follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Actuarial (losses)/gains on
liabilities:
\u2013 Experience (losses)/gains
(5)
1
\u2014
\u2014
(5)
1
\u2013 Changes in demographic
assumptions
(4)
(3)
\u2014
\u2014
(4)
(3)
\u2013 Changes in financial
assumptions
7
53
\u2014
2
7
55
Actuarial (losses)/gains on assets:
\u2013 Experience (losses)/gains
(9)
(100)
3
1
(6)
(99)
(11)
(49)
3
3
(8)
(46)
5 Pension and other post-retirement benefits continued
Analysis of the movement in the net asset/(liability):
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
33
79
(10)
(12)
23
67
Amount recognised in the
consolidated income statement
\u2014
2
(2)
(3)
(2)
(1)
Contributions by employer
1
1
8
2
9
3
Actuarial (losses)/gains recognised
in the year
(11)
(49)
3
3
(8)
(46)
Effect of foreign exchange rates
\u2014
\u2014
(1)
\u2014
(1)
\u2014
At 31 December
23
33
(2)
(10)
21
23
Changes in the present value of the defined benefit obligation are as follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(517)
(576)
(40)
(42)
(557)
(618)
Current service cost
\u2014
\u2014
(2)
(3)
(2)
(3)
Past service cost
(1)
\u2014
\u2014
\u2014
(1)
\u2014
Interest expense on plan liabilities
(27)
(25)
(1)
(1)
(28)
(26)
Actuarial (losses)/gains:
\u2013 Experience (losses)/gains
(5)
1
\u2014
\u2014
(5)
1
\u2013 Changes in demographic
assumptions
(4)
(3)
\u2014
\u2014
(4)
(3)
\u2013 Changes in financial
assumptions
7
53
\u2014
2
7
55
Benefits paid
31
33
10
5
41
38
Effect of foreign exchange rate
changes
\u2014
\u2014
2
(1)
2
(1)
At 31 December
(516)
(517)
(31)
(40)
(547)
(557)
Changes in the fair value of the defined benefit asset are as follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
550
655
30
30
580
685
Interest income on plan assets
29
28
1
1
30
29
Scheme expenses
(1)
(1)
\u2014
\u2014
(1)
(1)
Actuarial (losses)/gains:
\u2013 Experience (losses)/gains
(9)
(100)
3
1
(6)
(99)
Contributions by employer
1
1
8
2
9
3
Benefits paid
(31)
(33)
(10)
(5)
(41)
(38)
Effect of foreign exchange rate
changes
\u2014
\u2014
(3)
1
(3)
1
At 31 December
539
550
29
30
568
580
At the end of the reporting period, the percentages of the plan assets by category were
as\u00a0follows:
United Kingdom
Overseas
Total
2025
2024
2025
2024
2025
2024
Equities
\u2014
\u2014
55.2%
53.4%
2.8%
2.8%
Bonds
\u2014
\u2014
41.4%
43.3%
2.1%
2.2%
Liability driven investment
7.2%
7.1%
\u2014
\u2014
6.9%
6.7%
Bulk purchase annuity
86.6%
85.4%
\u2014
\u2014
82.2%
81.0%
Other
6.2%
7.5%
3.4%
3.3%
6.0%
7.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
5 Pension and other post-retirement benefits continued
The majority of investments shown as equities and bonds are held through funds where the
underlying investments of the fund are quoted. Liability driven investment is a strategy
commonly used by defined benefit pension schemes to reduce interest rate and inflation risk.
It includes government bonds, derivative instruments, and cash. Virtually all the equities and
bonds held within the investment funds have prices in active markets. Derivatives, property,
and liability driven investment can be classified as level 2 instruments. The schemes had no
directly held employer related investment during the reporting period.
The schemes\u2019 investment managers may potentially hold a small investment in Inchcape plc
either through index weightings or stock selection (less than 0.5% of their respective
fund\u00a0values).
The following disclosures relate to the Group\u2019s defined benefit plans only.
f. Risk management
Asset volatility
Scheme liabilities are calculated on a discounted basis using a discount rate which is set with
reference to corporate bond yields. If scheme assets underperform this yield, then this will
create a deficit.
Inflation risk
The majority of the Group\u2019s defined benefit obligations are linked to inflation. Higher inflation
will lead to higher liabilities, although in the majority of cases there are caps on the level of
inflationary increases to be applied to pension obligations.
Life expectancy
Where relevant, the plans\u2019 obligations are to provide a pension for the life of the member,
so\u00a0increases in life expectancy will result in an increase in the plans\u2019 benefit payments. Future
mortality rates cannot be predicted with certainty. The schemes conduct scheme-specific
mortality investigations annually, where appropriate, to ensure the Group has a clear
understanding of any potential increase in liability due to pensioners living for longer
than\u00a0assumed.
Risk mitigation
The investment by the IMPS Trustee in a bulk purchase annuity has removed investment,
inflation and mortality risks for approximately 85% of liabilities and 80% of assets. The remaining
risks are mitigated through liability driven investment strategies with investment in defensive
and inflation-linked assets (liability driven investment solutions, absolute return bonds,
government bonds, derivative instruments and cash).
g. Sensitivity analysis
The disclosures above are dependent on the assumptions used. The table below demonstrates
the sensitivity of the defined benefit obligation to changes in the assumptions used for the UK
schemes. Changes in assumptions have an immaterial effect on the overseas schemes.
Impact on the defined benefit obligation
United Kingdom
2025
2024
\u00a3m
\u00a3m
Discount rate -1%
+59
+61
Discount rate +1%
-49
-50
CPI Inflation -0.25%
-7
-7
CPI Inflation +0.25%
+7
+7
Life expectancy +1 year
+21
+20
The above analysis is based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may
be correlated. The above variances have been used as they are believed to be reasonably
possible changes in assumptions by reference to recent trends and experiences.
h. Employer contributions
The Group paid approximately \u00a31m (2024: \u00a31m) to its UK defined benefit plans in 2025 under
the prevailing Schedules of Contributions (following the 5 April 2022 actuarial valuations for
the Inchcape Motors Pension Scheme and 31 March 2024 valuation for the Inchcape
Overseas Pension Scheme).
From 1 January 2021 (following the closure of the defined benefit cash balance scheme to
future benefit accrual on 31 December 2020) the Group pays ongoing employer pension
contributions into the Inchcape Retirement Savings Plan.
The defined benefit obligations are based on the current value of expected benefit payment
cash flows to members over the next several decades. The average duration of the liabilities is
approximately 11 years for the UK schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "Defined contribution plans
The total expense (from continuing operations) recognised in the consolidated income
statement is \u00a310m (2024: \u00a39m). There are no outstanding contributions at 31 December 2025
(2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "Defined benefit plans
As the Group\u2019s principal defined benefit schemes are in the UK, these have been reported
separately from the overseas schemes. For the purposes of reporting, actuarial updates have
been obtained for the Group\u2019s material schemes and these updates are reflected in the
amounts reported in the following tables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
6 Net finance costs
2025
2024
From continuing operations
\u00a3m
\u00a3m
Interest expense on bank and other borrowings
110
122
Finance costs on lease liabilities (note 12(b))
16
19
Interest on inventory financing
54
56
Net monetary loss on hyperinflation (note 2)
\u2014
8
Other finance costs
15
16
Finance costs
195
221
Bank and other interest receivable
(68)
(64)
Net interest income on post-retirement plan assets and liabilities
(2)
(3)
Other finance income
(2)
(4)
Finance income
(72)
(71)
Net finance costs
123
150
Analysed as:
Net finance costs excluding adjusting finance costs
123
142
Finance costs reported as adjusting items
\u2014
8
Net finance costs
123
150
Other finance costs include fees, commissions and foreign exchange gains and losses.
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Since 2022, in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies, the
results and financial position of the Group\u2019s operations in Ethiopia have been restated to the
purchasing power or inflationary measuring unit current at the end of the reporting period. The
results and financial position of Ethiopia for the year ended 31 December 2024 were restated
to include the effect of indexation and the resulting net monetary loss on hyperinflation of
\u00a38m was recognised within net finance costs and reported as an adjusting item. As at 31
December 2025, Ethiopia is no longer considered to be a hyperinflationary economy and
therefore the Group has not recognised any adjustments in respect of hyperinflation for the
year ended 31 December 2025. The Group ceased to apply IAS 29 from the beginning of the
reporting period in which hyperinflation ceased, thus from 1 January 2025.
The main exchange rates used for translation purposes are as follows:
Average rates
Period-end rates
2025
2024
2025
2024
Australian dollar
2.05
1.94
2.01
2.02
Bolivian boliviano 1
17.61
12.43
14.27
14.24
Chilean peso
1,254.50
1,209.30
1,211.70
1,252.30
Ethiopian birr 2
181.75
157.95
207.97
157.95
Euro
1.17
1.18
1.15
1.21
Hong Kong dollar
10.26
9.99
10.46
9.75
Singapore dollar
1.72
1.71
1.73
1.71
US dollar
1.32
1.28
1.34
1.26
1. A parallel rate was used due to limitations in accessing currency at official rates of exchange.
2. In 2024, the results for Ethiopia were translated at the closing rate as required by IAS 21 The Effects of
Changes in Foreign Exchange Rates for hyperinflationary foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
This note only provides information about corporate income taxes under IFRS. The Group has
subsidiaries in over 40 territories across the world. The Group pays and collects many different
taxes in addition to corporate income taxes including: payroll taxes, value added and sales
taxes, property taxes, product-specific taxes and environmental taxes. Such taxes borne by
the Group are included in profit before tax.
2025
2024
From continuing operations
\u00a3m
\u00a3m
Current tax
\u2013 Overseas tax
130
131
\u2013 Pillar 2 income taxes
2
2
Adjustments to prior year liabilities
\u2013 United Kingdom tax
\u2014
(3)
\u2013 Overseas tax
\u2014
(3)
Current tax
132
127
Deferred tax
1
2
Total tax charge
133
129
\u2013 Tax charge on profit before
adjusting items
139
139
\u2013 Tax credit on adjusting items
(6)
(10)
Total tax charge
133
129
Details of the adjusting items for the year can be found in note 2. Not all of the adjusting items
will be taxable or deductible for tax purposes. Therefore, the tax credit on adjusting items
represents the total of the current and deferred tax on only those elements that are assessed
as taxable or deductible.
7 Tax continued
a. Factors affecting the tax expense for the year
The effective tax rate for the year is 32.8% (2024: 31.2%). The effective tax rate on adjusted
profit before tax is 31.4% (2024: 31.3%). The weighted average tax rate is 24.4% (2024: 23.0%).
The weighted average tax rate comprises the average statutory rates across the Group,
weighted in proportion to accounting profits and losses before tax.
The Group is within the scope of Pillar Two with effect from 1 January 2024 under UK legislation.
Pillar Two legislation has also been enacted in other jurisdictions where Inchcape operates
and may affect computation of top-up taxes for those markets. Under the legislation, the
Group is liable to pay a top-up tax for the difference between its Pillar Two effective tax rate
per jurisdiction and the 15% minimum rate. Included within the current tax charge for the year
is a Pillar Two income tax charge of \u00a32m (2024: \u00a32m). The main jurisdictions in which exposure
to this tax exists include Bulgaria and Barbados.
The Group applies the exception to recognising and disclosing information about deferred tax
assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS
12 issued in May 2023.
The table below explains the differences between the expected tax charge at the weighted
average tax rate and the Group\u2019s total tax charge.
2025
2024
From continuing operations
\u00a3m
\u00a3m
Profit before tax
406
414
Profit before tax multiplied by the weighted average tax rate of 24.4%
(2024: 23.0%)
99
95
\u2013 Permanent differences
2
8
\u2013 Non-taxable income
(3)
(4)
\u2013 Prior year items
9
2
\u2013 Derecognition/(recognition) of deferred tax assets
24
21
\u2013 Overseas tax audits and settlements
(3)
2
\u2013 Taxes on undistributed earnings
2
1
\u2013 Acquisition and integration costs
\u2014
3
\u2013 Net monetary loss on hyperinflation
\u2014
3
\u2013 Pillar Two income taxes
2
2
\u2013 Disposal of businesses
\u2014
(6)
\u2013 Tax rate changes
1
2
Total tax charge
133
129
b. Factors affecting the tax expense of future years
The Group\u2019s future tax charge, and effective tax rate, could be affected by several factors
including; the resolution of audits and disputes, changes in tax laws or tax rates, repatriation of
cash from overseas markets to the UK, the ability to utilise brought forward losses, the impact
of UK corporate interest restrictions and business acquisitions and disposals. In addition, a
change in profit mix between low and high taxed jurisdictions will impact the Group\u2019s future
tax charge.
The utilisation of brought forward tax losses or reactivation of previously disallowed interest
deductions under the UK corporate interest restriction regulations and the recognition of
deferred tax assets associated with them may also give rise to tax charges or credits. The
recognition of deferred tax assets, particularly in respect of tax losses, is based upon an
assessment of whether it is probable that there will be sufficient and suitable taxable profits in
the relevant legal entity or tax group against which to utilise the assets in the future.
Judgement is required when determining probable future taxable profits. In the event that
actual taxable profits are different to those forecast, the Group\u2019s future tax charge and
effective tax rate could be affected. Information about the Group\u2019s tax losses, UK corporate
interest restrictions and deferred tax assets can be found in note 16.
The Group has published its approach to tax on www.inchcape.com covering its tax strategy
and governance framework in accordance with Schedule 19 Finance Act 2016.
Pension
and other
post-retirement
benefits
Cash flow
hedges
Share-based
payments
Tax
losses
Accelerated
tax
depreciation
Provisions
and other
temporary
differences
Indefinite-life
intangible
assets
Leases
Total
Net deferred tax (liability)/asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(26)
12
7
22
(36)
84
(240)
15
(162)
Opening balance reclassifications
8
\u2014
(2)
\u2014
1
(7)
\u2014
\u2014
\u2014
Credited/(charged) to the consolidated income statement (continuing
operations)
13
(2)
4
2
(2)
(12)
(7)
2
(2)
(Charged)/credited to the consolidated income statement (discontinued
operations)
\u2014
\u2014
\u2014
8
\u2014
\u2014
\u2014
\u2014
8
Credited/(charged) to equity and other comprehensive income
(1)
(12)
\u2014
(1)
(1)
1
\u2014
\u2014
(14)
Businesses sold (note 28a)
(3)
\u2014
(1)
\u2014
(6)
9
\u2014
(6)
(7)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
(1)
\u2014
(1)
7
(8)
23
\u2014
20
At 1 January 2025
(9)
(3)
8
30
(37)
69
(224)
11
(155)
Opening balance reclassifications
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
(2)
\u2014
(Charged)/credited to the consolidated income statement (continuing
operations)
1
1
(2)
12
1
(12)
\u2014
(2)
(1)
(Charged)/credited to equity and other comprehensive income
\u2014
10
\u2014
3
\u2014
\u2014
\u2014
\u2014
13
Businesses acquired
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
(5)
\u2014
(6)
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
(1)
3
\u2014
(1)
\u2014
1
At 31 December 2025
(8)
8
6
44
(34)
59
(230)
7
(148)
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
99
91
Deferred tax liabilities
(247)
(246)
(148)
(155)
16 Deferred tax continued
Unrecognised deferred tax
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a3170m (2024: \u00a3149m) split as follows:
2025
2024
Gross
amount
Net amount
Gross
amount
Net
amount
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading losses
296
75
259
66
Capital losses
158
39
158
39
UK corporate interest restriction
185
46
144
36
Other deductible temporary differences
39
10
30
8
Total
678
170
591
149
Trading losses
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a375m (2024: \u00a366m) relating to tax relief on trading losses.
The unrecognised asset represents \u00a3296m (2024: \u00a3259m) of losses which exist within legal
entities where forecast taxable profits are not probable in the foreseeable future.
Unrecognised deferred tax on trading losses includes \u00a39m (2024: \u00a36m) which will expire within
5 years and \u00a31m (2024: \u00a35m) which will expire in more than 5 years.
Of the \u00a375m unrecognised deferred tax asset amount, \u00a325m (2024: \u00a326m) relates to post-April
2017 UK trading losses which can be utilised by legal entities in the Group\u2019s UK tax group and
\u00a310m (2024: \u00a310m) relates to pre-April 2017 UK trading losses which can only be utilised by the
UK legal entities in which they arose.
As at 31 December 2025, the Group has not recognised a deferred tax asset in respect of
post-April 2017 UK trading losses beyond the extent of reversing taxable temporary differences
in UK taxable entities. In reaching this judgement, and consistent with IAS 12, the Group
assessed the probability of recovery and the weight of positive and negative evidence. Given
recent UK losses and the UK tax profile, including withholding taxes and the priority of double
tax relief which defer utilisation, compelling evidence of recovery beyond reversing taxable
temporary differences is not available at the reporting date. This judgement will be closely
monitored by the Group going forward. Any decision to recognise the deferred tax in the
future will have a consequential impact on the Group effective tax rate.
Capital losses
The unrecognised deferred tax assets relating to capital losses are primarily held in the UK.
These capital losses have no expiry.
UK corporate interest restriction
The Group has unrecognised deferred tax assets in relation to disallowed interest under the UK
Corporate interest restriction regulations of \u00a346m (2024: \u00a336m). These interest restrictions have
no expiry.
Overall UK position
The net deferred tax asset relating to the UK group of companies remains unrecognised as at
31 December 2025. Therefore, on a current year basis, no deferred tax charges or credits are
recorded in the consolidated income statement or consolidated statement of other
comprehensive income in the period for these companies (2024: no deferred tax charges or
credits recorded).
Recognised deferred tax
The deferred tax asset on tax trading losses of \u00a344m (2024: \u00a330m) relates to territories and
entities where future taxable profits are considered probable.
The net deferred tax asset on provisions and other temporary differences is principally made
up of trade related accounting provisions and other items in the Group\u2019s operating
companies \u00a359m (2024: \u00a369m).
The deferred tax liability of \u00a3230m (2024: \u00a3224m) on indefinite life intangible assets, comprising
distribution agreements and acquired brands, has been recorded as a result of the business
acquisitions in current and prior periods.
Relevant tax laws largely exempt receipt of dividends from tax. A tax liability is more likely to
arise in respect of withholding taxes levied by overseas jurisdictions. No deferred tax liability
has been recognised in respect of \u00a3523m (2024: \u00a3456m) of post-acquisition unremitted
earnings of subsidiaries because the Group controls the timing of the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the
next 12 months. Deferred tax is provided when there is an intention to distribute earnings and
a tax liability arises. It is not practicable to estimate the amount of unrecognised deferred tax
liabilities in respect of these unremitted earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
8 Earnings per share
2025
2024
\u00a3m
\u00a3m
Profit for the year
273
435
Non-controlling interests
(1)
(14)
Basic earnings
272
421
Profit for the year from discontinued operations
\u2014
(150)
Basic earnings from continuing operations attributable to owners of the
parent
272
271
Adjusting items
31
20
Adjusted earnings from continuing operations attributable to owners of
the parent
303
291
Basic earnings per share
Basic earnings per share from continuing operations
72.5p
66.4p
Basic earnings per share from discontinued operations
\u2014p
36.7p
Total basic earnings per share
72.5p
103.1p
Diluted earnings per share
Diluted earnings per share from continuing operations
71.6p
65.6p
Diluted earnings per share from discontinued operations
\u2014p
36.3p
Total diluted earnings per share
71.6p
101.9p
Adjusted earnings per share from continuing operations
Basic Adjusted earnings per share from continuing operations
80.8p
71.3p
Diluted Adjusted earnings per share from continuing operations
79.8p
70.4p
2025
2024
number
number
Weighted average number of fully paid ordinary shares in issue
during the year
376,120,583
409,082,913
Weighted average number of fully paid ordinary shares in issue
during the year:
\u2013 Held by the Inchcape Employee Trust
(1,040,953)
(794,779)
Weighted average number of fully paid ordinary shares for the
purposes of basic EPS
375,079,630
408,288,134
Dilutive effect of potential ordinary shares
4,738,282
4,816,968
Adjusted weighted average number of fully paid ordinary shares
in issue during the year for the purposes of diluted EPS
379,817,912
413,105,102
Basic earnings per share is calculated by dividing the Basic earnings for the year by the
weighted average number of fully paid ordinary shares in issue during the year, less those
shares held by the Inchcape Employee Trust.
Diluted earnings per share is calculated on the same basis as Basic earnings per share with a
further adjustment to the weighted average number of fully paid ordinary shares to reflect the
effect of all dilutive potential ordinary shares. Dilutive potential ordinary shares comprise share
options and other share-based awards.
Basic Adjusted earnings (which excludes adjusting items) is adopted to assist the reader in
providing an additional performance measure of the Group. Basic Adjusted earnings per
share is calculated by dividing the Adjusted earnings for the year by the weighted average
number of fully paid ordinary shares in issue during the year, less those shares held by the
Inchcape Employee Trust.
Diluted Adjusted earnings per share is calculated on the same basis as the Basic Adjusted
earnings per share with a further adjustment to the weighted average number of fully paid
ordinary shares to reflect the effect of all dilutive potential ordinary shares. Information
presented for diluted and diluted adjusted earnings per ordinary share uses the weighted
average number of shares as adjusted for potentially dilutive ordinary shares as
the\u00a0denominator.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
9 Dividends
The following dividends were paid by the Group:
2025
2024
\u00a3m
\u00a3m
Final dividend for the year ended 31 December 2024 of 17.2p per share
(2023: 24.3p per share)
66
100
Interim dividend for the six months ended 30 June 2025 of 9.5p per share
(30 June 2024: 11.3p per share)
35
47
101
147
A final proposed dividend for the year ended 31 December 2025 of 22.8p per share is subject
to approval by shareholders at the Annual General Meeting and has not been included as a
liability as at 31 December 2025. The Group has sufficient distributable reserves to pay
dividends to its ultimate shareholders. Distributable reserves are calculated on an individual
legal entity basis and the ultimate parent company, Inchcape plc, currently has adequate
levels of realised profits within its retained earnings to support dividend payments.
At 31 December 2025, Inchcape plc\u2019s company-only distributable reserves were \u00a3577m. On
an annual basis, the distributable reserve levels of the Group\u2019s subsidiary undertakings are
reviewed and dividends paid up to Inchcape plc where it is appropriate to do so.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "22.8", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-474": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
677
948
134
1,759
Businesses acquired
(1)
\u2014
\u2014
(1)
Business sold
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals and retirements
\u2014
\u2014
(13)
(13)
Derecognition
\u2014
(5)
\u2014
(5)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 1 January 2025
375
852
88
1,315
Businesses acquired (note 28a)
15
24
\u2014
39
Businesses sold (note 28b)
(2)
\u2014
\u2014
(2)
Additions
\u2014
\u2014
2
2
Disposals and retirements
\u2014
\u2014
(4)
(4)
Effect of foreign exchange rate changes
\u2014
5
(2)
3
At 31 December 2025
388
881
84
1,353
Accumulated amortisation and impairment
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year
\u2014
\u2014
(9)
(9)
Business sold
268
\u2014
34
302
Disposals and retirements
\u2014
\u2014
13
13
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 1 January 2025
(103)
\u2014
(56)
(159)
Amortisation charge for the year (note 3)
\u2014
\u2014
(7)
(7)
Businesses sold (note 28b)
2
\u2014
\u2014
2
Disposals and retirements
\u2014
\u2014
4
4
Effect of foreign exchange rate changes
(1)
\u2014
(1)
(2)
At 31 December 2025
(102)
\u2014
(60)
(162)
Net book value at 31 December 2025
286
881
24
1,191
Net book value at 31 December 2024
272
852
32
1,156
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is
no foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals of \u00a319m in 2024 relate to the reversal of previous impairment charges
against the distribution agreement intangible asset attributable to the Central America -
Suzuki CGU. The derecognition of \u00a35m in 2024 is in respect of a distribution agreement
intangible asset acquired in Bolivia as part of the acquisition of the Derco group of companies
in 2022. At 31 December 2025, computer software under development was \u00a3nil (2024: \u00a3nil).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the
cash flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the
following reporting segments:
2025
2024
Goodwill
\u00a3m
\u00a3m
Americas
186
182
APAC
70
75
Europe & Africa
30
15
286
272
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2025
2024
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa \u2013 Baltics
28
27
Europe & Africa \u2013 Iceland
24
\u2014
Americas \u2013 Derco
444
428
Americas \u2013 Subaru
80
79
Americas \u2013 Hino
39
37
Central Americas \u2013 Suzuki
84
90
Americas \u2013 Other
81
81
APAC \u2013 Indonesia
25
27
APAC \u2013 Philippines
70
76
APAC \u2013 Other
6
7
881
852
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment
tests\u00a0were performed for all CGU groups during the year ended 31 December 2025.
The\u00a0recoverable amounts of all CGU groups were determined based on the higher of the
fair\u00a0value less costs to sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs
to sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between
the assets of the CGU group to reduce the carrying amount. This allocation is initially applied
to the carrying amount of any goodwill allocated to the CGU group. If a further impairment
charge still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required
to support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market
size, represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of
product availability from OEM partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based
on operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key OEM partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes. As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations. Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities. In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably
quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU group, to better reflect the medium-term
growth expectations for those markets. A terminal value calculation is used to estimate the
cash flows after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive
a cost of equity which is then weighted with an estimated cost of debt and lease liabilities
based on an optimal market gearing structure. The Group uses several inputs to calculate a
range for each discount rate from which an absolute measure is determined for use in the
value in use calculations. Key inputs include benchmark risk-free rates, inflation differentials,
equity risk premium, country risk premium and a risk adjustment (beta) calculated by
reference to comparable companies with similar retail and distribution operations. The Group
applies post-tax discount rates to post-tax cash flows as the valuation calculated using this
method closely approximates to applying pre-tax discount rates to pre-tax cash flows,
therefore the equivalent pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2025
Americas
Asia
Pre-tax discount rate (%)
12.2
8.9
Long-term growth rate (%)
3.0
2.0
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
Indefinite-life intangible assets:
2025
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.6
2.9
13.5
Central America - Suzuki
12.2
2.7
6.1
Americas - Derco
12.5
3.0
7.4
Americas - Ditec
10.5
2.9
6.6
APAC - Indonesia
11.1
2.8
21.3
APAC - Philippines
10.9
3.0
10.5
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
2024
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.3
3.1
7.0
Central America - Suzuki
11.7
3.3
4.1
Americas - Derco
11.0
3.0
2.8
Americas - Ditec
10.8
3.0
3.8
APAC - Indonesia
11.6
3.9
13.0
APAC - Philippines
10.4
2.3
9.7
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
10 Intangible assets continued
Impairment testing sensitivity analysis
The excess of recoverable amount over the carrying value (headroom) of the indefinite-life
intangible assets allocated to the following CGUs would be eliminated if any of the individual
changes to the key assumptions used in the impairment model were applied.
Assumptions
Americas -
Hino
Americas -
Ditec
APAC -
Indonesia
APAC -
Philippines
Headroom (\u00a3m)
32
3
40
26
Decrease in revenue CAGR (bps)
(663)
(96)
(260)
(248)
Decrease in long-term growth rate (bps)
(562)
(27)
(385)
(151)
Increase in pre-tax discount rate (bps)
427
20
312
141
Americas \u2013 Ditec
The Americas \u2013 Ditec CGU group includes the Group\u2019s premium vehicle business in Chile. As
at 31 December 2025, the CGU group had a carrying value of \u00a366m (2024: \u00a377m). The cash
flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for America \u2013 Ditec using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(18)
(15)
Post-tax discount rate
100
(12)
(9)
Long-term growth rate
(50)
(5)
(2)
APAC \u2013 Indonesia
The market in Indonesia is currently experiencing disruption driven by slowing GDP growth, a
weaker currency and falling consumer sentiment, with the traditional premium market where
the Group represents Mercedes Benz has declined faster than the overall market.
At 31 December 2025, the Indonesia CGU had a carrying value of \u00a392m (2024: \u00a3124m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Indonesia using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(38)
\u2014
Post-tax discount rate
100
(16)
\u2014
Long-term growth rate
(50)
(7)
\u2014
APAC \u2013 Philippines
The market in the Philippines has experienced disruption with a slowdown in the market due to
weaker consumer spending amid uncertain economic conditions. The traditional premium
market, where the Group represents Mercedes Benz and JLR, has declined.
At 31 December 2025, the Philippines CGU had a carrying value of \u00a3134m (2024: \u00a399m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Philippines using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(26)
\u2014
Post-tax discount rate
100
(19)
\u2014
Long-term growth rate
(50)
(10)
\u2014
Americas \u2013 Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia
where the availability of new vehicles to meet local emissions regulations will be a key driver
of future performance. As at 31 December 2025, the Americas \u2013 Hino CGU group had a
carrying value of \u00a345m (2024: \u00a357m). The cash flows for the Americas \u2013 Hino CGU group are
sensitive to any change in assumption, with the timing of resumption of supply being of
particular significance to the cash flow forecasts. Management has performed sensitivity
analysis on the key assumptions in the indefinite-life intangible asset impairment model,
including scenarios where the supply of new vehicles is delayed by one and two years,
neither of which results in an impairment.
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
677
948
134
1,759
Businesses acquired
(1)
\u2014
\u2014
(1)
Business sold
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals and retirements
\u2014
\u2014
(13)
(13)
Derecognition
\u2014
(5)
\u2014
(5)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 1 January 2025
375
852
88
1,315
Businesses acquired (note 28a)
15
24
\u2014
39
Businesses sold (note 28b)
(2)
\u2014
\u2014
(2)
Additions
\u2014
\u2014
2
2
Disposals and retirements
\u2014
\u2014
(4)
(4)
Effect of foreign exchange rate changes
\u2014
5
(2)
3
At 31 December 2025
388
881
84
1,353
Accumulated amortisation and impairment
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year
\u2014
\u2014
(9)
(9)
Business sold
268
\u2014
34
302
Disposals and retirements
\u2014
\u2014
13
13
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 1 January 2025
(103)
\u2014
(56)
(159)
Amortisation charge for the year (note 3)
\u2014
\u2014
(7)
(7)
Businesses sold (note 28b)
2
\u2014
\u2014
2
Disposals and retirements
\u2014
\u2014
4
4
Effect of foreign exchange rate changes
(1)
\u2014
(1)
(2)
At 31 December 2025
(102)
\u2014
(60)
(162)
Net book value at 31 December 2025
286
881
24
1,191
Net book value at 31 December 2024
272
852
32
1,156
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is
no foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals of \u00a319m in 2024 relate to the reversal of previous impairment charges
against the distribution agreement intangible asset attributable to the Central America -
Suzuki CGU. The derecognition of \u00a35m in 2024 is in respect of a distribution agreement
intangible asset acquired in Bolivia as part of the acquisition of the Derco group of companies
in 2022. At 31 December 2025, computer software under development was \u00a3nil (2024: \u00a3nil).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the
cash flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the
following reporting segments:
2025
2024
Goodwill
\u00a3m
\u00a3m
Americas
186
182
APAC
70
75
Europe & Africa
30
15
286
272
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2025
2024
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa \u2013 Baltics
28
27
Europe & Africa \u2013 Iceland
24
\u2014
Americas \u2013 Derco
444
428
Americas \u2013 Subaru
80
79
Americas \u2013 Hino
39
37
Central Americas \u2013 Suzuki
84
90
Americas \u2013 Other
81
81
APAC \u2013 Indonesia
25
27
APAC \u2013 Philippines
70
76
APAC \u2013 Other
6
7
881
852
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment
tests\u00a0were performed for all CGU groups during the year ended 31 December 2025.
The\u00a0recoverable amounts of all CGU groups were determined based on the higher of the
fair\u00a0value less costs to sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs
to sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between
the assets of the CGU group to reduce the carrying amount. This allocation is initially applied
to the carrying amount of any goodwill allocated to the CGU group. If a further impairment
charge still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required
to support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market
size, represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of
product availability from OEM partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based
on operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key OEM partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes. As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations. Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities. In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably
quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU group, to better reflect the medium-term
growth expectations for those markets. A terminal value calculation is used to estimate the
cash flows after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive
a cost of equity which is then weighted with an estimated cost of debt and lease liabilities
based on an optimal market gearing structure. The Group uses several inputs to calculate a
range for each discount rate from which an absolute measure is determined for use in the
value in use calculations. Key inputs include benchmark risk-free rates, inflation differentials,
equity risk premium, country risk premium and a risk adjustment (beta) calculated by
reference to comparable companies with similar retail and distribution operations. The Group
applies post-tax discount rates to post-tax cash flows as the valuation calculated using this
method closely approximates to applying pre-tax discount rates to pre-tax cash flows,
therefore the equivalent pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2025
Americas
Asia
Pre-tax discount rate (%)
12.2
8.9
Long-term growth rate (%)
3.0
2.0
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
Indefinite-life intangible assets:
2025
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.6
2.9
13.5
Central America - Suzuki
12.2
2.7
6.1
Americas - Derco
12.5
3.0
7.4
Americas - Ditec
10.5
2.9
6.6
APAC - Indonesia
11.1
2.8
21.3
APAC - Philippines
10.9
3.0
10.5
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
2024
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.3
3.1
7.0
Central America - Suzuki
11.7
3.3
4.1
Americas - Derco
11.0
3.0
2.8
Americas - Ditec
10.8
3.0
3.8
APAC - Indonesia
11.6
3.9
13.0
APAC - Philippines
10.4
2.3
9.7
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
10 Intangible assets continued
Impairment testing sensitivity analysis
The excess of recoverable amount over the carrying value (headroom) of the indefinite-life
intangible assets allocated to the following CGUs would be eliminated if any of the individual
changes to the key assumptions used in the impairment model were applied.
Assumptions
Americas -
Hino
Americas -
Ditec
APAC -
Indonesia
APAC -
Philippines
Headroom (\u00a3m)
32
3
40
26
Decrease in revenue CAGR (bps)
(663)
(96)
(260)
(248)
Decrease in long-term growth rate (bps)
(562)
(27)
(385)
(151)
Increase in pre-tax discount rate (bps)
427
20
312
141
Americas \u2013 Ditec
The Americas \u2013 Ditec CGU group includes the Group\u2019s premium vehicle business in Chile. As
at 31 December 2025, the CGU group had a carrying value of \u00a366m (2024: \u00a377m). The cash
flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for America \u2013 Ditec using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(18)
(15)
Post-tax discount rate
100
(12)
(9)
Long-term growth rate
(50)
(5)
(2)
APAC \u2013 Indonesia
The market in Indonesia is currently experiencing disruption driven by slowing GDP growth, a
weaker currency and falling consumer sentiment, with the traditional premium market where
the Group represents Mercedes Benz has declined faster than the overall market.
At 31 December 2025, the Indonesia CGU had a carrying value of \u00a392m (2024: \u00a3124m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Indonesia using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(38)
\u2014
Post-tax discount rate
100
(16)
\u2014
Long-term growth rate
(50)
(7)
\u2014
APAC \u2013 Philippines
The market in the Philippines has experienced disruption with a slowdown in the market due to
weaker consumer spending amid uncertain economic conditions. The traditional premium
market, where the Group represents Mercedes Benz and JLR, has declined.
At 31 December 2025, the Philippines CGU had a carrying value of \u00a3134m (2024: \u00a399m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Philippines using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(26)
\u2014
Post-tax discount rate
100
(19)
\u2014
Long-term growth rate
(50)
(10)
\u2014
Americas \u2013 Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia
where the availability of new vehicles to meet local emissions regulations will be a key driver
of future performance. As at 31 December 2025, the Americas \u2013 Hino CGU group had a
carrying value of \u00a345m (2024: \u00a357m). The cash flows for the Americas \u2013 Hino CGU group are
sensitive to any change in assumption, with the timing of resumption of supply being of
particular significance to the cash flow forecasts. Management has performed sensitivity
analysis on the key assumptions in the indefinite-life intangible asset impairment model,
including scenarios where the supply of new vehicles is delayed by one and two years,
neither of which results in an impairment.
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
Goodwill
Indefinite-life
intangible
assets\u00b9
Computer
software &
Other\u00b2
Total
Cost
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
677
948
134
1,759
Businesses acquired
(1)
\u2014
\u2014
(1)
Business sold
(272)
\u2014
(36)
(308)
Additions
\u2014
\u2014
3
3
Disposals and retirements
\u2014
\u2014
(13)
(13)
Derecognition
\u2014
(5)
\u2014
(5)
Effect of foreign exchange rate changes
(29)
(91)
\u2014
(120)
At 1 January 2025
375
852
88
1,315
Businesses acquired (note 28a)
15
24
\u2014
39
Businesses sold (note 28b)
(2)
\u2014
\u2014
(2)
Additions
\u2014
\u2014
2
2
Disposals and retirements
\u2014
\u2014
(4)
(4)
Effect of foreign exchange rate changes
\u2014
5
(2)
3
At 31 December 2025
388
881
84
1,353
Accumulated amortisation and impairment
At 1 January 2024
(375)
(19)
(94)
(488)
Amortisation charge for the year
\u2014
\u2014
(9)
(9)
Business sold
268
\u2014
34
302
Disposals and retirements
\u2014
\u2014
13
13
Impairment (charge)/reversal for the year
\u2014
19
\u2014
19
Effect of foreign exchange rate changes
4
\u2014
\u2014
4
At 1 January 2025
(103)
\u2014
(56)
(159)
Amortisation charge for the year (note 3)
\u2014
\u2014
(7)
(7)
Businesses sold (note 28b)
2
\u2014
\u2014
2
Disposals and retirements
\u2014
\u2014
4
4
Effect of foreign exchange rate changes
(1)
\u2014
(1)
(2)
At 31 December 2025
(102)
\u2014
(60)
(162)
Net book value at 31 December 2025
286
881
24
1,191
Net book value at 31 December 2024
272
852
32
1,156
1. Indefinite-life intangible assets comprise distribution agreements and acquired brands for which there is
no foreseeable limit to the period over which they are expected to generate net cash inflows.
2. Included in computer software and other is acquired customer relationships.
10 Intangible assets continued
Impairment reversals of \u00a319m in 2024 relate to the reversal of previous impairment charges
against the distribution agreement intangible asset attributable to the Central America -
Suzuki CGU. The derecognition of \u00a35m in 2024 is in respect of a distribution agreement
intangible asset acquired in Bolivia as part of the acquisition of the Derco group of companies
in 2022. At 31 December 2025, computer software under development was \u00a3nil (2024: \u00a3nil).
Goodwill and indefinite-life intangible assets
Goodwill acquired in a business combination has been allocated to the cash generating units
(CGUs) or group of CGUs (hereafter collectively referred to as \u2018CGU groups\u2019) that are
expected to benefit from the synergies associated with that business combination. The CGUs
for goodwill testing are aligned with the operating segments, Asia, Australasia, Europe, Africa,
and Americas, which represent the CGU groups that are expected to benefit from the
synergies of the business combination in which the goodwill arose and which represent the
lowest level at which information about goodwill is available and monitored for internal
management purposes.
Indefinite-life intangible assets, principally distribution agreements acquired in a business
combination, are also allocated to the CGU groups that are expected to benefit from the
cash flows associated with the relevant agreements.
The carrying amount of goodwill has been allocated to CGU groups representing the
following reporting segments:
2025
2024
Goodwill
\u00a3m
\u00a3m
Americas
186
182
APAC
70
75
Europe & Africa
30
15
286
272
The carrying amount of indefinite-life intangible assets has been allocated to CGU groups
within the following geographical areas:
2025
2024
Indefinite-life intangible assets
\u00a3m
\u00a3m
Europe & Africa \u2013 Baltics
28
27
Europe & Africa \u2013 Iceland
24
\u2014
Americas \u2013 Derco
444
428
Americas \u2013 Subaru
80
79
Americas \u2013 Hino
39
37
Central Americas \u2013 Suzuki
84
90
Americas \u2013 Other
81
81
APAC \u2013 Indonesia
25
27
APAC \u2013 Philippines
70
76
APAC \u2013 Other
6
7
881
852
In accordance with the Group\u2019s accounting policies, goodwill and other indefinite-life
intangible assets are tested at least annually for impairment and whenever events or
circumstances indicate that the carrying amount may not be recoverable. Impairment
tests\u00a0were performed for all CGU groups during the year ended 31 December 2025.
The\u00a0recoverable amounts of all CGU groups were determined based on the higher of the
fair\u00a0value less costs to sell and value in use calculations.
The recoverable amount is determined firstly through value in use calculations. Where this is
insufficient to cover the carrying value of the relevant asset being tested, fair value less costs
to sell is also determined.
Site-based assets (property, plant and equipment and right-of-use assets) are first tested for
impairment individually before being included in the aforementioned impairment tests as a
component of the carrying value of a CGU group. If the carrying amount of a CGU group
exceeds its recoverable amount, an impairment loss is recognised and allocated between
the assets of the CGU group to reduce the carrying amount. This allocation is initially applied
to the carrying amount of any goodwill allocated to the CGU group. If a further impairment
charge still remains, then this is allocated to other assets in the CGU group on a pro-rata basis.
The value in use calculations mainly use cash flow projections based on three-year financial
projections prepared by management. The key assumptions for these projections are those
relating to volumes, revenue, gross margins, overheads, the level of working capital required
to support trading and capital expenditure.
10 Intangible assets continued
Forecast revenue is based on past experience and expectations for near-term growth in the
relevant markets. Key assumptions used to determine revenue are expectations of market
size, represented by Total Industry Volume (TIV) and Units in Operation (UIO), estimates of
product availability from OEM partners and market share, based on external sources where
appropriate. Operating profits are forecast based on historical experience of gross and
operating margins, adjusted for the impact of changes to product mix and cost-saving
initiatives that had been implemented at the reporting date. Cash flows are forecast based
on operating profit adjusted for the level of working capital required to support trading and
capital expenditure. The assumptions used in the value in use calculations are based on past
experience, recent trading, and forecasts of operational performance in the relevant markets
including expectations about continuing relationships with key OEM partners.
The impact of climate risks and opportunities are considered during the strategic, operational
and financial planning processes. As part of this, management reviews the climate change
factors that could impact the business plan over the short, medium and long-term and the
scenarios relating to the impacts of climate change including the pace of transition to battery
electric vehicles and how this will impact future operations. Short-term financial forecasts used
for the purpose of testing intangible assets for impairment reflect, where appropriate, short-
term climate risks and opportunities. In the medium to long-term, such risks and opportunities
are factored into the growth rates used for modelling purposes where reasonably
quantifiable.
For all CGU groups, cash flows after the three-year period are extrapolated for up to seven
years using declining growth rates which reduces the year three growth rate down to the
long-term growth rate appropriate for each CGU group, to better reflect the medium-term
growth expectations for those markets. A terminal value calculation is used to estimate the
cash flows after year 10 using these long-term growth rates.
Cash flows are discounted back to present value using a discount rate specific to each CGU
group. The discount rates used are calculated using the capital asset pricing model to derive
a cost of equity which is then weighted with an estimated cost of debt and lease liabilities
based on an optimal market gearing structure. The Group uses several inputs to calculate a
range for each discount rate from which an absolute measure is determined for use in the
value in use calculations. Key inputs include benchmark risk-free rates, inflation differentials,
equity risk premium, country risk premium and a risk adjustment (beta) calculated by
reference to comparable companies with similar retail and distribution operations. The Group
applies post-tax discount rates to post-tax cash flows as the valuation calculated using this
method closely approximates to applying pre-tax discount rates to pre-tax cash flows,
therefore the equivalent pre-tax discount rate assumptions have been presented below.
Key assumptions used
Pre-tax discount rates and long-term discount rates used in the value in use calculations for
each of the Group\u2019s significant CGU groups and significant indefinite-life intangible assets are
shown below:
Goodwill:
2025
Americas
Asia
Pre-tax discount rate (%)
12.2
8.9
Long-term growth rate (%)
3.0
2.0
2024
Americas
Asia
Pre-tax discount rate (%)
11.1
8.8
Long-term growth rate (%)
3.0
2.4
Indefinite-life intangible assets:
2025
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.6
2.9
13.5
Central America - Suzuki
12.2
2.7
6.1
Americas - Derco
12.5
3.0
7.4
Americas - Ditec
10.5
2.9
6.6
APAC - Indonesia
11.1
2.8
21.3
APAC - Philippines
10.9
3.0
10.5
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
2024
Pre-tax
discount
rate (%)
Long-term
growth rate
(%)
Revenue
CAGR (%) 1
Americas - Hino
12.3
3.1
7.0
Central America - Suzuki
11.7
3.3
4.1
Americas - Derco
11.0
3.0
2.8
Americas - Ditec
10.8
3.0
3.8
APAC - Indonesia
11.6
3.9
13.0
APAC - Philippines
10.4
2.3
9.7
1. Revenue CAGR is calculated over a three-year period for all CGUs, except for Americas - Hino, APAC
Indonesia and APAC - Philippines, where it is calculated over a five-year period.
10 Intangible assets continued
Impairment testing sensitivity analysis
The excess of recoverable amount over the carrying value (headroom) of the indefinite-life
intangible assets allocated to the following CGUs would be eliminated if any of the individual
changes to the key assumptions used in the impairment model were applied.
Assumptions
Americas -
Hino
Americas -
Ditec
APAC -
Indonesia
APAC -
Philippines
Headroom (\u00a3m)
32
3
40
26
Decrease in revenue CAGR (bps)
(663)
(96)
(260)
(248)
Decrease in long-term growth rate (bps)
(562)
(27)
(385)
(151)
Increase in pre-tax discount rate (bps)
427
20
312
141
Americas \u2013 Ditec
The Americas \u2013 Ditec CGU group includes the Group\u2019s premium vehicle business in Chile. As
at 31 December 2025, the CGU group had a carrying value of \u00a366m (2024: \u00a377m). The cash
flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for America \u2013 Ditec using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(18)
(15)
Post-tax discount rate
100
(12)
(9)
Long-term growth rate
(50)
(5)
(2)
APAC \u2013 Indonesia
The market in Indonesia is currently experiencing disruption driven by slowing GDP growth, a
weaker currency and falling consumer sentiment, with the traditional premium market where
the Group represents Mercedes Benz has declined faster than the overall market.
At 31 December 2025, the Indonesia CGU had a carrying value of \u00a392m (2024: \u00a3124m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Indonesia using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(38)
\u2014
Post-tax discount rate
100
(16)
\u2014
Long-term growth rate
(50)
(7)
\u2014
APAC \u2013 Philippines
The market in the Philippines has experienced disruption with a slowdown in the market due to
weaker consumer spending amid uncertain economic conditions. The traditional premium
market, where the Group represents Mercedes Benz and JLR, has declined.
At 31 December 2025, the Philippines CGU had a carrying value of \u00a3134m (2024: \u00a399m). The
cash flows used within the impairment models are based on assumptions which are sources of
estimation uncertainty and small movements in these assumptions could lead to an
impairment. Management have performed sensitivity analysis on the key assumptions in the
indefinite-life intangible asset impairment model for Philippines using reasonably possible
changes in these key assumptions.
Increase/
(decrease) in
assumption (bps)
Decrease in
value in use
\u00a3m
Impairment
charge
\u00a3m
Revenue CAGR
(250)
(26)
\u2014
Post-tax discount rate
100
(19)
\u2014
Long-term growth rate
(50)
(10)
\u2014
Americas \u2013 Hino
The Americas \u2013 Hino CGU group includes the Group\u2019s Hino businesses in Chile and Colombia
where the availability of new vehicles to meet local emissions regulations will be a key driver
of future performance. As at 31 December 2025, the Americas \u2013 Hino CGU group had a
carrying value of \u00a345m (2024: \u00a357m). The cash flows for the Americas \u2013 Hino CGU group are
sensitive to any change in assumption, with the timing of resumption of supply being of
particular significance to the cash flow forecasts. Management has performed sensitivity
analysis on the key assumptions in the indefinite-life intangible asset impairment model,
including scenarios where the supply of new vehicles is delayed by one and two years,
neither of which results in an impairment.
Other CGUs
The Group\u2019s value in use calculations are sensitive to changes in the key assumptions used.
However, a reasonably possible change, based on historical experience, in a key assumption
would not cause a material impairment of indefinite-life intangible assets for any other
CGU\u00a0group.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Cost
Land and
buildings
Plant,
machinery
and
equipment
Subtotal
Leased
vehicles,
rental
machinery
and
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
842
344
1,186
151
1,337
Opening balance hyperinflation
adjustment
4
8
12
\u2014
12
Acquisition adjustment
\u2014
(1)
(1)
\u2014
(1)
Businesses sold
(294)
(71)
(365)
(24)
(389)
Additions
49
26
75
38
113
Disposals
(13)
(15)
(28)
\u2014
(28)
Transferred from/(to) inventory
\u2014
3
3
(36)
(33)
Retirement of fully depreciated assets
\u2014
(1)
(1)
\u2014
(1)
Effect of foreign exchange rate changes
(51)
(32)
(83)
(5)
(88)
At 1 January 2025
537
261
798
124
922
Businesses acquired (note 28b)
2
5
7
\u2014
7
Businesses sold (note 28a)
(1)
(4)
(5)
\u2014
(5)
Additions
21
25
46
40
86
Disposals
(12)
(18)
(30)
\u2014
(30)
Transferred from/(to) inventory
\u2014
6
6
(32)
(26)
Retirement of fully depreciated assets
\u2014
(1)
(1)
\u2014
(1)
Reclassifications
(3)
5
2
(2)
\u2014
Effect of foreign exchange rate changes
(16)
(7)
(23)
1
(22)
At 31 December 2025
528
272
800
131
931
Accumulated depreciation and
impairment
Land and
buildings
Plant,
machinery
and
equipment
Subtotal
Leased
vehicles,
rental
machinery
and
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(214)
(207)
(421)
(23)
(444)
Opening balance hyperinflation
adjustment
(1)
(3)
(4)
\u2014
(4)
Businesses sold
71
55
126
\u2014
126
Depreciation charge for the year
(17)
(27)
(44)
(18)
(62)
Disposals
6
14
20
\u2014
20
Transferred to/(from) inventory
\u2014
\u2014
\u2014
9
9
Retirement of fully depreciated assets
\u2014
1
1
\u2014
1
Effect of foreign exchange rate changes
11
9
20
1
21
At 1 January 2025
(144)
(158)
(302)
(31)
(333)
Businesses sold (note 28a)
\u2014
3
3
\u2014
3
Depreciation charge for the year
(18)
(26)
(44)
(12)
(56)
Disposals
5
14
19
1
20
Transferred to/(from) inventory
\u2014
1
1
10
11
Retirement of fully depreciated assets
\u2014
1
1
\u2014
1
Reclassifications
\u2014
(1)
(1)
1
\u2014
Effect of foreign exchange rate changes
1
3
4
\u2014
4
At 31 December 2025
(156)
(163)
(319)
(31)
(350)
Net book value at 31 December 2025
372
109
481
100
581
Net book value at 31 December 2024
393
103
496
93
589
11 Property, Plant and Equipment continued
The book value of land and buildings is analysed between:
2025
2024
\u00a3m
\u00a3m
Freehold
271
309
Leasehold with over fifty years unexpired
15
19
Short leasehold
74
54
Assets under construction
12
11
372
393
At 31 December 2025, land and buildings include properties with a net book value of \u00a3nil
(2024:\u00a0\u00a3nil) that are let to third parties on a short-term basis.
Property, plant, machinery & equipment includes assets under construction with a net book
value of \u00a312m (2024: \u00a311m).
Impairment of computer software, property, plant and equipment and right-of-use assets
Computer software, property, plant and equipment and right-of-use assets are reviewed for
impairment if events or circumstances indicate that the carrying value may not be
recoverable. When an impairment review is carried out, the recoverable value is determined
based on the higher of value in use calculations, which require estimates to be made of
future cash flows, or fair value less costs of disposal. Impairment triggers were identified in a
limited number of markets and tests for impairment were carried out, where appropriate.
As\u00a0part of the assessment, the Group also assessed whether there was any indication that
previously recognised impairment losses for an asset no longer exist or may have decreased
which would result in an impairment reversal being recognised.
The approach to test computer software, property, plant and equipment and right-of-use
assets for impairment was consistent with the approach used to test goodwill and other
indefinite-life intangible assets. The value in use calculations use cash flow projections based
on three-year financial forecasts prepared by management. The key assumptions for these
forecasts are those relating to volumes, revenue, gross margins, overheads, the level of
working capital required to support trading and capital expenditure. Where the value in use
calculations did not support the carrying value of an asset, an estimate for fair value less costs
of disposal was determined by obtaining property valuations for the relevant locations.
The results of the testing indicated that there were no net impairment charges in the year
(2024: \u00a3nil net impairment charge).
The presence of potential physical risks arising from climate change to the Group\u2019s key
operational sites in the short to medium term has been reviewed and no assets have been
impaired as a result of this exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
The Group leases various retail dealerships, distribution, and office properties, primarily in
Australia, Hong Kong, and South America. Rental contracts are typically made for fixed
periods of 2 to 25 years and may have extension options as described in the accounting
policies note. Lease terms are negotiated on an individual basis and contain a wide range
of\u00a0different terms and conditions.
a. Amounts recognised on the consolidated statement of financial position
Land and
buildings
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
775
3
778
Businesses sold (note 28b)
(138)
\u2014
(138)
Additions
42
\u2014
42
Derecognition
(49)
(2)
(51)
Remeasurement
35
\u2014
35
Effect of foreign exchange rate changes
(31)
1
(30)
At 1 January 2025
634
2
636
Businesses acquired (note 28a)
39
\u2014
39
Additions
37
\u2014
37
Derecognition
(54)
(1)
(55)
Remeasurement
34
\u2014
34
Effect of foreign exchange rate changes
(5)
2
(3)
At 31 December 2025
685
3
688
Accumulated depreciation and impairment
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(413)
(1)
(414)
Businesses sold (note 28b)
64
\u2014
64
Depreciation charge for the year
(75)
\u2014
(75)
Impairment losses recognised
(1)
\u2014
(1)
Derecognition
49
\u2014
49
Effect of foreign exchange rate changes
13
(1)
12
At 1 January 2025
(363)
(2)
(365)
Depreciation charge for the year
(67)
\u2014
(67)
Derecognition
48
1
49
Effect of foreign exchange rate changes
4
\u2014
4
At 31 December 2025
(378)
(1)
(379)
Net book value at 31 December 2025
307
2
309
Net book value at 31 December 2024
271
\u2014
271
Asset impairment charges amount to \u00a3nil (2024: impairment charge of \u00a31m).
Remeasurements of \u00a334m were made to leases during the year, due to either a change in the
lease term or a change in an index or rate applicable to the underlying lease (2024: \u00a335m),
primarily in APAC and the Americas. Lease liabilities are also remeasured if there is a change
in the assessment of whether a purchase, lease term extension or termination option will be
exercised, exposure to potential variable lease payments during the life of the lease together
with any additional liability being present as a result of entering new lease commitments
which have not commenced as at the balance sheet date.
2025
2024
\u00a3m
\u00a3m
Lease liabilities
Current
(67)
(66)
Non-current
(276)
(236)
At 31 December
(343)
(302)
b. Amounts recognised in the consolidated income statement
2025
2024
\u00a3m
\u00a3m
Depreciation of right-of-use assets
67
74
Impairment charge for right-of-use assets
\u2014
1
Finance costs on lease liabilities (included in finance costs)
16
19
Lease rentals \u2013 short-term leases
6
5
Lease rentals \u2013 variable lease payments
1
1
c. Amounts recognised in the consolidated statement of cash flows
2025
2024
\u00a3m
\u00a3m
Lease interest paid
15
19
Payment of capital element of lease liabilities
72
81
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
The Group leases various retail dealerships, distribution, and office properties, primarily in
Australia, Hong Kong, and South America. Rental contracts are typically made for fixed
periods of 2 to 25 years and may have extension options as described in the accounting
policies note. Lease terms are negotiated on an individual basis and contain a wide range
of\u00a0different terms and conditions.
a. Amounts recognised on the consolidated statement of financial position
Land and
buildings
Other
Total
Cost
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
775
3
778
Businesses sold (note 28b)
(138)
\u2014
(138)
Additions
42
\u2014
42
Derecognition
(49)
(2)
(51)
Remeasurement
35
\u2014
35
Effect of foreign exchange rate changes
(31)
1
(30)
At 1 January 2025
634
2
636
Businesses acquired (note 28a)
39
\u2014
39
Additions
37
\u2014
37
Derecognition
(54)
(1)
(55)
Remeasurement
34
\u2014
34
Effect of foreign exchange rate changes
(5)
2
(3)
At 31 December 2025
685
3
688
Accumulated depreciation and impairment
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(413)
(1)
(414)
Businesses sold (note 28b)
64
\u2014
64
Depreciation charge for the year
(75)
\u2014
(75)
Impairment losses recognised
(1)
\u2014
(1)
Derecognition
49
\u2014
49
Effect of foreign exchange rate changes
13
(1)
12
At 1 January 2025
(363)
(2)
(365)
Depreciation charge for the year
(67)
\u2014
(67)
Derecognition
48
1
49
Effect of foreign exchange rate changes
4
\u2014
4
At 31 December 2025
(378)
(1)
(379)
Net book value at 31 December 2025
307
2
309
Net book value at 31 December 2024
271
\u2014
271
Asset impairment charges amount to \u00a3nil (2024: impairment charge of \u00a31m).
Remeasurements of \u00a334m were made to leases during the year, due to either a change in the
lease term or a change in an index or rate applicable to the underlying lease (2024: \u00a335m),
primarily in APAC and the Americas. Lease liabilities are also remeasured if there is a change
in the assessment of whether a purchase, lease term extension or termination option will be
exercised, exposure to potential variable lease payments during the life of the lease together
with any additional liability being present as a result of entering new lease commitments
which have not commenced as at the balance sheet date.
2025
2024
\u00a3m
\u00a3m
Lease liabilities
Current
(67)
(66)
Non-current
(276)
(236)
At 31 December
(343)
(302)
b. Amounts recognised in the consolidated income statement
2025
2024
\u00a3m
\u00a3m
Depreciation of right-of-use assets
67
74
Impairment charge for right-of-use assets
\u2014
1
Finance costs on lease liabilities (included in finance costs)
16
19
Lease rentals \u2013 short-term leases
6
5
Lease rentals \u2013 variable lease payments
1
1
c. Amounts recognised in the consolidated statement of cash flows
2025
2024
\u00a3m
\u00a3m
Lease interest paid
15
19
Payment of capital element of lease liabilities
72
81
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
13 to the Inchcape plc Company financial statements on pages 188 to 194.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
21
21
Share of profit after tax of joint ventures and associates
3
2
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
Dividends received
(2)
\u2014
Effect of foreign exchange rate changes
\u2014
(2)
At 31 December
22
21
Net assets of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
18
10
Other current assets
68
61
Non-current assets
248
247
Total assets
334
318
Current financial liabilities
(54)
(60)
Other current liabilities
(16)
(2)
Non-current financial liabilities
(220)
(214)
Total liabilities
(290)
(276)
Net assets
44
42
Results of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Revenue
74
71
Depreciation and amortisation
\u2014
(1)
Interest income
9
9
Other expenses
(77)
(74)
Profit before tax
6
5
Tax
\u2014
(1)
Profit after tax of joint ventures and associates
6
4
Summarised financial information of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Opening net assets at 1 January
42
42
Profit for the year
6
4
Other comprehensive expense for the year
(1)
\u2014
Dividends received
(4)
\u2014
Effect of foreign exchange rates
1
(4)
Closing net assets at 31 December
44
42
Carrying value of interest in joint ventures and associates
22
21
As at 31 December 2025, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
13 to the Inchcape plc Company financial statements on pages 188 to 194.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
21
21
Share of profit after tax of joint ventures and associates
3
2
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
Dividends received
(2)
\u2014
Effect of foreign exchange rate changes
\u2014
(2)
At 31 December
22
21
Net assets of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
18
10
Other current assets
68
61
Non-current assets
248
247
Total assets
334
318
Current financial liabilities
(54)
(60)
Other current liabilities
(16)
(2)
Non-current financial liabilities
(220)
(214)
Total liabilities
(290)
(276)
Net assets
44
42
Results of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Revenue
74
71
Depreciation and amortisation
\u2014
(1)
Interest income
9
9
Other expenses
(77)
(74)
Profit before tax
6
5
Tax
\u2014
(1)
Profit after tax of joint ventures and associates
6
4
Summarised financial information of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Opening net assets at 1 January
42
42
Profit for the year
6
4
Other comprehensive expense for the year
(1)
\u2014
Dividends received
(4)
\u2014
Effect of foreign exchange rates
1
(4)
Closing net assets at 31 December
44
42
Carrying value of interest in joint ventures and associates
22
21
As at 31 December 2025, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
13 to the Inchcape plc Company financial statements on pages 188 to 194.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
21
21
Share of profit after tax of joint ventures and associates
3
2
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
Dividends received
(2)
\u2014
Effect of foreign exchange rate changes
\u2014
(2)
At 31 December
22
21
Net assets of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
18
10
Other current assets
68
61
Non-current assets
248
247
Total assets
334
318
Current financial liabilities
(54)
(60)
Other current liabilities
(16)
(2)
Non-current financial liabilities
(220)
(214)
Total liabilities
(290)
(276)
Net assets
44
42
Results of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Revenue
74
71
Depreciation and amortisation
\u2014
(1)
Interest income
9
9
Other expenses
(77)
(74)
Profit before tax
6
5
Tax
\u2014
(1)
Profit after tax of joint ventures and associates
6
4
Summarised financial information of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Opening net assets at 1 January
42
42
Profit for the year
6
4
Other comprehensive expense for the year
(1)
\u2014
Dividends received
(4)
\u2014
Effect of foreign exchange rates
1
(4)
Closing net assets at 31 December
44
42
Carrying value of interest in joint ventures and associates
22
21
As at 31 December 2025, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
Details of the interests held by the Group in joint ventures and associates can be found in note
13 to the Inchcape plc Company financial statements on pages 188 to 194.
Amounts recognised in the statement of financial position in respect of joint ventures and
associates are as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
21
21
Share of profit after tax of joint ventures and associates
3
2
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
Dividends received
(2)
\u2014
Effect of foreign exchange rate changes
\u2014
(2)
At 31 December
22
21
Net assets of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
18
10
Other current assets
68
61
Non-current assets
248
247
Total assets
334
318
Current financial liabilities
(54)
(60)
Other current liabilities
(16)
(2)
Non-current financial liabilities
(220)
(214)
Total liabilities
(290)
(276)
Net assets
44
42
Results of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Revenue
74
71
Depreciation and amortisation
\u2014
(1)
Interest income
9
9
Other expenses
(77)
(74)
Profit before tax
6
5
Tax
\u2014
(1)
Profit after tax of joint ventures and associates
6
4
Summarised financial information of joint ventures and associates:
2025
2024
\u00a3m
\u00a3m
Opening net assets at 1 January
42
42
Profit for the year
6
4
Other comprehensive expense for the year
(1)
\u2014
Dividends received
(4)
\u2014
Effect of foreign exchange rates
1
(4)
Closing net assets at 31 December
44
42
Carrying value of interest in joint ventures and associates
22
21
As at 31 December 2025, no guarantees were provided in respect of joint ventures and
associates\u2019 borrowings (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
14 Financial assets at fair value through other comprehensive income
2025
2024
\u00a3m
\u00a3m
At 1 January
4
1
Net fair value gains recognised in other comprehensive income
\u2014
3
At 31 December
4
4
Analysed as:
2025
2024
\u00a3m
\u00a3m
Current
\u2014
\u2014
Non-current
4
4
4
4
Assets held are analysed as follows:
2025
2024
\u00a3m
\u00a3m
Equity securities
4
4
4
4
Financial assets held at fair value through other comprehensive income relate to a 15% equity
interest in Hino Motors Manufacturing Colombia S.A..
The Group\u2019s financial liabilities, other than derivatives, comprise borrowings, trade and other
payables and lease liabilities. The main purpose of these instruments is to raise finance for the
Group\u2019s operations.
The Group also has various financial assets such as trade and other receivables, cash and
short-term deposits which arise from its trading operations. The Group\u2019s primary derivative
transactions include forward and swap currency contracts. The purpose is to manage the
currency and interest rate risks arising from the Group\u2019s trading operations and its sources of
finance. Group policy is that there is no trading or speculation in derivatives. Cash flow hedge
ineffectiveness can arise from changes to the timing and amounts of forecasted cash flows of
hedged items. Fair value hedge ineffectiveness can arise from different yield curves linked to
the hedged item and hedging instrument as well as changes to the counterparties credit risk.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, currency risk,
credit risk and liquidity risk.
The Group does not hedge for inflation risk and has not hedged for cross-currency interest
rates risk in recent years.
a. Classification of financial instruments
Measured
at
amortised
cost
Fair value
movements
recognised in
OCI
Fair value
movements
recognised
in profit
or loss
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
525
\u2014
\u2014
525
Derivative financial instruments
\u2014
1
14
15
Cash and cash equivalents
657
\u2014
\u2014
657
Total financial assets
1,182
5
14
1,201
Financial liabilities
Trade and other payables
(2,330)
\u2014
\u2014
(2,330)
Derivative financial instruments
\u2014
(20)
(82)
(102)
Lease liabilities
(343)
\u2014
\u2014
(343)
Borrowings
(921)
\u2014
\u2014
(921)
Total financial liabilities
(3,594)
(20)
(82)
(3,696)
(2,412)
(15)
(68)
(2,495)
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
556
\u2014
\u2014
556
Derivative financial instruments
\u2014
7
41
48
Cash and cash equivalents
549
\u2014
\u2014
549
Total financial assets
1,105
11
41
1,157
Financial liabilities
Trade and other payables
(2,192)
\u2014
\u2014
(2,192)
Derivative financial instruments
\u2014
(6)
(41)
(47)
Lease liabilities
(302)
\u2014
\u2014
(302)
Borrowings
(739)
\u2014
\u2014
(739)
Total financial liabilities
(3,233)
(6)
(41)
(3,280)
(2,128)
5
\u2014
(2,123)
23 Financial instruments continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
2025
2024
\u00a3m
\u00a3m
At 1 January
4
1
Net fair value gains recognised in other comprehensive income
\u2014
3
At 31 December
4
4
Analysed as:
2025
2024
\u00a3m
\u00a3m
Current
\u2014
\u2014
Non-current
4
4
4
4
Assets held are analysed as follows:
2025
2024
\u00a3m
\u00a3m
Equity securities
4
4
4
4
Financial assets held at fair value through other comprehensive income relate to a 15% equity
interest in Hino Motors Manufacturing Colombia S.A..
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2025
Total
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
396
5.1%
\u2014
\u2014%
396
396
Bank loans
4
7.9%
12
4.0%
16
16
400
5.1%
12
4.0%
412
412
Non-current
Bank loans
20
4.2%
\u2014
\u2014%
20
20
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
20
4.2%
489
5.5%
509
509
Total borrowings
420
5.1%
501
5.5%
921
921
Bank overdrafts include \u00a3395m (2024: \u00a3177m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
\u2014
\u2014%
55
55
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
22 Borrowings continued
Interest payments on floating rate financial liabilities are determined by reference to short-
term benchmark rates applicable to the relevant currency or market (primarily SONIA or the
local equivalent).
As at 31 December 2025, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2024: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2024: \u00a3140m) and a five-year bond of \u00a3350m, at a fixed coupon of
6.5% (2024: \u00a3350m). As\u00a0at 31 December 2025, \u00a320m of the syndicated revolving credit facility
was drawn (2024:\u00a0\u00a355m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3363m as at
31\u00a0December 2025 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028. In November 2025, the maturity date was further
extended to 29 November 2030.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby
letter\u00a0of credit and related facility arrangements (2024: \u00a3nil secured). The Group\u2019s bank
overdrafts are secured by related offsetting cash balances held under pooling arrangements.
The Group\u2019s remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3139m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique). The fair values of
the Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
12
\u2014
\u2014
\u2014
\u2014
\u2014
12
Public Bond
\u2014
\u2014
349
\u2014
\u2014
\u2014
349
Private Placement
\u2014
100
\u2014
40
\u2014
\u2014
140
12
100
349
40
\u2014
\u2014
501
Floating rate
Bank overdrafts
396
\u2014
\u2014
\u2014
\u2014
\u2014
396
Bank loans
4
\u2014
\u2014
\u2014
20
\u2014
24
400
\u2014
\u2014
\u2014
20
\u2014
420
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Public Bond
\u2014
\u2014
\u2014
349
\u2014
\u2014
349
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
The Group\u2019s financial liabilities, other than derivatives, comprise borrowings, trade and other
payables and lease liabilities. The main purpose of these instruments is to raise finance for the
Group\u2019s operations.
The Group also has various financial assets such as trade and other receivables, cash and
short-term deposits which arise from its trading operations. The Group\u2019s primary derivative
transactions include forward and swap currency contracts. The purpose is to manage the
currency and interest rate risks arising from the Group\u2019s trading operations and its sources of
finance. Group policy is that there is no trading or speculation in derivatives. Cash flow hedge
ineffectiveness can arise from changes to the timing and amounts of forecasted cash flows of
hedged items. Fair value hedge ineffectiveness can arise from different yield curves linked to
the hedged item and hedging instrument as well as changes to the counterparties credit risk.
The main risks arising from the Group\u2019s financial instruments are interest rate risk, currency risk,
credit risk and liquidity risk.
The Group does not hedge for inflation risk and has not hedged for cross-currency interest
rates risk in recent years.
a. Classification of financial instruments
Measured
at
amortised
cost
Fair value
movements
recognised in
OCI
Fair value
movements
recognised
in profit
or loss
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
525
\u2014
\u2014
525
Derivative financial instruments
\u2014
1
14
15
Cash and cash equivalents
657
\u2014
\u2014
657
Total financial assets
1,182
5
14
1,201
Financial liabilities
Trade and other payables
(2,330)
\u2014
\u2014
(2,330)
Derivative financial instruments
\u2014
(20)
(82)
(102)
Lease liabilities
(343)
\u2014
\u2014
(343)
Borrowings
(921)
\u2014
\u2014
(921)
Total financial liabilities
(3,594)
(20)
(82)
(3,696)
(2,412)
(15)
(68)
(2,495)
Measured
at
amortised
cost
Measured
at fair value
through other
comprehensive
income
Measured
at fair value
through
profit
or loss
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Financial assets at fair value through other
comprehensive income
\u2014
4
\u2014
4
Trade and other receivables
556
\u2014
\u2014
556
Derivative financial instruments
\u2014
7
41
48
Cash and cash equivalents
549
\u2014
\u2014
549
Total financial assets
1,105
11
41
1,157
Financial liabilities
Trade and other payables
(2,192)
\u2014
\u2014
(2,192)
Derivative financial instruments
\u2014
(6)
(41)
(47)
Lease liabilities
(302)
\u2014
\u2014
(302)
Borrowings
(739)
\u2014
\u2014
(739)
Total financial liabilities
(3,233)
(6)
(41)
(3,280)
(2,128)
5
\u2014
(2,123)
23 Financial instruments continued
b. Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial assets
15
\u2014
15
(14)
\u2014
1
Cash and cash equivalents
657
\u2014
657
(395)
\u2014
262
672
\u2014
672
(409)
\u2014
263
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial liabilities
(102)
\u2014
(102)
14
\u2014
(88)
Bank overdrafts
(396)
\u2014
(396)
395
\u2014
(1)
(498)
\u2014
(498)
409
\u2014
(89)
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for
net settlement of the relevant financial assets and liabilities. If the parties subject to the
agreement do not elect to settle on a net basis, financial assets and liabilities will be settled on
a gross basis. However, each party to the netting agreement will have the option to settle all
such amounts on a net basis in the event of a default of the other party.
c. Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only
affect the consolidated income statement.
23 Financial instruments continued
d. Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings, supplier-
related finance and cash balances as at 31 December 2025, with all other variables
held\u00a0constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2025
Sterling
100
8
100
(8)
Euro
100
\u2014
100
\u2014
Chilean peso
250
(3)
250
3
Australian dollar
100
(1)
100
1
US dollar
100
6
100
(6)
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
e. Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating
unit are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of
the Group these exposures are removed as trading is denominated in the relevant local
currency. In particular, local billing arrangements are in place for many of our businesses with
our OEM partners. The principal exception is for our business in Australia which purchases
vehicles in Japanese yen and our South and Central American businesses which purchase
vehicles in Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss
on the hedge is initially recognised in the consolidated statement of comprehensive income
to the extent it is effective. When the hedged forecast transaction results in the recognition of
a non-financial asset or liability then, at the time the asset or liability is recognised, the
associated gains or losses that had previously been recognised in other comprehensive
income are included in the initial measurement of the acquisition cost or other carrying
amount of the asset or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which
the hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
23 Financial instruments continued
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments
are only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2025
Yen
+10%
\u2014
Yen
-10%
\u2014
USD
+10%
13
USD
-10%
(13)
2024
Yen
+10%
3
Yen
-10%
(3)
USD
+10%
13
USD
-10%
(13)
f. Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial
instruments used in interest rate and foreign exchange management do not represent the
credit risk arising through the use of these instruments. The immediate credit risk of these
instruments is generally estimated by the fair value of contracts with a positive value. Credit
limits are reviewed\u00a0regularly.
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2025
2024
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
1
\u2014
AA-
\u2014
210
6
4
181
1
A+
2
92
17
11
1
\u2014
A
3
43
9
4
4
\u2014
A-
1
7
\u2014
21
29
17
BBB+
2
2
\u2014
5
42
2
BBB
\u2014
68
2
\u2014
13
8
BBB-
\u2014
\u2014
\u2014
\u2014
29
4
BB+
2
81
11
\u2014
10
\u2014
BB
\u2014
\u2014
\u2014
\u2014
58
\u2014
BB-
1
13
9
\u2014
\u2014
\u2014
B+
\u2014
3
\u2014
\u2014
\u2014
\u2014
No rating*
4
63
20
3
90
59
15
583
74
48
458
91
*Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between
Group companies and dividends as well as regularly monitoring the spread of counterparties
in-country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not
expect any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3583m (2024: \u00a3458m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the
extent that there is the legal ability and intention to settle net. As such, overdrafts are
presented in current liabilities to the extent that there is no intention to offset with the
cash\u00a0balance.
Trade receivables include amounts due from a number of finance houses in respect of
vehicles sold to customers on finance arranged through the Group. An independent credit
rating agency is used to assess the credit standing of each finance house. Limits for the
maximum outstanding with each finance house are set accordingly.
23 Financial instruments continued
g. Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities
at\u00a031 December 2025 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
657
\u2014
\u2014
\u2014
657
Trade and other receivables
380
113
32
\u2014
525
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
4
4
Derivative financial instruments
2,398
1,041
5
\u2014
3,444
3,435
1,154
37
4
4,630
Financial liabilities
Interest bearing loans and borrowings
(396)
(43)
(547)
\u2014
(986)
Lease liabilities
(22)
(61)
(217)
(116)
(416)
Trade and other payables
(1,549)
(764)
(16)
(1)
(2,330)
Derivative financial instruments
(2,446)
(1,096)
(5)
\u2014
(3,547)
(4,413)
(1,964)
(785)
(117)
(7,279)
Net outflows
(978)
(810)
(748)
(113)
(2,649)
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
h. Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
15
\u2014
15
\u2014
48
\u2014
48
Financial assets at fair value through
other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
4
4
\u2014
15
4
19
\u2014
48
4
52
Liabilities
Derivatives used for hedging
\u2014
(102)
\u2014
(102)
\u2014
(47)
\u2014
(47)
Level 1 represents the fair value of financial instruments that are traded in active markets and
is based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated
future cash flows. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing
Colombia S.A. (see note 14). Fair value is based on discounted free cash flows, using the
projection of annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2025.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
15
48
(102)
(47)
15
48
(102)
(47)
The ineffective portion recognised in the consolidated income statement that arises from
fair\u00a0value hedges amounts to \u00a3nil (2024: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2024: \u00a3nil).
23 Financial instruments continued
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a
non-functional currency against movements in exchange rates. The cash flows relating to
these contracts are generally expected to occur within 12 months (2024: 12 months) of the
end of the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2025 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2024: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
2025
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
1,862
1,577
5
Carrying amount net liabilities (\u00a3m)
(95)
8
\u2014
Maturity date
to Dec 2026
to Dec 2026
to Jan 2027
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(101)
13
\u2014
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
101
(13)
\u2014
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
99
\u2014
\u2014
Weighted average hedge rate of
outstanding deals (USD/CLP)
940
919
907
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
46
\u2014
\u2014
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2025, the accumulated balance of the cash flow hedge reserve was a
loss of \u00a346m (2024: loss of \u00a39m). The above changes in fair value of hedging instruments will
include hedge positions taken up for future foreign currency exposures and will also include
amounts that would have been reclassified from the hedge reserve to the balance sheet as
at 31\u00a0December 2025.
23 Financial instruments continued
i. Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it
maintains a strong credit rating and healthy capital ratios in order to finance the Group\u2019s
activities, both now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a
going concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 174.
2025
2024
\u00a3m
\u00a3m
Return on capital employed
28.8%
26.9%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2025
2024
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
11.9
8.8
Adjusted net debt to EBITDA (times)**
< 1
0.4
0.3
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as Adjusted net debt/Adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Trade receivables
390
440
17
18
Less: allowance for expected credit losses
(14)
(13)
(1)
\u2014
Net trade receivables
376
427
16
18
Prepayments
167
180
4
3
Accrued income
69
43
4
2
Other taxation and social security
88
93
19
\u2014
Other receivables
72
86
19
11
772
829
62
34
1. Refer to presentation of comparative amounts in the accounting policies note.
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Buyback Assets
3
2
3
3
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
3
7
\u2014
\u2014
Sublease receivables
2
2
6
1
Deferred Proceeds
2
7
5
\u2014
Other
46
52
5
7
72
86
19
11
1. Refer to presentation of comparative amounts in the accounting policies note.
15 Trade and other receivables continued
Trade receivables representing amounts due from customers, including finance houses,
OEM\u00a0partners, third-party dealers, and insurance companies are split by reporting segment
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
APAC
114
148
Europe & Africa
99
100
Americas
194
210
407
458
Less: allowance for expected credit losses
(15)
(13)
392
445
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
407
237
92
32
46
Expected credit loss allowance
(15)
(5)
\u2014
\u2014
(10)
Net carrying amount
392
232
92
32
36
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
232
116
64
33
Movements in the allowance for expected credit losses were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
(13)
(15)
Charge for the year
(7)
(1)
Amounts written off
6
\u2014
Unused amounts reversed
\u2014
2
Effect of foreign exchange rate changes
(1)
1
At 31 December
(15)
(13)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss
percentage incurred by the Group has customarily been low even if there have been
significant changes in economic conditions experienced in markets in which the Group
operates. Trade receivables include amounts due from a number of finance houses in respect
of vehicles sold to customers on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of
different default rates to different groups of customers with similar characteristics. These
groups will be determined by a number of factors including: the nature of the customer, the
payment method selected and, where relevant, the sector in which they operate. The
characteristics used to determine the groupings of receivables are the factors that have the
greatest impact on the likelihood of default. The rate of default increases once the balance is
30 days past due and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate
to their fair value. Long-term receivables have been discounted where the time value of
money is considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Trade receivables
390
440
17
18
Less: allowance for expected credit losses
(14)
(13)
(1)
\u2014
Net trade receivables
376
427
16
18
Prepayments
167
180
4
3
Accrued income
69
43
4
2
Other taxation and social security
88
93
19
\u2014
Other receivables
72
86
19
11
772
829
62
34
1. Refer to presentation of comparative amounts in the accounting policies note.
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Buyback Assets
3
2
3
3
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
3
7
\u2014
\u2014
Sublease receivables
2
2
6
1
Deferred Proceeds
2
7
5
\u2014
Other
46
52
5
7
72
86
19
11
1. Refer to presentation of comparative amounts in the accounting policies note.
15 Trade and other receivables continued
Trade receivables representing amounts due from customers, including finance houses,
OEM\u00a0partners, third-party dealers, and insurance companies are split by reporting segment
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
APAC
114
148
Europe & Africa
99
100
Americas
194
210
407
458
Less: allowance for expected credit losses
(15)
(13)
392
445
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
407
237
92
32
46
Expected credit loss allowance
(15)
(5)
\u2014
\u2014
(10)
Net carrying amount
392
232
92
32
36
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
232
116
64
33
Movements in the allowance for expected credit losses were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
(13)
(15)
Charge for the year
(7)
(1)
Amounts written off
6
\u2014
Unused amounts reversed
\u2014
2
Effect of foreign exchange rate changes
(1)
1
At 31 December
(15)
(13)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss
percentage incurred by the Group has customarily been low even if there have been
significant changes in economic conditions experienced in markets in which the Group
operates. Trade receivables include amounts due from a number of finance houses in respect
of vehicles sold to customers on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of
different default rates to different groups of customers with similar characteristics. These
groups will be determined by a number of factors including: the nature of the customer, the
payment method selected and, where relevant, the sector in which they operate. The
characteristics used to determine the groupings of receivables are the factors that have the
greatest impact on the likelihood of default. The rate of default increases once the balance is
30 days past due and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate
to their fair value. Long-term receivables have been discounted where the time value of
money is considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Trade receivables
390
440
17
18
Less: allowance for expected credit losses
(14)
(13)
(1)
\u2014
Net trade receivables
376
427
16
18
Prepayments
167
180
4
3
Accrued income
69
43
4
2
Other taxation and social security
88
93
19
\u2014
Other receivables
72
86
19
11
772
829
62
34
1. Refer to presentation of comparative amounts in the accounting policies note.
Other receivables include buyback and indemnity assets, interest, sublease and sundry
receivables, which include amounts receivable in respect of insurance claims, and rental and
utilities deposits. The breakdown of other receivables is as follows:
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
(represented) 1
\u00a3m
\u00a3m
Buyback Assets
3
2
3
3
Indemnity Assets
16
16
\u2014
\u2014
Interest Receivable
3
7
\u2014
\u2014
Sublease receivables
2
2
6
1
Deferred Proceeds
2
7
5
\u2014
Other
46
52
5
7
72
86
19
11
1. Refer to presentation of comparative amounts in the accounting policies note.
15 Trade and other receivables continued
Trade receivables representing amounts due from customers, including finance houses,
OEM\u00a0partners, third-party dealers, and insurance companies are split by reporting segment
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
APAC
114
148
Europe & Africa
99
100
Americas
194
210
407
458
Less: allowance for expected credit losses
(15)
(13)
392
445
At 31 December, the analysis of trade receivables is as follows:
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
407
237
92
32
46
Expected credit loss allowance
(15)
(5)
\u2014
\u2014
(10)
Net carrying amount
392
232
92
32
36
Total
Current
0 \u2013 30 days
30 \u2013 90
days
> 90 days
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross trade receivables
458
234
116
64
44
Expected credit loss allowance
(13)
(2)
\u2014
\u2014
(11)
Net carrying amount
445
232
116
64
33
Movements in the allowance for expected credit losses were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 January
(13)
(15)
Charge for the year
(7)
(1)
Amounts written off
6
\u2014
Unused amounts reversed
\u2014
2
Effect of foreign exchange rate changes
(1)
1
At 31 December
(15)
(13)
The expected credit loss for accrued income and other receivables is not significant.
Trade receivables are non-interest bearing and are generally on credit terms of 30 to 60 days.
Trade receivables are only written off where there is no reasonable expectation of recovery.
The concentration of credit risk with respect to trade receivables is limited due to the Group\u2019s
broad customer base across a number of geographic regions and the default loss
percentage incurred by the Group has customarily been low even if there have been
significant changes in economic conditions experienced in markets in which the Group
operates. Trade receivables include amounts due from a number of finance houses in respect
of vehicles sold to customers on finance.
As a consequence, the risk associated with trade receivable balances past due but not
impaired is not expected to be significant and as such does not contribute to a significant
allowance for expected credit losses of receivables being recognised.
The allowance for expected credit losses for trade receivables and accrued income is based
on an expected credit loss model that calculates the expected loss applicable to the
receivable balance over its lifetime. For the Group, the simplified approach under IFRS 9
Financial Instruments is applied to all trade receivables and accrued income. Under this
approach, the provision required against receivables is calculated by considering the cash
shortfall that would be incurred in various default scenarios for prescribed future periods.
Default rates are calculated initially by considering historical loss experience and applied to
trade receivables within a provision matrix. The matrix approach allows application of
different default rates to different groups of customers with similar characteristics. These
groups will be determined by a number of factors including: the nature of the customer, the
payment method selected and, where relevant, the sector in which they operate. The
characteristics used to determine the groupings of receivables are the factors that have the
greatest impact on the likelihood of default. The rate of default increases once the balance is
30 days past due and subsequently in 30-day increments.
Management considers the carrying amount of trade and other receivables to approximate
to their fair value. Long-term receivables have been discounted where the time value of
money is considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Pension
and other
post-retirement
benefits
Cash flow
hedges
Share-based
payments
Tax
losses
Accelerated
tax
depreciation
Provisions
and other
temporary
differences
Indefinite-life
intangible
assets
Leases
Total
Net deferred tax (liability)/asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(26)
12
7
22
(36)
84
(240)
15
(162)
Opening balance reclassifications
8
\u2014
(2)
\u2014
1
(7)
\u2014
\u2014
\u2014
Credited/(charged) to the consolidated income statement (continuing
operations)
13
(2)
4
2
(2)
(12)
(7)
2
(2)
(Charged)/credited to the consolidated income statement (discontinued
operations)
\u2014
\u2014
\u2014
8
\u2014
\u2014
\u2014
\u2014
8
Credited/(charged) to equity and other comprehensive income
(1)
(12)
\u2014
(1)
(1)
1
\u2014
\u2014
(14)
Businesses sold (note 28a)
(3)
\u2014
(1)
\u2014
(6)
9
\u2014
(6)
(7)
Acquisition adjustments (note 28b)
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
2
Effect of foreign exchange rate changes
\u2014
(1)
\u2014
(1)
7
(8)
23
\u2014
20
At 1 January 2025
(9)
(3)
8
30
(37)
69
(224)
11
(155)
Opening balance reclassifications
\u2014
\u2014
\u2014
\u2014
\u2014
2
\u2014
(2)
\u2014
(Charged)/credited to the consolidated income statement (continuing
operations)
1
1
(2)
12
1
(12)
\u2014
(2)
(1)
(Charged)/credited to equity and other comprehensive income
\u2014
10
\u2014
3
\u2014
\u2014
\u2014
\u2014
13
Businesses acquired
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
(5)
\u2014
(6)
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
(1)
3
\u2014
(1)
\u2014
1
At 31 December 2025
(8)
8
6
44
(34)
59
(230)
7
(148)
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
99
91
Deferred tax liabilities
(247)
(246)
(148)
(155)
16 Deferred tax continued
Unrecognised deferred tax
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a3170m (2024: \u00a3149m) split as follows:
2025
2024
Gross
amount
Net amount
Gross
amount
Net
amount
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading losses
296
75
259
66
Capital losses
158
39
158
39
UK corporate interest restriction
185
46
144
36
Other deductible temporary differences
39
10
30
8
Total
678
170
591
149
Trading losses
Measured at relevant local statutory rates, the Group has an unrecognised deferred tax asset
of \u00a375m (2024: \u00a366m) relating to tax relief on trading losses.
The unrecognised asset represents \u00a3296m (2024: \u00a3259m) of losses which exist within legal
entities where forecast taxable profits are not probable in the foreseeable future.
Unrecognised deferred tax on trading losses includes \u00a39m (2024: \u00a36m) which will expire within
5 years and \u00a31m (2024: \u00a35m) which will expire in more than 5 years.
Of the \u00a375m unrecognised deferred tax asset amount, \u00a325m (2024: \u00a326m) relates to post-April
2017 UK trading losses which can be utilised by legal entities in the Group\u2019s UK tax group and
\u00a310m (2024: \u00a310m) relates to pre-April 2017 UK trading losses which can only be utilised by the
UK legal entities in which they arose.
As at 31 December 2025, the Group has not recognised a deferred tax asset in respect of
post-April 2017 UK trading losses beyond the extent of reversing taxable temporary differences
in UK taxable entities. In reaching this judgement, and consistent with IAS 12, the Group
assessed the probability of recovery and the weight of positive and negative evidence. Given
recent UK losses and the UK tax profile, including withholding taxes and the priority of double
tax relief which defer utilisation, compelling evidence of recovery beyond reversing taxable
temporary differences is not available at the reporting date. This judgement will be closely
monitored by the Group going forward. Any decision to recognise the deferred tax in the
future will have a consequential impact on the Group effective tax rate.
Capital losses
The unrecognised deferred tax assets relating to capital losses are primarily held in the UK.
These capital losses have no expiry.
UK corporate interest restriction
The Group has unrecognised deferred tax assets in relation to disallowed interest under the UK
Corporate interest restriction regulations of \u00a346m (2024: \u00a336m). These interest restrictions have
no expiry.
Overall UK position
The net deferred tax asset relating to the UK group of companies remains unrecognised as at
31 December 2025. Therefore, on a current year basis, no deferred tax charges or credits are
recorded in the consolidated income statement or consolidated statement of other
comprehensive income in the period for these companies (2024: no deferred tax charges or
credits recorded).
Recognised deferred tax
The deferred tax asset on tax trading losses of \u00a344m (2024: \u00a330m) relates to territories and
entities where future taxable profits are considered probable.
The net deferred tax asset on provisions and other temporary differences is principally made
up of trade related accounting provisions and other items in the Group\u2019s operating
companies \u00a359m (2024: \u00a369m).
The deferred tax liability of \u00a3230m (2024: \u00a3224m) on indefinite life intangible assets, comprising
distribution agreements and acquired brands, has been recorded as a result of the business
acquisitions in current and prior periods.
Relevant tax laws largely exempt receipt of dividends from tax. A tax liability is more likely to
arise in respect of withholding taxes levied by overseas jurisdictions. No deferred tax liability
has been recognised in respect of \u00a3523m (2024: \u00a3456m) of post-acquisition unremitted
earnings of subsidiaries because the Group controls the timing of the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the
next 12 months. Deferred tax is provided when there is an intention to distribute earnings and
a tax liability arises. It is not practicable to estimate the amount of unrecognised deferred tax
liabilities in respect of these unremitted earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
17 Inventories
2025
2024
\u00a3m
\u00a3m
(represented)1
Raw materials and work in progress
57
79
Finished goods and merchandise
1,986
1,856
2,043
1,935
1. Refer to presentation of comparative amounts in the accounting policies note.
Vehicles held on consignment which are in substance assets of the Group amount to \u00a3nil
(2024: \u00a33m). These have been included in \u2018finished goods and merchandise\u2019 with the
corresponding liability included within \u2018trade and other payables\u2019. Payment becomes due
when title passes to the Group, which is generally the earlier of a period of up to six months
from delivery or the date of\u00a0sale.
An amount of \u00a380m (2024: \u00a385m) has been provided against the gross cost of inventory at the
year end. The cost of inventories recognised as an expense in the year is \u00a37,445m (2024:
\u00a37,517m). The net write-down of inventory to net realisable value recognised as a net credit
during the year was \u00a34m (2024: net expense of \u00a33m). All of these items have been included
within \u2018cost of sales\u2019 in the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
18 Cash and cash equivalents
2025
2024
\u00a3m
\u00a3m
Cash at bank
583
458
Short-term deposits
74
91
657
549
Cash and cash equivalents are generally subject to floating interest rates determined by
reference to short-term benchmark rates applicable to the relevant currency or market
(primarily SONIA or the local equivalent). At 31 December 2025, the weighted average
floating rate was 3.5% (2024: 3.9%).
\u00a322m (2024: \u00a337m) of cash and cash equivalents is held in Ethiopia where currency may not
be available locally to effect such transfers.
At 31 December 2025, short-term deposits have a weighted average period to maturity of 18
days (2024: 6 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
19 Assets held for sale
2025
2024
\u00a3m
\u00a3m
Assets classified as held for sale
\u2014
20
Assets held for sale in the prior year related to retail sites in Australia, whichDisposals
During 2025, the Group has disposed of retail operations in the Americas, Europe and
Australasia, generating net cash proceeds of \u00a36m and a gain on disposal of \u00a36m.
On 1 August 2024, the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive,Inc. for acash
consideration of \u00a3345m. During 2025, the Group received \u00a34m of deferred consideration
relating to the disposal of its UK Retail operations.
The UK Retail operation was reported as a discontinued operation in 2024. Financial
information relating to the discontinued operation for the year ending 31 December 2024 is
included in note 28a of the Group's 2024 Annual Report and Accounts.
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which was classified as an adjusting
item, included disposal costs and a gain relating to the recycling of cumulative exchange
differences previously recognised in other comprehensive income. During 2025, following the
finalisation of the completion accounts for the disposal, an adjustment of \u00a34m was made in
favour of the buyer. This adjustment to the sale proceeds has been reported as an adjusting
item, for consistency with the amount reported in 2024, and as a net cash outflow from sale of
businesses in the consolidated statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
19 Assets held for sale
2025
2024
\u00a3m
\u00a3m
Assets classified as held for sale
\u2014
20
Assets held for sale in the prior year related to retail sites in Australia, which", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
243
260
\u2014
\u2014
Payments received on account
81
110
\u2014
\u2014
Vehicle funding agreements
1,762
1,582
\u2014
\u2014
Other taxation and social security payable
96
90
\u2014
\u2014
Accruals
323
374
2
1
Deferred income
105
87
97
101
Other payables
37
62
15
4
2,647
2,565
114
106
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with OEM partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date,
depending on the facility. Some arrangements may also provide the lender with a security
interest in the inventory until the amount drawn under the arrangement has been repaid.
Related cash flows are reported within cash flows from operating activities within the
consolidated statement of cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under
these arrangements is included within finance costs and classified as interest on inventory
financing (see note 6). At 31 December 2025, amounts outstanding under vehicle funding
facilities and on which interest was payable were subject to a weighted average interest rate
of 3.5% (2024: 5.1%). Management considers the carrying amount of trade and other
payables to approximate to their fair value. Long-term payables have been discounted
where the time value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
458
1,304
1,762
363
1,219
1,582
- of which suppliers have
received payment
\u2014
1,304
1,304
\u2014
1,219
1,219
Range of weighted average
payment due dates
Vehicle funding arrangements
70-90
days
70-100
days
80-100
days
60-120
days
Trade payables
15-40
days
20-50
days
Included within deferred income are the following balances:
2025
2024
\u00a3m
\u00a3m
Extended warranties
60
59
Service packages
89
88
Other services
53
41
202
188
Revenue recognised in 2025 that was included in deferred income at the beginning of the
year was \u00a3101m (2024: \u00a3115m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance
sheet. It is subsequently recognised as revenue when the service is provided or the
package\u00a0expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
243
260
\u2014
\u2014
Payments received on account
81
110
\u2014
\u2014
Vehicle funding agreements
1,762
1,582
\u2014
\u2014
Other taxation and social security payable
96
90
\u2014
\u2014
Accruals
323
374
2
1
Deferred income
105
87
97
101
Other payables
37
62
15
4
2,647
2,565
114
106
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with OEM partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date,
depending on the facility. Some arrangements may also provide the lender with a security
interest in the inventory until the amount drawn under the arrangement has been repaid.
Related cash flows are reported within cash flows from operating activities within the
consolidated statement of cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under
these arrangements is included within finance costs and classified as interest on inventory
financing (see note 6). At 31 December 2025, amounts outstanding under vehicle funding
facilities and on which interest was payable were subject to a weighted average interest rate
of 3.5% (2024: 5.1%). Management considers the carrying amount of trade and other
payables to approximate to their fair value. Long-term payables have been discounted
where the time value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
458
1,304
1,762
363
1,219
1,582
- of which suppliers have
received payment
\u2014
1,304
1,304
\u2014
1,219
1,219
Range of weighted average
payment due dates
Vehicle funding arrangements
70-90
days
70-100
days
80-100
days
60-120
days
Trade payables
15-40
days
20-50
days
Included within deferred income are the following balances:
2025
2024
\u00a3m
\u00a3m
Extended warranties
60
59
Service packages
89
88
Other services
53
41
202
188
Revenue recognised in 2025 that was included in deferred income at the beginning of the
year was \u00a3101m (2024: \u00a3115m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance
sheet. It is subsequently recognised as revenue when the service is provided or the
package\u00a0expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
243
260
\u2014
\u2014
Payments received on account
81
110
\u2014
\u2014
Vehicle funding agreements
1,762
1,582
\u2014
\u2014
Other taxation and social security payable
96
90
\u2014
\u2014
Accruals
323
374
2
1
Deferred income
105
87
97
101
Other payables
37
62
15
4
2,647
2,565
114
106
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with OEM partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date,
depending on the facility. Some arrangements may also provide the lender with a security
interest in the inventory until the amount drawn under the arrangement has been repaid.
Related cash flows are reported within cash flows from operating activities within the
consolidated statement of cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under
these arrangements is included within finance costs and classified as interest on inventory
financing (see note 6). At 31 December 2025, amounts outstanding under vehicle funding
facilities and on which interest was payable were subject to a weighted average interest rate
of 3.5% (2024: 5.1%). Management considers the carrying amount of trade and other
payables to approximate to their fair value. Long-term payables have been discounted
where the time value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
458
1,304
1,762
363
1,219
1,582
- of which suppliers have
received payment
\u2014
1,304
1,304
\u2014
1,219
1,219
Range of weighted average
payment due dates
Vehicle funding arrangements
70-90
days
70-100
days
80-100
days
60-120
days
Trade payables
15-40
days
20-50
days
Included within deferred income are the following balances:
2025
2024
\u00a3m
\u00a3m
Extended warranties
60
59
Service packages
89
88
Other services
53
41
202
188
Revenue recognised in 2025 that was included in deferred income at the beginning of the
year was \u00a3101m (2024: \u00a3115m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance
sheet. It is subsequently recognised as revenue when the service is provided or the
package\u00a0expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Current
Non-current
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
243
260
\u2014
\u2014
Payments received on account
81
110
\u2014
\u2014
Vehicle funding agreements
1,762
1,582
\u2014
\u2014
Other taxation and social security payable
96
90
\u2014
\u2014
Accruals
323
374
2
1
Deferred income
105
87
97
101
Other payables
37
62
15
4
2,647
2,565
114
106
Other payables includes deferred consideration, interest payable and buyback liabilities.
The Group finances the purchase of new vehicles for sale and a portion of used vehicle
inventories using vehicle funding facilities provided by various lenders including the captive
finance companies associated with OEM partners. Such arrangements generally are
uncommitted facilities, have a maturity of 180 days or less and the Group repays the amounts
outstanding either in line with the normal working capital cycle or on the earlier of the sale of
the vehicles that have been funded under the facilities or the stated maturity date,
depending on the facility. Some arrangements may also provide the lender with a security
interest in the inventory until the amount drawn under the arrangement has been repaid.
Related cash flows are reported within cash flows from operating activities within the
consolidated statement of cash flows.
Vehicle funding facilities are subject to variable interest rates. The interest incurred under
these arrangements is included within finance costs and classified as interest on inventory
financing (see note 6). At 31 December 2025, amounts outstanding under vehicle funding
facilities and on which interest was payable were subject to a weighted average interest rate
of 3.5% (2024: 5.1%). Management considers the carrying amount of trade and other
payables to approximate to their fair value. Long-term payables have been discounted
where the time value of money is considered to be material.
20 Trade and other payables continued
As at 31 December, the analysis of vehicle funding arrangements is as follows:
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEM
Non-OEM
Total
OEM
Non-OEM
Total
Carrying amount of vehicle
funding arrangements
458
1,304
1,762
363
1,219
1,582
- of which suppliers have
received payment
\u2014
1,304
1,304
\u2014
1,219
1,219
Range of weighted average
payment due dates
Vehicle funding arrangements
70-90
days
70-100
days
80-100
days
60-120
days
Trade payables
15-40
days
20-50
days
Included within deferred income are the following balances:
2025
2024
\u00a3m
\u00a3m
Extended warranties
60
59
Service packages
89
88
Other services
53
41
202
188
Revenue recognised in 2025 that was included in deferred income at the beginning of the
year was \u00a3101m (2024: \u00a3115m).
Extended warranties
Certain Group companies provide extended warranties to customers over and above those
provided by the manufacturer and act as the principal in the supply of the warranty service.
The periods covered are up to six years and/or specific mileage limits. A proportion of revenue
is allocated to the extended warranty obligation and deferred to the balance sheet. The
revenue is subsequently recognised over time along with the costs incurred in fulfilling any
warranty obligations.
Service packages
Certain Group companies provide service packages to customers as part of the total vehicle
package. Where the Group acts as principal, the value of the additional services is separately
identified, deducted from revenue, and recognised as deferred income on the balance
sheet. It is subsequently recognised as revenue when the service is provided or the
package\u00a0expires.
Other services
Certain Group companies provide other services as part of the total vehicle package (e.g.
roadside assistance, fuel coupons etc.). Where the Group acts as principal, the value of the
additional services is separately identified, deducted from revenue, and recognised as
deferred income on the balance sheet. It is subsequently recognised as revenue over the
period to which the service relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Cost
Product
warranty
Leasehold
Litigation
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
38
8
2
28
76
Charged to the consolidated income
statement
15
1
1
5
22
Released to the consolidated income
statement
(8)
(1)
(1)
(4)
(14)
Utilised during the year
(17)
\u2014
\u2014
(5)
(22)
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December 2025
28
8
2
24
62
Inflation and expected future movements in prices have been considered in calculating
provisions where relevant.
Analysed as:
2025
2024
\u00a3m
\u00a3m
Current
42
50
Non-current
20
26
62
76
21 Provisions continued
Product warranty
Certain Group companies provide assurance warranties as part of the sale of a vehicle.
These\u00a0are not separable products. The warranty periods covered are up to five years and/or
specific mileage limits. Provision is made for the expected cost of labour and parts based
on\u00a0historical claims experience and expected future trends. These assumptions are
reviewed\u00a0regularly.
Leasehold
The Group is committed to certain leasehold premises for which it no longer has a commercial
use. These are principally located in Australia and Hong Kong. Provision has been made to
the extent of the estimated future net cost, excluding the lease liability recognised under IFRS
16 Leases. This includes taking into account existing subtenant arrangements. The category
also includes the future obligation relating to dilapidations of certain premises. The expected
utilisation period of these provisions is generally over the next 10 years.
Litigation
This includes a number of litigation provisions in respect of claims that have been brought
against various Group companies. The claims are generally expected to be concluded within
the next three years.
Other
This category principally includes provisions relating to uncertain non-income taxes. It also
includes provisions relating to restructuring activities of \u00a31m (2024: \u00a32m). Acquisition and
disposal-related provisions amount to \u00a314m (2024: \u00a310m), of which there is an offsetting
indemnity asset recognised in trade and other receivables. Other provisions also includes
long-service provisions of \u00a33m (2024: \u00a35m). These provisions are expected to be utilised within
three years except for those relating to long-service provisions.
Climate change
The Group has reviewed its provisions and concluded that no adjustments need to be
made\u00a0for climate change risks, nor that any new provisions need to be recognised for
climate-related matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Cost
Product
warranty
Leasehold
Litigation
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
38
8
2
28
76
Charged to the consolidated income
statement
15
1
1
5
22
Released to the consolidated income
statement
(8)
(1)
(1)
(4)
(14)
Utilised during the year
(17)
\u2014
\u2014
(5)
(22)
Effect of foreign exchange rate changes
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December 2025
28
8
2
24
62
Inflation and expected future movements in prices have been considered in calculating
provisions where relevant.
Analysed as:
2025
2024
\u00a3m
\u00a3m
Current
42
50
Non-current
20
26
62
76
21 Provisions continued
Product warranty
Certain Group companies provide assurance warranties as part of the sale of a vehicle.
These\u00a0are not separable products. The warranty periods covered are up to five years and/or
specific mileage limits. Provision is made for the expected cost of labour and parts based
on\u00a0historical claims experience and expected future trends. These assumptions are
reviewed\u00a0regularly.
Leasehold
The Group is committed to certain leasehold premises for which it no longer has a commercial
use. These are principally located in Australia and Hong Kong. Provision has been made to
the extent of the estimated future net cost, excluding the lease liability recognised under IFRS
16 Leases. This includes taking into account existing subtenant arrangements. The category
also includes the future obligation relating to dilapidations of certain premises. The expected
utilisation period of these provisions is generally over the next 10 years.
Litigation
This includes a number of litigation provisions in respect of claims that have been brought
against various Group companies. The claims are generally expected to be concluded within
the next three years.
Other
This category principally includes provisions relating to uncertain non-income taxes. It also
includes provisions relating to restructuring activities of \u00a31m (2024: \u00a32m). Acquisition and
disposal-related provisions amount to \u00a314m (2024: \u00a310m), of which there is an offsetting
indemnity asset recognised in trade and other receivables. Other provisions also includes
long-service provisions of \u00a33m (2024: \u00a35m). These provisions are expected to be utilised within
three years except for those relating to long-service provisions.
Climate change
The Group has reviewed its provisions and concluded that no adjustments need to be
made\u00a0for climate change risks, nor that any new provisions need to be recognised for
climate-related matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2025
Total
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
396
5.1%
\u2014
\u2014%
396
396
Bank loans
4
7.9%
12
4.0%
16
16
400
5.1%
12
4.0%
412
412
Non-current
Bank loans
20
4.2%
\u2014
\u2014%
20
20
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
20
4.2%
489
5.5%
509
509
Total borrowings
420
5.1%
501
5.5%
921
921
Bank overdrafts include \u00a3395m (2024: \u00a3177m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
\u2014
\u2014%
55
55
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
22 Borrowings continued
Interest payments on floating rate financial liabilities are determined by reference to short-
term benchmark rates applicable to the relevant currency or market (primarily SONIA or the
local equivalent).
As at 31 December 2025, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2024: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2024: \u00a3140m) and a five-year bond of \u00a3350m, at a fixed coupon of
6.5% (2024: \u00a3350m). As\u00a0at 31 December 2025, \u00a320m of the syndicated revolving credit facility
was drawn (2024:\u00a0\u00a355m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3363m as at
31\u00a0December 2025 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028. In November 2025, the maturity date was further
extended to 29 November 2030.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby
letter\u00a0of credit and related facility arrangements (2024: \u00a3nil secured). The Group\u2019s bank
overdrafts are secured by related offsetting cash balances held under pooling arrangements.
The Group\u2019s remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3139m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique). The fair values of
the Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
12
\u2014
\u2014
\u2014
\u2014
\u2014
12
Public Bond
\u2014
\u2014
349
\u2014
\u2014
\u2014
349
Private Placement
\u2014
100
\u2014
40
\u2014
\u2014
140
12
100
349
40
\u2014
\u2014
501
Floating rate
Bank overdrafts
396
\u2014
\u2014
\u2014
\u2014
\u2014
396
Bank loans
4
\u2014
\u2014
\u2014
20
\u2014
24
400
\u2014
\u2014
\u2014
20
\u2014
420
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Public Bond
\u2014
\u2014
\u2014
349
\u2014
\u2014
349
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2025
Total
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
396
5.1%
\u2014
\u2014%
396
396
Bank loans
4
7.9%
12
4.0%
16
16
400
5.1%
12
4.0%
412
412
Non-current
Bank loans
20
4.2%
\u2014
\u2014%
20
20
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
20
4.2%
489
5.5%
509
509
Total borrowings
420
5.1%
501
5.5%
921
921
Bank overdrafts include \u00a3395m (2024: \u00a3177m) held in cash pooling arrangements which have
not been offset in the consolidated statement of financial position (see note 23(b)).
Floating rate
Fixed rate
Weighted
average
effective
interest rate
Weighted
average
effective
interest rate
Total
interest
bearing
2024
Total
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
Current
Bank overdrafts
183
5.3%
\u2014
\u2014%
183
183
Bank loans
2
4.4%
10
5.5%
12
12
Private Placement
\u2014
\u2014%
\u2014
\u2014%
\u2014
\u2014
185
5.3%
10
5.5%
195
195
Non-current
Bank loans
55
5.6%
\u2014
\u2014%
55
55
Public Bond
\u2014
\u2014%
349
6.5%
349
349
Private Placement
\u2014
\u2014%
140
3.1%
140
140
55
5.6%
489
5.5%
544
544
Total borrowings
240
5.4%
499
5.5%
739
739
22 Borrowings continued
Interest payments on floating rate financial liabilities are determined by reference to short-
term benchmark rates applicable to the relevant currency or market (primarily SONIA or the
local equivalent).
As at 31 December 2025, the funding structure of the Group was comprised of a committed
syndicated revolving credit facility of \u00a3900m (2024: \u00a3900m), sterling Private Placement Loan
Notes totalling \u00a3140m (2024: \u00a3140m) and a five-year bond of \u00a3350m, at a fixed coupon of
6.5% (2024: \u00a3350m). As\u00a0at 31 December 2025, \u00a320m of the syndicated revolving credit facility
was drawn (2024:\u00a0\u00a355m).
The \u00a3350m public bond is held at amortised cost and had a fair value of \u00a3363m as at
31\u00a0December 2025 based on quoted prices, which is a level 1 valuation technique.
In December 2023, the Group\u2019s syndicated revolving credit facility was amended, increasing
the facility to \u00a3900m and extending the maturity to December 2028. In November 2024, the
maturity of the facility was extended to December 2029 with a reduction in the facility to
\u00a3818m with effect from 1 December 2028. In November 2025, the maturity date was further
extended to 29 November 2030.
The Group\u2019s bank loans are not secured by any term deposits placed under a standby
letter\u00a0of credit and related facility arrangements (2024: \u00a3nil secured). The Group\u2019s bank
overdrafts are secured by related offsetting cash balances held under pooling arrangements.
The Group\u2019s remaining borrowings are unsecured.
In December 2016, the Group concluded a Private Placement transaction raising \u00a3210m to
refinance existing US dollar Private Placement borrowings which matured in May 2017. In May
2024, \u00a370m of Private Placement borrowings were repaid.
Maturity date
May 2027
May 2027
May 2029
Amount drawn
\u00a330m
\u00a370m
\u00a340m
Fixed rate coupon
3.02%
3.12%
3.10%
The \u00a3140m sterling Private Placement loan notes are held at amortised cost. They have a fair
value of \u00a3139m (calculated from discounted cash flow techniques obtained using discount
rates from observable market data, which is a level 2 valuation technique). The fair values of
the Group\u2019s other borrowings, other than the \u00a3350m public bond, are not considered to be
materially different from their book value.
The table below sets out the maturity profile of the Group\u2019s existing borrowings that are
exposed to interest rate risk.
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2025
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
12
\u2014
\u2014
\u2014
\u2014
\u2014
12
Public Bond
\u2014
\u2014
349
\u2014
\u2014
\u2014
349
Private Placement
\u2014
100
\u2014
40
\u2014
\u2014
140
12
100
349
40
\u2014
\u2014
501
Floating rate
Bank overdrafts
396
\u2014
\u2014
\u2014
\u2014
\u2014
396
Bank loans
4
\u2014
\u2014
\u2014
20
\u2014
24
400
\u2014
\u2014
\u2014
20
\u2014
420
Less than 1
year
Between 1
and
2 years
Between 2
and
3 years
Between 3
and
4 years
Between 4
and
5 years
Greater
than 5
years
Total
interest
bearing
2024
\u00a3m
%
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Fixed rate
Bank loans
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Public Bond
\u2014
\u2014
\u2014
349
\u2014
\u2014
349
Private Placement
\u2014
\u2014
100
\u2014
40
\u2014
140
10
\u2014
100
349
40
\u2014
499
Floating rate
Bank overdrafts
183
\u2014
\u2014
\u2014
\u2014
\u2014
183
Bank loans
2
\u2014
\u2014
\u2014
55
\u2014
57
185
\u2014
\u2014
\u2014
55
\u2014
240
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial assets
15
\u2014
15
(14)
\u2014
1
Cash and cash equivalents
657
\u2014
657
(395)
\u2014
262
672
\u2014
672
(409)
\u2014
263
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial liabilities
(102)
\u2014
(102)
14
\u2014
(88)
Bank overdrafts
(396)
\u2014
(396)
395
\u2014
(1)
(498)
\u2014
(498)
409
\u2014
(89)
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for
net settlement of the relevant financial assets and liabilities. If the parties subject to the
agreement do not elect to settle on a net basis, financial assets and liabilities will be settled on
a gross basis. However, each party to the netting agreement will have the option to settle all
such amounts on a net basis in the event of a default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable netting arrangements and
similar agreements:
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial assets
15
\u2014
15
(14)
\u2014
1
Cash and cash equivalents
657
\u2014
657
(395)
\u2014
262
672
\u2014
672
(409)
\u2014
263
As at 31 December 2024
Derivative financial assets
48
\u2014
48
(19)
\u2014
29
Cash and cash equivalents
549
\u2014
549
(177)
\u2014
372
597
\u2014
597
(196)
\u2014
401
Related amounts not set
off in the statement of
financial position
Gross
amounts
of financial
assets
Gross amounts
of financial
liabilities
set off in the
statement
of financial
position
Net amounts of
financial assets
presented in
the statement
of financial
position
Financial
instruments
Cash
collateral
received
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2025
Derivative financial liabilities
(102)
\u2014
(102)
14
\u2014
(88)
Bank overdrafts
(396)
\u2014
(396)
395
\u2014
(1)
(498)
\u2014
(498)
409
\u2014
(89)
As at 31 December 2024
Derivative financial liabilities
(47)
\u2014
(47)
19
\u2014
(28)
Bank overdrafts
(183)
\u2014
(183)
177
\u2014
(6)
(230)
\u2014
(230)
196
\u2014
(34)
For the financial assets and liabilities subject to enforceable netting arrangements or similar
agreements above, each agreement between the Group and the counterparty allows for
net settlement of the relevant financial assets and liabilities. If the parties subject to the
agreement do not elect to settle on a net basis, financial assets and liabilities will be settled on
a gross basis. However, each party to the netting agreement will have the option to settle all
such amounts on a net basis in the event of a default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only
affect the consolidated income statement.
23 Financial instruments continued
d. Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings, supplier-
related finance and cash balances as at 31 December 2025, with all other variables
held\u00a0constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2025
Sterling
100
8
100
(8)
Euro
100
\u2014
100
\u2014
Chilean peso
250
(3)
250
3
Australian dollar
100
(1)
100
1
US dollar
100
6
100
(6)
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
e. Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating
unit are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of
the Group these exposures are removed as trading is denominated in the relevant local
currency. In particular, local billing arrangements are in place for many of our businesses with
our OEM partners. The principal exception is for our business in Australia which purchases
vehicles in Japanese yen and our South and Central American businesses which purchase
vehicles in Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss
on the hedge is initially recognised in the consolidated statement of comprehensive income
to the extent it is effective. When the hedged forecast transaction results in the recognition of
a non-financial asset or liability then, at the time the asset or liability is recognised, the
associated gains or losses that had previously been recognised in other comprehensive
income are included in the initial measurement of the acquisition cost or other carrying
amount of the asset or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which
the hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
23 Financial instruments continued
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments
are only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2025
Yen
+10%
\u2014
Yen
-10%
\u2014
USD
+10%
13
USD
-10%
(13)
2024
Yen
+10%
3
Yen
-10%
(3)
USD
+10%
13
USD
-10%
(13)
f. Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial
instruments used in interest rate and foreign exchange management do not represent the
credit risk arising through the use of these instruments. The immediate credit risk of these
instruments is generally estimated by the fair value of contracts with a positive value. Credit
limits are reviewed\u00a0regularly.
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2025
2024
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
1
\u2014
AA-
\u2014
210
6
4
181
1
A+
2
92
17
11
1
\u2014
A
3
43
9
4
4
\u2014
A-
1
7
\u2014
21
29
17
BBB+
2
2
\u2014
5
42
2
BBB
\u2014
68
2
\u2014
13
8
BBB-
\u2014
\u2014
\u2014
\u2014
29
4
BB+
2
81
11
\u2014
10
\u2014
BB
\u2014
\u2014
\u2014
\u2014
58
\u2014
BB-
1
13
9
\u2014
\u2014
\u2014
B+
\u2014
3
\u2014
\u2014
\u2014
\u2014
No rating*
4
63
20
3
90
59
15
583
74
48
458
91
*Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between
Group companies and dividends as well as regularly monitoring the spread of counterparties
in-country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not
expect any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3583m (2024: \u00a3458m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the
extent that there is the legal ability and intention to settle net. As such, overdrafts are
presented in current liabilities to the extent that there is no intention to offset with the
cash\u00a0balance.
Trade receivables include amounts due from a number of finance houses in respect of
vehicles sold to customers on finance arranged through the Group. An independent credit
rating agency is used to assess the credit standing of each finance house. Limits for the
maximum outstanding with each finance house are set accordingly.
23 Financial instruments continued
g. Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities
at\u00a031 December 2025 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
657
\u2014
\u2014
\u2014
657
Trade and other receivables
380
113
32
\u2014
525
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
4
4
Derivative financial instruments
2,398
1,041
5
\u2014
3,444
3,435
1,154
37
4
4,630
Financial liabilities
Interest bearing loans and borrowings
(396)
(43)
(547)
\u2014
(986)
Lease liabilities
(22)
(61)
(217)
(116)
(416)
Trade and other payables
(1,549)
(764)
(16)
(1)
(2,330)
Derivative financial instruments
(2,446)
(1,096)
(5)
\u2014
(3,547)
(4,413)
(1,964)
(785)
(117)
(7,279)
Net outflows
(978)
(810)
(748)
(113)
(2,649)
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it
maintains a strong credit rating and healthy capital ratios in order to finance the Group\u2019s
activities, both now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a
going concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 174.
2025
2024
\u00a3m
\u00a3m
Return on capital employed
28.8%
26.9%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2025
2024
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
11.9
8.8
Adjusted net debt to EBITDA (times)**
< 1
0.4
0.3
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as Adjusted net debt/Adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only
affect the consolidated income statement.
23 Financial instruments continued
d. Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings, supplier-
related finance and cash balances as at 31 December 2025, with all other variables
held\u00a0constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2025
Sterling
100
8
100
(8)
Euro
100
\u2014
100
\u2014
Chilean peso
250
(3)
250
3
Australian dollar
100
(1)
100
1
US dollar
100
6
100
(6)
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
e. Foreign currency risk
The Group publishes its consolidated financial statements in sterling and faces currency risk on
the translation of its earnings and net assets, a significant proportion of which are in currencies
other than sterling.
Transaction exposure hedging
The Group has transactional currency exposures, where sales or purchases by an operating
unit are in currencies other than in that unit\u2019s reporting currency. For a significant proportion of
the Group these exposures are removed as trading is denominated in the relevant local
currency. In particular, local billing arrangements are in place for many of our businesses with
our OEM partners. The principal exception is for our business in Australia which purchases
vehicles in Japanese yen and our South and Central American businesses which purchase
vehicles in Japanese yen and US dollars.
In this instance, the Group seeks to hedge forecast transactional foreign exchange rate risk
using forward foreign currency exchange contracts. The effective portion of the gain or loss
on the hedge is initially recognised in the consolidated statement of comprehensive income
to the extent it is effective. When the hedged forecast transaction results in the recognition of
a non-financial asset or liability then, at the time the asset or liability is recognised, the
associated gains or losses that had previously been recognised in other comprehensive
income are included in the initial measurement of the acquisition cost or other carrying
amount of the asset or liability.
For all other cash flow hedges, the gains or losses that are recognised in other comprehensive
income are transferred to the consolidated income statement in the same period in which
the hedged forecast transaction affects the consolidated income statement. Under IFRS 9
Financial Instruments, hedges are documented and tested for the hedge effectiveness on an
ongoing basis.
23 Financial instruments continued
Foreign currency risk table
The following table shows the Group sensitivity to a reasonably possible change in foreign
exchange rates on its Japanese yen financial instruments. In this table, financial instruments
are only considered sensitive to foreign exchange rates when they are not in the functional
currency of the entity that holds them.
Increase/
(decrease) in
exchange
rate
Effect on
equity
%
\u00a3m
2025
Yen
+10%
\u2014
Yen
-10%
\u2014
USD
+10%
13
USD
-10%
(13)
2024
Yen
+10%
3
Yen
-10%
(3)
USD
+10%
13
USD
-10%
(13)
f.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "Market risk and sensitivity analysis
Financial instruments affected by market risk include borrowings, deposits, and derivative
financial instruments. The Group is not exposed to commodity price risk. The following analysis,
required by IFRS 7 Financial Instruments: Disclosures, is intended to illustrate the sensitivity to
changes in market variables, being primarily UK interest rates and the Australian dollar to
Japanese yen exchange rate.
The following assumptions were made in calculating the sensitivity analysis:
\u2022 changes in the carrying value of derivative financial instruments designated as cash flow
hedges from movements in interest rates are assumed to be recorded fully in equity;
\u2022 changes in the carrying value of derivative financial instruments designated as fair value
hedges from movements in interest rates have an immaterial effect on the consolidated
income statement and equity due to compensating adjustments in the carrying value
of\u00a0debt;
\u2022 changes in the carrying value of financial instruments designated as net investment hedges
from movements in the US dollar to sterling exchange rate are recorded directly in equity;
and
\u2022 changes in the carrying value of financial instruments not in hedging relationships only
affect the consolidated income statement.
23 Financial instruments continued
d. Interest rate risk and sensitivity analysis
The Group\u2019s interest rate policy has the objective of minimising net interest expense and
protecting the Group from material adverse movements in interest rates.
Instruments approved for the purpose of hedging interest rate risk include interest rate swaps,
forward rate agreements and options. The Group\u2019s exposure to the risk of changes in market
interest rates arises primarily from the floating rate interest payable on the Group\u2019s bank
borrowings, supplier-related finance, and the returns available on surplus cash.
Interest rate risk table
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to a reasonably
possible change, based on recent experience, in interest rates on bank borrowings, supplier-
related finance and cash balances as at 31 December 2025, with all other variables
held\u00a0constant.
Decrease
in basis
points
Gain/(loss) on profit
before tax
Increase
in basis
points
Gain/(loss) on profit
before tax
%
\u00a3m
%
\u00a3m
2025
Sterling
100
8
100
(8)
Euro
100
\u2014
100
\u2014
Chilean peso
250
(3)
250
3
Australian dollar
100
(1)
100
1
US dollar
100
6
100
(6)
2024
Sterling
100
5
100
(5)
Euro
100
1
100
(1)
Chilean peso
250
(1)
250
1
Australian dollar
100
(2)
100
2
US dollar
100
5
100
(5)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "Credit risk
The amount due from counterparties arising from cash deposits and the use of financial
instruments creates credit risk. The Group monitors its credit exposure to its counterparties via
their credit ratings (where applicable) and through its policy of limiting its exposure to any one
party to ensure that they are within Board approved limits and that there are no significant
concentrations of credit risk.
Group policy is to deposit cash and use financial instruments with counterparties with a long-
term credit rating of A or better, where available. The notional amounts of financial
instruments used in interest rate and foreign exchange management do not represent the
credit risk arising through the use of these instruments. The immediate credit risk of these
instruments is generally estimated by the fair value of contracts with a positive value. Credit
limits are reviewed\u00a0regularly.
The table below analyses the Group\u2019s derivative assets, cash at bank and short-term deposits
by credit exposure:
2025
2024
Derivative
assets
Cash
at bank
Short-term
deposits
Derivative
assets
Cash
at bank
Short-term
deposits
Credit rating of counterparty
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA
\u2014
1
\u2014
\u2014
1
\u2014
AA-
\u2014
210
6
4
181
1
A+
2
92
17
11
1
\u2014
A
3
43
9
4
4
\u2014
A-
1
7
\u2014
21
29
17
BBB+
2
2
\u2014
5
42
2
BBB
\u2014
68
2
\u2014
13
8
BBB-
\u2014
\u2014
\u2014
\u2014
29
4
BB+
2
81
11
\u2014
10
\u2014
BB
\u2014
\u2014
\u2014
\u2014
58
\u2014
BB-
1
13
9
\u2014
\u2014
\u2014
B+
\u2014
3
\u2014
\u2014
\u2014
\u2014
No rating*
4
63
20
3
90
59
15
583
74
48
458
91
*Counterparties in certain markets in which the Group operates do not have a credit rating.
For those counterparties which do not have a credit rating, where possible the Group works
with partner banks with a local presence to provide additional assurance. Additionally, the
Group proactively repatriates cash through cash-pooling arrangements, loans between
Group companies and dividends as well as regularly monitoring the spread of counterparties
in-country, notably in Ethiopia.
No credit limits were exceeded during the reporting period and management does not
expect any losses from non-performance by these counterparties.
The maximum exposure to credit risk for cash at bank, receivables and other financial assets is
represented by their carrying amount.
Total cash at bank of \u00a3583m (2024: \u00a3458m) includes cash in the Group\u2019s regional pooling
arrangements which are offset against borrowings for interest purposes. Netting of cash and
overdraft balances in the consolidated statement of financial position only occurs to the
extent that there is the legal ability and intention to settle net. As such, overdrafts are
presented in current liabilities to the extent that there is no intention to offset with the
cash\u00a0balance.
Trade receivables include amounts due from a number of finance houses in respect of
vehicles sold to customers on finance arranged through the Group. An independent credit
rating agency is used to assess the credit standing of each finance house. Limits for the
maximum outstanding with each finance house are set accordingly.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of committed credit
facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping
committed credit lines available.
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities
at\u00a031 December 2025 based on contractual expected undiscounted cash flows:
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
657
\u2014
\u2014
\u2014
657
Trade and other receivables
380
113
32
\u2014
525
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
4
4
Derivative financial instruments
2,398
1,041
5
\u2014
3,444
3,435
1,154
37
4
4,630
Financial liabilities
Interest bearing loans and borrowings
(396)
(43)
(547)
\u2014
(986)
Lease liabilities
(22)
(61)
(217)
(116)
(416)
Trade and other payables
(1,549)
(764)
(16)
(1)
(2,330)
Derivative financial instruments
(2,446)
(1,096)
(5)
\u2014
(3,547)
(4,413)
(1,964)
(785)
(117)
(7,279)
Net outflows
(978)
(810)
(748)
(113)
(2,649)
Less than
3 months
Between
3 to 12
months
Between
1 to 5
years
Greater
than
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
549
\u2014
\u2014
\u2014
549
Trade and other receivables
415
120
21
\u2014
556
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
3
1
4
Derivative financial instruments
2,501
1,227
7
\u2014
3,735
3,465
1,347
31
1
4,844
Financial liabilities
Interest bearing loans and borrowings
(255)
(22)
(554)
\u2014
(831)
Lease liabilities
(25)
(67)
(239)
(202)
(533)
Trade and other payables
(1,587)
(597)
(8)
\u2014
(2,192)
Derivative financial instruments
(2,517)
(1,237)
(7)
\u2014
(3,761)
(4,384)
(1,923)
(808)
(202)
(7,317)
Net outflows
(919)
(576)
(777)
(201)
(2,473)
23 Financial instruments continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
15
\u2014
15
\u2014
48
\u2014
48
Financial assets at fair value through
other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
4
4
\u2014
15
4
19
\u2014
48
4
52
Liabilities
Derivatives used for hedging
\u2014
(102)
\u2014
(102)
\u2014
(47)
\u2014
(47)
Level 1 represents the fair value of financial instruments that are traded in active markets and
is based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated
future cash flows. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing
Colombia S.A. (see note 14). Fair value is based on discounted free cash flows, using the
projection of annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2025.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
15
48
(102)
(47)
15
48
(102)
(47)
The ineffective portion recognised in the consolidated income statement that arises from
fair\u00a0value hedges amounts to \u00a3nil (2024: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2024: \u00a3nil).
23 Financial instruments continued
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a
non-functional currency against movements in exchange rates. The cash flows relating to
these contracts are generally expected to occur within 12 months (2024: 12 months) of the
end of the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2025 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2024: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
2025
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
1,862
1,577
5
Carrying amount net liabilities (\u00a3m)
(95)
8
\u2014
Maturity date
to Dec 2026
to Dec 2026
to Jan 2027
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(101)
13
\u2014
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
101
(13)
\u2014
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
99
\u2014
\u2014
Weighted average hedge rate of
outstanding deals (USD/CLP)
940
919
907
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
46
\u2014
\u2014
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2025, the accumulated balance of the cash flow hedge reserve was a
loss of \u00a346m (2024: loss of \u00a39m). The above changes in fair value of hedging instruments will
include hedge positions taken up for future foreign currency exposures and will also include
amounts that would have been reclassified from the hedge reserve to the balance sheet as
at 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "Fair value measurement
In accordance with IFRS 13 Fair Value Measurement, disclosure is required for financial
instruments that are measured in the consolidated statement of financial position at fair value.
This requires disclosure of fair value measurements by level for the following fair value
measurement hierarchy:
\u2022 quoted prices in active markets (level 1);
\u2022 inputs other than quoted prices that are observable for the asset or liability, either directly or
indirectly (level 2); or
\u2022 inputs for the asset or liability that are not based on observable market data (level 3).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value:
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Derivatives used for hedging
\u2014
15
\u2014
15
\u2014
48
\u2014
48
Financial assets at fair value through
other comprehensive income
\u2014
\u2014
4
4
\u2014
\u2014
4
4
\u2014
15
4
19
\u2014
48
4
52
Liabilities
Derivatives used for hedging
\u2014
(102)
\u2014
(102)
\u2014
(47)
\u2014
(47)
Level 1 represents the fair value of financial instruments that are traded in active markets and
is based on quoted markets prices at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market (level 2) is
determined by using valuation techniques which include the present value of estimated
future cash flows. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity specific estimates.
Level 3 primarily represents the Group\u2019s equity interest in Hino Motors Manufacturing
Colombia S.A. (see note 14). Fair value is based on discounted free cash flows, using the
projection of annual income and expenses mainly based on historical financial figures.
Derivative financial instruments are carried at their fair values. The fair value of forward foreign
exchange contracts and foreign exchange swaps represents the difference between the
value of the outstanding contracts at their contracted rates and a valuation calculated using
the spot rates of exchange prevailing at 31 December 2025.
The Group\u2019s derivative financial instruments comprise the following:
Assets
Liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
15
48
(102)
(47)
15
48
(102)
(47)
The ineffective portion recognised in the consolidated income statement that arises from
fair\u00a0value hedges amounts to \u00a3nil (2024: \u00a3nil). The ineffective portion recognised in the
consolidated income statement that arises from cash flow hedges amounts to \u00a3nil (2024: \u00a3nil).
23 Financial instruments continued
Derivative financial instruments
The Group principally uses forward foreign exchange contracts to hedge purchases in a
non-functional currency against movements in exchange rates. The cash flows relating to
these contracts are generally expected to occur within 12 months (2024: 12 months) of the
end of the reporting period.
Net fair value gains and losses recognised in the hedging reserve in shareholders\u2019 equity (see
note 25) on forward foreign exchange contracts as at 31 December 2025 are expected to be
released to the consolidated income statement within 12 months of the end of the reporting
period (2024: 12 months).
The below table illustrates the effects of hedge accounting on the consolidated statement of
financial position and consolidated income statement through detailing separately by risk
category and each type of hedge the details of the associated hedging instrument and
hedged item.
2025
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
1,862
1,577
5
Carrying amount net liabilities (\u00a3m)
(95)
8
\u2014
Maturity date
to Dec 2026
to Dec 2026
to Jan 2027
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
(101)
13
\u2014
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
101
(13)
\u2014
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
99
\u2014
\u2014
Weighted average hedge rate of
outstanding deals (USD/CLP)
940
919
907
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
46
\u2014
\u2014
2024
Current
Current
Non-current
Hedging risk strategy
Cash flow hedges
Fair value hedges
Cash flow hedges
Notional/currency legs (\u00a3m)
2,285
1,443
7
Carrying amount net liabilities (\u00a3m)
6
(5)
\u2014
Maturity date
to Dec 2025
to Dec 2025
to Mar 2026
Hedge ratio
1:1
1:1
1:1
Description of hedged item
High probable FX
exposures
FX exposure on
balance sheet
High probable FX
exposures
Change in fair value of outstanding
hedging instruments since
1 January (\u00a3m)1
45
5
9
Change in fair value of hedging item
used to determine hedge
effectiveness (\u00a3m)
(45)
(5)
(9)
Weighted average hedge rate of
outstanding deals (AUD/JPY) 2
94
n/a
\u2014
Amounts recognised within net finance
costs (\u00a3m)
\u2014
\u2014
\u2014
Cash flow hedge reserve (net of tax) at
31 December (\u00a3m)
9
\u2014
\u2014
1. Includes hedging derivatives for both actual and highly probable forecasted purchases. The movement
presented in other comprehensive income only covers hedging derivatives relating to highly probable
forecasted purchases.
2. Outstanding deals predominantly relate to our business in Australia which purchases vehicles in
Japanese\u00a0yen.
As at 31 December 2025, the accumulated balance of the cash flow hedge reserve was a
loss of \u00a346m (2024: loss of \u00a39m). The above changes in fair value of hedging instruments will
include hedge positions taken up for future foreign currency exposures and will also include
amounts that would have been reclassified from the hedge reserve to the balance sheet as
at 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "Capital management
The Group\u2019s capital structure consists of equity and debt. Equity represents funds raised from
shareholders and debt represents funds raised from banks and other financial institutions. The
primary objective of the Group\u2019s management of debt and equity is to ensure that it
maintains a strong credit rating and healthy capital ratios in order to finance the Group\u2019s
activities, both now and in the future, and to maximise shareholder value.
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The
Directors consider the Group\u2019s capital structure and dividend policy at least twice a year prior
to the announcement of results, taking into account the Group\u2019s ability to continue as a
going concern and the requirements of its business plan.
The Group uses return on capital employed (ROCE) as a measure of its ability to drive better
returns on the capital invested in the Group\u2019s operations. See alternative performance
measures on page 174.
2025
2024
\u00a3m
\u00a3m
Return on capital employed
28.8%
26.9%
The committed bank facilities and Private Placement borrowings are subject to the same
interest cover covenant based on an adjusted EBITA measure to interest on consolidated
borrowings. The Group is required to maintain a ratio of not less than three to one and was
compliant with this covenant throughout the year.
The Group monitors Group leverage by reference to two tests: adjusted EBITA interest cover
and the ratio of adjusted net debt to EBITDA. The leverage tests are measured excluding the
impact of IFRS 16 Leases.
Threshold
2025
2024
\u00a3m
\u00a3m
Adjusted EBITA interest cover (times)*
> 3
11.9
8.8
Adjusted net debt to EBITDA (times)**
< 1
0.4
0.3
*Calculated as Adjusted EBITA/interest on consolidated borrowings.
** Calculated as Adjusted net debt/Adjusted earnings before interest, tax, depreciation, and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Allotted, and fully paid share capital
2025
2024
2025
2024
Number
Number
\u00a3m
\u00a3m
Issued and fully paid ordinary shares
(nominal value of 10.0p each)
At 1 January
394,333,172
413,007,132
40
42
Cancelled under share buyback
(33,504,356)
(18,673,960)
(3)
(2)
At 31 December
360,828,816
394,333,172
37
40
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be
required by the Company from the shareholders.
a. Share buyback programme
In 2025, 33,504,356 shares were repurchased under the Company's share buyback
programme at a cost of \u00a3234m including costs of \u00a32m associated with the transfer to the
Company of the repurchased shares and their subsequent cancellation. The cost of the share
buyback has been charged to retained earnings. An amount of \u00a33m, equivalent to the
nominal value of the cancelled shares, was transferred to the capital redemption reserve. In
2024,18,673,960 shares were repurchased under the Company\u2019s share buyback programme
at a cost of \u00a3147m, including costs of \u00a31m.
b. Substantial shareholdings
Details of substantial interests in the Company\u2019s issued ordinary share capital received by the
Company at 2 March 2026 under the provisions of the Companies Act 2006 have been
disclosed in the significant shareholdings section of the Corporate Governance Report.
c. Share options
At 31 December 2025, options to acquire ordinary shares of 10.0p each in the Company up to
the following numbers under the schemes below were outstanding as follows:
Number of ordinary shares of 10.0p each
Exercisable until
Option price
(\u00a3)
The Inchcape SAYE Share Option Scheme - approved
36,862
1 May 2026
6.20
52,198
1 May 2027
6.11
38,817
1 May 2028
6.78
75,700
1 May 2029
5.36
Included within the retained earnings reserve are 1,021,959 ordinary shares (2024: 322,859
ordinary shares) in the Company held by the Inchcape Employee Trust, a general
discretionary trust whose beneficiaries include current and former employees of the Group
and their dependants.
The book value of these shares at 31 December 2025 was \u00a37m (2024: \u00a33m).
The market value of these shares at 31 December 2025 and 2 March 2026 was \u00a38m and \u00a39m
respectively (31 December 2024 and 3 March 2025: \u00a32m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Allotted, and fully paid share capital
2025
2024
2025
2024
Number
Number
\u00a3m
\u00a3m
Issued and fully paid ordinary shares
(nominal value of 10.0p each)
At 1 January
394,333,172
413,007,132
40
42
Cancelled under share buyback
(33,504,356)
(18,673,960)
(3)
(2)
At 31 December
360,828,816
394,333,172
37
40
The Company\u2019s ordinary shares are fully paid and no further contribution of capital may be
required by the Company from the shareholders.
a. Share buyback programme
In 2025, 33,504,356 shares were repurchased under the Company's share buyback
programme at a cost of \u00a3234m including costs of \u00a32m associated with the transfer to the
Company of the repurchased shares and their subsequent cancellation. The cost of the share
buyback has been charged to retained earnings. An amount of \u00a33m, equivalent to the
nominal value of the cancelled shares, was transferred to the capital redemption reserve. In
2024,18,673,960 shares were repurchased under the Company\u2019s share buyback programme
at a cost of \u00a3147m, including costs of \u00a31m.
b. Substantial shareholdings
Details of substantial interests in the Company\u2019s issued ordinary share capital received by the
Company at 2 March 2026 under the provisions of the Companies Act 2006 have been
disclosed in the significant shareholdings section of the Corporate Governance Report.
c. Share options
At 31 December 2025, options to acquire ordinary shares of 10.0p each in the Company up to
the following numbers under the schemes below were outstanding as follows:
Number of ordinary shares of 10.0p each
Exercisable until
Option price
(\u00a3)
The Inchcape SAYE Share Option Scheme - approved
36,862
1 May 2026
6.20
52,198
1 May 2027
6.11
38,817
1 May 2028
6.78
75,700
1 May 2029
5.36
Included within the retained earnings reserve are 1,021,959 ordinary shares (2024: 322,859
ordinary shares) in the Company held by the Inchcape Employee Trust, a general
discretionary trust whose beneficiaries include current and former employees of the Group
and their dependants.
The book value of these shares at 31 December 2025 was \u00a37m (2024: \u00a33m).
The market value of these shares at 31 December 2025 and 2 March 2026 was \u00a38m and \u00a39m
respectively (31 December 2024 and 3 March 2025: \u00a32m).
Merger
reserve
Fair value
through OCI
reserve
Translation
reserve
Hedging
reserve
Total other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
312
(5)
(24)
(34)
249
Comprehensive income/(loss)
Cash flow hedges:
\u2013 net fair value gains
\u2014
\u2014
\u2014
20
20
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
(14)
(14)
Investments held at fair value:
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
3
Exchange differences on translation of
foreign operations
\u2014
\u2014
(242)
\u2014
(242)
Recycling of foreign currency reserve
\u2014
\u2014
(4)
\u2014
(4)
Adjustments in respect of hyperinflation (including tax)
\u2014
\u2014
(4)
\u2014
(4)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
19
19
At 1 January 2025
312
(2)
(274)
(9)
27
Comprehensive income/(loss)
\u2014
Cash flow hedges:
\u2013 net fair value losses
\u2014
\u2014
\u2014
(81)
(81)
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
12
12
Deferred tax on taxation losses
\u2014
\u2014
\u2014
3
3
Exchange differences on translation of foreign operations
\u2014
(7)
\u2014
(7)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
29
29
At 31 December 2025
312
(2)
(281)
(46)
(17)
25 Other reserves continued
Fair value through OCI reserve
For investments in equity instruments that are measured at fair value through other
comprehensive income, changes in fair value are recognised through other comprehensive
income. Fair value movements are never recycled to the income statement, even if the
underlying asset is sold, impaired or otherwise derecognised.
Translation reserve
The translation reserve is used to record foreign exchange rate changes relating to the
translation of the results of foreign subsidiaries arising after 1 January 2004. It is also used to
record foreign exchange differences arising on long-term foreign currency borrowings used to
finance or hedge foreign currency investments. In 2024, the effect of foreign exchange rate
changes included a gain of \u00a34m on the sale and liquidation of overseas subsidiaries that was
reclassified to the consolidated income statement and \u00a34m in respect of hyperinflation
relating to Ethiopia.
Hedging reserve
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that are determined to be an effective hedge are
recognised directly in other comprehensive income. When the hedged firm commitment
results in the recognition of a non-financial asset or liability then, at the time the asset or
liability is recognised, the associated gains or losses that had previously been recognised in
shareholders\u2019 equity are included in the initial measurement of the acquisition cost or other
carrying amount of the asset or liability.
Merger reserve
As part of the acquisition of the Derco group of companies in 2022, Inchcape plc issued
38,513,102 shares in exchange for a greater than 90% equity holding in another company and
merger relief was therefore applicable. Consequently, the excess of the fair value of the
shares issued over their nominal value was recognised in a merger reserve within equity
26 Retained earnings
2025
2024
\u00a3m
\u00a3m
At 1 January
1,020
940
Comprehensive income
\u2013 Profit for the year
272
421
\u2013 Actuarial losses on defined pension benefits (including tax) (see note 5)
(8)
(47)
Total comprehensive income attributable to owners of the parent
264
374
Other changes in equity
Share-based payments, net of tax
15
18
Share buyback programme
(234)
(151)
Purchase of own shares by Inchcape Employee Trust
(22)
(14)
Dividends paid (see note 9)
(101)
(147)
At 31 December
942
1,020
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Merger
reserve
Fair value
through OCI
reserve
Translation
reserve
Hedging
reserve
Total other
reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
312
(5)
(24)
(34)
249
Comprehensive income/(loss)
Cash flow hedges:
\u2013 net fair value gains
\u2014
\u2014
\u2014
20
20
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
(14)
(14)
Investments held at fair value:
\u2013 net fair value gains
\u2014
3
\u2014
\u2014
3
Exchange differences on translation of
foreign operations
\u2014
\u2014
(242)
\u2014
(242)
Recycling of foreign currency reserve
\u2014
\u2014
(4)
\u2014
(4)
Adjustments in respect of hyperinflation (including tax)
\u2014
\u2014
(4)
\u2014
(4)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
19
19
At 1 January 2025
312
(2)
(274)
(9)
27
Comprehensive income/(loss)
\u2014
Cash flow hedges:
\u2013 net fair value losses
\u2014
\u2014
\u2014
(81)
(81)
\u2013 tax on cash flow hedges
\u2014
\u2014
\u2014
12
12
Deferred tax on taxation losses
\u2014
\u2014
\u2014
3
3
Exchange differences on translation of foreign operations
\u2014
(7)
\u2014
(7)
Other changes in equity
Cash flow hedges reclassified and reported in inventories
\u2014
\u2014
\u2014
29
29
At 31 December 2025
312
(2)
(281)
(46)
(17)
25 Other reserves continued
Fair value through OCI reserve
For investments in equity instruments that are measured at fair value through other
comprehensive income, changes in fair value are recognised through other comprehensive
income. Fair value movements are never recycled to the income statement, even if the
underlying asset is sold, impaired or otherwise derecognised.
Translation reserve
The translation reserve is used to record foreign exchange rate changes relating to the
translation of the results of foreign subsidiaries arising after 1 January 2004. It is also used to
record foreign exchange differences arising on long-term foreign currency borrowings used to
finance or hedge foreign currency investments. In 2024, the effect of foreign exchange rate
changes included a gain of \u00a34m on the sale and liquidation of overseas subsidiaries that was
reclassified to the consolidated income statement and \u00a34m in respect of hyperinflation
relating to Ethiopia.
Hedging reserve
For cash flow hedges that meet the conditions for hedge accounting, the portion of the gains
or losses on the hedging instrument that are determined to be an effective hedge are
recognised directly in other comprehensive income. When the hedged firm commitment
results in the recognition of a non-financial asset or liability then, at the time the asset or
liability is recognised, the associated gains or losses that had previously been recognised in
shareholders\u2019 equity are included in the initial measurement of the acquisition cost or other
carrying amount of the asset or liability.
Merger reserve
As part of the acquisition of the Derco group of companies in 2022, Inchcape plc issued
38,513,102 shares in exchange for a greater than 90% equity holding in another company and
merger relief was therefore applicable. Consequently, the excess of the fair value of the
shares issued over their nominal value was recognised in a merger reserve within equity.
26 Retained earnings
2025
2024
\u00a3m
\u00a3m
At 1 January
1,020
940
Comprehensive income
\u2013 Profit for the year
272
421
\u2013 Actuarial losses on defined pension benefits (including tax) (see note 5)
(8)
(47)
Total comprehensive income attributable to owners of the parent
264
374
Other changes in equity
Share-based payments, net of tax
15
18
Share buyback programme
(234)
(151)
Purchase of own shares by Inchcape Employee Trust
(22)
(14)
Dividends paid (see note 9)
(101)
(147)
At 31 December
942
1,020
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "Reconciliation of cash generated from operations
2025
2024
\u00a3m
\u00a3m
Cash flows from operating activities
Operating profit \u2013 continuing operations
526
562
Operating profit \u2013 discontinued operations
\u2014
6
Adjusting items
37
22
Amortisation including non-adjusting impairment charges
7
9
Depreciation of property, plant and equipment including non-adjusting
impairment charges
44
44
Depreciation of right-of-use assets
67
76
Profit on disposal of businesses
(6)
\u2014
Profit on disposal of property, plant and equipment and intangible assets
(10)
(1)
Gain on changes in right-of-use assets
(1)
(3)
Share-based payments charge
15
18
(Increase)/decrease in inventories
(76)
311
Decrease/(increase) in trade and other receivables
39
(121)
Increase in trade and other payables
68
13
Decrease in provisions
(14)
(20)
Pension contributions more than pension charge for the period
(6)
\u2014
Increase in interest in leased vehicles
(14)
(8)
Payments in respect of operating adjusting items
(28)
(36)
Other non-cash items
\u2014
1
Cash generated from operations
648
873
b. Net debt reconciliation
Liabilities from financing activities
Assets
Borrowings
Leases
Sub-total
Cash/bank
overdrafts
Total
net debt
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt at 1 January 2024
(1,041)
(440)
(1,481)
440
(1,041)
Cash flows
484
81
565
(372)
193
Acquisitions
\u2014
\u2014
\u2014
5
5
Disposals
\u2014
98
98
391
489
New lease liabilities
\u2014
(62)
(62)
\u2014
(62)
Other non-cash movements
(4)
(1)
(5)
\u2014
(5)
Foreign exchange adjustments
5
22
27
(98)
(71)
Net debt at 1 January 2025
(556)
(302)
(858)
366
(492)
Cash flows
31
72
103
(103)
\u2014
Acquisitions
\u2014
(41)
(41)
(35)
(76)
Disposals
\u2014
\u2014
\u2014
6
6
New lease liabilities
\u2014
(71)
(71)
\u2014
(71)
Foreign exchange adjustments
\u2014
(1)
(1)
27
26
Net debt at 31 December 2025
(525)
(343)
(868)
261
(607)
27 Notes to the consolidated statement of cash flows continued
Net debt is analysed as follows:
2025
2024
\u00a3m
\u00a3m
Cash at bank and short-term deposits as per the statement of financial
position
657
549
Borrowings \u2013 disclosed as current liabilities
(412)
(195)
Add back: amounts treated as debt financing (see below)
16
12
Cash and cash equivalents as per the statement of cash flows
261
366
Debt financing
Borrowings \u2013 disclosed as current liabilities and treated as debt financing
(see above)
(16)
(12)
Borrowings \u2013 disclosed as non-current liabilities
(509)
(544)
Lease liabilities
(343)
(302)
Debt financing
(868)
(858)
Net debt
(607)
(492)
Add back: lease liabilities
343
302
Adjusted net debt
(264)
(190)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "Acquisitions
On 1 September 2025, the Group completed the acquisition of Askja, a distributor of
Mercedes-Benz, Kia and other brands in Iceland. The total consideration was \u00a347m consisting
of \u00a335m initial cash consideration and \u00a312m of contingent consideration. Provisional goodwill
of \u00a315m was recognised at the date of acquisition. These businesses were acquired to further
expand the Group\u2019s footprint with both existing and new OEM partners and using our
distribution business as a platform to capture more of a vehicle\u2019s lifecycle value. Askja
contributed \u00a358m of revenue for the year ended 31 December 2025.
Details of the provisional fair values of the identifiable assets and liabilities as at the date of
acquisition are set out below:
2025
\u00a3m
Assets and liabilities acquired, at provisional values
Intangible assets
24
Property, plant and equipment
7
Right-of-use assets
39
Inventories
26
Trade and other receivables
9
Trade and other payables
(27)
Deferred tax liabilities
(5)
Lease liabilities
(41)
Net identifiable assets acquired
32
Goodwill
15
Net assets acquired
47
Consideration comprises:
Deferred consideration
12
Cash consideration
35
Total consideration
47
28 Acquisitions and disposals continued
b. Disposals
During 2025, the Group has disposed of retail operations in the Americas, Europe and
Australasia, generating net cash proceeds of \u00a36m and a gain on disposal of \u00a36m.
On 1 August 2024, the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive,Inc. for acash
consideration of \u00a3345m. During 2025, the Group received \u00a34m of deferred consideration
relating to the disposal of its UK Retail operations.
The UK Retail operation was reported as a discontinued operation in 2024. Financial
information relating to the discontinued operation for the year ending 31 December 2024 is
included in note 28a of the Group's 2024 Annual Report and Accounts.
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which was classified as an adjusting
item, included disposal costs and a gain relating to the recycling of cumulative exchange
differences previously recognised in other comprehensive income. During 2025, following the
finalisation of the completion accounts for the disposal, an adjustment of \u00a34m was made in
favour of the buyer. This adjustment to the sale proceeds has been reported as an adjusting
item, for consistency with the amount reported in 2024, and as a net cash outflow from sale of
businesses in the consolidated statement of cash flows", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "Disposals
During 2025, the Group has disposed of retail operations in the Americas, Europe and
Australasia, generating net cash proceeds of \u00a36m and a gain on disposal of \u00a36m.
On 1 August 2024, the Group completed the sale of its UK Retail operations to Group 1
Automotive UK Limited, a wholly-owned subsidiary of Group 1 Automotive,Inc. for acash
consideration of \u00a3345m. During 2025, the Group received \u00a34m of deferred consideration
relating to the disposal of its UK Retail operations.
The UK Retail operation was reported as a discontinued operation in 2024. Financial
information relating to the discontinued operation for the year ending 31 December 2024 is
included in note 28a of the Group's 2024 Annual Report and Accounts.
In December 2024, the Group completed the sale of its non-genuine parts business in Chile for
\u00a330m, resulting in a \u00a36m gain on disposal. The net gain, which was classified as an adjusting
item, included disposal costs and a gain relating to the recycling of cumulative exchange
differences previously recognised in other comprehensive income. During 2025, following the
finalisation of the completion accounts for the disposal, an adjustment of \u00a34m was made in
favour of the buyer. This adjustment to the sale proceeds has been reported as an adjusting
item, for consistency with the amount reported in 2024, and as a net cash outflow from sale of
businesses in the consolidated statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
2025
2024
\u00a3m
\u00a3m
Guarantees
5
7
Letters of credit
7
19
12
26
Guarantees relate to performance guarantees provided in the ordinary course of business.
Letters of credit act as a guarantee, from one of the Group\u2019s banking relationships to another
bank, for payments made by the Group to a specified third party. The Group also has, in the
ordinary course of business, commitments under foreign exchange instruments relating to the
hedging of transactional exposures (see note 23).
Franked Investment Income Group Litigation Order
Inchcape is a participant in an action in the United Kingdom against HMRC in the Franked
Investment Income Group Litigation Order (\u201cFII GLO\u201d). As at 31 December 2025, there were 13
corporate groups in the FII GLO. As previously reported, the High Court held in February 2024
that participants must have submitted their claims before 6 June 2006 in order to recover the
unlawful tax for the entire period of their claims. Inchcape submitted a claim on 25 November
2003 and the High Court\u2019s judgment meant that Inchcape\u2019s claim was submitted in time to
obtain recovery for the entire period. The Court of Appeal dismissed HMRC\u2019s appeal against
the High Court\u2019s judgment on this limitation issue in October 2025. On 27 January 2026, the
Supreme Court also refused HMRC permission to appeal the Court of Appeal's judgment on
the grounds that HMRC\u2019s application did not raise an arguable point of law of general
public\u00a0importance.
However, there is still separate ongoing litigation with HMRC as part of the FII GLO about how
claims should be computed and it is possible that further measures are taken by HMRC to
attempt to reduce the value of participants\u2019 claims that may depend on the final outcome of
that computational issue. Until all elements of the litigation have been concluded there
remains ongoing uncertainty about the amounts and the eventual outcome of this litigation.
Accordingly, Inchcape has not recognised an asset in respect of its claim.
FCA review of Motor Finance commission
In January 2024, the FCA announced a review into historical motor finance commission
arrangements. The FCA indicated that it will take into account the Supreme Court ruling in the
Johnson case, which was handed down on 1 August 2025, and on 7 October 2025 the FCA
issued a consultation on a redress scheme for motor finance claims to be operated by
lenders. The consultation closed on 12 December 2025. We look forward to the outcome of
the consultation, and to the FCA bringing clarity for customers, lenders and dealers. Following
the Group\u2019s disposal of its UK business, the Group\u2019s potential exposure to this matter arises
from, and is limited to, the terms of the indemnity that it has given to the buyer of that
business. It remains possible, though highly uncertain, that the Group may become liable to
make certain payments under the terms of that indemnity. However, it is not currently
practicable to estimate the quantum or timing of any such outflow given the inherent
uncertainties associated with the FCA\u2019s review.
Other contingencies
There are also a number of other contingent liabilities that arise in the normal course of
business, which if realised, are not expected to result in a material liability to the Group.
30 Commitments
a. Capital commitments
Contracts placed for future capital expenditure at the balance sheet date but not yet
incurred are as follows:
2025
2024
\u00a3m
\u00a3m
Property, plant and equipment
1
1
b. Lease commitments
Short-term lease commitments \u2013 Group as lessee
Future minimum lease payments for short-term leases under non-cancellable operating leases
are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
1
1
Operating leases \u2013 Group as lessor
The Group has entered into non-cancellable operating leases on a number of its vehicles and
certain properties. These leases have varying terms, escalation clauses and renewal rights and
are not individually significant to the Group.
Future minimum lease payments receivable under non-cancellable operating leases are
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
Within one year
6
5
Between one and five years
8
5
Total
14
10
Sub-lease receivables \u2013 Group as lessor
The Group has entered into sub-leases for a number of properties and other assets. As the
lease term represents a major proportion of the underlying asset\u2019s useful life, the associated
right-of-use asset has been derecognised and replaced with a sub-lease receivable. Future
minimum lease payments receivable under sub-leases, together with the present value of the
net minimum lease payments receivable (included within trade and other receivables), are
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
Minimum lease payments receivable:
\u2013 Within one year
8
2
\u2013 Between one and five years
1
1
\u2013 After five years
\u2014
\u2014
Total minimum lease payments receivable
9
3
Less: Unearned finance income
\u2014
\u2014
Present value of sub-lease receivables
9
3
c. Repurchase commitments
The Group has entered into agreements with certain customers to repurchase vehicles for a
specified value at a predetermined date as follows:
2025
2024
\u00a3m
\u00a3m
Vehicles subject to repurchase commitments
120
112
Repurchase commitments represent the total repurchase liability on all vehicles where the
Group has a repurchase commitment. These commitments are largely expected to be
settled\u00a0over the next three years. \u00a312m (2024: \u00a317m) of the above repurchase commitments
are included within \u2018trade and other payables\u2019 in the consolidated statement of
financial\u00a0position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
2025
2024
\u00a3m
\u00a3m
Guarantees
5
7
Letters of credit
7
19
12
26
Guarantees relate to performance guarantees provided in the ordinary course of business.
Letters of credit act as a guarantee, from one of the Group\u2019s banking relationships to another
bank, for payments made by the Group to a specified third party. The Group also has, in the
ordinary course of business, commitments under foreign exchange instruments relating to the
hedging of transactional exposures (see note 23).
Franked Investment Income Group Litigation Order
Inchcape is a participant in an action in the United Kingdom against HMRC in the Franked
Investment Income Group Litigation Order (\u201cFII GLO\u201d). As at 31 December 2025, there were 13
corporate groups in the FII GLO. As previously reported, the High Court held in February 2024
that participants must have submitted their claims before 6 June 2006 in order to recover the
unlawful tax for the entire period of their claims. Inchcape submitted a claim on 25 November
2003 and the High Court\u2019s judgment meant that Inchcape\u2019s claim was submitted in time to
obtain recovery for the entire period. The Court of Appeal dismissed HMRC\u2019s appeal against
the High Court\u2019s judgment on this limitation issue in October 2025. On 27 January 2026, the
Supreme Court also refused HMRC permission to appeal the Court of Appeal's judgment on
the grounds that HMRC\u2019s application did not raise an arguable point of law of general
public\u00a0importance.
However, there is still separate ongoing litigation with HMRC as part of the FII GLO about how
claims should be computed and it is possible that further measures are taken by HMRC to
attempt to reduce the value of participants\u2019 claims that may depend on the final outcome of
that computational issue. Until all elements of the litigation have been concluded there
remains ongoing uncertainty about the amounts and the eventual outcome of this litigation.
Accordingly, Inchcape has not recognised an asset in respect of its claim.
FCA review of Motor Finance commission
In January 2024, the FCA announced a review into historical motor finance commission
arrangements. The FCA indicated that it will take into account the Supreme Court ruling in the
Johnson case, which was handed down on 1 August 2025, and on 7 October 2025 the FCA
issued a consultation on a redress scheme for motor finance claims to be operated by
lenders. The consultation closed on 12 December 2025. We look forward to the outcome of
the consultation, and to the FCA bringing clarity for customers, lenders and dealers. Following
the Group\u2019s disposal of its UK business, the Group\u2019s potential exposure to this matter arises
from, and is limited to, the terms of the indemnity that it has given to the buyer of that
business. It remains possible, though highly uncertain, that the Group may become liable to
make certain payments under the terms of that indemnity. However, it is not currently
practicable to estimate the quantum or timing of any such outflow given the inherent
uncertainties associated with the FCA\u2019s review.
Other contingencies
There are also a number of other contingent liabilities that arise in the normal course of
business, which if realised, are not expected to result in a material liability to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
30 Commitments
a. Capital commitments
Contracts placed for future capital expenditure at the balance sheet date but not yet
incurred are as follows:
2025
2024
\u00a3m
\u00a3m
Property, plant and equipment
1
1
b. Lease commitments
Short-term lease commitments \u2013 Group as lessee
Future minimum lease payments for short-term leases under non-cancellable operating leases
are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
1
1
Operating leases \u2013 Group as lessor
The Group has entered into non-cancellable operating leases on a number of its vehicles and
certain properties. These leases have varying terms, escalation clauses and renewal rights and
are not individually significant to the Group.
Future minimum lease payments receivable under non-cancellable operating leases are
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
Within one year
6
5
Between one and five years
8
5
Total
14
10
Sub-lease receivables \u2013 Group as lessor
The Group has entered into sub-leases for a number of properties and other assets. As the
lease term represents a major proportion of the underlying asset\u2019s useful life, the associated
right-of-use asset has been derecognised and replaced with a sub-lease receivable. Future
minimum lease payments receivable under sub-leases, together with the present value of the
net minimum lease payments receivable (included within trade and other receivables), are
as\u00a0follows:
2025
2024
\u00a3m
\u00a3m
Minimum lease payments receivable:
\u2013 Within one year
8
2
\u2013 Between one and five years
1
1
\u2013 After five years
\u2014
\u2014
Total minimum lease payments receivable
9
3
Less: Unearned finance income
\u2014
\u2014
Present value of sub-lease receivables
9
3
c. Repurchase commitments
The Group has entered into agreements with certain customers to repurchase vehicles for a
specified value at a predetermined date as follows:
2025
2024
\u00a3m
\u00a3m
Vehicles subject to repurchase commitments
120
112
Repurchase commitments represent the total repurchase liability on all vehicles where the
Group has a repurchase commitment. These commitments are largely expected to be
settled\u00a0over the next three years. \u00a312m (2024: \u00a317m) of the above repurchase commitments
are included within \u2018trade and other payables\u2019 in the consolidated statement of
financial\u00a0position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
31 Related party disclosures
a. Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in
this\u00a0note. Details of transactions between the Group and other related parties are
disclosed\u00a0below:
Transactions
Amounts outstanding
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
\u2014
1
\u2014
\u2014
Sales to related parties 1
4
4
1
1
Lease payments made to related parties 1,2
(6)
(7)
(38)
(41)
Other income received from joint ventures
21
21
4
5
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2024: \u00a3nil).
b. Compensation of key management personnel
The remuneration of the Board of Directors and the Group Executive Team was as follows:
2025
2024
\u00a3m
\u00a3m
Wages and salaries 1
9
9
Share-based payments
7
8
16
17
1. Other pension costs included in wages and salaries amount to \u00a30.4m (2024: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market
trends. Further details of emoluments paid to the Directors are included in the Directors\u2019
Report on\u00a0Remuneration.
As reported in the Audit Committee Report, the FRC requested further information on
distributable profits and distributions in relation to the 2024 Annual Report and Accounts. The
Company confirmed that whilst it did have sufficient reserves, interim accounts were not filed
during the course of 2024 to support this position. This impacted share repurchases carried out
at the end of 2024 and beginning of 2025. Following approval at the general meeting in
August 2025, the Company entered into deeds of release to remove any right it may have to
claim from shareholders or directors present at the meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
31 Related party disclosures
a. Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in
this\u00a0note. Details of transactions between the Group and other related parties are
disclosed\u00a0below:
Transactions
Amounts outstanding
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
\u2014
1
\u2014
\u2014
Sales to related parties 1
4
4
1
1
Lease payments made to related parties 1,2
(6)
(7)
(38)
(41)
Other income received from joint ventures
21
21
4
5
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2024: \u00a3nil).
b. Compensation of key management personnel
The remuneration of the Board of Directors and the Group Executive Team was as follows:
2025
2024
\u00a3m
\u00a3m
Wages and salaries 1
9
9
Share-based payments
7
8
16
17
1. Other pension costs included in wages and salaries amount to \u00a30.4m (2024: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market
trends. Further details of emoluments paid to the Directors are included in the Directors\u2019
Report on\u00a0Remuneration.
As reported in the Audit Committee Report, the FRC requested further information on
distributable profits and distributions in relation to the 2024 Annual Report and Accounts. The
Company confirmed that whilst it did have sufficient reserves, interim accounts were not filed
during the course of 2024 to support this position. This impacted share repurchases carried out
at the end of 2024 and beginning of 2025. Following approval at the general meeting in
August 2025, the Company entered into deeds of release to remove any right it may have to
claim from shareholders or directors present at the meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
31 Related party disclosures
a. Trading transactions
Intra-group transactions have been eliminated on consolidation and are not disclosed in
this\u00a0note. Details of transactions between the Group and other related parties are
disclosed\u00a0below:
Transactions
Amounts outstanding
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other income paid to related parties
\u2014
1
\u2014
\u2014
Sales to related parties 1
4
4
1
1
Lease payments made to related parties 1,2
(6)
(7)
(38)
(41)
Other income received from joint ventures
21
21
4
5
1. These transactions are with entities connected to Non-Executive Directors.
2. Amounts outstanding in respect of lease payments to related parties include all undiscounted future
payment commitments.
All of the transactions arise in the ordinary course of business and are on an arm\u2019s length basis.
The amounts outstanding are unsecured and will be settled in cash. There have been no
guarantees provided or received for any related party receivables. The Group has not raised
any provision for doubtful debts relating to amounts owed by related parties (2024: \u00a3nil).
b. Compensation of key management personnel
The remuneration of the Board of Directors and the Group Executive Team was as follows:
2025
2024
\u00a3m
\u00a3m
Wages and salaries 1
9
9
Share-based payments
7
8
16
17
1. Other pension costs included in wages and salaries amount to \u00a30.4m (2024: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market
trends. Further details of emoluments paid to the Directors are included in the Directors\u2019
Report on\u00a0Remuneration.
As reported in the Audit Committee Report, the FRC requested further information on
distributable profits and distributions in relation to the 2024 Annual Report and Accounts. The
Company confirmed that whilst it did have sufficient reserves, interim accounts were not filed
during the course of 2024 to support this position. This impacted share repurchases carried out
at the end of 2024 and beginning of 2025. Following approval at the general meeting in
August 2025, the Company entered into deeds of release to remove any right it may have to
claim from shareholders or directors present at the meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "Compensation of key management personnel
The remuneration of the Board of Directors and the Group Executive Team was as follows:
2025
2024
\u00a3m
\u00a3m
Wages and salaries 1
9
9
Share-based payments
7
8
16
17
1. Other pension costs included in wages and salaries amount to \u00a30.4m (2024: \u00a30.3m).
The remuneration of the Directors and other key management is determined by the
Remuneration Committee having regard to the performance of individuals and market
trends. Further details of emoluments paid to the Directors are included in the Directors\u2019
Report on\u00a0Remuneration.
As reported in the Audit Committee Report, the FRC requested further information on
distributable profits and distributions in relation to the 2024 Annual Report and Accounts. The
Company confirmed that whilst it did have sufficient reserves, interim accounts were not filed
during the course of 2024 to support this position. This impacted share repurchases carried out
at the end of 2024 and beginning of 2025. Following approval at the general meeting in
August 2025, the Company entered into deeds of release to remove any right it may have to
claim from shareholders or directors present at the meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
The main exchange rates used for translation purposes are as follows:
Average rates
Period-end rates
2025
2024
2025
2024
Australian dollar
2.05
1.94
2.01
2.02
Bolivian boliviano 1
17.61
12.43
14.27
14.24
Chilean peso
1,254.50
1,209.30
1,211.70
1,252.30
Ethiopian birr 2
181.75
157.95
207.97
157.95
Euro
1.17
1.18
1.15
1.21
Hong Kong dollar
10.26
9.99
10.46
9.75
Singapore dollar
1.72
1.71
1.73
1.71
US dollar
1.32
1.28
1.34
1.26
1. A parallel rate was used due to limitations in accessing currency at official rates of exchange.
2. In 2024, the results for Ethiopia were translated at the closing rate as required by IAS 21 The Effects of
Changes in Foreign Exchange Rates for hyperinflationary foreign operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
33 Events after the reporting period
On 2 March 2026, the Board approved a \u00a3175m share buyback programme which will
commence on 3 March 2026 and is expected to conclude within the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "Inchcape Group", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800RGEH1MPPNM2T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }